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 Short Duration 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. 

Average Annual Returns

TickerClassYTD %1 MO3 MO1 YR3 YR5 YR10 YRINCEPT %Expense Ratio
GrossNet
FDUAX A w/out load      -   1.44%   2.26%      -      -      -      -   3.97%   1.35%   0.97%
FDUAX A w/load      -  -1.11%  -0.31%      -      -      -      -   1.33%   1.35%   0.97%
S&P Short Duration Municipal Yield Index (since inception based on A Shares)       -   1.10%   0.60%       -       -       -       -   1.86%
FDUAX A w/out load      -   1.44%   2.26%      -      -      -      -   3.97%   1.35%   0.97%
FDUAX A w/load      -  -1.11%  -0.31%      -      -      -      -   1.33%   1.35%   0.97%
S&P Short Duration Municipal Yield Index (since inception based on A Shares)       -   1.10%   0.60%       -       -       -       -   1.86%
FDUIX I      -   1.47%   2.34%      -      -      -      -   4.13%   1.10%   0.72%
S&P Short Duration Municipal Yield Index (since inception based on A Shares)       -   1.10%   0.60%       -       -       -       -   1.86%
FDUIX I      -   1.47%   2.34%      -      -      -      -   4.13%   1.10%   0.72%
S&P Short Duration Municipal Yield Index (since inception based on A Shares)       -   1.10%   0.60%       -       -       -       -   1.86%
FDURX R6      -   1.47%   2.35%      -      -      -      -   4.12%   1.10%   0.72%
S&P Short Duration Municipal Yield Index (since inception based on A Shares)       -   1.10%   0.60%       -       -       -       -   1.86%
FDURX R6      -   1.47%   2.35%      -      -      -      -   4.12%   1.10%   0.72%
S&P Short Duration Municipal Yield Index (since inception based on A Shares)       -   1.10%   0.60%       -       -       -       -   1.86%

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

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

  1. 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.

  2. First Eagle Investment Management, LLC (the “Adviser”) has contractually agreed to waive and/or reimburse certain fees and expenses of Classes A, I and R6 so that the total annual operating expenses (excluding interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, dividend and other expenses relating to short sales, and extraordinary expenses, if any) (‘‘annual operating expenses’’) of each class are limited to 0.85%, 0.60% and 0.60% of average net assets, respectively. Each of these undertakings lasts until February 28, 2025 and may not be terminated during its term without the consent of the Board of Trustees. The Short Duration High Yield Municipal Fund has agreed that each of Classes A, I and R6 will repay the Adviser for fees and expenses waived or reimbursed for the class provided that repayment does not cause annual operating expenses (after the repayment is taken into account) to exceed the lesser of: (1) 0.85%, 0.60% and 0.60% of the class’ average net assets, respectively; or (2) if applicable, the then-current expense limitations. Any such repayment must be made within three years after the year in which the Adviser incurred the expense. In addition, the Adviser has contractually agreed to waive its management fee for the period from May 1, 2024 through October 31, 2024. This waiver has the effect of reducing the management fee shown in the table for the term of the waiver from 0.45% to 0.00%, such that during the six-month them of this management fee waiver, the annual operating expenses (as such term is defined in the paragraph above (which excludes certain other expenses enumerated above which will be borne by the Fund) of each of Classes A, I and R6 will not exceed 0.40%, 0.15% and 0.15%, respectively. Any waiver that is directly attributable to the management fee for the period from May 1, 2024 through October 31, 2024 will not be repaid to the Adviser.

Top Ten Holdings (%)

As of Jun 30, 2024

Florida Dev Fin Corp Rev Var 12.0% 15-Jul-2032 NR 7.18
Prince Georges Cnty Md Spl Oblig 5.0% 1-Jul-2030 NR 4.14
Baltimore Md Convention Ctr Hotel Rev 5.0% 1-Sep-2033 B+ 3.67
Pima Cnty Ariz Indl Dev Auth Sr Living Rev 6.25% 15-Nov-2035 NR 3.59
New York St Dorm Auth Revs Non St Supported Debt 5.0% 1-Aug-2024 NR 3.22
Illinois Fin Auth Rev 5.0% 1-Oct-2030 BBB 3.20
Public Fin Auth Wis Multifamily Affordable Hsg Ctfs 6.81% 28-Apr-2036 NR 3.04
Indiana St Fin Auth Rev 5.25% 1-Jul-2028 NR 2.74
Oklahoma Cnty Okla Fin Auth Charter Sch Lease Rev 5.25% 15-Jun-2034 NR 2.63
New Hope Cultural Ed Facs Fin Corp Tex Sr Livingrev 5.0% 1-Jan-2032 NR 2.52
Top Ten Holdings as a Percentage of Total Net Assets 35.92

