Investment Philosophy

Seeks to provide high current income exempt from regular federal income taxes. Capital appreciation is a secondary objective when consistent with the Fund’s primary objective.

  • After-Tax Income Potential

    The municipal securities market may offer the potential for higher after-tax income when compared with other fixed income markets.

  • Opportunities to Identify Undervalued Municipal Securities

    The size, depth and other characteristics of the state and national municipal securities markets offer a broad opportunity set of individual issuers in securities that may be undervalued relative to the general market.

  • Market Inefficiencies

    The scale and intricacy of the municipal securities market often results in pricing anomalies and other inefficiencies that can be identified and capitalized on through trading strategies.


Our Process

The High Yield Municipal Fund emphasizes a fundamental bottom-up research approach that drives the identification of investment opportunities in all market environments. The three phases of the process are:

  • 01

    Bottom Up Fundamental Analysis

    Team to screen for issuers that meets the investment team's fundamental tests of creditworthiness 

    Team favors those issuers with attractive return potential from a combination of price improvement and yield through solid coverage of debt service and a priority lien on hard assets, dedicated revenue streams or tax resources

    Strategic inputs include:

    • Credit analysis
    • Security structure
    • Sector analysis
    • Yield curve positioning
  • 02

    Portfolio Construction

    Team seeks to invest in a large number of sectors, states and specific issuers in order to help create a diversified portfolio and help mitigate the portfolio from events that may affect any individual industry, geographic location or credit

    Team seeks to limit exposure to individual credits, mitigate interest rate risk, and maximize overall call protection

    Portfolio assessment:

    • Position sizing
    • Performance and attribution analysis
    • Duration management
    • Leverage analysis
  • 03

    Risk Management and Sell Discipline

    Team may sell a security if, among other factors, it:

    • Determines a security is overvalued
    • Detects credit deterioration
    • Modifies its portfolio strategy, such as sector or state allocation

    Team may also sell a security when it exceeds the portfolio’s diversification targets

  1. The distribution yield is calculated by the most recent distribution, multiplies it by 12 to get an annualized total, and then divides the result by the NAV. It is the Fund’s policy to make periodic distributions of tax-exempt income, net investment income and net realized capital gains, if any. Unless you elect otherwise, such distributions to you will be reinvested in additional shares of the same share class of a Fund at net asset value calculated as of the payment date.

    30-day SEC Yield is a standard yield calculation developed by the Securities and Exchange Commission (SEC) that allows for fairer comparisons of bond funds. It is based on the most recent 30-day period covered by the fund’s filings with the SEC. The yield figure reflects the dividends and interest earned during the period, after the deduction of the fund’s expenses. This is also referred to as the “standardized yield.” The number is then annualized. This yield does not necessarily reflect income actually earned and distributed by the Fund, and therefore may not be correlated with dividends and distributions paid. Had fees not been waived and or/expenses reimbursed, the SEC Yield would have been lower.

    Alternative Minimum Tax (AMT) is a tax on items not normally taxed that are imposed by the federal government for individuals who exceed specific income thresholds.

    Yield to worst is a measure of the lowest possible yield that can be received on a bond that operates within the terms of its contract without defaulting.

    The investment process may change over time. The information set forth above is intended as a general illustration of some of the criteria the investment team considers in selecting securities. Not all investments will meet such criteria. Diversification does not guarantee investment returns and does not eliminate the risk of loss.

    These are among factors to be considered when deciding whether to sell, this is not a comprehensive list.

    A debt instrument’s “duration’’ is a way of measuring a debt instrument’s sensitivity to a potential change in interest rates.

TickerClassYTD %1 MO3 MO1 YR3 YR5 YR10 YRINCEPT %Expense Ratio
GrossNet
FEHAX A w/out load   8.36%   2.88%   3.99%  13.46%   2.99%   4.09%   3.33%   4.60%   1.53%   1.25%
FEHAX A w/load   3.52%   0.36%   1.44%   8.29%   1.41%   3.14%   2.85%   4.22%   1.53%   1.25%
S&P Municipal Yield Index (since inception based on I Shares)   3.34%   2.08%   1.36%   7.43%  -0.35%   2.69%   4.37%   4.54%
FEHAX A w/out load   8.36%   2.88%   3.99%  13.46%   2.99%   4.09%   3.33%   4.60%   1.53%   1.25%
FEHAX A w/load   3.52%   0.36%   1.44%   8.29%   1.41%   3.14%   2.85%   4.22%   1.53%   1.25%
S&P Municipal Yield Index (since inception based on I Shares)   3.34%   2.08%   1.36%   7.43%  -0.35%   2.69%   4.37%   4.54%
FEHCX C   6.98%   1.82%   2.68%  11.50%   2.23%   3.31%   2.56%   3.81%   2.28%   2.00%
S&P Municipal Yield Index (since inception based on I Shares)   3.34%   2.08%   1.36%   7.43%  -0.35%   2.69%   4.37%   4.54%
FEHCX C   6.98%   1.82%   2.68%  11.50%   2.23%   3.31%   2.56%   3.81%   2.28%   2.00%
S&P Municipal Yield Index (since inception based on I Shares)   3.34%   2.08%   1.36%   7.43%  -0.35%   2.69%   4.37%   4.54%
FEHIX I   8.48%   2.90%   3.93%  13.57%   3.25%   4.36%   3.61%   6.82%   1.28%   1.00%
S&P Municipal Yield Index (since inception based on I Shares)   3.34%   2.08%   1.36%   7.43%  -0.35%   2.69%   4.37%   4.54%
FEHIX I   8.48%   2.90%   3.93%  13.57%   3.25%   4.36%   3.61%   6.82%   1.28%   1.00%
S&P Municipal Yield Index (since inception based on I Shares)   3.34%   2.08%   1.36%   7.43%  -0.35%   2.69%   4.37%   4.54%
FEHRX R6   8.78%   2.90%   4.05%  14.06%   3.38%   4.44%      -   4.23%   1.28%   1.00%
S&P Municipal Yield Index (since inception based on I Shares)   3.34%   2.08%   1.36%   7.43%  -0.35%   2.69%   4.37%   4.54%
FEHRX R6   8.78%   2.90%   4.05%  14.06%   3.38%   4.44%      -   4.23%   1.28%   1.00%
S&P Municipal Yield Index (since inception based on I Shares)   3.34%   2.08%   1.36%   7.43%  -0.35%   2.69%   4.37%   4.54%

