Investment Philosophy

  • 08 flexible

    Focus on Current Income

    The 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.

  • Market

    Flexible Approach

    The 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.

  • Down side mitigation icon

    Seeks to Mitigate Downside Risks

    The 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.

  1. Past performance is not indicative of future results

Our Process

The First Eagle Credit Opportunities Fund is a flexible alternative credit portfolio that seeks to deliver current income with a secondary objective of providing long-term risk-adjusted returns. Employing a variety of fundamental and technical factors—at both the security and industry levels—the team establishes risk/return expectations across the investment opportunity set and constructs a portfolio of a variety of credit asset classes that balances the need for current income with potentially more long-term risk-adjusted returns.

  1. Disclosures

  2. 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.

  3. 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.

  4. 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.

  5. 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.

  6. 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.

  7. 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.

  8. 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.

Average Annual Returns

TickerClassYTD %1 MO3 MO1 YR3 YR5 YR10 YRINCEPT %Expense Ratio
GrossNet
FECAX A w/out load  -3.72%  -0.17%  -0.57%  -2.83%      -      -      -   4.18%   4.31%   3.07%
FECAX A w/load  -7.09%  -3.65%  -4.07%  -6.24%      -      -      -   2.27%   4.31%   3.07%
FECAX A w/out load  -3.57%  -1.56%   0.50%  -2.03%      -      -      -   4.48%   4.31%   3.07%
FECAX A w/load  -6.94%  -5.00%  -3.01%  -5.47%      -      -      -   2.47%   4.31%   3.07%
FECRX I  -3.52%  -0.14%  -0.55%  -2.54%      -      -      -   4.93%   4.00%   2.82%
FECRX I  -3.38%  -1.58%   0.57%  -1.70%      -      -      -   5.21%   4.00%   2.82%

Source: FactSet; data as of Sep 30, 2022.

Source: FactSet; data as of Oct 31, 2022.

  1. 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 and Class I shareholders are limited to 2.25% and 2.00%, respectively, of average net assets. This undertaking lasts until April 30, 2024 and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed that each of Class A and Class I will repay FEIM 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) 2.25% and 2.00% 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 date in which the Fund incurred the fee and/or expense. Additionally, FEIM has agreed to pay the Fund’s organizational and offering costs until effectiveness of the Fund’s registration statement and such costs will not be recoupable by FEIM. Effective May 1, 2022 through April 2024, these expense limitations were raised to 2.25% and 2.00%, respectively, of average net assets of Class A and Class I.

  1. Disclosures

  2. 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.

  3. 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.

  4. 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.

  5. 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.

  6. 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.

  7. 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.

  8. 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.

  9. Credit Opportunities Fund Inception dates:  A Shares DEC 02, 2020, I Shares SEP 15, 2020.

  10. Management Fee Waived: Effective May 1, 2021, FEIM and FEAC agreed to waive all management fees and subadvisory fees payable to them under the Management Agreement (defined in Prospectus) and Subadvisory Agreement (defined in Prospectus) until April 30, 2022 (the "Management Fee Waiver’’), resulting in an Adjusted Net Expense Ratio of 0.50% for Class A and 0.25% for Class I. Amounts waived pursuant to the Management Fee Waiver will not be subject to any right of future recoupment in favor of FEIM and FEAC. Effective May 1, 2022 this waiver expired.

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Top Ten Holdings (%)

As of Oct 31, 2022

American Airlines 1.44
Archer Systems, LLC 1.27
ASP MSG Acquisition Co Inc ( Milk Specialities) 1.19
Mauser Packaging Solutions 1.09
Ingenio LLC 1.08
Civitas Solutions Inc. (National Mentor Holding) 1.07
Bengal Debt Sub Merger LLC (Tropicana, Naked Juice) 1.06
Park Place Technologies, LLC 1.00
ANI Pharmaceuticals, Inc. 0.99
CDK Global, Inc. (Central Parent Inc) 0.98
Total Top Ten Holdings Percentage 11.16

Top Ten Holdings (%)

As of Sep 30, 2022

Archer Systems, LLC 1.28
ASP MSG Acquisition Co Inc ( Milk Specialities) 1.20
American Airlines 1.20
Bengal Debt Sub Merger LLC (Tropicana, Naked Juice) 1.10
Ingenio LLC 1.09
Mauser Packaging Solutions 1.07
Travelport Finance (Luxembourg) S.a r.l. 1.04
Park Place Technologies, LLC 1.00
ANI Pharmaceuticals, Inc. 1.00
PDFTron Systems Inc. 0.99
Total Top Ten Holdings Percentage 10.95

