Overview
Investment Philosophy
The team seeks to invest in small and midcap companies that have become disconnected from their normalized valuations and have an identifiable catalyst for improvement. The smid cap strategy’s broad opportunity set promotes the potential for an attractive risk/return tradeoff and positions the team to capture the evolution of quality businesses as they grow.
Transitional Company FocusThe seasoned management team has deep experience identifying value in companies’ life cycles through all markets.
Catalyst-Driven ValueThe U.S. Smid Cap Opportunity Fund employs in-house fundamental research in an effort to identify temporarily mispriced companies with potential catalysts for earnings-growth normalization.
Volatility Leads to Potential OpportunityThe smid cap market may create attractive opportunities within security-level volatility due to short-and long-term dislocations in the market for disciplined active investors. It seeks to provide an enhanced risk/return trade-off by combining investment opportunities from both the small and midcap market segments.
Our Process
The team uses a bottom-up process, building the portfolio stock by stock.
01
Narrow the UniverseThe team narrows the approximately 4,000 US small and midcap stock universe using their historical investment experience, by attending management meetings, conference calls, investment conferences, and by following industry trade journals.
02
Conduct Fundamental ResearchThe team aims to identify companies that have low multiples and a potential catalyst for improvement.
Low Multiples- The team seeks to uncover companies that they believe are trading at a significantly discounted price/book or price/sales.
- Holdings typically fall into at least one category below:
- Turnarounds
- Inefficiently valued assets
- Accelerating growth
- Overlooked leaders
Catalyst for Improvement- Utilizing the team’s analysis and deep institutional knowledge of competitors, industry and existing holdings used for comparisons, they seek to determine the likelihood of execution success.
- Some potential catalysts the team look for that could lead to a company’s return to normalized earnings are:
- New management
- More favorable business cycle
- Product innovation
- Margin improvement
03
Construct Portfolio- Selective approach with approximately 70-100 positions
- Typical holding has a market cap of $4-$7B
- Annual turnover expected 15%–25%
Disclosures
Diversification does not guarantee investment returns and does not eliminate the risk of loss.
The above are not investment guidelines or restrictions and are subject to change without notice.
Not all companies held in this Fund will meet the criteria listed.
First Eagle U.S. Smid Cap Opportunity Fund commenced on 15-Aug-2022.
Inception dates shown for the Russell 2500TM Value and Russell 2500TM Indices match that of the U.S. Smid Cap Opportunity Fund.
Definitions
Russell 2500TM Index is a market-cap-weighted index that includes the smallest 2,500 companies covered in the broad-based Russell 3000 sphere of United States-based listed equities. All 2,500 of the companies included in the Index cover the small- and mid-cap market capitalizations.
Russell 2500TM Value Index measures the performance of small-cap value segment of the US equity universe. It includes those Russell 2500 companies with lower price-to-book ratios and lower forecasted growth values.
The Russell 3000® Index is an unmanaged index that measures the performance of the 3000 largest U.S. companies based on market capitalization, which encompasses 98% of the total market capitalization of the publicly traded U.S. equity market, and is not available for purchase.
