Fees & Expenses

View specific fees and expenses across the share classes offered by First Eagle Funds. Complete information regarding polices and sales charges can be found in the relevant fund prospectus.

Expense Ratio and Shareholder Fees as of March 1, 2025

Shareholder Fee (%)

These are the fees paid directly from your investment.

	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 Fees	0.75
Distribution and Service (12b-1) Fees	0.25
Other Expenses	0.10
Total	1.10

Disclosures
¹
A contingent deferred sales charge of 1.00% may be imposed 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.
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, 2025

Shareholder Fee (%)

These are the fees paid directly from your investment.


Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of your purchase or redemption price)	1.00

Expense Ratio (%)

These are the expenses you pay each year as a percentage of the value of your investment

Management Fees	0.75
Distribution and Service (12b-1) Fees	1.00
Other Expenses	0.11
Total	1.86

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.

Expense Ratio and Shareholder Fees as of March 1, 2025

Shareholder Fee (%)

These are the fees paid directly from your investment.

	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 Fees	0.75
Distribution and Service (12b-1) Fees	0.25
Other Expenses	0.15
Total	1.15

Disclosures
¹
A contingent deferred sales charge of 1.00% may be imposed 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.
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, 2025

Shareholder Fee (%)

These are the fees paid directly from your investment.


Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of your purchase or redemption price)	1.00

Expense Ratio (%)

These are the expenses you pay each year as a percentage of the value of your investment

Management Fees	0.75
Distribution and Service (12b-1) Fees	1.00
Other Expenses	0.13
Total	1.88

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.

Expense Ratio and Shareholder Fees as of March 1, 2025

Shareholder Fee (%)

These are the fees paid directly from your investment.

	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 Fees	0.75
Distribution and Service (12b-1) Fees	0.25
Other Expenses	0.15
Total Annual Operating Expenses (%)	1.15

Disclosures
¹
A contingent deferred sales charge of 1.00% may be imposed 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.
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, 2025

Shareholder Fee (%)

These are the fees paid directly from your investment.

	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 Fees	0.75
Distribution and Service (12b-1) Fees	0.25
Other Expenses	0.16
Total Annual Operating Expenses (%)	1.16

Disclosures
¹
A contingent deferred sales charge of 1.00% may be imposed 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.
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, 2025

Shareholder Fee (%)

These are the fees paid directly from your investment.

	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 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 Fees	0.75
Distribution and Service (12b-1) Fees	0.25
Other Expenses	0.17
Total Annual Operating Expenses (%)	1.17

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 $250,000 or more without an initial sales charge. The Distributor may pay dealers of record “finder’s fee” commissions of up to 1.00% of purchases of Class A shares not previously subject to a front-end sales charge or dealer commission paid by the investor.
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.
Had fees not been waived and/or expenses reimbursed in the past, returns would have been lower.

Expense Ratio and Shareholder Fees as of March 1, 2025

Shareholder Fee (%)

These are the fees paid directly from your investment.

	Sales Charge	Dealer Re-Allowance
Less than $100,000	2.50	2.25
$100,000 but less than $250,000	1.50	1.25
$250,000 and over¹	0.00	0.00

Expense Ratio (%)

Annual Fund Operating Expenses (These are the expenses you pay each year as a percentage of the value of your investment.):

Management Fees²		0.45
Distribution and Service (12b-1) Fees¹		0.25
Other Expenses⁴		0.43
Interest and Related Expenses³		0.37
Remainder of Other Expenses		0.06
Total Annual Operating Expenses		1.13
Adjusted Expense Ratio⁵		0.76

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 $250,000 or more without an initial sales charge. The Distributor may pay dealers of record “finder’s fee” commissions of up to 1.00% of purchases of Class A shares not previously subject to a front-end sales charge or dealer commission paid by the investor.
²
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, 2026 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.
³
Includes interest expense and fees paid on Fund borrowings and/or interest and related expenses from inverse floaters.
⁴
“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.
⁵
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.

Expense Ratio and Shareholder Fees as of March 1, 2025

Shareholder Fee (%)


Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of your purchase or redemption price)	1.00

Expense Ratio (%)

Annual Fund Operating Expenses (These are the expenses you pay each year as a percentage of the value of your investment.):

Management Fees¹	0.45
Distribution and Service (12b-1) Fees	1.00
Other Expenses³	0.43
Interest and Related Expenses²	0.37
Remainder of Other Expenses	0.06
Total Annual Operating Expenses	1.88
Adjusted Expense Ratio⁴	1.51

Disclosures
¹
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, 2026 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.
²
Includes interest expense and fees paid on Fund borrowings and/or interest and related expenses from inverse floaters.
³
“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.
⁴
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.

Expense Ratio and Shareholder Fees as of March 1, 2025

Expense Ratio (%)

Annual Fund Operating Expenses (These are the expenses you pay each year as a percentage of the value of your investment.):

Management Fees¹	0.45
Other Expenses³	0.46
Interest and Related Expenses²	0.37
Remainder of Other Expenses	0.09
Total Annual Operating Expenses	0.91
Adjusted Expense Ratio⁴	0.54

Disclosures
¹
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, 2026 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.
²
Includes interest expense and fees paid on Fund borrowings and/or interest and related expenses from inverse floaters.
³
“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.
⁴
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.

