# EDGAR Filing Document

**Accession Number:** 0002083193
**File Stem:** 0000930413-25-003745
**Filing Date:** 2025-12
**Character Count:** 1490117
**Document Hash:** d26b859868df41cdc6dc3bd9d6ed4cb6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000930413-25-003745.hdr.sgml**: 20251222

**ACCESSION NUMBER**: 0000930413-25-003745

**CONFORMED SUBMISSION TYPE**: N-1A/A

**PUBLIC DOCUMENT COUNT**: 59

**FILED AS OF DATE**: 20251222

**DATE AS OF CHANGE**: 20251219

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** First Eagle ETF Trust
- **CENTRAL INDEX KEY:** 0002083193

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-1A/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-24120
- **FILM NUMBER:** 251589108

**BUSINESS ADDRESS:**
- **STREET 1:** 1345 AVENUE OF AMERICAS
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10105
- **BUSINESS PHONE:** (212) 698-3300

**MAIL ADDRESS:**
- **STREET 1:** 1345 AVENUE OF AMERICAS
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10105
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** First Eagle ETF Trust
- **CENTRAL INDEX KEY:** 0002083193

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-1A/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-290276
- **FILM NUMBER:** 251589107

**BUSINESS ADDRESS:**
- **STREET 1:** 1345 AVENUE OF AMERICAS
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10105
- **BUSINESS PHONE:** (212) 698-3300

**MAIL ADDRESS:**
- **STREET 1:** 1345 AVENUE OF AMERICAS
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10105

## Series and Classes Contracts Data

### First Eagle Mid Cap Equity ETF (Series ID: S000097445)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000266630 | First Eagle Mid Cap Equity ETF | FEMD            |

### First Eagle US Equity ETF (Series ID: S000097446)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000266631 | First Eagle US Equity ETF | USFE            |

As filed with the Securities and Exchange Commission on December 19, 2025

REGISTRATION NO. 333-290276 and 811-24120

**SECURITIES AND EXCHANGE COMMISSION<br> WASHINGTON, D.C. 20549**

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**FORM N-1A**

**REGISTRATION STATEMENT<br> UNDER**

**THE SECURITIES ACT OF 1933**

**PRE-EFFECTIVE AMENDMENT NO. 3**

**POST-EFFECTIVE AMENDMENT NO.**

**AND/OR<br> REGISTRATION STATEMENT<br> UNDER**

**THE INVESTMENT COMPANY ACT OF 1940**

**AMENDMENT NO. 3**

(CHECK APPROPRIATE BOX OR BOXES)

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**FIRST EAGLE ETF TRUST**<br> (EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER)

------

**1345 AVENUE OF THE AMERICAS**<br> **NEW YORK, NY 10105**<br> (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)

REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: **(212) 698-3300**

**SHEELYN MICHAEL**

**FIRST EAGLE ETF TRUST**

**1345 AVENUE OF THE AMERICAS<br> NEW YORK, NY 10105**

(NAME AND ADDRESS OF AGENT FOR SERVICE)

------

COPY TO:<br> **NATHAN J. GREENE, ESQ.**<br> **SIDLEY AUSTIN LLP**<br> **787 SEVENTH AVENUE**<br> **NEW YORK, NY 10019**

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Approximate Date of Proposed Public Offering: As soon as practicable after this Registration Statement becomes effective.

The Registrant hereby amends the Registration Statement to delay its effective date until the Registrant shall file a further amendment which specifically states that the Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act or until the Registration Statement shall become effective on such date as the Commission, acting pursuant to Section 8(a), may determine.

**The information in this Prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This Prospectus is not an offer to sell these securities and is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.**

**Subject to Completion—Dated December 19, 2025**

![](x5_c114495x3x1.jpg)

**Prospectus**

First Eagle US Equity ETF<br> (NYSE Arca, Inc. – USFE)

First Eagle Mid Cap Equity ETF<br> (NYSE Arca, Inc. – FEMD)

**of First Eagle ETF Trust**

**December [24], 2025**

**The Securities and Exchange Commission ("SEC") has not approved or disapproved these securities or passed upon the adequacy of this Prospectus. Any representation to the contrary is a criminal offense.**

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [First Eagle US Equity ETF](#x5_c114495a001) | 1 |
| [First Eagle Mid Cap Equity ETF](#x5_c114495a002) | 7 |
| [Additional Information about the Funds](#x5_c114495a003) | 12 |
| [Management of the Funds](#x5_c114495a004) | 19 |
| [How to Buy and Sell Shares](#x5_c114495a005) | 21 |
| [Dividends, Distributions, and Taxes](#x5_c114495a006) | 23 |
| [Distribution](#x5_c114495a007) | 26 |
| [Additional Considerations](#x5_c114495a008) | 27 |
| [Financial Highlights](#x5_c114495a009) | 36 |

---

No securities dealer, sales representative, or any other person has been authorized to give any information or to make any representations, other than those contained in this Prospectus or in approved sales literature in connection with the offer contained herein, and if given or made, such other information or representations must not be relied upon as having been authorized by the First Eagle US Equity ETF or the First Eagle Mid Cap Equity ETF (each a "Fund" and together, the "Funds") or First Eagle ETF Trust. This Prospectus does not constitute an offer to sell or a solicitation of an offer to buy any of the securities offered hereby in any jurisdiction or to any person to whom it is unlawful to make such offer.

**First Eagle US Equity ETF**

**SUMMARY SECTION**

**Investment Objective**

The investment objective of the First Eagle US Equity ETF (the "Fund") is to seek long-term growth of capital.

**Fees and Expenses**

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund ("Shares"). **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.**

---

| | |
|:---|:---|
| **Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):** | **Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):** |
| Management Fees | 0.79% |
| Distribution (12b-1) Fees | 0.00% |
| Other Expenses<sup>(1)</sup> | 0.00% |
| Total Annual Fund Operating Expenses | 0.79% |
| Fee Waivers and/or Expense Reimbursement<sup>(2)</sup> | (0.34)% |
| Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursement | 0.45% |

---

<sup>(1)</sup> "Other Expenses" are estimated for the current fiscal year.

<sup>(2)</sup> First Eagle Investment Management, LLC (the "Adviser") has contractually agreed to waive and/or reimburse certain fees and expenses so that the total annual fund operating expenses (excluding Acquired Fund Fees and Expenses ("AFFE"), brokerage commissions, extraordinary items, interest or taxes) ("annual operating expenses") is limited to 0.45% of the Fund's average daily net assets. These contractual limitations are in effect until January 1, 2027, and may not be terminated prior to that date without the approval of the Board of Trustees (the "Board") of First Eagle ETF Trust (the "Trust").

*Example*

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or sell all of your Shares at the end of those periods. The Example also assumes that: (1) your investment has a 5% return each year, and (2) the Fund's operating expenses remain the same (except that the fee waiver is taken into account only for the one-year expense example). Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | |
|:---|:---|
| **1 Year** | **3 Years** |
| $46 | $218 |

---

 

*Portfolio Turnover*

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. No portfolio turnover rate is provided for the Fund because the Fund had not commenced operations prior to the date of this Prospectus.

**Principal Investment Strategies**

The Fund is an actively managed exchange-traded fund ("ETF") and seeks to achieve its objective of long-term capital growth by investing, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in domestic equity and may invest to a lesser extent in securities of non-U.S. issuers (including American Depositary Receipts, Global Depositary Receipts and European Depositary Receipts). In particular, the Fund seeks companies exhibiting financial strength and stability, strong management and fundamental value. Investment decisions for the Fund are made without regard to the capitalization (size) of the companies in which it invests. The Fund may invest in any size company, including large, medium and smaller companies.

The Fund may invest in cash and cash equivalents, including money market funds for cash sweeps.

The investment philosophy and strategy of the Fund can be broadly characterized as a ''value'' approach, as it generally seeks a ''margin of safety'' in its investment purchases with the goal being to avoid permanent impairment of capital (as opposed to temporary losses in share value relating to shifting investor sentiment or other normal share price volatility). In particular, a discount to ''intrinsic value'' is sought even for the best of businesses, with a deeper discount demanded for companies that we view as under business model, balance sheet, management or other stresses. ''Intrinsic value'' is based on our judgment of what a prudent and rational business buyer would pay in cash for all of the company in normal markets.

The Fund is non-diversified and typically expects to invest in a smaller number of holdings.

**Principal Investment Risks**

Loss of money is a risk of investing in the Fund. The value of your investment in the Fund, as well as the amount of return you receive on your investment, may fluctuate significantly from day to day and over time. You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears. Different risks may be more significant at different times depending on market conditions or other factors.

● **Market Risk —** The value and liquidity of the Fund's portfolio holdings may fluctuate in response to events specific to the issuers or markets in which the Fund invests, as well as economic, political, or social events in the United States or abroad. Markets may be volatile, and prices of individual securities and other investments, including those of a particular type, may decline significantly and rapidly in response to adverse issuer, political, regulatory, market, economic or other developments, public perceptions concerning these developments, and adverse investor sentiment or publicity. Recent market conditions and events, including a global public health crisis, wars and armed conflicts and actions taken by governments in response, may exacerbate volatility. Rapid changes in prices or liquidity, which often are not anticipated and can relate to events not connected to particular investments, may limit the ability of the Fund to dispose of its assets at the price or time of its choosing and can result in losses. Changes in prices may be temporary or may last for extended periods.

● **Equity Risk —** The value of the Fund's portfolio holdings may fluctuate in response to the risk that the prices of equity securities, including common stock, rise and fall daily. These price movements may result from factors affecting individual companies, industries or the securities market as a whole. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time. Equity securities generally have greater price volatility than debt securities.

● **Large Shareholder Risk —** Certain large shareholders, including APs (as defined below), may from time to time own a substantial amount of the Fund's shares. There is no requirement that these shareholders maintain their investment in the Fund. There is a risk that such large shareholders may redeem all or a substantial portion of their investments in the Fund in a short period of time, which could have a significant negative impact on the Fund's NAV, liquidity, and brokerage costs. Large redemptions could, to the extent the Fund permits redemptions in cash, accelerate the realization of taxable income and cause the Fund to make taxable distributions to shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such year.

● **New Fund Risk —** The Fund is a newly organized, management investment company with a limited operating history. In addition, there can be no assurance that the Fund will grow to, or maintain, an economically viable size, in which case the Board of Trustees of First Eagle ETF Trust may determine to liquidate the Fund.

● **Other Investment Company Risk —** To the extent the Fund invests in other investment companies, including money market funds and ETFs, its performance will be affected by the performance of those other investment companies. Investments in other investment companies are subject to the risks of the other investment companies' investments, as well as to the other investment companies' expenses. As a result, shareholders of the Fund will indirectly be subject to the fees and expenses of the other investment companies in which the Fund invests, and these fees and expenses are in addition to the fees and expenses that Fund shareholders directly bear in connection with the Fund's own operations. An ETF may trade in the secondary market at a price below the value of its underlying portfolio and may not be liquid. An actively managed ETF's performance will reflect its adviser's ability to make investment decisions that are suited to achieving the ETF's investment objectives. A passively managed ETF may not replicate the performance of the index it intends to track.

● **Large Capitalization Companies Risk —** The Fund may invest in larger, more established companies, the securities of which may be unable to respond quickly to new competitive challenges like changes in consumer tastes or innovative smaller competitors. Larger companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion. The Fund considers large companies to be companies with market capitalizations of $10 billion or greater.

● **Small and Medium Capitalization Companies Risk —** The Fund may invest in small and medium-size companies, the securities of which can be more volatile in price than those of larger companies. Positions in smaller companies, especially when the Fund is a large holder of a small company's securities, also may be more difficult or expensive to trade. The Fund considers small companies to be companies with market capitalizations of less than $1 billion and medium-size companies to have market capitalizations of less than $10 billion but greater than or equal to $1 billion.

● **Value Investment Strategy Risk —** An investment made at a perceived "margin of safety" or "discount to intrinsic or fundamental value" can trade at prices substantially lower than when an investment is made, so that any perceived "margin of safety" or "discount to value" is no guarantee against loss. "Value" investments, as a category, or entire industries or sectors associated with such investments, may lose favor with investors as compared to those that are more "growth" oriented. In such an event, the Fund's investment returns would be expected to lag relative to returns associated with more growth-oriented investment strategies. Investing in or having exposure to "value" securities presents the risk that such securities may never reach what the Adviser believes are their full market values.

● **Foreign Investment Risk —** The Fund may invest in foreign investments (including American Depositary Receipts ("ADRs"), Global Depositary Receipts ("GDRs") and European Depositary Receipts ("EDRs")). Foreign investments, which can be denominated in any applicable foreign currency, are susceptible to less politically, economically and socially stable environments, foreign currency and exchange rate changes, and adverse changes to government regulations. While depositary receipts provide an alternative to directly purchasing the underlying foreign securities in their respective national markets and currencies, investments in ADRs, GDRs and EDRs continue to be subject to many of the risks associated with investing directly in foreign investments.

● **Currency Risk —** Currency risk is the risk that foreign currencies will decline in value relative to that of the U.S. dollar and affect the Fund's non-U.S. currencies or securities that trade in and receive revenue in non-U.S. currencies.

● **Cybersecurity Risk —** Cybersecurity risk is the risk of an unauthorized breach and access to Fund assets, Fund or customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Fund, the Adviser, the Fund's investment sub-adviser, custodian, transfer agent, distributor and other service providers and financial intermediaries to suffer data breaches, data corruption or lose operational functionality or prevent Fund investors from purchasing or redeeming or receiving distributions. The Fund and the Adviser have limited ability to prevent or mitigate cyber security incidents affecting third-party service providers and such third-party service providers may have limited indemnification obligations to the Fund or the Adviser. Successful cyber-attacks or other cyber-failures or events affecting the Fund or its service providers may adversely impact and cause financial losses to the

Fund or its shareholders. Issuers of securities in which the Fund invests are also subject to cyber security risks, and the value of these securities could decline if the issuers experience cyber-attacks or other cyber-failures.

● **Non-Diversification Risk —** The Fund is a non-diversified ETF, and as a result, an investment in
 the Fund may expose your money to greater risks than if you invest in a diversified fund.
 The Fund will invest in a limited number of companies, therefore gains or losses in a
 particular security may have a greater impact on their share price.

● **ETF Risk —** The Fund is an ETF , and, as a result of an ETF's structure, it
 is exposed to the following risks: "Authorized Participants, Market Makers and
 Liquidity Providers Concentration Risk," "Cash Transactions Risk,"
 "Secondary Market Trading Risk," and "Shares May Trade at Prices Other
 Than NAV Risk." In addition, the Fund may be subject to the risks of discussed
 in this Prospectus through the Fund's investments in ETFs.

**Authorized Participants, Market Makers and Liquidity Providers Concentration Risk** **—** Only an authorized participant may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of financial institutions that are institutional investors and may act as authorized participants ("APs"). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to net asset value ("NAV") and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. These events, among others, may lead to the Shares trading at a premium or discount to NAV. Thus, you may pay more (or less) than the NAV when you buy Shares in the secondary market, and you may receive less (or more) than NAV when you sell those Shares in the secondary market. A diminished market for an ETF's shares substantially increases the risk that a shareholder may pay considerably more or receive significantly less than the underlying value of the ETF shares bought or sold. In periods of market volatility, APs, market makers and/or liquidity providers may be less willing to transact in Shares. If these firms exit the business or are unable or unwilling to process creation and/or redemption orders, Shares may trade at a premium or discount to NAV and bid-ask spreads may widen.

 

**Cash Transactions Risk** **—** Unlike certain ETFs, the Fund may effect its creations and redemptions partially or wholly for cash rather than on an in-kind basis. Because of this, the Fund may incur costs such as brokerage costs or be unable to realize certain tax benefits associated with in-kind transfers of portfolio securities that may be realized by other ETFs. These costs may decrease the Fund's NAV to the extent that the costs are not offset by a transaction fee payable by an AP. Shareholders may be subject to tax on gains they would not otherwise have been subject to and/or at an earlier date than if the Fund had effected redemptions wholly on an in-kind basis.

 

**Secondary Market Trading Risk** **—** Although Shares are listed on a national securities exchange, the NYSE Arca, Inc. (the "Exchange"), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be maintained. In addition, trading in Shares on the Exchange may be halted. Trading may be halted because of market conditions or for reasons that, in the view of the Exchange, make trading in the Fund inadvisable. These may include: (a) the extent to which trading is not occurring in the securities and/or the financial instruments composing the Fund's portfolio; or (b) whether other unusual conditions or circumstances detrimental to the maintenance of a fair and orderly market are present. During periods of market stress, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines. Further, APs may be unwilling to participate in the creation/redemption process during periods of market stress, particularly if the market for shares becomes less liquid in response to deteriorating liquidity in the markets for the Fund's underlying portfolio holdings, which may lead to widening of bid-ask spreads and differences between the market price of the shares and the underlying value of those shares.

**Shares May Trade at Prices Other Than NAV Risk** **—** As with all ETFs, Shares may be bought and sold in the secondary market at market prices. There is a risk that market prices for Fund Shares will vary significantly from the Fund's NAV. Where all or portion of the Fund's underlying securities trade in a foreign market that is closed when the market in which the Fund's Shares are listed is open for trading, there may be changes between the last

quote of the underlying securities' value in the closed foreign market and the value of such underlying securities during the Fund's domestic trading day.

**Performance**

Performance information for the Fund is not included because the Fund had not commenced operations prior to the date of this Prospectus. Performance information will be available in the Prospectus once the Fund has at least one calendar year of performance. The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future and does not guarantee future results. Updated performance information will be available on the Fund's website at <u>https://www.firsteagle.com/funds/us-equity-etf</u>.

**Management of the Fund**

***<u>Investment Adviser</u>***

First Eagle Investment Management, LLC serves as the investment adviser.

***<u>Investment Sub-Adviser</u>***

Exchange Traded Concepts, LLC serves as the investment sub-adviser.

***<u>Portfolio Managers</u>***

Matthew McLennan, Mark Wright, Manish Gupta and Julien Albertini are jointly and primarily responsible for the day-to-day management of the Fund and serve as the Fund's Portfolio Managers.

---

| | | |
|:---|:---|:---|
| *Name* | *Title with Adviser* | *Tenure with the Fund* |
| Matthew McLennan | Co-Head of the First Eagle Global Value Team | Since Inception in December 2025 |
| Mark Wright | Member of the First Eagle Global Value Team | Since Inception in December 2025 |
| Manish Gupta | Member of the First Eagle Global Value Team | Since Inception in December 2025 |
| Adrian Jones | Member of the First Eagle Global Value Team | Since Inception in December 2025 |

---

**Purchase and Sale of Fund Shares**

Shares are listed on the Exchange, and investors can only buy and sell Shares through brokers or dealers at market prices, rather than NAV. Because Shares trade at market prices rather than NAV, Shares may trade at a price greater than NAV (premium) or less than NAV (discount). An investor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase shares (bid) and the lowest price a seller is willing to accept for shares (ask) when buying or selling shares in the secondary market (the "bid-ask spread"). The median bid-ask spread for the Fund's most recent fiscal year cannot be provided because the Fund did not have a trading history to report trading information and related costs prior to the date of this Prospectus. Once available, information on the Fund's NAV, market price, premiums and discounts, and bid-ask spreads will be provided at <u>https://www.firsteagle.com/funds/us-equity-etf</u>.

The Fund issues and redeems Shares at NAV only in large blocks known as "Creation Units," which only APs (typically, broker-dealers) may purchase or redeem. The Fund generally issues and redeems Creation Units in exchange for a portfolio of securities closely approximating the holdings of the Fund (the "Deposit Securities") and/or a designated amount of U.S. cash.

**Tax Information**

The Fund's distributions generally are taxable, and generally will be taxed as ordinary income, qualified dividend income or capital gains, unless you are investing through a tax-deferred account, such as a 401(k) plan or an individual retirement account. Amounts withdrawn from a tax-deferred account may be subject to tax.

**Financial Intermediary Compensation**

You may purchase Shares through a broker-dealer or other financial intermediary (such as a bank) (an "Intermediary"). The Fund's investment adviser, or its affiliates may pay Intermediaries for certain activities related to the Fund, including participation in activities that are designed to make Intermediaries more knowledgeable about exchange traded products, including the Fund, or for other activities, such as marketing, educational training or other initiatives related to the sale or promotion of Shares. These payments may create a conflict of interest by influencing the Intermediary and your salesperson to recommend the Fund over another investment. Any such arrangements do not result in increased Fund expenses. Ask your salesperson or visit the Intermediary's website for more information.

**First Eagle Mid Cap Equity ETF**

**SUMMARY SECTION**

**Investment Objective**

The investment objective of the First Eagle Mid Cap Equity ETF (the "Fund") is to seek long-term growth of capital.

**Fees and Expenses**

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund ("Shares"). **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.**

---

| | |
|:---|:---|
| **Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):** | **Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):** |
| Management Fees | 0.75% |
| Distribution (12b-1) Fees | 0.00% |
| Other Expenses<sup>(1)</sup> | 0.00% |
| Total Annual Fund Operating Expenses | 0.75% |
| Fee Waivers and/or Expense Reimbursement<sup>(2)</sup> | (0.20)% |
| Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursement | 0.55% |

---

<sup>(1)</sup> "Other Expenses" are estimated for the current fiscal year.

<sup>(2)</sup> First Eagle Investment Management, LLC (the "Adviser") has contractually agreed to waive and/or reimburse certain fees and expenses so that the total annual fund operating expenses (excluding Acquired Fund Fees and Expenses ("AFFE"), brokerage commissions, extraordinary items, interest or taxes) ("annual operating expenses") is limited to 0.55% of the Fund's average daily net assets. These contractual limitations are in effect until January 1, 2027, and may not be terminated prior to that date without the approval of the Board of Trustees (the "Board") of First Eagle ETF Trust (the "Trust").

*Example*

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or sell all of your Shares at the end of those periods. The Example also assumes that: (1) your investment has a 5% return each year, and (2) the Fund's operating expenses remain the same (except that the fee waiver is taken into account only for the one-year expense example). Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | |
|:---|:---|
| **1 Year** | **3 Years** |
| $56 | $220 |

---

 

*Portfolio Turnover*

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. No portfolio turnover rate is provided for the Fund because the Fund had not commenced operations prior to the date of this Prospectus.

**Principal Investment Strategies**

The Fund is an actively managed exchange-traded fund ("ETF") and invests, under normal circumstances, in equity securities of U.S. mid-cap companies in an attempt to take advantage of what the Adviser believes are opportunistic situations for undervalued securities. Normally, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in the equity securities of U.S. mid-cap companies. The Adviser defines mid-cap companies as those that have at the time of investment a market capitalization not greater than that of the largest company in the Russell Mid Cap® Index. The Russell Mid Cap® Index is reconstituted annually. (Russell Mid Cap® Index was ranging from approximately $831 million to $89 billion as of June 30, 2025). The Fund invests in domestic equity and may invest to a lesser extent in securities of non-U.S. issuers (including American Depositary Receipts, Global Depositary Receipts and European Depositary Receipts).

The Fund may invest in cash and cash equivalents, including money market funds for cash sweeps.

Potential investments that the Adviser considers to be opportunistic may include situations involving company turnarounds (e.g., a company that may be experiencing periods of poor financial or stock performance but may be exhibiting potential for financial recovery), emerging growth companies with interrupted earnings patterns (e.g., companies without a long or consistent history of earnings but that the Adviser believes have the potential for earnings growth), companies with unrecognized asset values, or undervalued growth companies (e.g., companies that have low multiples of price-to-book or price-to-sales ratios, or companies with securities that are trading at a price below what the Adviser believes the security is worth).

**Principal Investment Risks**

Loss of money is a risk of investing in the Fund. The value of your investment in the Fund, as well as the amount of return you receive on your investment, may fluctuate significantly from day to day and over time. You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears. Different risks may be more significant at different times depending on market conditions or other factors.

● **Market Risk —** The value and liquidity of the Fund's portfolio holdings may fluctuate in response to events specific to the issuers or markets in which the Fund invests, as well as economic, political, or social events in the United States or abroad. Markets may be volatile, and prices of individual securities and other investments, including those of a particular type, may decline significantly and rapidly in response to adverse issuer, political, regulatory, market, economic or other developments, public perceptions concerning these developments, and adverse investor sentiment or publicity. Recent market conditions and events, including a global public health crisis, wars and armed conflicts and actions taken by governments in response, may exacerbate volatility. Rapid changes in prices or liquidity, which often are not anticipated and can relate to events not connected to particular investments, may limit the ability of the Fund to dispose of its assets at the price or time of its choosing and can result in losses. Changes in prices may be temporary or may last for extended periods.

● **Equity Risk —** The value of the Fund's portfolio holdings may fluctuate in response to the risk that the prices of equity securities, including common stock, rise and fall daily. These price movements may result from factors affecting individual companies, industries or the securities market as a whole. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time. Equity securities generally have greater price volatility than debt securities.

● **Large Shareholder Risk —** Certain large shareholders, including APs (as defined below), may from time to time own a substantial amount of the Fund's shares. There is no requirement that these shareholders maintain their investment in the Fund. There is a risk that such large shareholders may redeem all or a substantial portion of their investments in the Fund in a short period of time, which could have a significant negative impact on the Fund's NAV, liquidity, and brokerage costs. Large redemptions could, to the extent the Fund permits redemptions in cash, accelerate the realization of taxable income and cause the Fund to make taxable distributions to shareholders earlier than the Fund otherwise would have. In

addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such year.

● **New Fund Risk —** The Fund is a newly organized, management investment company with a limited operating history. In addition, there can be no assurance that the Fund will grow to, or maintain, an economically viable size, in which case the Board of Trustees of First Eagle ETF Trust may determine to liquidate the Fund.

● **Other Investment Company Risk —** To the extent the Fund invests in other investment companies, including money market funds and ETFs, its performance will be affected by the performance of those other investment companies. Investments in other investment companies are subject to the risks of the other investment companies' investments, as well as to the other investment companies' expenses. As a result, shareholders of the Fund will indirectly be subject to the fees and expenses of the other investment companies in which the Fund invests, and these fees and expenses are in addition to the fees and expenses that Fund shareholders directly bear in connection with the Fund's own operations. An ETF may trade in the secondary market at a price below the value of its underlying portfolio and may not be liquid. An actively managed ETF's performance will reflect its adviser's ability to make investment decisions that are suited to achieving the ETF's investment objectives. A passively managed ETF may not replicate the performance of the index it intends to track.

● **Medium-Size Company Risk —** The Fund will invest in medium-size companies, the securities of which can be more volatile in price than those of larger companies. Positions in smaller companies, especially when the Fund is a large holder of a smaller company's securities, also may be more difficult or expensive to trade. The Fund defines mid-cap companies as those that have at the time of investment a market capitalization not greater than that of the largest company in the Russell Mid Cap® Index. The Russell Mid Cap® Index is reconstituted annually. (Russell Mid Cap® Index was ranging from approximately $831 million to $89 billion as of June 30, 2025).

● **Value Investment Strategy Risk —** "Value" investments, as a category, or entire industries or sectors associated with such investments, may lose favor with investors as compared to those that are more "growth" oriented. In such an event, the Fund's investment returns would be expected to lag relative to returns associated with more growth-oriented investment strategies. Investing in or having exposure to "value" securities presents the risk that such securities may never reach what the Adviser believes are their full market values.

● **Foreign Investment Risk —** The Fund may invest in foreign investments (including American Depositary Receipts ("ADRs"), Global Depositary Receipts ("GDRs") and European Depositary Receipts ("EDRs")). Foreign investments, which can be denominated in any applicable foreign currency, are susceptible to less politically, economically and socially stable environments, foreign currency and exchange rate changes, and adverse changes to government regulations. While depositary receipts provide an alternative to directly purchasing the underlying foreign securities in their respective national markets and currencies, investments in ADRs, GDRs and EDRs continue to be subject to many of the risks associated with investing directly in foreign investments.

● **Currency Risk —** Currency risk is the risk that foreign currencies will decline in value relative to that of the U.S. dollar and affect the Fund's non-U.S. currencies or securities that trade in and receive revenue in non-U.S. currencies.

● **Cybersecurity Risk —** Cybersecurity risk is the risk of an unauthorized breach and access to Fund assets, Fund or customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Fund, the Adviser, the Fund's investment sub-adviser, custodian, transfer agent, distributor and other service providers and financial intermediaries to suffer data breaches, data corruption or lose operational functionality or prevent Fund investors from purchasing or redeeming shares or receiving distributions. The Fund and the Adviser have limited ability to prevent or mitigate cyber security incidents affecting third-party service providers and such third-party service providers may have limited indemnification obligations to the Fund or the Adviser. Successful cyber-attacks or other cyber-failures or events affecting the Fund or its service providers may adversely impact and cause financial losses to the Fund or its shareholders. Issuers of securities in which the Fund invests are also subject to cyber security risks, and the value of these securities could decline if the issuers experience cyber-attacks or other cyber-failures.

● **ETF Risk —** The Fund is an ETF, and, as a result of an ETF's structure, it is exposed to the following risks: "Authorized Participants, Market Makers and Liquidity Providers Concentration Risk," "Cash Transactions Risk," "Secondary Market Trading Risk," and "Shares May Trade at Prices Other Than NAV Risk." In addition, the Fund may be subject to the risks of discussed in this Prospectus through the Fund's investments in ETFs.

**Authorized Participants, Market Makers and Liquidity Providers Concentration Risk** **—** Only an authorized participant may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of financial institutions that are institutional investors and may act as authorized participants ("APs"). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to net asset value ("NAV") and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. These events, among others, may lead to the Shares trading at a premium or discount to NAV. Thus, you may pay more (or less) than the NAV when you buy Shares in the secondary market, and you may receive less (or more) than NAV when you sell those Shares in the secondary market. A diminished market for an ETF's shares substantially increases the risk that a shareholder may pay considerably more or receive significantly less than the underlying value of the ETF shares bought or sold. In periods of market volatility, APs, market makers and/or liquidity providers may be less willing to transact in Shares. If these firms exit the business or are unable or unwilling to process creation and/or redemption orders, Shares may trade at a premium or discount to NAV and bid-ask spreads may widen.

**Cash Transactions Risk** **—** Unlike certain ETFs, the Fund may effect its creations and redemptions partially or wholly for cash rather than on an in-kind basis. Because of this, the Fund may incur costs such as brokerage costs or be unable to realize certain tax benefits associated with in-kind transfers of portfolio securities that may be realized by other ETFs. These costs may decrease the Fund's NAV to the extent that the costs are not offset by a transaction fee payable by an AP. Shareholders may be subject to tax on gains they would not otherwise have been subject to and/or at an earlier date than if the Fund had effected redemptions wholly on an in-kind basis.

**Secondary Market Trading Risk** **—** Although Shares are listed on a national securities exchange, the NYSE Arca, Inc. (the "Exchange"), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be maintained. In addition, trading in Shares on the Exchange may be halted. Trading may be halted because of market conditions or for reasons that, in the view of the Exchange, make trading in the Fund inadvisable. These may include: (a) the extent to which trading is not occurring in the securities and/or the financial instruments composing the Fund's portfolio; or (b) whether other unusual conditions or circumstances detrimental to the maintenance of a fair and orderly market are present. During periods of market stress, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines. Further, APs may be unwilling to participate in the creation/redemption process during periods of market stress, particularly if the market for shares becomes less liquid in response to deteriorating liquidity in the markets for the Fund's underlying portfolio holdings, which may lead to widening of bid-ask spreads and differences between the market price of the shares and the underlying value of those shares.

**Shares May Trade at Prices Other Than NAV Risk** **—** As with all ETFs, Shares may be bought and sold in the secondary market at market prices. There is a risk that market prices for Fund Shares will vary significantly from the Fund's NAV. Where all or portion of the Fund's underlying securities trade in a foreign market that is closed when the market in which the Fund's Shares are listed is open for trading, there may be changes between the last quote of the underlying securities' value in the closed foreign market and the value of such underlying securities during the Fund's domestic trading day.

**Performance**

Performance information for the Fund is not included because the Fund had not commenced operations prior to the date of this Prospectus. Performance information will be available once the Fund has at least one calendar year of performance.

The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future and does not guarantee future results. Updated performance information will be available on the Fund's website at <u>https://www.firsteagle.com/funds/mid-cap-equity-etf</u>.

**Management of the Fund**

***<u>Investment Adviser</u>***

First Eagle Investment Management, LLC serves as the investment adviser.

***<u>Investment Sub-Adviser</u>***

Exchange Traded Concepts, LLC serves as the investment sub-adviser.

***<u>Portfolio Managers</u>***

<u>*Name*</u> <u>*Title with Adviser*</u> <u>*Tenure with the Fund*</u> <br> William Hench Head of First Eagle Small Cap Team Since Inception in December 2025

**Purchase and Sale of Fund Shares**

Shares are listed on the Exchange, and investors can only buy and sell Shares through brokers or dealers at market prices, rather than NAV. Because Shares trade at market prices rather than NAV, Shares may trade at a price greater than NAV (premium) or less than NAV (discount). An investor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase shares (bid) and the lowest price a seller is willing to accept for shares (ask) when buying or selling shares in the secondary market (the "bid-ask spread"). The median bid-ask spread for the Fund's most recent fiscal year cannot be provided because the Fund did not have a trading history to report trading information and related costs prior to the date of this Prospectus. Once available, information on the Fund's NAV, market price, premiums and discounts, and bid-ask spreads will be provided at <u>https://www.firsteagle.com/funds/mid-cap-equity-etf</u>.

The Fund issues and redeems Shares at NAV only in large blocks known as "Creation Units," which only APs (typically, broker-dealers) may purchase or redeem. The Fund generally issues and redeems Creation Units in exchange for a portfolio of securities closely approximating the holdings of the Fund (the "Deposit Securities") and/or a designated amount of U.S. cash.

**Tax Information**

The Fund's distributions generally are taxable, and generally will be taxed as ordinary income, qualified dividend income or capital gains, unless you are investing through a tax-deferred account, such as a 401(k) plan or an individual retirement account. Amounts withdrawn from a tax-deferred account may be subject to tax.

**Financial Intermediary Compensation**

You may purchase Shares through a broker-dealer or other financial intermediary (such as a bank) (an "Intermediary"). The Fund's investment adviser, or its affiliates may pay Intermediaries for certain activities related to the Fund, including participation in activities that are designed to make Intermediaries more knowledgeable about exchange traded products, including the Fund, or for other activities, such as marketing, educational training or other initiatives related to the sale or promotion of Shares. These payments may create a conflict of interest by influencing the Intermediary and your salesperson to recommend the Fund over another investment. Any such arrangements do not result in increased Fund expenses. Ask your salesperson or visit the Intermediary's website for more information.

**ADDITIONAL INFORMATION ABOUT THE FUNDS**

**Investment Objective**

Each Fund's investment objective may be changed by the Board of Trustees (the "Board") of First Eagle ETF Trust (the "Trust") without shareholder approval. Shareholders will, however, receive 60 days' prior written notice of any changes. Any such changes may result in a Fund having an investment objective different from the objective that the shareholder considered appropriate at the time of investment in the Fund.

**Additional Information About Each Fund's Principal Investment Strategies**

<u>First Eagle US Equity ETF</u>

The Fund is an actively managed exchange-traded fund ("ETF") and seeks to achieve its objective of long-term capital growth by investing, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in domestic equity and may invest to a lesser extent in securities of non-U.S. issuers (including American Depositary Receipts, Global Depositary Receipts and European Depositary Receipts). In particular, the Fund seeks companies exhibiting financial strength and stability, strong management and fundamental value. Investment decisions for the Fund are made without regard to the capitalization (size) of the companies in which it invests. The Fund may invest in any size company, including large, medium and smaller companies.

For purposes of the Fund's 80% policy, equity securities includes common stock, securities convertible into common stock, preferred stock, real estate investment trusts ("REITs"), listed depository receipts, equity ETFs and warrants and similar rights to acquire common stock.

The Fund may invest in cash and cash equivalents, including money market funds for cash sweeps.

The investment philosophy and strategy of the Fund can be broadly characterized as a ''value'' approach, as it generally seeks a ''margin of safety'' in its investment purchases with the goal being to avoid permanent impairment of capital (as opposed to temporary losses in share value relating to shifting investor sentiment or other normal share price volatility). In particular, a discount to ''intrinsic value'' is sought even for the best of businesses, with a deeper discount demanded for companies that we view as under business model, balance sheet, management or other stresses. ''Intrinsic value'' is based on our judgment of what a prudent and rational business buyer would pay in cash for all of the company in normal markets.

The Fund is non-diversified and typically expects to invest in a smaller number of holdings.

The Fund particularly seeks companies that have financial strength and stability, strong management and fundamental value.

The Adviser may sell a stock if the stock has reached a price whereby its risk/reward characteristics are not as favorable, the company's fundamentals have deteriorated so that the original investment thesis for holding the stock no longer holds, or if a better opportunity has been identified.

The Fund's 80% Policy is non-fundamental and can be changed by the Board upon 60 days' prior notice to shareholders. The Fund must comply with its 80% Policy at the time the Fund invests its assets. Accordingly, when the Fund no longer meets the 80% requirement as a result of circumstances beyond its control, such as changes in the value of portfolio holdings, the Fund would not have to sell its holdings, but any new investments it makes would need to be consistent with its 80% Policy.

<u>First Eagle Mid Cap Equity ETF</u>

The Fund is an actively managed exchange-traded fund ("ETF") and seeks to achieve its objective of long-term growth of capital by investing, under normal circumstances, in equity securities of U.S. mid-cap companies in an attempt to take advantage of what the Adviser believes are opportunistic situations for undervalued securities. Normally, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in the equity securities of U.S. mid-cap companies. The Adviser defines mid-cap companies as those that have at the time of investment a market capitalization not

greater than that of the largest company in the Russell Mid Cap® Index. The Russell Mid Cap® Index is reconstituted annually. (Russell Mid Cap® Index was ranging from approximately $831 million to $89 billion as of June 30, 2025). The Fund invests in domestic equity and may invest to a lesser extent in securities of non-U.S. issuers (including American Depositary Receipts, Global Depositary Receipts and European Depositary Receipts).

For purposes of the Fund's 80% policy, equity securities includes common stock, securities convertible into common stock, preferred stock, real estate investment trusts ("REITs"), listed depository receipts, equity ETFs and warrants and similar rights to acquire common stock.

The Fund may invest in cash and cash equivalents, including money market funds for cash sweeps.

Potential investments that the Adviser considers to be opportunistic may include situations involving company turnarounds (e.g., a company that may be experiencing periods of poor financial or stock performance but may be exhibiting potential for financial recovery), emerging growth companies with interrupted earnings patterns (e.g., companies without a long or consistent history of earnings but that the Adviser believes have the potential for earnings growth), companies with unrecognized asset values, or undervalued growth companies (e.g., companies that have low multiples of price-to-book or price-to-sales ratios, or companies with securities that are trading at a price below what the Adviser believes the security is worth).

The Fund particularly seeks companies that have financial strength and stability, strong management and fundamental value.

The Adviser may sell a stock if the stock has reached a price whereby its risk/reward characteristics are not as favorable, the company's fundamentals have deteriorated so that the original investment thesis for holding the stock no longer holds, or if a better opportunity has been identified.

The Fund's 80% Policy is non-fundamental and can be changed by the Board upon 60 days' prior notice to shareholders. The Fund must comply with its 80% Policy at the time the Fund invests its assets. Accordingly, when the Fund no longer meets the 80% requirement as a result of circumstances beyond its control, such as changes in the value of portfolio holdings, the Fund would not have to sell its holdings, but any new investments it makes would need to be consistent with its 80% Policy.

**Additional Information About Each Fund's Principal Investments and Risks**

**Authorized Participant Concentration Risk —** Only authorized participants ("APs") may engage in creation or redemption transactions directly with a Fund. Each Fund has a limited number of institutions that may act as APs and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that APs will establish or maintain an active trading market for a Fund's Shares. This risk may be heightened to the extent that securities held by a Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to a Fund and no other AP is able to step forward to create or redeem Creation Units (as defined below), this may result in a significantly diminished trading market for Shares, and Shares may be more likely to trade at a premium or discount to the Fund's NAV and to face trading halts and/or delisting. Investments in non-U.S. securities, if applicable, may have lower trading volumes and may increase this risk.

**Currency Risk —** Currency risk is the risk that foreign currencies will decline in value relative to that of the U.S. dollar and affect a Fund's non-U.S. currencies or securities that trade in and receive revenue in non-U.S. currencies. Currency exchange rates may fluctuate in response to, among other things, changes in interest rates, intervention (or failure to intervene) by U.S. or foreign governments, central banks or supranational entities, or by the imposition of currency controls or other political developments in the U.S. or abroad. In addition, foreign government exchange controls and restrictions on repatriation of currency can result in losses to a Fund if it is unable to deliver or receive currency or monies to settle obligations. Such governmental actions could also cause hedges a Fund has entered into to be rendered useless, resulting in a Fund having full currency exposure while incurring transaction costs.

**Cybersecurity Risk —** With the increased use of technologies such as the internet to conduct business, the Funds are susceptible to operational, information security and related risks. In general, cyber incidents can result from deliberate attacks or unintentional events. Cyber-attacks include, but are not limited to, gaining unauthorized access to digital systems (e.g., through "hacking" or malicious software coding) for purposes of misappropriating assets or sensitive information, corrupting data, or causing operational disruption. Cyber-attacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service attacks on websites (i.e., efforts to make network services unavailable to intended users). Cyber security failures or breaches by the Adviser and other service providers (including, but not limited to, the Funds' investment sub-adviser, accountant, custodian, transfer agent and administrator), and the issuers of securities in which the Funds invest, have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, interference with the Funds' ability to calculate its NAV, impediments to trading, the inability of Fund shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. While the Adviser has established business continuity plans in the event of, and risk management systems to prevent, such cyber-attacks, there are inherent limitations in such plans and systems including the possibility that certain risks have not been identified. Furthermore, the Funds cannot control the cyber security plans and systems put in place by service providers to the Funds, and issuers in which the Funds invest. A Fund and its shareholders could be negatively impacted as a result.

**Non-Diversification Risk —** The First Eagle US Equity ETF is a non-diversified ETF, and as a result, an investment in the Fund may expose your money to greater risks than if you invest in a diversified fund. The Fund may invest in a limited number of companies, and therefore gains or losses in a particular security may have a greater impact on its share price.

**Equity Risk —** The equity securities in which each Fund invests are subject to market, economic and business risks that will cause their prices to fluctuate over time. Historically, the equity markets have moved in cycles, and the value of a Fund's equity securities may fluctuate drastically from day to day. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response. These factors contribute to price volatility. An investment in a Fund may be more suitable for long-term investors who can bear the risk of these fluctuations. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of bonds and preferred stock take precedence over the claims of those who own common stock.

**ETF Risk —** The Fund may be subject to the risks discussed in this Prospectus through the Fund's investments in ETFs. In addition, tach Fund is an ETF, and, as a result of an ETF's structure, each Fund is exposed to the following risks:

● <u>Authorized Participants, Market Makers and Liquidity Providers Concentration Risk</u> **—** Each Fund may have a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. These events, among others, may lead to the Shares trading at a premium or discount to NAV. Thus, you may pay more (or less) than the NAV when you buy Shares in the secondary market, and you may receive less (or more) than NAV when you sell those Shares in the secondary market. A diminished market for an ETF's shares substantially increases the risk that a shareholder may pay considerably more or receive significantly less than the underlying value of the ETF shares bought or sold. If these firms exit the business or are unable or unwilling to process creation and/or redemption orders, ETF Shares may trade at a premium or discount to NAV and bid-ask spreads may widen.

● <u>Cash Transactions Risk</u> — Unlike certain ETFs, the Fund may effect its creations and redemptions partially or wholly for cash rather than on an in-kind basis. Because of this, the Fund may incur costs such as brokerage costs or be unable to realize certain tax benefits associated with in-kind transfers of portfolio securities that may be realized by other ETFs. These costs may decrease the Fund's NAV to the extent that the costs are not offset by a transaction fee payable by an AP. Shareholders may be subject to tax on gains they would not otherwise have been subject to and/or at an earlier date than if the Fund had effected redemptions wholly on an in-kind basis.

● <u>Secondary Market Trading Risk</u> **—** Although the Funds' Shares are listed for trading on the Exchange, and may be listed or traded on U.S. and non-U.S. stock exchanges other than the Exchange, there can be no assurance that an active

trading market for Shares will develop or be maintained. In addition, trading in Shares on the Exchange may be halted. During periods of market stress, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines. Further, APs may be unwilling to participate in the creation/redemption process during periods of market stress, particularly if the market for shares becomes less liquid in response to deteriorating liquidity in the markets for the Fund's underlying portfolio holdings, which may lead to widening of bid-ask spreads and differences between the market price of the shares and the underlying value of those shares.

● <u>Shares May Trade at Prices Other Than NAV Risk</u> **—** As
 with all ETFs, Shares of each Fund may be bought and sold in the secondary market at
 market prices. Although it is expected that the market price of Shares will approximate
 a Fund's NAV, there may be times when the market price of Shares is more than the
 NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened
 in times of market volatility or periods of steep market declines. Where all or portion
 of a Fund's underlying securities trade in a foreign market that is closed when
 the market in which the Fund's Shares are listed is open for trading, there may
 be changes between the last quote of the underlying securities' value in the closed
 foreign market and the value of such underlying securities during the Fund's domestic
 trading day.

**Foreign Investment Risk —** Each Fund may invest in foreign investments (including American Depositary Receipts ("ADRs"), Global Depositary Receipts ("GDRs") and European Depositary Receipts ("EDRs")). Foreign investments, which can be denominated in any applicable foreign currency, are generally susceptible to less politically, economically and socially stable environments, foreign currency and exchange rate changes, and adverse changes to government regulations. While depositary receipts provide an alternative to directly purchasing the underlying foreign securities in their respective national markets and currencies, investments in ADRs, GDRs and EDRs continue to be subject to many of the risks associated with investing directly in foreign investments. Depositary receipts may be available through "sponsored" or "unsponsored" facilities. A sponsored facility is established jointly by the issuer of the security underlying the receipt and the depository, whereas an unsponsored facility is established by the depository without participation by the issuer of the underlying security. Holders of unsponsored depositary receipts generally bear all of the costs of the unsponsored facility. The depository of an unsponsored facility is frequently under no obligation to distribute shareholder communications received from the issuer of the deposited security or to pass through, to the holders of the receipts, voting rights with respect to the deposited securities. The depository of unsponsored depositary receipts may provide less information to receipt holders. Additionally, dividends and interest received by the Fund and capital gains recognized by the Fund may give rise to withholding and other taxes imposed by foreign countries and may decrease the Fund's return.

Each Fund will value its securities and other assets in U.S. dollars. Investments in securities of foreign entities and securities denominated or traded in foreign currencies involve special risks, which include more or less foreign government regulation; less public information; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; and less economic, political and social stability in the countries in which a Fund invests. Changes in foreign currency rates relative to the U.S. dollar will affect the U.S. dollar value of a Fund's assets denominated or quoted in currencies other than the U.S. dollar.

Recently, various countries have seen significant internal conflicts and in some cases, civil wars may have had an adverse impact on the securities markets of the countries concerned. In addition, the occurrence of new disturbances due to acts of war or terrorism or other political developments cannot be excluded. Nationalization, expropriation or confiscatory taxation, currency blockage, political changes, government regulation, political, regulatory or social instability or uncertainty or diplomatic developments, including the imposition of sanctions or other similar measures, could adversely affect a Fund's investments.

Recent examples of the above include conflict, loss of life and disaster connected to ongoing armed conflict between Russia and Ukraine in Europe and Hamas and Israel in the Middle East. The extent, duration and impact of these conflicts, related sanctions and retaliatory actions are difficult to ascertain, but could be significant and have severe adverse effects on the region, including significant adverse effects on the regional or global economies and the markets for certain securities and commodities. These impacts could negatively affect a Fund's investments in securities and instruments that are economically tied to the applicable region, and include (but are not limited to) declines in value and reductions in liquidity. In addition, to the extent new sanctions are imposed or previously relaxed sanctions are reimposed (including with respect to countries undergoing transformation), complying with such restrictions may prevent a Fund from pursuing certain

investments, cause delays or other impediments with respect to consummating such investments or divestments, require divestment or freezing of investments on unfavorable terms, render divestment of underperforming investments impracticable, negatively impact a Fund's ability to achieve its investment objective, prevent a Fund from receiving payments otherwise due it, increase diligence and other similar costs to a Fund, render valuation of affected investments challenging, or require a Fund to consummate an investment on terms that are less advantageous than would be the case absent such restrictions. Any of these outcomes could adversely affect a Fund's performance with respect to such investments, and thus the Fund's performance as a whole.

**Large Capitalization Companies Risk —** The First Eagle US Equity ETF may invest in larger, more established companies, the securities of which may be unable to respond quickly to new competitive challenges like changes in consumer tastes or innovative smaller competitors. Larger companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion. The First Eagle US Equity ETF considers large companies to be companies with market capitalizations of $10 billion or greater. Large capitalization companies as a group could fall out of favor with the market, causing a Fund to underperform investments that focus solely on small- or medium- capitalization stocks.

**Large Shareholder Risk —** Certain large shareholders, including APs, may from time to time own a substantial amount of a Fund's shares. There is no requirement that these shareholders maintain their investment in a Fund. There is a risk that such large shareholders may redeem all or a substantial portion of their investments in the Fund in a short period of time, which could have a significant negative impact on the Fund's NAV, liquidity, and brokerage costs. Large redemptions could to the extent the Fund permits redemptions in cash, accelerate the realization of taxable income and cause the Fund to make taxable distributions to shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such year.

**Market Risk —** All securities may be subject to adverse market trends. The value and liquidity of a Fund's portfolio holdings may fluctuate in response to events specific to the issuers or bond markets in which a Fund invests, as well as economic, political, or social events in the United States or abroad. Markets can be volatile, and prices of individual securities and other investments at times may decline significantly and rapidly. This may cause a Fund's portfolio to be worth less than the price originally paid for it, or less than it was worth at an earlier time. Market risk may affect a single issuer or the market as a whole. As a result, a portfolio of such securities may underperform the market as a whole. Recent market conditions and events, including a global public health crisis, wars and armed conflicts and actions taken by governments in response, may exacerbate volatility and may continue to negatively affect the price and liquidity of individual securities, national economies and global markets generally. Prices of individual securities and other investments, including those of a particular type, may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments, public perceptions concerning these developments, and adverse investor sentiment or publicity. Rapid changes in value or liquidity, which often are not anticipated and can relate to events not connected to particular investments, may limit the ability of a Fund to dispose of its assets at the price or time of its choosing and can result in losses. Changes in price may be temporary or may last for extended periods. If a Fund sells a portfolio position before it reaches its market peak, it may miss out on opportunities for better performance.

**New Fund Risk —** Each Fund is a newly organized, management investment company with a limited operating history. There can be no assurance that a Fund will grow to, or maintain, an economically viable size, in which case the Board may determine to liquidate the Fund. Liquidation can be initiated without shareholder approval by the Board if it determines it is in the best interest of shareholders. As a result, the timing of any liquidation may not be favorable to certain individual shareholders.

**Other Investment Company Risk —** To the extent a Fund invests in other investment companies, including money market funds and ETFs, its performance will be affected by the performance of those other investment companies. Investments in other investment companies are subject to the risks of the other investment companies' investments, as well as to the other investment companies' expenses. As a result, shareholders of a Fund will indirectly be subject to the fees and expenses of the other investment companies in which the Fund invests, and these fees and expenses are in addition to the fees and expenses that Fund shareholders directly bear in connection with the Fund's own operations. An ETF may trade in the secondary market at a price below the value of its underlying portfolio and may not be liquid. An actively managed ETF's

performance will reflect its adviser's ability to make investment decisions that are suited to achieving the ETF's investment objectives. A passively managed ETF may not replicate the performance of the index it intends to track.

**Small and Medium Capitalization Companies Risk —** Each Fund may invest in small and medium-size companies, the securities of which can be more volatile in price than those of larger companies. Positions in smaller companies, especially when a Fund is a large holder of a small company's securities, also may be more difficult or expensive to trade. Additionally the price of small and medium-sized companies may decline more in response to selling pressures. First Eagle US Equity ETF considers small companies to be companies with market capitalizations of less than $1 billion and medium-size companies to have market capitalizations of less than $10 billion but greater than or equal to $1 billion. First Eagle Mid Cap Equity ETF defines mid-cap companies as those that have at the time of investment a market capitalization not greater than that of the largest company in the Russell Mid Cap® Index. The Russell Mid Cap® Index is reconstituted annually. (Russell Mid Cap® Index was ranging from approximately $831 million to $89 billion as of June 30, 2025).

**Value Investment Strategy Risk —** An investment made at a perceived "margin of safety" or "discount to intrinsic or fundamental value" can trade at prices substantially lower than when an investment is made, so that any perceived "margin of safety" or "discount to value" is no guarantee against loss. "Value" investments, as a category, or entire industries or sectors associated with such investments, may lose favor with investors as compared to those that are more "growth" oriented. In such an event, a Fund's investment returns would be expected to lag relative to returns associated with more growth-oriented investment strategies. Investing in or having exposure to "value" securities presents the risk that such securities may never reach what the Adviser believes are their full market values, either because the market fails to recognize what the Adviser considers to be the security's true value or because the Adviser misjudged that value.

**Information About Certain Non-Principal Investments and Risks of Each Fund**

**Convertible Securities Risk —** Each Fund may invest in securities that can be converted into common stock. A Fund may be susceptible to convertible security risk. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality. Convertible securities may gain or lose value due to changes in the issuer's operating results, financial condition, and credit rating and changes in interest rates and other general economic, industry and market conditions. Convertible securities generally have higher yields than common stocks of the same or similar issuers, but lower yields than comparable non-convertible securities. They may be less subject to fluctuation in value than the underlying stock because they have fixed income characteristics, and provide the potential for capital appreciation if the market price of the underlying common stock increases.

**Costs of Buying or Selling Shares Risk —** Investors buying or selling Shares of each Fund in the secondary market will pay brokerage commissions or other charges imposed by brokers, as determined by that broker. Brokerage commissions are often a fixed amount and may be a significant proportional cost for investors seeking to buy or sell relatively small amounts of a Fund's Shares. In addition, secondary market investors will also incur the cost of the difference between the price at which an investor is willing to buy Shares (the "bid" price) and the price at which an investor is willing to sell Shares (the "ask" price). This difference in bid and ask prices is often referred to as the "spread" or "bid/ask spread." The bid/ask spread varies over time for Shares based on trading volume and market liquidity, and is generally lower if Shares have more trading volume and market liquidity and higher if Shares have little trading volume and market liquidity. Further, a relatively small investor base in a Fund, asset swings in a Fund and/or increased market volatility may cause increased bid/ask spreads. Due to the costs of buying or selling Shares, including bid/ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.

**Legal and Regulatory Change Risks —** The regulatory environment for investment companies is evolving, and changes in regulation may adversely affect the value of a Fund's investments and its ability to pursue its trading strategy. In addition, the securities markets are subject to comprehensive statutes and regulations. The SEC and other regulators and self-regulatory organizations and exchanges are authorized to take extraordinary actions in the event of market emergencies. The effect of any future regulatory change on a Fund could be substantial and adverse.

**Preferred Stock Risk** — Unlike common stock, preferred stock generally pays a fixed dividend from a company's earnings and may have a preference over common stock on the distribution of a company's assets in the event of bankruptcy or liquidation.

Preferred stockholders' liquidation rights are subordinate to the company's debt holders and creditors. If interest rates rise, the fixed dividend on preferred stocks may be less attractive and the price of preferred stocks may decline. Dividends on preferred stock are discretionary in nature and may permit the issuer to defer dividend payments. Deferred dividend payments could have adverse tax consequences for a Fund and may cause the preferred stock to lose substantial value.

**RIC Compliance Risk —** Each Fund intends to elect and qualify each year for treatment as, a Regulated Investment Company ("RIC") under Subchapter M of Subtitle A, Chapter 1, of the Code. To continue to qualify for federal income tax treatment as a RIC, such Fund must meet certain source-of-income, asset diversification and annual distribution requirements. If for any taxable year a Fund fails to qualify for the special federal income tax treatment afforded to RICs, all of the Fund's taxable income will be subject to federal income tax at regular corporate rates (without any deduction for distributions to its shareholders) and its income available for distribution will be reduced. Under certain circumstances, the Fund could cure a failure to qualify as a RIC, but in order to do so, the Fund could incur significant Fund-level taxes and could be forced to dispose of certain assets.

**Temporary Investments —** Each Fund may depart from its principal investment strategy in response to adverse market, economic, political or other conditions by taking a temporary defensive position (up to 100% of its assets) in cash, cash equivalents and all types of money market and short-term debt securities. The value of money market instruments tends to fall when current interest rates rise. Money market instruments are generally less sensitive to interest rate changes than longer-term securities. If a Fund were to take a temporary defensive position, it may be unable to achieve its investment objective for a period of time.

**U.S. Government Obligations Risk —** While U.S. Treasury obligations are backed by the "full faith and credit" of the U.S. Government, such securities are nonetheless subject to credit risk (i.e., the risk that the U.S. Government may be, or be perceived to be, unable or unwilling to honor its financial obligations, such as making payments). Securities issued or guaranteed by federal agencies or authorities and U.S. Government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. Government.

The Funds may make other types of investments and may engage in various other investment practices. These investments and practices, and their risks, are described in the Funds' Statement of Additional Information ("SAI").

**MANAGEMENT OF THE FUNDS**

The Board of the Trust, of which each Fund is a series, is responsible for supervising the operations and affairs of the Funds. The Adviser is responsible for the daily management and administration of each Fund's operations.

**Investment Adviser**

The Adviser of each Fund is First Eagle Investment Management, LLC, a subsidiary of First Eagle Holdings, Inc. ("FE Holdings"). Based in New York City since 1937, FE Holdings, formerly Arnhold and S. Bleichroeder Holdings, Inc., traces its heritage to the German banking house Gebr. Arnhold, founded in Dresden in 1864. A controlling interest in FE Holdings is owned by funds managed by Genstar Capital, LLC. The Adviser is registered with the SEC as an investment adviser and offers a variety of investment management services. In addition to the Funds, the Adviser's clients include the First Eagle Funds, First Eagle Variable Funds, First Eagle Credit Opportunities Fund, First Eagle Real Estate Debt Fund, First Eagle Tactical Municipal Opportunities Fund, First Eagle Private Credit Fund, other pooled vehicles, corporations and major retirement plans. As of September 30, 2025, the Adviser had over $128.76 billion in assets under management. The Adviser's address is 1345 Avenue of the Americas, New York, NY 10105.

Subject to the overall supervision of the Board, the Adviser manages the overall investment operations of each Fund in accordance with the Fund's investment objective and policies and formulates a continuing investment strategy for the Fund pursuant to the terms of an investment advisory agreement between the Trust and the Adviser (the "Advisory Agreement"). Under the terms of the Advisory Agreement, each Fund pays the Adviser a unitary management fee that is computed and paid monthly at an annual rate of 0.79% and 0.75% of the average daily net assets of the First Eagle US Equity ETF and First Eagle Mid Cap Equity ETF, respectively, during the month. From the unitary management fees, the Adviser pays most of the expenses of the Funds, including the cost of sub-advisory fees to any investment sub-adviser, transfer agency, custody, fund administration, legal, audit and other services. However, under the Advisory Agreement, the Adviser is not responsible for interest expenses, brokerage commissions and other trading expenses, taxes and other extraordinary costs such as litigation and other expenses not incurred in the ordinary course of business. No information regarding the advisory fees paid by the Funds is currently available, as the Funds had not commenced operations prior to the date of this Prospectus.

The Adviser has contractually agreed to waive its advisory fee and/or reimburse expenses in order to limit Total Annual Fund Operating Expenses (excluding certain items discussed below) to 0.45% of the First Eagle US Equity ETF's average daily net assets and 0.55% of the First Eagle Mid Cap Equity ETF's average daily net assets. In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account and could cause the First Eagle US Equity ETF's net Total Annual Fund Operating Expenses to exceed 0.45% or the First Eagle Mid Cap Equity ETF's net Total Annual Fund Operating Expenses to exceed 0.55%, as applicable: acquired fund fees and expenses, brokerage commissions, extraordinary items, interest or taxes. This contractual limitation is in effect until January 1, 2027, and may not be terminated prior to that date without the approval of the Board of the Trust. The Adviser may not recoup waived fees or reimbursed expenses under the Expense Limitation Agreement with the Funds.

**Investment Sub-Adviser**

The Adviser has submitted an application with the SEC for an exemptive order that would permit the Adviser to engage or terminate a sub-adviser, and to enter into and materially amend an existing sub-advisory agreement, upon the approval of the Board of the Trust, without obtaining shareholder approval. This requested exemptive relief has been approved the Funds' initial shareholder and the Board of the Trust. Consequently, if approved by the SEC, under the exemptive order, the Adviser would have the right to hire, terminate and replace sub-advisers when the Board of the Trust and the Adviser feel that a change would benefit a Fund. The exemptive order is expected to enable the Funds to operate with greater efficiency and without incurring the expense and delays associated with obtaining shareholder approval of sub-advisory agreements. There is no guarantee that the SEC will grant the requested exemptive order.

Exchange Traded Concepts, LLC, an Oklahoma limited liability company located at 10900 Hefner Pointe Drive, Suite 400, Oklahoma City, Oklahoma 73120, serves as the investment sub-adviser to the Funds. The Sub-Adviser is an SEC-registered

investment adviser formed in 2018 and is majority owned by Cottonwood ETF Holdings LLC. As of November 30, 2025, the Sub-Adviser had approximately $21.2 billion in assets under management.

The Sub-Adviser is responsible for trading portfolio securities for the Funds, including selecting broker-dealers to execute purchase and sale transactions or in connection with any rebalancing of a Fund, subject to the supervision of the Adviser and the Board. As part of its responsibilities, the Sub-Adviser may make investment decisions consistent with the Funds' principal investment strategies, including as part of managing cash flow activity. For its services, the Sub-Adviser is entitled to a fee paid by the Adviser (and not the Funds) based on average daily net assets.

A discussion regarding the Board's initial approval of the Funds' Advisory Agreement and Sub-Advisory Agreement and the factors the Board considered with respect to their approval will be available in the Funds' first Form N-CSR, which will be available on the Funds' website and on the SEC's website at www.sec.gov.

**Portfolio Managers**

*<u>Personnel of the Adviser:</u>*

Matthew McLennan, Mark Wright, Manish Gupta and Julien Albertini are jointly and primarily responsible for the day-to-day management of the First Eagle US Equity ETF and serve as the Fund's Portfolio Managers. William A. Hench manages First Eagle Mid Cap Equity ETF.

Matthew McLennan, Co-Head of the First Eagle Global Value Team, manages the First Eagle US Equity ETF. Mr. McLennan joined the Adviser in September 2008 after having held various senior positions with Goldman Sachs Asset Management in London and New York. While at his predecessor firm for over fourteen years, Mr. McLennan was Chief Investment Officer of a London-based investment team from 2003 to 2008 where he was responsible for managing a focused value-oriented global equity product and held positions from 1994 to 2003 that included portfolio management and investment analyst responsibilities for small-cap and mid-cap value equity portfolios.

Mark Wright manages the First Eagle US Equity ETF. He joined the Adviser in July 2007. Prior to that, Mr. Wright was a Senior Analyst for Investment Banking at Dresner Capital Resources and, subsequently, spent 11 years at Morningstar as a Senior Analyst, Finance Consultant and Director of Tools & Portfolio Content.

Manish Gupta manages the First Eagle US Equity ETF. He joined the Adviser in 2009. Mr. Gupta is a senior research analyst covering technology and is also a member of the First Eagle Global Value Team. Prior to that, Mr. Gupta was an equity research analyst at Cantillon Capital Management.

Adrian Jones manages the First Eagle US Equity ETF. He joined the Adviser as a senior research analyst in 2018 and is also a member of the First Eagle Global Value Team. Prior to joining First Eagle in May 2018, he was a senior analyst at King Street Capital Management, a distressed/value hedge fund, was a co-founder and portfolio manager at Artemis Partners, LP, and, before then, was a Senior Managing Director and portfolio manager at ING Investment Management.

William A. Hench manages First Eagle Mid Cap Equity ETF. He joined the Adviser in April 2021. Mr. Hench is head of the Small Cap Fund Team and is the portfolio manager of the U.S. Small Cap strategy. Prior to joining the Adviser in April 2021, Mr. Hench was portfolio manager of the Small Cap Opportunistic Value strategy at Royce Investment Partners, where he worked for 18 years. Before that, he spent 10 years in the institutional equity business in Boston and New York, most recently with JP Morgan.

The SAI provides additional information about the compensation of each Portfolio Manager, other accounts managed by them, and their ownership of Shares of the Funds.

**HOW TO BUY AND SELL SHARES**

Each Fund issues and redeems its Shares at NAV only in Creation Units. Only APs may acquire Shares directly from a Fund, and only APs may tender their Shares for redemption directly to a Fund, at NAV. APs must be (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation, a clearing agency that is registered with the SEC; or (ii) a Depository Trust Company ("DTC") participant (as discussed below). In addition, each AP must execute a Participant Agreement that has been agreed to by the Distributor, and that has been accepted by the Transfer Agent, with respect to purchases and redemptions of Creation Units. Once created, Shares trade in the secondary market in quantities less than a Creation Unit.

Investors can only buy and sell Shares in secondary market transactions through brokers. Shares are listed for trading on the secondary market on the Exchange and can be bought and sold throughout the trading day like other publicly traded securities.

When buying or selling a Fund's Shares through a broker, you will incur customary brokerage commissions and charges, and you may pay some or all of the spread between the bid and the offer price in the secondary market on each leg of a round trip (purchase and sale) transaction. In addition, because secondary market transactions occur at market prices, you may pay more than NAV when you buy Shares, and receive less than NAV when you sell those Shares.

**Book Entry**

Shares are held in book-entry form, which means that no stock certificates are issued. The DTC or its nominee is the record owner of all outstanding Shares.

Investors owning a Fund's Shares are beneficial owners as shown on the records of DTC or its participants. DTC serves as the securities depository for all Shares. DTC's participants include securities brokers and dealers, banks, trust companies, clearing corporations and other institutions that directly or indirectly maintain a custodial relationship with DTC. As a beneficial owner of Shares, you are not entitled to receive physical delivery of stock certificates or to have Shares registered in your name, and you are not considered a registered owner of Shares. Therefore, to exercise any right as an owner of Shares, you must rely upon the procedures of DTC and its participants. These procedures are the same as those that apply to any other securities that you hold in book entry or "street name" through your brokerage account.

**Share Trading Prices on the Exchange**

Trading prices of a Fund's Shares on the Exchange may differ from the Fund's daily NAV. Market forces of supply and demand, economic conditions and other factors may affect the trading prices of Shares. To provide additional information regarding the indicative value of Shares, the Exchange or a market data vendor disseminates information every 15 seconds through the facilities of the Consolidated Tape Association, or other widely disseminated means, an updated "intraday indicative value" ("IIV") for Shares as calculated by an information provider or market data vendor. The Funds are neither involved in nor responsible for any aspect of the calculation or dissemination of the IIVs and make no representation or warranty as to the accuracy of the IIVs. If the calculation of the IIV is based on the basket of Deposit Securities, such IIV may not represent the best possible valuation of a Fund's portfolio because the basket of Deposit Securities does not necessarily reflect the precise composition of the current Fund portfolio at a particular point in time. The IIV should not be viewed as a "real-time" update of a Fund's NAV because the IIV may not be calculated in the same manner as the NAV, which is computed only once a day, typically at the end of the business day. The IIV is generally determined by using both current market quotations and/or price quotations obtained from broker-dealers that may trade in the Deposit Securities.

**Frequent Purchases and Redemptions of Shares**

The Funds impose no restrictions on the frequency of purchases and redemptions of Shares. In determining not to approve a written, established policy, the Board evaluated the risks of market timing activities by Fund shareholders. Purchases and redemptions by APs, who are the only parties that may purchase or redeem Shares directly with the Funds, are an essential part of the ETF process and help keep share trading prices in line with NAV. As such, the Funds accommodate frequent

purchases and redemptions by APs. However, the Board has also determined that frequent purchases and redemptions for cash may increase tracking error and portfolio transaction costs and may lead to the realization of capital gains or losses. To minimize these potential consequences of frequent purchases and redemptions, the Funds employ fair value pricing and impose transaction fees on purchases and redemptions of Creation Units to cover the custodial and other costs incurred by the Funds in effecting trades. In addition, the Funds reserve the right to reject any purchase order at any time.

**Determination of Net Asset Value**

In accordance with procedures adopted by the Board, the NAV per share of each Fund is calculated by determining the value of the net assets attributed to the Fund and dividing by the number of outstanding shares of the Fund. All securities are valued on each Business Day as of the close of regular trading on the NYSE (normally, but not always, 4:00 p.m. Eastern Time) or such other time as the New York Stock Exchange ("NYSE") or National Association of Securities Dealers Automated Quotations System ("NASDAQ") market may officially close. The term "Business Day" means any day the NYSE is open for trading, which is Monday through Friday except for holidays. The NYSE is generally closed on the following holidays: New Year's Day (observed), Martin Luther King, Jr. Day, Washington's Birthday (observed), Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day.

The time at which transactions and shares are priced and the time by which orders must be received may be changed in case of an emergency or if regular trading on the NYSE is stopped at a time other than 4:00 p.m. Eastern Time. The Trust reserves the right to reprocess purchase, redemption and exchange transactions that were initially processed at a NAV other than the Fund's official closing NAV (as the same may be subsequently adjusted), and to recover amounts from (or distribute amounts to) shareholders based on the official closing NAV. The Trust reserves the right to advance the time by which purchase and redemption orders must be received for same business day credit as otherwise permitted by the SEC. In addition, the Fund may compute its NAV as of any time permitted pursuant to any exemption, order or statement of the SEC or its staff.

The Board has adopted a pricing and valuation policy for use by each Fund and its Valuation Designee (defined below) in calculating the Fund's NAV. Pursuant to Rule 2a-5 under the 1940 Act, each Fund has designated the Adviser as its "Valuation Designee" to perform all of the fair value determinations as well as to perform all of the responsibilities that may be performed by the Valuation Designee in accordance with Rule 2a-5. The Valuation Designee is authorized to make all necessary determinations of the fair values of portfolio securities and other assets for which market quotations are not readily available or if it is deemed that the prices obtained from brokers and dealers or independent pricing services are unreliable. Prices are generally determined using readily available market prices. Subject to the approval of the Board, the Funds may employ outside organizations, which may use a matrix or formula method that takes into consideration market indices, matrices, yield curves and other specific adjustments in determining the approximate market value of portfolio investments. This may result in the investments being valued at a price that differs from the price that would have been determined had the matrix or formula method not been used. All cash, receivables, and current payables are carried on a Fund's books at their face value. Other assets, if any, are valued at fair value as determined in good faith by the Valuation Designee under the direction of the Board.

The procedures used by any pricing service and its valuation results are reviewed by the officers of the Trust under the general supervision of the Board.

A Fund may hold portfolio securities that are listed on foreign exchanges. These securities may trade on weekends or other days when the Funds do not calculate NAV. As a result, the value of these investments may change on days when you cannot purchase or sell Fund shares.

**Fair Value Pricing**

If market quotations are unavailable or deemed unreliable by the Funds' administrator, in consultation with the Adviser, securities will be fair valued by the Adviser, as the Funds' Valuation Designee (the "Valuation Designee"), in accordance with procedures adopted by the Board and under the Board's ultimate supervision. Relying on prices supplied by pricing services or dealers or using fair valuation involves the risk that the values used by a Fund to price its investments may be

higher or lower than the values used by other investment companies and investors to price the same investments. The Board has adopted a pricing and valuation policy for use by each Fund and its Valuation Designee in calculating the Fund's NAV. Pursuant to Rule 2a-5 under the 1940 Act, each Fund has designated the Adviser as its "Valuation Designee" to perform all of the fair value determinations as well as to perform all of the responsibilities that may be performed by the Valuation Designee in accordance with Rule 2a-5. The Valuation Designee is authorized to make all necessary determinations of the fair values of portfolio securities and other assets for which market quotations are not readily available or if it is deemed that the prices obtained from brokers and dealers or independent pricing services are unreliable.

The SAI provides additional information about the purchase and redemption of creation units and the determination of NAV.

**DIVIDENDS, DISTRIBUTIONS, AND TAXES**

**Dividends and Distributions**

It is each Fund's policy to make annual distributions of net investment income and net realized capital gains, if any. Each Fund makes distributions on a per-share basis. The amount of distributions by a Fund may vary from year-to-year based on a variety of circumstances, including market conditions, the composition of the Fund's portfolio, portfolio turnover, expenses borne by the Fund, and redemptions by shareholders.

**Dividend Reinvestment Service**

Brokers may make the DTC book-entry dividend reinvestment service available to their customers who own Shares. If this service is available and used, dividend distributions of both income and capital gains will automatically be reinvested in additional whole and fractional Shares of a Fund purchased on the secondary market. Without this service, investors would receive their distributions in cash. In order to achieve the maximum total return on their investments, investors are encouraged to use the dividend reinvestment service. Dividends and distributions are generally taxable to investors whether they receive them in cash or reinvest them in additional shares. To determine whether the dividend reinvestment service is available and whether there is a commission or other charge for using this service, consult your broker. Brokers may require a Fund's shareholders to adhere to specific procedures and timetables.

**Taxes**

Each Fund intends elect and qualify to be treated as a ''regulated investment company'' under Subchapter M of the Code. To qualify, a Fund must meet certain income, diversification and distribution requirements. As a regulated investment company, a Fund generally will not be subject to U.S. federal income or excise taxes on ordinary income and capital gains distributed to shareholders within applicable time limits, although foreign-source income received by a Fund may be subject to foreign withholding taxes.

As with any investment, you should consider how your investment in shares of a Fund will be taxed. The tax information in this Prospectus is provided as general information. Except where otherwise indicated, the discussion relates to investors who are individual United States citizens or residents. You should consult your own tax professional about the tax consequences of an investment in shares of a Fund.

Unless your investment in shares of a Fund is made through a tax-exempt entity or tax-advantaged account, such as an IRA plan, you need to be aware of the possible tax consequences when: (i) the Fund makes distributions; (ii) you sell your shares listed on the Exchange; and (iii) you purchase or redeem Creation Units.

**Taxes on Distributions**

Each Fund intends to distribute, at least annually, substantially all of its net investment income and net capital gains income. For federal income tax purposes, distributions of investment income are generally taxable as ordinary income or qualified dividend income. Taxes on distributions of capital gains (if any) are determined by how long a Fund owned the investments

that generated them, rather than how long a shareholder has owned his or her shares of the Fund. Sales of assets held by a Fund for more than one year generally result in long-term capital gains and losses, and sales of assets held by a Fund for one year or less generally result in short-term capital gains and losses. Distributions of a Fund's net capital gain (the excess of net long-term capital gains over net short-term capital losses) that are reported by a Fund as capital gain dividends ("Capital Gain Dividends") will be taxable as long-term capital gains, which for non-corporate shareholders are subject to tax at reduced rates. Distributions of short-term capital gain will generally be taxable as ordinary income. Dividends and distributions are generally taxable to you whether you receive them in cash or reinvest them in additional shares.

Distributions reported by a Fund as "qualified dividend income" are generally taxed to non-corporate shareholders at rates applicable to long-term capital gains, provided holding period and other requirements are met. "Qualified dividend income" generally is income derived from dividends paid by U.S. corporations or certain foreign corporations that are either incorporated in a U.S. possession or eligible for tax benefits under certain U.S. income tax treaties. In addition, dividends that a Fund receives in respect of stock of certain foreign corporations may be qualified dividend income if that stock is readily tradable on an established U.S. securities market. The amount of a Fund's distributions that qualify for this favorable treatment may be reduced as a result of the Fund's securities lending activities, if any. Corporate shareholders may be entitled to a dividends-received deduction for the portion of dividends they receive from a Fund that are attributable to dividends received by the Fund from U.S. corporations, subject to certain limitations. The amount of the dividends qualifying for this deduction may, however, be reduced as a result of a Fund's securities lending activities, if any.

Shortly after the close of each calendar year, you will be informed of the character of any distributions received from a Fund.

U.S. individuals with income exceeding specified thresholds are subject to a 3.8% Medicare contribution tax on all or a portion of their "net investment income," which includes interest, dividends, and certain capital gains (including capital gains distributions and capital gains realized on the sale of shares of a Fund). This 3.8% tax also applies to all or a portion of the undistributed net investment income of certain shareholders that are estates and trusts.

In general, your distributions are subject to federal income tax for the year in which they are paid. Certain distributions paid in January, however, may be treated as paid on December 31 of the prior year if it is declared by a Fund in October, November or December with a record date in such a month and paid by the Fund during January of the following calendar year. Distributions are generally taxable even if they are paid from income or gains earned by a Fund before your investment (and thus were included in the shares' NAV when you purchased your shares of the Fund).

You may wish to avoid investing in a Fund shortly before a dividend or other distribution, because such a distribution will generally be taxable to you even though it may economically represent a return of a portion of your investment. This adverse tax result is known as "buying into a dividend."

**Taxes When Shares are Sold on the Exchange**

For federal income tax purposes, any capital gain or loss realized upon a sale of shares of a Fund generally is treated as a long-term capital gain or loss if those shares have been held for more than 12 months and as a short-term capital gain or loss if those shares have been held for 12 months or less. However, any capital loss on a sale of shares held for six months or less is treated as long-term capital loss to the extent of Capital Gain Dividends paid with respect to such shares of a Fund. Any loss realized on a sale will be disallowed to the extent shares of a Fund are acquired, including through reinvestment of dividends, within a 61-day period beginning 30 days before and ending 30 days after the sale of shares. If disallowed, the loss will increase the basis of the shares acquired.

**IRAs and Other Tax-Qualified Plans**

The one major exception to the preceding tax principles is that distributions on and sales of shares of a Fund held in an IRA (or other tax-qualified plan) will not be currently taxable unless it borrowed to acquire the shares.

**U.S. Tax Treatment of Foreign Shareholders**

If you are neither a resident nor a citizen of the United States or if you are a foreign entity, distributions (other than Capital Gain Dividends) paid to you by a Fund will generally be subject to a U.S. withholding tax at the rate of 30%, unless a lower treaty rate applies. Each Fund may, under certain circumstances, report a portion of a dividend as an "interest-related dividend" or a "short-term capital gain dividend," which would generally be exempt from this 30% U.S. withholding tax, provided certain other requirements are met. The Funds, however, do not intend to report interest-related or short-term capital gain dividends.

Foreign shareholders will generally not be subject to U.S. tax on gains realized on the sale of shares in a Fund, except that a nonresident alien individual who is present in the United States for 183 days or more in a calendar year will be taxable on such gains and on capital gain dividends from a Fund.

However, if a foreign investor conducts a trade or business in the United States and the investment in a Fund is effectively connected with that trade or business, then the foreign investor's income and gain from a Fund will generally be subject to U.S. federal income tax at graduated rates in a manner similar to the income of a U.S. citizen or resident.

Each Fund is generally required to withhold on certain payments to shareholders that are foreign entities and that fail to meet prescribed information reporting or certification requirements.

All foreign investors should consult their own tax advisors regarding the tax consequences in their country of residence of an investment in a Fund.

**Backup Withholding**

Each Fund (or a financial intermediary, such as a broker, through which a shareholder owns shares of the Fund) generally is required to withhold and remit to the U.S. Treasury a percentage of the taxable distributions and sale or redemption proceeds paid to any shareholder who fails to properly furnish a correct taxpayer identification number, who has underreported dividend or interest income, or who fails to certify that he, she or it is not subject to such backup withholding. The current backup withholding rate is 24%.

**Taxes on Purchases and Redemptions of Creation Units by APs**

An AP having the U.S. dollar as its functional currency for U.S. federal income tax purposes who exchanges securities for Creation Units generally recognizes a gain or a loss. The gain or loss will generally be equal to the difference between the market value of the Creation Units at the time of the exchange and the sum of the AP's aggregate basis in the securities surrendered plus the amount of cash paid for such Creation Units. Any gain or loss realized by an AP upon a creation of Creation Units will generally be treated as capital gain or loss if the AP holds the securities exchanged therefor as capital assets, and otherwise will be ordinary income or loss. Any capital gain or loss realized upon the creation of Cre,.ation Units will generally be treated as long-term capital gain or loss if the securities exchanged for such Creation Units have been held by the AP for more than 12 months, and otherwise will be short-term capital gain or loss.

The Trust on behalf of each Fund has the right (but not the obligation) to reject an order for a purchase of Creation Units if the AP (or a group of APs) would, upon obtaining the Creation Units so ordered, own 80% or more of the outstanding shares of a Fund and if, pursuant to Sections 351 and 362 of the Code, the Fund would have a basis in the securities different from the market value of such securities on the date of deposit. If a Fund's basis in such securities surrendered by the AP to the Fund on the date of surrender was less than market value on such date, the Fund, upon disposition of such surrendered securities, generally would recognize more taxable gain or less taxable loss than if its basis in such surrendered securities had been equal to market value. The Trust also has the right to require information necessary to determine beneficial share ownership for purposes of the 80% determination. If a Fund does issue Creation Units to an AP (or group of APs) that would, upon obtaining the Creation Units so ordered, own 80% or more of the outstanding shares of the Fund, the AP (or group of APs) may not recognize gain or loss upon the exchange of securities for Creation Units.

An AP who redeems Creation Units will generally recognize a gain or loss equal to the difference between the sum of the aggregate market value of any securities received plus the amount of any cash received for such Creation Units and the AP's basis in the Creation Units. Any gain or loss realized by an AP upon a redemption of Creation Units will generally be

treated as capital gain or loss if the AP holds the shares comprising the Creation Units as capital assets, and otherwise will be ordinary income or loss. Any capital gain or loss realized upon the redemption of Creation Units will generally be treated as long-term capital gain or loss if the shares comprising the Creation Units have been held by the AP for more than 12 months, and otherwise will generally be short-term capital gain or loss. Any capital loss realized upon a redemption of Creation Units held for six months or less will be treated as a long-term capital loss to the extent of any amounts treated as distributions to the applicable AP of long-term capital gains with respect to the Creation Units (including any amounts credited to the AP as undistributed capital gains).

Each Fund may include a payment of cash in addition to, or in place of, the delivery of a basket of securities upon the redemption of Creation Units. A Fund may sell portfolio securities to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize investment income and/or capital gains or losses that it might not have recognized if it had completely satisfied the redemption in-kind. As a result, a Fund may be less tax efficient if it includes such a cash payment in the proceeds paid upon the redemption of Creation Units.

Persons purchasing or redeeming Creation Units should consult their own tax advisers with respect to the tax treatment of any creation or redemption transaction.

*The foregoing discussion summarizes some of the possible consequences under current federal tax law of an investment in a Fund. It is not a substitute for personal tax advice. You also may be subject to state and local tax on Fund distributions and sales of shares of a Fund. Consult your personal tax advisor about the potential tax consequences of an investment in Shares of a Fund under all applicable tax laws. For more information, please see the section entitled "DIVIDENDS, DISTRIBUTIONS, AND TAXES" in the SAI.*

**DISTRIBUTION**

The Distributor, Quasar Distributors, LLC, a wholly owned subsidiary of Foreside Financial Group, LLC (dba ACA Group), is a broker-dealer registered with the SEC. The Distributor distributes Creation Units for the Funds on an agency basis and does not maintain a secondary market in Shares. The Distributor has no role in determining the policies of the Funds or the securities that are purchased or sold by the Funds. The Distributor's principal address is 190 Middle Street, Suite 301, Portland, Maine 04101.

**ADDITIONAL CONSIDERATIONS**

**Payments to Financial Intermediaries**

The Adviser and Sub-Adviser, out of their own resources and without additional cost to the Funds or their shareholders, may pay intermediaries, including affiliates of the Adviser and Sub-Adviser, for the sale of Fund Shares and related services, including participation in activities that are designed to make intermediaries more knowledgeable about exchange-traded products. Payments are generally made to intermediaries that provide shareholder servicing, marketing and related sales support, educational training or support, or access to sales meetings, sales representatives and management representatives of the intermediary. Payments may also be made to intermediaries for making Shares of a Fund available to their customers generally and in investment programs. The Adviser and Sub-Adviser may also reimburse expenses or make payments from its own resources to intermediaries in consideration of services or other activities the Adviser and/or Sub-Adviser believes may facilitate investment in the Funds.

The possibility of receiving, or the receipt of, the payments described above may provide intermediaries or their salespersons with an incentive to favor sales of Shares of the Funds, and other funds whose affiliates make similar compensation available, over other investments that do not make such payments. Investors may wish to take such payment arrangements into account when considering and evaluating any recommendations relating to the Funds and other ETFs.

**Premium/Discount Information**

Each Fund is new and therefore does not have any information regarding how often Shares are traded on the Exchange at a price above (*i.e.*, at a premium) or below (*i.e.*, at a discount) the NAV of a Fund. Once available, this information will be presented, free of charge, on the First Eagle US Equity ETF's website at <u>https://www.firsteagle.com/funds/us-equity-etf</u> and on the First Eagle Mid Cap Equity ETF's website at <u>https://www.firsteagle.com/funds/mid-cap-equity-etf</u>.

**Continuous Offering**

The method by which Creation Units are purchased and traded may raise certain issues under applicable securities laws. Because new Creation Units are issued and sold by the Funds on an ongoing basis, at any point a "distribution," as such term is used in the Securities Act of 1933, as amended (the "Securities Act"), may occur. Broker-dealers and other persons are cautioned that some activities on their part may, depending on the circumstances, result in their being deemed participants in a distribution in a manner which could render them statutory underwriters and subject them to the Prospectus delivery and liability provisions of the Securities Act.

For example, a broker-dealer firm or its client may be deemed a statutory underwriter if it takes Creation Units after placing an order with the Transfer Agent, breaks them down into individual Shares, and sells such Shares directly to customers, or if it chooses to couple the creation of a supply of new Shares with an active selling effort involving solicitation of secondary market demand for Shares. A determination of whether one is an underwriter for purposes of the Securities Act must take into account all the facts and circumstances pertaining to the activities of the broker-dealer or its client in the particular case, and the examples mentioned above should not be considered a complete description of all the activities that could lead to categorization as an underwriter.

Broker-dealer firms should also note that dealers who are not "underwriters" but are effecting transactions in Shares, whether or not participating in the distribution of Shares, are generally required to deliver a prospectus. This is because the prospectus delivery exemption in Section 4(a)(3) of the Securities Act is not available with respect to such transactions as a result of Section 24(d) of the 1940 Act. As a result, broker dealer-firms should note that dealers who are not underwriters but are participating in a distribution (as contrasted with ordinary secondary market transactions) and thus dealing with Shares that are part of an over-allotment within the meaning of Section 4(a)(3)(a) of the Securities Act would be unable to take advantage of the prospectus delivery exemption provided by Section 4(a)(3) of the Securities Act. Firms that incur a prospectus delivery obligation with respect to Shares of a Fund are reminded that under Rule 153 of the Securities Act, a prospectus delivery obligation under Section 5(b)(2) of the Securities Act owed to an exchange member in connection with a sale on the Exchange is satisfied by the fact that such Fund's Prospectus is available on the SEC's electronic filing system.

The prospectus delivery mechanism provided in Rule 153 of the Securities Act is only available with respect to transactions on an exchange.

**Disclosure of Portfolio Holdings**

Each Fund discloses its full portfolio holdings, as of the close of business the prior day, each day before the opening of trading on the Exchange on the First Eagle US Equity ETF's website at <u>https://www.firsteagle.com/funds/us-equity-etf</u> and on the First Eagle Mid Cap Equity ETF's website at <u>https://www.firsteagle.com/funds/mid-cap-equity-etf</u>. Recent information, including information regarding each Fund's NAV, market price, premiums and discounts, and bid/ask spreads, is also available on the First Eagle US Equity ETF's website at <u>https://www.firsteagle.com/funds/us-equity-etf</u> and on the First Eagle Mid Cap Equity ETF's website at <u>https://www.firsteagle.com/funds/mid-cap-equity-etf</u>. A description of the Funds' policies and procedures with respect to the disclosure of a Fund's portfolio securities is available in the Funds' SAI.

**Additional Information**

The Funds enter into contractual arrangements with various parties, including, among others, the Funds' investment adviser and investment sub-adviser, who provide services to the Funds. Shareholders are not parties to, or intended (or "third party") beneficiaries of, those contractual arrangements.

The Prospectus and the SAI provide information concerning the Funds that you should consider in determining whether to purchase Shares of a Fund. The Funds may make changes to this information from time to time. Neither this Prospectus nor the SAI is intended to give rise to any contract rights or other rights in any shareholder, other than any rights conferred explicitly by federal or state securities laws that may not be waived.

**Shareholder Rights**

The Trust Amended and Restated Agreement and Declaration of Trust (the "Trust Instrument") requires shareholders bringing a derivative action on behalf of a Fund to first make a pre-suit demand and also to collectively hold at least 10% of the outstanding shares of the Trust or at least 10% of the outstanding shares of the series or class to which the demand relates and to undertake to reimburse the Trust for the expense of any counsel or advisors used when considering the merits of the demand in the event that the Board determines not to bring such action. Following receipt of the demand, the Trustees must be afforded a reasonable amount of time to investigate and consider the demand. In each case, these requirements do not apply to claims arising under the federal securities laws.

**Duties of Trustees**

The Trust Instrument provides that the Fund's Trustees are subject to the same fiduciary duties to which the directors of a Delaware corporation would be subject if (i) the Trust were a Delaware corporation, (ii) the Shareholders were shareholders of such Delaware corporation, and (iii) the Trustees were directors of such Delaware corporation, and that such modified duties are instead of any fiduciary duties to which the Trustees would otherwise be subject. Without limiting the generality of the foregoing, all actions and omissions of the Trustees are evaluated under the doctrine commonly referred to as the "business judgment rule," as defined and developed under Delaware law, to the same extent that the same actions or omissions of directors of a Delaware corporation in a substantially similar circumstance would be evaluated under such doctrine. Notwithstanding the foregoing, the provisions of the Fund's Amended and Restated Agreement and Declaration of Trust and its By-Laws, to the extent that they restrict or eliminate the duties (including fiduciary duties) and liabilities relating thereto of a Trustee otherwise applicable under the foregoing standard or otherwise existing at law or in equity, replace such other duties and liabilities of such Trustee. In addition, nothing in the Trust Instrument modifying, restricting or eliminating the duties or liabilities of Trustees shall apply to, or in any way limit, the duties (including state law fiduciary duties of loyalty and care) or liabilities of such persons with respect to matters arising under the federal securities laws.

**Derivative Actions Brought on Behalf of the Trust**

*General.* Except with respect to claims arising under the federal securities laws, in addition to the requirements set forth under Delaware law, a shareholder may bring a derivative action on behalf of the Trust only if the following conditions are

met: (a) the shareholder or shareholders must make a pre-suit demand upon the Trustees to bring the subject action unless an effort to cause the Trustees to bring such an action is not likely to succeed. For purposes of this requirement, a demand on the Trustees shall only be deemed not likely to succeed and therefore excused if a majority of the Board of Trustees, or a majority of any committee established to consider the merits of such action, has a personal financial interest in the transaction at issue, and a Trustee shall not be deemed interested in a transaction or otherwise disqualified from ruling on the merits of a shareholder demand by virtue of the fact that such Trustee receives remuneration for his service on the Board of Trustees of the Trust or on the boards of one or more trusts that are under common management with or otherwise affiliated with the Trust; (b) unless a demand is not required under paragraph (a), shareholders eligible to bring such derivative action under Delaware law who hold at least 10% of the outstanding shares of the Trust, or 10% of the outstanding shares of the series or class to which such action relates, shall join in the request for the Trustees to commence such action; and (c) unless a demand is not required under paragraph (a), the Trustees must be afforded a reasonable amount of time to consider such shareholder request and to investigate the basis of such claim. The Trustees shall be entitled to retain counsel or other advisors in considering the merits of the request and shall require an undertaking by the shareholders making such request to reimburse the Trust for the expense of any such advisors in the event that the Trustees determine not to bring such action. The Board of Trustees may designate a committee of one Trustee to consider a shareholder demand if necessary to create a committee with a majority of Trustees who do not have a personal financial interest in the transaction at issue.

The provision requiring at least 10% of the outstanding voting securities of the Trust, applicable series or class to join in the request to bring the derivative action and the provision requiring an undertaking by the requesting shareholders to reimburse the Trust for the expense of any advisors retained by the Board of Trustees in the event that the Trustees determine not to bring such action, does not apply to claims brought under federal securities laws.

*Forum and Applicable Law.* The Trust's Amended and Restated Agreement and Declaration of Trust (the "Declaration of Trust") also places limitations on the forum in which claims against the Trust may be heard. To the fullest extent permitted by applicable law, unless the Trust consents in writing to the selection of an alternative forum, the sole and exclusive forum for any shareholder (including a beneficial owner) to bring (i) any derivative action or proceeding brought on behalf of the Trust, (ii) any action asserting a claim of breach of a fiduciary duty owed by any Trustee, officer or employee, if any, of the Trust to the Trust or the Trust's shareholders, (iii) any action asserting a claim against the Trust, its Trustees, officers or employees, if any, arising pursuant to any provision of laws of the State of Delaware or the Declaration of Trust or the Trust's Amended and Restated Bylaws, or (iv) to the maximum extent permitted by law, any other proceeding arising out of or relating to the Trust or the shareholder's interest in the Trust, shall be the courts located in the State of Delaware, and in all cases subject to the Delaware courts' having personal jurisdiction over the indispensable parties named as defendants. Any person purchasing or otherwise acquiring or holding any interest in shares of the Trust shall be (i) deemed to have notice of and consented to these provisions, and (ii) deemed to have waived any argument relating to the inconvenience of the forums referenced above in connection with any action or proceeding.

Accordingly, shareholders may have to bring suit in what they may consider to be an inconvenient and potentially less favorable forum. The limitations described above relating to derivative actions and choice of forum do not apply to claims asserted under the federal securities laws, to the extent that any such federal laws, rules or regulations do not permit such application.

The Declaration of Trust empowers the Trustees of the Trust with, among other things: (i) full power and authority to do any and all acts and to make and execute any and all contracts and instruments that they may consider necessary or appropriate in connection with the management of the Trust; and (ii) subject to the 1940 Act, the power to engage in any other lawful act or activity in which a statutory trust organized under the Delaware Act may engage. Notwithstanding that the Declaration of Trust is to be construed and enforced in accordance with the laws of the State of Delaware, the Declaration of Trust explicitly excludes the application of certain laws that might otherwise apply, including any provisions of laws (common or statutory) of the State of Delaware pertaining to trusts that relate to or regulate establishment of fiduciary or other standards or responsibilities or limitations on the acts or powers of trustees that are inconsistent with the limitations or liabilities or authorities and powers of the Trustees set forth or referenced in the Declaration of Trust. Nothing in the Declaration of Trust modifying, restricting or eliminating the duties or liabilities of Trustees shall apply to, or in any way limit, the duties (including state law fiduciary duties of loyalty and care) or liabilities of such persons with respect to matters arising under the federal securities laws when and to the extent such terms are deemed inconsistent with the federal securities laws.

**NO PERSON HAS BEEN AUTHORIZED TO GIVE ANY INFORMATION OR MAKE ANY REPRESENTATIONS NOT CONTAINED IN THIS PROSPECTUS OR IN THE FUNDS' SAI INCORPORATED HEREIN BY REFERENCE, IN CONNECTION WITH THE OFFERING MADE BY THIS PROSPECTUS AND, IF GIVEN OR MADE, SUCH REPRESENTATIONS MUST NOT BE RELIED UPON AS HAVING BEEN AUTHORIZED BY THE TRUST OR ITS DISTRIBUTOR. THIS PROSPECTUS DOES NOT CONSTITUTE AN OFFERING BY THE TRUST OR BY THE DISTRIBUTOR IN ANY JURISDICTION IN WHICH SUCH OFFERING MAY NOT LAWFULLY BE MADE.**

Privacy Notice for Individual Shareholders

The Trust is providing you with this privacy notice to inform you of how we process your personal information. If the Trust changes its information practices, we will provide you with notice of any material changes. This privacy notice supersedes any of our previous policies relating to the information you disclose to us.

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| | |
|:---|:---|
| **FACTS** | &nbsp;&nbsp;&nbsp;&nbsp;**WHAT DOES THE TRUST DO WITH YOUR PERSONAL INFORMATION?** |
| &nbsp;&nbsp;**Why?** | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
| &nbsp;&nbsp;**What?** | The types of personal information we collect and share depend on the product or service you have with us. This information can include:<br>■ Social Security number, income, and assets<br>■ account balances, payment history, and account activity<br>■ credit history and credit scores<br>■ name, address, telephone number, occupation<br>■ online information, such as your IP address and data gathered from your browsing activity and location<br>■ information we encounter in public records in the ordinary course of business |
| &nbsp;&nbsp;**How?** | All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons the Trust chooses to share; and whether you can limit this sharing. |

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Privacy Notice for Individual Shareholders

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| | | |
|:---|:---|:---|
| **Reasons we can share your personal information** | **Does the Trust share?** | **Can you limit this sharing?** |
| **For our everyday business purposes—**<br> such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
| **For our marketing purposes—** <br> to offer our products and services to you | Yes | Yes |
| **For joint marketing with other financial companies** | No | N/A |
| **For our affiliates' everyday business purposes—** <br> information about your transactions and experiences | Yes | No |
| **For our affiliates' everyday business purposes—**<br> information about your creditworthiness | Yes | Yes |
| **For our affiliates to market to you** | Yes | Yes |
| **For nonaffiliates to market to you** | No | N/A |

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| | |
|:---|:---|
| **To limit** | ■ Call 800.334.2143 and indicate your desire to limit our sharing<br> ■ Visit us online: www.firsteagle.com/individuals-home or<br> ■ Mail the form below<br>**Please note:**<br>If you are a *new* customer, we can begin sharing your information 30 days from the date we sent this notice. When you are *no longer* our customer, we continue to share your information as described in this notice.<br>However, you can contact us at any time to limit our sharing. |
| **Questions?** | Call 800.334.2143 or go to www.firsteagle.com/individuals-home |

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Privacy Notice for Individual Shareholders

![](x5_c114495x37x1.jpg)

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| | | |
|:---|:---|:---|
| **Mail-in Form** | | |
| &nbsp;&nbsp; If you have a joint account, your choice(s) will apply to everyone on your account unless you mark below.<br>□ Apply my choices only to me | Mark any/all you want to limit: | Mark any/all you want to limit: |
| &nbsp;&nbsp; If you have a joint account, your choice(s) will apply to everyone on your account unless you mark below.<br>□ Apply my choices only to me | □ Do not share information about my creditworthiness with your affiliates for their everyday business purposes. | □ Do not share information about my creditworthiness with your affiliates for their everyday business purposes. |
| &nbsp;&nbsp; If you have a joint account, your choice(s) will apply to everyone on your account unless you mark below.<br>□ Apply my choices only to me | □Do not allow your affiliates to use my personal information to market to me. | □Do not allow your affiliates to use my personal information to market to me. |
| &nbsp;&nbsp; If you have a joint account, your choice(s) will apply to everyone on your account unless you mark below.<br>□ Apply my choices only to me | □Do not share my personal information with nonaffiliates to market their products and services to me. | □Do not share my personal information with nonaffiliates to market their products and services to me. |
| &nbsp;&nbsp; If you have a joint account, your choice(s) will apply to everyone on your account unless you mark below.<br>□ Apply my choices only to me |  |  |
| &nbsp;&nbsp; If you have a joint account, your choice(s) will apply to everyone on your account unless you mark below.<br>□ Apply my choices only to me |  |  |
|  | &nbsp;&nbsp; **Name**<br> **Address**<br> **City, State, Zip**<br> **Account #** | &nbsp;&nbsp; **Mail to:**<br> First Eagle Funds<br> P.O. Box 219324<br> Kansas City, MO<br> 64121-9324 |
|  | &nbsp;&nbsp; **Name**<br> **Address**<br> **City, State, Zip**<br> **Account #** | &nbsp;&nbsp; **Mail to:**<br> First Eagle Funds<br> P.O. Box 219324<br> Kansas City, MO<br> 64121-9324 |
|  | &nbsp;&nbsp; **Name**<br> **Address**<br> **City, State, Zip**<br> **Account #** | &nbsp;&nbsp; **Mail to:**<br> First Eagle Funds<br> P.O. Box 219324<br> Kansas City, MO<br> 64121-9324 |
|  | &nbsp;&nbsp; **Name**<br> **Address**<br> **City, State, Zip**<br> **Account #** | &nbsp;&nbsp; **Mail to:**<br> First Eagle Funds<br> P.O. Box 219324<br> Kansas City, MO<br> 64121-9324 |
|  | &nbsp;&nbsp; **Name**<br> **Address**<br> **City, State, Zip**<br> **Account #** | &nbsp;&nbsp; **Mail to:**<br> First Eagle Funds<br> P.O. Box 219324<br> Kansas City, MO<br> 64121-9324 |
|  | &nbsp;&nbsp; **Name**<br> **Address**<br> **City, State, Zip**<br> **Account #** | &nbsp;&nbsp; **Mail to:**<br> First Eagle Funds<br> P.O. Box 219324<br> Kansas City, MO<br> 64121-9324 |

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![](x5_c114495x37x1.jpg)

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| | |
|:---|:---|
| **What we do** | |
| **How does the Trust protect my personal information?** | &nbsp;&nbsp;We maintain physical, electronic and procedural safeguards that comply with federal standards to guard consumer information. We permit only authorized individuals, who are trained in the proper handling of individual shareholder information and need to access this information to do their job, to have access to this information. |
| **How does the Trust collect my personal information?** | We collect your personal information, for example, when you<br>■ open an account, make transactions using your account, or deposit money<br>■ subscribe to receive information, submit an application, or otherwise submit a form containing personal information<br>■ use our services online<br>We also collect your personal information from others, such as credit bureaus, affiliates, or other companies. |

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Privacy Notice for Individual Shareholders

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| | |
|:---|:---|
| **Why can't I limit all sharing?** | &nbsp;&nbsp;Federal law gives you the right to limit only<br>■ sharing for affiliates' everyday business purposes—information about your creditworthiness<br>■ affiliates from using your information to market to you<br>■ sharing for nonaffiliates to market to you<br>State laws and individual companies may give you additional rights to limit sharing. |
| **What happens when I limit sharing for an account I hold jointly with someone else?** | &nbsp;&nbsp;Your choices will apply to everyone on your account. |
| **Definitions** | |
| **Affiliates** | &nbsp;&nbsp;Companies related by common ownership or control. They can be financial and nonfinancial companies.<br>■ Affiliated companies include First Eagle Investments; First Eagle Holdings, Inc.; First Eagle Investment Management, LLC; FEF Distributors, LLC; First Eagle Separate Account Management, LLC; First Eagle Alternative Credit, LLC; Napier Park Global Capital Ltd; Napier Park Global Capital GmbH, Napier Park Global Capital (US) LP; First Eagle Investment Management Ltd; First Eagle Investment Management GmbH; First Eagle Funds (Ireland) ICAV; First Eagle Amundi Sub-Funds (Luxembourg) SICAV; First Eagle Overseas Variable Fund, a portfolio of First Eagle Variable Funds, an open-end investment management company; First Eagle Credit Opportunities Fund, a closed-end interval fund; First Eagle Private Credit Fund, a business development company; portfolios of First Eagle Funds, open-end investment management companies; First Eagle Global Equity ETF (FEGE) and First Eagle Overseas Equity ETF (FEOE), exchange-traded funds; First Eagle Real Estate Debt Fund, a closed-end interval fund; First Eagle Tactical Municipal Opportunities Fund, a closed-end interval fund; First Eagle High Yield Municipal Completion Fund, a portfolio of First Eagle Completion Fund Trust, an open-end investment management company; and any other First Eagle Funds and any sub-funds, as applicable. |
| **Nonaffiliates** | &nbsp;&nbsp;Companies not related by common ownership or control. They can be financial and nonfinancial companies.<br>■ Nonaffiliated third parties may include service providers such as the Trust's distributors, registrar and transfer agent for shareholder transactions, other parties providing individual shareholder servicing, accounting and recordkeeping services, attorneys, accountants, and auditors.  |

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**Data Subject Rights**

Individuals in some jurisdictions may have certain data subject rights. These rights vary, but they may include the right for individuals to: (i) request access to and rectification or erasure of their personal data; (ii) restrict or object to the processing of their personal data; and (iii) obtain a copy of their personal data in a portable format. Individuals may also have the right to lodge a complaint about the processing of personal data with a data protection authority. If you have any questions about exercising these rights call 800.334.2143 or go to www.firsteagle.com/individuals-home.

**Special Notice for Residents of California**

First Eagle does not sell non-public personal information or share non-public personal information for cross-context behavioral advertising. We will not share information we collect about you with nonaffiliates, except as required or

permitted by California or other applicable law, including as described above. While the law provides California residents with data rights in some circumstances, the state protections do not apply to personal information collected about current or former investors whose information is protected by federal financial privacy law under the Gramm Leach Bliley Act and the SEC's Reg S-P.

**Other Important Information**

<u>Sharing of Personal Information with Nonaffiliated Third Parties</u>

We will only share your personal information collected, as described above, with nonaffiliated third parties:

&nbsp;&nbsp;&nbsp;&nbsp;• At your
 request;

&nbsp;&nbsp;&nbsp;&nbsp;• When
 you authorize us to process or service a transaction or product (nonaffiliated third
 parties in this instance may include service providers such as the Trust's distributors,
 registrar and transfer agent for shareholder transactions, and other parties providing
 individual shareholder servicing, accounting and recordkeeping services);

&nbsp;&nbsp;&nbsp;&nbsp;• With
 companies that perform sales and marketing services on our behalf with whom we have agreements
 to protect the confidentiality of your information and to use the information only for
 the purposes for which we disclose the information to them;

&nbsp;&nbsp;&nbsp;&nbsp;• With third
 parties as part of a corporate business transaction such as a merger, joint venture,
 financing, reorganizing, or sale of company assets;

&nbsp;&nbsp;&nbsp;&nbsp;• As
 necessary to establish, defend, or otherwise manage a legal claim; or

&nbsp;&nbsp;&nbsp;&nbsp;• When required
 by law to disclose such information to appropriate authorities.

We do not otherwise provide information about you to outside firms, organizations or individuals except as permitted by law.

<u>What We do with Personal Information about Our Former Customers</u>

If you decide to discontinue doing business with us, the Trust will continue to adhere to this privacy policy with respect to the information we have in our possession about you and your account following the termination of our shareholder relationship.

**FINANCIAL HIGHLIGHTS**

Financial highlights are not yet available for the Funds as they had not commenced operations prior to the date of this Prospectus.

**INVESTMENT ADVISER**

**First Eagle Investment Management, LLC** <br> 1345 Avenue of the Americas<br> New York, New York 10105

**INVESTMENT SUB-ADVISER**

**Exchange Traded Concepts, LLC**

10900 Hefner Pointe Drive, Suite 400<br> Oklahoma City, Oklahoma 73120

**ADMINISTRATOR AND**<br> **TRANSFER AGENT**

**JPMorgan Chase Bank, N.A.**<br> 4 Chase Metrotech Center, Floor 16<br> Brooklyn, New York, 11245

**CUSTODIAN**

**JPMorgan Chase Bank, N.A.**<br> 4 Chase Metrotech Center, Floor 16<br> Brooklyn, New York, 11245

**INDEPENDENT REGISTERED**<br> **PUBLIC ACCOUNTING FIRM**

PricewaterhouseCoopers LLP <br> 300 Madison Avenue <br> New York, New York 10017-6204

**UNDERWRITER**

**Quasar Distributors, LLC**<br> 190 Middle Street, Suite 301<br> Portland, Maine 04101

**COUNSEL**

**Sidley Austin LLP** <br> 787 Seventh Ave.<br> New York, NY 10019

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Useful Shareholder Information

**How to Obtain Our Shareholder Reports**

Once available, additional information about the Funds' investments will be included in the Funds' annual and semi-annual reports to shareholders. Semi-annual and annual reports are available upon request without charge by contacting First Eagle ETF Trust. The annual reports discuss the market conditions and investment strategies that significantly affected each Fund's performance during the last fiscal year. The Funds' Financial Statements filed with the SEC on Form N-CSR also contain audited financial statements by the First Eagle ETF Trust's' independent accountants.

**How to Obtain Our Statement of Additional Information**

The Statement of Additional Information is incorporated by reference in this Prospectus and includes additional information about the Funds. The SAI is available to you without charge. To obtain a copy, please contact us via mail or phone, or visit the First Eagle US Equity ETF's website at https://www.firsteagle.com/funds/us-equity-etf or the First Eagle Mid Cap Equity ETF's website at https://www.firsteagle.com/funds/mid-cap-equity-etf. In addition, you may visit the Securities and Exchange Commission's ("SEC's") website (www.sec.gov) to view the SAI and other information. Also, you can obtain copies of the SAI, after paying a duplicating fee, by e-mailing: <u>publicinfo@sec.gov</u>.

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|:---|:---|
| **Distributor** | **Investment Adviser** |
| Quasar Distributors, LLC,<br> 190 Middle Street, Suite 301<br> Portland, ME 04101 | First Eagle Investment Management, LLC<br> 1345 Avenue of the Americas<br> New York, NY 10105 |

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**How to Reach First Eagle ETF Trust**

Send all shareholder inquiries and requests for other information or transactions to:

First Eagle ETF Trust<br> 190 Middle Street, Suite 301

Portland, ME 04101

You may contact us by telephone at 844.422.3367

Investment Company Act File Number: 811-24120

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| | |
|:---|:---|
| ![](x5_c114495x42x1.jpg) | **First Eagle Investment Management, LLC**<br>1345 Avenue of the Americas, New York, NY 10105-0048<br>800.334.2143 www.firsteagle.com/individuals-home |

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**The information in this Statement of Additional Information is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This Statement of Additional Information is not an offer to sell these securities and is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.**

**Subject to Completion- Dated December 19, 2025**

**First Eagle US Equity ETF**<br> **(NYSE Arca, Inc. – USFE)**

**First Eagle Mid Cap Equity ETF**<br> **(NYSE Arca, Inc. – FEMD)**

**Each a series of First Eagle ETF Trust**

1345 Avenue of the Americas

New York, New York 10105

**Statement of Additional Information**

**Dated December [24], 2025**

The First Eagle US Equity ETF ("US Equity ETF") is non-diversified and First Eagle Mid Cap Equity ETF ("Mid Cap Equity ETF") (each a "Fund" and together, the "Funds") is diversified and they each are series of First Eagle ETF Trust (the "Trust"), an open-end management investment company organized as a Delaware statutory trust on July 7, 2025.

First Eagle Investment Management, LLC (the "Adviser") serves as the investment adviser to the Funds and Exchange Traded Concepts, LLC (the "Sub-Adviser") serves as the investment sub-adviser to the Funds.

Information about the Funds is set forth in the prospectus dated December [24], 2025 (the "Prospectus") and provides the basic information you should know before investing. To obtain a copy of the Prospectus and/or the Funds' Annual and Semi-Annual Reports, once available, please write to First Eagle ETF Trust, c/o Quasar Distributors, LLC, 190 Middle Street, Suite 301, Portland, ME 04101, or call (844) 422-3367. This Statement of Additional Information ("SAI") is not a prospectus but contains information in addition to and more detailed than that set forth in the Prospectus. It is incorporated by reference in its entirety into the Prospectus. This SAI is intended to provide you with additional information regarding the activities and operations of the Funds and the Trust, and it should be read in conjunction with the Prospectus.

**Table of Contents**

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| | |
|:---|:---|
| [Fund History](#x5_c114495b001) | 1 |
| [Investment Objectives, Policies and Restrictions](#x5_c114495b002) | 1 |
| [Exchange Listing and Trading](#x5_c114495b003) | 19 |
| [Management of the Trust](#x5_c114495b004) | 20 |
| [Code of Ethics](#x5_c114495b005) | 34 |
| [Principal Holders](#x5_c114495b006) | 34 |
| [Investment Advisory Agreement and Investment Sub-Advisory Agreement](#x5_c114495b007) | 34 |
| [Portfolio Managers](#x5_c114495b008) | 36 |
| [Voting of Proxies](#x5_c114495b009) | 39 |
| [Underwriter](#x5_c114495b010) | 40 |
| [Purchase and Redemption of Creation Units](#x5_c114495b011) | 40 |
| [Portfolio Holdings Information](#x5_c114495b012) | 46 |
| [Determination of Net Asset Value](#x5_c114495b013) | 46 |
| [Dividends, Distributions, and Taxes](#x5_c114495b014) | 47 |
| [Portfolio Transactions and Brokerage](#x5_c114495b015) | 55 |
| [Payments To Financial Intermediaries](#x5_c114495b016) | 56 |
| [General Information](#x5_c114495b017) | 57 |
| [Financial Statements](#x5_c114495b018) | 58 |
| [Appendix A](#x5_c114495b019) | A-1 |
| [Appendix B](#x5_c114495b020) | B-1 |

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**FUND HISTORY**

First Eagle ETF Trust (the "Trust") is an open-end management investment company organized as a Delaware statutory trust on July 7, 2025. The Trust's Declaration of Trust permits the Trust to offer separate series of shares of beneficial interest (each of which is a separate fund) and separate classes of such series. Upon liquidation, shareholders of a series of the Trust are entitled to share pro rata in the net assets of such series available for distribution to shareholders. Expenses attributable to any series of the Trust are borne by that series.

The Trust is authorized to issue an unlimited number of interests (or shares) with no par value. Shares of each series have equal voting rights, and are voted in the aggregate and not by the series except in matters where a separate vote is required by the Investment Company Act of 1940, as amended (the "1940 Act"), or when the matter affects only the interest of a particular series. The Trust's series may hold special meetings of shareholders to elect or remove Trustees of the Trust, change fundamental policies, approve a management contract, or for other purposes. The Trust's series will mail proxy materials in advance of a shareholder meeting, including a proxy and information about the proposals to be voted on. When matters are submitted to shareholders for a vote, each shareholder is entitled to one vote for each full share owned and fractional votes for fractional shares owned. Fund shares do not have cumulative voting rights or any preemptive or conversion rights. The Trust does not normally hold annual meetings of shareholders. This SAI pertains to the shares representing interests in the Funds.

Each Fund offers and issues shares at its net asset value per share ("NAV") only in aggregations of a specified number of shares (each a "Creation Unit"). Each Fund also generally offers and issues shares in exchange for a basket of securities ("Deposit Securities") together with the deposit of a specified cash payment ("Cash Component"). The Trust reserves the right to permit or require the substitution of a "cash in lieu" amount ("Deposit Cash") to be added to the Cash Component to replace any Deposit Security. The shares of the Funds are listed for trading on NYSE Arca, Inc. (the "Exchange"), and the Funds trade on the Exchange at market prices. These prices may differ from the shares' NAVs. The shares are also redeemable only in Creation Unit aggregations, and generally in exchange for portfolio securities and a specified cash payment. A Creation Unit of each Fund consists of at least 10,000 Shares.

Shares of each Fund may be issued in advance of receipt of Deposit Securities subject to various conditions including a requirement to maintain on deposit with the Trust cash at least equal to a specified percentage of the market value of the missing Deposit Securities as set forth in the Participant Agreement (as defined below). The Trust may impose a transaction fee for each creation or redemption (the "Transaction Fee"). In all cases, such fees will be limited in accordance with the requirements of the Securities and Exchange Commission (the "SEC") applicable to management investment companies offering redeemable securities. Each Fund may charge, either in lieu or in addition to the fixed creation or redemption Transaction Fee, a variable fee for creations and redemptions in order to cover certain brokerage, tax, foreign exchange, execution, market impact and other costs and expenses related to the execution of trades resulting from such transaction, up to a maximum of 2.00% of the NAV per Creation Unit, inclusive of any Transaction Fees charged (if applicable).

Each Fund is an actively managed exchange-traded fund ("ETF").

**INVESTMENT OBJECTIVES, POLICIES AND RESTRICTIONS**

Each Fund's investment objective and principal investment strategies are described in the Prospectus. The sections below describe some of the different types of investments that may be made by each Fund. The following information supplements, and should be read in conjunction with, the Prospectus.

With respect to each Fund's investments, unless otherwise noted, if a percentage limitation on investment is adhered to at the time of investment or contract, a subsequent increase or decrease as a result of market movement or redemption will not result in a violation of such investment limitation.

There can be no guarantee that a Fund will achieve its investment objective. Each Fund may not necessarily invest in all of the instruments or use all of the investment techniques permitted by the Prospectus and this SAI, or invest in such instruments or engage in such techniques to the full extent permitted by the Fund's investment policies and limitations.

**Investment Objectives and Strategies of the Funds**

***US Equity ETF.*** The US Equity ETF is an actively managed exchange-traded fund ("ETF") and seeks to achieve its objective of long-term capital growth by investing, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in domestic equity and may invest to a lesser extent in securities of non-U.S. issuers (including American Depositary Receipts, Global Depositary Receipts and European Depositary Receipts). In particular, the Fund seeks companies exhibiting financial strength and stability, strong management and fundamental value. Investment decisions for the Fund are made without regard to the capitalization (size) of the companies in which it invests. The Fund may invest in any size company, including large, medium and smaller companies.

***Mid Cap Equity ETF.*** The Mid Cap Equity ETF is an actively managed exchange-traded fund ("ETF") and invests, under normal circumstances, in equity securities of U.S. mid-cap companies in an attempt to take advantage of what the Adviser believes are opportunistic situations for undervalued securities. Normally, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in the equity securities of U.S. mid-cap companies. The Adviser defines mid-cap companies as those that have at the time of investment a market capitalization not greater than that of the largest company in the Russell Mid Cap® Index. The Russell Mid Cap® Index is reconstituted annually. (Russell Mid Cap® Index was ranging from approximately $831 million to $89 billion as of June 30, 2025). The Fund invests in domestic equity and may invest to a lesser extent in securities of non-U.S. issuers (including American Depositary Receipts, Global Depositary Receipts and European Depositary Receipts).

There can be no assurance that the Funds' stated objectives will be realized.

***Policies and Techniques Applicable to the Funds***

The investment objectives of the Funds describe their principal investment strategies.

For ease of reference, while the discussions below often refer to investments in "securities," the Fund may invest in many types of assets that include commodities, bank loans, derivatives, etc. A discussion of the risks of particular types of "securities" therefore should be understood to refer to the risks of that type of investment more generally (e.g., foreign securities risks should be understood to describe risks of investing in non-U.S. markets generally, regardless of investment type, and illiquid securities should be understood to describe illiquid investments, as described in Rule 22e-4 under the 1940 Act). Moreover, while the discussions below often refer to investments in securities or debt of "a company" or "companies," references to "a company" or "companies" should be understood, as the context requires, to also refer to other types of issuers, including municipal issuers.

**Investment Policies, Techniques and Risks of the Fund**

**American, European and Global Depositary Receipts.** As part of its principal investment strategy, each Fund may invest in American Depository Receipts ("ADRs"). ADRs, as well as other "hybrid" forms of ADRs, including European Depositary Receipts ("EDRs") and Global Depositary Receipts ("GDRs"), are certificates evidencing ownership of shares of a foreign issuer. These certificates are issued by depository banks and generally trade on an established market in the United States or elsewhere. The underlying shares are held in trust by a custodian bank or similar financial institution in the issuer's home country. The depository bank may not have physical custody of the underlying securities at all times and may charge fees for various services, including forwarding dividends and interest and corporate actions. ADRs are alternatives to directly purchasing the underlying foreign securities in their national markets and currencies. However, ADRs continue to be subject to many of the risks associated with investing directly in foreign securities including increased market, illiquidity, currency, political, information and other risks, and even where traded in U.S. dollars are subject to currency risk if the underlying security is traded in a foreign currency. GDRs, EDRs, and other similar instruments may be issued by a U.S. or non-U.S. entity and may be traded in other currencies. GDRs are tradable both in the United States and Europe and are designed for use throughout the world. EDRs are issued in bearer form and are designed for use in European securities markets.

Investments in the securities of foreign issuers may subject a Fund to investment risks that differ in some respects from those related to investments in securities of U.S. issuers. Such risks include future adverse political and economic

developments, possible imposition of withholding taxes and other taxes, possible seizure, nationalization or expropriation of foreign deposits, possible establishment of exchange controls or taxation at the source or greater fluctuation in value due to changes in exchange rates. Foreign issuers of securities often engage in business practices different from those of domestic issuers of similar securities, and there may be less information publicly available about foreign issuers. In addition, foreign issuers are, generally speaking, subject to less government supervision and regulation and different accounting treatment than are those in the United States.

**Cybersecurity Risk.** Each Fund and its service providers may be prone to operational and information security risks resulting from breaches in cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause a Fund to lose proprietary information, suffer data corruption, or lose operational capacity. Breaches in cyber security include, among other behaviors, stealing or corrupting data maintained online or digitally, denial of service attacks on websites, the unauthorized release of confidential information or various other forms of cyber-attacks. Cyber security breaches affecting the Funds, the Adviser, the Sub-Adviser, custodian, transfer agent, intermediaries and other third-party service providers may adversely impact the Funds. For instance, cyber security breaches may interfere with the processing of shareholder transactions, impact a Fund's ability to calculate its NAV, cause the release of private shareholder information or confidential business information, impede trading, subject the Funds to regulatory fines or financial losses and/or cause reputational damage. A Fund may also incur additional costs for cyber security risk management purposes. Similar types of cyber security risks are also present for issuers of securities in which a Fund may invest, which could result in material adverse consequences for such issuers and may cause the Fund's investment in such companies to lose value. While the Funds and their service providers have established information technology and data security programs and have in place business continuity plans and other systems designed to prevent losses and mitigate cyber security risk, there are inherent limitations in such plans and systems, including the possibility that certain risks have not been identified or that cyber-attacks may be highly sophisticated. Furthermore, the Funds have limited ability to prevent or mitigate cyber security incidents affecting third-party service providers, and such third-party service providers may have limited indemnification obligations to the Funds, or the Adviser.

**Equity Securities.** Equity securities represent ownership interests in a company and consist of common stocks, preferred stocks, warrants to acquire common stock, and securities convertible into common stock. Investments in equity securities in general are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which a Fund invests will cause the NAV of the Fund to fluctuate. The Funds purchase equity securities traded in the U.S. and abroad on registered exchanges or the over-the-counter market. Specific risks are described in more detail below (See "Non-Principal Investment Policies and Risks" below for a description of Hybrid Securities, including Convertible Securities and Preferred Stock, and Warrants):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Common Stock.** Common stock represents an equity or ownership interest in an issuer. In the event an issuer is liquidated
or declares bankruptcy, the claims of owners of bonds and preferred stock take precedence over the claims of those who own common
stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Small and Medium Capitalization Issuers.** Investing in equity securities of small and medium capitalization companies
often involves greater risk than is customarily associated with investments in larger capitalization companies. This increased
risk may be due to the greater business risks of smaller size, limited markets and financial resources, narrow product lines and
frequent lack of depth of management. The securities of smaller companies are often traded in the over-the-counter market and even
if listed on a national securities exchange may not be traded in volumes typical for that exchange. Consequently, the securities
of smaller companies are less likely to be liquid, may have limited market stability, and may be subject to more abrupt or erratic
market movements than securities of larger, more established companies or the market averages in general.

**Exchange-Traded Funds ("ETFs").** Each Fund may invest in open-end investment companies whose shares are listed for trading on a national securities exchange. Each Fund is actively managed by an investment adviser and/or sub-advisers and does not seek to provide investment results that correspond to an index.

ETFs are subject to risks of an investment in a broadly based portfolio of common stocks, including the risk that the general level of stock prices may decline, thereby adversely affecting the value of such investment. An actively managed ETF may not perform as well as its investment adviser and/or sub-advisers expect, and/or the actively managed ETF's portfolio management practices might not work to achieve the desired result. Individual shares of an ETF are generally not

redeemable at their NAV, but trade on an exchange during the day at prices that are normally close to, but not the same as, their NAV. There is no assurance that an active trading market will be maintained for the shares of an ETF or that market prices of the shares of an ETF will be close to their NAVs. The existence of extreme market volatility or potential lack of an active trading market for an ETF's shares could result in such shares trading at a significant premium or discount to their NAV. In addition, the purchase of shares of ETFs may result in duplication of expenses, including advisory fees, in addition to a fund's own expenses.

Investments in securities of ETFs beyond the limitations set forth in Section 12(d)(1)(A) of the 1940 Act are subject to certain terms and conditions described below. Section 12(d)(1)(A) states that a fund may not acquire shares of other investment companies, such as ETFs, in excess of: 3% of the total outstanding voting stock of the investment company; 5% of its total assets invested in the investment company; or more than 10% of the fund's total assets were to be invested in the aggregate in all investment companies. The purchase of shares of ETFs may result in duplication of expenses, including advisory fees, in addition to a fund's own expenses. In October 2020, the SEC adopted certain regulatory changes and took other actions related to the ability of an investment company to invest in another investment company. The changes include, among other things, amendments to Rule 12d1-1, the rescission of Rule 12d1-2, and the adoption of Rule 12d1-4 under the 1940 Act ("Rule 12d1-4") which allows funds to invest in other investment companies in excess of some of the limitations discussed above, subject to certain limitations and conditions. An acquiring fund relying on Rule 12d-4 must enter into a fund of funds investment agreement with the acquired fund. Rule 12d1-4 outlines the requirements for fund of funds agreements and specifies certain reporting responsibilities of the acquiring fund's adviser. The Funds expect to rely on Rule 12d1-4 to the extent the Adviser deems such reliance necessary or appropriate.

**Foreign Securities.** Investments in foreign securities involve higher costs than investments in U.S. securities, including higher transaction costs as well as the imposition of additional taxes by foreign governments. In addition, foreign investments may include additional risks associated with more or less foreign government regulation; less public information; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; and less economic, political and social stability in the countries in which a Fund may invest. Volume and liquidity in most foreign bond markets are less than in the United States and, at times, volatility or price can be greater than in the United States. Future political and economic information, the possible imposition of withholding taxes on interest income, the possible seizure or nationalization of foreign holdings, the possible establishment of exchange controls, or the adoption of other governmental restrictions, might adversely affect the payment of principal and interest on foreign obligations. Inability to dispose of securities due to settlement problems could result either in losses to an underlying investment company due to subsequent declines in value of the securities, or, if the underlying investment company has entered into a contract to sell the securities, could result in possible liability to the purchaser. Individual foreign economies may differ favorably or unfavorably from the U.S. economy in such respects as growth or gross national product, rate of inflation, capital reinvestment, resource self-sufficiency and balance of payments position. Fixed commissions on foreign securities exchanges are generally higher than negotiated commissions on U.S. exchanges. There is generally less government supervision and regulation of securities exchanges, brokers, dealers and listed companies than in the United States.

Settlement mechanics may be slower or less reliable than within the United States, thus increasing the risk of delayed settlements of portfolio transactions or loss of certificates for portfolio securities. Foreign markets also have different clearance and settlement procedures, and in certain markets there have been times when settlements have been unable to keep pace with the volume of securities transactions, making it difficult to conduct such transactions. Such delays in settlement could result in temporary periods when a portion of the assets of an underlying investment company is uninvested and no return is earned thereon. The inability of an underlying investment company to make intended security purchases due to settlement problems could cause the underlying investment company to miss attractive investment opportunities.

Each Fund values its securities and other assets in U.S. dollars. As a result, if a Fund invests in securities denominated in foreign currencies, the NAV of the Fund's shares may fluctuate with U.S. dollar exchange rates as well as the price changes of the Fund's securities in the various local markets and currencies. Thus, an increase in the value of the U.S. dollar compared to the currencies in which the Fund makes its investments could reduce the effect of increases and magnify the effect of decreases in the price of the Fund's securities in their local markets. Conversely, a decrease in the value of the U.S. dollar may have the opposite effect of magnifying the effect of increases and reducing the effect of decreases in the prices

of a Fund's securities in its foreign markets. In addition to favorable and unfavorable currency exchange rate developments, each Fund is subject to the possible imposition of exchange control regulations or freezes on convertibility of currency.

If a Fund invests in obligations of foreign branches of U.S. banks (Eurodollars) and U.S. branches of foreign banks (Yankee dollars) or foreign branches of foreign banks, these investments involve risks that are different from investments in securities of U.S. banks, including potential unfavorable political and economic developments, different tax provisions, seizure of foreign deposits, currency controls, interest limitations or other governmental restrictions which might affect payment of principal or interest. A Fund may also invest in debt securities issued or guaranteed by foreign governments, including Yankee bonds, which are issued by foreign governments and their agencies and foreign corporations, but pay interest in U.S. dollars and are typically issued in the United States.

European countries can be affected by the significant fiscal and monetary controls that the European Economic and Monetary Union ("EMU") imposes for membership. Europe's economies are diverse, its governments are decentralized, and its cultures vary widely. Several European Union ("EU") countries, including Greece, Ireland, Italy, Spain and Portugal, have faced budget issues, some of which may have negative long-term effects for the economies of those countries and other EU countries. There is continued concern about national-level support for the euro and the accompanying coordination of fiscal and wage policy among EMU member countries. Member countries are required to maintain tight control over inflation, public debt, and budget deficit to qualify for membership in the EMU. These requirements can severely limit the ability of EMU member countries to implement monetary policy to address regional economic conditions.

Recently, various countries have seen significant internal conflicts and in some cases, civil wars may have had an adverse impact on the securities markets of the countries concerned. In addition, the occurrence of new disturbances due to acts of war or terrorism or other political developments cannot be excluded. Nationalization, expropriation or confiscatory taxation, currency blockage, political changes, government regulation, political, regulatory or social instability or uncertainty or diplomatic developments, including the imposition of sanctions or other similar measures, could adversely affect a Fund's investments.

Recent examples of the above include conflict, loss of life and disaster connected to ongoing armed conflict between Russia and Ukraine in Europe and Israel, Hamas and other militant groups in the Middle East. The extent, duration and impact of these conflicts, related sanctions and retaliatory actions are difficult to ascertain, but could be significant and have severe adverse effects on the region, including significant adverse effects on the regional or global economies and the markets for certain securities and commodities. These impacts could negatively affect a Fund's investments in securities and instruments that are economically tied to the applicable region, and include (but are not limited to) declines in value and reductions in liquidity. In addition, to the extent new sanctions are imposed or previously relaxed sanctions are reimposed (including with respect to countries undergoing transformation), complying with such restrictions may prevent a Fund from pursuing certain investments, cause delays or other impediments with respect to consummating such investments or divestments, require divestment or freezing of investments on unfavorable terms, render divestment of underperforming investments impracticable, negatively impact the Fund's ability to achieve its investment objective, prevent the Fund from receiving payments otherwise due it, increase diligence and other similar costs to the Fund, render valuation of affected investments challenging, or require the Fund to consummate an investment on terms that are less advantageous than would be the case absent such restrictions. Any of these outcomes could adversely affect the Fund's performance with respect to such investments, and thus the Fund's performance as a whole.

**Investment Company Shares.** Each Fund may invest in shares of other investment companies to the extent permitted by applicable law and subject to certain restrictions. These investment companies typically incur fees that are separate from those fees incurred directly by a Fund. A Fund's purchase of such investment company securities results in the layering of expenses, such that shareholders would indirectly bear a proportionate share of the operating expenses of such investment companies, including advisory fees, in addition to paying the Fund's expenses. Unless an exception is available, Section 12(d)(1)(A) of the 1940 Act prohibits a fund from (i) acquiring more than 3% of the voting shares of any one investment company, (ii) investing more than 5% of its total assets in any one investment company, and (iii) investing more than 10% of its total assets in all investment companies combined. These limits will not apply to the investment of uninvested cash balances in shares of registered or unregistered money market funds whether affiliated or unaffiliated. The foregoing exemption, however, only applies to an unregistered money market fund that (i) limits its investments to those in which a

money market fund may invest under Rule 2a-7 of the 1940 Act, and (ii) undertakes to comply with all the other provisions of Rule 2a-7.

For hedging or other purposes, a Fund may invest in investment companies that seek to track the composition and/or performance of specific indexes or portions of specific indexes. Certain of these investment companies, known as ETFs, are traded on a securities exchange. The market prices of index-based investments will fluctuate in accordance with changes in the underlying portfolio securities of the investment company and also due to supply and demand of the investment company's shares on the exchange upon which the shares are traded. Index-based investments may not replicate or otherwise match the composition or performance of their specified index due to transaction costs, among other things.

Investments by a Fund in other investment companies, including ETFs, will be subject to the limitations of the 1940 Act. Pursuant to Rule 12d1-4 and procedures approved by the Board, a Fund may invest in other investment companies beyond the limits contained in the 1940 Act, subject to certain conditions imposed by Rule 12d1-4 including limits on control and voting of acquired funds' shares, evaluations and findings by investment advisers, fund investment agreements and limits on most three-tier fund structures.

Certain investment companies whose securities are purchased by a Fund may not be obligated to redeem such securities in an amount exceeding 1% of the investment company's total outstanding securities during any period of less than 30 days. Therefore, such securities that exceed this amount may be illiquid.

If required by the 1940 Act, the Funds expect to vote the shares of other investment companies that are held by it in the same proportion as the vote of all other holders of such securities.

**Large Shareholder Purchase and Redemption Risk.** Each Fund may experience adverse effects when certain large shareholders, including APs (as defined below), purchase or redeem large amounts of shares of the Fund. There is no requirement that these shareholders maintain their investment in a Fund. There is a risk that such large shareholders may redeem all or a substantial portion of their investments in the Fund in a short period of time, which could have a significant negative impact on the Fund's NAV, liquidity, and brokerage costs. Large redemptions could to the extent the Fund permits redemptions in cash, accelerate the realization of taxable income and cause the Fund to make taxable distributions to shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such year.

**Money Market Securities**. Each Fund may invest its assets in money market instruments (the types of which are discussed below). Money market instruments include (i) short-term U.S. government securities, including custodial receipts evidencing separately traded interest and principal components of securities issued by the U.S. Treasury; (ii) commercial paper rated in the highest short-term rating category by a nationally recognized statistical ratings organization ("NRSRO"), such as S&P Global Ratings ("S&P") or Moody's Investors Service ("Moody's"), or determined by the Adviser to be of comparable quality at the time of purchase; (iii) short-term bank obligations (certificates of deposit, time deposits and bankers' acceptances) of U.S. domestic banks, foreign banks and foreign branches of domestic banks, and commercial banks with assets of at least $1 billion as of the end of their most recent fiscal year; and (iv) repurchase agreements involving such securities. Each of these types of money market securities is discussed in more detail below. For a description of ratings, see Appendix A to this SAI.

**Restricted Securities.** Each Fund may purchase securities which are not registered under the 1933 Act but which may be sold to "qualified institutional buyers" in accordance with Rule 144A under the 1933 Act ("Restricted Securities"). These securities will not be considered illiquid so long as it is determined by the Adviser that an adequate trading market exists for the securities. This investment practice could have the effect of increasing the level of illiquidity in an underlying investment company during any period that qualified institutional buyers become uninterested in purchasing restricted securities. In reaching liquidity decisions, the Adviser may consider, among others, the following factors: (1) the unregistered nature of the security; (2) the frequency of trades and quotes for the security; (3) the number of dealers wishing to purchase or sell the security and the number of other potential purchasers; (4) dealer undertakings to make a market in the security; and (5) the nature of the security and the nature of the marketplace trades (e.g., the time needed to dispose of the security, the method of soliciting offers and the mechanics of the transfer).

The purchase price and subsequent valuation of Restricted Securities normally reflect a discount from the price at which such securities trade when they are not restricted, since the restriction makes them less liquid. The amount of the discount from the prevailing market price is expected to vary depending upon the type of security, the character of the issuer, the party who will bear the expenses of registering the Restricted Securities and prevailing supply and demand conditions.

As consistent with each Fund's respective investment objective, the Funds may also invest in Section 4(2) commercial paper. Section 4(2) commercial paper is issued in reliance on an exemption from registration under Section 4(2) of the 1933 Act and is generally sold to institutional investors who purchase for investment. Any resale of such commercial paper must be in an exempt transaction, usually to an institutional investor through the issuer or investment dealers who make a market in such commercial paper. The Trust believes that Section 4(2) commercial paper is liquid to the extent it meets the criteria established by the Board. The Trust intends to treat such commercial paper as liquid and not subject to the investment limitations applicable to illiquid securities or restricted securities.

**Special Note Regarding Market Events.** Periods of unusually high financial market volatility and restrictive credit conditions, at times limited to a particular sector or geographic area, have occurred in the past and may be expected to recur in the future. Some countries, including the United States, have adopted or have signaled protectionist trade measures, relaxation of the financial industry regulations that followed the financial crisis, and/or reductions to corporate taxes. The scope of these policy changes is still developing, but the equity and debt markets may react strongly to expectations of change, which could increase volatility, particularly if a resulting policy runs counter to the market's expectations. The outcome of such changes cannot be foreseen at the present time. In addition, geopolitical and other risks, including events such as war, military conflict, acts of terrorism, social unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, sanctions, the spread of infectious illness or other public health threats could also significantly impact the Funds and their investments. As a result of increasingly interconnected global economies and financial markets, the value and liquidity of a Fund's investments may be negatively affected by events impacting a country or region, regardless of whether a Fund invests in issuers located in or with significant exposure to such country or region.

Disease outbreaks that affect local economies or the global economy may materially and adversely impact a Fund and/or the Adviser's business. For example, uncertainties regarding the COVID-19 outbreak have resulted in serious economic disruptions across the globe. Recent events are impacting the securities markets. Governmental authorities and regulators throughout the world, such as the U.S. Federal Reserve, have in the past responded to major economic disruptions with changes to fiscal and monetary policy, including but not limited to, direct capital infusions, new monetary programs, and interest rates changes. Such policy changes may adversely affect the value, volatility and liquidity of dividend and interest paying securities.

In certain cases, an exchange or market may close or issue trading halts on either specific securities or even the entire market, which may result in a Fund being, among other things, unable to buy or sell certain securities or financial instruments or to accurately price its investments. Although multiple asset classes may be affected by a market disruption, the duration and effects may not be the same for all types of assets. To the extent a Fund may overweight its investments in certain countries, companies, industries or market sectors, such position will increase a Fund's exposure to risk of loss from adverse developments affecting those countries, companies, industries or sectors. These conditions could result in a Fund's inability to achieve its investment objectives, cause the postponement of reconstitution or rebalance dates for benchmark indices, adversely affect the prices and liquidity of the securities and other instruments in which a Fund invests, negatively impact a Fund's performance, and cause losses on your investment in a Fund.

Additionally, U.S. and global markets recently have experienced increased volatility, including the recent failures of certain U.S. and non-U.S. banks, which could be harmful to the Funds and issuers in which they invest. Conditions in the banking sector are evolving, and the scope of any potential impacts to the Funds and issuers, both from market conditions and also potential legislative or regulatory responses, are uncertain. Continued market volatility and uncertainty and/or a downturn in market and economic and financial conditions, as a result of developments in the banking industry or otherwise (including as a result of delayed access to cash or credit facilities), could have an adverse impact on the Funds and issuers in which they invest.

**Non-Principal Investment Policies and Risks**

**Borrowing.** Each Fund may borrow money from a bank for temporary purposes to meet redemptions or to pay dividends. Borrowing may exaggerate changes in the NAV of a Fund's shares and in the return on a Fund's portfolio. Although the principal of any borrowing will be fixed, a Fund's assets may change in value during the time the borrowing is outstanding. A Fund may be required to liquidate portfolio securities at a time when it would be disadvantageous to do so in order to make payments with respect to any borrowing. A Fund may be required to earmark or segregate liquid assets in an amount sufficient to meet its obligations in connection with such borrowings. In an interest rate arbitrage transaction, a Fund borrows money at one interest rate and lends the proceeds at another, higher interest rate. These transactions involve a number of risks, including the risks that the borrower will fail or otherwise become insolvent or that there will be a significant change in prevailing interest rates.

**Commercial Paper.** Commercial paper is the term used to designate unsecured short-term promissory notes issued by corporations and other entities. Maturities on these issues vary from a few to 270 days.

**Derivatives Risk.** The Funds may invest in derivative products to, among other things, obtain exposure to specific asset class sectors and seek to hedge against possible adverse impact of changes in stock market prices, currency exchange rates or interest rates in the market value of its securities or securities to be purchased. Use of derivatives or similar instruments may not be as favorable as a direct investment in an underlying investment and may adversely affect the amount, timing and character of income distributed to shareholders. As a result, a larger portion of a Fund's distributions may be treated as ordinary income rather than capital gains. In addition, certain derivatives are subject to mark-to-market or straddle provisions of the Internal Revenue Code of 1986, as amended (the "Code"). If such provisions are applicable, there could be an increase in the amount of taxable dividends paid by a Fund.

Rule 18f-4 under the 1940 Act provides for the regulation of a registered investment company's use of derivatives and related instruments. Rule 18f-4 prescribes specific value-at-risk leverage limits for certain derivatives users and requires certain derivatives users to adopt and implement a derivatives risk management program (including the appointment of a derivatives risk manager and the implementation of certain testing requirements), and prescribes reporting requirements in respect of derivatives. Subject to certain conditions, if a fund qualifies as a "limited derivatives user," as defined in Rule 18f-4, it is not subject to the full requirements of Rule 18f-4. As of the date of this Statement of Additional Information, each Fund is relying on the limited derivatives user exception.

With respect to reverse repurchase agreements or other similar financing transactions in particular, including certain tender option bonds, Rule 18f-4 permits a fund to enter into such transactions if the fund either (i) complies with the asset coverage requirements of Section 18 of the 1940 Act, and combines the aggregate amount of indebtedness associated with all reverse repurchase agreements or similar financing transactions with the aggregate amount of any other senior securities representing indebtedness when calculating the relevant asset coverage ratio, or (ii) treats all reverse repurchase agreements or similar financing transactions as derivatives transactions for all purposes under Rule 18f-4. The Funds have adopted procedures for investing in derivatives and other transactions in compliance with Rule 18f-4. Rule 18f-4 under the 1940 Act may require the Funds to observe more stringent asset coverage and related requirements than were previously imposed by the 1940 Act, which could adversely affect the value or performance of the Funds. Limits or restrictions applicable to the counterparties or issuers, as applicable, with which the Funds may engage in derivative transactions could also limit or prevent the Funds from using certain instruments. The use of derivatives is also subject to operational and legal risks. Operational risks generally refer to risks related to potential operational issues, including documentation issues, settlement issues, system failures, inadequate controls, and human error. Legal risks generally refer to risks of loss resulting from insufficient documentation, insufficient capacity or authority of counterparty, or legality or enforceability of a contract.

*<u>Currency Exchange Transactions</u>.* A Fund may engage in a currency exchange transaction through a forward currency exchange contract (or other cash management position). A currency exchange transaction may be conducted either on a spot (i.e., cash) basis at the spot rate for purchasing or selling currency prevailing in the foreign exchange market or through a forward currency exchange contract ("Forward Contract") (or other cash management position). A Forward Contract is an agreement to purchase or sell a specified currency at a specified future date (or within a specified time period) at a price set at the time of the contract. Forward Contracts are usually entered into with banks and broker-dealers, are not exchange traded and are usually for less than one year.

