Characteristics

  • As of Sep 30, 2024
  1. *

    The Fund intends to declare income dividends daily and distribute them monthly at rates intended to maintain a more stable level of distributions than would result from paying out amounts solely based on current net investment income by paying out less than all of its net investment income or paying out undistributed income from prior months (with any potential remaining deficiencies characterized as a return of capital at year end). To date, the distribution yield has only been derived from the Fund’s net investment income and has not included borrowed funds or a return of capital. The distributions might not be made in equal amounts, and one month’s distribution may be larger than another. Distribution yield presented excludes any special dividends. Distribution yield indicates the annual yield received if the most recent share class monthly distribution paid was the same for an entire year. The yield represents a distribution and does not represent the total return of the Fund. Because the Distribution Yield is annualized from a single month’s distribution, no investor actually received the yield in a given year. The yield is calculated by annualizing the most recent monthly distribution paid by the Fund and dividing it by the Fund’s average month-to-date NAV from the as-of date.

  1. **

    Weighted Average duration measures a bond or loan's sensitivity to interest rate changes that reflects the change in an issue's price given a change in yield.

Investment Philosophy

  • Focus on Current Income

    The Fund seeks to provide attractive current income with a secondary objective of providing long-term risk-adjusted returns by investing in a portfolio of U.S. alternative credit assets across multiple sectors and risk profiles.

  • Flexible Approach

    The flexibility to allocate capital to both public and private markets enables the team to take an opportunistic approach while seeking to generate attractive current income and long-term risk-adjusted returns.

  • Seeks to Mitigate Downside Risks

    The Fund seeks to mitigate downside risks by building a portfolio of assets across the alternative credit spectrum, with an emphasis on first-lien, senior-secured assets.

  1. Past performance is not indicative of future results. 

Characteristics

  • As of Sep 30, 2024
  1. *

    The Fund intends to declare income dividends daily and distribute them monthly at rates intended to maintain a more stable level of distributions than would result from paying out amounts solely based on current net investment income by paying out less than all of its net investment income or paying out undistributed income from prior months (with any potential remaining deficiencies characterized as a return of capital at year end). To date, the distribution yield has only been derived from the Fund’s net investment income and has not included borrowed funds or a return of capital. The distributions might not be made in equal amounts, and one month’s distribution may be larger than another. Distribution yield presented excludes any special dividends. Distribution yield indicates the annual yield received if the most recent share class monthly distribution paid was the same for an entire year. The yield represents a distribution and does not represent the total return of the Fund. Because the Distribution Yield is annualized from a single month’s distribution, no investor actually received the yield in a given year. The yield is calculated by annualizing the most recent monthly distribution paid by the Fund and dividing it by the Fund’s average month-to-date NAV from the as-of date.

  1. **

    Weighted Average duration measures a bond or loan's sensitivity to interest rate changes that reflects the change in an issue's price given a change in yield.

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Our Process

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

  1. Disclosures

  2. Class A Shares. The minimum initial investment for Class A Shares is $2,500 per account. The minimum subsequent investment amount for Class A Shares is $100.

  3. Class I Shares. The minimum initial investment for Class I Shares is $1 million per account. There is no minimum subsequent investment amount for Class I Shares.

  4. The initial investment minimums may be modified for certain financial firms that submit orders on behalf of their customers. The Fund or the Distributor may lower or waive the minimum initial investment for certain classes of shares or categories of investors at their discretion. The minimum initial investment may also be modified for current officers, trustees, directors, and employees of the Fund, First Eagle, the Adviser, the Subadviser, the Distributor, certain other subsidiaries of First Eagle, The Blackstone Group Inc., Corsair Capital LLC, employees of certain firms providing services to the Fund (such as the custodian and the shareholder servicing agent), and to the immediate family members of any such persons or to any trust, pension, profit-sharing or other benefit plan for only such persons. Please see the Statement of Additional Information for details.

  5. 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.

  6. Investors should consider Common Shares of the Fund to be an illiquid investment. There is no guarantee that investors will be able to sell the Common Shares at any given time or in the quantity the investor desires.

  7. An investment in the Credit Opportunities Fund is not suitable for investors who need certainty about their ability to access all of the money they invest in the short term.

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Average Annual Returns

TickerClassYTD %1 MO3 MO1 YR3 YR5 YR10 YRINCEPT %Expense Ratio
GrossNet
FECAX A w/out load   6.28%   0.72%   2.03%   9.51%   5.17% -- --   6.83%   4.07%   3.84%
FECAX A w/load   3.63%  -1.82%  -0.53%   6.79%   3.93% -- --   5.86%   4.07%   3.84%
FECAX A w/out load   5.53%   0.61%   1.50%   9.10%   5.15% -- --   6.78%   4.07%   3.84%
FECAX A w/load   2.89%  -1.92%  -1.03%   6.36%   3.91% -- --   5.80%   4.07%   3.84%
FCAAX A-2 w/out load   3.39%  -1.82%  -0.57%   6.47% -- -- --   5.46%   4.55%   4.34%
FCAAX A-2 w/load   6.05%   0.68%   2.00%   9.19% -- -- --   6.57%   4.55%   4.34%
FCAAX A-2 w/out load   5.33%   0.61%   1.47%   8.77% -- -- --   6.51%   4.55%   4.34%
FCAAX A-2 w/load   2.69%  -1.89%  -1.07%   6.03% -- -- --   5.36%   4.55%   4.34%
FECRX I   6.59%   0.71%   2.12%   9.88%   5.50% -- --   7.24%   3.82%   3.59%
FECRX I   5.84%   0.63%   1.59%   9.51%   5.50% -- --   7.21%   3.82%   3.59%

Source: FactSet; data as of Sep 30, 2024.

Source: FactSet; data as of Oct 31, 2024.

  1. The annual expense ratio is based on expenses incurred by the fund, as stated in the most recent prospectus. FEIM has contractually undertaken to waive and/or reimburse certain fees and expenses of the Fund so that the total annual operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, and extraordinary expenses, if any) (‘‘annual operating expenses’’) of the Class A, 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.

  1. Disclosures

  2. The Credit Opportunities Fund is an Interval Fund, a type of fund that, in order to provide liquidity to shareholders, has adopted a fundamental investment policy to make quarterly offers to repurchase between 5% and 25% of its outstanding Common Shares at net asset value (“NAV”). Subject to applicable law and approval of the Board of Trustees for each quarterly repurchase offer, the Fund currently expects to offer to repurchase 5% of the Fund’s outstanding Common Shares at NAV on a quarterly basis.

  3. “With load” performance for Class A and Class A2 Shares gives effect to the deduction of the maximum sales charge of 2.50%.

  4. 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.

  5. 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.

  6. 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.

  7. 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.

  8. 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.

  9. Investors should consider Common Shares of the Fund to be an illiquid investment. There is no guarantee that investors will be able to sell the Common Shares at any given time or in the quantity the investor desires.

  10. An investment in the Credit Opportunities Fund is not suitable for investors who need certainty about their ability to access all of the money they invest in the short term.

  11. Credit Opportunities Fund Inception dates: A Shares 10/02/2020, I Shares 09/15/2020, A2 Shares 05/31/2022.

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Monthly Returns (Without Sales Charge)

DateClass I (FECRX)Class A (FECAX)Class A-2 (FCAAX)
Oct 31, 2024 0.71% 0.72% -1.82%
Sep 30, 2024 0.63% 0.61% 0.61%
Aug 31, 2024 0.77% 0.70% 0.70%
Jul 31, 2024 0.18% 0.19% 0.15%
Jun 30, 2024 0.33% 0.26% 0.22%
May 31, 2024 1.05% 1.01% 1.02%
Apr 30, 2024 0.35% 0.36% 0.33%
Mar 31, 2024 1.18% 1.11% 1.11%
Feb 29, 2024 0.66% 0.63% 0.60%
Jan 31, 2024 0.55% 0.52% 0.48%
Dec 31, 2023 1.74% 1.72% 1.69%
Nov 30, 2023 1.33% 1.30% 1.25%
Oct 31, 2023 0.36% 0.34% 0.29%
Sep 30, 2023 1.05% 1.07% 1.03%
Aug 31, 2023 0.99% 0.92% 0.92%
Jul 31, 2023 1.36% 1.33% 1.27%
Jun 30, 2023 1.08% 1.06% 1.02%
May 31, 2023 -0.23% -0.21% -0.29%
Apr 30, 2023 0.93% 0.86% 0.86%
Mar 31, 2023 -0.06% -0.08% -0.12%
Feb 28, 2023 1.05% 1.03% 0.99%
Jan 31, 2023 2.21% 2.18% 2.14%
Dec 31, 2022 -0.31% -0.33% -0.41%
Nov 30, 2022 0.83% 0.80% 0.80%
Oct 31, 2022 -0.14% -0.17% -0.21%
Sep 30, 2022 -1.58% -1.56% -1.64%
Aug 31, 2022 1.19% 1.17% 0.87%
Jul 31, 2022 0.98% 0.91% 0.87%
Jun 30, 2022 -1.95% -1.93% -1.97%
May 31, 2022 -2.35% -2.38%
Apr 30, 2022 -0.15% -0.17%
Mar 31, 2022 0.12% 0.06%
Feb 28, 2022 -0.12% -0.14%
Jan 31, 2022 0.49% 0.47%
Dec 31, 2021 0.70% 0.69%
Nov 30, 2021 0.32% 0.24%
Oct 31, 2021 0.72% 0.66%
Sep 30, 2021 1.05% 0.99%
Aug 31, 2021 0.61% 0.51%
Jul 31, 2021 0.70% 0.67%
Jun 30, 2021 1.17% 1.11%
May 31, 2021 0.55% 0.49%
Apr 30, 2021 0.87% 0.77%
Mar 31, 2021 1.19% 1.16%
Feb 28, 2021 1.34% 1.28%
Jan 31, 2021 1.58% 1.52%
Dec 31, 2020 1.95% 1.62%
Nov 30, 2020 1.08%
Oct 31, 2020 0.20%
Sep 30, 2020 -0.12%

Source: FactSet; data as of Oct 31, 2024.