Expense Ratio and Shareholder Fees as of December 27, 2023

Expense Ratio (%)

Annual Fund Operating Expenses (These are the expenses you pay each year as a percentage of the value of your investment.):

Management Fees¹	0.45
Distribution and/or Service (12b-1) Fees	0.35
Interest Payment on Borrowed Funds²	1.09
Other Expenses³	1.32
Total Annual Fund Operating Expenses	3.21
Fee Waiver and/or Expense Reimbursement¹	(1.17)
Total Annual Operating Expenses After Fee Waiver and/or Expense Reimbursement	2.04

Class R3, Class R4 and Class R5 shares of the High Yield Municipal Fund will convert into Class R6 shares of the High Yield Municipal Fund on or about February 28, 2024.

Disclosures
¹
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, 2026 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.
²
Includes interest expense and fees paid on Fund borrowings and/or interest and related expenses from inverse floaters.
³
“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.

Expense Ratio and Shareholder Fees as of December 27, 2023

Expense Ratio (%)

Annual Fund Operating Expenses (These are the expenses you pay each year as a percentage of the value of your investment.):

Management Fees¹	0.45
Distribution and/or Service (12b-1) Fees	0.10
Interest Payment on Borrowed Funds²	1.09
Other Expenses³	1.32
Total Annual Fund Operating Expenses	2.96
Fee Waiver and/or Expense Reimbursement¹	(1.17)
Total Annual Operating Expenses After Fee Waiver and/or Expense Reimbursement	1.79

Class R3, Class R4 and Class R5 shares of the High Yield Municipal Fund will convert into Class R6 shares of the High Yield Municipal Fund on or about February 28, 2024.

Disclosures
¹
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, 2026 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.
²
Includes interest expense and fees paid on Fund borrowings and/or interest and related expenses from inverse floaters.
³
“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.

Expense Ratio and Shareholder Fees as of December 27, 2023

Expense Ratio (%)

Annual Fund Operating Expenses (These are the expenses you pay each year as a percentage of the value of your investment.):

Management Fees¹	0.45
Distribution and/or Service (12b-1) Fees
Interest Payment on Borrowed Funds²	1.09
Other Expenses³	1.32
Total Annual Fund Operating Expenses	2.86
Fee Waiver and/or Expense Reimbursement¹	(1.17)
Total Annual Operating Expenses After Fee Waiver and/or Expense Reimbursement	1.69

Class R3, Class R4 and Class R5 shares of the High Yield Municipal Fund will convert into Class R6 shares of the High Yield Municipal Fund on or about February 28, 2024.

Disclosures
¹
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, 2026 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.
²
Includes interest expense and fees paid on Fund borrowings and/or interest and related expenses from inverse floaters.
³
“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.

Expense Ratio and Shareholder Fees as of March 1, 2025

Expense Ratio (%)

Annual Fund Operating Expenses (These are the expenses you pay each year as a percentage of the value of your investment.):

Management Fees¹	0.45
Other Expenses³	0.41
Interest and Related Expenses²	0.37
Remainder of Other Expenses	0.04
Total Annual Operating Expenses	0.86
Adjusted Expense Ratio⁴	0.49

Disclosures
¹
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, 2026 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.
²
Includes interest expense and fees paid on Fund borrowings and/or interest and related expenses from inverse floaters.
³
“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.
⁴
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.

Expense Ratio and Shareholder Fees as of March 1, 2023

Expense Ratio (%)

These are the expenses you pay each year as a percentage of the value of your investment

Management Fees¹	0.50
Distribution and Service (12b-1) Fees	0.10
Other Expenses²	0.44
Total Annual Operating Expenses	1.04
Fee Waiver and/or Expense Reimbursement²	-0.29
Total Annual Operating Expenses After Fee Waiver and/or Expense Reimbursement	0.75

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, 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 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, 2026 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 either: (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.
²
“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.

Expense Ratio and Shareholder Fees as of March 1, 2023

Expense Ratio (%)

These are the expenses you pay each year as a percentage of the value of your investment

Management Fees¹	0.50
Distribution and Service (12b-1) Fees	0.00
Other Expenses²	0.81
Total Annual Operating Expenses	1.31
Fee Waiver and/or Expense Reimbursement²	-0.66
Total Annual Operating Expenses After Fee Waiver and/or Expense Reimbursement	0.65

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, 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 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, 2026 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 either: (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.
²
“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.

Expense Ratio and Shareholder Fees as of March 1, 2025

Shareholder Fee (%)

These are the fees paid directly from your investment.

	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	0.50
Distribution and Service (12b-1) Fees	0.25
Other Expenses	0.32
Total Annual Operating Expenses	1.07
Fee Waiver and/or Expense Reimbursement²	-0.17
Total Annual Operating Expenses After Fee Waiver and/or Expense Reimbursement	0.90

Disclosures
¹
A contingent deferred sales charge of 1.00% may be imposed 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, 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 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, 2026 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 either: (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.
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, 2025

Shareholder Fee (%)

These are the fees paid directly from your investment.


Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of your purchase or redemption price)	1.00

Expense Ratio (%)

These are the expenses you pay each year as a percentage of the value of your investment

Management Fees¹	0.50
Distribution and Service (12b-1) Fees	1.00
Other Expenses	0.32
Total Annual Operating Expenses	1.82
Fee Waiver and/or Expense Reimbursement¹	-0.17
Total Annual Operating Expenses After Fee Waiver and/or Expense Reimbursement	1.65

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, 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 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, 2026 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 either: (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.