Currency exchange transactions may involve currencies of the different countries in which the Funds may invest, and may serve as hedges against possible variations in the exchange rates between these currencies and the U.S. dollar. A Fund's currency transactions may include transaction hedging and portfolio hedging involving either specific transactions or portfolio positions. Transaction hedging is the purchase or sale of a Forward Contract (or other cash management position) with respect to specific payables or receivables of a Fund in connection with the purchase or sale of portfolio securities. Portfolio hedging is the use of a Forward Contract (or other cash management position) with respect to one or more portfolio security positions denominated or quoted in a particular currency. A Fund may engage in portfolio hedging with respect to the currency of a particular country in amounts approximating actual or anticipated positions in securities denominated in that currency. In addition to hedging transactions, a Fund's currency transactions may include those intended to profit from anticipated currency exchange fluctuations, even if not related to any particular Fund transaction or portfolio position, which can result in losses if such fluctuations do not occur as anticipated. At the maturity of a Forward Contract to deliver a particular currency, a Fund may either sell the portfolio security related to such contract and make delivery of the currency, or it may retain the security and either acquire the currency on the spot market or terminate its contractual obligation to deliver the currency by purchasing an offsetting contract with the same currency trader obligating it to purchase on the same maturity date the same amount of the currency.

It is impossible to forecast with absolute precision the market value of portfolio securities at the expiration of a Forward Contract. Accordingly, it may be necessary for a Fund to purchase additional currency on the spot market (and bear the expense of such purchase) if the market value of the security is less than the amount of currency the Fund is obligated to deliver, and if a decision is made to sell the security and make delivery of the currency. Conversely, it may be necessary to sell on the spot market some of the currency received upon the sale of the portfolio security if its market value exceeds the amount of currency the Fund is obligated to deliver. If a Fund retains the portfolio security and engages in an offsetting transaction, the Fund will incur a gain or a loss to the extent that there has been movement in Forward Contract prices. If a Fund engages in an offsetting transaction, it may subsequently enter into a new Forward Contract to sell the currency. Should forward prices decline during the period between the date a Fund enters into a Forward Contract for the sale of a currency and the date it enters into an offsetting contract for the purchase of the currency, the Fund will realize a gain to the extent the price of the currency it has agreed to sell exceeds the price of the currency it has agreed to purchase. Should forward prices increase, the Fund will suffer a loss to the extent the price of the currency it has agreed to purchase exceeds the price of the currency it has agreed to sell. A default on the contract would deprive the Fund of unrealized profits or force the Fund to cover its commitments for purchase or sale of currency, if any, at the current market price.

Hedging against a decline in the value of a currency does not eliminate fluctuations in the prices of portfolio securities or prevent losses if the prices of such securities decline. Such transactions also preclude the opportunity for gain if the value of the hedged currency should rise. Moreover, it may not be possible for a Fund to hedge against a devaluation that is so generally anticipated that the Fund is not able to contract to sell the currency at a price above the devaluation level it anticipates. The cost to a Fund of engaging in currency exchange transactions varies with such factors as the currency involved, the length of the contract period and prevailing market conditions. Since currency exchange transactions are usually conducted on a principal basis, no fees or commissions are involved.

*<u>Options On Securities</u>.* The Funds may purchase and write (*i.e.,* sell) put and call options. Such options may relate to particular securities or indices, and may or may not be listed on a domestic or foreign securities exchange and may or may not be issued by the Options Clearing Corporation. Options trading is a highly specialized activity that entails greater than ordinary investment risk. Options may be more volatile than the underlying instruments, and therefore, on a percentage basis, an investment in options may be subject to greater fluctuation than an investment in the underlying instruments themselves.

A call option for a particular security gives the purchaser of the option the right to buy, and the writer (seller) the obligation to sell, the underlying security at the stated exercise price at any time prior to the expiration of the option, regardless of the market price of the security. The premium paid to the writer is in consideration for undertaking the obligation under the option contract. A put option for a particular security gives the purchaser the right to sell the security at the stated exercise price at any time prior to the expiration date of the option, regardless of the market price of the security.

Index options are put options and call options on various indices. In most respects, they are identical to listed options on other securities ("non-index options"). The primary difference between non-index options and index options occurs when index options are exercised. In the case of non-index options, the underlying security is delivered. However, upon the exercise of an index option, settlement does not occur by delivery of the securities comprising the index. The option holder who exercises the index option receives an amount of cash if the closing level of the index upon which the option is based is greater than, in the case of a call, or less than, in the case of a put, the exercise price of the option. This amount of cash is equal to the difference between the closing price of the index and the exercise price of the option expressed in dollars times a specified multiple.

A Fund's obligation to sell an instrument subject to a call option written by it, or to purchase an instrument subject to a put option written by it, may be terminated prior to the expiration date of the option by the Fund's execution of a closing purchase transaction, which is effected by purchasing on an exchange an option of the same series (*i.e.*, same underlying instrument, exercise price and expiration date) as the option previously written. A closing purchase transaction will ordinarily be effected to realize a profit on an outstanding option, to prevent an underlying instrument from being called, to permit the sale of the underlying instrument or to permit the writing of a new option containing different terms on such underlying instrument. The cost of such a liquidation purchase plus transactions costs may be greater than the premium received upon the original option, in which event the Funds will have incurred a loss in the transaction. There is no assurance that a liquid secondary market will exist for any particular option. An option writer unable to effect a closing purchase transaction will not be able to sell the underlying instrument or liquidate the assets held in a segregated account, until the option expires or the optioned instrument is delivered upon exercise. In such circumstances, the writer will be subject to the risk of market decline or appreciation in the instrument during such period.

If an option purchased by a Fund expires unexercised, the Fund realizes a loss equal to the premium paid. If a Fund enters into a closing sale transaction on an option purchased by it, the Fund will realize a gain if the premium received by the Fund on the closing transaction is more than the premium paid to purchase the option or a loss if it is less. If an option written by a Fund expires on the stipulated expiration date or if a Fund enters into a closing purchase transaction, it will realize a gain (or loss if the cost of a closing purchase transaction exceeds the net premium received when the option is sold). If an option written by a Fund is exercised, the proceeds of the sale will be increased by the net premium originally received and the Fund will realize a gain or loss.

*<u>Certain Risks Regarding Options</u>.* There are several risks associated with transactions in options. For example, there are significant differences between the securities and options markets that could result in an imperfect correlation between these markets, causing a given transaction not to achieve its objectives. In addition, a liquid secondary market for particular options, whether traded over-the-counter or on an exchange, may be absent for reasons which include the following: there may be insufficient trading interest in certain options; restrictions may be imposed by an exchange on opening transactions or closing transactions or both; trading halts, suspensions or other restrictions may be imposed with respect to particular classes or series of options or underlying securities or currencies; unusual or unforeseen circumstances may interrupt normal operations on an exchange; the facilities of an exchange or the Options Clearing Corporation may not at all times be adequate to handle current trading value; or one or more exchanges could, for economic or other reasons, decide or be compelled at some future date to discontinue the trading of options (or a particular class or series of options), in which event the secondary market on that exchange (or in that class or series of options) would cease to exist, although outstanding options that had been issued by the Options Clearing Corporation as a result of trades on that exchange would continue to be exercisable in accordance with their terms.

Successful use by the Funds of options on indices will be subject to the ability of the Adviser and Sub-Adviser to correctly predict movements in the directions of the stock market. This requires different skills and techniques than predicting changes in the prices of individual securities. In addition, the Funds' ability to effectively hedge all or a portion of the securities in its portfolio, in anticipation of or during a market decline, through transactions in put options on indices, depends on the degree to which price movements in the underlying index correlate with the price movements of the securities held by the Funds. In as much as the Funds' securities will not duplicate the components of an index, the correlation will not be perfect. Consequently, the Funds bear the risk that the prices of its securities being hedged will not move in the same amount as the prices of its put options on the indices. It is also possible that there may be a negative correlation between the index and the Fund's securities that would result in a loss on both such securities and the options on indices acquired by the Funds.

The hours of trading for options may not conform to the hours during which the underlying securities are traded. To the extent that the options markets close before the markets for the underlying securities, significant price and rate movements can take place in the underlying markets that cannot be reflected in the options markets. The purchase of options is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The purchase of index options involves the risk that the premium and transaction costs paid by the Funds in purchasing an option will be lost as a result of unanticipated movements in prices of the securities comprising the index on which the option is based.

There is no assurance that a liquid secondary market on an options exchange will exist for any particular option, or at any particular time, and for some options no secondary market on an exchange or elsewhere may exist. If the Funds are unable to close out a call option on securities that it has written before the option is exercised, the Funds may be required to purchase the optioned securities in order to satisfy its obligation under the option to deliver such securities. If the Funds were unable to effect a closing sale transaction with respect to options on securities that it has purchased, it would have to exercise the option in order to realize any profit and would incur transaction costs upon the purchase and sale of the underlying securities.

*<u>Futures and Options on Futures</u>.* Futures contracts provide for the future sale by one party and purchase by another party of a specified amount of a specific security at a specified future time and at a specified price. An option on a futures contract gives the purchaser the right, in exchange for a premium, to assume a position in a futures contract at a specified exercise price during the term of the option. A Fund may reduce the risk that it will be unable to close out a futures contract by only entering into futures contracts that are traded on a national futures exchange regulated by the Commodities Futures Trading Commission ("CFTC"). The Funds may use futures contracts and related options for: bona fide hedging; attempting to offset changes in the value of securities held or expected to be acquired or be disposed of; attempting to minimize fluctuations in foreign currencies; attempting to gain exposure to a particular market, index or instrument; or other risk management purposes. To the extent futures and/or options on futures are employed by a Fund, the Fund will limit such investments in commodity futures, commodity options contracts and swaps to below the de minimis thresholds adopted by the CFTC in its recent amendments to Rule 4.5 (see below for a description of these thresholds). For this reason, the Adviser is not required to register as a "commodity pool operator" ("CPO") under the Commodity Exchange Act at this time.

With respect to investments in swap transactions, commodity futures, commodity options or certain other derivatives used for purposes other than *bona fide* hedging purposes, an investment company must meet one of the following tests under the amended regulations in order to claim an exemption from being considered a "commodity pool" or a CPO. First, the aggregate initial margin and premiums required to establish an investment company's positions in such investments may not exceed five percent (5%) of the liquidation value of the investment company's portfolio (after accounting for unrealized profits and unrealized losses on any such investments). Alternatively, the aggregate net notional value of such instruments, determined at the time of the most recent position established, may not exceed one hundred percent (100%) of the liquidation value of the investment company's portfolio (after accounting for unrealized profits and unrealized losses on any such positions). In addition to meeting one of the foregoing trading limitations, the investment company may not market itself as a commodity pool or otherwise as a vehicle for trading in the commodity futures, commodity options or swaps and derivatives markets. In the event that the Adviser were required to register as a CPO with respect to a Fund, the disclosure and operations of the Fund would need to comply with all applicable CFTC regulations.

An index futures contract is a bilateral agreement pursuant to which two parties agree to take or make delivery of an amount of cash equal to a specified dollar amount times the difference between the index value at the close of trading of the contract and the price at which the futures contract is originally struck. No physical delivery of the securities comprising the index is made; generally, contracts are closed out prior to the expiration date of the contract.

Each Fund is required to comply with Rule 18f-4 under the 1940 Act. See "Derivatives Risk" above for additional information.

There are significant risks associated with a Fund's use of futures contracts and related options, including the following: (1) the success of a hedging strategy may depend on the Adviser's investment adviser's ability to predict movements in the prices of individual securities, fluctuations in markets and movements in interest rates; (2) there may be an imperfect or no correlation between the changes in market value of the securities held by the Fund and the prices of futures and options on futures; (3) there may not be a liquid secondary market for a futures contract or option; (4) trading restrictions or limitations

may be imposed by an exchange; and (5) government regulations may restrict trading in futures contracts and options on futures. In addition, some strategies reduce a Fund's exposure to price fluctuations, while others tend to increase its market exposure.

*<u>Certain Investment Techniques and Derivatives Risks</u>.* When the Adviser uses investment techniques such as margin, leverage and short sales, and forms of financial derivatives, such as options and futures, an investment in the Funds may be more volatile than investments in other funds. Although the intention is to use such investment techniques and derivatives to minimize risk to the Funds, as well as for speculative purposes, there is the possibility that improper implementation of such techniques and derivative strategies or unusual market conditions could result in significant losses to the Funds. Derivatives are used to limit risk in the Funds or to enhance investment return and have a return tied to a formula based upon an interest rate, index, price of a security, or other measurement. Derivatives involve special risks, including: (1) the risk that interest rates, securities prices and currency markets will not move in the direction that a portfolio manager anticipates; (2) imperfect correlation between the price of derivative instruments and movements in the prices of the securities, interest rates or currencies being hedged; (3) the fact that skills needed to use these strategies are different than those needed to select portfolio securities; (4) the possible absence of a liquid secondary market for any particular instrument and possible exchange imposed price fluctuation limits, either of which may make it difficult or impossible to close out a position when desired; (5) the risk that adverse price movements in an instrument can result in a loss substantially greater than a Fund's initial investment in that instrument (in some cases, the potential loss in unlimited); (6) particularly in the case of privately-negotiated instruments, the risk that the counterparty will not perform its obligations, or that penalties could be incurred for positions held less than the required minimum holding period, which could leave a Fund worse off than if it had not entered into the position; and (7) the inability to close out certain hedged positions to avoid adverse tax consequences. In addition, the use of derivatives for non-hedging purposes (that is, to seek to increase total return) is considered a speculative practice and may present an even greater risk of loss than when used for hedging purposes.

**Hybrid Investments.** Hybrid securities may include preferred stock and convertible securities. Preferred stock generally does not exhibit as great a potential for appreciation or depreciation as common stock, although it ranks above common stock in its claim on income for dividend payments. Unlike interest payments on debt securities, dividends on preferred stock are generally payable at the discretion of the issuer's board of directors. Preferred shareholders may have certain rights if dividends are not paid but generally have no legal recourse against the issuer. Shareholders may suffer a loss of value if dividends are not paid. The market prices of preferred stocks are generally more sensitive to changes in the issuer's creditworthiness than are the prices of debt securities. Preferred stock of smaller companies may be more vulnerable to adverse developments than preferred stock of larger companies.

Each Fund may invest in securities that can be converted into common stock. A convertible security may be a bond, debenture, note, preferred stock, or other security or debt obligation that may be converted into or exchanged for a prescribed amount of common stock of the same or a different issuer within a particular period of time at a specified price or formula. Convertible securities generally have features of, and risks associated with, both equity and fixed income instruments. As such, the value of most convertible securities will vary with changes in the price of, and will be subject to the risks associated with, the underlying common stock. Additionally, convertible securities are also subject to the risk that the issuer may not be able to pay principal or interest when due and the value of the convertible security may change based on the issuer's credit rating. Because their value can be influenced by many different factors, convertible securities generally have less potential for gain or loss than the underlying common stocks.

A convertible security entitles the holder to receive the interest paid or accrued on debt or the dividend paid on preferred stock until the convertible security matures or is redeemed, converted or exchanged. Before conversion, such securities ordinarily provide a stream of income with generally higher yields than common stocks of the same or similar issuers, but lower than the yield on non-convertible debt. Convertible securities are usually subordinated to comparable-tier non-convertible securities and other senior debt obligations of the issuer, but rank senior to common stock in a company's capital structure. The value of a convertible security is a function of its: (1) yield in comparison to the yields of other securities of comparable maturity and quality that do not have a conversion privilege; and (2) worth if converted into the underlying common stock. Securities that are convertible other than at the option of the holder generally do not limit the potential for loss to the same extent as securities that are convertible only at the option of the holder.

The price of a convertible security often reflects variations in the price of the underlying common stock in a way that non-convertible debt may not. Convertible securities may be issued by smaller companies whose stock prices may be more volatile than larger companies. A convertible security may have a mandatory conversion feature or a call feature that subjects it to redemption at the option of the issuer at a price established in the security's governing instrument (see also the discussion under "Call Risk"). If a convertible security held by a Fund is called for redemption, the Fund will be required to convert it into the underlying common stock, sell it to a third party or permit the issuer to redeem the security. Any of these actions could have an adverse effect on a Fund's ability to achieve its investment objectives.

The market value of all securities, including equity and hybrid securities, is based upon the market's perception of value and not necessarily the book value of an issuer or other objective measure of a company's worth.

**Illiquid Investments.** Pursuant to Rule 22e-4 ("Rule 22e-4" or the "Liquidity Rule") under the 1940 Act, each Fund may invest up to 15% of its net assets in illiquid investments. An illiquid investment as defined in Rule 22e-4 is an investment that a Fund reasonably expects cannot be sold or disposed of in current market conditions within 7 calendar days or less without the sale or disposition significantly changing the market value of the investment. These investments may include restricted securities and repurchase agreements maturing in more than 7 days. Restricted securities are securities that may not be sold to the public without an effective registration statement under the Securities Act of 1933, as amended (the "1933 Act"), and thus may be sold only in privately negotiated transactions or pursuant to an exemption from registration. Subject to the adoption of guidelines by the Board, certain restricted securities that may be sold to institutional investors pursuant to Rule 144A under the 1933 Act and non-exempt commercial paper may be determined to be liquid by the Adviser. Illiquid investments involve the risk that the investments will not be able to be sold at the time the Adviser desires or at prices approximating the value at which a Fund is carrying the investments. To the extent an investment held by a Fund is deemed to be an illiquid investment or a less liquid investment, the Fund will be exposed to greater liquidity risk.

The Trust has implemented a liquidity risk management program and related procedures to identify illiquid investments pursuant to Rule 22e-4. If the limitation on illiquid investments is exceeded, the condition will be reported to the Board and, when required by the Liquidity Rule, to the SEC.

**Pandemic Risk.** Disease outbreaks that affect local economies or the global economy may materially and adversely impact the Funds and/or the Adviser's or the Sub-Adviser's business. For example, uncertainties regarding the COVID-19 outbreak resulted in serious economic disruptions across the globe. These types of outbreaks can be expected to cause severe decreases in core business activities such as manufacturing, purchasing, tourism, business conferences and workplace participation, among others. These disruptions lead to instability in the market place, including stock market losses and overall volatility, as occurred in connection with COVID-19. In the face of such instability, governments may take extreme and unpredictable measures to combat the spread of disease and mitigate the resulting market disruptions and losses. The Adviser and Sub-Adviser have in place business continuity plans reasonably designed to ensure that it maintains normal business operations, and it periodically tests those plans. However, in the event of a pandemic or an outbreak, there can be no assurance that the Adviser, Sub-Adviser, the Funds' service providers will be able to maintain normal business operations for an extended period of time or will not lose the services of key personnel on a temporary or long-term basis due to illness or other reasons. Although vaccines for COVID-19 are widely available, the full impacts of a pandemic or disease outbreaks are unknown and the pace of recovery may vary from market to market, resulting in a high degree of uncertainty for potentially extended periods of time.

**Private Placement Risk.** Each Fund may invest in privately issued securities of domestic common and preferred stock and ADRs, including those which may be resold only in accordance with Rule 144A under the Securities Act of 1933, as amended. Privately issued securities are restricted securities that are not publicly traded. Delay or difficulty in selling such securities may result in a loss to the Fund.

**Real Estate Investment Trust Securities.** A Fund may invest in real estate investment trusts ("REITs"). REITs generally invest directly in real estate, in mortgages or in some combination of the two. Individual REITs may own a limited number of properties and may concentrate in a particular region or property type. A REIT is a corporation, or a business trust that would otherwise be taxed as a corporation, which meets the definitional requirements of the Internal Revenue Code of 1986, as amended (the "Code"). The Code permits a qualifying REIT to deduct dividends paid, thereby effectively eliminating corporate level Federal income tax and making the REIT a pass-through vehicle for Federal income tax purposes. To meet the definitional requirements of the Code, a REIT must, among other things, invest substantially all of its assets in interests in real estate (including mortgages and other REITs) or cash and government securities, derive most of its income from rents from real property or interest on loans secured by mortgages on real property, and distribute to shareholders annually a substantial portion of its otherwise taxable income.

Generally, REITs can be classified as equity REITs, mortgage REITs and hybrid REITs. Equity REITs invest the majority of their assets directly in real property and derive their income primarily from rents and capital gains from appreciation realized through property sales. Mortgage REITs invest the majority of their assets in real estate mortgages and derive their income primarily from interest payments. Hybrid REITs combine the characteristics of both equity and mortgage REITs. The values of securities issued by REITs are affected by tax and regulatory requirements and by perceptions of management skill. They also are subject to heavy cash flow dependency, defaults by borrowers or tenants, self-liquidation and the possibility of failing to qualify for tax-free status under the Code or to maintain exemption from the 1940 Act. Unexpected high rates of default on the mortgages held by a mortgage pool may adversely affect the value of a mortgage-backed security and could result in losses to a mortgage REIT. The risk of such defaults is generally higher in the case of mortgage pools that include subprime mortgages. To the extent that a mortgage REIT's portfolio is exposed to lower-rated, unsecured or subordinated instruments, the risk of loss may increase, which may have a negative impact on a Fund.

The REITs in which a Fund may invest may be affected by economic forces and other factors related to the real estate industry. REITs are sensitive to factors such as changes in real estate values, property taxes, interest rates, cash flow of underlying real estate assets, occupancy rates, government regulations affecting zoning, land use and rents, and management skill and creditworthiness of the issuer. Companies in the real estate industry may also be subject to liabilities under environmental and hazardous waste laws. REITS whose underlying assets include long-term health care properties; such as nursing, retirement and assisted living homes, may be impacted by federal regulations concerning the health care industry. A Fund will indirectly bear its proportionate share of expenses, including management fees, paid by each REIT in which it invests in addition to the expenses of the Fund. A Fund is also subject to the risk that the REITs in which it invests will fail to qualify for tax-free pass-through of income under the Code, and/or fail to qualify for an exemption from registration as an investment company under the 1940 Act. Mortgage REITs may be affected by the quality of the credit extended. A REIT's return may be adversely affected when interest rates are high or rising.

**Rights Offerings and Purchase Warrants.** Rights offerings and purchase warrants are privileges issued by a corporation which enable the owner to subscribe to and purchase a specified number of shares of the corporation at a specified price during a specified period of time. Subscription rights normally have a short lifespan to expiration. The purchase of rights or warrants involves the risk that a Fund could lose the purchase value of a right or warrant if the right to subscribe to additional shares is not executed prior to the right's or warrant's expiration. Also, the purchase of rights and/or warrants involves the risk that the effective price paid for the right and/or warrant added to the subscription price of the related security may exceed the value of the subscribed security's market price such as when there is no movement in the level of the underlying security.

**Structured Notes.** A Fund may invest in structured notes, the value of which is linked to currencies, interest rates, other commodities, indices or other financial indicators. Structured securities differ from other types of securities in which the Funds may invest in several respects. For example, the coupon dividend and/or redemption amount at maturity may be increased or decreased depending on changes in the value of the underlying instrument.

Investment in structured securities involves certain risks. In addition to the credit risk of the security's issuer and the normal risks of price changes in response to changes in interest rates, the redemption amount may decrease as a result of changes in the price of the underlying instrument. Further, in the case of certain structured securities, the coupon and/or dividend may be reduced to zero, and any further declines in the value of the underlying instrument may then reduce the redemption amount payable on maturity. Finally, structured securities may be more volatile than the price of the underlying instrument.

**Temporary Defensive Positions.** In anticipation of or in response to adverse market, economic, political or other conditions, each Fund may take temporary defensive positions (up to 100% of its assets) in cash, cash equivalents and all types of money market and short-term debt securities. If a Fund were to take a temporary defensive position, it may be unable to achieve its investment objective for a period of time.

**U.S. Government Securities.** Each Fund may invest in U.S. government securities. Securities issued or guaranteed by the U.S. government or its agencies or instrumentalities include U.S. Treasury securities, which are backed by the full faith and credit of the U.S. Treasury and which differ only in their interest rates, maturities, and times of issuance. U.S. Treasury bills have initial maturities of one-year or less; U.S. Treasury notes have initial maturities of one to ten years; and U.S. Treasury bonds generally have initial maturities of greater than ten years. Certain U.S. government securities are issued or guaranteed by agencies or instrumentalities of the U.S. government including, but not limited to, obligations of U.S. government agencies or instrumentalities such as Federal National Mortgage Association ("Fannie Mae"), Federal Home Loan Mortgage Corporation ("Freddie Mac"), Government National Mortgage Association ("Ginnie Mae"), the Small Business Administration, the Federal Farm Credit Administration, the Federal Home Loan Banks, Banks for Cooperatives (including the Central Bank for Cooperatives), the Federal Land Banks, the Federal Intermediate Credit Banks, the Tennessee Valley Authority, the Export-Import Bank of the United States, the Commodity Credit Corporation, the Federal Financing Bank, the Student Loan Marketing Association, the National Credit Union Administration and the Federal Agricultural Mortgage Corporation ("Farmer Mac").

Some obligations issued or guaranteed by U.S. government agencies and instrumentalities, including, for example, Ginnie Mae pass-through certificates, are supported by the full faith and credit of the U.S. Treasury. Other obligations issued by or guaranteed by federal agencies, such as those securities issued by Fannie Mae, are supported by the discretionary authority of the U.S. government to purchase certain obligations of the federal agency, while other obligations issued by or guaranteed by federal agencies, such as those of the Federal Home Loan Banks, are supported by the right of the issuer to borrow from the U.S. Treasury, while the U.S. government provides financial support to such U.S. government-sponsored federal agencies, no assurance can be given that the U.S. government will always do so, since the U.S. government is not so obligated by law. U.S. Treasury notes and bonds typically pay coupon interest semi-annually and repay the principal at maturity.

Fannie Mae and Freddie Mac have been operating under conservatorship, with the Federal Housing Finance Administration ("FHFA") acting as their conservator, since September 2008. The entities are dependent upon the continue support of the U.S. Department of the Treasury and FHFA in order to continue their business operations. These factors, among others, could affect the future status and role of Fannie Mae and Freddie Mac and the values of their securities and the securities which they guarantee.

There is risk that the U.S. government will not provide financial support to its agencies, authorities, instrumentalities or sponsored enterprises. A Fund may purchase U.S. government securities that are not backed by the full faith and credit of the United States, such as those issued by Fannie Mae and Freddie Mac. The maximum potential liability of the issuers of some U.S. government securities held by a Fund may greatly exceed their current resources, including their legal right to support from the U.S. Treasury. It is possible that these issuers will not have the funds to meet their payment obligations in the future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **U.S. Treasury Obligations.** U.S. Treasury obligations consist of bills, notes and bonds issued by the U.S. Treasury and
separately traded interest and principal component parts of such obligations that are transferable through the federal book-entry
system known as Separately Traded Registered Interest and Principal Securities ("STRIPS") and Treasury Receipts ("TRs").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Receipts.** Interests in separately traded interest and principal component parts of U.S. government obligations that

bank. The custodian bank holds the interest and principal payments for the benefit of the registered owners of the certificates
or receipts. The custodian bank arranges for the issuance of the certificates or receipts evidencing ownership and maintains the
register. TRs and STRIPS are interests in accounts sponsored by the U.S. Treasury. Receipts are sold as zero coupon securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **U.S. Government Zero Coupon Securities.** STRIPS and receipts are sold as zero coupon securities, that is, fixed income
securities that have been stripped of their unmatured interest coupons. Zero coupon securities are sold at a (usually substantial)
discount and redeemed at face value at their maturity date without interim cash payments of interest or principal. The amount of
this discount is accreted over the life of the security, and the accretion constitutes the income earned on the security for both
accounting and tax purposes. Because of these features, the market prices of zero coupon securities are generally more volatile
than the market prices of securities that have similar maturity but that pay interest periodically. Zero coupon securities are
likely to respond to a greater degree to interest rate changes than are non-zero coupon securities with similar maturity and credit
qualities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **U.S. Government Agencies.** Some obligations issued or guaranteed by agencies of the U.S. government are supported by
the full faith and credit of the U.S. Treasury, others are supported by the right of the issuer to borrow from the Treasury, while
still others are supported only by the credit of the instrumentality. Guarantees of principal by agencies or instrumentalities
of the U.S. government may be a guarantee of payment at the maturity of the obligation so that in the event of a default prior
to maturity there might not be a market and thus no means of realizing on the obligation prior to maturity. Guarantees as to the
timely payment of principal and interest do not extend to the value or yield of these securities nor to the value of a Fund's
shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Inflation-Protected Securities.** A Fund may invest in inflation-protected securities issued by the U.S. Treasury, known
as "TIPs" or "Treasury Inflation-Protected Securities," which are debt securities whose principal and interest
payments are adjusted for inflation and interest is paid on the adjusted amount. The inflation adjustment, which is typically applied
monthly to the principal of the bond, follows a designated inflation index, such as the consumer price index. A fixed coupon rate
is applied to the inflation-adjusted principal so that as inflation rises, both the principal value and the interest payments increase.
This can provide investors with a hedge against inflation, as it helps preserve the purchasing power of the investment. Inflation-protected
securities normally will decline in price when real interest rates rise. (A real interest rate is calculated by subtracting the
inflation rate from a nominal interest rate. For example, if a 10-year Treasury note is yielding 5% and inflation is 2%, the real
interest rate is 3%.) If inflation is negative, the principal and income of an inflation-protected security will decline and could
result in losses for a Fund.

Any increase in principal for an inflation-protected security resulting from inflation adjustments is considered by IRS regulations to be taxable income in the year it occurs. For direct holders of an inflation-protected security, this means that taxes must be paid on principal adjustments even though these amounts are not received until the bond matures. By contrast, a Fund holding these securities distributes both interest income and the income attributable to principal adjustments in the form of cash or reinvested shares, which are taxable to shareholders.

**Warrants.** Warrants or rights to acquire common stock may be acquired by a Fund in connection with other securities or separately. Warrants are securities permitting, but not obligating, their holder to subscribe for other securities or commodities and provide a Fund with the right to purchase at a later date other securities of the issuer. Rights are similar to warrants but typically are issued by a company to existing holders of its stock and provide those holders the right to purchase additional shares of stock at a later date. Rights also normally have a shorter duration than warrants. Warrants and rights do not carry with them the right to dividends or voting rights with respect to the securities that they entitle their holder to purchase, and they do not represent any rights in the assets of the issuer. Warrants and rights may be more speculative than certain other types of investments and entail risks that are not associated with a similar investment in a traditional equity instrument. While warrants and rights are generally considered equity securities, because their value is derived, at least in part, from the value of the underlying securities, they may be considered hybrid instruments that have features of both equity securities and derivative instruments. However, there are characteristics of warrants and rights that differ from derivatives, including that values do not necessarily change with the value of the underlying securities. The purchase of warrants and rights involves the risk that a Fund could lose the purchase value of the warrants or rights if the right to subscribe to additional shares is not exercised prior to the warrants' or rights' expiration date because warrants and rights cease to have value if they are not exercised prior to their expiration date. Also, the purchase of warrants and rights involves the risk that the effective price paid for the warrants and rights added to the subscription price of the related security may exceed the value of the subscribed security's market price such as when there is no movement in the price of the underlying security. The market for warrants or rights may be very limited and it may be difficult to sell them promptly at an acceptable price. A warrant is an option to purchase a specified quantity of equity or debt securities at a set price within a specific period of time.

**Change of Investment Objective**

The investment objectives of the Funds are not fundamental policies and, accordingly, may be changed by the Board of Trustees without shareholder approval. Shareholders will be notified in writing a minimum of 60 days in advance of any change in investment objective. Shareholder approval also is required to change a Fund's policy that is listed as "fundamental" below. Generally, the required shareholder vote is specified by the 1940 Act as a majority of a Fund's outstanding voting securities, which means for purposes of the Act (A) a vote of 67% or more of the voting securities present at a meeting of shareholders where at least 50% of the total outstanding voting securities are present at the meeting, or (B) a vote of more than 50% of the outstanding voting securities, whichever is less. Portions of a Fund's fundamental investment restrictions provide the Fund with flexibility to change their limitations in connection with changes in applicable law, rules, regulations or exemptive relief. The language used in these restrictions provides the necessary flexibility to allow the Board of Trustees to respond efficiently to these kinds of developments without the delay and expense of a shareholder meeting.

**Investment Restrictions of the Funds**

The Trust has adopted the following investment restrictions as fundamental policies with respect to each Fund. These restrictions cannot be changed with respect to each Fund without the approval of the holders of a majority of the Fund's outstanding voting securities. For the purposes of the 1940 Act, a "majority of outstanding shares" means the vote of the lesser of: (1) 67% or more of the voting securities of the Fund present at the meeting if the holders of more than 50% of the Fund's outstanding voting securities are present or represented by proxy; or (2) more than 50% of the outstanding voting securities of the Fund.

Except with the approval of a majority of the outstanding voting securities, each Fund may not (except as otherwise noted):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Borrow money or issue senior securities, except that the Fund may borrow from banks and enter into
reverse repurchase agreements provided that there is at least 300% asset coverage for the borrowings of the Fund. Excepted from
this restriction are unsecured borrowings from banks as a temporary measure in exceptional circumstances, and such borrowings may
not exceed 10% of a Fund's net assets at the time of the borrowing. A Fund will not purchase securities while borrowings
exceed 5% of its total assets. The Fund may not mortgage, pledge or hypothecate any assets, except in connection with any such
borrowing and then in amounts not in excess of one-third of the value of the Fund's total assets at the time of such borrowing.
However, the amount shall not be in excess of lesser of the dollar amounts borrowed or 33<sup>1/3</sup>% of the value of the Fund's
total assets at the time of such borrowing, provided that: (a) short sales and related borrowings of securities are not subject
to this restriction; and (b) for the purposes of this restriction, collateral arrangements with respect to options, short sales,
futures contracts, options on futures contracts, collateral arrangements with respect to initial and variation margin and collateral
arrangements with respect to derivatives instruments are not deemed to be a pledge or other encumbrance of assets. Securities held
in escrow or separate accounts in connection with the Fund's investment practices are not considered to be borrowings or
deemed to be pledged for purposes of this limitation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Act as an underwriter of securities within the meaning of the 1933 Act, except insofar as it might
be deemed to be an underwriter upon disposition of certain portfolio securities acquired within the limitation on purchases of
restricted securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Purchase or sell real estate (including real estate limited partnership interests), provided that
the Fund may invest: (a) in securities secured by real estate or interests therein or issued by companies that invest in real estate
or interests therein; or (b) in real estate investment trusts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Purchase or sell commodities or commodity contracts, except as permitted by the 1940 Act, as amended,
and as interpreted or modified by the regulatory authority having jurisdiction from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Make loans, except through loans of portfolio securities and repurchase agreements, provided that
for purposes of this restriction the acquisition of bonds, debentures or other debt instruments or interests therein and investment
in government obligations, loan participations and assignments, short-term commercial paper, certificates of deposit and bankers'
acceptances shall not be deemed to be the making of a loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Invest 25% or more of its total assets, taken at market value at the time of each investment, in
the securities of one or more issuers conducting their principal business activities in the same industry or group of industries,
provided that (a) there is no limitation with respect to (i) instruments issued or guaranteed by the United States, any state,
territory or possession of the United States, the District of Columbia or any of their authorities, agencies, instrumentalities
or political subdivisions, and (ii) repurchase agreements secured by the instruments described in clause (i); (b) wholly-owned
finance companies will be considered to be in the industries of their parents if their activities are primarily related to financing
the activities of the parents; and (c) utilities will be divided according to their services, for example, gas, gas transmission,
electric and gas, electric and telephone will each be considered a separate industry; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. (Mid Cap Equity ETF  ***only***) Purchase the securities of any one issuer, other than securities
issued or guaranteed by the U.S. government or its agencies or instrumentalities, if immediately after and as a result of such
purchase, more than 5% of the value of the Fund's total assets would be invested in the securities of such issuer, or more
than 10% of the outstanding voting securities of such issuer would be owned by the Fund, except that up to 25% of the value of
the Fund's total assets may be invested without regard to such limitations.

In addition, the US Equity ETF may not change its sub-classification under the 1940 Act from non-diversified to diversified. Within the meaning of SEC regulations, "diversified" generally means that a fund may not, with respect to 75% of the value of its total assets, purchase the securities of any issuer (other than securities issued or guaranteed by the U.S. government or any of its agencies or instrumentalities, or securities issued by other investment companies) if, as a result, (i) more than 5% of the value of the fund's total assets would be invested in the securities of that issuer or (ii) the fund would hold more than 10% of the outstanding voting securities of that issuer.

In addition to the fundamental investment limitations specified above, each Fund is subject to the following non-fundamental limitations, which may be changed without shareholder approval, in compliance with applicable law and regulatory policy. Each Fund may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Make investments for the purpose of exercising control or management, but investments by a Fund
in wholly-owned investment entities created under the laws of certain countries will not be deemed the making of investments for
the purpose of exercising control or management; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Purchase securities on margin, except that a Fund may use margin to the extent necessary to engage
in short sales and may obtain such short-term credits as are necessary for the clearance of portfolio transactions; and provided
that margin deposits in connection with options, futures contracts, options on futures contracts or other derivative instruments
shall not constitute purchasing securities on margin.

Bank custodians of fund assets typically provide short-term credits to settle and clear fund transactions and then can request repayment by selling fund assets as needed. The Funds do not interpret their limitation on secured borrowings (in fundamental restriction 1 above) to restrict these customary and ordinary course trade settlement practices or other borrowings from the custodian or its affiliates that may give rise to claims on Fund assets under contractual or common law terms distinct from the granting of a security interest. Nor is the customary posting of collateral in connection with a currency or derivatives transaction generally considered a form of secured borrowing for this purpose. The Funds do not consider a when-issued or delayed purchase securities transaction, or a derivatives transaction, to be a prohibited "senior security" under investment restriction 1 above provided it meets the conditions of Rule 18f-4 under the 1940 Act.

Each Fund may invest in securities issued by other investment companies within the limits prescribed by the 1940 Act. As a shareholder of another investment company, a Fund would bear, along with other shareholders, its pro rata portion of the other investment company's expenses, including advisory fees. These expenses would be in addition to the advisory and other expenses that a Fund bears directly in connection with its own operations.

Securities held by a Fund generally may not be purchased from, sold or loaned to the Adviser or its affiliates or any of their directors, officers or employees, acting as principal, unless pursuant to a rule or exemptive order under the 1940 Act.

If a percentage restriction under one of the Fund's investment policies or limitations or the use of assets is adhered to at the time a transaction is effected, later changes in percentages resulting from changing values will not be considered a violation (except with respect to any restrictions that may apply to borrowings or senior securities issued by the Fund).

For purposes of investment restriction 6 above, a Fund will, to the extent practicable, "look through" to the securities held by an underlying fund in which the Fund invests.

**Performance**

*Total Return.* From time to time, the Funds advertise their average annual total returns. Returns may be calculated both on a before-tax and an after-tax basis. Returns are based on past performance and are not an indication of future performance.

Unless otherwise noted, results shown will reflect any fee waivers and/or expense reimbursements in effect during the periods presented.

As noted above, returns also may be calculated on certain after-tax bases under similar assumptions and using similar formulae as specified by the SEC. For example, returns may be calculated after taxes on distributions, which assume reinvestment of the amount of any distributions less applicable taxes on such distributions. Returns also may be calculated after taxes on distributions and the sale (redemption) of Fund shares. After-tax returns assume the highest individual federal income tax rate for each year included in the calculation. The effect of applicable tax credits, such as the foreign tax credit, is taken into account in accordance with federal tax law. Such returns do not reflect the effect of state and local taxes, nor do they reflect the phase-outs of certain federal exemptions, deductions, and credits at various income levels, or the impact of the federal alternative minimum tax. In addition, actual after-tax returns depend on each investor's individual tax situation, which may differ from the returns presented. For instance, after-tax returns are not relevant to investors who hold their funds in tax-deferred arrangements, such as 401(k) plans or individual retirement accounts ("IRAs").

Historical performance results for the Funds are not yet available as they are newly organized.

*Comparison of Portfolio Performance.* From time to time the Trust may discuss in sales literature and advertisements, specific performance grades or rankings or other information as published by recognized mutual fund statistical services, such as Morningstar, Inc. or Lipper Analytical Services, Inc., or by publications of general interest such as *Barron's, Business Week, Forbes, Fortune, Kiplinger's Personal Finance, Money, Morningstar Mutual Funds, The Wall Street Journal or Worth*. Criteria associated with the performance grades or rankings may vary widely. Any given performance grade or ranking should not be considered representative of the Fund's performance for any future period.

*Portfolio Turnover.* Purchases and sales of portfolio instruments will be made whenever appropriate, in the investment adviser's view, to achieve a Fund's investment objective. The rate of portfolio turnover is calculated by dividing the lesser of the cost of purchases or the proceeds from sales of portfolio instruments (excluding short-term U.S. government obligations and other short-term investments) for the particular fiscal year by the monthly average of the value of the portfolio instruments (excluding short-term U.S. government obligations and short-term investments) owned by a Fund during the particular fiscal year. There are transaction costs due to the bid/ask spread in the case of bonds or commissions in the case of stocks. Although higher portfolio turnover rates are likely to result in higher brokerage commissions (or wider spreads in the case of bonds) paid by a Fund, higher levels of realized capital gains and more short-term capital gain (taxable to individuals at ordinary income tax rates) than lower portfolio turnover rates, portfolio turnover is not a limiting factor when management deems portfolio changes appropriate to achieve a Fund's stated objective.

Portfolio turnover information is not available for the Funds because the Funds had not commenced operations as the date of this Statement of Additional Information.

**EXCHANGE LISTING AND TRADING**

Shares are listed for trading and trade throughout the day on the Exchange.

There can be no assurance that the Fund will continue to meet the requirements of the Exchange necessary to maintain the listing of the Fund's shares. The Exchange may, but is not required to, remove the shares of a Fund from listing if, among other things (i) following the initial 12-month period beginning upon the commencement of trading of the fund, there are fewer than 50 beneficial owners of the Fund's shares; (ii) the Fund's portfolio holdings are not made available to all market participants at the same time; (iii) the Fund has failed to file any filings required by the SEC or the Exchange is aware that the Fund is not in compliance with the conditions of any exemptive order or no-action relief granted by the SEC or its staff under the 1940 Act with respect to the Fund; (iv) the Exchange's ongoing listing requirements are not continuously maintained; (v) any of the continuous listing representations for the issue of the Fund's shares are not continuously met; or (vi) such other event shall occur or condition exists that, in the opinion of the Exchange, makes further dealings on the exchange inadvisable. The Exchange will remove the Fund's shares from listing and trading upon termination of the Fund. The Exchange will remove the Fund's shares from listing and trading upon termination of the Fund.

The Trust reserves the right to adjust the price levels of its shares in the future to help maintain convenient trading ranges for investors. Any adjustments would be accomplished through stock splits or reverse stock splits, which would have no effect on the net assets of the Funds.

As in the case of other stocks traded on the Exchange, brokers' commissions on transactions will be based on negotiated commission rates at customary levels.

**MANAGEMENT OF THE TRUST**

The business of the Trust is managed by its Board of Trustees, which elects officers responsible for the day-to-day operations of the Funds and for the execution of the policies formulated by the Board of Trustees.

Pertinent information regarding the members of the Board of Trustees and principal officers of the Trust is set forth below. Some of the Trustees and officers are employees of the Adviser and its affiliates. At least a majority of the Trust's Board of Trustees are not "interested persons" as that term is defined in the Investment Company Act.

**INDEPENDENT TRUSTEES<sup>(1)</sup>**

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|:---|:---|:---|:---|:---|:---|
| <u>**<u>Name, Address and Age</u>**</u> | **Position(s)**<br> **Held with the**<br> **<u>Trust</u>** | **Term of**<br> **Office<sup>(2)</sup>**<br> **and Length**<br> **of Time**<br> **<u>Served</u>** | **Principal**<br> **Occupation(s)**<br> **<u>During Past 5 Years</u>** | **Number of**<br> **Portfolios**<br> **in the Fund**<br> **Complex**<br> **Overseen by**<br> **<u>Trustee</u>** | **Other**<br> **Directorships/**<br> **Trusteeships**<br> **Held by Trustee**<br> **During Past**<br> **<u>Five (5) Years</u>** |
| &nbsp;&nbsp;&nbsp; Lisa Anderson<br> 1345 Avenue of the Americas<br> New York, New York 10105<br> (born October 1950)<br>| Trustee | December 2025 to present | Special Lecturer and James T. Shotwell Professor of International Relations Emerita at the Columbia University School of International and Public Affairs; prior to January 2016, President of the American University in Cairo | [19] | Trustee, First Eagle Funds (12 portfolios); Trustee, First Eagle Variable Funds (1 portfolio); Trustee, First Eagle Variable Funds (1 portfolio); Trustee, First Eagle Credit Opportunities Fund; Trustee, First Eagle Real Estate Debt Fund; Trustee, First Eagle Tactical Municipal Opportunities Fund; Trustee, First Eagle Completion Fund Trust (1 portfolio); Member Emerita, Human Rights Watch; Member, Advisory Board, School of Global |

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|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  | Affairs and Public Policy, American University in Cairo; Member, Advisory Board, Kluge Center, Library of Congress, Washington, DC; Trustee, Hertie School of Governance (Berlin); Trustee, Tufts University; Trustee, Aga Khan University |
| &nbsp;&nbsp;&nbsp; Candace K. Beinecke\*<br> 1345 Avenue of the Americas<br> New York, New York 10105<br> (born November 1946)<br>| Trustee<br> (Chair) | December 2025 to present | Senior Counsel, Hughes Hubbard & Reed LLP; prior to April 2017, Chair, Hughes Hubbard & Reed LLP | [19] | Trustee, First Eagle Funds (12 portfolios); Trustee, First Eagle Variable Funds (Chair) (1 portfolio); Trustee, First Eagle Credit Opportunities Fund (Chair); Trustee, First Eagle Real Estate Debt Fund (Chair); Trustee, First Eagle Tactical Municipal Opportunities Fund (Chair); Trustee, First Eagle Completion Fund Trust (Chair) (1 portfolio);Lead Trustee Vornado Realty Trust; Trustee and Co-Chair, Metropolitan Museum of Art; Director, Partnership for New York City |
| &nbsp;&nbsp;&nbsp; Peter W. Davidson<br> 1345 Avenue of the Americas<br> New York, New York 10105<br> (born May 1959)<br>| Trustee | December 2025 to present | Chief Executive Officer, Aligned Climate Capital LLC; prior to January 2019, Chief Executive Officer, Aligned Intermediary; prior to June 2015, Executive Director of the Loan Program Office at the U.S. Department of Energy | [19] | Trustee, First Eagle Funds (12 portfolios); Trustee, First Eagle Variable Funds (1 portfolio); Trustee, First Eagle Credit Opportunities Fund; Trustee, First Eagle Real Estate Debt Fund; Trustee, First Eagle Tactical Municipal Opportunities Fund; Trustee, First Eagle Completion Fund Trust (1 portfolio);Board member, BrightNight Holding; Summit Ridge Energy; Chairman, JM Kaplan Fund; Chairman, Green-Wood Cemetery; Board member, Nyle Water Systems; Member, Aligned Climate Capital LLC |

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|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Jean D. Hamilton<br> 1345 Avenue of the Americas<br> New York, New York 10105<br> (born January 1947)<br>| Trustee | December 2025 to present | Private Investor/Independent Consultant/Member, Brock Capital Group LLC | [19] | Trustee, First Eagle Funds (12 portfolios); Trustee, First Eagle Variable Funds (1 portfolio); Trustee, First Eagle Credit Opportunities Fund; Trustee, First Eagle Real Estate Debt Fund; Trustee, First Eagle Tactical Municipal Opportunities Fund; Trustee, First Eagle Completion Fund Trust (1 portfolio);Chairman, Investment Committee, Thomas Cole National Historic Site; Member, Investment Advisory Committee, Liz Claiborne and Art Ortenberg Foundation; prior to June 2012, Director, Four Nations; prior to May 2022, Director, RenaissanceRe Holdings Ltd |
| &nbsp;&nbsp;&nbsp; William M. Kelly<br> 1345 Avenue of the Americas<br> New York, New York 10105<br> (born February 1944)<br>| Trustee | December 2025 to present | Private Investor | [19] | Trustee, First Eagle Funds (12 portfolios); Trustee, First Eagle Variable Funds (1 portfolio); Trustee, First Eagle Credit Opportunities Fund; Trustee, First Eagle Real Estate Debt Fund; Trustee, First Eagle Tactical Municipal Opportunities Fund; Trustee, First Eagle Completion Fund Trust (1 portfolio);Trustee Emeritus, St. Anselm College |
| &nbsp;&nbsp;&nbsp; Paul J. Lawler<br> 1345 Avenue of the Americas<br> New York, New York 10105<br> (born May 1948)<br>| Trustee | December 2025 to present | Private Investor | [19] | Trustee, First Eagle Funds (12 portfolios); Trustee, First Eagle Variable Funds (1 portfolio); Trustee, First Eagle Credit Opportunities Fund; Trustee, First Eagle Real Estate Debt Fund; Trustee, First Eagle Tactical Municipal Opportunities Fund; Trustee, First Eagle Completion Fund Trust (1 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  | portfolio); Trustee Emeritus, The American University in Cairo; Trustee, registered investment company advised by affiliates of Blackstone Inc. (1 portfolio); Director, Historic Eastfield Foundation |
| &nbsp;&nbsp;&nbsp; Mandakini Puri<br> 1345 Avenue of the Americas<br> New York, New York 10105<br> (born February 1960)<br>| Trustee | December 2025 to present | Independent Consultant and Private Investor; prior to May 2013, Managing Director and Co-Head of BlackRock Private Equity | [19] | Trustee, First Eagle Funds (12 portfolios); Trustee, First Eagle Variable Funds (1 portfolio); Trustee, First Eagle Credit Opportunities Fund; Trustee, First Eagle Real Estate Debt Fund; Trustee, First Eagle Tactical Municipal Opportunities Fund; Trustee, First Eagle Completion Fund Trust (1 portfolio); Trustee, Vornado Realty Trust; Director, Alexander's Inc.; Trustee, V&A Americas Foundation; prior to June 2021, Member, Wharton School Graduate Executive Board; prior to June 2018, Director, Validus Holdings |
| &nbsp;&nbsp;&nbsp; Scott Sleyster<br> 1345 Avenue of the Americas<br> New York, New York 10105<br> (born January 1960)<br>| Trustee | December 2025 to present | Executive Vice President and Head of Market Competitiveness at Prudential Financial | [19] | Trustee, First Eagle Funds (12 portfolios); Trustee, First Eagle Variable Funds (1 portfolio); Trustee, First Eagle Credit Opportunities Fund; Trustee, First Eagle Real Estate Debt Fund; Trustee, First Eagle Tactical Municipal Opportunities Fund; Trustee, First Eagle Completion Fund Trust (1 portfolio); Board of directors, North Star Academy; Trustee, Princeton Theological Seminary; Member of Columbia University's Climate Board of Advisors |

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<sup>(1)</sup> Trustees who are not "interested persons" of the Trust as defined in the Investment Company Act.

<sup>(2)</sup> The term of office of each Independent Trustee is indefinite.

\* Hughes Hubbard & Reed LLP has provided legal services to an entity in which one of the Adviser's former parent companies holds indirectly a minority equity interest. That matter is now concluded. Ms. Beinecke, a senior counsel at the firm, had no role or economic interest in this matter. She is not a partner of the firm and will not share in the revenue from this matter, which, in any event, will represent only a de minimis percentage of firm revenue. The Board believes that this matter does not impact Ms. Beinecke's status as an Independent Trustee.

**INTERESTED TRUSTEES<sup>(1)</sup>**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <u>**<u>Name, Address and Age</u>**</u> | **Position(s)**<br> **Held with**<br> **<u>the Trust</u>** | **Term of**<br> **Office<sup>(2)</sup>**<br> **and Length**<br> **of Time**<br> **<u>Served</u>** | **Principal**<br> **Occupation(s)**<br> **<u>During Past 5 Years</u>** | **Number of**<br> **Portfolios**<br> **in the Fund**<br> **Complex**<br> **Overseen by**<br> **<u>Trustee</u>** | **Other**<br> **Directorships/**<br> **Trusteeships**<br> **Held by Trustee**<br> **During Past**<br> **<u>Five (5) Years</u>** |
| &nbsp;&nbsp;&nbsp; John P. Arnhold<br> 1345 Avenue of the Americas<br> New York, New York 10105<br> (born December 1953)<br>| Trustee | December 2025 to present | Director, First Eagle Holdings, Inc.; Managing Member, Arnhold LLC; prior to July 2017, Director, First Eagle Investment Management LLC; President, First Eagle Funds; President, First Eagle Variable Funds; Director, FEF Distributors, LLC; prior to March 2016, Co-President and Co-CEO First Eagle Holdings, Inc.; CIO and Chairman, First Eagle Investment Management, LLC; CEO and Chairman, FEF Distributors, LLC | [19] | Trustee, First Eagle Funds (12 portfolios); Trustee, First Eagle Variable Funds (1 portfolio); Trustee, First Eagle Credit Opportunities Fund; Trustee, First Eagle Real Estate Debt Fund; Trustee, First Eagle Tactical Municipal Opportunities Fund; Trustee, First Eagle Completion Fund Trust (1 portfolio); Chairman and Director, Arnhold Ceramics; Director, The Arnhold Foundation; Director, The Mulago Foundation; Director, WNET.org; Trustee Emeritus, Trinity Episcopal Schools Corp.; Trustee, Jazz at Lincoln Center; Life Trustee, International Tennis Hall of Fame; Advisor, Investment Committee of the USTA; Managing Member, New Eagle Holdings Management Company, LLC; Trustee, UC Santa Barbara Foundation; Director, Conservation International; prior to January 2018, Director, First Eagle Amundi; prior to June 2016, Trustee, Vassar College |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Mehdi Mahmud<br> 1345 Avenue of the Americas<br> New York, New York 10105<br> (born September 1972)<br>| Trustee | December 2025 to present | President and Chief Executive Officer, First Eagle Investment Management, LLC; President, First Eagle Funds and First Eagle Variable Funds; Chief Executive Officer, First Eagle Alternative Credit, LLC; prior to March 2016, Chairman and Chief Executive Officer, Jennison Associates LLC | [19] | Trustee, First Eagle Funds (12 portfolios); Trustee, First Eagle Variable Funds (1 portfolio); Trustee, First Eagle Credit Opportunities Fund; Trustee, First Eagle Real Estate Debt Fund; Trustee, First Eagle Tactical Municipal Opportunities Fund; Trustee, First Eagle Completion Fund Trust (1 portfolio); Director, First Eagle Amundi; Director, Third Point Reinsurance Ltd. |

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<sup>(1)</sup> Each of Messrs. Arnhold and Mahmud is treated as an Interested Trustee because of the professional roles each holds or has held with the Adviser.

<sup>(2)</sup> The term of office of each Interested Trustee is indefinite.

**OFFICERS**

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| | | | |
|:---|:---|:---|:---|
| <u>**<u>Name, Address and Age</u>**</u> | **Position(s)**<br> **Held with**<br> **<u>the Trust</u>** | **Term of Office**<br> **and Length of**<br> **<u>Time Served<sup>(1)</sup></u>** | **Principal Occupation(s)**<br> **<u>During Past Five (5) Years</u>** |
| &nbsp;&nbsp;&nbsp; Mehdi Mahmud<br> 1345 Avenue of the Americas<br> New York, New York 10105<br> (born September 1972)<br>| President | December 2025 to present | President and Chief Executive Officer, First Eagle Investment Management, LLC; President, First Eagle Funds; President, First Eagle Variable Funds; President, First Eagle Credit Opportunities Fund; President, First Eagle Real Estate Debt Fund; President, First Eagle Tactical Municipal Opportunities Fund; President, First Eagle Completion Fund Trust; Director, First Eagle Amundi; Chief Executive Officer, First Eagle Alternative Credit, LLC |
| &nbsp;&nbsp;&nbsp; Frank Riccio<br> 1345 Avenue of the Americas<br> New York, New York 10105<br> (born March 1978)<br>| Senior Vice President | December 2025 to present | Executive Managing Director, First Eagle Investment Management, LLC; President, FEF Distributors, LLC; Senior Vice President, First Eagle Funds; Senior Vice President, First Eagle Variable Funds; Senior Vice President, First Eagle Credit Opportunities Fund; Senior Vice President, First Eagle Real Estate Debt Fund; Senior Vice President, First Eagle Tactical Municipal Opportunities Fund; Senior Vice President, First Eagle Completion Fund Trust |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; <br> Brandon Webster<br> 1345 Avenue of the Americas<br> New York, New York 10105<br> (born September 1987)<br>| Chief Financial Officer and Principal Financial Officer | December 2025 to present | Director, Head of Fund Administration, First Eagle Investment Management, LLC; Chief Financial Officer, First Eagle Funds; Chief Financial Officer, First Eagle Variable Funds; Chief Financial Officer, First Eagle Credit Opportunities Fund; Chief Financial Officer, First Eagle Real Estate Debt Fund; Chief Financial Officer, First Eagle Tactical Municipal Opportunities Fund; Chief Financial Officer, First Eagle Completion Fund Trust; prior to July 2024, Director and Deputy Head of Fund Administration, Lord Abbett |
| &nbsp;&nbsp;&nbsp; Seth Gelman<br> 1345 Avenue of the Americas<br> New York, New York 10105<br> (born August 1975)<br>| Chief Compliance Officer | December 2025 to present | Chief Compliance Officer and Managing Director, First Eagle Investment Management, LLC; Chief Compliance Officer, First Eagle Funds; Chief Compliance Officer, First Eagle Variable Funds; Chief Compliance Officer, First Eagle Credit Opportunities Fund; Chief Compliance Officer, First Eagle Real Estate Debt Fund; Chief Compliance Officer, First Eagle Tactical Municipal Opportunities Fund; Chief Compliance Officer, First Eagle Completion Fund Trust; prior to February 2023, Chief Compliance Officer of Insight Investment North America |
| &nbsp;&nbsp;&nbsp; David O'Connor<br> 1345 Avenue of the Americas<br> New York, New York 10105<br> (born February 1966)<br>| General Counsel | December 2025 to present | General Counsel and Executive Managing Director, First Eagle Investment Management, LLC; General Counsel, First Eagle Funds; General Counsel, First Eagle Variable Funds; General Counsel, First Eagle Credit Opportunities Fund; General Counsel, First Eagle Real Estate Debt Fund; General Counsel, First Eagle Tactical Municipal Opportunities Fund; General Counsel, First Eagle Completion Fund Trust; General Counsel, First Eagle Holdings, Inc.; Secretary and General Counsel, FEF Distributors, LLC; Director, First Eagle Amundi; Director, First Eagle Investment Management, Ltd; Senior Vice President and Chief Legal Officer, First Eagle Alternative Credit, LLC |
| &nbsp;&nbsp;&nbsp; Sheelyn Michael<br> 1345 Avenue of the Americas<br> New York, New York 10105<br> (born September 1971)<br>| Secretary and Deputy General Counsel | December 2025 to present | Deputy General Counsel and Managing Director, First Eagle Investment Management, LLC; Secretary and Deputy General Counsel, First Eagle Funds; Secretary and Deputy General Counsel, First Eagle Variable Funds; Secretary and Deputy General Counsel, First Eagle Credit Opportunities Fund; Secretary and Deputy General Counsel, First Eagle Real Estate Debt Fund; Secretary and Deputy General Counsel, First Eagle Tactical Municipal Opportunities Fund; Secretary and Deputy General Counsel, First Eagle Completion Fund Trust; Director, First Eagle Investment Management, Ltd |
| &nbsp;&nbsp;&nbsp; Shuang Wu <br> 1345 Avenue of the Americas<br> New York, New York 10105<br> (born May 1990)<br>| Treasurer | December 2025 to present | Vice President, First Eagle Investment Management, LLC; Treasurer, First Eagle Funds; Treasurer, First Eagle Variable Funds; Treasurer, First Eagle Credit Opportunities Fund; Treasurer, First Eagle Real Estate Debt Fund; Treasurer, First Eagle Tactical Municipal Opportunities Fund; Treasurer, First Eagle Completion Fund Trust; prior to December 2022, Vice President and Assistant Treasurer, Credit Suisse; prior to December 2020, Manager, PricewaterhouseCoopers |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Michael Luzzatto<br> 1345 Avenue of the Americas<br> New York, New York 10105<br> (born April 1977)<br>| Vice President | December 2025 to present | Senior Vice President, First Eagle Investment Management, LLC; Vice President, FEF Distributors, LLC; Vice President, First Eagle Funds; Vice President, First Eagle Variable Funds; Vice President, First Eagle Credit Opportunities Fund; Vice President, First Eagle Real Estate Debt Fund; Senior Vice President, First Eagle Tactical Municipal Opportunities Fund; Senior Vice President, First Eagle Completion Fund Trust |

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<br> <sup>(1)</sup> The term of office of each officer is indefinite. Length of time served represents time served as an officer of the Trust (or its predecessor entities), although various positions may have been held during the period.

The following table describes the standing committees of the Board of Trustees of the Trust.

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| | | | |
|:---|:---|:---|:---|
| <u>**<u>Committee Name</u>**</u> | <u>**<u>Members</u>**</u> | <u>**<u>Function(s)</u>**</u> | **Number of Committee**<br> **Meetings in the Last**<br> **<u>Fiscal Year\*</u>** |
| Audit Committee | Peter W. Davidson<br> Jean D. Hamilton<br> William M. Kelly<br> Paul J. Lawler (Chair)<br> Mandakini Puri<br>| Reviews the contract between the Trust and its independent registered public accounting firm (in this regard, assists the Board in selecting the independent registered public accounting firm and is responsible for overseeing that firm's compensation and performance); oversees the audit process, including audit plans; oversees the Fund's accounting and financial reporting policies, procedures and internal controls and acts as liaison to the independent registered public accounting firm; reviews financial statements contained in reports to regulators and shareholders with fund management and the independent registered public accounting firm; reviews and, as appropriate, approves in advance non-audit services provided by the independent registered public accounting firm to the Trust, the Adviser, and, in certain cases, other affiliates of the Trust. | 0 |
| Nominating and Governance Committee | Lisa Anderson<br> Candace K. Beinecke (Chair)<br> Peter W. Davidson | Nominates new Independent Trustees of the Trust. (The Nominating and Governance Committee does not consider shareholder recommendations.) Considers various matters relating to the governance and operations of | 0 |

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| | | | |
|:---|:---|:---|:---|
|  |  | the Board of Trustees, including committee structure and Trustee compensation. Additionally, the Nominating and Governance Committee includes a sub-committee responsible for administering the Trustees' deferred compensation plan. |  |
| Board Valuation, Liquidity and Allocations Committee | Lisa Anderson<br> Candace K. Beinecke<br> John P. Arnhold<br> Jean D. Hamilton (Chair)<br> William M. Kelly<br> Scott Sleyster<br>| Monitors the execution of the valuation procedures, makes certain determinations in accordance with such procedures, and assists the Board in its oversight of the valuation of the Fund's securities by the Adviser; reviews and approves recommendations by the Adviser for changes to the Fund's valuation policies for submission to the Board for its approval; reviews the Adviser's quarterly presentations on valuation; oversees the implementation of the Fund's valuation policies by the Adviser; and monitors various matters associated with the Fund's liquidity risk management program. | 0 |

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\* The Trust's Board of Trustees and Committees did not meet during the prior fiscal year as the Trust only recently commenced operations.

The Board of Trustees considers these to be its primary working committees but also organizes additional special or ad hoc committees of the Board from time to time. There currently are two such additional committees, one (as a sub-committee of the Nominating and Governance Committee) responsible for administering the Trustees' deferred compensation plan, the other responsible for making various determinations as to the insurance policies maintained for the Funds and their Trustees and officers. Ms. Beinecke and Ms. Hamilton are currently the sole Trustees who serve on these additional committees.

**Organization of the Board**

The Chair of the Board of Trustees is an Independent Trustee, and the Trust has a separate President. The standing committees of the Board are described above.

The organization of the Board of Trustees in this manner reflects the judgment of the Trustees that it is in the interests of the Funds and their shareholders to have an independent member of the Board preside at Board meetings, supervise the Board agenda and otherwise serve as the "lead" Trustee both at meetings and in overseeing the business of the Funds between meetings. It is also the judgment of the Trustees that there are efficiencies in having working committees responsible for or to assist with specific aspects of the Board's business.

In reaching these judgments, the Trustees considered the Board's working experience with both its current and past Board leadership and committee structures, legal requirements under applicable law, including the Investment Company Act, the perceived expectations of shareholders, information available on industry practice generally, the number of portfolios within the Trust, the nature of the underlying investment programs, and the relationship between the Trust and its principal service providers. The Board may consider different leadership structures in the future and make changes to these arrangements over time.

**Board Oversight of Risk Management**

In considering risks related to the Funds, the Board consults and receives reports from officers and personnel of the Funds and the Adviser, who are charged with the day-to-day risk oversight function. Matters regularly reported to the Board include certain risks involving the Funds' investment portfolios, trading practices, operational matters, financial and accounting controls, and legal and regulatory compliance. The Board does not maintain a specific committee solely devoted to risk management responsibilities, but various standing committees of the Board and occasionally informal working groups of Trustees are involved in oversight of the risk management process. Risk management and Board-related reporting on risk management at the Adviser is not centralized in any one person or body. However, the Adviser has an Enterprise Risk Management function, which is part of the Legal and Compliance Department and led by the Head of Risk who reports to the General Counsel. The Risk Management team is functionally and hierarchically independent from the day-to-day business and operating units and is responsible for implementing firmwide risk governance framework and providing risk oversight including thematic reviews and internal audits.

**Trustee Qualifications**

All Trustees are expected to demonstrate various personal characteristics appropriate to their position, such as integrity and the exercise of professional care and business judgment. All Trustees also are expected to meet the necessary time commitments for service on the Board. The Board then generally views each Trustee appointment or nomination in the context of the Board's overall composition and diversity of backgrounds and considers each Trustee's individual professional experience and service on other boards of directors, as well as his or her current and prior roles (such as committee service) on the Board.

**The following summarizes the experience and qualifications of the Trustees:**

*Dr. Lisa Anderson.* Dr. Anderson has significant leadership experience at prominent academic institutions. She is currently serving as the Special Lecturer and James T. Shotwell Professor of International Relations Emerita at the Columbia University School of International and Public Affairs. Previously, she served as President of the American University in Cairo; Provost of that institution; and Dean of the Columbia School of International and Public Affairs. Dr. Anderson also serves on the boards or steering committees of various research and public affairs organizations. At First Eagle Funds, Dr. Anderson serves on the Board's Nominating and Governance Committee and the Board Valuation, Liquidity and Allocations Committee.

*Mr. John Arnhold.* Mr. Arnhold has significant executive and investment management experience. He previously was President of the First Eagle Funds and Chief Investment Officer of First Eagle Investment Management, LLC, the investment adviser to the Fund. Mr. Arnhold serves on the board of the Adviser's holding company and also serves on the boards of various charitable and educational institutions. At First Eagle Funds, Mr. Arnhold serves on the Board Valuation, Liquidity and Allocations Committee and was previously the Board's Chairman.

*Ms. Candace Beinecke*. Ms. Beinecke has significant executive and business advisory experience. She is Senior Counsel, and previously was the Senior Partner and the CEO and Chair, of Hughes Hubbard & Reed LLP, an international law firm. Ms. Beinecke also serves on the board of a major public real estate investment trust, and has served as a long standing member of the boards of a public international industrial firm and a major public media company. Ms. Beinecke also serves and has served on the board of major charitable organizations. At First Eagle Funds, Ms. Beinecke serves as Chair of the Board of Trustees, as Chair of the Board's Nominating and Governance Committee, as a member of the Board Valuation, Liquidity and Allocations Committee and as a member of two specialized Board Committees (one of which is a sub-committee of the Nominating and Governance Committee).

*Mr. Peter Davidson*. Mr. Davidson has significant executive and investment management experience. He is the Chief Executive Officer of Aligned Climate Capital LLC, a U.S. registered investment adviser that focuses on investments in climate infrastructure projects. Since September 2016, Mr. Davidson has served as a director of Envision Solar International, Inc., a sustainable technology innovation company based in San Diego, California. Mr. Davidson is also an adjunct professor at Columbia University's School of International and Political Affairs. In May 2013, Mr. Davidson was appointed by

President Obama to serve as the executive director of the Loan Program Office at the U.S. Department of Energy, a position he held until June 2015. At First Eagle Funds, he serves on the Board's Nominating and Governance Committee and the Board Valuation, Liquidity and Allocations Committee.

*Ms. Jean Hamilton*. Ms. Hamilton has significant professional and leadership experience in the financial services industry. Currently engaged as a private investor and consultant, she previously held a number of senior executive positions with Prudential Financial, Inc. Ms. Hamilton also serves on the boards of various charitable institutions. Prior to May 2022, Ms. Hamilton served on the board of an international reinsurance firm. At First Eagle Funds, Ms. Hamilton serves on the Board's Audit Committee, as Chair of the Board Valuation, Liquidity and Allocations Committee and on two specialized Board Committees (one of which is a sub-committee of the Nominating and Governance Committee).

*Mr. William Kelly*. Mr. Kelly has significant professional and leadership experience in the financial services industry, with an emphasis on the asset management sector. Currently engaged as a private investor and consultant, he previously was president of the investment management firm of Lingold & Associates. Mr. Kelly has served on the boards of various academic and charitable institutions. At First Eagle Funds, Mr. Kelly serves on the Board's Audit Committee and the Board Valuation, Liquidity and Allocations Committee.

*Mr. Paul Lawler.* Mr. Lawler has significant portfolio management experience as an institutional investment manager. Currently engaged as a private investor and consultant, he previously served as chief investment officer for the W.K. Kellogg Foundation and in senior investment roles at other prominent not-for-profit organizations. Mr. Lawler also serves on the board of a registered investment company advised by affiliates of Blackstone Inc. and on boards of various charitable institutions. At First Eagle Funds, Mr. Lawler serves as Chair of the Board's Audit Committee.

*Mr. Mehdi Mahmud.* Mr. Mahmud has significant executive and investment management experience. Currently, Mr. Mahmud serves as the President and Chief Executive Officer of First Eagle Investment Management, LLC, Chief Executive Officer of First Eagle Alternative Credit, LLC and President of First Eagle Funds, First Eagle Variable Funds and First Eagle Credit Opportunities Fund. Prior to that, Mr. Mahmud was Chief Executive Officer and Chairman of the Board of Directors of Jennison Associates LLC. Prior to these roles, he held several senior management positions at Jennison relating to product and business strategy, investment supervision of the firm's value, small-cap, opportunistic and income-equity capabilities, and oversight of key support areas including institutional, retail and sub-advisory client activities. He has also served in a variety of investment management roles at JP Morgan Investment Management and Credit Suisse Asset Management.

*Ms. Mandakini Puri.* Ms. Puri has significant executive and investment management experience. Currently an independent consultant and private investor, she serves on the boards of two NYSE-listed real estate investment trusts, and a non-profit organization. Prior to 2018, Ms. Puri served on the board of a global provider of reinsurance and asset management services. From 2011 to May 2013, she was a Managing Director and Co-Head of BlackRock Private Equity. Prior to that, Ms. Puri was a Senior Vice President at Merrill Lynch until July 2009, where she co-founded Merrill Lynch's private equity business in 1994 and was its Chief Investment Officer. At First Eagle Funds, Ms. Puri serves on the Board's Audit Committee.

*Mr. Scott Sleyster.* Mr. Sleyster has significant executive and investment management experience. He was previously an Executive Vice President and head of Market Competitiveness for Prudential Financial and serves on the board of directors of North Star Academy and serves as a trustee of the Princeton Theological Seminary and is a member of Columbia University's Climate Board of Advisors. Prior to February 2025, Mr. Sleyster served as Chief Investment Officer, portfolio manager at Prudential. He also served as head of the Full-Service Retirement business, and chief financial officer for the Employee Benefits Division. Additionally, he held roles in Prudential's Treasury, Derivatives, and Investment Management units.

Each Independent Trustee also was nominated based in part on his or her status as a person who is not an "interested person" of the Trust as defined in the Investment Company Act. Descriptions of Trustee experience should not be taken to suggest that any Trustee is expert in a particular subject.

**Compensation of Trustees and Officers**

Trustees of the Trust who are not Interested Trustees are paid by the Trust and each of the following trusts: First Eagle Variable Funds, First Eagle Credit Opportunities Fund, First Eagle Real Estate Debt Fund, First Eagle Tactical Municipal Opportunities Fund and First Eagle Completion Fund Trust an annual fee of $230,000 and a fee of $12,000 for each in-person Board meeting and $1,000 (subject to the discretion of the Chair) for each meeting (other than a regularly scheduled meeting) of the Trust's Board of Trustees, provided that such meeting involves Trustee approval matters. Members of each of the Audit Committee and the Board Valuation, Liquidity and Allocations Committee are paid a fee of $10,000 for each meeting they attend. Members of other committees may be paid a fee of $3,500 for each meeting they attend. An executive session held on a separate day from a Board meeting is considered a separate in-person meeting for fee purposes. The chair of any ad hoc committee formed for the purpose of considering insurance matters is paid a fee of $10,000 per year. The Chair of the Board of Trustees receives an additional annual fee of $175,000 for serving in that position. The Chairs of the Board Valuation, Liquidity and Allocations Committee and Audit Committee receive an additional annual fee of $50,000 and the Chair of the Nominating and Governance Committee receives an additional annual fee of $25,000. Such fees are allocated, generally, between the Trust and each of the following trusts: First Eagle Variable Funds, First Eagle Credit Opportunities Fund, First Eagle Real Estate Debt Fund, First Eagle Tactical Municipal Opportunities Fund and First Eagle Completion Fund Trust on a pro rata basis in relationship to their relative net assets. Each Trustee is reimbursed by the Trust for any expenses they may incur by reason of attending such meetings or in connection with services they may perform for the Trust. During the fiscal year ended October 31, 2025, an aggregate of $2,794,806 was paid, accrued or owed for Trustees' fees and expenses by the Trust.

The following table sets forth information regarding compensation of Trustees by the Trust and by the fund complex of which the Trust is a part for the fiscal year ended October 31, 2025. Officers of the Trust, a Trustee Emeritus and Interested Trustees do not receive any compensation from the Trust or any other fund in the fund complex. The Trust does not maintain a retirement plan for its Trustees.

**Trustee Compensation Table**

**Fiscal Year Ended October 31, 2025**

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| | | |
|:---|:---|:---|
| **Name of Person, Position** | **Aggregate**<br> **Compensation**<br> **Paid or**<br> **Owed from**<br> **Registrant** | **Total**<br> **Compensation**<br> **Paid or**<br> **Owed from**<br> **Registrant**<br> **and Fund**<br> **Complex**<br> **Paid to**<br> **Trustees\*\*** |
| Lisa Anderson, Trustee | &nbsp;&nbsp;$– &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$| 317750 |
| John P. Arnhold, Trustee\* | &nbsp;&nbsp;$– $|  |
| Candace K. Beinecke, Trustee | &nbsp;&nbsp;$– $| 528250 |
| Peter W. Davidson, Trustee | &nbsp;&nbsp;$– $| 307750 |
| Jean D. Hamilton, Trustee | &nbsp;&nbsp;$– $| 427000 |
| William M. Kelly, Trustee | &nbsp;&nbsp;$– $| 354250 |
| Paul J. Lawler, Trustee | &nbsp;&nbsp;$– $| 363000 |
| Mehdi Mahmud, Trustee\* | &nbsp;&nbsp;$– $|  |
| Mandakini Puri, Trustee | &nbsp;&nbsp;$– $| 314250 |
| Scott Sleyster, Trustee | &nbsp;&nbsp;$– $| 218500 |

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\* Interested Trustees are not compensated by the Trust for their services.

\*\* For this purpose, the registrant consists of 12 portfolios of the Trust (Global Fund, Overseas Fund, U.S. Fund, Gold Fund, Global Income Builder Fund, Rising Dividend Fund, High Yield Municipal Fund, Short Duration High Yield Municipal Fund, Small Cap Fund, Smid Cap Fund, Real Assets Fund and Core Plus Municipal Fund). The fund complex consists of these portfolios plus the 12 portfolios of the First Eagle Funds (First Eagle Global Fund, First Eagle Overseas Fund, First Eagle U.S. Fund, First Eagle Gold Fund, First Eagle Global Income Builder Fund, First Eagle Rising Dividend Fund, First Eagle High Yield Municipal Fund, First Eagle Short Duration High Yield Municipal Fund, First Eagle Small Cap Fund, First Eagle Smid Cap Fund, First Eagle Real Assets Fund and First Eagle Core Plus Municipal Fund), First Eagle Overseas Variable Fund, First Eagle Credit Opportunities Fund, First Eagle Real Estate Debt Fund, First Eagle Tactical Municipal Opportunities Fund and First Eagle Completion Fund Trust. As of October 31, 2025, each Trustee served on the board of the Trust and each of the following trusts: First Eagle Funds, First Eagle Overseas Variable Fund, First Eagle Credit Opportunities Fund, First Eagle Real Estate Debt Fund, First Eagle Tactical Municipal Opportunities Fund and First Eagle Completion Fund Trust.

In addition, all persons serving as officers of the Trust (including the Fund's Chief Compliance Officer) are employed by the Adviser and the Adviser seeks reimbursement from the Trust for salary and benefits paid to some of those persons to the extent they provide services eligible for such reimbursement. This reimbursement program is described in more detail under the heading "Investment Advisory and Other Services—Payments to the Adviser." No reimbursement is sought for compensation of any amount that might be attributable and payable to such a person solely for service as an officer of the Trust. As a separate matter (though such compensation may be covered under the reimbursement program as a matter of convenience), the Trust and the Adviser agree each year as to the relative portion of the compensation of the Chief Compliance Officer to be paid by each party.

**Deferred Compensation**

In addition to the compensation detailed above, each eligible Trustee may elect to defer a portion of his or her compensation from the First Eagle fund complex. Such amounts grow or decline as if invested in one or more funds, as selected by the Trustee. Currently, only those Trustees listed below have elected to defer a portion of their Trustee compensation under this program. As of October 31, 2025, the value of such deferred compensation was equal to approximately:

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| | | |
|:---|:---|:---|
| **<u>Name of Trustee</u>** | **First<br> Eagle<br> US** <br> **Equity<br> ETF\*** | **First<br> Eagle<br> Mid <br> Cap** <br> **Equity<br> ETF\*** |
| Lisa Anderson | None | None |
| Candace K. Beinecke | None | None |
| Peter W. Davidson | None | None |
| Jean D. Hamilton | None | None |
| William M. Kelly | None | None |
| Paul J. Lawler | None | None |
| Mandakini Puri | None | None |
| Scott Sleyster | None | None |

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\*As of the date of this Statement of Additional Information, no compensation with regard to the Fund had been deferred since the Fund had not commenced operations prior to the date of this Statement of Additional Information.

**Additional Information Regarding the Trustees**

The following table sets forth information as of the date of this SAI regarding ownership by the Trustees of the Trust of equity securities of the Trust or any other fund in the same fund complex for which each is also a director or trustee. ("Fund complex" has the same meaning as in the footnote to the Trustee Compensation Table above.) Dollar ranges of ownership are indicated as follows: A = None; B = $1 to $10,000; C = $10,001 to $50,000; D = $50,001 to $100,000; E = over $100,000.

Please note that the table does not reflect the amounts Trustees invest in the Funds through their deferred compensation plan (which amounts are separately detailed in the prior table).

**INDEPENDENT TRUSTEES**

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| | | | |
|:---|:---|:---|:---|
| <u>**<u>Name</u>**</u> | **Dollar**<br> **Range of**<br> **Equity**<br> **Securities in**<br> **First Eagle US** <br> **Equity ETF** | **Dollar**<br> **Range of**<br> **Equity**<br> **Securities <br> in**<br> **First Eagle <br> Mid Cap** <br> **Equity <br> ETF** | **Aggregate**<br> **Dollar**<br> **Range of**<br> **Equity**<br> **Securities <br> in**<br> **All Funds**<br> **Overseen**<br> **by Trustee** |
| Lisa Anderson | A | A | E |
| Candace K. Beinecke\* | A | A | E |
| Peter W. Davidson | A | A | A |
| Jean Hamilton | A | A | E |
| William M. Kelly | A | A | E |
| Paul J. Lawler | A | A | E |
| Mandakini Puri | A | A | A |
| Scott Sleyster | A | A | A |

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\* These amounts do not include holdings as to which Ms. Beinecke has disclaimed beneficial interest.

**INTERESTED TRUSTEES**

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| | | |
|:---|:---|:---|
| <u>**<u>Name</u>**</u> | **Dollar**<br> **Range of**<br> **Equity**<br> **Securities in**<br> **First Eagle US** <br> **Equity ETF** | **Dollar**<br> **Range of**<br> **Equity**<br> **Securities <br> in**<br> **First Eagle <br> Mid Cap** <br> **Equity <br> ETF** |
| John P. Arnhold | A | A |
| Mehdi Mahmud | A | A |

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Since December 11, 2025 no independent Trustee who is a trustee of another investment company whose adviser and principal underwriter are the Adviser and FEF Distributors, respectively (i.e., First Eagle Variable Funds), has held any other position with (i) the Trust (other than as a Trustee), (ii) an investment company having the same adviser or principal underwriter as the Fund or an adviser or principal underwriter that controls, is controlled by, or is under common control with the Adviser or the Distributor (other than as a Trustee), (iii) the Adviser, the Distributor or other affiliate of the Trust, or (iv) any person controlling, controlled by or under common control with the Adviser or the Distributor.

Since December 11, 2025, none of these individuals owns, beneficially or of record, securities issued by (i) the Adviser or the Distributor or (ii) any person (other than a registered investment company) directly or indirectly controlling, controlled by or under common control with the Adviser or the Distributor. Since December 11, 2025, none of these individuals or their immediate family members has an

interest in a transaction with a "related person" of the company. A "related person" is (i) an executive officer of the Trust, (ii) an investment company having the same adviser or principal underwriter as the Fund or an adviser or principal underwriter that controls, is controlled by or is under common control with the Adviser or the Distributor, (iii) an executive officer of such an investment company, (iv) the Adviser or the Distributor, (v) an executive officer of the Adviser or the Distributor, (vi) a person directly or indirectly controlling, controlled by, or under common control with the Adviser or the Distributor, or (vii) an executive officer of a person described in clause (vi) above.

The Trust, the Adviser, and the Distributor have adopted a code of ethics under Rule 17j-1 of the Investment Company Act. This code of ethics permits personnel subject to the code to invest in securities, including securities that may be purchased or held by the Fund, with certain exceptions.

As of the date of this Statement of Additional Information, to the knowledge of the Fund, the Trustees and officers of the Trust, as a group, owned beneficially less than 1% of the shares of the beneficial interest of the Fund. These percentages are based generally on ownership of the shares by the officers and Trustees, their immediate family members, and entities (such as family companies or trusts) whose investment activities they direct. Other entities in which an officer or Trustee has an interest may hold shares of the Fund, but those holdings generally are disregarded.

**CODE OF ETHICS**

The Trust, the Adviser, and the Sub-Adviser have each adopted a code of ethics ("Code of Ethics") pursuant to Rule 17j-1 under the 1940 Act, which governs personal securities trading by their respective personnel. Each Code of Ethics permits such individuals to purchase and sell securities, including securities that are purchased, sold, or held by the Fund, but only subject to certain conditions designed to ensure that purchases and sales by such individuals do not adversely affect the Fund's investment activities.

**PRINCIPAL HOLDERS**

Any person owning, directly or indirectly, more than 25% of the outstanding shares of a Fund is presumed to control the Fund. Principal holders are persons who own 5% or more of the outstanding shares of a Fund. As of the date of this SAI, First Eagle Investment Management, LLC owns 100% of the outstanding shares of the Trust.

Because the Funds had not commenced operations prior to the date of this SAI, the Trustees and officers of the Trust as a group owned none of the outstanding shares of each of the Funds.

**INVESTMENT ADVISORY AGREEMENT AND INVESTMENT SUB-ADVISORY AGREEMENT**

**Investment Advisory Agreement**

First Eagle Investment Management, LLC serves as the investment adviser to the US Equity ETF and the Mid Cap Equity ETF. The Adviser's primary offices are located at 1345 Avenue of the Americas, New York, NY 10105. The Adviser is a subsidiary of First Eagle Holdings, Inc. ("FE Holdings") Based in New York City since 1937, FE Holdings, formerly Arnhold and S. Bleichroeder Holdings, Inc., traces its heritage to the German banking house Gebr. Arnhold, founded in Dresden in 1864. A controlling interest in FE Holdings is owned by funds managed by Genstar Capital, LLC ("Genstar").

The Adviser provides investment advisory services to each Fund pursuant to the terms of an Investment Advisory Agreement (the "Advisory Agreement") between the Trust and the Adviser. After an initial two year-term, the Advisory Agreement may be continued in effect from year to year with the approval of (1) the Board or (2) vote of a majority (as defined by the 1940 Act) of the outstanding voting securities of the Fund, provided that in either event the continuance must also be approved by a majority of the Independent Trustees by vote cast in person at a meeting called for the purpose of voting on such approval. The Advisory Agreement terminates automatically in the event of its assignment, as defined in the 1940 Act and the rules thereunder.

Subject to the supervision of the Board, the Adviser will provide for the overall management of the Funds including (i) the provision of a continuous investment program for the Funds, including investment research and management with respect to all securities, investments, cash and cash equivalents, (ii) the determination from time to time of the securities and other

investments to be purchased, retained, or sold by the Funds, and (iii) the placement from time to time of orders for all purchases and sales of securities and other investments made for the Funds. The Adviser will provide the services rendered by it in accordance with each Fund's investment objective, restrictions and policies as stated in the Prospectus and in this SAI. The Adviser will not be liable for any error of judgment, mistake of law, or for any loss suffered by the Funds in connection with the performance of the Advisory Agreement, except a loss resulting from a breach of fiduciary duty with respect to the receipt of compensation for services or a loss resulting from willful misfeasance, bad faith or gross negligence on the part of the Adviser in the performance of its duties, or from reckless disregard of its obligations and duties under the Advisory Agreement.

Pursuant to the terms of the Advisory Agreement, in consideration of the services provided by the Adviser, each Fund pays the Adviser a unitary management fee that is computed and paid monthly at an annual rate of 0.79% and 0.75% of the average daily net assets during the month of the US Equity ETF and Mid Cap Equity ETF, respectively. From the unitary management fee, the Adviser pays most of the expenses of each Fund, including the cost of sub-advisory fees to any investment sub-adviser, the cost of transfer agency, custody, fund administration, legal, audit and other services. However, under the Advisory Agreement, the Adviser is not responsible for interest expenses, brokerage commissions and other trading expenses, taxes and other extraordinary costs such as litigation and other expenses not incurred in the ordinary course of business.

The Adviser has contractually agreed to waive its advisory fee and/or reimburse expenses in order to limit Total Annual Fund Operating Expenses (excluding certain items discussed below) to 0.45% of the First Eagle US Equity ETF's average daily net assets and 0.55% of the First Eagle Mid Cap Equity ETF's average daily net assets. In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account and could cause the First Eagle US Equity ETF's net Total Annual Fund Operating Expenses to exceed 0.45% or the First Eagle Mid Cap Equity ETF's net Total Annual Fund Operating Expenses to exceed 0.55%, as applicable: acquired fund fees and expenses, brokerage commissions, extraordinary items, interest or taxes. This contractual limitation is in effect until January 1, 2027, and may not be terminated prior to that date without the approval of the Board of the Trust. The Adviser may not recoup waived fees or reimbursed expenses under the Expense Limitation Agreement with the Funds.

No advisory fee information is provided since the Funds had not commenced operations prior to the date of this SAI.

**Investment Sub-Advisory Agreement**

The Adviser has submitted an application with the SEC for an exemptive order that would permit the Adviser to engage or terminate a sub-adviser, and to enter into and materially amend an existing sub-advisory agreement, upon the approval of the Board of the Trust, without obtaining shareholder approval. This requested exemptive relief has been approved the Funds' initial shareholder and the Board of the Trust. Consequently, if approved by the SEC, under the exemptive order, the Adviser would have the right to hire, terminate and replace sub-advisers when the Board of the Trust and the Adviser feel that a change would benefit a Fund. The exemptive order is expected to enable the Funds to operate with greater efficiency and without incurring the expense and delays associated with obtaining shareholder approval of sub-advisory agreements. There is no guarantee that the SEC will grant the requested exemptive order.

Exchange Traded Concepts, LLC, an Oklahoma limited liability company located at 10900 Hefner Pointe Drive, Suite 400, Oklahoma City, Oklahoma 73120, serves as the investment sub-adviser to each Fund (the "Sub-Adviser"). The Sub-Adviser is an SEC-registered investment adviser formed in 2018 and is majority owned by Cottonwood ETF Holdings LLC ("Cottonwood"), a holding vehicle with no other business activity. Cottonwood is majority owned by Richard Hogan and trusts controlled by Richard Hogan or for which Richard Hogan and family are the beneficiaries.

The Sub-Adviser provides trading and execution services to the Funds pursuant to the terms of a Sub-Advisory Agreement (the "Sub-Advisory Agreement") among the Trust, the Adviser and the Sub-Adviser. As part of its responsibilities, the Sub-Adviser may make investment decisions consistent with the Funds' principal investment strategies, including as part of managing cash flow activity. After the initial two year-term, the Sub-Advisory Agreement may be continued in effect from year to year with the (1) approval of the Board, or (2) vote of a majority (as defined by the 1940 Act) of the outstanding voting securities of each Fund, provided that in either event the continuance must also be approved by a majority of the Independent Trustees by vote cast in person at a meeting called for the purpose of voting on such approval. The Sub-

Advisory Agreement terminates automatically in the event of its assignment, as defined in the 1940 Act and the rules thereunder.

For its services, the Sub-Adviser receives a fee from the Adviser.

The Sub-Advisory Agreement provides that the Sub-Adviser shall not be protected against any liability to the Trust or its shareholders by reason of willful misfeasance, bad faith or gross negligence on its part in the performance of its duties, or from reckless disregard of its obligations or duties thereunder.

**PORTFOLIO MANAGERS**

This section includes information about each Fund's portfolio managers, including information about other accounts they manage, the dollar range of Fund shares they own and how they are compensated.

*Description of Compensation.* Portfolio manager compensation consists of salary and an annual bonus, with a performance bonus representing an important portion of total compensation. The bonus is awarded in the firm's discretion and generally will reflect the investment performance of each Fund and any other account managed by each portfolio manager, the financial results of the firm as a whole, and the portfolio manager's contributions to the firm both as an individual and as a member of the firm's investment teams. The bonus may include an award under a long-term incentive plan established by the firm, or such other long-term or deferred performance-based plan that may be established by the firm. Additionally, each of the portfolio managers may receive profit interests, which make them eligible, subject to customary vesting arrangements, for a share of the profits of the Adviser. Profits for this purpose are calculated firm-wide and therefore relate to investment products and business lines beyond those managed by the particular portfolio manager. Likewise, any notional incentive plan awards that relate to the Adviser's overall financial performance will give the recipient exposure to results that relate to products and business lines beyond those managed by the recipient.

*Other Accounts.* In addition to the Funds, each portfolio manager is responsible for the day-to-day management of certain other accounts, as listed below. The information below is provided as of November 30, 2025.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio Manager;<br> Other Accounts** | **Total Accounts** | **Total Accounts** | **Accounts With<br> Performance-Based Fees** | **Accounts With<br> Performance-Based Fees** |
| **Portfolio Manager;<br> Other Accounts** | **Number** | **Assets** | **Number** | **Assets** |
| Matthew McLennan |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Registered Investment Companies | 6 | $89.1 billion |  |  |
| &nbsp;&nbsp;&nbsp;Other Pooled Investment Vehicles | 8 | $13.9 billion | 1 | $8.2 billion |
| &nbsp;&nbsp;&nbsp;Other Accounts | 23 | $11.6 billion |  |  |
| Mark Wright |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Registered Investment Companies | 1 | $1.6 billion |  |  |
| &nbsp;&nbsp;&nbsp;Other Pooled Investment Vehicles |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Other Accounts |  |  |  |  |
| Manish Gupta |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Registered Investment Companies | 3 | $72.4 billion |  |  |
| &nbsp;&nbsp;&nbsp;Other Pooled Investment Vehicles | 6 | $11.4 billion | 1 | $8.2 billion |
| &nbsp;&nbsp;&nbsp;Other Accounts | 22 | $11.0 billion |  |  |
| Adrian Jones |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Registered Investment Companies | 2 | $1.2 billion |  |  |
| &nbsp;&nbsp;&nbsp;Other Pooled Investment Vehicles |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Other Accounts | 22 | $8.7 billion |  |  |
| William Hench |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Registered Investment Companies | 2 | $1.8 billion |  |  |
| &nbsp;&nbsp;&nbsp;Other Pooled Investment Vehicles | 3 | $0.3 million |  |  |
| &nbsp;&nbsp;&nbsp;Other Accounts | 2 | $1.2 billion |  |  |

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Although the portfolio managers listed above may be assisted by a team of professionals, such as Associate Portfolio Managers, research analysts and trading personnel, no other person has final responsibility for Fund investment decisions.

 

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| | | |
|:---|:---|:---|
| **<u>Portfolio Managers</u>** | **<u>Principal Occupation(s) During Past 5 Years</u>** | **<u>Areas of Specialty</u>** |
| Matthew McLennan, CFA | Mr. McLennan joined the Adviser in September 2008 as the Head of the Global Value Team after having held various senior positions with Goldman Sachs Asset Management in London and New York. While at his predecessor firm for over fourteen years, Mr. McLennan was Co-Founder of Goldman Sachs' Global Equity Partners where he managed a global equity portfolio for the firm's private wealth management clients as well as a Co-Founder and Equity Chief Investment Officer of the Investment Strategy Group for Goldman Sachs' private client business and a Managing Director of Goldman Sachs. Mr. McLennan is a graduate of the University of Queensland. He also serves on boards of various educational institutions and nonprofit organizations such as The University of Queensland in America, Harvard School of Public Health, Trinity School and The Library of America. | Co-Head of the First Eagle Global Value Team |
| Mark Wright, CFA | Mr. Wright joined the Adviser in July 2007. Previously, Mr. Wright was a Senior Analyst for Investment Banking at Dresner Capital Resources and, subsequently, spent 11 years at Morningstar as a Senior Analyst, Finance Consultant and Director of Tools & Portfolio Content. He is a graduate of the University of Chicago and the Sloan School of Management at MIT. | Banks, credit cards & payments and other financials, and tobacco |
| Manish Gupta | Mr. Gupta joined the Adviser in October 2009. Mr. Gupta began his career in the technology sector as an intern at Microsoft Corporation, and spent the following six years as a software engineer at Cisco Systems. Previously Mr. Gupta was an equity research analyst at Cantillon Capital Management, covering technology, professional and | Technology, media & telecom, transport & logistics |

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| | | |
|:---|:---|:---|
|  | commercial services, transportation and select industrials. Prior to this, he interned as a financial services sector analyst at Fidelity Management and Research. Mr. Gupta is a graduate of the Institute of Technology BHU in Varanasi, India and was awarded his MBA from Columbia Business School. He also has an MS in computer science from University of Texas at Austin. |  |
| Adrian Jones | Mr. Jones joined the Adviser as a senior research analyst in April 2018. Previously, Mr. Jones was a senior analyst at King Street Capital Management, a distressed/value hedge fund. Prior to that, he was a co-founder of Artemis Partners, L.P., a portfolio manager at ING Investment Management, an equity analyst at Soros Fund Management and an investment banking analyst at Lazard Frères Co. Mr. Jones earned his BA in art history at Yale University. | Investment grade fixed income |
| William A. Hench | Mr. Hench joined the Adviser in April 2021. Prior to joining First Eagle in April 2021, Mr. Hench was portfolio manager of the Small Cap Opportunistic Value strategy at Royce Investment Partners, where he worked for 18 years. Before that, he spent 10 years in the institutional equity business in Boston and New York, most recently with JP Morgan. He began his professional career as a CPA with Coopers and Lybrand. Mr. Hench earned a bachelor's degree from Adelphi University. |  |

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*Conflicts of Interest.* Personnel of the Adviser (including the Funds' portfolio managers identified above) serve as portfolio managers to certain clients and unregistered investment companies that utilize investment programs that are substantially similar to those of one or more Funds managed by such personnel, including, in certain cases, proprietary and related accounts, and accounts that provide for incentive compensation (including performance fees). In addition, the Adviser currently serves, or may in the future serve, as investment adviser to other registered investment companies, unregistered investment companies or accounts (including proprietary accounts related to the Adviser or its affiliates), some of which may provide for incentive compensation (such as performance fees). Consequently, the Adviser's investment management activities present conflicts between the interests of a Fund and those of the Adviser and potentially among the interests of various accounts managed by the Adviser, principally with respect to allocation of investment opportunities among similar strategies. Although the Adviser has adopted allocation procedures intended to provide for equitable treatment of all accounts over time, it is possible that circumstances may arise requiring case-by-case treatment and that each client account will not necessarily participate in the same transaction. The allocation procedures generally contemplate similar treatment for like accounts, with exceptions for certain considerations, including primary allocations based on an account's investment objective or investments in an asset class, tax position, cash management requirements, concentration tolerance or minimum investment size policies. At times a portfolio manager may determine that an investment opportunity may be appropriate for only some accounts or accounts managed by the Adviser and/or may take different positions with respect to a particular security. In these cases, the Adviser may execute differing or opposite transactions for one or more accounts, which may affect the market price or the execution of the transactions or both, to the detriment of one or more other accounts. Certain trading practices, such as consideration of research and brokerage services when selecting brokers, dealers or other execution parties, may give rise to conflicts of interest as discussed under the heading Portfolio Transactions and Brokerage. Conflicts also may be presented by portfolio manager compensation arrangements, in that they are not dependent on any particular level of investment performance. While the Funds are new and no shares are outstanding as of the date of this SAI, generally, the portfolio managers have significant personal investments in First Eagle products as a whole, but may not be invested in all of the funds that they manage (and are not invested in one fund or another to the same extent).

Acting for more than one account also can present other conflicts and potential limitations on activities. For example, each account may have varying short- and long-term interests or may be subject to different account requirements. When such interests or account requirements conflict, the Adviser generally seeks to balance its respective interests in good faith. There also may be instances, especially with larger portfolio positions, when the activities of one or more accounts can operate to restrict further investment decisions for the position.

*Conflicts of Interest Relating to Affiliates.* The Adviser's affiliation with Genstar requires the Adviser to manage conflicts of interest associated with dealings the Funds may have with those businesses or funds, clients or portfolio companies associated with them. For example, should the Sub-adviser wish to cause the Funds to execute portfolio transactions through

broker-dealers associated with Genstar, the commercial reasonableness of the brokerage compensation associated with those trades would have to be assessed. Other dealings may be more completely restricted. For example, the Funds may not be able to buy or sell property directly to or from Genstar or their associated accounts. There also may be limits on participation in underwritings or other securities offerings by Genstar or their associated funds, accounts or portfolio companies. The breadth of these affiliations at times may require the Funds to abstain from or restructure an otherwise attractive investment opportunity.

Investments in portfolio companies associated with Genstar may be restricted by the 1940 Act. To the extent such investments are permitted and a Fund invests in such a portfolio company (a portfolio company generally referring to a company owned by private equity funds managed by Genstar), conflicts of interest may arise from the presence of Genstar representatives on the company board or the payment of compensation by the company to Genstar or an affiliate. Moreover, the Adviser could have an incentive to allocate the Funds' assets to such a portfolio company since affiliates of the Adviser have a direct or indirect financial interest in its success. There also may be instances where Genstar could be involved in bankruptcy proceedings of current investments or of issuers in which the Funds would otherwise invest, with potentially divergent interests as between the Funds and Genstar.

*Securities Ownership.* The portfolio managers did not own any shares of the Funds as no shares of the Funds were outstanding prior to the date of this SAI.

**VOTING OF PROXIES**

The Board of Trustees has delegated to the Adviser the authority to vote proxies received by the Funds from the companies in which they invest (for this purpose, the "portfolio positions"). The Adviser has adopted policies and procedures (collectively, the "Policies") regarding the voting of such proxies, which policies have been reviewed and approved by the Board of Trustees as appropriate to their management of the Funds' assets. It is the policy of the Adviser to vote proxies on behalf of each client (e.g., the Funds) in a manner that serves the best interest of the client and enhances the economic value of the underlying portfolio securities held in the client's account.

The Policies provide for procedures that address conflicts of interest between the Adviser and a client with respect to voting proxies. With regard to the Adviser this may involve review of a proposed vote by their compliance personnel and, in certain circumstances, will require consultation with the Board of Trustees. The Adviser may abstain from voting from time to time when it determines that the costs associated with voting a proxy outweigh the benefits derived from exercising the right to vote or in other situations where voting may not be practical or desirable.

The Adviser utilizes Institutional Shareholder Services Inc. ("ISS"), a third-party proxy voting service, for recommendations as to voting on particular issues, for technical assistance in tracking instances in which the Funds have the opportunity to vote and in transmitting voting instructions to the relevant corporate issuer or its proxy tabulation agents. The Adviser utilizes ISS as a resource to enable it to make better-informed proxy voting decisions and to limit the potential for conflicts in the proxy voting process. The Adviser has analyzed and determined the relevant ISS proxy guidelines to be largely consistent with the views of the Adviser on various types of proxy proposals, which typically seek to be consistent with the best interests of the client and with enhancing the economic value of the underlying portfolio securities. While other services or recommendations may be considered from time to time, including Glass, Lewis & Co., LLC, the Adviser principally employs the proxy voting services provided by ISS. As a practical matter, in most cases, the Adviser votes client proxies in a manner consistent with the voting recommendation of ISS. However, the Adviser evaluates individual proxies in accordance with the Policies and may determine to depart from the recommendation of its proxy voting service provider in voting a proxy. The proxy voting guidelines of ISS are included in Appendix B to this SAI.

Information regarding the proxy-voting record of the Trust for the most recent twelve-month period ended June 30 will be available (i) without charge, upon request, by calling the Trust at 800.334.2143; or (ii) at www.firsteagle.com/individuals-home. This information also is available on the SEC's website at http://www.sec.gov.

**UNDERWRITER**

The Trust has entered into a distribution agreement (the "Distribution Agreement") with Quasar Distributors, LLC (the "Distributor"), 190 Middle Street, Suite 301, Portland, Maine 04101, pursuant to which the Distributor acts as each Fund's principal underwriter and distributes shares. Shares are continuously offered for sale by the Distributor only in Creation Units. Each Creation Unit is made up of at least 10,000 shares. The Distributor will not distribute Shares in amounts less than a Creation Unit.

Under the Distribution Agreement, the Distributor, as agent for the Trust, will receive orders for the purchase and redemption of Creation Units, provided that any subscriptions and orders will not be binding on the Trust until accepted by the Trust. The Distributor will deliver prospectuses and, upon request, Statements of Additional Information to persons purchasing Creation Units and will maintain records of orders placed with it. The Distributor is a broker-dealer registered under the Securities Exchange Act of 1934, as amended (the "Exchange Act") and a member of the Financial Industry Regulatory Authority ("FINRA").

The Distributor may also enter into agreements with securities dealers ("Soliciting Dealers") who will solicit purchases of Creation Units of shares. Such Soliciting Dealers may also be Authorized Participants (as discussed in "Procedures for Creation of Creation Units" below) or DTC Participants.

The Distribution Agreement has an initial term of up to two years and will continue in effect thereafter only if such continuance is specifically approved at least annually by the Board or by vote of a majority of the Fund's outstanding voting securities and, in either case, by a majority of the Independent Trustees. The Distribution Agreement is terminable without penalty by the Trust, on behalf of the Fund, on 60 days' written notice when authorized either by a majority vote of the Fund's shareholders or by vote of a majority of the Board, including a majority of the Independent Trustees of the Trust, or by the Distributor on 60 days' written notice, and will automatically terminate in the event of its "assignment," as defined in the 1940 Act.

**PURCHASE AND REDEMPTION OF CREATION UNITS**

**Purchase and Issuance of Creation Units**

The Trust issues and sells shares of the Funds only: (i) in Creation Units on a continuous basis through the Distributor, without a sales load (but subject to transaction fees), at their NAV next determined after receipt of an order, on any Business Day, in proper form pursuant to the terms of the Authorized Participant Agreement ("Participant Agreement"); or (ii) pursuant to the Dividend Reinvestment Service (defined below). The NAV of each Fund's shares is calculated each business day as of the close of regular trading on the Exchange, generally 4:00 p.m., Eastern Time. The Funds will not issue fractional Creation Units. A Business Day is any day on which the Exchange is open for business.

*Fund Deposit*. The consideration for purchase of a Creation Unit of a Fund generally consists of the in-kind deposit of a designated portfolio of securities (the "Deposit Securities") per each Creation Unit, plus the Cash Component (defined below), computed as described below. Notwithstanding the foregoing, the Trust reserves the right to permit or require the substitution of a "cash in lieu" amount ("Deposit Cash") to be added to the Cash Component to replace any Deposit Security. When accepting purchases of Creation Units for all or a portion of Deposit Cash, a Fund may incur additional costs associated with the acquisition of Deposit Securities that would otherwise be provided by an in-kind purchaser. These additional costs associated with the acquisition of Deposit Securities ("Non-Standard Charges") may be recoverable from the purchaser of creation units.

Together, the Deposit Securities or Deposit Cash, as applicable, and the Cash Component constitute the "Fund Deposit," which represents the minimum initial and subsequent investment amount for a Creation Unit of a Fund. The "Cash Component" is an amount equal to the difference between the NAV of the Fund's shares (per Creation Unit) and the market value of the Deposit Securities or Deposit Cash, as applicable. If the Cash Component is a positive number (*i.e.*, the NAV per Creation Unit exceeds the market value of the Deposit Securities or Deposit Cash, as applicable), the Cash Component will be such positive amount. If the Cash Component is a negative number (*i.e.*, the NAV per Creation Unit is less than the market value of the Deposit Securities or Deposit Cash, as applicable), the Cash Component shall be such negative amount and the creator will be entitled to receive cash in an amount equal to the Cash Component. The Cash Component serves the function of compensating for any differences between the NAV per Creation Unit and the market value of the Deposit

Securities or Deposit Cash, as applicable. Computation of the Cash Component excludes any stamp duty or other similar fees and expenses payable upon transfer of beneficial ownership of the Deposit Securities, if applicable, which will be the sole responsibility of the Authorized Participant (as defined below).

Each Fund, through the National Securities Clearing Corporation ("NSCC"), makes available on each Business Day, immediately prior to the opening of business on the Exchange (currently 9:30 a.m., Eastern time), the list of the names and the required number of shares of each Deposit Security or the required amount of Deposit Cash, as applicable, to be included in the current Fund Deposit (based on information at the end of the previous Business Day) for the Fund. Such Fund Deposit is subject to any applicable adjustments as described below, in order to effect purchases of Creation Units of the Fund until such time as the next-announced composition of the Deposit Securities or the required amount of Deposit Cash, as applicable, is made available.

The identity and number of shares of the Deposit Securities or the amount of Deposit Cash, as applicable, required for a Fund Deposit for a Fund changes from time to time as rebalancing adjustments and corporate action events are reflected by the Sub-Adviser. The composition of the Deposit Securities will change in response to adjustments to the weighting or composition of the securities constituting the Fund's portfolio.

The Trust reserves the right to permit or require the substitution of an amount of cash (*i.e.,* a "cash in lieu" amount) to replace any Deposit Security, which will be added to the Deposit Cash, if applicable, and the Cash Component, including, without limitation, in situations where the Deposit Security: (i) may not be available in sufficient quantity for delivery; (ii) may not be eligible for transfer through the systems of DTC for corporate securities and municipal securities; (iii) may not be eligible for trading by an Authorized Participant (as defined below) or the investor for which it is acting; (iv) would be restricted under the securities laws or where the delivery of the Deposit Security to the Authorized Participant would result in the disposition of the Deposit Security by the Authorized Participant becoming restricted under the securities laws; or (v) in certain other situations (collectively, "custom orders").

*Cash Purchase Method*. The Trust may at its discretion permit full or partial cash purchases of Creation Units of the Funds. When full or partial cash purchases of Creation Units are available or specified for the Funds, they will be effected in essentially the same manner as in-kind purchases thereof. In the case of a full or partial cash purchase, the Authorized Participant must pay the cash equivalent of the Deposit Securities it would otherwise be required to provide through an in-kind purchase, plus the same Cash Component required to be paid by an in-kind purchaser together with a Creation Transaction Fee and Non-Standard Charges, as may be applicable.

*Procedures for Purchase of Creation Units*. To be eligible to place orders with the Transfer Agent to purchase a Creation Unit of a Fund, an entity must be (i) a "Participating Party", *i.e.*, a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the NSCC (the "Clearing Process"), a clearing agency that is registered with the SEC; or (ii) a DTC Participant. In addition, each Participating Party or DTC Participant (each, an "Authorized Participant" or "AP") must execute a Participant Agreement that has been agreed to by the Distributor, and that has been accepted by JPMorgan Chase Bank, N.A. ("Transfer Agent") and the Trust, with respect to purchases and redemptions of Creation Units. Each AP will agree, pursuant to the terms of a Participant Agreement, on behalf of itself or any investor on whose behalf it will act, to certain conditions, including that it will pay to the Trust an amount of cash sufficient to pay the Cash Component together with the Creation Transaction Fee (defined below) and any other applicable fees and taxes. The Adviser may retain all or a portion of the Transaction Fee to the extent the Adviser bears the expenses that otherwise would be borne by the Trust in connection with the purchase of a Creation Unit, which the Transaction Fee is designed to cover.

All orders to purchase shares directly from a Fund must be placed for one or more Creation Units in the manner set forth in the Participant Agreement and generally by 4:00 p.m. Eastern time or such earlier time that the Exchange or bond market closes (the "Cut-Off Time"). The date on which an order to purchase Creation Units (or an order to redeem Creation Units, as set forth below) is received and accepted is referred to as the "Order Placement Date."

An AP may require an investor to make certain representations or enter into agreements with respect to the order (e.g., to provide for payments of cash, when required). Investors should be aware that their particular broker may not have executed a Participant Agreement and that, therefore, orders to purchase shares directly from a Fund in Creation Units have to be placed by the investor's broker through an AP that has executed a Participant Agreement. In such cases there may be

additional charges to such investor. At any given time, there may be only a limited number of broker-dealers that have executed a Participant Agreement and only a small number of such APs may have international capabilities.

On days when the Exchange closes earlier than normal, a Fund may require orders to create Creation Units to be placed earlier in the day. In addition, if a market or markets on which a Fund's investments are primarily traded is closed on any day, a Fund will not accept orders on such day. Orders must be transmitted by an AP by telephone or other transmission method acceptable to the Transfer Agent pursuant to procedures set forth in the Participant Agreement and in accordance with the AP Handbook. With respect to a Fund, the Transfer Agent will notify the Custodian of such order. The Custodian will then provide such information to the appropriate local sub-custodian(s). Those placing orders through an AP should allow sufficient time to permit proper submission of the purchase order to the Transfer Agent by the Cut-Off Time on the Business Day on which the order is placed. Economic or market disruptions or changes, or telephone or other communication failure may impede the ability to reach the Transfer Agent or an AP.

Fund Deposits must be delivered by an AP through the Federal Reserve System (for cash) or through DTC (for corporate securities), through a subcustody agent (for foreign securities) and/or through such other arrangements allowed by the Trust or its agents. With respect to foreign Deposit Securities, the Custodian will cause the subcustodian of such Fund to maintain an account into which the AP will deliver, on behalf of itself or the party on whose behalf it is acting, such Deposit Securities (or Deposit Cash for all or a part of such securities, as permitted or required), with any appropriate adjustments as advised by the Trust. Foreign Deposit Securities must be delivered to an account maintained at the applicable local subcustodian. The Fund Deposit transfer must be ordered by the AP in a timely fashion so as to ensure the delivery of the requisite number of Deposit Securities or Deposit Cash, as applicable, to the account of a Fund or its agents by no later than the settlement date. All questions as to the number of Deposit Securities or Deposit Cash to be delivered, as applicable, and the validity, form and eligibility (including time of receipt) for the deposit of any tendered securities or cash, as applicable, will be determined by the Trust, whose determination will be final and binding. The amount of cash represented by the Cash Component must be transferred directly to the Custodian through the Federal Reserve Bank wire transfer system in a timely manner so as to be received by the Custodian no later than the settlement date. If the Cash Component and the Deposit Securities or Deposit Cash, as applicable, are not received in a timely manner by the settlement date, the creation order may be cancelled. Upon written notice to the Distributor, such canceled order may be resubmitted the following Business Day using the Fund Deposit as newly constituted to reflect the then current NAV of the Fund.

The order will be deemed to be received on the Business Day on which the order is placed provided that the order is placed in proper form prior to the Cut-Off Time and the federal funds in the appropriate amount are deposited by 2:00 p.m., Eastern time, with the Custodian on the settlement date. If the order is not placed in proper form as required, or federal funds in the appropriate amount are not received by 2:00 p.m., Eastern time on the settlement date, then the order may be deemed to be rejected and the AP will be liable to the Fund for losses, if any, resulting therefrom. A creation request is considered to be in "proper form" if all procedures set forth in the Participant Agreement, AP Handbook and this SAI are properly followed.

*Issuance of a Creation Unit*. Except as provided herein, Creation Units will not be issued until the transfer of good title to the Trust of the Deposit Securities or payment of Deposit Cash, as applicable, and the payment of the Cash Component have been completed. When the subcustodian has confirmed to the Custodian that the required Deposit Securities (or the cash value thereof) have been delivered to the account of the relevant subcustodian or subcustodians, the Distributor and the Adviser will be notified of such delivery, and the Trust will issue and cause the delivery of the Creation Units. The delivery of Creation Units so created generally will occur no later than the third Business Day following the day on which the purchase order is deemed received by the Transfer Agent. However, each Fund reserves the right to settle Creation Unit transactions on a basis other than the third Business Day following the day on which the purchase order is deemed received by the Transfer Agent in order to accommodate foreign market holiday schedules, to account for different treatment among foreign and U.S. markets of dividend record dates and ex-dividend dates (that is the last day the holder of a security can sell the security and still receive dividends payable on the security), and in certain other circumstances. The AP will be liable to a Fund for losses, if any, resulting from unsettled orders.

Creation Units may be purchased in advance of receipt by the Trust of all or a portion of the applicable Deposit Securities as described below. In these circumstances, the initial deposit will have a value greater than the NAV of the shares on the date the order is placed in proper form since in addition to available Deposit Securities, cash must be deposited in an amount equal to the sum of (i) the Cash Component, plus (ii) an additional amount of cash equal to a percentage of the market value

as set forth in the Participant Agreement, of the undelivered Deposit Securities (the "Additional Cash Deposit"), which will be maintained in a separate non-interest bearing collateral account. An additional amount of cash will be required to be deposited with the Trust, pending delivery of the missing Deposit Securities to the extent necessary to maintain the Additional Cash Deposit with the Trust in an amount at least equal to the applicable percentage, as set forth in the Participant Agreement, of the daily marked to market value of the missing Deposit Securities. The Participant Agreement will permit the Trust to buy the missing Deposit Securities at any time. APs will be liable to the Trust for the costs incurred by the Trust in connection with any such purchases. These costs will be deemed to include the amount by which the actual purchase price of the Deposit Securities exceeds the market value of such Deposit Securities on the day the purchase order was deemed received by the Transfer Agent plus the brokerage and related transaction costs associated with such purchases. The Trust will return any unused portion of the Additional Cash Deposit once all of the missing Deposit Securities have been properly received by the Custodian or purchased by the Trust and deposited into the Trust. In addition, a Transaction Fee as set forth below under "Creation Transaction Fee" will be charged in all cases, unless otherwise advised by the Funds, and Non-Standard Charges may also apply. The delivery of Creation Units so created generally will occur no later than the settlement date.

*Acceptance of Orders of Creation Units*. The Trust reserves the right to reject an order for Creation Units transmitted to it by the Distributor in respect of a Fund including, without limitation, if (a) the order is not in proper form; (b) the Deposit Securities or Deposit Cash, as applicable, delivered by the Participant are not as disseminated through the facilities of the NSCC for that date by the Custodian; (c) the investor(s), upon obtaining the shares ordered, would own 80% or more of the currently outstanding shares of the Fund; (d) the acceptance of the Fund Deposit would, in the opinion of counsel, be unlawful; or (e) the acceptance or receipt of the order for a Creation Unit would, in the opinion of counsel to the Trust, be unlawful.

*Creation Transaction Fee*. A purchase (*i.e.*, creation) transaction fee is imposed for the transfer and other transaction costs associated with the purchase of Creation Units, and investors will be required to pay a Creation Transaction Fee regardless of the number of Creation Units created in the transaction. A Fund may adjust the creation transaction fee from time to time based upon actual experience. In addition, a Fund may impose a Non-Standard Charge of up to 2% of the value of the creation transactions for cash creations, non- standard orders, or partial cash purchases for the Fund. A Fund may adjust the Non-Standard Charge from time to time based upon actual experience. Investors who use the services of an AP, broker or other such intermediary may be charged a fee for such services, which may include an amount for the Creation Transaction Fee and Non-Standard Charges. Investors are responsible for the costs of transferring the securities constituting the Deposit Securities to the account of the Trust. The Adviser may retain all or a portion of the Transaction Fee to the extent the Adviser bears the expenses that otherwise would be borne by the Trust in connection with the purchase of a Creation Unit, which the Transaction Fee is designed to cover. The standard Creation Transaction Fee for each Fund is $250.

*Risks of Purchasing Creation Units*. There are certain legal risks unique to investors purchasing Creation Units directly from a Fund. Because each Fund's shares may be issued on an ongoing basis, a "distribution" of shares could be occurring at any time. Certain activities that a shareholder performs as a dealer could, depending on the circumstances, result in the shareholder being deemed a participant in the distribution in a manner that could render the shareholder a statutory underwriter and subject to the prospectus delivery and liability provisions of the Securities Act. For example, a shareholder could be deemed a statutory underwriter if it purchases Creation Units from a Fund, breaks them down into the constituent shares, and sells those shares directly to customers, or if a shareholder chooses to couple the creation of a supply of new shares with an active selling effort involving solicitation of secondary-market demand for shares. Whether a person is an underwriter depends upon all of the facts and circumstances pertaining to that person's activities, and the examples mentioned here should not be considered a complete description of all the activities that could cause a shareholder to be deemed an underwriter.

Dealers who are not "underwriters" but are participating in a distribution (as opposed to engaging in ordinary secondary-market transactions), and thus dealing with each Fund's shares as part of an "unsold allotment" within the meaning of Section 4(a)(3)(C) of the Securities Act, will be unable to take advantage of the prospectus delivery exemption provided by Section 4(a)(3)(C) of the Securities Act.

**Redemption of Creation Units**

Shares may be redeemed only in Creation Units at their NAV next determined after receipt of a redemption request in proper form by a Fund through the Transfer Agent and only on a Business Day. EXCEPT UPON LIQUIDATION OF A FUND, THE TRUST WILL NOT REDEEM SHARES IN AMOUNTS LESS THAN CREATION UNITS. Investors must accumulate enough shares in the secondary market to constitute a Creation Unit in order to have such shares redeemed by the Trust. There can be no assurance, however, that there will be sufficient liquidity in the public trading market at any time to permit assembly of a Creation Unit. Investors should expect to incur brokerage and other costs in connection with assembling a sufficient number of shares to constitute a redeemable Creation Unit.

With respect to each Fund, the Custodian, through the NSCC, makes available immediately prior to the opening of business on the Exchange (currently 9:30 a.m., Eastern time) on each Business Day, the list of the names and share quantities of the Fund's portfolio securities that will be applicable (subject to possible amendment or correction) to redemption requests received in proper form (as defined below) on that day ("Fund Securities"). Fund Securities received on redemption may not be identical to Deposit Securities.

Redemption proceeds for a Creation Unit are paid either in-kind or in cash, or combination thereof, as determined by the Trust. With respect to in-kind redemptions of a Fund, redemption proceeds for a Creation Unit will consist of Fund Securities -- as announced by the Custodian on the Business Day of the request for redemption received in proper form -- plus cash in an amount equal to the difference between the NAV of the shares being redeemed, as next determined after a receipt of a request in proper form, and the value of the Fund Securities (the "Cash Redemption Amount"), less any fixed redemption transaction fee as set forth below and any Non-Standard Charges. If the Fund Securities have a value greater than the NAV of the shares, a compensating cash payment equal to the differential is required to be made by or through an AP by the redeeming shareholder. Notwithstanding the foregoing, at the Trust's discretion, an AP may receive the corresponding cash value of the securities in lieu of the in-kind securities value representing one or more Fund Securities.

*Cash Redemption Method*. Although the Trust does not ordinarily permit full or partial cash redemptions of Creation Units of the Funds, when full or partial cash redemptions of Creation Units are available or specified for a Fund, they will be effected in essentially the same manner as in-kind redemptions thereof. In the case of full or partial cash redemptions, the AP will receive the cash equivalent of the Fund Securities it would otherwise receive through an in-kind redemption, plus the same Cash Amount to be paid to an in-kind redeemer. A Fund may incur costs such as brokerage costs or taxable gains or losses that the Fund might not have incurred if the redemption had been made in-kind. These costs may decrease the Fund's NAV to the extent that the costs are not offset by a transaction fee payable by an AP. Shareholders may be subject to tax on gains they would not otherwise have been subject to and/or at an earlier date than if the Fund had effected redemptions wholly on an in-kind basis.

*Redemption Transaction Fees*. A redemption transaction fee may be imposed for the transfer and other transaction costs associated with the redemption of Creation Units, and APs will be required to pay a Redemption Transaction Fee regardless of the number of Creation Units created in the transaction. The redemption transaction fee is the same no matter how many Creation Units are being redeemed pursuant to any one redemption request. A Fund may adjust the redemption transaction fee from time to time based upon actual experience. In addition, a Fund may impose a Non-Standard Charge of up to 2% of the value of a redemption transaction for cash redemptions, non-standard orders, or partial cash redemptions for the Fund. Investors who use the services of an AP, broker or other such intermediary may be charged a fee for such services which may include an amount for the Redemption Transaction Fees and Non-Standard Charges. Investors are responsible for the costs of transferring the securities constituting the Fund Securities to the account of the Trust. The Non-Standard Charges are payable to each Fund as it incurs costs in connection with the redemption of Creation Units, the receipt of Fund Securities and the Cash Redemption Amount and other transactions costs. The standard Redemption Transaction Fee for each Fund is $250.

*Procedures for Redemption of Creation Units*. Orders to redeem Creation Units must be submitted in proper form to the Transfer Agent prior to the time as set forth in the Participant Agreement. A redemption request is considered to be in "proper form" if (i) an AP has transferred or caused to be transferred to the Trust's Transfer Agent the Creation Unit(s) being redeemed through the book- entry system of DTC so as to be effective by the time as set forth in the Participant Agreement and (ii) a request in form satisfactory to the Trust is received by the Transfer Agent from the AP on behalf of itself or another redeeming investor within the time periods specified in the Participant Agreement. If the Transfer Agent

does not receive the investor's shares through DTC's facilities by the times and pursuant to the other terms and conditions set forth in the Participant Agreement, the redemption request will be rejected.

The AP must transmit the request for redemption, in the form required by the Trust, to the Transfer Agent in accordance with procedures set forth in the Authorized Participant Agreement. Investors should be aware that their particular broker may not have executed an Authorized Participant Agreement, and that, therefore, requests to redeem Creation Units may have to be placed by the investor's broker through an AP which has executed an Authorized Participant Agreement. Investors making a redemption request should be aware that such request must be in the form specified by such AP. Investors making a request to redeem Creation Units should allow sufficient time to permit proper submission of the request by an AP and transfer of the shares to the Trust's Transfer Agent; such investors should allow for the additional time that may be required to effect redemptions through their banks, brokers or other financial intermediaries if such intermediaries are not APs.

In connection with taking delivery of shares of Fund Securities upon redemption of Creation Units, a redeeming shareholder or AP acting on behalf of such Shareholder must maintain appropriate custody arrangements with a qualified broker-dealer, bank or other custody providers in each jurisdiction in which any of the Fund Securities are customarily traded, to which account such Fund Securities will be delivered. Deliveries of redemption proceeds generally will be made within three business days of the trade date.

*Additional Redemption Procedures*. In connection with taking delivery of shares of Fund Securities upon redemption of Creation Units, the AP must maintain appropriate custody arrangements with a qualified broker-dealer, bank or other custody providers in each jurisdiction in which any of the Fund Securities are customarily traded, to which account such Fund Securities will be delivered. Deliveries of redemption proceeds generally will be made within three Business Days of the trade date. However, due to the schedule of holidays in certain countries, the different treatment among foreign and U.S. markets of dividend record dates and dividend ex-dates (that is the last date the holder of a security can sell the security and still receive dividends payable on the security sold), and in certain other circumstances, the delivery of in-kind redemption proceeds may take longer than three Business Days after the day on which the redemption request is received in proper form. If neither the redeeming Shareholder nor the AP acting on behalf of such redeeming Shareholder has appropriate arrangements to take delivery of the Fund Securities in the applicable foreign jurisdiction and it is not possible to make other such arrangements, or if it is not possible to effect deliveries of the Fund Securities in such jurisdiction, the Trust may, in its discretion, exercise its option to redeem such shares in cash, and the redeeming shareholder will be required to receive its redemption proceeds in cash.

If it is not possible to make other such arrangements, or it is not possible to effect deliveries of the Fund Securities, the Trust may in its discretion exercise its option to redeem such shares in cash, and the redeeming investor will be required to receive its redemption proceeds in cash. In addition, an investor may request a redemption in cash that each Fund may, in its sole discretion, permit. In either case, the investor will receive a cash payment equal to the NAV of its shares based on the NAV of shares of the relevant Fund next determined after the redemption request is received in proper form (minus a redemption transaction fee and additional charge for requested cash redemptions specified above, to offset the Trust's brokerage and other transaction costs associated with the disposition of Fund Securities). The Funds may also, in their sole discretion, upon request of a shareholder, provide such redeemer a portfolio of securities that differs from the exact composition of the Fund Securities but does not differ in NAV.

Redemptions of shares for Fund Securities will be subject to compliance with applicable federal and state securities laws and the Fund (whether or not it otherwise permits cash redemptions) reserves the right to redeem Creation Units for cash to the extent that the Trust could not lawfully deliver specific Fund Securities upon redemptions or could not do so without first registering the Fund Securities under such laws. An AP or an investor for which it is acting subject to a legal restriction with respect to a particular security included in the Fund Securities applicable to the redemption of Creation Units may be paid an equivalent amount of cash. The AP may request the redeeming investor of the shares to complete an order form or to enter into agreements with respect to such matters as compensating cash payment. Further, an AP that is not a "qualified institutional buyer," ("QIB") as such term is defined under Rule 144A of the Securities Act, will not be able to receive Fund Securities that are restricted securities eligible for resale under Rule 144A. An AP may be required by the Trust to provide a written confirmation with respect to QIB status in order to receive Fund Securities.

Because the portfolio securities of the Funds may trade on the relevant exchange(s) on days that the Exchange is closed or are otherwise not Business Days for such Fund, shareholders may not be able to redeem their shares of a Fund, or to purchase or sell shares of such Fund on the Exchange, on days when the NAV of such Fund could be significantly affecting by events in the relevant foreign markets.

The right of redemption may be suspended or the date of payment postponed with respect to each Fund (1) for any period during which the Exchange is closed (other than customary weekend and holiday closings); (2) for any period during which trading on the Exchange is suspended or restricted; (3) for any period during which an emergency exists as a result of which disposal of the shares of the Fund or determination of the NAV of the shares is not reasonably practicable; or (4) in such other circumstance as is permitted by the SEC.

**PORTFOLIO HOLDINGS INFORMATION**

Each Fund discloses its full portfolio holdings, as of the close of business the prior day, each day before the opening of trading on the Exchange on the First Eagle US Equity ETF's website at <u>https://www.firsteagle.com/funds/us-equity-etf</u> and on the First Eagle Mid Cap Equity ETF's website at <u>https://www.firsteagle.com/funds/mid-cap-equity-etf</u>.

**DETERMINATION OF NET ASSET VALUE**

In accordance with procedures adopted by the Board, the NAV per share of each Fund is calculated by determining the value of the net assets attributed to the Fund and dividing by the number of outstanding shares of the Fund. All securities are valued on each Business Day as of the close of regular trading on the NYSE (normally, but not always, 4:00 p.m. Eastern Time) or such other time as the NYSE or National Association of Securities Dealers Automated Quotations System ("NASDAQ") market may officially close. The term "Business Day" means any day the NYSE is open for trading, which is Monday through Friday except for holidays. The NYSE is generally closed on the following holidays: New Year's Day (observed), Martin Luther King, Jr. Day, Washington's Birthday (observed), Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day.

The time at which transactions and shares are priced and the time by which orders must be received may be changed in case of an emergency or if regular trading on the NYSE is stopped at a time other than 4:00 p.m. Eastern Time. The Trust reserves the right to reprocess purchase, redemption and exchange transactions that were initially processed at a NAV other than the Fund's official closing NAV (as the same may be subsequently adjusted), and to recover amounts from (or distribute amounts to) shareholders based on the official closing NAV. The Trust reserves the right to advance the time by which purchase and redemption orders must be received for same business day credit as otherwise permitted by the SEC. In addition, the Fund may compute its NAV as of any time permitted pursuant to any exemption, order or statement of the SEC or its staff.

The Board has adopted a pricing and valuation policy for use by each Fund and its Valuation Designee (defined below) in calculating the Fund's NAV. Pursuant to Rule 2a-5 under the 1940 Act, each Fund has designated the Adviser as its "Valuation Designee" to perform all of the fair value determinations as well as to perform all of the responsibilities that may be performed by the Valuation Designee in accordance with Rule 2a-5. The Valuation Designee is authorized to make all necessary determinations of the fair values of portfolio securities and other assets for which market quotations are not readily available or if it is deemed that the prices obtained from brokers and dealers or independent pricing services are unreliable. Prices are generally determined using readily available market prices. Subject to the approval of the Board, the Funds may employ outside organizations, which may use a matrix or formula method that takes into consideration market indices, matrices, yield curves and other specific adjustments in determining the approximate market value of portfolio investments. This may result in the investments being valued at a price that differs from the price that would have been determined had the matrix or formula method not been used. All cash, receivables, and current payables are carried on a Fund's books at their face value. Other assets, if any, are valued at fair value as determined in good faith by the Valuation Designee under the direction of the Board.

The procedures used by any pricing service and its valuation results are reviewed by the officers of the Trust under the general supervision of the Board.

A Fund may hold portfolio securities that are listed on foreign exchanges. These securities may trade on weekends or other days when the Funds do not calculate NAV. As a result, the value of these investments may change on days when you cannot purchase or sell Fund shares.

**DIVIDENDS, DISTRIBUTIONS, AND TAXES**

It is the policy of the Trust each fiscal year to distribute substantially all of each Fund's net investment income (*i.e.,* generally, the income that it earns from dividends and interest on its investments, and any short-term capital gains, net of Fund expenses) and net capital gains (i.e., the excess of the Fund's net long-term capital gains over its net short-term capital losses), if any, to its shareholders. It is each Fund's policy to make periodic distributions of net investment income and net realized capital gains, if any. Each Fund makes distributions on a per-share basis. The amount of distributions by a Fund may vary from year-to-year based on a variety of circumstances, including market conditions, the composition of the Fund's portfolio, portfolio turnover, expenses borne by the Fund, and redemptions by shareholders.

In certain circumstances, compliance with Section 19(b) of the 1940 Act, and Rule 19b-1 thereunder, could have a material adverse effect on a Fund's investment program and the tax consequences to a Fund and its shareholders. The Funds intend to make regular, annual distributions of investment company taxable income as ordinary dividends and to make one distribution of net capital gain as a capital gain dividend each year. However, it is often difficult to determine a Fund's expected investment company taxable income for the applicable year. If, due to late-year losses or otherwise, a Fund overdistributes its investment company taxable income for the taxable year though such regular, annual distributions, it may be more tax efficient for a Fund and its investors if the Fund were to report such overdistribution amount as capital gain dividends. Additionally, the Fund's ability to report such overdistribution amount as capital gain dividends is subject to Rule 19b-1 under the 1940 Act, which generally limits a Fund to one long-term capital gain distribution per taxable year of the Fund, subject to certain exceptions. If the Fund is unable to obtain relief from the SEC to report such overdistribution amount as capital gain dividends, the Fund could be required to retain and pay U.S. federal income tax on a portion of its net capital gains, shareholders could be subject to U.S. federal income tax at higher tax rates on a portion of the dividends paid by the Fund, and shareholders could receive taxable dividends from the Fund prior to the time at which they otherwise would have.

**Dividend Reinvestment Service** 

The Funds will not make the DTC book-entry dividend reinvestment service available for use by beneficial owners for reinvestment of their cash proceeds, but certain individual broker-dealers may make available the DTC book-entry Dividend Reinvestment Service for use by beneficial owners of the Funds through DTC Participants for reinvestment of their dividend distributions. Investors should contact their brokers to ascertain the availability and description of these services. Beneficial owners should be aware that each broker may require investors to adhere to specific procedures and timetables in order to participate in the dividend reinvestment service and investors should ascertain from their brokers such necessary details. If this service is available and used, dividend distributions of both income and realized gains will be automatically reinvested in additional whole shares issued by a Fund at NAV. Distributions reinvested in additional shares of each Fund will nevertheless be taxable to beneficial owners acquiring such additional shares to the same extent as if such distributions had been received in cash.

**Taxes**

The following information supplements and supersedes such discussion in the Funds' Prospectus titled "DIVIDENDS, DISTRIBUTIONS, AND TAXES." The following is a summary of certain material U.S. federal income tax considerations relating to each Fund's qualification as a RIC and the acquisition, ownership and disposition of shares of a Fund. This summary is based upon the Code, regulations promulgated by the U.S. Treasury Department, current administrative interpretations and practices of the Internal Revenue Service ("IRS") (including administrative interpretations and practices expressed in private letter rulings which are binding on the IRS only with respect to the particular taxpayers who requested and received those rulings) and judicial decisions, all as currently in effect and all of which are subject to differing interpretations or to change, possibly with retroactive effect. This summary does not address any proposals to modify such tax laws. No assurance can be given that the IRS would not assert, or that a court would not sustain, a position contrary to any of the tax considerations described below. No advance ruling has been or will be sought from the IRS regarding any

matter discussed in this summary. Except as otherwise discussed below, this summary does not discuss the impact that U.S. state and local taxes and taxes imposed by non-U.S. jurisdictions could have on the matters discussed in this summary. This summary does not discuss the tax consequences to APs of purchasing and redeeming Creation Units pursuant to the terms of a Participant Agreement. This summary is for general information only, and does not purport to discuss all aspects of U.S. federal income taxation that may be important to a particular shareholder in light of its investment or tax circumstances or to shareholders subject to special tax rules, such as U.S. expatriates; persons who mark-to-market Fund shares; subchapter S corporations; U.S. shareholders whose functional currency is not the U.S. dollar; financial institutions; insurance companies; broker-dealers; RICs; REITs; trusts and estates; persons holding Fund shares as part of a "straddle," "hedge," "conversion transaction," "synthetic security" or other integrated investment; persons subject to the alternative minimum tax; persons holding their Fund shares through a partnership or similar pass-through entity; tax-exempt organizations (except as otherwise discussed below); persons subject to special tax rules as a result of being treated as receiving any "excess inclusion income" from a Fund (except as otherwise discussed below); shareholders subject to special tax accounting rules as a result of their use of "applicable financial statements" (within the meaning of Section 451(b)(3) of the Code); and foreign shareholders (except as otherwise discussed below). Unless otherwise noted, this discussion applies only to U.S. shareholders that hold shares as capital assets, which generally means as property held for investment. A U.S. shareholder is an individual who is a citizen or resident of the United States; a U.S. corporation (including an entity treated as a corporation); a trust if it (i) is subject to the primary supervision of a court in the United States and one or more U.S. persons have the authority to control all substantial decisions of the trust or (ii) has made a valid election to be treated as a U.S. person; or any estate the income of which is subject to U.S. federal income tax regardless of its source. Current and prospective shareholders are urged to consult their own tax advisors with respect to the specific U.S. federal, state, local and non-U.S. tax consequences of investing in the Fund.

Each Fund intends to elect and qualify annually as a "regulated investment company" (a "RIC") under Subchapter M of the Code. In order to qualify as a RIC for a taxable year, a Fund must, among other things, (a) derive at least 90% of its gross income from dividends, interest, payments with respect to certain securities loans, net income derived from interests in qualified publicly traded partnerships ("qualified PTPs"), gains from the sale or other disposition of stock, securities or foreign currencies, or other income (such as gains from options, futures or forward contracts) derived with respect to the business of investing in such stock, securities or currencies; (b) diversify its holdings so that, at the end of each fiscal quarter, (i) at least 50% of the market value of its assets is represented by cash, cash items, U.S. government securities, securities of other RICs and other securities, with such other securities of any one issuer qualifying only if the Fund's investment is limited to an amount not greater than 5% of the value of the Fund's assets and not more than 10% of the voting securities of such issuer, and (ii) not more than 25% of the value of its assets is invested in the securities of any one issuer (other than U.S. government securities or securities of other RICs) or of two or more issuers which the Fund controls and which are determined, under Treasury regulations, to be engaged in the same or similar trades or businesses or related trades or businesses or in the securities of one or more qualified PTPs; and (c) distribute at least 90% of its investment company taxable income (which includes, among other items, dividends and interest net of expenses and net short-term capital gains in excess of net long-term capital losses) and at least 90% of its tax-exempt interest income (net of certain costs allocable to such income) for the year.

Each Fund may invest in certain assets that do not constitute "securities" for purposes of the RIC qualification tests referred to in the previous paragraph and other assets, including various derivative and structured investment products the status of which as "securities" for such purposes may not be fully settled. Subject to the savings provisions described below, if a sufficient portion of a Fund's assets were not stock or such securities or if a sufficient portion of a Fund's gross income were not derived from stock or such securities for any taxable year, that Fund may fail to qualify as a RIC for such taxable year.

If a Fund fails to qualify for taxation as a RIC for any taxable year, the Fund's income will be taxed at the Fund level at the regular corporate rate and the tax consequences to shareholders would be different from those described in this section (for example, all distributions to shareholders generally would be taxed as ordinary income, even if those distributions are derived from capital gains realized by the Fund). In addition, in order to requalify for taxation as a RIC that is accorded special tax treatment, such Fund may be required to recognize unrealized gains, incur substantial taxes on such unrealized gains, and make certain substantial distributions. Each Fund intends to elect and qualify annually as a RIC under the Code.

If a Fund were otherwise to fail to satisfy the gross income test for a taxable year, it would nevertheless be considered to satisfy such test if its failure to satisfy the gross income test were due to reasonable cause and not willful neglect and if it were to satisfy certain procedural requirements. A Fund would be subject to an excise tax if it were to rely on this savings provision in order to meet the gross income test.

In addition, if a Fund were otherwise to fail to satisfy the asset diversification test, it would nevertheless be considered to satisfy such test if either (a) the failure to satisfy the asset test were de minimis and the Fund were to satisfy the asset test within a prescribed time period or (b) the Fund's failure to satisfy the asset diversification test were due to reasonable cause and not willful neglect, the Fund were to satisfy the test within a prescribed time period and the Fund were to satisfy certain procedural requirements. A Fund's failure to satisfy the asset diversification test would be considered de minimis if it were due to the Fund's ownership of assets the total value of which did not exceed the lesser of $10 million and 1 percent of the total value of the Fund's assets at the end of the fiscal quarter in which the test was being applied. A Fund would be subject to an excise tax if it were to rely on the savings provision described in (b) of this paragraph in order to meet the asset diversification test.

As a RIC, each Fund generally will not be subject to U.S. federal income tax on its investment company taxable income and net capital gains (the excess of net long-term capital gains over net short-term capital losses), if any, that it currently distributes to shareholders. Each Fund intends to distribute to its shareholders, at least annually, substantially all of its investment company taxable income and net capital gains, if any. However, each Fund may be subject to U.S. federal (and applicable state and local) income tax in certain circumstances.

For purposes of determining the amount of dividends that a Fund has distributed to its shareholders for a taxable year, each Fund may elect to treat certain dividend distributions paid in the following taxable year as having been paid in the earlier taxable year.

Amounts not distributed on a timely basis in accordance with a calendar year distribution requirement are subject to a non-deductible 4% excise tax. To prevent imposition of the excise tax, each Fund must distribute during each calendar year an amount equal to or exceeding the sum of (1) at least 98% of its ordinary income (not taking into account any capital gains or losses) for the calendar year, (2) at least 98.2% of its capital gains in excess of its capital losses (adjusted for certain ordinary losses) for the one-year period ending on October 31 of the calendar year, and (3) 100% of any ordinary income and capital gains for the preceding year that were not distributed during that year. A distribution will be treated as paid on December 31 of the current calendar year if it is declared by a Fund in October, November or December with a record date in such a month and paid by the Fund during January of the following calendar year. Such distributions will be taxable to shareholders in the calendar year in which the distributions are declared, rather than the calendar year in which the distributions are received. To prevent application of the excise tax, each Fund intends to make its distributions in accordance with the calendar year distribution requirement.

Finally, any foreign currency transactions that are not directly related to a Fund's investments in securities (possibly including, but not limited to, speculative currency positions or currency derivatives not used for hedging purposes) could, under future administrative guidance issued by the IRS, produce income not among the types of "qualifying income" from which the Fund must derive at least 90 percent of its annual gross income.

Net capital loss carryforwards of a Fund may be applied against any net realized capital gains in each succeeding year, until they have been reduced to zero. In the event that the Fund were to experience an ownership change as defined under the Code, the loss carryforwards and other favorable tax attributes of the Fund, if any, may be subject to limitation.

Different tax treatment is accorded accounts maintained as IRAs, including a penalty on pre-retirement distributions that are not properly rolled over to other IRAs. Shareholders should consult their tax advisers for more information.

Dividends paid out of a Fund's investment company taxable income generally will be taxable to a U.S. shareholder as ordinary income. Provided that certain holding period requirements are met at the Fund and shareholder levels, certain dividends received by non-corporate shareholders (including individuals) from a Fund may be eligible for the reduced tax rates applicable in the case of long-term capital gains to the extent that the Fund receives "qualified dividend income" and reports a portion of its dividends as such in a written statement to shareholders. Provided that certain holding period

requirements are met at the Fund and shareholder levels, certain dividends received by corporate shareholders from a Fund may be eligible for the corporate dividends-received deduction to the extent the Fund receives dividends paid by U.S. corporations and reports a portion of its dividends as such in a written statement to shareholders.