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

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

  1. Effective December 27, 2023, the Fund changed its name and principal investment strategy.  Performance for the periods prior to December 27, 2023 is based on the investment strategy utilized by the Fund at those times.

  2. The performance data quoted herein represents past performance and does not guarantee future results. Market volatility can dramatically impact a Fund's short-term performance. Current performance may be lower or higher than figures shown. The investment return and principal value will fluctuate so that an investor's shares, when redeemed may be worth more or less than their original cost. Past performance data through the most recent month end is available on the Prices & Performance page.

  3. First Eagle Investment Management, LLC (the “Adviser”) has contractually agreed to waive and/ or reimburse certain fees and expenses of Classes A, C, I, and R6 so that the total annual operating expenses (excluding interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, dividend and other expenses relating to short sales, and extraordinary expenses, if any) (“annual operating expenses”) of each class are limited to 0.85%, 1.60%, 0.60%, and 0.60% of average net assets, respectively. Each of these undertakings lasts until February 28, 2025 and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed that each of Classes A, C, I, and R6 will repay the Adviser for fees and expenses waived or reimbursed for the class provided that repayment does not cause annual operating expenses (after the repayment is taken into account) to exceed the lesser of: (1) 0.85%, 1.60%, 0.60%, and 0.60% of the class’ average net assets, respectively; or (2) if applicable, the then-current expense limitations. Any such repayment must be made within three years after the year in which the Adviser incurred the expense.

Top Ten Holdings (%)

As of Jun 30, 2024

Florida Dev Fin Corp Rev VaR 12.0% 15-Jul-2032 NR 4.90
Florida Dev Fin Corp Rev Var 8.25% 1-Jul-2057 BBB- 3.21
New Hope Cultural Ed Facs Fin Corp Tex Sr Livingrev 5.5% 1-Jan-2057 NR 2.33
Black Desert Pub Infrastructure Dist Utah Spl Assmt 5.625% 1-Dec-2053 NR 2.02
New York Transn Dev Corp Spl Fac Rev 5.25% 30-Jun-2060 AA 1.75
New York Transn Dev Corp Spl Fac Rev 5.5% 30-Jun-2060 NR 1.53
Public Fin Auth Wis Multifamily Affordable Hsg Ctfs 6.81% 28-Apr-2036 BBB- 1.46
Olney Tex Hamilton Hosp Dist 6.25% 15-Sep-2054 NR 1.39
Cscda Cmnty Impt Auth Calif Essential Hsg Rev 4.0% 1-Dec-2058 NR 1.28
Cscda Cmnty Impt Auth Calif Essential Hsg Rev 3.125% 1-Jun-2057 NR 1.23
Top Ten Holdings as a Percentage of Total Net Assets 21.11

Allocation by Credit Quality (%)

Not Rated: 62.62%
BB: 11.88%
BBB: 5.25%
B: 4.63%
CCC: 1.20%
AA: 1.16%
A: 0.17%
AAA: 0.00%
CC: 0.00%
C: 0.00%
Source: FactSet; data as of Mar 31, 2024.
  1. Ratings source: Standard & Poor's. A credit rating, as represented by the Credit Quality Breakdown, is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of credit worthiness of an issuer with respect to debt obligations, including specific securities, money market instruments, or other bonds. ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. Not Rated (NR) indicates that the debtor was not rated and should not be interpreted as indicating low quality. For more information on the Standard & Poor's rating methodology, please visit standardandpoors.com and select "Understanding Ratings" under Rating Resources.

  2. Excludes cash and cash equivalents.

Not Rated 62.62%
BB 11.88%
BBB 5.25%
B 4.63%
CCC 1.20%
AA 1.16%
A 0.17%
AAA 0.00%
C 0.00%
CC 0.00%
Not Rated 70.24%
BB 20.02%
BBB 4.43%
B 3.89%
AA 0.95%
CCC 0.48%
A 0.00%
AAA 0.00%
C 0.00%
CC 0.00%
BB 56.02%
B 26.50%
BBB and above 14.67%
CCC and below 2.81%
No Rating 0.00%
BB 59.99%
B 22.58%
BBB and above 10.91%
CCC and below 4.45%
No Rating 2.07%
BB 58.82%
B 21.03%
BBB and above 13.49%
CCC and below 4.81%
No Rating 1.86%
BB 56.12%
B 27.09%
BBB and above 10.74%
CCC and below 4.10%
No Rating 1.94%
BB 59.80%
B 25.34%
BBB and above 8.25%
CCC and below 4.61%
No Rating 1.99%
BB 61.11%
B 25.37%
BBB and above 7.19%
CCC and below 4.51%
No Rating 1.83%
BB 59.52%
B 26.45%
BBB and above 8.22%
CCC and below 4.11%
No Rating 1.71%
BB 63.47%
B 26.17%
BBB and above 5.30%
CCC and below 3.62%
No Rating 1.44%
BB 61.94%
B 28.10%
BBB and above 5.12%
CCC and below 3.40%
No Rating 1.44%