Expense Ratio and Shareholder Fees as of March 1, 2023

Expense Ratio (%)

These are the expenses you pay each year as a percentage of the value of your investment

Management Fees¹	0.50
Distribution and Service (12b-1) Fees	0.35
Other Expenses²	0.30
Total Annual Operating Expenses	1.15
Fee Waiver and/or Expense Reimbursement²	-0.15
Total Annual Operating Expenses After Fee Waiver and/or Expense Reimbursement	1.00

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, 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 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, 2026 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 either: (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.
²
“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.

Expense Ratio and Shareholder Fees as of April 30, 2024

Expense Ratio (%)

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

Management Fees²	1.44
Interest Payment on Borrowed Funds³	1.59
Other Expenses⁴	0.79
Total Annual Fund Operating Expenses	3.82
Fee Waiver and/or Expense Reimbursement	-0.23
Total Annual Operating Expenses After Fee Waiver and/or Expense Reimbursement⁵	3.59
Adjusted Expense Ratio (%)⁶	2.00

Management Ratio (%)⁷

Management Fee based on managed assets	1.25
Management Fee based on net assets	1.44

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 and/or Class A-2 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 or Class A-2 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 Shares and Class A-2 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%.
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
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 13.29% of its Managed Assets, which is the percentage of the Fund’s average borrowings to average Managed Assets for the fiscal year ended December 31, 2023. 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).
³
Interest Payments on Borrowed Funds are based on average borrowings and interest rates for the fiscal year ended December 31, 2023. As of December 31, 2023, average borrowings represented approximately 13.29% of the Fund’s average Managed Assets and the Fund bears expenses relating to such borrowings at an annual effective interest rate of 10.35% (plus applicable fees the Fund incurs in connection with its credit facility).
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 Trustees who are not interested persons of the Fund (as defined in the 1940 Act) (“Independent Trustees”).
⁵
The annual expense ratio is based on expenses incurred by the fund, as stated in the most recent prospectus. FEIM has contractually undertaken to waive and/or reimburse certain fees and expenses of the Fund so that the total annual operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, and extraordinary expenses, if any) (‘‘annual operating expenses’’) of the Class A, Class A-2 and Class I shareholders are limited to 2.25%, 2.75% and 2.00%, respectively, of average net assets. This undertaking lasts until April 30, 2025 and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed to repay the Adviser for fees and expenses waived or reimbursed for the class provided that repayment does not cause annual operating expenses (after the repayment is taken into account) to exceed 2.25%, 2.75% and 2.00% of the class’ average net assets, or such other lower amount as may be in place at the time of repayment. Any such repayment must be made within three years after the date in which the Fund incurred the fee and/or expense.
⁶
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.
⁷
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 13.29% of its Managed Assets, which is the percentage of the Fund’s average borrowings to average Managed Assets for the fiscal year ended December 31, 2023. 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).
Class I Shares. The minimum initial investment for Class I Shares is $1 million per account. There is no minimum subsequent investment amount for Class I Shares.
The initial investment minimums may be modified for certain financial firms that submit orders on behalf of their customers. The Fund or the Distributor may lower or waive the minimum initial investment for certain classes of shares or categories of investors at their discretion. The minimum initial investment may also be modified for current officers, trustees, directors, and employees of the Fund, First Eagle, the Adviser, the Subadviser, the Distributor, certain other subsidiaries of First Eagle, The Blackstone Group Inc., Corsair Capital LLC, employees of certain firms providing services to the Fund (such as the custodian and the shareholder servicing agent), and to the immediate family members of any such persons or to any trust, pension, profit-sharing or other benefit plan for only such persons. Please see the Statement of Additional Information for details.
“With load” performance for Class A Shares gives effect to the deduction of the maximum sales charge of 2.50%.

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Expense Ratio and Shareholder Fees as of April 30, 2024

Shareholder Fee (%)

These are the fees paid directly from your investment.

	Sales Charge	Dealer Re-Allowance
Less than $100,000	2.50	2.50
$100,000 but less than $250,000	2.00	2.00
$250,000 and over	0.00	1.50

Expense Ratio (%)

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

Management Fees²	1.44
Distribution and/or Service (12b-1) Fees	0.25
Interest Payment on Borrowed Funds³	1.59
Other Expenses⁴	0.79
Total Annual Fund Operating Expenses	4.07
Fee Waiver and/or Expense Reimbursement	-0.23
Total Annual Operating Expenses After Fee Waiver and/or Expense Reimbursement⁵	3.84
Adjusted Expense Ratio (%)⁶	2.25

Management Ratio (%)⁷

Management Fee based on managed assets	1.25
Management Fee based on net assets	1.44