Top Ten Holdings (%)

As of Aug 31, 2022

Archer Systems, LLC 1.25
American Airlines 1.19
Bengal Debt Sub Merger LLC (Tropicana, Naked Juice) 1.10
Mauser Packaging Solutions 1.09
Ingenio LLC 1.08
Prince International Corporation (PMHC II, Inc.) 1.01
Park Place Technologies, LLC 1.01
Travelport Finance (Luxembourg) S.a r.l. 1.00
ANI Pharmaceuticals, Inc. 1.00
ASP MSG Acquisition Co Inc (Milk Specialities) 1.00
Total Top Ten Holdings Percentage 10.71

Top Ten Holdings (%)

As of Jul 31, 2022

American Airlines 1.20
Mauser Packaging Solutions 1.13
Bengal Debt Sub Merger LLC (Tropicana, Naked Juice) 1.12
Ingenio LLC 1.11
ASP MSG Acquisition Co Inc ( Milk Specialities) 1.01
Travelport Finance (Luxembourg) S.a r.l. 1.01
Prince International Corporation (PMHC II, Inc.) 1.01
Park Place Technologies, LLC 1.01
ANI Pharmaceuticals, Inc. 1.01
Abe Investment Holdings, Inc. (Getty Images, Inc.) 0.99
Total Top Ten Holdings Percentage 10.61

Top Ten Holdings (%)

As of Jun 30, 2022

Bengal Debt Sub Merger LLC (Tropicana, Naked Juice) 1.12
Ingenio LLC 1.12
Travelport Finance (Luxembourg) S.a r.l. 1.04
Park Place Technologies, LLC 1.04
ANI Pharmaceuticals, Inc. 1.03
ASP MSG Acquisition Co Inc ( Milk Specialities) 1.02
Prince International Corporation (PMHC II, Inc.) 1.01
PDFTron Systems Inc. 1.01
R-Pac International Corp (Project Radio) 1.00
Alpine SG, LLC (ASG) 1.00
Total Top Ten Holdings Percentage 10.39

Top Ten Holdings (%)

As of May 31, 2022

Bengal Debt Sub Merger LLC (Tropicana, Naked Juice) 1.29
Ingenio LLC 1.23
ANI Pharmaceuticals, Inc. 1.13
ASP MSG Acquisition Co Inc ( Milk Specialities) 1.12
Prince International Corporation (PMHC II, Inc.) 1.10
PDFTron Systems Inc. 1.10
R-Pac International Corp (Project Radio) 1.10
Abe Investment Holdings, Inc. (Getty Images, Inc.) 1.09
Stats, LLC (Peak Jersey Holdco Ltd) 1.09
Alpine SG, LLC (ASG) 1.09
Total Top Ten Holdings Percentage 11.34

Top Ten Holdings (%)

As of Apr 30, 2022

Bengal Debt Sub Merger LLC (Tropicana, Naked Juice) 1.72
Ingenio LLC 1.20
Prince International Corporation (PMHC II, Inc.) 1.15
ANI Pharmaceuticals, Inc. 1.14
ASP MSG Acquisition Co Inc ( Milk Specialities) 1.10
Abe Investment Holdings, Inc. (Getty Images, Inc.) 1.09
Stats, LLC (Peak Jersey Holdco Ltd) 1.09
Foley Products Co LLC 1.08
WildBrain Ltd. (DHX Media) 1.08
CCI Buyer, Inc. (Consumer Cellular) 1.08
Total Top Ten Holdings Percentage 11.71

Top Ten Holdings (%)

As of Mar 31, 2022

Bengal Debt Sub Merger LLC (Tropicana, Naked Juice) 1.99
Prince International Corporation (PMHC II, Inc.) 1.40
ANI Pharmaceuticals, Inc. 1.26
WildBrain Ltd. (DHX Media) 1.26
Quest Software (Dell Software Group / Seahawk Holding Cayman Ltd) 1.25
Stonepeak Taurus Lower Holdings LLC (TRAC) 1.25
PDFTron Systems Inc. 1.24
Condor Merger Sub, Inc (McAfee) 1.24
New Insight Holdings Inc (Research Now) 1.24
R-Pac International Corp (Project Radio) 1.24
Total Top Ten Holdings Percentage 13.36

Top Ten Holdings (%)

