Fees & Expenses

Disclosures

In order to claim a breakpoint or other means of reducing the sales charge, an investor should notify his or her dealer, the Distributor, or the Transfer Agent (DST) at the time of purchase.

Disclosures

Class I Shares require $1MM minimum investment and are offered without sales charge. There is no minimum subsequent investment amount for Class I Shares.

In order to claim a breakpoint or other means of reducing the sales charge, an investor should notify his or her dealer, the Distributor, or the Transfer Agent (DST) at the time of purchase.

Disclosures

“Other Expenses” are restated to reflect estimated expenses for the current fiscal year due to changes to the Fund’s principal investment strategies; actual expenses may vary.

In order to claim a breakpoint or other means of reducing the sales charge, an investor should notify his or her dealer, the Distributor, or the Transfer Agent (DST) at the time of purchase.

Disclosures

“Other Expenses” are restated to reflect estimated expenses for the current fiscal year due to changes to the Fund’s principal investment strategies; actual expenses may vary.

In order to claim a breakpoint or other means of reducing the sales charge, an investor should notify his or her dealer, the Distributor, or the Transfer Agent (DST) at the time of purchase.

Disclosures

In order to claim a breakpoint or other means of reducing the sales charge, an investor should notify his or her dealer, the Distributor, or the Transfer Agent (DST) at the time of purchase.

Disclosures

“Other Expenses” are restated to reflect estimated expenses for the current fiscal year due to changes to the Fund’s principal investment strategies; actual expenses may vary.

In order to claim a breakpoint or other means of reducing the sales charge, an investor should notify his or her dealer, the Distributor, or the Transfer Agent (DST) at the time of purchase.

Disclosures

In order to claim a breakpoint or other means of reducing the sales charge, an investor should notify his or her dealer, the Distributor, or the Transfer Agent (DST) at the time of purchase.

Disclosures

Class I Shares require $1MM minimum investment and are offered without sales charge. There is no minimum subsequent investment amount for Class I Shares.

In order to claim a breakpoint or other means of reducing the sales charge, an investor should notify his or her dealer, the Distributor, or the Transfer Agent (DST) at the time of purchase.

Disclosures

“Other Expenses” are restated to reflect estimated expenses for the current fiscal year due to changes to the Fund’s principal investment strategies; actual expenses may vary.

In order to claim a breakpoint or other means of reducing the sales charge, an investor should notify his or her dealer, the Distributor, or the Transfer Agent (DST) at the time of purchase.

Disclosures

“Other Expenses” are restated to reflect estimated expenses for the current fiscal year due to changes to the Fund’s principal investment strategies; actual expenses may vary.

In order to claim a breakpoint or other means of reducing the sales charge, an investor should notify his or her dealer, the Distributor, or the Transfer Agent (DST) at the time of purchase.

Disclosures

“Other Expenses” are restated to reflect estimated expenses for the current fiscal year due to changes to the Fund’s principal investment strategies; actual expenses may vary.

In order to claim a breakpoint or other means of reducing the sales charge, an investor should notify his or her dealer, the Distributor, or the Transfer Agent (DST) at the time of purchase.

Disclosures

In order to claim a breakpoint or other means of reducing the sales charge, an investor should notify his or her dealer, the Distributor, or the Transfer Agent (DST) at the time of purchase.

Disclosures

A contingent deferred sales charge of 1.00% may apply on certain redemptions of Class A shares made within 18 months following a purchase of $1,000,000 or more without an initial sales charge.

In order to claim a breakpoint or other means of reducing the sales charge, an investor should notify his or her dealer, the Distributor, or the Transfer Agent (DST) at the time of purchase.

Disclosures

Class I Shares require $1MM minimum investment and are offered without sales charge. There is no minimum subsequent investment amount for Class I Shares.

In order to claim a breakpoint or other means of reducing the sales charge, an investor should notify his or her dealer, the Distributor, or the Transfer Agent (DST) at the time of purchase.

Disclosures

“Other Expenses” are restated to reflect estimated expenses for the current fiscal year due to changes to the Fund’s principal investment strategies; actual expenses may vary.

For the First Eagle U.S. Fund, The Adviser has contractually agreed to waive its management fee at an annual rate in the amount of 0.05% of the average daily value of the Fund's net assets for the period through February 29, 2025. This waiver has the effect of reducing the management fee shown in the table for the term of the waiver from 0.75% to 0.70%.

In order to claim a breakpoint or other means of reducing the sales charge, an investor should notify his or her dealer, the Distributor, or the Transfer Agent (DST) at the time of purchase.

Disclosures

“Other Expenses” are restated to reflect estimated expenses for the current fiscal year due to changes to the Fund’s principal investment strategies; actual expenses may vary.

For the First Eagle U.S. Fund, The Adviser has contractually agreed to waive its management fee at an annual rate in the amount of 0.05% of the average daily value of the Fund's net assets for the period through February 29, 2025. This waiver has the effect of reducing the management fee shown in the table for the term of the waiver from 0.75% to 0.70%.