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 and/or Class A-2 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 or Class A-2 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 Shares and Class A-2 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%.
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
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 13.29% of its Managed Assets, which is the percentage of the Fund’s average borrowings to average Managed Assets for the fiscal year ended December 31, 2023. 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).
³
Interest Payments on Borrowed Funds are based on average borrowings and interest rates for the fiscal year ended December 31, 2023. As of December 31, 2023, average borrowings represented approximately 13.29% of the Fund’s average Managed Assets and the Fund bears expenses relating to such borrowings at an annual effective interest rate of 10.35% (plus applicable fees the Fund incurs in connection with its credit facility).
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 Trustees who are not interested persons of the Fund (as defined in the 1940 Act) (“Independent Trustees”).
⁵
The annual expense ratio is based on expenses incurred by the fund, as stated in the most recent prospectus. FEIM has contractually undertaken to waive and/or reimburse certain fees and expenses of the Fund so that the total annual operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, and extraordinary expenses, if any) (‘‘annual operating expenses’’) of the Class A, Class A-2 and Class I shareholders are limited to 2.25%, 2.75% and 2.00%, respectively, of average net assets. This undertaking lasts until April 30, 2025 and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed to repay the Adviser for fees and expenses waived or reimbursed for the class provided that repayment does not cause annual operating expenses (after the repayment is taken into account) to exceed 2.25%, 2.75% and 2.00% of the class’ average net assets, or such other lower amount as may be in place at the time of repayment. Any such repayment must be made within three years after the date in which the Fund incurred the fee and/or expense.
⁶
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.
⁷
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 13.29% of its Managed Assets, which is the percentage of the Fund’s average borrowings to average Managed Assets for the fiscal year ended December 31, 2023. 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).
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.
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.
“With load” performance for Class A Shares gives effect to the deduction of the maximum sales charge of 2.50%.
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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Expense Ratio and Shareholder Fees as of March 1, 2025

Shareholder Fee (%)

These are the fees paid directly from your investment.

	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	0.85
Distribution and Service (12b-1) Fees	0.25
Other Expenses	0.17
Acquired Fund Fees and Expenses	0.01
Total Annual Operating Expenses	1.28
Fee Waiver and/or Expense Reimbursement²	-0.02
Total Annual Operating Expenses after Fee Waiver and/or Expense Reimbursement	1.26

Disclosures
¹
A contingent deferred sales charge of 1.00% may be imposed 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 (‘‘FEIM’’) 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, 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 each class are limited to 1.25%, 1.00% and 1.00% of average net assets, respectively. Each of these undertakings lasts until February 28, 2026 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 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) 1.25%, 1.00% and 1.00% 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 year in which FEIM incurred the expense.
The average annual returns for Class A Shares “with sales charge” of the First Eagle Small Cap Opportunity Fund gives effect to the deduction of the maximum sales charge of 5.00%.
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.
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, 2025

Expense Ratio (%)

These are the expenses you pay each year as a percentage of the value of your investment

Management Fees¹	0.85
Distribution and/or Service (12b-1) Fees	0.00
Other Expenses	0.21
Acquired Fund Fees and Expenses	0.01
Total Annual Operating Expenses	1.07
Fee Waiver and/or Expense Reimbursement¹	-0.06
Total Annual Operating Expenses after Fee Waiver and/or Expense Reimbursement	1.01

Disclosures
¹
First Eagle Investment Management, LLC (‘‘FEIM’’) 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, 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 each class are limited to 1.25%, 1.00% and 1.00% of average net assets, respectively. Each of these undertakings lasts until February 28, 2026 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 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) 1.25%, 1.00% and 1.00% 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 year in which FEIM 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.

Expense Ratio and Shareholder Fees as of March 1, 2025

Expense Ratio (%)

These are the expenses you pay each year as a percentage of the value of your investment

Management Fees¹	0.85
Distribution and/or Service (12b-1) Fees	0.00
Other Expenses	0.15
Acquired Fund Fees and Expenses	0.01
Total Annual Operating Expenses	1.01
Fee Waiver and/or Expense Reimbursement¹	0.00
Total Annual Operating Expenses after Fee Waiver and/or Expense Reimbursement	1.01

Disclosures
¹
First Eagle Investment Management, LLC (‘‘FEIM’’) 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, 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 each class are limited to 1.25%, 1.00% and 1.00% of average net assets, respectively. Each of these undertakings lasts until February 28, 2026 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 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) 1.25%, 1.00% and 1.00% 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 year in which FEIM 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.

Expense Ratio and Shareholder Fees as of March 31, 2025

Shareholder Fee (%)

These are the fees paid directly from your investment.

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


Maximum Sales Charge (Load) on Purchases (as a percentage of public offering price)¹	2.50
Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of your purchase or redemption price)²	1.50
Repurchase Fee³	0.00

Expense Ratio (%)

Annual Fund Operating Expenses (These are the expenses you pay each year as a percentage of the value of your investment.)

Management Fees⁵	1.68
Distribution and Service (12b-1) Fees	0.50
Interest Payments on Borrowed Funds⁶	2.45
Other Expenses
Other Expenses - General⁷	2.57
Other Expenses - Tax Expense⁸	0.13
Total Other Expenses	2.70
Total Annual Fund Operating Expenses	7.33
Fee Waiver and/or Expense Reimbursement⁹	(4.00)
Total Annual Operating Expenses after Fee Waiver and/or Expense Reimbursement	3.33
Adjusted Expense Ratio	0.75

Disclosures
¹
The Fund continuously offers its Common Shares through FEF Distributors, LLC (the “Distributor”), as principal underwriter, on a best efforts basis. Class A-2 Shares, Class A-3 Shares, Class A-4 Shares and Class I 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-3 Shares or Class I Shares, if you buy Class A-3 Shares or Class I Shares through certain financial firms, they may directly charge you transaction or other fees in such amount as they may determine. Please consult your financial firm for additional information.
²
Investors that purchase $250,000 or more of the Fund’s Class A-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”.
³
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%.
⁴
The expense table above is based on estimated average net assets of approximately $100,000,000.
⁵
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 25.5% 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).
⁶
Interest Payments on Borrowed Funds are based on estimated levels of borrowing and estimated interest rates for the current fiscal year expected to be incurred in connection with the Fund’s credit facility and reverse repurchase agreements. 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
⁷
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 current fiscal year.
⁸
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 current fiscal year and may differ from the estimated amount above. Please note that the tax expense estimates both federal and potential state & local tax rates.
⁹
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-2, Class A-3, Class A-4 and Class I shareholders are limited to 1.00%, 1.00%, 0.75% and 0.25%, respectively, of average net assets. This undertaking lasts until April 30, 2026 and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed to repay the Adviser for fees and expenses waived or reimbursed for the class provided that repayment does not cause annual operating expenses (after the repayment is taken into account) to exceed either: (1) 1.00%, 1.00%, 0.75% 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. Additionally, the Adviser 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 the Adviser.