Any dividends paid by a Fund that are attributable to distributions from REITs will not qualify for the corporate dividends-received deduction. Furthermore, dividends attributable to distributions from REITs will generally not qualify for the reduced tax rates applicable to certain Fund dividends paid to non-corporate shareholders (including individuals). However, dividends attributable to distributions from REITs (other than capital gain dividends, as defined in section 857(b)(3) of the Code, and qualified dividend income) may be treated by non-corporate shareholders as "qualified REIT dividends" and such shareholders generally may deduct 20% of the amount of qualified REIT dividends they receive from their taxable income under section 199A of the Code, if such shareholders meet the holding period requirements for their Fund shares, described in the next sentence, and the Fund satisfies similar holding period requirements for the REIT shares. The shareholder holding period requirements are met if the Fund shares are held by the shareholder for more than 45 days (taking into account the principles of section 246(c)(3) and (4) of the Code) during the 91-day period beginning on the date which is 45 days before the date on which such shares become ex-dividend with respect to such dividend, but only if and to the extent the shareholder is not under an obligation (whether pursuant to a short sale or otherwise) to make related payments with respect to positions in substantially similar or related property. Substitute payments received by a Fund representing qualified REIT dividends paid on REIT securities loaned out by the Fund will not be considered qualified REIT dividends, and distributions by the Fund of such substitute payments will not be eligible for the 20% deduction currently available for ordinary REIT dividends paid to non-corporate shareholders.

Certain types of income received by a Fund from its investment in mortgage REITs may cause the Fund to report some of its distributions as "excess inclusion income." To Fund shareholders, such excess inclusion income would: (i) constitute taxable income, as "unrelated business taxable income", for those shareholders who would otherwise be exempt from U.S. federal income tax, such as individual retirement accounts, 401(k) accounts, Keogh plans, pension plans and certain charitable entities; (ii) not be offset by current, carryforward or carryback net operating losses; (iii) not be eligible for reduced U.S. withholding for non-U.S. shareholders that otherwise would be eligible for reduced treaty rates or exemptions from U.S. withholding; and (iv) cause the Fund to be subject to tax if "disqualified organizations," as defined by the Code, own shareholders in the Fund, in which case, the Fund may reduce distributions that would otherwise be made to such disqualified organizations by the amount of the tax so imposed.

Because information about a mortgage REIT's investments may be inadequate or inaccurate, or because a mortgage REIT may change its investment program, a Fund may not be successful in avoiding the consequences described above. Avoidance of investments in mortgage REITs that generate excess inclusion income may require the Fund to forego otherwise attractive investment opportunities.

Distributions of net capital gains derived from sales of portfolio securities by a Fund, if any, and reported as capital gains distributions, are generally taxable to non-corporate shareholders at long-term capital gain rates, regardless of whether the shareholder has held the Fund's shares for more than one year, and are not eligible for the dividends-received deduction for corporate shareholders. Distributions of gains realized on collectibles held for one year or less, are taxable to a U.S. shareholder as short-term gains. Distributions of gains realized on collectibles held for greater than one year, to the extent properly reported as such by the applicable Fund, are taxable to non-corporate shareholders at a maximum 28% tax rate. Distributions in excess of a Fund's earnings and profits will first reduce the adjusted tax basis of a shareholder's shares and, after such adjusted tax basis is reduced to zero, will constitute capital gains to such shareholder (assuming the Fund shares are held as a capital asset). Shareholders will be notified annually as to the U.S. federal income tax status of distributions. After the close of each calendar year, each Fund will designate the portion of its distributions paid to shareholders constituting ordinary dividends, qualified dividend income, capital gain dividends, dividends eligible for the corporate dividends-received deduction, and returns of capital.

Certain investments by a Fund may affect the timing, character and amount of income and gain the Fund recognizes. Additionally, certain investments by a Fund may increase or accelerate a Fund's recognition of income, including the recognition of taxable income in excess of the cash generated by such investments. Such income must be included in determining the amount of income which the Fund must distribute to maintain its status as a RIC and to avoid the imposition of U.S. federal income tax and the 4% excise tax. In such case, the Fund could be required to dispose of securities which it might otherwise have continued to hold or borrow to generate cash to satisfy its distribution requirements.

A Fund that invests in debt instruments that are at risk of or are in default may become subject to special tax issues regarding when the Fund may cease to accrue interest, original issue discount, or market discount, when and to what extent it may take deductions for bad debts or worthless securities, how payments received on defaulted instruments should be allocated between principal and interest, and whether exchanges or modifications of debt instruments are taxable. These and other issues related to at-risk debt instruments also may affect the amount of income that a Fund is required to distribute to preserve its status as a RIC and to avoid becoming subject to federal income or excise tax.

A Fund's gains and losses on the sale, lapse, or termination of options that it holds will generally have the same character as gains and losses from the sale of the security to which the option relates. If options written by a Fund expire unexercised, the premiums received by the Fund give rise to short-term capital gains at the time of expiration. A Fund also may have short-term capital gains and losses associated with closing transactions with respect to options written by the Fund. If call options written by a Fund are exercised, the selling price of the security to which the option relates is increased by the amount of the premium received by the Fund, and the character of the capital gain or loss on the sale of such security as long-term or short-term depends on the security's holding period. Upon the exercise of a put held by a Fund, the premium initially paid for the put is offset against the amount received for the security sold pursuant to the put thereby decreasing any gain (or increasing any loss) realized on the sale. Generally, such gain or loss is capital gain or loss, the character of which as long-term or short-term depends on the holding period of the security. However, the purchase of a put option may be subject to the short sale rules or straddle rules for U.S. federal income tax purposes.

In general, gain or loss on a short sale is recognized when a Fund closes the sale by delivering the borrowed property to the lender, not when the borrowed property is sold. Gain or loss from a short sale is generally capital gain or loss to the extent that the property used to close the short sale constitutes a capital asset in the Fund's hands. Except with respect to certain situations where the property used by a Fund to close a short sale has a long-term holding period on the date of the short sale, special rules would generally treat the gains on short sales as short-term capital gains. These rules also may terminate the running of the holding period of "substantially identical property" held by a Fund. Moreover, a loss on a short sale will be treated as a long-term capital loss if, on the date of the short sale, "substantially identical property" has been held by a Fund for more than one year.

Certain regulated futures, nonequity options, and foreign currency contracts in which the Funds may invest are "section 1256 contracts." Gains or losses on section 1256 contracts generally are considered 60% long-term and 40% short-term capital gains or losses; however, foreign currency gains or losses arising from certain section 1256 contracts may be treated as ordinary income or loss. Also, section 1256 contracts held by a Fund at the end of each taxable year (and, generally, for purposes of the 4% excise tax, on October 31 of each year) are "marked-to-market" (that is, treated as sold at fair market value), resulting in unrealized gains or losses being treated as though they were realized.

Generally, the hedging transactions undertaken by the Funds (including, for example, the ownership of stocks and the sale of options) may result in "straddles" for U.S. federal income tax purposes. The straddle rules may cause certain gains to be treated as short-term rather than long-term and may cause certain losses to be treated as long-term rather than short-term. In addition, losses realized by the Funds on positions that are part of a straddle may be deferred under the straddle rules, rather than being taken into account in calculating the taxable income for the taxable year in which the losses are realized and certain interest expenses may be required to be capitalized. In addition, dividends, if any, on the stocks held as part of a straddle would not qualify for the lower rate generally applicable to "qualified dividend income." The tax consequences to these Funds of engaging in hedging transactions are not entirely clear. Hedging transactions may increase the amount of

short-term capital gains realized by a Fund which is taxed as ordinary income when distributed to shareholders. To the extent that the call options that a Fund writes on its portfolio securities are "qualified covered call options," the holding of the call options and the underlying securities will generally not be treated as a "straddle" subject to the straddle rules except in the case of certain positions which are closed by the Fund in part at a loss in one year where gain is subsequently recognized by the Fund in a later year. In general, a "qualified covered call option" is an option that is written (sold) with respect to stock that is held or acquired by a taxpayer in connection with writing the option and that meets certain requirements, including that the option is exchange-traded or, if over-the-counter, meets certain IRS requirements, is granted more than 30 days prior to expiration, is not "deep-in-the-money" (within the meaning of section 1092 of the Code), is not granted by an options dealer (within the meaning of section 1256(g)(8) of the Code) in connection with the options dealer's activity of dealing in options, and gain or loss with respect to such option is not ordinary income or loss. If a Fund owns stock and writes a qualified covered call option that is in-the-money (but not "deep-in-the-money"), certain losses may be treated as long-term rather than short-term and the holding period of the stock will not include any period during which the Fund is the grantor of the option thereby impacting the amount of income that can qualify for the lower rate applicable to "qualified dividend income." Each Fund may make one or more of the elections available under the Code which are applicable to straddles. If any of these Funds makes any of such elections, the amount, character and/or timing of the recognition of gains or losses from the affected straddle positions will be determined under rules that vary according to the election(s) made. The rules applicable under certain of the elections may operate to accelerate the recognition of gains or losses from the affected straddle positions.

Because the straddle rules may affect the character of gains or losses, defer losses and/or accelerate the recognition of gains or losses from the affected straddle positions, the amount which must be distributed to shareholders in order for the Fund to satisfy the distribution requirements to qualify as a RIC and to avoid U.S. federal income and excise taxes, and which will be taxed to them as ordinary income or long-term capital gains, may be increased or decreased as compared to a fund that did not engage in such hedging transactions.

Notwithstanding any of the foregoing, a Fund may recognize gain from a constructive sale of certain "appreciated financial positions" generally if the Fund enters into a short sale or offsetting notional principal contract with respect to, or a futures or a forward contract to deliver, the same or substantially identical property or, in the case of an appreciated financial position that is a short sale, an offsetting notional principal contract or a futures or forward contract, if the Fund acquires the same or substantially identical property as the underlying property for the position. Appreciated financial positions subject to this constructive sale treatment are interests (including options, forward contracts and short sales) in stock, partnership interests, certain actively traded trust instruments and certain debt instruments. Constructive sale treatment does not apply to certain transactions that are closed before the end of the 30th day after the end of the taxable year in which the transaction was entered into if the taxpayer holds the appreciated financial position throughout the 60 day period beginning on the date the transaction is closed and at no time during this 60 day period is the taxpayer's risk of loss with respect to the appreciated financial position reduced by certain circumstances.

If a Fund has long-term capital gain from a "constructive ownership transaction" with respect to any financial asset, the amount of such gain which may be treated as long-term capital gain by the Fund is limited to the amount of such gain which the Fund would have recognized if it had been holding such financial asset directly, rather than through a constructive ownership transaction, with any gain in excess of this amount being treated as ordinary income. In addition, any such gain recharacterized as ordinary income is treated as having been realized ratably over the duration of such constructive ownership transaction grossed up by an interest charge when reported in the year recognized. A constructive ownership transaction includes holding a long position under a notional principal contract with respect to, or entering into a forward or futures contract to acquire certain financial assets, or both holding a call option and granting a put option with respect to certain financial assets where such options have substantially equal strike prices and substantially contemporaneous maturity dates.

Under the Code, gains or losses attributable to fluctuations in exchange rates which occur between the time a Fund accrues receivables or liabilities denominated in a foreign currency or determined with reference to one or more foreign currencies and the time the Fund actually collects such receivables or pays such liabilities, generally are treated as ordinary income or loss. Similarly, on the disposition of debt securities denominated in a foreign currency or determined with reference to one or more foreign currencies gains or losses attributable to fluctuations in the value of foreign currency between the date of acquisition of the security or contract and the date of disposition thereof also are treated as ordinary income or loss.

Generally gains or losses with respect to forward contracts, futures contracts, options or similar financial instruments (other than section 1256 contracts) which are denominated in a foreign currency or determined by reference to the value of one or more foreign currencies are treated as ordinary gains or losses, as the case may be. These gains or losses, referred to under the Code as "section 988" gains or losses, may increase or decrease the amount of a Fund's investment company taxable income to be distributed to its shareholders as ordinary income. However, in certain circumstances, it may be possible to make an election to treat such gains or losses as capital gains or losses or as subject to the rules applicable to section 1256 contracts, rather than subject to section 988 treatment. Furthermore, if section 988 losses exceed other investment company taxable income generated by a Fund during a taxable year, the Fund's distributions for the taxable year (including distributions made before such section 988 losses were recouped) would be treated as a return of capital to the Fund's shareholders (rather than as dividends), thereby reducing the basis of each shareholder's Fund shares and potentially resulting in a capital gain for any shareholder receiving a distribution greater than such shareholder's adjusted tax basis in Fund shares (assuming such shares are held as a capital asset).

Each Fund may be subject to foreign withholding taxes on income and gains derived from its investments outside the United States. Such taxes would reduce the yield on the Funds' investments. Tax treaties between certain countries and the United States may reduce or eliminate such taxes.

Investments by a Fund in stock of certain foreign corporations which generate mostly passive income, or at least half of the assets of which generate such income (referred to as "passive foreign investment companies" or "PFICs"), are subject to special tax rules designed to prevent deferral of U.S. taxation of the Fund's share of the PFIC's earnings. In the absence of certain elections to report these earnings on a current basis, a Fund would be required to report certain "excess distributions" from, and any gain from the disposition of stock of, the PFIC as ordinary income. Such ordinary income would be allocated ratably to a Fund's holding period for the stock. Any amounts allocated to prior taxable years would be taxable to the Fund at the highest rate of tax on ordinary income applicable in that year, increased by an interest charge at the rate prescribed for underpayments of tax, and the Fund would not be able to avoid such tax and interest charge by distributing the "excess distributions" and gain to the Fund's shareholders. Amounts allocated to the year of the distribution or disposition would be included in the Fund's net investment income for that year and, to the extent distributed as a dividend to the Fund's shareholders, would not be taxable to the Fund.

A Fund may elect to mark to market its PFIC stock, resulting in the stock being treated as sold at fair market value on the last business day of each taxable year. Any resulting gain and any gain from an actual disposition of the stock would be reported as ordinary income; any resulting loss and any loss from an actual disposition of the stock would be reported as ordinary loss to the extent of any net gains reported as ordinary income in prior years. Alternatively, a Fund may be able to make an election, known as a qualified electing fund ("QEF") election, in lieu of being taxable in the manner described above, in which case the Fund will include annually in income its pro rata share of the ordinary earnings and net capital gain of the PFIC, regardless of whether it actually received any distributions from the PFIC. These amounts would be included in the Fund's investment company taxable income and net capital gain which, to the extent distributed by the Fund as ordinary or capital gain dividends, as the case may be, would not be taxable to the Fund (but would be taxable to shareholders). In order to make a QEF election, a Fund would be required to obtain certain information from PFICs in which it invests, which in many cases may be difficult to obtain.

Upon the sale or other disposition of shares of a Fund, a shareholder may realize a capital gain or loss which may be eligible for reduced U.S. federal income tax rates, generally depending upon the shareholder's holding period for the shares. Such gain or loss generally, as subject to exceptions described below, will be long-term capital gain or loss if the shares are held for more than one year and short-term capital gain or loss if the shares are held for one year or less. Any loss recognized on a sale or exchange will be disallowed to the extent the shares disposed of are replaced (including shares acquired pursuant to a dividend reinvestment plan) within a period of 61 days beginning 30 days before and ending 30 days after disposition of the shares. In such a case, the basis of the shares acquired will be adjusted to reflect the disallowed loss. If a shareholder holds a share for six months or less, any loss recognized on a sale or exchange generally will be treated as a long-term capital loss to the extent of any distributions received by the shareholder with respect to such shares that are treated as long-term capital gains.

Certain U.S. shareholders, including individuals and estates and trusts, will be subject to an additional 3.8% Medicare tax on all or a portion of their "net investment income," which should include dividends from the Funds and net gains from the

disposition of shares of the Funds. U.S. shareholders are urged to consult their own tax advisers regarding the implications of the additional Medicare tax resulting from an investment in the Funds.

Each Fund may be required to withhold U.S. federal income tax currently at the rate of 24% from all distributions and gross sale proceeds payable to shareholders who fail to provide the Fund with their correct taxpayer identification number or otherwise fail to comply with the applicable requirements of the backup withholding rules. Corporate shareholders and certain other shareholders specified in the Code generally are exempt from such backup withholding. Backup withholding is not an additional tax. Any amounts withheld may be allowed as a refund or a credit against the shareholder's U.S. federal income tax liability, provided that the required information is timely furnished to the IRS.

If a Fund invests in underlying RICs, distributions of short-term capital gains by such underlying RICs would be recognized as ordinary income by the Fund and would not be able to be offset by the Fund's capital losses or capital loss carryforwards (if any). Losses of an underlying RIC would not offset any income or gain of the Fund. Losses realized by a Fund on the sale of shares of underlying RICs may be indefinitely or permanently deferred under the wash sale rules. Each of these effects is caused by the Fund's investment in the underlying RICs and may result in tax distributions to Fund shareholders being of higher magnitudes.

Taxation of a shareholder who, as to the United States, is a nonresident alien individual or foreign corporation ("foreign shareholder"), depends on whether the income from a Fund is "effectively connected" with a U.S. trade or business carried on by such shareholder. If the income from a Fund is not effectively connected with a U.S. trade or business carried on by a foreign shareholder, dividends paid by the Fund to the foreign shareholder generally will be subject to a 30% U.S. withholding tax under existing provisions of the Code unless a reduced rate of withholding is provided under an applicable tax treaty and the foreign shareholder provides the Fund in a timely manner with a properly completed and valid IRS Form W-8BEN or IRS Form W-8BEN-E (or successor form) claiming an exemption from, or a reduced rate of, U.S. withholding tax under the tax treaty. However, certain "interest-related dividends" and "short-term capital gain dividends" paid by a Fund to a foreign shareholder and properly reported as such are eligible for an exemption from U.S. withholding tax. Interest-related dividends generally are dividends derived from certain interest income earned by a Fund that would not be subject to U.S. withholding tax if earned by a foreign shareholder directly. Short-term capital gain dividends generally are dividends derived from the excess of a Fund's net short-term capital gains over net long-term capital losses. The Funds do not intend to report interest-related or short-term capital gain dividends. Except as described below, a foreign shareholder would generally be exempt from U.S. federal income tax, including withholding tax, on gains realized on the sale of shares of a Fund or "capital gain dividends" paid by a Fund unless the foreign shareholder is a nonresident alien individual present in the United States for a period or periods aggregating 183 days or more during the calendar year. In order to qualify for this exemption from withholding, a foreign shareholder generally will need to comply with applicable certification requirements relating to its non-U.S. status (including, in general, furnishing an IRS Form W-8BEN, IRS Form W-8BEN-E or substitute Form). Foreign shareholders are urged to consult their own tax advisers concerning the applicability of U.S. withholding tax.

If the income from a Fund is effectively connected with a U.S. trade or business carried on by a foreign shareholder, then any dividends, and any gains realized upon the sale of shares of the Fund will be subject to U.S. federal income tax at the rates applicable to U.S. citizens or domestic corporations, and, if the foreign shareholder is a corporation, the shareholder may be subject to an additional "branch profits tax" imposed at the rate of 30% (or lower applicable treaty rate).

In the case of foreign noncorporate shareholders, a Fund may be required to withhold backup withholding taxes at the applicable rate on distributions that are otherwise exempt from withholding tax (or taxable at a reduced treaty rate) unless such shareholders furnish the Fund with proper notification of their foreign status.

Under legislation known as "FATCA" (the Foreign Account Tax Compliance Act), and applicable "intergovernmental agreements" entered into thereunder, distributions paid by the Funds to "foreign financial institutions" and certain other foreign entities will be subject to U.S. withholding tax at a rate of 30% unless various certification, information reporting, due diligence and other applicable requirements (different from, and in addition to, those described above) are satisfied. In general, no such withholding will occur with respect to a U.S. person or non-U.S. individual that timely provides the Fund with a valid IRS Form W-9 or applicable W-8, respectively. Payments that are taken into account as effectively connected

income are not subject to these withholding rules. Foreign shareholders should consult their own tax advisers regarding FATCA and the application of these requirements to their investments in the Funds.

Special rules may apply to foreign shareholders receiving a Fund distribution if at least 50% of the Fund's assets consist of United States real property interests (as defined in Section 897(c)(1) of the Code), including certain REITs and United States real property holding corporations (as defined in Section 897(c)(2) of the Code), at any time during the five-year period ending on the date of the distribution. Fund distributions that are attributable to gain from the disposition of a United States real property interest will be taxable as ordinary dividends and subject to withholding at a 30% or lower treaty rate if the foreign shareholder held no more than 5% of the Fund's shares at all times during the one-year period ending on the date of the distribution. If the foreign shareholder held at least 5% of the Fund's shares at any time during the one-year testing period, the distribution would be treated as income effectively connected with a trade or business within the U.S. and the foreign shareholder would be subject to withholding tax at a rate of 21% and would generally be required to file a U.S. federal income tax return. The distribution also may be subject to a 30% branch profits tax if the foreign shareholder is a corporation. Similar consequences would generally apply to a foreign shareholder's gain on the sale of Fund shares unless the Fund is domestically controlled (meaning that more than 50% of the value of the Fund's shares is held by U.S. shareholders at all times during the five-year testing period ending on the date of the sale) or the foreign shareholder owns no more than 5% of the Fund's shares at all times during the five-year testing period ending on the date of the sale. A foreign shareholder may also be subject to certain "wash sale" rules to prevent the avoidance of the tax filing and payment obligations discussed above through the sale and repurchase of Fund shares. Foreign shareholders are urged to consult their own tax advisors concerning the particular tax consequences to them of an investment in the Fund.

Since, at the time of an investor's purchase of a Fund's shares, a portion of the purchase price may be represented by realized or unrealized appreciation in the Fund's portfolio or undistributed income of the Fund, subsequent distributions (or a portion thereof) on such shares may economically represent a return of capital. However, such a subsequent distribution may be taxable to such investor even if the value of the investor's shares is, as a result of the distributions, reduced below the investor's cost for such shares. Prior to purchasing shares of the Fund, an investor should carefully consider such tax liability which may be incurred by reason of any subsequent distributions of net investment income and capital gains.

Fund shareholders may be subject to state, local and foreign taxes on their Fund distributions and redemptions of Fund shares. Also, the tax consequences to a foreign shareholder of an investment in a Fund may be different from those described above. Shareholders are advised to consult their own tax advisers with respect to the particular tax consequences to them of an investment in a Fund.

**PORTFOLIO TRANSACTIONS AND BROKERAGE**

The Adviser has engaged the Sub-Adviser to perform certain responsibilities with respect to each Fund's portfolio transactions and brokerage. On a daily basis, the Adviser provides to the Sub-Adviser a model with respect to each Fund. Using such models, the Sub-Adviser may implement changes to a Fund's portfolio in connection with any rebalancing or reconstitution of a Fund, may trade portfolio securities on behalf of a Fund, and may select broker-dealers to execute purchase and sale transactions for a Fund.

Subject to policies established by the Board, oversight by the Adviser, and applicable rules, the Sub-Adviser is responsible for the execution of portfolio transactions and the allocation of brokerage transactions for the Funds. In executing portfolio transactions, the Sub-Adviser seeks to obtain the most favorable execution for the Funds, taking into account such factors as the price (including the applicable brokerage commission or dealer spread), size of the order, difficulty of execution and operational facilities of the firm involved. While the Sub-Adviser generally seeks reasonably competitive commission rates, payment of the lowest commission or spread is not necessarily consistent with obtaining the best price and execution in particular transactions.

The Sub-Adviser is responsible for trading portfolio securities for the Funds, including selecting broker-dealers to execute purchase and sale transactions or in connection with any rebalancing of a Fund, subject to the supervision of the Adviser and the Board. As part of its responsibilities, the Sub-Adviser may make investment decisions consistent with the Funds' principal investment strategies, including as part of managing cash flow activity. For its services, the Sub-Adviser is entitled to a fee paid by the Adviser (and not the Funds) based on average daily net assets.

**Brokerage Transactions** 

Generally, equity securities, both listed and over-the-counter, are bought and sold through brokerage transactions for which commissions are payable. Purchases from underwriters will include the underwriting commission or concession, and purchases from dealers serving as market makers will include a dealer's mark-up or reflect a dealer's mark-down. Money market securities and other debt securities are usually bought and sold directly from the issuer or an underwriter or market maker for the securities. Generally, the Fund will not pay brokerage commissions for such purchases. When a debt security is bought from an underwriter, the purchase price will usually include an underwriting commission or concession. The purchase price for securities bought from dealers serving as market makers will similarly include the dealer's mark up or reflect a dealer's mark down. When a Fund executes transactions in the over-the-counter market, it will generally deal with primary market makers unless prices that are more favorable are otherwise obtainable.

In addition, the Sub-Adviser may place a combined order for two or more accounts it manages, including the Funds, engaged in the purchase or sale of the same security if, in its judgment, joint execution is in the best interest of each participant and will result in best price and execution. Transactions involving commingled orders are allocated in a manner deemed equitable to each account and each Fund. Although it is recognized that, in some cases, the joint execution of orders could adversely affect the price or volume of the security that a particular account or Fund may obtain, it is the opinion of the Sub-Adviser, subject to the oversight of the Adviser and the Board, that the advantages of combined orders outweigh the possible disadvantages of separate transactions. Nonetheless, the Sub-Adviser believes that the ability of a Fund to participate in higher volume transactions will generally be beneficial to the Fund.

No brokerage commission information is provided since the Funds had not commenced operations prior to the date of this SAI.

Each Fund is required to identify any securities of the Trust's regular broker-dealers (as defined in Rule 10b-1 under the 1940 Act) or their parents held by the Fund as of the end of the most recent fiscal year. Information about the Funds' ownership of its regular broker-dealers is not provided as the Funds had not commenced operations prior to the date of this SAI.

**Brokerage Selection** 

The Trust does not expect to use one particular broker or dealer, and when one or more brokers is believed capable of providing the best combination of price and execution, the Sub-Adviser may select a broker based upon brokerage or research services provided to the Adviser. The Sub-Adviser may pay a higher commission than otherwise obtainable from other brokers in return for such services only if a good faith determination is made that the commission is reasonable in relation to the services provided.

The Sub-Adviser does not currently use Fund assets for, or participate in, third-party soft dollar arrangements or receive proprietary research from full service brokers. The Sub-Adviser also does not "pay up" for the value of any such proprietary research. If, in the future, the Sub-Adviser were to obtain brokerage and research services from broker-dealers, it would do so in arrangements that are consistent with Section 28(e) of the Exchange Act.

**PAYMENTS TO FINANCIAL INTERMEDIARIES**

The Adviser and/or its affiliates, at their discretion, may make payments from their own resources and not from Fund assets to affiliated or unaffiliated brokers, dealers, banks (including bank trust departments), trust companies, registered investment advisers, financial planners, retirement plan administrators, insurance companies, and any other institution having a service, administration, or any similar arrangement with the Funds, their service providers or their respective affiliates, as incentives to help market and promote the Funds and/or in recognition of their distribution, marketing, administrative services, and/or processing support.

These additional payments may be made to financial intermediaries that sell Fund shares or provide services to the Funds, the Adviser, or shareholders of the Funds through the financial intermediary's retail distribution channel and/or fund supermarkets. Payments may also be made through the financial intermediary's retirement, qualified tuition, fee-based advisory, wrap fee bank trust, or insurance (e.g., individual or group annuity) programs. These payments may include, but

are not limited to, placing a Fund in a financial intermediary's retail distribution channel or on a preferred or recommended fund list; providing business or shareholder financial planning assistance; educating financial intermediary personnel about a Fund; providing access to sales and management representatives of the financial intermediary; promoting sales of Fund shares; providing marketing and educational support; maintaining share balances and/or for sub-accounting, administrative or shareholder transaction processing services. A financial intermediary may perform the services itself or may arrange with a third party to perform the services.

The Adviser and/or its affiliates may also make payments from their own resources to financial intermediaries for costs associated with the purchase of products or services used in connection with sales and marketing, participation in and/or presentation at conferences or seminars, sales or training programs, client and investor entertainment and other sponsored events. The costs and expenses associated with these efforts may include travel, lodging, sponsorship at educational seminars and conferences, entertainment and meals to the extent permitted by law.

Revenue sharing payments may be negotiated based on a variety of factors, including the level of sales, the amount of Fund assets attributable to investments in a Fund by financial intermediaries' customers, a flat fee or other measures as determined from time to time by the Adviser and/or its affiliates. A significant purpose of these payments is to increase the sales of Fund shares, which in turn may benefit the Adviser through increased fees as Fund assets grow.

**GENERAL INFORMATION**

**Anti-Money Laundering Program**

The Funds have established an Anti-Money Laundering Compliance Program (the "Program") as required by the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 ("USA PATRIOT Act"). To ensure compliance with this law, the Funds' Program provides for the development of internal practices, procedures, and controls, designation of anti-money laundering compliance officers, an ongoing training program, and an independent audit function to determine the effectiveness of the Program.

Procedures to implement the Program include, but are not limited to, determining that certain of its service providers have established proper anti-money laundering procedures, reporting suspicious and/or fraudulent activity, and conducting a complete and thorough review of all new account applications. The Funds will not transact business with any person or legal entity and beneficial owner, if applicable, whose identity cannot be adequately verified under the provisions of the USA PATRIOT Act.

**Independent Registered Public Accounting Firm**

PricewaterhouseCoopers LLP ("PwC"), 300 Madison Avenue, New York, New York 10017-6204, is the independent registered public accounting firm of each Fund. The independent registered public accounting firm is responsible for conducting the annual audit of each Fund's financial statements. The selection of the independent registered public accounting firm is approved annually by the Board.

**Transfer Agent**

JPMorgan Chase Bank, N.A., 4 Chase Metrotech Center, Floor 16, Brooklyn, New York, 11245, serves as the Funds' transfer agent and dividend disbursing agent.

**Custodian**

JPMorgan Chase Bank, N.A., 4 Chase Metrotech Center, Floor 16, Brooklyn, New York, 11245, serves as custodian (the "Custodian") of the Funds' assets and is responsible for maintaining custody of the Funds' cash and investments and retaining sub-custodians, including in connection with the custody of foreign securities. Cash held by the Custodian, the amount of which may at times be substantial, is insured by the Federal Deposit Insurance Corporation up to the amount of available insurance coverage limits. The Custodian and the Transfer Agent are affiliates.

**Administrator**

JPMorgan Chase Bank, N.A., 4 Chase Metrotech Center, Floor 16, Brooklyn, New York, 11245, serves as the administrator (the "Administrator") and provides various administrative and accounting services necessary for the operations of the Funds. Services provided by the Administrator include facilitating general Fund management; monitoring Fund compliance with federal and state regulations; supervising the maintenance of the Funds' general ledger, the preparation of the Funds' financial statements, the determination of NAV, and the payment of dividends and other distributions to shareholders; and preparing specified financial, tax, and other reports. The Transfer Agent and the Custodian are affiliates.

No administration fee information is provided since the Funds had not commenced operations prior to the date of this SAI.

**Counsel**

Sidley Austin LLP, 787 Seventh Ave., New York, NY 10019, serves as counsel to the Trust.

**Registration Statement**

This SAI and the Prospectus do not contain all of the information set forth in the Registration Statement the Trust has filed with the SEC. The complete Registration Statement may be obtained from the SEC upon payment of the fee prescribed by SEC rules and regulations. A text-only version of the Registration Statement is available on the SEC's website, www.sec.gov.

**FINANCIAL STATEMENTS** 

A copy of the Prospectus and annual or semi-annual reports for the Funds (when available) may be obtained free of charge at the telephone number and address listed on the cover of this Statement of Additional Information or by visiting the First Eagle US Equity ETF's website at <u>https://www.firsteagle.com/funds/us-equity-etf</u> or the First Eagle Mid Cap Equity ETF's website at <u>https://www.firsteagle.com/funds/mid-cap-equity-etf</u>. Shareholders of the Funds will be informed of each Fund's progress through periodic reports when those reports become available. Financial statements certified by the independent registered public accounting firm will be submitted to shareholders at least annually.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of First Eagle ETF Trust and Shareholders of First Eagle US Equity ETF

***Opinion on the Financial Statement***

We have audited the accompanying statement of assets and liabilities of First Eagle US Equity ETF (one of the funds constituting First Eagle ETF Trust, referred to hereafter as the "Fund") as of December 18, 2025, including the related notes (collectively referred to as the "financial statement"). In our opinion, the financial statement presents fairly, in all material respects, the financial position of the Fund as of December 18, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

This financial statement is the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statement based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit of this financial statement in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statement is free of material misstatement, whether due to error or fraud.

Our audit included performing procedures to assess the risks of material misstatement of the financial statement, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statement. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statement. We believe that our audit provides a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP<br> New York, New York<br> December 19, 2025

We have served as the auditor of one or more investment companies advised by First Eagle Investment Management, LLC since 2006.

---

| | |
|:---|:---|
| **Statement of Assets and Liabilities** | **December 18, 2025** |

---

---

| | |
|:---|:---|
|  | First Eagle US <br> Equity ETF |
| **Assets** |  |
| Cash | $350000 |
| **Total Assets** | **350000** |
| **Net Assets** | **$350000** |
| **Net Assets Consist of** |  |
| Paid in Capital | 350000 |
| **Net Assets** | **$350000** |
| Shares Outstanding | 10000 |
| Net asset value per share | $35.00 |

---

See Notes to Financial Statement

Notes to Financial Statements

**Note 1 — Organization**

First Eagle ETF Trust (the "Trust"), is an open-end management investment company registered under the Investment Company Act of 1940, as amended ("1940 Act"). As of December 18, 2025, the Trust consists of two portfolios, the First Eagle US Equity ETF and First Eagle Mid Cap ETF. This report includes only the financial statement of the First Eagle US Equity ETF ("US Equity Fund" or the "Fund"). The US Equity Fund is diversified. The Trust is a Delaware statutory trust. The US Equity Fund is an actively managed exchange-traded fund ("ETF") with an investment objective of long-term growth of capital. It seeks to achieve its objective by investing, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in domestic equity and may invest to a lesser extent in securities of non-U.S. issuers (including American Depositary Receipts, Global Depositary Receipts and European Depositary Receipts).

The Fund currently offers one class of common shares. The Fund had no operations other than a sale to the Adviser of 10,000 shares of beneficial interest of the Fund for $350,000 ($35.00 per share).

First Eagle Investment Management, LLC (the "Adviser") is the investment adviser of the Fund. The Adviser is a subsidiary of First Eagle Holdings, Inc. ("First Eagle Holdings"). A controlling interest in FE Holdings is owned by funds managed by Genstar Capital, LLC.

The Adviser has agreed to pay all offering costs associated with the initial offering. The Adviser has also agreed to pay the Fund's organizational expenses. Offering costs and organizational expenses are not reimbursable to the Adviser by the Fund.

**Note 2 — Significant Accounting Policies**

The following is a summary of significant accounting policies that are adhered to by the Fund. The Fund is an investment company and, accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S. generally accepted accounting principles ("GAAP").

**a) United States Income Taxes** — The Fund intends to elect to be taxed as a RIC under the Code commencing with its taxable year ended October 31, 2026. To qualify under Subchapter M for the favorable tax treatment accorded to RICs, the Fund must, among other things: (1) distribute to its shareholders in each taxable year at least 90% of the sum of its investment company taxable income (as that term is defined in the Code, but without regard to the deduction for dividends paid) and its net tax-exempt income; (2) derive in each taxable year at least 90% of its gross income from (a) dividends, interest, payments with respect to certain securities loans, and gains from the sale or other disposition of stock, securities or foreign currencies, or other income (including but not limited to gain from options, futures and forward contracts) derived with respect to its business of investing in such stock, securities or foreign currencies; and (b) net income derived from interests in certain publicly traded partnerships that are treated as partnerships for U.S. federal income tax purposes and that derive less than 90% of their gross income from the items described in (a) above (each, a "Qualified Publicly Traded Partnership"); and (3) diversify its holdings so that, at the end of each quarter of each taxable year of the Fund (a) at least 50% of the value of the Fund's total assets is represented by cash, cash items, U.S. government securities and securities of other RICs, and other securities, with these other securities limited, with respect to any one issuer, to an amount not greater in value than 5% of the value of the Fund's total assets, and to not more than 10% of the outstanding voting securities of such issuer, and (b) not more than 25% of the value of the Fund's total assets is represented by the securities (other than U.S. government securities or securities of other RICs) of (I) any one issuer, (II) any two or more issuers that the Fund controls and that are determined to be engaged in the same or similar trades or businesses or related trades or businesses or (III) any one or more Qualified Publicly Traded Partnerships. As a RIC, the Fund generally will not be subject to U.S. federal income tax on its investment company taxable income (as that term is defined in the Code, but determined without regard to the deduction for dividends paid) and net capital gain (the excess of net long-term capital gain over net short-term capital loss), if any, that it distributes in each taxable year to its shareholders, provided that it distributes at least 90% of the sum of its investment company taxable income for such taxable year. The Fund intends to distribute to its shareholders, at least annually, substantially all of its investment company taxable income and net capital gain.

**b) Use of Estimates** — The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

**Note 3 — Investment Advisory, Custody and Administration Agreements; Transactions with Related Persons**

Subject to the overall supervision of the Board, the Adviser manages the overall investment operations of the Fund in accordance with the Fund's investment objective and policies and formulates a continuing investment strategy for the Fund pursuant to the terms of an investment advisory agreement between the Trust and the Adviser (the "Advisory Agreement"). Under the terms of the Advisory Agreement, the Fund pays the Adviser a unitary management fee that is computed and paid monthly at an annual rate of 0.79% of the average daily net assets of the Fund, during the month. From the unitary management fees, the Adviser pays most of the expenses of the Fund, including the cost of sub-advisory fees to any investment sub-adviser, transfer agency, custody, fund administration, legal, audit and other services. However, under the Advisory Agreement, the Adviser is not responsible for interest expenses, brokerage commissions and other trading expenses, taxes and other extraordinary costs such as litigation and other expenses not incurred in the ordinary course of business.

The Adviser has contractually agreed to waive its advisory fee and/or reimburse expenses in order to limit Total Annual Fund Operating Expenses (excluding certain items discussed below) to 0.45% of the Fund's average daily net assets. In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account and could cause the Fund's net Total Annual Fund Operating Expenses to exceed 0.45%, as applicable: acquired fund fees and expenses, brokerage commissions, extraordinary items, interest or taxes. This contractual limitation is in effect until December 31, 2026, and may not be terminated prior to that date without the approval of the Board of the Trust.

First Eagle Investment Management, LLC (the "Adviser" or "First Eagle") serves as the investment adviser to the Fund. Exchange Traded Concepts, LLC (the "Sub-Adviser") serves as the investment sub-adviser to the Fund. Subject to the supervision of the Board, the Adviser manages the overall investment operations of the Fund, pursuant to the terms of the Investment Advisory Agreement between the Adviser and the Trust on behalf of the Fund. The Adviser compensates the Sub-Adviser for its services. The Sub-Adviser is responsible for trading portfolio securities for the Funds, including selecting broker-dealers to execute purchase and sale transactions or in connection with any rebalancing of a Fund, subject to the supervision of the Adviser and the Board. As part of its responsibilities, the Sub-Adviser may make investment decisions consistent with the Funds' principal investment strategies, including as part of managing cash flow activity.

The Fund has entered into a custody agreement with J.P. Morgan Chase Bank, N.A. ("JPM"). The custody agreement provides for an annual fee based on the amount of assets under custody plus transaction charges. JPM serves as custodian of the Fund's portfolio securities and other assets. Under the terms of the custody agreement

between the Fund and JPM, JPM maintains and deposits in separate accounts, cash, securities and other assets of the Fund. JPM is also required, upon the order of the Fund, to deliver securities held by JPM and the sub-custodian, and to make payments for securities purchased by the Fund.

The Fund has also entered into an agreement for administrative services with JPM, pursuant to which JPM provides certain financial reporting and other administrative services. JPM, as the Fund's administrator, receives annual fees separate from and in addition to the fees it receives for its services as the Fund's custodian.

The Fund has also entered into an agreement for transfer agent and dividend disbursing agent services with JPM, JPM, as the Fund's transfer agent, receives annual fees separate from and in addition to the fees it receives for its services as the Fund's custodian.

Quasar Distributors, LLC ("Quasar"), a wholly-owned broker-dealer subsidiary of Foreside Financial Group, LLC, serves as the principal underwriter and distributor of the Fund's shares pursuant to a Distribution Agreement with First Eagle ETF Trust, authorized participants, and JPM.

**Note 4 — Indemnification**

In the normal course of business, the Fund enters into contracts which provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

**Note 5 — Subsequent Events**

Management has evaluated events occurring subsequent to December 19, 2025, through the date of issuance of the financial statement and has determined that there were no subsequent events that required adjustment to or disclosure in the financial statements.

**<u>APPENDIX A</u>**

**DESCRIPTION OF SECURITIES RATINGS**

**<u>Short-Term Credit Ratings</u>**

An ***S&P Global Ratings*** short-term issue credit rating is generally assigned to those obligations considered short-term in the relevant market. The following summarizes the rating categories used by S&P Global Ratings for short-term issues:

"A-1" - A short-term obligation rated "A-1" is rated in the highest category by S&P Global Ratings. The obligor's capacity to meet its financial commitments on the obligation is strong. Within this category, certain obligations are designated with a plus sign (+). This indicates that the obligor's capacity to meet its financial commitment on these obligations is extremely strong.

"A-2" - A short-term obligation rated "A-2" is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher rating categories. However, the obligor's capacity to meet its financial commitments on the obligation is satisfactory.

"A-3" - A short-term obligation rated "A-3" exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken an obligor's capacity to meet its financial commitments on the obligation.

"B" - A short-term obligation rated "B" is regarded as vulnerable and has significant speculative characteristics. The obligor currently has the capacity to meet its financial commitments; however, it faces major ongoing uncertainties that could lead to the obligor's inadequate capacity to meet its financial commitments.

"C" - A short-term obligation rated "C" is currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitments on the obligation.

"D" - A short-term obligation rated "D" is in default or in breach of an imputed promise. For non-hybrid capital instruments, the "D" rating category is used when payments on an obligation are not made on the date due, unless S&P Global Ratings believes that such payments will be made within any stated grace period. However, any stated grace period longer than five business days will be treated as five business days. The "D" rating also will be used upon the filing of a bankruptcy petition or the taking of a similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. A rating on an obligation is lowered to "D" if it is subject to a distressed debt restructuring.

Local Currency and Foreign Currency Ratings - S&P Global Ratings' issuer credit ratings make a distinction between foreign currency ratings and local currency ratings. A foreign currency rating on an issuer can differ from the local currency rating on it when the obligor has a different capacity to meet its obligations denominated in its local currency, versus obligations denominated in a foreign currency.

"NR" - This indicates that a rating has not been assigned or is no longer assigned.

 **<u>About Credit Ratings</u>**

An ***S&P Global Ratings*** issue credit rating is a forward-looking opinion about the creditworthiness of an obligor with respect to a specific financial obligation, a specific class of financial obligations, or a specific financial program (including ratings on medium-term note programs and commercial paper programs). It takes into consideration the creditworthiness of guarantors, insurers, or other forms of credit enhancement on the obligation and takes into account the currency in which the obligation is denominated. The opinion reflects S&P Global Ratings' view of the obligor's capacity and willingness to meet its financial commitments as they come due, and this opinion may assess terms, such as collateral security and subordination, which could affect ultimate payment in the event of default.

***Moody's Investors Service ("Moody's")*** short-term ratings are forward-looking opinions of the relative credit risks of financial obligations with an original maturity of thirteen months or less and reflect both on the likelihood of a default or impairment on contractual financial obligations and the expected financial loss suffered in the event of default or impairment.

Moody's employs the following designations to indicate the relative repayment ability of rated issuers:

"P-1" - Issuers (or supporting institutions) rated Prime-1 reflect a superior ability to repay short-term obligations.

"P-2" - Issuers (or supporting institutions) rated Prime-2 reflect a strong ability to repay short-term obligations.

"P-3" - Issuers (or supporting institutions) rated Prime-3 reflect an acceptable ability to repay short-term obligations.

"NP" - Issuers (or supporting institutions) rated Not Prime do not fall within any of the Prime rating categories.

"NR" - Is assigned to an unrated issuer, obligation and/or program.

**<u>Long-Term Issue Credit Ratings</u>**

The following summarizes the ratings used by ***S&P Global Ratings*** for long-term issues:

"AAA" - An obligation rated "AAA" has the highest rating assigned by S&P Global Ratings. The obligor's capacity to meet its financial commitments on the obligation is extremely strong.

"AA" - An obligation rated "AA" differs from the highest-rated obligations only to a small degree. The obligor's capacity to meet its financial commitments on the obligation is very strong.

"A" - An obligation rated "A" is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher-rated categories. However, the obligor's capacity to meet its financial commitments on the obligation is still strong.

"BBB" - An obligation rated "BBB" exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken the obligor's capacity to meet its financial commitments on the obligation.

"BB," "B," "CCC," "CC" and "C" - Obligations rated "BB," "B," "CCC," "CC" and "C" are regarded as having significant speculative characteristics. "BB" indicates the least degree of speculation and "C" the highest. While such obligations will likely have some quality and protective characteristics, these may be outweighed by large uncertainties or major exposure to adverse conditions.

"BB" - An obligation rated "BB" is less vulnerable to nonpayment than other speculative issues. However, it faces major ongoing uncertainties or exposure to adverse business, financial, or economic conditions that could lead to the obligor's inadequate capacity to meet its financial commitments on the obligation.

"B" - An obligation rated "B" is more vulnerable to nonpayment than obligations rated "BB", but the obligor currently has the capacity to meet its financial commitments on the obligation. Adverse business, financial, or economic conditions will likely impair the obligor's capacity or willingness to meet its financial commitments on the obligation.

"CCC" - An obligation rated "CCC" is currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitments on the obligation. In the event of adverse business, financial, or economic conditions, the obligor is not likely to have the capacity to meet its financial commitments on the obligation.

"CC" - An obligation rated "CC" is currently highly vulnerable to nonpayment. The "CC" rating is used when a default has not yet occurred but S&P Global Ratings expects default to be a virtual certainty, regardless of the anticipated time to default.

"C" - An obligation rated "C" is currently highly vulnerable to nonpayment, and the obligation is expected to have lower relative seniority or lower ultimate recovery compared with obligations that are rated higher.

"D" - An obligation rated "D" is in default or in breach of an imputed promise. For non-hybrid capital instruments, the "D" rating category is used when payments on an obligation are not made on the date due, unless S&P Global Ratings believes that such payments will be made within the next five business days in the absence of a stated grace period or within the earlier of the stated grace period or the next 30 calendar days. The "D" rating also will be used upon the filing of a bankruptcy petition or the taking of similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. A rating on an obligation is lowered to "D" if it is subject to a distressed debt restructuring

Plus (+) or minus (-) - Ratings from "AA" to "CCC" may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories.

"NR" - This indicates that a rating has not been assigned, or is no longer assigned.

Local Currency and Foreign Currency Ratings - S&P Global Ratings' issuer credit ratings make a distinction between foreign currency ratings and local currency ratings. A foreign currency rating on an issuer can differ from the local currency rating on it when the obligor has a different capacity to meet its obligations denominated in its local currency, versus obligations denominated in a foreign currency.

***Moody's*** long-term ratings are forward-looking opinions of the relative credit risks of financial obligations with an original maturity of eleven months or more. Such ratings reflect both on the likelihood of default or impairment on contractual financial obligations and the expected financial loss suffered in the event of default or impairment. The following summarizes the ratings used by Moody's for long-term debt:

"Aaa" - Obligations rated "Aaa" are judged to be of the highest quality, subject to the lowest level of credit risk.

"Aa" - Obligations rated "Aa" are judged to be of high quality and are subject to very low credit risk.

"A" - Obligations rated "A" are judged to be upper-medium grade and are subject to low credit risk.

"Baa" - Obligations rated "Baa" are judged to be medium-grade and subject to moderate credit risk and as such may possess certain speculative characteristics.

"Ba" - Obligations rated "Ba" are judged to be speculative and are subject to substantial credit risk.

"B" - Obligations rated "B" are considered speculative and are subject to high credit risk.

"Caa" - Obligations rated "Caa" are judged to be speculative of poor standing and are subject to very high credit risk.

"Ca" - Obligations rated "Ca" are highly speculative and are likely in, or very near, default, with some prospect of recovery of principal and interest.

"C" - Obligations rated "C" are the lowest rated and are typically in default, with little prospect for recovery of principal or interest.

Note: Moody's appends numerical modifiers 1, 2, and 3 to each generic rating classification from "Aa" through "Caa." The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category.

"NR" - Is assigned to unrated obligations, obligation and/or program.

**<u>APPENDIX B</u>**

**U N I T E D S T A T E S**

Proxy Voting Guidelines

Benchmark Policy Recommendations

Effective for Meetings on or after February 1, 2025<br> Published January 9, 2025<br> Updated February 25, 2025

Effective for Meetings Published on or after February 25, 2025, Consideration of Certain Diversity Factors in Making Vote Recommendations Is Suspended (see pp. 12-13 for more information).

<u>W W W . I S S G O V E R N A N C E . C O M</u>

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**UNITED STATES**

Proxy Voting Guidelines

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| **[Coverage](#x5_c114495c001)** | **[Coverage](#x5_c114495c001)** | **8** |
| **[1.](#x5_c114495c002)** | **[Board of Directors](#x5_c114495c002)** | **9** |
| &nbsp;&nbsp;&nbsp;[Voting on Director Nominees in Uncontested Elections](#x5_c114495c003) | &nbsp;&nbsp;&nbsp;[Voting on Director Nominees in Uncontested Elections](#x5_c114495c003) | 9 |
|  | [Independence](#x5_c114495c004) | 9 |
|  | &nbsp;&nbsp;&nbsp;[ISS Classification of Directors – U.S.](#x5_c114495c005) | 10 |
|  | [Composition](#x5_c114495c006) | 12 |
|  | &nbsp;&nbsp;&nbsp;[Attendance](#x5_c114495c007) | 12 |
|  | &nbsp;&nbsp;&nbsp;[Overboarded Directors](#x5_c114495c008) | 12 |
|  | &nbsp;&nbsp;&nbsp;[Gender Diversity](#x5_c114495c009) | 12 |
|  | &nbsp;&nbsp;&nbsp;[Racial and/or Ethnic Diversity](#x5_c114495c010) | 13 |
|  | [Responsiveness](#x5_c114495c011) | 13 |
|  | [Accountability](#x5_c114495c012) | 14 |
|  | &nbsp;&nbsp;&nbsp;[Poison Pills](#x5_c114495c013) | 14 |
|  | &nbsp;&nbsp;&nbsp;[Unequal Voting Rights](#x5_c114495c014) | 14 |
|  | &nbsp;&nbsp;&nbsp;[Classified Board Structure](#x5_c114495c015) | 15 |
|  | &nbsp;&nbsp;&nbsp;[Removal of Shareholder Discretion on Classified Boards](#x5_c114495c016) | 15 |
|  | &nbsp;&nbsp;&nbsp;[Problematic Governance Structure](#x5_c114495c017) | 15 |
|  | &nbsp;&nbsp;&nbsp;[Unilateral Bylaw/Charter Amendments](#x5_c114495c018) | 15 |
|  | &nbsp;&nbsp;&nbsp;[Restricting Binding Shareholder Proposals](#x5_c114495c019) | 16 |
|  | &nbsp;&nbsp;&nbsp;[Director Performance Evaluation](#x5_c114495c020) | 16 |
|  | &nbsp;&nbsp;&nbsp;[Management Proposals to Ratify Existing Charter or Bylaw Provisions](#x5_c114495c021) | 16 |
|  | &nbsp;&nbsp;&nbsp;[Problematic Audit-Related Practices](#x5_c114495c022) | 16 |
|  | &nbsp;&nbsp;&nbsp;[Problematic Compensation Practices](#x5_c114495c023) | 17 |
|  | &nbsp;&nbsp;&nbsp;[Problematic Pledging of Company Stock](#x5_c114495c024) | 17 |
|  | &nbsp;&nbsp;&nbsp;[Climate Accountability](#x5_c114495c025) | 17 |
|  | &nbsp;&nbsp;&nbsp;[Governance Failures](#x5_c114495c026) | 18 |
| &nbsp;&nbsp;&nbsp;[Voting on Director Nominees in Contested Elections](#x5_c114495c027) | &nbsp;&nbsp;&nbsp;[Voting on Director Nominees in Contested Elections](#x5_c114495c027) | 18 |
|  | [Vote-No Campaigns](#x5_c114495c028) | 18 |
|  | [Proxy Contests/Proxy Access](#x5_c114495c029) | 18 |
| &nbsp;&nbsp;&nbsp;[Other Board-Related Proposals](#x5_c114495c030) | &nbsp;&nbsp;&nbsp;[Other Board-Related Proposals](#x5_c114495c030) | 19 |
|  | [Adopt Anti-Hedging/Pledging/Speculative Investments Policy](#x5_c114495c031) | 19 |
|  | [Board Refreshment](#x5_c114495c032) | 19 |
|  | &nbsp;&nbsp;&nbsp;[Term/Tenure Limits](#x5_c114495c033) | 19 |
|  | &nbsp;&nbsp;&nbsp;[Age Limits](#x5_c114495c034) | 19 |
|  | [Board Size](#x5_c114495c035) | 20 |
|  | [Classification/Declassification of the Board](#x5_c114495c036) | 20 |
|  | [CEO Succession Planning](#x5_c114495c037) | 20 |
|  | [Cumulative Voting](#x5_c114495c038) | 20 |
|  | [Director and Officer Indemnification, Liability Protection, and Exculpation](#x5_c114495c039) | 21 |
|  | [Establish/Amend Nominee Qualifications](#x5_c114495c040) | 21 |
|  | [Establish Other Board Committee Proposals](#x5_c114495c041) | 22 |
|  | [Filling Vacancies/Removal of Directors](#x5_c114495c042) | 22 |
|  | [Independent Board Chair](#x5_c114495c043) | 22 |
|  | [Majority of Independent Directors/Establishment of Independent Committees](#x5_c114495c044) | 23 |
|  | [Majority Vote Standard for the Election of Directors](#x5_c114495c045) | 23 |

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|:---|:---|:---|
|  | [Proxy Access](#x5_c114495c046) | 23 |
|  | [Require More Nominees than Open Seats](#x5_c114495c047) | 23 |
|  | [Shareholder Engagement Policy (Shareholder Advisory Committee)](#x5_c114495c048) | 24 |
| **[2.](#x5_c114495c049)** | **[Audit-Related](#x5_c114495c049)** | **25** |
|  | [Auditor Indemnification and Limitation of Liability](#x5_c114495c050) | 25 |
|  | [Auditor Ratification](#x5_c114495c051) | 25 |
|  | [Shareholder Proposals Limiting Non-Audit Services](#x5_c114495c052) | 25 |
|  | [Shareholder Proposals on Audit Firm Rotation](#x5_c114495c053) | 26 |
| **[3.](#x5_c114495c054)** | **[Shareholder Rights & Defenses](#x5_c114495c054)** | **27** |
|  | [Advance Notice Requirements for Shareholder Proposals/Nominations](#x5_c114495c055) | 27 |
|  | [Amend Bylaws without Shareholder Consent](#x5_c114495c056) | 27 |
|  | [Control Share Acquisition Provisions](#x5_c114495c057) | 27 |
|  | [Control Share Cash-Out Provisions](#x5_c114495c058) | 28 |
|  | [Disgorgement Provisions](#x5_c114495c059) | 28 |
|  | [Fair Price Provisions](#x5_c114495c060) | 28 |
|  | [Freeze-Out Provisions](#x5_c114495c061) | 28 |
|  | [Greenmail](#x5_c114495c062) | 28 |
|  | [Shareholder Litigation Rights](#x5_c114495c063) | 29 |
|  | &nbsp;&nbsp;&nbsp;[Federal Forum Selection Provisions](#x5_c114495c064) | 29 |
|  | &nbsp;&nbsp;&nbsp;[Exclusive Forum Provisions for State Law Matters](#x5_c114495c065) | 29 |
|  | &nbsp;&nbsp;&nbsp;[Fee shifting](#x5_c114495c066) | 29 |
|  | [Net Operating Loss (NOL) Protective Amendments](#x5_c114495c067) | 30 |
| &nbsp;&nbsp;&nbsp;[Poison Pills (Shareholder Rights Plans)](#x5_c114495c068) | &nbsp;&nbsp;&nbsp;[Poison Pills (Shareholder Rights Plans)](#x5_c114495c068) | 30 |
|  | [Shareholder Proposals to Put Pill to a Vote and/or Adopt a Pill Policy](#x5_c114495c069) | 30 |
|  | [Management Proposals to Ratify a Poison Pill](#x5_c114495c070) | 31 |
|  | [Management Proposals to Ratify a Pill to Preserve Net Operating Losses (NOLs)](#x5_c114495c071) | 31 |
|  | [Proxy Voting Disclosure, Confidentiality, and Tabulation](#x5_c114495c072) | 31 |
|  | [Ratification Proposals: Management Proposals to Ratify Existing Charter or Bylaw Provisions](#x5_c114495c073) | 32 |
|  | [Reimbursing Proxy Solicitation Expenses](#x5_c114495c074) | 32 |
|  | [Reincorporation Proposals](#x5_c114495c075) | 33 |
|  | [Shareholder Ability to Act by Written Consent](#x5_c114495c076) | 33 |
|  | [Shareholder Ability to Call Special Meetings](#x5_c114495c077) | 33 |
|  | [Stakeholder Provisions](#x5_c114495c078) | 34 |
|  | [State Antitakeover Statutes](#x5_c114495c079) | 34 |
|  | [Supermajority Vote Requirements](#x5_c114495c080) | 34 |
|  | [Virtual Shareholder Meetings](#x5_c114495c081) | 34 |
| **[4.](#x5_c114495c082)** | **[Capital/Restructuring](#x5_c114495c082)** | **35** |
| &nbsp;&nbsp;&nbsp;[Capital](#x5_c114495c083) | &nbsp;&nbsp;&nbsp;[Capital](#x5_c114495c083) | 35 |
|  | [Adjustments to Par Value of Common Stock](#x5_c114495c084) | 35 |
|  | [Common Stock Authorization](#x5_c114495c085) | 35 |
|  | &nbsp;&nbsp;&nbsp;[General Authorization Requests](#x5_c114495c086) | 35 |
|  | &nbsp;&nbsp;&nbsp;[Specific Authorization Requests](#x5_c114495c087) | 36 |
|  | [Dual Class Structure](#x5_c114495c088) | 36 |
|  | [Issue Stock for Use with Rights Plan](#x5_c114495c089) | 36 |

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|:---|:---|:---|
|  | [Preemptive Rights](#x5_c114495c090) | 36 |
|  | [Preferred Stock Authorization](#x5_c114495c091) | 37 |
|  | &nbsp;&nbsp;&nbsp;[General Authorization Requests](#x5_c114495c092) | 37 |
|  | [Recapitalization Plans](#x5_c114495c093) | 38 |
|  | [Reverse Stock Splits](#x5_c114495c094) | 38 |
|  | [Share Issuance Mandates at U.S. Domestic Issuers Incorporated Outside the U.S.](#x5_c114495c095) | 38 |
|  | [Share Repurchase Programs](#x5_c114495c096) | 39 |
|  | [Share Repurchase Programs Shareholder Proposals](#x5_c114495c097) | 39 |
|  | [Stock Distributions: Splits and Dividends](#x5_c114495c098) | 39 |
|  | [Tracking Stock](#x5_c114495c099) | 40 |
| &nbsp;&nbsp;&nbsp;[Restructuring](#x5_c114495c100) | &nbsp;&nbsp;&nbsp;[Restructuring](#x5_c114495c100) | 40 |
|  | [Appraisal Rights](#x5_c114495c101) | 40 |
|  | [Asset Purchases](#x5_c114495c102) | 40 |
|  | [Asset Sales](#x5_c114495c103) | 40 |
|  | [Bundled Proposals](#x5_c114495c104) | 41 |
|  | [Conversion of Securities](#x5_c114495c105) | 41 |
|  | [Corporate Reorganization/Debt Restructuring/Prepackaged Bankruptcy Plans/Reverse Leveraged Buyouts/Wrap Plans](#x5_c114495c106) | 41 |
|  | [Formation of Holding Company](#x5_c114495c107) | 41 |
|  | [Going Private and Going Dark Transactions (LBOs and Minority Squeeze-outs)](#x5_c114495c108) | 42 |
|  | [Joint Ventures](#x5_c114495c109) | 42 |
|  | [Liquidations](#x5_c114495c110) | 43 |
|  | [Mergers and Acquisitions](#x5_c114495c111) | 43 |
|  | [Private Placements/Warrants/Convertible Debentures](#x5_c114495c112) | 43 |
|  | [Reorganization/Restructuring Plan (Bankruptcy)](#x5_c114495c113) | 45 |
|  | [Special Purpose Acquisition Corporations (SPACs)](#x5_c114495c114) | 45 |
|  | [Special Purpose Acquisition Corporations (SPACs) - Proposals for Extensions](#x5_c114495c115) | 45 |
|  | [Spin-offs](#x5_c114495c116) | 46 |
|  | [Value Maximization Shareholder Proposals](#x5_c114495c117) | 46 |
| **[5.](#x5_c114495c118)** | **[Compensation](#x5_c114495c118)** | **47** |
| &nbsp;&nbsp;&nbsp;[Executive Pay Evaluation](#x5_c114495c119) | &nbsp;&nbsp;&nbsp;[Executive Pay Evaluation](#x5_c114495c119) | 47 |
|  | [Advisory Votes on Executive Compensation—Management Proposals (Say-on-Pay)](#x5_c114495c120) | 47 |
|  | &nbsp;&nbsp;&nbsp;[Pay-for-Performance Evaluation](#x5_c114495c121) | 48 |
|  | &nbsp;&nbsp;&nbsp;[Problematic Pay Practices](#x5_c114495c122) | 49 |
|  | &nbsp;&nbsp;&nbsp;[Compensation Committee Communications and Responsiveness](#x5_c114495c123) | 50 |
|  | [Frequency of Advisory Vote on Executive Compensation ("Say When on Pay")](#x5_c114495c124) | 50 |
|  | [Voting on Golden Parachutes in an Acquisition, Merger, Consolidation, or Proposed Sale](#x5_c114495c125) | 50 |
| &nbsp;&nbsp;&nbsp;[Equity-Based and Other Incentive Plans](#x5_c114495c126) | &nbsp;&nbsp;&nbsp;[Equity-Based and Other Incentive Plans](#x5_c114495c126) | 51 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Shareholder Value Transfer (SVT)](#x5_c114495c127) | 52 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Three-Year Value-Adjusted Burn Rate](#x5_c114495c128) | 52 |
|  | [Egregious Factors](#x5_c114495c129) | 53 |
|  | &nbsp;&nbsp;&nbsp;[Liberal Change in Control Definition](#x5_c114495c130) | 53 |
|  | &nbsp;&nbsp;&nbsp;[Repricing Provisions](#x5_c114495c131) | 53 |
|  | &nbsp;&nbsp;&nbsp;[Problematic Pay Practices or Significant Pay-for-Performance Disconnect](#x5_c114495c132) | 53 |
|  | [Amending Cash and Equity Plans (including Approval for Tax Deductibility (162(m))](#x5_c114495c133) | 54 |

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|:---|:---|:---|
|  | [Specific Treatment of Certain Award Types in Equity Plan Evaluations](#x5_c114495c134) | 54 |
|  | &nbsp;&nbsp;&nbsp;[Dividend Equivalent Rights](#x5_c114495c135) | 54 |
|  | &nbsp;&nbsp;&nbsp;[Operating Partnership (OP) Units in Equity Plan Analysis of Real Estate Investment Trusts (REITs)](#x5_c114495c136) | 55 |
| &nbsp;&nbsp;&nbsp;[Other Compensation Plans](#x5_c114495c137) | &nbsp;&nbsp;&nbsp;[Other Compensation Plans](#x5_c114495c137) | 55 |
|  | [401(k) Employee Benefit Plans](#x5_c114495c138) | 55 |
|  | [Employee Stock Ownership Plans (ESOPs)](#x5_c114495c139) | 55 |
|  | [Employee Stock Purchase Plans—Qualified Plans](#x5_c114495c140) | 55 |
|  | [Employee Stock Purchase Plans—Non-Qualified Plans](#x5_c114495c141) | 55 |
|  | [Option Exchange Programs/Repricing Options](#x5_c114495c142) | 56 |
|  | [Stock Plans in Lieu of Cash](#x5_c114495c143) | 56 |
|  | [Transfer Stock Option (TSO) Programs](#x5_c114495c144) | 57 |
| &nbsp;&nbsp;&nbsp;[Director Compensation](#x5_c114495c145) | &nbsp;&nbsp;&nbsp;[Director Compensation](#x5_c114495c145) | 57 |
|  | [Shareholder Ratification of Director Pay Programs](#x5_c114495c146) | 57 |
|  | [Equity Plans for Non-Employee Directors](#x5_c114495c147) | 58 |
|  | [Non-Employee Director Retirement Plans](#x5_c114495c148) | 58 |
| &nbsp;&nbsp;&nbsp;[Shareholder Proposals on Compensation](#x5_c114495c149) | &nbsp;&nbsp;&nbsp;[Shareholder Proposals on Compensation](#x5_c114495c149) | 58 |
|  | [Bonus Banking/Bonus Banking "Plus"](#x5_c114495c150) | 58 |
|  | [Compensation Consultants—Disclosure of Board or Company's Utilization](#x5_c114495c151) | 59 |
|  | [Disclosure/Setting Levels or Types of Compensation for Executives and Directors](#x5_c114495c152) | 59 |
|  | [Golden Coffins/Executive Death Benefits](#x5_c114495c153) | 59 |
|  | [Hold Equity Past Retirement or for a Significant Period of Time](#x5_c114495c154) | 59 |
|  | [Pay Disparity](#x5_c114495c155) | 60 |
|  | [Pay for Performance/Performance-Based Awards](#x5_c114495c156) | 60 |
|  | [Pay for Superior Performance](#x5_c114495c157) | 61 |
|  | [Pre-Arranged Trading Plans (10b5-1 Plans)](#x5_c114495c158) | 61 |
|  | [Prohibit Outside CEOs from Serving on Compensation Committees](#x5_c114495c159) | 61 |
|  | [Recoupment of Incentive or Stock Compensation in Specified Circumstances](#x5_c114495c160) | 62 |
|  | [Severance and Golden Parachute Agreements](#x5_c114495c161) | 62 |
|  | [Share Buyback Impact on Incentive Program Metrics](#x5_c114495c162) | 62 |
|  | [Supplemental Executive Retirement Plans (SERPs)](#x5_c114495c163) | 63 |
|  | [Tax Gross-Up Proposals](#x5_c114495c164) | 63 |
|  | [Termination of Employment Prior to Severance Payment/Eliminating Accelerated Vesting of Unvested Equity](#x5_c114495c165) | 63 |
| **[6.](#x5_c114495c166)** | **[Routine/Miscellaneous](#x5_c114495c166)** | **64** |
|  | [Adjourn Meeting](#x5_c114495c167) | 64 |
|  | [Amend Quorum Requirements](#x5_c114495c168) | 64 |
|  | [Amend Minor Bylaws](#x5_c114495c169) | 64 |
|  | [Change Company Name](#x5_c114495c170) | 64 |
|  | [Change Date, Time, or Location of Annual Meeting](#x5_c114495c171) | 65 |
|  | [Other Business](#x5_c114495c172) | 65 |
| **[7.](#x5_c114495c173)** | **[Social and Environmental Issues](#x5_c114495c173)** | **66** |
| &nbsp;&nbsp;&nbsp;[Global Approach – E&S Shareholder Proposals](#x5_c114495c174) | &nbsp;&nbsp;&nbsp;[Global Approach – E&S Shareholder Proposals](#x5_c114495c174) | 66 |
| &nbsp;&nbsp;&nbsp;[Endorsement of Principles](#x5_c114495c175) | &nbsp;&nbsp;&nbsp;[Endorsement of Principles](#x5_c114495c175) | 66 |
| &nbsp;&nbsp;&nbsp;[Animal Welfare](#x5_c114495c176) | &nbsp;&nbsp;&nbsp;[Animal Welfare](#x5_c114495c176) | 66 |

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|:---|:---|
| [Animal Welfare Policies](#x5_c114495c177) | 66 |
| [Animal Testing](#x5_c114495c178) | 67 |
| [Animal Slaughter](#x5_c114495c179) | 67 |
| &nbsp;&nbsp;&nbsp;[Consumer Issues](#x5_c114495c180) | 67 |
| [Genetically Modified Ingredients](#x5_c114495c181) | 67 |
| [Reports on Potentially Controversial Business/Financial Practices](#x5_c114495c182) | 68 |
| [Pharmaceutical Pricing, Access to Medicines, and Prescription Drug Reimportation](#x5_c114495c183) | 68 |
| [Product Safety and Toxic/Hazardous Materials](#x5_c114495c184) | 68 |
| [Tobacco-Related Proposals](#x5_c114495c185) | 69 |
| &nbsp;&nbsp;&nbsp;[Climate Change](#x5_c114495c186) | 70 |
| [Say on Climate (SoC) Management Proposals](#x5_c114495c187) | 70 |
| [Say on Climate (SoC) Shareholder Proposals](#x5_c114495c188) | 70 |
| [Climate Change/Greenhouse Gas (GHG) Emissions](#x5_c114495c189) | 70 |
| [Energy Efficiency](#x5_c114495c190) | 71 |
| [Renewable Energy](#x5_c114495c191) | 71 |
| &nbsp;&nbsp;&nbsp;[Diversity](#x5_c114495c192) | 72 |
| [Board Diversity](#x5_c114495c193) | 72 |
| [Equality of Opportunity](#x5_c114495c194) | 72 |
| [Gender Identity, Sexual Orientation, and Domestic Partner Benefits](#x5_c114495c195) | 72 |
| [Gender, Race/Ethnicity Pay Gap](#x5_c114495c196) | 73 |
| [Racial Equity and/or Civil Rights Audit Guidelines](#x5_c114495c197) | 73 |
| &nbsp;&nbsp;&nbsp;[Environment and Sustainability](#x5_c114495c198) | 73 |
| [Facility and Workplace Safety](#x5_c114495c199) | 73 |
| [Natural Capital- Related and/or Community Impact Assessment Proposals](#x5_c114495c200) | 74 |
| [Hydraulic Fracturing](#x5_c114495c201) | 74 |
| [Operations in Protected Areas](#x5_c114495c202) | 74 |
| [Recycling](#x5_c114495c203) | 75 |
| [Sustainability Reporting](#x5_c114495c204) | 75 |
| [Water Issues](#x5_c114495c205) | 75 |
| &nbsp;&nbsp;&nbsp;[General Corporate Issues](#x5_c114495c206) | 75 |
| [Charitable Contributions](#x5_c114495c207) | 75 |
| [Data Security, Privacy, and Internet Issues](#x5_c114495c208) | 76 |
| [ESG Compensation-Related Proposals](#x5_c114495c209) | 76 |
| &nbsp;&nbsp;&nbsp;[Human Rights, Human Capital Management, and International Operations](#x5_c114495c210) | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Human Rights Proposals](#x5_c114495c211) | 76 |
| [Mandatory Arbitration](#x5_c114495c212) | 77 |
| [Operations in High-Risk Markets](#x5_c114495c213) | 77 |
| [Outsourcing/Offshoring](#x5_c114495c214) | 77 |
| [Sexual Harassment](#x5_c114495c215) | 78 |
| [Weapons and Military Sales](#x5_c114495c216) | 78 |
| &nbsp;&nbsp;&nbsp;[Political Activities](#x5_c114495c217) | 78 |
| [Lobbying](#x5_c114495c218) | 78 |
| [Political Contributions](#x5_c114495c219) | 79 |

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|  | [Political Expenditures and Lobbying Congruency](#x5_c114495c220) | 79 |
|  | [Political Ties](#x5_c114495c221) | 79 |
| **[8.](#x5_c114495c222)** | **[Mutual Fund Proxies](#x5_c114495c222)** | **81** |
|  | [Election of Directors](#x5_c114495c223) | 81 |
|  | [Closed End Funds- Unilateral Opt-In to Control Share Acquisition Statutes](#x5_c114495c224) | 81 |
|  | [Converting Closed-end Fund to Open-end Fund](#x5_c114495c225) | 81 |
|  | [Proxy Contests](#x5_c114495c226) | 81 |
|  | [Investment Advisory Agreements](#x5_c114495c227) | 82 |
|  | [Approving New Classes or Series of Shares](#x5_c114495c228) | 82 |
|  | [Preferred Stock Proposals](#x5_c114495c229) | 82 |
|  | [1940 Act Policies](#x5_c114495c230) | 82 |
|  | [Changing a Fundamental Restriction to a Nonfundamental Restriction](#x5_c114495c231) | 82 |
|  | [Change Fundamental Investment Objective to Nonfundamental](#x5_c114495c232) | 83 |
|  | [Name Change Proposals](#x5_c114495c233) | 83 |
|  | [Change in Fund's Subclassification](#x5_c114495c234) | 83 |
|  | [Business Development Companies—Authorization to Sell Shares of Common Stock at a Price below Net Asset Value](#x5_c114495c235) | 83 |
|  | [Disposition of Assets/Termination/Liquidation](#x5_c114495c236) | 84 |
|  | [Changes to the Charter Document](#x5_c114495c237) | 84 |
|  | [Changing the Domicile of a Fund](#x5_c114495c238) | 84 |
|  | [Authorizing the Board to Hire and Terminate Subadvisers Without Shareholder Approval](#x5_c114495c239) | 84 |
|  | [Distribution Agreements](#x5_c114495c240) | 85 |
|  | [Master-Feeder Structure](#x5_c114495c241) | 85 |
|  | [Mergers](#x5_c114495c242) | 85 |
| &nbsp;&nbsp;&nbsp;[Shareholder Proposals for Mutual Funds](#x5_c114495c243) | &nbsp;&nbsp;&nbsp;[Shareholder Proposals for Mutual Funds](#x5_c114495c243) | 85 |
|  | [Establish Director Ownership Requirement](#x5_c114495c244) | 85 |
|  | [Reimburse Shareholder for Expenses Incurred](#x5_c114495c245) | 85 |
|  | [Terminate the Investment Advisor](#x5_c114495c246) | 86 |

---

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**UNITED STATES**

Proxy Voting Guidelines

**Coverage**

The U.S. research team provides proxy analyses and voting recommendations for the common shareholder meetings of U.S. - incorporated companies that are publicly-traded on U.S. exchanges, as well as certain OTC companies, if they are held in our institutional investor clients' portfolios. Coverage generally includes corporate actions for common equity holders, such as written consents and bankruptcies. ISS' U.S. coverage includes investment companies (including open-end funds, closed-end funds, exchange-traded funds, and unit investment trusts), limited partnerships ("LPs"), master limited partnerships ("MLPs"), limited liability companies ("LLCs"), and business development companies. ISS reviews its universe of coverage on an annual basis, and the coverage is subject to change based on client need and industry trends.

**Foreign-incorporated companies**

In addition to U.S.- incorporated, U.S.- listed companies, ISS' U.S. policies are applied to certain foreign-incorporated company analyses. Like the SEC, ISS distinguishes two types of companies that list but are not incorporated in the U.S.:

---

| |
|:---|
| U.S. Domestic Issuers – which have a majority of outstanding shares held in the U.S. and meet other criteria, as determined by the SEC, and are subject to the same disclosure and listing standards as U.S. incorporated companies (e.g. they are required to file DEF14A proxy statements) – are generally covered under standard U.S. policy guidelines. |
| <u>Foreign Private Issuers</u> (FPIs) – which are allowed to take exemptions from most disclosure requirements (e.g., they are allowed to file 6-K for their proxy materials) and U.S. listing standards – are generally covered under a combination of policy guidelines: |
| FPI Guidelines (see the <u>Americas Regional Proxy Voting Guidelines</u><u>)</u>, may apply to companies incorporated in governance havens, and apply certain minimum independence and disclosure standards in the evaluation of key proxy ballot items, such as the election of directors; and/or |
| Guidelines for the market that is responsible for, or most relevant to, the item on the ballot. |

---

U.S. incorporated companies listed only on non-U.S. exchanges are generally covered under the ISS guidelines for the market on which they are traded.

An FPI is generally covered under ISS' approach to FPIs outlined above, even if such FPI voluntarily files a proxy statement and/or other filing normally required of a U.S. Domestic Issuer, so long as the company retains its FPI status.

In all cases – including with respect to other companies with cross-market features that may lead to ballot items related to multiple markets – items that are on the ballot solely due to the requirements of another market (listing, incorporation, or national code) may be evaluated under the policy of the relevant market, regardless of the "assigned" primary market coverage.

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**UNITED STATES**

Proxy Voting Guidelines

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Board of Directors** 

Voting on Director Nominees in Uncontested Elections

Four fundamental principles apply when determining votes on director nominees:

**Independence**: Boards should be sufficiently independent from management (and significant shareholders) to ensure that they are able and motivated to effectively supervise management's performance for the benefit of all shareholders, including in setting and monitoring the execution of corporate strategy, with appropriate use of shareholder capital, and in setting and monitoring executive compensation programs that support that strategy. The chair of the board should ideally be an independent director, and all boards should have an independent leadership position or a similar role in order to help provide appropriate counterbalance to executive management, as well as having sufficiently independent committees that focus on key governance concerns such as audit, compensation, and nomination of directors.

**Composition**: Companies should ensure that directors add value to the board through their specific skills and expertise and by having sufficient time and commitment to serve effectively. Boards should be of a size appropriate to accommodate diversity, expertise, and independence, while ensuring active and collaborative participation by all members. Boards should be sufficiently diverse to ensure consideration of a wide range of perspectives.

**Responsiveness**: Directors should respond to investor input, such as that expressed through significant opposition to management proposals, significant support for shareholder proposals (whether binding or non-binding), and tender offers where a majority of shares are tendered.

**Accountability**: Boards should be sufficiently accountable to shareholders, including through transparency of the company's governance practices and regular board elections, by the provision of sufficient information for shareholders to be able to assess directors and board composition, and through the ability of shareholders to remove directors.

**General Recommendation:** Generally vote for director nominees, except under the following circumstances (with new nominees**<sup>1</sup>** considered on case-by-case basis):

**Independence**

Vote against**<sup>2</sup>** or withhold from non-independent directors (Executive Directors and Non-Independent Non-Executive Directors per <u>ISS' Classification of Directors</u>) when:

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| | |
|:---|:---|
| § | Independent directors comprise 50 percent or less of the board; |
| § | The non-independent director serves on the audit, compensation, or nominating committee; |
| § | The company lacks an audit, compensation, or nominating committee so that the full board functions as that committee; or |

---

**<sup>1</sup>** A "new nominee" is a director who is being presented for election by shareholders for the first time. Recommendations on new nominees who have served for less than one year are made on a case-by-case basis depending on the timing of their appointment and the problematic governance issue in question.

**<sup>2</sup>** In general, companies with a plurality vote standard use "Withhold" as the contrary vote option in director elections; companies with a majority vote standard use "Against". However, it will vary by company and the proxy must be checked to determine the valid contrary vote option for the particular company.

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Proxy Voting Guidelines

§ The company lacks a formal nominating committee, even if the board attests that the independent directors fulfill the functions of such a committee.

**ISS Classification of Directors – U.S.**

---

| | | |
|:---|:---|:---|
| 1. | **Executive Director** | **Executive Director** |
|  | 1.1. | Current officer***<sup>1</sup>*** of the company or one of its affiliates***<sup>2</sup>.*** |
| 2. | **Non-Independent Non-Executive Director** | **Non-Independent Non-Executive Director** |
|  | <u>Board Identification</u> | <u>Board Identification</u> |
|  | 2.1. | Director identified as not independent by the board. |
|  | <u>Controlling/Significant Shareholder</u> | <u>Controlling/Significant Shareholder</u> |
|  | 2.2. | Beneficial owner of more than 50 percent of the company's voting power (this may be aggregated if voting power is distributed among more than one member of a group). |
|  | <u>Current Employment at Company or Related Company</u> | <u>Current Employment at Company or Related Company</u> |
|  | 2.3. | Non-officer employee of the firm (including employee representatives). |
|  | 2.4. | Officer***<sup>1</sup>***, former officer, or general or limited partner of a joint venture or partnership with the company. |
|  | <u>Former Employment</u> | <u>Former Employment</u> |
|  | 2.5. | Former CEO of the company. ***<sup>3, 4</sup>*** |
|  | 2.6. | Former non-CEO officer***<sup>1</sup>*** of the company or an affiliate***<sup>2</sup>*** within the past five years. |
|  | 2.7. | Former officer***<sup>1</sup>*** of an acquired company within the past five years.***<sup>4</sup>*** |
|  | 2.8. | Officer***<sup>1</sup>*** of a former parent or predecessor firm at the time the company was sold or split off within the past five years. |
|  | 2.9. | Former interim officer if the service was longer than 18 months. If the service was between 12 and 18 months an assessment of the interim officer's employment agreement will be made.***<sup>5</sup>*** |
|  | <u>Family Members</u> | <u>Family Members</u> |
|  | 2.10. | Immediate family member***<sup>6</sup>*** of a current or former officer***<sup>1</sup>*** of the company or its affiliates***<sup>2</sup>*** within the last five years. |
|  | 2.11. | Immediate family member***<sup>6</sup>*** of a current employee of company or its affiliates***<sup>2</sup>*** where additional factors raise concern (which may include, but are not limited to, the following: a director related to numerous employees; the company or its affiliates employ relatives of numerous board members; or a non- Section 16 officer in a key strategic role). |
|  | <u>Professional, Transactional, and Charitable Relationships</u> | <u>Professional, Transactional, and Charitable Relationships</u> |
|  | 2.12. | Director who (or whose immediate family member***<sup>6</sup>***) currently provides professional services***<sup>7</sup>*** in excess of $10,000 per year to: the company, an affiliate***<sup>2</sup>***, or an individual officer of the company or an affiliate; or who is (or whose immediate family member***<sup>6</sup>*** is) a partner, employee, or controlling shareholder of an organization which provides the services. |
|  | 2.13. | Director who (or whose immediate family member***<sup>6</sup>***) currently has any material transactional relationship***<sup>8</sup>*** with the company or its affiliates***<sup>2</sup>***; or who is (or whose immediate family member***<sup>6</sup>*** is) a partner in, or a controlling shareholder or an executive officer of, an organization which has the material transactional relationship***<sup>8</sup>*** (excluding investments in the company through a private placement). |
|  | 2.14. | Director who (or whose immediate family member***<sup>6</sup>*)** is a trustee, director, or employee of a charitable or non-profit organization that receives material grants or endowments***<sup>8</sup>*** from the company or its affiliates***<sup>2</sup>***. |
|  | <u>Other Relationships</u> | <u>Other Relationships</u> |
|  | 2.15. | Party to a voting agreement***<sup>9</sup>*** to vote in line with management on proposals being brought to shareholder vote. |
|  | 2.16. | Has (or an immediate family member***<sup>6</sup>*** has) an interlocking relationship as defined by the SEC involving members of the board of directors or its Compensation Committee.***<sup>10</sup>*** |
|  | 2.17. | Founder***<sup>11</sup>*** of the company but not currently an employee. |
|  | 2.18. | Director with pay comparable to Named Executive Officers. |
|  | 2.19. | Any material***<sup>12</sup>*** relationship with the company. |

---

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**UNITED STATES**

Proxy Voting Guidelines

**3.** **Independent Director**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1. No material  ***<sup>12</sup>*** connection to the company other than a board seat.

**Footnotes:**

 

*1.* The definition of officer will generally follow that of a "Section 16 officer" (officers subject to Section 16 of the Securities and Exchange Act of 1934) and includes the chief executive, operating, financial, legal, technology, and accounting officers of a company (including the president, treasurer, secretary, controller, or any vice president in charge of a principal business unit, division, or policy function). Current interim officers are included in this category. For private companies, the equivalent positions are applicable. A non-employee director serving as an officer due to statutory requirements (e.g. corporate secretary) will generally be classified as a Non-Independent Non-Executive Director under "Any material relationship with the company." However, if the company provides explicit disclosure that the director is not receiving additional compensation exceeding $10,000 per year for serving in that capacity, then the director will be classified as an Independent Director.

 

*2.* "Affiliate" includes a subsidiary, sibling company, or parent company. ISS uses 50 percent control ownership by the parent company as the standard for applying its affiliate designation. The manager/advisor of an externally managed issuer (EMI) is considered an affiliate.

 

*3.* Includes any former CEO of the company prior to the company's initial public offering (IPO).

 

*4.* When there is a former CEO of a special purpose acquisition company (SPAC) serving on the board of an acquired company, ISS will generally classify such directors as independent unless determined otherwise taking into account the following factors: the applicable listing standards determination of such director's independence; any operating ties to the firm; and the existence of any other conflicting relationships or related party transactions.

 

*5.* ISS will look at the terms of the interim officer's employment contract to determine if it contains severance pay, long-term health and pension benefits, or other such standard provisions typically contained in contracts of permanent, non-temporary CEOs. ISS will also consider if a formal search process was under way for a full-time officer at the time.

 

*6.* "Immediate family member" follows the SEC's definition of such and covers spouses, parents, children, step-parents, step-children, siblings, in-laws, and any person (other than a tenant or employee) sharing the household of any director, nominee for director, executive officer, or significant shareholder of the company.

 

*7.* Professional services can be characterized as advisory in nature, generally involve access to sensitive company information or to strategic decision-making, and typically have a commission- or fee-based payment structure. Professional services generally include but are not limited to the following: investment banking/financial advisory services, commercial banking (beyond deposit services), investment services, insurance services, accounting/audit services, consulting services, marketing services, legal services, property management services, realtor services, lobbying services, executive search services, and IT consulting services. The following would generally be considered transactional relationships and not professional services: deposit services, IT tech support services, educational services, and construction services. The case of participation in a banking syndicate by a non-lead bank should be considered a transactional (and hence subject to the associated materiality test) rather than a professional relationship. "Of Counsel" relationships are only considered immaterial if the individual does not receive any form of compensation (in excess of $10,000 per year) from, or is a retired partner of, the firm providing the professional service. The case of a company providing a professional service to one of its directors or to an entity with which one of its directors is affiliated, will be considered a transactional rather than a professional relationship. Insurance services and marketing services are assumed to be professional services unless the company explains why such services are not advisory.

 

*8.* A material transactional relationship, including grants to non-profit organizations, exists if the company makes annual payments to, or receives annual payments from, another entity, exceeding the greater of: $200,000 or 5 percent of the recipient's gross revenues, for a company that follows NASDAQ listing standards; or the greater of $1,000,000 or 2 percent of the recipient's gross revenues, for a company that follows NYSE listing standards. For a company that follows neither of the preceding standards, ISS will apply the NASDAQ-based materiality test. (The recipient is the party receiving the financial proceeds from the transaction).

 

*9.* Dissident directors who are parties to a voting agreement pursuant to a settlement or similar arrangement may be classified as Independent Directors if an analysis of the following factors indicates that the voting agreement does not compromise their alignment with all shareholders' interests: the terms of the agreement; the duration of the standstill provision in the agreement; the limitations and requirements of actions that are agreed upon; if the dissident director nominee(s) is subject to the standstill; and if there any conflicting relationships or related party transactions.

 

*10.* Interlocks include: executive officers serving as directors on each other's compensation or similar committees (or, in the absence of such a committee, on the board); or executive officers sitting on each other's boards and at least one serves on the other's compensation or similar committees (or, in the absence of such a committee, on the board).

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**UNITED STATES**

Proxy Voting Guidelines

*11.* The operating involvement of the founder with the company will be considered; if the founder was never employed by the company, ISS may deem him or her an Independent Director.

 

*12.* For purposes of ISS's director independence classification, "material" will be defined as a standard of relationship (financial, personal, or otherwise) that a reasonable person might conclude could potentially influence one's objectivity in the boardroom in a manner that would have a meaningful impact on an individual's ability to satisfy requisite fiduciary standards on behalf of shareholders.

**Composition**

**Attendance at Board and Committee Meetings:** Generally vote against or withhold from directors (except nominees who served only part of the fiscal year**<sup>3</sup>**) who attend less than 75 percent of the aggregate of their board and committee meetings for the period for which they served, unless an acceptable reason for absences is disclosed in the proxy or another SEC filing. Acceptable reasons for director absences are generally limited to the following:

---

| | |
|:---|:---|
| § | Medical issues/illness; |
| § | Family emergencies; and |
| § | Missing only one meeting (when the total of all meetings is three or fewer). |

---

In cases of chronic poor attendance without reasonable justification, in addition to voting against the director(s) with poor attendance, generally vote against or withhold from appropriate members of the nominating/governance committees or the full board.

If the proxy disclosure is unclear and insufficient to determine whether a director attended at least 75 percent of the aggregate of his/her board and committee meetings during his/her period of service, vote against or withhold from the director(s) in question.

**Overboarded Directors:** Generally vote against or withhold from individual directors who:

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| |
|:---|
| § |
| § Are CEOs of public companies who sit on the boards of more than two public companies besides their own—withhold only at their outside boards**<sup>4</sup>**. |

---

 

*NOTE: For shareholder meeting reports published on or after February 25th, 2025, Institutional Shareholder Services (ISS) has indefinitely halted the consideration of the gender diversity of a company's board when making vote recommendations with respect to the election or re-election of directors at U.S. companies covered by these guidelines under its proprietary ISS U.S. Benchmark policy.*

**Gender Diversity** **:** Generally vote against or withhold from the chair of the nominating committee (or other directors on a case-by-case basis) at companies where there are no women on the company's board. An exception will be made if there was at least one woman on the board at the preceding annual meeting and the board makes a firm commitment to return to a gender-diverse status within a year.

**** 

**<sup>3</sup>** Nominees who served for only part of the fiscal year are generally exempted from the attendance policy.

**<sup>4</sup>** Although all of a CEO's subsidiary boards with publicly-traded common stock will be counted as separate boards, ISS will not recommend a withhold vote for the CEO of a parent company board or any of the controlled (>50 percent ownership) subsidiaries of that parent but may do so at subsidiaries that are less than 50 percent controlled and boards outside the parent/subsidiary relationships.

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**UNITED STATES**

Proxy Voting Guidelines

*NOTE: For shareholder meeting reports published on or after February 25th, 2025, Institutional Shareholder Services (ISS) has indefinitely halted the consideration of the racial and/or ethnic diversity of a company's board when making vote recommendations with respect to the election or re-election of directors at U.S. companies covered under these guidelines under its proprietary ISS U.S. Benchmark policy.*

**Racial and/or Ethnic Diversity** **:** For companies in the Russell 3000 or S&P 1500 indices, generally vote against or withhold from the chair of the nominating committee (or other directors on a case-by-case basis) where the board has no apparent racially or ethnically diverse members**<sup>5</sup>**. An exception will be made if there was racial and/or ethnic diversity on the board at the preceding annual meeting and the board makes a firm commitment to appoint at least one racial and/or ethnic diverse member within a year.

**Responsiveness**

Vote case-by-case on individual directors, committee members, or the entire board of directors as appropriate if:

---

| |
|:---|
| The board failed to act on a shareholder proposal that received the support of a majority of the shares cast in the previous year or failed to act on a management proposal seeking to ratify an existing charter/bylaw provision that received opposition of a majority of the shares cast in the previous year. Factors that will be considered are: |
| Disclosed outreach efforts by the board to shareholders in the wake of the vote; |
| Rationale provided in the proxy statement for the level of implementation; |
| The subject matter of the proposal; |
| The level of support for and opposition to the resolution in past meetings; |
| Actions taken by the board in response to the majority vote and its engagement with shareholders; |
| The continuation of the underlying issue as a voting item on the ballot (as either shareholder or management proposals); and |
| Other factors as appropriate. |
| The board failed to act on takeover offers where the majority of shares are tendered; or |
| At the previous board election, any director received more than 50 percent withhold/against votes of the shares cast and the company has failed to address the issue(s) that caused the high withhold/against vote. |

---

Vote case-by-case on Compensation Committee members (or, in exceptional cases, the full board) and the Say on Pay proposal if:

---

| |
|:---|
| The company's previous say-on-pay received the support of less than 70 percent of votes cast. Factors that will be considered are: |
| The company's response, including: |
| Disclosure of engagement efforts with major institutional investors, including the frequency and timing of engagements and the company participants (including whether independent directors participated); |
| Disclosure of the specific concerns voiced by dissenting shareholders that led to the say-on-pay opposition; and |
| Disclosure of specific and meaningful actions taken to address shareholders' concerns; |
| Other recent compensation actions taken by the company; |
| Whether the issues raised are recurring or isolated; |
| The company's ownership structure; and |
| Whether the support level was less than 50 percent, which would warrant the highest degree of responsiveness. |

---

**<sup>5</sup>** Aggregate diversity statistics provided by the board will only be considered if specific to racial and/or ethnic diversity.

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Proxy Voting Guidelines

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| | |
|:---|:---|
| § | The board implements an advisory vote on executive compensation on a less frequent basis than the frequency that received the plurality of votes cast. |

---

**Accountability**

 ****

***PROBLEMATIC TAKEOVER DEFENSES, CAPITAL STRUCTURE, AND GOVERNANCE STRUCTURE***

**Poison Pills:** Generally vote against or withhold from all nominees (except new nominees**<sup>1</sup>**, who should be considered case-by-case) if:

---

| |
|:---|
| The company has a poison pill with a deadhand or slowhand feature**<sup>6</sup>**; |
| The board makes a material adverse modification to an existing pill, including, but not limited to, extension, renewal, or lowering the trigger, without shareholder approval; or |
| The company has a long-term poison pill (with a term of over one year) that was not approved by the public shareholders**<sup>7</sup>**. |

---

Vote case-by-case on nominees if the board adopts an initial short-term pill<sup>6</sup> (with a term of one year or less) without shareholder approval, taking into consideration:

---

| | |
|:---|:---|
| § | The trigger threshold and other terms of the pill; |
| § | The disclosed rationale for the adoption; |
| § | The context in which the pill was adopted, (e.g., factors such as the company's size and stage of development, sudden changes in its market capitalization, and extraordinary industry-wide or macroeconomic events); |
| § | A commitment to put any renewal to a shareholder vote; |
| § | The company's overall track record on corporate governance and responsiveness to shareholders; and |
| § | Other factors as relevant. |

---

**Unequal Voting Rights**: Generally vote withhold or against directors individually, committee members, or the entire board (except new nominees**<sup>1</sup>**, who should be considered case-by-case), if the company employs a common stock structure with unequal voting rights**<sup>8</sup>**.

Exceptions to this policy will generally be limited to:

---

| |
|:---|
| Newly-public companies**<sup>9</sup>** with a sunset provision of no more than seven years from the date of going public; |
| Limited Partnerships and the Operating Partnership (OP) unit structure of REITs; |
| Situations where the super-voting shares represent less than 5% of total voting power and therefore considered to be *de minimis*; or |

---

**<sup>6</sup>** If a short-term pill with a deadhand or slowhand feature is enacted but expires before the next shareholder vote, ISS will generally still recommend withhold/against nominees at the next shareholder meeting following its adoption.

**<sup>7</sup>** Approval prior to, or in connection, with a company's becoming publicly-traded, or in connection with a de-SPAC transaction, is insufficient.

**<sup>8</sup>** This generally includes classes of common stock that have additional votes per share than other shares; classes of shares that are not entitled to vote on all the same ballot items or nominees; or stock with time-phased voting rights ("loyalty shares").

**<sup>9</sup>** Includes companies that emerge from bankruptcy, SPAC transactions, spin-offs, direct listings, and those who complete a traditional initial public offering.

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Proxy Voting Guidelines

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| | |
|:---|:---|
| § | The company provides sufficient protections for minority shareholders, such as allowing minority shareholders a regular binding vote on whether the capital structure should be maintained. |

---

**Classified Board Structure:** The board is classified, and a continuing director responsible for a problematic governance issue at the board/committee level that would warrant a withhold/against vote recommendation is not up for election. All appropriate nominees (except new) may be held accountable.

**Removal of Shareholder Discretion on Classified Boards**: The company has opted into, or failed to opt out of, state laws requiring a classified board structure.

**Problematic Governance Structure**: For companies that hold or held their first annual meeting**<sup>9</sup>** of public shareholders after Feb. 1, 2015, generally vote against or withhold from directors individually, committee members, or the entire board (except new nominees**<sup>1</sup>**, who should be considered case-by-case) if, prior to or in connection with the company's public offering, the company or its board adopted the following bylaw or charter provisions that are considered to be materially adverse to shareholder rights:

---

| | |
|:---|:---|
| § | Supermajority vote requirements to amend the bylaws or charter; |
| § | A classified board structure; or |
| § | Other egregious provisions. |

---

A provision which specifies that the problematic structure(s) will be sunset within seven years of the date of going public will be considered a mitigating factor.

Unless the adverse provision is reversed or removed, vote case-by-case on director nominees in subsequent years.

**Unilateral Bylaw/Charter Amendments**: Generally vote against or withhold from directors individually, committee members, or the entire board (except new nominees**<sup>1</sup>**, who should be considered case-by-case) if the board amends the company's bylaws or charter without shareholder approval in a manner that materially diminishes shareholders' rights or that could adversely impact shareholders, considering the following factors:

---

| | |
|:---|:---|
| § | The board's rationale for adopting the bylaw/charter amendment without shareholder ratification; |
| § | Disclosure by the company of any significant engagement with shareholders regarding the amendment; |
| § | The level of impairment of shareholders' rights caused by the board's unilateral amendment to the bylaws/charter; |
| § | The board's track record with regard to unilateral board action on bylaw/charter amendments or other entrenchment provisions; |
| § | The company's ownership structure; |
| § | The company's existing governance provisions; |
| § | The timing of the board's amendment to the bylaws/charter in connection with a significant business development; and |
| § | Other factors, as deemed appropriate, that may be relevant to determine the impact of the amendment on shareholders. |

---

Unless the adverse amendment is reversed or submitted to a binding shareholder vote, in subsequent years vote case-by-case on director nominees. Generally vote against (except new nominees**<sup>1</sup>**, who should be considered case-by-case) if the directors:

---

| | |
|:---|:---|
| § | Classified the board; |
| § | Adopted supermajority vote requirements to amend the bylaws or charter; |
| § | Eliminated shareholders' ability to amend bylaws; |
| § | Adopted a fee<u>-shifting provision</u>; or |
| § | Adopted another provision deemed egregious. |

---

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Proxy Voting Guidelines

**Restricting Binding Shareholder Proposals**: Generally vote against or withhold from the members of the governance committee if:

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| | |
|:---|:---|
| § | The company's governing documents impose undue restrictions on shareholders' ability to amend the bylaws. Such restrictions include but are not limited to: outright prohibition on the submission of binding shareholder proposals or share ownership requirements, subject matter restrictions, or time holding requirements in excess of SEC Rule 14a-8. Vote against or withhold on an ongoing basis. |

---

Submission of management proposals to approve or ratify requirements in excess of SEC Rule 14a-8 for the submission of binding bylaw amendments will generally be viewed as an insufficient restoration of shareholders' rights. Generally continue to vote against or withhold on an ongoing basis until shareholders are provided with an unfettered ability to amend the bylaws or a proposal providing for such unfettered right is submitted for shareholder approval.

**Director Performance Evaluation**: The board lacks mechanisms to promote accountability and oversight, coupled with sustained poor performance relative to peers. Sustained poor performance is measured by one-, three-, and five-year total shareholder returns in the bottom half of a company's four-digit GICS industry group (Russell 3000 companies only). Take into consideration the company's operational metrics and other factors as warranted. Problematic provisions include but are not limited to:

---

| | |
|:---|:---|
| § | A classified board structure; |
| § | A supermajority vote requirement; |
| § | Either a plurality vote standard in uncontested director elections, or a majority vote standard in contested elections; |
| § | The inability of shareholders to call special meetings; |
| § | The inability of shareholders to act by written consent; |
| § | A multi-class capital structure; and/or |
| § | A non-shareholder-approved poison pill. |

---

**Management Proposals to Ratify Existing Charter or Bylaw Provisions**: Vote against/withhold from individual directors, members of the governance committee, or the full board, where boards ask shareholders to ratify existing charter or bylaw provisions considering the following factors:

---

| | |
|:---|:---|
| § | The presence of a shareholder proposal addressing the same issue on the same ballot; |
| § | The board's rationale for seeking ratification; |
| § | Disclosure of actions to be taken by the board should the ratification proposal fail; |
| § | Disclosure of shareholder engagement regarding the board's ratification request; |
| § | The level of impairment to shareholders' rights caused by the existing provision; |
| § | The history of management and shareholder proposals on the provision at the company's past meetings; |
| § | Whether the current provision was adopted in response to the shareholder proposal; |
| § | The company's ownership structure; and |
| § | Previous use of ratification proposals to exclude shareholder proposals. |

---

**Problematic Audit-Related Practices**

Generally vote against or withhold from the members of the Audit Committee if:

---

| | |
|:---|:---|
| § | The non-audit fees paid to the auditor are <u>excessive</u>; |
| § | The company receives an adverse opinion on the company's financial statements from its auditor; or |
| § | There is persuasive evidence that the Audit Committee entered into an inappropriate indemnification agreement with its auditor that limits the ability of the company, or its shareholders, to pursue legitimate legal recourse against the audit firm. |

---

Vote case-by-case on members of the Audit Committee and potentially the full board if:

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Proxy Voting Guidelines

---

| | |
|:---|:---|
| § | Poor accounting practices are identified that rise to a level of serious concern, such as: fraud; misapplication of GAAP; and material weaknesses identified in Section 404 disclosures. Examine the severity, breadth, chronological sequence, and duration, as well as the company's efforts at remediation or corrective actions, in determining whether withhold/against votes are warranted. |

---

**Problematic Compensation Practices**

In the absence of an Advisory Vote on Executive Compensation (Say on Pay) ballot item or in egregious situations, vote against or withhold from the members of the Compensation Committee and potentially the full board if:

---

| | |
|:---|:---|
| § | There is an unmitigated misalignment between CEO pay and company performance ([pay for performance](#page_48)); |
| § | The company maintains significant [problematic pay practices](#page_49); or |
| § | The board exhibits a significant level of [poor communication and responsiveness](#page_50) to shareholders. |

---

Generally vote against or withhold from the Compensation Committee chair, other committee members, or potentially the full board if:

§ The company fails to include a Say on Pay ballot item when required under SEC provisions, or under the company's declared frequency of say on pay; or <br> § The company fails to include a Frequency of Say on Pay ballot item when required under SEC provisions.

Generally vote against members of the board committee responsible for approving/setting non-employee director compensation if there is a pattern (i.e. two or more years) of awarding excessive non-employee director compensation without disclosing a compelling rationale or other mitigating factors.

**Problematic Pledging of Company Stock**: Vote against the members of the committee that oversees risks related to pledging, or the full board, where a significant level of pledged company stock by executives or directors raises concerns. The following factors will be considered:

---

| | |
|:---|:---|
| § | The presence of an anti-pledging policy, disclosed in the proxy statement, that prohibits future pledging activity; |
| § | The magnitude of aggregate pledged shares in terms of total common shares outstanding, market value, and trading volume; |
| § | Disclosure of progress or lack thereof in reducing the magnitude of aggregate pledged shares over time; |
| § | Disclosure in the proxy statement that shares subject to stock ownership and holding requirements do not include pledged company stock; and |
| § | Any other relevant factors. |

---

**Climate Accountability**

For companies that are significant greenhouse gas (GHG) emitters, through their operations or value chain**<sup>10</sup>**, generally vote against or withhold from the incumbent chair of the responsible committee (or other directors on a case-by-case basis) in cases where ISS determines that the company is not taking the minimum steps needed to understand, assess, and mitigate risks related to climate change to the company and the larger economy.

Minimum steps to understand and mitigate those risks are considered to be the following. Both minimum criteria will be required to be in alignment with the policy :

§ Detailed disclosure of climate-related risks, such as according to the framework established by the Task Force on Climate-related Financial Disclosures (TCFD), including:

**<sup>10</sup>** Companies defined as "significant GHG emitters" will be those on the current Climate Action 100+ Focus Group list.

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Proxy Voting Guidelines

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| | | |
|:---|:---|:---|
|  | § | Board governance measures; |
|  | § | Corporate strategy; |
|  | § | Risk management analyses; and |
|  | § | Metrics and targets. |
| § | Appropriate GHG emissions reduction targets. | Appropriate GHG emissions reduction targets. |

---

At this time, "appropriate GHG emissions reductions targets" will be medium-term GHG reduction targets or Net Zero-by-2050 GHG reduction targets for a company's operations (Scope 1) and electricity use (Scope 2). Targets should cover the vast majority of the company's direct emissions.

**Governance Failures**

Under extraordinary circumstances, vote against or withhold from directors individually, committee members, or the entire board, due to:

---

| |
|:---|
| Material failures of governance, stewardship, risk oversight**<sup>11</sup>**, or fiduciary responsibilities at the company; |
| Failure to replace management as appropriate; or |
| Egregious actions related to a director's service on other boards that raise substantial doubt about his or her ability to effectively oversee management and serve the best interests of shareholders at any company. |

---

Voting on Director Nominees in Contested Elections

**Vote-No Campaigns**

**General Recommendation:** In cases where companies are targeted in connection with public "vote-no" campaigns, evaluate director nominees under the existing governance policies for voting on director nominees in uncontested elections. Take into consideration the arguments submitted by shareholders and other publicly available information.

**Proxy Contests/Proxy Access**

**General Recommendation:** Vote case-by-case on the election of directors in contested elections, considering the following factors:

---

| | |
|:---|:---|
| § | Long-term financial performance of the company relative to its industry; |
| § | Management's track record; |
| § | Background to the contested election; |
| § | Nominee qualifications and any compensatory arrangements; |
| § | Strategic plan of dissident slate and quality of the critique against management; |
| § | Likelihood that the proposed goals and objectives can be achieved (both slates); and |
| § | Stock ownership positions. |

---

**<sup>11</sup>** Examples of failure of risk oversight include but are not limited to: bribery; large or serial fines or sanctions from regulatory bodies; demonstrably poor risk oversight of environmental and social issues, including climate change; significant adverse legal judgments or settlement; or hedging of company stock.

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**UNITED STATES**

Proxy Voting Guidelines

In the case of candidates nominated pursuant to proxy access, vote case-by-case considering any applicable factors listed above or additional factors which may be relevant, including those that are specific to the company, to the nominee(s) and/or to the nature of the election (such as whether there are more candidates than board seats).

Other Board-Related Proposals

**Adopt Anti-Hedging/Pledging/Speculative Investments Policy**

**General Recommendation:** Generally vote for proposals seeking a policy that prohibits named executive officers from engaging in derivative or speculative transactions involving company stock, including hedging, holding stock in a margin account, or pledging stock as collateral for a loan. However, the company's existing policies regarding responsible use of company stock will be considered.

**Board Refreshment**

Board refreshment is best implemented through an ongoing program of individual director evaluations, conducted annually, to ensure the evolving needs of the board are met and to bring in fresh perspectives, skills, and diversity as needed.

**Term/Tenure Limits**

**General Recommendation:** Vote case-by-case on management proposals regarding director term/tenure limits, considering:

---

| | |
|:---|:---|
| § | The rationale provided for adoption of the term/tenure limit; |
| § | The robustness of the company's board evaluation process; |
| § | Whether the limit is of sufficient length to allow for a broad range of director tenures; |
| § | Whether the limit would disadvantage independent directors compared to non-independent directors; and |
| § | Whether the board will impose the limit evenly, and not have the ability to waive it in a discriminatory manner. |

---

Vote case-by-case on shareholder proposals asking for the company to adopt director term/tenure limits, considering:

§ The scope of the shareholder proposal; and <br> § Evidence of problematic issues at the company combined with, or exacerbated by, a lack of board refreshment.

**Age Limits**

**General Recommendation:** Generally vote against management and shareholder proposals to limit the tenure of independent directors through mandatory retirement ages. Vote for proposals to remove mandatory age limits.

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Proxy Voting Guidelines

**Board Size**

**General Recommendation:** Vote for proposals seeking to fix the board size or designate a range for the board size.

Vote against proposals that give management the ability to alter the size of the board outside of a specified range without shareholder approval.

**Classification/Declassification of the Board**

**General Recommendation:** Vote against proposals to classify (stagger) the board.

Vote for proposals to repeal classified boards and to elect all directors annually.

**CEO Succession Planning**

**General Recommendation:** Generally vote for proposals seeking disclosure on a CEO succession planning policy, considering, at a minimum, the following factors:

§ The reasonableness/scope of the request; and <br> § The company's existing disclosure on its current CEO succession planning process.

**Cumulative Voting**

**General Recommendation:** Generally vote against management proposals to eliminate cumulate voting, and for shareholder proposals to restore or provide for cumulative voting, unless:

---

| | |
|:---|:---|
| § | The company has proxy access**<sup>12</sup>**, thereby allowing shareholders to nominate directors to the company's ballot; and |
| § | The company has adopted a majority vote standard, with a carve-out for plurality voting in situations where there are more nominees than seats, and a director resignation policy to address failed elections. |

---

Vote for proposals for cumulative voting at controlled companies (insider voting power > 50%).

**** 

**** 

**<sup>12</sup>** A proxy access right that meets the <u>recommended guidelines.</u>

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Proxy Voting Guidelines

**Director and Officer Indemnification, Liability Protection, and Exculpation**

**General Recommendation:** Vote case-by-case on proposals on director and officer indemnification, liability protection, and exculpation**<sup>13</sup>**.

Consider the stated rationale for the proposed change. Also consider, among other factors, the extent to which the proposal would:

---

| | |
|:---|:---|
| § | Eliminate directors' and officers' liability for monetary damages for violating the duty of care; |
| § | Eliminate directors' and officers' liability for monetary damages for violating the duty of loyalt; |
| § | Expand coverage beyond just legal expenses to liability for acts that are more serious violations of fiduciary obligation than mere carelessness; and |
| § | Expand the scope of indemnification to provide for mandatory indemnification of company officials in connection with acts that previously the company was permitted to provide indemnification for, at the discretion of the company's board (*i.e.*, "permissive indemnification"), but that previously the company was not required to indemnify. |

---

Vote for those proposals providing such expanded coverage in cases when a director's or officer's legal defense was unsuccessful if both of the following apply:

§ If the individual was found to have acted in good faith and in a manner that the individual reasonably believed was in the best interests of the company; and <br> § If only the individual's legal expenses would be covered.

**Establish/Amend Nominee Qualifications**

**General Recommendation:** Vote case-by-case on proposals that establish or amend director qualifications. Votes should be based on the reasonableness of the criteria and the degree to which they may preclude dissident nominees from joining the board.

Vote case-by-case on shareholder resolutions seeking a director nominee who possesses a particular subject matter expertise, considering:

---

| | |
|:---|:---|
| § | The company's board committee structure, existing subject matter expertise, and board nomination provisions relative to that of its peers; |
| § | The company's existing board and management oversight mechanisms regarding the issue for which board oversight is sought; |
| § | The company's disclosure and performance relating to the issue for which board oversight is sought and any significant related controversies; and |
| § | The scope and structure of the proposal. |

---

**** 

**<sup>13</sup> Indemnification**: the condition of being secured against loss or damage.

**Limited liability**: a person's financial liability is limited to a fixed sum, or personal financial assets are not at risk if the individual loses a lawsuit that results in financial award/damages to the plaintiff.

**Exculpation**: to eliminate or limit the personal liability of a director or officer to the corporation or its shareholders for monetary damages for breach of fiduciary duty as a director or officer.

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Proxy Voting Guidelines

**Establish Other Board Committee Proposals**

**General Recommendation:** Generally vote against shareholder proposals to establish a new board committee, as such proposals seek a specific oversight mechanism/structure that potentially limits a company's flexibility to determine an appropriate oversight mechanism for itself. However, the following factors will be considered:

---

| | |
|:---|:---|
| § | Existing oversight mechanisms (including current committee structure) regarding the issue for which board oversight is sought; |
| § | Level of disclosure regarding the issue for which board oversight is sought; |
| § | Company performance related to the issue for which board oversight is sought; |
| § | Board committee structure compared to that of other companies in its industry sector; and |
| § | The scope and structure of the proposal. |

---

**Filling Vacancies/Removal of Directors**

**General Recommendation:** Vote against proposals that provide that directors may be removed only for cause. Vote for proposals to restore shareholders' ability to remove directors with or without cause.

Vote against proposals that provide that only continuing directors may elect replacements to fill board vacancies.

Vote for proposals that permit shareholders to elect directors to fill board vacancies.

**Independent Board Chair**

**General Recommendation:** Generally vote for shareholder proposals requiring that the board chair position be filled by an independent director, taking into consideration the following:

---

| | |
|:---|:---|
| § | The scope and rationale of the proposal; |
| § | The company's current board leadership structure; |
| § | The company's governance structure and practices; |
| § | Company performance; and |
| § | Any other relevant factors that may be applicable. |

---

The following factors will increase the likelihood of a "for" recommendation:

---

| | |
|:---|:---|
| § | A majority non-independent board and/or the presence of non-independent directors on key board committees; |
| § | A weak or poorly-defined lead independent director role that fails to serve as an appropriate counterbalance to a combined CEO/chair role; |
| § | The presence of an executive or non-independent chair in addition to the CEO, a recent recombination of the role of CEO and chair, and/or departure from a structure with an independent chair; |
| § | Evidence that the board has failed to oversee and address material risks facing the company; |
| § | A material governance failure, particularly if the board has failed to adequately respond to shareholder concerns or if the board has materially diminished shareholder rights; or |
| § | Evidence that the board has failed to intervene when management's interests are contrary to shareholders' interests. |

---

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Proxy Voting Guidelines

**Majority of Independent Directors/Establishment of Independent Committees**

**General Recommendation:** Vote for shareholder proposals asking that a majority or more of directors be independent unless the board composition already meets the proposed threshold by ISS' definition of Independent Director (See <u>ISS' Classification of Directors</u>.)

Vote for shareholder proposals asking that board audit, compensation, and/or nominating committees be composed exclusively of independent directors unless they currently meet that standard.

**Majority Vote Standard for the Election of Directors**

**General Recommendation:** Generally vote for management proposals to adopt a majority of votes cast standard for directors in uncontested elections. Vote against if no carve-out for a plurality vote standard in contested elections is included.

Generally vote for precatory and binding shareholder resolutions requesting that the board change the company's bylaws to stipulate that directors need to be elected with an affirmative majority of votes cast, provided it does not conflict with the state law where the company is incorporated. Binding resolutions need to allow for a carve-out for a plurality vote standard when there are more nominees than board seats.

Companies are strongly encouraged to also adopt a post-election policy (also known as a director resignation policy) that will provide guidelines so that the company will promptly address the situation of a holdover director.

**Proxy Access**

**General Recommendation:** Generally vote for management and shareholder proposals for proxy access with the following provisions:

---

| |
|:---|
| **Ownership threshold:** maximum requirement not more than three percent (3%) of the voting power; |
| **Ownership duration:** maximum requirement not longer than three (3) years of continuous ownership for each member of the nominating group; |
| **Aggregation:** minimal or no limits on the number of shareholders permitted to form a nominating group; and |
| **Cap:** cap on nominees of generally twenty-five percent (25%) of the board. |

---

Review for reasonableness any other restrictions on the right of proxy access. Generally vote against proposals that are more restrictive than these guidelines.

**Require More Nominees than Open Seats**

**General Recommendation:** Vote against shareholder proposals that would require a company to nominate more candidates than the number of open board seats.

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Proxy Voting Guidelines

**Shareholder Engagement Policy (Shareholder Advisory Committee)**

**General Recommendation:** Generally vote for shareholder proposals requesting that the board establish an internal mechanism/process, which may include a committee, in order to improve communications between directors and shareholders, unless the company has the following features, as appropriate:

---

| | |
|:---|:---|
| § | Established a communication structure that goes beyond the exchange requirements to facilitate the exchange of information between shareholders and members of the board; |
| § | Effectively disclosed information with respect to this structure to its shareholders; |
| § | Company has not ignored majority-supported shareholder proposals, or a majority withhold vote on a director nominee; and |
| § | The company has an independent chair or a lead director, according to <u>ISS' definition</u>. This individual must be made available for periodic consultation and direct communication with major shareholders. |

---

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Proxy Voting Guidelines

**2. Audit-Related**

**Auditor Indemnification and Limitation of Liability**

**General Recommendation:** Vote case-by-case on the issue of auditor indemnification and limitation of liability. Factors to be assessed include, but are not limited to:

---

| | |
|:---|:---|
| § | The terms of the auditor agreement—the degree to which these agreements impact shareholders' rights; |
| § | The motivation and rationale for establishing the agreements; |
| § | The quality of the company's disclosure; and |
| § | The company's historical practices in the audit area. |

---

Vote against or withhold from members of an audit committee in situations where there is persuasive evidence that the audit committee entered into an inappropriate indemnification agreement with its auditor that limits the ability of the company, or its shareholders, to pursue legitimate legal recourse against the audit firm.

**Auditor Ratification**

**General Recommendation:** Vote for proposals to ratify auditors unless any of the following apply:

---

| | |
|:---|:---|
| § | An auditor has a financial interest in or association with the company, and is therefore not independent; |
| § | There is reason to believe that the independent auditor has rendered an opinion that is neither accurate nor indicative of the company's financial position; |
| § | Poor accounting practices are identified that rise to a serious level of concern, such as fraud or misapplication of GAAP; or |
| § | Fees for non-audit services ("Other" fees) are excessive. |

---

Non-audit fees are excessive if:

§ Non-audit ("other") fees > audit fees + audit-related fees + tax compliance/preparation fees

Tax compliance and preparation include the preparation of original and amended tax returns and refund claims, and tax payment planning. All other services in the tax category, such as tax advice, planning, or consulting, should be added to "Other" fees. If the breakout of tax fees cannot be determined, add all tax fees to "Other" fees.

In circumstances where "Other" fees include fees related to significant one-time capital structure events (such as initial public offerings, bankruptcy emergence, and spin-offs) and the company makes public disclosure of the amount and nature of those fees that are an exception to the standard "non-audit fee" category, then such fees may be excluded from the non-audit fees considered in determining the ratio of non-audit to audit/audit-related fees/tax compliance and preparation for purposes of determining whether non-audit fees are excessive.

**Shareholder Proposals Limiting Non-Audit Services**

**General Recommendation:** Vote case-by-case on shareholder proposals asking companies to prohibit or limit their auditors from engaging in non-audit services.

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**UNITED STATES**

Proxy Voting Guidelines

**Shareholder Proposals on Audit Firm Rotation**

**General Recommendation:** Vote case-by-case on shareholder proposals asking for audit firm rotation, taking into account:

---

| | |
|:---|:---|
| § | The tenure of the audit firm; |
| § | The length of rotation specified in the proposal; |
| § | Any significant audit-related issues at the company; |
| § | The number of Audit Committee meetings held each year; |
| § | The number of financial experts serving on the committee; and |
| § | Whether the company has a periodic renewal process where the auditor is evaluated for both audit quality and competitive price. |

---

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Proxy Voting Guidelines

**3. Shareholder Rights & Defenses**

**Advance Notice Requirements for Shareholder Proposals/Nominations**

**General Recommendation:** Vote case-by-case on advance notice proposals, giving support to those proposals which allow shareholders to submit proposals/nominations as close to the meeting date as reasonably possible and within the broadest window possible, recognizing the need to allow sufficient notice for company, regulatory, and shareholder review.

To be reasonable, the company's deadline for shareholder notice of a proposal/nominations must be no earlier than 120 days prior to the anniversary of the previous year's meeting and have a submittal window of no shorter than 30 days from the beginning of the notice period (also known as a 90-120-day window). The submittal window is the period under which shareholders must file their proposals/nominations prior to the deadline.

In general, support additional efforts by companies to ensure full disclosure in regard to a proponent's economic and voting position in the company so long as the informational requirements are reasonable and aimed at providing shareholders with the necessary information to review such proposals.

**Amend Bylaws without Shareholder Consent**

**General Recommendation:** Vote against proposals giving the board exclusive authority to amend the bylaws.

Vote case-by-case on proposals giving the board the ability to amend the bylaws in addition to shareholders, taking into account the following:

---

| | |
|:---|:---|
| § | Any impediments to shareholders' ability to amend the bylaws (i.e. supermajority voting requirements); |
| § | The company's ownership structure and historical voting turnout; |
| § | Whether the board could amend bylaws adopted by shareholders; and |
| § | Whether shareholders would retain the ability to ratify any board-initiated amendments. |

---

**Control Share Acquisition Provisions**

**General Recommendation:** Vote for proposals to opt out of control share acquisition statutes unless doing so would enable the completion of a takeover that would be detrimental to shareholders.

Vote against proposals to amend the charter to include control share acquisition provisions.

Vote for proposals to restore voting rights to the control shares.

Control share acquisition statutes function by denying shares their voting rights when they contribute to ownership in excess of certain thresholds. Voting rights for those shares exceeding ownership limits may only be restored by approval of either a majority or supermajority of disinterested shares. Thus, control share acquisition statutes effectively require a hostile bidder to put its offer to a shareholder vote or risk voting disenfranchisement if the bidder continues buying up a large block of shares.

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**UNITED STATES**

Proxy Voting Guidelines

**Control Share Cash-Out Provisions**

**General Recommendation:** Vote for proposals to opt out of control share cash-out statutes.

Control share cash-out statutes give dissident shareholders the right to "cash-out" of their position in a company at the expense of the shareholder who has taken a control position. In other words, when an investor crosses a preset threshold level, remaining shareholders are given the right to sell their shares to the acquirer, who must buy them at the highest acquiring price.

**Disgorgement Provisions**

**General Recommendation:** Vote for proposals to opt out of state disgorgement provisions.

Disgorgement provisions require an acquirer or potential acquirer of more than a certain percentage of a company's stock to disgorge, or pay back, to the company any profits realized from the sale of that company's stock purchased 24 months before achieving control status. All sales of company stock by the acquirer occurring within a certain period of time (between 18 months and 24 months) prior to the investor's gaining control status are subject to these recapture-of-profits provisions.

**Fair Price Provisions**

**General Recommendation:** Vote case-by-case on proposals to adopt fair price provisions (provisions that stipulate that an acquirer must pay the same price to acquire all shares as it paid to acquire the control shares), evaluating factors such as the vote required to approve the proposed acquisition, the vote required to repeal the fair price provision, and the mechanism for determining the fair price.

Generally vote against fair price provisions with shareholder vote requirements greater than a majority of disinterested shares.

**Freeze-Out Provisions**

**General Recommendation:** Vote for proposals to opt out of state freeze-out provisions. Freeze-out provisions force an investor who surpasses a certain ownership threshold in a company to wait a specified period of time before gaining control of the company.

**Greenmail**

**General Recommendation:** Vote for proposals to adopt anti-greenmail charter or bylaw amendments or otherwise restrict a company's ability to make greenmail payments.

Vote case-by-case on anti-greenmail proposals when they are bundled with other charter or bylaw amendments.

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Proxy Voting Guidelines

Greenmail payments are targeted share repurchases by management of company stock from individuals or groups seeking control of the company. Since only the hostile party receives payment, usually at a substantial premium over the market value of its shares, the practice discriminates against all other shareholders.

**Shareholder Litigation Rights**

**Federal Forum Selection Provisions**

Federal forum selection provisions require that U.S. federal courts be the sole forum for shareholders to litigate claims arising under federal securities law.

**General Recommendation:** Generally vote for federal forum selection provisions in the charter or bylaws that specify "the district courts of the United States" as the exclusive forum for federal securities law matters, in the absence of serious concerns about corporate governance or board responsiveness to shareholders.

Vote against provisions that restrict the forum to a particular federal district court; unilateral adoption (without a shareholder vote) of such a provision will generally be considered a one-time failure under the <u>Unilateral Bylaw/Charter Amendments</u> policy.

**Exclusive Forum Provisions for State Law Matters**

Exclusive forum provisions in the charter or bylaws restrict shareholders' ability to bring derivative lawsuits against the company, for claims arising out of state corporate law, to the courts of a particular state (generally the state of incorporation).

**General Recommendation:** Generally vote for charter or bylaw provisions that specify courts located within the state of Delaware as the exclusive forum for corporate law matters for Delaware corporations, in the absence of serious concerns about corporate governance or board responsiveness to shareholders.

For states other than Delaware, vote case-by-case on exclusive forum provisions, taking into consideration:

---

| | |
|:---|:---|
| § | The company's stated rationale for adopting such a provision; |
| § | Disclosure of past harm from duplicative shareholder lawsuits in more than one forum; |
| § | The breadth of application of the charter or bylaw provision, including the types of lawsuits to which it would apply and the definition of key terms; and |
| § | Governance features such as shareholders' ability to repeal the provision at a later date (including the vote standard applied when shareholders attempt to amend the charter or bylaws) and their ability to hold directors accountable through annual director elections and a majority vote standard in uncontested elections. |

---

Generally vote against provisions that specify a state other than the state of incorporation as the exclusive forum for corporate law matters, or that specify a particular local court within the state; unilateral adoption of such a provision will generally be considered a one-time failure under the <u>Unilateral Bylaw/Charter Amendments</u> policy.

**Fee shifting**

Fee-shifting provisions in the charter or bylaws require that a shareholder who sues a company unsuccessfully pay all litigation expenses of the defendant corporation and its directors and officers.

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**UNITED STATES**

Proxy Voting Guidelines

**General Recommendation:** Generally vote against provisions that mandate fee-shifting whenever plaintiffs are not completely successful on the merits (i.e., including cases where the plaintiffs are partially successful).

Unilateral adoption of a fee-shifting provision will generally be considered an ongoing failure under the <u>Unilateral Bylaw/Charter Amendments</u> policy.

**Net Operating Loss (NOL) Protective Amendments**

**General Recommendation:** Vote against proposals to adopt a protective amendment for the stated purpose of protecting a company's net operating losses (NOL) if the effective term of the protective amendment would exceed the shorter of three years and the exhaustion of the NOL.

Vote case-by-case, considering the following factors, for management proposals to adopt an NOL protective amendment that would remain in effect for the shorter of three years (or less) and the exhaustion of the NOL:

---

| |
|:---|
| The ownership threshold (NOL protective amendments generally prohibit stock ownership transfers that would result in a new 5-percent holder or increase the stock ownership percentage of an existing 5-percent holder); |
| The value of the NOLs; |
| Shareholder protection mechanisms (sunset provision or commitment to cause expiration of the protective amendment upon exhaustion or expiration of the NOL); |
| The company's existing governance structure including: board independence, existing takeover defenses, track record of responsiveness to shareholders, and any other problematic governance concerns; and |
| Any other factors that may be applicable. |

---

Poison Pills (Shareholder Rights Plans)

**Shareholder Proposals to Put Pill to a Vote and/or Adopt a Pill Policy**

**General Recommendation:** Vote for shareholder proposals requesting that the company submit its poison pill to a shareholder vote or redeem it unless the company has: (1) A shareholder-approved poison pill in place; or (2) The company has adopted a policy concerning the adoption of a pill in the future specifying that the board will only adopt a shareholder rights plan if either:

---

| | |
|:---|:---|
| § | Shareholders have approved the adoption of the plan; or |
| § | The board, in its exercise of its fiduciary responsibilities, determines that it is in the best interest of shareholders under the circumstances to adopt a pill without the delay in adoption that would result from seeking stockholder approval (i.e., the "fiduciary out" provision). A poison pill adopted under this fiduciary out will be put to a shareholder ratification vote within 12 months of adoption or expire. If the pill is not approved by a majority of the votes cast on this issue, the plan will immediately terminate. |

---

If the shareholder proposal calls for a time period of less than 12 months for shareholder ratification after adoption, vote for the proposal, but add the caveat that a vote within 12 months would be considered sufficient implementation.

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**UNITED STATES**

Proxy Voting Guidelines

**Management Proposals to Ratify a Poison Pill**

**General Recommendation:** Vote case-by-case on management proposals on poison pill ratification, focusing on the features of the shareholder rights plan. Rights plans should contain the following attributes:

---

| |
|:---|
| No lower than a 20 percent trigger, flip-in or flip-over; |
| A term of no more than three years; |
| No deadhand, slowhand, no-hand, or similar feature that limits the ability of a future board to redeem the pill; and |
| Shareholder redemption feature (qualifying offer clause); if the board refuses to redeem the pill 90 days after a qualifying offer is announced, 10 percent of the shares may call a special meeting or seek a written consent to vote on rescinding the pill. |

---

In addition, the rationale for adopting the pill should be thoroughly explained by the company. In examining the request for the pill, take into consideration the company's existing governance structure, including: board independence, existing takeover defenses, and any problematic governance concerns.

**Management Proposals to Ratify a Pill to Preserve Net Operating Losses (NOLs)**

**General Recommendation:** Vote against proposals to adopt a poison pill for the stated purpose of protecting a company's net operating losses (NOL) if the term of the pill would exceed the shorter of three years and the exhaustion of the NOL.

Vote case-by-case on management proposals for poison pill ratification, considering the following factors, if the term of the pill would be the shorter of three years (or less) and the exhaustion of the NOL:

---

| |
|:---|
| The ownership threshold to transfer (NOL pills generally have a trigger slightly below 5 percent); |
| The value of the NOLs; |
| Shareholder protection mechanisms (sunset provision, or commitment to cause expiration of the pill upon exhaustion or expiration of NOLs); |
| The company's existing governance structure, including: board independence, existing takeover defenses, track record of responsiveness to shareholders, and any other problematic governance concerns; and |
| Any other factors that may be applicable. |

---

**Proxy Voting Disclosure, Confidentiality, and Tabulation**

**General Recommendation:** Vote case-by-case on proposals regarding proxy voting mechanics, taking into consideration whether implementation of the proposal is likely to enhance or protect shareholder rights. Specific issues covered under the policy include, but are not limited to, confidential voting of individual proxies and ballots, confidentiality of running vote tallies, and the treatment of abstentions and/or broker non-votes in the company's vote-counting methodology.

While a variety of factors may be considered in each analysis, the guiding principles are: transparency, consistency, and fairness in the proxy voting process. The factors considered, as applicable to the proposal, may include:

§ The scope and structure of the proposal;

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Proxy Voting Guidelines

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| | |
|:---|:---|
| § | The company's stated confidential voting policy (or other relevant policies) and whether it ensures a "level playing field" by providing shareholder proponents with equal access to vote information prior to the annual meeting; |
| § | The company's vote standard for management and shareholder proposals and whether it ensures consistency and fairness in the proxy voting process and maintains the integrity of vote results; |
| § | Whether the company's disclosure regarding its vote counting method and other relevant voting policies with respect to management and shareholder proposals are consistent and clear; |
| § | Any recent controversies or concerns related to the company's proxy voting mechanics; |
| § | Any unintended consequences resulting from implementation of the proposal; and |
| § | Any other factors that may be relevant. |

---

**Ratification Proposals: Management Proposals to Ratify Existing Charter or Bylaw Provisions**

**General Recommendation:** Generally vote against management proposals to ratify provisions of the company's existing charter or bylaws, unless these governance provisions align with best practice.

In addition, voting against/withhold from individual directors, members of the governance committee, or the full board may be warranted, considering:

---

| | |
|:---|:---|
| § | The presence of a shareholder proposal addressing the same issue on the same ballot; |
| § | The board's rationale for seeking ratification; |
| § | Disclosure of actions to be taken by the board should the ratification proposal fail; |
| § | Disclosure of shareholder engagement regarding the board's ratification request; |
| § | The level of impairment to shareholders' rights caused by the existing provision; |
| § | The history of management and shareholder proposals on the provision at the company's past meetings; |
| § | Whether the current provision was adopted in response to the shareholder proposal; |
| § | The company's ownership structure; and |
| § | Previous use of ratification proposals to exclude shareholder proposals. |

---

**Reimbursing Proxy Solicitation Expenses**

**General Recommendation:** Vote case-by-case on proposals to reimburse proxy solicitation expenses.

When voting in conjunction with support of a dissident slate, vote for the reimbursement of all appropriate proxy solicitation expenses associated with the election.

Generally vote for shareholder proposals calling for the reimbursement of reasonable costs incurred in connection with nominating one or more candidates in a contested election where the following apply:

---

| |
|:---|
| The election of fewer than 50 percent of the directors to be elected is contested in the election; |
| One or more of the dissident's candidates is elected; |
| Shareholders are not permitted to cumulate their votes for directors; and |
| The election occurred, and the expenses were incurred, after the adoption of this bylaw. |

---

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**UNITED STATES**

Proxy Voting Guidelines

**Reincorporation Proposals**

**General Recommendation:** Management or shareholder proposals to change a company's state of incorporation should be evaluated case-by-case, giving consideration to both financial and corporate governance concerns including the following:

§ Reasons for reincorporation; <br> § Comparison of company's governance practices and provisions prior to and following the reincorporation; and <br> § Comparison of corporation laws of original state and destination state.

Vote for reincorporation when the economic factors outweigh any neutral or negative governance changes.

**Shareholder Ability to Act by Written Consent**

**General Recommendation:** Generally vote against management and shareholder proposals to restrict or prohibit shareholders' ability to act by written consent.

Generally vote for management and shareholder proposals that provide shareholders with the ability to act by written consent, taking into account the following factors:

---

| | |
|:---|:---|
| § | Shareholders' current right to act by written consent; |
| § | The consent threshold; |
| § | The inclusion of exclusionary or prohibitive language; |
| § | Investor ownership structure; and |
| § | Shareholder support of, and management's response to, previous shareholder proposals. |

---

Vote case-by-case on shareholder proposals if, in addition to the considerations above, the company has the following governance and antitakeover provisions:

---

| |
|:---|
| An unfettered**<sup>14</sup>** right for shareholders to call special meetings at a 10 percent threshold; |
| A majority vote standard in uncontested director elections; |
| No non-shareholder-approved pill; and |
| An annually elected board. |

---

**Shareholder Ability to Call Special Meetings**

**General Recommendation:** Vote against management or shareholder proposals to restrict or prohibit shareholders' ability to call special meetings.

Generally vote for management or shareholder proposals that provide shareholders with the ability to call special meetings taking into account the following factors:

§ Shareholders' current right to call special meetings;

**** 

**<sup>14</sup>** "Unfettered" means no restrictions on agenda items, no restrictions on the number of shareholders who can group together to reach the 10 percent threshold, and only reasonable limits on when a meeting can be called: no greater than 30 days after the last annual meeting and no greater than 90 prior to the next annual meeting.

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Proxy Voting Guidelines

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| | |
|:---|:---|
| § | Minimum ownership threshold necessary to call special meetings (10 percent preferred); |
| § | The inclusion of exclusionary or prohibitive language; |
| § | Investor ownership structure; and |
| § | Shareholder support of, and management's response to, previous shareholder proposals. |

---

**Stakeholder Provisions**

**General Recommendation:** Vote against proposals that ask the board to consider non-shareholder constituencies or other non-financial effects when evaluating a merger or business combination.

**State Antitakeover Statutes**

**General Recommendation:** Vote case-by-case on proposals to opt in or out of state takeover statutes (including fair price provisions, stakeholder laws, poison pill endorsements, severance pay and labor contract provisions, and anti-greenmail provisions).

**Supermajority Vote Requirements**

**General Recommendation:** Vote against proposals to require a supermajority shareholder vote.

Vote for management or shareholder proposals to reduce supermajority vote requirements. However, for companies with shareholder(s) who have significant ownership levels, vote case-by-case, taking into account:

---

| | |
|:---|:---|
| § | Ownership structure; |
| § | Quorum requirements; and |
| § | Vote requirements. |

---

**Virtual Shareholder Meetings**

**General Recommendation:** Generally vote for management proposals allowing for the convening of shareholder meetings by electronic means, so long as they do not preclude in-person meetings. Companies are encouraged to disclose the circumstances under which virtual-only**<sup>15</sup>** meetings would be held, and to allow for comparable rights and opportunities for shareholders to participate electronically as they would have during an in-person meeting.

Vote case-by-case on shareholder proposals concerning virtual-only meetings, considering:

§ Scope and rationale of the proposal; and <br> § Concerns identified with the company's prior meeting practices.

**<sup>15</sup>** Virtual-only shareholder meeting" refers to a meeting of shareholders that is held exclusively using technology without a corresponding in-person meeting.

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Proxy Voting Guidelines

**4. Capital/Restructuring**

Capital

**Adjustments to Par Value of Common Stock**

**General Recommendation:** Vote for management proposals to reduce the par value of common stock unless the action is being taken to facilitate an anti-takeover device or some other negative corporate governance action.

Vote for management proposals to eliminate par value.

**Common Stock Authorization**

**General Authorization Requests**

**General Recommendation:** Vote case-by-case on proposals to increase the number of authorized shares of common stock that are to be used for general corporate purposes:

---

| |
|:---|
| If share usage (outstanding plus reserved) is less than 50% of the current authorized shares, vote for an increase of up to **50**% of current authorized share; |
| If share usage is 50% to 100% of the current authorized, vote for an increase of up to **100**% of current authorized shares; |
| If share usage is greater than current authorized shares, vote for an increase of up to the current share usage; or |
| In the case of a stock split, the allowable increase is calculated (per above) based on the post-split adjusted authorization. |

---

Generally vote against proposed increases, even if within the above ratios, if the proposal or the company's prior or ongoing use of authorized shares is problematic, including, but not limited to:

---

| |
|:---|
| The proposal seeks to increase the number of authorized shares of the class of common stock that has superior voting rights to other share classes; |
| On the same ballot is a proposal for a reverse split for which support is warranted despite the fact that it would result in an excessive increase in the share authorization; |
| The company has a non-shareholder approved poison pill (including an NOL pill); or |
| The company has previous sizeable placements (within the past 3 years) of stock with insiders at prices substantially below market value, or with problematic voting rights, without shareholder approval. |

---

However, generally vote for proposed increases beyond the above ratios or problematic situations when there is disclosure of specific and severe risks to shareholders of not approving the request, such as:

---

| |
|:---|
| In, or subsequent to, the company's most recent 10-K filing, the company discloses that there is substantial doubt about its ability to continue as a going concern; |
| The company states that there is a risk of imminent bankruptcy or imminent liquidation if shareholders do not approve the increase in authorized capital; or |
| A government body has in the past year required the company to increase its capital ratios. |

---

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Proxy Voting Guidelines

For companies incorporated in states that allow increases in authorized capital without shareholder approval, generally vote withhold or against all nominees if a unilateral capital authorization increase does not conform to the above policies.

**Specific Authorization Requests**

**General Recommendation:** Generally vote for proposals to increase the number of authorized common shares where the primary purpose of the increase is to issue shares in connection with transaction(s) (such as acquisitions, SPAC transactions, private placements, or similar transactions) on the same ballot, or disclosed in the proxy statement, that warrant support. For such transactions, the allowable increase will be the greater of:

---

| | |
|:---|:---|
| § | twice the amount needed to support the transactions on the ballot, and |
| § | the allowable increase as calculated for general issuances above. |

---

**Dual Class Structure**

**General Recommendation:** Generally vote against proposals to create a new class of common stock unless:

---

| | |
|:---|:---|
| § | The company discloses a compelling rationale for the dual-class capital structure, such as: |
| § | The company's auditor has concluded that there is substantial doubt about the company's ability to continue as a going concern; or |
| § | The new class of shares will be transitory; |
| § | The new class is intended for financing purposes with minimal or no dilution to current shareholders in both the short term and long term; and |
| § | The new class is not designed to preserve or increase the voting power of an insider or significant shareholder. |

---

**Issue Stock for Use with Rights Plan**

**General Recommendation:** Vote against proposals that increase authorized common stock for the explicit purpose of implementing a non-shareholder-approved shareholder rights plan (poison pill).

**Preemptive Rights**

**General Recommendation:** Vote case-by-case on shareholder proposals that seek preemptive rights, taking into consideration:

§ The size of the company; <br> § The shareholder base; and <br> § The liquidity of the stock.

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Proxy Voting Guidelines

**Preferred Stock Authorization**

**General Authorization Requests**

**General Recommendation:** Vote case-by-case on proposals to increase the number of authorized shares of preferred stock that are to be used for general corporate purposes:

---

| |
|:---|
| If share usage (outstanding plus reserved) is less than 50% of the current authorized shares, vote for an increase of up to **50**% of current authorized shares; |
| If share usage is 50% to 100% of the current authorized, vote for an increase of up to **100**% of current authorized shares; |
| If share usage is greater than current authorized shares, vote for an increase of up to the current share usage. |
| In the case of a stock split, the allowable increase is calculated (per above) based on the post-split adjusted authorization; or |
| If no preferred shares are currently issued and outstanding, vote against the request, unless the company discloses a specific use for the shares. |

---

Generally vote against proposed increases, even if within the above ratios, if the proposal or the company's prior or ongoing use of authorized shares is problematic, including, but not limited to:

---

| |
|:---|
| If the shares requested are blank check preferred shares that can be used for antitakeover purposes;**<sup>16</sup>** |
| The company seeks to increase a class of non-convertible preferred shares entitled to more than one vote per share on matters that do not solely affect the rights of preferred stockholders "supervoting shares"); |
| The company seeks to increase a class of convertible preferred shares entitled to a number of votes greater than the number of common shares into which they are convertible ("supervoting shares") on matters that do not solely affect the rights of preferred stockholders; |
| The stated intent of the increase in the general authorization is to allow the company to increase an existing designated class of supervoting preferred shares; |
| On the same ballot is a proposal for a reverse split for which support is warranted despite the fact that it would result in an excessive increase in the share authorization; |
| The company has a non-shareholder approved poison pill (including an NOL pill); and |
| The company has previous sizeable placements (within the past 3 years) of stock with insiders at prices substantially below market value, or with problematic voting rights, without shareholder approval. |

---

However, generally vote for proposed increases beyond the above ratios or problematic situations when there is disclosure of specific and severe risks to shareholders of not approving the request, such as:

---

| |
|:---|
| In, or subsequent to, the company's most recent 10-K filing, the company discloses that there is substantial doubt about its ability to continue as a going concern; |
| The company states that there is a risk of imminent bankruptcy or imminent liquidation if shareholders do not approve the increase in authorized capital; or |
| A government body has in the past year required the company to increase its capital ratios. |

---

For companies incorporated in states that allow increases in authorized capital without shareholder approval, generally vote withhold or against all nominees if a unilateral capital authorization increase does not conform to the above policies.

**<sup>16</sup>** To be acceptable, appropriate disclosure would be needed that the shares are "declawed": i.e., representation by the board that it will not, without prior stockholder approval, issue or use the preferred stock for any defensive or anti-takeover purpose or for the purpose of implementing any stockholder rights plan.