Allocation by Sector (%)

Economic/Industrial Development: 13.60%
Hospital: 13.40%
Charter School: 10.44%
Multifamily Housing: 8.99%
Special Assessment: 6.80%
Public Transportation: 6.74%
Continuing Care Retirement Community: 6.62%
Community Development District: 6.12%
Higher Education: 4.19%
Other: 23.10%
Source: FactSet; data as of Mar 31, 2024.
Economic/Industrial Development 13.60%
Hospital 13.40%
Charter School 10.44%
Multifamily Housing 8.99%
Special Assessment 6.80%
Public Transportation 6.74%
Continuing Care Retirement Community 6.62%
Community Development District 6.12%
Higher Education 4.19%
Tax Increment Financing 3.83%
Nursing Home 3.81%
Tobacco Master Settlement Agreement 3.35%
Tax Backed District 2.76%
Port/Marina 1.82%
Student Housing 1.67%
Sales & Excise Tax 0.76%
Toll Highway/Bridge/Tunnel 0.67%
Water & Sewer 0.59%
School District 0.55%
General Purpose Public Improvements 0.50%
General Revenue Tax-Guaranteed 0.38%
Mello-Roos 0.37%
Parking Facility 0.36%
State Multi-Family Housing 0.32%
Appropriation 0.29%
Private/Religious School 0.24%
Not-For-Profit Cultural Organization 0.23%
Income Tax Financing 0.22%
General Obligation Hospital/Health District 0.19%
Telecom 0.11%
Airport 0.04%
Miscellaneous Tax 0.04%
Hospital 18.87%
State Multi-Family Housing 11.85%
Economic/Industrial Development 10.97%
Community Development District 9.98%
Continuing Care Retirement Community 6.91%
Higher Education 6.88%
Charter School 5.79%
Tobacco Master Settlement Agreement 5.30%
Public Power System 4.44%
Public Transportation 3.04%
Special Assessment Financing 2.54%
General Obligation 2.22%
Toll Highway/Bridge/Tunnel 1.75%
Tax Increment Financing 1.69%
School District 1.57%
Sales & Excise Tax 1.42%
Parking Facility 1.03%
Nursing Home 0.80%
Private/Religious School 0.68%
Not-For-Profit Cultural Organization 0.66%
General Revenue Tax-Guaranteed 0.63%
General Obligation Hospital/Health District 0.56%
Telecom 0.31%
Airport 0.11%

Allocation by State (%)

Florida: 19.92%
California: 11.63%
Texas: 10.85%
Wisconsin: 8.21%
Ohio: 7.46%
New York: 6.93%
Louisiana: 3.78%
Pennsylvania: 3.69%
Illinois: 2.28%
Other: 25.26%
Source: FactSet; data as of Mar 31, 2024.
Florida 19.92%
California 11.63%
Texas 10.85%
Wisconsin 8.21%
Ohio 7.46%
New York 6.93%
Louisiana 3.78%
Pennsylvania 3.69%
Illinois 2.28%
Georgia 2.21%
Utah 2.16%
Colorado 1.97%
Arkansas 1.91%
Puerto Rico 1.87%
Arizona 1.43%
Idaho 1.39%
District of Columbia 1.28%
Iowa 1.14%
Alabama 1.07%
Oklahoma 1.01%
Missouri 0.92%
Oregon 0.89%
New Hampshire 0.78%
Virginia 0.69%
Michigan 0.67%
New Jersey 0.66%
Minnesota 0.64%
Maryland 0.46%
North Dakota 0.45%
Connecticut 0.40%
Virgin Islands 0.38%
Indiana 0.28%
Washington 0.20%
Kentucky 0.18%
Rhode Island 0.15%
American Samoa 0.04%
Montana 0.03%
Florida 19.42%
California 14.52%
Ohio 10.72%
Texas 6.09%
Georgia 5.11%
New York 4.97%
Alabama 4.70%
Illinois 4.61%
Wisconsin 4.39%
Tennessee 3.46%
Iowa 3.11%
Pennsylvania 2.65%
Arizona 2.07%
Oklahoma 2.07%
Virginia 2.04%
Missouri 1.96%
Michigan 1.78%
Louisiana 1.74%
Utah 1.49%
Maryland 1.43%
North Dakota 1.42%
Arkansas 1.30%
Connecticut 1.23%
District of Columbia 1.18%
Massachusetts 0.95%
Oregon 0.89%
New Jersey 0.78%
Virgin Islands 0.69%
Washington 0.63%
Kentucky 0.57%
New Hampshire 0.52%
Rhode Island 0.48%
  1. Portfolio holdings are subject to change and should not be considered a recommendation to buy or sell securities. Based on total fair value of investment and cash/cash equivalents. Not a guarantee of future portfolio composition. Current and future portfolio holdings are subject to risk.

