First Eagle Investment Management LLC

Item 5         Fees and Compensation
The specific way fees are charged by FEIM is established in each client’s written agreement. For SMAs, FEIM typically charges an
annual fee based on a percentage of assets under management.
FEIM’s current basic annual fee schedule for SMAs is as follows:
     •    Global Value – 75 basis points;
     •    International Value – 75 basis points;
     •    Global Income Builder – 75 basis points;
     •    Global Equity – 65 basis points up to $100mm; 60 basis points on the next $100mm; 50 basis points over the next $150mm;
          and 45 basis points thereafter;
     •    Gold – 75 basis points;
     •    US Small Cap – 85 basis points up to $75mm; then 75 basis points on the next $75mm; then 70 basis points on the next
          $300mm; and 65 basis points over $450mm;
     •    U.S. Value – 75 basis points;
     •    International Equity – 65 basis points up to $100mm; 60 basis points on the next $100mm; 50 basis points over the next
          $150mm; and 45 basis points thereafter;
     •    US Dividend Equity – 50 basis points;
     •    Short Duration High Yield Municipal – 45 basis points;
     •    US Smid Cap – 75 basis points;
     •    Mid Cap – 75 basis points;
     •    Global Real Assets – 65 basis points; and
     •    High Yield Municipal – 45 basis points up to $50mm; 40 basis points on the next $200mm; and 35 basis points thereafter.
The basic fees listed above can vary depending on certain factors including but not limited to the total value of client assets under
management with FEIM and the application of a performance fee.
Unless a different arrangement is made with a client, FEIM generally bills its management fees on a quarterly basis in arrears
based on the average month-end assets during the quarter.
Clients generally elect to be billed directly for fees. Management fees are typically prorated for partial periods.
For the Funds and for the private funds advised by FEIM, fees are described in the relevant prospectus or offering document. More
information on the fees and expenses borne by the First Eagle Funds is contained in the prospectus, available at
www.firsteagle.com/individual-investors/overview. With respect to the private funds, the applicable fees and expenses are set
forth in each private fund’s respective investment management agreement, limited partnership agreement or operating agreement,
as the case may be, and/or other governing documents, or the private fund’s offering memorandum (together with any
supplements thereto, the “OM”), if the private fund has issued an OM.
FEIM also has performance-based fee arrangements with certain clients. Generally, incentive compensation agreements provide
for a performance fee that is a percentage of the profits or a percentage of the increase in net asset value, or a percentage of the
profits in excess of a predetermined benchmark. The period over which the performance-based fee is calculated and the
designation of any benchmark or hurdle is negotiated with each client. In the case of private funds, the amount of any performance
fee is described in the fund’s OM.
Contracts with clients typically include a provision for indemnification to FEIM under certain circumstances.
FEF Distributors, LLC (“FEF Distributors”), a limited purpose broker-dealer and wholly owned subsidiary of FEIM, is the principal
underwriter and distributor of the Funds, of registered, closed-end interval funds and of the BDC and is the wholesale placement
agent of private funds advised by FEIM. FEF Distributors receives compensation for the sale of securities, including asset-based

Form ADV Part 2A Brochure                                          page 7                               First Eagle Investment Management, LLC

sales charges, service fees and contingent deferred sales charges from the sale of the Funds. These fees and charges are not
applied to offset advisory fees. Certain of FEIM’s employees who are also FEF Distributors representatives typically receive
compensation for the sale of investments (including investments in the Funds, private funds and to SMAs). All such compensation is
paid by FEIM from revenue attributable to such investments. In addition, FEIM has adopted incentive plans and has entered into
agreements that provide for compensation to its employees who develop and refer new business. These arrangements present a
conflict of interest and give FEIM and its employees/ FEF Distributors representatives an incentive to recommend investment
products based on the compensation received, rather than on a client’s needs. To help prevent FEIM and its employees from acting
in such a way, FEIM has adopted a Code of Ethics and a Code of Business Conduct requiring all FEIM employees to place the
interests of clients first and to refrain from taking inappropriate advantage of their positions. Certain of FEIM’s investment
products are also available for purchase through other agents or brokers that are not affiliated with FEIM. Certain investors in GC
Ferry Parent, L.P. and/or non-employee directors of GC Ferry Parent GP, LLC have financial interests in entities that receive
compensation for the sale of investments (including investments in the Funds, private funds and potentially to SMAs). Any such
compensation would generally be paid by FEIM from revenue attributable to its management of such investments.
Fees paid to FEIM for investment advisory services are separate from the fees and expenses that the Funds charge to their
shareholders. Each Fund's fees and expenses are described in the Fund's prospectus, and generally include a management fee and
other fund expenses and may include initial and contingent sales charges, asset-based sales charges, service fees and/or
distribution fees ("Rule 12b-1 fees"). Rule 12b-1 fees are paid by a Fund to compensate for providing distribution-related,
...

Item 7         Types of Clients
FEIM provides portfolio management services to corporate pension and profit-sharing plans, Taft-Hartley plans, municipal pension
plans, mutual funds, ETFs, ICAV funds, CITs and other trusts, private funds, registered, closed-end interval funds, a BDC, sovereign
funds, non-U.S. funds, and other U.S. and non-U.S. institutions. FEIM generally requires minimum account sizes, which are based on
mandate and type. FEIM reserves the right, in its sole discretion, to waive or change investment minimums in certain
circumstances.
By strategy, FEIM’s minimum account sizes are generally as follows:
     •    Global Value – $100mm
     •    International Value – $100mm
     •    Global Income Builder – $100mm
     •    Global Equity – $100mm
     •    Gold – $100mm
     •    US Small Cap – $25mm
     •    U.S. Value – $100mm
     •    International Equity – $100mm
     •    US Dividend Equity – $50mm
     •    Short Duration High Yield Municipal – $50mm
     •    US Smid Cap – $25mm
     •    Mid Cap – $25mm
     •    Global Real Assets – $50mm
     •    High Yield Municipal – $50mm