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Proxy Voting Guidelines

**<u>Specific Authorization Requests</u>**

**General Recommendation:** Generally vote for proposals to increase the number of authorized preferred shares where the primary purpose of the increase is to issue shares in connection with transaction(s) (such as acquisitions, SPAC transactions, private placements, or similar transactions) on the same ballot, or disclosed in the proxy statement, that warrant support. For such transactions, the allowable increase will be the greater of:

---

| | |
|:---|:---|
| § | twice the amount needed to support the transactions on the ballot, and |
| § | the allowable increase as calculated for general issuances above. |

---

**Recapitalization Plans**

**General Recommendation:** Vote case-by-case on recapitalizations (reclassifications of securities), taking into account the following:

---

| | |
|:---|:---|
| § | More simplified capital structure; |
| § | Enhanced liquidity; |
| § | Fairness of conversion terms; |
| § | Impact on voting power and dividends; |
| § | Reasons for the reclassification; |
| § | Conflicts of interest; and |
| § | Other alternatives considered. |

---

**Reverse Stock Splits**

**General Recommendation:** Vote for management proposals to implement a reverse stock split if:

---

| | |
|:---|:---|
| § | The number of authorized shares will be proportionately reduced; or |
| § | The effective increase in authorized shares is equal to or less than the allowable increase calculated in accordance with ISS' [Common Stock Authorization](#page_35)policy. |

---

Vote case-by-case on proposals that do not meet either of the above conditions, taking into consideration the following factors:

---

| | |
|:---|:---|
| § | Stock exchange notification to the company of a potential delisting; |
| § | Disclosure of substantial doubt about the company's ability to continue as a going concern without additional financing; |
| § | The company's rationale; or |
| § | Other factors as applicable. |

---

**Share Issuance Mandates at U.S. Domestic Issuers Incorporated Outside the U.S.**

**General Recommendation:** For U.S. domestic issuers incorporated outside the U.S. and listed <u>solely</u> on a U.S. exchange, generally vote for resolutions to authorize the issuance of common shares up to 20 percent of currently issued common share capital, where not tied to a specific transaction or financing proposal.

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**UNITED STATES**

Proxy Voting Guidelines

For pre-revenue or other early-stage companies that are heavily reliant on periodic equity financing, generally vote for resolutions to authorize the issuance of common shares up to 50 percent of currently issued common share capital. The burden of proof will be on the company to establish that it has a need for the higher limit.

Renewal of such mandates should be sought at each year's annual meeting.

Vote case-by-case on share issuances for a specific transaction or financing proposal.

**Share Repurchase Programs**

**General Recommendation:** For U.S.-incorporated companies, and foreign-incorporated U.S. Domestic Issuers that are traded solely on U.S. exchanges, vote for management proposals to institute open-market share repurchase plans in which all shareholders may participate on equal terms, or to grant the board authority to conduct open-market repurchases, in the absence of company-specific concerns regarding:

§ Greenmail;

§ The use of buybacks to inappropriately manipulate incentive compensation metrics;

§ Threats to the company's long-term viability; or

§ Other company-specific factors as warranted.

Vote case-by-case on proposals to repurchase shares directly from specified shareholders, balancing the stated rationale against the possibility for the repurchase authority to be misused, such as to repurchase shares from insiders at a premium to market price.

**Share Repurchase Programs Shareholder Proposals**

**General Recommendation:** Generally vote against shareholder proposals prohibiting executives from selling shares of company stock during periods in which the company has announced that it may or will be repurchasing shares of its stock. Vote for the proposal when there is a pattern of abuse by executives exercising options or selling shares during periods of share buybacks.

**Stock Distributions: Splits and Dividends**

**General Recommendation:** Generally vote for management proposals to increase the common share authorization for stock split or stock dividend, provided that the effective increase in authorized shares is equal to or is less than the allowable increase calculated in accordance with ISS' Common Stock Authorization policy.

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**UNITED STATES**

Proxy Voting Guidelines

**Tracking Stock**

**General Recommendation:** Vote case-by-case on the creation of tracking stock, weighing the strategic value of the transaction against such factors as:

§ Adverse governance changes;

§ Excessive increases in authorized capital stock;

§ Unfair method of distribution;

§ Diminution of voting rights;

§ Adverse conversion features;

§ Negative impact on stock option plans; and

§ Alternatives such as spin-off.

Restructuring

**Appraisal Rights**

**General Recommendation:** Vote for proposals to restore or provide shareholders with rights of appraisal.

**Asset Purchases**

**General Recommendation:** Vote case-by-case on asset purchase proposals, considering the following factors:

§ Purchase price;

§ Fairness opinion;

§ Financial and strategic benefits;

§ How the deal was negotiated;

§ Conflicts of interest;

§ Other alternatives for the business; and

§ Non-completion risk.

**Asset Sales**

**General Recommendation:** Vote case-by-case on asset sales, considering the following factors:

§ Impact on the balance sheet/working capital;

§ Potential elimination of diseconomies;

§ Anticipated financial and operating benefits;

§ Anticipated use of funds;

§ Value received for the asset;

§ Fairness opinion;

§ How the deal was negotiated; and

§ Conflicts of interest.

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Proxy Voting Guidelines

**Bundled Proposals**

**General Recommendation:** Vote case-by-case on bundled or "conditional" proxy proposals. In the case of items that are conditioned upon each other, examine the benefits and costs of the packaged items. In instances when the joint effect of the conditioned items is not in shareholders' best interests, vote against the proposals. If the combined effect is positive, support such proposals.

**Conversion of Securities**

**General Recommendation:** Vote case-by-case on proposals regarding conversion of securities. When evaluating these proposals, the investor should review the dilution to existing shareholders, the conversion price relative to market value, financial issues, control issues, termination penalties, and conflicts of interest.

Vote for the conversion if it is expected that the company will be subject to onerous penalties or will be forced to file for bankruptcy if the transaction is not approved.

**Corporate Reorganization/Debt Restructuring/Prepackaged Bankruptcy Plans/Reverse Leveraged Buyouts/Wrap Plans**

**General Recommendation:** Vote case-by-case on proposals to increase common and/or preferred shares and to issue shares as part of a debt restructuring plan, after evaluating:

§ Dilution to existing shareholders' positions;

§ Terms of the offer - discount/premium in purchase price to investor, including any fairness opinion; termination penalties; exit strategy;

§ Financial issues - company's financial situation; degree of need for capital; use of proceeds; effect of the financing on the company's cost of capital;

§ Management's efforts to pursue other alternatives;

§ Control issues - change in management; change in control, guaranteed board and committee seats; standstill provisions; voting agreements; veto power over certain corporate actions; and

§ Conflict of interest - arm's length transaction, managerial incentives.

Vote for the debt restructuring if it is expected that the company will file for bankruptcy if the transaction is not approved.

**Formation of Holding Company**

**General Recommendation:** Vote case-by-case on proposals regarding the formation of a holding company, taking into consideration the following:

§ The reasons for the change;

§ Any financial or tax benefits;

§ Regulatory benefits;

§ Increases in capital structure; and

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Proxy Voting Guidelines

§ Changes to the articles of incorporation or bylaws of the company.

Absent compelling financial reasons to recommend for the transaction, vote against the formation of a holding company if the transaction would include either of the following:

§ Increases in common or preferred stock in excess of the allowable maximum (see discussion under "Capital"); or

§ Adverse changes in shareholder rights.

**Going Private and Going Dark Transactions (LBOs and Minority Squeeze-outs)**

**General Recommendation:** Vote case-by-case on going private transactions, taking into account the following:

§ Offer price/premium;

§ Fairness opinion;

§ How the deal was negotiated;

§ Conflicts of interest;

§ Other alternatives/offers considered; and

§ Non-completion risk.

Vote case-by-case on going dark transactions, determining whether the transaction enhances shareholder value by taking into consideration:

§ Whether the company has attained benefits from being publicly-traded (examination of trading volume, liquidity, and market research of the stock); and

§ Balanced interests of continuing vs. cashed-out shareholders, taking into account the following:

---

| | |
|:---|:---|
| § | Are all shareholders able to participate in the transaction? |
| § | Will there be a liquid market for remaining shareholders following the transaction? |
| § | Does the company have strong corporate governance? |
| § | Will insiders reap the gains of control following the proposed transaction? and |
| § | Does the state of incorporation have laws requiring continued reporting that may benefit shareholders? |

---

**Joint Ventures**

**General Recommendation:** Vote case-by-case on proposals to form joint ventures, taking into account the following:

---

| | |
|:---|:---|
| § | Percentage of assets/business contributed; |

---

---

| | |
|:---|:---|
| § | Percentage ownership; |

---

§ Financial and strategic benefits;

§ Governance structure;

§ Conflicts of interest;

§ Other alternatives; and

§ Non-completion risk.

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Proxy Voting Guidelines

**Liquidations**

**General Recommendation:** Vote case-by-case on liquidations, taking into account the following:

§ Management's efforts to pursue other alternatives;

§ Appraisal value of assets; and

§ The compensation plan for executives managing the liquidation.

Vote for the liquidation if the company will file for bankruptcy if the proposal is not approved.

**Mergers and Acquisitions**

**General Recommendation:** Vote case-by-case on mergers and acquisitions. Review and evaluate the merits and drawbacks of the proposed transaction, balancing various and sometimes countervailing factors including:

---

| | |
|:---|:---|
| § | *Valuation* - Is the value to be received by the target shareholders (or paid by the acquirer) reasonable? While the fairness opinion may provide an initial starting point for assessing valuation reasonableness, emphasis is placed on the offer premium, market reaction, and strategic rationale. |

---

§ *Market reaction* - How has the market responded to the proposed deal? A negative market reaction should cause closer scrutiny of a deal.

---

| | |
|:---|:---|
| § | *Strategic rationale* - Does the deal make sense strategically? From where is the value derived? Cost and revenue synergies should not be overly aggressive or optimistic, but reasonably achievable. Management should also have a favorable track record of successful integration of historical acquisitions. |

---

---

| | |
|:---|:---|
| § | *Negotiations and process* - Were the terms of the transaction negotiated at arm's-length? Was the process fair and equitable? A fair process helps to ensure the best price for shareholders. Significant negotiation "wins" can also signify the deal makers' competency. The comprehensiveness of the sales process (e.g., full auction, partial auction, no auction) can also affect shareholder value. |

---

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| | |
|:---|:---|
| § | *Conflicts of interest* - Are insiders benefiting from the transaction disproportionately and inappropriately as compared to non-insider shareholders? As the result of potential conflicts, the directors and officers of the company may be more likely to vote to approve a merger than if they did not hold these interests. Consider whether these interests may have influenced these directors and officers to support or recommend the merger. The CIC figure presented in the "ISS Transaction Summary" section of this report is an aggregate figure that can in certain cases be a misleading indicator of the true value transfer from shareholders to insiders. Where such figure appears to be excessive, analyze the underlying assumptions to determine whether a potential conflict exists. |

---

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| | |
|:---|:---|
| § | *Governance* - Will the combined company have a better or worse governance profile than the current governance profiles of the respective parties to the transaction? If the governance profile is to change for the worse, the burden is on the company to prove that other issues (such as valuation) outweigh any deterioration in governance. |

---

**Private Placements/Warrants/Convertible Debentures**

**General Recommendation:** Vote case-by-case on proposals regarding private placements, warrants, and convertible debentures taking into consideration:

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| | |
|:---|:---|
| § | Dilution to existing shareholders' position: The amount and timing of shareholder ownership dilution should be weighed against the needs and proposed shareholder benefits of the capital infusion. Although newly issued common stock, absent preemptive rights, is typically dilutive to existing shareholders, share price |

---

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appreciation is often the necessary event to trigger the exercise of "out of the money" warrants and convertible debt. In these instances from a value standpoint, the negative impact of dilution is mitigated by the increase in the company's stock price that must occur to trigger the dilutive event.

§ Terms of the offer (discount/premium in purchase price to investor, including any fairness opinion, conversion features, termination penalties, exit strategy):

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| | |
|:---|:---|
| § | The terms of the offer should be weighed against the alternatives of the company and in light of company's financial condition. Ideally, the conversion price for convertible debt and the exercise price for warrants should be at a premium to the then prevailing stock price at the time of private placement. |

---

§ When evaluating the magnitude of a private placement discount or premium, consider factors that influence the discount or premium, such as, liquidity, due diligence costs, control and monitoring costs, capital scarcity, information asymmetry, and anticipation of future performance.

§ Financial issues:

§ The company's financial condition;

§ Degree of need for capital;

§ Use of proceeds;

§ Effect of the financing on the company's cost of capital;

§ Current and proposed cash burn rate; and

§ Going concern viability and the state of the capital and credit markets.

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| | |
|:---|:---|
| § | Management's efforts to pursue alternatives and whether the company engaged in a process to evaluate alternatives: A fair, unconstrained process helps to ensure the best price for shareholders. Financing alternatives can include joint ventures, partnership, merger, or sale of part or all of the company. |

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§ Control issues:

§ Change in management;

§ Change in control;

§ Guaranteed board and committee seats;

§ Standstill provisions;

§ Voting agreements;

§ Veto power over certain corporate actions; and

§ Minority versus majority ownership and corresponding minority discount or majority control premium.

§ Conflicts of interest:

§ Conflicts of interest should be viewed from the perspective of the company and the investor; and

§ Were the terms of the transaction negotiated at arm's length? Are managerial incentives aligned with shareholder interests?

§ Market reaction:

§ The market's response to the proposed deal. A negative market reaction is a cause for concern. Market reaction may be addressed by analyzing the one-day impact on the unaffected stock price.

Vote for the private placement, or for the issuance of warrants and/or convertible debentures in a private placement, if it is expected that the company will file for bankruptcy if the transaction is not approved.

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**Reorganization/Restructuring Plan (Bankruptcy)**

**General Recommendation:** Vote case-by-case on proposals to common shareholders on bankruptcy plans of reorganization, considering the following factors including, but not limited to:

§ Estimated value and financial prospects of the reorganized company;

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| | |
|:---|:---|
| § | Percentage ownership of current shareholders in the reorganized company; |

---

§ Whether shareholders are adequately represented in the reorganization process (particularly through the existence of an Official Equity Committee);

§ The cause(s) of the bankruptcy filing, and the extent to which the plan of reorganization addresses the cause(s);

§ Existence of a superior alternative to the plan of reorganization; and

§ Governance of the reorganized company.

**Special Purpose Acquisition Corporations (SPACs)**

**General Recommendation:** Vote case-by-case on SPAC mergers and acquisitions taking into account the following:

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| | |
|:---|:---|
| § | *Valuation* - Is the value being paid by the SPAC reasonable? SPACs generally lack an independent fairness opinion and the financials on the target may be limited. Compare the conversion price with the intrinsic value of the target company provided in the fairness opinion. Also, evaluate the proportionate value of the combined entity attributable to the SPAC IPO shareholders versus the pre-merger value of SPAC. Additionally, a private company discount may be applied to the target if it is a private entity. |

---

§ *Market reaction* - How has the market responded to the proposed deal? A negative market reaction may be a cause for concern. Market reaction may be addressed by analyzing the one-day impact on the unaffected stock price.

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| | |
|:---|:---|
| § | *Deal timing* - A main driver for most transactions is that the SPAC charter typically requires the deal to be complete within 18 to 24 months, or the SPAC is to be liquidated. Evaluate the valuation, market reaction, and potential conflicts of interest for deals that are announced close to the liquidation date. |

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§ *Negotiations and process* - What was the process undertaken to identify potential target companies within specified industry or location specified in charter? Consider the background of the sponsors.

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| | |
|:---|:---|
| § | *Conflicts of interest* - How are sponsors benefiting from the transaction compared to IPO shareholders? Potential conflicts could arise if a fairness opinion is issued by the insiders to qualify the deal rather than a third party or if management is encouraged to pay a higher price for the target because of an 80 percent rule (the charter requires that the fair market value of the target is at least equal to 80 percent of net assets of the SPAC). Also, there may be sense of urgency by the management team of the SPAC to close the deal since its charter typically requires a transaction to be completed within the 18-24-month timeframe. |

---

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| | |
|:---|:---|
| § | *Voting agreements* - Are the sponsors entering into enter into any voting agreements/tender offers with shareholders who are likely to vote against the proposed merger or exercise conversion rights? |

---

§ *Governance* - What is the impact of having the SPAC CEO or founder on key committees following the proposed merger?

**Special Purpose Acquisition Corporations (SPACs) - Proposals for Extensions**

The main purpose of SPACs is to identify and acquire a viable target within a specified timeframe, and failure to achieve this objective within the allotted time calls into question management's ability to execute its primary objective. The end of that timeframe is generally referred to as the termination date.

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**General Recommendation:** Generally support requests to extend the termination date by up to one year from the SPAC's original termination date (inclusive of any built-in extension options, and accounting for prior extension requests).

Other factors that may be considered include: any added incentives, business combination status, other amendment terms, and, if applicable, use of money in the trust fund to pay excise taxes on redeemed shares.

**Spin-offs**

**General Recommendation:** Vote case-by-case on spin-offs, considering:

§ Tax and regulatory advantages;

§ Planned use of the sale proceeds;

§ Valuation of spinoff;

§ Fairness opinion;

§ Benefits to the parent company;

§ Conflicts of interest;

§ Managerial incentives;

§ Corporate governance changes; and

§ Changes in the capital structure.

**Value Maximization Shareholder Proposals**

**General Recommendation:** Vote case-by-case on shareholder proposals seeking to maximize shareholder value by:

§ Hiring a financial advisor to explore strategic alternatives;

§ Selling the company; or

§ Liquidating the company and distributing the proceeds to shareholders.

These proposals should be evaluated based on the following factors:

§ Prolonged poor performance with no turnaround in sight;

§ Signs of entrenched board and management (such as the adoption of takeover defenses);

§ Strategic plan in place for improving value;

§ Likelihood of receiving reasonable value in a sale or dissolution; and

§ The company actively exploring its strategic options, including retaining a financial advisor.

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**5. Compensation**

Executive Pay Evaluation

Underlying all evaluations are five global principles that most investors expect corporations to adhere to in designing and administering executive and director compensation programs:

1. Maintain appropriate pay-for-performance alignment, with emphasis on long-term shareholder value: This principle encompasses overall
executive pay practices, which must be designed to attract, retain, and appropriately motivate the key employees who drive shareholder
value creation over the long term. It will take into consideration, among other factors, the link between pay and performance; the mix
between fixed and variable pay; performance goals; and equity-based plan costs;

2. Avoid arrangements that risk "pay for failure": This principle addresses the appropriateness of long or indefinite contracts,
excessive severance packages, and guaranteed compensation;

3. Maintain an independent and effective compensation committee: This principle promotes oversight of executive pay programs by directors
with appropriate skills, knowledge, experience, and a sound process for compensation decision-making (*e.g.*, including access to
independent expertise and advice when needed);

4. Provide shareholders with clear, comprehensive compensation disclosures: This principle underscores the importance of informative
and timely disclosures that enable shareholders to evaluate executive pay practices fully and fairly; and

5. Avoid inappropriate pay to non-executive directors: This principle recognizes the interests of shareholders in ensuring that compensation
to outside directors is reasonable and does not compromise their independence and ability to make appropriate judgments in overseeing
managers' pay and performance. At the market level, it may incorporate a variety of generally accepted best practices.

**Advisory Votes on Executive Compensation—Management Proposals (Say-on-Pay)**

**General Recommendation:** Vote case-by-case on ballot items related to executive pay and practices, as well as certain aspects of outside director compensation.

Vote against Advisory Votes on Executive Compensation (Say-on-Pay or "SOP") if:

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| | |
|:---|:---|
| § | There is an unmitigated misalignment between CEO pay and company performance ([pay for performance](#page_48)); |

---

---

| | |
|:---|:---|
| § | The company maintains significant [problematic pay practices](#page_49); or |

---

---

| | |
|:---|:---|
| § | The board exhibits a significant level of [poor communication and responsiveness](#page_50)to shareholders. |

---

Vote against or withhold from the members of the Compensation Committee and potentially the full board if:

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| | |
|:---|:---|
| § | There is no SOP on the ballot, and an against vote on an SOP would otherwise be warranted due to pay-for-performance misalignment, problematic pay practices, or the lack of adequate responsiveness on compensation issues raised previously, or a combination thereof; |

---

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| | |
|:---|:---|
| § | The board fails to respond adequately to a previous SOP proposal that received less than 70 percent support of votes cast; |

---

§ The company has recently practiced or approved problematic pay practices, such as option repricing or option backdating; or

§ The situation is egregious.

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Primary Evaluation Factors for Executive Pay

**Pay-for-Performance Evaluation**

ISS annually conducts a pay-for-performance analysis to identify strong or satisfactory alignment between pay and performance over a sustained period. With respect to companies in the S&P1500, Russell 3000, or Russell 3000E Indices**<sup>17</sup>**, this analysis considers the following:

1. Peer Group **<sup>18</sup>** Alignment:

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| | |
|:---|:---|
| § | The degree of alignment between the company's annualized TSR rank and the CEO's annualized total pay rank within a peer group, each measured over a three-year period. |

---

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|:---|:---|
| § | The rankings of CEO total pay and company financial performance within a peer group, each measured over a three-year period. |

---

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| | |
|:---|:---|
| § | The multiple of the CEO's total pay relative to the peer group median in the most recent fiscal year. |

---

2. Absolute Alignment **<sup>19</sup>** – the absolute alignment between the trend in CEO pay and company TSR over the prior
five fiscal years – i.e., the difference between the trend in annual pay changes and the trend in annualized TSR during the period.

If the above analysis demonstrates significant unsatisfactory long-term pay-for-performance alignment or, in the case of companies outside the Russell indices, a misalignment between pay and performance is otherwise suggested, our analysis may include any of the following qualitative factors, as relevant to an evaluation of how various pay elements may work to encourage or to undermine long-term value creation and alignment with shareholder interests:

§ The ratio of performance- to time-based incentive awards;

§ The overall ratio of performance-based compensation to fixed or discretionary pay;

§ The rigor of performance goals;

§ The complexity and risks around pay program design;

§ The transparency and clarity of disclosure;

§ The company's peer group benchmarking practices;

§ Financial/operational results, both absolute and relative to peers;

§ Special circumstances related to, for example, a new CEO in the prior FY or anomalous equity grant practices (e.g., bi-annual awards);

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| | |
|:---|:---|
| § | Realizable pay**<sup>20</sup>** compared to grant pay; and |

---

§ Any other factors deemed relevant.

**<sup>17</sup>** The <u>Russell 3000E</u> Index includes approximately 4,000 of the largest U.S. equity securities.

**<sup>18</sup>** The revised peer group is generally comprised of 14-24 companies that are selected using market cap, revenue (or assets for certain financial firms), GICS industry group, and company's selected peers' GICS industry group, with size constraints, via a process designed to select peers that are comparable to the subject company in terms of revenue/assets and industry, and also within a market-cap bucket that is reflective of the company's market cap. For Oil, Gas & Consumable Fuels companies, market cap is the only size determinant.

**<sup>19</sup>** Only Russell 3000 Index companies are subject to the Absolute Alignment analysis.

**<sup>20</sup>** ISS research reports include realizable pay for S&P1500 companies.

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**Problematic Pay Practices**

Problematic pay elements are generally evaluated case-by-case considering the context of a company's overall pay program and demonstrated pay-for-performance philosophy. The focus is on executive compensation practices that contravene the global pay principles, including:

§ Problematic practices related to non-performance-based compensation elements;

§ Incentives that may motivate excessive risk-taking or present a windfall risk; and

§ Pay decisions that circumvent pay-for-performance, such as options backdating or waiving performance requirements.

The list of examples below highlights certain problematic practices that carry significant weight in this overall consideration and may result in adverse vote recommendations:

§ Repricing or replacing of underwater stock options/SARs without prior shareholder approval (including cash buyouts and voluntary surrender of underwater options);

§ Extraordinary perquisites or tax gross-ups;

§ New or materially amended agreements that provide for:

§ Excessive termination or CIC severance payments (generally exceeding 3 times base salary and average/target/most recent bonus);

§ CIC severance payments without involuntary job loss or substantial diminution of duties ("single" or "modified single" triggers) or in connection with a problematic Good Reason definition;

§ CIC excise tax gross-up entitlements (including "modified" gross-ups); and/or

§ Multi-year guaranteed awards that are not at risk due to rigorous performance conditions;

§ Liberal CIC definition combined with any single-trigger CIC benefits;

§ Insufficient executive compensation disclosure by externally-managed issuers (EMIs) such that a reasonable assessment of pay programs and practices applicable to the EMI's executives is not possible;

§ Severance payments made when the termination is not clearly disclosed as involuntary (for example, a termination without cause or resignation for good reason); and/or

§ Any other provision or practice deemed to be egregious and present a significant risk to investors.

The above examples are not an exhaustive list. Please refer to ISS' <u>U.S. Compensation Policies FAQ</u> document for additional detail on specific pay practices that have been identified as problematic and may lead to negative vote recommendations.

**Options Backdating**

The following factors should be examined case-by-case to allow for distinctions to be made between "sloppy" plan administration versus deliberate action or fraud:

§ Reason and motive for the options backdating issue, such as inadvertent vs. deliberate grant date changes;

§ Duration of options backdating;

§ Size of restatement due to options backdating;

§ Corrective actions taken by the board or compensation committee, such as canceling or re-pricing backdated options, the recouping of option gains on backdated grants; and

§ Adoption of a grant policy that prohibits backdating and creates a fixed grant schedule or window period for equity grants in the future.

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**Compensation Committee Communications and Responsiveness**

Consider the following factors case-by-case when evaluating ballot items related to executive pay on the board's responsiveness to investor input and engagement on compensation issues:

§ Failure to respond to majority-supported shareholder proposals on executive pay topics; or

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| | |
|:---|:---|
| § | Failure to adequately respond to the company's previous say-on-pay proposal that received the support of less than 70 percent of votes cast, taking into account: |

---

§ Disclosure of engagement efforts with major institutional investors, including the frequency and timing of engagements and the company participants (including whether independent directors participated);

§ Disclosure of the specific concerns voiced by dissenting shareholders that led to the say-on-pay opposition;

§ Disclosure of specific and meaningful actions taken to address shareholders' concerns;

§ Other recent compensation actions taken by the company;

§ Whether the issues raised are recurring or isolated;

§ The company's ownership structure; and

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| | |
|:---|:---|
| § | Whether the support level was less than 50 percent, which would warrant the highest degree of responsiveness. |

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**Frequency of Advisory Vote on Executive Compensation ("Say When on Pay")**

**General Recommendation:** Vote for annual advisory votes on compensation, which provide the most consistent and clear communication channel for shareholder concerns about companies' executive pay programs.

**Voting on Golden Parachutes in an Acquisition, Merger, Consolidation, or Proposed Sale**

**General Recommendation:** Vote case-by-case on say on Golden Parachute proposals, including consideration of existing change-in-control arrangements maintained with named executive officers but also considering new or extended arrangements.

Features that may result in an "against" recommendation include one or more of the following, depending on the number, magnitude, and/or timing of issue(s):

§ Single- or modified-single-trigger cash severance;

§ Single-trigger acceleration of unvested equity awards;

§ Full acceleration of equity awards granted shortly before the change in control;

§ Acceleration of performance awards above the target level of performance without compelling rationale;

§ Excessive cash severance (generally >3x base salary and bonus);

§ Excise tax gross-ups triggered and payable;

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| | |
|:---|:---|
| § | Excessive golden parachute payments (on an absolute basis or as a percentage of transaction equity value); or |

---

§ Recent amendments that incorporate any problematic features (such as those above) or recent actions (such as extraordinary equity grants) that may make packages so attractive as to influence merger agreements that may not be in the best interests of shareholders; or

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| | |
|:---|:---|
| § | The company's assertion that a proposed transaction is conditioned on shareholder approval of the golden parachute advisory vote. |

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Recent amendment(s) that incorporate problematic features will tend to carry more weight on the overall analysis. However, the presence of multiple legacy problematic features will also be closely scrutinized.

In cases where the golden parachute vote is incorporated into a company's advisory vote on compensation (management say-on-pay), ISS will evaluate the say-on-pay proposal in accordance with these guidelines, which may give higher weight to that component of the overall evaluation.

Equity-Based and Other Incentive Plans

Please refer to ISS' <u>U.S. Equity Compensation Plans FAQ</u> document for additional details on the Equity Plan Scorecard policy.

**General Recommendation:** Vote case-by-case on certain equity-based compensation plans**<sup>21</sup>** depending on a combination of certain plan features and equity grant practices, where positive factors may counterbalance negative factors, and vice versa, as evaluated using an "Equity Plan Scorecard" (EPSC) approach with three pillars:

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| | |
|:---|:---|
| § | **Plan Cost:** The total estimated cost of the company's equity plans relative to industry/market cap peers, measured by the company's estimated Shareholder Value Transfer (SVT) in relation to peers and considering both: |

---

§ SVT based on new shares requested plus shares remaining for future grants, plus outstanding unvested/unexercised grants; and

§ SVT based only on new shares requested plus shares remaining for future grants.

---

| | |
|:---|:---|
| § | **Plan Features:** |

---

§ Quality of disclosure around vesting upon a change in control (CIC);

§ Discretionary vesting authority;

§ Liberal share recycling on various award types;

§ Lack of minimum vesting period for grants made under the plan; and

§ Dividends payable prior to award vesting.

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| | |
|:---|:---|
| § | **Grant Practices:** |

---

§ The company's three-year burn rate relative to its industry/market cap peers;

§ Vesting requirements in CEO's recent equity grants (3-year look-back);

§ The estimated duration of the plan (based on the sum of shares remaining available and the new shares requested, divided by the average annual shares granted in the prior three years);

§ The proportion of the CEO's most recent equity grants/awards subject to performance conditions;

§ Whether the company maintains a sufficient claw-back policy; and

§ Whether the company maintains sufficient post-exercise/vesting share-holding requirements.

Generally vote against the plan proposal if the combination of above factors indicates that the plan is not, overall, in shareholders' interests, or if any of the following egregious factors ("overriding factors") apply:

§ Awards may vest in connection with a liberal change-of-control definition;

§ The plan would permit repricing or cash buyout of underwater options without shareholder approval (either by expressly permitting it – for NYSE and Nasdaq listed companies – or by not prohibiting it when the company has a history of repricing – for non-listed companies);

**<sup>21</sup>** Proposals evaluated under the EPSC policy generally include those to approve or amend (1) stock option plans for employees and/or employees and directors, (2) restricted stock plans for employees and/or employees and directors, and (3) omnibus stock incentive plans for employees and/or employees and directors; amended plans will be further evaluated case-by-case.

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§ The plan is a vehicle for problematic pay practices or a significant pay-for-performance disconnect under certain circumstances;

§ The plan is excessively dilutive to shareholders' holdings;

§ The plan contains an evergreen (automatic share replenishment) feature; or

§ Any other plan features are determined to have a significant negative impact on shareholder interests.

**Further Information on certain EPSC Factors:**

**Shareholder Value Transfer (SVT)**

The cost of the equity plans is expressed as Shareholder Value Transfer (SVT), which is measured using a binomial option pricing model that assesses the amount of shareholders' equity flowing out of the company to employees and directors. SVT is expressed as both a dollar amount and as a percentage of market value, and includes the new shares proposed, shares available under existing plans, and shares granted but unexercised (using two measures, in the case of plans subject to the Equity Plan Scorecard evaluation, as noted above). All award types are valued. For omnibus plans, unless limitations are placed on the most expensive types of awards (for example, full-value awards), the assumption is made that all awards to be granted will be the most expensive types.

For proposals that are not subject to the Equity Plan Scorecard evaluation, Shareholder Value Transfer is reasonable if it falls below a company-specific benchmark. The benchmark is determined as follows: The top quartile performers in each industry group (using the Global Industry Classification Standard: GICS) are identified. Benchmark SVT levels for each industry are established based on these top performers' historic SVT. Regression analyses are run on each industry group to identify the variables most strongly correlated to SVT. The benchmark industry SVT level is then adjusted upwards or downwards for the specific company by plugging the company-specific performance measures, size, and cash compensation into the industry cap equations to arrive at the company's benchmark.**<sup>22</sup>**

**Three-Year Value-Adjusted Burn Rate**

A "Value-Adjusted Burn Rate" is used for stock plan evaluations. Value-Adjusted Burn Rate benchmarks are calculated as the greater of: (1) an industry-specific threshold based on three-year burn rates within the company's GICS group segmented by S&P 500, Russell 3000 index (less the S&P 500) and non-Russell 3000 index; and (2) a *de minimis* threshold established separately for each of the S&P 500, the Russell 3000 index less the S&P 500, and the non-Russell 3000 index. Year-over-year burn-rate benchmark changes will be limited to a predetermined range above or below the prior year's burn-rate benchmark.

The Value-Adjusted Burn Rate is calculated as follows:

Value-Adjusted Burn Rate = ((# of options \* option's dollar value using a Black-Scholes model) + (# of full-value awards \* stock price)) / (Weighted average common shares \* stock price).

**<sup>22</sup>** For plans evaluated under the Equity Plan Scorecard policy, the company's SVT benchmark is considered along with other factors.

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**Egregious Factors**

**Liberal Change in Control Definition**

Generally vote against equity plans if the plan has a liberal definition of change in control and the equity awards could vest upon such liberal definition of change in control, even though an actual change in control may not occur. Examples of such a definition include, but are not limited to, announcement or commencement of a tender offer, provisions for acceleration upon a "potential" takeover, shareholder approval of a merger or other transactions, or similar language.

**Repricing Provisions**

Vote against plans that expressly permit the repricing or exchange of underwater stock options/stock appreciate rights (SARs) without prior shareholder approval. "Repricing" typically includes the ability to do any of the following:

§ Amend the terms of outstanding options or SARs to reduce the exercise price of such outstanding options or SARs;

§ Cancel outstanding options or SARs in exchange for options or SARs with an exercise price that is less than the exercise price of the original options or SARs;

§ Cancel underwater options in exchange for stock awards; or

§ Provide cash buyouts of underwater options.

While the above cover most types of repricing, ISS may view other provisions as akin to repricing depending on the facts and circumstances.

Also, vote against or withhold from members of the Compensation Committee who approved repricing (as defined above or otherwise determined by ISS), without prior shareholder approval, even if such repricings are allowed in their equity plan.

Vote against plans that do not expressly prohibit repricing or cash buyout of underwater options without shareholder approval if the company has a history of repricing/buyouts without shareholder approval, and the applicable listing standards would not preclude them from doing so.

**Problematic Pay Practices or Significant Pay-for-Performance Disconnect**

If the equity plan on the ballot is a vehicle for <u>problematic pay practices</u>, vote against the plan.

ISS may recommend a vote against the equity plan if the plan is determined to be a vehicle for pay-for-performance misalignment. Considerations in voting against the equity plan may include, but are not limited to:

§ Severity of the pay-for-performance misalignment;

§ Whether problematic equity grant practices are driving the misalignment; and/or

§ Whether equity plan awards have been heavily concentrated to the CEO and/or the other NEOs.

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**Amending Cash and Equity Plans (including Approval for Tax Deductibility (162(m))**

**General Recommendation:** Vote case-by-case on amendments to cash and equity incentive plans.

Generally vote for proposals to amend executive cash, stock, or cash and stock incentive plans if the proposal:

§ Addresses administrative features only; or

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| | |
|:---|:---|
| § | Seeks approval for Section 162(m) purposes <u>only</u>, and the plan administering committee consists entirely of independent directors, per ISS' Classification of Directors. Note that if the company is presenting the plan to shareholders for the first time for any reason (including after the company's initial public offering), or if the proposal is bundled with other material plan amendments, then the recommendation will be case-by-case (see below). |

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Vote against proposals to amend executive cash, stock, or cash and stock incentive plans if the proposal:

§ Seeks approval for Section 162(m) purposes only, and the plan administering committee does not consist entirely of independent directors, per <u>ISS' Classification of Directors</u>.

Vote case-by-case on all other proposals to amend <u>cash</u> incentive plans. This includes plans presented to shareholders for the first time after the company's IPO and/or proposals that bundle material amendment(s) other than those for Section 162(m) purposes.

Vote case-by-case on all other proposals to amend <u>equity</u> incentive plans, considering the following:

§ If the proposal requests additional shares and/or the amendments include a term extension or addition of full value awards as an award type, the recommendation will be based on the Equity Plan Scorecard evaluation as well as an analysis of the overall impact of the amendments;

§ If the plan is being presented to shareholders for the first time (including after the company's IPO), whether or not additional shares are being requested, the recommendation will be based on the Equity Plan Scorecard evaluation as well as an analysis of the overall impact of any amendments; and

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| | |
|:---|:---|
| § | If there is no request for additional shares and the amendments do not include a term extension or addition of full value awards as an award type, then the recommendation will be based entirely on an analysis of the overall impact of the amendments, and the EPSC evaluation will be shown only for informational purposes. |

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In the first two case-by-case evaluation scenarios, the EPSC evaluation/score is the more heavily weighted consideration.

**Specific Treatment of Certain Award Types in Equity Plan Evaluations**

**Dividend Equivalent Rights**

Options that have Dividend Equivalent Rights (DERs) associated with them will have a higher calculated award value than those without DERs under the binomial model, based on the value of these dividend streams. The higher value will be applied to new shares, shares available under existing plans, and shares awarded but not exercised per the plan specifications. DERS transfer more shareholder equity to employees and non-employee directors and this cost should be captured.

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Proxy Voting Guidelines

**Operating Partnership (OP) Units in Equity Plan Analysis of Real Estate Investment Trusts (REITs)**

For Real Estate Investment Trusts (REITS), include the common shares issuable upon conversion of outstanding Operating Partnership (OP) units in the share count for the purposes of determining: (1) market capitalization in the Shareholder Value Transfer (SVT) analysis and (2) shares outstanding in the burn rate analysis.

Other Compensation Plans

**401(k) Employee Benefit Plans**

**General Recommendation:** Vote for proposals to implement a 401(k) savings plan for employees.

**Employee Stock Ownership Plans (ESOPs)**

**General Recommendation:** Vote for proposals to implement an ESOP or increase authorized shares for existing ESOPs, unless the number of shares allocated to the ESOP is excessive (more than five percent of outstanding shares).

**Employee Stock Purchase Plans—Qualified Plans**

**General Recommendation:** Vote case-by-case on qualified employee stock purchase plans. Vote for employee stock purchase plans where all of the following apply:

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|:---|:---|
| § | Purchase price is at least 85 percent of fair market value; |

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§ Offering period is 27 months or less; and

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| | |
|:---|:---|
| § | The number of shares allocated to the plan is 10 percent or less of the outstanding shares. |

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Vote against qualified employee stock purchase plans where when the plan features do not meet all of the above criteria.

**Employee Stock Purchase Plans—Non-Qualified Plans**

**General Recommendation:** Vote case-by-case on nonqualified employee stock purchase plans. Vote for nonqualified employee stock purchase plans with all the following features:

§ Broad-based participation;

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|:---|:---|
| § | Limits on employee contribution, which may be a fixed dollar amount or expressed as a percent of base salary; |

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|:---|:---|
| § | Company matching contribution up to 25 percent of employee's contribution, which is effectively a discount of 20 percent from market value; and |

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§ No discount on the stock price on the date of purchase when there is a company matching contribution.

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Proxy Voting Guidelines

Vote against nonqualified employee stock purchase plans when the plan features do not meet all of the above criteria. If the matching contribution or effective discount exceeds the above, ISS may evaluate the SVT cost of the plan as part of the assessment.

**Option Exchange Programs/Repricing Options**

**General Recommendation:** Vote case-by-case on management proposals seeking approval to exchange/reprice options taking into consideration:

§ Historic trading patterns--the stock price should not be so volatile that the options are likely to be back "in-the-money" over the near term;

§ Rationale for the re-pricing--was the stock price decline beyond management's control?;

§ Is this a value-for-value exchange?;

§ Are surrendered stock options added back to the plan reserve?;

§ Timing--repricing should occur at least one year out from any precipitous drop in company's stock price;

§ Option vesting--does the new option vest immediately or is there a black-out period?;

§ Term of the option--the term should remain the same as that of the replaced option;

§ Exercise price--should be set at fair market or a premium to market; and

§ Participants--executive officers and directors must be excluded.

If the surrendered options are added back to the equity plans for re-issuance, then also take into consideration the company's total cost of equity plans and its three-year average burn rate.

In addition to the above considerations, evaluate the intent, rationale, and timing of the repricing proposal. The proposal should clearly articulate why the board is choosing to conduct an exchange program at this point in time. Repricing underwater options after a recent precipitous drop in the company's stock price demonstrates poor timing and warrants additional scrutiny. Also, consider the terms of the surrendered options, such as the grant date, exercise price and vesting schedule. Grant dates of surrendered options should be far enough back (two to three years) so as not to suggest that repricings are being done to take advantage of short-term downward price movements. Similarly, the exercise price of surrendered options should be above the 52-week high for the stock price.

Vote for shareholder proposals to put option repricings to a shareholder vote.

**Stock Plans in Lieu of Cash**

**General Recommendation:** Vote case-by-case on plans that provide participants with the option of taking all or a portion of their cash compensation in the form of stock.

Vote for non-employee director-only equity plans that provide a dollar-for-dollar cash-for-stock exchange.

Vote case-by-case on plans which do not provide a dollar-for-dollar cash for stock exchange. In cases where the exchange is not dollar-for-dollar, the request for new or additional shares for such equity program will be considered using the binomial option pricing model. In an effort to capture the total cost of total compensation, ISS will not make any adjustments to carve out the in-lieu-of cash compensation.

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Proxy Voting Guidelines

**Transfer Stock Option (TSO) Programs**

**General Recommendation:** One-time Transfers: Vote against or withhold from compensation committee members if they fail to submit one-time transfers to shareholders for approval.

Vote case-by-case on one-time transfers. Vote for if:

§ Executive officers and non-employee directors are excluded from participating;

§ Stock options are purchased by third-party financial institutions at a discount to their fair value using option pricing models such as Black-Scholes or a Binomial Option Valuation or other appropriate financial models; and

§ There is a two-year minimum holding period for sale proceeds (cash or stock) for all participants.

Additionally, management should provide a clear explanation of why options are being transferred to a third-party institution and whether the events leading up to a decline in stock price were beyond management's control. A review of the company's historic stock price volatility should indicate if the options are likely to be back "in-the-money" over the near term.

Ongoing TSO program: Vote against equity plan proposals if the details of ongoing TSO programs are not provided to shareholders. Since TSOs will be one of the award types under a stock plan, the ongoing TSO program, structure, and mechanics must be disclosed to shareholders. The specific criteria to be considered in evaluating these proposals include, but not limited, to the following:

§ Eligibility;

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|:---|:---|
| § | Vesting; |

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§ Bid-price;

§ Term of options;

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| | |
|:---|:---|
| § | Cost of the program and impact of the TSOs on company's total option expense; and |

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§ Option repricing policy.

Amendments to existing plans that allow for introduction of transferability of stock options should make clear that only options granted post-amendment shall be transferable.

Director Compensation

**Shareholder Ratification of Director Pay Programs**

**General Recommendation:** Vote case-by-case on management proposals seeking ratification of non-employee director compensation, based on the following factors:

§ If the equity plan under which non-employee director grants are made is on the ballot, whether or not it warrants support; and

§ An assessment of the following qualitative factors:

§ The relative magnitude of director compensation as compared to companies of a similar profile;

§ The presence of problematic pay practices relating to director compensation;

§ Director stock ownership guidelines and holding requirements;

§ Equity award vesting schedules;

§ The mix of cash and equity-based compensation;

§ Meaningful limits on director compensation;

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Proxy Voting Guidelines

§ The availability of retirement benefits or perquisites; and

§ The quality of disclosure surrounding director compensation.

**Equity Plans for Non-Employee Directors**

**General Recommendation:** Vote case-by-case on compensation plans for non-employee directors, based on:

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|:---|:---|
| § | The total estimated cost of the company's equity plans relative to industry/market cap peers, measured by the company's estimated Shareholder Value Transfer (SVT) based on new shares requested plus shares remaining for future grants, plus outstanding unvested/unexercised grants; |

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§ The company's three-year burn rate relative to its industry/market cap peers (in certain circumstances); and

§ The presence of any egregious plan features (such as an option repricing provision or liberal CIC vesting risk).

On occasion, non-employee director stock plans will exceed the plan cost or burn-rate benchmarks when combined with employee or executive stock plans. In such cases, vote case-by-case on the plan taking into consideration the following qualitative factors:

§ The relative magnitude of director compensation as compared to companies of a similar profile;

§ The presence of problematic pay practices relating to director compensation;

§ Director stock ownership guidelines and holding requirements;

§ Equity award vesting schedules;

§ The mix of cash and equity-based compensation;

§ Meaningful limits on director compensation;

§ The availability of retirement benefits or perquisites; and

§ The quality of disclosure surrounding director compensation.

**Non-Employee Director Retirement Plans**

**General Recommendation:** Vote against retirement plans for non-employee directors. Vote for shareholder proposals to eliminate retirement plans for non-employee directors.

Shareholder Proposals on Compensation

**Bonus Banking/Bonus Banking "Plus"**

**General Recommendation:** Vote case-by-case on proposals seeking deferral of a portion of annual bonus pay, with ultimate payout linked to sustained results for the performance metrics on which the bonus was earned (whether for the named executive officers or a wider group of employees), taking into account the following factors:

§ The company's past practices regarding equity and cash compensation;

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|:---|:---|
| § | Whether the company has a holding period or stock ownership requirements in place, such as a meaningful retention ratio (at least 50 percent for full tenure); and |

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§ Whether the company has a rigorous claw-back policy in place.

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Proxy Voting Guidelines

**Compensation Consultants—Disclosure of Board or Company's Utilization**

**General Recommendation:** Generally vote for shareholder proposals seeking disclosure regarding the company, board, or compensation committee's use of compensation consultants, such as company name, business relationship(s), and fees paid.

**Disclosure/Setting Levels or Types of Compensation for Executives and Directors**

**General Recommendation:** Generally vote for shareholder proposals seeking additional disclosure of executive and director pay information, provided the information requested is relevant to shareholders' needs, would not put the company at a competitive disadvantage relative to its industry, and is not unduly burdensome to the company.

Generally vote against shareholder proposals seeking to set absolute levels on compensation or otherwise dictate the amount or form of compensation (such as types of compensation elements or specific metrics) to be used for executive or directors.

Generally vote against shareholder proposals that mandate a minimum amount of stock that directors must own in order to qualify as a director or to remain on the board.

Vote case-by-case on all other shareholder proposals regarding executive and director pay, taking into account relevant factors, including but not limited to: company performance, pay level and design versus peers, history of compensation concerns or pay-for-performance disconnect, and/or the scope and prescriptive nature of the proposal.

**Golden Coffins/Executive Death Benefits**

**General Recommendation:** Generally vote for proposals calling for companies to adopt a policy of obtaining shareholder approval for any future agreements and corporate policies that could oblige the company to make payments or awards following the death of a senior executive in the form of unearned salary or bonuses, accelerated vesting or the continuation in force of unvested equity grants, perquisites and other payments or awards made in lieu of compensation. This would not apply to any benefit programs or equity plan proposals for which the broad-based employee population is eligible.

**Hold Equity Past Retirement or for a Significant Period of Time**

**General Recommendation:** Vote case-by-case on shareholder proposals asking companies to adopt policies requiring senior executive officers to retain a portion of net shares acquired through compensation plans. The following factors will be taken into account:

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|:---|:---|
| § | The percentage/ratio of net shares required to be retained; |

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§ The time period required to retain the shares;

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Proxy Voting Guidelines

§ Whether the company has equity retention, holding period, and/or stock ownership requirements in place and the robustness of such requirements;

§ Whether the company has any other policies aimed at mitigating risk taking by executives;

§ Executives' actual stock ownership and the degree to which it meets or exceeds the proponent's suggested holding period/retention ratio or the company's existing requirements; and

§ Problematic pay practices, current and past, which may demonstrate a short-term versus long-term focus.

**Pay Disparity**

**General Recommendation:** Vote case-by-case on proposals calling for an analysis of the pay disparity between corporate executives and other non-executive employees. The following factors will be considered:

§ The company's current level of disclosure of its executive compensation setting process, including how the company considers pay disparity;

§ If any problematic pay practices or pay-for-performance concerns have been identified at the company; and

§ The level of shareholder support for the company's pay programs.

Generally vote against proposals calling for the company to use the pay disparity analysis or pay ratio in a specific way to set or limit executive pay.

**Pay for Performance/Performance-Based Awards**

**General Recommendation:** Vote case-by-case on shareholder proposals requesting that a significant amount of future long-term incentive compensation awarded to senior executives shall be performance-based and requesting that the board adopt and disclose challenging performance metrics to shareholders, based on the following analytical steps:

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| | |
|:---|:---|
| § | First, vote for shareholder proposals advocating the use of performance-based equity awards, such as performance contingent options or restricted stock, indexed options, or premium-priced options, unless the proposal is overly restrictive or if the company has demonstrated that it is using a "substantial" portion of performance-based awards for its top executives. Standard stock options and performance-accelerated awards do not meet the criteria to be considered as performance-based awards. Further, premium-priced options should have a meaningful premium to be considered performance-based awards; and |

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|:---|:---|
| § | Second, assess the rigor of the company's performance-based equity program. If the bar set for the performance-based program is too low based on the company's historical or peer group comparison, generally vote for the proposal. Furthermore, if target performance results in an above target payout, vote for the shareholder proposal due to program's poor design. If the company does not disclose the performance metric of the performance-based equity program, vote for the shareholder proposal regardless of the outcome of the first step to the test. |

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In general, vote for the shareholder proposal if the company does not meet both of the above two steps.

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Proxy Voting Guidelines

**Pay for Superior Performance**

**General Recommendation:** Vote case-by-case on shareholder proposals that request the board establish a pay-for-superior performance standard in the company's executive compensation plan for senior executives. These proposals generally include the following principles:

§ Set compensation targets for the plan's annual and long-term incentive pay components at or below the peer group median;

§ Deliver a majority of the plan's target long-term compensation through performance-vested, not simply time-vested, equity awards;

§ Provide the strategic rationale and relative weightings of the financial and non-financial performance metrics or criteria used in the annual and performance-vested long-term incentive components of the plan;

§ Establish performance targets for each plan financial metric relative to the performance of the company's peer companies; and

§ Limit payment under the annual and performance-vested long-term incentive components of the plan to when the company's performance on its selected financial performance metrics exceeds peer group median performance.

Consider the following factors in evaluating this proposal:

§ What aspects of the company's annual and long-term equity incentive programs are performance driven?

§ If the annual and long-term equity incentive programs are performance driven, are the performance criteria and hurdle rates disclosed to shareholders or are they benchmarked against a disclosed peer group?

§ Can shareholders assess the correlation between pay and performance based on the current disclosure? and

§ What type of industry and stage of business cycle does the company belong to?

**Pre-Arranged Trading Plans (10b5-1 Plans)**

**General Recommendation:** Generally vote for shareholder proposals calling for the addition of certain safeguards in prearranged trading plans (10b5-1 plans) for executives. Safeguards may include:

§ Adoption, amendment, or termination of a 10b5-1 Plan must be disclosed in a Form 8-K;

§ Amendment or early termination of a 10b5-1 Plan allowed only under extraordinary circumstances, as determined by the board;

§ Request that a certain number of days that must elapse between adoption or amendment of a 10b5-1 Plan and initial trading under the plan;

§ Reports on Form 4 must identify transactions made pursuant to a 10b5-1 Plan;

§ An executive may not trade in company stock outside the 10b5-1 Plan; and

§ Trades under a 10b5-1 Plan must be handled by a broker who does not handle other securities transactions for the executive.

**Prohibit Outside CEOs from Serving on Compensation Committees**

**General Recommendation:** Generally vote against proposals seeking a policy to prohibit any outside CEO from serving on a company's compensation committee, unless the company has demonstrated problematic pay practices that raise concerns about the performance and composition of the committee.

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Proxy Voting Guidelines

**Recoupment of Incentive or Stock Compensation in Specified Circumstances**

**General Recommendation:** Vote case-by-case on proposals to recoup incentive cash or stock compensation made to senior executives if it is later determined that the figures upon which incentive compensation is earned turn out to have been in error, or if the senior executive has breached company policy or has engaged in misconduct that may be significantly detrimental to the company's financial position or reputation, or if the senior executive failed to manage or monitor risks that subsequently led to significant financial or reputational harm to the company. Many companies have adopted policies that permit recoupment in cases where an executive's fraud, misconduct, or negligence significantly contributed to a restatement of financial results that led to the awarding of unearned incentive compensation. However, such policies may be narrow given that not all misconduct or negligence may result in significant financial restatements. Misconduct, negligence, or lack of sufficient oversight by senior executives may lead to significant financial loss or reputational damage that may have long-lasting impact.

In considering whether to support such shareholder proposals, ISS will take into consideration the following factors:

§ If the company has adopted a formal recoupment policy;

§ The rigor of the recoupment policy focusing on how and under what circumstances the company may recoup incentive or stock compensation;

§ Whether the company has chronic restatement history or material financial problems;

§ Whether the company's policy substantially addresses the concerns raised by the proponent;

§ Disclosure of recoupment of incentive or stock compensation from senior executives or lack thereof; and

§ Any other relevant factors.

**Severance and Golden Parachute Agreements**

**General Recommendation:** Vote case-by-case on shareholder proposals requiring that executive severance (including change-in-control related) arrangements or payments be submitted for shareholder ratification.

Factors that will be considered include, but are not limited to:

§ The company's severance or change-in-control agreements in place, and the presence of problematic features (such as excessive severance entitlements, single triggers, excise tax gross-ups, etc.);

§ Any existing limits on cash severance payouts or policies which require shareholder ratification of severance payments exceeding a certain level;

§ Any recent severance-related controversies; and

§ Whether the proposal is overly prescriptive, such as requiring shareholder approval of severance that does not exceed market norms.

**Share Buyback Impact on Incentive Program Metrics**

**General Recommendation:** Vote case-by-case on proposals requesting the company exclude the impact of share buybacks from the calculation of incentive program metrics, considering the following factors:

§ The frequency and timing of the company's share buybacks;

§ The use of per-share metrics in incentive plans;

§ The effect of recent buybacks on incentive metric results and payouts; and

§ Whether there is any indication of metric result manipulation.

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Proxy Voting Guidelines

**Supplemental Executive Retirement Plans (SERPs)**

**General Recommendation:** Generally vote for shareholder proposals requesting to put extraordinary benefits contained in SERP agreements to a shareholder vote unless the company's executive pension plans do not contain excessive benefits beyond what is offered under employee-wide plans.

Generally vote for shareholder proposals requesting to limit the executive benefits provided under the company's supplemental executive retirement plan (SERP) by limiting covered compensation to a senior executive's annual salary or those pay elements covered for the general employee population.

**Tax Gross-Up Proposals**

**General Recommendation:** Generally vote for proposals calling for companies to adopt a policy of not providing tax gross-up payments to executives, except in situations where gross-ups are provided pursuant to a plan, policy, or arrangement applicable to management employees of the company, such as a relocation or expatriate tax equalization policy.

**Termination of Employment Prior to Severance Payment/Eliminating Accelerated Vesting of Unvested Equity**

**General Recommendation:** Vote case-by-case on shareholder proposals seeking a policy requiring termination of employment prior to severance payment and/or eliminating accelerated vesting of unvested equity.

The following factors will be considered:

§ The company's current treatment of equity upon employment termination and/or in change-in-control situations (i.e., vesting is double triggered and/or pro rata, does it allow for the assumption of equity by acquiring company, the treatment of performance shares, etc.); and

§ Current employment agreements, including potential poor pay practices such as gross-ups embedded in those agreements.

Generally vote for proposals seeking a policy that prohibits automatic acceleration of the vesting of equity awards to senior executives upon a voluntary termination of employment or in the event of a change in control (except for pro rata vesting considering the time elapsed and attainment of any related performance goals between the award date and the change in control).

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Proxy Voting Guidelines

**6. Routine/Miscellaneous**

**Adjourn Meeting**

**General Recommendation:** Generally vote against proposals to provide management with the authority to adjourn an annual or special meeting absent compelling reasons to support the proposal.

Vote for proposals that relate specifically to soliciting votes for a merger or transaction if supporting that merger or transaction. Vote against proposals if the wording is too vague or if the proposal includes "other business."

**Amend Quorum Requirements**

**General Recommendation:** Vote case-by-case on proposals to reduce quorum requirements for shareholder meetings below a majority of the shares outstanding, taking into consideration:

§ The new quorum threshold requested;

§ The rationale presented for the reduction;

§ The market capitalization of the company (size, inclusion in indices);

§ The company's ownership structure;

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| § | Previous voter turnout or attempts to achieve quorum; |

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| § | Any provisions or commitments to restore quorum to a majority of shares outstanding, should voter turnout improve sufficiently; and |

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§ Other factors as appropriate.

In general, a quorum threshold kept as close to a majority of shares outstanding as is achievable is preferred.

Vote case-by-case on directors who unilaterally lower the quorum requirements below a majority of the shares outstanding, taking into consideration the factors listed above.

**Amend Minor Bylaws**

**General Recommendation:** Vote for bylaw or charter changes that are of a housekeeping nature (updates or corrections).

**Change Company Name**

**General Recommendation:** Vote for proposals to change the corporate name unless there is compelling evidence that the change would adversely impact shareholder value.

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Proxy Voting Guidelines

**Change Date, Time, or Location of Annual Meeting**

**General Recommendation:** Vote for management proposals to change the date, time, or location of the annual meeting unless the proposed change is unreasonable.

Vote against shareholder proposals to change the date, time, or location of the annual meeting unless the current scheduling or location is unreasonable.

**Other Business**

**General Recommendation:** Vote against proposals to approve other business when it appears as a voting item.

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Proxy Voting Guidelines

**7. Social and Environmental Issues**

Global Approach – E&S Shareholder Proposals

ISS applies a common approach globally to evaluating social and environmental proposals which cover a wide range of topics, including consumer and product safety, environment and energy, labor standards and human rights, workplace and board diversity, and corporate political issues. While a variety of factors goes into each analysis, the overall principle guiding all vote recommendations focuses on how the proposal may enhance or protect shareholder value in either the short or long term.

**General Recommendation:** Generally vote case-by-case, examining primarily whether implementation of the proposal is likely to enhance or protect shareholder value. The following factors will be considered:

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|:---|:---|
| ▪ | If the issues presented in the proposal are being appropriately or effectively dealt with through legislation or government regulation; |
| § | If the company has already responded in an appropriate and sufficient manner to the issue(s) raised in the proposal; |
| § | Whether the proposal's request is unduly burdensome (scope or timeframe) or overly prescriptive; |
| § | The company's approach compared with any industry standard practices for addressing the issue(s) raised by the proposal; |
| § | Whether there are significant controversies, fines, penalties, or litigation associated with the company's practices related to the issue(s) raised in the proposal; |
| § | If the proposal requests increased disclosure or greater transparency, whether reasonable and sufficient information is currently available to shareholders from the company or from other publicly available sources; and |
| § | If the proposal requests increased disclosure or greater transparency, whether implementation would reveal proprietary or confidential information that could place the company at a competitive disadvantage. |

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Endorsement of Principles

**General Recommendation:** Generally vote against proposals seeking a company's endorsement of principles that support a particular public policy position. Endorsing a set of principles may require a company to take a stand on an issue that is beyond its own control and may limit its flexibility with respect to future developments. Management and the board should be afforded the flexibility to make decisions on specific public policy positions based on their own assessment of the most beneficial strategies for the company.

Animal Welfare

**Animal Welfare Policies**

**General Recommendation:** Generally vote for proposals seeking a report on a company's animal welfare standards, or animal welfare-related risks, unless:

§ The company has already published a set of animal welfare standards and monitors compliance; <br> § The company's standards are comparable to industry peers; and <br>

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Proxy Voting Guidelines

§ There are no recent significant fines, litigation, or controversies related to the company's and/or its suppliers' treatment of animals.

**Animal Testing**

**General Recommendation:** Generally vote against proposals to phase out the use of animals in product testing, unless:

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|:---|:---|
| § | The company is conducting animal testing programs that are unnecessary or not required by regulation; |
| § | The company is conducting animal testing when suitable alternatives are commonly accepted and used by industry peers; or |
| § | There are recent, significant fines or litigation related to the company's treatment of animals. |

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**Animal Slaughter**

**General Recommendation:** Generally vote against proposals requesting the implementation of Controlled Atmosphere Killing (CAK) methods at company and/or supplier operations unless such methods are required by legislation or generally accepted as the industry standard.

Vote case-by-case on proposals requesting a report on the feasibility of implementing CAK methods at company and/or supplier operations considering the availability of existing research conducted by the company or industry groups on this topic and any fines or litigation related to current animal processing procedures at the company.

Consumer Issues

**Genetically Modified Ingredients**

**General Recommendation:** Generally vote against proposals requesting that a company voluntarily label genetically engineered (GE) ingredients in its products. The labeling of products with GE ingredients is best left to the appropriate regulatory authorities.

Vote case-by-case on proposals asking for a report on the feasibility of labeling products containing GE ingredients, taking into account:

§ The potential impact of such labeling on the company's business; <br> § The quality of the company's disclosure on GE product labeling, related voluntary initiatives, and how this disclosure compares with industry peer disclosure; and <br> § Company's current disclosure on the feasibility of GE product labeling.

Generally vote against proposals seeking a report on the social, health, and environmental effects of genetically modified organisms (GMOs). Studies of this sort are better undertaken by regulators and the scientific community.

Generally vote against proposals to eliminate GE ingredients from the company's products, or proposals asking for reports outlining the steps necessary to eliminate GE ingredients from the company's products. Such decisions are more appropriately made by management with consideration of current regulations.

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Proxy Voting Guidelines

**Reports on Potentially Controversial Business/Financial Practices**

**General Recommendation:** Vote case-by-case on requests for reports on a company's potentially controversial business or financial practices or products, taking into account:

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|:---|:---|
| § | Whether the company has adequately disclosed mechanisms in place to prevent abuses; |
| § | Whether the company has adequately disclosed the financial risks of the products/practices in question; |
| § | Whether the company has been subject to violations of related laws or serious controversies; and |
| § | Peer companies' policies/practices in this area. |

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**Pharmaceutical Pricing, Access to Medicines, and Prescription Drug Reimportation**

**General Recommendation:** Generally vote against proposals requesting that companies implement specific price restraints on pharmaceutical products unless the company fails to adhere to legislative guidelines or industry norms in its product pricing practices.

Vote case-by-case on proposals requesting that a company report on its product pricing or access to medicine policies, considering:

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|:---|:---|
| § | The potential for reputational, market, and regulatory risk exposure; |
| § | Existing disclosure of relevant policies; |
| § | Deviation from established industry norms; |
| § | Relevant company initiatives to provide research and/or products to disadvantaged consumers; |
| § | Whether the proposal focuses on specific products or geographic regions; |
| § | The potential burden and scope of the requested report; and |
| § | Recent significant controversies, litigation, or fines at the company. |

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Generally vote for proposals requesting that a company report on the financial and legal impact of its prescription drug reimportation policies unless such information is already publicly disclosed.

Generally vote against proposals requesting that companies adopt specific policies to encourage or constrain prescription drug reimportation. Such matters are more appropriately the province of legislative activity and may place the company at a competitive disadvantage relative to its peers.

**Product Safety and Toxic/Hazardous Materials**

**General Recommendation:** Generally vote for proposals requesting that a company report on its policies, initiatives/procedures, and oversight mechanisms related to toxic/hazardous materials or product safety in its supply chain, unless:

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|:---|:---|
| § | The company already discloses similar information through existing reports such as a supplier code of conduct and/or a sustainability report; |
| § | The company has formally committed to the implementation of a toxic/hazardous materials and/or product safety and supply chain reporting and monitoring program based on industry norms or similar standards within a specified time frame; or |
| § | The company has not been recently involved in relevant significant controversies, fines, or litigation. |

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Proxy Voting Guidelines

Vote case-by-case on resolutions requesting that companies develop a feasibility assessment to phase-out of certain toxic/hazardous materials, or evaluate and disclose the potential financial and legal risks associated with utilizing certain materials, considering:

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|:---|:---|
| § | The company's current level of disclosure regarding its product safety policies, initiatives, and oversight mechanisms; |
| § | Current regulations in the markets in which the company operates; and |
| § | Recent significant controversies, litigation, or fines stemming from toxic/hazardous materials at the company. |

---

Generally vote against resolutions requiring that a company reformulate its products.

**Tobacco-Related Proposals**

**General Recommendation:** Vote case-by-case on resolutions regarding the advertisement of tobacco products, considering:

---

| |
|:---|
| Recent related fines, controversies, or significant litigation; |
| Whether the company complies with relevant laws and regulations on the marketing of tobacco; |
| Whether the company's advertising restrictions deviate from those of industry peers; |
| Whether the company entered into the Master Settlement Agreement, which restricts marketing of tobacco to youth; and |
| Whether restrictions on marketing to youth extend to foreign countries. |

---

Vote case-by-case on proposals regarding second-hand smoke, considering;

§ Whether the company complies with all laws and regulations; <br> § The degree that voluntary restrictions beyond those mandated by law might hurt the company's competitiveness; and <br> § The risk of any health-related liabilities.

Generally vote against resolutions to cease production of tobacco-related products, to avoid selling products to tobacco companies, to spin-off tobacco-related businesses, or prohibit investment in tobacco equities. Such business decisions are better left to company management or portfolio managers.

Generally vote against proposals regarding tobacco product warnings. Such decisions are better left to public health authorities.

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Proxy Voting Guidelines

Climate Change

**Say on Climate (SoC) Management Proposals**

**General Recommendation:** Vote case-by-case on management proposals that request shareholders to approve the company's climate transition action plan**<sup>23</sup>**, taking into account the completeness and rigor of the plan. Information that will be considered where available includes the following:

---

| |
|:---|
| The extent to which the company's climate related disclosures are in line with TCFD recommendations and meet other market standards; |
| Disclosure of its operational and supply chain GHG emissions (Scopes 1, 2, and 3); |
| The completeness and rigor of company's short-, medium-, and long-term targets for reducing operational and supply chain GHG emissions (Scopes 1, 2, and 3 if relevant); |
| Whether the company has sought and received third-party approval that its targets are science-based; |
| Whether the company has made a commitment to be "net zero" for operational and supply chain emissions (Scopes 1, 2, and 3) by 2050; |
| Whether the company discloses a commitment to report on the implementation of its plan in subsequent years; |
| Whether the company's climate data has received third-party assurance; |
| Disclosure of how the company's lobbying activities and its capital expenditures align with company strategy; |
| Whether there are specific industry decarbonization challenges; and |
| The company's related commitment, disclosure, and performance compared to its industry peers. |

---

**Say on Climate (SoC) Shareholder Proposals**

**General Recommendation:** Vote case-by-case on shareholder proposals that request the company to disclose a report providing its GHG emissions levels and reduction targets and/or its upcoming/approved climate transition action plan and provide shareholders the opportunity to express approval or disapproval of its GHG emissions reduction plan, taking into account information such as the following:

---

| | |
|:---|:---|
| § | The completeness and rigor of the company's climate-related disclosure; |
| § | The company's actual GHG emissions performance; |
| § | Whether the company has been the subject of recent, significant violations, fines, litigation, or controversy related to its GHG emissions; and |
| § | Whether the proposal's request is unduly burdensome (scope or timeframe) or overly prescriptive. |

---

**Climate Change/Greenhouse Gas (GHG) Emissions**

**General Recommendation:** Generally vote for resolutions requesting that a company disclose information on the financial, physical, or regulatory risks it faces related to climate change on its operations and investments or on how the company identifies, measures, and manages such risks, considering:

§ Whether the company already provides current, publicly-available information on the impact that climate change may have on the company as well as associated company policies and procedures to address related risks and/or opportunities;

**** 

**<sup>23</sup>** Variations of this request also include climate transition related ambitions, or commitment to reporting on the implementation of a climate plan.

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Proxy Voting Guidelines

§ The company's level of disclosure compared to industry peers; and <br> § Whether there are significant controversies, fines, penalties, or litigation associated with the company's climate change-related performance.

Generally vote for proposals requesting a report on greenhouse gas (GHG) emissions from company operations and/or products and operations, unless:

---

| | |
|:---|:---|
| § | The company already discloses current, publicly-available information on the impacts that GHG emissions may have on the company as well as associated company policies and procedures to address related risks and/or opportunities; |
| § | The company's level of disclosure is comparable to that of industry peers; or |
| § | There are no significant, controversies, fines, penalties, or litigation associated with the company's GHG emissions. |

---

Vote case-by-case on proposals that call for the adoption of GHG reduction goals from products and operations, taking into account:

---

| | |
|:---|:---|
| § | Whether the company provides disclosure of year-over-year GHG emissions performance data; |
| § | Whether company disclosure lags behind industry peers; |
| § | The company's actual GHG emissions performance; |
| § | The company's current GHG emission policies, oversight mechanisms, and related initiatives; and |
| § | Whether the company has been the subject of recent, significant violations, fines, litigation, or controversy related to GHG emissions. |

---

**Energy Efficiency**

**General Recommendation:** Generally vote for proposals requesting that a company report on its energy efficiency policies, unless:

---

| | |
|:---|:---|
| § | The company complies with applicable energy efficiency regulations and laws, and discloses its participation in energy efficiency policies and programs, including disclosure of benchmark data, targets, and performance measures; or |
| § | The proponent requests adoption of specific energy efficiency goals within specific timelines. |

---

**Renewable Energy**

**General Recommendation:** Generally vote for requests for reports on the feasibility of developing renewable energy resources unless the report would be duplicative of existing disclosure or irrelevant to the company's line of business.

Generally vote against proposals requesting that the company invest in renewable energy resources. Such decisions are best left to management's evaluation of the feasibility and financial impact that such programs may have on the company.

Generally vote against proposals that call for the adoption of renewable energy goals, taking into account:

§ The scope and structure of the proposal; <br> § The company's current level of disclosure on renewable energy use and GHG emissions; and

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Proxy Voting Guidelines

§ The company's disclosure of policies, practices, and oversight implemented to manage GHG emissions and mitigate climate change risks.

Diversity

**Board Diversity**

**General Recommendation:** Generally vote for requests for reports on a company's efforts to diversify the board, unless:

§ The gender and racial minority representation of the company's board is reasonably inclusive in relation to companies of similar size and business; or <br> § The board already reports on its nominating procedures and gender and racial minority initiatives on the board and within the company.

Vote case-by-case on proposals asking a company to increase the gender and racial minority representation on its board, taking into account:

---

| | |
|:---|:---|
| § | The degree of existing gender and racial minority diversity on the company's board and among its executive officers; |
| § | The level of gender and racial minority representation that exists at the company's industry peers; |
| § | The company's established process for addressing gender and racial minority board representation; |
| § | Whether the proposal includes an overly prescriptive request to amend nominating committee charter language; |
| § | The independence of the company's nominating committee; |
| § | Whether the company uses an outside search firm to identify potential director nominees; and |
| § | Whether the company has had recent controversies, fines, or litigation regarding equal employment practices. |

---

**Equality of Opportunity**

**General Recommendation:** Generally vote for proposals requesting a company disclose its diversity policies or initiatives, or proposals requesting disclosure of a company's comprehensive workforce diversity data, including requests for EEO-1 data, unless:

§ The company publicly discloses equal opportunity policies and initiatives in a comprehensive manner; <br> § The company already publicly discloses comprehensive workforce diversity data; or <br> § The company has no recent significant EEO-related violations or litigation.

Generally vote against proposals seeking information on the diversity efforts of suppliers and service providers. Such requests may pose a significant burden on the company.

**Gender Identity, Sexual Orientation, and Domestic Partner Benefits**

**General Recommendation:** Generally vote for proposals seeking to amend a company's EEO statement or diversity policies to prohibit discrimination based on sexual orientation and/or gender identity, unless the change would be unduly burdensome.

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Proxy Voting Guidelines

Generally vote against proposals to extend company benefits to, or eliminate benefits from, domestic partners. Decisions regarding benefits should be left to the discretion of the company.

**Gender, Race/Ethnicity Pay Gap**

**General Recommendation:** Vote case-by-case on requests for reports on a company's pay data by gender or race/ ethnicity, or a report on a company's policies and goals to reduce any gender or race/ethnicity pay gaps, taking into account:

---

| | |
|:---|:---|
| § | The company's current policies and disclosure related to both its diversity and inclusion policies and practices and its compensation philosophy on fair and equitable compensation practices; |
| § | Whether the company has been the subject of recent controversy, litigation, or regulatory actions related to gender, race, or ethnicity pay gap issues; |
| § | The company's disclosure regarding gender, race, or ethnicity pay gap policies or initiatives compared to its industry peers; and |
| § | Local laws regarding categorization of race and/or ethnicity and definitions of ethnic and/or racial minorities. |

---

**Racial Equity and/or Civil Rights Audit Guidelines**

**General Recommendation:** Vote case-by-case on proposals asking a company to conduct an independent racial equity and/or civil rights audit, taking into account:

---

| | |
|:---|:---|
| § | The company's established process or framework for addressing racial inequity and discrimination internally; |
| § | Whether the company adequately discloses workforce diversity and inclusion metrics and goals; |
| § | Whether the company has issued a public statement related to its racial justice efforts in recent years, or has committed to internal policy review; |
| § | Whether the company has engaged with impacted communities, stakeholders, and civil rights experts; |
| § | The company's track record in recent years of racial justice measures and outreach externally; and |
| § | Whether the company has been the subject of recent controversy, litigation, or regulatory actions related to racial inequity or discrimination. |

---

Environment and Sustainability

**Facility and Workplace Safety**

**General Recommendation:** Vote case-by-case on requests for workplace safety reports, including reports on accident risk reduction efforts, taking into account:

---

| | |
|:---|:---|
| § | The company's current level of disclosure of its workplace health and safety performance data, health and safety management policies, initiatives, and oversight mechanisms; |
| § | The nature of the company's business, specifically regarding company and employee exposure to health and safety risks; |
| § | Recent significant controversies, fines, or violations related to workplace health and safety; and |
| § | The company's workplace health and safety performance relative to industry peers. |

---

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Proxy Voting Guidelines

Vote case-by-case on resolutions requesting that a company report on safety and/or security risks associated with its operations and/or facilities, considering:

---

| | |
|:---|:---|
| § | The company's compliance with applicable regulations and guidelines; |
| § | The company's current level of disclosure regarding its security and safety policies, procedures, and compliance monitoring; and |
| § | The existence of recent, significant violations, fines, or controversy regarding the safety and security of the company's operations and/or facilities. |

---

**Natural Capital- Related and/or Community Impact Assessment Proposals**

**General Recommendation:** Vote case-by-case on requests for reports on policies and/or the potential (community) social and/or environmental impact of company operations, considering:

---

| | |
|:---|:---|
| § | Alignment of current disclosure of applicable company policies, metrics, risk assessment report(s) and risk management procedures with any relevant, broadly accepted reporting frameworks; |
| § | The impact of regulatory non-compliance, litigation, remediation, or reputational loss that may be associated with failure to manage the company's operations in question, including the management of relevant community and stakeholder relations; |
| § | The nature, purpose, and scope of the company's operations in the specific region(s); |
| § | The degree to which company policies and procedures are consistent with industry norms; and |
| § | The scope of the resolution. |

---

**Hydraulic Fracturing**

**General Recommendation:** Generally vote for proposals requesting greater disclosure of a company's (natural gas) hydraulic fracturing operations, including measures the company has taken to manage and mitigate the potential community and environmental impacts of those operations, considering:

---

| | |
|:---|:---|
| § | The company's current level of disclosure of relevant policies and oversight mechanisms; |
| § | The company's current level of such disclosure relative to its industry peers; |
| § | Potential relevant local, state, or national regulatory developments; and |
| § | Controversies, fines, or litigation related to the company's hydraulic fracturing operations. |

---

**Operations in Protected Areas**

**General Recommendation:** Generally vote for requests for reports on potential environmental damage as a result of company operations in protected regions, unless:

---

| | |
|:---|:---|
| § | Operations in the specified regions are not permitted by current laws or regulations; |
| § | The company does not currently have operations or plans to develop operations in these protected regions; or |
| § | The company's disclosure of its operations and environmental policies in these regions is comparable to industry peers. |

---

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Proxy Voting Guidelines

**Recycling**

**General Recommendation:** Vote case-by-case on proposals to report on an existing recycling program, or adopt a new recycling program, taking into account:

---

| | |
|:---|:---|
| § | The nature of the company's business; |
| § | The current level of disclosure of the company's existing related programs; |
| § | The timetable and methods of program implementation prescribed by the proposal; |
| § | The company's ability to address the issues raised in the proposal; and |
| § | How the company's recycling programs compare to similar programs of its industry peers. |

---

**Sustainability Reporting**

**General Recommendation:** Generally vote for proposals requesting that a company report on its policies, initiatives, and oversight mechanisms related to social, economic, and environmental sustainability, unless:

---

| | |
|:---|:---|
| § | The company already discloses similar information through existing reports or policies such as an environment, health, and safety (EHS) report; a comprehensive code of corporate conduct; and/or a diversity report; or |
| § | The company has formally committed to the implementation of a reporting program based on Global Reporting Initiative (GRI) guidelines or a similar standard within a specified time frame. |

---

**Water Issues**

**General Recommendation:** Vote case-by-case on proposals requesting a company report on, or adopt a new policy on, water-related risks and concerns, taking into account:

---

| | |
|:---|:---|
| § | The company's current disclosure of relevant policies, initiatives, oversight mechanisms, and water usage metrics; |
| § | Whether or not the company's existing water-related policies and practices are consistent with relevant internationally recognized standards and national/local regulations; |
| § | The potential financial impact or risk to the company associated with water-related concerns or issues; and |
| § | Recent, significant company controversies, fines, or litigation regarding water use by the company and its suppliers. |

---

General Corporate Issues

**Charitable Contributions**

**General Recommendation:** Vote against proposals restricting a company from making charitable contributions. Charitable contributions are generally useful for assisting worthwhile causes and for creating goodwill in the community. In the absence of bad faith, self-dealing, or gross negligence, management should determine which, and if, contributions are in the best interests of the company.

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Proxy Voting Guidelines

**Data Security, Privacy, and Internet Issues**

**General Recommendation:** Vote case-by-case on proposals requesting the disclosure or implementation of data security, privacy, or information access and management policies and procedures, considering:

---

| | |
|:---|:---|
| § | The level of disclosure of company policies and procedures relating to data security, privacy, freedom of speech, information access and management, and Internet censorship; |
| § | Engagement in dialogue with governments or relevant groups with respect to data security, privacy, or the free flow of information on the Internet; |
| § | The scope of business involvement and of investment in countries whose governments censor or monitor the Internet and other telecommunications; |
| § | Applicable market-specific laws or regulations that may be imposed on the company; and |
| § | Controversies, fines, or litigation related to data security, privacy, freedom of speech, or Internet censorship. |

---

**ESG Compensation-Related Proposals**

**General Recommendation:** Vote case-by-case on proposals seeking a report or additional disclosure on the company's approach, policies, and practices on incorporating environmental and social criteria into its executive compensation strategy, considering:

---

| | |
|:---|:---|
| § | The scope and prescriptive nature of the proposal; |
| § | The company's current level of disclosure regarding its environmental and social performance and governance; |
| § | The degree to which the board or compensation committee already discloses information on whether it has considered related E&S criteria; and |
| § | Whether the company has significant controversies or regulatory violations regarding social or environmental issues. |

---

Human Rights, Human Capital Management, and International Operations

**Human Rights Proposals**

**General Recommendation:** Generally vote for proposals requesting a report on company or company supplier labor and/or human rights standards and policies unless such information is already publicly disclosed.

Vote case-by-case on proposals to implement company or company supplier labor and/or human rights standards and policies, considering:

---

| | |
|:---|:---|
| § | The degree to which existing relevant policies and practices are disclosed; |
| § | Whether or not existing relevant policies are consistent with internationally recognized standards; |
| § | Whether company facilities and those of its suppliers are monitored and how; |
| § | Company participation in fair labor organizations or other internationally recognized human rights initiatives; |
| § | Scope and nature of business conducted in markets known to have higher risk of workplace labor/human rights abuse; |

---

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Proxy Voting Guidelines

§ Recent, significant company controversies, fines, or litigation regarding human rights at the company or its suppliers; <br> § The scope of the request; and <br> § Deviation from industry sector peer company standards and practices.

Vote case-by-case on proposals requesting that a company conduct an assessment of the human rights risks in its operations or in its supply chain, or report on its human rights risk assessment process, considering:

---

| | |
|:---|:---|
| § | The degree to which existing relevant policies and practices are disclosed, including information on the implementation of these policies and any related oversight mechanisms; |
| § | The company's industry and whether the company or its suppliers operate in countries or areas where there is a history of human rights concerns; |
| § | Recent significant controversies, fines, or litigation regarding human rights involving the company or its suppliers, and whether the company has taken remedial steps; and |
| § | Whether the proposal is unduly burdensome or overly prescriptive. |

---

**Mandatory Arbitration**

**General Recommendation:** Vote case-by-case on requests for a report on a company's use of mandatory arbitration on employment-related claims, taking into account:

---

| | |
|:---|:---|
| § | The company's current policies and practices related to the use of mandatory arbitration agreements on workplace claims; |
| § | Whether the company has been the subject of recent controversy, litigation, or regulatory actions related to the use of mandatory arbitration agreements on workplace claims; and |
| § | The company's disclosure of its policies and practices related to the use of mandatory arbitration agreements compared to its peers. |

---

**Operations in High-Risk Markets**

**General Recommendation:** Vote case-by-case on requests for a report on a company's potential financial and reputational risks associated with operations in "high-risk" markets, such as a terrorism-sponsoring state or politically/socially unstable region, taking into account:

---

| | |
|:---|:---|
| § | The nature, purpose, and scope of the operations and business involved that could be affected by social or political disruption; |
| § | Current disclosure of applicable risk assessment(s) and risk management procedures; |
| § | Compliance with U.S. sanctions and laws; |
| § | Consideration of other international policies, standards, and laws; and |
| § | Whether the company has been recently involved in recent, significant controversies, fines, or litigation related to its operations in "high-risk" markets. |

---

**Outsourcing/Offshoring**

**General Recommendation:** Vote case-by-case on proposals calling for companies to report on the risks associated with outsourcing/plant closures, considering:

§ Controversies surrounding operations in the relevant market(s);

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Proxy Voting Guidelines

§ The value of the requested report to shareholders; <br> § The company's current level of disclosure of relevant information on outsourcing and plant closure procedures; and <br> § The company's existing human rights standards relative to industry peers.

**Sexual Harassment**

**General Recommendation:** Vote case-by-case on requests for a report on company actions taken to strengthen policies and oversight to prevent workplace sexual harassment, or a report on risks posed by a company's failure to prevent workplace sexual harassment, taking into account:

---

| | |
|:---|:---|
| § | The company's current policies, practices, oversight mechanisms related to preventing workplace sexual harassment; |
| § | Whether the company has been the subject of recent controversy, litigation, or regulatory actions related to workplace sexual harassment issues; and |
| § | The company's disclosure regarding workplace sexual harassment policies or initiatives compared to its industry peers. |

---

**Weapons and Military Sales**

**General Recommendation:** Vote against reports on foreign military sales or offsets. Such disclosures may involve sensitive and confidential information. Moreover, companies must comply with government controls and reporting on foreign military sales.

Generally vote against proposals asking a company to cease production or report on the risks associated with the use of depleted uranium munitions or nuclear weapons components and delivery systems, including disengaging from current and proposed contracts. Such contracts are monitored by government agencies, serve multiple military and non-military uses, and withdrawal from these contracts could have a negative impact on the company's business.

Political Activities

**Lobbying**

**General Recommendation:** Vote case-by-case on proposals requesting information on a company's lobbying (including direct, indirect, and grassroots lobbying) activities, policies, or procedures, considering:

---

| | |
|:---|:---|
| § | The company's current disclosure of relevant lobbying policies, and management and board oversight; |
| § | The company's disclosure regarding trade associations or other groups that it supports, or is a member of, that engage in lobbying activities; and |
| § | Recent significant controversies, fines, or litigation regarding the company's lobbying-related activities. |

---

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Proxy Voting Guidelines

**Political Contributions**

**General Recommendation:** Generally vote for proposals requesting greater disclosure of a company's political contributions and trade association spending policies and activities, considering:

---

| | |
|:---|:---|
| § | The company's policies, and management and board oversight related to its direct political contributions and payments to trade associations or other groups that may be used for political purposes; |
| § | The company's disclosure regarding its support of, and participation in, trade associations or other groups that may make political contributions; and |
| § | Recent significant controversies, fines, or litigation related to the company's political contributions or political activities. |

---

Vote against proposals barring a company from making political contributions. Businesses are affected by legislation at the federal, state, and local level; barring political contributions can put the company at a competitive disadvantage.

Vote against proposals to publish in newspapers and other media a company's political contributions. Such publications could present significant cost to the company without providing commensurate value to shareholders.

**Political Expenditures and Lobbying Congruency**

**General Recommendation:** Generally vote case-by-case on proposals requesting greater disclosure of a company's alignment of political contributions, lobbying, and electioneering spending with a company's publicly stated values and policies, considering:

---

| | |
|:---|:---|
| § | The company's policies, management, board oversight, governance processes, and level of disclosure related to direct political contributions, lobbying activities, and payments to trade associations, political action committees, or other groups that may be used for political purposes; |
| § | The company's disclosure regarding: the reasons for its support of candidates for public offices; the reasons for support of and participation in trade associations or other groups that may make political contributions; and other political activities; |
| § | Any incongruencies identified between a company's direct and indirect political expenditures and its publicly stated values and priorities; and |
| § | Recent significant controversies related to the company's direct and indirect lobbying, political contributions, or political activities. |

---

Generally vote case-by-case on proposals requesting comparison of a company's political spending to objectives that can mitigate material risks for the company, such as limiting global warming.

**Political Ties**

**General Recommendation:** Generally vote against proposals asking a company to affirm political nonpartisanship in the workplace, so long as:

§ There are no recent, significant controversies, fines, or litigation regarding the company's political contributions or trade association spending; and

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Proxy Voting Guidelines

§ The company has procedures in place to ensure that employee contributions to company-sponsored political action committees (PACs) are strictly voluntary and prohibit coercion.

Vote against proposals asking for a list of company executives, directors, consultants, legal counsels, lobbyists, or investment bankers that have prior government service and whether such service had a bearing on the business of the company. Such a list would be burdensome to prepare without providing any meaningful information to shareholders.

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Proxy Voting Guidelines

**8. Mutual Fund Proxies**

**Election of Directors**

**General Recommendation:** Vote case-by-case on the election of directors and trustees, following the same guidelines for uncontested directors for public company shareholder meetings. However, mutual fund boards do not usually have compensation committees, so do not withhold for the lack of this committee.

**Closed End Funds- Unilateral Opt-In to Control Share Acquisition Statutes**

**General Recommendation:** For closed-end management investment companies (CEFs), vote against or withhold from nominating/governance committee members (or other directors on a case-by-case basis) at CEFs that have not provided a compelling rationale for opting-in to a Control Share Acquisition statute, nor submitted a by-law amendment to a shareholder vote.

**Converting Closed-end Fund to Open-end Fund**

**General Recommendation:** Vote case-by-case on conversion proposals, considering the following factors:

---

| | |
|:---|:---|
| § | Past performance as a closed-end fund; |
| § | Market in which the fund invests; |
| § | Measures taken by the board to address the discount; and |
| § | Past shareholder activism, board activity, and votes on related proposals. |

---

**Proxy Contests**

**General Recommendation:** Vote case-by-case on proxy contests, considering the following factors:

---

| | |
|:---|:---|
| § | Past performance relative to its peers; |
| § | Market in which the fund invests; |
| § | Measures taken by the board to address the issues; |
| § | Past shareholder activism, board activity, and votes on related proposals; |
| § | Strategy of the incumbents versus the dissidents; |
| § | Independence of directors; |
| § | Experience and skills of director candidates; |
| § | Governance profile of the company; and |
| § | Evidence of management entrenchment. |

---

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Proxy Voting Guidelines

**Investment Advisory Agreements**

**General Recommendation:** Vote case-by-case on investment advisory agreements, considering the following factors:

---

| | |
|:---|:---|
| § | Proposed and current fee schedules; |
| § | Fund category/investment objective; |
| § | Performance benchmarks; |
| § | Share price performance as compared with peers; |
| § | Resulting fees relative to peers; and |
| § | Assignments (where the advisor undergoes a change of control). |

---

**Approving New Classes or Series of Shares**

**General Recommendation:** Vote for the establishment of new classes or series of shares.

**Preferred Stock Proposals**

**General Recommendation:** Vote case-by-case on the authorization for or increase in preferred shares, considering the following factors:

§ Stated specific financing purpose; <br> § Possible dilution for common shares; and <br> § Whether the shares can be used for antitakeover purposes.

**1940 Act Policies**

**General Recommendation:** Vote case-by-case on policies under the Investment Advisor Act of 1940, considering the following factors:

---

| | |
|:---|:---|
| § | Potential competitiveness; |
| § | Regulatory developments; |
| § | Current and potential returns; and |
| § | Current and potential risk. |

---

Generally vote for these amendments as long as the proposed changes do not fundamentally alter the investment focus of the fund and do comply with the current SEC interpretation.

**Changing a Fundamental Restriction to a Nonfundamental Restriction**

**General Recommendation:** Vote case-by-case on proposals to change a fundamental restriction to a non-fundamental restriction, considering the following factors:

§ The fund's target investments;

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Proxy Voting Guidelines

§ The reasons given by the fund for the change; and <br> § The projected impact of the change on the portfolio.

**Change Fundamental Investment Objective to Nonfundamental**

**General Recommendation:** Vote against proposals to change a fund's fundamental investment objective to non-fundamental.

**Name Change Proposals**

**General Recommendation:** Vote case-by-case on name change proposals, considering the following factors:

§ Political/economic changes in the target market; <br> § Consolidation in the target market; and <br> § Current asset composition.

**Change in Fund's Subclassification**

**General Recommendation:** Vote case-by-case on changes in a fund's sub-classification, considering the following factors:

---

| | |
|:---|:---|
| § | Potential competitiveness; |
| § | Current and potential returns; |
| § | Risk of concentration; and |
| § | Consolidation in target industry. |

---

**Business Development Companies—Authorization to Sell Shares of Common Stock at a Price below Net Asset Value**

**General Recommendation:** Vote for proposals authorizing the board to issue shares below Net Asset Value (NAV) if:

---

| |
|:---|
| The proposal to allow share issuances below NAV has an expiration date no more than one year from the date shareholders approve the underlying proposal, as required under the Investment Company Act of 1940; |
| The sale is deemed to be in the best interests of shareholders by (1) a majority of the company's independent directors and (2) a majority of the company's directors who have no financial interest in the issuance; and |
| The company has demonstrated responsible past use of share issuances by either: |
| Outperforming peers in its 8-digit GICS group as measured by one- and three-year median TSRs; or |
| Providing disclosure that its past share issuances were priced at levels that resulted in only small or moderate discounts to NAV and economic dilution to existing non-participating shareholders. |

---

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**UNITED STATES**

Proxy Voting Guidelines

**Disposition of Assets/Termination/Liquidation**

**General Recommendation:** Vote case-by-case on proposals to dispose of assets, to terminate or liquidate, considering the following factors:

§ Strategies employed to salvage the company; <br> § The fund's past performance; and <br> § The terms of the liquidation.

**Changes to the Charter Document**

**General Recommendation:** Vote case-by-case on changes to the charter document, considering the following factors:

---

| | |
|:---|:---|
| § | The degree of change implied by the proposal; |
| § | The efficiencies that could result; |
| § | The state of incorporation; and |
| § | Regulatory standards and implications. |

---

Vote against any of the following changes:

---

| |
|:---|
| Removal of shareholder approval requirement to reorganize or terminate the trust or any of its series; |
| Removal of shareholder approval requirement for amendments to the new declaration of trust; |
| Removal of shareholder approval requirement to amend the fund's management contract, allowing the contract to be modified by the investment manager and the trust management, as permitted by the 1940 Act; |
| Allow the trustees to impose other fees in addition to sales charges on investment in a fund, such as deferred sales charges and redemption fees that may be imposed upon redemption of a fund's shares; |
| Removal of shareholder approval requirement to engage in and terminate subadvisory arrangements; or |
| Removal of shareholder approval requirement to change the domicile of the fund. |

---

**Changing the Domicile of a Fund**

**General Recommendation:** Vote case-by-case on re-incorporations, considering the following factors:

§ Regulations of both states; <br> § Required fundamental policies of both states; and <br> § The increased flexibility available.

**Authorizing the Board to Hire and Terminate Subadvisers Without Shareholder Approval**

**General Recommendation:** Vote against proposals authorizing the board to hire or terminate subadvisers without shareholder approval if the investment adviser currently employs only one subadviser.

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**UNITED STATES**

Proxy Voting Guidelines

**Distribution Agreements**

**General Recommendation:** Vote case-by-case on distribution agreement proposals, considering the following factors:

---

| | |
|:---|:---|
| § | Fees charged to comparably sized funds with similar objectives; |
| § | The proposed distributor's reputation and past performance; |
| § | The competitiveness of the fund in the industry; and |
| § | The terms of the agreement. |

---

**Master-Feeder Structure**

**General Recommendation:** Vote for the establishment of a master-feeder structure.

**Mergers**

**General Recommendation:** Vote case-by-case on merger proposals, considering the following factors:

---

| | |
|:---|:---|
| § | Resulting fee structure; |
| § | Performance of both funds; |
| § | Continuity of management personnel; and |
| § | Changes in corporate governance and their impact on shareholder rights. |

---

Shareholder Proposals for Mutual Funds

**Establish Director Ownership Requirement**

**General Recommendation:** Generally vote against shareholder proposals that mandate a specific minimum amount of stock that directors must own in order to qualify as a director or to remain on the board.

**Reimburse Shareholder for Expenses Incurred**

**General Recommendation:** Vote case-by-case on shareholder proposals to reimburse proxy solicitation expenses. When supporting the dissidents, vote for the reimbursement of the proxy solicitation expenses.

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**UNITED STATES**

Proxy Voting Guidelines

**Terminate the Investment Advisor**

**General Recommendation:** Vote case-by-case on proposals to terminate the investment advisor, considering the following factors:

§ Performance of the fund's Net Asset Value (NAV); <br> § The fund's history of shareholder relations; and <br> § The performance of other funds under the advisor's management.

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![](header.jpg)

**UNITED STATES**

Proxy Voting Guidelines

We empower investors and companies to build for long-term and sustainable growth by providing high-quality data, analytics, and insight.

**G E T S T A R T E D W I T H I S S S O L U T I O N S**<br> Email <u>sales@issgovernance.com</u> or visit <u>www.issgovernance.com</u> for more information.

Founded in 1985, Institutional Shareholder Services group of companies (ISS) empowers investors and companies to build for long-term and sustainable growth by providing high-quality data, analytics and insight. ISS, which is majority owned by Deutsche Bourse Group, along with Genstar Capital and ISS management, is a leading provider of corporate governance and responsible investment solutions, market intelligence, fund services, and events and editorial content for institutional investors and corporations, globally. ISS' 2,600 employees operate worldwide across 29 global locations in 15 countries. Its approximately 3,400 clients include many of the world's leading institutional investors who rely on ISS' objective and impartial offerings, as well as public companies focused on ESG and governance risk mitigation as a shareholder value enhancing measure. Clients rely on ISS' expertise to help them make informed investment decisions. This document and all of the information contained in it, including without limitation all text, data, graphs, and charts (collectively, the "Information") is the property of Institutional Shareholder Services Inc. (ISS), its subsidiaries, or, in some cases third party suppliers.

The Information has not been submitted to, nor received approval from, the United States Securities and Exchange Commission or any other regulatory body. None of the Information constitutes an offer to sell (or a solicitation of an offer to buy), or a promotion or recommendation of, any security, financial product or other investment vehicle or any trading strategy, and ISS does not endorse, approve, or otherwise express any opinion regarding any issuer, securities, financial products or instruments or trading strategies.

The user of the Information assumes the entire risk of any use it may make or permit to be made of the Information.

ISS MAKES NO EXPRESS OR IMPLIED WARRANTIES OR REPRESENTATIONS WITH RESPECT TO THE INFORMATION AND EXPRESSLY DISCLAIMS ALL IMPLIED WARRANTIES (INCLUDING, WITHOUT LIMITATION, ANY IMPLIED WARRANTIES OF ORIGINALITY, ACCURACY, TIMELINESS, NON-INFRINGEMENT, COMPLETENESS, MERCHANTABILITY, AND FITNESS for A PARTICULAR PURPOSE) WITH RESPECT TO ANY OF THE INFORMATION.

Without limiting any of the foregoing and to the maximum extent permitted by law, in no event shall ISS have any liability regarding any of the Information for any direct, indirect, special, punitive, consequential (including lost profits), or any other damages even if notified of the possibility of such damages. The foregoing shall not exclude or limit any liability that may not by applicable law be excluded or limited.© 2025 \| Institutional Shareholder Services and/or its affiliates

<u>WWW.ISSGOVERNANCE.COM</u> 87 of 87

FIRST EAGLE ETF TRUST<br> PART C

**OTHER INFORMATION**

Item 28. Exhibits

**<u>EXHIBIT</u>**

---

| | |
|:---|:---|
| (a)(1) | [Certificate of Trust.](https://www.sec.gov/Archives/edgar/data/2083193/000093041325002944/c113952_ex99-a.htm) |
| (a)(2) | [Amended and Restated Declaration of Trust. (filed herewith)](c114719_ex99-a2.htm) |
| (b) | [Bylaws. (filed herewith)](c114719_ex99-b.htm) |
| (c) | The rights of holders of the securities being registered are set out in Articles Three and Five of the Amended and Restated Declaration of Trust referenced in Exhibit (a)(2) above and in Article Two of the Bylaws referenced in Exhibit (b) above. |
| (d)(1) | [Investment Advisory Contract between the Registrant and First Eagle Investment Management, LLC (the "Adviser"). (filed herewith)](c114719_ex99-d1.htm) |
| (d)(2) | [Form of Subadvisory Agreement among the Registrant, the Adviser and Exchange Traded Concepts, LLC (the "Subadviser" or "ETC"). (filed herewith)](c114719_ex99-d2.htm) |
| (e)(1) | [Form of ETF Distribution Agreement between the Registrant and Quasar Distributors, LLC. (filed herewith)](c114719_ex99-e1.htm) |
| (e)(2) | [Form of ETF Distribution Services Agreement between the Adviser and Quasar Distributors, LLC. (filed herewith)](c114719_ex99-e2.htm) |
| (f) | [First Eagle Funds Deferred Compensation Plan as amended and restated effective as of January 1, 2009. (filed herewith)](c114719_ex99-f.htm) |
| (g) | [Amended and Restated Global Custody Agreement between each entity managed by the Adviser and JPMorgan Chase Bank, N.A, dated April 18, 2017, with amended Exhibit A dated as of October 24, 2025. (filed herewith)](c114719_ex99-g.htm) |
| (h)(1) | [Form of Agency Services Agreement between the Registrant and JPMorgan Chase Bank, N.A. (filed herewith)](c114719_ex99-h1.htm) |
| (h)(2) | [Amended and Restated Fund Services Agreement between each entity managed by the Adviser and JPMorgan Chase Bank, N.A, dated September 9, 2020, with amended Exhibit A dated as of October 24, 2025. (filed herewith)](c114719_ex99-h2.htm) |
| (h)(3) | [Expense Limitation Agreement between the Registrant (on behalf of First Eagle Mid Cap Equity ETF and First Eagle US Equity ETF) and the Adviser. (filed herewith)](c114719_ex99-h3.htm) |
| (i) | [Richards, Layton & Finger, P.A. Opinion with respect to the offering of shares of First Eagle US Equity ETF and First Eagle Mid Cap Equity ETF. (filed herewith)](c114719_ex99-i.htm) |
| (j) | [Consent of Independent Registered Public Accounting Firm. (filed herewith)](c114719_ex99-j.htm) |
| (k) | Not applicable. |
| (l) | [Initial Capital Agreement. (filed herewith)](c114719_ex99-l.htm) |
| (m) | Not applicable. |
| (n) | Not applicable. |
| (o) | Not applicable. |
| (p)(1) | [Code of Ethics of the Adviser and the Registrant.](https://www.sec.gov/Archives/edgar/data/2083193/000093041325002944/c113952_ex99-p.htm) |
| (p)(2) | [Code of Ethics of Exchange Traded Concepts, LLC. (filed herewith)](c114719_ex99-p2.htm) |
| (q)(1) | [Power of Attorney of Lisa Anderson. (filed herewith)](c114719_ex-99q1.htm) |
| (q)(2) | [Power of Attorney of John Arnhold. (filed herewith)](c114719_ex-99q2.htm) |
| (q)(3) | [Power of Attorney of Candace K. Beinecke. (filed herewith)](c114719_ex-99q3.htm) |
| (q)(4) | [Power of Attorney of Peter Davidson. (filed herewith)](c114719_ex-99q4.htm) |
| (q)(5) | [Power of Attorney of Jean D. Hamilton. (filed herewith)](c114719_ex-99q5.htm) |
| (q)(6) | [Power of Attorney of William M. Kelly. (filed herewith)](c114719_ex-99q6.htm) |
| (q)(7) | [Power of Attorney of Paul Lawler. (filed herewith)](c114719_ex-99q7.htm) |
| (q)(8) | [Power of Attorney of Mandakini Puri. (filed herewith)](c114719_ex-99q8.htm) |
| (q)(9) | [Power of Attorney of Scott Sleyster. (filed herewith)](c114719_ex-99q9.htm) |

---

------

Item 29. Person Controlled or Under Common Control With Registrant

None.

Item 30. Indemnification

Reference is made to the provisions of Article Three, Section Seven and Article Seven, Section Two of the Registrant's Amended and Restated Declaration of Trust referenced in Exhibit (a)(2) above, together with the entirety of Article Six of the Registrant's Bylaws referenced in Exhibit (b) above.

The general effect of these provisions, and related statutory indemnification benefits as may be available under Delaware or other applicable state or federal laws, is to protect trustees, officers, employees and agents of Registrant against legal liability and expenses incurred by reason of their service to Registrant. In accord with the foregoing, Registrant shall indemnify its trustees, officers, employees and agents against judgments, fines, penalties, settlements and expenses to the fullest extent authorized, and in the manner permitted, by applicable state and federal law.

In addition, the Registrant will maintain a trustees' and officers' errors and omissions liability insurance policy protecting directors and officers against liability for claims made by reason of any acts, errors or omissions committed in their capacity as trustees or officers. The policy will contain certain exclusions, among which is exclusion from coverage for active or deliberate dishonest or fraudulent acts and exclusion for fines or penalties imposed by law or other matters deemed uninsurable.

Insofar as indemnification for liability arising under the Securities Act of 1933, as amended (the "Act"), may be permitted to trustees, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a trustee, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such trustee, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue. In no event will the Registrant maintain insurance to indemnify any such person for any act for which the Registrant itself is not permitted to indemnify him/her.

The Registrant hereby undertakes that it will apply the indemnification provisions of its Amended and Restated Declaration of Trust and Bylaws in a manner consistent with Release 11330 of the Securities and Exchange Commission under the Investment Company Act of 1940, so long as the interpretation of Sections 17(h) and 17(i) of such Act remains in effect and are consistently applied. The Registrant will not indemnify any trustee, officer, employee or agent against any liability to which such person would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such person's office.

Item 31. Business and Other Connections of Investment Adviser

First Eagle Investment Management, LLC is the Registrant's investment adviser. Its primary office is located at 1345 Avenue of the Americas, New York, New York, 10105. In addition to the Registrant, First Eagle Investment Management, LLC acts as investment adviser to First Eagle Funds, First Eagle Variable Funds, First Eagle Credit Opportunities Fund, First Eagle Real Estate Debt Fund, First Eagle Tactical Municipal Opportunities Fund, First Eagle Completion Fund Trust and to certain investment vehicles and accounts not subject to registration with the Securities and Exchange Commission.

First Eagle Investment Management, LLC is a subsidiary of First Eagle Holdings, Inc. ("First Eagle Holdings"), a privately-owned holding company organized under the laws of the State of Delaware, which has a substantial amount of assets under management in the form of non-collective vehicle accounts, and, through the Adviser, Fund accounts, other pooled investment vehicles, and clients including corporations and major retirement plans. In connection with another subsidiary, FEF Distributors, LLC, a registered broker-dealer, First Eagle Holdings is substantially involved in the distribution of mutual fund shares. The business and other connections of the Adviser's officers are as follows:

---

| | | |
|:---|:---|:---|
| **Name** | **Position with the<br> Adviser** | **Business and Other<br> Connections** |
| Mehdi Mahmud | President and Chief Executive Officer | Trustee and President, First Eagle Funds and First Variable Funds; Director, First Eagle Amundi; Chief Executive Officer, First Eagle Alternative Credit, LLC; Trustee and President, First Eagle Credit Opportunities Fund; Trustee and President, First Eagle Real Estate Debt Fund; Trustee and President, First Eagle Tactical Municipal Opportunities Fund; Trustee and President, First Eagle Completion Fund Trust |
| Melanie Dow | Chief Administrative Officer and Executive Managing Director | Chief Administrative Officer and Executive Managing Director, First Eagle Alternative Credit, LLC |
| David O'Connor | General Counsel, Executive Managing Director | General Counsel, First Eagle Funds and First Eagle Variable Funds; General Counsel, First Eagle Credit Opportunities Fund; General Counsel, First Eagle Real Estate Debt Fund; General Counsel, First Eagle Tactical Municipal Opportunities Fund; General Counsel, First Eagle Completion Fund Trust; General Counsel, First Eagle Holdings, Inc.; Secretary and General Counsel and Manager, FEF Distributors, LLC; Director, First Eagle Amundi; Director, First Eagle Investment Management, Ltd; Head of Legal and Compliance & Chief Legal Officer, First Eagle Alternative Credit, LLC |
| Michael Constantino | Chief Financial Officer, Executive Managing Director | Head of Finance and Executive Managing Director, First Eagle Alternative Credit, LLC |
| Seth Gelman | Chief Compliance Officer, Managing Director | Chief Compliance Officer and Managing Director, First Eagle Investment Management, LLC; Chief Compliance Officer, First Eagle Funds and First Eagle Variable Funds; Chief Compliance Officer, First Eagle Credit Opportunities Fund; Chief Compliance Officer, First Eagle Real Estate Debt Fund; Chief Compliance Officer, First Eagle Tactical Municipal Opportunities Fund; Chief Compliance Officer, First Eagle Completion Fund Trust; prior to February 2023, Chief Compliance Officer of Insight Investment North America |

---

Additional information regarding First Eagle Investment Management, LLC is provided in the body of this Registration Statement on Form N-1A under the heading "Investment Advisory and Other Services."

Exchange Traded Concepts, LLC, an Oklahoma limited liability company located at 10900 Hefner Pointe Drive, Suite 400, Oklahoma City, Oklahoma 73120, serves as the investment sub-adviser to First Eagle US Equity ETF and First Eagle Mid Cap Equity ETF (the "Sub-Adviser"). The Sub-Adviser is an SEC-registered investment adviser formed in 2018 and is majority owned by Cottonwood ETF Holdings LLC ("Cottonwood"), a holding vehicle with no other business activity. Cottonwood is majority owned by Richard Hogan and trusts controlled by Richard Hogan or for which Richard Hogan and family are the beneficiaries. The business and other connections of the Adviser's officers are as follows:

---

| | | |
|:---|:---|:---|
| <u>**<u>Name and Position</u>** <br> **<u>with Sub-Adviser\*</u>**</u> | <u>**<u>Name of Other Company\*</u>**</u> | <u>**<u>Connection</u>** <br> **<u>with Other</u>**<br> **<u>Company\*</u>**</u> |
| J. Garrett Stevens, Co-Founder and Chief Business Officer | T.S. Phillips Investments, Inc.<sup>\*\*</sup><br> Phillips Capital Advisors, Inc.<sup>\*\*</sup><br> From The Horses Mouth Media, LLC<sup>\*\*\*</sup> | Vice President<br> Vice President<br> Co-Owner |
| Richard Malinowski, Co-Chief Executive Officer and General Counsel | N/A | N/A |
| Andrew Serowik, Co-Chief Executive Officer and Portfolio Manager | N/A | N/A |

---

\* Information provided is as of December 12, 2025.

\*\* Principal Business Address: 3401 NW 63rd St #500, Oklahoma City, OK 73116

\*\*\* Principal Business Address: 7503 NW 210th Street, Edmond, OK 73012

Additional information regarding the Sub-Adviser is provided in the body of this Registration Statement on Form N-1A under the heading "Investment Advisory Agreement and Investment Sub-Advisory Agreement."

Item 32. Principal Underwriter

(a) Quasar Distributors, LLC (the "Distributor") serves as principal underwriter for the following investment companies
registered under the Investment Company Act of 1940, as amended:

&nbsp;&nbsp;&nbsp;&nbsp;1. Abacus FCF ETF Trust

2. Advisor Managed Portfolios

3. Antares Private Credit Fund

4. Capital Advisors Growth Fund, Series of Advisors Series Trust

5. Chase Growth Fund, Series of Advisors Series Trust

6. Davidson Multi Cap Equity Fund, Series of Advisors Series Trust

7. Edgar Lomax Value Fund, Series of Advisors Series Trust

8. Huber Large Cap Value Fund, Series of Advisors Series Trust

9. Huber Mid Cap Value Fund, Series of Advisors Series Trust

10. Huber Select Large Cap Value Fund, Series of Advisors Series Trust

11. Huber Small Cap Value Fund, Series of Advisors Series Trust

12. Logan Capital Broad Innovative Growth ETF, Series of Advisors Series Trust

13. Medalist Partners MBS Total Return Fund, Series of Advisors Series Trust

14. Medalist Partners Short Duration Fund, Series of Advisors Series Trust

15. O'Shaughnessy Market Leaders Value Fund, Series of Advisors Series Trust

16. PIA BBB Bond Fund, Series of Advisors Series Trust

17. PIA High Yield (MACS) Fund, Series of Advisors Series Trust

18. PIA High Yield Fund, Series of Advisors Series Trust

19. PIA MBS Bond Fund, Series of Advisors Series Trust

20. PIA Short-Term Securities Fund, Series of Advisors Series Trust

21. Poplar Forest Cornerstone Fund, Series of Advisors Series Trust

22. Poplar Forest Partners Fund, Series of Advisors Series Trust

23. Pzena Emerging Markets Value Fund, Series of Advisors Series Trust

24. Pzena International Small Cap Value Fund, Series of Advisors Series Trust

25. Pzena International Value Fund, Series of Advisors Series Trust

26. Pzena Mid Cap Value Fund, Series of Advisors Series Trust

27. Pzena Small Cap Value Fund, Series of Advisors Series Trust

28. Reverb ETF, Series of Advisors Series Trust

29. Scharf ETF, Series of Advisors Series Trust

30. Scharf Global Opportunity ETF, Series of Advisors Series Trust

31. Scharf Multi-Asset Opportunity Fund, Series of Advisors Series Trust

32. Shenkman Capital Floating Rate High Income Fund, Series of Advisors Series
 Trust

33. Shenkman Capital Short Duration High Income Fund, Series of Advisors Series
 Trust

34. The Aegis Funds

35. Allied Asset Advisors Funds

36. Angel Oak Funds Trust

37. Angel Oak Strategic Credit Fund

38. Brookfield Infrastructure Income Fund Inc.

39. Brookfield Investment Funds

40. Buffalo Funds

41. RJ Eagle GCM Dividend Select Income ETF, Series of Carillon Series Trust

42. RJ Eagle Municipal Income ETF, Series of Carillon Series Trust

43. RJ Eagle Vertical Income ETF, Series of Carillon Series Trust

44. DoubleLine Funds Trust

45. AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF, Series of ETF Series
 Solutions

46. AAM Brentview Dividend Growth ETF, Series of ETF Series Solutions

47. AAM Crescent CLO ETF, Series of ETF Series Solutions

48. AAM Low Duration Preferred and Income Securities ETF, Series of ETF Series
 Solutions

49. AAM S&P 500 High Dividend Value ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;50. AAM Sawgrass U.S. Large Cap Quality Growth ETF, Series of ETF Series Solutions

51. AAM Sawgrass U.S. Small Cap Quality Growth ETF, Series of ETF Series Solutions

52. AAM SLC Low Duration Income ETF, Series of ETF Series Solutions

53. AAM Todd International Intrinsic Value ETF, Series of ETF Series Solutions

54. AAM Transformers ETF, Series of ETF Series Solutions

55. Acquirers Deep Value ETF, Series of ETF Series Solutions

56. Aptus April Buffer, Series of ETF Series Solutions

57. Aptus Collared Investment Opportunity ETF, Series of ETF Series Solutions

58. Aptus Deferred Income ETF, Series of ETF Series Solutions

59. Aptus Defined Risk ETF, Series of ETF Series Solutions

60. Aptus Drawdown Managed Equity ETF, Series of ETF Series Solutions

61. Aptus Enhanced Yield ETF, Series of ETF Series Solutions

62. Aptus International Enhanced Yield ETF, Series of ETF Series Solutions

63. Aptus January Buffer ETF, Series of ETF Series Solutions

64. Aptus July Buffer ETF, Series of ETF Series Solutions

65. Aptus Large Cap Enhanced Yield ETF, Series of ETF Series Solutions

66. Aptus Large Cap Upside ETF, Series of ETF Series Solutions

67. Aptus October Buffer ETF, Series of ETF Series Solutions

68. Bahl & Gaynor Dividend ETF, Series of ETF Series Solutions

69. Bahl & Gaynor Income Growth ETF, Series of ETF Series Solutions

70. Bahl & Gaynor Small Cap Dividend ETF, Series of ETF Series Solutions

71. BTD Capital Fund, Series of ETF Series Solutions

72. Carbon Strategy ETF, Series of ETF Series Solutions

73. ClearShares OCIO ETF, Series of ETF Series Solutions

74. ClearShares Piton Intermediate Fixed Income Fund, Series of ETF Series
 Solutions

75. ClearShares Ultra-Short Maturity ETF, Series of ETF Series Solutions

76. Colterpoint Net Lease Real Estate ETF, Series of ETF Series Solutions

77. Distillate International Fundamental Stability & Value ETF, Series
 of ETF Series Solutions

78. Distillate Small/Mid Cash Flow ETF, Series of ETF Series Solutions

79. Distillate U.S. Fundamental Stability & Value ETF, Series of ETF Series
 Solutions

80. ETFB Green SRI REITs ETF, Series of ETF Series Solutions

81. Hoya Capital High Dividend Yield ETF, Series of ETF Series Solutions

82. Hoya Capital Housing ETF, Series of ETF Series Solutions

83. LHA Market State Tactical Beta ETF, Series of ETF Series Solutions

84. LHA Market State Tactical Q ETF, Series of ETF Series Solutions

85. LHA Risk-Managed Income ETF, Series of ETF Series Solutions

86. McElhenny Sheffield Managed Risk ETF, Series of ETF Series Solutions

87. Opus Small Cap Value ETF, Series of ETF Series Solutions

88. The Acquirers Fund, Series of ETF Series Solutions

89. The Brinsmere Fund - Conservative ETF, Series of ETF Series Solutions

90. The Brinsmere Fund - Growth ETF, Series of ETF Series Solutions

91. U.S. Global GO GOLD and Precious Metal Miners ETF, Series of ETF Series
 Solutions

92. U.S. Global JETS ETF, Series of ETF Series Solutions

93. U.S. Global Sea to Sky Cargo ETF, Series of ETF Series Solutions

94. U.S. Global Technology and Aerospace & Defense ETF, Series of ETF
 Series Solutions

95. US Vegan Climate ETF, Series of ETF Series Solutions

96. Vest 10 Year Interest Rate Hedge ETF, Series of ETF Series Solutions

97. Vest 2 Year Interest Rate Hedge ETF, Series of ETF Series Solutions

98. First American Funds Trust

99. FundX Investment Trust

100. The Glenmede Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;101. The GoodHaven Funds Trust

102. Harding, Loevner Funds, Inc.

103. Hennessy Funds Trust

104. Horizon Funds

105. Hotchkis & Wiley Funds

106. Intrepid Capital Management Funds Trust

107. Jacob Funds Inc.

108. The Jensen Quality Growth Fund Inc.

109. Kirr, Marbach Partners Funds, Inc.

110. Core Alternative ETF, Series of Listed Funds Trust

111. Optimized Equity Income ETF, Series of Listed Funds Trust

112. Wahed Dow Jones Islamic World ETF, Series of Listed Funds Trust

113. Wahed FTSE USA Shariah ETF, Series of Listed Funds Trust

114. LKCM Funds

115. LoCorr Investment Trust

116. MainGate Trust

117. ATAC Rotation Fund, Series of Managed Portfolio Series

118. Cove Street Capital Small Cap Value Fund, Series of Managed Portfolio
 Series

119. Kensington Active Advantage Fund, Series of Managed Portfolio Series

120. Kensington Defender Fund, Series of Managed Portfolio Series

121. Kensington Dynamic Allocation Fund, Series of Managed Portfolio Series

122. Kensington Hedged Premium Income ETF, Series of Managed Portfolio Series

123. Kensington Managed Income Fund, Series of Managed Portfolio Series

124. LK Balanced Fund, Series of Managed Portfolio Series

125. Leuthold Core ETF, Series of Managed Portfolio Series

126. Leuthold Core Investment Fund, Series of Managed Portfolio Series

127. Leuthold Global Fund, Series of Managed Portfolio Series

128. Leuthold Grizzly Short Fund, Series of Managed Portfolio Series

129. Leuthold Select Industries ETF, Series of Managed Portfolio Series

130. Muhlenkamp Fund, Series of Managed Portfolio Series

131. Nuance Concentrated Value Fund, Series of Managed Portfolio Series

132. Nuance Mid Cap Value Fund, Series of Managed Portfolio Series

133. Olstein All Cap Value Fund, Series of Managed Portfolio Series

134. Olstein Strategic Opportunities Fund, Series of Managed Portfolio Series

135. Port Street Quality Growth Fund, Series of Managed Portfolio Series

136. Prospector Capital Appreciation Fund, Series of Managed Portfolio Series

137. Prospector Opportunity Fund, Series of Managed Portfolio Series

138. Reinhart Genesis PMV Fund, Series of Managed Portfolio Series

139. Reinhart International PMV Fund, Series of Managed Portfolio Series

140. Reinhart Mid Cap PMV Fund, Series of Managed Portfolio Series

141. Tremblant Global ETF, Series of Managed Portfolio Series

142. Greenspring Income Opportunities Fund, Series of Manager Directed Portfolios

143. Hood River International Opportunity Fund, Series of Manager Directed
 Portfolios

144. Hood River New Opportunities Fund, Series of Manager Directed Portfolios

145. Hood River Small-Cap Growth Fund, Series of Manager Directed Portfolios

146. SanJac Alpha Core Plus Bond ETF, Series of Manager Directed Portfolios

147. SanJac Alpha Low Duration ETF, Series of Manager Directed Portfolios

148. SWP Growth & Income ETF, Series of Manager Directed Portfolios

149. Vert Global Sustainable Real Estate ETF, Series of Manager Directed Portfolios

150. Mason Capital Fund Trust

151. Matrix Advisors Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;152. Monetta Trust

153. Nicholas Equity Income Fund, Inc.

154. Nicholas Fund, Inc.

155. Nicholas II, Inc.

156. Nicholas Limited Edition, Inc.

157. Oaktree Diversified Income Fund Inc.

158. Permanent Portfolio Family of Funds

159. Perritt Funds, Inc.

160. Procure ETF Trust II

161. Professionally Managed Portfolios

162. Provident Mutual Funds, Inc.

163. Abbey Capital Futures Strategy Fund, Series of The RBB Fund, Inc.

164. Abbey Capital Multi-Asset Fund, Series of The RBB Fund, Inc.

165. Adara Smaller Companies Fund, Series of The RBB Fund, Inc.

166. Aquarius International Fund, Series of The RBB Fund, Inc.

167. Boston Partners All Cap Value Fund, Series of The RBB Fund, Inc.

168. Boston Partners Global Equity Fund, Series of The RBB Fund, Inc.

169. Boston Partners Global Sustainability Fund, Series of The RBB Fund, Inc.

170. Boston Partners Long/Short Equity Fund, Series of The RBB Fund, Inc.

171. Boston Partners Long/Short Research Fund, Series of The RBB Fund, Inc.

172. Boston Partners Small Cap Value Fund II, Series of The RBB Fund, Inc.

173. Campbell Systematic Macro Fund, Series of The RBB Fund, Inc.

174. F/m 10-Year Investment Grade Corporate Bond ETF, Series of The RBB Fund,
 Inc.

175. F/m 2-Year Investment Grade Corporate Bond ETF, Series of The RBB Fund,
 Inc.

176. F/m 3-Year Investment Grade Corporate Bond ETF, Series of The RBB Fund,
 Inc.

177. F/m Callable Tax-Free Municipal ETF, Series of The RBB Fund, Inc.

178. F/m Compoundr High Yield Bond ETF, Series of The RBB Fund, Inc.

179. F/m Compoundr U.S. Aggregate Bond ETF, Series of The RBB Fund, Inc.

180. F/m Emerald Life Sciences Innovation ETF, Series of The RBB Fund, Inc.

181. F/m Emerald Special Situations ETF, Series of The RBB Fund, Inc.

182. F/m High Yield 100 ETF, Series of The RBB Fund, Inc.

183. F/m Investments Large Cap Focused Fund Series of The RBB Fund, Inc.

184. F/m Opportunistic Income ETF, Series of The RBB Fund, Inc.

185. F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF Series
 of The RBB Fund, Inc.

186. F/m US Treasury 10 Year Note ETF, Series of The RBB Fund, Inc.

187. F/m US Treasury 12 Month Bill ETF, Series of The RBB Fund, Inc.

188. F/m US Treasury 2 Year Note ETF, Series of The RBB Fund, Inc.

189. F/m US Treasury 20 Year Bond ETF, Series of The RBB Fund, Inc.

190. F/m US Treasury 3 Month Bill ETF, Series of The RBB Fund, Inc.

191. F/m US Treasury 3 Year Note ETF, Series of The RBB Fund, Inc.

192. F/m US Treasury 30 Year Bond ETF, Series of The RBB Fund, Inc.

193. F/m US Treasury 5 Year Note ETF, Series of The RBB Fund, Inc.

194. F/m US Treasury 6 Month Bill ETF, Series of The RBB Fund, Inc.

195. F/m US Treasury 7 Year Note ETF, Series of The RBB Fund, Inc.

196. Motley Fool 100 Index ETF, Series of The RBB Fund, Inc.

197. Motley Fool Capital Efficiency 100 Index ETF, Series of The RBB Fund,
 Inc.

198. Motley Fool Global Opportunities ETF, Series of The RBB Fund, Inc.

199. Motley Fool Innovative Growth Factor ETF, Series of The RBB Fund, Inc.

200. Motley Fool Mid-Cap Growth ETF, Series of The RBB Fund, Inc.

201. Motley Fool Momentum Factor ETF, Series of The RBB Fund, Inc.

202. Motley Fool Next Index ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;203. Motley Fool Small-Cap Growth ETF, Series of The RBB Fund, Inc.

204. Motley Fool Value Factor ETF, Series of The RBB Fund, Inc.

205. MUFG Japan Small Cap Active ETF, Series of The RBB Fund, Inc.

206. Oakhurst Fixed Income Fund, Series of The RBB Fund, Inc.

207. Optima Strategic Credit Fund, Series of The RBB Fund, Inc.

208. SGI Dynamic Tactical ETF, Series of The RBB Fund, Inc.

209. SGI Enhanced Core ETF, Series of The RBB Fund, Inc.

210. SGI Enhanced Global Income ETF, Series of The RBB Fund, Inc.

211. SGI Enhanced Market Leaders ETF, Series of The RBB Fund, Inc.

212. SGI Global Equity Fund, Series of The RBB Fund, Inc.

213. SGI Peak Growth Fund, Series of The RBB Fund, Inc.

214. SGI Prudent Growth Fund, Series of The RBB Fund, Inc.

215. SGI Small Cap Core Fund, Series of The RBB Fund, Inc.

216. SGI U.S. Large Cap Core ETF, Series of The RBB Fund, Inc.

217. SGI U.S. Large Cap Equity Fund, Series of The RBB Fund, Inc.

218. WPG Partners Select Small Cap Value Fund, Series of The RBB Fund, Inc.

219. WPG Partners Small Cap Value Diversified Fund, Series of The RBB Fund,
 Inc.

220. The RBB Fund Trust

221. RBC Funds Trust

222. Rockefeller Municipal Opportunities Fund

223. SEG Partners Long/Short Equity Fund

224. Series Portfolios Trust

225. Tax-Exempt Private Credit Fund, Inc.

226. Thompson IM Funds, Inc.

227. Tortoise Capital Series Trust

228. Bright Rock Mid Cap Growth Fund, Series of Trust for Professional Managers

229. Bright Rock Quality Large Cap Fund, Series of Trust for Professional Managers

230. CrossingBridge Low Duration High Income Fund, Series of Trust for Professional
 Managers

231. CrossingBridge Nordic High Income Bond Fund, Series of Trust for Professional
 Managers

232. CrossingBridge Responsible Credit Fund, Series of Trust for Professional
 Managers

233. CrossingBridge Ultra-Short Duration Fund, Series of Trust for Professional
 Managers

234. RiverPark Strategic Income Fund, Series of Trust for Professional Managers

235. Dearborn Partners Rising Dividend Fund, Series of Trust for Professional
 Managers

236. Jensen Global Quality Growth Fund, Series of Trust for Professional Managers

237. Jensen Quality MidCap Fund, Series of Trust for Professional Managers

238. Rockefeller Climate Solutions Fund, Series of Trust for Professional Managers

239. Rockefeller US Small Cap Core Fund, Series of Trust for Professional Managers

240. Wall Street EWM Funds Trust

(b) The following are the Officers and Manager of the Distributor, the Registrant's underwriter. The Distributor's main business
address is 190 Middle Street, Suite 301, Portland, Maine 04101.

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **Address** | **Position with Underwriter** | **Position with Registrant** |
| Teresa Cowan | 190 Middle Street, Suite 301, Portland, ME 04101 | President/Manager |  |
| Chris Lanza<br> Kate Macchia | 190 Middle Street, Suite 301, Portland, ME 04101<br> 190 Middle Street, Suite 301, Portland, ME 04101 | Vice President<br> Vice President |  |
| Susan L. LaFond | 190 Middle Street, Suite 301, Portland, ME 04101 | Vice President and Chief Compliance Officer and Treasurer |  |
| Gabriel E. Edelman | 190 Middle Street, Suite 301, Portland, ME 04101 | Secretary |  |
| Weston Sommers | 190 Middle Street, Suite 301, Portland, ME 04101 | Financial and Operations Principal and Chief Financial Officer |  |

---

(c) Not applicable.

<br> Item 33. Location of Accounts and Records

The books and records required to be maintained by Section 31(a) of the Investment Company Act of 1940, as amended, are maintained at the following locations:

---

| | |
|:---|:---|
| Records Relating to: | Are Located at: |
| Registrant | First Eagle ETF Trust<br> 1345 Avenue of the Americas<br> New York, New York 10105 |
| Investment Adviser | First Eagle Investment Management, LLC <br> 1345 Avenue of the Americas <br> New York, New York 10105 |
| Investment Adviser | Exchange Traded Concepts<br> 333 Brannan Street<br> San Francisco, CA 94107 |
| Custodian | JPMorgan Chase Bank, N.A.<br> 4 Chase Metrotech Center, 3rd Floor<br> Brooklyn, New York 11245 |
| Underwriter/Distributor | Quasar Distributors, LLC<br> 190 Middle Street, Suite 301<br> Portland, ME 04101 |

---

Item 34. Management Services Not applicable.

Item 35. Undertakings

The Registrant undertakes to call a meeting of shareholders for the purpose of voting upon the question of removal of a director, if requested to do so by the holders of at least 10% of a Fund's outstanding shares, and that it will assist communication with other shareholders as required by Section 16(c) of the Investment Company Act of 1940.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York, in the State of New York, on the 19th day of December 2025.

---

| | |
|:---|:---|
| **FIRST EAGLE ETF TRUST** | **FIRST EAGLE ETF TRUST** |
| (A Delaware statutory trust) |  |
| By: | /s/ MEHDI MAHMUD |
| Name: | MEHDI MAHMUD |
| Title: | PRESIDENT (AND IN THE CAPACITY OF PRINCIPAL EXECUTIVE OFFICER) |

---

Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **SIGNATURE** | **CAPACITY** | **DATE** |
| /s/ LISA ANDERSON\* | Trustee | December 19, 2025 |
| (LISA ANDERSON) |  |  |
| /s/ JOHN P. ARNHOLD\* | Trustee | December 19, 2025 |
| (JOHN P. ARNHOLD) |  |  |
| /s/ CANDACE K. BEINECKE\* | Trustee | December 19, 2025 |
| (CANDACE K. BEINECKE) |  |  |
| /s/ PETER W. DAVIDSON\* | Trustee | December 19, 2025 |
| (PETER W. DAVIDSON) |  |  |
| /s/ JEAN D. HAMILTON\* | Trustee | December 19, 2025 |
| (JEAN D. HAMILTON) |  |  |
| /s/ WILLIAM M. KELLY\* | Trustee | December 19, 2025 |
| (WILLIAM M. KELLY) |  |  |
| /s/ PAUL J. LAWLER\* | Trustee | December 19, 2025 |
| (PAUL J. LAWLER) |  |  |
| /s/ MANDAKINI PURI\* | Trustee | December 19, 2025 |
| (MANDAKINI PURI) |  |  |
| /s/ SCOTT SLEYSTER\* | Trustee | December 19, 2025 |
| (SCOTT SLEYSTER) |  |  |
| /s/ MEHDI MAHMUD | Trustee (and in the capacity of Principal<br> Executive Officer) | December 19, 2025 |
| (MEHDI MAHMUD) |  |  |
| /s/ BRANDON WEBSTER | Chief Financial Officer (and in the capacity of Principal<br> Financial Officer and Principal Accounting Officer) | December 19, 2025 |
| (BRANDON WEBSTER) |  |  |

---

---

| | |
|:---|:---|
| \*By: | /s/ SHEELYN MICHAEL |
|  | **Sheelyn Michael** |
|  | **Power-of-Attorney** |

---

Exhibit Index

**<u>EXHIBIT</u>**

---

| | |
|:---|:---|
| (a)(2) | [Amended and Restated Declaration of Trust.](c114719_ex99-a2.htm) |
| (b) | [Bylaws.](c114719_ex99-b.htm) |
| (d)(1) | [Investment Advisory Contract between the Registrant and First Eagle Investment Management, LLC (the "Adviser").](c114719_ex99-d1.htm) |
| (d)(2) | [Subadvisory Agreement among the Registrant, the Adviser and Exchange Traded Concepts, LLC (the "Subadviser" or "ETC").](c114719_ex99-d2.htm) |
| (e)(1) | [Form of ETF Distribution Agreement between the Registrant and Quasar Distributors, LLC.](c114719_ex99-e1.htm) |
| (e)(2) | [Form of ETF Distribution Services Agreement between the Adviser and Quasar Distributors, LLC.](c114719_ex99-e2.htm) |
| (f) | [First Eagle Funds Deferred Compensation Plan as amended and restated effective as of January 1, 2009.](c114719_ex99-f.htm) |
| (g) | [Amended and Restated Global Custody Agreement between each entity managed by the Adviser and JPMorgan Chase Bank, N.A, dated April 18, 2017, with amended Exhibit A dated as of October 24, 2025.](c114719_ex99-g.htm) |
| (h)(1) | [Form of Agency Services Agreement between the Registrant and JPMorgan Chase Bank, N.A.](c114719_ex99-h1.htm) |
| (h)(2) | [Amended and Restated Fund Services Agreement between each entity managed by the Adviser and JPMorgan Chase Bank, N.A, dated September 9, 2020, with amended Exhibit A dated as of October 24, 2025.](c114719_ex99-h2.htm) |
| (h)(3) | [Expense Limitation Agreement between the Registrant (on behalf of First Eagle Mid Cap Equity ETF and First Eagle US Equity ETF) and the Adviser.](c114719_ex99-h3.htm) |
| (i) | [Richards, Layton & Finger, P.A. Opinion with respect to the offering of shares of First Eagle US Equity ETF and First Eagle Mid Cap Equity ETF.](c114719_ex99-i.htm) |
| (j) | [Consent of Independent Registered Public Accounting Firm.](c114719_ex99-j.htm) |
| (l) | [Initial Capital Agreement.](c114719_ex99-l.htm) |
| (p)(2) | [Code of Ethics of Exchange Traded Concepts, LLC.](c114719_ex99-p2.htm) |
| (q)(1) | [Power of Attorney of Lisa Anderson.](c114719_ex-99q1.htm) |
| (q)(2) | [Power of Attorney of John Arnhold.](c114719_ex-99q2.htm) |
| (q)(3) | [Power of Attorney of Candace K. Beinecke.](c114719_ex-99q3.htm) |
| (q)(4) | [Power of Attorney of Peter Davidson.](c114719_ex-99q4.htm) |
| (q)(5) | [Power of Attorney of Jean D. Hamilton.](c114719_ex-99q5.htm) |
| (q)(6) | [Power of Attorney of William M. Kelly.](c114719_ex-99q6.htm) |
| (q)(7) | [Power of Attorney of Paul Lawler.](c114719_ex-99q7.htm) |
| (q)(8) | [Power of Attorney of Mandakini Puri.](c114719_ex-99q8.htm) |
| (q)(9) | [Power of Attorney of Scott Sleyster.](c114719_ex-99q9.htm) |

---

## Ex-99.(A)(2)

**Exhibit (a)(2)**

AMENDED AND RESTATED AGREEMENT AND DECLARATION OF TRUST

OF

FIRST EAGLE ETF TRUST

THIS AMENDED AND RESTATED AGREEMENT AND DECLARATION OF TRUST is made as of December 11, 2025, and amends and restates in its entirety the initial declaration of trust (the "Initial Declaration of Trust") of First Eagle ETF Trust dated July 7, 2025.

Whereas, this Trust has been formed in accordance with the provisions hereinafter set forth;

NOW, THEREFORE, the Trustees will hold in trust all cash, securities and other assets that the Trust now possesses or may hereafter acquire from time to time in any manner and manage and dispose of the same upon the following terms and conditions for the benefit of the holders of Shares in the Trust.

ARTICLE I<br><u>Name and Definitions</u>

<u>Section 1.</u> <u>Name</u>. This Trust shall be known as "First Eagle ETF Trust" and the Trustees shall conduct the business of the Trust under that name or any other name as they may from time to time determine.

<u>Section 2.</u> <u>Definitions</u>. Whenever used herein, unless otherwise required by the context or specifically provided:

"By-Laws" shall mean the By-Laws of the Trust, as amended from time to time, which By-Laws are expressly herein incorporated by reference as part of the "governing instrument" within the meaning of the Delaware Act;

"Certificate of Trust" means the certificate of trust, as amended or restated from time to time, filed by the Trustees in the Office of the Secretary of State of the State of Delaware in accordance with the Delaware Act;

"Class" means a class of Shares of a Series of the Trust established in accordance with the provisions of Article III hereof;

"Commission" means the Securities and Exchange Commission;

"Declaration of Trust" means this Amended and Restated Agreement and Declaration of Trust, as amended or restated from time to time;

"Delaware Act" means the Delaware Statutory Trust Act, 12 Del. C. § 3801 et seq., as amended from time to time;

"DGCL" means Delaware General Corporation Law, 8 Del. C. § 100, et. seq., as amended from time to time, or any successor statute thereto.

"Initial Declaration of Trust" shall have the meaning ascribed to it in the introductory paragraph hereto.

"Initial Trustee(s)" means the person or persons who have signed this Declaration of Trust;

"Manager" means a party furnishing services to the Trust pursuant to an investment management or investment advisory agreement described in Article IV, Section 8(a) hereof;

"1940 Act" means the Investment Company Act of 1940 and the Rules and Regulations thereunder, all as amended from time to time;

"Person" means and includes individuals, corporations, partnerships, trusts, associations, joint ventures, estates and other entities, whether or not legal entities, and governments and agencies and political subdivisions thereof, whether domestic or foreign;

"Principal Underwriter" shall have the meaning given to it in the 1940 Act;

"Series" means each Series of Shares established and designated under or in accordance with the provisions of Article III hereof;

"Shareholder" means a beneficial owner of outstanding Shares;

"Shares" means the Shares of beneficial interest into which the beneficial ownership interest in the Trust shall be divided, from time to time, and includes fractions of Shares as well as whole Shares;

"Trust" means the Delaware statutory trust established under the Delaware Act by the Initial Declaration of Trust and the filing of the Certificate of Trust in the Office of the Secretary of State of the State of Delaware;

"Trust Property" means any and all property, real or personal, tangible or intangible, that is from time to time owned or held by or for the account of the Trust; and

"Trustees" or "Board of Trustees" means the Initial Trustee, and all other Persons who may, from time to time, be duly elected or appointed to serve as Trustees in accordance with the provisions hereof, in each case so long as such Person shall continue in office in accordance with the terms of this Declaration of Trust, and reference herein to a Trustee or the Trustees shall refer to such Person or Persons in her or his or their capacity as Trustees hereunder.

ARTICLE II<br><u>Purpose of Trust</u>

The purpose of the Trust is to conduct, operate and carry on the business of a management investment company registered under the 1940 Act through one or more Series investing primarily in securities, and to carry on such other business as the Trustees may, from time to time, determine pursuant to their authority under this Declaration of Trust.

ARTICLE III<br><u>Shares</u>

<u>Section 1.</u> <u>Division of Beneficial Interests</u>. The beneficial interests in the Trust may be divided into one or more Series. Each Series may be divided into one or more Classes. Subject to the further provisions of this Article III and any applicable requirements of the 1940 Act, the Trustees shall have full power and authority, in their sole discretion, and without obtaining any authorization or vote of the Shareholders of any Series or Class thereof, (i) to divide the beneficial ownership interests in the Trust or in each Series or Class thereof into Shares, with or without par value as the Trustees shall determine, (ii) to issue Shares without limitation as to number (including fractional Shares) to such Persons and for such amount and type of consideration, including cash or securities, at such time or times and on such terms as the Trustees may deem appropriate, (iii) to establish and designate and to change in any manner any Series or Class thereof and to fix such preferences, voting powers, rights, duties and privileges and business purpose of each Series or Class thereof as the Trustees may, from time to time, determine, which preferences, voting powers, rights, duties and privileges may be senior or subordinate to (or in the case of business purpose, different from) any existing Series or Class thereof and may be limited to specified property or obligations of the Trust or profits and losses associated with specified property or obligations of the Trust, (iv) to divide or combine the Shares of any Series or Class thereof into a greater or lesser number, or issue dividends in Shares with respect to Shares of any Series or Class, without thereby materially changing the proportionate beneficial interest of the Shares of such Series or Class in the assets held with respect to that Series or Class thereof, (v) to classify or reclassify any issued Shares of any Series or Class thereof into Shares of one or more Series or Classes thereof and (vi) to take such other action with respect to the Shares as the Trustees may deem desirable.

Subject to the distinctions permitted among Classes or otherwise in Shares of the same Series as established by the Trustees consistent with the requirements of the 1940 Act, each Share of a Series of the Trust shall represent an equal beneficial interest in the net assets of such Series, and each holder of Shares of a Series shall be entitled to receive such holder's pro rata share of distributions of income and capital gains, if any, made with respect to such Series. Upon redemption of the Shares of any Series or Class thereof, the applicable Shareholder shall be entitled to be paid solely out of the funds and property of such Series or Class thereof of the Trust.

All references to Shares in this Declaration of Trust shall be deemed to be Shares of any or all Series or Classes thereof, as the context may require. All provisions herein relating to the Trust shall apply equally to each Series of the Trust and each Class thereof, except as the context otherwise requires.

All Shares issued hereunder, including, without limitation, Shares issued in connection with a dividend in Shares or a split or reverse split of Shares, shall be fully paid and non-assessable.

Except as otherwise provided by the Trustees, Shareholders shall have no appraisal, preemptive or other right to subscribe to any additional Shares or other securities issued by the Trust.

<u>Section 2.</u> <u>Ownership of Shares</u>. The ownership of Shares shall be recorded on the books of the Trust or a transfer or similar agent for the Trust, which books shall be maintained separately for the Shares of each Series (or Class). No certificates certifying the ownership of Shares shall be issued except as the Trustees may otherwise determine from time to time. The Trustees may make such rules as they consider appropriate for the issuance of Share certificates, the transfer of Shares of each Series (or Class) and similar matters. The record books of the Trust as kept by the Trust or any transfer or similar agent, as the case may be, shall be conclusive as to the identity of the Shareholders of each Series (or Class) and as to the number of Shares of each Series (or Class) held, from time to time, by each Shareholder.

<u>Section 3.</u> <u>Transfer of Shares</u>. Except as otherwise provided by the Trustees, Shares shall be transferable on the books of the Trust only by the record holder thereof or by his duly authorized agent upon delivery to the Trustees or the Trust's transfer agent of a duly executed instrument of transfer, together with a Share certificate if one is outstanding, and such evidence of the genuineness of the execution and authorization thereof as may be required by the Trustees and of such other matters as may be required by the Trustees. Upon such delivery, and subject to any further requirements specified by the Trustees or contained in the By-Laws, the transfer shall be recorded on the books of the Trust. Until a transfer is so recorded, the record holder of Shares shall be deemed to be the holder of such Shares for all purposes hereunder and neither the Trustees nor the Trust, nor any transfer agent, shareholder servicing agent or similar agent, any officer, employee or agent of the Trust, shall be affected by any notice of a proposed transfer.

<u>Section 4.</u> <u>Investments in the Trust</u>. Investments may be accepted by the Trust from such Persons, at such times, on such terms, and for such consideration as the Trustees, from time to time, may authorize.

<u>Section 5.</u> <u>Status of Shares and Limitation of Personal Liability</u>. Shares shall be deemed to be personal property giving only the rights provided in this instrument. Every Shareholder, by virtue of having become a Shareholder, shall be held to have expressly assented and agreed to the terms hereof. The death, incapacity, dissolution, termination or bankruptcy of a Shareholder during the existence of the Trust shall not operate to dissolve the Trust, nor entitle the representative of any such Shareholder to an accounting or to take any action in court or elsewhere against the Trust or the Trustees, but entitles such representative only to the rights of such Shareholder under this Trust. Ownership of Shares shall not entitle the Shareholder to any title in or to the whole or any part of the Trust Property or right to call for a partition or division of the same or for an accounting, nor shall the ownership of Shares constitute the Shareholders as partners. Neither the Trust nor the Trustees, nor any officer, employee or agent of the Trust shall have any power to bind personally any Shareholder, nor, except as specifically provided herein, to call upon any Shareholder for the payment of any sum of money or assessment whatsoever other than such as the Shareholder may at any time personally agree to pay. Except as specifically provided herein, no Shareholder shall be personally liable for the debts, liabilities, obligations or expenses incurred by, contracted for, or otherwise existing with respect to, the Trust or by or on behalf of any Series or Class. Every note, bond, contract or other understanding issued by or on

behalf of the Trust or Trustees relating to the Trust or to a Series or Class may include a recitation limiting the obligation represented thereby to the Trust or to one or more Series or Class and its respective assets (but the omission of such a recitation shall not operate to bind any Shareholder or Trustee of the Trust).