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Global Real Assets Fund

Share Class A (FERAX)

Expense Ratio and Shareholder Fees as of March 1, 2025

Shareholder Fee (%)

These are the fees paid directly from your investment.

	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	0.65
Distribution and Service (12b-1) Fees	0.25
Other Expenses	4.21
Total Annual Operating Expenses	5.11
Fee Waiver and/or Expense Reimbursement²	-4.01
Total Annual Operating Expenses After Fee Waiver and/or Expense Reimbursement	1.10

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 (“FEIM”) 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, 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 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, 2026 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 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) 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 FEIM 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.

Real Estate Debt Fund

Expense Ratio and Shareholder Fees as of March 31, 2025

Shareholder Fee (%)

These are the fees paid directly from your investment.

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


Maximum Sales Charge (Load) on Purchases (as a percentage of public offering price)¹	2.50
Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of your purchase or redemption price)²	1.50
Repurchase Fee³	0.00

Expense Ratio (%)

Annual Fund Operating Expenses (These are the expenses you pay each year as a percentage of the value of your investment.)

Management Fees⁵	1.68
Distribution and Service (12b-1) Fees	0.75
Interest Payments on Borrowed Funds⁶	2.45
Other Expenses
Other Expenses - General⁷	2.57
Other Expenses - Tax Expense⁸	0.13
Total Other Expenses	2.70
Total Annual Fund Operating Expenses	7.58
Fee Waiver and/or Expense Reimbursement⁹	(4.00)
Total Annual Operating Expenses after Fee Waiver and/or Expense Reimbursement	3.58
Adjusted Expense Ratio	1.00

Disclosures
¹
The Fund continuously offers its Common Shares through FEF Distributors, LLC (the “Distributor”), as principal underwriter, on a best efforts basis. Class A-2 Shares, Class A-3 Shares, Class A-4 Shares and Class I 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-3 Shares or Class I Shares, if you buy Class A-3 Shares or Class I Shares through certain financial firms, they may directly charge you transaction or other fees in such amount as they may determine. Please consult your financial firm for additional information.
²
Investors that purchase $250,000 or more of the Fund’s Class A-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”.
³
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%.
⁴
The expense table above is based on estimated average net assets of approximately $100,000,000.
⁵
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 25.5% 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).
⁶
Interest Payments on Borrowed Funds are based on estimated levels of borrowing and estimated interest rates for the current fiscal year expected to be incurred in connection with the Fund’s credit facility and reverse repurchase agreements. 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
⁷
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 current fiscal year.
⁸
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 current fiscal year and may differ from the estimated amount above. Please note that the tax expense estimates both federal and potential state & local tax rates.
⁹
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-2, Class A-3, Class A-4 and Class I shareholders are limited to 1.00%, 1.00%, 0.75% and 0.25%, respectively, of average net assets. This undertaking lasts until April 30, 2026 and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed to repay the Adviser for fees and expenses waived or reimbursed for the class provided that repayment does not cause annual operating expenses (after the repayment is taken into account) to exceed either: (1) 1.00%, 1.00%, 0.75% 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. Additionally, the Adviser 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 the Adviser.

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Real Estate Debt Fund

Expense Ratio and Shareholder Fees as of March 31, 2025

Shareholder Fee (%)

These are the fees paid directly from your investment.

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


Maximum Sales Charge (Load) on Purchases (as a percentage of public offering price)¹	0.00
Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of your purchase or redemption price)²	0.00
Repurchase Fee³	0.00

Expense Ratio (%)

Annual Fund Operating Expenses (These are the expenses you pay each year as a percentage of the value of your investment.)

Management Fees⁵	1.68
Distribution and Service (12b-1) Fees	0.00
Interest Payments on Borrowed Funds⁶	2.45
Other Expenses
Other Expenses - General⁷	2.57
Other Expenses - Tax Expense⁸	0.13
Total Other Expenses	2.70
Total Annual Fund Operating Expenses	6.83
Fee Waiver and/or Expense Reimbursement⁹	(4.00)
Total Annual Operating Expenses after Fee Waiver and/or Expense Reimbursement	2.83
Adjusted Expense Ratio	0.25