In order to claim a breakpoint or other means of reducing the sales charge, an investor should notify his or her dealer, the Distributor, or the Transfer Agent (DST) at the time of purchase.

Disclosures

“Other Expenses” are restated to reflect estimated expenses for the current fiscal year due to changes to the Fund’s principal investment strategies; actual expenses may vary.

For the First Eagle U.S. Fund, The Adviser has contractually agreed to waive its management fee at an annual rate in the amount of 0.05% of the average daily value of the Fund's net assets for the period through February 29, 2025. This waiver has the effect of reducing the management fee shown in the table for the term of the waiver from 0.75% to 0.70%.

In order to claim a breakpoint or other means of reducing the sales charge, an investor should notify his or her dealer, the Distributor, or the Transfer Agent (DST) at the time of purchase.

Disclosures

In order to claim a breakpoint or other means of reducing the sales charge, an investor should notify his or her dealer, the Distributor, or the Transfer Agent (DST) at the time of purchase.

Disclosures

“Other Expenses” are restated to reflect estimated expenses for the current fiscal year due to changes to the Fund’s principal investment strategies; actual expenses may vary.

In order to claim a breakpoint or other means of reducing the sales charge, an investor should notify his or her dealer, the Distributor, or the Transfer Agent (DST) at the time of purchase.

Disclosures

“Other Expenses” are restated to reflect estimated expenses for the current fiscal year due to changes to the Fund’s principal investment strategies; actual expenses may vary.

In order to claim a breakpoint or other means of reducing the sales charge, an investor should notify his or her dealer, the Distributor, or the Transfer Agent (DST) at the time of purchase.

Disclosures

In order to claim a breakpoint or other means of reducing the sales charge, an investor should notify his or her dealer, the Distributor, or the Transfer Agent (DST) at the time of purchase.

Disclosures

Class I Shares require $1MM minimum investment and are offered without sales charge. There is no minimum subsequent investment amount for Class I Shares.

In order to claim a breakpoint or other means of reducing the sales charge, an investor should notify his or her dealer, the Distributor, or the Transfer Agent (DST) at the time of purchase.

Disclosures

“Other Expenses” are restated to reflect estimated expenses for the current fiscal year due to changes to the Fund’s principal investment strategies; actual expenses may vary.

In order to claim a breakpoint or other means of reducing the sales charge, an investor should notify his or her dealer, the Distributor, or the Transfer Agent (DST) at the time of purchase.

Disclosures

In order to claim a breakpoint or other means of reducing the sales charge, an investor should notify his or her dealer, the Distributor, or the Transfer Agent (DST) at the time of purchase.

Disclosures

In order to claim a breakpoint or other means of reducing the sales charge, an investor should notify his or her dealer, the Distributor, or the Transfer Agent (DST) at the time of purchase.

Disclosures

In order to claim a breakpoint or other means of reducing the sales charge, an investor should notify his or her dealer, the Distributor, or the Transfer Agent (DST) at the time of purchase.

Disclosures

Class I Shares require $1MM minimum investment and are offered without sales charge. There is no minimum subsequent investment amount for Class I Shares.

In order to claim a breakpoint or other means of reducing the sales charge, an investor should notify his or her dealer, the Distributor, or the Transfer Agent (DST) at the time of purchase.

Disclosures

“Other Expenses” are restated to reflect estimated expenses for the current fiscal year due to changes to the Fund’s principal investment strategies; actual expenses may vary.

In order to claim a breakpoint or other means of reducing the sales charge, an investor should notify his or her dealer, the Distributor, or the Transfer Agent (DST) at the time of purchase.

Disclosures

“Other Expenses” are restated to reflect estimated expenses for the current fiscal year due to changes to the Fund’s principal investment strategies; actual expenses may vary.

In order to claim a breakpoint or other means of reducing the sales charge, an investor should notify his or her dealer, the Distributor, or the Transfer Agent (DST) at the time of purchase.

Disclosures

“Other Expenses” are restated to reflect estimated expenses for the current fiscal year due to changes to the Fund’s principal investment strategies; actual expenses may vary.

In order to claim a breakpoint or other means of reducing the sales charge, an investor should notify his or her dealer, the Distributor, or the Transfer Agent (DST) at the time of purchase.

Disclosures

First Eagle Investment Management, LLC (the “Adviser”) has contractually agreed to waive and/ or reimburse certain fees and expenses of Classes A, C, I, and R6 so that the total annual operating expenses (excluding interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, dividend and other expenses relating to short sales, and extraordinary expenses, if any) (“annual operating expenses”) of each class are limited to 0.85%, 1.60%, 0.60%, and 0.60% of average net assets, respectively. Each of these undertakings lasts until February 28, 2027 and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed that each of Classes A, C, I, and R6 will 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 the lesser of: (1) 0.85%, 1.60%, 0.60%, and 0.60% of the class’ average net assets, respectively; or (2) if applicable, the then-current expense limitations. Any such repayment must be made within three years after the year in which the Adviser incurred the expense.