<u>Section 6.</u> <u>Establishment and Designation of Series (or Class)</u>. Pursuant to Section 3804 of the Delaware Act, the debts, liabilities, obligations, costs, charges, reserves and expenses incurred, contracted for or otherwise existing with respect to a particular Series, whether such Series is now authorized and existing pursuant to the governing instrument of the Trust or is hereafter authorized and existing pursuant to said governing instrument, shall be enforceable against the assets associated with such Series only, and not against the assets of the Trust generally or any other Series thereof, and, except as otherwise provided in the governing instrument of the Trust, none of the debts, liabilities, obligations, costs, charges, reserves and expenses incurred, contracted for or otherwise existing with respect to the Trust generally or any other Series thereof shall be enforceable against the assets of such Series. Without obtaining any authorization or vote of the Shareholders of any Series or Class thereof (except as otherwise required by the 1940 Act), the establishment and designation of any Series (or Class) of Shares shall be effective upon the adoption by a majority of the then Trustees of a resolution that sets forth such establishment and designation and the relative rights and preferences of such Series (or Class), whether directly in such resolution or by reference to another document including, without limitation, any registration statement of the Trust, or as otherwise provided in such resolution.

Shares of each Series (or Class) established pursuant to this Article III, unless otherwise provided in the resolution establishing such Series, shall have the following relative rights and preferences:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Assets Held with Respect to a Particular Series (or Class)</u>. All consideration received by the Trust for the issue or sale of Shares of a particular Series or Class thereof, together with all assets in which such consideration is invested or reinvested, all income, earnings, profits, and proceeds thereof from whatever source derived, including, without limitation, any proceeds derived from the sale, exchange or liquidation of such assets, and any funds or payments derived from any reinvestment of such proceeds in whatever form the same may be, shall irrevocably be held with respect to that Series (or Class) for all purposes, subject only to the rights of creditors of such Series (or Class thereof to the extent provided below), and shall be so recorded upon the books of account of the Trust. Such consideration, assets, income, earnings, profits and proceeds thereof, from whatever source derived, including, without limitation, any proceeds derived from the sale, exchange or liquidation of such assets, and any funds or payments derived from any reinvestment of such proceeds, in whatever form the same may be, are herein referred to as assets held with respect to that Series (or Class thereof). In the event that there are any assets, income, earnings, profits and proceeds thereof, funds or payments that are not readily identifiable as assets held with respect to any particular Series (and the Classes thereof) (collectively "General Assets"), the Trustees shall allocate such General Assets to, between or among any one or more of the Series (and the Classes thereof) in such manner and on such basis as the Trustees, in their sole discretion, deem fair and equitable, and any General Assets so allocated to a particular Series (and the Classes thereof) shall be assets held with respect to that Series and such Classes. Each such allocation by

the Trustees shall be conclusive and binding upon the Shareholders of all Series and Classes for all purposes. Separate and distinct records shall be maintained for each Series (and the Classes thereof) and the assets held with respect to each Series (and the Classes thereof) shall be held and accounted for separately from the assets held with respect to all other Series (and the Classes thereof) and the General Assets of the Trust not allocated to such Series or Classes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Liabilities Attributable to a Particular Series (or Class)</u>. The assets of the Trust held with respect to each particular Series (or Class thereof) shall be charged exclusively with the liabilities of the Trust attributable to that Series or Class and all expenses, costs, charges and reserves attributable to that Series or Class. Any general liabilities of the Trust that are not readily identifiable as being attributable to any particular Series (and the Classes thereof) shall be allocated and charged by the Trustees to and among any one or more of the Series (and the Classes thereof) in such manner and on such basis as the Trustees in their sole discretion deem fair and equitable. All liabilities, expenses, costs, charges, and reserves so charged to a Series (and the Classes thereof) are herein referred to as "liabilities attributable to" that Series (or Class thereof). Each allocation of liabilities, expenses, costs, charges and reserves by the Trustees shall be conclusive and binding upon the Shareholders of all Series and Classes for all purposes. All liabilities attributable to a particular Series shall be enforceable against the assets held with respect to such Series only and not against the assets of the Trust generally or against the assets held with respect to any other Series. Notice of this limitation on the liability of each Series shall be set forth in the Certificate of Trust or in an amendment thereto prior to the issuance of any Shares of a Series. To the extent that the Trustees, pursuant to Section 2 of Article VII hereof, include a Class limitation on liability in any note, bond, contract, instrument, certificate or undertaking made with respect to any Class, the parties to such note, bond, contract, instrument, certificate or undertaking shall look only to the assets of such Class in satisfaction of the liabilities arising thereunder and not to the assets of any other Class of the applicable Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Dividends, Distributions, Redemptions and Repurchases</u>. Notwithstanding any other provision of this Declaration of Trust, including, without limitation, Article VI, no dividend or distribution, including, without limitation, any distribution paid upon dissolution of the Trust or of any Series (or Class) thereof with respect to, nor any redemption or repurchase of, the Shares of any Series (or Class thereof) shall be effected by the Trust other than from the assets held with respect to such Series (or Class thereof), nor shall any Shareholder of any particular Series (or Class thereof) otherwise have any right or claim against the assets held with respect to any other Series or Class except to the extent that such Shareholder has such a right or claim hereunder as a Shareholder of such other Series or Class. The Trustees shall have full discretion, to the extent not inconsistent with the 1940 Act, to determine which items shall be treated as income and which items as capital; and each such determination and allocation shall be conclusive and binding upon the Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Equality</u>. All the Shares of each particular Series (or Class thereof) shall represent an equal proportionate interest in the assets held with respect to that Series (or Class thereof), and each Share of any particular Series shall be equal to each other Share of that Series (subject to the liabilities attributable to that Series and such rights and preferences as may have

been established and designated with respect to Classes, or otherwise, of Shares within such Series).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Fractions</u>. Any fractional Share of a Series (or Class thereof) shall carry proportionately all the rights and obligations of a whole Share of that Series or Class, including rights with respect to voting, receipt of dividends and distributions, redemption of Shares and dissolution of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Combination of Series</u>. The Trustees shall have the authority, without the approval of the Shareholders of any Series (or Class thereof), unless otherwise required by applicable law, to combine the assets and liabilities attributable to any two or more Series (or Classes) into assets and liabilities attributable to a single Series or Class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Elimination of Series</u>. At any time that there are no Shares outstanding of any particular Series (or Class) previously established and designated, the Trustees may by resolution of a majority of the Trustees abolish that Series (or Class) and rescind the establishment and designation thereof and may thereafter establish a new Series (or Class) with such designation and otherwise as herein provided.

<u>Section 7.</u> <u>Indemnification of Shareholders</u>. If any Shareholder or former Shareholder shall be exposed to liability by reason of a claim or demand relating to such Person being or having been a Shareholder, and not because of such Person's acts or omissions, the Shareholder or former Shareholder (or such Person's heirs, executors, administrators, or other legal representatives or in the case of a corporation or other entity, its corporate or other general successor) shall be entitled to be held harmless from and indemnified out of the assets of the Trust against all cost and expense reasonably incurred in connection with such claim or demand, but only out of the assets held with respect to the particular Series (or Class thereof) of Shares of which such Person is or was a Shareholder and from or in relation to which such liability arose. The Series (or Class thereof) may, at its option, and shall, upon request by the Shareholder, assume the defense of any claim made against the Shareholder for any act or obligation of such Series and satisfy any judgment thereon.

ARTICLE IV<br><u>Trustees</u>

<u>Section 1.</u> <u>Election of Trustees</u>. Upon the issuance of beneficial interests of the Trust, First Eagle Investment Management, LLC, a New York limited liability company, as initial shareholder of the Trust, shall elect the Trustees of the Trust; to the extent that persons so elected are different from the Initial Trustee, such persons shall replace the Initial Trustee as Trustees of the Trust. Each Trustee and officer of the Trust shall have duties including fiduciary duties (and liability therefore) identical to those of directors and officers of a private corporation for profit organized under the DGCL and shall not have any other duties, including any fiduciary duties, except for fiduciary duties identical to those of directors and officers of a private corporation for profit organized under the DGCL.

<u>Section 2.</u> <u>Number, Election and Tenure</u>. The Initial Trustee is David O'Connor. After the initial election of Trustees, the number of Trustees shall be ten or such other number as shall, from time to time, be determined by the Trustees pursuant to Section 4 of this Article IV. Except as described above with respect to the Initial Trustee, each Trustee shall serve during the continued term of the Trust until she or he dies, resigns, is declared bankrupt or incompetent by a court of appropriate jurisdiction, or is removed, or, if sooner, until the next meeting of Shareholders called for the purpose of electing Trustees and until the election and qualification of her or his successor. In the event that less than the majority of the Trustees holding office have been elected by the Shareholders, to the extent required by the 1940 Act, the Trustees then in office shall call a Shareholders meeting for the election of Trustees. Any Trustee may resign at any time by written instrument signed by her or him and delivered to any officer of the Trust or to the secretary of any meeting of the Trustees. Such resignation shall be effective upon receipt unless specified to be effective at some other time. Except to the extent expressly provided in a written agreement with the Trust, no Trustee resigning and no Trustee removed shall have any right to any compensation for any period following her or his resignation or removal, or any right to damages on account of such removal. The Shareholders may elect Trustees at any meeting of Shareholders called by the Trustees for that purpose. Any Trustee may be removed at any meeting of Shareholders by a majority vote of the outstanding Shares of the Trust, as defined in the 1940 Act.

<u>Section 3.</u> <u>Effect of Death, Resignation or Removal of a Trustee</u>. The death, declination to serve, resignation, retirement, removal, or incapacity of one or more Trustees, or all of them, shall not operate to annul the Trust or to revoke any existing agency created pursuant to the terms of this Declaration of Trust. Whenever there shall be fewer than the designated number of Trustees, until additional Trustees are elected or appointed as provided herein to bring the total number of Trustees equal to the designated number, the Trustees in office, regardless of their number, shall have all the powers granted to the Trustees and shall discharge all the duties imposed upon the Trustees by this Declaration of Trust. As conclusive evidence of such vacancy, a written instrument certifying the existence of such vacancy may be executed by an officer of the Trust or by a majority of the Trustees then in office. In the event of the death, declination, resignation, retirement, removal, or incapacity of all the then Trustees within a short period of time and without the opportunity for at least one Trustee being able to appoint additional Trustees to replace those no longer serving, the Trust's Manager is empowered to appoint new Trustees subject to the applicable provisions of the 1940 Act.

<u>Section 4.</u> <u>Powers</u>. Subject to the provisions of this Declaration of Trust, the business of the Trust shall be managed by the Trustees; the Trustees shall have full power and authority to do any and all acts and to make and execute any and all contracts and instruments that they may consider necessary or appropriate in connection with the management of the Trust, including the power to engage in securities transactions of all kinds on behalf of the Trust. Without limiting the foregoing, the Trustees may: adopt By-Laws not inconsistent with this Declaration of Trust providing for the regulation and management of the affairs of the Trust and may amend and repeal them; enlarge or reduce their number; remove any Trustee with or without cause at any time by written instrument signed by at least two-thirds of the number of Trustees prior to such removal, specifying the date when such removal shall become effective and fill vacancies caused by enlargement of their number or by the death, resignation or removal of a Trustee; elect and remove,

with or without cause, such officers and appoint and terminate such agents as they consider appropriate; appoint from their own number and establish and terminate one or more committees consisting of two or more Trustees which may exercise the powers and authority of the Board of Trustees to the extent that the Board of Trustees determine; deposit all or any part of such assets in a system or systems for the central handling of securities or with a Federal Reserve Bank; provide for the issuance and distribution of Shares by the Trust directly or through one or more Principal Underwriters or otherwise; redeem, repurchase and transfer Shares pursuant to applicable law; declare and pay dividends and distributions to Shareholders from the assets available therefor; and in general exercise, or delegate to any officer of the Trust, to any committee of the Trustees and to any agent or employee of the Trust or to any such custodian, transfer or Shareholder servicing agent, or Principal Underwriter, such authority as they consider desirable. Any determination as to what is in the interests of the Trust made by the Trustees in good faith shall be conclusive. In construing the provisions of this Declaration of Trust, the presumption shall be in favor of a grant of power to the Trustees. Unless otherwise specified herein or in the By-Laws or required by law, any action by the Trustees shall be deemed effective if approved or taken by a majority of the Trustees present at a meeting of the Trustees at which a quorum of the Trustees is present, within or without the State of Delaware.

Without limiting the foregoing, the Trustees shall have the power and authority to cause the Trust (or to act on behalf of the Trust):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To operate as and carry out the business of an investment company, and exercise all the powers necessary or appropriate to the conduct of such operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To invest and reinvest cash, to hold cash uninvested, and to subscribe for, invest in, reinvest in, purchase or otherwise acquire, own, hold, pledge, sell, assign, transfer, exchange, distribute, purchase or write options on, lend, enter into contracts for the future acquisition or delivery of, or otherwise deal in or dispose of, securities, indices, currencies, commodities or other property of every nature and kind, including, without limitation, all types of bonds, debentures, stocks, negotiable or non-negotiable instruments, obligations, evidences of indebtedness, certificates of deposit or indebtedness, commercial paper, repurchase agreements, bankers acceptances, and other securities, commodities or contracts of any kind, issued, created, guaranteed, or sponsored by any and all Persons, including, without limitation, states, territories, and possessions of the United States and the District of Columbia and any political subdivision, agency, or instrumentality thereof, the U.S. Government or any foreign government or any political subdivision of the U.S. Government or any foreign government, or any domestic or international instrumentality, or by any bank or savings institution, or by any corporation or organization organized under the laws of the United States or of any state, territory, or possession thereof, or by any corporation or organization organized under any foreign law, or in "when issued" contracts for any such securities; to change the investments of the assets of the Trust; and to exercise any and all rights, powers, and privileges of ownership or interest in respect of any and all such investments of every kind and description, including, without limitation, the right to consent and otherwise act with respect thereto, with power to designate one or more Persons to exercise any of said rights, powers, and privileges in respect of any of said instruments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To sell, exchange, lend, pledge, mortgage, hypothecate, lease, or write options (including options on futures contracts) with respect to or otherwise deal in any property rights relating to any or all of the assets of the Trust or any Series or Class thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To vote or give assent, or exercise any rights of ownership, with respect to stock or other securities or property; and to execute and deliver proxies or powers of attorney to such Person or Persons as the Trustees shall deem proper, granting to such Person or Persons such power and discretion with relation to securities or property as the Trustees shall deem proper;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To set record dates for the determination of Shareholders with respect to various matters, which, for purposes of determining the Shareholders of any Series (or Class) who are entitled to receive payment of any dividend or of any other distribution shall be on or before the date for the payment of such dividend or such other payment, as the record date for determining the Shareholders of such Series (or Class) having the right to receive such dividend or distribution; without fixing a record date, the Trustees may for distribution purposes close the register or transfer books for one or more Series (or Classes) at any time prior to the payment of a distribution; nothing in this subsection shall be construed as precluding the Trustees from setting different record dates for different Series (or Classes);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) To exercise powers and rights of subscription or otherwise which in any manner arise out of ownership of securities or other property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) To hold any security or property in a form not indicating any trust, whether in bearer, unregistered or other negotiable form, or in its own name or in the name of a custodian or a nominee or nominees or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) To consent to or participate in any plan for the reorganization, consolidation or merger of any corporation or issuer of any security or property which is held in the Trust; to consent to any contract, lease, mortgage, purchase or sale of property by such corporation or issuer; and to pay calls or subscriptions with respect to any security or property held in the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To join with other security or property holders in acting through a committee, depository, voting trustee or otherwise, and in that connection to deposit any security or property with, or transfer any security or property to, any such committee, depositary or trustee, and to delegate to them such power and authority with relation to any security or property (whether or not so deposited or transferred) as the Trustees shall deem proper, and to agree to pay, and to pay, such portion of the expenses and compensation of such committee, depositary or trustee as the Trustees shall deem proper;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) To compromise, arbitrate or otherwise adjust claims in favor of or against the Trust or any matter in controversy, including, but not limited to, claims for taxes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) To enter into joint ventures, general or limited partnerships and any other combinations or associations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) To borrow funds or other property in the name of the Trust or any Series thereof exclusively for Trust or the relevant Series purposes and in connection therewith issue notes or other evidences of indebtedness; and to mortgage and pledge the Trust Property or any part thereof to secure any or all of such indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) To endorse or guarantee the payment of any notes or other obligations of any Person; to make contracts of guaranty or suretyship, or otherwise assume liability for payment thereof; and to mortgage and pledge the Trust Property or any part thereof to secure any of or all of such obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) To purchase and pay for entirely out of Trust Property such insurance as the Trustees may deem necessary or appropriate for the conduct of the business, including, without limitation, insurance policies insuring the assets of the Trust or payment of distributions and principal on its portfolio investments, and insurance policies insuring the Shareholders, the Trustees, officers, employees, agents, investment advisers, principal underwriters, or independent contractors of the Trust, individually against all claims and liabilities of every nature arising by reason of holding Shares, holding, being in or having held any such office or position, or by reason of any action alleged to have been taken or omitted by any such Person as Trustee, officer, employee, agent, investment adviser, principal underwriter, or independent contractor, including any action taken or omitted that may be determined to constitute negligence, whether or not the Trust would have the power to indemnify such Person against liability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) To adopt, establish and carry out pension, profit-sharing, Share bonus, Share purchase, savings, thrift and other retirement, incentive and benefit plans and trusts, including the purchasing of life insurance and annuity contracts as a means of providing such retirement and other benefits, for any or all of the Trustees, officers, employees and agents of the Trust; or Class; Delaware;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) To enter into contracts of any kind and description;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) To interpret the investment policies, practices or limitations of any Series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) To establish a registered office and have a registered agent in the State of Delaware;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) To invest part or all of the Trust Property (or part or all of the assets of any Series), or to dispose of part or all of the Trust Property (or part or all of the assets of any Series) and invest the proceeds of such disposition, in securities issued by one or more other investment companies registered under the 1940 Act (including investment by means of transfer or part of all of the Trust Property in exchange for an interest or interests in such one or more investment companies) all without any requirement of approval by Shareholders unless required by the 1940 Act. Any such other investment company may (but need not) be a trust (formed under the laws of the State of Delaware or of any other state) which is classified as a partnership for federal income tax purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) Subject to the 1940 Act, to engage in any other lawful act or activity in which a statutory trust organized under the Delaware Act may engage; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) In general to carry on any other business in connection with or incidental to any of the foregoing powers, to do everything necessary, suitable or proper for the accomplishment of any purpose or the attainment of any object or the furtherance of any power hereinbefore set forth, either alone or in association with others, and to do every other act or thing incidental or appurtenant to or growing out of or connected with the aforesaid business or purposes, objects or powers.

The foregoing clauses shall be construed as objects and powers, and the foregoing enumeration of specific powers shall not be held to limit or restrict in any manner the general power of the Trustees. Any action by one or more of the Trustees in their capacity as such hereunder shall be deemed an action on behalf of the Trust or the applicable Series, and not an action in an individual capacity.

The Trust shall not be limited to investing in obligations maturing before the possible dissolution of the Trust or one or more of its Series or Classes thereof. The Trust shall not in any way be bound or limited by any present or future law or custom in regard to investment by fiduciaries. The Trust shall not be required to obtain any court order to deal with any assets of the Trust or take any other action hereunder.

<u>Section 5.</u> <u>Payment of Expenses by the Trust</u>. The Trustees are authorized to pay or cause to be paid out of the principal or income of the Trust, or partly out of the principal and partly out of income, as they deem fair, all expenses, fees, charges, taxes and liabilities incurred or arising in connection with the Trust, or in connection with the management thereof, including, but not limited to, the Trustees compensation and such expenses and charges for the services of the Trust's officers, employees, investment adviser or manager, Principal Underwriter, auditors, counsel, custodian, transfer agent, Shareholder servicing agent, and such other agents or independent contractors and such other expenses and charges as the Trustees may deem necessary or proper to incur, which expenses, fees, charges, taxes and liabilities shall be allocated in accordance with Article III, Section 6 hereof.

<u>Section 6.</u> <u>Payment of Expenses by Shareholders</u>. The Trustees shall have the power to cause each Shareholder, or each Shareholder of any particular Series or Class, to pay directly, at such intervals as the Trustees may determine, in advance or arrears, for charges of the Trust's transfer agent, Shareholder servicing or similar agent, an amount fixed, from time to time, by the Trustees, by setting off such charges due from such Shareholder from declared but unpaid dividends owed such Shareholder and/or by reducing the number of Shares in the account of such Shareholder by that number of full and/or fractional Shares which represents the outstanding amount of such charges due from such Shareholder.

<u>Section 7.</u> <u>Ownership of Assets of the Trust</u>. The assets of the Trust shall be held separate and apart from any assets now or hereafter held in any capacity other than as Trustee hereunder by the Trustees. Title to all of the assets of the Trust shall at all times be considered as vested in the Trust, except that the Trustees shall have power to cause legal title to any Trust

Property to be held by or in the name of one or more of the Trustees, or in the name of any other Person as nominee, on such terms as the Trustees may determine. The right, title and interest of the Trustees in the Trust Property shall vest automatically in each Person who may hereafter become a Trustee. Upon the resignation, removal or death of a Trustee, she or he shall automatically cease to have any right, title or interest in any of the Trust Property, and the right, title and interest of such Trustee in the Trust Property shall vest automatically in the remaining Trustees. Such vesting and cessation of title shall be effective whether or not conveyancing documents have been executed and delivered.

<u>Section 8.</u> <u>Service Contracts</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to such requirements and restrictions as may be set forth under applicable federal or state law and in the By-Laws, including, without limitation, on the date hereof the requirements of Section 15 of the 1940 Act, or any successor provision, the Trustees may, at any time and from time to time, contract for exclusive or nonexclusive investment advisory, management or administrative services for the Trust or for any Series (or Class thereof) with any corporation, trust, association or other organization; and any such contract may contain such other terms as the Trustees may determine, including, without limitation, authority for the Manager or administrator to delegate certain or all of its duties under such contracts to qualified investment advisers or administrators and to determine from time to time, without prior consultation with the Trustees, what investments shall be purchased, held, sold or exchanged and what portion, if any, of the assets of the Trust shall be held uninvested and to make changes in the Trust's investments, or such other activities as may specifically be delegated to such party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trustees may also, at any time and from time to time, contract with any corporation, trust, association or other organization, appointing it exclusive or nonexclusive distributor or Principal Underwriter for the Shares of one or more of the Series (or Classes) or other securities to be issued by the Trust. Every such contract shall comply with such requirements and restrictions as may be set forth under applicable federal or state law and in the By-Laws, including, without limitation, at the date hereof the requirements of Section 15 of the 1940 Act, or any successor provision; and any such contract may contain such other terms as the Trustees may determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Trustees are also empowered, at any time and from time to time, to contract with any corporations, trusts, associations or other organizations, appointing it or them the custodian, transfer agent or Shareholder servicing agent for the Trust or one or more of its Series (or Classes). Every such contract shall comply with such requirements and restrictions as may be set forth under applicable federal or state law and in the By-Laws or stipulated by resolution of the Trustees. The Trustees are empowered, at any time and from time to time, to retain sub-agents (foreign or domestic) in connection with any service provider to the Trust or one or more of its Series (or Classes).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Subject to applicable law, the Trustees are further empowered, at any time and from time to time, to contract with any entity to provide such other services, including, without limitation, accounting and pricing services, to the Trust or one or more of the Series (or Classes

thereof), as the Trustees determine to be in the best interests of the Trust and the applicable Series (or Class).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The fact that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any of the Shareholders, Trustees, or officers of the Trust is a shareholder, director, officer, partner, trustee, employee, manager, adviser, principal underwriter, distributor, or affiliate or agent of or for any corporation, trust, association, or other organization, or for any parent or affiliate of any organization, with which an advisory, management or administration contract, or Principal Underwriter's or distributor's contract, or transfer, shareholder servicing or other type of service contract may have been or may hereafter be made, or that any such organization, or any parent or affiliate thereof, is a Shareholder or has an interest in the Trust, or that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any corporation, trust, association or other organization with which an advisory, management or administration contract or Principal Underwriter's or distributor's contract, or transfer, shareholder servicing or other type of service contract may have been or may hereafter be made with the Trust or any Series of the Trust also has an advisory, management or administration contract, or principal underwriter's or distributor's contract, or transfer, shareholder servicing or other service contract with one or more other corporations, trusts, associations, or other organizations, or has other business or interests,

shall not affect the validity of any such contract or disqualify any Shareholder, Trustee or officer of the Trust from voting upon or executing the same, or create any liability or accountability to the Trust or its Shareholders, provided approval of each such contract is made pursuant to the requirements of the 1940 Act.

<u>Section 9.</u> <u>Trustees and Officers as Shareholders</u>. Any Trustee, officer or agent of the Trust may acquire, own and dispose of Shares to the same extent as if he or she were not a Trustee, officer or agent; and the Trustees may issue and sell and cause to be issued and sold Shares to, and redeem such Shares from, any such Person or any firm or company in which such Person is interested, subject only to the general limitations contained herein or in the By-Laws relating to the sale and redemption of such Shares.

ARTICLE V<br><u>Shareholders Voting Powers and Meetings</u>

<u>Section 1.</u> <u>Voting Powers, Meetings, Notice and Record Dates</u>. The Shareholders shall have power to vote only (i) for the election or removal of Trustees to the extent and as provided in Article IV, Section 2, and (ii) with respect to such additional matters relating to the Trust as may be required by the 1940 Act, this Declaration of Trust or as the Trustees may consider necessary or desirable. Each Shareholder shall be entitled to one vote for each dollar of net asset value (determined as of the applicable record date) of each Share owned by such Shareholder (number

of Shares owned times net asset value per Share) on any matter on which such Shareholder is entitled to vote and each fractional dollar amount shall be entitled to a proportionate fractional vote. Notwithstanding any other provision of this Declaration of Trust, on any matter submitted to a vote of the Shareholders, all Shares of the Trust then entitled to vote shall be voted in aggregate, except (i) when required by the 1940 Act, Shares shall be voted by individual Series or Class; and (ii) when the matter involves any action that the Trustees have determined will affect only the interests of one or more Series or Classes, then only Shareholders of such Series or Classes shall be entitled to vote thereon. There shall be no cumulative voting in the election of Trustees. Shares may be voted in person or by proxy. A proxy may be given in writing. The By-Laws may provide that proxies may also, or may instead, be given by any electronic or telecommunications device or in any other manner. Notwithstanding anything else contained herein or in the By-Laws, in the event a proposal by anyone other than the officers or Trustees of the Trust is submitted to a vote of the Shareholders of one or more Series or Classes thereof or of the Trust, or in the event of any proxy contest or proxy solicitation or proposal in opposition to any proposal by the officers or Trustees of the Trust, Shares may be voted only in person or by written proxy at a meeting. Until Shares are issued, the Trustees may exercise all rights of Shareholders and may take any action required by law, this Declaration of Trust or the By-Laws to be taken by the Shareholders. Meetings of the Shareholders shall be called and notice thereof and record dates therefor shall be given and set as provided in the By-Laws.

<u>Section 2.</u> <u>Quorum and Required Vote</u>. Except when a larger quorum is required by applicable law, by the By-Laws or by this Declaration of Trust, (i) thirty-three and one-third percent (33-1/3%) of the Shares entitled to vote shall constitute a quorum at a Shareholders meeting and (ii) when any one or more Series (or Classes) is to vote as a single class separate from any other Shares, thirty-three and one-third percent (33-1/3%) of the Shares of each such Series (or Class) entitled to vote shall constitute a quorum at a Shareholders meeting of that Series (or Class). Except when a larger vote is required by any provision of this Declaration of Trust or the By-Laws or by applicable law, when a quorum is present at any meeting, a majority of the Shares voted shall decide any questions and a plurality of the Shares voted shall elect a Trustee, provided that where any provision of law or of this Declaration of Trust requires that the holders of any Series shall vote as a Series (or that holders of a Class shall vote as a Class), then a majority of the Shares of that Series (or Class) voting on the matter (or a plurality with respect to the election of a Trustee) shall decide that matter insofar as that Series (or Class) is concerned.

<u>Section 3.</u> <u>Additional Provisions</u>. The By-Laws may include further provisions for Shareholders votes and meetings and related matters.

ARTICLE VI<br><u>Net Asset Value, Distributions and Redemptions</u>

<u>Section 1.</u> <u>Determination of Net Asset Value, Net Income, and Distributions</u>. Subject to applicable law and Article III, Section 6 hereof, the Trustees, in their absolute discretion, may prescribe and shall set forth in the Registration Statement of the Trust as filed on Form N-1A or any successor form with the Commission (the "Registration Statement of the Trust") such bases and time or times for determining the net asset value of the Shares of any Series or Class, the net

income attributable to the Shares of any Series or Class, or the declaration and payment of dividends and distributions on the Shares of any Series or Class, as they may deem necessary or desirable from time to time.

<u>Section 2.</u> <u>Redemptions and Repurchases</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trust shall purchase such Shares as are offered by any record holder of such Shares for redemption, upon the presentation of a proper instrument of transfer together with a request directed to the Trust or a Person designated by the Trust that the Trust purchase such Shares or in accordance with such other procedures for redemption as the Trustees may, from time to time, authorize, and the Trust will pay therefor the net asset value thereof as determined by the Trustees (or on their behalf), in accordance with any applicable provisions of the By-Laws and applicable law. Unless extraordinary circumstances exist, payment for said Shares shall be made by the Trust to the Shareholder within seven (7) days after the date on which the request is made in proper form. The obligation set forth in this Section 2 is subject to the provisions regarding the suspension of the right of redemption that are set forth in the Registration Statement of the Trust, and as the Trustees, in their absolute discretion, may prescribe. In the case of a suspension of the right of redemption as provided herein, a record holder of such Shares may either withdraw the request for redemption or receive payment based on the net asset value per Share next determined after the termination of such suspension.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The redemption price may, in any case or cases, be paid wholly or partly in- kind if the Trustees determine that such payment is advisable and in the interest of the remaining Shareholders of the Series or Class for which the Shares are being redeemed. The fair value, selection and quantity of securities or other property so paid or delivered as all or part of the redemption price may be determined by or under authority of the Trustees. In no case shall the Trust be liable for any delay of any corporation or other Person in transferring securities selected for delivery as all or part of any payment in-kind.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the Trustees shall, at any time and in good faith, determine that direct or indirect ownership of Shares of any Series or Class has or may become concentrated in any Person to an extent that would disqualify any Series as a regulated investment company under the Internal Revenue Code of 1986, as amended (or any successor statute thereto), then the Trustees shall have the power (but not the obligation) by such means as they deem equitable (i) to involuntarily redeem any number, or principal amount, of Shares of such Person sufficient to maintain or bring the direct or indirect ownership of Shares into conformity with the requirements for such qualification, and (ii) to refuse to transfer or issue Shares to any Person whose acquisition of the Shares in question would result in such disqualification. Any such redemption shall be effected at the redemption price and in the manner provided in this Article VI.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The holders of Shares shall upon demand disclose to the Trustees in writing such information with respect to direct and indirect ownership of Shares as the Trustees deem necessary to comply with the provisions of the Internal Revenue Code of 1986, as amended (or any successor statute thereto), or to comply with the requirements of any other taxing or regulatory authority, or as the Trustees may otherwise request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Subject to the requirements of the 1940 Act, the Board of Trustees may cause the Trust to redeem, at the price and in the manner provided in this Article VI, Shares of any Series or Class held by any Person (i) if such Person is no longer qualified to hold such Shares in accordance with such qualifications as may be established by the Trustees, (ii) if the net asset value of such Shares is below the minimum investment amount which is set forth in the Registration Statement of the Trust or (iii) if otherwise deemed by the Trustees to be in the best interest of the Trust or that particular Series (or Class) as a whole.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Shares redeemed shall, upon redemption, be deemed to be retired and restored to the status of unissued shares.

ARTICLE VII<br><u>Compensation and Limitation of Liability of Trustees</u>

<u>Section 1.</u> <u>Compensation</u>. The Trustees as such shall be entitled to reasonable compensation from the Trust, and they may fix the amount of such compensation. Nothing herein shall in any way prevent the employment of any Trustee for advisory, management, legal, accounting, investment banking or other services and payment for the same by the Trust.

<u>Section 2.</u> <u>Indemnification and Limitation of Liability</u>. A Trustee, when acting in such capacity, shall not be personally liable to any Person, other than the Trust or a Shareholder to the extent provided in this Article VII, for any act, omission or obligation of the Trust, of such Trustee or of any other Trustee. The Trustees shall not be responsible or liable in any event for any neglect or wrongdoing of any officer, agent, employee, Manager, Principal Underwriter of the Trust or any other Person. The Trust (i) may indemnify an agent of the Trust or any Person who is serving or has served at the Trust's request as an agent of another organization in which the Trust has any interest as a shareholder, creditor or otherwise and (ii) shall indemnify each Person who is, or has been, a Trustee, officer or employee of the Trust and any Person who is serving or has served at the Trust's request as a director, officer, trustee, or employee of another organization in which the Trust has any interest as a shareholder, creditor or otherwise, in the case of (i) and (ii), to the fullest extent consistent with the 1940 Act and in the manner provided in the By-Laws; provided that such indemnification shall not be available to any of the foregoing Persons in connection with a claim, suit or other proceeding by any such Person against the Trust or a Series (or Class) thereof. The indemnification provided or authorized by this Article VII shall not be deemed exclusive of any other rights, by indemnification or otherwise, to which any indemnitee may be entitled under the By-laws, a resolution of Shareholders or Trustees, an agreement or otherwise.

All persons extending credit to, contracting with or having any claim against the Trust or the Trustees shall look only to the assets of the appropriate Series (or Class thereof if the Trustees have included a Class limitation on liability in the agreement with such person as provided below), or, if the Trustees have yet to establish Series, of the Trust for payment under such credit, contract or claim; and neither the Trustees nor the Shareholders, nor any of the Trust's officers, employees or agents, whether past, present or future, shall be personally liable therefor.

Every note, bond, contract, instrument, certificate or undertaking and every other act or thing whatsoever executed or done by or on behalf of the Trust or the Trustees by any of them in connection with the Trust shall conclusively be deemed to have been executed or done only in or with respect to his or their capacity as Trustee or Trustees, and such Trustee or Trustees shall not be personally liable thereon. At the Trustees discretion, any note, bond, contract, instrument, certificate or undertaking made or issued by the Trustees or by any officer or officers may give notice that the Certificate of Trust is on file in the Office of the Secretary of State of the State of Delaware and that a statutory limitation on liability of Series exists and such note, bond, contract, instrument, certificate or undertaking may, if the Trustees so determine, recite that the same was executed or made on behalf of the Trust by a Trustee or Trustees in such capacity and not individually or by an officer or officers in such capacity and not individually and that the obligations of such instrument are not binding upon any of them or the Shareholders individually but are binding only on the assets and property of the Trust or a Series thereof, and may contain such further recital as such Person or Persons may deem appropriate including, without limitation, a requirement, in any note, bond, contract, instrument, certificate or undertaking made with respect to one or more Classes of any Series that the parties thereto look only to the assets of such Class or Classes in satisfaction of the liabilities arising thereunder. The omission of any such notice or recital shall in no way operate to bind any Trustees, officers or Shareholders individually.

<u>Section 3.</u> <u>Trustee's Good Faith Action; Expert Advice; No Bond or Surety</u>. The exercise by the Trustees of their powers and discretions hereunder shall be binding upon everyone interested. A Trustee shall be liable to the Trust and to any Shareholder solely for her or his own willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of the office of Trustee, and shall not be liable for errors of judgment or mistakes of fact or law. The Trustees may take advice of counsel or other experts with respect to the meaning and operation of this Declaration of Trust, and shall be under no liability for any act or omission in accordance with such advice, nor for failing to follow such advice. The Trustees shall not be required to give any bond as such, nor any surety if a bond is required.

<u>Section 4.</u> <u>Insurance</u>. The Trustees shall be entitled and empowered to the fullest extent permitted by law to purchase with Trust assets insurance for liability and for all expenses reasonably incurred or paid or expected to be paid by a Trustee, officer, employee or agent of the Trust in connection with any claim, action, suit or proceeding in which she or he becomes involved by virtue of her or his capacity or former capacity with the Trust.

ARTICLE VIII<br><u>Miscellaneous</u>

<u>Section 1.</u> <u>Liability of Third Persons Dealing with Trustees</u>. No Person dealing with the Trustees shall be bound to make any inquiry concerning the validity of any transaction made or to be made by the Trustees or to see to the application of any payments made or property transferred to the Trust or upon its order.

<u>Section 2.</u> <u>Termination of Trust or Series</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless dissolved as provided herein, the Trust shall continue without limitation of time. The Trust may be dissolved at any time by vote of a majority of the Shares of each Series entitled to vote, voting separately by Series, or by the Trustees by written notice to the Shareholders. Any Series of Shares (or Class thereof) may be dissolved at any time by vote of a majority of the Shares of such Series or Class entitled to vote or by the Trustees by written notice to the Shareholders of such Series or Class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon the requisite Shareholder vote or action by the Trustees to dissolve the Trust or any one or more Series of Shares (or any Class thereof), after paying or otherwise providing for all charges, taxes, expenses and liabilities, whether due or accrued or anticipated, of the Trust or of the particular Series (or any Class thereof) as may be determined by the Trustees, the Trust shall in accordance with such procedures as the Trustees consider appropriate reduce the remaining assets of the Trust or of the affected Series or Class to distributable form in cash or Shares (if any Series remain) or other securities, or any combination thereof, and distribute the proceeds to the Shareholders of the Series or Classes involved, ratably according to the number of Shares of such Series or Class held by the several Shareholders of such Series or Class on the date of distribution. Thereupon, the Trust or any affected Series (or Class thereof) shall terminate and the Trustees and the Trust shall be discharged of any and all further liabilities and duties relating thereto or arising therefrom, and the right, title and interest of all parties with respect to the Trust or such Series or Class shall be canceled and discharged.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Following completion of the dissolution of the Trust and winding up of its business, the Trustees shall cause a certificate of cancellation of the Trust's Certificate of Trust to be filed in accordance with the Delaware Act in order to terminate the Trust, which certificate of cancellation may be signed by any one Trustee.

<u>Section 3.</u> <u>Reorganization</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Pursuant to and in accordance with the provisions of Section 3815(f) of the Delaware Act, and notwithstanding anything to the contrary contained in this Declaration of Trust, an agreement of merger or consolidation approved by the Trustees in accordance with this Section 3 of Article VIII may affect any amendment to the governing instrument of the Trust or effect the

adoption of a new trust instrument of the Trust if the Trust is the surviving or resulting trust in the merger or consolidation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Trustees may, without any Shareholder approval or vote unless such approval or vote is required by the 1940 Act, create one or more statutory trusts to which all or any part of the assets, liabilities, profits or losses of the Trust or any Series or Class thereof may be transferred and may provide for the conversion of Shares in the Trust or any Series or Class thereof into beneficial interests in any such newly created trust or trusts or any series or classes thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding anything else herein, the Trustees may, without Shareholder approval (unless required by the 1940 Act), invest all or a portion of the Trust Property of any Series, or dispose of all or a portion of the Trust Property of any Series, and invest the proceeds of such disposition in interests issued by one or more other investment companies registered under the 1940 Act. Any such other investment company may (but not need) be a trust (formed under the laws of the State of Delaware or any other state or jurisdiction) (or series thereof) which is classified as a partnership for federal income tax purposes. Notwithstanding anything else herein, the Trustees may, without Shareholder approval unless such approval is required by the 1940 Act, cause a Series that is organized in the master/feeder fund structure to withdraw or redeem its Trust Property from the master fund and cause such Series to invest its Trust Property directly in securities and other financial instruments or in another master fund.

<u>Section 4.</u> <u>Amendments</u>. Except as specifically provided in this Section 4 of Article VIII, the Trustees may, without Shareholder vote, restate, amend or otherwise supplement this Declaration of Trust. Shareholders shall have the right to vote (i) on any amendment that would affect their right to vote granted in Article V, Section 1 hereof, (ii) on any amendment to this Section 4 of Article VIII, (iii) on any amendment that may be required to be approved by Shareholders by the 1940 Act, and (iv) on any amendment submitted to them by the Trustees. Any amendment required or permitted to be submitted to the Shareholders that, as the Trustees determine, shall affect the Shareholders of one or more Series (or Classes thereof) shall be authorized by a vote of the Shareholders of each Series or Class affected and no vote of Shareholders of a Series or Class not affected shall be required. Notwithstanding anything else herein, no amendment hereof shall limit the rights to insurance provided by Article VII, Section 4 with respect to any acts or omissions of Persons covered thereby prior to such amendment nor shall any such amendment limit the rights to indemnification referenced in Article VII, Section 2 hereof as provided in the By-Laws with respect to any actions or omissions of Persons covered thereby prior to such amendment. The Trustees may, without Shareholder vote, restate, amend, or otherwise supplement the Certificate of Trust and By-laws as they deem necessary or desirable.

<u>Section 5.</u> <u>Filing of Copies, References, Headings</u>. The original or a copy of this instrument and of each restatement and/or amendment hereto shall be kept at the office of the Trust where it may be inspected by any Shareholder. Anyone dealing with the Trust may rely on a certificate by an officer of the Trust as to whether or not any such restatements and/or amendments have been made and as to any matters in connection with the Trust hereunder; and, with the same effect as if it were the original, may rely on a copy certified by an officer of the Trust to be a copy of this instrument or of any such restatements and/or amendments. In this instrument and in any such restatements and/or amendments, references to this instrument, and all expressions such as

"herein," "hereof" and "hereunder," shall be deemed to refer to this instrument as amended or affected by any such restatements and/or amendments. Headings are placed herein for convenience of reference only and shall not be taken as a part hereof or control or affect the meaning, construction or effect of this instrument. Whenever the singular number is used herein, the same shall include the plural; and the neuter, masculine and feminine genders shall include each other, as applicable. This instrument may be executed in any number of counterparts each of which shall be deemed an original.

<u>Section 6.</u> <u>Applicable Law</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trust continued under, and this Declaration of Trust is to be governed by, and construed and enforced in accordance with, the laws of the State of Delaware. The Trust shall be of the type commonly called a statutory trust, and without limiting the provisions hereof, the Trust specifically reserves the right to exercise any of the powers or privileges afforded to statutory trusts or actions that may be engaged in by statutory trusts under the Delaware Act, and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions. Except with respect to claims arising under the federal securities laws, to the fullest extent permitted by applicable law, unless the Trust consents in writing to the selection of an alternative forum, the sole and exclusive forum for any Shareholder (including a beneficial owner) to bring (i) any derivative action or proceeding brought on behalf of the Trust, (ii) any action asserting a claim of breach of a fiduciary duty owed by any Trustee, officer or employee, if any, of the Trust to the Trust or the Trust's Shareholders, (iii) any action asserting a claim against the Trust, its Trustees, officers or employees, if any, arising pursuant to any provision of laws of the State of Delaware or the Trust's Declaration of Trust or the Trust's By-laws, or (iv) to the maximum extent permitted by law, any other proceeding arising out of or relating to the Trust or the Shareholder's interest in the Trust, shall be exclusively brought in the Court of Chancery of the State of Delaware or, if such court does not have subject matter jurisdiction thereof, any other court in the State of Delaware with subject matter jurisdiction, and in all cases subject to the Delaware courts' having personal jurisdiction over the indispensable parties named as defendants. Any person purchasing or otherwise acquiring or holding any interest in shares of the Trust shall be (i) deemed to have notice of and consented to the provisions of this Section 6, and (ii) deemed to have waived any argument relating to the inconvenience of the forums referenced above in connection with any action or proceeding described in this Section 6.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the first sentence of Section 6(a) of this Article VIII, there shall not be applicable to the Trust, the Trustees or this Declaration of Trust (x) the provisions of section 3540 of Title 12 of the Delaware Code or (y) any provisions of the laws (statutory or common) of the State of Delaware (other than the Delaware Act) pertaining to trusts that relate to or regulate: (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, (ii) affirmative requirements to post bonds for trustees, officers, agents or employees of a trust, (iii) the necessity for obtaining a court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, (iv) fees or other sums applicable to trustees, officers, agents or employees of a trust, (v) the allocation of receipts and expenditures to income or principal, (vi) restrictions or limitations

on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage or other manner of holding of trust assets, or (vii) the establishment of fiduciary or other standards or responsibilities or limitations on the acts or powers of trustees that are inconsistent with the limitations or liabilities or authorities and powers of the Trustees set forth or referenced in this Declaration of Trust.

<u>Section 7.</u> <u>Provisions in Conflict with Law or Regulations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The provisions of the Declaration of Trust are severable, and if the Trustees shall determine, with the advice of counsel, that any of such provisions is in conflict with the 1940 Act, the regulated investment company provisions of the Internal Revenue Code of 1986, as amended (or any successor statute thereto), and the regulations thereunder, with the Delaware Act or with other applicable laws and regulations, the conflicting provision shall be deemed never to have constituted a part of the Declaration of Trust; provided, however, that such determination shall not affect any of the remaining provisions of the Declaration of Trust or render invalid or improper any action taken or omitted prior to such determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If any provision of the Declaration of Trust shall be held invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall attach only to such provision in such jurisdiction and shall not in any manner affect such provision in any other jurisdiction or any other provision of the Declaration of Trust in any jurisdiction.

<u>Section 8.</u> <u>Statutory Trust Only</u>. It is the intention of the Trustees to have created a statutory trust pursuant to the Delaware Act. It is not the intention of the Trustees to create a general partnership, limited partnership, joint stock association, corporation, bailment, or any form of legal relationship other than a statutory trust pursuant to the Delaware Act. Nothing in this Declaration of Trust shall be construed to make the Shareholders, either by themselves or with the Trustees, partners or members of a joint stock association.

<u>Section 9.</u> <u>Derivative Actions</u>. Except with respect to claims arising under the federal securities laws, in addition to the requirements set forth in Section 3816 of the Delaware Act, a Shareholder may bring a derivative action on behalf of the Trust only if the following conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Shareholder or Shareholders must make a pre-suit demand upon the Trustees to bring the subject action unless an effort to cause the Trustees to bring such an action is not likely to succeed. For purposes of this Section 9(a), a demand on the Trustees shall only be deemed not likely to succeed and therefore excused if a majority of the Board of Trustees, or a majority of any committee established to consider the merits of such action, has a personal financial interest in the transaction at issue, and a Trustee shall not be deemed interested in a transaction or otherwise disqualified from ruling on the merits of a Shareholder demand by virtue of the fact that such Trustee receives remuneration for his service on the Board of Trustees of the Trust or on the boards of one or more Trusts that are under common management with or otherwise affiliated with the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Unless a demand is not required under paragraph (a) of this Section 9, Shareholders eligible to bring such derivative action under the Delaware Act who hold at least 10% of the outstanding Shares of the Trust, or 10% of the outstanding Shares of the Series or Class to which such action relates, shall join in the request for the Trustees to commence such action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Unless a demand is not required under paragraph (a) of this Section 9, the Trustees must be afforded a reasonable amount of time to consider such shareholder request and to investigate the basis of such claim. The Trustees shall be entitled to retain counsel or other advisors in considering the merits of the request and shall require an undertaking by the Shareholders making such request to reimburse the Trust for the expense of any such advisors in the event that the Trustees determine not to bring such action.

For purposes of this Section 9, the Board of Trustees may designate a committee of one Trustee to consider a Shareholder demand if necessary to create a committee with a majority of Trustees who do not have a personal financial interest in the transaction at issue.

[REMAINDER OF PAGE LEFT INTENTIONALLY BLANK]

IN WITNESS WHEREOF, the Trustees named below do hereby execute and deliver this Declaration of Trust as of December 11, 2025.

TRUSTEES

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| |
|:---|
| */s/* Lisa Anderson |
| Lisa Anderson, Trustee |
| */s/* John P. Arnhold |
| John P. Arnhold, Trustee |
| */s/* Candace K. Beinecke |
| Candace K. Beinecke, Trustee |
| */s/* Peter W. Davidson |
| Peter W. Davidson, Trustee |
| */s/* Jean D. Hamilton |
| Jean D. Hamilton, Trustee |
| */s/* Mandakini Puri |
| Mandakini Puri, Trustee |
| */s/* William M. Kelly |
| William M. Kelly, Trustee |
| */s/* Paul J. Lawler |
| Paul J. Lawler, Trustee |
| */s/* Scott Sleyster |
| Scott Sleyster, Trustee |
| */s/* Mehdi Mahmud |
| Mehdi Mahmud, Trustee |

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## Ex-99.(B)

**Exhibit (b)**

BY-LAWS OF

FIRST EAGLE ETF TRUST

A Delaware Statutory Trust

INTRODUCTION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Agreement and Declaration of Trust</u>. These By-Laws shall be subject to the Amended and Restated Agreement and Declaration of Trust, as from time to time in effect (the "Declaration of Trust"), of First Eagle Funds, a Delaware statutory trust (the "Trust"). In the event of any inconsistency between the terms hereof and the terms of the Declaration of Trust, the terms of the Declaration of Trust shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Definitions</u>. Capitalized terms used herein and not herein defined are used as defined in the Declaration of Trust.

ARTICLE I<br>Offices

Section 1. <u>Principal Office</u>. The Trustees shall fix and, from time to time, may change the location of the principal executive office of the Trust at any place within or outside the State of Delaware.

Section 2. <u>Delaware Office</u>. The Trustees shall establish a registered office in the State of Delaware and shall appoint as the Trust's registered agent for service of process in the State of Delaware an individual resident of the State of Delaware or a Delaware corporation or a corporation authorized to transact business in the State of Delaware; in each case the business office of such registered agent for service of process shall be identical with the registered Delaware office of the Trust.

Section 3. <u>Other Offices</u>. The Trustees may at any time establish branch or subordinate offices at any place or places where the Trust intends to do business.

ARTICLE II<br>Meetings of Shareholders

Section 1. <u>Place of Meetings</u>. Meetings of Shareholders shall be held at any place designated by the Trustees, or as determined by the Trustees in their sole discretion, held by conference telephone or similar communication equipment, so long as all Shareholders participating in the meeting can hear one another, and all such Shareholders shall be deemed to be present in person at such meeting. In the absence of any such designation, Shareholders' meetings shall be held at the principal executive office of the Trust.

Section 2. <u>Call of Meetings</u>. Meetings of the Shareholders may be called at any time by the Trustees or by the President for the purpose of taking action upon any matter requiring the

vote or authority of the Shareholders as herein provided or provided in the Declaration of Trust or upon any other matter as to which such vote or authority is deemed by the Trustees or the President to be necessary or desirable. To the extent required by the 1940 Act, meetings of the Shareholders for the purpose of voting on the removal of any Trustee shall be called promptly by the Trustees upon the written request of Shareholders holding at least ten percent (10%) of the outstanding Shares entitled to vote.

Section 3. <u>Notice of Meetings of Shareholders</u>. All notices of meetings of Shareholders shall be sent or otherwise given in accordance with Section 4 of this Article II not less than ten (10) nor more than ninety (90) days before the date of the meeting. The notice shall specify (i) the place, date and hour of the meeting, and (ii) the general nature of the business to be transacted. The notice of any meeting at which Trustees are to be elected also shall include the name of any nominee or nominees whom at the time of the notice are intended to be presented for election.

If action is proposed to be taken at any meeting for approval of (i) a contract or transaction in which a Trustee has a direct or indirect financial interest, (ii) an amendment of the Agreement and Declaration of Trust of the Trust, (iii) a reorganization of the Trust, or (iv) a voluntary dissolution of the Trust, the notice shall also state the general nature of that proposal.

Section 4. <u>Manner of Giving Notice; Affidavit of Notice</u>. Notice of any meeting of Shareholders shall be given either personally or by first-class mail or telegraphic or other written communication, charges prepaid, addressed to the Shareholder at the address appearing on the books of the Trust or its transfer agent or given by the Shareholder to the Trust for the purpose of notice. If no such address appears on the Trust's books or is given, notice shall be deemed to have been given if sent to the Shareholder by first-class mail or telegraphic or other written communication to the Trust's principal executive office, or if published at least once in a newspaper of general circulation in the county where that office is located. Notice shall be deemed to have been given at the time when delivered personally or deposited in the mail or sent by telegram or other means of written communication or, where notice is given by publication, on the date of publication.

If any notice addressed to a Shareholder at the address appearing on the books of the Trust is returned to the Trust by the United States Postal Service marked to indicate that the Postal Service is unable to deliver the notice to the Shareholder at that address, all future notices or reports shall be deemed to have been duly given without further mailing if available to the Shareholder on written demand of the Shareholder to the Trust.

An affidavit of the mailing or other means of giving any notice of any meeting of Shareholders shall be filed and maintained in the minute book of the Trust.

Section 5. <u>Adjourned Meeting; Notice</u>. Any meeting of Shareholders, whether or not a quorum is present, may be adjourned from time to time by the vote of the majority of the Shares represented at that meeting, either in person or by proxy.

When any meeting of Shareholders is adjourned to another time or place, notice need not be given of the adjourned meeting at which the adjournment is taken, unless a new record date of

the adjourned meeting is fixed or unless the adjournment is for more than sixty (60) days from the date set for the original meeting in which case the Trustees shall set a new record date. If notice of any such adjourned meeting is required, notice shall be given to each Shareholder of record entitled to vote at the adjourned meeting in accordance with the provisions of Sections 3 and 4 of this Article II. At any adjourned meeting, the Trust may transact any business which might have been transacted at the original meeting.

Section 6. <u>Voting</u>. The Shareholders entitled to vote at any meeting of Shareholders shall be determined in accordance with the provisions of the Declaration of Trust of the Trust, as in effect at such time. The Shareholders' vote may be by voice vote or by ballot, provided, however, that any election for Trustees must be by ballot if demanded by any Shareholder before the voting has begun. On any matter other than elections of Trustees, any Shareholder may vote part of the Shares in favor of the proposal and refrain from voting the remaining Shares or vote them against the proposal, but if the Shareholder fails to specify the number of Shares which the Shareholder is voting affirmatively, it will be conclusively presumed that the Shareholder's approving vote is with respect to the total Shares that the Shareholder is entitled to vote on such proposal.

Section 7. <u>Waiver of Notice by Consent of Absent Shareholders</u>. The actions taken at a meeting of Shareholders, however called and noticed and wherever held, shall be as valid as though taken at a meeting duly held after regular call and notice if a quorum is present, either in person or by proxy, and if either before or after the meeting, a majority of the persons entitled to vote were present in person or by proxy or signed a written waiver of notice or a consent to a holding of the meeting or an approval of the minutes. The waiver of notice or consent need not specify either the business to be transacted or the purpose of any meeting of Shareholders.

Attendance by a person at a meeting shall also constitute a waiver of notice of that meeting, except when the person objects at the beginning of the meeting to the transaction of any business because the meeting is not lawfully called or convened and except that attendance at a meeting is not a waiver of any right to object to the consideration of matters not included in the notice of the meeting if that objection is expressly made at the beginning of the meeting.

Section 8. <u>Shareholder Action by Written Consent Without a Meeting</u>. Except as provided in the Declaration of Trust or the 1940 Act, any action that may be taken at any meeting of Shareholders may be taken without a meeting and without prior notice if a consent in writing setting forth the action so taken is signed by Shareholders having not less than the minimum number of votes that would be necessary to authorize or take that action at a meeting at which all Shareholders entitled to vote on that action were present and voted. All such consents shall be filed with the Secretary of the Trust and shall be maintained in the Trust's records. Any Shareholder giving a written consent or a transferee of the Shares or a personal representative of the Shareholder or their respective proxy holders may revoke the consent by a writing received by the Secretary of the Trust before written consents of the number of votes required to authorize the proposed action have been filed with the Secretary.

If the consents of all Shareholders entitled to vote have not been solicited in writing and if the unanimous written consent of all such Shareholders shall not have been received, the Secretary

shall give prompt notice of the action approved by the Shareholders without a meeting. This notice shall be given in the manner specified in Section 4 of this Article II.

Section 9. <u>Record Date for Shareholder Notice, Voting and Giving Consents</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For purposes of determining the Shareholders entitled to vote or act at any meeting or adjournment thereof, the Trustees may fix in advance a record date which shall not be more than ninety (90) days nor less than ten (10) days before the date of any such meeting. Without fixing a record date for a meeting, the Trustees may for voting and notice purposes close the register or transfer books for one or more Series (or Classes) for all or any part of the period between the earliest date on which a record date for such meeting could be set in accordance herewith and the date of such meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Trustees do not so fix a record date or close the register or transfer books of the affected Series (or Classes), the record date for determining Shareholders entitled to notice of or to vote at a meeting of Shareholders shall be at the close of business on the business day next preceding the day on which notice is given or if notice is waived, at the close of business on the business day next preceding the day on which the meeting is held.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The record date for determining Shareholders entitled to give consent to action in writing without a meeting, (i) when no prior action of the Trustees has been taken, shall be the day on which the first written consent is given, or (ii) when prior action of the Trustees has been taken, shall be such date as determined for that purpose by the Trustees, or if no record date is fixed by the Trustees, the record date shall be the close of business on the day on which the Trustees adopt the resolution. Nothing in this Section 9 of Article II shall be construed as precluding the Trustees from setting different record dates for different Series (or Classes).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Only Shareholders of record on the record date as herein determined shall have any right to vote or to act at any meeting or give consent to any action relating to such record date, notwithstanding any transfer of Shares on the books of the Trust after such record date.

Section 10. <u>Proxies</u>. Subject to the provisions of the Declaration of Trust, every Person entitled to vote for Trustees or on any other matter shall have the right to do so either in person or by proxy, provided that either (i) an instrument authorizing such a proxy to act is executed by the Shareholder in writing and dated not more than eleven (11) months before the meeting, unless the instrument specifically provides for a longer period or (ii) an electronic, telephonic, computerized or other alternative to execution of a written instrument authorizing the proxy to act which authorization is received not more than eleven (11) months before the meeting. A proxy shall be deemed executed by a Shareholder if the Shareholder's name is placed on the proxy (whether by manual signature, typewriting, telegraphic transmission or otherwise) by the Shareholder or the Shareholder's attorney-in-fact or other authorized agent. A valid proxy which does not state that it is irrevocable shall continue in full force and effect unless revoked before the vote pursuant to that proxy by a written notice of revocation of the proxy by the person who executed it delivered to the Trust; by a subsequent proxy executed by, or attendance at the meeting and voting in person

by, the person executing that proxy; by such person using any electronic, telephonic, computerized or other alternative means authorized by the Trustees for authorizing the proxy to act; or by a written notice to the Trust of the death or incapacity of the maker of that proxy. A proxy with respect to Shares held in the name of two or more Persons shall be valid if executed by any one of them unless at or prior to exercise of the proxy the Trust receives a specific written notice to the contrary from any of them. A proxy purporting to be executed by or on behalf of a Shareholder shall be deemed valid unless challenged at or prior to its exercise and the burden of proving invalidity shall rest on the challenger.

Section 11. <u>Inspectors of Election</u>. Before any meeting of Shareholders, the Trustees may appoint any person(s) other than nominees for office to act as inspector(s) of election at the meeting or its adjournment. If no inspector(s) of election are so appointed, the Chair of the meeting may appoint inspector(s) of election at the meeting. If any person appointed as an inspector fails to appear or fails or refuses to act, the Chair of the meeting may appoint a person to fill the vacancy.

The inspector(s) shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Determine the number of Shares outstanding and the voting power of each, the Shares represented at the meeting, the existence of a quorum and the authenticity, validity and effect of proxies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Receive votes, ballots or consents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Hear and determine all challenges and questions in any way arising in connection with the right to vote;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Count and tabulate all votes or consents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Determine when the polls shall close;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Determine the result; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Do any other acts that may be proper to conduct the election or vote with fairness to all Shareholders.

ARTICLE III<br>Trustees

Section 1. <u>Powers</u>. Subject to the applicable provisions of the 1940 Act, the Declaration of Trust and these By-Laws relating to action required to be approved by the Shareholders, the business and affairs of the Trust shall be managed and all powers shall be exercised by or under the direction of the Trustees.

Section 2. <u>Number of Trustees</u>. The exact number of Trustees within any limits specified in the Declaration of Trust shall be fixed from time to time by a resolution of the Trustees.

Section 3. <u>Vacancies</u>. Vacancies in the authorized number of Trustees may be filled as provided in the Declaration of Trust.

Section 4. <u>Place of Meetings and Meetings by Telephone</u>. All meetings of the Trustees may be held at any place that has been designated in the notice for such meeting or as designated by the Trustees. In the absence of such a designation, regular meetings shall be held at the principal executive office of the Trust. Except as provided under the 1940 Act, any regular or special meeting may be held by conference telephone or similar communication equipment, so long as all Trustees participating in the meeting can hear one another, and all such Trustees shall be deemed to be present in person at such meeting.

Section 5. <u>Regular Meetings</u>. Regular meetings of the Trustees shall be held without call at such time as shall from time to time be fixed by the Trustees. Such regular meetings may be held without notice.

Section 6. <u>Special Meetings</u>. Special meetings of the Trustees for any purpose or purposes may be called at any time by the President or any Vice President or the Secretary or any two (2) Trustees.

Notice of the time and place of special meetings shall be delivered personally or by telephone to each Trustee or sent by first-class mail, by telegram or telecopy (or similar electronic means) or by nationally recognized overnight courier, charges prepaid, addressed to each Trustee at that Trustee's address as it is shown on the records of the Trust. In case the notice is mailed, it shall be deposited in the United States mail at least seven (7) calendar days before the time of the holding of the meeting. In case the notice is delivered personally or by telephone or by telegram, telecopy (or similar electronic means) or overnight courier, it shall be given at least twenty-four (24) hours before the time of the holding of the meeting. Any oral notice given personally or by telephone may be communicated either to the Trustee or to a person at the office of the Trustee who the person giving the notice has reason to believe will promptly communicate it to the Trustee. The notice need not specify the purpose of the meeting or the place if the meeting is to be held at the principal executive office of the Trust.

Section 7. <u>Quorum</u>. A third of the authorized number of Trustees shall constitute a quorum for the transaction of business, except to adjourn as provided in Section 9 of this Article III. Every act or decision done or made by a majority of the Trustees present at a meeting duly held at which a quorum is present shall be regarded as the act of the Trustees, subject to the provisions of the Declaration of Trust. A meeting at which a quorum is initially present may continue to transact business notwithstanding the withdrawal of Trustees if any action taken is approved by at least a majority of the required quorum for that meeting.

Section 8. <u>Waiver of Notice</u>. Notice of any meeting need not be given to any Trustee who either before or after the meeting signs a written waiver of notice, a consent to holding the meeting, or approves the minutes of the meeting. The waiver of notice or consent need not specify the purpose of the meeting. All such waivers, consents or approvals shall be filed with the records of the Trust or made a part of the minutes of the meeting. Notice of a meeting shall also be deemed given to any Trustee who attends the meeting without protesting before or at its commencement the lack of notice to that Trustee.

Section 9. <u>Adjournment</u>. A majority of the Trustees present, whether or not constituting a quorum, may adjourn any meeting to another time and place.

Section 10. <u>Notice of Adjournment</u>. Notice of the time and place of holding an adjourned meeting need not be given unless the meeting is adjourned for more than forty-eight <u>(48) hours, in which case notice of the time and place shall be given before the time of the adjourned meeting in the manner specified in Section 6 of this Article III</u>.

Section 11. <u>Action Without a Meeting</u>. Unless the 1940 Act requires that a particular action be taken only at a meeting at which the Trustees are present in person, any action to be taken by the Trustees at a meeting may be taken without such meeting by the written consent of a majority of the Trustees then in office. Any such written consent may be executed and given by telecopy or similar electronic means. Such written consents shall be filed with the minutes of the proceedings of the Trustees. If any action is so taken by the Trustees by the written consent of less than all of the Trustees, prompt notice of the taking of such action shall be furnished to each Trustee who did not execute such written consent, provided that the effectiveness of such action shall not be impaired by any delay or failure to furnish such notice.

Section 12. <u>Fees and Compensation of Trustees</u>. Trustees and members of committees may receive such compensation, if any, for their services and such reimbursement of expenses as may be fixed or determined by resolution of the Trustees. This Section 12 shall not be construed to preclude any Trustee from serving the Trust in any other capacity as an officer, agent, employee, or otherwise and receiving compensation for those services.

Section 13. <u>Delegation of Power to Other Trustees</u>. Any Trustee may, by power of attorney, delegate his or her power for a period not exceeding six (6) months at any one time to any other Trustee or Trustees; provided that in no case shall fewer than two (2) Trustees personally exercise the powers granted to the Trustees, except as otherwise expressly provided herein or by resolution of the Trustees. Except where applicable law may require a Trustee to be present in person, a Trustee represented by another Trustee pursuant to such power of attorney shall be deemed to be present for purposes of establishing a quorum and satisfying the required vote of Trustees.

ARTICLE IV<br>Committees

Section 1. <u>Committees of Trustees</u>. The Trustees may by resolution designate one or more committees, each consisting of two (2) or more Trustees, to serve at the pleasure of the Trustees. The Trustees may designate one or more Trustees as alternate members of any committee who may replace any absent member at any meeting of the committee. Any committee to the extent provided in the resolution of the Trustee, shall have the authority of the Trustees, except with respect to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the approval of any action which under applicable law requires approval by a majority of the entire authorized number of Trustees or certain Trustees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the filling of vacancies of Trustees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the fixing of compensation of the Trustees for services generally or as a member of any committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the amendment or termination of the Declaration of Trust or any Series or Class or amendment of the By-Laws or the adoption of new By-Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the amendment or repeal of any resolution of the Trustees which by its express terms is not so amendable or repealable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) a distribution to the Shareholders of the Trust, except at a rate or in a periodic amount or within a designated range determined by the Trustees; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the appointment of any other committees of the Trustees or the members of such new committees.

Section 2. <u>Meetings and Action of Committees</u>. Meetings and action of committees shall be governed by and held and taken in accordance with the provisions of Article III of these By-Laws, with such changes in the context thereof as are necessary to substitute the committee and its members for the Trustees generally, except that the time of regular meetings of committees may be determined either by resolution of the Trustees or by resolution of the committee. Special meetings of committees may also be called by resolution of the Trustees. Alternate members shall be given notice of meetings of committees and shall have the right to attend all meetings of committees. The Trustees may adopt rules for the governance of any committee not inconsistent with the provisions of these By-Laws.

ARTICLE V<br>Officers

Section 1. <u>Officers</u>. The officers of the Trust shall be a President, a Chief Financial Officer, a Chief Compliance Officer and a Secretary. The Trust may also have, at the discretion of the Trustees, a Chief Operations Officer, one or more Vice Presidents (including Senior, Executive and/or Assistant Vice Presidents), one or more Assistant Secretaries, a Treasurer, one or more Assistant Treasurers, and such other officers as may be appointed in accordance with the provisions of Section 3 of this Article V. Any number of offices may be held by the same person; additionally, any office other than that of the President may be held by more than one person (with the relevant authority and duties of the office divided between or among such persons in a manner consented to by the President). The Board of Trustees of the Trust may also have a Chairperson of the Board (Chair) to be an officer of the Board of Trustees. The Chair, if there be one, shall be a Trustee and may but need not be a Shareholder; and any other officer may but need not be a Trustee or Shareholder.

Section 2. <u>Election of Officers</u>. The officers of the Trust, except such officers as may be appointed in accordance with the provisions of Section 3 or Section 5 of this Article V, shall be chosen by the Trustees, and each shall serve at the pleasure of the Trustees, subject to the rights, if any, of an officer under any contract of employment.

Section 3. <u>Subordinate Officers</u>. The Trustees may appoint and may empower the President to appoint and remove such other officers as the business of the Trust may require (including a Chief Operations Officer), each of whom shall hold office for such period, have such authority and perform such duties as are provided in these By-Laws or as the Trustees may from time to time determine.

Section 4. <u>Removal and Resignation of Officers</u>. Subject to the rights, if any, of an officer under any contract of employment, any officer may be removed, either with or without cause, by the Trustees at any regular or special meeting of the Trustees or by the principal executive officer or by such other officer upon whom such power of removal may be conferred by the Trustees.

Any officer may resign at any time by giving written notice to the Trust. Any resignation shall take effect at the date of the receipt of that notice or at any later time specified in that notice; and unless otherwise specified in that notice, the acceptance of the resignation shall not be necessary to make it effective. Any resignation is without prejudice to the rights, if any, of the Trust under any contract to which the officer is a party.

Section 5. <u>Vacancies in Offices</u>. A vacancy in any office because of death, resignation, removal, disqualification or other cause shall be filled in the manner prescribed in these By-Laws for regular appointment to that office. The President (or the Chair in his or her absence) may make temporary appointments to a vacant office pending action by the Trustees.

Section 6. <u>Chair</u>. The Chair, if such person is elected, shall, if present, preside at meetings of the Trustees, shall function as the lead Trustee and shall exercise and perform such other powers and duties as may be from time to time assigned to him or her by the Trustees or prescribed by the Declaration of Trust or these By-Laws.

Section 7. <u>President</u>. Subject to such powers, if any, as may be given by the Trustees to the Chair, if there be such an officer, the President shall be the chief executive officer of the Trust and shall, subject to the ultimate control of the Trust by the Trustees and the Chair, have general direction and control of the business and the officers of the Trust. He or she shall preside at all meetings of the Shareholders (or, if not present, appoint a delegate to do so), and in the absence of the Chair or if there be none, at all meetings of the Trustees. He or she shall have the general powers and duties of management usually vested in the office of President of a corporation and shall have such other powers and duties as may be prescribed by the Trustees (collectively or by the Chair), the Declaration of Trust or these By-Laws. The Board may appoint Co-Presidents, each of which shall have the power of the President.

Section 8. <u>[Reserved]</u>

Section 9. <u>Chief Compliance Officer</u>. Subject to the ultimate control of the Trust by the Trustees, the Chief Compliance Officer of the Trust shall be responsible for the design, oversight and periodic review of the Trust's procedures for compliance with applicable Federal securities laws. The designation, compensation and removal of the Chief Compliance Officer shall be subject to approval by the Trustees as contemplated by Rule 38a-1 under the Investment Company Act of 1940. The Chief Compliance Officer shall have other powers and perform such

other duties as may be prescribed by the Trustees (collectively or by the Chair), the President or by these By-Laws.

Section 10. <u>Chief Financial Officer</u>. Subject to the ultimate control of the Trust by the Trustees, the Chief Financial Officer shall be the chief financial and accounting officer of the Trust, shall oversee all aspects of the Trust's financial controls and accounting function and also shall keep and maintain, or cause to be kept and maintained, adequate and correct books and records of accounts of the properties and business transactions of the Trust and each Series and Class thereof, including accounts of the assets, liabilities, receipts, disbursements, gains, losses, capital and retained earnings of all Series and Classes thereof. The books of account shall at all reasonable times be open to inspection by any Trustee. The Chief Financial Officer also shall have responsibility to assure the proper implementation of financial controls and full compliance with all financial control and reporting requirements of the Sarbanes-Oxley Act of 2002 and shall be responsible for planning and directing ledger accounts, financial statements and accounting and cost control systems and shall deposit all monies and other valuables in the name and to the credit of the Trust with such depositaries as may be designated by the Board of Trustees. He or she shall disburse the funds of the Trust as may be ordered by the Trustees, shall render to the President and/or the Trustees, whenever each may request it, an account of the Trust's financial condition or of its ledger and deposits. He or she shall have the general powers and duties of management usually vested in the office of the chief financial officer of a corporation (and as such shall fulfill the function of "principal financial officer" under the Sarbanes-Oxley Act of 2002) and shall have other powers and perform such other duties as may be prescribed by the Trustees (collectively or by the Chair), the President (or his or her designee) or by these By-Laws.

Section 11. <u>Vice Presidents</u>. The Vice Presidents (which may include Senior, Executive and/or Assistant Vice Presidents) shall have such powers and perform such duties as from time to time may be prescribed for them respectively by the Trustees (collectively or by the Chair), the President or by these By-Laws. In the absence or disability of the President, the Chair or the Trustees shall designate one or more of the Vice Presidents to perform all the duties of each such officer and when so acting shall have all powers of and be subject to all the restrictions upon such officer.

Section 12. <u>Secretary</u>. The Secretary shall keep or cause to be kept at the principal executive office of the Trust or such other place as the Trustees may direct a book of minutes of all meetings and actions of Trustees, committees of Trustees and Shareholders with the time and place of holding, whether regular or special, and if special, how authorized, the notice given, the names of those present at Trustees' meetings or committee meetings, the number of Shares present or represented at meetings of Shareholders and the proceedings.

The Secretary shall keep or cause to be kept at the principal executive office of the Trust or at the office of the Trust's transfer agent or registrar, a Share register or a duplicate Share register showing the names of all Shareholders and their addresses, the number and classes of Shares held by each Shareholder.

The Secretary shall give or cause to be given notice of all meeting of the Shareholders required to be given by these By-Laws or by applicable law and shall have such other powers and

perform such other duties as may be prescribed by the Trustees (collectively or by the Chair), the President (or his or her designee) or by these By–Laws.

Section 13. <u>Section 13</u>. Treasurer. The Treasurer (if such person shall be elected) shall support the Chief Financial Officer in any aspect of the Chief Financial Officer's duties relating to the Trust's financial controls and accounting function as the Chief Financial Officer, in consultation with the President, deems desirable or appropriate. When authorized by the Chief Financial Officer, whether pursuant to special or standing instructions, the Treasurer shall disburse the funds of the Trust and maintain appropriate accounts thereof in the Trust's ledger. The Treasurer also shall have other powers and perform such other duties as may be prescribed by the Trustees (collectively or by the Chair), the President, the Chief Financial Officer or by these By-Laws. If there should not be a Chief Financial Officer, the President may designate the Treasurer to fulfill the function of "principal financial officer" under the Sarbanes-Oxley Act of 2002.

ARTICLE VI<br>Indemnification of Trustees, Officers,

Employees and Other Agents

Section 1. <u>Agents, Proceedings, Expenses</u>. For the purpose of this Article, "agent" means any person who is or was a Trustee, officer, employee or other agent of the Trust or is or was serving at the request of the Trust as a trustee, director, officer, employee or agent of another organization in which the Trust has any interest as a Shareholder, creditor or otherwise: "proceeding" means any threatened, pending or completed claim, action, suit or proceeding, whether civil, criminal, administrative or investigative (including appeals); and "expenses" includes, without limitation, attorneys' fees, costs, judgments, amounts paid in settlement, fines, penalties and all other liabilities whatsoever.

Section 2. <u>Indemnification</u>. Subject to the exceptions and limitations contained in Section 3 below, every agent shall be indemnified by the Trust to the fullest extent permitted by law against all liabilities and against all expenses reasonably incurred or paid by him or her in connection with any proceeding in which he or she becomes involved as a party or otherwise by virtue of his or her being or having been an agent.

Section 3. <u>Limitations, Settlements</u>. No indemnification shall be provided hereunder to an agent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) who shall have been adjudicated by the court or other body before which the proceeding was brought to be liable to the Trust or its Shareholders by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office (collectively, "disabling conduct"); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with respect to any proceeding disposed of (whether by settlement, pursuant to a consent decree or otherwise) without an adjudication by the court or other body before which the proceeding was brought that such agent was liable to the Trust or its Shareholders by reason of disabling conduct, unless there has been a determination that such agent did not engage in disabling conduct:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) by the court or other body before which the proceeding was brought;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) by at least a majority of those Trustees who are neither Interested Persons (within the meaning of the 1940 Act) of the Trust nor are parties to the proceeding based upon a review of readily available facts (as opposed to a full trial- type inquiry); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) by written opinion of independent legal counsel based upon a review of readily available facts (as opposed to a full trial-type inquiry); provided, however, that indemnification shall be provided hereunder to an agent with respect to any proceeding in the event of (1) a final decision on the merits by the court or other body before which the proceeding was brought that the agent was not liable by reason of disabling conduct, or (2) the dismissal of the proceeding by the court or other body before which it was brought for insufficiency of evidence of any disabling conduct with which such agent has been charged.

Section 4. <u>Insurance, Rights Not Exclusive</u>. The rights of indemnification herein provided may be insured against by policies maintained by the Trust on behalf of any agent, shall be severable, shall not be exclusive of or affect any other rights to which any agent may now or hereafter be entitled and shall inure to the benefit of the heirs, executors and administrators of any agent.

Section 5. <u>Advance of Expenses</u>. Expenses incurred by an agent in connection with the preparation and presentation of a defense to any proceeding may be paid by the Trust from time to time prior to final disposition thereof upon receipt of an undertaking by or on behalf of such agent that such amount will be paid over by him or her to the Trust if it is ultimately determined that he or she is not entitled to indemnification under this Article VI; provided, however, that (a) such agent shall have provided appropriate security for such undertaking, (b) the Trust is insured against losses arising out of any such advance payments or (c) either a majority of the Trustees who are neither Interested Persons of the Trust nor parties to the proceeding, or independent legal counsel in a written opinion, shall have determined, based upon a review of readily available facts (as opposed to a trial-type inquiry or full investigation), that there is reason to believe that such agent will be found entitled to indemnification under this Article VI.

Section 6. <u>Fiduciaries of Employee Benefit Plan</u>. This Article does not apply to any proceeding against any Trustee, investment manager or other fiduciary of an employee benefit plan in that person's capacity as such, even though that person may also be an agent of this Trust as defined in Section 1 of this Article. Nothing contained in this Article shall limit any right to indemnification to which such a Trustee, investment manager, or other fiduciary may be entitled by contract or otherwise which shall be enforceable to the extent permitted by applicable law other than this Article.

ARTICLE VII<br>Records and Reports

Section 1. <u>Maintenance and Inspection of Share Registrar</u>. The Trust shall maintain at its principal executive office or at the office of its transfer agent or registrar, if either be appointed and as determined by resolution of the Trustees, a record of its Shareholders, giving the names and addresses of all Shareholders and the number and Series (and, as applicable, Class) of Shares held by each Shareholder, and the number and date of certificates issued for the same and the number and date of cancellation of every certificate surrendered for cancellation. Subject to such reasonable standards (including standards governing what information and documents are to be furnished and at whose expense) as may be established by the Trustees from time to time, the record of the Trust's Shareholders shall be open to inspection upon the written request of any Shareholder at any reasonable time during usual business hours for a purpose reasonably related to the holder's interests as a Shareholder.

Section 2. <u>Maintenance and Inspection of By-Laws</u>. The Trust shall keep at its principal executive office the original or a copy of these By-Laws as amended to date, which shall be open to inspection by the Shareholders at all reasonable times during office hours.

Section 3. <u>Maintenance and Inspection of Other Records</u>. The accounting books and records and minutes of proceedings of the Shareholders and the Trustees and any committee or committees of the Trustees shall be kept at such place or places designated by the Trustees or in the absence of such designation, at the principal executive office of the Trust. The minutes shall be kept in written form and the accounting books and records shall be kept either in written form or in any other form capable of being converted into written form. Minute books shall be open to inspection upon the written request of any Shareholder at reasonable times during usual business hours for a purpose reasonably related to the Shareholder's interests as a Shareholder. Any such inspection may be made in person or by an agent and shall include the right to copy. Notwithstanding the foregoing, the Trustees shall have the right to keep confidential from Shareholders for such period of time as the Trustees deem reasonable, any information which the Trustees reasonably believe to be in the nature of trade secrets or other information the disclosure of which the Trustees in good faith believe is not in the best interests of the Trust or could damage the Trust or its business or which the Trust is required by law or by agreement with a third party to keep confidential.

Section 4. <u>Inspection by Trustees</u>. Every Trustee shall have the absolute right at any reasonable time to inspect all books, records, and documents of every kind and the physical properties of the Trust. This inspection by a Trustee may be made in person or by an agent or attorney and the right of inspection includes the right to copy and make extracts of documents.

Section 5. <u>Financial Statements</u>. A copy of any financial statements and any income statement of the Trust for each semi-annual period of each fiscal year and accompanying balance sheet of the Trust as of the end of each such period that has been prepared by the Trust shall be kept on file in the principal executive office of the Trust for at least twelve (12) months and each such statement shall be exhibited at all reasonable times to any Shareholder demanding an examination of any such statement or a copy shall be mailed to any such Shareholder.

The semi-annual income statements and balance sheets referred to in this section shall be accompanied by the report, if any, of any independent accountants engaged by the Trust or the certificate of an authorized officer of the Trust that the financial statements were prepared without audit from the books and records of the Trust.

ARTICLE VIII<br>General Matters

Section 1. <u>Checks, Drafts, Evidence of Indebtedness</u>. All checks, drafts, or other orders for payment of money, notes or other evidences of indebtedness issued in the name of or payable to the Trust shall be signed or endorsed in such manner and by such person or persons as shall be designated from time to time in accordance with the resolution of the Board of Trustees.

Section 2. <u>Contracts and Instruments; How Executed</u>. The Trustees, except as otherwise provided in these By-Laws, may authorize any officer or officers, agent or agents, to enter into any contract or execute any instrument in the name of and on behalf of the Trust and this authority may be general or confined to specific instances; and unless so authorized or ratified by the Trustees or within the agency power of an officer, no officer, agent, or employee shall have any power or authority to bind the Trust by any contract or engagement or to pledge its credit or to render it liable for any purpose or for any amount.

Section 3. <u>Certificates for Shares</u>. The Trustees may at any time authorize the issuance of Share certificates for any one or more Series or Classes. In that event, each Shareholder of an affected Series or Class shall be entitled upon request to receive a certificate evidencing such Shareholder's ownership of Shares of the relevant Series or Class (in such form as shall be prescribed from time to time by the Trustees). All certificates shall be signed in the name of the Trust by the President or Vice President and by the Treasurer or an Assistant Treasurer or the Secretary or any Assistant Secretary, certifying the number of Shares and the Series of Shares owned by the Shareholders. Any or all of the signatures on the certificate may be facsimile. In case any officer, transfer agent, or registrar who has signed or whose facsimile signature has been placed on a certificate shall have ceased to be that officer, transfer agent, or registrar before that certificate is issued, it may be issued by the Trust with the same effect as if that person were an officer, transfer agent or registrar at the date of issue. Notwithstanding the foregoing, the Trust may adopt and use a system of issuance, recordation and transfer of its Shares by electronic or other means.

Section 4. <u>Lost Certificates</u>. Except as provided in this Section 4, no new certificates for Shares shall be issued to replace an old certificate unless the latter is surrendered to the Trust and canceled at the same time. The Trustees may, in the event any Share certificate or certificate for any other security is lost, stolen, or destroyed, authorize the issuance of a replacement certificate on such terms and conditions as the Trustees may require, including a provision for indemnification of the Trust secured by a bond or other adequate security sufficient to protect the Trust against any claim that may be made against it, including any expense or liability on account of the alleged loss, theft, or destruction of the certificate or the issuance of the replacement certificate.

Section 5. <u>Representation of Shares of Other Entities held by Trust</u>. The President or any Vice President or any other person authorized by the Trustees or by any of the foregoing designated officers, is authorized to vote or represent on behalf of the Trust any and all Shares of any corporation, partnership, trusts, or other entities, foreign or domestic, standing in the name of the Trust. The authority granted may be exercised in person or by a proxy duly executed by such designated person.

Section 6. <u>Fiscal Year</u>. The fiscal year of the Trust shall be fixed and refixed or changed from time to time by the Trustees. The fiscal year of the Trust shall be the taxable year of each Series and Class of the Trust.

Section 7. <u>Seal</u>. The seal of the Trust, if utilized, shall consist of the words "First Eagle ETF Trust" in a circle. However, the seal shall not be necessary to be placed on, and its absence shall not impair the validity of, any document, instrument or other paper executed and delivered by or on behalf of the Trust.

ARTICLE IX<br>Amendments

Section 1. <u>Amendment</u>. Except as otherwise provided by applicable law or by the Declaration of Trust, these By-Laws may be restated, amended, supplemented or repealed by the Trustees without Shareholder vote or approval, provided that no restatement, amendment, supplement or repeal hereof shall limit the rights to indemnification or insurance provided in Article VI hereof with respect to any acts or omissions of agents (as defined in Article VI) of the Trust prior to such amendment.

Section 2. <u>Incorporation by Reference into Declaration of Trust by the Trust</u>. These By-Laws and any amendments thereto shall be deemed incorporated by reference in the Declaration of Trust.

## Ex-99.(D)(1)

**Exhibit (d)(1)**

**FIRST EAGLE ETF TRUST**

1345 Avenue of the Americas<br> New York, New York 10105

**INVESTMENT ADVISORY AGREEMENT**

This Investment Advisory Agreement, is entered into as of December 11, 2025 by and between FIRST EAGLE ETF TRUST, a Delaware statutory trust (the "Trust") with respect to the Trust's funds listed on Exhibit A hereto (each a series of the Trust and referred to herein as the "Fund" or collectively as the "Funds") and FIRST EAGLE INVESTMENT MANAGEMENT, LLC, a registered investment adviser organized under the laws of the State of Delaware (the "Adviser").

**WITNESSETH:**

WHEREAS, the Trust is registered under the Investment Company Act of 1940, as amended (the "1940 Act");

WHEREAS, the Funds are separate portfolio and series of shares of the Trust with assets and liabilities thereof limited to such portfolio under the terms set out in Article III of the Trust's Amended and Restated Agreement and Declaration of Trust (the "Declaration of Trust");

NOW, THEREFORE, the parties agree as follows:

1. The Trust hereby appoints the Adviser to act as investment adviser to the Funds, for the period and on the terms set forth in this Agreement. The Adviser accepts such appointment and agrees to render the services herein described, for the compensation herein provided.

2. Subject to the supervision of the Board of Trustees of the Trust (the "Board of Trustees"), the Adviser shall manage the investment operations of the Funds and the composition of the Funds' portfolios, including the purchase, retention and disposition thereof, in accordance with the Funds' investment objectives, policies and restrictions as stated in the Prospectuses and Statement of Additional Information of the Funds and subject to the following understandings:

(a) The Adviser shall provide supervision of the Funds' investments and determine from time to time what investments, securities or commodity futures contracts and options thereon ("futures") will be purchased, retained, sold or loaned by the Funds, and what portion of the assets will be invested or held uninvested.

(b) The Adviser shall use its best judgment in the performance of its duties under this Agreement.

(c) The Adviser, in the performance of its duties and obligations under this Agreement, shall act in conformity with the Declaration of Trust, the Prospectuses and Statement of Additional Information of the Funds and with the instructions and directions of the Board of Trustees and will conform to and comply with the requirements of the 1940 Act and all other applicable federal and state laws and regulations.

(d) The Adviser shall determine the investments, securities and futures to be purchased or sold by the Funds and will place orders pursuant to its determinations with or through such persons, brokers, dealers or futures commission merchants (which may include affiliates of the Adviser) in conformity with the policy with respect to brokerage as set forth in the Funds' Prospectuses and Statement of Additional Information or as the Board of Trustees may direct from time to time. In providing the Funds with investment management, it is recognized that the Adviser will give primary consideration to securing most favorable prices and efficient executions. Consistent with this policy, the Adviser may consider the financial responsibility, research and investment information and other services provided by brokers, dealers or futures commission merchants who may effect or be a party to any such transaction or other transactions to which other clients of the Adviser may be a party. It is understood that neither the Funds nor the Adviser has adopted a formula for allocation of the Funds' investment business. It is also understood that it is desirable for the Funds that the Adviser have access to supplemental investment and market research and security and economic analysis provided by brokers or futures commission merchants who may execute brokerage transactions at a higher cost to the Funds

than may result when allocating brokerage to other brokers or futures commission merchants on the basis of seeking the most favorable prices and efficient executions. Therefore, the Adviser is authorized to place orders for the purchase and sale of securities or futures for the Funds with such brokers or futures commission merchants, subject to review by the Board of Trustees, from time to time, with respect to the extent and continuation of this practice. It is understood that the services provided by such brokers or futures commission merchants may be useful to the Adviser in connection with its services to other clients.

On occasions when the Adviser deems the purchase or sale of a security or a futures contract to be in the best interest of the Funds as well as other clients, the Adviser, to the extent permitted by applicable laws and regulations, may, but shall be under no obligation to, aggregate the securities or futures contract to be so sold or purchased in order to obtain the most favorable price or lower brokerage commissions and efficient execution. In such event, allocation of the securities or futures contract so purchased or sold, as well as the expenses incurred in the transaction, will be made by the Adviser in the manner it considers to be the most equitable and consistent with its fiduciary obligations to the Funds and to such other clients.

(e) The Adviser shall maintain all books and records with respect to the Funds' portfolio transactions that the Funds are required to keep under Rule 31a-1 under the 1940 Act.

(f) The Adviser shall provide the Funds on each business day with information relating to all transactions concerning the Funds' assets.

(g) The investment management services provided by the Adviser hereunder are not to be deemed exclusive, and the Adviser shall be free to render similar services to others.

(h) Nothing herein shall prohibit the Board of Trustees from approving the payment by the Trust of additional compensation to others for consulting services, supplemental research and security and economic analysis.

(i) The Adviser may delegate certain of its responsibilities hereunder with respect to provision of the investment advisory services set forth in paragraph 2 above to one or more other parties (each such party, a "Sub-Adviser"), pursuant in each case to a written agreement with such Sub-Adviser that meets the applicable requirements of Section 15 of the 1940 Act and rules thereunder (including without limitation the requirements for approval by the Board of Trustees and the shareholders of each Fund), subject, however, to such exemptions as may be granted by the U.S. Securities and Exchange Commission (the "Commission") upon application or by rule. Such Sub-Adviser may (but need not) be affiliated with the Adviser.

Any delegation of services pursuant to this paragraph 2(i) shall be subject to the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any fees or compensation payable to any Sub-Adviser shall be paid by the Adviser, and no additional
 obligation may be incurred on the Trust's behalf to any Sub-Adviser; except that any Trust expenses that may be incurred by
 the Adviser and paid by the Trust to the Adviser directly may be incurred by the Sub-Adviser and paid by the Trust to the
 Sub-Adviser directly, so long as such payment arrangements are approved by the Trust and the Adviser.

(ii) If the Adviser delegates its responsibilities to more than one Sub-Adviser, the Adviser shall be responsible for assigning
 to each Sub-Adviser that portion of its duties with respect to each Fund for which the Sub-Adviser is to act as Sub-Adviser,
 subject to the approval of the Board of Trustees.

(iii) To the extent that any obligations of the Adviser or any Sub-Adviser require any service provider of the Trust or any
 Fund to furnish information or services, such information or services shall be furnished by the Trust's or the Fund's
 service providers directly to both the Adviser and any Sub-Adviser.

3. The Funds have delivered (or will deliver the same as soon as available) to the Adviser copies of each of the following documents and will deliver to it all future amendments and supplements, if any:

(a) Certified resolutions of the Board of Trustees authorizing the appointment of the Adviser and approving the form of this Agreement;

(b) The Registration Statement under the 1940 Act, as amended, on Form N-1A (the "Registration Statement"), as filed with the Commission relating to the Funds and all amendments thereto;

(c) The Funds' Notification of Registration of under the 1940 Act on Form N-8A as filed with the Commission and all amendments thereto; and

(d) Prospectuses and Statement of Additional Information of the Funds (such Prospectuses and Statement of Additional Information, as currently in effect and as amended or supplemented, from time to time, being herein called the "Prospectuses").

4. The Adviser shall authorize and permit any of its directors, officers and employees who may be elected as directors or officers of the Funds to serve in the capacities in which they are elected. Services to be furnished by the Adviser under this Agreement may be furnished through the medium of any of such directors, officers or employees.

5. The Adviser shall keep the Funds' books and records required to be maintained by it pursuant to paragraph 2 hereof. The Adviser agrees that all records which it maintains for the Funds are the property of the Funds and it will surrender promptly to the Funds any of such records upon a Fund's request. The Adviser further agrees to preserve for the periods prescribed by Rule 31a-2 of the Commission under the 1940 Act any such records as are required to be maintained by the Adviser pursuant to paragraph 2 hereof.

6. The Adviser shall have the authority to vote as agent for each Fund, either in person or by proxy, tender and take all actions incident to the ownership of all securities in which such Fund's assets may be invested from time to time, subject to such policies and procedures as the Board of Trustees may adopt from time to time.

7. (a) For the services provided pursuant to this Agreement by the Adviser, the Funds will pay monthly an investment management fee at the annual rate of the average daily net assets of the Fund set forth opposite such Fund's name on Exhibit A. Net assets of the Funds shall be computed on such days and at such time or times as described in the Funds' then-current Prospectuses and Statement of Additional Information. Upon any termination of this Agreement before the end of any month, the fee for such part of a month shall be prorated and shall be payable upon the date of termination of this Agreement.

(b) The Adviser will provide investment, advisory, research and statistical facilities and all clerical services relating to research, statistical and investment work. (In this regard, and notwithstanding anything in this Agreement to the contrary, it is understood that this Agreement does not obligate the Adviser to pay for the maintenance of the Trust's general ledger and securities cost ledger or for daily pricing of the Trust's securities.) The Adviser will not be required hereunder to pay any expenses of the Trust other than those above enumerated in this paragraph 7(b). In particular, but without limiting the generality of the foregoing, the Adviser will not be required to pay hereunder: brokers' commissions; legal or auditing expenses of the Trust or related to investments and assets of the Trust; taxes or governmental fees; any direct expenses of issue, sale, underwriting, distribution, redemption or repurchase of the Trust's securities; the expenses of registering or qualifying securities for sale; the cost of preparing and distributing reports and notices to stockholders; the fees or disbursements of dividend, disbursing, shareholder, transfer or other agent; or the fees or disbursements of custodians of the Trust's assets. For the avoidance of doubt, any service required by the Trust that is not a responsibility of the Adviser hereunder may be separately contracted with the Adviser and its affiliates, in which case the Adviser or such affiliate will be separately compensated.

8. The Adviser shall not be liable for any error of judgment or mistake of law or for any loss suffered by the Funds in connection with the matters to which this Agreement relates, except a loss resulting from a breach of fiduciary duty with respect to the receipt of compensation for services (in which case any award of damages shall be limited to the period and the amount set forth in Section 36(b)(3) of the 1940 Act) or a loss resulting from willful misfeasance, bad faith or gross negligence on its part in the performance of its duties or from reckless disregard by it of its obligations and duties under this Agreement.

9. This Agreement shall continue for an initial two-year term after the effective date hereof and from year to year thereafter, but only so long as such year to year continuance is specifically approved at least annually in conformity with the requirements of the 1940 Act; provided, however, that this Agreement may be terminated by the Funds at any time, without the payment of any penalty, by the Board of Trustees or by vote of a majority of the outstanding voting interests (as defined in the 1940 Act) of the Fund, or by the Adviser at any time, without the payment of any penalty, on not more than 60 days' nor less than 30 days' written notice to the other party. This Agreement shall terminate automatically in the event of its assignment (as defined in the 1940 Act) by the Adviser.

10. Nothing in this Agreement shall limit or restrict the right of any of the Adviser's directors, officers, or employees who may also be a director, officer or employee of the Funds to engage in any other business or to devote time and attention in part to the management or other aspects of any business, whether of a similar or a dissimilar nature, nor limit or restrict the Adviser's right to engage in any other business or to render services of any kind to any other corporation, firm, individual or association.

11. Except as otherwise provided herein or authorized by the Board of Trustees, from time to time, the Adviser shall for all purposes herein be deemed to be an independent contractor and shall have no authority to act for or represent the Funds in any way or otherwise be deemed an agent of the Funds.

12. During the term of this Agreement, the Funds agree to furnish the Adviser at its principal office all prospectuses, proxy statements, reports to Shareholders, sales literature, or other material prepared for distribution to Shareholders of the Funds or the public, which refer to the Adviser in any way, prior to use thereof and not to use such material if the Adviser reasonably objects in writing within five business days (or such other time as may be mutually agreed) after receipt thereof. In the event of termination of this Agreement, the Funds will continue to furnish to the Adviser copies of any of the above-mentioned materials which refer in any way to the Adviser. Sales literature may be furnished to the Adviser hereunder by first class or overnight mail, facsimile transmission equipment or hand delivery. The Funds shall furnish or otherwise make available to the Adviser such other information relating to the business affairs of the Funds as the Adviser at any time, or from time to time, reasonably requests in order to discharge its obligations hereunder.

13. This Agreement constitutes the entire Agreement between the parties with respect to the subject matter hereof. This Agreement may be amended by mutual consent, but the consent of the Funds must be approved in conformity with the requirements of the 1940 Act.

14. Any notice or other communication required to be given pursuant to this Agreement shall be deemed duly given if delivered or mailed by registered mail, postage prepaid, (1) to the Adviser at 1345 Avenue of the Americas, New York, NY 10105, Attention: General Counsel; or (2) to the Funds at 1345 Avenue of the Americas, New York, NY 10105, Attention: Secretary.

15. This Agreement shall be governed by and construed in accordance with the laws of the State of New York. Anything herein to the contrary notwithstanding, this Agreement shall not be construed to require, or to impose any duty upon, either of the parties to do anything in violation of any applicable laws or regulations.

16. The Funds may use the name "First Eagle" in connection with the name of the Funds or any variant thereof, only for so long as this Agreement or any extension, renewal or amendment hereof remain in effect, including any similar agreement with any organization which shall have succeeded to the Adviser's business as investment adviser. At such time as such Agreement shall no longer be in effect, the Funds will (to the extent that it lawfully can) cease to use such a name or any other name indicating that it is advised by, managed by or otherwise connected with the Adviser or any organization which shall have so succeeded to such businesses. In no event shall the Funds use the names "First Eagle Investment Management," or any variant thereof if the Adviser's functions are transferred or assigned to a company of which First Eagle Holdings, Inc. ("FE Holdings") does not have control. In the event that such Agreement shall no longer be in effect or the Adviser's functions are transferred or assigned to a company of which FE Holdings does not have control, the Funds shall use its best efforts to legally change its name by filing the required documentation with appropriate state and federal agencies.

17. If any occasion should arise in which the Adviser gives any advice to its clients concerning the shares of the Trust, the Adviser will act solely as investment counsel for such clients and not in any way on behalf of the Trust except to

the extent that the Adviser is acting as principal underwriter of the Shares of the Funds. In connection with purchases or sales of portfolio securities for the account of a Fund, neither the Adviser nor any of its Trustees, officers or employees will act as a principal.

[**Signature Page Follows**]

IN WITNESS WHEREOF, the parties hereto have caused this instrument to be executed by their officers designated below as of the day and year first above written.

FIRST EAGLE ETF TRUST

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| | |
|:---|:---|
| By: | ![](x4_114495x14x1.jpg) |

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Name: SHEELYN MICHAEL

<br> Title: Secretary

<br> FIRST EAGLE INVESTMENT MANAGEMENT, LLC

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| | |
|:---|:---|
| By: | ![](x4_114495x14x2.jpg) |

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<br> Name: MEHDI MAHMUD

<br> Title: President and CEO

**EXHIBIT A**<br> **to the**<br> **INVESTMENT ADVISORY AGREEMENT**<br> **between**<br> **FIRST EAGLE ETF TRUST**<br> **and**<br> **FIRST EAGLE INVESTMENT MANAGEMENT, LLC**

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| | | |
|:---|:---|:---|
|  | Name of Fund | Fee |
| &nbsp;&nbsp;1. | First Eagle US Equity ETF | 79% |
| &nbsp;&nbsp;2. | First Eagle Mid Cap Equity ETF | 75% |

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## Ex-99.(D)(2)

**Exhibit (d)(2)**

As Filed Version

**INVESTMENT SUB-ADVISORY AGREEMENT**

This AGREEMENT, dated as of [-], 2025 by and between First Eagle Investment Management, LLC, a Delaware limited liability company (the "Adviser") and Exchange Traded Concepts, LLC, an Oklahoma limited liability company (the "Sub-Adviser").

WHEREAS, the Adviser is registered as an investment adviser under the Investment Advisers Act of 1940, as amended ("Advisers Act");

WHEREAS, the Adviser has entered into an investment advisory agreement (the "Investment Advisory Agreement") with First Eagle ETF Trust (the "Trust"), a Delaware statutory trust that is an investment company registered under the Investment Company Act of 1940, as amended ("Investment Company Act");

WHEREAS, the Sub-Adviser is registered as an investment adviser under the Advisers Act;

WHEREAS, the Adviser desires to retain the Sub-Adviser to render investment advisory services to each series of the Trust specified in Appendix A hereto, (each a "Fund" and collectively, the "Funds"), in the manner and on the terms hereinafter set forth;

WHEREAS, the Adviser has the authority under the Investment Advisory Agreement with the Trust to delegate certain of its responsibilities with respect to provisions of its investment advisory services to one or more sub-advisers for each Fund; and

WHEREAS, the Sub-Adviser is willing to furnish such services to the Adviser and each Fund;

NOW, THEREFORE, in consideration of the promises and mutual covenants contained herein, and intending to be legally bound hereby, the Adviser and the Sub-Adviser agree as follows:

1. APPOINTMENT OF THE SUB-ADVISER

The Adviser hereby appoints the Sub-Adviser to act as an investment adviser for each Fund, subject to the supervision and oversight of the Adviser and the Board of Trustees of the Trust, and in accordance with the terms and conditions of this Agreement. The Sub-Adviser will be an independent contractor and will have no authority to act for or represent the Trust or the Adviser in any way or otherwise be deemed an agent of the Trust or the Adviser except as expressly authorized in this Agreement or another writing by the Adviser.

2. ACCEPTANCE OF APPOINTMENT

The Sub-Adviser accepts that appointment and agrees to render the services herein set forth, for the compensation herein provided.

The assets of each Fund will be maintained in the custody of a custodian (who shall be identified by the Adviser in writing). The Sub-Adviser will not have custody of any securities, cash or other assets of the Fund and will not be liable for any loss resulting from any act or omission of the custodian other than acts or omissions arising in reliance on instructions of the Sub-Adviser.

3. SERVICES TO BE RENDERED BY THE SUB-ADVISER TO THE ADVISER

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. As investment adviser to each Fund, the Sub-Adviser will receive on a daily basis from the Adviser a model with respect to each Fund. Using such models, the Subadviser shall, consistent with the instructions and directions of the Adviser pursuant to mutually agreed upon notification protocols, coordinate the investment and reinvestment of the assets of each Fund, subject always to the supervision and control of the Adviser and the Board of Trustees of the Trust.

As Filed Version

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. As part of the services it will provide hereunder, the Sub-Adviser will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) implement a continuous investment program for each Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) take whatever steps are necessary to implement the investment program for each Fund, including issuing directives as necessary for the appropriate implementation of the investment program of each Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the placement from time to time of orders for all purchases and sales made for each Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the determination of the amount of the cash component, the identity and number of shares of the securities to be accepted in exchange for Creation Units for each Fund and the securities that will be applicable that day to redemption requests received for each Fund (and may give directions to the Trust's custodian with respect to such designations);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) keep the Trustees of the Trust and the Adviser fully informed in writing on an ongoing basis as agreed by the Adviser and the Sub-Adviser of all material facts concerning the investment and reinvestment of the assets in each Fund that are within the purview of the Sub-Adviser's services hereunder, and concerning the Sub-Adviser and its key investment personnel and operations; make regular and periodic special written reports of such additional information concerning the same as may reasonably be requested from time to time by the Adviser or the Board of Trustees of the Trust; and attend meetings with the Adviser and/or the Board of Trustees, as reasonably requested, to discuss the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) in accordance with procedures and methods established by the Board of Trustees of the Trust, which may be amended from time to time, provide assistance in determining the fair value of all securities and other investments/assets in each Fund, as necessary, and use reasonable efforts to arrange for the provision of valuation information or a price(s) from a party(ies) independent of the Sub-Adviser for each security or other investment/asset in each Fund for which market prices are not readily available, in each case at the reasonable request of the Adviser or the Board of Trustees; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) cooperate with and provide reasonable assistance to the Adviser, the Trust's administrator, the Trust's custodian and foreign custodians, the Trust's transfer agent and pricing agents and all other agents and representatives of the Trust and the Adviser, keep all such persons fully informed as to such matters as they may reasonably deem necessary to the performance of their obligations to the Trust and the Adviser, provide prompt responses to reasonable requests made by such persons and maintain any appropriate interfaces with each so as to promote the efficient exchange of information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. In furnishing services hereunder, the Sub-Adviser shall be subject to, and shall perform in accordance with the following: (i) the Trust's Declaration of Trust, as the same may be hereafter modified and/or amended from time to time ("Trust's Document"); (ii) the By-Laws of the Trust, as the same may be hereafter modified and/or amended from time to time ("By-Laws"); (iii) the currently effective Prospectus(es) and Statement(s) of Additional Information of the Trust relating to the Fund(s) filed with the Securities and Exchange Commission ("SEC") and delivered to the Sub-Adviser, as the same may be hereafter modified, amended and/or supplemented ("Prospectus and SAI"); (iv) the Investment Company Act and the Advisers Act and the rules under each, and all other federal and state laws or regulations applicable to the Trust and the Fund(s); (v) the applicable sections of the Trust's Compliance Manual and other policies and procedures adopted from time to time by the Board of Trustees of the Trust; and (vi) the written instructions of the Adviser which are agreed to in writing by the Sub-Adviser. Prior to the commencement of the Sub-Adviser's services hereunder, the Adviser shall provide the Sub-Adviser with current copies of the Trust's Document, By-Laws, Prospectus and SAI, Compliance Manual and other relevant policies and procedures that are adopted by the Board of Trustees. The Adviser undertakes to provide the Sub-Adviser with copies or other written notice of any amendments, modifications or

As Filed Version

supplements to any such above-mentioned document, and the Sub-Adviser shall only be subject to those amendments, modifications or supplements which are provided to it by the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. In furnishing services hereunder, the Sub-Adviser will not consult with any other sub-adviser to (i) each Fund, (ii) any other Fund of the Trust or (iii) any other investment company under common control with the Trust concerning transactions of each Fund in securities or other assets. (This shall not be deemed to prohibit the Sub-Adviser from consulting with any of its affiliated persons concerning transactions in securities or other assets. This shall also not be deemed to prohibit the Sub-Adviser from consulting with any of the other covered advisers concerning compliance with paragraphs a and b of Rule 12d3-1 under the Investment Company Act.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. The Sub-Adviser, at its expense, will furnish: (i) all necessary facilities (including office space, furnishings, and equipment) and personnel, including salaries, expenses and fees of any personnel required for them to faithfully perform their duties under this Agreement; and (ii) administrative facilities, including bookkeeping, and all equipment necessary for the efficient conduct of the Sub-Adviser's duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. The Sub-Adviser will select brokers and dealers to effect all portfolio transactions subject to the conditions set forth herein. The Sub-Adviser will place all necessary orders with brokers, dealers, or issuers, and will negotiate brokerage commissions, if applicable. The Sub-Adviser is directed at all times to seek to execute transactions for each Fund (i) in accordance with any written policies, practices or procedures that may be established by the Board of Trustees or the Adviser from time to time and which have been provided to the Sub-Adviser or (ii) as described in the Trust's Prospectus and SAI. In placing any orders for the purchase or sale of investments for each Fund, in the name of the Fund or its nominees, the Sub-Adviser shall use its best efforts to obtain for the Fund "best execution," considering all of the circumstances, and shall maintain records adequate to demonstrate compliance with this requirement. In no instance will portfolio securities be purchased from or sold to the Sub-Adviser, or any affiliated person thereof, except in accordance with the Investment Company Act, the Advisers Act and the rules under each, and all other federal and state laws or regulations applicable to the Trust and each Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. On occasions when the Sub-Adviser deems the purchase or sale of a security to be in the best interest of the Fund(s) as well as other clients of the Sub-Adviser, the Sub-Adviser to the extent permitted by applicable laws and regulations, may, but shall be under no obligation to, aggregate the securities to be purchased or sold to attempt to obtain a more favorable price or lower brokerage commissions and efficient execution. Allocation of the securities so purchased or sold, as well as the expenses incurred in the transaction, will be made by the Sub-Adviser in the manner which the Sub-Adviser considers to be the most equitable and consistent with its fiduciary obligations to each Fund and to its other clients over time. The Adviser agrees that the Sub-Adviser and its affiliates may give advice and take action in the performance of their duties with respect to any of their other clients that may differ from advice given, or the timing or nature of actions taken, with respect to the Fund(s). The Adviser also acknowledges that the Sub-Adviser and its affiliates are fiduciaries to other entities, some of which have the same or similar investment objectives (and will hold the same or similar investments) as the Fund, and that the Sub-Adviser will carry out its duties hereunder together with its duties under such relationships. Nothing in this Agreement shall be deemed to confer upon the Sub-Adviser any obligation to purchase or to

As Filed Version

sell or to recommend for purchase or sale for the Fund any investment that the Sub-Adviser, its affiliates, officers or employees may purchase or sell for its or their own account or for the account of any client, if in the sole and absolute discretion of the Sub-Adviser it is for any reason impractical or undesirable to take such action or make such recommendation for the Fund(s), so long as such decision is consistent with the Sub-Adviser's fiduciary obligations to each Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. The Sub-Adviser will maintain all accounts, books and records with respect to each Fund as are required of an investment adviser of a registered investment company pursuant to the Investment Company Act and Advisers Act and the rules thereunder and shall file with the SEC all forms pursuant to Section 13(f) of the Exchange Act, with respect to its duties as are set forth herein.

J. The Sub-Adviser will, unless and until otherwise directed by the Adviser or the Board of Trustees, exercise the following rights of security holders with respect to securities held by each Fund: converting, tendering, exchanging or redeeming securities. The Sub-Adviser will cooperate in providing the Adviser with all information in the Sub-Adviser's possession reasonably requested by the Adviser regarding the Adviser's decision with respect to the following: participation in class action litigation regarding portfolio securities (including litigation with respect to securities previously held); exercising rights in the context of a bankruptcy or other reorganization; and any other similar litigation, actions or matters.

4. COMPENSATION OF SUB-ADVISER

The Adviser will pay the Sub-Adviser an advisory fee with respect to each Fund as specified in Appendix B to this Agreement. Payments shall be made by the Adviser to the Sub-Adviser not less than monthly in arrears, and calculated by applying either a minimum rate or a daily rate based on the annual percentage rates as specified in the appropriate Schedule, to the assets. The asset based fee shall be based on the average daily net assets for the month involved. Except as may otherwise be prohibited by law or regulation (including, without limitation, any then current SEC staff interpretation), the Sub-Adviser may, in its discretion and from time to time, waive all or any portion of its advisory fee.

5. LIABILITY AND INDEMNIFICATION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Except as may otherwise be provided by the Investment Company Act or any other federal securities law, neither the Sub-Adviser nor any of its officers, members or employees (its "Affiliates") shall be liable for any losses, claims, damages, liabilities or expenses (including reasonable counsel fees and other expenses) incurred or suffered by the Adviser or the Trust as a result of any error of judgment or mistake of law by the Sub-Adviser or its Affiliates with respect to each Fund, except that nothing in this Agreement shall operate or purport to operate in any way to exculpate, waive or limit the liability of the Sub-Adviser or its Affiliates for, and the Sub-Adviser shall indemnify and hold harmless the Trust, the Adviser, all affiliated persons thereof (within the meaning of Section 2(a)(3) of the Investment Company Act) and all controlling persons (as described in Section 15 of the Securities Act of 1933, as amended ("1933 Act")) (collectively, "Adviser Indemnitees") against any and all losses, claims, damages, liabilities or expenses (including reasonable counsel fees and other expenses) to which any of the Adviser Indemnitees may become subject under the 1933 Act, the Investment Company Act, the Advisers Act, or under any other statute, or common law or otherwise arising out of or based on any willful misconduct, bad faith, or gross negligence of the Sub-Adviser in the performance of any of its duties or obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Except as may otherwise be provided by the Investment Company Act or any other federal securities law, the Adviser and the Trust shall not be liable for any losses, claims, damages, liabilities or expenses (including reasonable counsel fees and other expenses) incurred or suffered by the Sub-Adviser as a result of any error of judgment or mistake of law by the Adviser with respect to each Fund, except that nothing in this Agreement shall operate or purport to operate in any way to exculpate, waive or limit the liability of the Adviser for, and the Adviser shall indemnify and hold harmless the Sub-Adviser, all affiliated persons thereof (within the meaning of Section 2(a)(3) of the Investment Company Act) and all controlling persons (as described in Section 15 of the 1933 Act) (collectively, "Sub-Adviser Indemnitees") against any and all losses, claims, damages, liabilities or expenses (including reasonable

As Filed Version

counsel fees and other expenses) to which any of the Sub-Adviser Indemnitees may become subject under the 1933 Act, the Investment Company Act, the Advisers Act, or under any other statute, at common law or otherwise arising out of or based on (i) any willful misconduct, bad faith, or gross negligence of the Adviser in the performance of any of its duties or obligations hereunder or (ii) any untrue statement of a material fact contained in the Prospectus and SAI, proxy materials, reports, advertisements, sales literature, or other materials pertaining to the Fund(s) or the omission to state therein a material fact known to the Adviser that was required to be stated therein or necessary to make the statements therein not misleading, unless such statement or omission was made solely in reliance upon information furnished to the Adviser or the Trust.

6. REPRESENTATIONS OF THE ADVISER

The Adviser represents, warrants and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Adviser has been duly authorized by the Board of Trustees of the Trust to delegate to the Sub-Adviser the provision of investment services to each Fund as contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Adviser has adopted a written code of ethics complying with the requirements of Rule 17j-1 under the Investment Company Act and will provide the Sub-Adviser with a copy of such code of ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The Adviser is currently in material compliance and shall at all times continue to materially comply with the requirements imposed upon the Adviser by applicable law and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. The Adviser (i) is registered as an investment adviser under the Advisers Act and will continue to be so registered for so long as this Agreement remains in effect; (ii) is not prohibited by the Investment Company Act, the Advisers Act or other law, regulation or order from performing the services contemplated by this Agreement; (iii) to the best of its knowledge, has met and will seek to continue to meet for so long as this Agreement is in effect, any other applicable federal or state requirements, or the applicable requirements of any regulatory or industry self-regulatory agency necessary to be met in order to perform the services contemplated by this Agreement; (iv) has the authority to enter into and perform the services contemplated by this Agreement; and (v) will promptly notify the Sub-Adviser of the occurrence of any event that would disqualify the Adviser from serving as investment manager of an investment company pursuant to Section 9(a) of the Investment Company Act or otherwise. The Adviser will also promptly notify the Sub-Adviser if it is served or otherwise receives notice of any action, suit, proceeding, inquiry or investigation, at law or in equity, before or by any court, public board or body, involving the affairs of the Fund(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. The execution, delivery and performance of this Agreement do not, and will not, conflict with, or result in any violation or default under, any agreement to which Adviser or any of its affiliates are a party.

7. REPRESENTATIONS OF THE SUB-ADVISER

The Sub-Adviser represents, warrants and agrees as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Sub-Adviser is currently in material compliance and shall at all times continue to materially comply with the requirements imposed upon the Sub-Adviser by applicable law and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Sub-Adviser (i) is registered as an investment adviser under the Advisers Act and will continue to be so registered for so long as this Agreement remains in effect; (ii) is not prohibited by the Investment Company Act, the Advisers Act or other law, regulation or order from performing the services contemplated by this Agreement; (iii) to the best of its knowledge has met and will seek to continue to meet for so long as this Agreement remains in effect, any other applicable federal or state requirements, or the applicable requirements of any regulatory or industry self-regulatory agency necessary to be met in order to

As Filed Version

perform the services contemplated by this Agreement; (iv) has the authority to enter into and perform the services contemplated by this Agreement; and (v) will promptly notify the Adviser of the occurrence of any event that would disqualify the Sub-Adviser from serving as an investment adviser of an investment company pursuant to Section 9(a) of the Investment Company Act or otherwise. The Sub-Adviser will also promptly notify each Fund and the Adviser if it is served or otherwise receives notice of any action, suit, proceeding, inquiry or investigation, at law or in equity, before or by any court, public board or body, involving the affairs of the Fund(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The Sub-Adviser has adopted a written code of ethics complying with the requirements of Rule 17j-1 under the Investment Company Act and Rule 204A-1 under the Advisers Act and will provide the Adviser and the Board with a copy of such code of ethics, together with evidence of its adoption. Within forty-five days of the end of the last calendar quarter of each year that this Agreement is in effect, and as otherwise requested, the president, Chief Compliance Officer or a vice-president of the Sub-Adviser shall certify to the Adviser that the Sub-Adviser has complied with the requirements of Rule 17j-1 and Rule 204A-1 during the previous year and that there has been no material violation of the Sub-Adviser's code of ethics or, if such a material violation has occurred, that appropriate action was taken in response to such violation. Upon the written request of the Adviser, the Sub-Adviser shall permit the Adviser, its employees or its agents to examine the reports required to be made to the Sub-Adviser by Rule 17j-1(c)(1) and Rule 204A-1(b) and all other records relevant to the Sub-Adviser's code of ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. The Sub-Adviser has adopted written policies and procedures addressing the Sub-Adviser's compliance with all applicable laws, rules and regulations, including all applicable laws, regulations and fiduciary duties relating to insider trading or insider dealing while in possession of material non-public or inside information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. The Sub-Adviser has adopted written policies and procedures addressing the Sub-Adviser's business continuity plans and cybersecurity protections.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. The Sub-Adviser has provided the Trust and the Adviser with a copy of its Form ADV Part 1, which as of the date of this Agreement is its Form ADV as most recently filed with the SEC, and ADV Part 2, if applicable, and promptly will furnish a copy of all amendments to the Trust and the Adviser at least annually. Such amendments shall reflect all changes in the Sub-Adviser's organizational structure, professional staff or other significant developments affecting the Sub-Adviser, as required by the Advisers Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. The Sub-Adviser will promptly notify the Trust and the Adviser of any assignment of this Agreement or change of control of the Sub-Adviser, as applicable, and any changes in the key personnel who are either the portfolio manager(s) of the Fund(s) or senior management of the Sub-Adviser, in each case prior to such change. The Sub-Adviser agrees to bear all reasonable expenses of the Trust and the Adviser, if any, arising out of an assignment or change in control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. The Sub-Adviser will immediately notify the Adviser of any financial condition that is likely to impair the Sub-Adviser's ability to fulfill its commitment under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. The Sub-Adviser agrees to maintain an appropriate level of errors and omissions or professional liability insurance coverage as determined by industry standards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. The execution, delivery and performance of this Agreement do not, and will not, conflict with, or result in any violation or default under, any agreement to which Sub-Adviser or any of its affiliates are a party.

8. NON-EXCLUSIVITY

The services of the Sub-Adviser to the Adviser, the Fund(s) and the Trust are not to be deemed to be exclusive, and the Sub-Adviser shall be free to render investment advisory or other services to others

As Filed Version

and to engage in other activities. It is understood and agreed that the directors, officers, and employees of the Sub-Adviser are not prohibited from engaging in any other business activity or from rendering services to any other person, or from serving as partners, officers, directors, trustees, or employees of any other firm or corporation.

9. REGULATION

The Sub-Adviser shall submit to all regulatory and administrative bodies having jurisdiction over the services provided pursuant to this Agreement any information, reports, or other material which any such body by reason of this Agreement may request or require pursuant to applicable laws and regulations.

10. RECORDS

The records relating to the services provided under this Agreement shall be the property of the Trust and shall be under its control; however, the Adviser shall furnish, or shall cause to be furnished, to the Sub-Adviser such records and permit it to retain such records (either in original or in duplicate form) as it shall reasonably require in order to carry out its business. In the event of the termination of this Agreement, such other records shall promptly be returned to the Trust by the Sub-Adviser free from any claim or retention of rights therein, provided that the Sub-Adviser may retain any such records that are required by law or regulation.

11. DURATION OF AGREEMENT

This Agreement shall become effective with respect to each Fund as of the date first above written and, unless sooner terminated as provided herein, shall continue with respect to each Fund until [-]. Thereafter, if not terminated, this Agreement shall continue with respect to each Fund for successive annual periods ending on [-], provided such continuance is specifically approved at least annually (a) by the vote of a majority of those members of the Board of Trustees of the Fund who are not parties to this Agreement or interested persons of any such party, cast in person at a meeting called for the purpose of voting on such approval or otherwise if pursuant to applicable relief from such in-person requirements under the Investment Company Act, and (b) by the Board of Trustees of the Fund or by vote of a majority of the outstanding voting securities of the Fund.

12. TERMINATION OF AGREEMENT

This Agreement may be terminated at any time, without the payment of any penalty, by the Board of Trustees, including a majority of the Independent Trustees, by the vote of a majority of the outstanding voting securities of the Fund, on sixty (60) days' prior written notice to the Adviser and the Sub-Adviser, or by the Adviser or Sub-Adviser on sixty (60) days' prior written notice to the Trust and the other party. This Agreement will automatically terminate, without the payment of any penalty, (i) in the event of its assignment (as defined in the Investment Company Act), or (ii) in the event the Investment Advisory Agreement between the Adviser and the Trust is assigned (as defined in the Investment Company Act) or terminates for any other reason. This Agreement will also terminate upon written notice to the other party that the other party is in material breach of this Agreement, unless the other party in material breach of this Agreement cures such breach to the reasonable satisfaction of the party alleging the breach within thirty (30) days after written notice.

13. AMENDMENTS TO THE AGREEMENT

Except to the extent permitted by the Investment Company Act or the rules or regulations thereunder or pursuant to exemptive relief granted by the SEC, this Agreement may be amended by the parties only if such amendment, if material, is specifically approved by the vote of a majority of the outstanding voting securities of the Fund (unless such approval is not required by Section 15 of the Investment Company Act as interpreted by the SEC or its staff or unless the SEC has granted an exemption

As Filed Version

from such approval requirement) and by the vote of a majority of the Independent Trustees cast in compliance with the 1940 Act procedural requirements.

14. USE OF THE SUB-ADVISER'S NAME

The parties agree that the name of the Sub-Adviser, the names of any affiliates of the Sub-Adviser and any derivative or logo or trademark or service mark or trade name are the valuable property of the Sub-Adviser and its affiliates. The Adviser and the Trust shall have the right to use such name(s), derivatives, logos, trademarks or service marks or trade names only with the prior written approval of the Sub-Adviser, which approval shall not be unreasonably withheld or delayed so long as this Agreement is in effect. Such prior written approval shall not be required in connection with routine regulatory documents.

Upon termination of this Agreement, the Adviser and the Trust shall forthwith cease to use such name(s), derivatives, logos, trademarks or service marks or trade names. The Adviser and the Trust agree that they will review with the Sub-Adviser any advertisement, sales literature, or notice prior to its use that makes reference to the Sub-Adviser or its affiliates or any such name(s), derivatives, logos, trademarks, service marks or trade names so that the Sub-Adviser may review the context in which it is referred to, it being agreed that the Sub-Adviser shall have no responsibility to ensure the adequacy of the form or content of such materials for purposes of the Investment Company Act or other applicable laws and regulations. If the Adviser or the Trust makes any unauthorized use of the Sub-Adviser's names, derivatives, logos, trademarks or service marks or trade names, the parties acknowledge that the Sub-Adviser shall suffer irreparable harm for which monetary damages may be inadequate and thus, the Sub-Adviser shall be entitled to injunctive relief, as well as any other remedy available under law.

15. ASSIGNMENT

Any assignment (as that term is defined in the Investment Company Act) of the Agreement made by the Sub-Adviser shall result in the automatic termination of this Agreement, as provided in Section 13 hereof. Notwithstanding the foregoing, no assignment shall be deemed to result from any changes in the directors, officers or employees of such Sub-Adviser except as may be provided to the contrary in the Investment Company Act or the rules or regulations thereunder and any applicable interpretation by the SEC or its staff. . The Sub-Adviser agrees that it will notify the Trust and the Adviser of any changes in its key employees within a reasonable time thereafter.

16. ENTIRE AGREEMENT

This Agreement contains the entire understanding and agreement of the parties with respect to each Fund.

17. HEADINGS

The headings in the sections of this Agreement are inserted for convenience of reference only and shall not constitute a part hereof.

18. NOTICES

All notices required to be given pursuant to this Agreement shall be delivered or mailed to the address listed below of each applicable party in person or by registered or certified mail or a private mail or delivery service providing the sender with notice of receipt or such other address as specified in a notice duly given to the other parties. Notice shall be deemed given on the date delivered or mailed in accordance with this paragraph.

For: First Eagle Investment Management, LLC

1365 Avenue of the Americas

New York, NY 10105

As Filed Version

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Attention: Sheelyn Michael sheelyn.michael@firsteagle.com and Daniel Jeng

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; daniel.jeng@firsteagle.com

For: Exchange Traded Concepts, LLC

10900 Hefner Pointe Dr. Ste. 207

Oklahoma City, OK 73012

Attention: Richard Malinowski, Co-CEO & General Counsel

Email: <u>Legal@exchangetradedconcepts.com</u>

19. SEVERABILITY

Should any portion of this Agreement for any reason be held to be void in law or in equity, the Agreement shall be construed, insofar as is possible, as if such portion had never been contained herein.

20. GOVERNING LAW

The provisions of this Agreement shall be construed and interpreted in accordance with the laws of the State of Delaware, without reference to conflict of law or choice of law doctrines, or any of the applicable provisions of the Investment Company Act. To the extent that the laws of the State of Delaware, or any of the provisions in this Agreement, conflict with applicable provisions of the Investment Company Act, the latter shall control.

21. INTERPRETATION

Any question of interpretation of any term or provision of this Agreement having a counterpart in or otherwise derived from a term or provision of the Investment Company Act shall be resolved by reference to such term or provision of the Investment Company Act and to interpretations thereof, if any, by the United States courts or, in the absence of any controlling decision of any such court, by rules, regulations or orders of the SEC validly issued pursuant to the Investment Company Act. Specifically, the terms "vote of a majority of the outstanding voting securities," "interested persons," "assignment," and "affiliated persons," as used herein shall have the meanings assigned to them by Section 2(a) of the Investment Company Act. In addition, where the effect of a requirement of the Investment Company Act reflected in any provision of this Agreement is relaxed by a rule, regulation, interpretation, guidance or order of the SEC or its staff, whether of special or of general application, such provision shall be deemed to incorporate the effect of such rule, regulation or order.

24. THIRD PARTY BENEFICIARY

The Adviser and Sub-Adviser expressly agree that the Trust shall be deemed an intended third party beneficiary of this Agreement.

25. CONFIDENTIALITY

Except as otherwise agreed in writing, as required by law, or as necessary for Sub-Adviser to carry out the intended purposes of this Agreement (including disclosures to employees, officers, directors, third-party service providers, consultants and other agents), the Sub-Adviser will keep confidential all nonpublic information concerning the Adviser's and the Trust's financial affairs or investments. Nonpublic information shall not include information which was (a) known to the Sub-Adviser prior to this Agreement, (b) acquired from a third party whom the Sub-Adviser reasonably believes is not under an obligation of confidentiality to the Adviser or the Trust, (c) placed in the public domain without fault of the Sub-Adviser, or (d) independently developed by the Sub-Adviser without reference or reliance upon the nonpublic information. Adviser hereby agrees that Sub-Adviser may use Adviser's name in Sub-Adviser's marketing materials and other communications regarding Sub-Adviser's clients.

As Filed Version

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their duly authorized officers as of the date first mentioned above.

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| | |
|:---|:---|
| FIRST EAGLE<br> INVESTMENT MANAGEMENT, LLC<br>| EXCHANGE TRADED CONCEPTS, LLC |
| By:<u> </u> | By:<u> </u> |
| Name: Sheelyn M. Michael | Name: Richard Malinowski |
| Title: Deputy General Counsel | Title: Co-Chief Executive Officer & General Counsel<br>|

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As Filed Version

APPENDIX A

TO

INVESTMENT SUB-ADVISORY AGREEMENT

Name of Fund <br> <u>First Eagle US Equity ETF</u> <br> <u>First Eagle Mid Cap Equity ETF</u>

As Filed Version

APPENDIX B

TO

INVESTMENT SUB-ADVISORY AGREEMENT

Name of Fund <u>Annual Sub-Advisory Fee</u> <br> <u>First Eagle US Equity ETF</u> <u> [ ]</u> <br> <u>First Eagle Mid Cap Equity ETF</u>

## Ex-99.(E)(1)

**Exhibit (e)(1)**

**ETF DISTRIBUTION AGREEMENT**

This distribution agreement (the "<u>Agreement</u>") is effective this __ day of _________ 2025, and made by First Eagle ETF Trust, a Delaware statutory trust (the "<u>Trust</u>") having its principal place of business at 1345 Avenue of the Americas, New York, NY 10105, and Quasar Distributors, LLC, a Delaware limited liability company (the "<u>Distributor</u>") having its principal place of business at 190 Middle Street, Suite 301, Portland, ME 04101.

WHEREAS, the Trust is a registered open-end management investment company organized under the Investment Company Act of 1940, as amended (the "<u>1940 Act</u>") with separate and distinct series (each series a "<u>Fund</u>" and collectively the "<u>Funds</u>") registered with the United States Securities and Exchange Commission (the "<u>SEC</u>") under the Securities Act of 1933, as amended (the "<u>1933 Act</u>");

WHEREAS, the Trust intends to create and redeem shares of beneficial interest (the "<u>Shares</u>") of each Fund on a continuous basis and list the Shares on one or more national securities exchanges (together, the "<u>Listing Exchanges</u>");

WHEREAS, the Distributor is registered with the SEC as a broker-dealer under the Securities Exchange Act of 1934, as amended (the "<u>1934 Act</u>"), and is a member in good standing of the Financial Industry Regulatory Authority, Inc. ("<u>FINRA</u>");

WHEREAS, the Trust desires to retain the Distributor to (i) act as the principal underwriter of the Funds with respect to the creation and redemption of Creation Units of each Fund, and (ii) hold itself available to review and approve orders for such Creation Units in the manner set forth in the Trust's Prospectus; and

WHEREAS, the Distributor desires to provide the services described herein to the Trust subject to the terms and conditions set forth below.

NOW THEREFORE, in consideration of the mutual promises and undertakings herein contained, the parties agree as follows:

**1. <u>Appointment</u>**. The Trust hereby appoints the Distributor to serve as the principal underwriter of the Funds with respect to the creation and redemption of Creation Units of each Fund listed in Exhibit A hereto (as may be amended by the Trust from time to time on written notice to the Distributor) on the terms and for the period set forth in this Agreement and subject to the registration requirements of the federal securities laws and of the laws governing the sale of securities in the various states, and the Distributor hereby accepts such appointment and agrees to act in such capacity hereunder.

**2. <u>Definitions</u>**. Wherever they are used herein, the following terms have the following respective meanings:

(a) "<u>Prospectus</u>" means the relevant Fund's Summary and Statutory Prospectus(es) and Statement of Additional Information constituting parts of the

Registration Statement of the Trust under the 1933 Act and the 1940 Act as such Prospectus(es) and Statement of Additional Information may be amended or supplemented and filed with the SEC from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "<u>Registration Statement</u>" means the registration statement most recently filed from time to time by the Trust on behalf of the relevant Fund with the SEC and effective under the 1933 Act and the 1940 Act, as such registration statement is supplemented and/or amended by any amendments thereto at the time in effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All other capitalized terms used but not defined in this Agreement shall have the meanings ascribed to such terms in the Registration Statement and the Prospectus.

**3. <u>Duties of the Distributor</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Distributor agrees to serve as the principal underwriter of the Funds in connection with the review and approval of all purchase and redemption orders of Creation Units of each Fund by Authorized Participants that have executed an Authorized Participant Agreement with the Distributor and Transfer Agent/ Index Receipt Agent. Nothing herein shall affect or limit the right and ability of the Transfer Agent/ Index Receipt Agent to accept Fund Securities, Deposit Securities, and related Cash Components through or outside the Clearing Process, and as provided in and in accordance with the Registration Statement and Prospectus. The Trust acknowledges that the Distributor shall not be obligated to approve any certain number of orders for Creation Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Distributor agrees to use commercially reasonable efforts to provide the following services to the Trust with respect to the continuous distribution of Creation Units of each Fund: (i) at the request of the Trust, the Distributor shall negotiate and enter into (A) Authorized Participant Agreements between and among Authorized Participants, the Distributor and the Transfer Agent/Index Receipt Agent, for the purchase and redemption of Creation Units of the Funds, and (B) such other related agreements as agreed by the parties, (ii) the Distributor shall approve and maintain copies of confirmations of Creation Unit purchase and redemption order acceptances; (iii) upon request, the Distributor will make available copies of the Prospectus to purchasers of such Creation Units and, upon request, the Statement of Additional Information; and (iv) the Distributor shall maintain telephonic, facsimile and/or access to direct computer communications links with the Transfer Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon request, the Distributor agrees to provide to the Trust an Authorized Participant contact list.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Distributor shall ensure that all direct requests to Distributor for Prospectuses, Statements of Additional Information, product descriptions and periodic fund reports, as applicable, are fulfilled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Distributor agrees to make available, at the Trust's request, one or more members of its staff to attend, either via telephone or in person (as agreed to by the parties),

Board meetings of the Trust in order to provide information with regard to the Distributor's services hereunder and for such other purposes as may be requested by the Board of Trustees of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Distributor shall review and approve, prior to use, all Trust marketing materials ("<u>Marketing Materials</u>") for compliance with SEC and FINRA advertising rules and will file all Marketing Materials required to be filed with FINRA. The Distributor agrees to furnish to the Trust's investment adviser (the "<u>Investment Adviser</u>") any comments provided by FINRA with respect to such materials as soon as practicable upon receipt from FINRA and to consult with the Investment Adviser regarding any requested response or required change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Distributor shall not offer any Shares and shall not approve any creation or redemption order hereunder if and so long as the effectiveness of the Registration Statement then in effect or any necessary amendments thereto shall be suspended under any of the provisions of the 1933 Act or if and so long as a current prospectus as required by Section 10 of the 1933 Act is not on file with the SEC; provided, however, that nothing contained in this paragraph shall in any way restrict or have any application to or bearing upon the Trust's obligation to redeem or repurchase any Shares from any shareholder in accordance with provisions of the Prospectus or Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Distributor shall work with the Index Receipt Agent to review and approve orders placed by Authorized Participants and transmitted to the Index Receipt Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Distributor agrees to maintain, and preserve for the periods prescribed by Rule 31a-2 under the 1940 Act, such records as are required to be maintained by Rule 31a-1(d) under the 1940 Act. The Distributor agrees that all records which it maintains pursuant to the 1940 Act for the Trust shall at all times remain the property of the Trust, shall be readily accessible during normal business hours, and shall be promptly surrendered upon the termination of the Agreement or otherwise on written request; provided, however, that Distributor may retain a copy of all such records required to be maintained by Distributor pursuant to applicable FINRA or SEC rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Distributor agrees to maintain compliance policies and procedures (a "<u>Compliance Program</u>") that are reasonably designed to prevent violations of the Federal Securities Laws (as defined in Rule 38a-1 of the 1940 Act) with respect to the Distributor's services under this Agreement, and to provide any and all information with respect to the Compliance Program, including without limitation, information and certifications with respect to material violations of the Compliance Program and any material deficiencies or changes therein, as may be reasonably requested by the Trust's Chief Compliance Officer or Board of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The Distributor will promptly forward any complaints concerning the Trust received by the Distributor to the Trust, assist in resolving such complaints to the extent

any such complaints relate to the Distributor's responsibilities under this Agreement and maintain a log of such complaints to the extent required by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The Distributor shall at all times act in good faith and exercise reasonable care in carrying out the provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) The Distributor shall be deemed to be an independent contractor and shall, unless otherwise expressly provided herein or authorized by the Trust from time to time, have no authority to act on behalf of the Trust or represent the Trust in any way or otherwise be deemed an agent of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) The Distributor is not authorized by the Trust to give any information or to make any representations other than those contained in the Registration Statement or Prospectus or contained in shareholder reports or other material that may be prepared by or on behalf of the Trust for the Distributor's use or other information that would be reasonably necessary to perform the services in the ordinary course of business.

**4. <u>Duties of the Trust</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trust agrees to create, issue, and redeem Creation Units of each Fund in accordance with the procedures described in the Prospectus. Upon reasonable notice to the Distributor and in accordance with the procedures described in the Prospectus, the Trust reserves the right to reject any order for Creation Units or to stop all receipts of such orders at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trust agrees that it will take all actions necessary to register an indefinite number of Shares under the 1933 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Trust will make available to the Distributor such number of copies as Distributor may reasonably request of (i) its then currently effective Prospectus and Statement of Additional Information and product description, (ii) copies of semi-annual reports and annual audited reports of the Trust's books and accounts made by independent public accountants regularly retained by the Trust, and (iii) such other publicly available information for use in connection with the distribution of Creation Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Trust shall inform the Distributor of any such jurisdictions in which the Trust has filed notice filings for Shares for sale under the securities laws thereof and shall promptly notify the Distributor of any change in this information. The Distributor shall not be liable for damages resulting from the sale of Shares in authorized jurisdictions where the Distributor had no information from the Trust that such sale or sales were unauthorized at the time of such sale or sales.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Distributor acknowledges and agrees that the Trust reserves the right to suspend sales and the Distributor's authority to review and approve orders for Creation Units on behalf of the Trust. Upon due notice to the Distributor, the Trust shall suspend the Distributor's authority to review and approve Creation Units if, in the judgment of the Trust, it is in the best interests of the Trust to do so. Suspension will continue for such period as may be determined by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Trust shall arrange to provide the Listing Exchanges with copies of Prospectuses, Statements of Additional Information, and product descriptions to be provided to purchasers in the secondary market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Trust will make it known that Prospectuses and Statements of Additional Information and product descriptions are available by making sure such disclosures are in all marketing and advertising materials prepared by or at the direction of the Trust.

**5. <u>Fees and Expenses</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Distributor shall be entitled to no compensation or reimbursement of expenses from the Trust for the services provided by the Distributor pursuant to this Agreement. The Distributor may receive compensation from the Investment Adviser related to its services hereunder or for additional services as may be agreed to between the Investment Adviser and Distributor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trust shall bear the cost and expenses of: (i) the registration of the Shares for sale under the 1933 Act; and (ii) the registration or qualification of the Shares for sale under the securities laws of the various States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Distributor shall pay (i) all expenses relating to Distributor's broker-dealer qualification and registration under the 1934 Act; and (ii) the expenses incurred by the Distributor in connection with routine FINRA filing fees. In addition, the Distributor shall bear all other expenses incurred in connection with the services contemplated herein, except as specifically provided in this Agreement and any compensation agreement with the Investment Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding anything in this Agreement to the contrary, the Distributor and its affiliates may receive compensation or reimbursement from the Investment Adviser with respect to any services performed under this Agreement, as may be agreed upon by the parties from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Trust shall bear any costs associated with printing Prospectuses, Statements of Additional Information and all other such materials.

**6. <u>Indemnification</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trust agrees to indemnify and hold harmless the Distributor, its affiliates and each of their respective directors, officers and employees and agents and any person who controls the Distributor within the meaning of Section 15 of the 1933 Act (any of the Distributor, its officers, employees, agents and directors or such control persons, for purposes of this paragraph, a "<u>Distributor Indemnitee</u>") against any loss, liability, claim, damages or expense (including the reasonable cost of investigating or defending any alleged loss, liability, claim, damages or expense and reasonable outside counsel fees

incurred in connection therewith) ("<u>Losses</u>") that a Distributor Indemnitee may incur arising out of or based upon: (i) any willful malfeasance, bad faith, or gross negligence of the Trust or any of its directors, officers, employees or affiliates in connection with its duties, representations, and responsibilities in this Agreement; (ii) any claim that the Registration Statement, Prospectus, Statement of Additional Information, product description, shareholder reports, Marketing Materials and advertisements specifically approved by the Trust and Investment Adviser or other information filed or made public by the Trust (as from time to time amended) included an untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein (and in the case of the Prospectus, Statement of Additional Information and product description, in light of the circumstances under which they were made) not misleading under the 1933 Act; (iii) the breach by the Trust of any obligation, representation or warranty contained in this Agreement; or (iv) the Trust's failure to comply in any material respect with applicable securities laws. The Distributor shall act in good faith and in a commercially reasonable manner to mitigate any Losses it may suffer to the extent possible. However, the Trust does not agree to indemnify the Distributor or hold it harmless to the extent that the statements or omission was made in reliance upon, or in conformity with, information furnished to the Trust by the Distributor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Distributor agrees to indemnify and hold harmless the Trust and each of its Trustees and officers and any person who controls the Trust within the meaning of Section 15 of the 1933 Act (for purposes of this paragraph, the Trust and each of its Trustees and officers and its controlling persons are collectively referred to as the "<u>Trust Indemnitees</u>") against any Losses arising out of or based upon (i) the allegation of any wrongful act of the Distributor or any of its directors, officers, employees or affiliates in connection with its activities as Distributor pursuant to this Agreement; (ii) the breach of any obligation, representation or warranty contained in this Agreement by the Distributor; (iii) the Distributor's failure to comply in any material respect with applicable securities laws, including applicable FINRA regulations; or (iv) any allegation that the Registration Statement, Prospectus, Statement of Additional Information, product description, shareholder reports, any information or materials relating to the Funds (as described in section 4(g)) or other information filed or made public by the Trust (as from time to time amended) included an untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements not misleading, insofar as such statement or omission was made in reasonable reliance upon, and in conformity with information furnished to the Trust, in writing, by the Distributor.

In no case (i) is the indemnification provided by an indemnifying party to be deemed to protect against any liability the indemnified party would otherwise be subject to by reason of willful misfeasance, bad faith or negligence in the performance of its duties or by reason of its reckless disregard of its obligations and duties under this Agreement, or (ii) is the indemnifying party to be liable under this Section with respect to any claim made against any indemnified party unless the indemnified party notifies the indemnifying party in writing of the claim within a reasonable time after the summons or other first written notification giving information of the nature of the claim shall have been served upon the

indemnified party (or after the indemnified party shall have received notice of service on any designated agent).

Failure to notify the indemnifying party of any claim shall not relieve the indemnifying party from any liability that it may have to the indemnified party against whom such action is brought, on account of this Section, unless failure or delay to so notify the indemnifying party prejudices the indemnifying party's ability to defend against such claim. The indemnifying party shall be entitled to participate at its own expense in the defense or, if it so elects, to assume the defense of any suit brought to enforce the claim, but if the indemnifying party elects to assume the defense, the defense shall be conducted by counsel chosen by it and satisfactory to the indemnified party. In the event that indemnifying party elects to assume the defense of any suit and retain counsel, the indemnified party shall bear the fees and expenses of any additional counsel retained by them. If the indemnifying party does not elect to assume the defense of any suit, it will reimburse the indemnified party for the reasonable fees and expenses of any counsel retained by them. The indemnifying party agrees to notify the indemnified party promptly of the commencement of any litigation or proceedings against it or any of its officers or directors in connection with the purchase or redemption of any of the Creation Units or the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No indemnified party shall settle any claim against it for which it intends to seek indemnification from the indemnifying party, under the terms of section 6(a) or 6(b) above, without prior written notice to and consent from the indemnifying party, which consent shall not be unreasonably withheld. No indemnified or indemnifying party shall settle any claim unless the settlement contains a full release of liability with respect to the other party in respect of such action. This section 6 shall survive the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Trust acknowledges and agrees that as part of its duties, Distributor will enter into agreements with certain authorized participants (each an "<u>AP</u>" and collectively the "<u>APs</u>") for the purchase and redemption of Creation Units (each such agreement an "<u>AP Agreement</u>"). The APs may insert and require that Distributor agree to certain provisions in the AP Agreements that contain certain representations, undertakings and indemnification that are not included in the form-of AP Agreement ("Non-Standard Representations"). The Distributor will submit to the Trust or its counsel for review, comment and approval prior to execution by the Distributor, any AP Agreement with such Non-Standard Representations and any other AP Agreement containing material changes from the "form of" AP Agreement as approved by the Trust (each such modified AP Agreement a "<u>Non-Standard AP Agreement</u>").