Allocation by Credit Quality (%)

Not Rated: 50.46%
BB: 28.18%
BBB: 10.00%
AA: 3.85%
B: 3.59%
AAA: 0.00%
A: 0.00%
CCC: 0.00%
CC: 0.00%
C: 0.00%
Source: FactSet; data as of Mar 31, 2024.
Not Rated 50.46%
BB 28.18%
BBB 10.00%
AA 3.85%
B 3.59%
A 0.00%
AAA 0.00%
C 0.00%
CC 0.00%
CCC 0.00%

Allocation by Sector (%)

Economic/Industrial Development: 24.30%
Higher Education: 14.75%
Charter School: 14.64%
Hospital: 9.67%
Tax Increment Financing: 7.29%
Special Assessment Financing: 5.39%
Community Development District: 5.30%
General Obligation Hospital/Health District: 4.12%
Gas Forward Contract: 2.91%
Other: 11.60%
Source: FactSet; data as of Mar 31, 2024.
Economic/Industrial Development 24.30%
Higher Education 14.75%
Charter School 14.64%
Hospital 9.67%
Tax Increment Financing 7.29%
Special Assessment Financing 5.39%
Community Development District 5.30%
General Obligation Hospital/Health District 4.12%
Gas Forward Contract 2.91%
Not-For-Profit Cultural Organization 2.76%
Secondary Education 2.70%
Sales & Excise Tax 2.42%
Continuing Care Retirement Community 1.94%
Tobacco Master Settlement Agreement 1.22%
Student Housing 0.56%

Allocation by State (%)

Texas: 14.49%
New York: 11.80%
Maryland: 11.74%
Florida: 11.18%
Oklahoma: 7.25%
Georgia: 6.97%
Illinois: 6.08%
Pennsylvania: 5.12%
Wisconsin: 4.06%
Other: 21.32%
Source: FactSet; data as of Mar 31, 2024.
  1. Portfolio holdings are subject to change and should not be considered a recommendation to buy or sell securities. Based on total fair value of investment and cash/cash equivalents. Not a guarantee of future portfolio composition. Current and future portfolio holdings are subject to risk.

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

Texas 14.49%
New York 11.80%
Maryland 11.74%
Florida 11.18%
Oklahoma 7.25%
Georgia 6.97%
Illinois 6.08%
Pennsylvania 5.12%
Wisconsin 4.06%
Nevada 3.35%
Indiana 3.25%
Michigan 2.64%
Colorado 2.54%
Ohio 2.10%
Virginia 2.05%
Missouri 1.83%
California 1.22%
Arizona 1.18%
New Jersey 0.60%
Louisiana 0.56%


Fund Management

  • John Miller

    Head and Chief Investment Officer of High Yield Municipal Credit Team

    Industry start:  
    1993
    Year joined:  
    2024


Our Process

The Short Duration High Yield Muni 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 (FDUAX)

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 and Related Expenses30.12
Other Expenses40.53
Total Annual Operating Expenses1.35
Fee Waiver and Reimbursement2(0.38)
Total Annual Operating Expenses After Fee Waiver and/or Expense Reimbursement0.97
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. There are several ways to lower the sales charge on Class A shares: Aggregation, Rights of Accumulation and Letter of Intention. For details please refer to our prospectus. In order to claim a breakpoint or other means of reducing the sales charge, an investor should notify his or her dealer, the Distributor, or the Transfer Agent (DST) at the time of purchase.

  3. 2

    First Eagle Investment Management, LLC (the “Adviser”) has contractually agreed to waive and/or reimburse certain fees and expenses of Classes A, I and R6 so that the total annual operating expenses (excluding interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, dividend and other expenses relating to short sales, and extraordinary expenses, if any) (‘‘annual operating expenses’’) of each class are limited to 0.85%, 0.60% and 0.60% of average net assets, respectively. Each of these undertakings lasts until February 28, 2025 and may not be terminated during its term without the consent of the Board of Trustees. The Short Duration High Yield Municipal Fund has agreed that each of Classes A, I and R6 will repay the Adviser for fees and expenses waived or reimbursed for the class provided that repayment does not cause annual operating expenses (after the repayment is taken into account) to exceed the lesser of: (1) 0.85%, 0.60% and 0.60% of the class’ average net assets, respectively; or (2) if applicable, the then-current expense limitations. Any such repayment must be made within three years after the year in which the Adviser incurred the expense. In addition, the Adviser has contractually agreed to waive its management fee for the period from May 1, 2024 through October 31, 2024. This waiver has the effect of reducing the management fee shown in the table for the term of the waiver from 0.45% to 0.00%, such that during the six-month them of this management fee waiver, the annual operating expenses (as such term is defined in the paragraph above (which excludes certain other expenses enumerated above which will be borne by the Fund) of each of Classes A, I and R6 will not exceed 0.40%, 0.15% and 0.15%, respectively. Any waiver that is directly attributable to the management fee for the period from May 1, 2024 through October 31, 2024 will not be repaid to the Adviser.