Includes interest expense and fees paid on Fund borrowings and/or interest and related expenses from inverse floaters.

“Other Expenses” are restated to reflect estimated expenses for the current fiscal year due to changes to the Fund’s principal investment strategies; actual expenses may vary.

The Adjusted Expense Ratio excludes certain fees and expenses, such as interest expense and fees paid on Fund borrowings and/or interest and related expenses from inverse floaters. 

Disclosures

First Eagle Investment Management, LLC (the “Adviser”) has contractually agreed to waive and/ or reimburse certain fees and expenses of Classes A, C, I, and R6 so that the total annual operating expenses (excluding interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, dividend and other expenses relating to short sales, and extraordinary expenses, if any) (“annual operating expenses”) of each class are limited to 0.85%, 1.60%, 0.60%, and 0.60% of average net assets, respectively. Each of these undertakings lasts until February 28, 2027 and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed that each of Classes A, C, I, and R6 will 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 the lesser of: (1) 0.85%, 1.60%, 0.60%, and 0.60% of the class’ average net assets, respectively; or (2) if applicable, the then-current expense limitations. Any such repayment must be made within three years after the year in which the Adviser incurred the expense.

Includes interest expense and fees paid on Fund borrowings and/or interest and related expenses from inverse floaters.

“Other Expenses” are restated to reflect estimated expenses for the current fiscal year due to changes to the Fund’s principal investment strategies; actual expenses may vary.

The Adjusted Expense Ratio excludes certain fees and expenses, such as interest expense and fees paid on Fund borrowings and/or interest and related expenses from inverse floaters. 

Disclosures

First Eagle Investment Management, LLC (the “Adviser”) has contractually agreed to waive and/ or reimburse certain fees and expenses of Classes A, C, I, and R6 so that the total annual operating expenses (excluding interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, dividend and other expenses relating to short sales, and extraordinary expenses, if any) (“annual operating expenses”) of each class are limited to 0.85%, 1.60%, 0.60%, and 0.60% of average net assets, respectively. Each of these undertakings lasts until February 28, 2027 and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed that each of Classes A, C, I, and R6 will 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 the lesser of: (1) 0.85%, 1.60%, 0.60%, and 0.60% of the class’ average net assets, respectively; or (2) if applicable, the then-current expense limitations. Any such repayment must be made within three years after the year in which the Adviser incurred the expense.

Includes interest expense and fees paid on Fund borrowings and/or interest and related expenses from inverse floaters.

“Other Expenses” are restated to reflect estimated expenses for the current fiscal year due to changes to the Fund’s principal investment strategies; actual expenses may vary.

Disclosures

First Eagle Investment Management, LLC (the “Adviser”) has contractually agreed to waive and/ or reimburse certain fees and expenses of Classes A, C, I, and R6 so that the total annual operating expenses (excluding interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, dividend and other expenses relating to short sales, and extraordinary expenses, if any) (“annual operating expenses”) of each class are limited to 0.85%, 1.60%, 0.60%, and 0.60% of average net assets, respectively. Each of these undertakings lasts until February 28, 2027 and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed that each of Classes A, C, I, and R6 will 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 the lesser of: (1) 0.85%, 1.60%, 0.60%, and 0.60% of the class’ average net assets, respectively; or (2) if applicable, the then-current expense limitations. Any such repayment must be made within three years after the year in which the Adviser incurred the expense.

Includes interest expense and fees paid on Fund borrowings and/or interest and related expenses from inverse floaters.

“Other Expenses” are restated to reflect estimated expenses for the current fiscal year due to changes to the Fund’s principal investment strategies; actual expenses may vary.

Disclosures

First Eagle Investment Management, LLC (the “Adviser”) has contractually agreed to waive and/ or reimburse certain fees and expenses of Classes A, C, I, and R6 so that the total annual operating expenses (excluding interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, dividend and other expenses relating to short sales, and extraordinary expenses, if any) (“annual operating expenses”) of each class are limited to 0.85%, 1.60%, 0.60%, and 0.60% of average net assets, respectively. Each of these undertakings lasts until February 28, 2027 and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed that each of Classes A, C, I, and R6 will 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 the lesser of: (1) 0.85%, 1.60%, 0.60%, and 0.60% of the class’ average net assets, respectively; or (2) if applicable, the then-current expense limitations. Any such repayment must be made within three years after the year in which the Adviser incurred the expense.

Includes interest expense and fees paid on Fund borrowings and/or interest and related expenses from inverse floaters.

“Other Expenses” are restated to reflect estimated expenses for the current fiscal year due to changes to the Fund’s principal investment strategies; actual expenses may vary.