To the extent that Distributor is requested or required to make any such representations mentioned above, the Trust shall indemnify, defend and hold the Distributor Indemnitees free and harmless from and against any and all Losses that any Distributor Indemnitee may incur arising out of or relating to (a) the Distributor's actions or failures to act pursuant to any Non-Standard AP Agreement; (b) any representations made by the Distributor in any Non-Standard AP Agreement to the extent that the Distributor is not required to make such representations in the form-of AP Agreement; or (c) any indemnification provided by the Distributor under a Non-Standard AP Agreement. In no event shall anything contained herein be so construed as to protect the

Distributor Indemnitees against any liability to the Trust or its shareholders to which the Distributor Indemnitees would otherwise be subject by reason of willful misfeasance, bad faith, or negligence in the performance of Distributor's obligations or duties under the Non-Standard AP Agreement or by reason of Distributor's reckless disregard of its obligations or duties under the Non-Standard AP Agreement.

**7. <u>Representations</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Distributor represents and warrants that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. (i) it is duly organized as a Delaware limited liability company and is and at all times will remain duly authorized and licensed under applicable law to carry out its services as contemplated herein; (ii) the execution, delivery and performance of this Agreement are within its power and have been duly authorized by all necessary action; (iii) its entering into this Agreement or providing the services contemplated hereby does not conflict with or constitute a default or require a consent under or breach of any provision of any agreement or document to which the Distributor is a party or by which it is bound; (iv) it is and will remain registered as a broker-dealer under the 1934 Act and is and will remain a member in good standing of FINRA, and agrees to promptly notify the Trust in the event that it is suspended or expelled form FINRA; (v) it has in place and will continue to have in place compliance policies and procedures reasonably designed to prevent violations of the Federal Securities Laws as that term is defined in Rule 38a-1 under the 1940 Act; (vi) it has access to facilities, equipment and personnel reasonably necessary to perform its duties and obligations under this Agreement; and (vii) it will comply with the requirements of the 1933 Act, the 1934 Act, the 1940 Act, the regulations of FINRA and all other federal or state laws and regulations to the extent that such laws, rules and regulations are applicable to the Distributor's role as principal underwriter of the Funds pursuant to this Agreement..

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. All activities by the Distributor and its agents and employees in connection with the services provided in this Agreement shall comply with the Registration Statement and Prospectus, the instructions of the Trust, and all applicable laws, rules and regulations including, without limitation, all rules and regulations made or adopted pursuant to the 1940 Act by the SEC or any securities association registered under the 1934 Act, including FINRA.

3. The Distributor shall notify the Trust of any lawsuit or regulatory action that is, in the Distributor's reasonable opinion, likely to

materially impair the Distributor's ability to perform its duties and obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Distributor and the Trust each individually represent that its anti-money laundering program ("<u>AML Program</u>"), at a minimum, (i) designates a compliance officer to administer and oversee the AML Program, (ii) provides ongoing employee training, (iii) includes an independent audit function to test the effectiveness of the AML Program, (iv) establishes internal policies, procedures, and controls that are tailored to its particular business, (v) provides for the filing of all necessary anti-money laundering reports including, but not limited to, currency transaction reports and suspicious activity reports, and (vi) allows for appropriate regulators to examine its anti-money laundering books and records. Notwithstanding the foregoing, the Trust acknowledges that the Authorized Participants are not expected to be "customers" for the purposes of 31 CFR 1024.220.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Distributor and the Trust each individually represent and warrant that: (i) it has procedures in place reasonably designed to protect the privacy of non-public personal consumer/customer financial information to the extent required by applicable law, rule and regulation; and (ii) it will comply with all of the applicable terms and provisions of the 1934 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Distributor and the Trust each represent and warrant that they, as applicable to it, have adopted and implemented policies and procedures to ensure compliance with the sanctions administered by the Office of Foreign Assets Control (OFAC) of the US Department of the Treasury, including the identification and proper reporting of any "specially designated nationals". Further, each party acknowledges and agrees that, as applicable to it, it has implemented policies and procedures reasonably designed to ensure that neither it, nor its subsidiaries, nor any of its or their directors or officers, nor any employee, agent, or affiliate of the such party (for the purposes of this Agreement, the Distributor's ultimate controlling parent shall be GC Mountaintop Holdings, LLC), or any of its subsidiaries, is an individual or entity ("Person") that is, or is owned or controlled by Persons that are, (i) the target of any sanctions ("Sanctions") administered or enforced by OFAC and the U.S. Department of State or (ii) organized or resident in a country or territory that is, or whose government is, the target of Sanctions, including, without limitation, the Crimea, Donetsk, Luhansk region of Ukraine, and Cuba, Iran, North Korea, Sudan and Syria. To the extent that either party knows or becomes aware that any involved customer's assets must be blocked, rejected or otherwise reported to OFAC, the parties will notify each other.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Trust represents and warrants that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. (i) it is duly organized as a Delaware statutory trust and is and at all
 times will remain duly authorized to carry out its obligations as contemplated herein; (ii) it is registered as an investment
 company under the 1940 Act; (iii) the execution, delivery and performance of this Agreement are within its power and have
 been duly authorized by all necessary action;

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| | |
|:---|:---|
|  | (iv) entering into this Agreement does not conflict with or constitute a default or require a consent under or breach of any provision of any agreement or document to which the Trust is a party or by which it is bound; (v) the Registration Statement and each Fund's Prospectus have been prepared, and all Marketing Materials have been prepared by or at the direction of the Trust and have been approved by the Trust and shall be prepared, in all material respects, in conformity with all applicable law, including without limitation, the 1933 Act, the 1940 Act and the rules and regulations of the SEC (the "<u>Rules and Regulations</u>"); (vi) the Registration Statement and each Fund's Prospectus contain, and all Marketing Materials shall contain, all statements required to be stated therein in accordance with the 1933 Act, the 1940 Act and the Rules and Regulations; (vii) all statements of fact contained therein, or to be contained in all Marketing Materials, are or will be true and correct in all material respects at the time indicated or the effective date, as the case may be, and none of the Registration Statement, any Fund's Prospectus, nor any Marketing Materials shall include any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in the case of each Fund's Prospectus in light of the circumstances in which made, not misleading; (viii) except as otherwise noted in the Registration Statement and Prospectus, the offering price for all Creation Units will be the aggregate net asset value of the Shares per Creation Unit of the relevant Fund, as determined in the manner described in the Registration Statement and Prospectus; (ix) the Prospectus is effective, no stop order of the SEC or any other federal, state or foreign regulatory authority, with respect thereto has been issued, no proceedings for such purpose have been instituted, or to its knowledge are being contemplated; (x) the Fund Shares, when issued and delivered against payment of consideration will be duly and validly authorized, issued fully paid and non-assessable and free of statutory and contractual preemptive rights, rights of first refusal and similar rights; (xi) no consent, approval, authorization, order, registration or qualification of or with any court or governmental agency or body is required for the issuance and sale of Fund shares, except the registration of the Fund Shares under the 1933 Act; (xii) Fund Shares will be listed on Listing Exchanges; (xiii) it will not lend securities pursuant to any securities lending arrangement that would prevent any Fund from settling a Redemption Order when due; (xiv) it will not name the Authorized Participant as an authorized participant and/or as underwriter in the Prospectus, Marketing Materials or on its or any Fund's website without prior written consent of the Authorized Participant, which shall not be unreasonably withheld, unless such naming is required by law, rule or regulation; and |
| 2. | it shall file such amendment or amendments to the Registration Statement and each Fund's Prospectus as, in the light of future |

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|:---|:---|
|  | developments, shall, in the opinion of the Trust's counsel, be necessary in order to have the Registration Statement and each Fund's Prospectus at all times contain all material facts required to be stated therein or necessary to make the statements therein, in light of the circumstances in which made, not misleading. The Trust shall not file any amendment to the Registration Statement or each Fund's Prospectus without giving the Distributor reasonable notice thereof in advance, provided that nothing in this Agreement shall in any way limit the Trust's right to file at any time such amendments to the Registration Statement or any Fund's Prospectus as the Trust may deem advisable. The Trust will also promptly notify the Distributor in writing in the event of any stop order suspending the effectiveness of the Registration Statement. Notwithstanding the foregoing, the Trust shall not be deemed to make any representation or warranty as to any information or statement provided by the Distributor for inclusion in the Registration Statement or any Fund's Prospectus; and |
| 3. | upon delivery of Deposit or Fund Securities to an Authorized Participant in connection with a purchase or redemption of Creation Units, the Authorized Participant will acquire good and unencumbered title to such securities, free and clear of all liens, restrictions, charges and encumbrances, and not subject to any adverse claims and that such Fund and Deposit Securities will not be "restricted securities" as such term is used in Rule 144(a)(3)(i) under the 1933 Act. |

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**8. <u>Duration, Termination and Amendment</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall be effective on the date set forth above, and unless terminated as provided herein, shall continue for two years from its effective date, and thereafter from year to year, provided such continuance is approved annually (i) by vote of a majority of the Trustees or by the vote of a majority of the outstanding voting securities of the Fund and (ii) by the vote of a majority of those Trustees who are not parties to this Agreement or interested persons of any such party cast in person at a meeting called for the purpose of voting on such approval. This Agreement may be terminated at any time, without the payment of any penalty, as to each Fund (i) by vote of a majority of those Trustees who are not parties to this Agreement or interested persons of any such party or (ii) by vote of a majority of the outstanding voting securities of the Fund, or by the Distributor, on at least sixty (60) days prior written notice. No party may assign this Agreement nor any rights, privileges, duties or obligations hereunder without the prior written consent of the other party. This Agreement shall automatically terminate without the payment of any penalty in the event of its assignment. As used in this paragraph, the terms "vote of a majority of the outstanding voting securities," "assignment," "affiliated person" and "interested person" shall have the respective meanings specified in the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The addition or removal of any Fund on Exhibit A shall in no way affect the rights and duties under this Agreement with respect to any other Fund listed on the most current version Exhibit A, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No provision of this Agreement may be changed, waived, discharged or terminated except by an instrument in writing signed by both parties.

**9. <u>Notice</u>.** Any notice or other communication authorized or required by this Agreement to be given to either party shall be in writing and deemed to have been given when delivered in person or by email, or posted by certified mail, return receipt requested, to the following address (or such other address as a party may specify by written notice to the other):

---

| | |
|:---|:---|
| &nbsp;&nbsp;(i) **To Foreside:** | &nbsp;&nbsp;(ii) **If to the Trust:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quasar Distributors, LLC<br> Attn: Legal Department<br> 190 Middle Street, Suite 301<br> Portland, ME 04101<br> Telephone: (207) 553-7110<br> Email: legal@foreside.com<br>With a copy to:<br> etp-services@foreside.com | &nbsp;&nbsp;First Eagle ETF Trust<br> Attn: General Counsel<br> 1345 Avenue of the Americas<br> New York, NY 10105<br> Email: mfops@firsteagle.com |

---

**10. <u>Choice of Law</u>.** This Agreement shall be governed by, and construed in accordance with, the laws of the state of Delaware, without giving effect to the choice of laws provisions thereof.

**11. <u>Counterparts</u>.** This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

**12. <u>Severability</u>.** If any provisions of this Agreement shall be held or made invalid, in whole or in part, then the other provisions of this Agreement shall remain in force. Invalid provisions shall, in accordance with this Agreement's intent and purpose, be amended, to the extent legally possible, in order to effectuate the intended results of such invalid provisions.

**13. <u>Insurance</u>.** The Distributor will maintain at its expense an errors and omissions insurance policy adequate to cover services provided by the Distributor hereunder.

**14. <u>Confidentiality</u>.** During the term of this Agreement, the Distributor and the Trust may have access to confidential information relating to such matters as either party's business, trade secrets, systems, procedures, manuals, products, contracts, personnel, and

clients. As used in this Agreement, "<u>Confidential Information</u>" means information belonging to one of the parties that is of value to such party and the disclosure of which could result in a competitive or other disadvantage to such party. Confidential Information includes, without limitation, financial information, proposal and presentations, reports, forecasts, inventions, improvements and other intellectual property; trade secrets; know-how; designs, processes or formulae; software; market or sales information or plans; customer lists; and business plans, prospects and opportunities (such as possible acquisitions or dispositions of businesses or facilities). Confidential Information includes information developed by either party in the course of engaging in the activities provided for in this Agreement, unless: (i) the information is or becomes publicly known through lawful means; (ii) the information is disclosed to the other party without a confidential restriction by a third party who rightfully possesses the information and did not obtain it, either directly or indirectly, from one of the parties, as the case may be, or any of their respective principals, employees, affiliated persons, or affiliated entities. The parties understand and agree that all Confidential Information shall be kept confidential by the other both during and after the term of this Agreement. Each party shall maintain commercially reasonable information security policies and procedures for protecting Confidential Information. In the event the Distributor becomes aware of critical vulnerabilities in any of its product(s) or platform(s) in which the Trust's data is stored or through which the Trust's data can be accessed, the Distributor will notify the Trust and use commercially reasonable efforts to remediate such vulnerabilities within 30 days or as promptly thereafter as reasonably practicable. The parties further agree that they will not, without the prior written approval by the other party, disclose such Confidential Information, or use such Confidential Information in any way, either during the term of this Agreement or at any time thereafter, except (i) as required in the course of this Agreement, (ii) as provided by the other party, or (iii) as required by applicable law, rule or regulation or in response to a routine regulatory examination or request for information directed at the receiving party. Upon termination of this Agreement for any reason, or as otherwise requested by the Trust, all Confidential Information held by or on behalf of Trust shall be promptly returned to the Trust, or an authorized officer of the Distributor will certify to the Trust in writing that all such Confidential Information has been destroyed. This section 14 shall survive the termination of this Agreement. Notwithstanding the foregoing, a party may disclose the other's Confidential Information if (i) required by law, regulation or legal process or if requested by the SEC or other governmental regulatory agency with jurisdiction over the parties hereto or (ii) requested to do so by the other party, provided that in the event of (i), the disclosing party shall give the other party reasonable prior notice of such disclosure to the extent reasonably practicable and shall reasonably cooperate with the other party (at such other party's expense) in any effectors to prevent such disclosure. The parties agree, however, that the procedures and restrictions set forth immediately above shall not apply to disclosures of Confidential Information to the receiving party's applicable regulatory authorities in connection with routine regulatory examinations or requests for information, with respect to which the receiving party shall be permitted to disclose such Confidential Information to the extent necessary to respond to such examinations or requests. The receiving party shall advise such regulatory authorities of the confidential nature of such information. Nothing in this Agreement shall be deemed to authorize the Distributor to waive any attorney-client privilege, work product

or other privilege of the Trust. In the event that the receiving party becomes aware that any of the other party's Confidential Information has been disclosed by the receiving party to any unauthorized person(s), regardless of the form of disclosure including, but not limited to: (i) accidental, inadvertent or intentional; (ii) theft; or (iii) breach of its technology systems, the receiving party will notify, to the extent possible or permitted, the other party as soon as reasonably practicable of such disclosure ("Incident"). Each party agrees that all communications, information, and data related to any Incident investigation, assessment, or decision is deemed "Confidential Information" under this Agreement..

**15. <u>Limitation of Liability</u>.** This Agreement is executed by or on behalf of the Trust with respect to each of the Funds and the obligations hereunder are not binding upon any of the trustees, officers or shareholders of the Trust individually but are binding only upon the Fund to which such obligations pertain and the assets and property of such Fund. Separate and distinct records are maintained for each Fund and the assets associated with any such Fund are held and accounted for separately from the other assets of the Trust, or any other Fund of the Trust. The debts, liabilities, obligations, and expenses incurred, contracted for, or otherwise existing with respect to a particular Fund of the Trust shall be enforceable against the assets of that Fund only, and not against the assets of the Trust generally or any other Fund, and none of the debts, liabilities, obligations, and expenses incurred, contracted for, or otherwise existing with respect to the Trust generally or any other Fund shall be enforceable against the assets of that Fund. The Trust's Agreement and Declaration of Trust is on file with the Trust.

**16. <u>Use of Names; Publicity</u>.** The Trust shall not use the Distributor's name in any offering material, shareholder report, advertisement or other material relating to the Trust, in a manner not approved by the Distributor in writing prior to such use, such approval not to be unreasonably withheld. The Distributor hereby consents to all uses of its name required by the SEC, any state securities commission, or any federal or state regulatory authority.

The Distributor shall not use the name "First Eagle" in any offering material, shareholder report, advertisement or other material relating to the Distributor, other than for the purpose of merely identifying the Trust as a client of Distributor hereunder, in a manner not approved by the Trust in writing prior to such use; provided, however, that the Trust shall consent to all uses of its name required by the SEC, any state securities commission, or any federal or state regulatory authority; and provided, further, that in no case shall such approval be unreasonably withheld.

The Distributor will not issue any press releases or make any public announcements regarding the existence of this Agreement without the express written consent of the Trust. Neither the Trust nor the Distributor will disclose any of the economic terms of this Agreement, except as may be required by law.

**17. <u>Exclusivity</u>.** Nothing herein contained shall prevent either party from entering into similar distribution arrangements or from providing the services contemplated hereunder to or receiving such services from third parties.

**18. <u>Governing Language</u>.** This Agreement has been negotiated and executed by the parties in English. In the event any translation of this Agreement is prepared for convenience or any other purpose, the provisions of the English version shall prevail.

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their officers designated below as of the date first set forth above.

Quasar Distributors, LLC First Eagle ETF Trust

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By:  |
| Name: |
| Title: |
| Date: |

---

**EXHIBIT A**

First Eagle US Equity ETF<br> First Eagle Mid Cap Equity ETF

## Ex-99.(E)(2)

**Exhibit (e)(2)**

**ETF DISTRIBUTION SERVICES AGREEMENT**

THIS AGREEMENT made this __________ day of __________, 2025, by and between First Eagle Investment Management, LLC, a Delaware limited liability company (the "Adviser"), and Quasar Distributors, LLC, a Delaware limited liability company (the "Distributor").

WHEREAS, the Distributor and First Eagle ETF Trust (the "Trust") have entered into an ETF distribution agreement dated as of ___________, 2025, as amended (the "ETF Distribution Agreement"), whereby the Distributor acts as the principal underwriter of certain series of the Trust, as listed in Exhibit A to the ETF Distribution Agreement (the "Funds"); and

WHEREAS, the Adviser has agreed to compensate the Distributor to the extent that the Funds are not authorized to so compensate the Distributor;

NOW THEREFORE, the Adviser and the Distributor hereby agree as follows:

1. <u>Compensation and Expenses</u>.

The Distributor has agreed to provide the services set forth in the ETF Distribution Agreement, which is attached hereto as Exhibit A, and the Adviser has agreed to pay the Distributor the compensation set forth in Exhibit B.

2. <u>Term and Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement will become effective upon the date first set forth above, will continue in effect throughout the term of the ETF Distribution Agreement, and will terminate automatically upon any termination of the ETF Distribution Agreement; provided, however, that, notwithstanding such termination of the ETF Distribution Agreement, the Adviser will continue to pay to Distributor all fees and expenses to which Distributor is entitled pursuant to the ETF Distribution Agreement for services performed through such termination date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement shall automatically terminate in the event the Adviser no longer serves as investment adviser to the Funds; provided that prior to or on such termination date, the Adviser pays to Distributor all compensation due as of such termination date.

3. <u>Limitation of Liability</u>

The Distributor shall not be liable to the Adviser for any action taken or omitted by it in the absence of bad faith, willful misfeasance, gross negligence or reckless disregard by it (or its agents or employees) of its obligations and duties under this Agreement.

4. <u>Notices.</u> Any notice or other communication authorized or required by this Agreement to be given to either party shall be in writing and deemed to have been given when delivered in person or by email, or posted by certified mail, return receipt requested, to the following address (or such other address as a party may specify by written notice to the other):

---

| | |
|:---|:---|
| &nbsp;&nbsp;(i) **To Distributor:** | &nbsp;&nbsp;(ii) **If to the Adviser:** |
| &nbsp;&nbsp;Quasar Distributors, LLC<br> Attn: Legal Department<br> 190 Middle Street, Suite 301<br> Portland, ME 04101<br> Telephone: (207) 553-7110<br> Email: legal@foreside.com | &nbsp;&nbsp;First Eagle Investment Management, LLC <br> Attn: General Counsel <br> 1345 Avenue of the Americas, 48th Floor <br> New York, NY 10105<br> Telephone:<br> Email: mfops@firsteagle.com |

---

5. <u>Transfer Agent</u>

The Distributor and the Adviser agree that in the course of the Distributor's services that the Distributor may need information from time to time from the transfer agent ("Transfer Agent") as depicted below. The Adviser shall promptly notify the Distributor in writing of any changes to the Transfer Agent or its contact information.

[INSERT: Transfer Agent Name/physical address/e-mail/phone number]

6. <u>Assignment</u>.

This Agreement and the rights and duties hereunder shall not be assignable with respect to a Fund by either of the parties hereto except by the specific written consent of the other party. This Agreement shall be binding upon, and shall inure to the benefit of, the parties hereto and their respective successors and permitted assigns.

7. <u>Governing Law</u>.

This Agreement shall be governed by, and interpreted in accordance with, the laws of the State of Delaware.

8. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Paragraph headings in this Agreement are included for convenience only and are not to be used to construe or interpret this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement constitutes the complete agreement of the parties hereto as to the subject matter covered by this Agreement, and supersedes all prior negotiations, understandings and agreements bearing upon the subject matter covered by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If any part, term or provision of this Agreement is held to be illegal, in conflict with any law or otherwise invalid, the remaining portion or portions shall be considered severable and not be affected, and the rights and obligations of the parties shall be construed and enforced as if this Agreement did not contain such part, term or provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) This Agreement may be executed in counterparts, each of which shall be an original but all of which, taken together, shall constitute one and the same agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) No amendment to this Agreement shall be valid unless made in writing and executed by both parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Invoices for fees and expenses due to Distributor hereunder and as set forth in Exhibit B hereto shall be sent by Distributor to the address furnished above in Section 4(ii) unless and until changed by Adviser (Adviser to provide reasonable advance notice of any change of billing address to Distributor).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) This Agreement has been negotiated and executed by the parties in English. In the event any translation of this Agreement is prepared for convenience or any other purpose, the provisions of the English version shall prevail.

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed all as of the day and year first above written.

---

| | |
|:---|:---|
| First Eagle Investment Management, LLC | Quasar Distributors, LLC |
| By: | By: |
| Name: Sheelyn M. Michael | Name: |
| Title: Deputy General Counsel | Title: |

---

<u>EXHIBIT A</u>

<u>ETF Distribution Agreement</u>

<u>EXHIBIT B</u>

<u>Compensation</u>

<u>DISTRIBUTION SERVICES FEES</u>

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name** | &nbsp;&nbsp;**Price** | &nbsp;&nbsp;**Term** |
| &nbsp;&nbsp;Implementation Fee | &nbsp;&nbsp; $5,000.00<br>Payable upon execution<br>| &nbsp;&nbsp;One-time service |
| &nbsp;&nbsp; Legal Underwriting -<br>Exchange-Traded Products<br>| &nbsp;&nbsp;The greater of $15,000 per ETF or 0.50 basis points (0.005%) on Total ETF assets | &nbsp;&nbsp; Annually recurring<br>|
| &nbsp;&nbsp;Review of Fund Marketing Material | &nbsp;&nbsp; $125 standard review<br>$10 per page/minute<br>$600 expedited review<br>$25 per page/minute | &nbsp;&nbsp; Standard fee per communication piece for the first 10 pages (minutes if audio or video)<br>Fee after 10 pages/minutes<br>Expedited fee per communication piece requiring 24 hour expedited review for the first 10 pages (minutes if audio or video)<br>Fee after 10 pages/minutes (expedited) |
| &nbsp;&nbsp;Call Center Service (optional) | &nbsp;&nbsp;$2000 | &nbsp;&nbsp;Annually recurring |

---

*<sup>1</sup>Asset Fee based on total assets in the Funds (calculated and billed monthly).*

*Recurring fees are subject to standard 5% annual increase.*

<u>OUT-OF-POCKET EXPENSES</u>

Reasonable out-of-pocket expenses incurred by the Distributor in connection with the services provided pursuant to the ETF Distribution Agreement. Such expenses may include, without limitation, regulatory filing fees; marketing materials regulatory review fees; communications; postage and delivery service fees; bank fees; reproduction and record retention fees; travel, lodging and meals.

Notes:

⮚ Fees will be calculated and payable monthly.

## Ex-99.(F)

**Exhibit 99.(f)**

**FIRST EAGLE FUNDS <br> DEFERRED COMPENSATION PLAN**

**Section 1. PURPOSE**

This First Eagle Funds Deferred Compensation Plan (the "**Plan**") is intended to promote the success of First Eagle Funds, a Delaware statutory trust (the "**Funds**"), and the Participating Funds, and to attract and retain individuals of the highest caliber for service on the Board of Trustees of the Funds (the "**Board**") and the boards of the Participating Funds by permitting them to defer receipt of their fees and to earn a return thereon. Each affiliated fund that adopts the Plan and elects to become a participating sponsor of the Plan together with the Funds shall be referred to as a "**Participating Fund**". The Plan is intended to meet the requirements of Section 409A of the Internal Revenue Code of 1986, as amended (the "**Code**"), and shall be interpreted and construed consistent with that intent.

**Section 2. ELIGIBILITY**

Each member of the Board and the boards of the Participating Funds who has satisfied the share ownership guidelines in effect for such member shall be eligible to participate in and to elect to defer his or her fees in accordance with the terms of the Plan. Each such member who submits a completed election form as provided in Section 4 shall be referred to as a "**Participant**".

**Section 3. PLAN ADMINISTRATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Plan shall be administered by a committee comprised of one or more members of the Board or such other person or persons appointed by the Board for such purpose (the "**Plan Administration Committee**"). The members of the Plan Administration Committee shall serve at the pleasure of the Board and may be appointed, removed or replaced by the Board at any time. Actions of the Plan Administration Committee shall be approved by a majority of its members; <u>provided</u> that the Plan Administration Committee shall have authority to delegate its duties under the Plan to one or more of its members or such other person or persons as the Plan Administration Committee may determine and shall have authority to retain counsel or other service providers to assist in the performance thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Plan Administration Committee shall be responsible for the operation, management and administration of the Plan and shall have authority to interpret and to prescribe rules for the administration of the Plan, and to make all such determinations as may be necessary or advisable in connection with the administration of the Plan, including, to approve forms and procedures for Participant elections, to determine the value of accounts and the amount of payments to Participants and to establish one or more trusts or similar arrangements in connection with the Plan . Any determination by the Plan Administration Committee pursuant to the Plan shall be final, conclusive and binding upon the Funds and each affected Participant.

NYDOCS01/1087428.7

**Section 4. ELECTIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A Participant's election to defer director fees under the Plan for any year shall be evidenced by an election form ("**Election Form**") in such form as may be approved by the Plan Administration Committee from time to time. The Election Form shall be properly completed and executed by the Participant and shall indicate the percentage of Board fees that the Participant wishes to defer for the year and the Participant's investment and payment elections for the amounts deferred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except for the first year in which a Participant becomes eligible to participate in the Plan, the Participant's Election Form for any year must be received by the Funds not later than the last day of the next preceding year. For the first year in which a Participant first becomes eligible to participate in the Plan, the Participant's Election Form must be received within 30 days following the date of such eligibility and shall be effective for the portion of the year following receipt thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A Participant's Election Form for any year shall be irrevocable and may not be changed; <u>provided</u> that the Plan Administration Committee may permit a Participant to make a subsequent election with respect to the time and form of payment of amounts deferred under the Plan, in accordance with Section 4(d) or otherwise in accordance with and subject to the requirements of Section 409A(a)(4)(C) of the Code; <u>provided</u>, <u>further</u>, that the Participant shall be permitted to revise his or her election with respect to the investment of amounts deferred, in accordance with the rules and procedures established by the Plan Administration Committee from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If permitted by the Plan Administration Committee, a Participant may make one or more subsequent election to delay the payment, or to change the form of payment (for example, from a lump sum to a series of installments), of amounts deferred under the Plan, subject to the following limitations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the first payment with respect to which the election is made must be deferred for a period of not less than five years from the date such payment would otherwise have been made; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the election may not take effect until at least twelve months after the date on which the election is made and, if related to a payment to be made at a specified time or pursuant to a fixed schedule, the election may not be made less than twelve months prior to the date of the Participant's first such payment scheduled under the Plan.

**Section 5. ACCOUNTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Funds shall establish an individual bookkeeping account ("<u>Account</u>") with respect to each Participant and shall credit to each Account the amounts deferred by the Participant under the Plan as of the date on which such amounts ordinarily would have been paid to the Participant outside the Plan.

NYDOCS01/1087428.7 2

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Account shall be adjusted based on the performance (on a fee-waived basis) of the Class A Shares of one or more of the funds constituting the First Eagle Funds and such other investment indexes as may be selected by the Plan Administration Committee, and designated by the Participant, from time to time ("<u>Indexes</u>"). Each Account shall be credited/debited with the investment earnings/losses attributable to the deemed investment of the Account balance in the Indexes.

**Section 6. PAYMENT**

Each Participant's Account shall be paid to the Participant (or the Participant's beneficiary) in accordance with the Participant's Election Forms and this Section 6. Subject to Section 7, Section 8 and Section 9, unless the Participant elects payment at such other time or in such other manner as may be permitted on the Participant's Election Form for such year, the amounts deferred by the Participant for any year, together with the investment earnings/losses credited/debited with respect to such amounts, shall be paid to the Participant as soon as practicable following the date on which the Participant ceases to serve on the Board ("<u>Retirement</u>").

**Section 7. UNFORESEEABLE EMERGENCY**

Upon the request of any Participant, the Plan Administration Committee may authorize the payment of amounts credited to the Participant's Account if the Plan Administration Committee determines that there is a severe financial hardship to the Participant resulting from an illness or accident of the Participant, the Participant's spouse, or a dependent of the Participant, loss of the Participant's property due to casualty, or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant, in each case, that may not be relieved through reimbursement or compensation by insurance or otherwise, or by liquidation of the Participant's assets (to the extent such liquidation would not itself cause severe financial hardship); <u>provided</u> that such payment shall not exceed the amount reasonably necessary to satisfy the emergency need.

**Section 8. TERMINATION AND AMENDMENT**

The Board, in its sole discretion, may amend, suspend, discontinue or terminate the Plan at any time. In addition, the Plan Administration Committee shall have the right, without any Participant's consent, to amend or modify the terms of the Plan and outstanding Election Forms, to the extent necessary or advisable to avoid adverse or unintended tax consequences, including under Section 409A of the Code. In connection with any termination of the Plan, the Board may, in its discretion, distribute the amounts deferred pursuant to the Plan, subject to and in accordance with the requirements of Section 1.409A-3(j)(4)(ix) of the Regulations under the Code (or any successor thereto). The Plan Administration Committee, at all times, shall have the right to revoke the participation by any Participating Fund in the Plan.

NYDOCS01/1087428.7 3

**Section 9. BENEFICIARIES**

Each Participant may designate one or more natural persons, estates and/or trusts as beneficiaries of the Participant's Account in the event of the death of the Participant, in accordance with the rules and procedures established by the Plan Administration Committee from time to time. If a Participant does not so designate a beneficiary, or if the Participant's beneficiaries predecease the Participant, the Participant's beneficiary shall be deemed to be the Participant' surviving spouse or, if the Participant has no surviving spouse, the Participant's benefits under the Plan shall be payable to the executor or personal representative of the Participant's estate. In the event of death of any Participant, the Participant's Account shall be paid to the Participant's beneficiary as soon as practicable following the date thereof.

**Section 10. UNFUNDED PLAN**

The Plan shall be unfunded and no Participant (or beneficiary thereof) shall have any right, title or interest in or to any assets of the Funds or any Participating Fund or amounts credited to any Account under the Plan that are greater than a general, unsecured creditor of the Funds and the Participating Funds. All payments pursuant to the Plan shall be made solely from the general assets of the Funds and the Participating Funds.

**Section 11. GOVERNING LAW**

The Plan and each Election Form shall be governed by and construed in accordance with the laws of the State of New York.

**Section 12. EFFECTIVE DATE**

The Plan was effective as of July 1, 2006, and was amended and restated effective as of January 1, 2009.

NYDOCS01/1087428.7 4

## Ex-99.(G)

**Exhibit (g)**

![](x4_c114495x16x1.jpg)

**AMENDED AND RESTATED GLOBAL CUSTODY AGREEMENT**

***between***

**EACH FIRST EAGLE ENTITY SET FORTH ON EXHIBIT A HERETO**

***and***

**JPMORGAN CHASE BANK, N.A.**

**SECURITIES SERVICES**

**jpmorgan.com**

**Table of Contents**

**1.** **INTENTION OF THE PARTIES; DEFINITIONS** **1** 

1.1. Intention of the Parties 1

1.2. Definitions; Interpretation 1

**2.** **WHAT J.P. MORGAN IS REQUIRED TO DO** **4** 

2.1. Set Up Accounts 4

2.2. Cash Account 5

2.3. Segregation of Assets; Nominee Name 5

2.4. Settlement of Transactions 6

2.5. Contractual Settlement Date Accounting 6

2.6. Actual Settlement Date Accounting 7

2.7. Income Collection (AutoCredit®) 7

2.8. Miscellaneous Administrative Duties 7

2.9. Corporate Actions 8

2.10. Class Action Litigation 8

2.11. Proxies 8

2.12. Statements of Account 9

2.13. Access to J.P. Morgan's Records 9

2.14. Maintenance of Financial Assets at Subcustodian Locations 10

2.15. Tax Relief Services 10

2.16. Foreign Exchange Transactions 10

2.17. Notifications 10

2.18. Sealed Envelopes 10

**3.** **INSTRUCTIONS** **13** 

3.1. Acting on Instructions; Method of Instruction and Unclear Instructions 13

3.2. Verification and Security Procedures 13

3.3. Instructions; Contrary to Law/Market Practice 13

3.4. Cut-Off Times 13

3.5. Electronic Access 13

**4.** **FEES, EXPENSES AND OTHER AMOUNTS OWING TO J.P. MORGAN** **14** 

4.1. Fees and Expenses 14

4.2. Overdrafts 14

4.3. J.P. Morgan's Right Over Securities; Set-off 14

**5.** **SUBCUSTODIANS AND SECURITIES DEPOSITORIES** **15** 

5.1. Appointment of Subcustodians; Use of Securities Depositories 15

5.2. Liability for Subcustodians 15

**6.** **ADDITIONAL PROVISIONS** **16** 

6.1. Representations of the Customer and J.P. Morgan 16

6.2. The Customer is Liable to J.P. Morgan Even if it is Acting for Another Person 16

6.3. Special Settlement Services 17

**7.** **WHEN J.P. MORGAN IS LIABLE TO THE CUSTOMER** **17** 

7.1. Standard of Care; Liability 17

7.2. Force Majeure 18

7.3. J.P. Morgan May Consult With Counsel 18

<{AMER_Active:6349070v14}>

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| | | |
|:---|:---|:---|
| 7.4. | J.P. Morgan Provides Diverse Financial Services and May Generate Profits as a Result | 18 |
| 7.5. | Assets Held Outside J.P. Morgan's Control | 19 |
| 7.6. | Ancillary Services | 19 |
| 7.7. | Service Locations | 19 |
| **8.** | **TAXATION** | **19** |
| 8.1. | Tax Obligations | 19 |
| 8.2. | Tax Relief Services | 20 |
| **9.** | **TERMINATION** | **20** |
| 9.1. | Termination | 20 |
| 9.2. | Exit Procedure | 21 |
| 9.3. | Inactive Securities Accounts | 21 |
| **10.** | **MISCELLANEOUS** | **22** |
| 10.1. | Notifications | 22 |
| 10.2. | Successors and Assigns | 22 |
| 10.3. | Entire Agreement and Amendments | 22 |
| 10.4. | Information Concerning Deposits at J.P. Morgan's Non-U.S. Branch | 22 |
| 10.5. | Insurance | 22 |
| 10.6. | Security Holding Disclosure | 23 |
| 10.7. | U.S. Regulatory Disclosure | 23 |
| 10.8. | Governing Law and Jurisdiction | 23 |
| 10.9. | Severability; Waiver; and Survival | 24 |
| 10.10. | Confidentiality | 24 |
| 10.11. | Use of J.P. Morgan's Name | 24 |
| 10.12. | Counterparts | 25 |
| 10.13. | No Third Party Beneficiaries | 25 |
| Exhibit A List of Entities | Exhibit A List of Entities | 27 |
| Schedule 1 List of Subcustodians and Markets Used by J.P. Morgan | Schedule 1 List of Subcustodians and Markets Used by J.P. Morgan | 28 |
| Schedule 2 Form of Board Resolution | Schedule 2 Form of Board Resolution | 29 |
| Schedule 3 List of J.P. Morgan Investor Services Custody Restricted Markets | Schedule 3 List of J.P. Morgan Investor Services Custody Restricted Markets | 30 |
| Annex A Electronic Access | Annex A Electronic Access | 31 |

---

<{AMER_Active:6349070v14}>

**AMENDED AND RESTATED GLOBAL CUSTODY AGREEMENT**

This agreement, dated April 18, 2017 (the "Agreement"), is between JPMORGAN CHASE BANK, N.A. *("*J.P. Morgan"), with a place of business at 383 Madison Ave., Floor 11, New York, New York, 10179; and each entity managed by First Eagle Investment Management, LLC, or First Eagle Alternative Credit, that is set forth on Exhibit A (each, the "Customer") with a place of business at 1345 Avenue of the Americas, New York, NY 10105.

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **INTENTION OF THE PARTIES; DEFINITIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1.** **Intention of the Parties** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement sets out the terms on which J.P. Morgan will provide custodial, settlement, asset servicing and other associated
 services to the Customer. J.P. Morgan will be responsible for the performance of only those duties expressly set forth in
 this Agreement.

(b) Investing in Financial Assets and cash in foreign jurisdictions may involve risks of loss or other burdens and costs.
 The Customer acknowledges that J.P. Morgan is not providing any legal, tax or investment advice in connection with the services
 under this Agreement and will not be liable for any losses resulting from Country Risk.

(c) The terms and conditions of this Agreement are applicable only to the services which are specified in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2.** **Definitions; Interpretation** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Definitions

As used herein, the following terms have the meaning hereinafter stated.

**"Account"** has the meaning set forth in Section 2.1.

**"Account Assets"** has the meaning set forth in Section 4.3(a).

**"Affiliated Subcustodian Bank"** means a Subcustodian that is both a subsidiary of JPMorgan Chase & Co. and either (i) a bank chartered or incorporated in the United States of America or (ii) a branch or subsidiary of such a bank.

**"AML/Sanctions Requirements"** means (a) any Applicable Law (including but not limited to the rules and regulations of the United States Office of Foreign Assets Control) applicable to J.P. Morgan, or to any J.P. Morgan Affiliate engaged in servicing any Account, which governs (i) money laundering, the financing of terrorism, insider dealing or other unlawful activities, or the use of financial institutions to facilitate such activities or (ii) transactions involving individuals or institutions which have been prohibited by, or subject to, sanctions of any governmental authority; and (b) any J.P. Morgan policies and procedures reasonably designed to assure compliance with any such Applicable Law.

**"Applicable Law"** means any applicable statute, treaty, rule, regulation or law (including common law) and any applicable decree, injunction, judgment, order, formal interpretation or ruling issued by a court or governmental entity.

**"Authorized Person"** means any person who has been designated by written notice from the Customer in the form as provided by J.P. Morgan (or by written notice in the form as provided by J.P. Morgan from any agent designated by the Customer, including, without limitation, an investment manager) to act on behalf of the Customer under this Agreement and any person who has been given an access code by a security administrator appointed by the Customer which allows the provision of Instructions. Such persons will continue to be Authorized Persons until such time as J.P. Morgan receives and has had reasonable time to act upon Instructions from the Customer (or its agent) that any such person is no longer an Authorized Person.

**"Cash Account"** has the meaning set forth in Section 2.1(a)(ii).

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**"Confidential Information"** means all non-public information concerning the Customer or the Accounts which J.P. Morgan receives in the course of providing services under this Agreement. Nevertheless, the term Confidential Information shall not include information which is or becomes available to the general public other than as a direct result of J.P. Morgan's breach of the terms of this Agreement or information which J.P. Morgan obtains on a non-confidential basis from a person who is not known to be subject to any obligation of confidence to any person with respect to that information.

**"Corporate Action"** means any subscription right, bonus issue, stock repurchase plan, redemption, exchange, tender offer, or similar matter with respect to a Financial Asset in the Securities Account that requires discretionary action by the beneficial owner of the Financial Asset, but does not include rights with respect to class action litigation or proxy voting.

**"Country Risk"** means the risk of investing or holding assets in a particular country or market, including, but not limited to, risks arising from nationalization, expropriation or other governmental actions; the country's financial infrastructure, including prevailing custody, tax and settlement practices; laws applicable to the safekeeping and recovery of Financial Assets and cash held in custody; the regulation of the banking and securities industries, including changes in market rules; currency restrictions, devaluations or fluctuations; and market conditions affecting the orderly execution of securities transactions or the value of assets.

**"Eligible Foreign Custodian"** means (i) a banking institution or trust company, incorporated or organized under the laws of a country other than the United States, that is regulated as such by that country's government or an agency thereof, and (ii) a majority-owned direct or indirect subsidiary of a U.S. Bank (as defined in rule 17f-5(a)(7)) or bank holding company which subsidiary is incorporated or organized under the laws of a country other than the United States. In addition, an Eligible Foreign Custodian shall also mean any other entity that shall have been so qualified by exemptive order, rule or other appropriate action of the SEC.

"**Eligible Securities Depository**" shall have the same meaning as in rule 17f-7(b)(1)(i)-(vi) as the same may be amended from time to time, or that has otherwise been made exempt pursuant to an SEC exemptive order; provided that, prior to the compliance date with rule 17f-7 for a particular securities depository the term "securities depositories" shall be as defined in (a)(1)(ii)-(iii) of the 1997 amendments to rule 17f-5.

**"Entitlement Holder"** means the person named on the records of a Securities Intermediary as the person having a Security Entitlement against the Securities Intermediary.

**"Financial Asset"** means a Security, Gold, and Silver, and refers, as the context requires, either to the asset itself or to the means by which a person's claim to it is evidenced, including, without limitation, for a Security, a security certificate or a Security Entitlement and for Gold and Silver, the serial numbers or other identification marks. "Financial Asset" does not include cash.

**"Fund"** means each separate portfolio of the First Eagle Funds and First Eagle Variable Funds.

"**Gold**" means gold bars, custodied on an allocated basis, unless otherwise agreed in writing by the parties.

**"Instruction"** means an instruction that has been verified in accordance with a Security Procedure or, if no Security Procedure is applicable, that J.P. Morgan believes, in its commercially reasonable discretion, to have been given by an Authorized Person.

**"J.P. Morgan Affiliate"** means an entity controlling, controlled by, or under common control with J.P. Morgan.

**"J.P. Morgan Indemnitees"** means J.P. Morgan, J.P. Morgan Affiliates, Subcustodians, and their respective nominees, directors, officers, employees and agents.

**"Liabilities"** means any liabilities, losses, claims, costs, damages, penalties, fines, obligations, taxes (other than taxes based solely on J.P. Morgan's income), or expenses of any kind whatsoever (whether actual or contingent and including, without limitation, attorneys', accountants', consultants' and experts' fees and disbursements reasonably incurred and, where relevant, any and all amounts owing to J.P.

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Morgan by Customer's counterparty in connection with collateral Accounts or control Accounts established at J.P. Morgan pursuant to the Customer's Instruction) outstanding from time to time.

**"Proxy Voting Service"** has the meaning set forth in Section 2.11(a).

**"Sealed Envelope"** means a sealed envelope which the Customer requests J.P. Morgan to hold in custody. Nothing in this definition shall obligate J.P. Morgan to accept any such Sealed Envelope.

**"Secured Liabilities"** means Customer's obligation to (i) pay any unpaid fees to J.P. Morgan, and (ii) repay any extension of credit made by J.P. Morgan or its Affiliates in the normal course of business for the purpose of (A) clearing and settling purchases or sales of Securities for which Customer has not yet delivered sufficient cash into the Cash Account or Securities into the Securities Account, (B) funding any cash payment related to clearing and settling the purchase or sale of an asset or other investment vehicle, including cash payments related to a purchase or sale of foreign currencies or precious metals for which Customer has not yet delivered sufficient cash into the Cash Account, or (C) the advancement of funds in relation to Contractual Settlement Date Accounting as described in Section 2.5, which in each case was intended by J.P. Morgan to be a short-term extension of credit when made.

**"Securities"** means shares, stocks, debentures, bonds, notes or other like obligations, whether issued in certificated or uncertificated form, and any certificates, receipts, warrants or other instruments representing rights to receive, purchase or subscribe for the same that are commonly traded or dealt in on securities exchanges or financial markets and any other property as may be acceptable to J.P. Morgan for the Securities Account.

**"Securities Account"** means each Securities custody account on J.P. Morgan's records to which Financial Assets are or may be credited under this Agreement.

**"Securities Depository"** means any securities depository, clearing corporation, dematerialized book entry system or similar system for the central handling of Securities, whether or not acting in that capacity. The term 'Securities Depository' as used in this Agreement when referring to a securities depository located in the U.S. shall mean a 'securities depository' as defined in rule 17f-4(c)(6).

**"Security Entitlement"** means the rights and property interests of an Entitlement Holder with respect to a Financial Asset as set forth in Part 5 of Article 8 of the Uniform Commercial Code of the State of New York, as the same may be amended from time to time.

**"Securities Intermediary"** means J.P. Morgan, a Subcustodian, a Securities Depository and any other financial institution which in the ordinary course of business maintains Securities custody accounts for others and acts in that capacity.

**"Security Procedure"** means a security procedure to be followed by the Customer upon the issuance of an instruction and/or by J.P. Morgan upon the receipt of an instruction, so as to enable J.P. Morgan to verify that such instruction is authorized, as set forth in service level documentation in effect from time to time with respect to the services set forth in this Agreement, or as otherwise agreed in writing by the parties. A Security Procedure may, without limitation, involve the use of algorithms, codes, passwords, encryption or telephone call backs, and may be updated by J.P. Morgan from time to time upon notice to the Customer. The Customer acknowledges that the Security Procedure is designed to verify the authenticity of, and not to detect errors in, instructions. For the avoidance of doubt, the parties agree that a SWIFT message issued in the name of the Customer through any third party utility that the parties have agreed as an utility through which instructions may be provided hereunder and authenticated in accordance with that utility's customary procedures, shall be deemed to be an authorized instruction; provided that nothing in the foregoing clause shall require Customer to use SWIFT messaging as a method for providing Instructions.

"**Silver**" means silver bars, custodied on an allocated basis, unless otherwise agreed in writing by the parties.

**"Subcustodian"** means any of the subcustodians appointed by J.P. Morgan from time to time to hold Financial Assets and act on its behalf in different jurisdictions (and being at the date of this Agreement the entities listed in 0 – List of Subcustodians and Markets Used by J.P. Morgan) and includes any Affiliated Subcustodian Bank.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Interpretation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Headings are for convenience of reference only and shall not in any way form part of or affect the
 construction or interpretation of any provision of this Agreement.

(ii) Unless otherwise expressly stated to the contrary herein, references to articles and sections are to articles and sections
 of this Agreement and references to sub-sections and paragraphs are to sub-sections of the Sections and paragraphs of the
 sub-sections in which they appear.

(iii) Unless the context requires otherwise, references in this Agreement to "persons" shall include legal as well
 as natural entities; references importing the singular shall include the plural (and vice versa); use of the generic masculine
 pronoun shall include the feminine (and vice versa); use of the term "including" shall be deemed to mean "including
 but not limited" to, and references to appendices and numbered sections shall be to such addenda and provisions herein;
 all such addenda are hereby incorporated in this Agreement by reference.

(iv) Unless the context requires otherwise, any reference to a statute or a statutory provision shall include such statute
 or provision as from time modified to the extent such modification applies to any service provided hereunder. Any reference
 to a statute or a statutory provision shall also include any subordinate legislation made from time to time under that statute
 or provision.

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **WHAT J.P. MORGAN IS REQUIRED TO DO** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1.** **Set Up Accounts** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) J.P. Morgan will establish and maintain the following accounts ("Accounts"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) one or more Securities Accounts in the name of the Customer (or in another name requested by the Customer that is acceptable
 to J.P. Morgan) for the safekeeping of Financial Assets, which may be held by J.P. Morgan, a Subcustodian or a Securities
 Depository for J.P. Morgan on behalf of the Customer, including as an Entitlement Holder; and

(ii) one or more cash accounts in the name of the Customer (each, a "Cash Account") (or in another name requested
 by the Customer that is acceptable to J.P. Morgan) for the safekeeping of any and all cash in any currency received by or
 on behalf of J.P. Morgan for the account of the Customer.

Notwithstanding paragraph 2.1(a)(ii), cash held in respect of those markets where the Customer is required to have a cash account in its own name held directly with the relevant Subcustodian or Securities Depository will be held in that manner and will not be part of the Cash Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At the request of the Customer, additional Accounts may be opened in the future, and such additional
 Accounts shall be subject to the terms of this Agreement.

(c) In the event that the Customer requests the opening of any additional Account for the purpose of holding collateral pledged
 by the Customer to a securities exchange, clearing corporation, or other central counterparty (a "Counterparty")
 to secure trading activity by the Customer, or the pledge to a Counterparty of cash or individual Securities held in an Account,
 that Account (or the pledged cash or Securities) shall be subject to the collateral arrangements in effect between J.P. Morgan
 and the Counterparty in addition to the terms of this Agreement.

(d) Upon thirty (30) days' prior notice to the Customer, J.P. Morgan may close any Account that it reasonably determines
 to be dormant. In the case of a dormant Cash Account, J.P. Morgan may, upon closure of the Account, pay any de minimis balances
 in that Cash Account into another Cash

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| | |
|:---|:---|
|  | Account of the Customer, and is authorized to enter into with Customer any foreign exchange transactions needed to facilitate the payment, as contemplated by Section 2.16 of this Agreement |
| (e) | J.P. Morgan's obligation to open Accounts pursuant to Section 2.1(a) is conditional upon J.P. Morgan receiving such of the following documents as J.P. Morgan may require: |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a certified copy of the Customer's constitutional documents as in force at the time of receipt;

(ii) evidence reasonably satisfactory to J.P. Morgan of the due authorization and execution of this Agreement by the Customer
 (for example by a certified copy of a resolution of the Customer's board of directors or equivalent governing body,
 substantially in the form set out in Schedule 1 Form of Board Resolution);

(iii) fund manager mandate completed by the fund manager designated by the Customer;

(iv) information about the Customer's financial status, such as its audited and unaudited financial statements; and

(v) in the case of any Account opened in a name other than that of the Customer, documentation with respect to that name similar
 to that set forth in sub-sections (i) – (iv).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2.** **Cash Account** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any amount standing to the credit of the Cash Account will be either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) deposited during the period it is credited to the Accounts in one or more deposit accounts at J.P.
 Morgan's head office or at one of its non-U.S. branch offices and will constitute a debt owing to the Customer by J.P.
 Morgan as banker, provided that (A) any cash so deposited with a non-U.S. branch office will be payable exclusively by that
 branch office in the applicable currency, subject to compliance with Applicable Law, including, without limitation, any restrictions
 on transactions in the applicable currency imposed by the country of the applicable currency and (B) from time to time, J.P.
 Morgan may, in its discretion, pay interest on any such deposit account at a rate to be determined by J.P. Morgan (or charge
 interest if, at the time, the prevailing interest rate in the relevant market for similar deposits in the same currency is
 negative); or

(ii) placed by J.P. Morgan with a bank or other financial institution in the country in which the applicable currency is issued,
 in which case the deposit will constitute a debt owing to the Customer by that bank or other financial institution and not
 J.P. Morgan, payable exclusively in the applicable currency at that bank or financial institution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any amounts credited by J.P. Morgan to the Cash Account on the basis of a notice or an interim credit
 from a third party, may be reversed if J.P. Morgan does not receive final payment in a timely manner. J.P. Morgan will notify
 the Customer promptly of any such reversal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3.** **Segregation of Assets; Nominee Name** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) J.P. Morgan will identify in its books that Financial Assets credited to the Customer's Securities
 Account belong to the Customer (except as may be otherwise agreed by J.P. Morgan and the Customer).

(b) To the extent permitted by Applicable Law or market practice, J.P. Morgan will require each Subcustodian to identify in
 its own books that Financial Assets held at such Subcustodian by J.P. Morgan on behalf of its customers belong to customers of J.P. Morgan,
such that it is readily apparent that the Financial Assets do not belong to J.P. Morgan or the Subcustodian. J.P. Morgan

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will notify Customer promptly following J.P. Morgan becoming aware of a Sub-Custodian that holds Customer's Financial Assets failing to segregate customer assets from its proprietary assets. <br>(c) J.P. Morgan is authorized, in its discretion to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) hold in bearer form such Financial Assets as are customarily held in bearer form or are delivered to
 J.P. Morgan or its Subcustodian in bearer form;

(ii) hold Financial Assets in or deposit Financial Assets with any Securities Depository;

(iii) hold Financial Assets in omnibus accounts on a fungible basis and to accept delivery of Financial Assets of the same class
 and denomination as those deposited by the Customer;

(iv) register in the name of the Customer, J.P. Morgan, a Subcustodian, a Securities Depository or their respective nominees,
 such Financial Assets as are customarily held in registered form; and

(v) decline to accept any asset or property which it deems to be unsuitable or inconsistent with its custodial operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.4.** **Settlement of Transactions** 

Subject to Article 3 and Section 4.2 of this Agreement, J.P. Morgan will act in accordance with Instructions with respect to settlement of transactions. Settlement of transactions will be conducted in accordance with prevailing standards of the market in which the transaction occurs. Without limiting the generality of the foregoing, the Customer authorizes J.P. Morgan to deliver Financial Assets or payment in accordance with applicable market practice in advance of receipt or settlement of consideration expected in connection with such delivery or payment, and the Customer acknowledges and agrees that such action alone will not of itself constitute negligence, fraud, or willful misconduct of J.P. Morgan, and the risk of loss arising from any such action will be borne by the Customer. In the case of the failure of the Customer's counterparty (or other appropriate party) to deliver the expected consideration as agreed, J.P. Morgan will notify the Customer of such failure. If the Customer's counterparty continues to fail to deliver the expected consideration, J.P. Morgan will provide information reasonably requested by the Customer that J.P. Morgan has in its possession to allow the Customer to enforce rights that the Customer has against the Customer's counterparty, but neither J.P. Morgan nor its Subcustodians will be obliged to institute legal proceedings, file a proof of claim in any insolvency proceeding or take any similar action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.5.** **Contractual Settlement Date Accounting** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) J.P. Morgan will effect book entries on a contractual settlement date accounting basis as described
 below with respect to the settlement for those Financial Assets and transactions as to which J.P. Morgan customarily offers
 contractual settlement date accounting. J.P. Morgan reserves the right to restrict in good faith the availability of contractual
 settlement date accounting for credit or operational reasons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Sales: On the settlement date for a sale, J.P. Morgan will credit the Cash Account with the proceeds
 of the sale and post the Securities Account as pending delivery of the relevant Financial Assets.

(ii) Purchases: On the settlement date for a purchase (or earlier, if market practice requires delivery of the purchase price
 before the settlement date), J.P. Morgan will debit the Cash Account for the settlement amount. J.P. Morgan will then post
 the Securities Account as awaiting receipt of the expected Financial Assets. The Customer will not be entitled to the delivery
 of Financial Assets until J.P. Morgan or a Subcustodian actually receives them.

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Upon request, J.P. Morgan shall provide the Customer with a list of those markets for which it provides contractual settlement date accounting. J.P. Morgan may add markets to or remove markets from such list upon reasonable notice to the Customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) J.P. Morgan may reverse any debit or credit made pursuant to Section 2.5(a) prior to a transaction's
 actual settlement upon notice to the Customer in cases where J.P. Morgan reasonably believes that the transaction will not
 settle in the ordinary course within a reasonable time. The Customer will be responsible for any Liabilities resulting from
 such reversal. The Customer acknowledges that the procedures described in Section 2.5 are of an administrative nature, and
 J.P. Morgan does not undertake to make loans of cash and/or Financial Assets available to the Customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.6.** **Actual Settlement Date Accounting** 

With respect to settlement of any transaction that is not posted to the Account on the contractual settlement date as referred to in Section 2.5, J.P. Morgan will post such transaction on the date on which the cash or Financial Assets received as consideration for the transaction is actually received and settled by J.P. Morgan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.7.** **Income Collection (AutoCredit®)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) J.P. Morgan will monitor information publicly available in the applicable market about forthcoming
 income payments on the Financial Assets held in the Securities Account, and will promptly notify the Customer of such information.

(b) J.P. Morgan will credit the Cash Account with income proceeds on Financial Assets on the anticipated payment date, net
 of any taxes that are withheld by J.P. Morgan or any third party ("AutoCredit") for those Financial Assets and/or
 markets for which J.P. Morgan customarily offers an AutoCredit service. However, J.P. Morgan reserves the right to restrict
 in good faith the availability of AutoCredit for credit or operational reasons. Upon request, J.P. Morgan shall provide the
 Customer with a list of AutoCredit eligible markets. J.P. Morgan may add markets to or remove markets from the list of AutoCredit
 markets upon notice to the Customer that is reasonable in the circumstances. J.P. Morgan may reverse AutoCredit credits upon
 oral or written notification to the Customer if J.P. Morgan believes that the corresponding payment will not be received by
 J.P. Morgan within a reasonable period or the credit was incorrect.

(c) When the AutoCredit service is not available, income on Financial Assets, net of any taxes withheld by J.P. Morgan or
 any third party, will be credited only after actual receipt and reconciliation by J.P. Morgan.

(d) J.P. Morgan will use reasonable efforts to contact appropriate parties to collect unpaid interest, dividends or redemption
 proceeds and notify the Customer of the late payment, but neither J.P. Morgan nor its Subcustodians will be obliged to file
 any formal notice of default, institute legal proceedings, file a proof of claim in any insolvency proceeding or take any
 similar action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.8.** **Miscellaneous Administrative Duties** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Until J.P. Morgan receives Instructions to the contrary, J.P. Morgan will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) present all Financial Assets for which J.P. Morgan has received notice of a call for redemption or
 that have otherwise matured, and all income and interest coupons and other income items that call for payment upon presentation;

(ii) execute in the name of the Customer such certificates as may be required to obtain payment in respect of Financial Assets;
 and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) exchange interim or temporary documents of title held in the Securities Account for definitive documents
 of title.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event that, as a result of holding of Financial Assets in an omnibus account, the Customer receives
 fractional interests in Financial Assets arising out of a Corporate Action or class action litigation, J.P. Morgan will credit
 the Customer with the amount of cash the Customer would have received, as reasonably determined by J.P. Morgan, had the Financial
 Assets not been held in an omnibus account, and the Customer shall relinquish to J.P. Morgan its interest in such fractional
 interests.

(c) If some, but not all, of an outstanding class of Financial Assets is called for redemption, J.P. Morgan may allot the
 amount redeemed among the respective beneficial holders of such a class of Financial Assets on a pro rata basis or in a similar
 manner J.P. Morgan deems fair and equitable.

(d) J.P. Morgan reserves the right to reverse any transactions that are credited to the Accounts due to mis-postings and other
 similar actions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.9.** **Corporate Actions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) J.P. Morgan will act in accordance with local market practice to obtain information concerning Corporate
 Actions that is publicly available in the local market. J.P. Morgan also will review information obtained from sources to
 which J.P. Morgan subscribes for information concerning such Corporate Actions. J.P. Morgan will promptly provide that information
 (or summaries that reflect the material points concerning the applicable Corporate Action) to the Customer or its Authorized
 Person.

(b) J.P. Morgan will act in accordance with the Customer's Instructions in relation to such Corporate Actions. If the
 Customer fails to provide J.P. Morgan with timely Instructions with respect to any Corporate Action, neither J.P. Morgan nor
 its Subcustodians or their respective nominees will take any action in relation to that Corporate Action, except as otherwise
 agreed in writing by J.P. Morgan and the Customer or as may be set forth by J.P. Morgan as a default action in the notification
 it provides under Section 2.9(a) with respect to that Corporate Action.

(c) When instructed by the Customer, subject to availability in the market, J.P. Morgan, or a J.P. Morgan Affiliate, shall
 place orders for the sale of rights offerings that the Customer received from Corporate Actions. A current list of markets
 in which this service is being offered is available from J.P. Morgan on request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.10.** **Class Action Litigation** 

Any notices received by J.P. Morgan's corporate actions department about settled securities class action litigation that requires action by affected owners of the underlying Financial Assets will be promptly notified to the Customer if J.P. Morgan, using reasonable care and diligence in the circumstances, identifies that the Customer was a shareholder and held the relevant Financial Assets in custody with J.P. Morgan at the relevant time. J.P. Morgan will not make filings in the name of the Customer in respect to such notifications except as otherwise agreed in writing between the Customer and J.P. Morgan. The services set forth in this Section 2.10 are available only in certain markets, details of which are available from J.P. Morgan on request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.11.** **Proxies** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) J.P. Morgan will monitor information distributed to holders of Financial Assets about upcoming shareholder
 meetings, promptly notify the Customer of such information and, subject to Section 2.11(c), act in accordance with the Customer's
 Instructions in relation to such meetings (the "Proxy Voting Service").

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Proxy Voting Service is available only in certain markets, details of which are available from
 J.P. Morgan on request. Provision of the Proxy Voting Service is conditional upon receipt by J.P. Morgan of a duly completed
 enrollment form as well as all documentation that may be required for certain markets.

(c) The Proxy Voting Service does not include physical attendance at shareholder meetings. Requests for physical attendance
 at shareholder meetings can be made but they will be evaluated and agreed to by J.P. Morgan on a case by case basis.

(d) The Customer acknowledges that the provision of the Proxy Voting Service may be precluded or restricted under a variety
 of circumstances. These circumstances include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Financial Assets being on loan or out for registration;

(ii) the pendency of conversion or another corporate action;

(iii) the Financial Assets being held in a margin or collateral account at J.P. Morgan or another bank or broker, or otherwise
 in a manner which affects voting;

(iv) local market regulations or practices, or restrictions by the issuer; and

(v) J.P. Morgan being required to vote all shares held for a particular issue for all of J.P. Morgan's customers on
 a net basis (i.e., a net yes or no vote based on voting instructions received from all its customers). Where this is the case,
 J.P. Morgan will notify the Customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.12.** **Statements of Account** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) J.P. Morgan will provide the Customer with electronic access to Account information (the "Information")
 that will enable the Customer to generate or receive reports and statements of account for each Account and to identify Account
 Assets as well as Account transactions. The Customer will review the Information and give J.P. Morgan written notice of (i)
 any suspected error or omission or (ii) the Customer's inability to access any such Information. The Customer will provide
 J.P. Morgan such notice within a reasonable time after (x) the Information is made available to the Customer or (y) the Customer
 discovers that it is unable to access the Information, as the case may be.

(b) The Customer acknowledges that Information available to it electronically with respect to transactions posted after the
 close of the prior business day may not be accurate due to mis-postings, delays in updating Account records, and other causes.
 J.P. Morgan will not be liable for any loss or damage arising out of any such information accessed electronically that is
 subsequently updated or corrected by the close of business on the first business day after the original transaction was posted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.13.** **Access to J.P. Morgan's Records** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) J.P. Morgan will, upon reasonable written notice, allow the Customer's auditors and independent
 public accountants such reasonable access to the records of J.P. Morgan relating to the Accounts as may be required in connection
 with their examination of books and records pertaining to the Customer's affairs. Subject to restrictions under the
 relevant local law, J.P. Morgan shall direct any Subcustodian to permit the Customer's auditors and independent public
 accountants, reasonable access to the records of any Subcustodian of Financial Assets held in the Securities Account as may
 be required in connection with such examination.

(b) J.P. Morgan will, upon reasonable written notice, allow the Customer reasonable access during normal working hours to
 the records of J.P. Morgan relating to the Accounts. The Customer shall

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reimburse J.P. Morgan for the reasonable cost of copying, collating and researching archived information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.14.** **Maintenance of Financial Assets at Subcustodian Locations** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless Instructions require another location acceptable to J.P. Morgan, Financial Assets will be held
 in the country or jurisdiction in which their principal trading market is located, where such Financial Assets may be presented
 for payment, where such Financial Assets were acquired, or where such Financial Assets are located. J.P. Morgan reserves the
 right to refuse to accept delivery of Financial Assets or cash in countries and jurisdictions other than those referred to
 in 0 - List of Subcustodians and Markets Used by J.P. Morgan, as in effect from time to time. J.P. Morgan may modify 0 –
 List of Subcustodians and Markets Used by J.P. Morgan from time to time upon notice to the Customer.

(b) J.P. Morgan reserves the right to restrict the services it provides in certain markets that are deemed by J.P. Morgan
 to be restricted markets from time to time. A current list of these markets, and a summary of the related restrictions, is
 set forth on Schedule 2 - List of J.P. Morgan Investor Services Custody Restricted Markets. J.P. Morgan may update Schedule
 2 - List of J.P. Morgan Investor Services Custody Restricted Markets from time to time upon notice to the Customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.15.** **Tax Relief Services** 

J.P. Morgan will provide tax relief services as provided in Section 8.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.16.** **Foreign Exchange Transactions** 

To facilitate the administration of the Customer's trading and investment activity, J.P. Morgan may, but will not be obliged to, enter into spot or forward foreign exchange contracts with the Customer, or an Authorized Person, and may also provide foreign exchange contracts and facilities through J.P. Morgan Affiliates or Subcustodians. Instructions, including standing Instructions, may be issued with respect to such contracts and facilities, but J.P. Morgan may establish rules or limitations concerning any foreign exchange contract or facility made available. In all cases where J.P. Morgan or J.P. Morgan Affiliates or Subcustodians enter into foreign exchange contracts or facilities with the Customer, J.P. Morgan will not be executing or otherwise placing any foreign exchange transaction as the Customer's agent, and such transactions will be governed by the terms and conditions of such foreign exchange contracts or facilities (as the case may be). Such foreign exchange contracts and facilities shall not be deemed as part of the custodial, settlement or associated services under this Agreement. With respect to the Customer's foreign exchange contracts or facilities with J.P. Morgan, J.P. Morgan will be acting as the Customer's principal counterparty on such foreign exchange contracts or facilities (as the case may be).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.17.** **Notifications** 

If the Customer has agreed to access information concerning the Accounts through J.P. Morgan's website, J.P. Morgan may make any notifications required under this Agreement, other than notifications pursuant to Article 9, by posting it on the website.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.18.** **Sealed Envelopes** 

From time to time, at the Customer's request, J.P. Morgan may agree to hold certain Sealed Envelopes in custody for the Customer. Notwithstanding anything in this Agreement to the contrary, J.P. Morgan's sole responsibility with regards to Sealed Envelopes will be to hold them in J.P. Morgan's or in a Subcustodian's possession. J.P. Morgan shall not be responsible for verifying the content of any Sealed Envelope purported to contain assets or assessing the value, validity or transferability of any such assets (including the existence or value of any investments contained in any Sealed Envelope). With respect to Sealed Envelopes, neither J.P. Morgan nor its Subcustodians will be obligated to perform any service or action described in this Agreement, including, but not limited to, asset servicing, tax services, corporate actions, income or dividend collection, settlement services or class action litigation.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.19.** **Compliance With Securities And Exchange Commission ("SEC") Rule 17f-5 ("Rule 17f-5").** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Customer's board of directors (or equivalent body) (hereinafter 'Board') hereby delegates
 to J.P. Morgan, and, except as to the country or countries as to which J.P. Morgan may, from time to time, advise Customer
 that it does not accept such delegation, J.P. Morgan hereby accepts the delegation to it, of the obligation to perform as
 Customer's 'Foreign Custody Manager' (as that term is defined in rule 17f-5(a)(3) as promulgated under the
 Investment Company Act of 1940, as amended ("1940 Act")), including for the purposes of: (i) selecting Subcustodians
 to hold foreign Financial Assets and Cash, (ii) evaluating the contractual arrangements with such Subcustodians (as set forth
 in rule 17f-5(c)(2)), (iii) monitoring such foreign custody arrangements (as set forth in rule 17f-5(c)(3)).

(b) In connection with the foregoing, J.P. Morgan shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) provide written reports notifying Customer's Board of the placement of Financial Assets and Cash
 with particular Subcustodians and of any material change in the arrangements with such Subcustodians, with such reports to
 be provided to Customer's Board at such times as the Board deems reasonable and appropriate based on the circumstances
 of Customer's foreign custody arrangements (and until further notice from Customer such reports shall be provided not
 less than quarterly with respect to the placement of Financial Assets and Cash with particular Subcustodians and with reasonable
 promptness upon the occurrence of any material change in the arrangements with such Subcustodians);

(ii) exercise such reasonable care, prudence and diligence in performing as Customer's Foreign Custody Manager as a person
 having responsibility for the safekeeping of foreign Financial Assets and cash would exercise;

(iii) in selecting a Subcustodian, first have determined that foreign Financial Assets and cash placed and maintained in the
 safekeeping of such Subcustodian shall be subject to reasonable care, based on the standards applicable to custodians in the
 relevant market, after having considered all factors relevant to the safekeeping of such foreign Financial Assets and cash,
 including, without limitation, those factors set forth in rule 17f-5(c)(1)(i)-(iv);

(iv) determine that the written contract with a Subcustodian requires that the Subcustodian shall provide reasonable care for
 foreign Financial Assets and Cash based on the standards applicable to custodians in the relevant market.

(v) have established a system to monitor the continued appropriateness of maintaining foreign Financial Assets and cash with
 particular Subcustodians and of the governing contractual arrangements; it being understood, however, that in the event that
 J.P. Morgan shall have determined that the existing Subcustodian in a given country would no longer afford foreign Financial
 Assets and cash reasonable care and that no other Subcustodian in that country would afford reasonable care, J.P. Morgan shall
 promptly so advise Customer and shall then act in accordance with the Instructions of Customer with respect to the disposition
 of the affected foreign Financial Assets and cash.

Subject to (b)(i)-(v) above, J.P. Morgan is hereby authorized to place and maintain foreign Financial Assets and cash on behalf of Customer with Subcustodians pursuant to a written contract deemed appropriate by J.P. Morgan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) J.P. Morgan shall use reasonable efforts for markets for which it is acting as
 Foreign Custody Manager to use as its Subcustodians entities that are Eligible Foreign Subcustodians. In cases where due to
 (i) Applicable Law in a market or (ii) market practice or market conditions it is not practicable to have the subcustody services
 performed by an Eligible Foreign Custodian, J.P. Morgan shall promptly advise the Customer of the circumstances, including
 any mitigants that may support a conclusion that the arrangement may nevertheless comply with rule 17f-5.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Except as expressly provided herein, Customer shall be solely responsible to assure that the maintenance
 of foreign Financial Assets and cash hereunder complies with the rules, regulations, interpretations and exemptive orders
 as promulgated by or under the authority of the SEC.

(e) J.P. Morgan represents to Customer that it is a U.S. Bank as defined in rule 17f-5(a)(7). Customer represents to J.P.
 Morgan that: (1) the foreign Financial Assets and cash being placed and maintained in J.P. Morgan's custody are subject to
 the 1940 Act, as the same may be amended from time to time; (2) its Board: (i) has determined that it is reasonable to rely
 on J.P. Morgan to perform as Customer's Foreign Custody Manager (ii) or its investment adviser shall have determined
 that Customer may maintain foreign Financial Assets and cash in each country in which Customer's Financial Assets and
 cash shall be held hereunder and determined to accept Country Risk. Nothing contained herein shall require J.P. Morgan to
 make any selection or to engage in any monitoring on behalf of Customer that would entail consideration of Country Risk.

(f) J.P. Morgan shall provide to Customer such information relating to Country Risk as is specified in Appendix 1 hereto.
 Customer hereby acknowledges that: (i) such information is solely designed to inform Customer of market conditions and procedures
 and is not intended as a recommendation to invest or not invest in particular markets; and (ii) J.P. Morgan has gathered the
 information from sources it considers reliable, but that J.P. Morgan shall have no responsibility for inaccuracies or incomplete
 information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.20.** **Compliance with SEC Rule 17f-7 ("rule 17f-7").** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) J.P. Morgan shall, for consideration by Customer, provide an analysis of the custody risks associated
 with maintaining Customer's foreign Financial Assets with each Eligible Securities Depository used by J.P. Morgan as
 of the date hereof (or, in the case of an Eligible Securities Depository not used by J.P. Morgan as of the date hereof, prior
 to the initial placement of Customer's foreign Financial Assets at such Depository) and at which any foreign Financial
 Assets of Customer are held or are expected to be held. The foregoing analysis will be provided to Customer at J.P. Morgan's
 Website. In connection with the foregoing, (i) Customer shall notify J.P. Morgan of any Eligible Securities Depositories at
 which it does not choose to have its foreign Financial Assets held and hereby covenants that it will not issue any Instructions
 to J.P. Morgan to hold its foreign Financial Assets at such Eligible Securities Depositories, (ii) Customer hereby waives,
 and releases J.P. Morgan from, any liability that J.P Morgan may incur to Customer in connection with any Instructions delivered
 to J.P. Morgan in contravention of such notification and (iii) Customer shall be solely liable for any Instructions delivered
 to J.P. Morgan in contravention of such notification. J.P. Morgan shall monitor the custody risks associated with maintaining
 Customer's foreign Financial Assets at each such Eligible Securities Depository on a continuing basis and shall promptly
 notify Customer or its adviser of any material changes in such risks.

(b) J.P. Morgan shall exercise reasonable care, prudence and diligence in performing the requirements set forth in Section
 2.19(a) above.

(c) Attached as Schedule 2 is a list of the Securities Depositories currently used through J.P. Morgan's network, identifying
 which of those Securities Depositories are not Eligible Securities Depositories. In the exercise of diligence, J.P. Morgan
 shall determine the eligibility under rule 17f-7 of each Securities Depository included on Schedule 2 hereto and shall promptly
 advise Customer if any Securities Depository listed as an Eligible Securities Depository ceases to be eligible. (J.P. Morgan
 may amend Schedule 2 from time to time and shall advise the Customer of such change via electronic means).

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&nbsp;&nbsp;&nbsp;&nbsp;**3.** **INSTRUCTIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1.** **Acting on Instructions; Method of Instruction and Unclear Instructions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Customer authorizes J.P. Morgan to accept, rely upon and/or act upon any Instructions. The Customer
 will indemnify J.P. Morgan Indemnitees against, and hold each of them harmless from, any Liabilities that may be imposed on,
 incurred by, or asserted against J.P. Morgan Indemnitees as a result of any action or omission taken in accordance with any
 Instruction unless the Liabilities result from an act of negligence, fraud or willful misconduct on the part of the J.P. Morgan
 Indemnitees with respect to the manner in which such Instructions are followed.

(b) To the extent possible, instructions to J.P. Morgan shall be sent via electronic instruction or trade information system
 acceptable to J.P. Morgan or via facsimile transmission. Where reasonably practicable, the Customer will use automated and
 electronic methods of sending instructions.

(c) J.P. Morgan shall promptly notify an Authorized Person if J.P. Morgan determines that an Instruction does not contain
 all information reasonably necessary for J.P. Morgan to carry out the Instruction. J.P. Morgan may decline to act upon an
 Instruction if it does not receive clarification or confirmation satisfactory to it. J.P. Morgan will not be liable for any
 loss arising from any reasonable delay in carrying out any such Instruction while it seeks any such missing information, clarification
 or confirmation or in declining to act upon any Instruction for which it does not receive clarification satisfactory to it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2.** **Verification and Security Procedures** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) J.P. Morgan and the Customer shall comply with any applicable Security Procedures with respect to the
 delivery or authentication of Instructions and shall ensure that any codes, passwords or similar devices are reasonably safeguarded.

(b) Either party may record any of their telephone communications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3.** **Instructions; Contrary to Law/Market Practice** 

J.P. Morgan need not act upon Instructions that it reasonably believes are contrary to law, regulation or market practice. J.P. Morgan shall be under no duty to investigate whether any Instructions comply with Applicable Law or market practice. In the event that J.P. Morgan does not act upon such Instructions, J.P. Morgan will notify the Customer where reasonably practicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.4.** **Cut-Off Times** 

J.P. Morgan has established cut-off times for receipt of Instructions, which will be made available to the Customer. If J.P. Morgan receives an Instruction after its established cut-off time, J.P. Morgan will attempt on a reasonable efforts basis to act upon the Instruction on the day requested only if J.P. Morgan deems it practicable to do so or otherwise as soon as practicable after the day on which the Instruction was received.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.5.** **Electronic Access** 

Access by the Customer to certain applications or products of J.P. Morgan via J.P. Morgan's website or otherwise shall be governed by this Agreement and the terms and conditions set forth in Annex A Electronic Access.

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&nbsp;&nbsp;&nbsp;&nbsp;**4.** **FEES, EXPENSES AND OTHER AMOUNTS OWING TO J.P. MORGAN** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1.** **Fees and Expenses** 

The Customer will pay J.P. Morgan for its services under this Agreement such fees as may be agreed upon in writing from time to time, together with J.P. Morgan's reasonable out-of-pocket or incidental expenses related to the Financial Assets, including, but not limited to, legal fees and tax or related fees incidental to processing charged directly or indirectly by governmental authorities, issuers or their agents. The Customer will pay J.P. Morgan for J.P. Morgan's other reasonable out-of-pocket or incidental expenses, as may be agreed upon in writing, from time to time. Invoices will be payable within thirty (30) days of the date of the invoice. If the Customer disputes an invoice, it shall nevertheless pay, on or before the date that payment is due, such portion of the invoice that is not subject to a bona fide dispute. J.P. Morgan may deduct amounts invoiced from the Cash Account except such portion of the invoice that the Customer has objected to within thirty (30) days of the date of the invoice (or such other period as the parties may agree in writing). Without prejudice to J.P. Morgan's other rights, J.P. Morgan reserves the right to charge interest on overdue amounts from the due date until actual payment at such rate as J.P. Morgan customarily charges for similar overdue amounts. Unless expressly specified in this Agreement, fees and expenses hereunder excludes any price or cost that J.P. Morgan may charge as the Customer's counterparty in the event J.P. Morgan enters into a principal transaction with the Customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2.** **Overdrafts** 

If a debit to any currency in the Cash Account results or would result in a debit balance, then J.P. Morgan may, in its discretion, (i) advance an amount equal to the overdraft, (ii) refuse to settle in whole or in part the transaction causing such debit balance, or (iii) if any such transaction is posted to the Securities Account, reverse any such posting. If J.P. Morgan elects to make such an advance, the advance will be deemed a loan to the Customer, payable on demand, bearing interest at the applicable rate charged by J.P. Morgan from time to time, for such overdrafts, from the date of such advance to the date of payment (including after the date any judgment may be entered against the Customer with respect to any overdraft) and otherwise on the terms on which J.P. Morgan makes similar overdrafts available from time to time. No prior action or course of dealing on J.P. Morgan's part with respect to the settlement of transactions on the Customer's behalf will be asserted by the Customer against J.P. Morgan for J.P. Morgan's refusal to make advances to the Cash Account or refusal to settle any transaction for which the Customer does not have sufficient available funds in the applicable currency in the Account. The Customer shall be deemed to be in default with respect to any such advance upon the occurrence of any event of the type specified in section 365(e)(1) of the U.S. Bankruptcy Code, as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3.** **J.P. Morgan's Right Over Securities; Set-off** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Without prejudice to J.P. Morgan's rights under Applicable Law, J.P. Morgan and J.P. Morgan Affiliates
 shall have, and the Customer grants to J.P. Morgan and J.P. Morgan Affiliates, a first priority, perfected and continuing
 security interest in and a lien on all cash, Financial Assets and any other property of every kind that are credited to the
 Account or otherwise held for the Customer by J.P. Morgan ("Account Assets") as security for any and all Secured
 Liabilities of the Customer to J.P. Morgan and/or any of J.P. Morgan Affiliates, and J.P. Morgan shall be entitled to withhold
 delivery of such Account Assets, and with one business days' prior notice to the Customer and an opportunity for the
 Customer to satisfy such Secured Liabilities to J.P Morgan, sell or otherwise realize any of such Account Assets and to apply
 the proceeds and any other monies credited to the Cash Account in satisfaction of such Secured Liabilities. For this purpose,
 J.P. Morgan may make such currency conversions as may be necessary at its then current rates for the sale and purchase of
 the relevant currencies.

(b) Without prejudice to J.P. Morgan's rights under Applicable Law, J.P. Morgan may set off against any Secured Liabilities
 of the Customer owed to J.P. Morgan or any of J.P. Morgan Affiliates, any

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amount in any currency (i) standing to the credit of any of the Customer's accounts (whether deposit or otherwise) with any J.P. Morgan branch or office or with any J.P. Morgan Affiliate and/or (ii) owed to the Customer by any J.P. Morgan branch or office or by any J.P. Morgan Affiliate.

&nbsp;&nbsp;&nbsp;&nbsp;**5.** **SUBCUSTODIANS AND SECURITIES DEPOSITORIES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1.** **Appointment of Subcustodians; Use of Securities Depositories** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) J.P. Morgan is authorized under this Agreement to act through and hold the Customer's
 Financial Assets with Subcustodians. J.P. Morgan will use reasonable care in the selection, monitoring and continued appointment
 of such Subcustodians. In addition, J.P. Morgan and each Subcustodian may deposit Financial Assets with, and hold Financial
 Assets in any Securities Depository on such terms as such Securities Depository customarily operates, and the Customer will
 provide J.P. Morgan with such documentation or acknowledgements that J.P. Morgan may require to hold the Financial Assets
 in such Securities Depository. On the basis of such terms, a Securities Depository may have a security interest or lien over,
 or right of set-off in relation to the Financial Assets.

(b) Any agreement that J.P. Morgan enters into with a Subcustodian for holding J.P. Morgan's
 customers' assets will provide that such assets will not be subject to any right, charge, security interest, lien or claim
 of any kind in favor of such Subcustodian or its creditors except a claim for payment for their safe custody or administration,
 or, in the case of cash deposits, except for liens or rights in favor of creditors of the Subcustodian arising under bankruptcy,
 insolvency or similar law, and that the beneficial ownership thereof will be freely transferable without the payment of money
 or value other than for safe custody or administration, unless required otherwise by Applicable Law in the relevant market.
 J.P. Morgan shall be responsible for all claims for payment of fees for safe custody or administration so that no Subcustodian
 exercises any claim for such payment against the Customer's assets. Where a Subcustodian deposits Financial Assets with
 a Securities Depository, J.P. Morgan will direct the Subcustodian to identify on its records that the Financial Assets deposited
 by the Subcustodian at such Securities Depository belong to J.P. Morgan, as agent of the Customer. This Section 5.1(b) will
 not apply to the extent of any special agreement or arrangement made by the Customer with any particular Subcustodian.

(c) J.P. Morgan is not responsible for the selection or monitoring of any Securities Depository
 and will not be liable for any act or omission by (or the insolvency of) any Securities Depository. In the event the Customer
 incurs a loss due to an act or omission, negligence, willful misconduct or insolvency of a Securities Depository, J.P. Morgan
 will make reasonable efforts, in its discretion, to seek recovery from the Securities Depository, but J.P. Morgan will not
 be obligated to institute legal proceedings, file a proof of claim in any insolvency proceeding or take any similar action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2.** **Liability for Subcustodians** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to Section 7.1(b), J.P. Morgan will be liable for direct losses incurred by the Customer that
 result from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the failure by a Subcustodian to use reasonable care in the provision of custodial services by it in
 accordance with the standards prevailing in the relevant market or from the fraud or willful misconduct of such Subcustodian
 in the provision of custodial services by it; or

(ii) the insolvency of any Affiliated Subcustodian Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to Section 5.1(a) and J.P. Morgan's duty to use reasonable care
 in the monitoring of a Subcustodian's financial condition as reflected in its published financial statements and other
 publicly available financial information concerning it customarily reviewed by J.P. Morgan in its oversight process, J.P.
 Morgan will not be responsible for any losses (whether direct or indirect)

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| | |
|:---|:---|
|  | incurred by the Customer that result from the insolvency of any Subcustodian which is not a branch or an Affiliated Subcustodian Bank. |
| (c) | J.P. Morgan reserves the right to add, replace or remove Subcustodians. J.P. Morgan will give prompt notice of any such action, which will be advance notice if practicable. Upon request by the Customer, J.P. Morgan will identify the name, address and principal place of business of any Subcustodian and the name and address of the governmental agency or other regulatory authority that supervises or regulates such Subcustodian. |

---

&nbsp;&nbsp;&nbsp;&nbsp;**6.** **ADDITIONAL PROVISIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1.** **Representations of the Customer and J.P. Morgan** 

---

| | |
|:---|:---|
| (a) | The Customer or Fund, as applicable, represents, warrants and covenants that (i) it has full authority and power, and has obtained all necessary authorizations and consents (including from the Customer's underlying clients, if applicable), to deposit and control the Financial Assets, Sealed Envelopes and cash in the Accounts, to use J.P. Morgan as its custodian in accordance with the terms of this Agreement, to incur overdraft, to grant a lien over Account Assets as contemplated by Section 4.3 and to enter into foreign exchange transactions; (ii) assuming execution and delivery of this Agreement by J.P. Morgan, this Agreement is the Customer's legal, valid and binding obligation, enforceable against the Customer in accordance with its terms and it has full power and authority to enter into and has taken all necessary corporate action to authorize the execution of this Agreement; (iii) it has not relied on any oral or written representation made by J.P. Morgan or any person on its behalf, and acknowledges that this Agreement sets out to the fullest extent the duties of J.P. Morgan; (iv) each Fund is a resident of the United States and shall notify J.P. Morgan of any changes in residency; (v) the Financial Assets, Sealed Envelopes and cash deposited in the Accounts (other than those assets (A) pledged to a Counterparty pursuant to Section 2.1(c) or (B) held in Accounts established pursuant to certain account control agreements among the Customer, J.P. Morgan and secured party named therein, (A) and (B) collectively referred to as "Control Account Assets") are not subject to any encumbrance or security interest whatsoever and the Customer undertakes that, so long as Liabilities of the Customer under or in connection with this Agreement are outstanding, it will not create or permit to subsist any encumbrance or security interest over such Financial Assets, Sealed Envelopes or cash (other than Control Account Assets); (vi) no delivery of Account Assets by the Customer to J.P. Morgan and no Instruction by the Customer with respect to such Account Assets will contravene Applicable Law; and (vii) none of the Financial Assets, Sealed Envelopes and cash to be held under this Agreement are "plan assets" as defined in Section 3(42) of the Employee Retirement Income Security Act of 1974, as amended, or the regulations thereunder except as otherwise expressly notified to J.P. Morgan. |
|  | J.P. Morgan may rely upon the certification of such other facts as may be required to administer J.P. Morgan's obligations under this Agreement and the Customer shall indemnify J.P. Morgan against all Liabilities arising directly or indirectly from any such certification given by Customer or a representative of Customer. |
| (b) | J.P. Morgan represents and warrants that (i) assuming execution and delivery of this Agreement by the Customer, this Agreement is J.P. Morgan's legal, valid and binding obligation, enforceable against J.P. Morgan in accordance with its terms and (ii) it has full power and authority to enter into and has taken all necessary corporate action to authorize the execution of this Agreement. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2.** **The Customer is Liable to J.P. Morgan Even if it is Acting for Another Person** 

If the Customer is acting as an agent or for another person as envisaged in Section 2.1(a) in respect of any transaction, cash or Financial Asset, J.P. Morgan nevertheless will treat the Customer as its principal for all purposes under this Agreement. In this regard, the Customer will be liable to J.P. Morgan as a principal in respect of any transactions relating to the Account. The foregoing will not affect

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any rights J.P. Morgan might have against the Customer's principal or the other person envisaged by Section 2.1(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3.** **Special Settlement Services** 

J.P. Morgan may, but shall not be obliged to, make available to the Customer from time to time special settlement services (including continuous linked settlement) for transactions involving Financial Assets, cash, foreign exchange, and other instruments or contracts. The Customer shall comply, and shall cause its Authorized Persons to comply, with the requirements of any external settlement agency through which such settlements may be processed, including, without limitation, its rules and by-laws, where applicable.

&nbsp;&nbsp;&nbsp;&nbsp;**7.** **WHEN J.P. MORGAN IS LIABLE TO THE CUSTOMER** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1.** **Standard of Care; Liability** 

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| | |
|:---|:---|
| (a) | J.P. Morgan will use reasonable care in performing its obligations under this Agreement. J.P. Morgan will not be in violation of this Agreement with respect to any matter as to which it has satisfied its obligation of reasonable care. |
| (b) | J.P. Morgan will only be liable for the Customer's direct losses and only to the extent they result from J.P. Morgan's fraud, negligence, willful misconduct or material breach in performing its duties as set out in this Agreement and to the extent provided in Section 5.2(a). Under no circumstances will J.P. Morgan be liable for (i) any loss of profits (whether direct or indirect) or (ii) any indirect, incidental, consequential or special damages of any form, incurred by any person or entity, whether or not foreseeable and regardless of the type of action in which such a claim may be brought, with respect to the Accounts, J.P. Morgan's performance or non-performance under this Agreement, or J.P. Morgan's role as custodian or banker. |
| (c) | The Customer will indemnify J.P. Morgan Indemnitees against, and hold them harmless from, any Liabilities that may be imposed on, incurred by or asserted against any J.P. Morgan Indemnitees in connection with or arising out of (i) J.P. Morgan's performance under this Agreement, provided that the J.P. Morgan Indemnitee has not acted with negligence or engaged in fraud or willful misconduct or material breach in connection with the Liabilities in question or (ii) any J.P. Morgan Indemnitee's status as a holder of record of the Customer's Financial Assets*.* J.P. Morgan Indemnitee shall notify the Customer in writing promptly after determining that it will seek indemnity under this Section 7.1 for any litigation or proceeding brought against such J.P. Morgan Indemnitee. A J.P. Morgan Indemnitee shall not consent to the entry of any judgment or enter into any settlement in any such litigation or proceeding without the Customer's prior written consent, which consent will not be unreasonably withheld or delayed, where such entry of judgment or settlement involves will result in the Customer making a payment in excess of $50,000. |
|  | Nevertheless, the Customer will not be obligated to indemnify any J.P. Morgan Indemnitee under this Section 7.1(c) with respect to any Liability for which J.P. Morgan is liable under Section 5.2(a) of this Agreement. |
| (d) | Except for any Liability owing to a third party (other than an Affiliate of J.P. Morgan or a Subcustodian for which J.P. Morgan is liable under Section 5.2 of this Agreement) asserting a claim against J.P. Morgan for which J.P. Morgan is entitled to be indemnified under this Agreement, under no circumstances will Customer be liable for any indirect, incidental, consequential or special damages (including, without limitation, lost profits or business) of any form, whether or not foreseeable and regardless of the type of action in which such a claim may be brought. |
| (e) | The Customer agrees that J.P. Morgan provides no service in relation to, and therefore has no duty or responsibility to: |

---

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) question Instructions or make any suggestions to the Customer or an Authorized Person regarding such Instructions;

(ii) supervise or make recommendations with respect to investments or the retention of Financial Assets;

(iii) advise the Customer or an Authorized Person regarding any default in the payment of principal or income on any Financial
 Asset other than as provided in Section 2.7(b) of this Agreement; and

(iv) evaluate or report to the Customer or an Authorized Person regarding the financial condition of any broker, agent or other
 party to which J.P. Morgan is instructed to deliver Financial Assets or cash. J.P. Morgan is not responsible or liable in
 any way for the genuineness or validity of any Security or instrument received, delivered or held by J.P. Morgan in physical
 form that appears to be genuine and valid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.2.** **Force Majeure** 

J.P. Morgan will maintain and update from time to time business continuation and disaster recovery procedures with respect to its global custody business that it determines from time to time meet reasonable commercial standards. J.P. Morgan will provide Customer with a copy of a general summary of such business continuation and disaster recovery procedures upon request. J.P. Morgan will have no liability, however, for any damage, loss, expense or liability of any nature that the Customer may suffer or incur, caused by an act of God, fire, flood, epidemics, earthquakes or other disasters, civil or labor disturbance, war, terrorism, act of any governmental authority or other act or threat of any authority (de jure or de facto), nationalization, expropriation, legal constraint, fraud or forgery (other than on the part of J.P. Morgan or its employees), malfunction of equipment or software (except where such malfunction is primarily and directly attributable to J.P. Morgan's negligence in maintaining the equipment or software), currency re-denominations, currency restrictions, failure of or the effect of rules or operations of any external funds transfer system, inability to obtain (or interruption of) external communications facilities, power failures or any other cause beyond the reasonable control of J.P. Morgan (including, without limitation, the non-availability of appropriate foreign exchange).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.3.** **J.P. Morgan May Consult With Counsel** 

J.P. Morgan will be entitled to rely on, and may act upon the advice of professional advisors (which may be the professional advisors of the Customer) in relation to matters of Applicable Law or market practice and will not be liable to the Customer under this Agreement for any action taken or omitted pursuant to such advice; provided that J.P. Morgan has selected and retained such professional advisers using reasonable care and acts reasonably in reliance on the advice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.4.** **J.P. Morgan Provides Diverse Financial Services and May Generate Profits as a Result** 

The Customer hereby authorizes J.P. Morgan to act under this Agreement notwithstanding that: (a) J.P. Morgan or any of its divisions, branches or J.P. Morgan Affiliates may have a material interest in transactions entered into by the Customer with respect to the Account or that circumstances are such that J.P. Morgan may have a potential conflict of duty or interest, including the fact that J.P. Morgan or J.P. Morgan Affiliates may act as a market maker in the Financial Assets to which Instructions relate, provide brokerage services to other customers, act as financial adviser to the issuer of such Financial Assets, act in the same transaction as agent for more than one customer, have a material interest in the issue of the Financial Assets; or earn profits from any of the activities listed herein and (b) J.P. Morgan or any of its divisions, branches or J.P. Morgan Affiliates may be in possession of information tending to show that the Instructions received may not be in the best interests of the Customer. J.P. Morgan is not under any duty to disclose any such information.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.5.** **Assets Held Outside J.P. Morgan's Control** 

J.P. Morgan will not be obliged to (a) hold Financial Assets or cash with any person not agreed to by J.P. Morgan or (b) register or record Financial Assets in the name of any person not agreed to by J.P. Morgan. Furthermore, J.P. Morgan will not be obliged to register or record on J.P. Morgan's records Financial Assets held outside of J.P. Morgan's control. If, however, the Customer makes any such request and J.P. Morgan agrees to the request, the consequences of doing so will be at the Customer's own risk. J.P. Morgan shall not be liable for any losses incurred as a result and may be precluded from providing some of the services referred to in this Agreement (for example, and without limitation, income collection, proxy voting, class action litigation and Corporate Action notification and processing).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.6.** **Ancillary Services** 

J.P. Morgan and its Subcustodians may use third party delivery services and providers of information regarding matters such as pricing, proxy voting, corporate actions and class action litigation and use local agents to provide extraordinary services such as attendance at annual meetings of issuers of Securities. Although J.P. Morgan will use reasonable care (and cause its Subcustodians to use reasonable care) in the selection and retention of such third party providers and local agents, it will not be responsible for any errors or omissions made by them in providing the relevant information or services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.7.** **Service Locations** 

J.P. Morgan maintains various operational/service centers and locations in the United States and other jurisdictions. The services provided under this Agreement may be provided from one or more such locations. J.P. Morgan may change the operational/service centers and locations as it deems necessary or appropriate for its business concerns.

&nbsp;&nbsp;&nbsp;&nbsp;**8.** **TAXATION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1.** **Tax Obligations** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Customer will pay or reimburse J.P. Morgan, and confirms that J.P. Morgan is authorized to deduct
 from any cash received or credited to the Cash Account, any taxes or levies required by any revenue or governmental authority
 for whatever reason in respect of the Customer's Accounts. For the avoidance of doubt, J.P. Morgan hereby agrees that
 it may not deduct those taxes or levies applicable to one Fund from the Cash Account or Cash Accounts of another Fund.

(b) The Customer will provide to J.P. Morgan (upon reasonable request) such certifications, declarations, documentation, and
 information as it may require in connection with taxation, and warrants that, when given, this information is true, complete
 and correct in every respect. The Customer undertakes to notify J.P. Morgan as soon as reasonably practicable if any information
 requires updating or correcting. J.P. Morgan provides no service of controlling or monitoring, and therefore has no duty in
 respect of, or liability for any taxes, penalties, interest or additions to tax, whether payable or paid, that result from

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the inaccurate completion of documents by the Customer or any third party;

(ii) the provision to J.P. Morgan or a third party of inaccurate or misleading information by the Customer or any third party;

(iii) the withholding of material information by the Customer or any third party; or

(iv) any delay by any revenue authority or any other cause beyond J.P. Morgan's control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If J.P. Morgan does not receive appropriate certifications, documentation and information then, as
 and when appropriate and required by a revenue or governmental authority, tax shall be deducted

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| | |
|:---|:---|
|  | from all income received in respect of the Financial Assets issued (including, but not limited to, withholding under United States Foreign Account Tax Compliance Act, United States non-resident alien tax and/or backup withholding tax, as applicable). |
| (d) | The Customer will be responsible in all events for the timely payment of all taxes relating to the Financial Assets in the Securities Account; provided, however, that J.P. Morgan will be responsible for any penalty or additions to tax (including interest) due solely as a result of J.P. Morgan's negligent acts or omissions with respect to paying or withholding tax or reporting interest, dividend or other income paid or credited to the Cash Account. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2.** **Tax Relief Services** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the provisions of this Section 8.2, J.P. Morgan will provide a "relief at source"
 service to obtain a reduction of withholding tax and any refund of any tax paid or tax credits as may be available in the
 applicable market in respect of income payments on Financial Assets credited to the Securities Account that J.P. Morgan believes
 may be available to the Customer. To defray expenses pertaining to nominal tax claims, J.P. Morgan may, in its reasonable
 discretion decline to pursue tax claims of a de minimis value.

(b) The provision of a tax relief service by J.P. Morgan is conditional upon J.P. Morgan receiving from the Customer (to the
 extent reasonably requested by J.P. Morgan) (i) a declaration of its identity and place of residence and (ii) certain other
 documentation (pro forma copies of which are available from J.P. Morgan), prior to the receipt of Financial Assets in the
 Securities Account and/or the payment of income.

(c) J.P. Morgan will perform tax relief services only with respect to taxation levied by the revenue authorities of the countries
 advised to the Customer from time to time and J.P. Morgan may, by notification in writing, in its absolute discretion, supplement
 or amend the countries in which the tax relief services are offered. Other than as expressly provided in this Section 8.2,
 J.P. Morgan will have no responsibility with regard to the Customer's tax position or status in any jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;**9.** **TERMINATION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1.** **Termination** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The initial term of this Agreement shall be for a period of five (5) years following the date on which
 J.P. Morgan commenced providing services under the Agreement (the "Initial Term"). Following the Initial Term,
 the Customer may terminate this Agreement by giving not less than ninety (90) days' prior written notice to J.P. Morgan.
 J.P. Morgan may terminate this Agreement on one hundred and eighty (180) days' prior written notice to the Customer.

(b) Notwithstanding Section 9.1(a):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Either party may terminate this Agreement immediately on written notice to the other party in the event
 that a material breach of this Agreement by the other party has not been cured within thirty (30) days of that party being
 given written notice of the material breach;

(ii) Either party may terminate this Agreement immediately on written notice to the other party upon the other party being
 declared bankrupt, entering into a composition with creditors, obtaining a suspension of payment, being put under court controlled
 management, being subject to an involuntary order for the transfer of all or part of its business by a statutory authority,
 having any of its issued shares suspended from trading on any exchange on which they are listed (if applicable) or being the
 subject of a similar measure;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) J.P. Morgan may terminate this Agreement by giving not less than sixty (60) days' prior written
 notice to the Customer in the event that J.P. Morgan reasonably determines that the Customer has ceased to satisfy J.P. Morgan's
 customary credit requirements and/or reputational or regulatory concerns; and

(iv) The Customer may terminate this Agreement immediately on written notice within sixty (60) days following an assignment
 of this Agreement (a) to any J.P. Morgan Affiliate or subsidiary of J.P. Morgan or (b) in connection with a merger, reorganization,
 stock sale or sale of all or substantially all of J.P. Morgan's custody business, for which J.P. Morgan did not obtain
 Customer's consent.

(v) The Customer may terminate this Agreement at any time during the Initial Term by giving not less than ninety (90) days'
 prior written notice to J.P. Morgan upon payment of a termination fee. During the first and second years of the Initial Term,
 the termination fee will be an amount equal to the lesser of (i) $2 million and (ii) six (6) times the average monthly fees
 paid during the six (6) month period prior to the Customer's notice of termination, or since the date on which J.P.
 Morgan commenced providing services under this Agreement if such period is less than six (6) months. During the third year
 of the Initial Term, the termination fee will be an amount equal to the lesser of (i) $1.25 million and (ii) four (4) times
 the average monthly fees paid during the four (4) month period prior to the Customer's notice of termination. During
 the fourth and fifth year of the Initial Term, the termination fee will be zero.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.2.** **Exit Procedure** 

The Customer will provide J.P. Morgan full details of the persons to whom J.P. Morgan must deliver Financial Assets and cash within a reasonable period before the effective time of termination of this Agreement. If the Customer fails to provide such details in a timely manner, J.P. Morgan shall be entitled to continue to be paid fees under this Agreement until such time as it is able to deliver the Financial Assets and cash to a successor custodian, but J.P. Morgan may take such steps as it reasonably determines to be necessary to protect itself following the effective time of termination, including ceasing to provide transaction settlement services in the event that J.P. Morgan is unwilling to assume any related credit risk. J.P. Morgan will in any event be entitled to deduct any amounts owing to it from the Cash Account prior to delivery of the Financial Assets and cash. In the event that insufficient funds are available in the Cash Account, the Customer agrees that J.P. Morgan may, in such manner and, at such time or times as J.P. Morgan in its sole discretion sees fit, liquidate any Financial Assets that J.P. Morgan in its sole discretion may select, in the Securities Account in order to deduct such amount from the proceeds (and, accordingly, J.P. Morgan will be entitled to sell Financial Assets and apply the sale proceeds in satisfaction of amounts owing to it). The Customer will reimburse J.P. Morgan promptly for all out-of-pocket expenses it incurs in delivering Financial Assets upon termination. Termination will not affect any of the liabilities either party owes to the other arising under this Agreement prior to such termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.3.** **Inactive Securities Accounts** 

J.P. Morgan reserves the right to charge a reasonable account maintenance fee for any inactive Securities Account in respect of which J.P. Morgan has not received any Instructions for at least one (1) year. The Customer shall be notified by J.P. Morgan of such fee at its address last known to J.P. Morgan, and J.P. Morgan may automatically deduct such fee from the Cash Account. In the event that insufficient funds are available in the Cash Account, the Customer agrees that J.P. Morgan may, in its sole discretion, liquidate any Financial Assets from the Securities Account in such manner and at such time or times as J.P. Morgan deems appropriate in order to deduct the amount of the maintenance fee from the proceeds.

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&nbsp;&nbsp;&nbsp;&nbsp;**10.** **MISCELLANEOUS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.1.** **Notifications** 

Notices pursuant to Section 9 of this Agreement shall be sent or served by registered mail, nationally recognized delivery services, courier services or hand delivery to the address of the respective parties as set out on the first page of this Agreement, unless at least two (2) days' prior notice of a new address is given to the other party in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.2.** **Successors and Assigns** 

This Agreement will be binding on each of the parties' hereto and their respective successors and assigns. The parties agree that neither party can assign or otherwise transfer any of its rights or obligations under this Agreement without the prior written consent of the other party, which consent will not be unreasonably withheld or delayed; except that J.P. Morgan may assign this Agreement without the Customer's consent (a) to any J.P. Morgan Affiliate of J.P. Morgan or (b) in connection with a merger, reorganization, stock sale or sale of all or substantially all of J.P. Morgan's custody business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.3.** **Entire Agreement and Amendments** 

This Agreement, including any Schedules, Exhibits, Annexes and Riders (and any separate agreement which J.P. Morgan and the Customer may enter into with respect to any Cash Account), sets out the entire agreement between the parties in connection with the subject matter hereof, and this Agreement supersedes any other agreement, statement or representation relating to custody, whether oral or written. To the extent inconsistent with this Agreement, J.P. Morgan's electronic access terms and conditions shall not apply to matters arising under this Agreement. Amendments must be in writing and, except where this Agreement provides for amendments by notice from J.P. Morgan, signed by both parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.4.** **Information Concerning Deposits at J.P. Morgan's Non-U.S. Branch** 

Under U.S. federal law, deposit accounts that the Customer maintains in J.P. Morgan's foreign branches (outside of the U.S.) are not insured by the Federal Deposit Insurance Corporation. In the event of J.P. Morgan's liquidation, foreign branch deposits have a lesser preference than U.S. deposits, and such foreign deposits are subject to cross-border risks.

To the extent any amount standing to the credit of the Cash Account is deposited in one or more deposit accounts at J.P. Morgan London Branch, please note that J.P. Morgan London Branch is a participant in the UK Financial Services Compensation Scheme (the "FSCS"). The terms of the FSCS offer protection in connection with deposits to certain types of claimants to whom J.P. Morgan London Branch provides services in the event that they suffer a financial loss as a direct consequence of J.P. Morgan London Branch being unable to meet any of its obligations and, subject to the FSCS rules regarding eligible deposits, the Customer may have a right to claim compensation from the FSCS. Subject to the FSCS rules, the maximum compensation payable by the FSCS, as at the date of this Agreement, in relation to eligible deposits is £75,000. For the purposes of establishing such maximum compensation, all the Customer's eligible deposits at J.P. Morgan London Branch are aggregated and the total is subject to such maximum compensation.

For further information about the compensation provided by the FSCS, refer to the FSCS website at www.FSCS.org.uk.

Further information is also available online at www.jpmorgan.com/pages/deposit-guarantee-scheme-directive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.5.** **Insurance** 

The Customer acknowledges that J.P. Morgan will not be required to maintain any insurance coverage specifically for the benefit of the Customer. J.P. Morgan will, however, provide summary information regarding its own general insurance coverage to the Customer upon written request.

Global Custody Agreement - New York - General - DOCUMENT ID: [D2817270] - May 2016<br> Page 22

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.6.** **Security Holding Disclosure** 

With respect to Securities and Exchange Commission Rule 14b-2 under the U.S. Shareholder Communications Act regarding disclosure of beneficial owners to issuers of Securities, J.P. Morgan is instructed not to disclose the name, address or Securities positions of the Customer in response to shareholder communications requests regarding the Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.7.** **U.S. Regulatory Disclosure** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Section 326 of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept
 and Obstruct Terrorism Act of 2001 ("USA PATRIOT Act") requires J.P. Morgan to implement reasonable procedures
 to verify the identity of any person that opens a new account with it. Accordingly, the Customer acknowledges that Section
 326 of the USA PATRIOT Act and J.P. Morgan's identity verification procedures require J.P. Morgan to obtain information
 which may be used to confirm the Customer's identity, including, without limitation, the Customer's name, address
 and organizational documents ("identifying information"). The Customer agrees to provide J.P. Morgan with and
 consents to J.P. Morgan obtaining from third parties any such identifying information required as a condition of opening an
 account with or using any service provided by J.P. Morgan.

(b) The Customer hereby acknowledges that J.P. Morgan is obliged to comply with AML/Sanctions Requirements and that J.P. Morgan
 shall not be liable for any action it or any J.P. Morgan Affiliate reasonably takes to comply with any AML/Sanctions Requirement,
 including identifying and reporting suspicious transactions, rejecting transactions, and blocking or freezing funds, Financial
 Assets, or other assets. The Customer shall cooperate with J.P. Morgan's performance of its due diligence and other
 obligations concerning AML/Sanctions Requirements, including with regard to any Beneficial Owners (as defined below). In addition,
 the Customer agrees that (i) J.P. Morgan may defer acting upon an Instruction pending completion of any review under its policies
 and procedures for compliance with AML/Sanctions Requirements and (ii) Customer's utilization of Accounts as omnibus
 accounts to hold assets of Beneficial Owners is subject to J.P. Morgan's discretion. Furthermore, J.P. Morgan shall
 not be obliged to hold any "penny stock" (or other Financial Asset raising special anti-money laundering concerns)
 in any Account in which a Beneficial Owner has an interest, or to settle any transaction in which a Beneficial Owner has an
 interest, that relates to any "penny stock" or any such other Financial Asset. For the purposes of this section,
 "Beneficial Owner" means any person, other than the Customer, who has a direct or indirect beneficial ownership
 interest in any assets held in any of the Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.8.** **Governing Law and Jurisdiction** 

This Agreement will be construed, regulated and administered under the laws of the United States or the State of New York, as applicable, without regard to New York's principles regarding conflict of laws, except that the foregoing shall not reduce any statutory right to choose New York law or forum. The United States District Court for the Southern District of New York will have the sole and exclusive jurisdiction over any lawsuit or other judicial proceeding relating to or arising from this Agreement. If that court lacks federal subject matter jurisdiction, the Supreme Court of the State of New York, New York County will have sole and exclusive jurisdiction. Either of these courts will have proper venue for any such lawsuit or judicial proceeding, and the parties waive any objection to venue or their convenience as a forum. The parties agree to submit to the jurisdiction of any of the courts specified and to accept service of process to vest personal jurisdiction over them in any of these courts. The parties further hereby knowingly, voluntarily and intentionally waive, to the fullest extent permitted by Applicable Law, any right to statutory prejudgment interest and a trial by jury with respect to any such lawsuit or judicial proceeding arising or relating to this Agreement or the transactions contemplated hereby. To the extent that in any jurisdiction the Customer or J.P. Morgan may now or hereafter be entitled to claim, for itself or its assets, immunity from suit, execution, attachment (before or after judgment) or other legal process, the Customer or J.P. Morgan (as applicable) shall not claim, and it hereby irrevocably waives, such immunity.

Global Custody Agreement - New York - General - DOCUMENT ID: [D2817270] - May 2016<br> Page 23

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.9.** **Severability; Waiver; and Survival** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If one or more provisions of this Agreement are held invalid, illegal or unenforceable in any respect
 on the basis of any particular circumstances or in any jurisdiction, the validity, legality and enforceability of such provision
 or provisions under other circumstances or in other jurisdictions and of the remaining provisions will not in any way be affected
 or impaired.

(b) Except as otherwise provided herein, no failure or delay on the part of either party in exercising any power or right
 under this Agreement operates as a waiver, nor does any single or partial exercise of any power or right preclude any other
 or further exercise, or the exercise of any other power or right. No waiver by a party of any provision of this Agreement,
 or waiver of any breach or default, is effective unless it is in writing and signed by the party against whom the waiver is
 to be enforced.

(c) The parties' rights, protections and remedies under this Agreement shall survive its termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.10.** **Confidentiality** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to Section 10.10(b), J.P. Morgan will hold all Confidential Information in confidence and will
 not disclose any Confidential Information except as may be required by Applicable Law, a regulator with jurisdiction over
 J.P. Morgan's business, or with the consent of the Customer, provided that prior to disclosing any such Confidential
 Information pursuant to Applicable Law or as required by any such regulator in connection with a request for information specific
 to Customer, J.P. Morgan shall provide Customer with written notice within a reasonable time prior to disclosing Confidential
 Information to the extent practicable and legally permissible in order to permit Customer to seek a protective order prohibiting
 the disclosure of such Confidential Information.

(b) The Customer authorizes J.P. Morgan to disclose Confidential Information to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Subcustodian subcontractor, agent, Securities Depository, securities exchange, broker, third party
 agent, proxy solicitor, issuer, or any other person that J.P. Morgan believes is reasonably required in connection with J.P.
 Morgan's provision of relevant services under this Agreement;

(ii) its professional advisors, auditors or public accountants;

(iii) its branches and J.P. Morgan Affiliates; and

(iv) any revenue authority or any governmental entity in relation to the processing of any tax claim.

---

| | |
|:---|:---|
|  | Except where J.P. Morgan is instructed to provide Confidential Information to a party designated by the Customer, J.P. Morgan agrees that any person to whom it discloses any Confidential Information pursuant to clauses (i), (ii), or (iii) above has agreed to keep such Confidential Information confidential or has an internal policy to keep confidential client information confidential. |
| (c) | Except as (i) otherwise required by Applicable Law, (ii) required for disclosure in the Customer's Registration Statement, or (iii) needed to enforce the terms of this Agreement, the parties shall hold the terms and conditions, including, without limitation, any commercial terms, of this Agreement in confidence. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.11.** **Use of J.P. Morgan's Name** 

The Customer agrees not to use (or permit the use of) J.P. Morgan's name in any document, publication or publicity material relating to the Customer, including, but not limited to, notices, sales literature, stationery, advertisements, etc., without the prior written consent of J.P. Morgan (which consent shall not be unreasonably withheld), provided that no prior consent is needed if the document in which J.P. Morgan's name is used merely states that J.P. Morgan is acting as custodian to the Customer.

Global Custody Agreement - New York - General - DOCUMENT ID: [D2817270] - May 2016<br> Page 24

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.12.** **Counterparts** 

This Agreement may be executed in several counterparts each of which will be deemed to be an original and together will constitute one and the same agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.13.** **No Third Party Beneficiaries** 

A person who is not a party to this Agreement shall have no right to enforce any term of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.14.** **Cyber-security** 

J.P. Morgan will implement and maintain an information security program to safeguard customer information, and will provide Customer with a written summary of such program upon request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.15.** **Obligations of Each Customer Several; Funds as Customers** 

(a) Although each Customer and J.P. Morgan are entering into this agreement for convenience, each Customer and J.P. Morgan intend that this Agreement constitute a separate agreement between each Customer and J.P. Morgan such that each reference to Customer shall be read solely as a reference to a single entity.

(b) J.P. Morgan acknowledges and agrees that the obligations assumed by the Customer hereunder shall be limited in all cases to the assets of the Customer and that J.P. Morgan may not seek satisfaction of any such obligation from the officers, agents, employees, trustees, directors or shareholders of the Customer or of any other Customer hereto, and to the extent such trustees or officers are regarded as entering into this Agreement, they do so only as trustees or officers and not individually and that the obligations of this Agreement are not binding upon any such trustee, officer, employee or shareholder individually, but are binding only upon the assets and property of such Customer. J.P. Morgan hereby agrees that such trustees, officers, employees or shareholders shall not be personally liable under this Agreement and that J.P. Morgan shall look solely to the property of the Customer for the performance of the Agreement or payment of any claim under the Agreement.

(c) This Agreement is an agreement entered into between J.P. Morgan and, with respect to each Customer that is also a Fund, each Fund, severally. With respect to any obligation of the Customer on behalf of any Fund arising out of this Agreement, J.P. Morgan shall look for payment or satisfaction of such obligation solely to the assets of the Fund to which such obligation relates with the same effect as if J.P. Morgan had separately contracted with the Customer by separate written instrument with respect to each Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.16.** **Additional Customers** 

(a) Any additional entity (each an "Additional Customer") may be added to this Agreement as a Customer upon execution of this Agreement by J.P. Morgan and such Additional Customer. Any such joinder shall not require the prior written approval of, or the execution of any amendment to this Agreement by, any other Customer.

(b) Following the execution of this Agreement by J.P. Morgan and Additional Customer (i) each Additional Customer shall automatically be and become a party to this Agreement as a "Customer" hereunder with the same force and effect as if originally named herein as a Customer; (ii) without limiting the generality of the foregoing, each Additional Customer shall expressly assume all obligations and liability of a Customer under this Agreement; and (iii) Exhibit A to this Agreement shall be automatically amended and restated to include each Additional Customer.

Global Custody Agreement - New York - General - DOCUMENT ID: [D2817270] - May 2016<br> Page 25

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Global Custody Agreement - New York - General - DOCUMENT ID: [D2817270] - May 2016<br> Page 26

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**IN WITNESS WHEREOF**, the parties have executed this Amendment as of the date first above written.

---

| | | | |
|:---|:---|:---|:---|
| **FIRST EAGLE FUNDS**, on behalf of the separate portfolios listed on Exhibit A | **FIRST EAGLE FUNDS**, on behalf of the separate portfolios listed on Exhibit A | **FIRST EAGLE VARIABLE FUNDS**, on behalf of the separate portfolios listed on Exhibit A | **FIRST EAGLE VARIABLE FUNDS**, on behalf of the separate portfolios listed on Exhibit A |
| By: | ![](x4_c114495x45x1.jpg) | By: | ![](x4_c114495x45x1.jpg) |
| Name: | Joseph Malone | Name: | Joseph Malone |
| Title: | CFO First Eagle Funds | Title: | CFO First Eagle Funds |
| **FIRST EAGLE GLOBAL CAYMAN FUND, LTD.** | **FIRST EAGLE GLOBAL CAYMAN FUND, LTD.** | **FIRST EAGLE OVERSEAS CAYMAN FUND, LTD.** | **FIRST EAGLE OVERSEAS CAYMAN FUND, LTD.** |
| By: | ![](x4_c114495x45x1.jpg) | By: | ![](x4_c114495x45x1.jpg) |
| Name: | Joseph Malone | Name: | Joseph Malone |
| Title: | CFO First Eagle Funds | Title: | CFO First Eagle Funds |
| **FIRST EAGLE US VALUE CAYMAN FUND, LTD.** | **FIRST EAGLE US VALUE CAYMAN FUND, LTD.** | **FIRST EAGLE GOLD CAYMAN FUND, LTD.** | **FIRST EAGLE GOLD CAYMAN FUND, LTD.** |
| By: | ![](x4_c114495x45x1.jpg) | By: | ![](x4_c114495x45x1.jpg) |
| Name: | Joseph Malone | Name: | Joseph Malone |
| Title: | CFO First Eagle Funds | Title: | CFO First Eagle Funds |
| **FIRST EAGLE CREDIT OPPORTUNITIES FUND** | **FIRST EAGLE CREDIT OPPORTUNITIES FUND** |  |  |
| By: | ![](x4_c114495x45x2.jpg) |  |  |
| Name: | David O'Connor |  |  |
| Title: | General Counsel |  |  |
|  |  | **JPMORGAN CHASE BANK, N.A.** | **JPMORGAN CHASE BANK, N.A.** |
|  |  | By: | ![](x4_c114495x45x3.jpg) |
|  |  | Name: | Carl Mehldau |
|  |  | Title: | Vice President |
|  |  | Date: | August, 25, 2020 |

---

**AS WITNESS** the hand of the duly authorized officers of the parties hereto

---

| | |
|:---|:---|
| **FIRST EAGLE SMALL CAP OPPORTUNITY FUND** | **FIRST EAGLE SMALL CAP OPPORTUNITY FUND** |
| **By:** | ![](x4_c114495x45x1.jpg) |
| **Name:** | Joseph Malone |
| **Title:** | CFO First Eagle Funds |
| **Date:** | 4/21/21 |
| **JPMORGAN CHASE BANK, N.A.** | **JPMORGAN CHASE BANK, N.A.** |
| **By:** | ![](x4_c114495x45x3.jpg) |
| **Name:** | **Carl Mehldau** |
| **Title:** | **Vice President** |
| **Date** | **April 21, 2021** |

---

with respect to the addition of the above Additional Customer pursuant to Section 10.16(a) hereof.

**AS WITNESS** the hand of the duly authorized officers of the parties hereto

---

| | | | |
|:---|:---|:---|:---|
| **FIRST EAGLE GLOBAL REAL ASSETS FUND** | **FIRST EAGLE GLOBAL REAL ASSETS FUND** | **FIRST EAGLE GLOBAL REAL ASSETS CAYMAN FUND, LTD.** | **FIRST EAGLE GLOBAL REAL ASSETS CAYMAN FUND, LTD.** |
| By: | ![](x4_c114495x45x1.jpg) | By: | ![](x4_c114495x45x1.jpg) |
| Name: | Joseph Malone | Name: | Joseph Malone |
| Title: | SVP | Title: | SVP |
| Date: | 11/30/21 | Date: | 11/30/21 |
| **JPMORGAN CHASE BANK, N.A.** | **JPMORGAN CHASE BANK, N.A.** |  |  |
| By: | ![](x4_c114495x45x3.jpg) |  |  |
| Name: | Carl Mehldau |  |  |
| Title: | Vice President |  |  |
| Date: | 12/7/2021 |  |  |

---

with respect to the addition of the above Additional Customer pursuant to Section 10.16(a) hereof.

**AS WITNESS** the hand of the duly authorized officers of the parties hereto

---

| | | | |
|:---|:---|:---|:---|
| **FIRST EAGLE GLOBAL OPPORTUNITIES FUND** | **FIRST EAGLE GLOBAL OPPORTUNITIES FUND** | **FIRST EAGLE U.S. SMID CAP OPPORTUNITY FUND** | **FIRST EAGLE U.S. SMID CAP OPPORTUNITY FUND** |
| By: | ![](x4_c114495x45x2.jpg) | By: | ![](x4_c114495x45x1.jpg) |
| Name: | David O'Connor | Name: | Joseph Malone |
| Title: | Trustee | Title: | Chief Financial Officer |
| Date: | June 28, 2022 | Date: | June 28, 2022 |
| **FIRST EAGLE GLOBAL OPPORTUNITIES FUND, LTD.** | **FIRST EAGLE GLOBAL OPPORTUNITIES FUND, LTD.** |  |  |
| By: | ![](x4_c114495x45x1.jpg) |  |  |
| Name: | Joseph Malone |  |  |
| Title: | Chief Financial Officer |  |  |
| Date: | June 28, 2022 |  |  |
| **JPMORGAN CHASE BANK, N.A.** | **JPMORGAN CHASE BANK, N.A.** |  |  |
| By: | ![](x4_c114495x45x3.jpg) |  |  |
| Name: | Carl Mehldau |  |  |
| Title: | Vice President |  |  |
| Date: | June 28, 2022 |  |  |

---

with respect to the addition of the above Additional Customer pursuant to Section 10.16(a) hereof.

**AS WITNESS** the hand of the duly authorized officers of the parties hereto

---

| | | | |
|:---|:---|:---|:---|
| **FIRST EAGLE REAL ESTATE LENDING FUND** | **FIRST EAGLE REAL ESTATE LENDING FUND** | **FIRST EAGLE FUNDS (ON BEHALF OF FIRST EAGLE SHORT DURATION HIGH YIELD MUNICIPAL FUND)** | **FIRST EAGLE FUNDS (ON BEHALF OF FIRST EAGLE SHORT DURATION HIGH YIELD MUNICIPAL FUND)** |
| By: | ![](x4_c114495x49x1.jpg) | By: | ![](x4_c114495x49x2.jpg) |
| Name: | David P. O'Connor | Name: | Michael Luzzatto |
| Title: | Trustee | Title: | Vice President |
| Date: |  | Date: |  |
| **JPMORGAN CHASE BANK, N.A.** | **JPMORGAN CHASE BANK, N.A.** |  |  |
| By: | ![](x4_c114495x45x3.jpg) |  |  |
| Name: | Carl Mehldau |  |  |
| Title: | Executive Director |  |  |
| Date: | April 18, 2024 |  |  |

---

with respect to the addition of the above Additional Customer pursuant to Section 10.16(a) hereof.

**AS WITNESS** the hand of the duly authorized officers of the parties hereto

---

| | |
|:---|:---|
| **FIRST EAGLE GLOBAL INCOME <br> BUILDER CAYMAN FUND, LTD.** | **FIRST EAGLE GLOBAL INCOME <br> BUILDER CAYMAN FUND, LTD.** |
| By: | ![](x4_c114495x50x1.jpg) |
| Name: | Brandon Webster |
| Title: | CFO of First Eagle Mutual Funds |
| Date: | 9/4/2024 |
| **JPMORGAN CHASE BANK, N.A.** | **JPMORGAN CHASE BANK, N.A.** |
| By: | ![](x4_c114495x45x3.jpg) |
| Name: | Carl Mehldau |
| Title: | Executive Director |
| Date: | September 5, 2024 |

---

with respect to the addition of the above Additional Customer pursuant to Section 10.16(a) hereof.

**AS WITNESS** the hand of the duly authorized officers of the parties hereto

---

| | |
|:---|:---|
| **FIRST EAGLE OVERSEAS VARIABLE DELAWARE FUND, LLC** | **FIRST EAGLE OVERSEAS VARIABLE DELAWARE FUND, LLC** |
| By: | ![](x4_c114495x50x1.jpg) |
| Name: | Brandon Webster |
| Title: | Chief Financial Officer |
| Date: | 6/3/2025 |
| **FIRST EAGLE HIGH YIELD MUNICIPAL COMPLETION FUND** | **FIRST EAGLE HIGH YIELD MUNICIPAL COMPLETION FUND** |
| By: | ![](x4_c114495x50x1.jpg) |
| Name: | Brandon Webster |
| Title: | Chief Financial Officer |
| Date: | 6/3/2025 |
| **FIRST EAGLE REAL ESTATE DEBT SECURITY TRS, LLC** | **FIRST EAGLE REAL ESTATE DEBT SECURITY TRS, LLC** |
| By: | ![](x4_c114495x50x1.jpg) |
| Name: | Brandon Webster |
| Title: | Chief Financial Officer |
| Date: | 6/3/2025 |
| **JPMORGAN CHASE BANK, N.A.** | **JPMORGAN CHASE BANK, N.A.** |
| By: | ![](x4_c114495x45x3.jpg) |
| Name: | Carl Mehldau |
| Title: | Executive Director |
| Date: | June 4, 2025 |

---

with respect to the addition of the above Additional Customer pursuant to Section 10.16(a) hereof.

**AS WITNESS** the hand of the duly authorized officers of the parties hereto

---

| | |
|:---|:---|
| **FIRST EAGLE OVERSEAS VARIABLE CAYMAN FUND, LTD.** | **FIRST EAGLE OVERSEAS VARIABLE CAYMAN FUND, LTD.** |
| By: | ![](x4_c114495x50x1.jpg) |
| Name: | Brandon Webster |
| Title: | Chief Financial Officer |
| Date: | 7/14/2025 |
| **JPMORGAN CHASE BANK, N.A.** | **JPMORGAN CHASE BANK, N.A.** |
| By: | ![](x4_c114495x45x3.jpg) |
| Name: | Carl Mehldau |
| Title: | Executive Director |
| Date: | July 18, 2025 |

---

with respect to the addition of the above Additional Customer pursuant to Section 10.16(a) hereof.

**AS WITNESS** the hand of the duly authorized officers of the parties hereto

---

| | |
|:---|:---|
| **FIRST EAGLE ETF TRUST, ON BEHALF OF FIRST EAGLE US EQUITY ETF** | **FIRST EAGLE ETF TRUST, ON BEHALF OF FIRST EAGLE US EQUITY ETF** |
| By: | ![](x4_c114495x50x1.jpg) |
| Name: | Brandon Webster |
| Title: | Chief Financial Officer |
| Date: | October 21, 2025 |
| **FIRST EAGLE ETF TRUST, ON BEHALF OF FIRST EAGLE MID CAP EQUITY ETF** | **FIRST EAGLE ETF TRUST, ON BEHALF OF FIRST EAGLE MID CAP EQUITY ETF** |
| By: | ![](x4_c114495x50x1.jpg) |
| Name: | Brandon Webster |
| Title: | Chief Financial Officer |
| Date: | October 21, 2025 |
| **JPMORGAN CHASE BANK, N.A.** | **JPMORGAN CHASE BANK, N.A.** |
| By: | ![](x4_c114495x45x3.jpg) |
| Name: | Carl Mehldau |
| Title: | Executive Director |
| Date: | October 24, 2025 |

---

with respect to the addition of the above Additional Customer pursuant to Section 10.16(a) hereof.

**EXHIBIT A<br> LIST OF ENTITIES (as<br> of October 24, 2025)**

**First Eagle Funds:**

First Eagle Global Fund

First Eagle Overseas Fund

First Eagle U.S. Value Fund

First Eagle Gold Fund

First Eagle Global Income Builder Fund

First Eagle High Yield Municipal Fund

First Eagle Rising Dividend Fund

First Eagle Small Cap Opportunity Fund

First Eagle Global Real Assets Fund

First Eagle U.S. Smid Cap Opportunity Fund

First Eagle Short Duration High Yield Municipal Fund

First Eagle Core Plus Municipal Fund

First Eagle Global Cayman Fund, Ltd.

First Eagle Overseas Cayman Fund, Ltd.

First Eagle US Value Cayman Fund, Ltd.

First Eagle Gold Cayman Fund Ltd.

First Eagle Global Real Assets Cayman Fund, Ltd.

First Eagle Global Income Builder Cayman Fund, Ltd.

**First Eagle Variable Funds:**

First Eagle Overseas Variable Fund

First Eagle Overseas Variable Delaware Fund, LLC

First Eagle Overseas Variable Cayman Fund, Ltd.

**First Eagle Completion Fund Trust**

First Eagle High Yield Municipal Completion Fund

**First Eagle ETF Trust**

First Eagle US Equity ETF

First Eagle Mid Cap Equity ETF

*Below are closed end funds with their own separate trusts:*

First Eagle Credit Opportunities Fund

First Eagle Real Estate Debt Fund

First Eagle Real Estate Debt Cayman Fund, Ltd.

First Eagle Real Estate Debt Security TRS, LLC

First Eagle Tactical Municipal Opportunities Fund

First Eagle Global Opportunities Fund

First Eagle Global Opportunities Fund, Ltd.