As of Feb 28, 2022

Bengal Debt Sub Merger LLC (Tropicana, Naked Juice) 2.16
Prince International Corporation (PMHC II, Inc.) 1.60
R-Pac International Corp (Project Radio) 1.36
Civitas Solutions Inc. (National Mentor Holding) 1.36
BCP Qualtek Merger Sub LLC (Qualtek) 1.36
WildBrain Ltd. (DHX Media) 1.35
Quest Software (Dell Software Group / Seahawk Holding Cayman Ltd) 1.34
Stonepeak Taurus Lower Holdings LLC (TRAC) 1.34
Condor Merger Sub, Inc (McAfee) 1.33
New Insight Holdings Inc (Research Now) 1.33
Total Top Ten Holdings Percentage 14.53

Top Ten Holdings (%)

As of Jan 31, 2022

Bengal Debt Sub Merger LLC (Tropicana, Naked Juice) 1.95
Quest Software (Dell Software Group / Seahawk Holding Cayman Ltd) 1.69
Civitas Solutions Inc. (National Mentor Holding) 1.43
BCP Qualtek Merger Sub LLC (Qualtek) 1.43
R-Pac International Corp (Project Radio) 1.42
WildBrain Ltd. (DHX Media) 1.42
Stonepeak Taurus Lower Holdings LLC (TRAC) 1.41
Great Dane Merger Sub Inc (CommerceHub) 1.39
Petrochoice Holdings Inc 1.38
Lifescan Global Corporation 1.32
Total Top Ten Holdings Percentage 14.84

Top Ten Holdings (%)

As of Dec 31, 2021

R-Pac International Corp (Project Radio) 2.06
Lifescan Global Corporation 1.89
Alpine SG, LLC (ASG) 1.66
OVG Business Services, LLC 1.63
Park Place Technologies, LLC 1.62
New Insight Holdings Inc (Research Now) 1.62
Natel Engineering Co Inc 1.61
Alvogen Pharma US, Inc. 1.56
Portfolio Holding, Inc. (Turbo Buyer) 1.47
Epic Staffing Group (Cirrus) (Tempus) 1.42
Total Top Ten Holdings Percentage 16.56

Top Ten Holdings (%)

As of Nov 30, 2021

R-Pac International Corp 2.43
Alpine SG, LLC (ASG) 1.79
OVG Business Services, LLC 1.76
Park Place Technologies, LLC 1.75
Natel Engineering Co Inc 1.73
Alvogen Pharma US, Inc. 1.72
Lifescan Global Corporation 1.65
Omni Logistics 1.54
A&R Logistics Holdings, Inc. 1.47
Allen Media, LLC 1.42
Total Top Ten Holdings Percentage 17.26
  1. 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 (%)