  1. Past performance does not guarantee future results. 

    Does not include sales charge. Values would be lower if a sales charge was included.

     

     

Top Ten Holdings (%)

As of Oct 31, 2024

City Brewing Company, LLC 1.89
Alvogen Pharma US, Inc. 1.46
Civitas Solutions Inc. (National Mentor Holding) 1.43
Danforth Global, Inc. 1.21
SuperHero Fire Protection, LLC 1.17
Power Stop, LLC 1.16
Sagebrush Buyer, LLC (Province) 1.16
Zenith American Solutions, Inc. (Harbour Benefit Holding Inc / HPH-TH Holdings, LLC) 1.13
Avison Young (Canada) Inc. 1.11
In Vitro Sciences, LLC (New IVS Holdings, LLC) 1.08
Top Ten Holdings as a Percentage of Total Net Assets 12.81

  1. Portfolio holdings are subject to change and should not be considered a recommendation to buy or sell securities. Based on total fair value of investment and cash/cash equivalents. Not a guarantee of future portfolio composition. Current and future portfolio holdings are subject to risk.

Allocation by Industry (%)

Other Industriesý: 47.04%
Health Care Services: 14.73%
Short-Term, Cash & Cash Equivalents: 12.28%
Application Software: 5.13%
Research & Consulting Services: 4.28%
Pharmaceuticals: 3.22%
IT Consulting & Other Services: 3.03%
Specialized Finance: 2.28%
Insurance Brokers: 2.22%
Internet & Direct Marketing Retail: 2.00%
Other: 3.77%
Source: FactSet; data as of Sep 30, 2024.
Other Industriesý 47.04%
Health Care Services 14.73%
Short-Term, Cash & Cash Equivalents 12.28%
Application Software 5.13%
Research & Consulting Services 4.28%
Pharmaceuticals 3.22%
IT Consulting & Other Services 3.03%
Specialized Finance 2.28%
Insurance Brokers 2.22%
Internet & Direct Marketing Retail 2.00%
Brewers 1.89%
Auto Parts & Equipment 1.88%
Health Care Services 14.37%
Application Software 6.22%
Insurance Brokers 3.54%
Industrial Machinery 3.12%
Research & Consulting Services 3.10%
Pharmaceuticals 2.96%
IT Consulting & Other Services 2.93%
Cash & Cash Equivalents 2.74%
Specialized Finance 2.71%
Health Care Technology 2.44%
Metal & Glass Containers 2.06%
Auto Parts & Equipment 2.02%
Brewers 2.00%
Health Care Facilities 1.90%
Casinos & Gaming 1.78%
Systems Software 1.78%
Advertising 1.77%
Specialized Consumer Services 1.77%
Broadcasting 1.69%
Asset Management & Custody Banks 1.66%
Airlines 1.52%
Apparel, Accessories & Luxury Goods 1.32%
Diversified Metals & Mining 1.31%
Education Services 1.24%
Trucking 1.23%
Internet & Direct Marketing Retail 1.20%
Electronic Manufacturing Services 1.19%
Human Resource & Employment Services 1.19%
Paper Packaging 1.16%
Aerospace & Defense 1.06%
Real Estate Services 1.03%
Life Sciences Tools & Services 1.00%
Investment Banking & Brokerage 0.98%
Diversified Chemicals 0.94%
Distributors 0.90%
Health Care Supplies 0.87%
Office Services & Supplies 0.83%
Specialty Chemicals 0.83%
Hotels, Resorts & Cruise Lines 0.78%
Trading Companies & Distributors 0.78%
Integrated Telecommunication Services 0.73%
Electrical Components & Equipment 0.69%
Construction & Engineering 0.68%
Environmental & Facilities Services 0.68%
Health Care Equipment 0.67%
Construction Materials 0.65%
Movies & Entertainment 0.63%
Security & Alarm Services 0.59%
Commodity Chemicals 0.57%
Interactive Media & Services 0.57%
Packaged Foods & Meats 0.56%
Paper Products 0.56%
Financial Exchanges & Data 0.54%
Oil & Gas Storage & Transportation 0.53%
Water Utilities 0.51%
Diversified Support Services 0.49%
Technology Hardware, Storage & Peripherals 0.44%
Leisure Facilities 0.43%
Commercial Printing 0.42%
Textiles 0.41%
Communications Equipment 0.40%
Home Improvement Retail 0.36%
Automotive Retail 0.33%
Highways & Railtracks 0.33%
Home Furnishings 0.33%
Multi-Sector Holdings 0.33%
Soft Drinks 0.33%
Alternative Carriers 0.29%
Internet Services & Infrastructure 0.29%
Managed Health Care 0.24%
Apparel Retail 0.23%
Construction Machinery & Heavy Trucks 0.20%
Household Products 0.20%
Air Freight & Logistics 0.18%
Electric Utilities 0.16%
Leisure Products 0.15%
Agricultural & Farm Machinery 0.11%
Heavy Electrical Equipment 0.11%
Electronic Equipment & Instruments 0.09%
Footwear 0.06%
Health Care Services 10.26%
Cash & Cash Equivalents 7.36%
Application Software 6.99%
Specialized Finance 4.45%
Industrial Machinery 3.33%
Auto Parts & Equipment 3.12%
Casinos & Gaming 2.99%
Insurance Brokers 2.99%
IT Consulting & Other Services 2.90%
Pharmaceuticals 2.54%
Health Care Technology 2.44%
Research & Consulting Services 2.06%
Metal & Glass Containers 2.05%
Broadcasting 1.81%
Internet & Direct Marketing Retail 1.77%
Systems Software 1.73%
Airlines 1.66%
Advertising 1.64%
Trucking 1.57%
Specialty Chemicals 1.51%
Health Care Facilities 1.32%
Aerospace & Defense 1.31%
Apparel, Accessories & Luxury Goods 1.30%
Paper Packaging 1.30%
Electronic Manufacturing Services 1.22%
Education Services 1.19%
Asset Management & Custody Banks 1.11%
Life Sciences Tools & Services 1.01%
Real Estate Services 1.00%
Investment Banking & Brokerage 0.97%
Communications Equipment 0.94%
Diversified Chemicals 0.93%
Specialized Consumer Services 0.87%
Food Distributors 0.81%
Construction Machinery & Heavy Trucks 0.79%
Trading Companies & Distributors 0.75%
Environmental & Facilities Services 0.74%
Construction & Engineering 0.70%
Hotels, Resorts & Cruise Lines 0.68%
Health Care Equipment 0.67%
Construction Materials 0.65%
Movies & Entertainment 0.63%
Wireless Telecommunication Services 0.62%
Automotive Retail 0.61%
Brewers 0.61%
Commodity Chemicals 0.58%
Interactive Media & Services 0.57%
Packaged Foods & Meats 0.56%
Leisure Products 0.53%
Oil & Gas Storage & Transportation 0.53%
Paper Products 0.53%
Security & Alarm Services 0.51%
Diversified Support Services 0.49%
Textiles 0.47%
Water Utilities 0.47%
Human Resource & Employment Services 0.46%
Integrated Telecommunication Services 0.44%
Technology Hardware, Storage & Peripherals 0.44%
Leisure Facilities 0.43%
Office Services & Supplies 0.43%
Health Care Supplies 0.42%
Distributors 0.41%
Air Freight & Logistics 0.40%
Highways & Railtracks 0.33%
Home Furnishings 0.33%
Soft Drinks 0.33%
Multi-Sector Holdings 0.32%
Alternative Carriers 0.30%
Home Improvement Retail 0.29%
Apparel Retail 0.25%
Internet Services & Infrastructure 0.25%
Managed Health Care 0.25%
Commercial Printing 0.24%
Household Products 0.20%
Agricultural & Farm Machinery 0.11%
Heavy Electrical Equipment 0.11%
Electronic Equipment & Instruments 0.10%
Diversified Metals & Mining 0.06%
Electric Utilities 0.00%
Health Care Services 9.16%
Cash & Cash Equivalents 7.63%
Application Software 6.42%
IT Consulting & Other Services 4.08%
Specialized Finance 4.04%
Industrial Machinery 3.11%
Research & Consulting Services 3.03%
Pharmaceuticals 2.27%
Food Distributors 2.22%
Health Care Technology 2.18%
Insurance Brokers 2.13%
Systems Software 2.13%
Auto Parts & Equipment 2.12%
Internet & Direct Marketing Retail 1.96%
Specialty Chemicals 1.79%
Interactive Media & Services 1.75%
Aerospace & Defense 1.70%
Advertising 1.66%
Broadcasting 1.56%
Trucking 1.53%
Metal & Glass Containers 1.52%
Health Care Facilities 1.45%
Trading Companies & Distributors 1.43%
Apparel, Accessories & Luxury Goods 1.40%
Casinos & Gaming 1.38%
Life Sciences Tools & Services 1.14%
Hotels, Resorts & Cruise Lines 1.12%
Asset Management & Custody Banks 1.08%
Investment Banking & Brokerage 1.08%
Real Estate Services 1.06%
Electronic Manufacturing Services 1.05%
Airlines 1.04%
Communications Equipment 1.04%
Specialized Consumer Services 0.95%
Construction & Engineering 0.89%
Air Freight & Logistics 0.87%
Construction Machinery & Heavy Trucks 0.87%
Environmental & Facilities Services 0.83%
Movies & Entertainment 0.83%
Paper Packaging 0.76%
Construction Materials 0.71%
Brewers 0.69%
Marine Ports & Services 0.69%
Automotive Retail 0.68%
Diversified Chemicals 0.68%
Packaged Foods & Meats 0.62%
Leisure Products 0.59%
Oil & Gas Storage & Transportation 0.59%
Health Care Supplies 0.57%
Paper Products 0.57%
Security & Alarm Services 0.56%
Textiles 0.54%
Commodity Chemicals 0.53%
Human Resource & Employment Services 0.52%
Water Utilities 0.51%
Leisure Facilities 0.48%
Office Services & Supplies 0.48%
Technology Hardware, Storage & Peripherals 0.48%
Distributors 0.45%
Commercial Printing 0.40%
Highways & Railtracks 0.37%
Soft Drinks 0.37%
Home Furnishings 0.36%
Multi-Sector Holdings 0.36%
Integrated Telecommunication Services 0.33%
Alternative Carriers 0.32%
Home Improvement Retail 0.32%
Apparel Retail 0.31%
Internet Services & Infrastructure 0.28%
Managed Health Care 0.27%
Household Products 0.23%
Education Services 0.21%
Agricultural & Farm Machinery 0.12%
Electronic Equipment & Instruments 0.12%
Wireless Telecommunication Services 0.12%
Other Diversified Financial Services 0.11%