Disclosures
¹
The Fund continuously offers its Common Shares through FEF Distributors, LLC (the “Distributor”), as principal underwriter, on a best efforts basis. Class A-2 Shares, Class A-3 Shares, Class A-4 Shares and Class I 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-3 Shares or Class I Shares, if you buy Class A-3 Shares or Class I Shares through certain financial firms, they may directly charge you transaction or other fees in such amount as they may determine. Please consult your financial firm for additional information.
²
Investors that purchase $250,000 or more of the Fund’s Class A-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”.
³
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%.
⁴
The expense table above is based on estimated average net assets of approximately $100,000,000.
⁵
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 25.5% 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).
⁶
Interest Payments on Borrowed Funds are based on estimated levels of borrowing and estimated interest rates for the current fiscal year expected to be incurred in connection with the Fund’s credit facility and reverse repurchase agreements. 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
⁷
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 current fiscal year.
⁸
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 current fiscal year and may differ from the estimated amount above. Please note that the tax expense estimates both federal and potential state & local tax rates.
⁹
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-2, Class A-3, Class A-4 and Class I shareholders are limited to 1.00%, 1.00%, 0.75% and 0.25%, respectively, of average net assets. This undertaking lasts until April 30, 2026 and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed to repay the Adviser for fees and expenses waived or reimbursed for the class provided that repayment does not cause annual operating expenses (after the repayment is taken into account) to exceed either: (1) 1.00%, 1.00%, 0.75% 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. Additionally, the Adviser 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 the Adviser.

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U.S. Smid Cap Opportunity Fund

Share Class A (FEMAX)

Expense Ratio and Shareholder Fees as of March 1, 2025

Shareholder Fee (%)

These are the fees paid directly from your investment.

	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 Service (12b-1) Fees	0.25
Other Expenses	1.27
Total Annual Operating Expenses	2.27
Fee Waiver and/or Expense Reimbursement²	-1.07
Total Annual Operating Expenses after Fee Waiver and/or Expense Reimbursement	1.20

Disclosures
¹
A contingent deferred sales charge of 1.00% may be imposed 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, 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 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, 2026 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.

Global Equity ETF

Ticker: FEGE

Expense Ratio of December 19, 2024

Annual Fund Operating Expenses (%)

Management Fees	0.79
Distribution and/or Service (12b-1) Fees	0.00
Other Expenses¹	0.00
Total Annual Fund Operating Expenses	0.79
Fee Waiver and/or Expense Reimbursement²	-0.29
Total Annual Operating Expenses After Fee Waiver and/or Expense Reimbursement	0.50

“Other Expenses” are estimated for the current fiscal year.
First Eagle Investment Management, LLC (the “Adviser”) has contractually agreed to waive and/or reimburse certain fees and expenses so that the total annual fund operating expenses (excluding Acquired Fund Fees and Expenses (“AFFE”), brokerage commissions, extraordinary items, interest or taxes) (“annual operating expenses”) is limited to 0.50% of the Fund’s average daily net assets. These contractual limitations are in effect until December 31, 2025, and may not be terminated prior to that date without the approval of the Board of Trustees (the “Board”) of The RBB Fund Trust (the“Trust”)

Overseas Equity ETF

Ticker: FEOE

Expense Ratio as of December 19, 2024

Annual Fund Operating Expenses (%)

Management Fees	0.79
Distribution and/or Service (12b-1) Fees	0.00
Other Expenses¹	0.00
Total Annual Fund Operating Expenses	0.79
Fee Waiver and/or Expense Reimbursement²	-0.29
Total Annual Operating Expenses After Fee Waiver and/or Expense Reimbursement	0.50

“Other Expenses” are estimated for the current fiscal year.
First Eagle Investment Management, LLC (the “Adviser”) has contractually agreed to waive and/or reimburse certain fees and expenses so that the total annual fund operating expenses (excluding Acquired Fund Fees and Expenses (“AFFE”), brokerage commissions, extraordinary items, interest or taxes) (“annual operating expenses”) is limited to 0.50% of the Fund’s average daily net assets. These contractual limitations are in effect until December 31, 2025, and may not be terminated prior to that date without the approval of the Board of Trustees (the “Board”) of The RBB Fund Trust (the“Trust”).

Credit Opportunities Fund

Share Class A-2 (FCAAX)

Expense Ratio and Shareholder Fees as of April 30, 2024

Shareholder Fee (%)

These are the fees paid directly from your investment.

	Sales Charge	Dealer Re-Allowance
Less than $100,000	2.50	2.50
$100,000 but less than $250,000	2.00	2.00
$250,000 and over	0.00	1.50

Expense Ratio (%)

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

Management Fees²	1.44
Distribution and/or Service (12b-1) Fees	0.75
Interest Payment on Borrowed Funds³	1.59
Other Expenses⁴	0.77
Total Annual Fund Operating Expenses	4.55
Fee Waiver and/or Expense Reimbursement	-0.21
Total Annual Operating Expenses After Fee Waiver and/or Expense Reimbursement⁵	4.34
Adjusted Expense Ratio (%)⁶	2.75

Management Ratio (%)⁷

Management Fee based on managed assets	1.25
Management Fee based on net assets	1.44