  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 based on estimated expenses for the current fiscal year; 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 I (FDUIX)

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 Service (12b-1) Fees0.00
Interest and Related Expenses20.12
Other Expenses30.53
Total Annual Operating Expenses1.10
Fee Waiver and Reimbursement2(0.38)
Total Annual Operating Expenses After Fee Waiver and/or Expense Reimbursement0.72
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, I and R6 so that the total annual operating expenses (excluding interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, dividend and other expenses relating to short sales, and extraordinary expenses, if any) (‘‘annual operating expenses’’) of each class are limited to 0.85%, 0.60% and 0.60% of average net assets, respectively. Each of these undertakings lasts until February 28, 2025 and may not be terminated during its term without the consent of the Board of Trustees. The Short Duration High Yield Municipal Fund has agreed that each of Classes A, I and R6 will repay the Adviser for fees and expenses waived or reimbursed for the class provided that repayment does not cause annual operating expenses (after the repayment is taken into account) to exceed the lesser of: (1) 0.85%, 0.60% and 0.60% of the class’ average net assets, respectively; or (2) if applicable, the then-current expense limitations. Any such repayment must be made within three years after the year in which the Adviser incurred the expense. In addition, the Adviser has contractually agreed to waive its management fee for the period from May 1, 2024 through October 31, 2024. This waiver has the effect of reducing the management fee shown in the table for the term of the waiver from 0.45% to 0.00%, such that during the six-month them of this management fee waiver, the annual operating expenses (as such term is defined in the paragraph above (which excludes certain other expenses enumerated above which will be borne by the Fund) of each of Classes A, I and R6 will not exceed 0.40%, 0.15% and 0.15%, respectively. Any waiver that is directly attributable to the management fee for the period from May 1, 2024 through October 31, 2024 will not be repaid to the Adviser.

  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 based on estimated expenses for the current fiscal year; 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 (FDURX)

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 Service (12b-1) Fees0.00
Interest and Related Expenses20.12
Other Expenses30.53
Total Annual Operating Expenses1.10
Fee Waiver and Reimbursement2(0.38)
Total Annual Operating Expenses After Fee Waiver and/or Expense Reimbursement0.72
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, I and R6 so that the total annual operating expenses (excluding interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, dividend and other expenses relating to short sales, and extraordinary expenses, if any) (‘‘annual operating expenses’’) of each class are limited to 0.85%, 0.60% and 0.60% of average net assets, respectively. Each of these undertakings lasts until February 28, 2025 and may not be terminated during its term without the consent of the Board of Trustees. The Short Duration High Yield Municipal Fund has agreed that each of Classes A, I and R6 will repay the Adviser for fees and expenses waived or reimbursed for the class provided that repayment does not cause annual operating expenses (after the repayment is taken into account) to exceed the lesser of: (1) 0.85%, 0.60% and 0.60% of the class’ average net assets, respectively; or (2) if applicable, the then-current expense limitations. Any such repayment must be made within three years after the year in which the Adviser incurred the expense. In addition, the Adviser has contractually agreed to waive its management fee for the period from May 1, 2024 through October 31, 2024. This waiver has the effect of reducing the management fee shown in the table for the term of the waiver from 0.45% to 0.00%, such that during the six-month them of this management fee waiver, the annual operating expenses (as such term is defined in the paragraph above (which excludes certain other expenses enumerated above which will be borne by the Fund) of each of Classes A, I and R6 will not exceed 0.40%, 0.15% and 0.15%, respectively. Any waiver that is directly attributable to the management fee for the period from May 1, 2024 through October 31, 2024 will not be repaid to the Adviser.

  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 based on estimated expenses for the current fiscal year; 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.