Disclosures

First Eagle Investment Management, LLC (the “Adviser”) has contractually agreed to waive and/ or reimburse certain fees and expenses of Classes A, C, I, and R6 so that the total annual operating expenses (excluding interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, dividend and other expenses relating to short sales, and extraordinary expenses, if any) (“annual operating expenses”) of each class are limited to 0.85%, 1.60%, 0.60%, and 0.60% of average net assets, respectively. Each of these undertakings lasts until February 28, 2027 and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed that each of Classes A, C, I, and R6 will 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 the lesser of: (1) 0.85%, 1.60%, 0.60%, and 0.60% of the class’ average net assets, respectively; or (2) if applicable, the then-current expense limitations. Any such repayment must be made within three years after the year in which the Adviser incurred the expense.

Includes interest expense and fees paid on Fund borrowings and/or interest and related expenses from inverse floaters.

“Other Expenses” are restated to reflect estimated expenses for the current fiscal year due to changes to the Fund’s principal investment strategies; actual expenses may vary.

The Adjusted Expense Ratio excludes certain fees and expenses, such as interest expense and fees paid on Fund borrowings and/or interest and related expenses from inverse floaters. 

Disclosures

First Eagle Investment Management, LLC (the ‘‘Adviser’’) has contractually agreed to waive and/ or reimburse certain fees and expenses of Classes A, C, I, and R6 so that the total annual operating expenses (excluding interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for purchase and sale of securities and other investment instruments, acquired fees and expenses, dividend and other expenses relating to short sales, and extraordinary expenses, if any) (‘‘annual operating expenses’’) of each class are limited to 0.90%, 1.65%, 0.65%, and 0.65% of average net assets, respectively. Each of these undertakings lasts until February 28, 2027and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed that each of Classes A, C, I, and R6 will 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 the lesser of: (1) 0.90%, 1.65%, 0.65%, and 0.65% of the class’ average net assets, respectively; or (2) if applicable, the then-current expense limitations. Any such repayment must be made within three years after the year in which the Adviser incurred the expense.

“Other Expenses” are restated to reflect estimated expenses for the current fiscal year due to changes to the Fund’s principal investment strategies; actual expenses may vary.

In order to claim a breakpoint or other means of reducing the sales charge, an investor should notify his or her dealer, the Distributor, or the Transfer Agent (DST) at the time of purchase.

Disclosures

First Eagle Investment Management, LLC (the ‘‘Adviser’’) has contractually agreed to waive and/ or reimburse certain fees and expenses of Classes A, C, I, and R6 so that the total annual operating expenses (excluding interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for purchase and sale of securities and other investment instruments, acquired fees and expenses, dividend and other expenses relating to short sales, and extraordinary expenses, if any) (‘‘annual operating expenses’’) of each class are limited to 0.90%, 1.65%, 0.65%, and 0.65% of average net assets, respectively. Each of these undertakings lasts until February 28, 2027and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed that each of Classes A, C, I, and R6 will 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 the lesser of: (1) 0.90%, 1.65%, 0.65%, and 0.65% of the class’ average net assets, respectively; or (2) if applicable, the then-current expense limitations. Any such repayment must be made within three years after the year in which the Adviser incurred the expense.

“Other Expenses” are restated to reflect estimated expenses for the current fiscal year due to changes to the Fund’s principal investment strategies; actual expenses may vary.

In order to claim a breakpoint or other means of reducing the sales charge, an investor should notify his or her dealer, the Distributor, or the Transfer Agent (DST) at the time of purchase.

Disclosures

First Eagle Investment Management, LLC (the ‘‘Adviser’’) has contractually agreed to waive and/ or reimburse certain fees and expenses of Classes A, C, I, and R6 so that the total annual operating expenses (excluding interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for purchase and sale of securities and other investment instruments, acquired fees and expenses, dividend and other expenses relating to short sales, and extraordinary expenses, if any) (‘‘annual operating expenses’’) of each class are limited to 0.90%, 1.65%, 0.65%, and 0.65% of average net assets, respectively. Each of these undertakings lasts until February 28, 2027and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed that each of Classes A, C, I, and R6 will 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 the lesser of: (1) 0.90%, 1.65%, 0.65%, and 0.65% of the class’ average net assets, respectively; or (2) if applicable, the then-current expense limitations. Any such repayment must be made within three years after the year in which the Adviser incurred the expense.

In order to claim a breakpoint or other means of reducing the sales charge, an investor should notify his or her dealer, the Distributor, or the Transfer Agent (DST) at the time of purchase.

Disclosures

First Eagle Investment Management, LLC (the ‘‘Adviser’’) has contractually agreed to waive and/ or reimburse certain fees and expenses of Classes A, C, I, and R6 so that the total annual operating expenses (excluding interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for purchase and sale of securities and other investment instruments, acquired fees and expenses, dividend and other expenses relating to short sales, and extraordinary expenses, if any) (‘‘annual operating expenses’’) of each class are limited to 0.90%, 1.65%, 0.65%, and 0.65% of average net assets, respectively. Each of these undertakings lasts until February 28, 2027and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed that each of Classes A, C, I, and R6 will 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 the lesser of: (1) 0.90%, 1.65%, 0.65%, and 0.65% of the class’ average net assets, respectively; or (2) if applicable, the then-current expense limitations. Any such repayment must be made within three years after the year in which the Adviser incurred the expense.