Performance & Prices
Average Annual Returns
| Ticker | Class | YTD % | 1 MO | 3 MO | 1 YR | 3 YR | 5 YR | 10 YR | INCEPT % | Expense Ratio | Fund Inception Date | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross | Net | ||||||||||||
| FEMAX | A | w/out load | 22.70% | 2.68% | 8.33% | 42.55% | 20.82% | -- | -- | 12.66% | 2.11% | 1.20% | Aug 15, 2022 |
| FEMAX | A | w/load | 16.55% | -2.48% | 2.88% | 35.39% | 18.77% | -- | -- | 11.14% | 2.11% | 1.20% | Aug 15, 2022 |
| Russell 2500 Value Index (since inception based on I Shares) | 19.15% | 3.05% | 8.31% | 38.96% | 21.17% | -- | -- | 12.44% | -- | -- | -- | ||
| Russell 2500 Index (since inception based on I Shares) | 18.36% | 4.36% | 10.04% | 37.96% | 20.22% | -- | -- | 12.25% | -- | -- | -- | ||
| FEMAX | A | w/out load | 5.44% | -6.92% | 5.44% | 28.20% | 13.97% | -- | -- | 8.64% | 2.11% | 1.20% | Aug 15, 2022 |
| FEMAX | A | w/load | 0.15% | -11.60% | 0.15% | 21.81% | 12.04% | -- | -- | 7.10% | 2.11% | 1.20% | Aug 15, 2022 |
| Russell 2500 Value Index (since inception based on I Shares) | 4.77% | -4.76% | 4.77% | 25.43% | 14.46% | -- | -- | 9.15% | -- | -- | -- | ||
| Russell 2500 Index (since inception based on I Shares) | 2.04% | -5.13% | 2.04% | 23.45% | 13.25% | -- | -- | 8.44% | -- | -- | -- | ||
| FESMX | I | 22.90% | 2.76% | 8.40% | 42.97% | 21.11% | -- | -- | 12.97% | 1.75% | 0.95% | Aug 15, 2022 | |
| Russell 2500 Value Index (since inception based on I Shares) | 19.15% | 3.05% | 8.31% | 38.96% | 21.17% | -- | -- | 12.44% | -- | -- | -- | ||
| Russell 2500 Index (since inception based on I Shares) | 18.36% | 4.36% | 10.04% | 37.96% | 20.22% | -- | -- | 12.25% | -- | -- | -- | ||
| FESMX | I | 5.51% | -6.94% | 5.51% | 28.48% | 14.26% | -- | -- | 8.92% | 1.75% | 0.95% | Aug 15, 2022 | |
| Russell 2500 Value Index (since inception based on I Shares) | 4.77% | -4.76% | 4.77% | 25.43% | 14.46% | -- | -- | 9.15% | -- | -- | -- | ||
| Russell 2500 Index (since inception based on I Shares) | 2.04% | -5.13% | 2.04% | 23.45% | 13.25% | -- | -- | 8.44% | -- | -- | -- | ||
| FEXRX | R6 | 22.87% | 2.71% | 8.37% | 42.89% | 21.11% | -- | -- | 12.96% | 1.59% | 0.95% | Aug 15, 2022 | |
| Russell 2500 Value Index (since inception based on I Shares) | 19.15% | 3.05% | 8.31% | 38.96% | 21.17% | -- | -- | 12.44% | -- | -- | -- | ||
| Russell 2500 Index (since inception based on I Shares) | 18.36% | 4.36% | 10.04% | 37.96% | 20.22% | -- | -- | 12.25% | -- | -- | -- | ||
| FEXRX | R6 | 5.43% | -7.01% | 5.43% | 28.41% | 14.24% | -- | -- | 8.90% | 1.59% | 0.95% | Aug 15, 2022 | |
| Russell 2500 Value Index (since inception based on I Shares) | 4.77% | -4.76% | 4.77% | 25.43% | 14.46% | -- | -- | 9.15% | -- | -- | -- | ||
| Russell 2500 Index (since inception based on I Shares) | 2.04% | -5.13% | 2.04% | 23.45% | 13.25% | -- | -- | 8.44% | -- | -- | -- | ||
Source: FactSet; data as of Mar 31, 2026.
Source: FactSet; data as of May 31, 2026.
The performance data quoted herein represents past performance and does not guarantee future results. Market volatility can dramatically impact a Fund's short-term performance. Current performance may be lower or higher than figures shown. The investment return and principal value will fluctuate so that an investor's shares, when redeemed may be worth more or less than their original cost. Past performance data through the most recent month end is available on the Prices & Performance page.
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.
Disclosures
“With load” performance for Class A Shares gives effect to the deduction of the maximum sales charge of 5.00%.
Diversification does not guarantee investment returns and does not eliminate the risk of loss.
The above are not investment guidelines or restrictions and are subject to change without notice.
Not all companies held in this Fund will meet the criteria listed.
U.S. Smid Cap Opportunity Fund Inception date: 15-Aug-2022.