Health Care Services: 8.84%
Application Software: 6.15%
Short-Term, Cash & Cash Equivalents: 5.13%
IT Consulting & Other Services: 4.35%
Hotels, Resorts & Cruise Lines: 3.05%
Systems Software: 2.86%
Personal Products: 2.47%
Specialized Finance: 2.43%
Trucking: 2.38%
Research & Consulting Services: 2.36%
Other: 59.83%
Source: FactSet; data as of Sep 30, 2022.
Health Care Services 8.84%
Application Software 6.15%
Short-Term, Cash & Cash Equivalents 5.13%
IT Consulting & Other Services 4.35%
Hotels, Resorts & Cruise Lines 3.05%
Systems Software 2.86%
Personal Products 2.47%
Specialized Finance 2.43%
Trucking 2.38%
Research & Consulting Services 2.36%
Internet & Direct Marketing Retail 2.14%
Health Care Technology 2.00%
Casinos & Gaming 1.91%
Pharmaceuticals 1.83%
Airlines 1.80%
Trading Companies & Distributors 1.71%
Asset Management & Custody Banks 1.68%
Insurance Brokers 1.68%
Interactive Media & Services 1.54%
Real Estate Services 1.52%
Advertising 1.48%
Air Freight & Logistics 1.46%
Specialized Consumer Services 1.44%
Diversified Support Services 1.43%
Packaged Foods & Meats 1.42%
Metal & Glass Containers 1.41%
Broadcasting 1.37%
Construction Materials 1.34%
Aerospace & Defense 1.33%
Human Resource & Employment Services 1.25%
Restaurants 1.21%
Wireless Telecommunication Services 1.13%
Industrial Machinery 1.10%
Specialty Chemicals 1.04%
Construction & Engineering 1.03%
Diversified Metals & Mining 1.02%
Paper Products 0.98%
Commodity Chemicals 0.92%
Movies & Entertainment 0.92%
Communications Equipment 0.88%
Multi-Sector Holdings 0.88%
Consumer Finance 0.79%
Electronic Manufacturing Services 0.78%
Technology Hardware, Storage & Peripherals 0.78%
Apparel, Accessories & Luxury Goods 0.75%
Alternative Carriers 0.73%
Electronic Equipment & Instruments 0.73%
Health Care Supplies 0.72%
Leisure Products 0.70%
Distributors 0.69%
Environmental & Facilities Services 0.67%
Paper Packaging 0.67%
Textiles 0.67%
Leisure Facilities 0.62%
Auto Parts & Equipment 0.61%
Soft Drinks 0.58%
Health Care Facilities 0.56%
Heavy Electrical Equipment 0.56%
Education Services 0.55%
Commercial Printing 0.51%
Tires & Rubber 0.49%
Life Sciences Tools & Services 0.47%
Internet Services & Infrastructure 0.45%
Managed Health Care 0.43%
Diversified Chemicals 0.38%
Household Products 0.38%
Brewers 0.32%
Diversified Capital Markets 0.31%
Security & Alarm Services 0.30%
Agricultural & Farm Machinery 0.22%
Home Furnishings 0.21%
Specialty Stores 0.19%
Office Services & Supplies 0.16%
Health Care Services 8.71%
Application Software 6.31%
Short-Term, Cash & Cash Equivalents 6.16%
IT Consulting & Other Services 4.67%
Systems Software 3.00%
Hotels, Resorts & Cruise Lines 2.87%
Pharmaceuticals 2.62%
Specialized Finance 2.55%
Trucking 2.48%
Research & Consulting Services 2.41%
Personal Products 2.30%
Insurance Brokers 2.23%
Internet & Direct Marketing Retail 2.20%
Health Care Technology 2.06%
Trading Companies & Distributors 1.76%
Casinos & Gaming 1.74%
Asset Management & Custody Banks 1.69%
Air Freight & Logistics 1.65%
Interactive Media & Services 1.60%
Advertising 1.54%
Specialized Consumer Services 1.49%
Broadcasting 1.45%
Packaged Foods & Meats 1.45%
Aerospace & Defense 1.38%
Construction Materials 1.36%
Health Care Supplies 1.29%
Human Resource & Employment Services 1.29%
Metal & Glass Containers 1.26%
Real Estate Services 1.21%
Restaurants 1.19%
Diversified Metals & Mining 1.13%
Wireless Telecommunication Services 1.13%
Alternative Carriers 1.05%
Construction & Engineering 1.01%
Industrial Machinery 1.01%
Leisure Products 1.00%
Paper Products 1.00%
Commodity Chemicals 0.97%
Movies & Entertainment 0.97%
Communications Equipment 0.92%
Multi-Sector Holdings 0.91%
Electronic Manufacturing Services 0.83%
Commercial Printing 0.81%
Technology Hardware, Storage & Peripherals 0.80%
Consumer Finance 0.78%
Electronic Equipment & Instruments 0.75%
Distributors 0.73%
Textiles 0.71%
Paper Packaging 0.69%
Auto Parts & Equipment 0.68%
Environmental & Facilities Services 0.68%
Soft Drinks 0.59%
Education Services 0.58%
Heavy Electrical Equipment 0.58%
Health Care Facilities 0.57%
Specialty Chemicals 0.57%
Life Sciences Tools & Services 0.48%
Internet Services & Infrastructure 0.46%
Managed Health Care 0.43%