Health Care Equipment 0.08%
Diversified Metals & Mining 0.06%
Diversified Support Services 0.06%
Electric Utilities 0.00%
Health Care Services 9.63%
Application Software 6.17%
Research & Consulting Services 5.22%
Cash & Cash Equivalents 4.82%
IT Consulting & Other Services 4.11%
Specialized Finance 3.54%
Industrial Machinery 3.32%
Systems Software 2.61%
Aerospace & Defense 2.05%
Casinos & Gaming 1.92%
Health Care Technology 1.91%
Food Distributors 1.90%
Pharmaceuticals 1.90%
Asset Management & Custody Banks 1.78%
Advertising 1.71%
Insurance Brokers 1.70%
Interactive Media & Services 1.67%
Life Sciences Tools & Services 1.66%
Internet & Direct Marketing Retail 1.65%
Broadcasting 1.57%
Trucking 1.57%
Apparel, Accessories & Luxury Goods 1.38%
Air Freight & Logistics 1.36%
Real Estate Services 1.30%
Hotels, Resorts & Cruise Lines 1.23%
Metal & Glass Containers 1.21%
Movies & Entertainment 1.17%
Airlines 1.15%
Diversified Support Services 1.12%
Trading Companies & Distributors 1.07%
Leisure Products 1.03%
Health Care Facilities 1.01%
Specialty Chemicals 1.00%
Paper Packaging 0.96%
Auto Parts & Equipment 0.93%
Construction & Engineering 0.92%
Wireless Telecommunication Services 0.88%
Packaged Foods & Meats 0.86%
Automotive Retail 0.83%
Diversified Chemicals 0.83%
Electronic Equipment & Instruments 0.83%
Construction Machinery & Heavy Trucks 0.80%
Alternative Carriers 0.76%
Health Care Supplies 0.76%
Paper Products 0.70%
Security & Alarm Services 0.69%
Textiles 0.66%
Human Resource & Employment Services 0.64%
Commodity Chemicals 0.63%
Specialized Consumer Services 0.62%
Construction Materials 0.60%
Marine Ports & Services 0.59%
Technology Hardware, Storage & Peripherals 0.59%
Office Services & Supplies 0.58%
Commercial Printing 0.57%
Communications Equipment 0.55%
Distributors 0.54%
Leisure Facilities 0.53%
Electronic Manufacturing Services 0.50%
Internet Services & Infrastructure 0.49%
Tires & Rubber 0.47%
Environmental & Facilities Services 0.45%
Soft Drinks 0.45%
Multi-Sector Holdings 0.44%
Integrated Telecommunication Services 0.41%
Education Services 0.40%
Apparel Retail 0.39%
Managed Health Care 0.31%
Brewers 0.28%
Household Products 0.28%
Home Improvement Retail 0.24%
Agricultural & Farm Machinery 0.15%
Investment Banking & Brokerage 0.15%
Oil & Gas Storage & Transportation 0.15%
Health Care Equipment 0.11%
Diversified Metals & Mining 0.08%
Health Care Services 8.72%
Application Software 5.92%
Research & Consulting Services 4.51%
Specialized Finance 3.54%
Short-Term, Cash & Cash Equivalents 3.46%
Trucking 3.01%
IT Consulting & Other Services 2.90%
Internet & Direct Marketing Retail 2.58%
Systems Software 2.33%
Industrial Machinery 2.29%
Insurance Brokers 2.11%
Health Care Technology 2.04%
Casinos & Gaming 1.98%
Advertising 1.93%
Aerospace & Defense 1.88%
Metal & Glass Containers 1.88%
Asset Management & Custody Banks 1.84%
Food Distributors 1.80%
Broadcasting 1.77%
Trading Companies & Distributors 1.69%
Pharmaceuticals 1.62%
Life Sciences Tools & Services 1.56%
Real Estate Services 1.54%
Diversified Support Services 1.43%
Electronic Manufacturing Services 1.40%
Airlines 1.38%
Movies & Entertainment 1.34%
Hotels, Resorts & Cruise Lines 1.18%
Air Freight & Logistics 1.08%
Apparel, Accessories & Luxury Goods 1.04%
Auto Parts & Equipment 1.00%
Electronic Equipment & Instruments 0.97%
Packaged Foods & Meats 0.96%
Specialty Chemicals 0.93%
Automotive Retail 0.92%
Construction Machinery & Heavy Trucks 0.90%
Health Care Supplies 0.90%
Internet Services & Infrastructure 0.89%
Paper Packaging 0.89%
Interactive Media & Services 0.88%
Construction & Engineering 0.87%
Leisure Products 0.85%
Communications Equipment 0.82%
Construction Materials 0.81%
Paper Products 0.81%
Health Care Facilities 0.79%
Textiles 0.76%
Multi-Sector Holdings 0.75%
Office Services & Supplies 0.74%
Commodity Chemicals 0.73%
Human Resource & Employment Services 0.73%
Alternative Carriers 0.68%
Technology Hardware, Storage & Peripherals 0.68%
Tires & Rubber 0.66%
Marine Ports & Services 0.62%
Commercial Printing 0.60%
Distributors 0.59%
Leisure Facilities 0.58%
Security & Alarm Services 0.52%
Food Retail 0.51%
Soft Drinks 0.51%
Integrated Telecommunication Services 0.46%
Diversified Chemicals 0.45%
Specialized Consumer Services 0.45%
Diversified Capital Markets 0.41%
Heavy Electrical Equipment 0.41%
Managed Health Care 0.36%
Brewers 0.32%
Household Products 0.31%
Education Services 0.29%
Agricultural & Farm Machinery 0.17%
Environmental & Facilities Services 0.17%
Investment Banking & Brokerage 0.17%
Wireless Telecommunication Services 0.16%
Consumer Finance 0.15%
Diversified Metals & Mining 0.09%
Health Care Equipment 0.02%
Electric Utilities 0.00%
Health Care Services 8.87%
Application Software 6.93%
Short-Term, Cash & Cash Equivalents 5.49%
Research & Consulting Services 4.37%
IT Consulting & Other Services 3.48%
Specialized Finance 3.35%
Internet & Direct Marketing Retail 2.69%
Trucking 2.59%
Systems Software 2.23%
Metal & Glass Containers 2.19%
Health Care Technology 2.15%
Advertising 2.06%
Insurance Brokers 2.01%
Airlines 1.88%
Automotive Retail 1.73%
Asset Management & Custody Banks 1.65%
Hotels, Resorts & Cruise Lines 1.65%
Life Sciences Tools & Services 1.63%
Real Estate Services 1.59%
Pharmaceuticals 1.57%
Specialized Consumer Services 1.29%
Diversified Support Services 1.23%
Interactive Media & Services 1.23%
Trading Companies & Distributors 1.23%
Movies & Entertainment 1.22%
Broadcasting 1.18%
Industrial Machinery 1.14%
Apparel, Accessories & Luxury Goods 1.08%
Electronic Manufacturing Services 1.08%
Air Freight & Logistics 1.07%
Casinos & Gaming 1.06%
Aerospace & Defense 1.01%
Commodity Chemicals 1.00%
Packaged Foods & Meats 0.96%
Internet Services & Infrastructure 0.93%
Construction & Engineering 0.92%
Electronic Equipment & Instruments 0.92%
Health Care Supplies 0.92%
Specialty Chemicals 0.92%
Personal Products 0.89%
Communications Equipment 0.85%
Construction Materials 0.85%
Paper Products 0.84%
Multi-Sector Holdings 0.78%
Paper Packaging 0.78%
Commercial Printing 0.77%
Auto Parts & Equipment 0.76%
Office Services & Supplies 0.76%
Alternative Carriers 0.70%
Tires & Rubber 0.70%
Technology Hardware, Storage & Peripherals 0.69%
Distributors 0.61%
Leisure Products 0.61%
Marine Ports & Services 0.60%
Leisure Facilities 0.57%
Health Care Facilities 0.54%
Security & Alarm Services 0.54%
Restaurants 0.53%
Soft Drinks 0.52%
Textiles 0.52%
Integrated Telecommunication Services 0.51%
Construction Machinery & Heavy Trucks 0.50%
Diversified Chemicals 0.47%
Human Resource & Employment Services 0.47%
Managed Health Care 0.45%
Heavy Electrical Equipment 0.42%
Household Products 0.33%
Education Services 0.29%
Diversified Capital Markets 0.28%
Environmental & Facilities Services 0.25%
Brewers 0.22%
Agricultural & Farm Machinery 0.19%
Investment Banking & Brokerage 0.18%
Specialty Stores 0.17%
Consumer Finance 0.16%
Wireless Telecommunication Services 0.16%
Diversified Metals & Mining 0.09%
Electric Utilities 0.00%
Health Care Services 8.17%
Short-Term, Cash & Cash Equivalents 6.75%
Application Software 6.01%
IT Consulting & Other Services 4.04%
Aerospace & Defense 2.65%
Trucking 2.64%
Research & Consulting Services 2.45%
Internet & Direct Marketing Retail 2.39%
Metal & Glass Containers 2.38%
Trading Companies & Distributors 2.15%
Specialized Finance 2.13%
Systems Software 2.11%
Hotels, Resorts & Cruise Lines 2.08%
Diversified Support Services 2.05%
Airlines 1.86%
Air Freight & Logistics 1.83%
Personal Products 1.79%
Asset Management & Custody Banks 1.77%
Advertising 1.65%
Health Care Technology 1.57%
Pharmaceuticals 1.54%
Insurance Brokers 1.47%
Life Sciences Tools & Services 1.26%
Broadcasting 1.25%
Real Estate Services 1.23%
Specialized Consumer Services 1.23%
Food Distributors 1.17%
Interactive Media & Services 1.12%
Packaged Foods & Meats 1.12%
Apparel, Accessories & Luxury Goods 1.07%
Health Care Facilities 1.05%
Mortgage REITs 1.03%
Movies & Entertainment 0.96%
Electronic Manufacturing Services 0.95%
Industrial Machinery 0.91%
Internet Services & Infrastructure 0.91%
Construction & Engineering 0.89%
Specialty Chemicals 0.89%
Restaurants 0.88%
Casinos & Gaming 0.87%
Construction Materials 0.87%
Paper Products 0.84%
Diversified Chemicals 0.83%
Commodity Chemicals 0.78%
Consumer Finance 0.78%
Multi-Sector Holdings 0.76%
Communications Equipment 0.75%
Environmental & Facilities Services 0.75%
Paper Packaging 0.74%
Thrifts & Mortgage Finance 0.70%
Electronic Equipment & Instruments 0.68%
Technology Hardware, Storage & Peripherals 0.67%
Auto Parts & Equipment 0.65%
Office Services & Supplies 0.64%
Human Resource & Employment Services 0.63%