Inception dates shown for the Russell 2500TM Value and Russell 2500TM Indices match that of the U.S. Smid Cap Opportunity Fund.
Definitions
Russell 2500™ Index (Gross/Total) measures the performance of the small to midcap segment of the US equity universe, commonly referred to as “smid” cap. It includes approximately 2500 of the smallest securities based on a combination of their market cap and current index membership. A Total Return Index tracks price changes and reinvestment of distribution income.
Russell 2500™ Value Index (Gross/Total) measures the performance of the small to mid-cap value segment of the US equity universe. It includes those Russell 2500 companies with relatively lower price-to-book ratios, lower I/B/E/S forecast medium term (2 year) growth and lower sales per share historical growth (5 years). The Russell 2500 Value Index is constructed to provide a comprehensive and unbiased barometer of the small to mid-cap value market. A Total Return Index tracks price changes and reinvestment of distribution income.
Portfolio
Top Ten Holdings (%)
As of May 31, 2026
| Flex Ltd | 3.96 | |
| Silicon Motion Technology Corporation Sponsored ADR | 3.17 | |
| nVent Electric plc | 2.37 | |
| Ultra Clean Holdings, Inc. | 2.35 | |
| Onto Innovation, Inc. | 2.17 | |
| Littelfuse, Inc. | 2.15 | |
| TTM Technologies, Inc. | 2.15 | |
| Entegris, Inc. | 1.91 | |
| Coherent Corp. | 1.84 | |
| Fabrinet | 1.83 | |
| Top Ten Holdings as a Percentage of Total Net Assets | 23.90 |
Allocation by Sector (%)
| Information Technology | 29.20% |
| Industrials | 23.49% |
| Health Care | 8.44% |
| Consumer Discretionary | 7.77% |
| Financials | 7.49% |
| Energy | 6.44% |
| Short-Term, Cash & Cash Equivalents | 4.78% |
| Materials | 4.35% |
| Consumer Staples | 4.22% |
| Real Estate | 2.87% |
| Utilities | 0.95% |
| Industrials | 25.25% |
| Information Technology | 25.23% |
| Health Care | 9.40% |
| Consumer Discretionary | 7.87% |
| Financials | 7.77% |
| Short-Term, Cash & Cash Equivalents | 5.52% |
| Materials | 5.20% |
| Energy | 5.02% |
| Consumer Staples | 4.03% |
| Real Estate | 3.73% |
| Utilities | 0.98% |
| Industrials | 27.82% |
| Information Technology | 22.52% |
| Health Care | 9.98% |
| Consumer Discretionary | 8.27% |
| Financials | 7.94% |
| Energy | 5.62% |
| Short-Term, Cash & Cash Equivalents | 5.51% |
| Materials | 4.95% |
| Real Estate | 3.52% |
| Consumer Staples | 3.42% |
| Utilities | 0.44% |
| Industrials | 30.32% |
| Information Technology | 21.30% |
| Health Care | 10.50% |
| Consumer Discretionary | 9.84% |
| Financials | 8.49% |
| Short-Term, Cash & Cash Equivalents | 5.73% |
| Energy | 4.47% |
| Consumer Staples | 3.55% |
| Materials | 2.82% |
| Real Estate | 2.61% |
| Utilities | 0.37% |
| Industrials | 29.32% |
| Information Technology | 20.06% |
| Financials | 13.07% |
| Health Care | 10.51% |
| Consumer Discretionary | 10.35% |
| Consumer Staples | 3.57% |
| Energy | 3.45% |
| Short-Term, Cash & Cash Equivalents | 2.88% |
| Real Estate | 2.83% |
| Materials | 2.51% |
| Communication Services | 1.05% |
| Utilities | 0.41% |
| Industrials | 26.15% |
| Information Technology | 17.22% |
| Financials | 16.97% |
| Health Care | 11.66% |
| Consumer Discretionary | 10.25% |
| Consumer Staples | 4.17% |
| Energy | 3.40% |
| Short-Term, Cash & Cash Equivalents | 3.11% |
| Real Estate | 2.94% |
| Materials | 2.44% |
| Communication Services | 1.28% |
| Utilities | 0.41% |
| Industrials | 24.57% |