Household Products 0.39%
Diversified Chemicals 0.38%
Airlines 0.37%
Brewers 0.37%
Diversified Capital Markets 0.32%
Security & Alarm Services 0.30%
Agricultural & Farm Machinery 0.23%
Home Furnishings 0.21%
Specialty Stores 0.20%
Office Services & Supplies 0.17%
Diversified Support Services 0.16%
Marine Ports & Services 0.16%
Apparel, Accessories & Luxury Goods 0.02%
Electric Utilities 0.00%
Health Care Services 10.36%
Application Software 4.92%
IT Consulting & Other Services 4.27%
Research & Consulting Services 3.98%
Pharmaceuticals 3.43%
Trading Companies & Distributors 3.42%
Systems Software 3.41%
Short-Term, Cash & Cash Equivalents 3.28%
Packaged Foods & Meats 2.41%
Personal Products 2.40%
Trucking 2.24%
Asset Management & Custody Banks 2.10%
Air Freight & Logistics 2.09%
Insurance Brokers 2.05%
Specialized Finance 2.04%
Aerospace & Defense 2.01%
Advertising 1.99%
Specialized Consumer Services 1.80%
Hotels, Resorts & Cruise Lines 1.73%
Human Resource & Employment Services 1.64%
Movies & Entertainment 1.60%
Diversified Metals & Mining 1.55%
Real Estate Services 1.49%
Construction & Engineering 1.28%
Construction Materials 1.26%
Alternative Carriers 1.25%
Casinos & Gaming 1.25%
Paper Products 1.24%
Broadcasting 1.23%
Commodity Chemicals 1.20%
Communications Equipment 1.16%
Internet & Direct Marketing Retail 1.16%
Multi-Sector Holdings 1.13%
Industrial Machinery 1.12%
Health Care Supplies 1.11%
Interactive Media & Services 1.07%
Electronic Manufacturing Services 1.05%
Restaurants 1.04%
Auto Parts & Equipment 0.99%
Consumer Finance 0.86%
Paper Packaging 0.86%
Electronic Equipment & Instruments 0.75%
Health Care Technology 0.75%
Heavy Electrical Equipment 0.75%
Commercial Printing 0.74%
Education Services 0.74%
Distributors 0.73%
Health Care Facilities 0.71%
Other Diversified Financial Services 0.67%
Life Sciences Tools & Services 0.58%
Internet Services & Infrastructure 0.57%
Airlines 0.51%
Specialty Stores 0.51%
Household Products 0.49%
Diversified Chemicals 0.48%
Home Furnishings 0.48%
Metal & Glass Containers 0.48%
Textiles 0.46%
Managed Health Care 0.37%
Environmental & Facilities Services 0.35%
Security & Alarm Services 0.33%
Electric Utilities 0.31%
Agricultural & Farm Machinery 0.30%
Airport Services 0.25%
Office Services & Supplies 0.25%
Diversified Support Services 0.24%
Marine Ports & Services 0.24%
Wireless Telecommunication Services 0.24%
Diversified Capital Markets 0.23%
Apparel, Accessories & Luxury Goods 0.02%
Health Care Services 8.79%
Cash & Cash Equivalents 7.40%
IT Consulting & Other Services 5.76%
Research & Consulting Services 3.59%
Insurance Brokers 3.32%
Asset Management & Custody Banks 3.24%
Aerospace & Defense 3.03%
Systems Software 2.89%
Personal Products 2.87%
Trading Companies & Distributors 2.86%
Specialized Consumer Services 2.72%
Application Software 2.67%
Specialized Finance 2.56%
Air Freight & Logistics 2.53%
Real Estate Services 2.43%
Pharmaceuticals 2.36%
Broadcasting 2.07%
Paper Products 2.06%
Commodity Chemicals 1.95%
Health Care Supplies 1.89%
Interactive Media & Services 1.82%
Electronic Manufacturing Services 1.71%
Restaurants 1.68%
Advertising 1.62%
Consumer Finance 1.41%
Trucking 1.37%
Heavy Electrical Equipment 1.23%
Commercial Printing 1.22%
Paper Packaging 1.22%
Construction & Engineering 1.19%
Health Care Facilities 1.15%
Other Diversified Financial Services 1.07%
Life Sciences Tools & Services 0.95%
Internet Services & Infrastructure 0.93%
Airlines 0.87%
Distributors 0.82%
Health Care Technology 0.82%
Communications Equipment 0.81%
Internet & Direct Marketing Retail 0.81%
Metal & Glass Containers 0.81%
Diversified Chemicals 0.79%
Household Products 0.79%
Textiles 0.76%
Packaged Foods & Meats 0.70%
Human Resource & Employment Services 0.65%
Hotels, Resorts & Cruise Lines 0.60%
Environmental & Facilities Services 0.57%
Movies & Entertainment 0.56%
Security & Alarm Services 0.54%
Agricultural & Farm Machinery 0.49%
Electric Utilities 0.47%
Diversified Support Services 0.43%
Office Services & Supplies 0.43%
Specialty Stores 0.42%
Wireless Telecommunication Services 0.39%
Diversified Capital Markets 0.37%
Diversified Metals & Mining 0.26%
Industrial Machinery 0.21%
Apparel, Accessories & Luxury Goods 0.03%