Alternative Carriers 0.60%
Leisure Products 0.60%
Textiles 0.60%
Distributors 0.57%
Health Care Supplies 0.54%
Leisure Facilities 0.54%
Soft Drinks 0.50%
Heavy Electrical Equipment 0.49%
Marine Ports & Services 0.47%
Commercial Printing 0.46%
Security & Alarm Services 0.43%
Tires & Rubber 0.41%
Managed Health Care 0.40%
Diversified Metals & Mining 0.37%
Household Products 0.33%
Wireless Telecommunication Services 0.31%
Education Services 0.29%
Diversified Capital Markets 0.27%
Agricultural & Farm Machinery 0.18%
Specialty Stores 0.16%
Brewers 0.15%
Electric Utilities 0.00%
Health Care Services 8.84%
Application Software 6.15%
Short-Term, Cash & Cash Equivalents 5.13%
IT Consulting & Other Services 4.35%
Hotels, Resorts & Cruise Lines 3.05%
Systems Software 2.86%
Personal Products 2.47%
Specialized Finance 2.43%
Trucking 2.38%
Research & Consulting Services 2.36%
Internet & Direct Marketing Retail 2.14%
Health Care Technology 2.00%
Casinos & Gaming 1.91%
Pharmaceuticals 1.83%
Airlines 1.80%
Trading Companies & Distributors 1.71%
Asset Management & Custody Banks 1.68%
Insurance Brokers 1.68%
Interactive Media & Services 1.54%
Real Estate Services 1.52%
Advertising 1.48%
Air Freight & Logistics 1.46%
Specialized Consumer Services 1.44%
Diversified Support Services 1.43%
Packaged Foods & Meats 1.42%
Metal & Glass Containers 1.41%
Broadcasting 1.37%
Construction Materials 1.34%
Aerospace & Defense 1.33%
Human Resource & Employment Services 1.25%
Restaurants 1.21%
Wireless Telecommunication Services 1.13%
Industrial Machinery 1.10%
Specialty Chemicals 1.04%
Construction & Engineering 1.03%
Diversified Metals & Mining 1.02%
Paper Products 0.98%
Commodity Chemicals 0.92%
Movies & Entertainment 0.92%
Communications Equipment 0.88%
Multi-Sector Holdings 0.88%
Consumer Finance 0.79%
Electronic Manufacturing Services 0.78%
Technology Hardware, Storage & Peripherals 0.78%
Apparel, Accessories & Luxury Goods 0.75%
Alternative Carriers 0.73%
Electronic Equipment & Instruments 0.73%
Health Care Supplies 0.72%
Leisure Products 0.70%
Distributors 0.69%
Environmental & Facilities Services 0.67%
Paper Packaging 0.67%
Textiles 0.67%
Leisure Facilities 0.62%
Auto Parts & Equipment 0.61%
Soft Drinks 0.58%
Health Care Facilities 0.56%
Heavy Electrical Equipment 0.56%
Education Services 0.55%
Commercial Printing 0.51%
Tires & Rubber 0.49%
Life Sciences Tools & Services 0.47%
Internet Services & Infrastructure 0.45%
Managed Health Care 0.43%
Diversified Chemicals 0.38%
Household Products 0.38%
Brewers 0.32%
Diversified Capital Markets 0.31%
Security & Alarm Services 0.30%
Agricultural & Farm Machinery 0.22%
Home Furnishings 0.21%
Specialty Stores 0.19%
Office Services & Supplies 0.16%
Health Care Services 8.71%
Application Software 6.31%
Short-Term, Cash & Cash Equivalents 6.16%
IT Consulting & Other Services 4.67%
Systems Software 3.00%
Hotels, Resorts & Cruise Lines 2.87%
Pharmaceuticals 2.62%
Specialized Finance 2.55%
Trucking 2.48%
Research & Consulting Services 2.41%
Personal Products 2.30%
Insurance Brokers 2.23%
Internet & Direct Marketing Retail 2.20%
Health Care Technology 2.06%
Trading Companies & Distributors 1.76%
Casinos & Gaming 1.74%
Asset Management & Custody Banks 1.69%
Air Freight & Logistics 1.65%
Interactive Media & Services 1.60%
Advertising 1.54%
Specialized Consumer Services 1.49%
Broadcasting 1.45%
Packaged Foods & Meats 1.45%
Aerospace & Defense 1.38%
Construction Materials 1.36%
Health Care Supplies 1.29%
Human Resource & Employment Services 1.29%
Metal & Glass Containers 1.26%
Real Estate Services 1.21%
Restaurants 1.19%
Diversified Metals & Mining 1.13%
Wireless Telecommunication Services 1.13%
Alternative Carriers 1.05%
Construction & Engineering 1.01%
Industrial Machinery 1.01%
Leisure Products 1.00%
Paper Products 1.00%
Commodity Chemicals 0.97%
Movies & Entertainment 0.97%
Communications Equipment 0.92%
Multi-Sector Holdings 0.91%
Electronic Manufacturing Services 0.83%
Commercial Printing 0.81%
Technology Hardware, Storage & Peripherals 0.80%
Consumer Finance 0.78%
Electronic Equipment & Instruments 0.75%
Distributors 0.73%
Textiles 0.71%
Paper Packaging 0.69%
Auto Parts & Equipment 0.68%
Environmental & Facilities Services 0.68%
Soft Drinks 0.59%
Education Services 0.58%
Heavy Electrical Equipment 0.58%
Health Care Facilities 0.57%
Specialty Chemicals 0.57%
Life Sciences Tools & Services 0.48%
Internet Services & Infrastructure 0.46%
Managed Health Care 0.43%
Household Products 0.39%
Diversified Chemicals 0.38%
Airlines 0.37%
Brewers 0.37%
Diversified Capital Markets 0.32%
Security & Alarm Services 0.30%
Agricultural & Farm Machinery 0.23%
Home Furnishings 0.21%
Specialty Stores 0.20%
Office Services & Supplies 0.17%
Diversified Support Services 0.16%
Marine Ports & Services 0.16%
Apparel, Accessories & Luxury Goods 0.02%
Electric Utilities 0.00%
Health Care Services 10.36%
Application Software 4.92%
IT Consulting & Other Services 4.27%
Research & Consulting Services 3.98%
Pharmaceuticals 3.43%
Trading Companies & Distributors 3.42%
Systems Software 3.41%
Short-Term, Cash & Cash Equivalents 3.28%
Packaged Foods & Meats 2.41%
Personal Products 2.40%
Trucking 2.24%
Asset Management & Custody Banks 2.10%
Air Freight & Logistics 2.09%
Insurance Brokers 2.05%
Specialized Finance 2.04%
Aerospace & Defense 2.01%
Advertising 1.99%
Specialized Consumer Services 1.80%
Hotels, Resorts & Cruise Lines 1.73%
Human Resource & Employment Services 1.64%
Movies & Entertainment 1.60%
Diversified Metals & Mining 1.55%
Real Estate Services 1.49%
Construction & Engineering 1.28%
Construction Materials 1.26%
Alternative Carriers 1.25%
Casinos & Gaming 1.25%
Paper Products 1.24%
Broadcasting 1.23%
Commodity Chemicals 1.20%
Communications Equipment 1.16%
Internet & Direct Marketing Retail 1.16%
Multi-Sector Holdings 1.13%
Industrial Machinery 1.12%
Health Care Supplies 1.11%
Interactive Media & Services 1.07%
Electronic Manufacturing Services 1.05%
Restaurants 1.04%
Auto Parts & Equipment 0.99%
Consumer Finance 0.86%
Paper Packaging 0.86%
Electronic Equipment & Instruments 0.75%
Health Care Technology 0.75%
Heavy Electrical Equipment 0.75%
Commercial Printing 0.74%
Education Services 0.74%
Distributors 0.73%
Health Care Facilities 0.71%
Other Diversified Financial Services 0.67%
Life Sciences Tools & Services 0.58%
Internet Services & Infrastructure 0.57%
Airlines 0.51%
Specialty Stores 0.51%
Household Products 0.49%
Diversified Chemicals 0.48%
Home Furnishings 0.48%
Metal & Glass Containers 0.48%
Textiles 0.46%
Managed Health Care 0.37%
Environmental & Facilities Services 0.35%
Security & Alarm Services 0.33%
Electric Utilities 0.31%
Agricultural & Farm Machinery 0.30%
Airport Services 0.25%
Office Services & Supplies 0.25%
Diversified Support Services 0.24%
Marine Ports & Services 0.24%
Wireless Telecommunication Services 0.24%
Diversified Capital Markets 0.23%
Apparel, Accessories & Luxury Goods 0.02%
Health Care Services 8.79%
Cash & Cash Equivalents 7.40%
IT Consulting & Other Services 5.76%
Research & Consulting Services 3.59%
Insurance Brokers 3.32%
Asset Management & Custody Banks 3.24%
Aerospace & Defense 3.03%
Systems Software 2.89%
Personal Products 2.87%
Trading Companies & Distributors 2.86%
Specialized Consumer Services 2.72%
Application Software 2.67%
Specialized Finance 2.56%
Air Freight & Logistics 2.53%
Real Estate Services 2.43%
Pharmaceuticals 2.36%
Broadcasting 2.07%
Paper Products 2.06%
Commodity Chemicals 1.95%
Health Care Supplies 1.89%
Interactive Media & Services 1.82%
Electronic Manufacturing Services 1.71%
Restaurants 1.68%
Advertising 1.62%
Consumer Finance 1.41%
Trucking 1.37%
Heavy Electrical Equipment 1.23%
Commercial Printing 1.22%
Paper Packaging 1.22%
Construction & Engineering 1.19%
Health Care Facilities 1.15%
Other Diversified Financial Services 1.07%
Life Sciences Tools & Services 0.95%
Internet Services & Infrastructure 0.93%
Airlines 0.87%
Distributors 0.82%
Health Care Technology 0.82%
Communications Equipment 0.81%
Internet & Direct Marketing Retail 0.81%
Metal & Glass Containers 0.81%
Diversified Chemicals 0.79%
Household Products 0.79%
Textiles 0.76%
Packaged Foods & Meats 0.70%
Human Resource & Employment Services 0.65%
Hotels, Resorts & Cruise Lines 0.60%
Environmental & Facilities Services 0.57%
Movies & Entertainment 0.56%
Security & Alarm Services 0.54%
Agricultural & Farm Machinery 0.49%
Electric Utilities 0.47%
Diversified Support Services 0.43%
Office Services & Supplies 0.43%
Specialty Stores 0.42%
Wireless Telecommunication Services 0.39%
Diversified Capital Markets 0.37%
Diversified Metals & Mining 0.26%
Industrial Machinery 0.21%
Apparel, Accessories & Luxury Goods 0.03%