  2. Percentages may not sum to 100% due to rounding.

Fund Management

  • John Miller

    Head and Chief Investment Officer of High Yield Municipal Credit Team

    Industry start:  
    1993
    Year joined:  
    2024

Our Process

The High Yield Municipal Fund emphasizes a fundamental bottom-up research approach that drives the identification of investment opportunities in all market environments. The three phases of the process are:

  • 01

    Bottom Up Fundamental Analysis

    Team to screen for issuers that meets the investment team's fundamental tests of creditworthiness 

    Team favors those issuers with attractive return potential from a combination of price improvement and yield through solid coverage of debt service and a priority lien on hard assets, dedicated revenue streams or tax resources

    Strategic inputs include:

    • Credit analysis
    • Security structure
    • Sector analysis
    • Yield curve positioning
  • 02

    Portfolio Construction

    Team seeks to invest in a large number of sectors, states and specific issuers in order to help create a diversified portfolio and help mitigate the portfolio from events that may affect any individual industry, geographic location or credit

    Team seeks to limit exposure to individual credits, mitigate interest rate risk, and maximize overall call protection

    Portfolio assessment:

    • Position sizing
    • Performance and attribution analysis
    • Duration management
    • Leverage analysis
  • 03

    Risk Management and Sell Discipline

    Team may sell a security if, among other factors, it:

    • Determines a security is overvalued
    • Detects credit deterioration
    • Modifies its portfolio strategy, such as sector or state allocation

    Team may also sell a security when it exceeds the portfolio’s diversification targets

  1. The distribution yield is calculated by the most recent distribution, multiplies it by 12 to get an annu­alized total, and then divides the result by the NAV. It is the Fund’s policy to make periodic distributions of tax-exempt income, net investment income and net realized capital gains, if any. Unless you elect otherwise, such distributions to you will be reinvested in additional shares of the same share class of a Fund at net asset value calculated as of the payment date. 

    30-day SEC Yield is a standard yield calculation developed by the Securities and Exchange Commission (SEC) that allows for fairer comparisons of bond funds. It is based on the most recent 30-day period covered by the fund’s filings with the SEC. The yield figure reflects the dividends and interest earned during the period, after the deduction of the fund’s expenses. This is also referred to as the “standardized yield.” The number is then annualized. This yield does not necessarily reflect income actually earned and distributed by the Fund, and therefore may not be correlated with dividends and distributions paid. Had fees not been waived and or/expenses reimbursed, the SEC Yield would have been lower. 

    Alternative Minimum Tax (AMT) is a tax on items not normally taxed that are imposed by the federal government for individuals who exceed specific income thresholds. 

    Yield to worst is a measure of the lowest possible yield that can be received on a bond that operates within the terms of its contract without defaulting. 

Share Class A (FEHAX)

Expense Ratio and Shareholder Fees as of March 1, 2024

Shareholder Fee (%)

These are the fees paid directly from your investment.

 Sales ChargeDealer Re-Allowance
Less than $100,0002.502.25
$100,000 but less than $250,0001.501.25
$250,000 and over10.000.00

 

Expense Ratio (%)

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

Management Fees20.45
Distribution and Service (12b-1) Fees0.25
Interest Payments on Borrowed Funds30.40
Other Expenses40.43
Total Annual Operating Expenses1.53
Fee Waiver and Reimbursement2(0.28)
Total Annual Operating Expenses After Fee Waiver and/or Expense Reimbursement1.25
Adjusted Expense Ratio50.85
  1. Disclosures

  2. 1

    A contingent deferred sales charge of 1.00% may apply on certain redemptions of Class A shares made within 18 months following a purchase of $250,000 or more without an initial sales charge. The Distributor may pay dealers of record “finder’s fee” commissions of up to 1.00% of purchases of Class A shares not previously subject to a front-end sales charge or dealer commission paid by the investor.

  3. 2

    First Eagle Investment Management, LLC (the “Adviser”) has contractually agreed to waive and/ or reimburse certain fees and expenses of Classes A, C, I, and R6 so that the total annual operating expenses (excluding interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, dividend and other expenses relating to short sales, and extraordinary expenses, if any) (“annual operating expenses”) of each class are limited to 0.85%, 1.60%, 0.60%, and 0.60% of average net assets, respectively. Each of these undertakings lasts until February 28, 2025 and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed that each of Classes A, C, I, and R6 will repay the Adviser for fees and expenses waived or reimbursed for the class provided that repayment does not cause annual operating expenses (after the repayment is taken into account) to exceed the lesser of: (1) 0.85%, 1.60%, 0.60%, and 0.60% of the class’ average net assets, respectively; or (2) if applicable, the then-current expense limitations. Any such repayment must be made within three years after the year in which the Adviser incurred the expense.

  4. 3

    Includes interest expense and fees paid on Fund borrowings and/or interest and related expenses from inverse floaters.

  5. 4

    “Other Expenses” are restated to reflect estimated expenses for the current fiscal year due to changes to the Fund’s principal investment strategies; actual expenses may vary.

  6. 5

    The Adjusted Expense Ratio excludes certain fees and expenses, such as interest expense and fees paid on Fund borrowings and/or interest and related expenses from inverse floaters. The Fund is currently in a “ramp-up” period, during which it may not be fully invested, and certain of these expenses may change over time.