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 and/or Class A-2 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 or Class A-2 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 Shares and Class A-2 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%.
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
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 13.29% of its Managed Assets, which is the percentage of the Fund’s average borrowings to average Managed Assets for the fiscal year ended December 31, 2023. 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).
³
Interest Payments on Borrowed Funds are based on average borrowings and interest rates for the fiscal year ended December 31, 2023. As of December 31, 2023, average borrowings represented approximately 13.29% of the Fund’s average Managed Assets and the Fund bears expenses relating to such borrowings at an annual effective interest rate of 10.35% (plus applicable fees the Fund incurs in connection with its credit facility).
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 Trustees who are not interested persons of the Fund (as defined in the 1940 Act) (“Independent Trustees”).
⁵
The annual expense ratio is based on expenses incurred by the fund, as stated in the most recent prospectus. FEIM has contractually undertaken to waive and/or reimburse certain fees and expenses of the Fund so that the total annual operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, and extraordinary expenses, if any) (‘‘annual operating expenses’’) of the Class A, Class A-2 and Class I shareholders are limited to 2.25%, 2.75% and 2.00%, respectively, of average net assets. This undertaking lasts until April 30, 2025 and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed to repay the Adviser for fees and expenses waived or reimbursed for the class provided that repayment does not cause annual operating expenses (after the repayment is taken into account) to exceed 2.25%, 2.75% and 2.00% of the class’ average net assets, or such other lower amount as may be in place at the time of repayment. Any such repayment must be made within three years after the date in which the Fund incurred the fee and/or expense.
⁶
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.
⁷
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 13.29% of its Managed Assets, which is the percentage of the Fund’s average borrowings to average Managed Assets for the fiscal year ended December 31, 2023. 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).
Class A-2 Shares. The minimum initial investment for Class A2 Shares is $2,500 per account. The minimum subsequent investment amount for Class A2 Shares is $100.
The initial investment minimums may be modified for certain financial firms that submit orders on behalf of their customers. The Fund or the Distributor may lower or waive the minimum initial investment for certain classes of shares or categories of investors at their discretion. The minimum initial investment may also be modified for current officers, trustees, directors, and employees of the Fund, First Eagle, the Adviser, the Subadviser, the Distributor, certain other subsidiaries of First Eagle, The Blackstone Group Inc., Corsair Capital LLC, employees of certain firms providing services to the Fund (such as the custodian and the shareholder servicing agent), and to the immediate family members of any such persons or to any trust, pension, profit-sharing or other benefit plan for only such persons. Please see the Statement of Additional Information for details.
The Credit Opportunities Fund 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.
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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Short Duration High Yield Municipal Fund

Share Class A (FDUAX)

Expense Ratio and Shareholder Fees as of March 1, 2025

Shareholder Fee (%)

These are the fees paid directly from your investment.

	Sales Charge	Dealer Re-Allowance
Less than $100,000	2.50	2.25
$100,000 but less than $250,000	1.50	1.25
$250,000 and over¹	0.00	0.00

Expense Ratio (%)

Annual Fund Operating Expenses (These are the expenses you pay each year as a percentage of the value of your investment.):

Management Fees²	0.45
Distribution and/or Service (12b-1) Fees¹	0.25
Other Expenses⁴	0.77
Interest and Related Expenses³	0.02
Remainder of Other Expenses	0.75
Total Annual Operating Expenses	1.47
Fee Waiver and/or Expense Reimbursement²	-0.60
Total Annual Operating Expenses After Fee Waiver and/or Expense Reimbursement	0.87
Adjusted Expense Ratio⁵	0.85

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 $250,000 or more without an initial sales charge. 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.
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 0.85%, 0.60% and 0.60% of average net assets, respectively. Each of these undertakings lasts until February 28, 2026 and may not be terminated during its term without the consent of the Board of Trustees. The Short Duration High Yield Municipal 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) 0.85%, 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.
³
Includes interest expense and fees paid on Fund borrowings and/or interest and related expenses from inverse floaters.
⁴
‘‘Other Expenses’’ are based on estimated expenses for the current fiscal year; actual expenses may vary.
⁵
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.

Short Duration High Yield Municipal Fund

Share Class I (FDUIX)

Expense Ratio and Shareholder Fees as of March 1, 2025

Expense Ratio (%)

Annual Fund Operating Expenses (These are the expenses you pay each year as a percentage of the value of your investment.):

Management Fees¹	0.45
Other Expenses³	1.13
Interest and Related Expenses²	0.02
Remainder of Other Expenses	1.11
Total Annual Operating Expenses	1.58
Fee Waiver and/or Expense Reimbursement¹	-0.96
Total Annual Operating Expenses After Fee Waiver and/or Expense Reimbursement	0.62
Adjusted Expense Ratio⁴	0.60

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 0.85%, 0.60% and 0.60% of average net assets, respectively. Each of these undertakings lasts until February 28, 2026 and may not be terminated during its term without the consent of the Board of Trustees. The Short Duration High Yield Municipal 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) 0.85%, 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.
²
Includes interest expense and fees paid on Fund borrowings and/or interest and related expenses from inverse floaters.
³
‘‘Other Expenses’’ are based on estimated expenses for the current fiscal year; actual expenses may vary.
⁴
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.

Short Duration High Yield Municipal Fund

Share Class R6 (FDURX)

Expense Ratio and Shareholder Fees as of March 1, 2025

Expense Ratio (%)

Annual Fund Operating Expenses (These are the expenses you pay each year as a percentage of the value of your investment.):

Management Fees¹	0.45
Other Expenses³	2.02
Interest and Related Expenses²	0.02
Remainder of Other Expenses	0.75
Total Annual Operating Expenses	2.47
Fee Waiver and/or Expense Reimbursement¹	-1.85
Total Annual Operating Expenses After Fee Waiver and/or Expense Reimbursement	0.62
Adjusted Expense Ratio⁴	0.60

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 0.85%, 0.60% and 0.60% of average net assets, respectively. Each of these undertakings lasts until February 28, 2026 and may not be terminated during its term without the consent of the Board of Trustees. The Short Duration High Yield Municipal 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) 0.85%, 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.
²
Includes interest expense and fees paid on Fund borrowings and/or interest and related expenses from inverse floaters.
³
‘‘Other Expenses’’ are based on estimated expenses for the current fiscal year; actual expenses may vary.
⁴
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.