Allocation By Asset Class (%)

Opportunistic Credit: 58.09%
Private Credit: 36.78%
Short-Term, Cash & Cash Equivalents: 5.13%
Source: FactSet; data as of Sep 30, 2022.
Opportunistic Credit 58.09%
Private Credit 36.78%
Short-Term, Cash & Cash Equivalents 5.13%
Opportunistic Credit 60.35%
Private Credit 33.49%
Short-Term, Cash & Cash Equivalents 6.16%
Opportunistic Credit 58.79%
Private Credit 37.93%
Short-Term, Cash & Cash Equivalents 3.28%
Private Credit 50.60%
Opportunistic Credit 42.01%
Cash & Cash Equivalents 7.40%

Allocation By Floating Rate vs. Fixed Rate (%)

Floating Rate: 90.63%
Short-Term, Cash & Cash Equivalents: 5.13%
Fixed Rate: 4.24%
Other: 0.00%
Source: FactSet; data as of Sep 30, 2022.
Floating Rate 90.63%
Short-Term, Cash & Cash Equivalents 5.13%
Fixed Rate 4.24%
Other 0.00%
Floating Rate 89.39%
Short-Term, Cash & Cash Equivalents 6.16%
Fixed Rate 4.44%
Other 0.00%
Floating Rate 91.42%
Fixed Rate 5.25%
Short-Term, Cash & Cash Equivalents 3.28%
Other 0.05%
Floating Rate 86.27%
Cash & Cash Equivalents 7.40%
Fixed Rate 6.28%
Other 0.05%

Allocation By Region (%)

United States of America: 88.17%
Short-Term, Cash & Cash Equivalents: 5.13%
Canada: 3.43%
Luxembourg: 1.04%
United Kingdom: 0.88%
Germany: 0.77%
Netherlands: 0.58%
Source: FactSet; data as of Sep 30, 2022.
  1. 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.

United States of America 88.17%
Short-Term, Cash & Cash Equivalents 5.13%
Canada 3.43%
Luxembourg 1.04%
United Kingdom 0.88%
Germany 0.77%
Netherlands 0.58%
United States of America 86.56%
Short-Term, Cash & Cash Equivalents 6.16%
Canada 3.72%
Luxembourg 1.29%
United Kingdom 0.91%
Germany 0.78%
Netherlands 0.59%
Cayman Islands 0.00%
United States of America 90.48%
Canada 3.86%
Short-Term, Cash & Cash Equivalents 3.28%
Luxembourg 1.25%
United Kingdom 1.13%
United States 89.63%
Cash & Cash Equivalents 7.40%
Europe 2.97%
  1. Disclosures

  2. 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.

  3. 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.

  4. 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.

Fund Management

The First Eagle Credit Opportunities Fund is a flexible alternative credit mutual fund portfolio that seeks to deliver current income with a secondary objective of providing long-term risk-adjusted returns. Employing a variety of fundamental and technical factors—at both the security and industry levels—the team establishes risk/return expectations across the investment opportunity set and constructs a portfolio of a variety of credit asset classes that balances the need for current income with potentially more long-term risk-adjusted returns.

  • James Fellows

    CIO of FEAC, Head of Tradable Credit Team

    Industry start:  
    1987
    Year joined:  
    2004
  • Michelle Handy

    Managing Director and Head of Portfolio and Underwriting

    Industry start:  
    2002
    Year joined:  
    2016
  • Robert Hickey

    Senior Managing Director and Senior Portfolio Manager

    Industry start:  
    1990
    Year joined:  
    2004
  • Steve Krull

    Managing Director and Head of Trading

    Industry start:  
    1998
    Year joined:  
    2004
  • Brian Murphy

    Senior Managing Director and Head of Capital Markets

    Industry start:  
    1992
    Year joined:  
    2004

Our Process

Our Process Graphic
  1. Disclosures

  2. 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.

  3. 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.

  4. 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.

  5. 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.

  6. 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.

  7. 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.

  8. 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, Expenses & Minimums

The following information describes the fees and expenses you may pay if you buy and hold shares of the Credit Opportunities Fund. Please read the prospectus carefully for more complete information including details of fees, expenses and risks before investing.

Share Class A (FECAX)

Expense Ratio and Shareholder Fees as of April 30, 2022

Shareholder Fee (%)

These are the fees paid directly from your investment.