Share Class C

Expense Ratio and Shareholder Fees as of March 1, 2024

Shareholder Fee (%)
  
Maximum Deferred Sales Charge (Load)
(as a percentage of the lesser of your purchase or redemption price)
1.00
 
Expense Ratio (%)

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

Management Fees10.45
Distribution and Service (12b-1) Fees1.00
Interest Payments on Borrowed Funds20.40
Other Expenses30.43
Total Annual Operating Expenses2.28
Fee Waiver and Reimbursement2(0.28)
Total Annual Operating Expenses After Fee Waiver and/or Expense Reimbursement2.00
Adjusted Expense Ratio41.60
  1. Disclosures

  2. 1

    First Eagle Investment Management, LLC (the “Adviser”) has contractually agreed to waive and/ or reimburse certain fees and expenses of Classes A, C, I, and R6 so that the total annual operating expenses (excluding interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, dividend and other expenses relating to short sales, and extraordinary expenses, if any) (“annual operating expenses”) of each class are limited to 0.85%, 1.60%, 0.60%, and 0.60% of average net assets, respectively. Each of these undertakings lasts until February 28, 2025 and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed that each of Classes A, C, I, and R6 will repay the Adviser for fees and expenses waived or reimbursed for the class provided that repayment does not cause annual operating expenses (after the repayment is taken into account) to exceed the lesser of: (1) 0.85%, 1.60%, 0.60%, and 0.60% of the class’ average net assets, respectively; or (2) if applicable, the then-current expense limitations. Any such repayment must be made within three years after the year in which the Adviser incurred the expense.

  3. 2

    Includes interest expense and fees paid on Fund borrowings and/or interest and related expenses from inverse floaters.

  4. 3

    “Other Expenses” are restated to reflect estimated expenses for the current fiscal year due to changes to the Fund’s principal investment strategies; actual expenses may vary.

  5. 4

    The Adjusted Expense Ratio excludes certain fees and expenses, such as interest expense and fees paid on Fund borrowings and/or interest and related expenses from inverse floaters. The Fund is currently in a “ramp-up” period, during which it may not be fully invested, and certain of these expenses may change over time.

Share Class I 

Expense Ratio and Shareholder Fees as of March 1, 2024

Expense Ratio (%)

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

Management Fees10.45
Distribution and/or Service (12b-1) Fees0.00
Interest Payment on Borrowed Funds20.40
Other Expenses30.43
Total Annual Fund Operating Expenses1.28
Fee Waiver and/or Expense Reimbursement2(0.28)
Total Annual Operating Expenses After Fee Waiver and/or Expense Reimbursement1.00
Adjusted Expense Ratio40.60
  1. Disclosures

  2. 1

    First Eagle Investment Management, LLC (the “Adviser”) has contractually agreed to waive and/ or reimburse certain fees and expenses of Classes A, C, I, and R6 so that the total annual operating expenses (excluding interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, dividend and other expenses relating to short sales, and extraordinary expenses, if any) (“annual operating expenses”) of each class are limited to 0.85%, 1.60%, 0.60%, and 0.60% of average net assets, respectively. Each of these undertakings lasts until February 28, 2025 and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed that each of Classes A, C, I, and R6 will repay the Adviser for fees and expenses waived or reimbursed for the class provided that repayment does not cause annual operating expenses (after the repayment is taken into account) to exceed the lesser of: (1) 0.85%, 1.60%, 0.60%, and 0.60% of the class’ average net assets, respectively; or (2) if applicable, the then-current expense limitations. Any such repayment must be made within three years after the year in which the Adviser incurred the expense.

  3. 2

    Includes interest expense and fees paid on Fund borrowings and/or interest and related expenses from inverse floaters.

  4. 3

    “Other Expenses” are restated to reflect estimated expenses for the current fiscal year due to changes to the Fund’s principal investment strategies; actual expenses may vary.

  5. 4

    The Adjusted Expense Ratio excludes certain fees and expenses, such as interest expense and fees paid on Fund borrowings and/or interest and related expenses from inverse floaters. The Fund is currently in a “ramp-up” period, during which it may not be fully invested, and certain of these expenses may change over time.

Share Class R6

Expense Ratio and Shareholder Fees as of March 1, 2024

Expense Ratio (%)

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

Management Fees10.45
Distribution and/or Service (12b-1) Fees0.00
Interest Payment on Borrowed Funds20.40
Other Expenses30.43
Total Annual Fund Operating Expenses1.28
Fee Waiver and/or Expense Reimbursement1(0.28)
Total Annual Operating Expenses After Fee Waiver and/or Expense Reimbursement1.00
Adjusted Expense Ratio40.60
  1. Disclosures

  2. 1

    First Eagle Investment Management, LLC (the “Adviser”) has contractually agreed to waive and/ or reimburse certain fees and expenses of Classes A, C, I, and R6 so that the total annual operating expenses (excluding interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, dividend and other expenses relating to short sales, and extraordinary expenses, if any) (“annual operating expenses”) of each class are limited to 0.85%, 1.60%, 0.60%, and 0.60% of average net assets, respectively. Each of these undertakings lasts until February 28, 2025 and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed that each of Classes A, C, I, and R6 will repay the Adviser for fees and expenses waived or reimbursed for the class provided that repayment does not cause annual operating expenses (after the repayment is taken into account) to exceed the lesser of: (1) 0.85%, 1.60%, 0.60%, and 0.60% of the class’ average net assets, respectively; or (2) if applicable, the then-current expense limitations. Any such repayment must be made within three years after the year in which the Adviser incurred the expense.