Allocation by Asset Class (%)

Public Credit: 46.66%
Private Credit: 41.05%
Short-Term, Cash & Cash Equivalents: 12.28%
Source: FactSet; data as of Sep 30, 2024.
Public Credit 46.66%
Private Credit 41.05%
Short-Term, Cash & Cash Equivalents 12.28%
Public Credit 60.63%
Private Credit 36.63%
Short-Term, Cash & Cash Equivalents 2.74%
Public Credit 60.36%
Private Credit 32.28%
Short-Term, Cash & Cash Equivalents 7.36%
Public Credit 62.25%
Private Credit 30.12%
Short-Term, Cash & Cash Equivalents 7.63%
Public Credit 61.13%
Private Credit 34.05%
Short-Term, Cash & Cash Equivalents 4.82%
Public Credit 60.42%
Private Credit 36.11%
Short-Term, Cash & Cash Equivalents 3.47%
Public Credit 57.69%
Private Credit 36.83%
Short-Term, Cash & Cash Equivalents 5.49%
Public Credit 58.02%
Private Credit 35.23%
Short-Term, Cash & Cash Equivalents 6.75%
Opportunistic Credit 58.09%
Private Credit 36.78%
Short-Term, Cash & Cash Equivalents 5.13%
Opportunistic Credit 60.35%
Private Credit 33.49%
Short-Term, Cash & Cash Equivalents 6.16%
Opportunistic Credit 58.79%
Private Credit 37.93%
Short-Term, Cash & Cash Equivalents 3.28%
Private Credit 50.60%
Opportunistic Credit 42.01%
Cash & Cash Equivalents 7.40%

Allocation by Floating Rate vs. Fixed Rate (%)

Floating Rate: 84.28%
Short-Term, Cash & Cash Equivalents: 12.28%
Fixed Rate: 3.15%
Other: 0.28%
Source: FactSet; data as of Sep 30, 2024.
Floating Rate 84.28%
Short-Term, Cash & Cash Equivalents 12.28%
Fixed Rate 3.15%
Other 0.28%
Floating Rate 91.55%
Fixed Rate 5.46%
Short-Term, Cash & Cash Equivalents 2.74%
Other 0.24%
Floating Rate 86.75%
Short-Term, Cash & Cash Equivalents 7.36%
Fixed Rate 5.67%
Other 0.22%
Floating Rate 84.50%
Fixed Rate 7.72%
Short-Term, Cash & Cash Equivalents 7.63%
Other 0.15%
Floating Rate 88.55%
Fixed Rate 6.42%
Short-Term, Cash & Cash Equivalents 4.82%
Other 0.20%
Floating Rate 89.32%
Fixed Rate 7.15%
Short-Term, Cash & Cash Equivalents 3.46%
Other 0.07%
Floating Rate 90.28%
Short-Term, Cash & Cash Equivalents 5.49%
Fixed Rate 4.23%
Other 0.00%
Floating Rate 85.28%
Fixed Rate 7.97%
Short-Term, Cash & Cash Equivalents 6.75%
Other 0.00%
Floating Rate 90.63%
Short-Term, Cash & Cash Equivalents 5.13%
Fixed Rate 4.24%
Other 0.00%
Floating Rate 89.39%
Short-Term, Cash & Cash Equivalents 6.16%
Fixed Rate 4.44%
Other 0.00%
Floating Rate 91.42%
Fixed Rate 5.25%
Short-Term, Cash & Cash Equivalents 3.28%
Other 0.05%
Floating Rate 86.27%
Cash & Cash Equivalents 7.40%
Fixed Rate 6.28%
Other 0.05%

Allocation by Region (%)

United States of America: 94.56%
Short-Term, Cash & Cash Equivalents: 2.74%
Canada: 1.95%
United Kingdom: 0.42%
Netherlands: 0.33%
Luxembourg: 0.00%
Germany: 0.00%
Cayman Islands: 0.00%
Ireland: 0.00%
Source: FactSet; data as of Sep 30, 2024.

  1. Portfolio holdings are subject to change and should not be considered a recommendation to buy or sell securities. Based on total fair value of investment and cash/cash equivalents. Not a guarantee of future portfolio composition. Current and future portfolio holdings are subject to risk.

United States of America 94.56%
Short-Term, Cash & Cash Equivalents 2.74%
Canada 1.95%
United Kingdom 0.42%
Netherlands 0.33%
Cayman Islands 0.00%
Germany 0.00%
Ireland 0.00%
Luxembourg 0.00%
United States of America 94.56%
Short-Term, Cash & Cash Equivalents 2.74%
Canada 1.95%
United Kingdom 0.42%
Netherlands 0.33%
Cayman Islands 0.00%
Germany 0.00%
Ireland 0.00%
Luxembourg 0.00%
United States of America 89.39%
Short-Term, Cash & Cash Equivalents 7.36%
Canada 2.22%
Luxembourg 0.38%
Netherlands 0.33%
United Kingdom 0.32%
Cayman Islands 0.00%
Germany 0.00%
Ireland 0.00%
United States of America 87.97%
Short-Term, Cash & Cash Equivalents 7.63%
Canada 2.87%
Luxembourg 0.80%
Netherlands 0.37%
United Kingdom 0.36%
Cayman Islands 0.00%
Germany 0.00%
Ireland 0.00%
United States of America 91.90%
Short-Term, Cash & Cash Equivalents 4.82%
Canada 2.83%
Netherlands 0.45%
Cayman Islands 0.00%
Germany 0.00%
Ireland 0.00%
Luxembourg 0.00%
United Kingdom 0.00%
United States of America 91.58%
Short-Term, Cash & Cash Equivalents 3.46%
Canada 3.03%
United Kingdom 0.75%
Germany 0.67%
Netherlands 0.51%
Cayman Islands 0.00%
Ireland 0.00%
Luxembourg 0.00%
United States of America 88.79%
Short-Term, Cash & Cash Equivalents 5.49%
Canada 3.29%
United Kingdom 1.22%
Germany 0.69%
Netherlands 0.52%
Cayman Islands 0.00%
Ireland 0.00%
Luxembourg 0.00%
United States of America 87.36%
Short-Term, Cash & Cash Equivalents 6.75%
Canada 2.86%
United Kingdom 1.77%
Germany 0.67%
Netherlands 0.50%
Ireland 0.08%
Cayman Islands 0.00%
Luxembourg 0.00%
United States of America 88.17%
Short-Term, Cash & Cash Equivalents 5.13%
Canada 3.43%
Luxembourg 1.04%
United Kingdom 0.88%
Germany 0.77%
Netherlands 0.58%
United States of America 86.56%
Short-Term, Cash & Cash Equivalents 6.16%
Canada 3.72%
Luxembourg 1.29%
United Kingdom 0.91%
Germany 0.78%
Netherlands 0.59%
Cayman Islands 0.00%
United States of America 90.48%
Canada 3.86%
Short-Term, Cash & Cash Equivalents 3.28%
Luxembourg 1.25%
United Kingdom 1.13%
United States 89.63%
Cash & Cash Equivalents 7.40%
Europe 2.97%

  1. Disclosures

  2. Class A Shares. The minimum initial investment for Class A Shares is $2,500 per account. The minimum subsequent investment amount for Class A Shares is $100.