 Sales ChargeDealer Re-Allowance
Less than $100,0002.502.50
$100,000 but less than $250,0002.002.00
$250,000 and over0.001.50

 

Expense Ratio (%)

Annual Fund Operating Expenses (as a percentage of average net assets attributable to our Common Shares):1

Management Fees21.54
Distribution and/or Service (12b-1) Fees0.25
Interest Payment on Borrowed Funds30.81
Other Expenses41.70
Acquired Fund Fees and Expenses50.01
Total Annual Fund Operating Expenses4.31
Fee Waiver and/or Expense Reimbursement-1.24
Total Annual Operating Expenses After Fee Waiver and/or Expense Reimbursement63.07
Adjusted Expense Ratio (%)72.25
Management Ratio (%)8
Management Fee based on managed assets1.25
Management Fee based on net assets1.54
  1. Disclosures

  2. The Fund continuously offers its Common Shares through FEF Distributors, LLC (the “Distributor”), as principal underwriter, on a best efforts basis. Class A 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 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.

  3. Investors that purchase $250,000 or more of the Fund’s Class A 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 Shares will be subject to an early withdrawal charge of up to 1.50% if the shares are repurchased during the first 12 months after their purchase. See “Early Withdrawal Charges - Class A Shares.”

  4. 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%.

  5. 1

    The above table illustrates the aggregate fees and expenses (based on average net assets) that the Fund expects to incur and that Shareholders can expect to bear directly or indirectly. Because the Fund has a limited operating history, many of these expenses are estimates

  6. 2

    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. The table above assumes that the Fund borrows money for investment purposes at an average amount of 18.86% 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. In addition, if the Fund borrows money in excess of the 18.86% debt-to-Managed Assets ratio, then the Management Fee in relation to its net assets would be higher than the amount presented in the table. “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). To derive the annual Management Fee as a percentage of the Fund’s net assets (which are the Fund’s total assets less all of the Fund’s liabilities), the Fund’s Managed Assets (approximately $233,000,000) were multiplied by the annual Management Fee rate and then divided by the Fund’s net assets as of December 31, 2021 (approximately $189,000,000).

  7. 3

    These expenses represent an estimate of interest payments the Fund expects to incur in connection with its use of leverage. The table assumes the use of leverage in an amount equal to 18.86% of the Fund’s Managed Assets (after the leverage is incurred), and assumes the annual interest rate on borrowings is 0.81%. The Fund’s actual interest costs associated with leverage may differ from the estimates above.

  8. 4

    Other expenses include, but are not limited to, accounting, legal and auditing fees of the Fund, acquired fund fees and expenses, as well as fees payable to the Independent Trustees.

  9. 5

    Acquired Fund Fees and Expenses (‘‘AFFE’’) are fees and expenses incurred by the Fund in connection with its investments in other investment companies. 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.

  10. 6

    The annual expense ratio is based on expenses incurred by 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 and Class I shareholders are limited to 2.25% and 2.00%, respectively, of average net assets. This undertaking lasts until April 30, 2024 and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed that each of Class A and Class I will repay FEIM 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) 2.25% and 2.00% 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 date in which the Fund incurred the fee and/or expense. Additionally, FEIM paid the Fund’s organizational and offering costs until effectiveness of the Fund’s registration statement and such costs are not being recouped by FEIM. The “Total Annual Operating Expenses After Fee Waiver and/or Expense Reimbursement” includes an estimate of interest payments the Fund expects to incur in connection with its use of leverage of 0.81%, which are excluded from the expense waiver. 

  11. 7

    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.

  12. 8

    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 (including assets purchased with borrowed money) for advisory, administrative, and other services, which is equivalent to 54% on the Fund's net assets. The Fund remains responsible for certain fees and expenses that are not covered by the Management Fee.

  13. 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.

  14. 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.

  15. 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.

  16. 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.

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Share Class I (FECRX)

Expense Ratio and Shareholder Fees as of April 30, 2022

Expense Ratio (%)

Annual Fund Operating Expenses (as a percentage of average net assets attributable to our Common Shares):1

Management Fees21.54
Interest Payment on Borrowed Funds30.81
Other Expenses41.64
Acquired Fund Fees and Expenses50.01
Total Annual Fund Operating Expenses4.00
Fee Waiver and/or Expense Reimbursement-1.18
Total Annual Operating Expenses After Fee Waiver and/or Expense Reimbursement62.82
Adjusted Expense Ratio (%)72.00
Management Ratio (%)8
Management Fee based on managed assets1.25
Management Fee based on net assets1.54
  1. Disclosures

  2. The Fund continuously offers its Common Shares through FEF Distributors, LLC (the “Distributor”), as principal underwriter, on a best efforts basis. Class A 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 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.