  3. 2

    Includes interest expense and fees paid on Fund borrowings and/or interest and related expenses from inverse floaters.

  4. 3

    “Other Expenses” are restated to reflect estimated expenses for the current fiscal year due to changes to the Fund’s principal investment strategies; actual expenses may vary.

  5. 4

    The Adjusted Expense Ratio excludes certain fees and expenses, such as interest expense and fees paid on Fund borrowings and/or interest and related expenses from inverse floaters. The Fund is currently in a “ramp-up” period, during which it may not be fully invested, and certain of these expenses may change over time.

Record DateFrequencyEx DateReinvestment DatePayable DateDividend ($)Reinvested at
06/28/2024 Monthly 06/28/2024 06/28/2024 07/01/2024 $0.041 $8.56
05/31/2024 Monthly 05/31/2024 05/31/2024 06/03/2024 $0.040 $8.36
04/30/2024 Monthly 04/30/2024 04/30/2024 05/01/2024 $0.039 $8.27
03/28/2024 Monthly 03/28/2024 03/28/2024 04/01/2024 $0.040 $8.35
02/29/2024 Monthly 02/29/2024 02/29/2024 03/01/2024 $0.032 $8.26
01/31/2024 Monthly 01/31/2024 02/01/2024 02/01/2024 $0.037 $8.20
12/29/2023 Monthly 12/29/2023 12/29/2023 01/02/2024 $0.034 $8.12
11/30/2023 Monthly 11/30/2023 11/30/2023 12/01/2023 $0.035 $8.01
10/31/2023 Monthly 10/31/2023 10/31/2023 11/01/2023 $0.035 $7.78
09/29/2023 Monthly 09/29/2023 09/29/2023 10/02/2023 $0.034 $7.88
08/31/2023 Monthly 08/31/2023 08/31/2023 09/01/2023 $0.035 $8.01
07/31/2023 Monthly 07/31/2023 07/31/2023 08/01/2023 $0.035 $8.02
06/30/2023 Monthly 06/30/2023 06/30/2023 07/03/2023 $0.034 $7.96
05/31/2023 Monthly 05/31/2023 05/31/2023 06/01/2023 $0.035 $7.92
04/28/2023 Monthly 04/28/2023 04/28/2023 05/01/2023 $0.033 $7.99
03/31/2023 Monthly 03/31/2023 03/31/2023 04/03/2023 $0.034 $7.97
02/28/2023 Monthly 02/28/2023 02/28/2023 03/01/2023 $0.031 $7.89
01/31/2023 Monthly 01/31/2023 01/31/2023 02/01/2023 $0.034 $8.03
12/30/2022 Monthly 12/30/2022 12/30/2022 01/03/2023 $0.033 $7.82
11/30/2022 Monthly 11/30/2022 11/30/2022 12/01/2022 $0.033 $7.87
10/31/2022 Monthly 10/31/2022 10/31/2022 11/01/2022 $0.033 $7.77
09/30/2022 Monthly 09/30/2022 09/30/2022 10/03/2022 $0.032 $7.61
08/31/2022 Monthly 08/31/2022 08/31/2022 09/01/2022 $0.032 $7.89
07/29/2022 Monthly 07/29/2022 07/29/2022 08/01/2022 $0.032 $8.04
06/30/2022 Monthly 06/30/2022 06/30/2022 07/01/2022 $0.030 $7.73
05/31/2022 Monthly 05/31/2022 05/31/2022 06/01/2022 $0.030 $8.21
04/29/2022 Monthly 04/29/2022 04/29/2022 05/02/2022 $0.037 $8.23
03/31/2022 Monthly 03/31/2022 03/31/2022 04/01/2022 $0.029 $8.49
02/28/2022 Monthly 02/28/2022 02/28/2022 03/01/2022 $0.026 $8.63
01/31/2022 Monthly 01/31/2022 01/31/2022 02/01/2022 $0.028 $8.77
12/31/2021 Monthly 12/31/2021 12/31/2021 01/03/2022 $0.027 $8.98
11/30/2021 Monthly 11/30/2021 11/30/2021 12/01/2021 $0.028 $8.87
10/29/2021 Monthly 10/29/2021 10/29/2021 11/01/2021 $0.027 $8.98
09/30/2021 Monthly 09/30/2021 09/30/2021 10/01/2021 $0.028 $9.03
08/31/2021 Monthly 08/31/2021 08/31/2021 09/01/2021 $0.028 $9.05
07/30/2021 Monthly 07/30/2021 07/30/2021 08/02/2021 $0.027 $9.04
06/30/2021 Monthly 06/30/2021 06/30/2021 07/01/2021 $0.026 $9.04
05/28/2021 Monthly 05/28/2021 05/28/2021 06/01/2021 $0.026 $8.90
04/30/2021 Monthly 04/30/2021 04/30/2021 05/03/2021 $0.025 $8.87
03/31/2021 Monthly 03/31/2021 03/31/2021 04/01/2021 $0.029 $8.86
02/26/2021 Monthly 02/26/2021 02/26/2021 03/01/2021 $0.026 $8.90