Real Estate Debt Fund

Expense Ratio and Shareholder Fees as of March 31, 2025

Shareholder Fee (%)


Maximum Sales Charge (Load) on Purchases (as a percentage of public offering price)¹	0.00
Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of your purchase or redemption price)²	0.00
Repurchase Fee³	0.00

Expense Ratio (%)

Annual Fund Operating Expenses (These are the expenses you pay each year as a percentage of the value of your investment.)

Management Fees⁵	1.68
Distribution and Service (12b-1) Fees	0.75
Interest Payments on Borrowed Funds⁶	2.45
Other Expenses
Other Expenses - General⁷	2.57
Other Expenses - Tax Expense⁸	0.13
Total Other Expenses	2.70
Total Annual Fund Operating Expenses	7.58
Fee Waiver and/or Expense Reimbursement⁹	(4.00)
Total Annual Operating Expenses after Fee Waiver and/or Expense Reimbursement	3.58
Adjusted Expense Ratio	1.00

Disclosures
¹
The Fund continuously offers its Common Shares through FEF Distributors, LLC (the “Distributor”), as principal underwriter, on a best efforts basis. Class A-2 Shares, Class A-3 Shares, Class A-4 Shares and Class I 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-3 Shares or Class I Shares, if you buy Class A-3 Shares or Class I Shares through certain financial firms, they may directly charge you transaction or other fees in such amount as they may determine. Please consult your financial firm for additional information.
²
Investors that purchase $250,000 or more of the Fund’s Class A-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”.
³
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%.
⁴
The expense table above is based on estimated average net assets of approximately $100,000,000.
⁵
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 25.5% 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).
⁶
Interest Payments on Borrowed Funds are based on estimated levels of borrowing and estimated interest rates for the current fiscal year expected to be incurred in connection with the Fund’s credit facility and reverse repurchase agreements. 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
⁷
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 current fiscal year.
⁸
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 current fiscal year and may differ from the estimated amount above. Please note that the tax expense estimates both federal and potential state & local tax rates.
⁹
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-2, Class A-3, Class A-4 and Class I shareholders are limited to 1.00%, 1.00%, 0.75% and 0.25%, respectively, of average net assets. This undertaking lasts until April 30, 2026 and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed to repay the Adviser for fees and expenses waived or reimbursed for the class provided that repayment does not cause annual operating expenses (after the repayment is taken into account) to exceed either: (1) 1.00%, 1.00%, 0.75% 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. Additionally, the Adviser 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 the Adviser.

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Payout Schedule (Class A Shares)

FEF Distributors, as the Funds' principal underwriter, may pay dealers of record commissions (as detailed below) on purchases of Class A Shares that were not previously subject to a front-end sales charge and dealer commission. The following commission schedule is for the First Eagle Global, Overseas, U.S. Value, Gold, Rising Dividend Fund, Small Cap Opportunity, Global Real Assets Funds and U.S. Smid Cap Opportunity Fund.

Purchase Amount	Commission (as % of purchase amount)
$1,000,000 - $2,999,999*	1.00%
$3,000,000 - $4,999,999	.75%
$5,000,000 - $9,999,999	.50%
$10,000,000 and up	.25%

The following commission schedule is for the Global Income Builder and High Income Fund.

Purchase Amount	Commission (as % of purchase amount)
$250,000 - $2,999,999.99	1.00%
$3,000,000 - $4,999,999.99	.75%
$5,000,000 - $9,999,999.99	.50%
$10,000,000 and up	.25%

If you redeem any of those shares within the 18 months of the end of the calendar month of their purchase, a contingent deferred sales charge (called the "Class A contingent deferred sales charge") may be deducted from the redemption proceeds. The Class A contingent deferred sales charge may be up to, but will not exceed, 1.00% of the lesser (1) the aggregate net asset value of the redeemed shares at the time of redemption (excluding shares purchased by reinvestment of dividends or capital gain distributions), or (2) the original net asset value of the redeemed shares.

*Investors that purchase $250,000 or more of the First Eagle Credit Opportunities Fund Class A Shares will not pay any initial sales charge on the purchase (FEF Distributors, as the Funds principal underwriter, may pay dealers of record a commission 1.50%). 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 1.50% if the shares are repurchased during the first 12 months after their purchase. See ‘‘Early Withdrawal Charges—Class A Shares" in the fund prospectus.

Management Fees	0.75
Distribution and Service 12b-1) Fees	0.00
Total Operationg Expenses	0.14
Total	0.89

Management Fees¹	0.50
Distribution and/or Service (12b-1 Fees	0.00
Other Expenses	0.28
Total Annual Operating Expenses	0.78
Fee Waiver and/or Expense Reimbursement¹	-0.13
Total Annual Operating Expenses After Fee Waiver and/or Expense Reimbursement	0.65

Minimum Investment	No minimum
Open to New Investors	Yes
Reference Indicator	None
Entry Charge	No Charge
Exit Charge	No Charge
Ongoing Charges	0.50%
Performance Fee	None

Minimum Investment	$1 million
Open to New Investors	Yes
Reference Indicator	None
Entry Charge	No Charge
Exit Charge	No Charge
Ongoing Charges	0.50%
Performance Fee	None

Minimum Investment	€1 million
Open to New Investors	Yes
Reference Indicator	None
Entry Charge	No Charge
Exit Charge	No Charge
Ongoing Charges	0.9%
Performance Fee	None
As of 31 December 2024

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