  3. Class I Shares. The minimum initial investment for Class I Shares is $1 million per account. There is no minimum subsequent investment amount for Class I Shares.

  4. The initial investment minimums may be modified for certain financial firms that submit orders on behalf of their customers. The Fund or the Distributor may lower or waive the minimum initial investment for certain classes of shares or categories of investors at their discretion. The minimum initial investment may also be modified for current officers, trustees, directors, and employees of the Fund, First Eagle, the Adviser, the Subadviser, the Distributor, certain other subsidiaries of First Eagle, The Blackstone Group Inc., Corsair Capital LLC, employees of certain firms providing services to the Fund (such as the custodian and the shareholder servicing agent), and to the immediate family members of any such persons or to any trust, pension, profit-sharing or other benefit plan for only such persons. Please see the Statement of Additional Information for details.

Fund Management

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

  • James Fellows Headshot

    James Fellows

    Co-President and Chief Investment Officer of FEAC
    Industry start:  
    1987
    Year joined:  
    2004

  • Michelle Handy

    Senior Managing Director and Chief Investment Officer of Direct Lending
    Industry start:  
    1997
    Year joined:  
    2016
  • Robert Hickey Headshot

    Robert Hickey

    Senior Managing Director and Chief Investment Officer of Tradable Credit
    Industry start:  
    1988
    Year joined:  
    2004
  • Larry-Hozenthaler-Headshot

    Larry Holzenthaler

    Managing Director, Portfolio Manager and Senior Alternatives Strategist
    Industry start:  
    2001
    Year joined:  
    2023

  • Steve Krull

    Managing Director, Portfolio Manager and Head of Trading
    Industry start:  
    1998
    Year joined:  
    2004
  • Brian Murphy Headshot

    Brian Murphy

    Senior Managing Director and Head of Capital Markets and Co-Head of Origination
    Industry start:  
    1992
    Year joined:  
    2004

Our Process

Our Process Graphic

  1. Disclosures

  2. “With load” performance for Class A Shares gives effect to the deduction of the maximum sales charge of 2.50%.

  3. Class A Shares. The minimum initial investment for Class A Shares is $2,500 per account. The minimum subsequent investment amount for Class A Shares is $100.

  4. Class I Shares. The minimum initial investment for Class I Shares is $1 million per account. There is no minimum subsequent investment amount for Class I Shares.

  5. The initial investment minimums may be modified for certain financial firms that submit orders on behalf of their customers. The Fund or the Distributor may lower or waive the minimum initial investment for certain classes of shares or categories of investors at their discretion. The minimum initial investment may also be modified for current officers, trustees, directors, and employees of the Fund, First Eagle, the Adviser, the Subadviser, the Distributor, certain other subsidiaries of First Eagle, The Blackstone Group Inc., Corsair Capital LLC, employees of certain firms providing services to the Fund (such as the custodian and the shareholder servicing agent), and to the immediate family members of any such persons or to any trust, pension, profit-sharing or other benefit plan for only such persons. Please see the Statement of Additional Information for details.

  6. The Credit Opportunities Fund’s Common Shares are not listed for trading on any national securities exchange, have no trading market and no market is expected to develop.

  7. Investors should consider Common Shares of the Fund to be an illiquid investment. There is no guarantee that investors will be able to sell the Common Shares at any given time or in the quantity the investor desires.

  8. An investment in the Credit Opportunities Fund is not suitable for investors who need certainty about their ability to access all of the money they invest in the short term.

Fees, Expenses & Minimums

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

Share Class A (FECAX)

Expense Ratio and Shareholder Fees as of April 30, 2024

Shareholder Fee (%)

These are the fees paid directly from your investment.

 Sales ChargeDealer Re-Allowance
Less than $100,0002.502.50
$100,000 but less than $250,0001.502.00
$250,000 and over0.001.50

 

Expense Ratio (%)

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

Management Fees21.44
Distribution and/or Service (12b-1) Fees0.25
Interest Payment on Borrowed Funds31.59
Other Expenses40.79
Total Annual Fund Operating Expenses4.07
Fee Waiver and/or Expense Reimbursement-0.23
Total Annual Operating Expenses After Fee Waiver and/or Expense Reimbursement53.84
Adjusted Expense Ratio (%)62.25
Management Ratio (%)7
Management Fee based on managed assets1.25
Management Fee based on net assets1.44

  1. Disclosures

  2. 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.

  3. 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”

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

  5. 1

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

  6. 2

    The Management Fee paid by the Fund is calculated at the annual rate of 1.25% of the average daily value of the Fund’s Managed Assets which includes assets purchased with borrowed money. The table above assumes that the Fund borrows money for investment purposes at an average amount of 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).

  7. 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).

  8. 4

    Other expenses include, but are not limited to, accounting, legal and auditing fees of the Fund, acquired fund fees and expenses, as well as fees payable to the Trustees who are not interested persons of the Fund (as defined in the 1940 Act) (“Independent Trustees”).

  9. 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.

  10. 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.

  11. 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).

  12. 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.

  13. 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.

  14. “With load” performance for Class A Shares gives effect to the deduction of the maximum sales charge of 2.50%.

  15. The Credit Opportunities Fund’s Common Shares are not listed for trading on any national securities exchange, have no trading market and no market is expected to develop.

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Share Class I (FECRX)

Expense Ratio and Shareholder Fees as of April 30, 2024

Expense Ratio (%)

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

Management Fees21.44
Interest Payment on Borrowed Funds31.59
Other Expenses40.79
Total Annual Fund Operating Expenses3.82
Fee Waiver and/or Expense Reimbursement-0.23
Total Annual Operating Expenses After Fee Waiver and/or Expense Reimbursement53.59
Adjusted Expense Ratio (%)62.00
Management Ratio (%)7
Management Fee based on managed assets1.25
Management Fee based on net assets1.44

  1. Disclosures

  2. 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.

  3. 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”

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

  5. 1

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

  6. 2

    The Management Fee paid by the Fund is calculated at the annual rate of 1.25% of the average daily value of the Fund’s Managed Assets which includes assets purchased with borrowed money. The table above assumes that the Fund borrows money for investment purposes at an average amount of 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).

  7. 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).

  8. 4

    Other expenses include, but are not limited to, accounting, legal and auditing fees of the Fund, acquired fund fees and expenses, as well as fees payable to the Trustees who are not interested persons of the Fund (as defined in the 1940 Act) (“Independent Trustees”).

  9. 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.

  10. 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.

  11. 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).

  12. 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.

  13. 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.

  14. “With load” performance for Class A Shares gives effect to the deduction of the maximum sales charge of 2.50%.

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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 ChargeDealer Re-Allowance
Less than $100,0002.502.50
$100,000 but less than $250,0001.502.00
$250,000 and over0.001.50
Expense Ratio (%)

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

Management Fees21.44
Distribution and/or Service (12b-1) Fees0.75
Interest Payment on Borrowed Funds31.59
Other Expenses40.77
Total Annual Fund Operating Expenses4.55
Fee Waiver and/or Expense Reimbursement-0.21
Total Annual Operating Expenses After Fee Waiver and/or Expense Reimbursement54.34
Adjusted Expense Ratio (%)62.75
Management Ratio (%)7
Management Fee based on managed assets1.25
Management Fee based on net assets1.44

  1. Disclosures

  2. 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.

  3. 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”

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

  5. 1

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

  6. 2

    The Management Fee paid by the Fund is calculated at the annual rate of 1.25% of the average daily value of the Fund’s Managed Assets which includes assets purchased with borrowed money. The table above assumes that the Fund borrows money for investment purposes at an average amount of 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).

  7. 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).

  8. 4

    Other expenses include, but are not limited to, accounting, legal and auditing fees of the Fund, acquired fund fees and expenses, as well as fees payable to the Trustees who are not interested persons of the Fund (as defined in the 1940 Act) (“Independent Trustees”).

  9. 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.

  10. 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.

  11. 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).

  12. 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.

  13. 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.

  14. 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.