  3. Investors that purchase $250,000 or more of the Fund’s Class A 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 Shares will be subject to an early withdrawal charge of up to 1.50% if the shares are repurchased during the first 12 months after their purchase. See “Early Withdrawal Charges - Class A Shares.”

  4. 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%.

  5. 1

    The above table illustrates the aggregate fees and expenses (based on average net assets) that the Fund expects to incur and that Shareholders can expect to bear directly or indirectly. Because the Fund has a limited operating history, many of these expenses are estimates

  6. 2

    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. The table above assumes that the Fund borrows money for investment purposes at an average amount of 18.86% 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. In addition, if the Fund borrows money in excess of the 18.86% debt-to-Managed Assets ratio, then the Management Fee in relation to its net assets would be higher than the amount presented in the table. “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). To derive the annual Management Fee as a percentage of the Fund’s net assets (which are the Fund’s total assets less all of the Fund’s liabilities), the Fund’s Managed Assets (approximately $233,000,000) were multiplied by the annual Management Fee rate and then divided by the Fund’s net assets as of December 31, 2021 (approximately $189,000,000).

  7. 3

    These expenses represent an estimate of interest payments the Fund expects to incur in connection with its use of leverage. The table assumes the use of leverage in an amount equal to 18.86% of the Fund’s Managed Assets (after the leverage is incurred), and assumes the annual interest rate on borrowings is 0.81%. The Fund’s actual interest costs associated with leverage may differ from the estimates above.

  8. 4

    Other expenses include, but are not limited to, accounting, legal and auditing fees of the Fund, acquired fund fees and expenses, as well as fees payable to the Independent Trustees.

  9. 5

    Acquired Fund Fees and Expenses (‘‘AFFE’’) are fees and expenses incurred by the Fund in connection with its investments in other investment companies. 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.

  10. 6

    The annual expense ratio is based on expenses incurred by 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 and Class I shareholders are limited to 2.25% and 2.00%, respectively, of average net assets. This undertaking lasts until April 30, 2024 and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed that each of Class A and Class I will repay FEIM 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) 2.25% and 2.00% 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 date in which the Fund incurred the fee and/or expense. Additionally, FEIM paid the Fund’s organizational and offering costs until effectiveness of the Fund’s registration statement and such costs are not being recouped by FEIM. The “Total Annual Operating Expenses After Fee Waiver and/or Expense Reimbursement” includes an estimate of interest payments the Fund expects to incur in connection with its use of leverage of 0.81%, which are excluded from the expense waiver. 

  11. 7

    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.

  12. 8

    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 (including assets purchased with borrowed money) for advisory, administrative, and other services, which is equivalent to 54% on the Fund's net assets. The Fund remains responsible for certain fees and expenses that are not covered by the Management Fee.

  13. 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.

  14. 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.

  15. 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.

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Dividend Payments

Record DateFrequencyEx DateReinvest DatePayable DateDividend ($)Reinvested at
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
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
  1. Ordinary income distributions are distributed at the class level and will vary by class.

  2. Past performance is not indicative of future results

  3. "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.

  4. Distributions may include return of capital.

Capital Gains Distributions

Record DateEx & Reinvestment DatePayable DateOrdinary IncomeShort Term Capital GainsLong Term Capital GainsLong Term Capital Gains - 28%Total Distribution
11/30/2021 12/01/2021 12/02/2021 $0.000 $0.080 $0.000 $0.000 $0.080
11/30/2021 12/01/2021 12/02/2021 $0.000 $0.080 $0.000 $0.000 $0.080

Fund Information

Investor Guide
Fact Sheet
Annual Report
Shareholder Repurchase Offer Notice
An Introduction to Interval Funds
Interval Fund 19(a) Notice
2022 Credit Opportunities Fund Repurchase Timeline
2021 Credit Opportunities Fund Repurchase Timeline
Semi-Annual Report

Commentaries

Quarterly Commentary

Fund Performance and Outlook

October Credit Opportunities Fund Performance and Outlook
  1. 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.

  2. FEF Distributors, LLC (Member SIPC) distributes certain First Eagle products; it does not provide services to investors. As such, when FEF Distributors, LLC presents a strategy or product to an investor, FEF Distributors, LLC  does not determine whether the investment is in the best interests of, or is suitable for, the investor. Investors should exercise their own judgment and/or consult with a financial professional prior to investing in any First Eagle strategy or product.

  1. Risk Disclosures

  2. 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.”

  3. 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.

  4. 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.

  5. 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.

  6. 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

  7. 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.