Dividend Payments

Record DateFrequencyEx DateReinvest DatePayable DateDividend ($)Reinvested at
06/28/2024 Monthly 06/28/2024 06/28/2024 07/01/2024 $0.036 $10.19
05/31/2024 Monthly 05/31/2024 05/31/2024 06/03/2024 $0.036 $10.08
04/30/2024 Monthly 04/30/2024 04/30/2024 05/01/2024 $0.036 $10.06
03/28/2024 Monthly 03/28/2024 03/28/2024 04/01/2024 $0.032 $10.07
02/29/2024 Monthly 02/29/2024 02/29/2024 03/01/2024 $0.030 $10.05
01/31/2024 Monthly 01/31/2024 02/01/2024 02/01/2024 $0.035 $10.05
06/28/2024 Monthly 06/28/2024 06/28/2024 07/01/2024 $0.038 $10.18
05/31/2024 Monthly 05/31/2024 05/31/2024 06/03/2024 $0.039 $10.07
04/30/2024 Monthly 04/30/2024 04/30/2024 05/01/2024 $0.038 $10.05
03/28/2024 Monthly 03/28/2024 03/28/2024 04/01/2024 $0.040 $10.06
02/29/2024 Monthly 02/29/2024 02/29/2024 03/01/2024 $0.037 $10.04
01/31/2024 Monthly 01/31/2024 02/01/2024 02/01/2024 $0.037 $10.05
06/28/2024 Monthly 06/28/2024 06/28/2024 07/01/2024 $0.038 $10.19
05/31/2024 Monthly 05/31/2024 05/31/2024 06/03/2024 $0.039 $10.08
04/30/2024 Monthly 04/30/2024 04/30/2024 05/01/2024 $0.038 $10.06
03/28/2024 Monthly 03/28/2024 03/28/2024 04/01/2024 $0.034 $10.07
02/29/2024 Monthly 02/29/2024 02/29/2024 03/01/2024 $0.032 $10.05
01/31/2024 Monthly 01/31/2024 02/01/2024 02/01/2024 $0.037 $10.05
  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.

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

    Collectibles gains, such as gains from gold bullion, held for greater than one year currently are subject to a 28% tax rate. Collectibles gains held for less than one year are taxable to U.S. shareholders as short-term gains.

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


Fund Information

Portfolio Composition
Holdings
Fact Sheet
Dealer Fact Guide
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Commentaries

Quarterly Commentary
  1. The prospectus and summary prospectus may be viewed online or by calling us at 800-747-2008. Please read our prospectus carefully before investing.  Investments are not FDIC insured or bank guaranteed and may lose value.

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

  1. Risk Disclosures

  2. The First Eagle Short Duration High Yield Municipal Fund ("The Fund") is new and may not be successful under all future market conditions. The Fund may not attract sufficient assets to achieve investment, trading or other efficiencies. 

    Funds that invest in bonds are subject to interest-rate risk and can lose principal value when interest rates rise, while they typically increase their principal values when interest rates decline. Bonds are also subject to credit risk, in which the bond issuer may fail to pay interest and principal in a timely manner, or that negative perception of the issuer's ability to make such payments may cause the price of that bond to decline. 

    The Fund invests in high yield, fixed income securities that, at the time of purchase, are non-investment grade. High yield, lower rated securities involve greater price volatility and present greater risks than high rated fixed income securities. High yield securities are rated lower than investment-grade securities because there is a greater possibility that the issuer may be unable to make interest and principal payments on those securities. High yield securities involve greater risk than higher rated securities and portfolios that invest in them may be subject to greater levels of credit and liquidity risk than portfolios that do not. 

    Municipal bonds are subject to credit risk, interest rate risk, liquidity risk, and call risk. However, the obligations of some municipal issuers may not be enforceable through the exercise of traditional creditors' rights. The reorganization under federal bankruptcy laws of a municipal bond issuer may result in the bonds being cancelled without payment or repaid only in part, or in delays in collecting principal and interest. 

    All investments involve the risk of loss of principal. 

    Diversification does not guarantee investment returns and does not eliminate the risk of loss.

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Corporate Headquarters

1345 Avenue of the Americas

New York, NY 10105

212-698-3300

  1. This document does not represent a solicitation of any order to buy or sell a security mentioned herein. Nothing here constitutes investment advice or insight as to the merits of any security or investment strategy mentioned herein.

  2. The information is not intended to provide and should not be relied on for accounting or tax advice.  Any tax information presented is not intended to constitute an analysis of all tax considerations.

    This information does not represent a solicitation of any order to buy or sell a security mentioned herein. Nothing here constitutes investment advice or insight as to the merits of any security or investment strategy mentioned herein.

  3. Investors should consider investment objectives, risks, charges and expenses carefully before investing. The prospectus and summary prospectus contain this and other information about the Funds and may be viewed online or calling us at 800.747.2008. Please read the prospectus carefully before investing. Investments are not FDIC insured or bank guaranteed and may lose value.

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

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

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

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