Class I Shares require $1MM minimum investment and are offered without sales charge. There is no minimum subsequent investment amount for Class I Shares.

In order to claim a breakpoint or other means of reducing the sales charge, an investor should notify his or her dealer, the Distributor, or the Transfer Agent (DST) at the time of purchase.

Disclosures

First Eagle Investment Management, LLC (the ‘‘Adviser’’) has contractually agreed to waive and/ or reimburse certain fees and expenses of Classes A, C, I, and R6 so that the total annual operating expenses (excluding interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for purchase and sale of securities and other investment instruments, acquired fees and expenses, dividend and other expenses relating to short sales, and extraordinary expenses, if any) (‘‘annual operating expenses’’) of each class are limited to 0.90%, 1.65%, 0.65%, and 0.65% of average net assets, respectively. Each of these undertakings lasts until February 28, 2027and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed that each of Classes A, C, I, and R6 will 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 the lesser of: (1) 0.90%, 1.65%, 0.65%, and 0.65% of the class’ average net assets, respectively; or (2) if applicable, the then-current expense limitations. Any such repayment must be made within three years after the year in which the Adviser incurred the expense.

In order to claim a breakpoint or other means of reducing the sales charge, an investor should notify his or her dealer, the Distributor, or the Transfer Agent (DST) at the time of purchase.

Disclosures

First Eagle Investment Management, LLC (the ‘‘Adviser’’) has contractually agreed to waive and/ or reimburse certain fees and expenses of Classes A, C, I, and R6 so that the total annual operating expenses (excluding interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for purchase and sale of securities and other investment instruments, acquired fees and expenses, dividend and other expenses relating to short sales, and extraordinary expenses, if any) (‘‘annual operating expenses’’) of each class are limited to 0.90%, 1.65%, 0.65%, and 0.65% of average net assets, respectively. Each of these undertakings lasts until February 28, 2027and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed that each of Classes A, C, I, and R6 will 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 the lesser of: (1) 0.90%, 1.65%, 0.65%, and 0.65% of the class’ average net assets, respectively; or (2) if applicable, the then-current expense limitations. Any such repayment must be made within three years after the year in which the Adviser incurred the expense.

“Other Expenses” are restated to reflect estimated expenses for the current fiscal year due to changes to the Fund’s principal investment strategies; actual expenses may vary.

In order to claim a breakpoint or other means of reducing the sales charge, an investor should notify his or her dealer, the Distributor, or the Transfer Agent (DST) at the time of purchase.

Disclosures

First Eagle Investment Management, LLC (the "Adviser") has contractually agreed to waive and/or reimburse certain fees and expenses of Classes A, C, I and R6 so that the total annual operating expenses (excluding interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, dividend and other expenses relating to short sales, and extraordinary expenses, if any) ("annual operating expenses") of each class are limited to 1.25%, 2.00%, 1.00% and 0.87% of average net assets, respectively. The undertakings for Classes A, C and I last until February 28, 2027, and the undertaking for Class R6 lasts until February 28, 2028. These undertakings may not be terminated during their respective terms without the consent of the Board of Trustees. The Fund has agreed that each of Classes A, C, I and R6 will 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 the lesser of: (1) 1.25%, 2.00%, 1.00% and 0.87% of the class' average net assets, respectively; or (2) if applicable, the then-current expense limitations. Any such repayment must be made within three years after the year in which the Adviser incurred the expense.

The First Eagle Small Cap Opportunity Fund ("The Fund") is new and may not be successful under all future market conditions. The Fund may not attract sufficient assets to achieve investment, trading or other efficiencies.

Class I Shares require $1MM minimum investment and are offered without sales charge. There is no minimum subsequent investment amount for Class I Shares.

In order to claim a breakpoint or other means of reducing the sales charge, an investor should notify his or her dealer, the Distributor, or the Transfer Agent (DST) at the time of purchase.

Disclosures

First Eagle Investment Management, LLC (the "Adviser") has contractually agreed to waive and/or reimburse certain fees and expenses of Classes A, C, I and R6 so that the total annual operating expenses (excluding interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, dividend and other expenses relating to short sales, and extraordinary expenses, if any) ("annual operating expenses") of each class are limited to 1.25%, 2.00%, 1.00% and 0.87% of average net assets, respectively. The undertakings for Classes A, C and I last until February 28, 2027, and the undertaking for Class R6 lasts until February 28, 2028. These undertakings may not be terminated during their respective terms without the consent of the Board of Trustees. The Fund has agreed that each of Classes A, C, I and R6 will 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 the lesser of: (1) 1.25%, 2.00%, 1.00% and 0.87% of the class' average net assets, respectively; or (2) if applicable, the then-current expense limitations. Any such repayment must be made within three years after the year in which the Adviser incurred the expense.

The First Eagle Small Cap Opportunity Fund ("The Fund") is new and may not be successful under all future market conditions. The Fund may not attract sufficient assets to achieve investment, trading or other efficiencies.