| Information Technology | 16.66% |
| Financials | 16.51% |
| Health Care | 12.70% |
| Consumer Discretionary | 9.76% |
| Short-Term, Cash & Cash Equivalents | 6.08% |
| Consumer Staples | 4.05% |
| Energy | 3.67% |
| Real Estate | 2.39% |
| Materials | 1.99% |
| Communication Services | 1.16% |
| Utilities | 0.45% |
| Industrials | 25.40% |
| Information Technology | 18.38% |
| Financials | 16.12% |
| Health Care | 12.47% |
| Consumer Discretionary | 10.49% |
| Consumer Staples | 4.90% |
| Energy | 3.34% |
| Short-Term, Cash & Cash Equivalents | 2.93% |
| Real Estate | 2.48% |
| Materials | 1.72% |
| Communication Services | 1.38% |
| Utilities | 0.40% |
| Industrials | 23.11% |
| Financials | 17.35% |
| Information Technology | 15.19% |
| Consumer Discretionary | 13.71% |
| Health Care | 11.76% |
| Consumer Staples | 5.65% |
| Energy | 4.76% |
| Short-Term, Cash & Cash Equivalents | 3.85% |
| Real Estate | 1.66% |
| Materials | 1.30% |
| Communication Services | 1.27% |
| Utilities | 0.40% |
| Industrials | 24.37% |
| Financials | 16.95% |
| Consumer Discretionary | 14.42% |
| Information Technology | 13.35% |
| Health Care | 11.27% |
| Consumer Staples | 5.76% |
| Short-Term, Cash & Cash Equivalents | 5.26% |
| Energy | 4.78% |
| Materials | 1.32% |
| Real Estate | 1.08% |
| Industrials | 26.31% |
| Financials | 16.44% |
| Consumer Discretionary | 14.87% |
| Information Technology | 13.98% |
| Health Care | 10.95% |
| Consumer Staples | 6.81% |
| Energy | 5.11% |
| Short-Term, Cash & Cash Equivalents | 3.40% |
| Materials | 1.50% |
| Utilities | 0.40% |
| Industrials | 24.19% |
| Financials | 16.14% |
| Consumer Discretionary | 15.08% |
| Health Care | 14.13% |
| Information Technology | 10.50% |
| Consumer Staples | 5.98% |
| Short-Term, Cash & Cash Equivalents | 5.50% |
| Energy | 5.38% |
| Materials | 2.05% |
| Utilities | 1.05% |
| Industrials | 22.43% |
| Financials | 16.82% |
| Consumer Discretionary | 15.68% |
| Health Care | 14.54% |
| Information Technology | 11.10% |
| Consumer Staples | 6.16% |
| Energy | 5.37% |
| Short-Term, Cash & Cash Equivalents | 4.53% |
| Materials | 2.20% |
| Utilities | 1.17% |
Allocation by Asset Class (%)
| Equity | 95.22% |
| Short-Term, Cash & Cash Equivalents | 4.78% |
| Equity | 94.48% |
| Short-Term, Cash & Cash Equivalents | 5.52% |
| Equity | 94.49% |
| Short-Term, Cash & Cash Equivalents | 5.51% |
| Equity | 94.27% |
| Short-Term, Cash & Cash Equivalents | 5.73% |
| Equity | 97.12% |
| Short-Term, Cash & Cash Equivalents | 2.88% |
| Equity | 96.89% |
| Short-Term, Cash & Cash Equivalents | 3.11% |
| Equity | 93.92% |
| Short-Term, Cash & Cash Equivalents | 6.08% |
| Equity | 97.07% |
| Short-Term, Cash & Cash Equivalents | 2.93% |
| Equity | 96.15% |
| Short-Term, Cash & Cash Equivalents | 3.85% |
| Equity | 94.74% |
| Short-Term, Cash & Cash Equivalents | 5.26% |
| Equity | 96.60% |
| Short-Term, Cash & Cash Equivalents | 3.40% |
| Equity | 94.50% |
| Short-Term, Cash & Cash Equivalents | 5.50% |
| Equity | 95.47% |
| Short-Term, Cash & Cash Equivalents | 4.53% |
Definitions
Russell 2500™ Index (Gross/Total) measures the performance of the small to midcap segment of the US equity universe, commonly referred to as “smid” cap. It includes approximately 2500 of the smallest securities based on a combination of their market cap and current index membership. A Total Return Index tracks price changes and reinvestment of distribution income.