**List of Subcustodians and Markets Used by J.P. Morgan**

Global Custody Agreement - New York - General - DOCUMENT ID: [D2817270] - May 2016

![](x4_c114495x68x1.jpg)

![](x4_c114495x56x1.jpg)

**Print Date : 19-Apr-21**

**Agent and Cash Network<br> (Custody & Fund Services)**

---

| | | |
|:---|:---|:---|
| **Market** | **Subcustodian** | **Cash Correspondent Bank** |
| Argentina | HSBC Bank Argentina S.A.<br> Bouchard 557, 18th Floor<br> Buenos Aires C1106ABJ<br> Argentina | HSBC Bank Argentina S.A.<br> Buenos Aires |
| Australia | JPMorgan Chase Bank N.A. **<sup>J.P. Morgan affiliate</sup>** <br> Level 18, 85 Castlereagh Street<br> Sydney NSW 2000<br> Australia | Australia and New Zealand Banking Group Ltd. Melbourne<br>JPMorgan Chase Bank N.A., Sydney Branch (for clients utilizing J.P. Morgan's domestic AUD solution) **<sup>J.P. Morgan affiliate</sup>**<br> Sydney |
| Austria | UniCredit Bank Austria AG<br> Julius Tandler Platz - 3,<br> Vienna A-1090<br> Austria | J.P. Morgan AG **<sup>J.P. Morgan affiliate</sup>** <br> Frankfurt |
| Bahrain | HSBC Bank Middle East Limited<br> Road No 2832<br> Al Seef 428<br> Bahrain | HSBC Bank Middle East Limited<br> Al Seef |
| Bangladesh | Standard Chartered Bank<br> Portlink Tower, Level-6, 67 Gulshan Avenue,<br> Gulshan <br> Dhaka 1212<br> Bangladesh | Standard Chartered Bank<br> Dhaka |
| Belgium | BNP Paribas Securities Services SCA (for clients contracting with J.P. Morgan (Suisse) SA and for all Belgian Bonds settling in the National Bank of Belgium (NBB))<br> 3, Rue d'Antin<br>Paris 75002<br> France<br>J.P. Morgan Bank Luxembourg S.A. (for clients contracting with JPMorgan Chase Bank, N.A.) **<sup>J.P. Morgan affiliate</sup>**<br>European Bank & Business Centre, 6, route de Treves | J.P. Morgan AG **<sup>J.P. Morgan affiliate</sup>** <br> Frankfurt am Main |

---

---

| | | |
|:---|:---|:---|
| Correspondent banks are listed for information only.<br> Strictly Private and Confidential | Page 1 of 12 | ![](x4_c114495x68x1.jpg) |

---

---

| | | |
|:---|:---|:---|
| **Market** | **Subcustodian** | **Cash Correspondent Bank** |
| | Senningerberg L-2633<br> Luxembourg<br>J.P. Morgan Luxembourg S.A. (for clients contracting with this entity) **<sup>J.P. Morgan affiliate</sup>** <br> European Bank & Business Centre, 6, route de Treves<br> Senningerberg L-2633<br> Luxembourg<br>J.P. Morgan Bank (Ireland) PLC (for clients contracting with this entity) **<sup>J.P. Morgan affiliate</sup>** <br> 200 Capital Dock, 79 Sir John Rogerson's Quay Dublin D02 RK57<br> Ireland | |
| Bermuda | HSBC Bank Bermuda Limited<br> 37 Front Street<br> Hamilton HM 11<br> Bermuda | HSBC Bank Bermuda Limited<br> Hamilton |
| Botswana | Standard Chartered Bank Botswana Limited<br> 5th Floor, Standard House, P.O. Box 496,<br> Queens Road, The Mall<br> Gaborone<br> Botswana | Standard Chartered Bank Botswana Limited<br> Gaborone |
| Brazil | J.P. Morgan S.A. DTVM **<sup>J.P. Morgan affiliate</sup>**<br> Av. Brigadeiro Faria Lima, 3729, Floor 06<br> Sao Paulo SP 04538 905<br> Brazil | J.P. Morgan S.A. DTVM **<sup>J.P. Morgan affiliate</sup>**<br> Sao Paulo |
| Bulgaria | Citibank Europe plc<br> Serdika Offices, 10th Floor, 48 Sitnyakovo<br> Blvd<br> Sofia 1505<br> Bulgaria | ING Bank N.V.<br> Sofia |
| Canada | CIBC Mellon Trust Company (Note: Clients please refer to your issued settlement instructions)<br> 1 York Street, Suite 900<br> Toronto Ontario M5J 0B6<br> Canada<br>Royal Bank of Canada (Note: Clients please refer to your issued settlement instructions) 155 Wellington Street West<br> Toronto M5V 3L3<br> Canada | Canadian Imperial Bank of Commerce (For clients utilizing J.P. Morgan's domestic CAD solution)<br> Toronto<br>Royal Bank of Canada<br> Toronto<br>|
| Chile | Banco Santander Chile<br> Bandera 140<br> Santiago<br> Chile | Banco Santander Chile<br> Santiago |
| China A-Share **Please refer to your Client Relationship Team for additional subcustodial options** | JPMorgan Chase Bank (China) Company Limited (Note: For CIBM Direct Only) **<sup>J.P. Morgan affiliate</sup>**<br> 41st floor, Park Place, No. 1601, West Nanjing Road, Jingan District<br> Shanghai null<br> The People's Republic of China | JPMorgan Chase Bank (China) Company Limited (Note: For CIBM Direct Only) **<sup>J.P. Morgan affiliate</sup>**<br> Shanghai<br>HSBC Bank (China) Company Limited (Note: Clients please refer to your issued settlement |

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|:---|:---|:---|
| **Market** | **Subcustodian** | **Cash Correspondent Bank** |
|  | HSBC Bank (China) Company Limited (Note: Clients please refer to your issued settlement instructions)<br> 33/F, HSBC Building, Shanghai IFC, 8 Century Avenue, Pudong<br> Shanghai 200120<br> The People's Republic of China | instructions) Shanghai |
| China B-Share | HSBC Bank (China) Company Limited<br> 33/F, HSBC Building, Shanghai IFC, 8 Century Avenue, Pudong<br> Shanghai 200120<br> The People's Republic of China | JPMorgan Chase Bank, N.A. **<sup>J.P. Morgan affiliate</sup>** <br> Hong Kong<br>JPMorgan Chase Bank, N.A., New York **<sup>J.P. Morgan affiliate</sup>** |
| China Connect | JPMorgan Chase Bank, N.A. **<sup>J.P. Morgan affiliate</sup>**<br> 18th Floor Tower 2, The Quayside, 77 Hoi Bun Road, Kwun Tong <br> Hong Kong null | JPMorgan Chase Bank, N.A., Hong Kong **<sup>J.P. Morgan affiliate</sup>** |
| Colombia | Cititrust Colombia S.A.<br> Carrera 9 A #99-02, 3rd Floor<br> Bogota<br> Colombia | Cititrust Colombia S.A.<br> Bogota |
| Costa Rica | Banco BCT S.A.<br> 150 Metros Norte de la Catedral<br> Metropolitana, Edificio BCT<br> San Jose<br> Costa Rica | Banco BCT S.A.<br> San Jose |
| Croatia | Privredna banka Zagreb d.d.<br> Radnicka cesta 50<br> Zagreb 10000<br> Croatia | Zagrebacka banka d.d.<br> Zagreb |
| Cyprus | HSBC Continental Europe, Greece<br> 109-111, Messogion Ave.<br> Athens 11526<br> Greece | J.P. Morgan AG **J.P. Morgan affiliate**<br> Frankfurt am Main |
| Czech Republic | UniCredit Bank Czech Republic and Slovakia, a.s.<br> BB Centrum - FILADELFIE, Zeletavska 1525-1, Prague 1<br> Prague 140 92<br> Czech Republic | Ceskoslovenská obchodní banka a.s.<br> Prague |
| Denmark | Nordea Bank Abp<br> Christiansbro, Strandgade 3, P.O. Box 850<br> Copenhagen DK-0900<br> Denmark | Nordea Bank Abp<br> Copenhagen |
| Egypt | Citibank N.A., Egypt<br> Boomerang Building, Plot 46, Zone J, 1st<br> district, 5th Settlement,<br> New Cairo 11511<br> Egypt | Citibank N.A., Egypt<br> New Cairo |
| Estonia | Access to the market via Clearstream Banking<br> S.A., Luxembourg in its capacity as International Central Securities Depository | J.P. Morgan AG **J.P. Morgan affiliate**<br> Frankfurt am Main |
| Finland | Nordea Bank Abp | J.P. Morgan AG **<sup>J.P. Morgan affiliate</sup>** |

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|:---|:---|:---|
| **Market** | **Subcustodian** | **Cash Correspondent Bank** |
|  | Satamaradankatu 5<br> Helsinki FIN-00020 Nordea<br> Finland | Frankfurt am Main |
| France | BNP Paribas Securities Services SCA (for clients contracting with J.P. Morgan (Suisse) SA and for Physical Securities and Ordre de Mouvement (ODMs) held by clients)<br> 3, Rue d'Antin<br> Paris 75002<br> France<br>J.P. Morgan Bank Luxembourg S.A. (for clients contracting with this entity) **<sup>J.P. Morgan affiliate</sup>**<br> European Bank & Business Centre, 6, route de Treves<br> Senningerberg L-2633<br> Luxembourg<br>J.P. Morgan Bank Luxembourg S.A. (for clients contracting with JPMorgan Chase Bank, N.A.) **<sup>J.P. Morgan affiliate</sup>**<br>European Bank & Business Centre, 6, route de Treves<br> Senningerberg L-2633<br> Luxembourg<br>J.P. Morgan Bank (Ireland) PLC (for clients contracting with this entity) **<sup>J.P. Morgan affiliate</sup>**<br> 200 Capital Dock, 79 Sir John Rogerson's Quay<br> Dublin D02 RK57<br> Ireland | J.P. Morgan AG **<sup>J.P. Morgan affiliate</sup>**<br> Frankfurt am Main |
| Germany | J.P. Morgan AG (for domestic German custody clients only) **<sup>J.P. Morgan affiliate</sup>**<br> Taunustor 1 (TaunusTurm)<br> Frankfurt am Main 60310<br> Germany<br>Deutsche Bank AG<br> Alfred-Herrhausen-Allee 16-24<br> Eschborn D-65760<br> Germany | J.P. Morgan AG **<sup>J.P. Morgan affiliate</sup>**<br> Frankfurt am Main |
| Ghana | Standard Chartered Bank Ghana PLC<br> Accra High Street, P.O. Box 768<br> Accra null<br> Ghana | Standard Chartered Bank Ghana PLC<br> Accra |
| Greece | HSBC Continental Europe, Greece<br> 109-111, Messogion Ave.<br> Athens 11526<br> Greece | J.P. Morgan AG **<sup>J.P. Morgan affiliate</sup>**<br> Frankfurt am Main |
| Hong Kong | JPMorgan Chase Bank, N.A. **<sup>J.P. Morgan affiliate</sup>**<br> 18th Floor Tower 2, The Quayside, 77 Hoi Bun Road, Kwun Tong<br> Hong Kong | JPMorgan Chase Bank, N.A., Hong Kong **<sup>J.P. Morgan affiliate</sup>** |
| Hungary | Deutsche Bank AG<br> Hold utca 27<br> Budapest H-1054 | UniCredit Bank Hungary Zrt. |

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|:---|:---|:---|
| **Market** | **Subcustodian** | **Cash Correspondent Bank** |
|  | Hungary |  |
| Iceland | Islandsbanki hf.<br> Kirkjusandur 2<br> Reykjavik IS-155<br> Iceland | Islandsbanki hf.<br> Reykjavik |
| India | JPMorgan Chase Bank, N.A. **<sup>J.P. Morgan affiliate</sup>**<br> 6th Floor, Paradigm B Wing, Mindspace, Malad (West)<br> Mumbai 400 064<br> India | JPMorgan Chase Bank, N.A. **<sup>J.P. Morgan affiliate</sup>**<br> Mumbai |
| Indonesia | PT Bank HSBC Indonesia<br> WTC 3 Building - 8th floor<br> Jl. Jenderal Sudirman Kav. 29-31<br> Jakarta 12920<br> Indonesia | PT Bank HSBC Indonesia<br> Jakarta |
| Ireland | JPMorgan Chase Bank, N.A. **<sup>J.P. Morgan affiliate</sup>**<br> 383 Madison Avenue<br> New York 10017<br> United States | J.P. Morgan AG **<sup>J.P. Morgan affiliate</sup>**<br> Frankfurt am Main |
| Israel | Bank Leumi le-Israel B.M.<br> 35, Yehuda Halevi Street<br> Tel Aviv 65136<br> Israel | Bank Leumi le-Israel B.M.<br> Tel Aviv |
| Italy | J.P. Morgan Bank (Ireland) PLC (for clients contracting with this entity. Clients contracting with J.P. Morgan Bank Luxembourg S.A. please refer to your issued settlement instructions) **<sup>J.P. Morgan affiliate</sup>**<br>200 Capital Dock, 79 Sir John Rogerson's Quay Dublin D02 RK57<br> Ireland<br>BNP Paribas Securities Services SCA (for clients contracting with J.P. Morgan Chase Bank, N.A. and J.P. Morgan (Suisse) SA. Clients contracting with J.P. Morgan Bank Luxembourg S.A. please refer to your issued settlement instructions)<br> Piazza Lina Bo Bardi 3<br> Milan 20124<br> Italy | J.P. Morgan AG **<sup>J.P. Morgan affiliate</sup>** <br> Frankfurt am Main |
| Japan | Mizuho Bank Ltd. (Note: Clients please refer to your issued settlement instructions)<br> 2-15-1, Konan, Minato-ku<br> Tokyo 108-6009<br> Japan<br>MUFG Bank, Ltd. (Note: Clients please refer to your issued settlement instructions)<br> 1-3-2 Nihombashi Hongoku-cho, Chuo-ku<br> Tokyo 103-0021<br> Japan | JPMorgan Chase Bank, N.A. **<sup>J.P. Morgan affiliate</sup>** <br> Tokyo |
| Jordan | Standard Chartered Bank<br> Shmeissani Branch, Al-Thaqafa Street,<br> Building #2 P.O. Box 926190<br> Amman | Standard Chartered Bank<br> Amman |

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|:---|:---|:---|
| **Market** | **Subcustodian** | **Cash Correspondent Bank** |
|  | Jordan |  |
| Kazakhstan | Citibank Kazakhstan JSC<br> Park Palace, Building A, Floor 2, 41 Kazybek Bi<br> Almaty 050010<br> Kazakhstan | Subsidiary Bank Sberbank of Russia Joint Stock<br> Company<br> Almaty |
| Kenya | Standard Chartered Bank Kenya Limited<br> Chiromo, 48 Westlands Road<br> Nairobi 00100<br> Kenya | Standard Chartered Bank Kenya Limited<br> Nairobi |
| Kuwait | HSBC Bank Middle East Limited<br> Al Hamra Tower, Abdulaziz Al Sager Street Sharq Area<br> Kuwait City<br> Kuwait | HSBC Bank Middle East Limited<br> Kuwait City |
| Latvia | Access to the market via Clearstream Banking<br> S.A., Luxembourg in its capacity as International Central Securities Depository | J.P. Morgan AG **<sup>J.P. Morgan affiliate</sup>**<br> Frankfurt am Main |
| Lithuania | Access to the market via Clearstream Banking<br> S.A., Luxembourg in its capacity as International Central Securities Depository | J.P. Morgan AG **<sup>J.P. Morgan affiliate</sup>**<br> Frankfurt am Main |
| Luxembourg | BNP Paribas Securities Services SCA,<br> Luxembourg Branch<br> 60 Avenue John F. Kennedy<br> Luxembourg L-1855<br> Luxembourg | J.P. Morgan AG **<sup>J.P. Morgan affiliate</sup>**<br> Frankfurt am Main |
| Malawi<br> **Clients may be required to upgrade certain clauses in their existing agreement prior to entry** | Standard Bank PLC<br> Kaomba Centre, Cnr Glyn Jones Road & Victoria Avenue, P.O. Box 1111<br> Blantyre<br> Malawi | Standard Bank PLC<br> Blantyre |
| Malaysia | HSBC Bank Malaysia Berhad<br> 2 Leboh Ampang, 12th Floor, South Tower Kuala Lumpur 50100<br> Malaysia | HSBC Bank Malaysia Berhad<br> Kuala Lumpur |
| Mauritius | The Hongkong and Shanghai Banking Corporation Limited<br> HSBC Centre 18 Cybercity<br> Ebene Mauritius | The Hongkong and Shanghai Banking Corporation Limited<br> Ebene |
| Mexico | Banco Nacional de Mexico S.A.<br> Act. Roberto Medellin No. 800 3er Piso Norte Colonia Santa Fe<br> Mexico, D.F. 1210<br> Mexico | Banco Santander (Mexico) S.A.<br> Ciudad de México, C.P. |
| Morocco | Société Générale Marocaine de Banques<br> 55 Boulevard Abdelmoumen<br> Casablanca 20100<br> Morocco | Attijariwafa Bank S.A.<br> Casablanca |
| Namibia | Standard Bank Namibia Limited<br> Erf 137, Standard Bank Centre, Chasie Street, Hill Top, Kleine Kuppe<br> Windhoek | The Standard Bank of South Africa Limited<br> Johannesburg |

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|:---|:---|:---|
| **Market** | **Subcustodian** | **Cash Correspondent Bank** |
|  | Namibia |  |
| Netherlands | J.P. Morgan Bank Luxembourg S.A. (for clients contracting with this entity)<br> European Bank & Business Centre, 6, route de Treves<br> Senningerberg L-2633<br> Luxembourg<br>J.P. Morgan Bank Luxembourg S.A. (for clients contracting with JPMorgan Chase Bank, N.A.) <sup>J.P. Morgan affiliate</sup><br>European Bank & Business Centre, 6, route de Treves<br> Senningerberg L-2633<br> Luxembourg<br>BNP Paribas Securities Services SCA (for clients contracting with J.P. Morgan (Suisse) SA)<br> 3, Rue d'Antin<br>Paris 75002<br> France<br>J.P. Morgan Bank (Ireland) PLC (for clients contracting with this entity) <sup>J.P. Morgan affiliate</sup><br> 200 Capital Dock, 79 Sir John Rogerson's Quay Dublin D02 RK57<br> Ireland<br>| J.P. Morgan AG **<sup>J.P. Morgan affiliate</sup>**<br> Frankfurt am Main |
| New Zealand | JPMorgan Chase Bank, N.A. **<sup>J.P. Morgan affiliate</sup>**<br> Level 13, 2 Hunter Street<br> Wellington 6011<br> New Zealand | JPMorgan Chase Bank, N.A. New Zealand Branch (for clients utilizing J.P. Morgan's domestic NZD solution) **<sup>J.P. Morgan affiliate</sup>**<br> Wellington<br>ANZ Bank New Zealand Limited<br> Wellington<br>|
| Nigeria | Stanbic IBTC Bank Plc<br> Plot 1712, Idejo Street Victoria Island<br> Lagos<br> Nigeria | Stanbic IBTC Bank Plc<br> Lagos |
| Norway | Nordea Bank Abp<br> Essendropsgate 7, P.O. Box 1166<br> Oslo NO-0107<br> Norway | Nordea Bank Abp<br> Oslo |
| Oman | HSBC Bank Oman S.A.O.G.<br> 2nd Floor Al Khuwair<br> P.O. Box 1727<br> Seeb PC 111<br> Oman | HSBC Bank Oman S.A.O.G.<br> Seeb |
| Pakistan | Standard Chartered Bank (Pakistan) Limited P.O. Box 4896, Ismail Ibrahim Chundrigar<br> Road<br> Karachi 74000<br> Pakistan | Standard Chartered Bank (Pakistan) Limited<br> Karachi |
| Panama | Citibank N.A. Panama Branch Punta Pacifica, | Citibank N.A. Panama Branch Panama |

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|:---|:---|:---|
| **Market** | **Subcustodian** | **Cash Correspondent Bank** |
|  | Calle Punta Darien,<br> Torre De Las Americas,<br> Torre B, Piso 14<br> Panama<br> Panama |  |
| Peru | Citibank del Perú S.A.<br> Canaval y Moreryra 480 Piso 3, San Isidro<br> San Isidro, L-27 L-27<br> Lima, Peru | Banco de Crédito del Perú<br> Lima 012 |
| Philippines | The Hongkong and Shanghai Banking Corporation Limited<br> 7/F HSBC Centre, 3058 Fifth Avenue West, Bonifacio Global City<br> Taguig City 1634<br> Philippines | The Hongkong and Shanghai Banking Corporation Limited<br> Taguig City |
| Poland | Bank Handlowy w. Warszawie S.A.<br> ul. Senatorska 16<br> Warsaw 00-923<br> Poland | mBank S.A.<br> Warsaw |
| Portugal | BNP Paribas Securities Services SCA<br> 3, Rue d'Antin<br>Paris 75002<br> France<br>| J.P. Morgan AG **<sup>J.P. Morgan affiliate</sup>**<br> Frankfurt am Main |
| Qatar | HSBC Bank Middle East Limited<br> Building 150, Airport Road<br> Doha<br> Qatar | The Commercial Bank (P.Q.S.C.)<br> Doha |
| Romania | Citibank Europe plc<br> 145 Calea Victoriei, 1st District<br> Bucharest 10072<br> Hungary | ING Bank N.V.<br> Bucharest |
| Russia | Commercial Bank "J.P. Morgan Bank International" (Limited Liability Company) **<sup>J.P. Morgan affiliate</sup>**<br> 10, Butyrsky Val, White Square Business<br> Centre, Floor 12<br> Moscow 125047<br> Russia | Sberbank of Russia<br> Moscow<br>JPMorgan Chase Bank, N.A. **<sup>J.P. Morgan affiliate</sup>**<br> New York<br>|
| Saudi Arabia | J.P. Morgan Saudi Arabia Company **<sup>J.P. Morgan affiliate</sup>**<br> Al Faisaliah Tower, Level 8, P.O. Box 51907<br> Riyadh 11553<br> Saudi Arabia | JPMorgan Chase Bank, N.A. - Riyadh Branch **<sup>J.P. Morgan affiliate</sup>**<br>Riyadh |
| Serbia | Unicredit Bank Srbija a.d.<br> Rajiceva 27-29<br> Belgrade 11000<br> Serbia | Unicredit Bank Srbija a.d.<br> Belgrade |
| Singapore | DBS Bank Ltd<br> 10 Toh Guan Road, DBS Asia Gateway, Level<br> 04-11 (4B)<br> Singapore 608838<br> Singapore | Oversea-Chinese Banking Corporation<br> Singapore |
| Slovak Republic | UniCredit Bank Czech Republic and Slovakia, a.s.<br> Sancova 1/A<br> Bratislava SK-813 33 | J.P. Morgan AG **<sup>J.P. Morgan affiliate</sup>**<br> Frankfurt am Main |

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|:---|:---|:---|
| **Market** | **Subcustodian** | **Cash Correspondent Bank** |
|  | Slovak Republic |  |
| Slovenia | UniCredit Banka Slovenija d.d.<br> Smartinska 140<br> Ljubljana SI-1000<br> Slovenia | J.P. Morgan AG **<sup>J.P. Morgan affiliate</sup>**<br> Frankfurt am Main |
| South Africa | FirstRand Bank Limited<br> 1 Mezzanine Floor, 3 First Place, Bank City Cnr Simmonds and Jeppe Streets<br> Johannesburg 2001<br> South Africa | The Standard Bank of South Africa Limited<br> Johannesburg |
| South Korea | Kookmin Bank Co. Ltd. (Note: Clients please refer to your issued settlement instructions) 84, Namdaemun-ro, Jung-gu<br> Seoul 100-845<br> South Korea<br>Standard Chartered Bank Korea Limited (Note: Clients please refer to your issued settlement instructions)<br> 47 Jongro, Jongro-Gu<br> Seoul 3160<br> South Korea<br>| Kookmin Bank Co. Ltd. (Note: Clients please refer to your issued settlement instructions)<br> Seoul<br>Standard Chartered Bank Korea Limited (Note: Clients please refer to your issued settlement instructions)<br> Seoul<br>|
| Spain | CACEIS Bank Spain, S.A.U.<br> Parque Empresarial La Finca, Paseo Club Deportivo 1, Edificio 4, Planta 2, Pozuelo de Alarcón<br> Madrid 28223<br> Spain | J.P. Morgan AG **<sup>J.P. Morgan affiliate</sup>**<br> Frankfurt am Main |
| Sri Lanka | The Hongkong and Shanghai Banking Corporation Limited<br> 24 Sir Baron Jayatillaka Mawatha<br> Colombo 1<br> Sri Lanka | The Hongkong and Shanghai Banking Corporation Limited<br> Colombo |
| Sweden | Nordea Bank Abp<br> Hamngatan 10<br> Stockholm SE-105 71<br> Sweden | Svenska Handelsbanken<br> Stockholm |
| Switzerland | UBS Switzerland AG<br> 45 Bahnhofstrasse<br> Zurich 8021<br> Switzerland | UBS Switzerland AG<br> Zurich |
| Taiwan | JPMorgan Chase Bank, N.A. **<sup>J.P. Morgan affiliate</sup>**<br> 8th Floor, Cathay Xin Yi Trading Building, No.<br> 108, Section 5, Xin Yi Road<br> Taipei 11047<br> Taiwan | JPMorgan Chase Bank, N.A. **<sup>J.P. Morgan affiliate</sup>**<br> Taipei |
| Tanzania<br> **Clients may be required to upgrade certain clauses in their existing agreement prior to entry** | Stanbic Bank Tanzania Limited<br> Stanbic Centre, Corner Kinondoni and A.H.<br> Mwinyi Roads, P.O. Box 72648<br> Dar es Salaam<br> Tanzania | Stanbic Bank Tanzania Limited<br> Dar es Salaam |
| Thailand | Standard Chartered Bank (Thai) Public Company Limited<br> 14th Floor, Zone B, Sathorn Nakorn Tower, 90 North Sathorn Road Bangrak, Silom, Bangrak Bangkok 10500 | Standard Chartered Bank (Thai) Public Company Limited<br> Bangkok |

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|:---|:---|:---|
| **Market** | **Subcustodian** | **Cash Correspondent Bank** |
|  | Thailand |  |
| Tunisia | Union Internationale de Banques Societe Generale SA<br> 10, Rue d'Egypte, Tunis Belvedere<br> Tunis 1002<br> Tunisia | Banque Internationale Arabe de Tunisie S.A.<br> Tunis |
| Turkey | Citibank A.S.<br> Tekfen Tower, Eski Buyukdere Cad No:209 K:2,<br> Levent<br>Istanbul 34394<br> Turkey<br>| JPMorgan Chase Bank, N.A. Istanbul Branch **<sup>J.P. Morgan affiliate</sup>**<br> Istanbul |
| Uganda | Standard Chartered Bank Uganda Limited<br> 5 Speke Road, PO Box 7111<br> Kampala<br> Uganda | Standard Chartered Bank Uganda Limited<br> Kampala |
| Ukraine<br> **Restricted service only. Please contact your Relationship Manager for further information** | Joint Stock Company "Citibank"<br> 16-G Dilova Street<br> Kiev 03150<br> Ukraine | JPMorgan Chase Bank, N.A. **<sup>J.P. Morgan affiliate</sup>**<br> New York<br>Joint Stock Company "Citibank"<br> Kiev<br>|
| United Arab Emirates | HSBC Bank Middle East Limited<br> Emaar Square, Level 4, Building No. 5, P.O.<br> Box 502601<br> Dubai<br> United Arab Emirates | First Abu Dhabi Bank P.J.S.C<br> Dubai |
| United Kingdom | JPMorgan Chase Bank, N.A. **<sup>J.P. Morgan affiliate</sup>**<br> 383 Madison Avenue<br> New York 10017<br> United States<br>Deutsche Bank AG Depository and Clearing Centre<br> 10 Bishops Square<br> London E1 6EG<br> United Kingdom<br>| JPMorgan Chase Bank, N.A., London **<sup>J.P. Morgan affiliate</sup>** |
| United States | JPMorgan Chase Bank, N.A. **<sup>J.P. Morgan affiliate</sup>**<br> 383 Madison Avenue<br> New York 10017<br> United States | JPMorgan Chase Bank, N.A. **<sup>J.P. Morgan affiliate</sup>**<br> New York |
| Uruguay | Banco Itaú Uruguay S.A.<br> Zabala 1463<br> Montevideo 11000<br> Uruguay | Banco Itaú Uruguay S.A.<br> Montevideo |
| Vietnam | HSBC Bank (Vietnam) Ltd.<br> 106 Nguyen Van Troi Street, Phu Nhuan District<br> Ho Chi Minh City<br> Vietnam | HSBC Bank (Vietnam) Ltd.<br> Ho Chi Minh City |
| WAEMU (Benin, Burkina Faso, Guinea- Bissau, Ivory Coast, Mali, Niger, Senegal, Togo)<br> **Clients may be required to upgrade certain clauses in** | Standard Chartered Bank Côte d'Ivoire S.A. <br> 23 Boulevard de la Republique 1<br> Abidjan 01 B.P. 1141<br> Ivory Coast | Standard Chartered Bank Côte d'Ivoire S.A. Abidjan |

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| **Market** | **Subcustodian** | **Cash Correspondent Bank** |
| **their existing agreement prior to entry** | | |
| Zambia | Standard Chartered Bank Zambia Plc<br> Standard Chartered House, Cairo Road P.O.<br> Box 32238<br> Lusaka 10101<br> Zambia | Standard Chartered Bank Zambia Plc<br> Lusaka |
| Zimbabwe<br> **Clients may be required to upgrade certain clauses in their existing agreement prior to entry** | Stanbic Bank Zimbabwe Limited<br> Stanbic Centre, 3rd Floor, 59 Samora Machel<br> Avenue<br> Harare<br> Zimbabwe | Stanbic Bank Zimbabwe Limited<br> Harare |

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**Schedule 2 Form of Board Resolution**

To: JPMorgan Chase Bank, N.A. <br>___________________________20____

We hereby certify that the following is a true copy of the minutes of the Board of Directors of _______________________________\* (the **"Company"**) which was duly called and held on ___________________________20____ and at which a duly qualified quorum was present throughout and entitled to vote.

&nbsp;&nbsp;&nbsp;&nbsp;1. There was produced to the meeting a form of Custody Agreement provided by JPMorgan Chase Bank, N.A. ("J.P. Morgan")
 for use in connection with the opening of one or more cash and securities accounts and the conduct of such other transactions
 between the Company and J.P. Morgan as referred to therein. The form of Custody Agreement produced had been completed by an
 officer of the Company, and in particular it was noted that details of the Authorized Persons (as defined therein) and details
 of persons authorized to give instructions on behalf of the Company had been provided to J.P. Morgan. Details of any Fund
 Managers and Advisers had also been provided to J.P. Morgan. The indemnities given to J.P. Morgan in the Custody Agreement
 were also noted. The meeting considered the form of the Custody Agreement.

2. IT WAS RESOLVED that the form of Custody Agreement (together with the Schedules and Appendices), completed in the manner
 and form produced at the meeting, be and is hereby approved and that _______________________________\*\* be and he/she is hereby
 authorized, for and on behalf of the Company, to sign and deliver the same together with such changes and amendments thereto
 as he/she may in his/her sole discretion think fit.

3. There was produced to the meeting a form of power of attorney (**"power of attorney"**) to be given by the
 Company to J.P. Morgan to enable J.P. Morgan to provide tax reclaim services as provided for in the Custody Agreement. The
 meeting considered the form of the power of attorney and in particular the indemnities contained in it. IT WAS RESOLVED that
 that power of attorney be and it is hereby approved and that it be executed under seal in accordance with the Company's
 constitution.

---

| |
|:---|
| DIRECTOR |
| SECRETARY |

---

\*Name of Company in full.

\*\*Name of signer of the Agreement.

Global Custody Agreement - New York - General - DOCUMENT ID: [D2817270] - May 2016<br> Page 29

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**Schedule 3**

**J.P. Morgan Investor Services Global Custody Restricted Markets Schedule**

The following table identifies certain markets that J.P. Morgan has determined to be restricted markets and provides summary information about the nature of the restrictions applicable in each. J.P. Morgan reserves the right to update this Schedule from time to time upon notice to Customer.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Market** | &nbsp;&nbsp;**Restrictions** |
| &nbsp;&nbsp;Costa Rica | &nbsp;&nbsp;If J.P. Morgan's Costa Rican Subcustodian exits the market or becomes an unacceptable provider of subcustody services, J.P. Morgan may cease to provide custody services with respect to Securities that are safekept in Costa Rica. Although J.P. Morgan will work with customers to mitigate the impact of any decision to exit the market, it may not be practicable to give significant advance notice of the exit. |
| &nbsp;&nbsp;Iceland | &nbsp;&nbsp;Until further notice from J.P. Morgan, no deposits of Icelandic currency will be held in the Customer's Cash Account except for the proceeds of sales of Securities safekept in Iceland ("Icelandic Securities") or where income and corporate action proceeds are paid in local currency.<br>Until further notice from J.P. Morgan, any credit of Icelandic currency to the Customer's Cash Account with J.P. Morgan will be conditional and subject to reversal by J.P. Morgan upon notice to Customer except to the extent that the funds are able to be applied at Customer's Instruction to the purchase of Icelandic Securities or J.P. Morgan is able to repatriate the funds from J.P. Morgan's Icelandic Subcustodian via a foreign exchange transaction (upon Instruction received from Customer). In this regard, Customer will be entitled to no more than Customer's pro rata share of any recoveries that J.P. Morgan is able to obtain, as reasonably determined by J.P. Morgan. |
| &nbsp;&nbsp;Malawi | &nbsp;&nbsp;Local currency will be held in one or more separate cash accounts that the Customer opened with J.P. Morgan's Malawi Subcustodian that are in the Customer's name and payable exclusively by J.P. Morgan's Malawi Subcustodian. In respect of the cash accounts, J.P. Morgan's Malawi Subcustodian will be the Customer's local agent bank and pursuant to a power of attorney, J.P. Morgan will have a right to instruct J.P. Morgan's Malawi Subcustodian in respect to the one or more separate cash accounts that the Customer directly opened in the Customer's name at the Subcustodian.<br>Due to the unclear standards in the Malawi market with respect to the completion and submission of corporate action elections, J.P. Morgan will be subject to a "reasonable efforts" standard of care with respect to any Corporate Action related to Securities safekept in Malawi ("Malawi Securities").<br>If J.P. Morgan's Malawi Subcustodian exits the market or becomes an unacceptable provider of subcustody services, J.P. Morgan may cease to provide custody services with respect to Malawi Securities. Although J.P. Morgan will work with customers to mitigate the impact of any decision to exit the market, it may not be practicable to give significant advance notice of the exit. |
| &nbsp;&nbsp;Tanzania | &nbsp;&nbsp;Local currency will be held in one or more separate cash accounts that the Customer opened |

---

J.P. Morgan Investor Services Global Custody

![](x4_c114495x68x1a.jpg)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Market** | &nbsp;&nbsp;**Restrictions** |
|  | &nbsp;&nbsp;with J.P. Morgan's Tanzanian Subcustodian that are in the Customer's name and payable exclusively by J.P. Morgan's Tanzanian Subcustodian. In respect of the cash accounts, J.P. Morgan's Tanzanian Subcustodian will be the Customer's local agent bank and pursuant to a power of attorney, J.P. Morgan will have a right to instruct J.P. Morgan's Tanzanian Subcustodian in respect to the one or more separate cash accounts that the Customer directly opened in the Customer's name at the Subcustodian.<br>Due to the unclear standards in the Tanzanian market with respect to the completion and submission of corporate action elections, J.P. Morgan will be subject to a "reasonable efforts" standard of care with respect to any Corporate Action related to Securities safekept in Tanzania ("Tanzanian Securities").<br>If J.P. Morgan's Tanzanian Subcustodian exits the market or becomes an unacceptable provider of subcustody services, J.P. Morgan may cease to provide custody services with respect to Tanzanian Securities. Although J.P. Morgan will work with customers to mitigate the impact of any decision to exit the market, it may not be practicable to give significant advance notice of the exit. |
| &nbsp;&nbsp;Ukraine (for Ukrainian Equities only) | &nbsp;&nbsp;Customer should refer to the current version of the applicable J.P. Morgan's Ukraine briefing memo regarding the account structure and corporate action nuances of the Ukrainian market.<br>For client opening accounts in Ukraine and unincorporated client types in particular, due to unclear standards in the Ukrainian market with respect to the completion and submission of corporate action elections, J.P. Morgan will be subject to a "reasonable efforts" standard of care with respect to any Corporate Action related to equity Securities safekept in Ukraine. |
| &nbsp;&nbsp;West African Economic and Monetary Union ("WAEMU") | &nbsp;&nbsp;Local currency will be held in one or more separate cash accounts that the Customer opened with J.P. Morgan's WAEMU Subcustodian that are in the Customer's name and payable exclusively by J.P. Morgan's WAEMU Subcustodian. In respect of the cash accounts, J.P. Morgan's WAEMU Subcustodian will be the Customer's local agent bank and pursuant to a power of attorney, J.P. Morgan will have a right to instruct J.P. Morgan's WAEMU Subcustodian in respect to the one or more separate cash accounts that the Customer directly opened in the Customer's name at the Subcustodian.<br>If J.P. Morgan's WAEMU Subcustodian exits the market or becomes an unacceptable provider of subcustody services, or if market conditions otherwise deteriorate within one or more of the member states of WAEMU, J.P. Morgan may cease to provide custody services with respect to Securities issued in member states of WAEMU that are settled and safekept at Dépositaire Central/Banque de Règlement S.A. Although J.P. Morgan will work with customers to mitigate the impact of any decision to exit the market, it may not be practicable to give significant advance notice of the exit. |
| &nbsp;&nbsp;Zimbabwe | &nbsp;&nbsp;Until further notice from J.P. Morgan, any credit of U.S. Dollars to the Customer's Cash Account with J.P. Morgan applied at Customer's Instruction to the purchase or sale of Securities safekept in Zimbabwe (the "Zimbabwe Securities") will be conditional and subject to reversal by J.P. Morgan upon notice to Customer except to the extent that the funds are able to be repatriated or J.P. Morgan is able to repatriate the funds from J.P. Morgan's Zimbabwean Subcustodian via a foreign exchange transaction (upon Instruction received from Customer). In this regard, Customer will be entitled to no more than Customer's pro rata share of any recoveries that J.P. |

---

J.P. Morgan Investor Services Global Custody

![](x4_c114495x68x1a.jpg)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Market** | &nbsp;&nbsp;**Restrictions** |
|  | &nbsp;&nbsp;Morgan is able to obtain, as reasonably determined by J.P. Morgan.<br>If J.P. Morgan's Zimbabwean Subcustodian exits the market or becomes an unacceptable provider of subcustody services, or if market conditions otherwise deteriorate, J.P. Morgan may cease to provide custody services with respect to Zimbabwe Securities. Although J.P. Morgan will work with customers to mitigate the impact of any decision to exit the market, it may not be practicable to give significant advance notice of the exit. |

---

J.P. Morgan Investor Services Global Custody

**Annex A Electronic Access**

&nbsp;&nbsp;&nbsp;&nbsp;1. J.P. Morgan may permit the Customer and its Authorized Persons to access certain electronic systems and applications (collectively,
 the "Products") and to access or receive electronically Data (as defined below) in connection with the Agreement.
 J.P. Morgan may, from time to time, introduce new features to the Products or otherwise modify or delete existing features
 of the Products in its sole discretion. J.P. Morgan shall endeavor to give the Customer reasonable notice of its termination
 or suspension of access to the Products, but may do so immediately if J.P. Morgan determines, in its sole discretion, that
 providing access to the Products would violate Applicable Law or that the security or integrity of the Products is at risk.
 Access to the Products shall be subject to the Security Procedures.

2. In consideration of the fees paid by the Customer to J.P. Morgan and subject to any applicable software license addendum
 in relation to J.P. Morgan-owned or sublicensed software provided for a particular application and Applicable Law, J.P. Morgan
 grants to the Customer a non-exclusive, non-transferable, limited and revocable license to use the Products and the information
 and data made available through the Products or transferred electronically (the "Data") for the Customer's
 internal business use only. The Customer may download the Data and print out hard copies for its reference, provided that
 it does not remove any copyright or other notices contained therein. The license granted herein will permit use by the Customer's
 Authorized Person, provided that such use shall be in compliance with the Agreement, including this Annex. The Customer acknowledges
 that elements of the Data, including prices, corporate action information, and reference data, may have been licensed by J.P.
 Morgan from third parties and that any use of such Data beyond that authorized by the foregoing license, may require the permission
 of one or more third parties in addition to J.P. Morgan.

3. The Customer acknowledges that there are security, corruption, transaction error and access availability risks associated
 with using open networks such as the internet, and the Customer hereby expressly assumes such risks. The Customer is solely
 responsible for obtaining, maintaining and operating all software (including antivirus software, anti-spyware software, and
 other internet security software) and personnel necessary for the Customer to access and use the Products. All such software
 must be interoperable with J.P. Morgan's software. Each of the Customer and J.P. Morgan shall be responsible for the
 proper functioning, maintenance and security of its own systems, services, software and other equipment.

4. In cases where J.P. Morgan's web site is unexpectedly down or otherwise unavailable, J.P. Morgan shall, absent a
 force majeure event, provide other appropriate means for the Customer or its Authorized Persons to instruct J.P. Morgan or
 obtain reports from J.P. Morgan. J.P. Morgan shall not be liable for any Liabilities arising out of the Customer's use
 of, access to or inability to use the Products via J.P. Morgan's web site in the absence of J.P. Morgan's gross
 negligence or willful misconduct.

5. Use of the Products may be monitored, tracked, and recorded. In using the Products, the Customer hereby expressly consents
 to such monitoring, tracking, and recording. Individuals and organizations should have no expectation of privacy unless local
 law, regulation, or contract provides otherwise. J.P. Morgan shall own all right, title and interest in the data reflecting
 the Customer usage of the Products or J.P. Morgan's web site (including, but not limited to, general usage data and
 aggregated transaction data). J.P. Morgan may use and sublicense data obtained by it regarding the Customer's use of
 the Products or J.P. Morgan's web site, as long as J.P. Morgan does not disclose to others that the Customer was the
 source of such data or the details of individual transactions effected using the Products or web site.

6. The Customer shall not knowingly use the Products to transmit (i) any virus, worm, or destructive element or any programs
 or data that may be reasonably expected to interfere with or disrupt the Products or servers connected to the Products; (ii)
 material that violates the rights of another, including but not limited to the intellectual property rights of another; and
 (iii) "junk mail", "spam", "chain letters" or unsolicited mass distribution of e-mail.

Global Custody Agreement - New York - General - DOCUMENT ID: [D2817270] - May 2016<br> Page 31

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&nbsp;&nbsp;&nbsp;&nbsp;7. The Customer shall promptly and accurately designate in writing to J.P. Morgan the geographic location
 of its users upon written request. The Customer further represents and warrants to J.P. Morgan that the Customer shall not
 access the service from any jurisdiction which J.P. Morgan informs the Customer or where the Customer has actual knowledge
 that the service is not authorized for use due to local regulations or laws, including applicable software export rules and
 regulations. Prior to submitting any document which designates the persons authorized to act on the Customer's behalf,
 the Customer shall obtain from each individual referred to in such document all necessary consents to enable J.P. Morgan to
 process the data set out therein for the purposes of providing the Products.

8. The Customer will be subject to and shall comply with all applicable laws, rules and regulations concerning restricting
 collection, use, disclosure, processing and free movement of the Data (collectively, the "Privacy Regulations").
 The Privacy Regulations may include, as applicable, the Federal "Privacy of Consumer Financial Information" Regulation
 (12 CFR Part 30), as amended from time to time, issued pursuant to Section 504 of the Gramm-Leach-Bliley Act of 1999 (15 U.S.C.
 §6801, et seq.), the Health and Insurance Portability and Accountability Act of 1996 (42 U.S.C. §1320d), The Data
 Protection Act 1998 and Directive 95/46/EC of the European Parliament and of the Council of 24 October 1995 on the protection
 of individuals with regard to processing of personal data and the free movement of such data.

9. The Customer shall be responsible for the compliance of its Authorized Persons with the terms of the Agreement, including
 this Annex.

Global Custody Agreement - New York - General - DOCUMENT ID: [D2817270] - May 2016<br> Page 32

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**Appendix 1**

**<u>Information Regarding Country Risk</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. To aid Customer in its determinations regarding Country Risk, J.P. Morgan shall furnish annually, and
 upon the initial placing of Financial Assets and cash into a country, the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Opinions of local counsel concerning:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Whether applicable foreign law would restrict the access of Customer's independent public accountants
 to books and records kept by a Subcustodian located in that country which pertain to the Customer's account.

ii. Whether applicable foreign law would restrict Customer's ability to recover its Financial Assets and cash in the
 event of the bankruptcy of a Subcustodian located in that country.

iii. Whether applicable foreign law would restrict Customer's ability to recover Financial Assets that are lost while
 under the control of a Subcustodian located in the country.

iv. Whether applicable foreign law would restrict the Customer's right as foreign investors to convert Customer's
 cash or cash equivalents into U.S. dollars which have not yet been invested in securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. A market profile with respect to the following topics:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) securities regulatory environment, (ii) foreign ownership restrictions, (iii) foreign exchange, (iv) securities settlement and registration, (v) taxation, and (vi) securities depositories (including depository risk assessment), if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. To aid Customer in monitoring Country Risk, J.P. Morgan shall furnish board the following additional
 information:

NewsFlashes, including with respect to changes in the information in market profiles

Global Custody Agreement - New York - General - DOCUMENT ID: [D2817270] - May 2016<br> Page 33

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## Ex-99.(H)(1)

**Exhibit (h)(1)**

![](x1_c114719a001.jpg)

AGENCY SERVICES AGREEMENT<br> BETWEEN<br> FIRST EAGLE ETF TRUST for and on <br> behalf of itself and each of those <br> entities listed in Exhibit A hereto<br> AND<br> JPMORGAN CHASE BANK, N.A.

SECURITIES SERVICES

**jpmorgan.com**

---

| | |
|:---|:---|
| ETF Agency Services Agreement – 2025 | ![](x1_c114719a002.jpg) |

---

**AGENCY SERVICES AGREEMENT**

**THIS AGENCY SERVICES AGREEMENT** (the "**Agreement**"), dated ____________, 2025 ("**Effective Date**"), by and between First Eagle ETF Trust, a Delaware Statutory Trust and registered investment company under the Investment Company Act of 1940, as amended (the "**1940 Act**"), with offices at 1345 Avenue of the Americas, New York, NY 10105 (the "**Trust**"), for and on behalf of itself and each of the entities listed in Exhibit A hereto, and **JPMORGAN CHASE BANK, N.A.**, a national banking association with a place of business at 270 Park Avenue, New York, NY 10017 ("**J.P. Morgan**"; with the Trust, each a "**Party**" and together the "**Parties**").

**PREMISE**

J.P. Morgan, in its capacity as custodian of the Trust, has been engaged to provide custody services to the Trust and its various portfolios pursuant to the terms of an Amended and Restated Global Custody Agreement dated April 18, 2017 (as amended, the "**Custody Agreement**"). The Trust intends to issue in respect of its portfolios listed on Exhibit A hereto (each a "**Fund**" or an "**ETF Series**") an exchange-traded class of shares known as "**ETF Shares**" for each ETF Series. The ETF Shares shall be created in bundles called "**Creation Units**." The Trust, on behalf of the ETF Series, shall create and redeem ETF Shares of each ETF Series only in Creation Units principally in kind for portfolio securities of the particular ETF Series ("**Deposit Securities**"), as more fully described in the current prospectus and statement of additional information of the Trust, included in its registration statement on Form N-1A, Nos. 811-24120, 333-290276; and as authorized under Rule 6c-11 of the 1940 Act. Only brokers or dealers that are Authorized Participants and that have entered into an Authorized Participant Agreement with the Distributor, shall be authorized to create and redeem ETF Shares in Creation Units from the Trust. The Trust wishes to engage J.P. Morgan to perform certain services on behalf of the Trust with respect to the creation and redemption of ETF Shares, as the Trust's agent, namely: to provide transfer agent services for ETF Shares of each ETF Series; to act as Index Receipt Agent (as such term is defined in the rules of the NSCC) with respect to the settlement of trade orders with Authorized Participants; to provide order taking services for creations and redemptions of Creation Units; and to provide custody services under the terms of the Custody Agreement, as supplemented hereby, for the settlement of Creation Units against Deposit Securities and/or cash that shall be delivered by Authorized Participants in exchange for ETF Shares and the redemption of ETF Shares in Creation Unit size against the delivery of Redemption Securities and/or cash of each ETF Series.

**NOW THEREFORE**, in consideration of the promises and other good and valuable consideration the receipt and sufficiency of which are hereby acknowledged, the Trust and J.P. Morgan agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **DEFINITIONS.** The following terms as used in this Agreement shall have the meanings as set
forth below:

**Agreement:** means this Agency Services Agreement.

**AI Technology:** refers to any machine learning, neural network, large language model, generative artificial intelligence or other form of artificial intelligence system that processes data, performs tasks, or generates outputs in response to system inputs or user prompts. Such outputs may include, but are not limited to, analysis, predictions, classifications, recommendations, natural language text, images, video, audio, or computer code.

**AML/Sanctions Requirements:** means (a) any Applicable Law (including but not limited to the rules and regulations of the United States Department of the Treasury's Office of Foreign Assets Control) applicable to J.P. Morgan, or to any J.P. Morgan Affiliate engaged in servicing any account, which governs (i) money laundering, the financing of terrorism, insider dealing or other unlawful activities, or the use of financial institutions to facilitate such activities or (ii) transactions involving individuals or institutions which have been prohibited by, or subject to, sanctions of any governmental authority; and (b) any J.P. Morgan policies and procedures reasonably designed to assure compliance with any such Applicable Law.

**Applicable Law:** means any applicable statute, including the 1940 Act, the Investment Advisers Act of 1940, as amended, the Securities Act of 1933, as amended (the "1933 Act") and the Securities Exchange Act of 1934, as amended, as well as any applicable statute, treaty, rule, regulation or common law and any applicable decree, injunction, judgment, order, formal interpretation or ruling issued by a court or governmental entity.

ETF Agency Services Agreement – 2025

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**Authorized Participant:** means a broker or dealer that is a DTC participant and that has executed an Authorized Participant Agreement with the Distributor for the creation and redemption of Creation Units.

**Authorized Participant Agreement:** means the agreement between the Distributor, and a broker or dealer that is a DTC Participant governing the creation and redemption of Creation Units, and which is acknowledged by J.P. Morgan acting in its capacity as Index Receipt Agent and, if applicable, as Order Taker.

**Authorized Person:** means any person who has been designated by written notice from the Trust (or by any agent designated by the Trust, including, without limitation, an Investment Adviser), to act on behalf of Trust hereunder, any person who has received a User Code from the Trust, or any person authorized by the Trust to receive a User Code from J.P. Morgan, or any person who provides instructions to J.P. Morgan on behalf of the Trust via a JPMC API (defined below). Such persons will continue to be Authorized Persons until such time as J.P. Morgan receives Instructions from the Trust (or its agent) that any such person is no longer an Authorized Person.

**Balancing Amount:** means an amount of cash equal to the difference between the net asset value of a Creation Unit and the market value of the Deposit Securities (in the case of an creation) or the market value of the Redemption Securities (in the case of a redemption). For the creation of Creation Units, if the Balancing Amount is a positive number, then it will be an amount that is payable to the ETF Series by the Authorized Participant and if the Balancing Amount is a negative number, then it will be an amount that is payable by the ETF Series to the Authorized Participant. For redemptions of Creation Units, if the Balancing Amount is a positive number, then it will be an amount that is payable by the ETF Series to the Authorized Participant and if the Balancing Amount is a negative number, then it will be an amount that is payable to the ETF Series by the Authorized Participant.

**BCP**: has the meaning given to it in Section 19.4.

**Cash Account:** means any cash account established and maintained by J.P. Morgan pursuant to the Custody Agreement for any and all cash in any currency received by or on behalf of the J.P. Morgan for the account of the Trust or a Fund.

**Cash Component:** means an amount of cash consisting of the Balancing Amount and a Transaction Fee.

**Clearing Process:** means CNS, the NSCC clearing and settlement process for the creation and redemption of Creation Units for securities in kind.

**CNS:** means the Continuous Net Settlement System of NSCC.

**Confidential Information:** means all non-public information concerning the Trust which J.P. Morgan receives in the course of providing Services under this Agreement, including, without limitation, certain terms of this Agreement and any Personal Information of the Personnel of the Trust and Trust Affiliates. Except for Personal Information, which shall always constitute Confidential Information, the term Confidential Information does not include (i) information that is or becomes available to the general public other than as a direct result of J.P. Morgan's breach of the terms of this Agreement, (ii) information that J.P. Morgan develops independently without using the Trust's confidential information, (iii) information that J.P. Morgan obtains on a non-confidential basis from a person who is not known to be subject to any obligation of confidence to the Trust with respect to that information, or (iv) information that the Trust has designated as non-confidential or consented be disclosed.

**Concentration Account Agreement:** means a Concentration Account Agreement dated [•], as amended, entered into between the Custodian and each participating fund listed in Annex I thereto[, the Trust and the [Include Investment Manager name]] to open one or more omnibus accounts for the purposes of facilitating the processing of certain transactions on behalf of the Trust.

**Creation Deposit:** means the consideration for the creation of a Creation Unit consisting of Deposit Securities and the Balancing Amount.

**Creation Unit:** means a large block of a specified number of ETF Shares that makes up one unit of the ETF Series, as specified in the Prospectus. A Creation Unit is the minimum number of ETF Shares that may be created or redeemed at any one time.

**Crisis:** means an act of God, terrorism, disaster, emergency or other applicable force majeure event or situation.

**Custodian:** means J.P. Morgan acting in the capacity as securities custodian for the Trust.

ETF Agency Services Agreement – 2025

![](x1_c114719a002.jpg)

**Deposit Securities:** means with respect to each business day the designated basket of securities that will generally be tendered to an ETF Series by an Authorized Participant to create one or more Creation Units of that Fund's ETF Shares.

**Distributor:** means the party identified as distributor in the Prospectus that may sign the Authorized Participant Agreement.

**DTC:** means The Depository Trust Company, a limited purpose trust company organized under the laws of the State of New York.

**DTC Participant:** means a "participant" as such term is defined in the rules of DTC.

**DTC Participant Account:** means an "account" as such term is defined in the rules of DTC.

**ETFs:** means exchange-traded funds.

**ETF Series:** means the series of the Trust that are listed on Exhibit A hereto, as amended from time to time.

**ETF Shares:** means the shares of each ETF Series.

**Fund Administrator:** means J.P. Morgan or such other party as appointed by the Trust to act in the capacity as provider of fund administration services to the Funds.

**Governing Documents:** means, as applicable, the certificate of incorporation, bylaws, declaration of trust, memorandum of association and articles of association, certificate of formation, limited partnership agreement, limited liability company agreement, investment management agreement or other governing documents of the Trust, as amended from time to time.

**Index Receipt Agent:** means J.P. Morgan acting in the capacity as "index receipt agent," as such term is defined in the rules of NSCC, for the Trust.

**Information Provider:** means any person (including a J.P. Morgan Affiliate) who provides software, information or the means of obtaining information on security prices, derivative prices, security characteristics data, market reference data derivative prices, foreign exchange, credit ratings, performance measurement or any other information obtained by J.P. Morgan in connection with the Services (including index return providers, security characteristics providers, and value-at-risk providers).

**Instructions:** means an instruction, whether or not in fact authorized, that has been verified in accordance with the Security Procedure or, if no Security Procedure is applicable, that J.P. Morgan believes in good faith to have been given by an Authorized Person.

**Intellectual Property Rights:** means any and all intellectual property rights arising under or deriving from statute or at common law or equity now or hereafter in force or recognized, including patents, rights in inventions and invention disclosures, copyrights, mask work rights, moral rights, trademarks, trade secrets, service marks, trade dress, domain names or rights in other forms of intellectual property in the United States and throughout the world, including any application or right to apply for registration of, or assert or waive, any such rights.

**Investment Adviser:** means any person or entity appointed as investment adviser, investment manager, general partner, or managing member of the Funds, or in a similar capacity, in accordance with the Governing Documents.

**Investment Decisions:** means decisions in relation to buying, selling or holding any investment, engaging or removing an investment manager, emulation, rebalancing, asset allocation, hedging, treasury or risk management, or any other trading or investment decision.

**J.P. Morgan Affiliate:** means an entity controlling, controlled by, or under common control with, J.P. Morgan.

**J.P. Morgan Indemnitees:** means J.P. Morgan, J.P. Morgan Affiliates, and their respective nominees, directors, officers, employees and agents.

**JPMC API:** means a J.P. Morgan application programming interface.

**JPMM ID:** means an individual's J.P. Morgan Markets ID.

**Liabilities:** means any liabilities, losses, claims, costs, damages, penalties, fines, obligations, taxes (other than taxes based solely on a Party's own income), or expenses of any kind whatsoever (whether actual or contingent and including, without

ETF Agency Services Agreement – 2025

![](x1_c114719a002.jpg)

limitation, reasonable and documented attorneys', accountants', consultants' and experts' fees and disbursements reasonably incurred); provided that, fees due in accordance with this Agreement that are subject to bona fide dispute shall not be considered Liabilities until the completion of the mutually agreed upon invoce dispute resolution process between J.P Morgan and the Trust.

**NSCC:** National Securities Clearing Corporation, a clearing agency that is registered with the SEC.

**Offering Documents:** means, as applicable the Registration Statement, Prospectus, offering memorandum, and any other offering documentation of the Trust as supplemented, updated or amended from time to time.

**Order Taker:** means J.P. Morgan or such other party as appointed by the Trust to act in the capacity as order taker of the Funds.

**Outside the Clearing Process:** means processing creation and redemption orders concerning Creation Units, Deposit Securities, and Redemption Securities for settlement outside of CNS, including settlement through DTC.

**Personal Information:** means, collectively, "personally identifiable information", "non-public personal information", "personal data", "personal information" and any other similar terms defined by applicable data protection or privacy laws.

**Personnel:** means, collectively, a party's trustees, directors, officers, employees, and "J.P. Morgan Personnel" shall be interpreted accordingly.

**Prospectus:** means, as applicable, the Trust's, ETF Series' or Funds' prospectuses and/or statements of additional information, and any amendments and supplements thereto, as in effect and as amended and supplemented from time to time.

**Redemption Securities:** means the designated basket of securities provided by the Trust to an Authorized Participant redeeming a Creation Unit. On any given day, the Redemption Securities may or may not be identical to the Deposit Securities.

**Registration Statement:** means the registration statement on Form N-1A of the Trust, filed under the 1933 Act and the the 1940 Act, as amended or supplemented, updated or amended from time to time.

**Regulator:** means any: (i) governmental, regulatory (or quasi-governmental or quasi-regulatory) or other competent authority (wherever in the world located) having supervisory oversight or jurisdiction (including pursuant to an Insolvency Event) over a party and/or a party's affiliates; or (ii) any law enforcement authority.

**Replacement Provider:** means any party with whom the Trust or any of its Trust Affiliates contracts for the provision by that party of services the same or similar to any Services.

**Reports:** means any data, information or reports provided by or issued by J.P. Morgan in connection with the provision of the Services.

**SEC:** means the U.S. Securities and Exchange Commission.

**Security Breach:** means any confirmed loss of or unauthorized access, acquisition, possession, use or disclosure (irrespective of cause) of Confidential Information by an unauthorized party that (i) creates a material risk of harm to the Trust or impacted individuals or (ii) otherwise may reasonably require notice to impacted individuals under applicable privacy law.

**Security Procedure:** means the applicable security procedure to be followed by the Trust (and its Authorized Persons) and/or by J.P. Morgan, so as to enable J.P. Morgan to verify that an instruction is authorized. The applicable Security Procedure for different types of instructions may be set forth in service level documentation in effect from time to time with respect to the services set forth in this Agreement or in separate documentation, and may be updated by J.P. Morgan from time to time upon notice to the Trust. A Security Procedure may, without limitation, involve the use of User Codes, dual-factor authentication, telephone call backs, or thirdparty utilities. For the avoidance of doubt, (i) a SWIFT message issued in the name of the Trust through any third-party utility that J.P. Morgan has approved as a utility through which Instructions may be provided hereunder shall be deemed to have been verified through a Security Procedure, and/or (ii) a message issued in the name of the Trust and received by J.P. Morgan through a JPMC API shall be deemed to have been verified through a Securities Procedure.

**Security Standards:** means, collectively: (i) J.P. Morgan's security plans, policies, procedures and standards, and (ii) the minimum security requirements set out or referenced in Schedule E.

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**Services:** is as defined in Section 5 of this Agreement.

**Shareholder:** means DTC or its nominee. A single global certificate for each ETF Series will be created in the name of DTC or its nominee. DTC or its nominee shall be the sole registered holder of ETF Shares of each ETF Series.

**Term:** means the term of this Agreement.

**Transaction Fee:** means a transaction fee imposed by the Trust and payable by the Authorized Participant in connection with the creation or redemption of Creation Units.

**Transfer Agent:** means J.P. Morgan acting in the capacity as transfer agent for the ETF Shares of each ETF Series of the Trust.

**User Code:** means a password digital certificate, identifier (including biometric identifier), including JPMM ID, security device, algorithm, encryption or other similar procedure used to access J.P. Morgan's systems, applications or products or to issue Instructions to J.P. Morgan.

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **APPOINTMENT** **.** 

The Trust hereby appoints J.P. Morgan to provide services for the Trust, as described hereinafter, subject to the supervision of the Board of Trustees of the Trust (the "**Board**"), on the terms set forth in this Agreement. J.P. Morgan accepts such appointment and agrees to furnish the services herein set forth in return for the compensation as provided in Section 6 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **REPRESENTATIONS AND WARRANTIES** **.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) J.P. Morgan represents and warrants to the Trust that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) J.P. Morgan is a national bank duly organized and existing as a banking association under the laws of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) J.P. Morgan is duly qualified to carry on its business in the State of New York;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) J.P. Morgan is empowered under Applicable Law and by its charter and by-laws and has all necessary
approvals, permits, authorizations and licenses to enter into and perform the services described in this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) J.P. Morgan is a transfer agent registered with the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) J.P. Morgan will, in the performance of the Services, comply with Applicable Law that applies to
J.P. Morgan in its provision of the Services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) all requisite corporate action has been taken to authorize J.P. Morgan to enter into and perform
this Agreement and it has full power and authority to do so;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) To the best of J.P. Morgan's knowledge, no material legal or administrative proceedings have
been instituted against J.P. Morgan which would materially impair J.P. Morgan's ability to perform its duties and obligations
under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) J.P. Morgan will comply with the Trust's portfolio holdings disclosure policy, as made available
to J.P. Morgan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) J.P. Morgan has established and maintains and enforces written policies and procedures reasonably
designed to prevent material and intentional violations of Applicable Law relating to J.P. Morgan's duties as a service provider
hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trust represents and warrants to J.P. Morgan that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Trust is duly organized and existing and in good standing under the laws of the State of Delaware;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Trust is empowered under Applicable Law and by its charter document and by-laws to enter into
and perform this Agreement;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) all requisite proceedings have been taken to authorize the Trust to enter into and perform this
Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Trust is an open-end management investment company properly registered under the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) a Registration Statement has been filed and shall be effective and shall remain effective during
the term of this Agreement, and all necessary filings under the laws of the states shall have been made and shall be current during
the term of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) to the best of the Trust's knowledge, no legal or administrative proceedings have been instituted
or threatened which would impair the Trust's ability to perform its duties and obligations under this Agreement, other than
as described in the Registration Statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) to the best of the Trust's knowledge, the Registration Statement complies in all material
respects with the 1933 Act and the 1940 Act and none of the Prospectuses contain any untrue statement of material fact or omit
to state a material fact necessary to make the statements therein not misleading in the context in which they were made; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) to the best of the Trust's knowledge, the Trust's entrance into this Agreement shall
not cause a material breach or be in material conflict with any other agreement or obligation of the Trust or Applicable Law applicable
to it.

&nbsp;&nbsp;&nbsp;&nbsp;**4.** **DELIVERY OF DOCUMENTS.** 

The Trust shall promptly furnish to J.P. Morgan such copies, properly certified or authenticated, of contracts, documents and other related information that J.P. Morgan may request or require to properly discharge its duties. Such documents may include but are not limited to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) resolutions of the Board authorizing the appointment of J.P. Morgan to provide certain services
to the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Trust's charter documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Trust's by-laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Trust's Notification of Registration on Form N-8A under the 1940 Act as filed with the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Trust's Registration Statement, as filed with the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) opinions of counsel regarding the Trust's securities creation and auditors' reports;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Prospectus relating to all funds, series, portfolios and classes, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the Trust's annual and semi-annual reports for the current year and annually while this Agreement is in effect; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) such other agreements as the Trust may enter into from time to time including securities lending agreements, futures and commodities
account agreements, brokerage agreements and options agreements.

&nbsp;&nbsp;&nbsp;&nbsp;**5.** **SERVICES PROVIDED.** 

J.P. Morgan shall provide the following services (the "**Services**") subject to the control, direction and supervision of the Board and its designated agents and in compliance with the objectives, policies and limitations set forth in the Registration Statement, charter document and by-laws; Applicable Law and regulations; and all resolutions and policies implemented by the Board:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Transfer Agency Services described in Schedule A to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Index Receipt Agent Services described in Schedule B to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Order Taking Services described in Schedule C to this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) such other services in connection with **ETF** Shares as the Parties may mutually agree in writing.

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&nbsp;&nbsp;&nbsp;&nbsp;**6.** **FEES AND EXPENSES.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As compensation for the Services rendered to the Trust pursuant to this Agreement the Trust shall
pay or cause to pay J.P. Morgan the fees as may be agreed upon in writing from time to time, together with J.P. Morgan's
reasonable out-of-pocket or incidental expenses, including, but not limited to, reasonable legal fees. Upon request by the Trust,
J.P. Morgan shall provide the Trust with receipts, invoices or other appropriate written evidence reasonably satisfactory to the
Trust confirming any expense for which payment or reimbursement is being sought under this Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) J.P. Morgan may propose reasonable amendments to the fees (subject to advance notice and Trust's
agreement) at any time should there be a change in Applicable Law that results in a change to the Services, or an increase in J.P.
Morgan's costs or risk associated with provision of the Services, as set forth in further detail in Section 20 hereof. If
such amendments are mutually satisfactory, the applicable fee schedule will be amended accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Invoices will be payable within sixty 60) days of the invoice being received. If the Trust disputes
an invoice, it shall nevertheless pay, on or before the date that payment is due, such portion of the invoice that is not subject
to a bona fide dispute. J.P. Morgan and the Trust shall work together in good faith to resolve all disputes properly and promptly.
J.P. Morgan may deduct amounts invoiced from the Cash Account except such portion of the invoice that the Trust has objected to
in writing within thirty (30) days of the date of invoice (or such other period as the parties may agree in writing). Without prejudice
to J.P. Morgan's other rights, J.P. Morgan reserves the right to charge interest on overdue amounts from the due date until
actual payment at such rate as J.P. Morgan customarily charges for similar overdue amounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If J.P. Morgan or any other J.P. Morgan Indemnitee is required by governmental regulation, summons,
subpoena or other legal process to produce its documents, or to produce its personnel as witnesses, with respect to any Services
provided under this Agreement, the Trust will, so long as such J.P. Morgan Indemnitee is not the subject of the investigation or
proceeding in which the information or testimony is sought, reimburse such J.P. Morgan Indemnitee for its professional time and
expenses (including counsel fees) incurred in responding to such requests. Nothing in this Section shall be deemed to limit in
any manner the indemnification rights of J.P. Morgan Indemnitees provided in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;**7.** **INSTRUCTIONS.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 Acting on Instructions; Method of Instruction; and Unclear Instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trust authorizes J.P. Morgan to accept and act upon any Instructions received by it without
inquiry. The Trust is solely responsible for the accuracy and completeness of Instructions, their proper delivery to J.P. Morgan,
for updating such Instructions as may be necessary to ensure continued accuracy and completeness, and for monitoring their status.
J.P. Morgan will not be responsible for any Liabilities to the extent resulting from the Trust's failure to perform these
responsibilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trust will indemnify J.P. Morgan Indemnitees against, and hold each of them harmless from,
any Liabilities that may be imposed on, incurred by, or asserted against J.P. Morgan Indemnitees to the extent resulting from any
action or omission taken in accordance with any Instruction or other directions upon which J.P. Morgan is authorized to rely under
the terms of this Agreement, except to the extent that such Liabilities are caused by the fraud, negligence or willful misconduct
of the J.P. Morgan Indemnitees in the manner in which it carries out such Instruction or direction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To the extent possible, Instructions to J.P. Morgan shall be sent via an encrypted, electronic
means using technology consistent with industry standards, or a trade information system acceptable to J.P. Morgan. The use of
a JPMC API by the Trust to provide Instructions to J.P. Morgan shall be subject to the terms of Schedule D, in addition to any
other applicable terms in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) J.P. Morgan shall promptly notify an Authorized Person, if J.P. Morgan determines that an Instruction
does not contain all information reasonably necessary for J.P. Morgan to carry out the Instruction. J.P. Morgan may

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reasonably decline to act upon an Instruction if it does not receive missing information, clarification or confirmation satisfactory to it but J.P. Morgan shall promptly notify the Trust of its decision not to act upon an Instruction, which notification may be in the form of a rejection automatically generated by the relevant systems. J.P. Morgan will not be liable for any Liabilities arising from any reasonable delay in carrying out any such Instruction while it seeks any such missing information, clarification or confirmation or in declining to act upon any Instruction for which it does not receive such missing information, clarification or confirmation satisfactory to it, except to the extent such Liabilities result from the fraud, negligence or willful misconduct of J.P. Morgan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 Verification and Security Procedure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) J.P. Morgan and the Trust shall comply with any applicable Security Procedure to permit J.P. Morgan
to verify the authenticity of Instructions provided that a copy of the then-current Security Procedure is made available to the
Trust. Notwithstanding the foregoing, to the extent that the Security Procedure contains provisions relating to the liability of
J.P. Morgan that are inconsistent with or conflict with any provision of this Agreement, the provision of this Agreement shall
prevail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trust acknowledges that the Security Procedure is designed to verify the authenticity of, and
not to detect errors in, instructions. The Trust shall within ten (10) business days notify J.P. Morgan if it does not believe
that any procedural requirement in the Security Procedure is commercially reasonable, and its adherence to any Security Procedure
without objection in such timeframe constitutes its agreement that it has determined the Security Procedure to be commercially
reasonable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Trust and its Authorized Persons are solely responsible for ensuring that the User Codes are
reasonably safeguarded and known to and used by only the respective Authorized Persons to whom such User Codes apply. If (i) the
User Codes are (or the Trust or its relevant Authorized Person reasonably suspects that the User Codes may be) lost, stolen, damaged,
altered, unduly disclosed, known in a manner inconsistent with its purposes or compromised, (ii) the Trust's or any Authorized
Persons' access to J.P. Morgan's systems, applications or products, or any third-party messaging platform through which
the Instructions are transmitted, is revoked or suspended, or (iii) the Trust or an Authorized Person reasonably suspects any technical
or security failure relating to any systems, applications or products of J.P. Morgan or any third-party messaging platform through
which the Instructions are transmitted, the Trust shall immediately cease using such system, application, product or platform and
promptly notify J.P. Morgan. Notwithstanding the foregoing, J.P. Morgan shall, to the extent it maintains any User Code in its
systems or records, be responsible for ensuring that User Codes maintained in J.P. Morgan's systems or records are reasonably
safeguarded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding anything to the contrary in this Agreement, the Trust hereby agrees that where
an instruction/directive is provided to J.P. Morgan through a JPMC API, J.P. Morgan shall not be required to authenticate such
instruction/directive through any means, including an access code or User Code. J.P. Morgan shall be entitled to rely on an instruction/directive
that is submitted to a JPMC API by any individual who identifies itself as an Authorized Person and such instruction/directive
shall be deemed an Instruction for purposes of this Agreement, as long as such instruction/directive includes the individual's
active JPMM ID. Although no authentication will be required, J.P. Morgan hereby agrees to use commercially reasonable efforts to
verify that the individual's JPMM ID is active and is associated to the Trust in J.P. Morgan's records. The JPMM ID
must be active in order for J.P. Morgan to accept such Instruction through a JPMC API.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To the extent an active JPMM ID is required in order for the Trust to provide certain Instructions
to J.P. Morgan, the Trust shall ensure that each of its relevant Authorized Persons maintain their JPMM ID active throughout the
term of this Agreement. An active JPMM ID is also required for business continuity purposes and for approval of certain orders,
through J.P. Morgan's proprietary order taking platform, where applicable.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 Instructions Contrary to Law/Market Practice/Fund Documents.

J.P. Morgan need not act upon Instructions that it reasonably believes are contrary to Applicable Law, the Governing Documents, the Offering Documents or market practice and will not be responsible for any Liabilities to the extent resulting from not acting upon such Instruction. Notwithstanding the foregoing, J.P. Morgan shall be under no duty to investigate whether any Instructions comply with Applicable Law, the Governing Documents, the Offering Documents or market practice. In the event that J.P. Morgan does not act upon such Instructions, J.P. Morgan will promptly, to the extent permitted by Applicable Law, notify the Trust of its concerns and, to the extent permitted by Applicable Law, allow the Trust an opportunity to give a valid Instruction.

&nbsp;&nbsp;&nbsp;&nbsp;**8.** **LIMITATIONS OF LIABILITY AND INDEMNIFICATION.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1** **Standard of Care; Liability** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) J.P. Morgan shall use reasonable care in performing its duties under this Agreement. J.P. Morgan
shall not be in violation of this Agreement with respect to any matter as to which it has satisfied its duty of reasonable care.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to Section 8.2, J.P. Morgan will be liable for, and shall indemnify, defend and hold harmless
the Trust from and against, the Trust's direct Liabilities to the extent they result from J.P. Morgan's fraud, negligence,
or willful misconduct in connection with the performance or nonperformance of its duties as set out in this Agreement or a material
breach of its obligations under this Agreement (including the selection, appointment or use by J.P. Morgan of any Information Provider).
The Trust shall use all commercially reasonable efforts to mitigate any Liability for which indemnity is sought hereunder; provided,
however, that reasonable expenses incurred with respect to such mitigation shall be Liabilities subject to indemnification hereunder.
To the extent practicable, the Trust shall use reasonable efforts to promptly notify J.P. Morgan of the circumstances and all pertinent
facts related to the claim for indemnification, it being understood that a failure to notify shall not serve to limit J.P. Morgan's
obligation to indemnify the Trust hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Trust will indemnify the J.P. Morgan Indemnitees solely against, and hold them harmless from,
any Liabilities that may be imposed on, incurred by or asserted against any of the J.P. Morgan Indemnitees in connection with or
arising out of J.P. Morgan's performance under this Agreement, provided that the J.P. Morgan Indemnitee has not acted with
negligence or engaged in fraud or willful misconduct in connection with the Liabilities in question. J.P. Morgan shall use commercially
reasonable efforts to mitigate any Liability for which indemnity is sought hereunder provided, however, that reasonable expenses
incurred with respect to such mitigation shall be Liabilities subject to indemnification hereunder. Nevertheless, the Trust will
not be obligated to indemnify any J.P. Morgan Indemnitee under the preceding sentence with respect to any Liability for which J.P.
Morgan is liable under this Agreement. To the extent practicable, J.P. Morgan shall use reasonable efforts to promptly notify the
Trust of the circumstances and all pertinent facts related to the claim for indemnification, it being understood that a failure
to notify shall not serve to limit the Trust's obligation to indemnify the J.P. Morgan Indemnitees hereunder. In no instances
shall the Trust be obligated to indemnify any J.P. Morgan Indemnitee out of any assets other than the assets of the particular
Trust in connection with which the Liability has arisen.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2** **Limitations of J.P. Morgan's Liability** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Under no circumstances will J.P. Morgan be liable for (i) any loss of profits (whether direct or
indirect); (ii) any indirect, incidental, consequential or special damages of any form, incurred by any person or entity, whether
or not foreseeable and regardless of the type of action in which such a claim may be brought, with respect to J.P. Morgan's
performance or non-performance under this Agreement, or J.P. Morgan's role as a service provider to the Trust; (iii) any
Liabilities suffered by any person as a result of the failure of any of the Dependencies (defined below) to be met; (iv) the assumptions
made by J.P. Morgan in good faith in preparing a Report proving to be incorrect, inaccurate or inapplicable or any assumption which
could or should have been made not being made; (v) any Liabilities arising as a consequence of the Trust using, or providing to
any other person to use, any Report or information in or derived from or based on any Report, to make decisions (including Investment
Decisions);

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or (vi) any Liabilities suffered by any person relating to any decisions made by J.P. Morgan in complying with AML/Sanctions Requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Under no circumstances will the Trust and/or its Investment Adviser be liable for (i) any loss
of profits (whether direct or indirect); or (ii) any indirect, incidental, consequential or special damages of any form, incurred
by any person or entity, whether or not foreseeable and regardless of the type of action in which such a claim may be brought,
with respect to the Trust's, Adviser's and/or Fund's acts or omissions under this Agreement, provided that this
Subsection 8.2(b) shall not apply to any Liability owing to a third party asserting a claim against J.P. Morgan for which J.P.
Morgan is entitled to be indemnified under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding any provision herein that may be to the contrary, the maximum aggregate liability
of J.P. Morgan and J.P. Morgan Indemnitees in respect of any and all claims of any kind arising out of, in connection with or relating
to this Agreement or the provision of the Services, regardless of the form of action (including breach of warranty, breach of contract,
tort, negligence, strict liability or statutory) or type of damages, in respect of any calendar year, shall not exceed an aggregate
amount equal to the total annual amount of fees paid for the Services under this Agreement; provided that, under no circumstances
will J.P. Morgan's aggregate liability under this Agreement for the term of this Agreement (including any extensions thereof)
exceed an amount equal to five (5) times the total annual amount of fees paid for the Services under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Trust agrees that J.P. Morgan's ability to provide the Services and comply with the terms
of this Agreement is dependent upon the performance of actions or obligations by the Trust or the Investment Adviser, or by any
person (other than J.P. Morgan) (the "**Dependencies** "). In any period during which the Dependencies are not met,
the Parties will cooperate to ensure that such period is kept as short as reasonably possible and J.P. Morgan will use commercially
reasonable efforts to provide the Services, provided that J.P. Morgan shall not be obliged to incur additional costs to do so.
The Dependencies are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Trust or the Investment Adviser performing any responsibility set forth in any service-level document or any other documents
agreed between the Parties from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Trust, the Investment Adviser, Authorized Participant, and other service providers of the Trust
or the Investment Adviser whose cooperation is reasonably required in order for J.P. Morgan to provide the Services, providing
such cooperation, information, documentation, data, notice and Instructions to J.P. Morgan promptly, accurately, adequately and
completely and in accordance with any agreed formats or timelines to allow J.P. Morgan to provide the Services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any information provided to J.P. Morgan by or on behalf of the Trust or the Investment Adviser
or the Authorized Participant, or which was prepared or maintained by the Trust or Investment Adviser or Authorized Participant,
or any third party (other than a sub-contractor of J.P. Morgan) on their behalf, being authorized, accurate and complete;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the continuation in force of all agreements between the Trust or the Investment Adviser and Authorized
Participant, as applicable, and any third-party provider, upon which J.P. Morgan relies in providing the Services and which are
not being provided by a J.P. Morgan Affiliate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any warranty, representation, covenant or undertaking made by the Trust under this Agreement being
and remaining true and correct at all times;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) communications systems in respect of activities which interface with the Services being and remaining
fully operational (whether such systems are operated by the Trust, the Investment Adviser, Authorized Participant or a third party
(as instructed by the Trust or the Investment Adviser));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) markets on which the Trust's securities or derivatives are traded are operating normally,
and no cessation or suspension of trading of any securities or derivatives held by the Trust on any market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) any information provided to J.P. Morgan by any Information Provider being accurate and complete;
and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) any data that is transitioned to J.P. Morgan prior to the time it begins to provide the Services
being accurate and complete.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Without limiting subsections (a), (b), or (c) of this Section 8.2, the Trust will indemnify the
J.P. Morgan Indemnitees against, and hold them harmless from, any Liabilities arising out of or attributable to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) non-compliance by an Authorized Participant with the terms of the applicable Authorized Participant
Agreement or the Authorized Participant handbook;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) actions or omissions by the Trust, an Authorized Participant or any person authorized to act on
either of their behalves that violate any term or condition of use of J.P. Morgan's electronic networks, systems, or platforms;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any claim, demand or cause of action, whether groundless or otherwise, that the ETF Shares or any
of the services provided herein for the Trust infringes on, violates or misappropriates any patent, copyright, trademark, trade
secret or any other proprietary right.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.3 Insurance**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) J.P. Morgan will maintain insurance protection which is required under Applicable Law or which
J.P. Morgan deems advisable to cover its duties and responsibilities generally under this Agreement. The Trust acknowledges that
J.P. Morgan will not be required to maintain any insurance coverage specifically for the benefit of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without prejudice to or limiting J.P. Morgan's obligations or liability under this Agreement
in any way, J.P. Morgan hereby confirms that as of the Effective Date, it maintains in full force and effect such policies of insurance
as are sufficient for a business of J.P. Morgan's type, including at least the policies, in at least the minimum coverage
amounts and on the terms, set out in Schedule F or such other amounts as may be agreed in writing by the Parties. J.P. Morgan shall
ensure that all insurance required to be carried by J.P. Morgan is with sound and reputable insurers that maintain a minimum rating
of A-VII by the A.M. Best Company or its equivalent. If coverage is written on a "claims made" basis, it shall be maintained
for at least two years following the termination or expiration of this Agreement. J.P. Morgan shall not do or omit to do anything
to invalidate the cover under any insurance policy required pursuant to this Agreement. J.P. Morgan shall notify the Trust as to
all accidents and insurance claims for damage arising from or in connection with this Agreement. J.P. Morgan shall cooperate fully
with the Trust and with any insurance carrier in the investigation and defense of all such incidents, accidents and claims. Where
possible, J.P. Morgan shall maintain that its insurers waive rights of recovery (under subrogation or otherwise) against the Trust,
Trust Affiliates and Personnel pursuant to any policy of insurance required by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;9. INTELLECTUAL PROPERTY RIGHTS/ARTIFICIAL INTELLIGENCE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 Intellectual Property Rights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Party exclusively owns and retains all right, title and interest (including all Intellectual
Property Rights) in any and all of the Technology and Confidential Information owned by such Party in existence before the Effective
Date, or developed or acquired independently from this Agreement. "**Technology**" means any products, services,
works of authorship, know-how, information that may be considered trade secret, inventions, research, development, business activities,
proprietary methodologies, tools, models, software (including underlying code), algorithms, architecture, implementations, prototypes,
designs, proprietary information or data, documentation, or other items of tangible or intangible property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As between the Trust and J.P. Morgan, the Intellectual Property Rights in and to any documentation
or other materials provided by the Trust and maintained by J.P. Morgan for the Trust ()"**Trust Materials** "), shall
be owned by the Trust and remain subject to the terms and conditions of this Agreement. The Trust grants to J.P. Morgan a non-exclusive,
royalty free, perpetual, fully-paid, sub-licensable, worldwide right and license to use, adapt, display, modify, merge, reproduce,
translate and create derivative works from the Trust Materials, solely as may be necessary for the performance by J.P. Morgan of
its obligations or the exercise of its rights under this

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Agreement or as required pursuant to Applicable Law or J.P. Morgan's record retention policies. The Trust represents, warrants and covenants that the Trust Materials and J.P. Morgan's use solely as may be necessary for the performance by J.P. Morgan of its obligations or th exercise of its rights under this Agremement shall not infringe upon or otherwise violate the Intellectual Property Rights of any third party; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject to Section 9.1(a), the Intellectual Property Rights in and to any and all of J.P. Morgan's
Technology generated, created, made or used in connection with this Agreement are owned by J.P. Morgan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 Artificial Intelligence

For the avoidance of doubt, J.P. Morgan and J.P. Morgan Affiliate may use Confidential Information with or in AI Technology in the course of providing Services to Customer pursuant to this Agreement, provided such use shall not expose such Confidential Information to a third party, except as otherwise permitted herein. This limitation on use includes that the Confidential Information not be used to train or improve AI Technology in a way that makes the information, or any portion thereof, accessible or identifiable to a third party.

As long as consistent with the foregoing and J.P. Morgan's policies and procedures that are reasonably designed to assure responsible use of artificial intelligence, J.P. Morgan and J.P. Morgan Affiliates may use Confidential Information as follows: (i) within AI Technology in J.P. Morgan's or J.P. Morgan Affiliates' internally-controlled environment; or (ii) within AI Technology of a service provider or vendor, in each case where the use of AI Technology protects the Customer's identity and confidentiality, preventing access by any third party.

Third-party vendors or service providers shall not be permitted to use Confidential Information for any purpose other than in connection with the provision of services to J.P. Morgan.

For clarity, J.P. Morgan's use of AI Technology shall protect Confidential Information in accordance with this Agreement, and J.P. Morgan Affiliates, service providers, or vendors using Confidential Information shall comply with confidentiality obligations at least as restrictive as those contained herein.

&nbsp;&nbsp;&nbsp;&nbsp;**10.** **REDISTRIBUTION OF DATA FROM THIRD PARTIES.** 

The Reports and other output from the Services provided by J.P. Morgan to the Trust under this Agreement may contain data licensed from Information Providers. Such data is the intellectual property of those Information Providers and is subject to restrictions on use contained in the license agreement between the Information Provider and J.P. Morgan, which J.P. Morgan cannot unilaterally change. J.P. Morgan will notify the Trust of any such restrictions that may affect the Trust's use of the that data to the extent provided herein, and shall use reasonable efforts to notify the Trust if the Information Provider adds additional restrictions on the use of such data. The Trust acknowledges that its continued use of such data as provided herein shall constitute the Trust's acceptance of the revised usage restrictions, provided, however, that any redistribution of such data or information derived therefrom may require a separate license from the relevant Information Providers.

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&nbsp;&nbsp;&nbsp;&nbsp;**11.** **TERM AND TERMINATION.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.1. Term and Termination.**

The initial term of this Agreement shall be for a period of five (5) years following the date on which J.P. Morgan commenced providing services under this Agreement. Following the initial term, this Agreement shall be in effect until a valid termination notice is given by the Trust or J.P. Morgan upon at least one hundred and eighty (180) days' prior written notice. The terminating Party in its notice to the other Party shall specify the date of termination. Upon termination of this Agreement, the Trust shall pay to J.P. Morgan such compensation and any reasonable out-of-pocket or other reimbursable expenses which may become due or payable under the terms of this Agreement as of the date of termination or after the date that the provision of services ceases, whichever is later.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.2. Other Grounds for Termination**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Either Party may terminate this Agreement immediately upon written notice to the other Party following
the occurrence of any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the other Party committing any material breach of this Agreement and failing to remedy such breach
(if capable of remedy) within ninety (90) days of being given written notice of the material breach, unless the Parties agree to
extend the period to remedy the breach;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the other Party (A) admits in writing its inability or is generally unable to pay its debts as
they become due; (B) institutes, consents to or is otherwise subject to the institution of any proceeding under title 11 of the
United States Code, as in effect from time to time, or any other liquidation, conservatorship, bankruptcy, assignment for the benefit
of creditors, composition with creditors, wind-down, moratorium, rearrangement, receivership, insolvency, reorganization, or similar
debtor relief law of the United States or other applicable jurisdiction from time to time in effect and affecting the rights of
creditors, generally; (C) is subject to an involuntary order for the transfer of all or part of its business by a statutory authority;
(D) has any of its issued shares suspended from trading on any exchange on which they are listed (if applicable); or (E) is the
subject of a measure similar to any of the foregoing, including, without limitation, any measure taken by a Regulator in connection
with or in anticipation of any of the foregoing (each, an "Insolvency Event"). J.P. Morgan acknowledges that, as required
by relevant Regulators, in the event that a Trust Affiliate undergoes an Insolvency Event, any right J.P. Morgan may have (whether
contractual or otherwise) to terminate this Agreement, to suspend or modify any Services or the terms on which they are provided,
or to restrict the Trust's respective rights or benefits (in whole or part) pursuant to this Agreement, shall be suspended
for as long as the Trust's payment obligations and any relevant restrictions on use of the Products or Services continue
to be complied with. Nothing in the foregoing shall prevent J.P. Morgan from exercising the foregoing rights as a result of a Trust's
Insolvency Event;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the relevant federal or state authority withdrawing its authorization of either Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) If a Force Majeure Event substantially prevents performance of any services necessary for the performance
of functions reasonably agreed by the parties as critical for more than three (3) consecutive business days, then the Trust may
terminate all or any portion of this Agreement and the services so affected, as of a date specified by the Trust in a written notice
of termination to J.P. Morgan, in which case, J.P. Morgan's fees will be equitably adjusted as necessary to reflect the value
of any remaining services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) At any time (including during the Initial Term), the Trust may elect to remove any fund or series
of a fund from this Agreement in connection with the liquidation of the fund or the merger of a fund into another fund, in each
case by notifying J.P. Morgan in writing or other mutually agreed communication method.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) J.P. Morgan may terminate this Agreement by giving not less than one hundred and eighty (180) days'
prior written notice to the Trust in the event that J.P. Morgan reasonably determines that servicing the Trust raises reputational
or regulatory concerns.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Trust may terminate this Agreement by giving prior written notice to J.P. Morgan in the event
that the Trust reasonably determines that appointing J.P. Morgan to provide the Services, or part of the Services, raises reputational
or regulatory concerns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In the event of the termination of the Custody Agreement between J.P. Morgan and the Trust, J.P.
Morgan may terminate this Agreement in whole or in part and cease to provide the Services simultaneously with the transition of
the assets of the Trust to a successor custodian in accordance with the Trust's instructions.

11.3 **Transition following Termination.**

(a) The Trust undertakes to use its best efforts to appoint a Replacement Provider as soon as practicable after delivering or receiving, as the case may be, a notice of termination, provided that if Trust has not transitioned to a Replacement Provider as of the date of termination, J.P. Morgan will continue to provide the Services, and to facilitate the orderly transfer of Services to such Replacement Provider at the fees agreed upon by the Trust and J.P. Morgan. The Trust agrees to pay such reasonable expenses and charges as J.P. Morgan and the Trust may mutually agree in connection with such transition. Subject to payment of any amount duly owing to J.P. Morgan under this Agreement, J.P. Morgan agrees to transfer a copy of such records and related supporting documentation held by it under this Agreement, to any Replacement Provider of the Services or to such other person as the Trust may direct.

(b) J.P. Morgan will act in accordance with all Instructions delivered to it by the Trust with respect to such delivery and transition of its responsibilities to a successor transfer agent provided that such Instructions shall be reasonable and practicable and not in conflict with any provision of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;**12.** **NOTICES**.

Any notice required or permitted hereunder shall be in writing and shall be deemed effective on the date of personal delivery (by private messenger, courier service or otherwise) or upon confirmed receipt of email, whichever occurs first, or upon receipt if by mail to the Parties at the following address (or such other address as a Party may specify by notice to the other):

---

| |
|:---|
| If to the Trust: First Eagle ETF Trust |
| Attention: Shareholder Services |
| Telephone: 212-698-3418 |
| Email: mfops@firsteagle.com |

---

If to J.P. Morgan in its capacity as <u>Transfer Agent</u>, <u>Index Receipt Agent</u>, or <u>Order Taker</u> to:

---

| |
|:---|
| JPMorgan Chase Bank, N.A. |
| 70 Fargo St., Floor 08 |
| Boston, MA 02210 |
| Attention: Adam King, Securities Services |
| Email: adam.king@jpmorgan.com |

---

If to J.P. Morgan in its capacity as <u>Custodian</u>, as provided for in the Custody Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;13. SEVERABILITY; WAIVER; AND SURVIVAL.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If one or more provisions of this Agreement are held invalid, illegal or unenforceable in any respect
on the basis of any particular circumstances or in any jurisdiction, the validity, legality and enforceability of such provision
or provisions under other circumstances or in other jurisdictions and of the remaining provisions will not in any way be affected
or impaired.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as otherwise provided herein, no failure or delay on the part of either Party in exercising
any power or right under this Agreement operates as a waiver, nor does any single or partial exercise of any power or right preclude
any other or further exercise, or the exercise of any other power or right. No waiver by a Party of any

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provision of this Agreement, or waiver of any breach or default, is effective unless it is in writing and signed by the Party against whom the waiver is to be enforced.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Termination or expiration of this Agreement shall not affect: (i) the Parties' rights, protections,
and remedies under this Agreement; or (ii) the survival of any provision explicitly intended to come into force upon termination
or expiration.

&nbsp;&nbsp;&nbsp;&nbsp;**14.** **FORCE MAJEURE** **.** 

J.P. Morgan will maintain and update from time to time business continuation and disaster recovery procedures with respect to its global business that it determines from time to time meet reasonable commercial standards. J.P. Morgan will not be liable, however, for any Liabilities of any nature that the Trust or any third party may suffer or incur, caused by an act of God, fire, flood, epidemics, earthquakes or other disasters, civil or labor disturbance, war, terrorism, act of any governmental authority or other act or threat of any authority (de jure or de facto), nationalization, expropriation, legal constraint, fraud or forgery (other than on the part of J.P. Morgan or its employees), theft, cyber-attack, malfunction of equipment or software (except where such malfunction is primarily and directly attributable to J.P. Morgan's gross negligence in maintaining the equipment or software), currency re-denominations, currency restrictions, failure of or the effect of rules or operations of any external funds transfer system, inability to obtain or interruption of external communications facilities, power failures or any other cause beyond the reasonable control of J.P. Morgan (including without limitation the unavailability of appropriate foreign exchange). J.P. Morgan will use commercially reasonable efforts to resume or otherwise continue performance of its obligations as soon as is reasonably practicable. Neither Party will be entitled to any additional payments from the other Party for costs or expenses incurred by it as a result of any Force Majeure Event.

&nbsp;&nbsp;&nbsp;&nbsp;**15.** **AMENDMENTS.** 

This Agreement may be modified or amended from time to time by mutual written agreement between the Parties. No provision of this Agreement may be changed, discharged, or terminated orally, but only by an instrument in writing signed by the party against which enforcement of the change, discharge or termination is sought.

&nbsp;&nbsp;&nbsp;&nbsp;**16.** **ASSIGNMENT; DELEGATION.** 

This Agreement will be binding on each of the Parties' successors and assigns. The Parties agree that neither Party can assign or otherwise transfer any of its rights or obligations under this Agreement without the prior written consent of the other Party, which consent will not be unreasonably withheld, delayed or conditioned. Nevertheless, the foregoing restriction on transfer shall not apply to any assignment or transfer by J.P. Morgan to any J.P. Morgan Affiliate or in connection with a merger, reorganization, stock sale or sale of all or substantially all of J.P. Morgan's agency services business, provided that, to the extent practicable, J.P. Morgan shall provide reasonable notice of any such assignment or transfer. Furthermore, and notwithstanding anything to the contrary in this Agreement, in the event J.P. Morgan becomes subject to a resolution proceeding under the Federal Deposit Insurance Act (12 U.S.C. §§ 1811–1835a) or Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (12 U.S.C. §§ 5381–5394) and regulations promulgated under those statutes (each, a "**U.S. Special Resolution Regime**") the transfer of this Agreement (and any interest and obligation in or under, and any property securing, the Agreement) from J.P. Morgan will be effective to the extent effective under the U.S. Special Resolution Regime.

&nbsp;&nbsp;&nbsp;&nbsp;**17.** **GOVERNING LAW AND JURISDICTION.** 

This Agreement shall be construed, regulated, and administered under the laws of the United States or State of New York, as applicable, without regard to New York's principles regarding conflict of laws. The United States District Court for the Southern District of New York shall have the sole and exclusive jurisdiction over any lawsuit or other judicial proceeding relating to or arising from this Agreement. If that court lacks federal subject matter jurisdiction, the Supreme Court of the State of New York, New York County shall have sole and exclusive jurisdiction. Either of these courts shall have proper venue for any such lawsuit or judicial proceeding, and the Parties waive any objection to venue or their convenience as a forum. The Parties agree to submit to the jurisdiction of either of the courts specified and to accept service of process to vest personal jurisdiction over them in such courts. The Parties further hereby knowingly, voluntarily and intentionally waive, to the fullest extent permitted by Applicable Law, any right to statutory prejudgment interest and a trial by jury with respect to any such

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lawsuit or judicial proceeding arising or relating to this Agreement or the transactions contemplated hereby. To the extent that in any jurisdiction the Trust may now or hereafter be entitled to claim, for itself or its assets, immunity from suit, execution, attachment (before or after judgment) or other legal process, the Trust shall not claim, and it hereby irrevocably waives, such immunity.

&nbsp;&nbsp;&nbsp;&nbsp;**18.** **USE OF NAME.** 

The Trust shall not use J.P. Morgan's name in any offering material, shareholder report, advertisement or other material relating to the Trust, other than for the purpose of merely identifying and describing the functions of J.P. Morgan hereunder, in a manner not approved by J.P. Morgan in writing prior to such use; provided, however, that J.P. Morgan hereby consents to all uses of its name required by the SEC, any state securities commission, or any federal or state regulatory authority; and provided, further, that in no case shall such approval be unreasonably withheld.

&nbsp;&nbsp;&nbsp;&nbsp;**19.** **Confidentiality/SECURITY Terms.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.1 Confidentiality

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to Section 19(b), J.P. Morgan will hold all Confidential Information in confidence and
will not disclose any Confidential Information except as may be required by Applicable Law, a regulator with jurisdiction over
J.P. Morgan's or the Funds' business, or with the consent of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trust authorizes J.P. Morgan to disclose Confidential Information to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any service provider and/or vendor to the Funds that J.P. Morgan believes is reasonably required
by such person in connection with J.P. Morgan's provision of the relevant Services under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) its professional advisers, auditors or public accountants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) its branches and Affiliates; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any revenue authority or any governmental entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.2 Security

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) J.P. Morgan shall notify the Trust without any undue delay in the event that J.P. Morgan learns a Security Breach has occurred. Each such notification shall contain, unless otherwise prohibited by Applicable Laws and to the extent available to J.P. Morgan, details of the Confidential Information impacted by the Security Breach that are known at the time. J.P. Morgan shall (i) promptly use commercially reasonable efforts to take appropriate steps to contain and control the Security Breach to prevent unauthorized access or further unauthorized access (as applicable) to the Confidential Information; (ii) take commercially reasonable measures to mitigate the effects of the Security Breach; and (iii) provide reasonable cooperation to the Trust or its investigator or support the Trust's responses to Regulators in investigating and responding to each Security Breach as necessary to facilitate the Trust's compliance with any applicable law in relation to the Security Breach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) J.P. Morgan shall, throughout the Term, maintain and comply with the Security Standards. J.P. Morgan shall ensure that the Security Standards meet industry best practices (for a supplier providing services similar to the Services being provided by J.P. Morgan) and are reasonably sufficient to protect against unauthorized access to and destruction, loss, or improper alteration of, the Trust's Confidential Information. Without prejudice to the generality of the foregoing, J.P. Morgan shall ensure that the Security Standards include: (i) IT and cyber security controls (such as access and authentication requirement, firewall management); (ii) protection of the Trust's Confidential Information in transit and storage using encryption; (iii) physical security measures and monitoring of premises; (iv) practices to detect, report and resolve security vulnerabilities and threats; (v) screening and regular training of J.P. Morgan Personnel engaged in the provision of Services and regular reviews of their access privileges; (vi) internal information barriers and internal procedures to prevent breach of confidentiality and to avoid conflict of interest; and (vii) a cybersecurity program and risk identification process. J.P. Morgan shall ensure that the Security Standards include the IT and cyber security controls set out in Exhibit D.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.3 Vulnerability and Patch Management

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) J.P. Morgan monitors and supervises the development of all software that is used to process the Trust's Confidential Information and conducts a security review of its environment. J.P. Morgan reviews and tests custom code that is used to process the Trust's Confidential Information to identify potential coding vulnerabilities in accordance with industry standard security practices. All documentation of such assessments and remediation actions taken are confidential and proprietary and not disclosed externally.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Applications that are used to process the Trust's Confidential Information are periodically scanned to detect vulnerabilities in static code or open source components and penetration tests are performed regularly (e.g., prior to releases, and at regular intervals if there are no releases). J.P. Morgan employs a comprehensive software security assurance program ("SSAP") that includes architectural risk reviews, secure code reviews, threat-based penetration testing, dynamic scanning in the quality assurance phase for all applications that process Trust's Confidential Information and a periodic security evaluation of all externally facing applications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Patch management and vulnerability remediation across J.P. Morgan's applications and infrastructure are based on an internal prioritized scoring model which uses the Common Vulnerability Scoring System (CVSS), information from internal vulnerability assessments, and internally provided risk/severity ratings of the underlying assets and applications. The scoring model is designed to decrease risk exposure in critical areas by prioritizing remediation based on J.P. Morgan's environment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If J.P. Morgan identifies a weakness or vulnerability that could have a direct, material adverse impact on J.P. Morgan's ability to (i) perform its obligations under the Agreement, (ii) comply with Applicable Laws in connection with the Agreement, or (iii) meet J.P. Morgan's business continuity capabilities in connection with the Agreement (each a "Deficiency"), J.P. Morgan shall, within a commercially reasonable time, provide high-level information about the potential impact of that Deficiency and its remediation plan. The Trust acknowledges that any Deficiency shall be remediated and verified by J.P. Morgan's own internal audit group that is independent from the division performing the obligations under the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.4 Compliance with BCP.

J.P. Morgan shall, throughout the Term, maintain and periodically test (not less than annually) a written business continuity plan ("BCP") which shall be consistent with then-current generally accepted industry standards. J.P. Morgan shall ensure that the BCP is reasonably designed to enable J.P. Morgan to effect the recovery and, as contemplated by the BCP, continuity of its key operations, systems and processes in the event of a Crisis. Upon request, J.P. Morgan shall provide the Trust with a reasonable overview of the then-current BCP. Upon the Trust's reasonable request, which shall occur no more than once a year, the parties shall meet to discuss a summary of the then-current BCP. In the event of a Crisis, J.P. Morgan shall (where and to the extent applicable) use reasonable efforts to implement the BCP in accordance with its terms. The Trust acknowledges that the effectiveness of the BCP is subject to actual implementation in a Crisis during which time unforeseen crisis and critical events may occur that could affect the effectiveness of the BCP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.5 Updates to Security Standards and BCP.

J.P. Morgan shall maintain the Security Standards to reflect developments in Applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;20. CHANGE PROCEDURES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If either Party wishes to propose any amendment or modification to, or variation of, the Services
(including the scope or details of the Services) (a "**Change**") then it shall notify the other Party of that fact
by sending a request (a "**Change Request**") to the Party, specifying in as much detail as is reasonably practicable
the nature of the Change. A Change Request, and any related changes to the fees, also may be submitted to document a Change that
was previously agreed to or performed by J.P. Morgan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Promptly following the receipt of a Change Request, the Parties shall agree whether to implement
the Change Request, whether implementation of the Change Request should result in a modification of the fees contemplated by Section
6 of this Agreement, and the basis upon which J.P. Morgan will be compensated for implementing the Change Request.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If a change to Applicable Law requires a Change, the Parties shall follow the processes set forth
in this Section to initiate a Change Request. If the change in Applicable Law results in a change to the Services, or an increase
in J.P. Morgan's costs or risk associated with provision of the Services, J.P. Morgan shall be entitled to make an appropriate
increase in the fees. J.P. Morgan shall bear its own costs with respect to implementing a Change Request based upon a change to
Applicable Law, except that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If mutually agreed upon by the parties in writing, J.P. Morgan shall be entitled to charge the
Trust for any changes to software that has been developed or customized for the Trust; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If mutually agreed upon by the parties in writing, J.P. Morgan shall be entitled to charge the
Trust for any changes required as a result of the change in Applicable Law affecting the Trust in a materially different way than
it affects J.P. Morgan's other customers, or which the Trust wishes J.P. Morgan to implement in a way different from what
J.P. Morgan reasonably intends to implement for its other customers.

&nbsp;&nbsp;&nbsp;&nbsp;21. U.S. REGULATORY DISCLOSURE; CERTAIN INFORMATION OF THE TRUST.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Section 326 of the Uniting and Strengthening America by Providing Appropriate Tools Required to
Intercept and Obstruct Terrorism Act of 2001 (as amended, the "**USA PATRIOT Act**") requires J.P. Morgan to implement
reasonable procedures to verify the identity of any person that opens a new account with it. Accordingly, the Trust acknowledges
that Section 326 of the USA PATRIOT Act and J.P. Morgan's identity verification procedures require J.P. Morgan to obtain
information which may be used to confirm the Trust's or Fund's identity, including, without limitation, the name, address
and organizational documents of such entity ()"**Identifying Information** "). The Trust agrees to provide J.P. Morgan
with and consents to J.P. Morgan obtaining from third parties any such Identifying Information required as a condition of opening
an account with or using any service provided by J.P. Morgan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trust hereby acknowledges that J.P. Morgan is obliged to comply with AML/Sanctions Requirements
and that J.P. Morgan shall not be liable for any action it or any J.P. Morgan Affiliate reasonably takes to comply with any AML/Sanctions
Requirements, including identifying and reporting suspicious transactions, rejecting transactions, and blocking or freezing funds,
financial assets, or other assets. The Trust shall cooperate with J.P. Morgan's performance of its due diligence and other
obligations concerning AML/Sanctions Requirements. In addition, the Trust agrees that J.P. Morgan may defer acting upon an Instruction
pending completion of any review under its policies and procedures for compliance with AML/Sanctions Requirements, and that J.P.
Morgan shall not be responsible for any Liabilities resulting from or relating to such deferral.

&nbsp;&nbsp;&nbsp;&nbsp;22. COUNTERPARTS.

This Agreement may be executed in counterparts each of which shall be an original and together shall constitute one and the same agreement.

&nbsp;&nbsp;&nbsp;&nbsp;23. INTERPRETATION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Headings are for convenience of reference only and shall not in any way form part of or affect
the construction or interpretation of any provision of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Unless otherwise expressly stated to the contrary herein, references to Sections are to Sections
of this Agreement and references to paragraphs are to paragraphs of the Sections in which they appear.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Unless the context requires otherwise, references in this Agreement to "persons" shall
include legal as well as natural entities; references importing the singular shall include the plural (and vice versa) use of the
term "including" shall be deemed to mean "including but not limited to" and references to appendices and
numbered sections shall be to such addenda and provisions herein.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Unless the context requires otherwise, any reference to a statute or a statutory provision shall
include such statute or provision as from time to time modified to the extent such modification applies to any service provided
hereunder. Any reference to a statute or a statutory provision shall also include any subordinate legislation made from time to
time under that statute or provision.

&nbsp;&nbsp;&nbsp;&nbsp;**24.** **ENTIRE AGREEMENT AND AMENDMENTS.** 

This Agreement, including the Schedules and Exhibits, and also including the Custody Agreement to the extent custody services are provided in conjunction with Index Receipt Agent services for ETF Shares, sets out the entire Agreement between the Parties in connection with the subject matter, and this Agreement supersedes any other agreement, statement, or representation relating to the services provided herein for ETF Shares, whether oral or written. The Parties may enter into a non-binding service level document on terms agreed by the Parties and may vary any service level document by agreement at any time. The service level document will not form part of this Agreement. Amendments shall be in writing and signed by both Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25.** **TRUST LIMITATION OF LIABILITY.** 

The Trust is a Delaware Statutory Trust organized in series of which each Fund constitutes one such series. Pursuant to the Agreement and Declaration of Trust of the Trust and Section 3804(a) of the Delaware Statutory Trust Act, there is a limitation on liabilities of each series such that (a) the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to each Fund are enforceable against the assets of such Fund only, and not against the assets of the Trust generally or the assets of any other series thereof and (b) none of the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to the Trust generally or any other series thereof are enforceable against the assets of such Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**26.** **INDEPENDENT CONTRACTOR.** 

Nothing in this Agreement shall be construed to create an employment, worker, partnership or joint venture relationship between the Trust or any of its Affiliates and J.P. Morgan or any J.P. Morgan Personnel. J.P. Morgan agrees that, as between the Parties, J.P. Morgan is solely responsible as employer for fulfilling its obligations under Applicable Laws to all J.P. Morgan Personnel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26. **ABILITY TO CONDUCT BUSINESS.** 

J.P. Morgan and the Trust each acknowledge that the other Party and/or any of Trust Affiliates or J.P. Morgan Affiliates (as the case may be) may be considering, and may in the future consider, business ideas, products and services similar to or the same as the other party or any Trust Affiliate or J.P. Morgan Affiliate (as the case may be). Nothing in this Agreement shall prevent a Party or any Trust Affiliate or J.P. Morgan Affiliate from pursuing any such ideas or pursuing businesses similar to or related to the business or the other party or its Affiliates either internally or through investments in or representation of any third party, provided that neither Party, nor any Trust Affiliate or J.P. Morgan Affiliate (as the case may be), may use the other Party's Confidential Information in the pursuit or development of any such businesses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27. **TRUST REPORTING.** 

J.P. Morgan shall provide the Trust with such information regarding J.P. Morgan and the Services provided under this Agreement as shall be reasonably requested by the Board of Trustees of the Trust for purposes of fulfilling its responsibilities to oversee J.P. Morgan as a service provider of the Trust. J.P. Morgan shall reasonably cooperate with the officers, employees and agents of the Trust to provide the Trust with such information as shall be required for the Trust to fulfill its reporting obligations with the Securities and Exchange Commission and other applicable regulatory authorities solely to the extent related to the Service.

**[** *Signature pages follow* **]**

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**IN WITNESS WHEREOF**, the Parties have caused this Agreement to be executed by their officers designated below as of the date first written above.

---

| |
|:---|
| **FIRST EAGLE ETF TRUST for and on behalf of itself <br> and each of the entities listed in Exhibit A hereto** |
| By:__________________________________ |
| Name: |
| Title: |
| Date: |

---

**[** *Bank signature page follows* **]**

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---

| |
|:---|
| **JPMORGAN CHASE BANK, N. A.** |
| By:___________________________________ |
| Name: |
| Title: |
| Date: |

---

ETF Agency Services Agreement – 2025

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**AGENCY SERVICES AGREEMENT**

**SCHEDULE A**

**TRANSFER AGENCY SERVICES FOR ETF SERIES**

Following are the transfer agent services that shall be provided by J.P. Morgan for the Trust in its capacity as Transfer Agent for each ETF Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Creation and Redemption of ETF Shares of each ETF Series.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Pursuant to such creation orders that Index Receipt Agent shall receive from Order Taker, Transfer
Agent shall register the appropriate number of book entry only ETF Shares in the name of DTC or its nominee as the sole shareholder
(the "**Shareholder**") for each ETF Series and deliver the shares of the applicable ETF Series in Creation Units
on the business day next following the trade date (T+1) to the DTC Participant Account of the Custodian for settlement. It is understood
and agreed that J.P. Morgan, in its capacity as Transfer Agent, Index Receipt Agent or Custodian, shall not be responsible for
determining whether any order, if accepted, shall result in the depositor of the Creation Deposit owning or appearing to own eighty
percent (80%) or more of the outstanding ETF Shares of such ETF Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Pursuant to such redemption orders that Index Receipt Agent shall receive from Order Taker, Transfer
Agent shall redeem the appropriate number of ETF Shares of the applicable ETF Series in Creation Units that are delivered to the
designated DTC Participant Account of Custodian for redemption and debit such shares from the account of the Shareholder on the
register of the applicable ETF Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Transfer Agent shall issue ETF Shares of the applicable ETF Series in Creation Units for settlement
with purchasers through DTC as the purchaser is authorized to receive. Beneficial ownership of ETF Shares shall be shown on the
records of DTC and DTC Participants and not on any records maintained by the Transfer Agent. In issuing ETF Shares of the applicable
ETF Series through DTC to a purchaser, Transfer Agent shall be entitled to rely upon the latest Instructions that are received
from Order Taker (as set forth in Schedule B, Section A. Subsection 3(b) of this Agreement) concerning the creation and delivery
of such shares for settlement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Transfer Agent shall not create any ETF Shares for a particular ETF Series where it has received
an Instruction from the Trust or written notification from any federal or state authority that the sale of the ETF Shares of such
ETF Series has been suspended or discontinued, and Transfer Agent shall be entitled to rely upon such Instructions or written notification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Upon the creation of ETF Shares of any ETF Series as provided herein, Transfer Agent shall not
be responsible for the payment of any taxes, if any, required to be paid by the Trust in connection with such creation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. ETF Shares of any ETF Series may be redeemed in accordance with the procedures set forth in the
Prospectus and in the Authorized Participant Agreement and J.P. Morgan shall duly process all redemption requests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Payment of Dividends and Distributions on ETF Shares of each ETF Series.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Transfer Agent shall prepare and make payments for dividends and distributions declared by the
Trust on behalf of the ETF Series.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Trust or its designated agent shall promptly notify both the Custodian and the Transfer Agent
of the declaration of any dividend or distribution in respect of each ETF Series. The Trust shall instruct the Transfer Agent in
the form of a statement signed by an Authorized Person: (i) indicating that dividends have been declared on a specific periodic
basis and Instructions specifying the date of the declaration of such dividend or distribution, the date of payment thereof, the
record date as of which the Shareholder shall be entitled to payment, the total amount payable to the Shareholder and the total
amount payable to Transfer Agent on the payment date; or (ii) setting forth the record date as of which the Shareholder is entitled
to payment, and the amount declaration of any dividend or distribution by ETF Series, the date of payment thereof payable per share
to the Shareholder as of that date and the total amount payable to Transfer Agent on the payment date. The Trust's Board
of Trustees shall approve the Authorized Persons to provide such information to Transfer Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Upon its receipt from the Trust of the information set forth in Subsection 2 immediately above,
the Trust shall instruct the Fund Administrator, based upon the amount of ETF Shares outstanding on its books and records, to calculate
the total dollar amount of the dividend or distribution on each ETF Series and to notify the Trust of this amount. The Trust shall
verify this total dollar amount as calculated by the Fund Administrator. Provided the Trust is in agreement with the Fund Administrator,
the Trust shall issue an Instruction to the Custodian to place in a dividend disbursing account maintained by the Transfer Agent
funds equal to the total cash amount of the dividend or distribution to be paid out in respect of each ETF Series. Should Custodian
determine that it does not have sufficient cash in the Custody Account to pay the total amount of the dividend or distribution
to the Transfer Agent, Custodian shall advise the Trust and the Trust shall either adjust the rate of the dividend or distribution
or provide additional cash to Custodian for credit to the dividend disbursing account maintained by Transfer Agent. The Transfer
Agent shall credit such dividend or distribution to the account of the Shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Should Transfer Agent not receive from Custodian sufficient cash to make payment as provided in
the immediately preceding Subsection, Transfer Agent or Custodian shall notify the Trust, and Transfer Agent shall withhold payment
to the Shareholder until sufficient cash is provided to Transfer Agent and Transfer Agent shall not be liable for any claim arising
out of such withholding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Recordkeeping.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. J.P. Morgan shall create and maintain such records in accordance with laws, rules and regulations
applicable to J.P. Morgan as a registered transfer agent. All records shall be available for inspection and use by the Trust. J.P.
Morgan shall maintain such records for at least six (6) years or for such other period as J.P. Morgan and the Trust may mutually
agree.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Upon reasonable notice by the Trust, J.P. Morgan shall make available during regular business hours
all records and other data created and maintained by J.P. Morgan as Transfer Agent for reasonable audit and inspection by the Trust,
or any person retained by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. 3. J.P. Morgan shall record the creation of ETF Shares of each ETF Series and maintain, pursuant
to Rule 17Ad- 10(e) under the 1934 Act, a record of the total number of ETF Shares of each ETF Series that are authorized, based
upon data provided to J.P. Morgan by the Trust or the ETF Series, issued and outstanding. Also, J.P. Morgan shall provide the Trust
on a regular basis with the total number of ETF Shares authorized, issued and outstanding in respect of each ETF Series but shall
not be responsible for, when recording the creation of ETF Shares, monitoring the creation of such shares or compliance with any
laws relating to the validity of the creation or the legality of the sale of such shares.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. <u>Establish Procedures.</u> 

Procedures applicable to the transfer agent services to be performed hereunder may be established from time to time by agreement between the Trust and Transfer Agent. Transfer Agent shall have the right to utilize any shareholder accounting and record-keeping systems that, in its opinion, enables it to perform any services to be performed hereunder.

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**AGENCY SERVICES AGREEMENT**

**SCHEDULE B**

**INDEX RECEIPT AGENT SERVICES**<br> **AND RELATED CUSTODY SERVICES FOR ETF SERIES**

Following are the Index Receipt Agent services that shall be provided by J.P. Morgan for the Trust in respect of each Fund and their respective ETF Series. J.P. Morgan shall perform these services as Index Receipt Agent in conjunction with the custody services that are currently provided by J.P. Morgan, as Custodian, to each Fund under the terms of the Custody Agreement and any applicable Concentration Account Agreement. J.P. Morgan shall be entitled to all the protective provisions in the Custody Agreement and applicable Concentration Account Agreement in respect of its duties and its performance as Index Receipt Agent and Custodian for the settlement of creations and redemptions of Creation Units of each ETF Series. If there are any inconsistencies between the terms of the Custody Agreement and the terms herein with respect to processing, clearance and the settlement of creation and redemption orders for ETF Shares of each ETF Series, the terms herein shall govern.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Index Receipt Agent Services.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Index Receipt Agent, with the assistance of the Trust, shall make application to NSCC to be the
Index Receipt Agent on behalf of the Trust and each ETF Series for the processing, clearance and the settlement of creation and
redemption orders for ETF Shares of each ETF Series and Creation Deposits through the facilities of NSCC and DTC. The Trust, on
behalf of each ETF Series, understands and agrees to be bound by all the rules and procedures of NSCC and DTC, as though it were
the member or participant of such clearing and settlement systems.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Distributor, on behalf of the Trust, shall enter into an Authorized Participant Agreement with
each Authorized Participant, which J.P. Morgan in its capacity as Index Receipt Agent shall acknowledge.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Index Receipt Agent will set up each ETF Series for processing, clearing and settlement within
the Clearing Process or Outside of the Clearing Process. This set up is not subject to change on an ad hoc basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. In connection with the procedures that may be established from time to time between Index Receipt
Agent and the Trust on behalf of each ETF Series for the processing, clearance and settlement of the creation and redemption of
Creation Units through the Clearing Process, Index Receipt Agent shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) receive daily from the Investment Adviser or from J.P. Morgan as basket
creation agent pursuant to Schedule–B - Appendix 1, a computer generated file that is in form and substance acceptable to
NSCC containing a list of the Deposit Securities or Redemption Securities for each ETF Series (including both standard and customized
baskets) and transmit the file as received by Index Receipt Agent to NSCC. Each such file received by Index Receipt Agent shall
contain the CUSIP number of the particular ETF Series. Prior to Index Receipt Agent's delivery to NSCC of these computer
generated files, Index Receipt Agent shall remove from them their identifying CUSIP numbers and post these orders to J.P. Morgan's
custody system for settlement to J.P. Morgan's designated participant account at DTC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) receive from Order Taker daily, a computer generated file that is in form
and substance acceptable to NSCC containing the Balancing Amount and the Transaction Fee for each ETF Series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) transmit both of these files (a) and (b) as received to the NSCC;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) at the appropriate times, cause to be paid to Authorized Participants Balancing
Amounts on the creation or redemption of Creation Units, as instructed by Order Taker on behalf of each ETF Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) receive from the Order Taker on each trade date, a computer generated file
that is in form and substance acceptable to NSCC and that contains creation orders from Authorized Participants that have been
received and accepted by the Order Taker on behalf of the Trust and each ETF Series, for the creation of Creation Units against
delivery of Deposit Securities and a Cash Component; transmit the file of creation orders as received from the Order Taker to NSCC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) receive back from NSCC the file of creation orders and/or redemption enhanced
with NSCC generated prices for the Deposit Securities contained in the file and deliver the enhanced file to Custodian for settlement;
and, pursuant to any such creation order, instruct the Transfer Agent to issue the appropriate number of ETF Shares of the applicable
ETF Series for deposit to the Custodian's DTC Participant Account

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) (g) receive from the Order Taker on each trade date a computer generated
file that is in form and substance acceptable to NSCC and that contains redemption orders from Authorized Participants that have
been received and accepted by the Order Taker on behalf of the Trust for each Fund; transmit the file of redemption orders as received
from the Order Taker to NSCC; receive back from NSCC the file of redemption orders enhanced with NSCC generated prices for the
Redemption Securities that are in the file and deliver the enhanced file to Custodian for settlement; and pursuant to any such
redemption order, instruct the Transfer Agent to redeem the appropriate number of ETF Shares of the applicable ETF Series in Creation
Units and reduce the account of the Shareholder accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Trust understands and agrees that all risk associated with the processing, clearance and settlement
of the creation and redemption of ETF Shares, Deposit Securities and Redemption Securities and cash through the Clearing Process
shall be that of the Trust and each ETF Series regardless of whether in effecting such creations and redemptions Index Receipt
Agent, as a member of NSCC, is acting as principal or as agent under the NSCC rules. The Trust and each Series, shall be bound
by all the rules and procedures of NSCC and DTC as though it were the member or participant of such clearing and settlement systems.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The Parties hereby acknowledge that once an order is submitted to the Clearing Process by the Index
Receipt Agent, such order cannot be ordinarily cancelled or withdrawn without NSCC's consent. Upon the Index Receipt Agent's
request, the Trust hereby agrees to cooperate with and assist the Index Receipt Agent in seeking the cancellation or withdrawal
of an order from the Clearing Process, including by reaching out to and seeking the relevant Authorized Participant's consent.
If successfully cancelled or withdrawn from the Clearing Process, such order may then be handled Outside the Clearing Process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The Index Receipt Agent has the right to cease processing, clearing and settling transactions through the Clearing Process
at any time. The Index Receipt Agent shall notify the Trust if it ceases processing, clearing and settling transactions through
the Clearing Process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Outside the Clearing Process.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The following transactions shall be handled Outside the Clearing Process:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any purchase or redemption of ETF Shares that the Trust, its Distributor or another authorized
agent shall instruct Index Receipt Agent to settle Outside the Clearing Process;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any security that is part of a Creation Deposit or redemption of Creation Units and that according
to NSCC rules is deemed to be ineligible for the Clearing Process, including securities that are not eligible to be settled through
DTC; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any purchase or redemption of ETF Shares that is cancelled or withdrawn from the Clearing Process
pursuant to Section A, paragraph 6, above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Transactions handled Outside the Clearing Process will be processed via proprietary ETF servicing
modules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Transactions Outside the Clearing Process shall be effected by Index Receipt Agent on a delivery
versus payment and receive versus payment basis, and for DTC eligible securities, through DTC and in compliance with such terms
and rules under which the DTC customarily operates. The Trust or the ETF Series shall provide to Index Receipt Agent the information
and terms that are necessary to settle each transaction, including the cash value of each security settlement, unless the Trust's
or the ETF Series' Instruction is that delivery is to be made free of payment; provided, however, that any security that
is not DTC eligible shall be settled consistent with standard market practice. US domestic fixed-income securities that are not
eligible for settlement through the DTC will be settled free of payment through the U.S. Federal Reserve Bank or similar U.S. clearing
structure. Foreign equity securities and fixed income securities will be settled locally free of payment. All transactions handled
Outside the Clearing Process that are not settled through DTC shall be effected by J.P. Morgan pursuant to the terms of the Custody
Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Trust recognizes that (i) fails (including partial fails) to receive one or more of the Deposit
Securities needed to settle the creation of a Creation Unit or (ii) fails to receive the ETF Shares on the redemption of a Creation
Unit may occur with respect to transactions settled Outside the Clearing Process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. If an Authorized Participant has submitted a creation order for an ETF Series Outside the Clearing
Process, but is unable to transfer all or part of the Deposit Securities to Index Receipt Agent at or prior to the required time,
Order Taker will nonetheless accept the creation order if it is otherwise acceptable in form and substance, and the Trust shall
rely on an undertaking by such Authorized Participant to deliver the missing Deposit Securities as soon as possible, which undertaking
shall be secured by such Authorized Participant's delivery and maintenance of collateral having a percentage value of the
market value of the missing Deposit Securities specified by the Trust (the "**Creation Required Cash Collateral** ").

Beginning on the trade date, Index Receipt Agent will compare (i) the Deposit Securities received from the Authorized Participant to (ii) the Deposit Securities required to create the Creation Unit. If the Index Receipt Agent has failed to receive any of the required Deposit Securities, on the trade date and on each subsequent business day, Index Receipt Agent shall calculate and notify the Authorized Participant of the amount of the Creation Required Cash Collateral using (i) prices and foreign exchange rates as furnished to Index Receipt Agent by the Fund Administrator or a third party on behalf of the Trust and (ii) the collateral valuation percentage specified by the Trust pursuant to Section B.5 of this Schedule B. The amount of required collateral may change from time to time and will be notified to the Authorized Participant by J.P. Morgan. Any Creation Required Cash Collateral shall be in the form of US dollars and will be held by Index Receipt Agent subject to the terms of the Custody Agreement and, if applicable, any Concentration Account Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The Trust acknowledges and agrees that Index Receipt Agent's calculation of the Creation
Required Cash Collateral will be based solely on the information it receives pursuant to Section B.5 of this Schedule B and will
not reflect any adjustment for purchase interest on debt securities or any other such adjustments.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. If Index Receipt Agent has received from the Authorized Participant the Creation Deposit and Creation
Required Cash Collateral (if any) required to settle a creation order, the Index Receipt Agent will instruct the Transfer Agent
to create the appropriate number of ETF Shares of the applicable ETF Series for deposit to the Custodian's DTC Participant
Account for transfer to the Authorized Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. If the Index Receipt Agent holds cash received from an Authorized Participant in connection with
a creation order in excess of the amount of Creation Required Cash Collateral, Index Receipt Agent is authorized to return such
collateral to the Authorized Participant once it exceeds a minimum threshold specified by Index Receipt Agent. Moreover, Index
Receipt Agent is authorized to accept from any Authorized Participant, both prior to and after the settlement date of each order,
Deposit Securities in exchange for an off-setting amount of Creation Required Cash Collateral previously received in connection
with such order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. If Index Receipt Agent has not received from the Authorized Participant the Creation Deposit and
Creation Required Cash Collateral (if any) required to settle a creation order, Index Receipt Agent shall have no obligation to
settle, and no liability for failing to settle, such creation order. Moreover, Index Receipt Agent shall have no obligation to
settle, and shall have no liability for refusing to settle, any creation order received from an Authorized Participant if the Authorized
Participant has not provided the Creation Deposit and Creation Required Cash Collateral (if any) required to settle every creation
order with the same settlement date for every ETF Series of the Trust subject to this Schedule B.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. In the event an Authorized Participant has submitted a redemption request in proper form for a
Creation Unit but is unable to transfer all of the ETF Shares required to redeem the Creation Unit, the Index Receipt Agent will
nonetheless accept and effect the redemption request in reliance on the undertaking by the Authorized Participant to deliver the
missing ETF Shares as soon as possible, which such undertaking shall be secured by the Authorized Participant's delivery
and maintenance of collateral having a specified percentage value of the value of the missing ETF Shares ()"**Redeem Required Cash Collateral** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Where all of the Redemption Securities are US domestic securities, beginning on settlement date,
Index Receipt Agent will compare (i) the ETF Shares received from the Authorized Participant to (ii) the ETF Shares required to
redeem each Creation Unit. If the Index Receipt Agent has failed to receive any of the required ETF Shares, on the settlement date
and on each subsequent business day, Index Receipt Agent shall calculate and notify the Authorized Participant of the amount of
the Redeem Required Cash Collateral using (i) prices and foreign exchange rates as furnished to Index Receipt Agent by the Fund
Administrator or a third party on behalf of the Trust and (ii) the collateral valuation percentage specified by the Trust pursuant
to Section B.5 of this Schedule B. The amount of required collateral may change from time to time and will be notified to the Authorized
Participant by J.P. Morgan. Any Redeem Required Cash Collateral shall be in the form of US dollars and will be held by Index Receipt
Agent subject to the terms of the Custody Agreement and, if applicable any Concentration Account Agreement. The Trust authorizes
Index Receipt Agent to permit the Authorized Participant at any time to exchange the ETF Shares required to redeem the Creation
Unit in exchange for an equivalent amount of the Redeem Required Cash Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. Where any of the Redemption Securities are not US domestic securities, the Index Receipt Agent
shall request from the Authorized Participant on the business day after the trade date of the redemption transaction either (i)
the Redeem Required Cash Collateral or (ii) the ETF Shares required to redeem each Creation Unit. The Index Receipt Agent will
return the Redeem Required Cash Collateral on the redemption transaction settlement date following receipt of (i) the ETF Shares
required to redeem each Creation Unit or (ii) the Redeem Required Cash Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. Where the Creation Required Cash Collateral and Redeem Required Cash Collateral are held pursuant
to the terms of a Concentration Account Agreement, all Creation Required Cash Collateral and Redeem Required Cash Collateral posted
by a specific Authorized Participant will be held in a single omnibus account for the benefit of all Funds for which the Index
Receipt Agent provides services under this Schedule; provided that the Index Receipt Agent shall identify on its records the amounts
of Redeem Required Cash Collateral and/or

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Creation Required Cash Collateral, as applicable, in the concentration account that are attributable to each Fund and order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Settlement of Cash Component.</u> 

Any Cash Component to a particular transaction shall be handled over the funds transfer wire (Fedwire) or as part of Index Receipt Agent's overall daily net cash settlement at DTC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. <u>Creation Deposits through the Clearing Process: Allocation of Fails; Posting of Accounts.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Trust recognizes that fails to receive (including partial fails) may occur from time to time
with respect to one or more of the securities in a basket of Deposit Securities settled through the Clearing Process. The Trust
acknowledges and agrees that, whenever a fail to receive shall occur on a settlement date, Index Receipt Agent shall book to a
single control account maintained for all funds for which Index Receipt Agent provides Index Receipt Agent services (the "**Control Account** "), the quantity of the security that it failed to receive (each such fail a "short receive position")
and the cash value of that short position that it receives from NSCC (and that NSCC, pursuant to its rules, marks to market daily)
pending settlement. Index Receipt Agent shall not post to any ETF Series account any cash that it receives from NSCC on a short
receive position pending settlement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Index Receipt Agent shall make available to the Trust a daily listing of all short receive positions
that are in the Control Account and that relate to any ETF Series. Index Receipt Agent will allocate daily, on a pro-rata or other
basis deemed by it to be fair and equitable, short receive positions in the same security that is common to the securities accounts
of such ETF Series and to the securities accounts of such other funds for which Index Receipt Agent is acting as Index Receipt
Agent. The Trust agrees that any such allocation shall be conclusive on the Trust and the affected ETF Series. When the Deposit
Securities that are subject of the short receive positions are received by Index Receipt Agent, they will be credited by Index
Receipt Agent on a first-in first-out (FIFO) basis to the custody accounts of the applicable funds. Index Receipt Agent shall not
process a securities transaction in a security having a short receive position in the Control Account to the extent the Trust does
not have a sufficient quantity of that security in its ETF Series accounts with Index Receipt Agent to settle the transaction.
Custodian shall post Deposit Securities to the applicable ETF Series custody accounts on a contractual settlement basis pursuant
to the terms of the Custody Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Should a short receive position in a security remain in the Control Account for two (2) or more
NSCC business days, Index Receipt Agent may elect to exercise NSCC's buy-in rules with respect to that short position. If
an ETF Series needs to sell a short security in its account, the Trust may request that Index Receipt Agent exercise a buy-in of
the short security under applicable NSCC rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. <u>Creations and Redemptions through the Clearing Process: Delivery Fails; Posting of Cash.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Trust recognizes that on the creation and/or redemption of Creation Units of an ETF Series
through the Clearing Process, Index Receipt Agent, on behalf of the applicable ETF Series, is obligated to deliver to NSCC on the
settlement date the Cash Component (if applicable), and the required quantity of Creation Units or the required type and amount
of Redemption Securities (as applicable) to create or redeem the Creation Units of the applicable ETF Series. It shall be the responsibility
of the Trust and each ETF Series to: (a) maintain the required amount of Creation Units unencumbered, free and clear of any restrictions
on transfer until they have been delivered to NSCC for the creation of such Creation Units of an ETF Series, (b) maintain in the
custody account the required type and amount of Redemption Securities for the redemption of Creation Units of each ETF Series,
and (c) maintain in the custody account the required amount of the Cash Component (if applicable) for the creation or redemption
(as applicable) of Creation Units of an ETF Series. Should the Index Receipt Agent be unable to deliver to NSCC, on settlement
date, the Cash Component and/or the sufficient quantity of ETF Shares (in case of a creation) or Redemption Securities (in

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case of a redemption) for any reason (<u>for example,</u> the Trust has insufficient funds for the payment of any applicable Cash Component or has a short position in respect of any of the securities comprising the basket of Redemption Securities (through the Trust's participation in a securities lending program on behalf of the ETF Series or otherwise) (a "short delivery position"), the Trust acknowledges that Index Receipt Agent shall be obligated under NSCC's rules to pay the Cash Component to NSCC on behalf of the Trust and fund the remaining short delivery position with cash pending delivery of the quantity of securities needed to cover the remaining short delivery position. Index Receipt Agent shall be entitled to charge to the account of the applicable ETF Series the amount of cash needed to cover the short delivery position. In the event that Index Receipt Agent advances its own funds to cover an ETF Series short delivery position, Index Receipt Agent, in its discretion, may charge the applicable EFT Series interest on the amount of the advance at the rate that Index Receipt Agent charges for advances of a similar nature to similar customers of Index Receipt Agent, unless Index Receipt Agent and the Trust have mutually agreed in writing upon another rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In the event of a short delivery position at NSCC for an ETF Series, Index Receipt Agent may, in
its discretion, elect to advance its own funds to cover such shortfall. If Index Receipt Agent elects to make such an advance,
the advance will be deemed a loan to the Trust, payable either on demand or automatically upon the occurrence of any event with
respect to the Trust that is specified in either section 9.2(a)(ii) of this Agreement or section 365(e)(1) of the U.S. Bankruptcy
Code, as amended from time to time. Any such advance will bear interest at the applicable rate charged by Index Receipt Agent from
time to time for such advances, from the date of such advance to the date of payment (including after the date any judgment may
be entered against the Trust with respect to any advance) and otherwise on the terms on which Index Receipt Agent makes similar
advances available from time to time. No prior action or course of dealing on Index Receipt Agent's part with respect to
the settlement of transactions on the Trust's behalf will be asserted by the Trust against Index Receipt Agent for Index
Receipt Agent's refusal to make advances. The Trust acknowledges that any advance made under this Agreement is intended to
be treated as a "securities contract" for purposes of the U.S. Bankruptcy Code to the maximum extent permitted by that
Code, as amended from time to time. Index Receipt Agent shall have, from the date an order is submitted to the Clearing Process
until full settlement of that order by the Trust, a security interest in the ETF Series custody account and the securities and
cash that remain in the ETF Series custody account as security for the ETF Series' obligation to settle the order on settlement
date and for any advances made by Index Receipt Agent to cover a short delivery position. Index Receipt Agent shall have all the
rights and remedies of a secured party under the New York Uniform Commercial Code including the right to withhold securities and
cash until the relevant order and, to the extent applicable, any advances made by Index Receipt Agent to cover a short delivery
position, have been fully settled by the Trust. Nothing herein or in the Custody Agreement shall be construed to mandate that Index
Receipt Agent, acting as Index Receipt Agent for the Trust and each ETF Series, effect redemptions of Creation Units where Index
Receipt Agent, acting in good faith, believes that it may not be repaid an advance by the Trust or the ETF Series or otherwise
not receive from the ETF Series delivery of the Redemption Securities that are the subject of a short delivery position.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. <u>Establish Procedures.</u> 

The Trust and Index Receipt Agent, from time to time, may establish written procedures for the processing and settlement and related activities effected for ETF Shares of each ETF Series through the Clearing Process and Outside the Clearing Process.

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**Schedule B - Appendix 1 - ETF Basket Creation Services**

In connection with the Index Receipt Agent Services set forth in Schedule B, J.P. Morgan shall provide the following basket creation services:

&nbsp;&nbsp;&nbsp;&nbsp;(i) Calculation of the "ETF Basket," which reflects the components and quantities of the securities comprising each
ETF.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) With respect to passive ETFs, the ETF Basket will be comprised of securities with weights mirroring the index the ETF tracks
and J.P. Morgan's ability to calculate the ETF Basket is subject to its receipt of the index composition file from a third-party
index agent, currently Solactive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) With respect to active ETFs, the ETF Basket is comprised of a pro rata slice of the ETF's holdings equivalent to one
Creation Unit. J.P. Morgan's ability to create the ETF Basket File is dependent upon its receipt from the Trust of a file
reflecting the ETFs holdings (IBOR file).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Alternative calculation methodologies may be utilized if mutually agreed by the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;(ii) Transmission of a computer file in a form acceptable to NSCC containing each ETF Basket.

For the avoidance of doubt, J.P. Morgan shall not be liable, directly or indirectly, for any losses suffered by a third party, including any Authorized Participant, in connection with the services provided under this Schedule B - Appendix 1.

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**SCHEDULE C**

**ORDER TAKING SERVICES**

Order Taker shall perform the below order taking services for the Trust in respect of each Fund and their respective ETF Series in its capacity as the order taker.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Order Taking Process.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Order Taker will receive creation or redemption orders from the Authorized Participants in accordance
with the Prospectus and any procedures established in the applicable Authorized Participant handbook ("AP Handbook").
In the event of any conflict between the Prospectus and any procedures established in the AP Handbook, the Prospectus shall prevail;
provided, however, that this paragraph A.1 shall not apply to any updates to a Prospectus impacting Order Taker's obligations
under this Agreement unless Order Taker and the Trust have mutually agreed to modify the Services to accommodate such change in
accordance with the Change Procedures set forth in Section 20 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Trust agrees that all obligations of the Authorized Participants set forth in this Schedule
C shall be included in the applicable AP Handbook.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Order Taker will receive from the Authorized Participant orders via any electronic means approved
by Order Taker, including an electronic order-taking platform ("Electronic Order Taking Means") or by phone. All phone
orders must be promptly followed by a fax communication from the Authorized Participant for verification before the order is considered
effective. When placing orders by phone or through Electronic Order Taking Means, the Authorized Participant and each individual
authorized by the Authorized Participant to instruct orders on its behalf ("Authorized Participant User"), will be
required to provide the appropriate identifiers and/or security devices or procedures relating to use of Order Taker's electronic
network, systems or platforms, which may include the use of User Codes, dual-factor authentication, telephone call backs, or third-party
utilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Each Authorized Participant User must agree to comply with the terms and conditions governing access
to and use of Order Taker's JPMC API, electronic network, systems, or platforms ("Terms and Conditions"). Upon
receipt of an Authorized Participant User's agreement to abide by the Terms and Conditions, Order Taker will work with the
Authorized Participant to complete any other necessary documentation and steps to allow the Authorized Participant User to use
the Electronic Order Taking Means.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Notwithstanding anything to the contrary herein, the Trust acknowledges that technological irregularities,
periods of heavy market activity or other circumstances may prevent Authorized Participant Users from being able to timely or successfully
use the Electronic Order Taking Means or Order Taker's other order-taking processes. Order Taker will use commercially reasonable
efforts to correct or replace any of the unavailable processes, and the Trust and the Authorized Participant shall cooperate with
Order Taker to allow it to resume providing the order taking services set forth in this Schedule C.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Post-Order Process.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Order Taker will receive orders from Authorized Participants during each business day up until
the relevant cutoff hours that have been provided to Order Taker in writing by the Trust, which cutoff hours must be acceptable
to Order Taker and consistent with Order Taker's operating procedures (the "Cut-Off Time"). Any changes to the
Cut-Off Time must be acceptable to Order Taker and must be provided by the Trust to Order Taker in writing. An acceptable change
to the Cut-off Time will become effective after Order Taker has had a reasonable opportunity to adjust therefor. Order Taker will
notify the Trust of any orders received in a reasonably prompt manner. After the Cut-Off Time, Order Taker will provide the Trust
and or its designated agent with a consolidated report detailing all orders received during that business day. In the event Order
Taker receives an order that does not include all the information required for Order Taker to process the order, or necessitates
action by the Trust prior to its acceptance (as determined in Order Taker's

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reasonable discretion, in each instance), Order Taker may consult with the persons authorized by the Trust in connection with the same. The information currently required to be submitted with each order is attached hereto as Exhibit B. The Trust acknowledges that any delays or failure to provide any of the required order information may prevent Order Taker from being able to provide the Services and Order Taker shall have no liability for failing to process an order for which it has not timely received all required order information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Trust or its designated agent shall be responsible for instructing Order Taker as to its approval
or rejection of each order via Electronic Order Taking Means or in accordance with the terms of Order Taker's service level
documentation. Order Taker will send preliminary and final confirmations to each Authorized Participant and will generate a consolidated
report detailing all confirmations, which shall be sent to relevant parties as instructed by the Trust. Order Taker will maintain
copies and provide to the Trust upon request such confirms, which will be retained for a period consistent with Applicable Law
and Order Taker's record keeping policies, procedures and practices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Orders' Compilation and Publication.</u> 

Each business day, Order Taker will submit to the Index Receipt Agent a computer generated file containing the Balancing Amount and the Transaction Fee for each ETF Series (the "Create/Redeem File"). Order Taker will also transmit the Create/Redeem File to the Custodian to the Trust to set up instructions to deposit, withdraw and/or settle ETF Shares through DTC. The Create/Redeem File will also identify the relevant Authorized Participant to enable the generation of the ETF Share delivery instructions to such Authorized Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. <u>Security Procedures.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Trust agrees that all instructions issued to it or J.P. Morgan by an Authorized Participant
User are deemed to be Instructions under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Concurrently with each request by the Authorized Participant for Order Taker to grant an Authorized
Participant User access to Electronic Order Taking Means, and as requested from time to time by Order Taker (but no less frequently
than annually), the Authorized Participant shall deliver to Order Taker, a certificate setting forth the names and other details
of all Authorized Participant Users. Such certificate may be accepted and relied upon by Order Taker as conclusive evidence of
the facts set forth therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Upon the termination or revocation of authority of an Authorized Participant User by the Authorized
Participant, the Authorized Participant shall give prompt written notice of such fact to Order Taker, together with an updated
certificate as described in subsection 2 above, with such notice being effective after Order Taker has received and had reasonable
time to act on such notice of revocation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Any User Codes provided by Order Taker in accordance with this Schedule C shall be kept confidential
and may only be used by or provided to Authorized Participant Users (unless required otherwise by Applicable Law). The User Codes
may be revoked by the Authorized Participant at any time upon written notice to Order Taker and as provided for in the Terms and
Conditions, and the Authorized Participant shall be responsible for doing so in the event that it becomes aware that an unauthorized
person has received access to, or used, the User Codes in an unauthorized manner. Upon receipt of such written request, Order Taker
shall promptly withdraw, destroy, disable or de-activate the relevant User Codes, as necessary in its discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Notwithstanding anything to the contrary in this Agreement, the Trust hereby agrees that, with
respect to orders received by Order Taker from an Authorized Participant through a JPMC API, Order Taker shall not be required
to authenticate the individual submitting the order through any means, including an access code or User Code. Order Taker shall
be entitled to rely on such order, and such order shall be deemed provided by an Authorized Participant User, as long as such individual
identifies itself as an Authorized Participant User by including its JPMM ID in the order message. Although no authentication will
be required, Order Taker hereby agrees to use commercially reasonable efforts to verify that the individual's JPMM ID is
active and is associated to the relevant Authorized Participant pursuant to paragraph D.2 above. The JPMM ID

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must be active in order for the Order Taker to accept such order. An active JPMM ID is also required for business continuity purposes and for placing non-standard/negotiated orders through J.P. Morgan Markets, where applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. <u>Establishment of Procedures.</u> 

The Trust and Order Taker may, from time to time, establish and review written procedures for the order taking and related activities effected for ETF Shares of each ETF Series.

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**Schedule–C - Appendix–1 - Assisted Trading Services**

In connection with the Order Taking Services set forth in Schedule C, J.P. Morgan shall provide the following assisted trading services. Pursuant to Schedule C, Authorized Participants instruct Orders for ETF creations and redemptions through Electronic Order Taking Means. When submitting an Order, Authorized Participants may submit a "cash-in-lieu" requests with respect to any component of the Order that the Authorized Participant is restricted from transacting in (a "Restricted Security"). Where an Authorized Participant submits an Order that includes a cash-in-lieu request for a Restricted Security, Order Taker, on behalf of the applicable ETF, will transmit to J.P. Morgan's equities trading desk a request to purchase the Restricted Security at market on close. The execution, transaction confirmation, and any information related to any Restricted Security order shall be the sole responsibility of J.P. Morgan's equities desk, shall be subject to any terms and conditions in place between the Customer, ETF or Trust and J.P. Morgan's equities trading desk, and any requests or inquiries with respect to any Restricted Security order shall be directed to J.P. Morgan's equities desk. For the avoidance of doubt, Order Taker bears no responsibility or liability for any of the obligations of the J.P. Morgan equities desk with respect to any Restricted Security order.

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**AGENCY SERVICES AGREEMENT**

**SCHEDULE D**

**APPLICATION PROGRAMMING INTERFACE – TERMS AND CONDITIONS**

Where the Trust elects to use a JPMC API to provide Instructions to J.P. Morgan under this Agreement, the following additional terms shall apply to the Trust's use of JPMC API, notwithstanding anything to the contrary in this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Description.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Trust may access the JPMC API solely to submit Instructions under this Agreement, in accordance
with the terms of this Agreement. It is hereby understood that J.P. Morgan may stop accepting Instructions through the JPMC API
at any time and in its discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trust shall be solely responsible for ensuring that the users with access to the JPMC API are
limited to the individuals who have been authorized by the Trust to submit Instructions on its behalf to J.P. Morgan and that have
a valid JPMM ID. Trust is solely responsible for all actions taken or omitted with respect to its use and access of the JPMC API
by the Trust users, whether they are Authorized Persons or not. Trust shall provide J.P. Morgan with prior written notice of the
range of network addresses from which the Trust will use the JPMC API. Trust shall provide J.P. Morgan with at least thirty (30)
days' prior written notice of any changes to such range of network addresses it uses to access the JPMC API. Trust will promptly
notify J.P. Morgan in writing if at any time (i) a JPMC API or JPMM ID becomes accessible to a person who is not, or who has ceased
to be, an Authorized Person, (ii) Trust becomes aware of any loss, theft or unauthorized use of an Authorized Person's JPMM
ID, or (iii) Trust has reason to believe that the confidentiality of any JPMM ID may have been compromised. Upon receipt of such
notice, J.P. Morgan will cancel such JPMM IDs; provided however, that Trust will remain responsible for any actions taken through
the use of or with respect to such JPMM IDs prior to such cancellation. Notwithstanding the above, J.P. Morgan reserves the right
to terminate or change any JPMM ID at any time and at its sole discretion. In addition, Trust acknowledges that J.P. Morgan has
the right to deny or terminate Trust's access to a JPMC API without notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Representations and Warranties.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trust represents and warrants that the Trust's system will not contain any computer code
that (i) is designed to disrupt, disable, harm, modify, delete or otherwise impede in any manner, including aesthetic disruptions
or distortions of J.P. Morgan's software, firmware, hardware, computer systems or networks, such devices sometimes referred
to as "viruses" or "worms", (ii) would disable any J.P. Morgan systems (including J.P. Morgan's electronic
order taking platform and JPMM, together referred to as the "System"); or (iii) permits Trust or any third party to
access the System and/or the JPMC API whether or not to cause disablement or impairments (sometimes referred to as "trap
doors", "access codes" or "back door" devices).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trust represents and warrants that it will not cause J.P. Morgan to be in violation of any
regulation administered by the U.S. Department of the Treasury's Office of Foreign Assets Control ("OFAC"), and
neither Trust nor any individual, entity, or organization holding any material ownership interest in Trust, nor any officer or
director is determined to be an individual, entity, or organization with whom applicable law prohibits a United States company
or individual from dealing (including names appearing on the OFAC Specially Designated Nationals and Blocked Persons List).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Notice of Inability to Perform; Vulnerability Assessment, Notification and Remediation.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trust will notify J.P. Morgan immediately of any actual or threatened occurrence of any event
that does, or could reasonably be expected to, materially adversely affect Trust's ability to perform its obligations under
this Agreement. Trust will notify J.P. Morgan immediately of any Security Breach (defined below), including the expected impact
that the Security Breach may have on J.P. Morgan. On receipt of any notices under this section, J.P. Morgan may request, and Trust
will as soon as reasonably practicable provide further information and adequate assurances acceptable to J.P. Morgan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trust will cooperate with J.P. Morgan to assess and remediate vulnerabilities that could compromise
the System and/or the JPMC API, the Instructions and any other information or data transmitted to J.P. Morgan, systems, or critical
functioning of the information technology infrastructure of J.P. Morgan or its clients or customers or that impacts Trust's
external-facing, internal or partner environments. To that end, the Trust will: (i) actively monitor industry resources for applicable
security alerts and immediately notify J.P. Morgan upon the discovery of a critical vulnerability in its external-facing, internal,
subcontractor or partner environments or in the systems connected to the System and/or the JPMC API (each, a "Critical Vulnerability");
(ii) respond in writing as soon as reasonably practicable to a J.P. Morgan inquiry about the impact of a known Critical Vulnerability;
(iii) as soon as reasonably practicable after (A) the Trust's discovery of a Critical Vulnerability, or (B) receipt of a
J.P. Morgan inquiry about a Critical Vulnerability, provide J.P. Morgan with a written and detailed plan to appropriately remediate
such Critical Vulnerability; and (iv) provide J.P. Morgan with written confirmation as soon as each such Critical Vulnerability
has been remediated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event of any actual or reasonably suspected act or omission that compromises the integrity
of any systems used for transmitting, processing, storing or otherwise handling the Instructions, including unauthorized or suspicious
intrusion into those systems, improper access to or misuse of the System, JPMC API or Trust systems as well as applicable industry
standard control requirement ("Security Breach"), Trust will immediately notify J.P. Morgan of, and will cooperate
fully with J.P. Morgan to investigate and remediate, that Security Breach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Disclaimers; Limitation on Liability.** 

**IN ADDITION TO ANY OTHER TERMS IN THIS AGREEMENT, J.P. MORGAN MAKES NO REPRESENTATIONS OR WARRANTIES, WHETHER EXPRESS OR IMPLIED, INCLUDING THE IMPLIED WARRANTIES OF MERCHANTABILITY AND OF FITNESS FOR A PARTICULAR PURPOSE, QUALITY, ACCURACY, AND/OR AGAINST INFRINGEMENT WITH RESPECT TO THE JPMC API. THE JPMC API AND THE SYSTEM ARE PROVIDED "AS IS" WITH ALL FAULTS. IN NO EVENT WILL J.P. MORGAN OR ANY OF ITS AFFILIATES, OR ANY OF THEIR RESPECTIVE OFFICERS, DIRECTORS, EMPLOYEES OR AGENTS BE LIABLE TO THE TRUST, OR ANY THIRD PARTY FOR ANY DIRECT, INDIRECT, SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES, DAMAGES FOR LOST PROFITS OR REVENUES, TRADING LOSSES, INACCURATE DISTRIBUTIONS, LOSS OF BUSINESS OR DATA, EXEMPLARY OR PUNITIVE DAMAGES OR OTHER DAMAGES OR LIABILITIES OF ANY KIND WITH RESPECT TO THE JPMC API OR THE TRUST'S USE OF THE JPMC API.**

&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Indemnification.** 

In addition to any other indemnity set forth in the Agreement, the Trust will indemnify, defend and hold harmless J.P. Morgan and the J.P. Morgan Indemnitees from any and all Liabilities, incurred by or threatened against a J.P. Morgan Indemnitee arising from third-party claims, demands, actions or threats of action (whether in law, equity or in an alternative proceeding) relating to the actual or alleged: (a) breach of Trust's representations or warranties in this Agreement; (b) any Security Breach; or (c) fraudulent, negligent, willful or reckless acts or omissions of or by the Trust. No settlement or compromise that imposes

ETF Agency Services Agreement – 2025

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any liability or obligation on any J.P. Morgan Indemnitee will be made without the J.P. Morgan Indemnitee's prior written consent.