In order to claim a breakpoint or other means of reducing the sales charge, an investor should notify his or her dealer, the Distributor, or the Transfer Agent (DST) at the time of purchase.

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

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.

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”.

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).

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).

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

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.

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.

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.

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.

Disclosures

First Eagle Investment Management, LLC (the “Adviser”) has contractually agreed to waive and/or reimburse certain fees and expenses of Classes A, I and R6 so that the total annual operating expenses (excluding interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, dividend and other expenses relating to short sales, and extraordinary expenses, if any) (“annual operating expenses”) of each class are limited to 1.10%, 0.85% and 0.85% of average net assets, respectively. Each of these undertakings lasts until February 28, 2027and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed that each of Classes A, I and R6 will 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 the lesser of: (1) 1.10%, 0.85% and 0.85% of the class’ average net assets, respectively; or (2) if applicable, the then-current expense limitations. Any such repayment must be made within three years after the year in which the Adviser incurred the expense.

In order to claim a breakpoint or other means of reducing the sales charge, an investor should notify his or her dealer, the Distributor, or the Transfer Agent (DST) at the time of purchase.

Disclosures

The Fund continuously offers its Common Shares through the Distributor, as principal underwriter, on a best efforts basis. Class A-1Shares, Class A-2 Shares, Class A-3 Shares, Class A-4 Shares, Class I Shares and Class W Shares will be sold on a continuous basis at the Fund’s then current NAV per share. While neither the Fund nor the Distributor impose a front-end sales commission on Class A-1 Shares, Class A-3 Shares, Class I Shares or Class W Shares, if you buy any class of shares (including, Class A-1Shares, Class A-3 Shares, Class I Shares or Class W 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.

Investors that purchase $250,000 or more of the Fund’s Class A-2 Shares and/or Class A-4 Shares will not pay any initial sales charge on the purchase. However, unless eligible for a waiver, purchases of $250,000 or more of Class A-2 Shares or Class A-4Shares will be subject to an early withdrawal charge of 1.50% if the shares are repurchased during the first 12 months after their purchase. See “Early Withdrawal Charges—Class A-2 Shares and Class A-4 Shares”.

The Fund does not currently charge a repurchase fee. However, in the future the Fund may charge a repurchase fee of up to 2.00%.

The Management Fee paid by the Fund is calculated at the annual rate of 0.95% of the average daily value of the Fund’s Managed Assets which includes assets purchased with borrowed money including, for this purpose, amounts attributable to the Fund’s use of TOB financings. The table above assumes that the Fund borrows money for investment purposes at an average amount of 20% of its Managed Assets. The Management Fee in the table is greater than 0.95% 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).

Interest Payments on Borrowed Funds are estimated based on average borrowings of 20% of the Fund’s average Managed Assets and the Fund bears expenses relating to such borrowings at an annual effective interest rate of 3.18%. If the Fund were to incur higher levels of borrowing or pay higher interest rates, interest payments on borrowed funds as a percentage of net assets would be higher.

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 are based on estimated amounts for the following twelve months. The expense table above is based on estimated average net assets of approximately $57,000,000 which reflects the Fund’s average net assets for the first quarter 2026 (higher than the Fund’s actual net assets at fiscal year-end December 31, 2025 of approximately $50,000,000). Total Annual Operating Expenses shown will not correlate to the Fund’s ratio of expenses to average net assets appearing in the Financial Highlights table, which is based on the Fund’s actual results rather than estimates.

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-1, ClassA-2, Class A-3, Class A-4, Class I and Class W shareholders are limited to 0.75%, 1.00%, 1.00%, 0.75%, 0.25% and 0.25%,respectively, of average net assets. 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 provided that repayment does not cause annual operating expenses (after the repayment is taken into account) to exceed either:(1) 0.75%, 1.00%, 1.00%, 0.75%, 0.25% and 0.25% of the class’s average net assets; or (2) if applicable, the then-current expense limitations. Any such repayment must be made within three years after the date in which the Adviser waived or incurred the fee and/or expense.

The Adjusted Expense Ratio excludes certain fees and expenses, such as interest expense and fees paid on Fund borrowings and/or interest and related expenses from inverse floaters.

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

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.

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”.

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).

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).

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

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.

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.

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.

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.

Disclosures

First Eagle Investment Management, LLC (the "Adviser") has contractually agreed to waive and/or reimburse certain fees and expenses of Classes A, C, I and R6 so that the total annual operating expenses (excluding interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, dividend and other expenses relating to short sales, and extraordinary expenses, if any) ("annual operating expenses") of each class are limited to 1.25%, 2.00%, 1.00% and 0.87% of average net assets, respectively. The undertakings for Classes A, C and I last until February 28, 2027, and the undertaking for Class R6 lasts until February 28, 2028. These undertakings may not be terminated during their respective terms without the consent of the Board of Trustees. The Fund has agreed that each of Classes A, C, I and R6 will 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 the lesser of: (1) 1.25%, 2.00%, 1.00% and 0.87% of the class' average net assets, respectively; or (2) if applicable, the then-current expense limitations. Any such repayment must be made within three years after the year in which the Adviser incurred the expense.