Russell 2500™ Value Index (Gross/Total) measures the performance of the small to mid-cap value segment of the US equity universe. It includes those Russell 2500 companies with relatively lower price-to-book ratios, lower I/B/E/S forecast medium term (2 year) growth and lower sales per share historical growth (5 years). The Russell 2500 Value Index is constructed to provide a comprehensive and unbiased barometer of the small to mid-cap value market. A Total Return Index tracks price changes and reinvestment of distribution income.
Indices are unmanaged and do not incur management fees or other operating expenses. One cannot invest directly in an index.
Management
-
-
Suzanne Franks
Associate Portfolio Manager and Senior Research AnalystIndustry start:2004Year joined:2021 -
-
-
Adam Mielnik
Associate Portfolio Manager and Senior Research AnalystIndustry start:2014Year joined:2021 -
-
Our Process
The team uses a bottom-up process, building the portfolio stock by stock.
01
Narrow the UniverseThe team narrows the approximately 4,000 US small and midcap stock universe using their historical investment experience, by attending management meetings, conference calls, investment conferences, and by following industry trade journals.
02
Conduct Fundamental ResearchThe team aims to identify companies that have low multiples and a potential catalyst for improvement.
Low Multiples- The team seeks to uncover companies that they believe are trading at a significantly discounted price/book or price/sales.
- Holdings typically fall into at least one category below:
- Inefficiently valued assets
- Turnarounds
- Accelerating growth
- Overlooked leaders
Catalyst for Improvement- Utilizing the team’s analysis and deep institutional knowledge of competitors, industry and existing holdings used for comparisons, they seek to determine the likelihood of execution success.
- Some potential catalysts the team look for that could lead to a company’s return to normalized earnings are:
- New management
- More favorable business cycle
- Product innovation
- Margin improvement
03
Construct Portfolio- Selective approach with approximately 70-100 positions
- Typical holding has a market cap of $4-$7B
- Annual turnover expected 15%–25%
Fees & Minimums
Expense Ratio and Shareholder Fees as of March 1, 2026
Shareholder Fee (%)
These are the fees paid directly from your investment.
| Maximum Sales Charge (Load) on Purchases (as a percentage of public offering price) | 5.00 |
| Maximum Deferred Sales Charge (Load)1 (as a percentage of the lesser of your purchase or redemption price) | 1.00 |
| Sales Charge | Dealer Re-Allowance | |
|---|---|---|
| Less than $25,000 | 5.00 | 4.50 |
| $25,000 but less than $50,000 | 4.50 | 4.25 |
| $50,000 but less than $100,000 | 4.00 | 3.75 |
| $100,000 but less than $250,000 | 3.25 | 3.00 |
| $250,000 but less than $500,000 | 2.50 | 2.25 |
| $500,000 but less than $1,000,000 | 1.50 | 1.25 |
| $1,000,000 and over1 | 0.00 | 0.00 |
Expense Ratio (%)
These are the expenses you pay each year as a percentage of the value of your investment
| Management Fees2 | 0.75 |
| Distribution and/or Service (12b-1) Fees | 0.25 |
| Other Expenses | 1.11 |
| Total Annual Operating Expenses (%) | 2.11 |
| Fee Waiver and/or Expense Reimbursement2 | -0.91 |
| Total Annual Operating Expenses after Fee Waiver and/or Expense Reimbursement (%) | 1.20 |
Disclosures
- 1
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.
- 2
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.