01/29/2021 Monthly 01/29/2021 01/29/2021 02/01/2021 $0.027 $8.99
12/31/2020 Monthly 12/31/2020 12/31/2020 01/04/2021 $0.039 $9.01
11/30/2020 Monthly 11/30/2020 11/30/2020 12/01/2020 $0.026 $8.90
10/30/2020 Monthly 10/30/2020 10/30/2020 11/02/2020 $0.027 $8.71
09/30/2020 Monthly 09/30/2020 09/30/2020 10/01/2020 $0.030 $8.68
08/31/2020 Monthly 08/31/2020 08/31/2020 09/01/2020 $0.031 $8.67
07/31/2020 Monthly 07/31/2020 07/31/2020 08/03/2020 $0.031 $8.54
06/30/2020 Monthly 06/30/2020 06/30/2020 07/01/2020 $0.029 $8.30
05/29/2020 Monthly 05/29/2020 05/29/2020 06/01/2020 $0.030 $8.14
04/30/2020 Monthly 04/30/2020 04/30/2020 05/01/2020 $0.028 $7.96
03/31/2020 Monthly 03/31/2020 03/31/2020 04/01/2020 $0.033 $7.64
02/28/2020 Monthly 02/28/2020 02/28/2020 03/02/2020 $0.031 $8.59
01/31/2020 Monthly 01/31/2020 01/31/2020 02/03/2020 $0.032 $8.75
12/31/2019 Monthly 12/31/2019 12/31/2019 01/02/2020 $0.032 $8.80
11/29/2019 Monthly 11/29/2019 11/29/2019 12/02/2019 $0.030 $8.69
10/31/2019 Monthly 10/31/2019 10/31/2019 11/01/2019 $0.032 $8.71
09/30/2019 Monthly 09/30/2019 09/30/2019 10/01/2019 $0.024 $8.78
08/30/2019 Monthly 08/30/2019 08/30/2019 09/03/2019 $0.027 $8.80
07/31/2019 Monthly 07/31/2019 07/31/2019 08/01/2019 $0.035 $8.78
06/28/2019 Monthly 06/28/2019 06/28/2019 07/01/2019 $0.032 $8.77
05/31/2019 Monthly 05/31/2019 05/31/2019 06/03/2019 $0.032 $8.66
04/30/2019 Monthly 04/30/2019 04/30/2019 05/01/2019 $0.034 $8.72
03/29/2019 Monthly 03/29/2019 03/29/2019 04/01/2019 $0.037 $8.70
02/28/2019 Monthly 02/28/2019 02/28/2019 03/01/2019 $0.034 $8.73
01/31/2019 Monthly 01/31/2019 01/31/2019 02/01/2019 $0.039 $8.64
12/31/2018 Monthly 12/31/2018 12/31/2018 01/02/2019 $0.038 $8.47
11/30/2018 Monthly 11/30/2018 11/30/2018 12/03/2018 $0.038 $8.65
10/31/2018 Monthly 10/31/2018 10/31/2018 11/01/2018 $0.038 $8.81
09/28/2018 Monthly 09/28/2018 09/28/2018 10/01/2018 $0.035 $8.92
08/31/2018 Monthly 08/31/2018 08/31/2018 09/04/2018 $0.035 $8.90
07/31/2018 Monthly 07/31/2018 07/31/2018 08/01/2018 $0.038 $8.90
06/29/2018 Monthly 06/29/2018 06/29/2018 07/02/2018 $0.039 $8.89
05/31/2018 Monthly 05/31/2018 05/31/2018 06/01/2018 $0.036 $8.89
04/30/2018 Monthly 04/30/2018 04/30/2018 05/01/2018 $0.035 $8.90
03/29/2018 Monthly 03/29/2018 03/29/2018 04/02/2018 $0.039 $8.93
02/28/2018 Monthly 02/28/2018 02/28/2018 03/01/2018 $0.036 $8.89
01/31/2018 Monthly 01/31/2018 01/31/2018 02/01/2018 $0.039 $9.02
12/29/2017 Monthly 12/29/2017 12/29/2017 01/02/2018 $0.039 $8.97
11/30/2017 Monthly 11/30/2017 11/30/2017 12/01/2017 $0.038 $9.00
10/31/2017 Monthly 10/31/2017 10/31/2017 11/01/2017 $0.041 $9.03
09/29/2017 Monthly 09/29/2017 09/29/2017 10/02/2017 $0.040 $9.03
08/31/2017 Monthly 08/31/2017 08/31/2017 09/01/2017 $0.039 $8.99
07/31/2017 Monthly 07/31/2017 07/31/2017 08/01/2017 $0.038 $9.07
06/30/2017 Monthly 06/30/2017 06/30/2017 07/03/2017 $0.037 $9.04
05/31/2017 Monthly 05/31/2017 05/31/2017 06/01/2017 $0.037 $9.11
04/28/2017 Monthly 04/28/2017 04/28/2017 05/01/2017 $0.038 $9.10
03/31/2017 Monthly 03/31/2017 03/31/2017 04/03/2017 $0.038 $9.06
02/28/2017 Monthly 02/28/2017 02/28/2017 03/01/2017 $0.038 $9.08
01/31/2017 Monthly 01/31/2017 01/31/2017 02/01/2017 $0.038 $9.09
12/30/2016 Monthly 12/30/2016 12/30/2016 01/03/2017 $0.038 $9.03
11/30/2016 Monthly 11/30/2016 11/30/2016 12/01/2016 $0.038 $8.91
10/31/2016 Monthly 10/31/2016 10/31/2016 11/01/2016 $0.037 $8.99