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

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.

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”.

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).

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).

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

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.

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.

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.

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.

Disclosures

First Eagle Investment Management, LLC (the ‘‘Adviser’’) has contractually agreed to waive and/or reimburse certain fees and expenses of Classes A, I and R6 so that the total annual operating expenses (excluding interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, dividend and other expenses relating to short sales, and extraordinary expenses, if any) (‘‘annual operating expenses’’) of each class are limited to 1.20%, 0.95% and 0.95% of average net assets, respectively. Each of these undertakings lasts until February 28, 2027 and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed that each of Classes A, I and R6 will 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 the lesser of: (1) 1.20%, 0.95% and 0.95% of the class’ average net assets, respectively; or (2) if applicable, the then-current expense limitations. Any such repayment must be made within three years after the year in which the Adviser incurred the expense.

Class I Shares require $1MM minimum investment and are offered without sales charge. There is no minimum subsequent investment amount for Class I Shares.

In order to claim a breakpoint or other means of reducing the sales charge, an investor should notify his or her dealer, the Distributor, or the Transfer Agent (DST) at the time of purchase.

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

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.

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”.

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).

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).

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

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.

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.

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.

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.

Disclosures

First Eagle Investment Management, LLC (the ‘‘Adviser’’) has contractually agreed to waive and/or reimburse certain fees and expenses of Classes A, I and R6 so that the total annual operating expenses (excluding interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, dividend and other expenses relating to short sales, and extraordinary expenses, if any) (‘‘annual operating expenses’’) of each class are limited to 1.20%, 0.95% and 0.95% of average net assets, respectively. Each of these undertakings lasts until February 28, 2027 and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed that each of Classes A, I and R6 will 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 the lesser of: (1) 1.20%, 0.95% and 0.95% of the class’ average net assets, respectively; or (2) if applicable, the then-current expense limitations. Any such repayment must be made within three years after the year in which the Adviser incurred the expense.

In order to claim a breakpoint or other means of reducing the sales charge, an investor should notify his or her dealer, the Distributor, or the Transfer Agent (DST) at the time of purchase.

Disclosures

First Eagle Investment Management, LLC (the “Adviser”) has contractually agreed to waive and/ or reimburse certain fees and expenses of Classes A, C and I and R6 so that the total annual operating expenses (excluding interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, dividend and other expenses relating to short sales, and extraordinary expenses, if any) (“annual operating expenses”) of each class are limited to 0.50%, 1.25%, 0.25% and 0.25% of average net assets, respectively. Each of these undertakings lasts until February 28, 2027 and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed that each of Classes A, C and I and R6 will 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 the lesser of: (1) 0.50%, 1.25%, 0.25% and 0.25% of the class’ average net assets, respectively; or (2) if applicable, the then-current expense limitations. Any such repayment must be made within three years after the year in which the Adviser incurred the expense.

“Other Expenses” are based on estimated expenses for the current fiscal year; actual expenses may vary.

Includes interest expense and fees paid on Fund borrowings and/or interest and related expenses from inverse floaters.

The Adjusted Expense Ratio excludes certain fees and expenses, such as interest expense and fees paid on Fund borrowings and/or interest and related expenses from inverse floaters.

Disclosures

The Fund continuously offers its Common Shares through FEF Distributors, LLC (the “Distributor”), as principal underwriter, on a best efforts basis. Class A-1 Shares, Class A-2 Shares, Class A-3 Shares, Class A-4 Shares, Class I Shares and Class W Shares will be sold on a continuous basis at the Fund’s then current NAV per Share. While neither the Fund nor the Distributor impose a sales commission on Class A-1 Shares, Class A-3 Shares, Class I Shares or Class W Shares, if you buy any class of shares(including, Class A-1 Shares, Class A-3 Shares, Class I Shares or Class W 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.

The expense table above is based on estimated average net assets of approximately $57,000,000 which reflects the Fund’s average net assets for the first quarter 2026 (higher than the Fund’s actual net assets at fiscal year-end December 31, 2025 of approximately $52,000,000). Total Annual Operating Expenses shown will not correlate to the Fund’s ratio of expenses to average net assets appearing in the Financial Highlights table, which does not include AFFE and is based on the Fund’s actual results rather than estimates.

Investors that purchase $250,000 or more of the Fund’s Class A-2 Shares and/or Class A-4 Shares will not pay any initial sales charge on the purchase. However, unless eligible for a waiver, purchases of $250,000 or more of Class A-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 first 12 months after their purchase. See “Early Withdrawal Charges—Class A-2 Shares and Class A-4 Shares”.

The Fund does not currently charge a repurchase fee. However, in the future the Fund may charge a repurchase fee of up to 2.00%.

The 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 including, for this purpose, amounts attributable to the Fund’s use of reverse repurchase agreement financing. The table above assumes that the Fund borrows money for investment purposes at an average amount of 14.78% 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).