There are several ways to lower the sales charge on Class A shares: Aggregation, Rights of Accumulation and Letter of Intention. For details please refer to our prospectus.
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.
Expense Ratio and Shareholder Fees as of March 1, 2026
Expense Ratio (%)
These are the expenses you pay each year as a percentage of the value of your investment
| Management Fees1 | 0.75 |
| Distribution and/or Service (12b-1) Fees | 0.00 |
| Other Expenses | 1.00 |
| Total Annual Operating Expenses (%) | 1.75 |
| Fee Waiver and/or Expense Reimbursement1 | -0.80 |
| Total Annual Operating Expenses after Fee Waiver and/or Expense Reimbursement (%) | 0.95 |
Disclosures
- 1
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.
Expense Ratio and Shareholder Fees as of March 1, 2026
Expense Ratio (%)
These are the expenses you pay each year as a percentage of the value of your investment
| Management Fees1 | 0.75 |
| Distribution and/or Service (12b-1) Fees | 0.00 |
| Other Expenses | 0.84 |
| Total Annual Operating Expenses (%) | 1.59 |
| Fee Waiver and/or Expense Reimbursement1 | -0.64 |
| Total Annual Operating Expenses after Fee Waiver and/or Expense Reimbursement (%) | 0.95 |
Disclosures
- 1
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.
FEF Distributors, LLC (“FEFD”) (SIPC), a limited purpose broker-dealer, distributes certain First Eagle products. FEFD does not provide services to any investor, but rather provides services to its First Eagle affiliates. As such, when FEFD presents a fund, strategy, or other product to a prospective investor, FEFD and its representatives do not determine whether an investment in the fund, strategy or other product is in the best interests of, or is otherwise beneficial or suitable for, the investor. No statement by FEFD should be construed as a recommendation. Investors should exercise their own judgment and/or consult with a financial professional to determine whether it is advisable for the investor to invest in any First Eagle fund, strategy, or product.
Distributions
Capital Gains Distributions
| Record Date | Ex & Reinvestment Date | Payable Date | Ordinary Income | Short Term Capital Gains | Long Term Capital Gains | Long Term Capital Gains - 28% | Total Distribution |
|---|---|---|---|---|---|---|---|
| 12/03/2025 | 12/04/2025 | 12/05/2025 | $0.014 | $0.000 | $0.000 | $0.000 | $0.014 |
| 12/04/2024 | 12/05/2024 | 12/06/2024 | $0.021 | $0.000 | $0.000 | $0.000 | $0.021 |
| 12/04/2023 | 12/05/2023 | 12/06/2023 | $0.185 | $0.000 | $0.000 | $0.000 | $0.185 |
| 11/30/2022 | 12/01/2022 | 12/02/2022 | $0.011 | $0.000 | $0.000 | $0.000 | $0.011 |
| 12/03/2025 | 12/04/2025 | 12/05/2025 | $0.052 | $0.000 | $0.000 | $0.000 | $0.052 |
| 12/04/2024 | 12/05/2024 | 12/06/2024 | $0.066 | $0.000 | $0.000 | $0.000 | $0.066 |
| 12/04/2023 | 12/05/2023 | 12/06/2023 | $0.037 | $0.000 | $0.000 | $0.000 | $0.037 |
| 11/30/2022 | 12/01/2022 | 12/02/2022 | $0.029 | $0.000 | $0.000 | $0.000 | $0.029 |
| 12/03/2025 | 12/04/2025 | 12/05/2025 | $0.044 | $0.000 | $0.000 | $0.000 | $0.044 |
| 12/04/2024 | 12/05/2024 | 12/06/2024 | $0.045 | $0.000 | $0.000 | $0.000 | $0.045 |
| 12/04/2023 | 12/05/2023 | 12/06/2023 | $0.334 | $0.000 | $0.000 | $0.000 | $0.334 |
| 11/30/2022 | 12/01/2022 | 12/02/2022 | $0.036 | $0.000 | $0.000 | $0.000 | $0.036 |
Ordinary income distributions are distributed at the class level and will vary by class.