ETF Agency Services Agreement – 2025

![](x1_c114719a002.jpg)

**<u>SCHEDULE E</u>**

**SECURITY STANDARDS - MINIMUM IT AND CYBER SECURITY CONTROLS**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Control** | &nbsp;&nbsp;**Requirements** |
| &nbsp;&nbsp;1. Encryption Algorithms | &nbsp;&nbsp;J.P. Morgan shall encrypt information assets, using methods such as algorithms and key lengths, based on its own information classification standards and protection requirements associated with each class. J.P. Morgan's encryption practice shall be consistent with industry standard solutions that are commercially reasonable and available from industry recognized vendors. The Trust acknowledges specific details of J.P. Morgan's cryptographic standards are considered confidential and proprietary, and not for public disclosure. |
| &nbsp;&nbsp;2. Authentication | &nbsp;&nbsp;J.P. Morgan shall use appropriate authentication methods, such as multi-factor authentication (MFA) for applications that store Confidential Information and accessed by its employees consistent with its risk-based approach and industry best practice. The specific authenticator required depends on the type of application and the class of data being accessed (classification is based on technology-controls data standards). Security policies and standards govern J.P. Morgan's user password configurations. To access an application that stores Confidential Information, when appropriate, users are required to enter a login ID and a password, which must be masked during on-screen entry and have a required minimum length. |
| &nbsp;&nbsp;3. Identity and Access Management | &nbsp;&nbsp;J.P. Morgan must ensure that the following identity and access management operations in respect of the Trust's Personnel or other authorized users of the Trust accessing the Services can be controlled by the Trust (and not solely by J.P. Morgan):<br>• Entitlement management (e.g., create, modify, delete, assign and revoke roles and privileges) |
| &nbsp;&nbsp;4. Privileged Access | &nbsp;&nbsp;J.P. Morgan must ensure that administrator privilege access by J.P. Morgan Personnel to the Trust's account(s) with J.P. Morgan (i.e., ability of a user to modify asset configuration or controls (e.g., access management, logging etc.) beyond normal daily business use) is properly monitored and controlled in accordance with J.P. Morgan's policies. |
| &nbsp;&nbsp;5. Access Privilege Management | &nbsp;&nbsp;J.P. Morgan must ensure that access privileges of all J.P. Morgan Personnel accessing the Trust's account(s) with J.P. Morgan are assigned on a "need-to- know" basis (i.e., users granted minimum access rights that are strictly required to execute their duties) and, in all cases, are reviewed regularly and promptly modified or withdrawn (whenever appropriate). |
| &nbsp;&nbsp;6. Password Updating | &nbsp;&nbsp;J.P. Morgan must ensure that: (i) J.P. Morgan Personnel accessing the Trust's account(s) with J.P. Morgan are regularly required to update their passwords; and (ii) the Trust's Personnel or other authorized users attempting to access the Services are regularly required to update their passwords, or else that the Trust's administrative user(s) have the ability to configure the Services settings so that such updating is required. |
| &nbsp;&nbsp;7. User activity logs | &nbsp;&nbsp;J.P. Morgan must ensure that all activities by J.P. Morgan Personnel accessing the Trust's account(s) with J.P. Morgan are logged (such that the individual users who performed them are identifiable), that such logs are monitored, are secured to prevent unauthorized modification or deletion and retained for a period commensurate with the criticality of the operations concerned (without prejudice to J.P. Morgan's record retention obligations under the Agreement). |

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ETF Agency Services Agreement – 2025

![](x1_c114719a002.jpg)

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| | |
|:---|:---|
| &nbsp;&nbsp;**Control** | &nbsp;&nbsp;**Requirements** |
| &nbsp;&nbsp;8. Patch Management | &nbsp;&nbsp;J.P. Morgan must ensure that available security updates and patches to software used in the provision and/or support of the Services are promptly applied based on J.P. Morgan's internal prioritized scoring model. |
| &nbsp;&nbsp;9. Anti-Virus Software | &nbsp;&nbsp;J.P. Morgan must: (i) continuously screen the Services using a leading, commercially available software security program to detect the presence of any Virus and, upon detection, take commercially reasonable steps to eradicate or quarantine such Virus in accordance with J.P. Morgan's policies and procedures; and (ii) ensure that the Services do not contain any code or protocol that would:<br> (a) permit the gaining of unauthorized access to, or surreptitious monitoring of the use or operation of, the Services or any system; or (b) disable or impair the Services or any system, in any way, based on the elapsing of a period of time, the exceeding of an authorized number of copies or scope of use or the advancement to a particular date or other numeral. |
| &nbsp;&nbsp;10. Firewall | &nbsp;&nbsp;J.P. Morgan's firewall management processes must meet industry best practices.<br> J.P. Morgan must ensure that a firewall is maintained in defense of all files containing Confidential Information on internet-facing systems. J.P. Morgan will segregate the internet environment used to provide services to its clients from internet environment used by internal J.P. Morgan personnel. |

---

ETF Agency Services Agreement – 2025

![](x1_c114719a002.jpg)

**<u>SCHEDULE F</u>**

**INSURANCE COVERAGE**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Type of Insurance** | &nbsp;&nbsp;**Minimum Coverage Amount** |
| &nbsp;&nbsp;**Workers' Compensation or Employer's Liability Insurance** in such form, including such coverage and in such amounts, as may be required by law, but if not required by law, then at least adequate medical insurance covering J.P. Morgan Personnel. | &nbsp;&nbsp;As required by law, but if not required by law, minimum coverage amount to be no less than $1,000,000 (USD)\* per disease, accident, employee and/or occurrence. This minimum limit requirement may be met by any combination of primary and/or umbrella/excess coverage. |
| &nbsp;&nbsp;**Commercial General Liability or Public Liability Insurance** written on an occurrence basis, and including coverage in respect of: death, bodily or personal injury, property damage, advertising injury, products and completed hazards, and contractual liability, directly or indirectly related to the performance (or failure to perform), activities or Services and/or Products provided and operations of J.P. Morgan, its employees, agents and contractors; and including the Trust and Trust Affiliates as additional insureds (but J.P. Morgan being solely liable for any policy deductible, self-insured retention or excess). | &nbsp;&nbsp; $3,000,000 (USD)\* (or, if the Trust deems J.P. Morgan to be providing construction works or services,<br> $5,000,000 (USD)\*), per occurrence and in the aggregate.<br> This minimum limit requirement may be met by any combination of primary and/or umbrella/excess coverage. |
| &nbsp;&nbsp;**Comprehensive Crime, Employee Dishonesty or Bankers Blanket Bond** including coverage in respect of: employee theft, forgery, fraud and computer crime; and including the Trust and Trust Affiliates as joint loss payees (but J.P. Morgan being solely liable for any policy deductible, self-insured retention or excess). | &nbsp;&nbsp;$25,000,000 (USD)\*, per loss and in the aggregate. |
| &nbsp;&nbsp;**Errors and Omissions Insurance or Bankers Professional Liability Insurance** including coverage in respect of: work performed in connection with this Agreement, including coverage for technology (both products and services) errors and omissions. | &nbsp;&nbsp; $25,000,000 (USD)\*, per wrongful act and in the aggregate.<br> This coverage may be combined with the Cyber Insurance listed below. |
| &nbsp;&nbsp;**Cyber Insurance** including coverage in respect of: cyber security events, network security failures, system failures and/or data protection or privacy breaches and associated losses, liabilities and costs (including the costs of investigating, managing, responding and remediating, business interruption costs, digital asset loss, regulatory investigation costs, regulatory fines and penalties, ransomware and cyber extortion costs). | &nbsp;&nbsp;$25,000,000 (USD)\*, per loss and in the aggregate. |

---

\*Or, if higher, the amount required by Applicable Laws. Amounts are expressed here in United States Dollars but may be satisfied by an equivalent amount in the local currency in which the relevant policy is denominated, applying the foreign exchange conversion rate (as quoted by a recognised exchange) in force as at the date that cover under such policy is commenced or renewed (as the case may be).

ETF Agency Services Agreement – 2025

![](x1_c114719a002.jpg)

**AGENCY SERVICES AGREEMENT**

**EXHIBIT A<br>LIST OF ETF SERIES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. First Eagle US Equity ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. First Eagle Mid Cap Equity ETF

ETF Agency Services Agreement – 2025

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**EXHIBIT B**

<u>First Eagle ETF Trust</u><br> <u>ETF Order Form</u>

For inquiries, please contact the JPM Order Taking Team at Tel: 800-969-7017 or via email: <u>ETF_Support_Team@jpmorgan.com</u>

---

| | |
|:---|:---|
| Order ID: ______________________ | Trade Date: ______________ |
| Order Date: ______________________ | Settle Date: ______________ |
| Order Time: ______________________ |  |

---

Trader Name: _______________________

Trader JPMM ID: ____________________

Authorized Participant Entity Name: ____________________

Authorized Participant DTC #: _______________

ETF Symbol: __________________________

ETF Name: ______________________________

Order Direction (circle one): **Create Redeem**

Order Type (circle one): **Cash Cash and Securities**

Units: _____________ Total Shares: ________________

**Cash in Lieu (CUSIPs or SEDOLs only):**

**Non-standard requests:**

Creation Attestation

🗹 Purchaser represents and warrants that, immediately after giving effect to the purchase of Shares to which this confirmation relates, it will not own or hold eighty percent (80%) or more of the outstanding Shares of the relevant Series of the Trust.

Redemption Attestation

🗹 The Participant when submitting a Redemption Request is deemed to represent to the Trust that, as of the close of that Business Day, it (or its Participant Client) will own (within the meaning of Rule 200 of Regulation SHO) or has arranged to borrow for delivery to the Trust on or prior to the settlement date of the Redemption Request, the requisite number of Shares of the relevant Fund to be redeemed.

Authorized Participant Signature: _______________________

**Please fax this form to 617-275-4474**

ETF Agency Services Agreement – 2025

## Ex-99.(H)(2)

**Exhibit (h)(2)**

**AMENDED AND RESTATED FUND SERVICES AGREEMENT<br> BETWEEN**

**EACH FIRST EAGLE ENTITY SET FORTH ON EXHIBIT A HERETO<br> AND**

**JPMORGAN CHASE BANK, N.A.**

**SECURITIES SERVICES<br> jpmorgan.com**

<{AMER_Active:6367575v9}>

**Table of Contents**

**1.** **INTENTION OF THE PARTIES; DEFINITIONS** **1** 

1.1. Intention of the Parties 1

1.2. Definitions; Interpretation 1

**2.** **WHAT J.P. MORGAN IS REQUIRED TO DO** **3** 

2.1. The Services 3

2.2. No Duty to Monitor Compliance 4

2.3. No Responsibility for Tax Returns 4

2.4. Storage of Records 4

2.5. Compliance with Laws and Regulations 4

2.6. Change Control 4

**3.** **INSTRUCTIONS** **5** 

3.1. Acting on Instructions; Method of Instruction; and Unclear Instructions 5

3.2. Verification and Security Procedures 5

3.3. Instructions Contrary To Applicable Law/Market Practice 5

3.4. Cut-Off Times 6

3.5. Electronic Access 6

**4.** **FEES AND EXPENSES OWING TO J.P. MORGAN** **6** 

4.1. Fees and Expenses 6

**5.** **ADDITIONAL PROVISIONS** **7** 

5.1. Representations of the Customer and J.P. Morgan 7

5.2. The Customer to Provide Certain Information to J.P. Morgan 7

5.3. Information Used to Provide the Service 7

5.4. Know Your Customer Rules 7

**6.** **WHERE J.P. MORGAN IS LIABLE TO THE CUSTOMER OR THE FUNDS** **8** 

6.1. Standard of Care; Liability 8

6.2. Force Majeure 8

6.3. J.P. Morgan May Consult with Counsel 8

6.4. Limitations of J.P. Morgan's Liability 9

**7.** **TERM AND TERMINATION** **10** 

7.1. Term and Termination 10

7.2. Other Grounds for Termination 10

7.3. Consequences of Termination 10

7.4. Transition following Termination 10

**8.** **MISCELLANEOUS** **11** 

8.1. Notices 11

8.2. Successors and Assigns 11

8.3. Entire Agreement 11

8.4. Insurance 11

8.5. Governing Law and Jurisdiction 11

8.6. Severability; Waiver; and Survival 12

8.7. Confidentiality 12

8.8. Use of J.P. Morgan's Name 13

<{AMER_Active:6367575v9}>

---

| | | |
|:---|:---|:---|
| 8.9. | Delegation | 13 |
| 8.10. | Counterparts | 13 |
| 8.11. | No Third Party Beneficiaries | 13 |
| 8.12. | Cyber-security | 13 |
| 8.13. | Obligations of Each Customer Several; Funds as Customers | 13 |
| **Exhibit A** List of Entities | **Exhibit A** List of Entities | 15 |
| **Schedule 1** Accounting and NAV Calculation Services | **Schedule 1** Accounting and NAV Calculation Services | 16 |
| **APPENDIX A** Net Asset Value Error Correction Policy and Procedures | **APPENDIX A** Net Asset Value Error Correction Policy and Procedures | 17 |
| **Schedule 2** Fund Administration Services | **Schedule 2** Fund Administration Services | 19 |
| **Schedule 3** OTC Derivative Administration Solutions | **Schedule 3** OTC Derivative Administration Solutions | 21 |
| **Annex A** Electronic Access | **Annex A** Electronic Access | 22 |

---

<{AMER_Active:6367575v9}>

**AMENDED AND RESTATED FUND SERVICES AGREEMENT**

This agreement, dated September 9, 2020 (this "Agreement"), is between each entity managed by First Eagle Investment Management, LLC or First Eagle Alternative Credit, LLC, that is set forth on Exhibit A, each of whose principal place of business is at 1345 Avenue of the Americas, New York, NY 10105 (each, the "Customer"), and JPMORGAN CHASE BANK, N.A. with a place of business at 70 Fargo Street, Boston, MA 02210 ("J.P. Morgan").

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **INTENTION OF THE PARTIES; DEFINITIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1.** **Intention of the Parties** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Customer that is a Fund is a management investment company registered under the Investment Company Act of 1940, with the purpose of investment of its assets in certain types of securities and instruments, as more fully described in the Funds' Registration Statement, as amended from time to time.

(b) The Customer has requested J.P. Morgan to provide Accounting and NAV Calculation Services, Fund Administration Services and OTC Derivative Administration Solutions, which J.P. Morgan has agreed to do subject to the terms and conditions appearing in this Agreement and the Schedules hereto. J.P. Morgan will be responsible for the performance of only those duties set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2.** **Definitions; Interpretation** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As used in this Agreement and the Schedules and Appendices to this Agreement, the following terms have the meaning hereinafter stated.

**"Accounting and NAV Calculation Services"** means the services described in Schedule 1 Accounting and NAV Calculation Services.

**"Advisers Act"** means the Investment Advisers Act of 1940, as amended.

**"Affiliate"** means an entity controlling, controlled by, or under common control with, J.P. Morgan or the Customer, as the case may be.

**"Applicable Law"** means any applicable statute (including the 1940 Act, the Advisers Act, the Securities Act of 1933, as amended (**"1933 Act"**) and the Securities Exchange Act of 1934, as amended, (**"1934 Act"**)), treaty, rule, regulation or law (including common law) and any applicable decree, injunction, judgment, order, formal interpretation or ruling issued by a court or governmental entity.

**"Articles"** means the formation documents (such as articles of incorporation or declaration of trust) of the Customer, as amended from time to time.

**"Authorized Person"** means any person who has been designated by the Customer (or by any agent designated by the Customer, including the Investment Adviser) to act on behalf of the Customer under this Agreement and any person who has been given an access code by a security administrator appointed by the Customer which allows the provision of Instructions. Such persons will continue to be Authorized Persons until such time as J.P. Morgan receives, and has had reasonable time to act upon, Instructions from the Customer (or its agent) that any such person is no longer an Authorized Person.

**"Board"** means the board of trustees of the Customer.

**"Change"** has the meaning given in Section 2.6.

**"Change Control"** means the process set out in Section 2.6.

**"Change Request"** has the meaning given in Section 2.6.

---

| | |
|:---|:---|
| Fund Services Agreement - US Mutual Funds - June 2016<br> Page 1 | ![](x4_c114495x68x1.jpg) |

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**"Confidential Information"** means and includes all non-public information concerning the Customer and/or the Funds which J.P. Morgan receives in the course of providing services under this Agreement. Nevertheless, the term Confidential Information shall not include information which is or becomes available to the general public by means other than J.P. Morgan's breach of the terms of this Agreement or information which J.P. Morgan develops independently without using the Customer's confidential information or obtains on a non-confidential basis from a person who is not known to be subject to any obligation of confidence to any person with respect to that information.

**"Fees"** means the payments described in Article 4, to be made by the Customer to J.P. Morgan for the Services.

**"Fund Administration Services"** means the services described in Schedule 2 Fund Administration Services.

**"Fund(s)"** means each separate portfolio of the First Eagle Funds and First Eagle Variable Funds.

**"Instruction"** means an instruction that has been verified in accordance with a Security Procedure or, if no Security Procedure is applicable, which J.P. Morgan believes in good faith to have been given by an Authorized Person.

**"Investment Adviser"** means any person or entity appointed as investment adviser or manager of any of the Funds, in accordance with the Registration Statement.

**"J.P. Morgan Indemnitees"** means J.P. Morgan, its Affiliates, and their respective nominees, directors, officers, employees and agents.

**"Liabilities"** means any liabilities, losses, claims, costs, damages, penalties, fines, obligations, taxes (other than taxes based solely on J.P. Morgan's income) or expenses of any kind whatsoever (including, without limitation, reasonable attorneys', accountants', consultants' or experts' fees and disbursements).

**"1940 Act"** means the Investment Company Act of 1940, as amended.

**"OTC Derivative Administration Solutions"** means the services described in Schedule 3 OTC Derivative Administration Solutions.

**"OTC Derivative Contract"** means any contract of a type that J.P. Morgan, acting reasonably, determines to be an over-the-counter derivative.

**"Prospectus"** means the prospectus of the applicable Fund as supplemented, updated or amended from time to time.

**"Registration Statement"** means the registration statement on Form N-1A or Form N-2 of the applicable Fund, filed under the 1933 Act and the 1940 Act, as amended or supplemented, updated or amended from time to time.

**"SEC"** means the United States Securities and Exchange Commission.

**"Security Procedure"** means any security procedure to be followed by Customer upon the issuance of an Instruction and/or by J.P. Morgan upon the receipt of an Instruction, so as to enable J.P. Morgan to verify that such Instruction is authorized, as set forth in the operating procedures documentation in effect from time to time between the parties with respect to the services set forth in this Agreement, or as otherwise agreed in writing by the parties. A Security Procedure may, without limitation, involve the use of algorithms, codes, passwords, encryption and telephone call backs and may be updated by J.P. Morgan from time to time upon notice to the Customer. The Customer acknowledges that Security Procedures are designed to verify the authenticity of, and not detect errors in, Instructions. For the avoidance of doubt, the parties agree that a SWIFT message issued in the name of the Customer through any third party utility agreed upon by the parties as being a method for providing Instructions and authenticated in accordance with that utility's customary procedures, shall be deemed to be an authorized Instruction; provided that nothing in the foregoing clause shall require Customer to use SWIFT messaging as a method for providing Instructions.

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|:---|:---|
| Fund Services Agreement - US Mutual Funds - June 2016<br> Page 2 | ![](x4_c114495x68x1.jpg) |

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**"Service Commencement Date"** means the first date on which J.P. Morgan is entitled to receive Fees under this Agreement.

**"Services"** means the Accounting and NAV Calculation Services, Fund Administration Services, and OTC Derivative Administration Solutions.

**"Share Transaction"** means a purchase, redemption, repurchase offer, or exchange transaction of Shares.

**"Shareholder Records"** means the records maintained by the Transfer Agent containing information concerning the Shareholders and Share Transactions.

**"Shares"** means the shares issued by the Customer or the Funds.

**"Shareholder"** means a holder of Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Headings are for reference and convenience only and are not intended to affect interpretation.

(c) References to articles and sections are to articles and sections of this Agreement and references to sub-sections and paragraphs are to sub-sections of the Sections and paragraphs of the sub-sections in which they appear.

(d) Unless the context requires otherwise, references in this Agreement to "persons" shall include legal as well as natural entities; references importing the singular shall include the plural (and vice versa); use of the generic masculine pronoun shall include the feminine; use of the term "including" shall be deemed to mean "including but not limited to," and references to appendices and numbered sections shall be to such addenda and provisions herein; all such addenda are hereby incorporated in this Agreement by reference.

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **WHAT J.P. MORGAN IS REQUIRED TO DO** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1.** **The Services.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Customer hereby appoints J.P. Morgan to act as administrator of and to provide the Services with respect to each of the Customers and J.P. Morgan agrees to act as administrator of and to provide the Services with respect to each of the Customers (subject to any limitations notified by the Customer to J.P. Morgan in writing and subject to any requirements or restrictions imposed on the performance of such functions by any statutory provisions for the time being in force), until this Agreement is terminated as hereinafter provided.

(b) Customer will endeavor to provide J.P. Morgan with advance notice of material amendments to the Articles, Registration Statement or the Prospectus, and will provide such amendments to J.P. Morgan promptly after effectiveness. J.P. Morgan shall not be required to act in accordance with any amendments to the Articles, Registration Statement or the Prospectus that it does not receive a reasonable amount of time prior to such amendment or revision becoming effective or that are in any way inconsistent with the terms and conditions of this Agreement, but J.P. Morgan will use its best efforts to implement any such amendment. If any such proposed amendment is inconsistent with the terms and conditions of this Agreement, the Customer shall promptly submit a Change Request in accordance Section 2.6.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) J.P. Morgan shall act as an agent of the Customer and/or the Funds solely with respect to the duties of J.P. Morgan described in this Agreement.

(d) The Customer acknowledges that J.P. Morgan is not providing any legal, tax or investment advice in providing the Services.

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|:---|:---|
| Fund Services Agreement - US Mutual Funds - June 2016<br> Page 3 | ![](x4_c114495x68x1.jpg) |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2.** **No Duty to Monitor Compliance.** 

Each party hereto acknowledges that the duty of J.P. Morgan in its capacity as the provider of any of the Services shall not constitute a duty to monitor the compliance of any other party hereto or their delegates or any other person whatsoever (other than J.P. Morgan or any of its Affiliates or sub-contractors) with any restriction or guideline imposed on any of the Funds or the Investment Adviser by the Registration Statement and any other document, or by law or regulation or otherwise with regard to any of the Funds or the Investment Adviser, except as expressly set forth in this Agreement and further, that the duties of J.P. Morgan in its capacity as the provider of any of the Services, shall not extend to enforcing compliance of any of the Funds, the Investment Adviser, their respective delegates or any other person whatsoever (other than J.P. Morgan or any of its Affiliates or sub-contractors) with any such restrictions or guidelines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3.** **No Responsibility for Tax Returns.** 

Notwithstanding anything herein to the contrary, while J.P. Morgan shall provide the Customer with information regarding taxable events in the United States in relation to the Customer and/or the Funds, J.P. Morgan is not responsible for preparing or filing any tax reports or returns on behalf of the Shareholders or the Funds except as expressly set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.4.** **Storage of Records.** 

J.P. Morgan is authorized to maintain all accounts, registers, corporate books and other documents on magnetic tape or disc, or on any other mechanical or electronic system; provided that they are capable of being reproduced in legible form in accordance with Applicable Law. All such records for the Funds are the property of the Customer. If requested by Customer, J.P. Morgan shall provide a copy of any and all such records to the Customer. Where any Authorized Person, including any Fund's auditor, wishes to inspect such documents maintained by J.P. Morgan, J.P. Morgan shall provide legible documents, for the discharge of the Fund's and its auditors' legal and regulatory duties. The applicable Funds shall be responsible for the payment of any reasonable research and copying costs associated with any such request, in accordance with J.P. Morgan's customary practices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.5.** **Compliance with Laws and Regulations.** 

J.P. Morgan will comply with Applicable Law in the United States with respect to the provision of the Services. The Customer shall comply (and to cause the Funds to comply) with Applicable Law in the United States and in each state in which the Customer conducts business, to the extent that compliance with such Applicable Law is relevant to the provision or receipt of the Services or the marketing of the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.6.** **Change Control.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If either party wishes to propose any amendment or modification to, or variation of, the Services including the scope or details of the Services (a **"Change"**) then it shall notify the other party of that fact by sending a written request (a **"Change Request"**) to the party, specifying in as much detail as is reasonably practicable the nature of the Change. J.P. Morgan shall maintain a log of all Change Requests.

(b) Promptly following the receipt of a Change Request the parties shall agree in writing whether to implement the Change Request, whether the Fees should be modified in light of the change to the Services, and the basis upon which J.P. Morgan will be compensated for implementing the Change Request.

(c) If a change to Applicable Law requires a change to the provision of the Services, or an increase in J.P. Morgan's costs or risk associated with provision of the Services, the parties shall follow the

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Change Control processes set forth in this Section. J.P. Morgan shall bear its own costs with respect to implementing such a Change Request except that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) J.P. Morgan shall be entitled to charge the Customer for any changes to software that has been developed or customized for the Customer; and

(ii) J.P. Morgan shall be entitled to charge the Customer for any changes required as a result of the change in Applicable Law affecting the Customer and/or any of its Funds in a materially different way than it affects J.P. Morgan's other customers, or which the Customer wishes J.P. Morgan to implement in a way different from what J.P. Morgan reasonably intends to implement for its other customers.

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **INSTRUCTIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1.** **Acting on Instructions; Method of Instruction; and Unclear Instructions.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Customer authorizes J.P. Morgan to accept, rely upon and/or act upon any Instructions received by it without inquiry. The Customer will indemnify the J.P. Morgan Indemnitees against, and hold each of them harmless from, any Liabilities that may be imposed on, incurred by, or asserted against the J.P. Morgan Indemnitees as a result of any action or omission taken in accordance with any Instruction unless the Liabilities result from an act of negligence, fraud or willful misconduct on the part of the J.P. Morgan Indemnitees with respect to the manner in which such Instructions are followed.

(b) J.P. Morgan shall promptly notify an Authorized Person or Shareholder, as applicable, if J.P. Morgan determines that an Instruction does not contain all information reasonably necessary for J.P. Morgan to carry out the Instruction. J.P. Morgan may decline to act upon an Instruction if it does not receive clarification or confirmation satisfactory to it. J.P. Morgan will not be liable for any loss arising from any reasonable delay in carrying out any such Instruction while it seeks such missing information, clarification or confirmation or in declining to act upon any Instruction for which it does not receive clarification satisfactory to it.

(c) Where reasonably practicable, the Customer will use automated and electronic methods of sending Instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2.** **Verification and Security Procedures.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) J.P. Morgan and the Customer shall comply with any applicable Security Procedures with respect to the delivery or authentication of Instructions and shall ensure that any codes, passwords or similar devices are reasonably safeguarded.

(b) Either party may record any of its telephone communications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3.** **Instructions Contrary To Applicable Law/Market Practice.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) J.P. Morgan need not act upon Instructions which it reasonably believes to be contrary to law, regulation or market practice but J.P. Morgan shall be under no duty to investigate whether any Instructions comply with Applicable Law or market practice. In the event J.P. Morgan does not act upon such Instructions, J.P. Morgan will promptly notify Customer.

(a) J.P. Morgan shall not incur liability by refusing in good faith to perform any duty or obligation herein which in its reasonable judgment is improper or unauthorized.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.4.** **Cut-Off Times.** 

J.P. Morgan has established cut-off times for receipt of Instructions, which will be made available to the Customer. If J.P. Morgan receives an Instruction (other than Instructions relating to a Share Transaction, which shall be processed by J.P. Morgan in accordance with the Registration Statement) after its established cut-off time, J.P. Morgan will attempt to act upon the Instruction on the day requested if J.P. Morgan deems it practicable to do so or otherwise as soon as practicable after that day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.5.** **Electronic Access.** 

Access by the Customer to certain applications or products of J.P. Morgan via J.P. Morgan's web site or otherwise shall be governed by this Agreement and the terms and conditions set forth in Annex A Electronic Access.

&nbsp;&nbsp;&nbsp;&nbsp;**4.** **FEES AND EXPENSES OWING TO J.P. MORGAN** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1.** **Fees and Expenses.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Customer will pay J.P. Morgan for the Services under this Agreement the Fees as set forth in the Fee Schedule as attached hereto, or as otherwise agreed upon in writing between the Customer and J.P. Morgan from time to time. J.P. Morgan may make reasonable amendments to the Fees at any time should either (i) the Customer's actual investment portfolio and/or trading activity differ significantly from the assumptions used to develop J.P. Morgan's fee proposal or (ii) the Customer's service requirements change.

(b) In addition to the Fees provided for above, the Customer shall be responsible for, and shall reimburse J.P. Morgan for, the payment of all governmental or similar fees, charges, taxes, duties and imposts levied in or by any relevant authority in the United States on or in respect of the Customer and/or any Fund which are incurred by J.P. Morgan. The Customer shall reimburse J.P. Morgan for reasonable out-of-pocket or incidental expenses related to the Funds, including, but not limited to, market data charges, pricing vendors charges, travel costs, telephone, postage and stationery and expenses of a similar nature as J.P. Morgan may incur in the execution of its duties under this Agreement and including the costs and expenses, by the Customer's request or with the Customer's agreement, incurred by J.P. Morgan and its agents in determining the value of assets in connection with its duty as the calculator of the Net Asset Value of the Funds or any Shares and in connection with the performance of its duties pursuant to this Agreement. The Customer will pay J.P. Morgan for J.P. Morgan's other reasonable out-of-pocket or incidental expenses, as may be agreed upon in writing, from time to time.

(c) Invoices will be payable within thirty (30) days of the date of the receipt of invoice. If the Customer disputes an invoice, it shall nevertheless pay on or before the date that payment is due such portion of the invoice that is not subject to a bona fide dispute. J.P. Morgan may deduct amounts invoiced from the accounts held by J.P. Morgan for the benefit of the Customer except to the extent that the Customer has objected to the invoice within thirty (30) days of the date of receipt of invoice (or such other period as the parties may agree in writing). Without prejudice to J.P. Morgan's other rights, J.P. Morgan reserves the right to charge interest on overdue amounts from the due date until actual payment at a rate as J.P. Morgan customarily charges for similar overdue amounts.

(d) J.P. Morgan shall be reasonably compensated, at the customary hourly rates, for remediation efforts conducted by J.P. Morgan at the Customer's request to review and re-execute certain Instructions.

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&nbsp;&nbsp;&nbsp;&nbsp;**5.** **ADDITIONAL PROVISIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1.** **Representations of the Customer and J.P. Morgan.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Customer represents and warrants that (i) assuming execution and delivery of this Agreement by J.P. Morgan, this Agreement is the Customer's legal, valid and binding obligation, enforceable against the Customer in accordance with its terms, (ii) it has full power and authority to enter into and has taken all necessary corporate action to authorize the execution of this Agreement, (iii) there is no material administrative, civil or criminal proceeding pending or, to the knowledge of the Customer, threatened against the Customer, and (iv) it has not relied on any oral or written representation made by J.P. Morgan or any person on its behalf, and acknowledges that this Agreement sets out to the fullest extent the duties of J.P. Morgan.

(b) J.P. Morgan represents and warrants that (i) assuming execution and delivery of this Agreement by the Customer, this Agreement is J.P. Morgan's legal, valid and binding obligation, enforceable against J.P. Morgan in accordance with its terms;(ii) it has full power and authority to enter into, and has taken all necessary corporate action to authorize the execution of, this Agreement; (iii) any and all information J.P. Morgan provided to Customer or its representatives in connection with the Customer's evaluation of J.P. Morgan's experience and capabilities to provide the Services was at the time it was provided true, correct and complete in all material respects; and (iv) it has established and maintains and enforces written policies and procedures reasonably designed to prevent material and intentional violations of Applicable Law relating to J.P. Morgan's duties as a service provider hereunder (including federal securities laws prohibiting unlawful use and disclosure of material, non-public information regarding an issuer (such as Customer) or a security (such as Customer's shares) by J. P. Morgan as a service provider hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2.** **The Customer to Provide Certain Information to J.P. Morgan.** 

The Customer will promptly provide to J.P. Morgan such information about itself and its financial status as J.P. Morgan may reasonably request, including the Customer's organizational documents and its current audited and unaudited financial statements, its Registration Statement and any contracts, regulatory documents or opinions from a lawyer or accountant that relate to the Services described in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.3.** **Information Used to Provide the Service.** 

The Customer agrees with J.P. Morgan that any information the Customer or the Investment Adviser provides to J.P. Morgan pursuant to this Agreement shall be complete and accurate to enable J.P. Morgan to perform its responsibilities pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.4.** **Know Your Customer Rules.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) J.P. Morgan, by Applicable Law, is required to implement reasonable procedures to verify the identity of a person seeking to commence a commercial relationship with J.P. Morgan. The Customer acknowledges that J.P. Morgan's identity verification procedures require it to request certain information from the Customer or third parties regarding the Customer. The Customer agrees to provide J.P. Morgan with, and consents to J.P. Morgan obtaining from third parties, any such information as a condition of using any service provided by J.P. Morgan hereunder. To the extent that the Customer fails to provide or to consent to the provision of any such information, such failure shall be grounds for J.P. Morgan to not open any account or provide any Services and/or to close any account or discontinue providing the Services.

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&nbsp;&nbsp;&nbsp;&nbsp;**6.** **WHERE J.P. MORGAN IS LIABLE TO THE CUSTOMER OR THE FUNDS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1.** **Standard of Care; Liability.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) J.P. Morgan will use reasonable care in performing its obligations under this Agreement. J.P. Morgan will not be responsible for any loss or damage suffered by the Customer or the Funds with respect to any matter as to which J.P. Morgan has satisfied its obligation of reasonable care unless the same results from an act of negligence, fraud or willful misconduct on the part of J.P. Morgan.

(b) J.P. Morgan will be liable for the Customer's and/or any Fund's direct damages to the extent they result from J.P. Morgan's fraud, negligence, or willful misconduct in performing its duties as set out in this Agreement. Nevertheless, under no circumstances will J.P. Morgan be liable for any indirect, incidental, consequential or special damages (including, without limitation, lost profits or business) of any form incurred by any person or entity, whether or not foreseeable and regardless of the type of action in which such a claim may be brought, resulting from J.P. Morgan's performance under this Agreement, or J.P. Morgan's role as a service provider to the Customer.

(c) The Customer will indemnify the J.P. Morgan Indemnitees against, and hold them harmless from, any Liabilities that may be imposed on, incurred by or asserted against any of the J.P. Morgan Indemnitees in connection with or arising out of J.P. Morgan's performance under this Agreement, provided the J.P. Morgan Indemnitees have not acted with negligence or engaged in fraud or willful misconduct in connection with the Liabilities in question.

(d) No Shareholder of the Customer (or any Fund thereof), or any Board trustee, officer, employee or agent of the Customer (or any Fund thereof), shall be subject to claims against or obligations of the Customer (or any Fund thereof) to any extent whatsoever. J.P. Morgan agrees that the obligations assumed by the Customer (or any Fund thereof) under this Agreement shall be limited in all cases to the Customer (and specifically to the relevant Fund and its assets), and J.P. Morgan shall not seek satisfaction of any such obligation from the Shareholders or any Shareholder of the Customer (or the relevant Fund) or from any other Fund of the Customer, or from any Board trustee, officer, employee or agent of the Customer (or any Fund thereof).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2.** **Force Majeure.** 

J.P. Morgan will maintain and update from time to time business continuation and disaster recovery procedures with respect to its global business that it determines from time to time meet reasonable commercial standards. J.P. Morgan will have no liability, however, for any damage, loss, expense or liability of any nature that the Customer or any of the Funds may suffer or incur, caused by an act of God, fire, flood, civil or labor disturbance, war, terrorism, act of any governmental authority or other act or threat of any governmental authority (de jure or de facto), legal constraint, fraud or forgery (other than on the part of J.P. Morgan or its employees), malfunction of equipment or software (except where such malfunction is primarily and directly attributable to J.P. Morgan's negligence in maintaining the equipment or software), failure of or the effect of rules or operations of any external funds transfer system, inability to obtain or interruption of external communications facilities, or any cause beyond the reasonable control of J.P. Morgan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3.** **J.P. Morgan May Consult with Counsel.** 

J.P. Morgan will be entitled to rely on, and may act upon the advice of professional advisors in relation to matters of Applicable Law or market practice (which may be the professional advisors of the Customer or the Funds), and shall not be liable to the Customer under this Agreement for any action taken or omitted pursuant to such advice provided that J.P. Morgan has selected and retained such professional advisers using reasonable care and acts reasonably in reliance on the advice.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.4.** **Limitations of J.P. Morgan's Liability.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) J.P. Morgan may rely on information provided to it by or on behalf of the Funds, or which was prepared or maintained by the Customer or any third party on behalf of the Funds, in the course of discharging its duties under this Agreement. J.P. Morgan shall not be liable to any person for any Liabilities suffered by any person as a result of J.P. Morgan: (i) having relied upon the authority, accuracy, truth or completeness of information including, without limitation, information supplied to J.P. Morgan by the Customer or by the Investment Adviser or any third party (other than an Affiliate or subcontractor of J.P. Morgan involved in the provision of the Services), including but not limited to, information in relation to trades in respect of the Funds or expenses of the Funds; (ii) having relied upon the authority, accuracy, truth and completeness of information furnished to J.P. Morgan by any pricing services, data services, or provider of other market information or information concerning securities held by the Funds.

(b) J.P. Morgan shall not be liable for any error in data that is transitioned to J.P. Morgan at the time it begins to provide the Services with respect to the Funds provided that J.P. Morgan:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) shall use reasonable efforts to mitigate any Losses arising as a result of any such error of which it is aware; and

(ii) shall notify the Customer as soon as practicable after becoming aware of the error.

J.P. Morgan and the Customer shall mutually agree on any remediation efforts to correct any such error in data and any compensation to remediate any such error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) J.P. Morgan shall not be liable for any Liabilities resulting from a failure by any person to provide J.P. Morgan with any information or notice that is reasonably necessary for the provision of the Services save for Liabilities which result directly from an act of negligence, fraud or willful misconduct on the part of the J.P. Morgan Indemnitees. J.P. Morgan shall use reasonable efforts to find alternative sources of information in the event of any such failure. In the event of any such failure that may affect the performance of the Services, J.P. Morgan shall promptly notify the Customer.

(d) J.P. Morgan shall not be liable for any Liabilities whatsoever incurred or suffered by any party hereto, whether on their own account or for the account of the Funds, as a result of the failure of the Customer or its agents, officers or employees to comply with the laws or regulations of any jurisdiction in which Shares are offered.

(e) J.P. Morgan's responsibilities with respect to the correction of an error in calculating the net asset value of any Fund shall be subject to the NAV correction policy and procedures attached to this Agreement as APPENDIX A Net Asset Value Error Correction Policy and Procedures to Schedule 1 of this Agreement.

(f) The Customer agrees that the accounting reports provided by J.P. Morgan, as well as any share class or other similar reports, are to enable the Customer to fulfill its statutory reporting and investor subscription/redemption obligations, and are not for investment, treasury or hedging purposes. Accordingly, notwithstanding any other provision in this Agreement, the Customer agrees that J.P. Morgan shall have no liability whatsoever for any Liabilities incurred by the Customer as result of use of the accounting reports for investment, treasury or hedging purposes, including, but not limited to, for the purpose of currency overlay transactions.

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&nbsp;&nbsp;&nbsp;&nbsp;**7.** **TERM AND TERMINATION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1.** **Term and Termination** 

The initial term of this Agreement shall be for a period of five (5) years following the date on which J.P. Morgan commenced providing services under the Agreement (the "Initial Term"). Following the Initial Term, the Customer may terminate this Agreement by giving not less than ninety (90) days' prior written notice to J.P. Morgan. J.P. Morgan may terminate this Agreement on one hundred and eighty (180) days' prior written notice to the Customer. The Customer may terminate this Agreement at any time during the Initial Term by giving not less than ninety (90) days' prior written notice to J.P. Morgan upon payment of a termination fee. During the first and second years of the Initial Term, the termination fee will be an amount equal to the lesser of (i) $1.5 million and (ii) six (6) times the average monthly fees paid during the six (6) month period prior to the Customer's notice of termination, or since the date on which J.P. Morgan commenced providing services under this Agreement if such period is less than six (6) months. During the third year of the Initial Term, the termination fee will be an amount equal to the lesser of (i) $1 million and (ii) four (4) times the average monthly fees paid during the four (4) month period prior to the Customer's notice of termination. During the fourth and fifth year of the Initial Term, the termination fee will be zero.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.2.** **Other Grounds for Termination.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the event of the termination of the custody agreement between J.P. Morgan and the Customer, J.P. Morgan may terminate this Agreement in whole or in part and cease to provide the Services simultaneously with the transition of the assets of the Customer to a successor custodian, provided that if the Agreement is terminated during the initial term, the termination fee described in Section 7.1 shall apply.

(b) Notwithstanding Section 7.2(a), either party may terminate this Agreement immediately upon written notice to the other party following the occurrence of any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the other party being declared bankrupt, entering into a composition with creditors, obtaining a suspension of payment, being put under court controlled management or being the subject of a similar measure;

(ii) the relevant federal or state authority withdrawing its authorization of either party; or

(iii) the other party committing any material breach of this Agreement and failing to remedy such breach (if capable of remedy) within 90 days of being given written notice of the material breach, unless the parties agree to extend the period to remedy the breach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.3.** **Consequences of Termination.** 

Termination of this Agreement under the provisions of this Article 7 will be without prejudice to the performance of any party's obligations under this Agreement with respect to all outstanding transactions at the date of termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.4.** **Transition following Termination.** 

As soon as reasonably practicable following its resignation or termination of appointment becoming effective and subject to payment of any amount owing to J.P. Morgan under this Agreement, J.P. Morgan agrees to transfer such records and related supporting documentation as are held by it under this Agreement, to any replacement provider of the Services or to such other person as the Customer may direct. Except as otherwise provided in Section 7.2, J.P. Morgan shall provide the Services until a replacement administrator is in place, subject to the terms and conditions of this Agreement (including Article 4). J.P. Morgan will also provide reasonable assistance to its successor, for such transfer, subject to the payment of such reasonable expenses and charges as J.P. Morgan customarily charges

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for such assistance. The Customer undertakes to use its best efforts to appoint a new administrative service provider as soon as possible.

&nbsp;&nbsp;&nbsp;&nbsp;**8.** **MISCELLANEOUS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1.** **Notices.** 

Notices pursuant to Article 7 of this Agreement shall be sent or served by registered mail, nationally recognized delivery services, such as Federal Express (FedEx) or United Parcel Service (UPS), etc., courier services or hand delivery to the address of the respective parties as set out on the first page of this Agreement, unless notice of a new address is given to the other party in writing. Notice will not be deemed to be given unless it has been received.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2.** **Successors and Assigns.** 

This Agreement will be binding on each of the parties hereto and their respective successors and assigns. The parties agree that neither party can assign or otherwise transfer any of its rights or obligations under this Agreement without the prior written consent of the other party, which consent will not be unreasonably withheld or delayed; except J.P. Morgan may assign this Agreement without Customer's consent to (a) any Affiliate of J.P. Morgan or (b) in connection with a merger, reorganization, stock sale or sale of all or substantially all of J.P. Morgan's fund servicing business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.3.** **Entire Agreement.** 

This Agreement, including any Schedules, Exhibits, Appendices and Annexes, sets out the entire Agreement between the parties in connection with the subject matter hereof, and this Agreement supersedes any other agreement, statement, or representation relating to the Services under this Agreement, whether oral or written. Amendments must be in writing and signed by both parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.4.** **Insurance.** 

The Customer acknowledges that J.P. Morgan will not be required to maintain any insurance coverage specifically for the benefit of the Customer or the Funds. J.P. Morgan will, however, provide summary information of its own general insurance coverage to the Customer upon written request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.5.** **Governing Law and Jurisdiction.** 

This Agreement will be construed, regulated and administered under the laws of the United States or State of New York, as applicable, without regard to New York's principles regarding conflict of laws, except that the foregoing shall not reduce any statutory right to choose New York law or forum. The United States District Court for the Southern District of New York will have the sole and exclusive jurisdiction over any lawsuit or other judicial proceeding relating to or arising from this Agreement. If that court lacks federal subject matter jurisdiction, the Supreme Court of the State of New York, New York County will have sole and exclusive jurisdiction. Either of these courts will have the proper venue for any such lawsuit or judicial proceeding, and the parties waive any objection to venue or their convenience as a forum. The parties agree to submit to the jurisdiction of any of the courts specified and to accept service of process to vest personal jurisdiction over them in any of these courts. The parties further hereby knowingly, voluntarily and intentionally waive, to the fullest extent permitted by Applicable Law, any right to a trial by jury with respect to any such lawsuit or judicial proceeding arising or relating to this Agreement or the transactions contemplated hereby. To the extent that in any jurisdiction the Customer or J.P. Morgan may now or hereafter be entitled to claim, for itself or its assets, immunity from suit, execution, attachment (before or after judgment) or other legal process, the Customer or J.P. Morgan (as applicable) shall not claim, and it hereby irrevocably waives, such immunity.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.6.** **Severability; Waiver; and Survival.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If one or more provisions of this Agreement are held invalid, illegal or unenforceable in any respect on the basis of any particular circumstances or in any jurisdiction, the validity, legality and enforceability of such provision or provisions under other circumstances or in other jurisdictions and of the remaining provisions will not in any way be affected or impaired.

(b) Except as otherwise provided herein, no failure or delay on the part of either party in exercising any power or right under this Agreement operates as a waiver, nor does any single or partial exercise of any power or right preclude any other or further exercise, or the exercise of any other power or right. No waiver by a party of any provision of this Agreement, or waiver of any breach or default, is effective unless it is in writing and signed by the party against whom the waiver is to be enforced.

(c) The parties' rights, protections, and remedies under this Agreement shall survive its termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.7.** **Confidentiality.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to Section 8.7(b), J.P. Morgan will hold all Confidential Information in confidence with the same level of care as if such Confidential Information was its own and will not disclose any Confidential Information except as may be required by Applicable Law, a regulator with jurisdiction over J.P. Morgan's business, or with the consent of the Customer provided that prior to disclosing any such Confidential Information pursuant to Applicable Law or as required by any such regulator in connection with a request for information specific to Customer, J.P. Morgan shall provide Customer with written notice within a reasonable time prior to disclosing Confidential Information to the extent practicable and legally permissible in order to permit Customer to seek a protective order prohibiting the disclosure of such Confidential Information.

(b) The Customer authorizes J.P. Morgan to disclose Confidential Information to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any subcontractor, agent, service provider, vendor or any other person that J.P. Morgan believes is reasonably required in connection with J.P. Morgan's provision of relevant services under this Agreement;

(ii) its professional advisors, auditors or public accountants;

(iii) its branches and J.P. Morgan Affiliates; and

(iv) any revenue authority or any governmental entity in relation to the processing of any tax claim.

Except where J.P. Morgan is instructed to provide Confidential Information to a party designated by the Funds, J.P. Morgan agrees that any person to whom it discloses any Confidential Information pursuant to clauses (i), (ii), or (iii) above has agreed to keep such Confidential Information confidential or has an internal policy to keep confidential client information confidential to the same extent as required of J.P. Morgan pursuant to this Agreement and J.P. Morgan shall be responsible and liable for any breach of confidentiality by any such person, except in the case of disclosure required by Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except as (i) otherwise required by Applicable Law, (ii) required for disclosure in the Customer's Registration Statement, or (iii) needed to enforce the terms of this Agreement, the parties shall hold the terms and conditions of this Agreement, including, without limitation, any commercial terms, in confidence.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.8.** **Use of J.P. Morgan's Name.** 

The Customer agrees not to use (or permit the use of) J.P. Morgan's name in any document, publication or publicity material relating to the Customer or the Funds, including but not limited to notices, sales literature, stationery, advertisements, etc., without the prior consent of J.P. Morgan (which consent shall not be unreasonably withheld), provided that no prior consent is needed if the document in which J.P. Morgan's name is used merely states that J.P. Morgan is acting as administrator to the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.9.** **Delegation.** 

J.P. Morgan may delegate to a reputable agent any of its functions herein. However, J.P. Morgan will remain responsible to the Funds for any such delegation. To the extent reasonably practicable, J.P. Morgan will consult with the Customer before it implements the delegation of a material portion of the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.10.** **Counterparts.** 

This Agreement may be executed in several counterparts each of which will be deemed to be an original and together will constitute one and the same agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.11.** **No Third Party Beneficiaries.** 

A person who is not a party to this Agreement shall have no right to enforce any term of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.12.** **Cyber-security.** 

J.P. Morgan will implement and maintain an information security program to safeguard customer information, and will provide Customer with a written summary of such program upon request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.13.** **Obligations of Each Customer Several; Funds as Customers.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Although each Customer and J.P. Morgan are entering into this agreement for convenience, each Customer and J.P. Morgan intend that this Agreement constitute a separate agreement between each Customer and J.P. Morgan such that each reference to Customer shall be read solely as a reference to a single entity.

(b) J.P. Morgan acknowledges and agrees that the obligations assumed by the Customer hereunder shall be limited in all cases to the assets of the Customer and that J.P. Morgan may not seek satisfaction of any such obligation from the officers, agents, employees, trustees, directors or shareholders of the Customer or of any other Customer hereto, and to the extent such trustees or officers are regarded as entering into this Agreement, they do so only as trustees or officers and not individually and that the obligations of this Agreement are not binding upon any such trustee, officer, employee or shareholder individually, but are binding only upon the assets and property of such Customer. J.P. Morgan hereby agrees that such trustees, officers, employees or shareholders shall not be personally liable under this Agreement and that J.P. Morgan shall look solely to the property of the Customer for the performance of the Agreement or payment of any claim under the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.14** **Additional Customers.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any additional entity (each an "Additional Customer") may be added to this Agreement as a Customer upon execution of this Agreement by J.P. Morgan and such Additional Customer. Any such joinder shall not require the prior written approval of, or the execution of any amendment to this Agreement by, any other Customer.

(b) Following the execution of this Agreement by J.P. Morgan an Additional Customer (i) each Additional Customer shall automatically be and become a party to this Agreement as a "Customer" hereunder with the same force and effect as if originally named herein as a Customer; (ii) without limiting the generality of the foregoing, each Additional Customer hereby shall expressly assume all obligations and liability of a Customer under this Agreement; and (iii) Exhibit A to this Agreement shall be automatically amended and restated to include each Additional Customer.

---

| | |
|:---|:---|
| Fund Services Agreement - US Mutual Funds - June 2016<br> Page 13 | ![](x4_c114495x68x1.jpg) |

---

**AS WITNESS** the hand of the duly authorized officers of the parties hereto:

---

| | |
|:---|:---|
| **FIRST EAGLE FUNDS**, on behalf of the separate portfolios listed on Exhibit A | **FIRST EAGLE FUNDS**, on behalf of the separate portfolios listed on Exhibit A |
| By: | ![](x4_c114495x90x1.jpg) |
| Name: | David O'Connor |
| Title: | General Counsel |
| **FIRST EAGLE GLOBAL CAYMAN FUND, LTD.** | **FIRST EAGLE GLOBAL CAYMAN FUND, LTD.** |
| By: | ![](x4_c114495x90x2.jpg) |
| Name: | Joseph Malone |
| Title: | SVP |
| **FIRST EAGLE US VALUE CAYMAN FUND, LTD.** | **FIRST EAGLE US VALUE CAYMAN FUND, LTD.** |
| By: | ![](x4_c114495x90x2.jpg) |
| Name: | Joseph Malone |
| Title: | SVP |
| **FIRST EAGLE CREDIT OPPORTUNITIES FUND** | **FIRST EAGLE CREDIT OPPORTUNITIES FUND** |
| By: | ![](x4_c114495x90x1.jpg) |
| Name: | David O'Connor |
| Title: | General Counsel |

---

---

| | |
|:---|:---|
| **FIRST EAGLE VARIABLE FUNDS**, on behalf of the separate portfolios listed on Exhibit A | **FIRST EAGLE VARIABLE FUNDS**, on behalf of the separate portfolios listed on Exhibit A |
| By: | ![](x4_c114495x90x2.jpg) |
| Name: | Joseph Malone |
| Title: | CFO First Eagle Funds |
| **FIRST EAGLE OVERSEAS CAYMAN FUND, LTD.** | **FIRST EAGLE OVERSEAS CAYMAN FUND, LTD.** |
| By: | ![](x4_c114495x90x2.jpg) |
| Name: | Joseph Malone |
| Title: | SVP |
| **FIRST EAGLE GOLD CAYMAN FUND, LTD.** | **FIRST EAGLE GOLD CAYMAN FUND, LTD.** |
| By: | ![](x4_c114495x90x2.jpg) |
| Name: | Joseph Malone |
| Title: | SVP |
| **JPMORGAN CHASE BANK, N.A.** | **JPMORGAN CHASE BANK, N.A.** |
| By: | ![](x4_c114495x90x3.jpg) |
| Name: | Kevin Powers |
| Title: | Executive Director |

---

---

| | |
|:---|:---|
| Fund Services Agreement - US Mutual Funds - June 2016<br> Page 14 | ![](x4_c114495x68x1.jpg) |

---

**AS WITTNESS** the hand of the duly authorized officers of the parties hereto:

---

| | | | |
|:---|:---|:---|:---|
| **FIRST EAGLE CREDIT OPPORTUNITIES FUND SPV, LLC** | **FIRST EAGLE CREDIT OPPORTUNITIES FUND SPV, LLC** |  |  |
| By: | ![](x4_c114495x90x2.jpg) |  |  |
| Name: | Joseph Malone |  |  |
| Title: | SVP |  |  |
| Date: | 2/5/21 |  |  |
|  |  | **JPMORGAN CHASE BANK, N.A.** | **JPMORGAN CHASE BANK, N.A.** |
|  |  | By: | ![](x4_c114495x91x1.jpg) |
|  |  | Name: | Gregory Cook |
|  |  | Title: | Executive Director |
|  |  | Date: | February 8, 2021 |

---

---

| | |
|:---|:---|
| Fund Services Agreement - U.S. Mutual Funds - June 2016<br> Page 14 | ![](x4_c114495x68x1.jpg) |

---

**AS WITTNESS** the hand of the duly authorized officers of the parties hereto:

---

| | | | |
|:---|:---|:---|:---|
| **FIRST EAGLE SMALL CAP OPPORTUNITY FUND** | **FIRST EAGLE SMALL CAP OPPORTUNITY FUND** |  |  |
| By: | ![](x4_c114495x90x2.jpg) |  |  |
| Name: | Joseph Malone |  |  |
| Title: | CFO First Eagle Funds |  |  |
| Date: | 4/21/21 |  |  |
|  |  | **JPMORGAN CHASE BANK, N.A.** | **JPMORGAN CHASE BANK, N.A.** |
|  |  | By: | ![](x4_c114495x91x1.jpg) |
|  |  | Name: | Gregory Cook |
|  |  | Title: | Executive Director |
|  |  | Date: | 4/21/2021 |

---

With respect to the addition of the above Additional Customer pursuant to Section 8.14(a) hereof.

---

| | |
|:---|:---|
| Fund Services Agreement - U.S. Mutual Funds - June 2016<br> Page 14 | ![](x4_c114495x68x1.jpg) |

---

**AS WITNESS** the hand of the duly authorized officers of the parties hereto

---

| | | | |
|:---|:---|:---|:---|
| **FIRST EAGLE REAL ESTATE LENDING FUND** | **FIRST EAGLE REAL ESTATE LENDING FUND** | **FIRST EAGLE FUNDS (ON BEHALF OF FIRST EAGLE SHORT DURATION HIGH YIELD MUNICIPAL FUND)** | **FIRST EAGLE FUNDS (ON BEHALF OF FIRST EAGLE SHORT DURATION HIGH YIELD MUNICIPAL FUND)** |
| By: | ![](x4_c114495x93x2.jpg) | By: | ![](x4_c114495x93x1.jpg) |
| Name: | David P. O'Connor | Name: | Michael Luzzatto |
| Title: | Trustee | Title: | Vice President |
| Date: |  | Date: |  |
| **JPMORGAN CHASE BANK, N.A.** | **JPMORGAN CHASE BANK, N.A.** |  |  |
| By: | ![](x4_c114495x91x1.jpg) |  |  |
| Name: | Greg Cook |  |  |
| Title: | Executive Director |  |  |
| Date: | April 24, 2024 |  |  |

---

with respect to the addition of the above Additional Customer pursuant to Section 8.14(a) hereof.

**AS WITNESS** the hand of the duly authorized officers of the parties hereto

---

| | |
|:---|:---|
| **FIRST EAGLE GLOBAL INCOME BUILDER CAYMAN FUND, LTD.** | **FIRST EAGLE GLOBAL INCOME BUILDER CAYMAN FUND, LTD.** |
| By: | ![](x4_c114495x94x1.jpg) |
| Name: | Brandon Webster |
| Title: | CFO of First Eagle Mutual Funds |
| Date: | 9/4/2024 |
| **JPMORGAN CHASE BANK, N.A.** | **JPMORGAN CHASE BANK, N.A.** |
| By: | ![](x4_c114495x91x1.jpg) |
| Name: | Greg Cook |
| Title: | Executive Director |
| Date: | September 5, 2024 |

---

with respect to the addition of the above Additional Customer pursuant to Section 8.14(a) hereof.

**AS WITNESS** the hand of the duly authorized officers of the parties hereto

---

| | |
|:---|:---|
| **FIRST EAGLE CREDIT OPPORTUNITIES FUND BSL SPV I, LLC** | **FIRST EAGLE CREDIT OPPORTUNITIES FUND BSL SPV I, LLC** |
| By: | ![](x4_c114495x94x1.jpg) |
| Name: | Brandon Webster |
| Title: | Chief Financial Officer |
| Date: | 10/22/2024 |
| **JPMORGAN CHASE BANK, N.A.** | **JPMORGAN CHASE BANK, N.A.** |
| By: | ![](x4_c114495x91x1.jpg) |
| Name: | Greg Cook |
| Title: | Executive Director |
| Date: | October 23, 2024 |

---

with respect to the addition of the above Additional Customer pursuant to Section 8.14(a) hereof.

**AS WITNESS** the hand of the duly authorized officers of the parties hereto

---

| | |
|:---|:---|
| **FIRST EAGLE OVERSEAS VARIABLE DELAWARE FUND, LLC** | **FIRST EAGLE OVERSEAS VARIABLE DELAWARE FUND, LLC** |
| By: | ![](x4_c114495x94x1.jpg) |
| Name: | Brandon Webster |
| Title: | Chief Financial Officer |
| Date: | 6/3/2025 |
| **FIRST EAGLE HIGH YIELD MUNICIPAL COMPLETION FUND** | **FIRST EAGLE HIGH YIELD MUNICIPAL COMPLETION FUND** |
| By: | ![](x4_c114495x94x1.jpg) |
| Name: | Brandon Webster |
| Title: | Chief Financial Officer |
| Date: | 6/3/2025 |
| **FIRST EAGLE REAL ESTATE DEBT SECURITY TRS, LLC** | **FIRST EAGLE REAL ESTATE DEBT SECURITY TRS, LLC** |
| By: | ![](x4_c114495x94x1.jpg) |
| Name: | Brandon Webster |
| Title: | Chief Financial Officer |
| Date: | 6/3/2025 |
| **JPMORGAN CHASE BANK, N.A.** | **JPMORGAN CHASE BANK, N.A.** |
| By: | ![](x4_c114495x91x1.jpg) |
| Name: | Greg Cook |
| Title: | Executive Director |
| Date: | June 3, 2025 |

---

with respect to the addition of the above Additional Customer pursuant to Section 8.14(a) hereof.

**AS WITNESS** the hand of the duly authorized officers of the parties hereto

---

| | |
|:---|:---|
| **FIRST EAGLE OVERSEAS VARIABLE CAYMAN FUND, LTD.** | **FIRST EAGLE OVERSEAS VARIABLE CAYMAN FUND, LTD.** |
| By: | ![](x4_c114495x94x1.jpg) |
| Name: | Brandon Webster |
| Title: | Chief Financial Officer |
| Date: | 7/14/2025 |
| **JPMORGAN CHASE BANK, N.A.** | **JPMORGAN CHASE BANK, N.A.** |
| By: | ![](x4_c114495x91x1.jpg) |
| Name: | Greg Cook |
| Title: | Executive Director |
| Date: | July 18, 2025 |

---

with respect to the addition of the above Additional Customer pursuant to Section 8.14(a) hereof.

**AS WITNESS** the hand of the duly authorized officers of the parties hereto

---

| | |
|:---|:---|
| **FIRST EAGLE ETF TRUST, ON BEHALF OF FIRST EAGLE US EQUITY ETF** | **FIRST EAGLE ETF TRUST, ON BEHALF OF FIRST EAGLE US EQUITY ETF** |
| By: | ![](x4_c114495x94x1.jpg) |
| Name: | Brandon Webster |
| Title: | Chief Financial Officer |
| Date: | October 21, 2025 |
| **FIRST EAGLE ETF TRUST, ON BEHALF OF FIRST EAGLE MID CAP EQUITY ETF** | **FIRST EAGLE ETF TRUST, ON BEHALF OF FIRST EAGLE MID CAP EQUITY ETF** |
| By: | ![](x4_c114495x94x1.jpg) |
| Name: | Brandon Webster |
| Title: | Chief Financial Officer |
| Date: | October 21, 2025 |
| **JPMORGAN CHASE BANK, N.A.** | **JPMORGAN CHASE BANK, N.A.** |
| By: | ![](x4_c114495x91x1.jpg) |
| Name: | Greg Cook |
| Title: | Executive Director |
| Date: | October 24, 2025 |

---

with respect to the addition of the above Additional Customer pursuant to Section 8.14(a) hereof.

**EXHIBIT A**<br> **LIST OF ENTITIES (as of**<br> **October 24, 2025)**

**First Eagle Funds:**

First Eagle Global Fund<br> First Eagle Overseas Fund<br> First Eagle U.S. Value Fund<br> First Eagle Gold Fund

First Eagle Global Income Builder Fund<br> First Eagle High Yield Municipal Fund<br> First Eagle Rising Dividend Fund<br> First Eagle Small Cap Opportunity Fund<br> First Eagle Global Real Assets Fund<br> First Eagle U.S. Smid Cap Opportunity Fund

First Eagle Short Duration High Yield Municipal Fund<br> First Eagle Core Plus Municipal Fund<br> First Eagle Global Cayman Fund, Ltd.

First Eagle Overseas Cayman Fund, Ltd.<br> First Eagle US Value Cayman Fund, Ltd.<br> First Eagle Gold Cayman Fund Ltd.<br> First Eagle Global Real Assets Cayman Fund, Ltd.<br> First Eagle Global Income Builder Cayman Fund, Ltd.

**First Eagle Variable Funds:**

First Eagle Overseas Variable Fund<br> First Eagle Overseas Variable Delaware Fund, LLC<br> First Eagle Overseas Variable Cayman Fund, Ltd.

**First Eagle Completion Fund Trust**

First Eagle High Yield Municipal Completion Fund

**First Eagle ETF Trust**

First Eagle US Equity ETF<br> First Eagle Mid Cap Equity ETF

*Below are closed end funds with their own separate trusts:*

First Eagle Credit Opportunities Fund<br> First Eagle Credit Opportunities Fund SPV, LLC<br> First Eagle Credit Opportunities Fund BSL SPV I, LLC<br> First Eagle Real Estate Debt Fund<br> First Eagle Real Estate Debt Cayman Fund, Ltd.<br> First Eagle Real Estate Debt Security TRS, LLC

First Eagle Tactical Municipal Opportunities Fund<br> First Eagle Global Opportunities Fund<br> First Eagle Global Opportunities Fund, Ltd.

**Schedule 1 Accounting and NAV Calculation Services**

---

| |
|:---|
| NAV calculation/fund valuation: |
| Calculation of NAV based on a single valuation per day |
| Standard transactional and NAV materiality thresholds |
| Share class accounting with market standard allocation methodology |
| Support both GAAP and tax-based records |
| Utilizing standard NAV delivery timeframes |
| Asset pricing and reporting |
| Standard automated vendor inputs, including international fair valuation |
| Standard valuation oversight reporting (*e.g*., fair value reports, broker prices, etc.) |
| Capital stock processing and reconciliation |
| Automated data files from transfer agent using market standard formats |
| Automated NAV transmissions to transfer agent using market standard formats |
| Cash availability reporting for money market funds |
| Portfolio trades processing |
| Market standard automated trade files |
| Corporate actions processing |
| Portfolio income recognition |
| Automated expense processing |
| Cash Reconciliations |
| Asset reconciliations |
| NAV dissemination |
| Standard JP Morgan automated tools and reporting |
| Audit reporting and coordination |
| External audit, SSAE16, and client due diligence coordination |
| Standard accounting data extracts |
| ASC 820 and 815 support |
| Standard client reporting |
| Standard end-of-day accounting information |
| Standard risk oversight reporting (e.g.. aged receivables, stale prices, etc.) using Views Portfolio Reporting (VPR) |

---

---

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|:---|:---|
| Fund Services Agreement - US Mutual Funds - June 2016<br> Page 16 | ![](x4_c114495x68x1.jpg) |

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**APPENDIX A Net Asset Value Error Correction Policy and Procedures**

&nbsp;&nbsp;&nbsp;&nbsp;1. As used in this Agreement and the Schedules and Appendices to this Agreement, the following terms have
 the meaning hereinafter stated:

**"NAV Error"** is defined as one or more errors in the computation of net asset value which, when considered cumulatively, result in a difference between the originally computed NAV and the corrected NAV of at least $0.010 per share. This computation is based upon the actual difference and is not based upon the rounding of the NAV to the nearest cent per share.

**"Per Share NAV Error"** is the difference between the originally computed per share NAV, and the amount that would have been computed had the errors not occurred.

**"NAV Error Period"** comprises those days during which a NAV Error existed.

**"Fund Loss"** refers to a situation where a Fund has either paid excessive redemption proceeds as a result of an overstatement of the NAV or received insufficient subscription proceeds as a result of an understatement of the NAV. When such a Fund Loss occurs, the individual Shareholders effecting transactions received a corresponding benefit (a **"Shareholder Benefit"**).

**"Fund Benefit"** means a situation where a Fund has either paid insufficient redemption proceeds as a result of an understatement of NAV or received excessive subscription proceeds as a result of an overstatement of NAV. When such a Fund Benefit occurs, the individual Shareholders effecting transactions suffer a corresponding loss (a **"Shareholder Loss"**).

The term **"responsible person"** means a person who, by virtue of negligence, fraud, or willful misconduct, caused or contributed to an NAV Error.

&nbsp;&nbsp;&nbsp;&nbsp;2. The following Procedures will be utilized by J.P. Morgan with respect to NAV Error corrections:

(a) If the error in the computation of the net asset value is less than $0.010 per share, no action shall be taken. At the
 request of Customer, J.P. Morgan will prepare and deliver a written memo to the Customer explaining the cause of error and
 any remediation.

(b) If a Per Share NAV Error is less than one half of one percent of the originally computed Per Share NAV, J.P. Morgan, on
 behalf of the Funds, will determine whether total Fund Losses exceeded total Fund Benefits for the NAV Error Period. If the
 Fund incurred a net loss, the Customer will be responsible for obtaining reimbursement for such loss from the responsible
 person or persons. If the Fund had a net benefit, no action need be taken; however, such net benefit should not be carried
 forward to any analyses performed in the future for other NAV Errors that may arise.

(c) If the Per Share NAV Error equals or exceeds one half of one percent of the originally computed per share NAV, 1) account
 adjustments should be made to compensate Shareholders for Shareholder Losses, and 2) the Customer will be responsible for
 obtaining reimbursement for such loss from the responsible person or persons for Fund Losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) With respect to individual Shareholder Losses, the Customer will be responsible for causing the Fund
 (or responsible party) to pay to individual Shareholders any additional redemption proceeds owed and either refund excess
 subscription monies paid or credit the Shareholder account as of the date of the NAV Error, for additional shares. Nevertheless,
 no correction of a given individual Shareholder account shall be made unless the applicable Shareholder Loss for such Shareholder
 equals or exceeds a de minimis amount of $20.

(ii) With respect to Fund Losses, the Customer will be responsible for causing either the responsible person or persons or
 the individual Shareholders to reimburse the Fund for the

---

| | |
|:---|:---|
| Fund Services Agreement - US Mutual Funds - June 2016<br> Page 17 | ![](x4_c114495x68x1.jpg) |

---

amount of the Fund's Losses. (Note that there is no netting of Fund Losses (as described in (c)(i) above) where the error equals or exceeds ½ of 1% of NAV, to the extent benefits were paid out by the Fund to Shareholders as account adjustments).

&nbsp;&nbsp;&nbsp;&nbsp;(d) In the case of an error that fluctuates above and below one half of one percent, individual Shareholder
 adjustments should be effected for those days where the NAV Error was equal to or exceeded one half of one percent. With respect
 to the remaining days, the Fund level process described above in Section 2(b) may be applied.

(e) If there is a subsequent discovery of an error which affects a NAV Error Period that had previously been corrected in
 the manner described above, the subsequently discovered NAV Error should be analyzed in isolation without taking into consideration
 the previously corrected NAV Errors.

(f) In cases where a NAV Error has occurred, the Customer, upon J.P. Morgan's request, will instruct the Transfer Agent
 to reprocess transactions and to adjust each Shareholder's Shares upwards or downwards accordingly, at the expense of
 the responsible person or persons. If the Transfer Agent does not agree to reprocess transactions resulting from a NAV Error
 for which J.P. Morgan is a responsible person, J.P. Morgan's liability will be limited to the amount it would have been
 liable for had the reprocessing occurred.

(g) In cases where J.P. Morgan is not the responsible person with regard to an NAV Error, J.P. Morgan shall be entitled to
 reasonable compensation for the work it performs with respect to the remediation of the NAV Error.

(h) In cases where J.P. Morgan is a responsible person with regard to an NAV Error, but not the sole responsible person, the
 Fund, to the extent customary under industry practice, shall seek recovery from each such responsible person, for its proportional
 share of the applicable Fund Loss or Shareholder Loss.

(i) Subject to the other provisions of this Appendix and to the terms and conditions of this Agreement, in connection with
 any NAV Error caused by J.P. Morgan's fraud, negligence, or willful misconduct, for which J.P. Morgan is not otherwise
 excused under this Agreement, J.P. Morgan shall pay to the Customer (i) the applicable Fund Loss or Shareholder Loss resulting
 from such NAV Error, and (ii) any other Liabilities incurred by the Customer as a result of, or in connection with, such NAV
 Error, including any such Liabilities incurred in complying with the requirements of this Appendix.

---

| | |
|:---|:---|
| Fund Services Agreement - US Mutual Funds - June 2016<br> Page 18 | ![](x4_c114495x68x1.jpg) |

---

**Schedule 2 Fund Administration Services**

***Fund Expense Administration***

---

| |
|:---|
| Prepare fund expense budgets (monthly and annually) |
| Annual budgets |
| Quarterly and monthly adjustments as required |
| True-ups and other expense adjustments as required |
| Expense cap and basis point analysis (monthly and annually) |
| By class and by contractual fee (12b-1, advisory, administration, etc.) type (twice a month) |
| Fund invoice payments |
| Validate, approve and process fund invoices upon receipt |
| Asset-based fee payments (management fees, distribution fees, etc.) |
| Periodic multi-class dividend distributions (monthly, quarterly, annually) |
| Calculation, verification, and communication of income, capital gains, excise, special distributions and income projections |
| Performance (NAV total return) reporting |
| Before tax calculations |
| Core performance reporting utilizing Unity Performance with Core frequency |
| Standard survey preparation and dissemination |
| Preparation and dissemination of vendor/trustee 1099-Misc Forms (annually) |
| Preparation and dissemination of ICI primary and secondary reporting (annually) |
| Including treasury income and asset tests |
| Preparation and filing of Form 24F-2 (annually) |
| Calculation of portfolio turnover and cost rollforward (semi-annually and annually) |
| Financial Statement and prospectus/statement of additional income (SAI) support (annually) |
| Calculate and provide specific financial and compliance data to support financial statement process |
| Quarterly Board materials |
| Standard Financial Administration-related board materials utilizing Investor Services-resident data |
| Standard report package includes: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Broker Commission

b. Top 10 Holdings

c. Top 10 Industries

d. 144A Illiquid Reporting

---

| | |
|:---|:---|
| ***Compliance Services*** | ***Compliance Services*** |
| ■ | 1940 Act compliance monitoring |
|  | Portfolio diversification 5b-1 |
|  | Industry concentration 8b-1 using standard industry schema |
|  | Borrowing provision 18f-1 (300% leverage) |
|  | Illiquid securities 22e |
|  | Securities Related Businesses 12d3 |
|  | Investment Companies 12d-1 |
| ■ | Voting shares 12d2 |
|  | Investment Company Names test 35d1 |
|  | Perform research into daily results |
| ■ | Communication of compliance monitoring results |
|  | Communication of warnings and violations as applicable |
| ■ | Breach review – investigation and research of potential warnings and violations |

---

---

| | |
|:---|:---|
| Fund Services Agreement - US Mutual Funds - June 2016<br> Page 19 | ![](x4_c114495x68x1.jpg) |

---

---

| |
|:---|
| Prospectus / Statement of Additional Information (SAI) Monitoring |
| Communication of compliance monitoring results |
| Communication of warnings and violations as applicable |
| Breach review – investigation and research of potential warnings and violations |
| Update Prospectus / SAI rules as required (per client instruction) |
| IRS Subchapter M Diversification testing |
| Diversification testing under Section 851(b)(3) for Mutual Funds |
| Diversification testing under Section 817(h) for Variable Annuities |
| 50% Tax Exempt Test under Section 852(b)(5) for tax-exempt (Municipal) Funds |
| 90% Gross Income testing under Section 851(b)(2) |
| Communication of warnings and violations where required and cure analysis |
| Core Compliance-related board materials utilizing IS-resident data |
| Look-through for fund of funds custodied at JP Morgan |
| 10666 (Section 18) asset coverage testing |

---

***Delivery of Standard Reporting Package***

***Financial Reporting Services***

---

| |
|:---|
| Preparation and review of semi- and annual- financial statements with 60 day turnaround time |
| Creation, distribution, and review of up to 3 production drafts |
| Preparation, review, and coordination with printer of Form N-CSR |
| Prepare and review line item 1 of Form N-CSR and assist in the coordination and filing |
| Preparation, review, and coordination of filing of Form N-Q |
| Creation, distribution, and review of up to 2-3 production drafts |
| Preparation, review, and filing of Form N-SAR |
| Provide audit coordination support |

---

■

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| | |
|:---|:---|
| Fund Services Agreement - US Mutual Funds - June 2016<br> Page 20 | ![](x4_c114495x68x1.jpg) |

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**Schedule 3 OTC Derivative Administration Solutions**

***OTC Derivatives Accounting***

**Base Position Management**

&nbsp;&nbsp;&nbsp;&nbsp;■ Calculation of cash flow events for supported instruments or receipt of cash events for non-supported
 instruments

■ Processing of OTC valuation and cash data into the J.P. Morgan accounting system

■ Reconciliation of J.P. Morgan accounting system OTC positions to the client or client's fund manager

■ Reconciliation of the J.P. Morgan accounting system OTC positions, fees and coupons to the Clearing Broker

■ Cash break management in relation to the accounting ledger

■ Sourcing Valuation on a directed frequency from the Investment Manager

**OTC Derivative Trade and Instruction Capture**

**Trade and Instruction Capture Management**

&nbsp;&nbsp;&nbsp;&nbsp;■ Trade capture via FpML and / or J.P. Morgan pre-formatted. CSV template – full trade data to
 be supplied

**Valuation - Provision of a Third Party Provided Valuation**

**Lifecycle and Position Management**

&nbsp;&nbsp;&nbsp;&nbsp;■ Sourcing of OTC derivative valuation from a relevant third party pricing provider – single source

■ Entry of Clearing House sourced OTC derivative valuation into the J.P. Morgan accounting system

■ Standard Client Reporting

■ Dual sourcing – available, subject to an additional fee

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| | |
|:---|:---|
| Fund Services Agreement - US Mutual Funds - June 2016<br> Page 21 | ![](x4_c114495x68x1.jpg) |

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**Annex A Electronic Access**

&nbsp;&nbsp;&nbsp;&nbsp;1. J.P. Morgan may permit the Customer and its Authorized Persons to access certain electronic systems
 and applications (collectively, the "Products") and to access or receive electronically Data (as defined below)
 in connection with the Agreement. J.P. Morgan may, from time to time, introduce new features to the Products or otherwise
 modify or delete existing features of the Products in its sole discretion. J.P. Morgan shall endeavor to give the Customer
 reasonable notice of its termination or suspension of access to the Products, but may do so immediately if J.P. Morgan determines,
 in its sole discretion, that providing access to the Products would violate Applicable Law or that the security or integrity
 of the Products is at risk. Access to the Products shall be subject to the Security Procedures.

2. In consideration of the fees paid by the Customer to J.P. Morgan and subject to any applicable software license addendum
 in relation to J.P. Morgan-owned or sublicensed software provided for a particular application and Applicable Law, J.P. Morgan
 grants to the Customer a non-exclusive, non-transferable, limited and revocable license to use the Products and the information
 and data made available through the Products or transferred electronically (the "Data") for the Customer's
 internal business use only. The Customer may download the Data and print out hard copies for its reference, provided that
 it does not remove any copyright or other notices contained therein. The license granted herein will permit use by the Customer's
 Authorized Person, provided that such use shall be in compliance with the Agreement, including this Annex. The Customer acknowledges
 that elements of the Data, including prices, corporate action information, and reference data, may have been licensed by J.P.
 Morgan from third parties and that any use of such Data beyond that authorized by the foregoing license, may require the permission
 of one or more third parties in addition to J.P. Morgan.

3. The Customer acknowledges that there are security, corruption, transaction error and access availability risks associated
 with using open networks such as the internet, and the Customer hereby expressly assumes such risks. The Customer is solely
 responsible for obtaining, maintaining and operating all software (including antivirus software, anti-spyware software, and
 other internet security software) and personnel necessary for the Customer to access and use the Products. All such software
 must be interoperable with J.P. Morgan's software. Each of the Customer and J.P. Morgan shall be responsible for the
 proper functioning, maintenance and security of its own systems, services, software and other equipment.

4. In cases where J.P. Morgan's web site is unexpectedly down or otherwise unavailable, J.P. Morgan shall, absent a
 force majeure event, provide other appropriate means for the Customer or its Authorized Persons to instruct J.P. Morgan or
 obtain reports from J.P. Morgan. J.P. Morgan shall not be liable for any Liabilities arising out of the Customer's use
 of, access to or inability to use the Products via J.P. Morgan's web site in the absence of J.P. Morgan's gross
 negligence or willful misconduct.

5. Use of the Products may be monitored, tracked, and recorded. In using the Products, the Customer hereby expressly consents
 to such monitoring, tracking, and recording. Individuals and organizations should have no expectation of privacy unless local
 law, regulation, or contract provides otherwise. J.P. Morgan shall own all right, title and interest in the data reflecting
 the Customer usage of the Products or J.P. Morgan's web site (including, but not limited to, general usage data and
 aggregated transaction data). J.P. Morgan may use and sublicense data obtained by it regarding the Customer's use of
 the Products or J.P. Morgan's web site, as long as J.P. Morgan does not disclose to others that the Customer was the
 source of such data or the details of individual transactions effected using the Products or web site.

6. The Customer shall not knowingly use the Products to transmit (i) any virus, worm, or destructive element or any programs
 or data that may be reasonably expected to interfere with or disrupt the Products or servers connected to the Products; (ii)
 material that violates the rights of another, including but not limited to the intellectual property rights of another; and
 (iii) "junk mail", "spam", "chain letters" or unsolicited mass distribution of e-mail.

---

| | |
|:---|:---|
| Fund Services Agreement - US Mutual Funds - June 2016<br> Page 22 | ![](x4_c114495x68x1.jpg) |

---

&nbsp;&nbsp;&nbsp;&nbsp;7. The Customer shall promptly and accurately designate in writing to J.P. Morgan the geographic location
 of its users upon written request. The Customer further represents and warrants to J.P. Morgan that the Customer shall not
 access the service from any jurisdiction which J.P. Morgan informs the Customer or where the Customer has actual knowledge
 that the service is not authorized for use due to local regulations or laws, including applicable software export rules and
 regulations. Prior to submitting any document which designates the persons authorized to act on the Customer's behalf,
 the Customer shall obtain from each individual referred to in such document all necessary consents to enable J.P. Morgan to
 process the data set out therein for the purposes of providing the Products

8. The Customer will be subject to and shall comply with all applicable laws, rules and regulations concerning restricting
 collection, use, disclosure, processing and free movement of the Data (collectively, the "Privacy Regulations").
 The Privacy Regulations may include, as applicable, the Federal "Privacy of Consumer Financial Information" Regulation
 (12 CFR Part 30), as amended from time to time, issued pursuant to Section 504 of the Gramm-Leach-Bliley Act of 1999 (15 U.S.C.
 §6801, et seq.), the Health and Insurance Portability and Accountability Act of 1996 (42 U.S.C. §1320d), The Data
 Protection Act 1998 and Directive 95/46/EC of the European Parliament and of the Council of 24 October 1995 on the protection
 of individuals with regard to processing of personal data and the free movement of such data.

9. The Customer shall be responsible for the compliance of its Authorized Persons with the terms of the Agreement, including
 this Annex

---

| | |
|:---|:---|
| Fund Services Agreement - US Mutual Funds - June 2016<br> Page 23 | ![](x4_c114495x68x1.jpg) |

---

## Ex-99.(H)(3)

**Exhibit (h)(3)**

December 11, 2025

First Eagle ETF Trust<br> 1345 Avenue of the Americas<br> New York, NY 10105

**Re: Expense Limitations for each of the First Eagle Mid Cap Equity ETF and First Eagle US Equity ETF (each, a "Fund")**

Dear First Eagle ETF Trust:

First Eagle Investment Management, LLC (the "Investment Adviser") and First Eagle ETF Trust (the "Trust"), on behalf of each Fund, hereby confirm their agreement as follows:

Effective upon effectiveness and until the date noted on Schedule A attached hereto (the "Limitation Period"), the Investment Adviser agrees to waive fees and/or reimburse annual operating expenses (excluding interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, dividend and other expenses relating to short sales, and extraordinary expenses, if any) ("Operating Expenses") of each Fund so that the Operating Expenses of each Fund are limited to the respective rate per annum, as noted on Schedule A, of that Fund's average daily net assets (each, an "Expense Limitation").

The Investment Adviser understands that it shall look only to the assets attributable to the respective Fund for performance of this Agreement and for payment of any claim the Investment Adviser may have hereunder, and neither any other series of the Trust or a Fund, nor any of the Trust's trustees, officers, employees, agents, or shareholders, whether past, present or future, shall be personally liable therefor.

This Agreement is made and is to be performed principally in the State of New York, and except insofar as the Investment Company Act of 1940, as amended, or other federal laws and regulations may be controlling, this Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of New York. Any amendment to this Agreement shall be in writing signed by the parties hereto, and requires approval of the Board of Trustees of the Trust, including a majority of the Trustees who are not "interested persons" of the Trust as that term is defined in the Investment Company Act of 1940.

If you are in agreement with the foregoing, please sign the form of acceptance on the enclosed counterpart hereof and return the same.

---

| | |
|:---|:---|
| **FIRST EAGLE ETF TRUST,**<br> **on behalf of each of the**<br> **First Eagle Mid Cap Equity ETF and**<br> **First Eagle US Equity ETF,**<br> **individually and not jointly** | **FIRST EAGLE ETF TRUST,**<br> **on behalf of each of the**<br> **First Eagle Mid Cap Equity ETF and**<br> **First Eagle US Equity ETF,**<br> **individually and not jointly** |
| By: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![](x4_c114495x110x1.jpg) |

---

Name: Mehdi Mahmud <br> Title: President

**Agreed and Acknowledged:**

**FIRST EAGLE INVESTMENT MANAGEMENT, LLC**

---

| | |
|:---|:---|
| By: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![](x4_c114495x110x1.jpg) |

---

Name: Mehdi Mahmud <br> Title: President and Chief Executive Officer

**SCHEDULE A**

---

| | | |
|:---|:---|:---|
| **Fund** | **Limitation Period** | **Expense Limitation** |
| First Eagle Mid Cap<br> Equity ETF | January 1, 2027 | 0.55% |
| First Eagle US Equity<br> ETF | January 1, 2027 | 0.45% |

---

## Ex-99.(I)

**Exhibit (i)**

![rlf_word](image_002.jpg)<br>

December 17, 2025

First Eagle ETF Fund

1345 Avenue of the Americas

New York, NY 10105

Ladies and Gentlemen:

Re: <u>First Eagle ETF Fund</u>

We have acted as special Delaware counsel for First Eagle ETF Fund, a Delaware statutory trust (the "Trust"), in connection with the matters set forth herein. At your request, this opinion is being furnished to you. Capitalized terms used herein and not otherwise defined shall have the respective meanings set forth in the Trust Agreement, except that reference herein to any document shall mean such document as in effect on the date hereof.

We have examined originals or copies of the following documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A certified copy of the Certificate of Trust of the Trust which was filed with the Secretary of State
of the State of Delaware (the "Secretary of State") on July 7, 2025 (the "Certificate of Trust");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Agreement and Declaration of Trust of the Trust, dated as of July 7, 2025, by the trustees named therein,
as amended and restated by the Amended and Restated Agreement and Declaration of Trust of the Trust, dated as of December 11, 2025, by
the trustees named therein (the "Trust Agreement");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The By-laws of the Trust (the "By-laws"), as in effect on the date hereof as approved by the
Board of Trustees of the Trust (the "Board");

![rlf_word_address_red_ema](image_001.jpg)

First Eagle ETF Fund<br> December 17, 2025<br> Page 2

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Post-Effective Amendment No. 2 to the Trust's Registration Statement on Form N-1A (the "Registration
Statement") to be filed with the Securities and Exchange Commission on or about December 17, 2025 with respect to the issuance of
common shares of beneficial interest (the "Shares") in each of the series of the Trust (collectively, the "Series")
designated as First Eagle US Equity ETF and First Eagle Mid Cap Equity ETF;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) A certificate of the Secretary of the Trust with respect to certain matters including with respect to
the Board's approval of the issuance of the Shares for each Series, dated on or about the date hereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) A Certificate of Good Standing for the Trust, dated December 17, 2025, obtained from the Secretary of
State.

We have not reviewed any documents other than the foregoing documents for purposes of rendering our opinions as expressed herein. In particular, we have not reviewed any document (other than the foregoing documents) that is referred to in or incorporated by reference into any document reviewed by us. We have assumed that there exists no provision of any such other document that bears upon or is inconsistent with our opinions as expressed herein. We have conducted no independent factual investigation of our own but have relied solely upon the foregoing documents, the statements and information set forth therein and the additional matters recited or assumed herein, all of which we have assumed to be true, complete and accurate in all material respects.

With respect to all documents examined by us, we have assumed (i) the authenticity of all documents submitted to us as authentic originals, (ii) the conformity with the originals of all documents submitted to us as copies or forms, and (iii) the genuineness of all signatures.

For purposes of this opinion, we have assumed (i) that the Trust Agreement and the By-Laws constitute the entire agreement among the parties thereto with respect to the subject matter thereof, including with respect to the creation, operation and termination of the Trust, and that the Trust Agreement, the By-laws and the Certificate of Trust are in full force and effect and will not be amended in a manner material to the opinions expressed herein, (ii) except to the extent provided in paragraph 1 below, the due organization, due establishment or due formation, as the case may be, and valid existence in good standing of each Series of the Trust and of each party to the documents examined by us under the laws of the jurisdiction governing its organization, establishment or formation, (iii) the legal capacity of natural persons who are parties to the documents examined by us, (iv) that each of the parties to the documents examined by us has the power and authority to execute and deliver, and to perform its obligations under, such documents, (v) the due authorization, execution and delivery by all parties thereto of all documents examined by us, (vi) the payment by each person to whom a Share has been or is to be issued by the Trust (collectively, the "Shareholders") for such Share, in accordance with the Trust Agreement and as contemplated by the Registration Statement, (vii) that the Shares are issued and sold to the Shareholders in accordance with the Trust Agreement and as contemplated by the Registration

First Eagle ETF Fund<br> December 17, 2025<br> Page 3

Statement, and (viii) that any amendment or restatement of any document reviewed by us has been accomplished in accordance with, and was permitted by, the relevant provisions of said document prior to its amendment or restatement from time to time. We have not participated in the preparation of the Registration Statement and assume no responsibility for its contents. We note that Shareholders may be required to make certain payments provided for in Article IV Section 6 of the Trust Agreement.

This opinion is limited to the laws of the State of Delaware (excluding the securities laws of the State of Delaware), and we have not considered and express no opinion on the laws of any other jurisdiction, including federal laws and rules and regulations relating thereto. Our opinions are rendered only with respect to Delaware laws and rules, regulations and orders thereunder which are currently in effect.

Based upon the foregoing, and upon our examination of such questions of law and statutes of the State of Delaware as we have considered necessary or appropriate, and subject to the assumptions, qualifications, limitations and exceptions set forth herein, we are of the opinion that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Trust is validly existing in good standing as a statutory trust under the Delaware Statutory Trust Act, 12 Del. C. § 3801, <u>et</u>. <u>seq</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Shares of the Trust have been duly authorized and, when issued, will be validly issued, fully paid and nonassessable beneficial interests in the Trust.

This opinion may be relied upon by you in connection with the matters set forth herein, including in connection with the delivery of your legal opinion relating to the Shares.

We consent to the filing of this opinion with the Securities and Exchange Commission as an exhibit to the Registration Statements. In giving the foregoing consent, we do not thereby admit that we come within the category of persons whose consent is required under Section 7 of the Securities Act of 1933, as amended, or the rules and regulations of the Securities and Exchange Commission thereunder.

Very truly yours,<br>

/s/ Richards, Layton & Finger, P.A.

JWP/CZD

## Ex-99.(J)

**Exhibit (j)**

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We hereby consent to the use in this Registration Statement on Form N-1A of First Eagle ETF Trust of our report dated December 19, 2025, relating to the financial statement of First Eagle US Equity ETF, which appears in such Registration Statement. We also consent to the reference to us under the heading "Independent Registered Public Accounting Firm" in such Registration Statement.

/s/PricewaterhouseCoopers LLP

New York, New York

December 19, 2025

## Ex-99.(L)

**Exhibit 99.(l)**

<u>PURCHASE AGREEMENT</u>

First Eagle ETF Trust (the "Trust"), a Delaware statutory trust, and First Eagle Investment Management, LLC ("First Eagle"), intending to be legally bound, hereby agree with each other as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Trust hereby offers First Eagle and First Eagle hereby purchases one (1) share each (each, a "Share" and collectively, the "Shares") of the First Eagle US Equity ETF and First Eagle Mid Cap Equity ETF (each a "Fund") at a price per Share equivalent to the net asset value per Share of each respective Fund as determined on December 17, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Trust hereby acknowledges receipt from First Eagle of funds in full payment for the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. First Eagle represents and warrants to the Trust that the Shares are being acquired for investment purposes and not with a view to the distribution thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. This Agreement may be executed in counterparts, and all such counterparts taken together shall be deemed to constitute one and the same instrument.

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of December 15, 2025.

---

| | |
|:---|:---|
| First Eagle ETF Trust | First Eagle ETF Trust |
| By: | <u>/s/ Brandon Webster</u> |
| Name: Brandon Webster | Name: Brandon Webster |
| Title: Chief Financial Officer and Principal Financial Officer | Title: Chief Financial Officer and Principal Financial Officer |
| First Eagle Investment Management, LLC | First Eagle Investment Management, LLC |

---

---

| | |
|:---|:---|
| By: | <u>/s/ Sheelyn Michael</u> |
| Name: Sheelyn Michael | Name: Sheelyn Michael |
| Title: Managing Director, Deputy General Counsel | Title: Managing Director, Deputy General Counsel |

---

## Ex-99.(P)(2)

**Exhibit (p)(2)**

![](x4_c114495x112x1.jpg)

**<u>EXCHANGE TRADED CONCEPTS, LLC</u>**

**<u>CODE OF ETHICS/PERSONAL TRADING POLICY</u>**

**Adopted: November 2025**

This Code of Ethics (the "Code") is the sole property of Exchange Traded Concepts, LLC and ETC Platform Services, LLC ("Exchange Traded Concepts" or "ETC" or the "Firm") (defined below in the Code) and must be returned to the Firm upon termination for any reason of an Employee's association with the Firm. The contents of this Code are strictly confidential. Employees (defined below) may not duplicate, copy or reproduce this Code in whole or in part or make it available in any form to non-Employees without prior approval in writing from the Firm's Chief Compliance Officer ("CCO") (defined below).

10900 Hefner Pointe Drive, Suite 400 Oklahoma City, OK 73120 (405) 778-8377

**<u>Introduction</u>**

Rule 204A-1 under the Investment Advisers Act of 1940, as amended (the "Advisers Act"), requires an investment adviser registered with the U.S. Securities and Exchange Commission ("SEC") to establish, maintain and enforce a written code of ethics which meets the minimum requirements stated in the Rule. This Code of Ethics/Personal Trading Policy ("the Code") is intended to meet the requirements of the Advisers Act.

Rule 17j-1 under the Investment Company Act of 1940 also requires certain persons to be subject to a code of ethics. Rule 17j-1 makes it unlawful for any affiliated person of a regulated investment company or any affiliated person of its adviser or principal underwriter to engage in certain enumerated types of misconduct in connection with the purchase or sale by such person of a security held or to be acquired by the regulated investment company. This Code of Ethics is intended to ensure that all acts, practices and courses of business engaged in by Employees (as defined below) of the Adviser reflect high standards and comply with the requirements of Section 17(j) of the Act and Rule 17j-1 thereunder.

This Code of Ethics (the "Code") is applicable to all Access Persons (as defined below) of the Firm with respect to such activities and conduct on behalf of Exchange Traded Concepts, LLC or ETC Platform Services, LLC.

Exchange Traded Concepts, LLC (the "Adviser") is registered with the U.S. Securities and Exchange Commission (the "SEC") under the Investment Advisers Act of 1940, as amended (the "Advisers Act"). It serves as investment adviser to multiple series trusts ("the Trusts") as well as a subadviser to additional series.

ETC Platform Services, LLC ("ETCPS") is a service provider to the funds that provides non-advisory services.

Collectively, Exchange Traded Concepts, LLC and ETCPS shall be referred to as ("Exchange Traded Concepts", the "Firm" or "ETC")

Certain personnel are dual-hatted and work for both entities. All employees of ETC are considered Access Persons and must comply with all requirements in ETC's Code of Ethics.

The Code does not attempt to serve as a comprehensive outline regarding employee conduct, but rather to establish general rules of conduct and procedures applicable to all Access Persons.

The Code should be kept at hand for easy reference. Any questions regarding this Code, or other compliance issues, must be directed to the Chief Compliance Officer of ETC (the "CCO" defined below). The CCO is responsible for administering and implementing this Code. ETC expects Access Persons to be thoroughly familiar with the Firm's standards and procedures as set forth herein. In order to make it easier to review and understand the standards and procedures, a few commonly used terms are defined below.

**DEFINITIONS**

"**Access Person**," as defined in the Advisers Act, means any Employee, or supervised person, of the Firm who has access to non-public information regarding Clients' investments, including the purchase or sale of securities, or non-public information regarding the portfolio holdings of any Client; is involved in making investment and Securities recommendations to Clients or who has access to such recommendations that are non-public; is a director, officer or partner of the Firm.

"**Advisers Act**" means the Investment Advisers Act of 1940, as amended.

10900 Hefner Pointe Drive, Suite 400 Oklahoma City, OK 73120 (405) 778-8377

"**Automatic Investment Plan**" means a program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An Automatic Investment Plan includes a dividend reinvestment plan or "DRIP".

"**Beneficial Ownership**" is interpreted in the same manner as it would be under Rule 16a-1(a) under the Securities Exchange Act of 1934 (the "Exchange Act") in determining whether a person has beneficial ownership of a security for purposes of Section 16 of the Exchange Act and the rules and regulations thereunder. Generally, you will be treated as the "beneficial owner" of a security under this policy only if you have a direct or indirect pecuniary interest in the security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A direct pecuniary interest is the opportunity, directly or indirectly,
 to profit, or to share the profit, from the transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) An indirect pecuniary interest is any non-direct financial interest,
 but is specifically defined in the rules to include securities held by members of your
 immediate family sharing the same household. An Access Person's "immediate
 family" includes a spouse, minor children and adults living in the same household
 as the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Securities held by a partnership of which you are a general
 partner;

• Securities held by a trust of which you are the settlor if
 you can revoke the trust without the consent of another person, or a beneficiary if you
 have or share investment control with the trustee;

• Equity securities which may be acquired upon exercise of an
 option or other right, or through conversion.

• For interpretive guidance on this test, you should consult
 counsel.

"**Chief Compliance Officer**" or "**CCO**" means Dennis Lowenfels or such other person as may be designated from time to time.

"**Client**" means any fund to which the Firm provides investment advisory or management services.

"**Covered Account**" means a personal investment or trading account of an Employee or Access Person or related account (this may include, but is not limited to, an account for which an Employee or Access Person is a trustee or custodian, a spousal account, any account of an Employee or Access Person's children or any account for an individual who relies on the Employee or Access Person for material support) in which an Employee or Access Person has any direct or indirect beneficial ownership interest, an investment or trading account over which an Employee or Access Person exercises control or provides investment advice, or a proprietary investment or trading account maintained for the Firm or its employees. Specifically, Covered Account includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Trusts for which an Employee or Access Person acts as trustee,
 executor, custodian or discretionary manager;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Accounts for the benefit of the Employee's or Access Person's
 spouse or minor child;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Accounts for the benefit of a relative living with the Employee
 or Access Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Accounts for the benefit of any person who receives material financial
 support from the Employee or Access Person.

Covered Account does NOT include any account that does not hold Reportable Securities, such as cash accounts or 401k accounts that only hold open-end mutual funds, single stock funds that trade once daily at NAV, money market funds, direct obligations of the U.S. federal government, bank certificates of deposit, commercial paper and repurchase agreements.

10900 Hefner Pointe Drive, Suite 400 Oklahoma City, OK 73120 (405) 778-8377

"**Covered Securities**" means a security defined in section 202(a)(18) of the Advisers Act held in a Covered Account. Covered Securities include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Stocks

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bonds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Futures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exchange Traded Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investment contracts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Options on securities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Options on indexes and options on currencies,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Limited partnerships (of any kind)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Foreign unit trusts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Private Equity

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Private investment funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hedge funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investment clubs

Covered Securities <u>do not</u> include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Direct obligations of the U.S. government (e.g. treasury securities)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bankers acceptances

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bank certificates of deposit

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Commercial paper

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• High quality short-term debt obligations - including repurchase
 agreements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Open-End Mutual Funds or single stock funds that trade once
 daily at NAV

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Money
 Market Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Crypto
 Currencies

"**Discretionary Managed Account**" means an account for which the Employee has designated investment discretion entirely to a third party. In such account, the Employee cannot exercise any investment discretion in the purchase or sale of securities.

"**Employee**" means any "supervised person" of ETC, as defined under the Advisers Act to be any partner, officer, director (or other person occupying a similar status or performing similar functions), employee, or other person who provides investment advice on behalf of ETC and is subject to the supervision and control of ETC.

"**Exchange Act**" means the Securities Exchange Act of 1934, as amended.

"**Federal Securities Laws**" means the Securities Act of 1933 (the "1933 Act"), the Exchange Act, the Sarbanes-Oxley Act of 2002, the 1940 Act, the Advisers Act, Title V of the Gramm-Leach-Bliley Act, any rules adopted by the SEC under any of these statutes, the Bank Secrecy Act as it applies to investment advisers, and any rules adopted thereunder by the SEC or the Department of Treasury.

"**Firm**" means Exchange Traded Concepts, LLC or Exchange Traded Concepts or ETC.

"**Initial Public Offering**" means an offering of securities registered under the 1933 Act, the issuer of which, immediately before the registration, was not subject to the reporting requirements of Sections 13 or 15(d) of the Exchange Act.

"**Legal**" means the legal department of Exchange Traded Concepts

"**Limited Offering**" means an offering that is exempt from registration under the 1933 Act pursuant to Section 4(2) or Section 4(6) or pursuant to Rule 504, Rule 505, or Rule 506 under the 1933 Act.

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"**Private Placement**" shall mean an offering of Securities that is exempt from registration under the Section 4(2) or Section 4(6) of the Securities Act of 1933, as amended ("Securities Act"); or pursuant to Rule 504, Rule 505, or Rule 506 under the Securities Act.

"**Purchase or Sale of a Security**" includes, among other things, the writing of an option to purchase or sell a security.

"**Reportable Fund**" means: (i) any fund for which Exchange Traded Concepts serves as an investment adviser as defined in section 2(a)(20) of the 1940 Act (including Funds of the Trust); or (ii) any fund whose investment adviser or principal underwriter controls Exchange Traded Concepts, is controlled by Exchange Traded Concepts, or is under common control with Exchange Traded Concepts.

"**Reportable Security**" means any security except open-end mutual funds, money market funds, direct obligations of the U.S. federal government, municipal securities, bank CDs, bankers acceptances, commercial paper and repurchase agreements.

"**Security**" means any note, stock, treasury stock, security future, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, preorganization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, or privilege on any security (including a certificate of deposit) or on any group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or, in general, any interest or instrument commonly known as a "security", or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guaranty of, or warrant or right to subscribe to or purchase any of the foregoing.

**"Senior Management"** means J. Garrett Stevens, Rich Hogan and Jay Baker

**<u>STANDARDS OF CONDUCT</u>**

The reputation of Exchange Traded Concepts, LLC ("Exchange Traded Concepts") is based on our employees acting in an ethical manner with honesty, integrity and professionalism. That reputation is a vital business asset. Exchange Traded Concepts expects that its employees will perform their duties and conduct their personal investment activities with (1) the duty to, at all times, place our client's interests first, and (2) the fundamental principle that they should not take inappropriate advantage of their positions.

Exchange Traded Concepts deems all Employees to be Access Persons. Should ETC utilize interns or consultants, whether or not they are considered Access Persons, subject to the Firm's Code of Ethics, shall be determined by the CCO depending upon their role and access to information.

All Access Persons are governed by the requirements of this Code and must comply with federal securities laws (as defined below). Access Persons are not permitted:

1) to defraud a client in any manner;

2) to mislead a client, including by either making an untrue statement of material fact or by making a statement that omits material facts;

3) to engage in any act, practice or course of conduct which operates or would operate as a fraud or deceit upon a client;

4) to engage in any manipulative practice with respect to a client; or

5) to engage in any manipulative practice with respect to securities.

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As a fiduciary, Exchange Traded Concepts has an affirmative duty of care, loyalty, honesty and good faith to act in the best interests of its clients. This duty includes fully disclosing all material facts to clients concerning any conflict that does arise with respect to that client. This duty also applies to all Access Persons of Exchange Traded Concepts.

Disciplinary actions for failure to comply with this Code may include suspension of personal trading privileges, or suspension or termination of employment. The CCO will determine disciplinary actions by taking into account such facts as deemed appropriate and relevant, including the severity of the violation, and whether the Access Person has previously violated this Code.

**<u>Annual Acknowledgement</u>**

This Code is an integral part of the Firm's compliance program. This Code may be revised and supplemented from time to time; it is the responsibility of the CCO to distribute the most current version to all Access Persons.

It is the responsibility of each Access Person to understand the contents of this Code and the policies set forth herein, and to adhere to all applicable policies and procedures. Compliance by Access Persons with the Federal Securities Laws; the terms and provisions of the Compliance Manual, including, without limitation, the Code of Ethics; and any other applicable laws, rules, and regulations is a condition of employment and continued employment with the Firm. Access Persons who have supervisory responsibility should ensure that the Employees they supervise are familiar with applicable Federal Securities Laws, the Compliance Manual, and all applicable laws, rules, and regulations.

Each Access Person upon hire and annually thereafter is required to acknowledge his or her receipt and understanding of the Code and agreement to abide by its policies (the "Annual Acknowledgement"). Annual Acknowledgements will generally be distributed via and archived in the Firm's third-party compliance software.

**<u>PERSONAL SECURITIES TRANSACTIONS GENERALLY</u>**

All personal securities transactions are to be conducted in such a manner as to be consistent with the Code and to avoid any actual or potential conflict of interest or any abuse of an employee's position of trust and responsibility. Under the Advisers Act, the SEC has determined that an investment adviser's code of ethics must require Access Persons (as described above) to report their personal securities transactions and holdings and be subject to certain trading restrictions. Strict compliance with the provisions of the Code shall be considered a basic condition of employment with Exchange Traded Concepts.

For purposes of Exchange Traded Concepts' policy, employees of sub-advisers and service providers that have access to nonpublic information are not covered by this policy but are covered by their respective employer's policy.

**<u>CONFIDENTIALITY OF CLIENT AND FIRM INFORMATION AND THE USE OF ARTIFICIAL INTELLIGENCE (AI) /LARGE LANGUAGE MODEL (LLM) SERVICES</u>**

Confidentiality of information pertaining to Exchange Traded Concepts and its clients is a fundamental principle of the investment management business of Exchange Traded Concepts. Access Persons must maintain the confidential relationship between Exchange Traded Concepts and each of its clients. The confidentiality of information such as the extent of the account relationship must be held inviolate by those to whom it is entrusted and must never be discussed outside the normal and necessary course of Exchange Traded Concepts' business. To the extent possible, all information concerning clients and their accounts (including funds advised or sub-advised by Exchange Traded Concepts and the investors therein) shall be shared among employees on a strictly need-to-know basis. Each Access Person shall be

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subject to the privacy policies and procedures of Exchange Traded Concepts included in the Firm's compliance manual.

Supervised Persons should not share any confidential or proprietary information relating to the firm, its business, investment strategies, computer models, code, clients, strategies, or information relating any person or persons employed by the firm with or via online platforms, such as pasting information into Google or AI/LLM services such as Google's Bard or OpenAI's Chat GPT. By positing information into search engines, AI, LLM services and the like, Supervised Persons risk breaching client and commercial confidentiality and in so doing breaching the relevant policies maintained and adopted by the firm. Should any supervised person wish to post any information relating to the business or clients or employees of the firm into any such service, supervised persons must obtain the written permission from legal or compliance before positing any information.

**<u>GIFTS AND ENTERTAINMENT</u>**

Access Persons may not be compensated, directly or indirectly, except by the Firm. In light of the nature of the Firm's business, its fiduciary obligations to its investors and Clients as well as the regulatory environment in which the Firm conducts its business, the Firm is compelled to monitor the nature and quantity of the gifts, gratuities and other entertainment activities that its Access Persons give to or receive from a person or firm that conducts business with or provides services to the Firm, that may do business or is being solicited to do business with the Firm or that is associated with an organization that conducts or seeks to conduct business with the Firm. Such monitoring is not intended to prevent Access Persons from giving or receiving gifts, gratuities, and other entertainment activities but rather serves to ensure that the practice of giving or receiving gifts, gratuities and other entertainment activities is not abused or undertaken for improper purposes, and does not compromise the integrity, objectivity, or fiduciary responsibilities of the Firm or its Access Persons.

No gift, gratuity, or other entertainment activities should ever be accepted or given with any understanding that the donor will receive special or favorable treatment by the Firm or any Access Person.

Each Access Person may give or accept gifts from a business associate of up to $100 in value in aggregate per year without obtaining prior approval of the CCO. For gifts above $100 in aggregate per year, prior approval from the CCO must be received before accepting or giving the gift. The CCO may require the Access Person to return a gift if it is determined that the gift could improperly influence the use of a third-party business or create the appearance of a conflict of interest.

In situations where prior approval by CCO is not required, Access Persons must report to the CCO or a delegate thereof, in a timely manner after they have given or received a gift or entertainment (excluding basic, non-lavish, lunches during the business week multi-client events at conferences or gifts of promotional items). Access Persons must not give or receive any gift or entertainment, unless it is ordinary and reasonable in scope or cost. Gifts and Entertainment shall be tracked via the Firm's third-party compliance software system. To clarify, this policy does not prohibit an Access Person from giving or accepting an occasional meal, reception invitation, ticket to a sporting or theater event, or comparable entertainment, that is not so frequent, costly, or lavish as to raise any question of impropriety.

Furthermore, to ensure compliance with the Foreign Corrupt Practices Act, Access Persons are prohibited from directly or indirectly paying or giving, offering or promising to pay, give or authorize or approving such offer or payment, of any funds, gifts, services or anything else of any value, no matter how small, or seemingly insignificant, to any Covered Person(s) for any business or Firm-related reasons. A "Covered Person" for this purpose is any foreign official including, without limitation, any officer or employee of any foreign government or any governmental department, agency or instrumentality (e.g., a central bank) or any government-owned or controlled enterprise (e.g., sovereign wealth fund) or any person acting in an

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official capacity for or on behalf of any such government, department, agency, instrumentality or enterprise. It also includes any foreign political party, party official or candidate for political office.

Access Persons are prohibited from soliciting the brokerage community for these items or other favors in any manner that could be construed as using their employment/association with the Firm to obtain a personal benefit. In no event should any Access Person allocate brokerage commissions or trades to a broker on the basis of personal gifts, entertainment or rewards provided to the Access Person, or a relative or friend of the Access Person.

Access Persons are prohibited from giving or receiving any gift of cash, gift certificate, or cash equivalents.

Gifts and entertainment among Employees are not subject to the guidelines set forth above. Access Persons may attend seminars sponsored or paid for by a business associate provided that attendance at the seminar is not so costly or so lavish as to raise conflict of interest issues and they have received prior written approval from the CCO.

Each Access Person is expected to use professional judgment in entertaining and being entertained by a business associate. Provided the Access Person and the business associate both attend, an Access Person may accept from or provide to, a business associate breakfast, lunch, dinner or reception, ticket to a sporting event or the theater, or comparable entertainment, provided that such entertainment is not so frequent, costly, lavish, or excessive as to raise any question of impropriety. If there is any question as to whether a specific entertainment event can be accepted or given, the CCO should be consulted.

See Exhibit B of the Compliance Manual for Exchange Traded Concepts' policy on gifts and entertainment.

**<u>OUTSIDE EMPLOYMENT AND OTHER ACTIVITIES</u>**

Access Persons are not permitted to engage in any business activity or employment which interferes with their duties to Exchange Traded Concepts, divides their loyalty, creates an actual or apparent conflict of interest, or exposes the Access Person or Exchange Traded Concepts to possible criticism or adverse publicity. Access Persons must disclose all outside employment to Exchange Traded Concepts' senior management ("Senior Management") and the CCO. Access Persons must obtain prior approval from the CCO for all outside employment, business activities, managing directorships, or fiduciary appointments.

Exchange Traded Concepts encourages employees to participate in worthwhile civic, social, educational, professional and charitable organizations and activities. No activity, however, should interfere with their regular employment duties, unreasonably encroach upon working time, or necessitate such long hours as to impair working effectiveness of the employee.

Exchange Traded Concepts defines a publicly traded company as any organization or entity which makes available to the public for purchase either through an exchange or other instrumentality a stake or share in the organization or entity. Access Persons who wish to serve on the board of directors of a publicly traded company must supply a description, in writing, of the publicly traded company and the reasons why they are attempting to act in this role. Written pre-approval must be obtained from the Chief Compliance Officer ("CCO") and Exchange Traded Concepts' Senior Management in order for an Access Person to serve on the board of directors of a publicly traded company. Senior Management, in consultation with the CCO, will review/consider many factors in making the decision to grant approval or disapproval, including, but not limited to, whether the company is one which Exchange Traded Concepts Trusts (the "Trusts") would own in one of their Funds. Senior Management's decision, either for or against, will be provided to the Access Person in writing and a copy will be retained according to the Firm's Recordkeeping Policies and Procedures.

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If approval is granted by Senior Management, the Access Person has an ongoing obligation to notify Senior Management and the CCO of any potential conflicts of interest which may arise during the course of participating as a member of the board of directors of a public company. If there is any question whether a conflict of interest exists or may exist, Senior Management and CCO shall be notified.

Under no circumstance may an ETC Access Person be a member of a Board that is held as an investment in any of ETC's Trusts.

Violation of this policy may result in disciplinary action, up to and including termination of employment.

**<u>Conflicts of Interest</u>**

It is the policy of the Firm that all Access Persons conduct the business affairs of the Firm in accordance with the highest principles of business ethics and in such manner that no conflict of interest, actual or potential, can be construed. All Access Persons should promptly report to the CCO any situation or circumstance which may give rise to a conflict of interest.

It is a violation of this Code for any Access Person, without the prior written consent of the CCO, to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Rebate or pay any part of the compensation received from the Firm as an Employee to, directly or indirectly, any person, firm, or corporation that does business with or on behalf of the Firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Accept, directly or indirectly from any person, corporation, or association, other than the Firm, compensation of any nature as a bonus, commission, fee, gratuity, or other consideration in connection with any transaction on behalf of the Firm, or a Client Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Accept, directly or indirectly, from any person, firm, corporation, association or other entity that does business with or on behalf of the Firm, any gift or other item of more than *de minimis* value provided, however, that Access Persons may accept gifts in accordance with the Firm's policies related to gifts and entertainment as set forth in this Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Participate in entertainment with Clients, brokers and other counterparties unless reasonably related to legitimate business purposes of the Firm as described in more detail under the gifts and entertainment policy in this Code; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Own any Security or have, directly or indirectly, any financial interest in any other organization engaged in any securities, financial or financial related business, except for (i) ownership, or other interests in the Firm, and (ii) stock ownership, or other financial interest of a class of stock, or other classification of interests in accordance with the Firm's policies related to personal trading as set forth in this Code.

In addition, Access Persons may not influence, directly or indirectly, investment decisions on behalf of the Firm's Clients, or the allocation of Client brokerage for the benefit (in any form) of any immediate family member of the Access Person.

**<u>POLITICAL ACTIVITIES AND CONTRIBUTIONS</u>**

Exchange Traded Concepts encourages Access Persons to be informed about and participate in the political process and political activities, provided such participation does not unduly interfere with their duties or embarrass or discredit Exchange Traded Concepts. Exchange Traded Concepts further encourages all Access Persons to vote in elections and, if they so choose, to make voluntary contributions of time and/or money to political and governmental activities. Access Persons are required to comply with all provisions of Exchange Traded Concepts' Political Contributions (Pay-to-Play) Policy, which has

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been designed to ensure compliance with Rule 206(4)-5 of the Advisers Act. Access Persons must, however, engage in such activities as individuals rather than as representatives of Exchange Traded Concepts. Access Persons must further avoid any appearance of corporate sponsorship or endorsement in connection with any election. Access Persons must not use the corporate name in connection with any political fund-raising activity or in any printed material for use in political fund-raising activity, except where permitted by law. Access Persons must obtain approval from the CCO before becoming a candidate for public office, accepting any nomination or appointment to a public office or agreeing to serve as an official (such as a campaign manager, chairman or treasurer) in a political campaign.

Corporate disbursements of money, property or services to any government official, political party or candidate, either domestic or foreign, are strictly prohibited, even in those jurisdictions where such contributions are legally permissible. No offer, promise of payment or payment shall be made to any person, corporate entity, official of any government or government agency, in the United States or abroad, either directly or indirectly, to win preferential treatment in securing business or obtaining special concessions in Exchange Traded Concepts' interest. It should be emphasized that a corporate payment need not be illegal to be prohibited. Payments are broadly defined to include property or services.

Access Persons are required to provide the CCO with advance notice of planned solicitation activities for any political candidate or official by a spouse or other household member. The Firm reserves the right to object to these activities if the planned solicitation would be inconsistent with this policy.

Access Persons who wish to serve in public office must supply a description, in writing, of the particular public office and the reasons why they are attempting to serve in this role. This material should be submitted to Senior Management and the CCO for review and consideration. Written pre-approval must be obtained from Senior Management in order for an employee to seek or serve in public office. Senior Management, in consultation with the CCO, will review/consider many factors in making the decision to grant approval or disapproval, including, but not limited to, whether serving in such capacity will give the Access Person access to non-public information concerning stocks that are currently or could potentially be considered for inclusion in Exchange Traded Concepts client portfolios. Senior Management's decision will be provided to the Access Person in writing and a copy will be retained according to the Firm's Books and Records Policies and Procedures. If approval is granted by Senior Management, the Access Person has an ongoing obligation to notify Senior Management and the CCO of any potential conflicts of interest which may arise during the course of his or her service in public office. If there is any question whether a conflict of interest exists or may exist, Senior Management and the CCO shall be notified.

Contributions to a charity are not considered "political contributions" unless made to, through, in the name of, or to a fund controlled by a U.S. political candidate or official. This policy is not intended to impede legitimate, charitable fund-raising activities. Any questions regarding whether an organization is a charity, should be directed to the CCO.

Violation of this policy may result in disciplinary action, up to and including termination of employment.

**<u>RECORDS</u>**

The following records will be kept pertaining to this Code:

A copy of each Code that has been in effect at any time during the past five years will be kept in a readily accessible place by the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A record of any violations of the Code and any action taken
 as a result of such violation for five years from the end of the fiscal year in which
 the violation occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A
 record of all written acknowledgements of receipt of the Code and any amendments thereto
 for each person who is currently, or was within the past five years, a supervised person
 (five years from the date employment is terminated).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Holdings and statements/transaction reports made pursuant
 to the Code must be maintained for at least five years after the end of the fiscal year
 in which the report was made (the first two years in an easily accessible place).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A list of names of persons who are currently, or within the
 past five years were access persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A record of any decision and supporting reasons for approving
 the acquisition of securities by access persons in limited offerings for at least five
 years after the end of the fiscal year in which the approval was granted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A
 record of the individual(s) responsible for reviewing Access Persons' reports currently
 and during the past five years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A copy of reports provided to the board of trustees regarding
 the Code for at least five years after the end of the fiscal year in which it was made,
 the first two years in an easily accessible place.

All Access Persons are required to report any violations of the Code and potential conflicts of interest promptly to the CCO (if the CCO is unavailable or a party to the violation the violation should be reported to Senior Management). Such reports will be treated confidentially to the extent permitted by law and investigated promptly and appropriately. If an Access Person is unsure if a violation occurred but in good faith believes one might have occurred, they are to present all information to the CCO or Senior Management in the manner stated above. Retaliation by an Access Person against an individual who reports a violation is prohibited and constitutes a further violation of the Code. This duty encompasses a requirement that all employees promptly self-report violations of the Code.

**<u>PERSONAL TRADING</u>**

All Covered Accounts must be disclosed via the Firm's compliance software. Generally, security transactions in Covered Securities require written pre-clearance. With the exception of certain circumstances enumerated below, if an Access Person wishes to purchase or sell a position in any Covered Security, he/she must obtain written pre-clearance from the CCO or his/her delegate. Submission of a pre-clearance request as well as approval or denial shall be handled via the Firm's third-party compliance software. Prior to approving a request, the CCO shall review the requested security against the securities in any pro forma rebalance the Firm is currently in possession of, at the time of the request, as well as any trade files for actively managed funds and daily trade sheets for any private funds managed by ETC's Portfolio Management Desk in the Firm's possession. Absent extenuating circumstances, trade pre-clearance will not be approved if the security in question is included in a pro forma rebalance, trade file for an active fund or a private fund daily trade sheet which the Firm is currently in possession of at the time the request is made. Exceptions may be made with regards to personal transactions in SPDR S&P 500 ETF ("SPY") and Invesco QQQ Trust ("QQQ") as well as derivatives on these two broad-based ETFs, certain mega-cap stocks, generally understood to be over $200B in market cap (including derivatives on these issuers) and ETFs, that are traded daily in certain ETC advised or subadvised funds, subject to the discretion of the Firm's CCO or General Counsel. In the instance of extenuating circumstances, any deviation from the Personal Trading Policy must be approved by the CCO or General Counsel. The trade request must include an explanation of the extenuating circumstances to be considered by the CCO or General Counsel and Senior Management. For the personal trading of the CCO, the CCO must obtain written pre-clearance from Exchange Traded Concepts' Chief Executive Officer or member of Legal.

Transactions in Discretionary Managed Accounts, transactions effected pursuant to an Automatic Investment Plan (i.e. dividend reinvestment plan and micro investing through apps), transactions in open-ended mutual funds, futures, and Forex trading, as well as acquisitions of securities through stock dividends, stock splits and other similar corporate reorganizations are all excluded from the Firm's pre-clearance requirements.

Advance written approval is valid only for the day on which approval was granted. If a trade has not been executed on the day the approval was granted, subsequent approvals are necessary prior to trading. Preclearance requests will be retained in the Firm's third-party compliance software. The CCO or his/her

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delegate will periodically reconcile pre-clearance reports with the duplicate trading confirmations received electronically in the Firm's third-party compliance software, to ensure compliance with the policy.

Access Persons may not purchase or hold Initial Public Offerings (IPO's).

Limited Offerings require written pre-clearance. Transactions in Covered Securities in retirement accounts including, but not limited to IRA's, that are self-directed (i.e. stocks or bonds, not mutual funds), ESOP's (Employee Stock Option Plans) and ESPP (Employee Stock Purchase Plans) require pre-clearance.

All ETC Access Persons are prohibited from trading, encouraging others to trade, either personally or on behalf of others, while in possession of material, non-public information. All ETC Access Persons are also prohibited from communicating material non-public information to others in violation of the law. For additional information see Exchange Traded Concepts' Policy on the Prevention of Insider Trading included in Exhibit A of the Compliance Manual.

<u>Short Term Trading:</u>

ETC discourages short term trading by Access Persons. Excessive short-term trading can lead to the suspension of personal trading privileges as determined by the CCO and Senior Management.

**<u>Reporting</u>**

Consistent with the requirements of Rule 204A-1 under the Advisers Act, Access Persons must submit the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Initial Holdings Report</u> - within ten (10) days of hire,
 all new Access Persons are required to file a signed and dated Initial Holdings Report,
 setting forth the title, ticker symbol or CUSIP number, type of security, number of shares,
 and the principal amount of each Covered Security (including mutual funds advised or
 sub-advised by the firm) in which they have any direct or indirect beneficial ownership;
 and the name of any broker, dealer, or bank with whom an account is maintained in which
 any Covered Securities are held for their direct or indirect benefit and the date the
 report is submitted. The information must be current as of a date no more than 45 days
 prior to the date the person became an Access Person. Initial Holdings Reports shall
 be filed through the Firm's third-party compliance software.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Annual Holdings Report</u> - on an annual basis, all Access Persons are
 required to file within thirty (30) days of year-end a signed and dated Annual
 Holdings Report listing all Covered securities owned as of December 31<sup>st</sup>.
 Within this report, all Access Persons must list the title, the number of shares, and
 the principal amount of each Covered Security (including mutual funds advised or sub-advised
 by the firm) in which they had any direct or indirect beneficial ownership; and the name
 of any broker, dealer, or bank with whom an account was maintained in which any Covered
 Securities were held for their direct or indirect benefit and the date the report is
 submitted. The information must be current as of a date no more than 45 days before the
 report is submitted. Annual Holdings Reports shall be filed through the Firm's
 third-party compliance software.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Quarterly Transaction Reports</u> - Within thirty (30) days following the end
 of each calendar quarter all Access Persons must submit a signed and dated report
 listing all transactions in Covered Securities executed during that preceding
 calendar quarter. For each transaction, Access Persons are required to list the date,
 the title, ticker symbol or CUSIP number, the number of shares, interest rate and maturity
 date, and the principal amount of each covered security involved; the nature of the transaction
 (i.e., purchase, sale, or other type of acquisition/disposition); the price at which
 the transaction was effected; and the name of any broker, dealer, or bank through which
 the transaction was effected and the date the report is submitted. Also in this report
 Access Persons are to disclose any brokerage account opened

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during the calendar quarter. Access Persons are required to list the name of the broker, dealer or bank with whom the access person established the account, the date the account was established and the date the report is submitted. Quarterly Transactions Reports will be filed through the Firm's third-party compliance software.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Duplicate brokerage/mutual fund statements/confirms</u> – Access
 Persons must have duplicate statements and confirms sent to the attention of Exchange
 Traded Concepts' CCO. When possible, and in most cases, this shall be accomplished
 via a direct electronic link or direct feed to the Firm's third-party compliance
 software. The CCO or his/her delegate will review them on a quarterly basis, to ensure
 all policies are being followed. Senior Management or Legal will review the statements
 and confirms of the CCO. Brokerage, mutual funds advised or sub-advised by Exchange Traded
 Concepts, IRA's, Rollover IRA's (which are self-directed), ESOP's, private placements,
 and limited partnerships must all be reported and duplicate statements must be forwarded.
 Violations detected during the review will be documented and reviewed by the CCO. The
 CCO will determine appropriate steps depending on the violation, up to and including
 termination of employee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Annual Certification</u> - All Access Persons are required to certify
 annually to the CCO that: (i) they have read and understand the Code; (ii) they have
 complied with all requirements of the Code; and (iii) they have reported all
 transactions required to be reported under the Code. Annual Certification shall be accomplished
 through the Firm's third-party compliance software.

Access Persons of Exchange Traded Concepts must abide by the established internal policies and procedures. Compliance with the quarterly/annual Trading Disclosures and Holdings Reporting is a requirement of your employment at Exchange Traded Concepts. It is each Access Person's responsibility to provide the required information within 30 days of the end of each quarter.

All transaction and holdings reports submitted to the CCO will be maintained in the strictest confidence, except to the extent necessary to implement and enforce provisions of the Code or to comply with requests for information from government agencies of proper authority or pursuant to litigation.

The Chief Compliance Officer or compliance designee will review required reports to determine whether a violation of this Code may have occurred. If a violation is found to have occurred, the Chief Compliance Officer and Senior Management will impose, after consultation with outside counsel (as appropriate), corrective action as they deem appropriate under the circumstances.

<u>Miscellaneous:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Confidentiality</u>. All reports of securities transactions and any other
 information filed with ETC pursuant to this Code will be treated as confidential.
 However, we may disclose copies of reports and information to the Securities and Exchange
 Commission or as otherwise required by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Interpretation of Provisions</u>. ETC may from time to time adopt
 interpretations of this Code as it deems appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Distribution of Code, Acknowledgement of Receipt and Annual Certification of Compliance</u>. All ETC Access Persons will receive a copy of this Code
 and any material amendments. Within 10 days of receiving any initial or amended copy
 of this Code, and each year thereafter, each ETC Access Person will sign and return the
 compliance certification via the Firm's third-party compliance software. ETC Access
 Persons who need any additional copies of the Code should contact the CCO.

10900 Hefner Pointe Drive, Suite 400 Oklahoma City, OK 73120 (405) 778-8377

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Reporting Violations</u>. Any violation of this Code must be
 promptly reported to ETC's Chief Compliance Officer, an Alternate Review Officer,
 or other member of ETC's Compliance Department.

10900 Hefner Pointe Drive, Suite 400 Oklahoma City, OK 73120 (405) 778-8377

## Ex-99.(Q)(1)

***Exhibit 99.(q)(1)***

**FIRST EAGLE FUNDS**

**FIRST EAGLE VARIABLE FUNDS**

**FIRST EAGLE CREDIT OPPORTUNITIES FUND**

**FIRST EAGLE REAL ESTATE DEBT FUND**

**FIRST EAGLE TACTICAL MUNICIPAL OPPORTUNITIES FUND**

**FIRST EAGLE COMPLETION FUND TRUST**

**FIRST EAGLE ETF TRUST**

**POWER OF ATTORNEY**

***All Trusts***: The person whose signature appears below hereby appoints Mehdi Mahmud, Sheelyn Michael and David O'Connor and each of them, each of whom may act without the joinder of others, as such person's attorney-in-fact to sign and file on such person's behalf individually and in the capacity stated below such registration statements, amendments, post-effective amendments, exhibits, applications and other documents with the Securities and Exchange Commission or any other regulatory authority as may be desirable or necessary in connection with the public offering of shares of each of the First Eagle Funds, First Eagle Variable Funds, First Eagle Credit Opportunities Fund, First Eagle Real Estate Debt Fund, First Eagle Tactical Municipal Opportunities Fund, First Eagle Completion Fund Trust and First Eagle ETF Trust.

***Further appointment and authority as to First Eagle Credit Opportunities Fund, First Eagle Real Estate Debt Fund and First Eagle Tactical Municipal Opportunities Fund***: The above appointment and signature and filing authority, for each of the foregoing individuals and for this purpose only also to Seth Gelman, each of whom may act without the joinder of others, specifically shall extend to filings as may be required to be made by or for the person as a "Section 16 reporting person" and in particular on SEC Form 3, Form 4 and/or Form 5 required under said Section 16. In this regard, however, it is understood that it is solely the obligation of the reporting person to timely advise the Fund of any transactions in shares or other securities of the Fund as may be relevant to these reporting obligations.

---

| | |
|:---|:---|
| /s/ Lisa Anderson | /s/ Lisa Anderson |
| Name: | Lisa Anderson |
| Title: | Trustee |
| Date: | December 11, 2025 |

---

## Ex-99.(Q)(2)

***Exhibit 99.(q)(2)***

**FIRST EAGLE FUNDS**

**FIRST EAGLE VARIABLE FUNDS**

**FIRST EAGLE CREDIT OPPORTUNITIES FUND**

**FIRST EAGLE REAL ESTATE DEBT FUND**

**FIRST EAGLE TACTICAL MUNICIPAL OPPORTUNITIES FUND**

**FIRST EAGLE COMPLETION FUND TRUST**

**FIRST EAGLE ETF TRUST**

**POWER OF ATTORNEY**

***All Trusts***: The person whose signature appears below hereby appoints Mehdi Mahmud, Sheelyn Michael and David O'Connor and each of them, each of whom may act without the joinder of others, as such person's attorney-in-fact to sign and file on such person's behalf individually and in the capacity stated below such registration statements, amendments, post-effective amendments, exhibits, applications and other documents with the Securities and Exchange Commission or any other regulatory authority as may be desirable or necessary in connection with the public offering of shares of each of the First Eagle Funds, First Eagle Variable Funds, First Eagle Credit Opportunities Fund, First Eagle Real Estate Debt Fund, First Eagle Tactical Municipal Opportunities Fund, First Eagle Completion Fund Trust and First Eagle ETF Trust.

***Further appointment and authority as to First Eagle Credit Opportunities Fund, First Eagle Real Estate Debt Fund and First Eagle Tactical Municipal Opportunities Fund***: The above appointment and signature and filing authority, for each of the foregoing individuals and for this purpose only also to Seth Gelman, each of whom may act without the joinder of others, specifically shall extend to filings as may be required to be made by or for the person as a "Section 16 reporting person" and in particular on SEC Form 3, Form 4 and/or Form 5 required under said Section 16. In this regard, however, it is understood that it is solely the obligation of the reporting person to timely advise the Fund of any transactions in shares or other securities of the Fund as may be relevant to these reporting obligations.

---

| | |
|:---|:---|
| /s/ John Arnhold | /s/ John Arnhold |
| Name: | John Arnhold |
| Title: | Trustee |
| Date: | December 11, 2025 |

---

## Ex-99.(Q)(3)

***Exhibit 99.(q)(3)***

**FIRST EAGLE FUNDS**

**FIRST EAGLE VARIABLE FUNDS**

**FIRST EAGLE CREDIT OPPORTUNITIES FUND**

**FIRST EAGLE REAL ESTATE DEBT FUND**

**FIRST EAGLE TACTICAL MUNICIPAL OPPORTUNITIES FUND**

**FIRST EAGLE COMPLETION FUND TRUST**

**FIRST EAGLE ETF TRUST**

**POWER OF ATTORNEY**

***All Trusts***: The person whose signature appears below hereby appoints Mehdi Mahmud, Sheelyn Michael and David O'Connor and each of them, each of whom may act without the joinder of others, as such person's attorney-in-fact to sign and file on such person's behalf individually and in the capacity stated below such registration statements, amendments, post-effective amendments, exhibits, applications and other documents with the Securities and Exchange Commission or any other regulatory authority as may be desirable or necessary in connection with the public offering of shares of each of the First Eagle Funds, First Eagle Variable Funds, First Eagle Credit Opportunities Fund, First Eagle Real Estate Debt Fund, First Eagle Tactical Municipal Opportunities Fund, First Eagle Completion Fund Trust and First Eagle ETF Trust.

***Further appointment and authority as to First Eagle Credit Opportunities Fund, First Eagle Real Estate Debt Fund and First Eagle Tactical Municipal Opportunities Fund***: The above appointment and signature and filing authority, for each of the foregoing individuals and for this purpose only also to Seth Gelman, each of whom may act without the joinder of others, specifically shall extend to filings as may be required to be made by or for the person as a "Section 16 reporting person" and in particular on SEC Form 3, Form 4 and/or Form 5 required under said Section 16. In this regard, however, it is understood that it is solely the obligation of the reporting person to timely advise the Fund of any transactions in shares or other securities of the Fund as may be relevant to these reporting obligations.

---

| | |
|:---|:---|
| /s/ Candace K. Beinecke | /s/ Candace K. Beinecke |
| Name: | Candace K. Beinecke |
| Title: | Trustee |
| Date: | December 11, 2025 |

---

## Ex-99.(Q)(4)

***Exhibit 99.(q)(4)***

**FIRST EAGLE FUNDS**

**FIRST EAGLE VARIABLE FUNDS**

**FIRST EAGLE CREDIT OPPORTUNITIES FUND**

**FIRST EAGLE REAL ESTATE DEBT FUND**

**FIRST EAGLE TACTICAL MUNICIPAL OPPORTUNITIES FUND**

**FIRST EAGLE COMPLETION FUND TRUST**

**FIRST EAGLE ETF TRUST**

**POWER OF ATTORNEY**

***All Trusts***: The person whose signature appears below hereby appoints Mehdi Mahmud, Sheelyn Michael and David O'Connor and each of them, each of whom may act without the joinder of others, as such person's attorney-in-fact to sign and file on such person's behalf individually and in the capacity stated below such registration statements, amendments, post-effective amendments, exhibits, applications and other documents with the Securities and Exchange Commission or any other regulatory authority as may be desirable or necessary in connection with the public offering of shares of each of the First Eagle Funds, First Eagle Variable Funds, First Eagle Credit Opportunities Fund, First Eagle Real Estate Debt Fund, First Eagle Tactical Municipal Opportunities Fund, First Eagle Completion Fund Trust and First Eagle ETF Trust.

***Further appointment and authority as to First Eagle Credit Opportunities Fund, First Eagle Real Estate Debt Fund and First Eagle Tactical Municipal Opportunities Fund***: The above appointment and signature and filing authority, for each of the foregoing individuals and for this purpose only also to Seth Gelman, each of whom may act without the joinder of others, specifically shall extend to filings as may be required to be made by or for the person as a "Section 16 reporting person" and in particular on SEC Form 3, Form 4 and/or Form 5 required under said Section 16. In this regard, however, it is understood that it is solely the obligation of the reporting person to timely advise the Fund of any transactions in shares or other securities of the Fund as may be relevant to these reporting obligations.

---

| | |
|:---|:---|
| /s/ Peter Davidson | /s/ Peter Davidson |
| Name: | Peter Davidson |
| Title: | Trustee |
| Date: | December 11, 2025 |

---

## Ex-99.(Q)(5)

***Exhibit 99.(q)(5)***

**FIRST EAGLE FUNDS**

**FIRST EAGLE VARIABLE FUNDS**

**FIRST EAGLE CREDIT OPPORTUNITIES FUND**

**FIRST EAGLE REAL ESTATE DEBT FUND**

**FIRST EAGLE TACTICAL MUNICIPAL OPPORTUNITIES FUND**

**FIRST EAGLE COMPLETION FUND TRUST**

**FIRST EAGLE ETF TRUST**

**POWER OF ATTORNEY**

***All Trusts***: The person whose signature appears below hereby appoints Mehdi Mahmud, Sheelyn Michael and David O'Connor and each of them, each of whom may act without the joinder of others, as such person's attorney-in-fact to sign and file on such person's behalf individually and in the capacity stated below such registration statements, amendments, post-effective amendments, exhibits, applications and other documents with the Securities and Exchange Commission or any other regulatory authority as may be desirable or necessary in connection with the public offering of shares of each of the First Eagle Funds, First Eagle Variable Funds, First Eagle Credit Opportunities Fund, First Eagle Real Estate Debt Fund, First Eagle Tactical Municipal Opportunities Fund, First Eagle Completion Fund Trust and First Eagle ETF Trust.

***Further appointment and authority as to First Eagle Credit Opportunities Fund, First Eagle Real Estate Debt Fund and First Eagle Tactical Municipal Opportunities Fund***: The above appointment and signature and filing authority, for each of the foregoing individuals and for this purpose only also to Seth Gelman, each of whom may act without the joinder of others, specifically shall extend to filings as may be required to be made by or for the person as a "Section 16 reporting person" and in particular on SEC Form 3, Form 4 and/or Form 5 required under said Section 16. In this regard, however, it is understood that it is solely the obligation of the reporting person to timely advise the Fund of any transactions in shares or other securities of the Fund as may be relevant to these reporting obligations.

---

| | |
|:---|:---|
| /s/ Jean D. Hamilton | /s/ Jean D. Hamilton |
| Name: | Jean D. Hamilton |
| Title: | Trustee |
| Date: | December 11, 2025 |

---

## Ex-99.(Q)(6)

***Exhibit 99.(q)(6)***

**FIRST EAGLE FUNDS**

**FIRST EAGLE VARIABLE FUNDS**

**FIRST EAGLE CREDIT OPPORTUNITIES FUND**

**FIRST EAGLE REAL ESTATE DEBT FUND**

**FIRST EAGLE TACTICAL MUNICIPAL OPPORTUNITIES FUND**

**FIRST EAGLE COMPLETION FUND TRUST**

**FIRST EAGLE ETF TRUST**

**POWER OF ATTORNEY**

***All Trusts***: The person whose signature appears below hereby appoints Mehdi Mahmud, Sheelyn Michael and David O'Connor and each of them, each of whom may act without the joinder of others, as such person's attorney-in-fact to sign and file on such person's behalf individually and in the capacity stated below such registration statements, amendments, post-effective amendments, exhibits, applications and other documents with the Securities and Exchange Commission or any other regulatory authority as may be desirable or necessary in connection with the public offering of shares of each of the First Eagle Funds, First Eagle Variable Funds, First Eagle Credit Opportunities Fund, First Eagle Real Estate Debt Fund, First Eagle Tactical Municipal Opportunities Fund, First Eagle Completion Fund Trust and First Eagle ETF Trust.

***Further appointment and authority as to First Eagle Credit Opportunities Fund, First Eagle Real Estate Debt Fund and First Eagle Tactical Municipal Opportunities Fund***: The above appointment and signature and filing authority, for each of the foregoing individuals and for this purpose only also to Seth Gelman, each of whom may act without the joinder of others, specifically shall extend to filings as may be required to be made by or for the person as a "Section 16 reporting person" and in particular on SEC Form 3, Form 4 and/or Form 5 required under said Section 16. In this regard, however, it is understood that it is solely the obligation of the reporting person to timely advise the Fund of any transactions in shares or other securities of the Fund as may be relevant to these reporting obligations.

---

| | |
|:---|:---|
| /s/ William M. Kelly | /s/ William M. Kelly |
| Name: | &nbsp;&nbsp;William M. Kelly |
| Title: | &nbsp;&nbsp;Trustee |
| Date: | &nbsp;&nbsp;December 11, 2025 |

---

## Ex-99.(Q)(7)

***Exhibit 99.(q)(7)***

**FIRST EAGLE FUNDS**

**FIRST EAGLE VARIABLE FUNDS**

**FIRST EAGLE CREDIT OPPORTUNITIES FUND**

**FIRST EAGLE REAL ESTATE DEBT FUND**

**FIRST EAGLE TACTICAL MUNICIPAL OPPORTUNITIES FUND**

**FIRST EAGLE COMPLETION FUND TRUST**

**FIRST EAGLE ETF TRUST**

**POWER OF ATTORNEY**

***All Trusts***: The person whose signature appears below hereby appoints Mehdi Mahmud, Sheelyn Michael and David O'Connor and each of them, each of whom may act without the joinder of others, as such person's attorney-in-fact to sign and file on such person's behalf individually and in the capacity stated below such registration statements, amendments, post-effective amendments, exhibits, applications and other documents with the Securities and Exchange Commission or any other regulatory authority as may be desirable or necessary in connection with the public offering of shares of each of the First Eagle Funds, First Eagle Variable Funds, First Eagle Credit Opportunities Fund, First Eagle Real Estate Debt Fund, First Eagle Tactical Municipal Opportunities Fund, First Eagle Completion Fund Trust and First Eagle ETF Trust.

***Further appointment and authority as to First Eagle Credit Opportunities Fund, First Eagle Real Estate Debt Fund and First Eagle Tactical Municipal Opportunities Fund***: The above appointment and signature and filing authority, for each of the foregoing individuals and for this purpose only also to Seth Gelman, each of whom may act without the joinder of others, specifically shall extend to filings as may be required to be made by or for the person as a "Section 16 reporting person" and in particular on SEC Form 3, Form 4 and/or Form 5 required under said Section 16. In this regard, however, it is understood that it is solely the obligation of the reporting person to timely advise the Fund of any transactions in shares or other securities of the Fund as may be relevant to these reporting obligations.

---

| | |
|:---|:---|
| /s/ Paul Lawler | /s/ Paul Lawler |
| Name: | Paul Lawler |
| Title: | Trustee |
| Date: | December 11, 2025 |

---

## Ex-99.(Q)(8)

***Exhibit 99.(q)(8)***

**FIRST EAGLE FUNDS**

**FIRST EAGLE VARIABLE FUNDS**

**FIRST EAGLE CREDIT OPPORTUNITIES FUND**

**FIRST EAGLE REAL ESTATE DEBT FUND**

**FIRST EAGLE TACTICAL MUNICIPAL OPPORTUNITIES FUND**

**FIRST EAGLE COMPLETION FUND TRUST**

**FIRST EAGLE ETF TRUST**

**POWER OF ATTORNEY**

***All Trusts***: The person whose signature appears below hereby appoints Mehdi Mahmud, Sheelyn Michael and David O'Connor and each of them, each of whom may act without the joinder of others, as such person's attorney-in-fact to sign and file on such person's behalf individually and in the capacity stated below such registration statements, amendments, post-effective amendments, exhibits, applications and other documents with the Securities and Exchange Commission or any other regulatory authority as may be desirable or necessary in connection with the public offering of shares of each of the First Eagle Funds, First Eagle Variable Funds, First Eagle Credit Opportunities Fund, First Eagle Real Estate Debt Fund, First Eagle Tactical Municipal Opportunities Fund, First Eagle Completion Fund Trust and First Eagle ETF Trust.

***Further appointment and authority as to First Eagle Credit Opportunities Fund, First Eagle Real Estate Debt Fund and First Eagle Tactical Municipal Opportunities Fund***: The above appointment and signature and filing authority, for each of the foregoing individuals and for this purpose only also to Seth Gelman, each of whom may act without the joinder of others, specifically shall extend to filings as may be required to be made by or for the person as a "Section 16 reporting person" and in particular on SEC Form 3, Form 4 and/or Form 5 required under said Section 16. In this regard, however, it is understood that it is solely the obligation of the reporting person to timely advise the Fund of any transactions in shares or other securities of the Fund as may be relevant to these reporting obligations.

---

| | |
|:---|:---|
| /s/ Mandakini Puri | /s/ Mandakini Puri |
| Name: | Mandakini Puri |
| Title: | Trustee |
| Date: | December 11, 2025 |

---

## Ex-99.(Q)(9)

***Exhibit 99.(q)(9)***

**FIRST EAGLE FUNDS**

**FIRST EAGLE VARIABLE FUNDS**

**FIRST EAGLE CREDIT OPPORTUNITIES FUND**

**FIRST EAGLE REAL ESTATE DEBT FUND**

**FIRST EAGLE TACTICAL MUNICIPAL OPPORTUNITIES FUND**

**FIRST EAGLE COMPLETION FUND TRUST**

**FIRST EAGLE ETF TRUST**

**POWER OF ATTORNEY**

***All Trusts***: The person whose signature appears below hereby appoints Mehdi Mahmud, Sheelyn Michael and David O'Connor and each of them, each of whom may act without the joinder of others, as such person's attorney-in-fact to sign and file on such person's behalf individually and in the capacity stated below such registration statements, amendments, post-effective amendments, exhibits, applications and other documents with the Securities and Exchange Commission or any other regulatory authority as may be desirable or necessary in connection with the public offering of shares of each of the First Eagle Funds, First Eagle Variable Funds, First Eagle Credit Opportunities Fund, First Eagle Real Estate Debt Fund, First Eagle Tactical Municipal Opportunities Fund, First Eagle Completion Fund Trust and First Eagle ETF Trust.

***Further appointment and authority as to First Eagle Credit Opportunities Fund, First Eagle Real Estate Debt Fund and First Eagle Tactical Municipal Opportunities Fund***: The above appointment and signature and filing authority, for each of the foregoing individuals and for this purpose only also to Seth Gelman, each of whom may act without the joinder of others, specifically shall extend to filings as may be required to be made by or for the person as a "Section 16 reporting person" and in particular on SEC Form 3, Form 4 and/or Form 5 required under said Section 16. In this regard, however, it is understood that it is solely the obligation of the reporting person to timely advise the Fund of any transactions in shares or other securities of the Fund as may be relevant to these reporting obligations.

---

| | |
|:---|:---|
| /s/ Scott Sleyster | /s/ Scott Sleyster |
| Name: | Scott Sleyster |
| Title: | Trustee |
| Date: | December 11, 2025 |

---