Interest Payments on Borrowed Funds are estimated based on average borrowings of 14.78% of the Fund’s average Managed Assets and the Fund bears expenses relating to such borrowings at an annual effective interest rate of 5.28% (plus applicable fees the Fund incurs in connection with its credit facility).

Other Expenses - General include, but are not limited to, accounting, legal and auditing fees of the Fund, fees for research services, acquired fund fees and expenses, as well as fees payable to the Independent Trustees. Other Expenses - General are based on estimated amounts for the following twelve months.

Other Expenses - Tax Expense includes income taxes payable by the Fund’s TRSs. The Fund’s tax expense is based on estimated amounts for the following twelve months and may differ from the estimated amount above. Please note that the tax expense estimates both federal and potential state & local tax rates.

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-1, Class A-2,Class A-3, Class A-4, Class I and Class W shareholders are limited to 0.75%, 1.00%, 1.00%, 0.75%, 0.25% and 0.25%,respectively, of average net assets. 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 class provided that repayment does not cause annual operating expenses (after the repayment is taken into account) to exceed either: (1) 0.75%, 1.00%, 1.00%, 0.75%, 0.25% and 0.25% of the class’s average net assets, respectively, or (2) if applicable, the then-current expense limitations. Any such repayment must be made within three years after the date on which the Fund incurred the fee and/or expense and is limited to the lesser of (1) the expense limitation in effect at the time of waiver, and (2) the expense limitation in effect at the time of recapture.

The Adjusted Expense Ratio excludes certain fees and expenses, such as interest expense and fees paid on Fund borrowings and/or interest and related expenses from inverse floaters.

Disclosures

The Fund continuously offers its Common Shares through FEF Distributors, LLC (the “Distributor”), as principal underwriter, on a best efforts basis. Class A-1 Shares, Class A-2 Shares, Class A-3 Shares, Class A-4 Shares, Class I Shares and Class W Shares will be sold on a continuous basis at the Fund’s then current NAV per Share. While neither the Fund nor the Distributor impose a sales commission on Class A-1 Shares, Class A-3 Shares, Class I Shares or Class W Shares, if you buy any class of shares(including, Class A-1 Shares, Class A-3 Shares, Class I Shares or Class W 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.

The expense table above is based on estimated average net assets of approximately $57,000,000 which reflects the Fund’s average net assets for the first quarter 2026 (higher than the Fund’s actual net assets at fiscal year-end December 31, 2025 of approximately $52,000,000). Total Annual Operating Expenses shown will not correlate to the Fund’s ratio of expenses to average net assets appearing in the Financial Highlights table, which does not include AFFE and is based on the Fund’s actual results rather than estimates.

Investors that purchase $250,000 or more of the Fund’s Class A-2 Shares and/or Class A-4 Shares will not pay any initial sales charge on the purchase. However, unless eligible for a waiver, purchases of $250,000 or more of Class A-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 first 12 months after their purchase. See “Early Withdrawal Charges—Class A-2 Shares and Class A-4 Shares”.

The Fund does not currently charge a repurchase fee. However, in the future the Fund may charge a repurchase fee of up to 2.00%.

The 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 including, for this purpose, amounts attributable to the Fund’s use of reverse repurchase agreement financing. The table above assumes that the Fund borrows money for investment purposes at an average amount of 14.78% 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).

Interest Payments on Borrowed Funds are estimated based on average borrowings of 14.78% of the Fund’s average Managed Assets and the Fund bears expenses relating to such borrowings at an annual effective interest rate of 5.28% (plus applicable fees the Fund incurs in connection with its credit facility).

Other Expenses - General include, but are not limited to, accounting, legal and auditing fees of the Fund, fees for research services, acquired fund fees and expenses, as well as fees payable to the Independent Trustees. Other Expenses - General are based on estimated amounts for the following twelve months.

Other Expenses - Tax Expense includes income taxes payable by the Fund’s TRSs. The Fund’s tax expense is based on estimated amounts for the following twelve months and may differ from the estimated amount above. Please note that the tax expense estimates both federal and potential state & local tax rates.

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-1, Class A-2,Class A-3, Class A-4, Class I and Class W shareholders are limited to 0.75%, 1.00%, 1.00%, 0.75%, 0.25% and 0.25%,respectively, of average net assets. 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 class provided that repayment does not cause annual operating expenses (after the repayment is taken into account) to exceed either: (1) 0.75%, 1.00%, 1.00%, 0.75%, 0.25% and 0.25% of the class’s average net assets, respectively, or (2) if applicable, the then-current expense limitations. Any such repayment must be made within three years after the date on which the Fund incurred the fee and/or expense and is limited to the lesser of (1) the expense limitation in effect at the time of waiver, and (2) the expense limitation in effect at the time of recapture.

The Adjusted Expense Ratio excludes certain fees and expenses, such as interest expense and fees paid on Fund borrowings and/or interest and related expenses from inverse floaters.