Collectibles gains, such as gains from gold bullion, held for greater than one year currently are subject to a 28% tax rate. Collectibles gains held for less than one year are taxable to U.S. shareholders as short-term gains.
"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.
FEF Distributors, LLC (“FEFD”) (SIPC), a limited purpose broker-dealer, distributes certain First Eagle products. FEFD does not provide services to any investor, but rather provides services to its First Eagle affiliates. As such, when FEFD presents a fund, strategy, or other product to a prospective investor, FEFD and its representatives do not determine whether an investment in the fund, strategy or other product is in the best interests of, or is otherwise beneficial or suitable for, the investor. No statement by FEFD should be construed as a recommendation. Investors should exercise their own judgment and/or consult with a financial professional to determine whether it is advisable for the investor to invest in any First Eagle fund, strategy, or product.
Documents
Fund Literature
Mutual Fund Shareholder Reports
The prospectus and summary prospectus may be viewed online or by calling us at 800-334-2143. Please read our prospectus carefully before investing. Investments are not FDIC insured or bank guaranteed and may lose value.
FEF Distributors, LLC (“FEFD”) (SIPC), a limited purpose broker-dealer, distributes certain First Eagle products. FEFD does not provide services to any investor, but rather provides services to its First Eagle affiliates. As such, when FEFD presents a fund, strategy, or other product to a prospective investor, FEFD and its representatives do not determine whether an investment in the fund, strategy or other product is in the best interests of, or is otherwise beneficial or suitable for, the investor. No statement by FEFD should be construed as a recommendation. Investors should exercise their own judgment and/or consult with a financial professional to determine whether it is advisable for the investor to invest in any First Eagle fund, strategy, or product.
Risk Disclosures
The First Eagle U.S. Smid Cap Opportunity Fund (“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.
The value and liquidity of portfolio holdings may fluctuate in response to events specific to the companies or markets, as well as economic, political or social events in the United States or abroad. During periods of market volatility, the value of individual securities and other investments at times may decline significantly and rapidly. The securities of small and medium-size companies can be more volatile in price than those of larger companies and may be more difficult or expensive to trade.
There are risks associated with investing in foreign investments (including depositary receipts). Foreign investments, which can be denominated in foreign currencies, are susceptible to less politically, economically and socially stable environments, fluctuations in the value of foreign currency and exchange rates, and adverse changes to government regulations.
A principal risk of investing in value stocks is that the price of the security may not approach its anticipated value or may decline in value. “Value” investments, as a category, or entire industries or sectors associated with such investments, may lose favor with investors as compared to those that are more “growth” oriented.
All investments involve the risk of loss of principal.
Actual portfolio characteristics may differ. The portfolio is actively managed and is subject to change. The above are not investment guidelines or restrictions
Not all companies held in the Fund will meet the criteria listed.
Contact Us
Corporate Headquarters
Investors should consider investment objectives, risks, charges and expenses carefully before investing. The prospectus and summary prospectus contain this and other information about the Funds and may be viewed online or calling us at 800.747.2008. Please read the prospectus carefully before investing. Investments are not FDIC insured or bank guaranteed and may lose value.
FEF Distributors, LLC (“FEFD”) (SIPC), a limited purpose broker-dealer, distributes certain First Eagle products. FEFD does not provide services to any investor, but rather provides services to its First Eagle affiliates. As such, when FEFD presents a fund, strategy, or other product to a prospective investor, FEFD and its representatives do not determine whether an investment in the fund, strategy or other product is in the best interests of, or is otherwise beneficial or suitable for, the investor. No statement by FEFD should be construed as a recommendation. Investors should exercise their own judgment and/or consult with a financial professional to determine whether it is advisable for the investor to invest in any First Eagle fund, strategy, or product.
The First Eagle Funds are offered by FEF Distributors, LLC, a subsidiary of First Eagle Investment Management, LLC, which provides advisory services.
Check the background of FEF Distributors, LLC (Member SIPC) on FINRA's BrokerCheck.
Form Customer Relationship Summary ("FORM CRS") can be accessed by clicking on this link FORM CRS