  15. 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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Dividend Payments

Record DateFrequencyEx DateReinvest DatePayable DateDividend ($)Reinvested at
10/31/2024 Monthly 10/31/2024 10/31/2024 11/01/2024 $0.197 $23.18
09/30/2024 Monthly 09/30/2024 09/30/2024 10/01/2024 $0.191 $23.21
08/30/2024 Monthly 08/30/2024 08/30/2024 09/03/2024 $0.202 $23.26
07/31/2024 Monthly 07/31/2024 07/31/2024 08/01/2024 $0.206 $23.30
06/28/2024 Monthly 06/28/2024 06/28/2024 07/01/2024 $0.203 $23.46
05/31/2024 Monthly 05/31/2024 05/31/2024 06/03/2024 $0.209 $23.60
04/30/2024 Monthly 04/30/2024 04/30/2024 05/01/2024 $0.206 $23.57
03/28/2024 Monthly 03/28/2024 03/28/2024 04/01/2024 $0.211 $23.69
02/29/2024 Monthly 02/29/2024 02/29/2024 03/01/2024 $0.200 $23.64
01/31/2024 Monthly 01/31/2024 02/01/2024 02/01/2024 $0.214 $23.68
12/29/2023 Monthly 12/29/2023 12/29/2023 01/02/2024 $0.215 $23.78
12/27/2023 Special distribution 12/28/2023 12/28/2023 12/29/2023 $0.041 $23.76
11/30/2023 Monthly 11/30/2023 11/30/2023 12/01/2023 $0.206 $23.63
10/31/2023 Monthly 10/31/2023 10/31/2023 11/01/2023 $0.210 $23.53
09/29/2023 Monthly 09/29/2023 09/29/2023 10/02/2023 $0.203 $23.66
08/31/2023 Monthly 08/31/2023 08/31/2023 09/01/2023 $0.207 $23.61
07/31/2023 Monthly 07/31/2023 07/31/2023 08/01/2023 $0.204 $23.60
06/30/2023 Monthly 06/30/2023 06/30/2023 07/03/2023 $0.198 $23.49
05/31/2023 Monthly 05/31/2023 05/31/2023 06/01/2023 $0.201 $23.44
04/28/2023 Monthly 04/28/2023 04/28/2023 05/01/2023 $0.184 $23.69
03/31/2023 Monthly 03/31/2023 03/31/2023 04/03/2023 $0.182 $23.67
02/28/2023 Monthly 02/28/2023 02/28/2023 03/01/2023 $0.154 $23.87
01/31/2023 Monthly 01/31/2023 01/31/2023 02/01/2023 $0.172 $23.78
12/30/2022 Monthly 12/30/2022 12/30/2022 01/03/2023 $0.169 $23.44
12/28/2022 Special distribution 12/29/2022 12/29/2022 12/30/2022 $0.210 $23.44
11/30/2022 Monthly 11/30/2022 11/30/2022 12/01/2022 $0.152 $23.91
10/31/2022 Monthly 10/31/2022 10/31/2022 11/01/2022 $0.140 $23.87
09/30/2022 Monthly 09/30/2022 09/30/2022 10/03/2022 $0.136 $24.05
08/31/2022 Monthly 08/31/2022 08/31/2022 09/01/2022 $0.136 $24.57
07/29/2022 Monthly 07/29/2022 07/29/2022 08/01/2022 $0.132 $24.42
06/30/2022 Monthly 06/30/2022 06/30/2022 07/01/2022 $0.129 $24.33
05/31/2022 Monthly 05/31/2022 05/31/2022 06/01/2022 $0.139 $24.94
04/29/2022 Monthly 04/29/2022 04/29/2022 05/02/2022 $0.146 $25.69
03/31/2022 Monthly 03/31/2022 03/31/2022 04/01/2022 $0.146 $25.87
02/28/2022 Monthly 02/28/2022 02/28/2022 03/01/2022 $0.134 $26.00
01/31/2022 Monthly 01/31/2022 01/31/2022 02/01/2022 $0.152 $26.17
12/31/2021 Monthly 12/31/2021 12/31/2021 01/03/2022 $0.150 $26.20
12/28/2021 Special distribution 12/29/2021 12/29/2021 12/30/2021 $0.070 $26.18
11/30/2021 Monthly 11/30/2021 11/30/2021 12/01/2021 $0.144 $26.32
10/29/2021 Monthly 10/29/2021 10/29/2021 11/01/2021 $0.154 $26.40
09/30/2021 Monthly 09/30/2021 09/30/2021 10/01/2021 $0.154 $26.38
08/31/2021 Monthly 08/31/2021 08/31/2021 09/01/2021 $0.154 $26.27
07/30/2021 Monthly 07/30/2021 07/30/2021 08/02/2021 $0.197 $26.29
06/30/2021 Monthly 06/30/2021 06/30/2021 07/01/2021 $0.222 $26.31
05/28/2021 Monthly 05/28/2021 05/28/2021 06/01/2021 $0.149 $26.24
04/30/2021 Monthly 04/30/2021 04/30/2021 05/03/2021 $0.111 $26.26
03/31/2021 Monthly 03/31/2021 03/31/2021 04/01/2021 $0.142 $26.17
02/26/2021 Monthly 02/26/2021 02/26/2021 03/01/2021 $0.059 $26.01
01/29/2021 Monthly 01/29/2021 01/29/2021 02/01/2021 $0.116 $25.74
12/31/2020 Monthly 12/31/2020 12/31/2020 01/04/2021 $0.086 $25.47
10/31/2024 Monthly 10/31/2024 10/31/2024 11/01/2024 $0.203 $23.04
09/30/2024 Monthly 09/30/2024 09/30/2024 10/01/2024 $0.196 $23.08
08/30/2024 Monthly 08/30/2024 08/30/2024 09/03/2024 $0.208 $23.13
07/31/2024 Monthly 07/31/2024 07/31/2024 08/01/2024 $0.211 $23.23
06/28/2024 Monthly 06/28/2024 06/28/2024 07/01/2024 $0.208 $23.39
05/31/2024 Monthly 05/31/2024 05/31/2024 06/03/2024 $0.215 $23.46
04/30/2024 Monthly 04/30/2024 04/30/2024 05/01/2024 $0.212 $23.43
03/28/2024 Monthly 03/28/2024 03/28/2024 04/01/2024 $0.218 $23.56
02/29/2024 Monthly 02/29/2024 02/29/2024 03/01/2024 $0.205 $23.50
01/31/2024 Monthly 01/31/2024 02/01/2024 02/01/2024 $0.220 $23.55
12/29/2023 Monthly 12/29/2023 12/29/2023 01/02/2024 $0.220 $23.64
12/27/2023 Special distribution 12/28/2023 12/28/2023 12/29/2023 $0.089 $23.63
11/30/2023 Monthly 11/30/2023 11/30/2023 12/01/2023 $0.211 $23.54
10/31/2023 Monthly 10/31/2023 10/31/2023 11/01/2023 $0.216 $23.44
09/29/2023 Monthly 09/29/2023 09/29/2023 10/02/2023 $0.208 $23.57
08/31/2023 Monthly 08/31/2023 08/31/2023 09/01/2023 $0.212 $23.53
07/31/2023 Monthly 07/31/2023 07/31/2023 08/01/2023 $0.209 $23.51
06/30/2023 Monthly 06/30/2023 06/30/2023 07/03/2023 $0.203 $23.40
05/31/2023 Monthly 05/31/2023 05/31/2023 06/01/2023 $0.206 $23.35
04/28/2023 Monthly 04/28/2023 04/28/2023 05/01/2023 $0.189 $23.61
03/31/2023 Monthly 03/31/2023 03/31/2023 04/03/2023 $0.187 $23.58
02/28/2023 Monthly 02/28/2023 02/28/2023 03/01/2023 $0.159 $23.78
01/31/2023 Monthly 01/31/2023 01/31/2023 02/01/2023 $0.177 $23.69
12/30/2022 Monthly 12/30/2022 12/30/2022 01/03/2023 $0.174 $23.35
12/28/2022 Special distribution 12/29/2022 12/29/2022 12/30/2022 $0.260 $23.36
11/30/2022 Monthly 11/30/2022 11/30/2022 12/01/2022 $0.157 $23.87
10/31/2022 Monthly 10/31/2022 10/31/2022 11/01/2022 $0.146 $23.83
09/30/2022 Monthly 09/30/2022 09/30/2022 10/03/2022 $0.142 $24.01
08/31/2022 Monthly 08/31/2022 08/31/2022 09/01/2022 $0.141 $24.54
07/29/2022 Monthly 07/29/2022 07/29/2022 08/01/2022 $0.137 $24.39
06/30/2022 Monthly 06/30/2022 06/30/2022 07/01/2022 $0.135 $24.29
05/31/2022 Monthly 05/31/2022 05/31/2022 06/01/2022 $0.146 $24.91
04/29/2022 Monthly 04/29/2022 04/29/2022 05/02/2022 $0.152 $25.66
03/31/2022 Monthly 03/31/2022 03/31/2022 04/01/2022 $0.150 $25.84
02/28/2022 Monthly 02/28/2022 02/28/2022 03/01/2022 $0.139 $25.96
01/31/2022 Monthly 01/31/2022 01/31/2022 02/01/2022 $0.159 $26.13
12/31/2021 Monthly 12/31/2021 12/31/2021 01/03/2022 $0.163 $26.16
12/28/2021 Special distribution 12/29/2021 12/29/2021 12/30/2021 $0.140 $26.14
11/30/2021 Monthly 11/30/2021 11/30/2021 12/01/2021 $0.154 $26.36
10/29/2021 Monthly 10/29/2021 10/29/2021 11/01/2021 $0.160 $26.43
09/30/2021 Monthly 09/30/2021 09/30/2021 10/01/2021 $0.160 $26.40
08/31/2021 Monthly 08/31/2021 08/31/2021 09/01/2021 $0.160 $26.28
07/30/2021 Monthly 07/30/2021 07/30/2021 08/02/2021 $0.213 $26.28
06/30/2021 Monthly 06/30/2021 06/30/2021 07/01/2021 $0.238 $26.31
05/28/2021 Monthly 05/28/2021 05/28/2021 06/01/2021 $0.166 $26.24
04/30/2021 Monthly 04/30/2021 04/30/2021 05/03/2021 $0.127 $26.26
03/31/2021 Monthly 03/31/2021 03/31/2021 04/01/2021 $0.159 $26.16
02/26/2021 Monthly 02/26/2021 02/26/2021 03/01/2021 $0.074 $26.01
01/29/2021 Monthly 01/29/2021 01/29/2021 02/01/2021 $0.132 $25.74
12/31/2020 Monthly 12/31/2020 12/31/2020 01/04/2021 $0.109 $25.47
10/31/2024 Monthly 10/31/2024 10/31/2024 11/01/2024 $0.187 $23.13
09/30/2024 Monthly 09/30/2024 09/30/2024 10/01/2024 $0.181 $23.16
08/30/2024 Monthly 08/30/2024 08/30/2024 09/03/2024 $0.192 $23.20
07/31/2024 Monthly 07/31/2024 07/31/2024 08/01/2024 $0.196 $23.16
06/28/2024 Monthly 06/28/2024 06/28/2024 07/01/2024 $0.191 $23.33
05/31/2024 Monthly 05/31/2024 05/31/2024 06/03/2024 $0.200 $23.53
04/30/2024 Monthly 04/30/2024 04/30/2024 05/01/2024 $0.197 $23.49
03/28/2024 Monthly 03/28/2024 03/28/2024 04/01/2024 $0.202 $23.61
02/29/2024 Monthly 02/29/2024 02/29/2024 03/01/2024 $0.191 $23.55
01/31/2024 Monthly 01/31/2024 02/01/2024 02/01/2024 $0.204 $23.60
12/29/2023 Monthly 12/29/2023 12/29/2023 01/02/2024 $0.204 $23.69
12/27/2023 Special distribution 12/28/2023 12/28/2023 12/29/2023 $0.096 $23.67
11/30/2023 Monthly 11/30/2023 11/30/2023 12/01/2023 $0.193 $23.59
10/31/2023 Monthly 10/31/2023 10/31/2023 11/01/2023 $0.199 $23.49
09/29/2023 Monthly 09/29/2023 09/29/2023 10/02/2023 $0.193 $23.62
08/31/2023 Monthly 08/31/2023 08/31/2023 09/01/2023 $0.196 $23.57
07/31/2023 Monthly 07/31/2023 07/31/2023 08/01/2023 $0.188 $23.55
06/30/2023 Monthly 06/30/2023 06/30/2023 07/03/2023 $0.189 $23.44
05/31/2023 Monthly 05/31/2023 05/31/2023 06/01/2023 $0.191 $23.39
04/28/2023 Monthly 04/28/2023 04/28/2023 05/01/2023 $0.174 $23.65
03/31/2023 Monthly 03/31/2023 03/31/2023 04/03/2023 $0.172 $23.62
02/28/2023 Monthly 02/28/2023 02/28/2023 03/01/2023 $0.145 $23.82
01/31/2023 Monthly 01/31/2023 01/31/2023 02/01/2023 $0.161 $23.73
12/30/2022 Monthly 12/30/2022 12/30/2022 01/03/2023 $0.158 $23.39
12/28/2022 Special distribution 12/29/2022 12/29/2022 12/30/2022 $0.253 $23.40
11/30/2022 Monthly 11/30/2022 11/30/2022 12/01/2022 $0.142 $23.90
10/31/2022 Monthly 10/31/2022 10/31/2022 11/01/2022 $0.130 $23.85
09/30/2022 Monthly 09/30/2022 09/30/2022 10/03/2022 $0.126 $24.03
08/31/2022 Monthly 08/31/2022 08/31/2022 09/01/2022 $0.125 $24.56
07/29/2022 Monthly 07/29/2022 07/29/2022 08/01/2022 $0.122 $24.41
06/30/2022 Monthly 06/30/2022 06/30/2022 07/01/2022 $0.119 $24.32