09/30/2016 Monthly 09/30/2016 09/30/2016 10/03/2016 $0.035 $8.91
08/31/2016 Monthly 08/31/2016 08/31/2016 09/01/2016 $0.037 $8.85
07/29/2016 Monthly 07/29/2016 07/29/2016 08/01/2016 $0.042 $8.72
06/30/2016 Monthly 06/30/2016 06/30/2016 07/01/2016 $0.044 $8.60
05/31/2016 Monthly 05/31/2016 05/31/2016 06/01/2016 $0.047 $8.57
04/29/2016 Monthly 04/29/2016 04/29/2016 05/02/2016 $0.049 $8.52
03/31/2016 Monthly 03/31/2016 03/31/2016 04/01/2016 $0.052 $8.17
02/29/2016 Monthly 02/29/2016 02/29/2016 03/01/2016 $0.052 $7.75
01/29/2016 Monthly 01/29/2016 01/29/2016 02/01/2016 $0.053 $7.85
12/31/2015 Monthly 12/31/2015 12/31/2015 01/04/2016 $0.086 $8.22
11/30/2015 Monthly 11/30/2015 11/30/2015 12/01/2015 $0.048 $8.71
10/30/2015 Monthly 10/30/2015 10/30/2015 11/02/2015 $0.050 $8.90
09/30/2015 Monthly 09/30/2015 09/30/2015 10/01/2015 $0.046 $8.83
08/31/2015 Monthly 08/31/2015 08/31/2015 09/01/2015 $0.047 $9.08
07/31/2015 Monthly 07/31/2015 07/31/2015 08/03/2015 $0.044 $9.33
06/30/2015 Monthly 06/30/2015 06/30/2015 07/01/2015 $0.045 $9.53
05/29/2015 Monthly 05/29/2015 05/29/2015 06/01/2015 $0.043 $9.70
04/30/2015 Monthly 04/30/2015 04/30/2015 05/01/2015 $0.044 $9.68
03/31/2015 Monthly 03/31/2015 03/31/2015 04/01/2015 $0.045 $9.53
02/27/2015 Monthly 02/27/2015 02/27/2015 03/02/2015 $0.046 $9.60
01/30/2015 Monthly 01/30/2015 01/30/2015 02/02/2015 $0.048 $9.41
12/31/2014 Monthly 12/31/2014 12/31/2014 01/02/2015 $0.060 $9.47
11/28/2014 Monthly 11/28/2014 11/28/2014 12/01/2014 $0.046 $9.82
10/31/2014 Monthly 10/31/2014 10/31/2014 11/03/2014 $0.045 $9.96
09/30/2014 Monthly 09/30/2014 09/30/2014 10/01/2014 $0.044 $10.00
08/29/2014 Monthly 08/29/2014 08/29/2014 09/02/2014 $0.043 $10.22
07/31/2014 Monthly 07/31/2014 07/31/2014 08/01/2014 $0.045 $10.20
06/30/2014 Monthly 06/30/2014 06/30/2014 07/01/2014 $0.044 $10.32
05/30/2014 Monthly 05/30/2014 05/30/2014 06/02/2014 $0.043 $10.29
04/30/2014 Monthly 04/30/2014 04/30/2014 05/01/2014 $0.042 $10.25
03/31/2014 Monthly 03/31/2014 03/31/2014 04/01/2014 $0.046 $10.25
02/28/2014 Monthly 02/28/2014 02/28/2014 03/03/2014 $0.044 $10.26
01/31/2014 Monthly 01/31/2014 01/31/2014 02/03/2014 $0.043 $10.15
12/31/2013 Monthly 12/31/2013 12/31/2013 01/02/2014 $0.044 $10.13
11/29/2013 Monthly 11/29/2013 11/29/2013 12/02/2013 $0.044 $10.12
10/31/2013 Monthly 10/31/2013 10/31/2013 11/01/2013 $0.043 $10.11
09/30/2013 Monthly 09/30/2013 09/30/2013 10/01/2013 $0.052 $9.99
08/30/2013 Monthly 08/30/2013 08/30/2013 09/03/2013 $0.050 $9.98
07/31/2013 Monthly 07/31/2013 07/31/2013 08/01/2013 $0.051 $10.04
06/30/2013 Monthly 06/30/2013 06/30/2013 07/01/2013 $0.050 $9.94
05/31/2013 Monthly 05/31/2013 05/31/2013 06/03/2013 $0.048 $10.20
04/30/2013 Monthly 04/30/2013 04/30/2013 05/01/2013 $0.049 $10.25
03/29/2013 Monthly 03/29/2013 03/29/2013 04/01/2013 $0.048 $10.20
02/28/2013 Monthly 02/28/2013 02/28/2013 03/01/2013 $0.050 $10.16
01/31/2013 Monthly 01/31/2013 01/31/2013 02/01/2013 $0.048 $10.15
12/31/2012 Monthly 12/31/2012 12/31/2012 01/02/2013 $0.052 $10.06
11/30/2012 Monthly 11/30/2012 11/30/2012 12/03/2012 $0.051 $9.99
10/31/2012 Monthly 10/31/2012 10/31/2012 11/01/2012 $0.047 $9.98
09/30/2012 Monthly 09/30/2012 09/30/2012 10/01/2012 $0.047 $9.96
08/31/2012 Monthly 08/31/2012 08/31/2012 09/04/2012 $0.048 $9.87
07/31/2012 Monthly 07/31/2012 07/31/2012 08/01/2012 $0.047 $9.79
06/30/2012 Monthly 06/30/2012 06/30/2012 07/02/2012 $0.051 $9.70