  1. Ordinary income distributions are distributed at the class level and will vary by class.

  2. Past performance is not indicative of future results. 

  3. "Reinvested at" is the share price used to calculate the number of shares added to an account if a shareholder reinvests dividends or capital gains.

  4. Distributions may include return of capital.

Capital Gains Distributions

Record DateEx & Reinvestment DatePayable DateOrdinary IncomeShort Term Capital GainsLong Term Capital GainsLong Term Capital Gains - 28%Total Distribution
12/04/2023 12/05/2023 12/06/2023 $0.000 $0.000 $0.000 $0.000 $0.000
11/30/2022 12/01/2022 12/02/2022 $0.000 $0.010 $0.001 $0.000 $0.011
11/30/2021 12/01/2021 12/02/2021 $0.000 $0.080 $0.000 $0.000 $0.080
12/04/2023 12/05/2023 12/06/2023 $0.000 $0.000 $0.000 $0.000 $0.000
11/30/2022 12/01/2022 12/02/2022 $0.000 $0.010 $0.001 $0.000 $0.011
11/30/2021 12/01/2021 12/02/2021 $0.000 $0.080 $0.000 $0.000 $0.080
12/04/2023 12/05/2023 12/06/2023 $0.000 $0.000 $0.000 $0.000 $0.000
11/30/2022 12/01/2022 12/02/2022 $0.000 $0.010 $0.001 $0.000 $0.011

Fund Information

Interval Fund 19(a) Notice
Fact Sheet
Investor Guide
FECOF Annual Report
An Introduction to Interval Funds
2024 Credit Opportunities Fund Repurchase Timeline
Shareholder Repurchase Offer Notice
Semi-Annual Report
Credit Opportunities Proration Letter - October 2024

Commentaries

Quarterly Commentary

Fund Performance and Outlook

Fund Performance and Outlook

  1. The prospectus and summary prospectus may be viewed online or by calling us at 800-334-2143. Please read our prospectus carefully before investing.  Investments are not FDIC insured or bank guaranteed and may lose value.

  2. FEF Distributors, LLC (“FEFD”) (SIPC), a limited purpose broker-dealer, distributes certain First Eagle products. FEFD does not provide services to any investor, but rather provides services to its First Eagle affiliates. As such, when FEFD presents a fund, strategy, or other product to a prospective investor, FEFD and its representatives do not determine whether an investment in the fund, strategy or other product is in the best interests of, or is otherwise beneficial or suitable for, the investor. No statement by FEFD should be construed as a recommendation. Investors should exercise their own judgment and/or consult with a financial professional to determine whether it is advisable for the investor to invest in any First Eagle fund, strategy, or product.

  1. Risk Disclosures

  2. An investment in the First Eagle Credit Opportunities Fund (the “Fund”) involves a number of significant risks. Before you invest, you should be aware of various risks, including those described below. For a more complete discussion of the risks of investing in the Fund, see the Fund’s prospectus under the heading, “Principal Risks of the Fund.”

  3. All investments involve the risk of loss of principal. The Fund may not be able to pay distributions or may have to reduce distribution levels if the income and/or dividends the Fund receives from its investments decline.

  4. Investment in private and middle market companies is highly speculative and involves a high degree of risk of credit loss, and therefore the Fund’s securities may not be suitable for someone with a low tolerance for risk. The Fund is required to rely on the ability of the First Eagle Alternative Credit’s investment professionals to obtain adequate information to evaluate the potential returns from investing in these companies.

  5. Below investment grade securities or comparable unrated instruments may be subject to greater risks than securities or instruments that have higher credit ratings, including a higher risk of default, and the Fund might have difficulty selling them promptly at an acceptable price.

  6. Investments in loans potentially expose the Fund to the credit risk of the underlying borrower, and in certain cases, of the financial institution. The Fund’s ability to receive payments in connection with the loan depends primarily on the financial condition of the borrower. Even investments in secured loans present risk, as there is no assurance that the collateral securing the loan will be sufficient to satisfy the loan obligation. The market for certain loans is expected to be illiquid and the Fund may have difficulty selling them. In addition, loans often have contractual restrictions on resale, which can delay the sale and adversely impact the sale price

  7. Investments in debt securities and other obligations of companies that are experiencing significant financial or business distress involve a substantial degree of risk, including a material risk that the issuer will default on the obligations or enter bankruptcy. The level of analytical sophistication, both financial and legal, necessary for successful investment in distressed assets is unusually high. There is no assurance that First Eagle Alternative Credit will correctly evaluate the value of the assets collateralizing the Fund’s investments or the prospects for a successful reorganization or similar action in respect of any company.

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1345 Avenue of the Americas

New York, NY 10105

212-698-3300

  1. Investors should consider investment objectives, risks, charges and expenses carefully before investing. The prospectus and summary prospectus contain this and other information about the Funds and may be viewed online or calling us at 800-334-2143. Please read the prospectus carefully before investing. Investments are not FDIC insured or bank guaranteed and may lose value.

  2. FEF Distributors, LLC (“FEFD”) (SIPC), a limited purpose broker-dealer, distributes certain First Eagle products. FEFD does not provide services to any investor, but rather provides services to its First Eagle affiliates. As such, when FEFD presents a fund, strategy, or other product to a prospective investor, FEFD and its representatives do not determine whether an investment in the fund, strategy or other product is in the best interests of, or is otherwise beneficial or suitable for, the investor. No statement by FEFD should be construed as a recommendation. Investors should exercise their own judgment and/or consult with a financial professional to determine whether it is advisable for the investor to invest in any First Eagle fund, strategy, or product.

  3. The First Eagle Funds are offered by FEF Distributors, LLC, a subsidiary of First Eagle Investment Management, LLC, which provides advisory services.

  4. Check the background of FEF Distributors, LLC (Member SIPC) on FINRA's BrokerCheck.

    Form Customer Relationship Summary ("FORM CRS") can be accessed by clicking on this link FORM CRS