Overview
Investment Philosophy
Investment Philosophy
Seeks to provide high current income exempt from regular federal income taxes by investing in short-term municipal bonds. Capital appreciation is a secondary objective when consistent with the Fund’s primary objective.
After-Tax Income PotentialThe municipal securities market may offer the potential for higher after-tax income when compared with other fixed income markets, supporting a tax-exempt income strategy.
Opportunities to Identify Undervalued Municipal SecuritiesThe 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 InefficienciesThe 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.
Portfolio Characteristics
| Total Managed Assets | $1,905.4MM |
| Number of Holdings | 814 |
| Subsidized 30-Day SEC Yield | 4.80% |
| Unsubsidized 30-Day SEC Yield | 4.80% |
| Yield to Worst | 5.47% |
| Average Coupon | 5.51% |
| Weighted Average Duration (Years) | 4.03 |
| Average Effective Maturity (Years) | 10.62 |
| Securities Subject to Alternative Minimum Tax (AMT) | 24.15% |
- As of Apr 30, 2026
Our Process
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:
- 01Bottom 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
- 02Portfolio Construction
Team seeks to invest in a large number of sectors, states and specific issuers in order to help create a diversified municipal bond income 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 while maintaining a low duration municipal portfolio.
Portfolio assessment:
- Position sizing
- Performance and attribution analysis
- Duration management
- Leverage analysis
- 03Risk 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
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. The Subsidized 30-Day SEC Yield includes contractual expense reimbursements and it would be lower without those reimbursements. The Unsubsidized 30-Day SEC Yield excludes contractual expense reimbursements.
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.
Performance & Prices
Average Annual Returns
| Ticker | Class | YTD % | 1 MO | 3 MO | 1 YR | 3 YR | 5 YR | 10 YR | INCEPT % | Expense Ratio | Fund Inception Date | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross | Net | ||||||||||||
| FDUAX | A | w/out load | 1.62% | 0.65% | 0.43% | 2.06% | -- | -- | -- | 4.11% | 0.86% | -- | Jan 2, 2024 |
| FDUAX | A | w/load | -0.88% | -1.85% | -2.04% | -0.49% | -- | -- | -- | 3.01% | 0.86% | -- | Jan 2, 2024 |
| S&P Short Duration Municipal Yield Index (since inception based on A Shares) | 1.07% | 0.46% | -0.24% | 4.34% | -- | -- | -- | 3.95% | -- | -- | -- | ||
| FDUAX | A | w/out load | 0.21% | -0.97% | 0.21% | 0.00% | -- | -- | -- | 3.77% | 0.86% | -- | Jan 2, 2024 |
| FDUAX | A | w/load | -2.26% | -3.40% | -2.26% | -2.46% | -- | -- | -- | 2.59% | 0.86% | -- | Jan 2, 2024 |
| S&P Short Duration Municipal Yield Index (since inception based on A Shares) | -0.18% | -1.48% | -0.18% | 3.25% | -- | -- | -- | 3.69% | -- | -- | -- | ||
| FDYCX | C | 0.31% | -0.41% | -0.75% | -- | -- | -- | -- | 0.37% | 1.59% | -- | Jul 11, 2025 | |
| S&P Short Duration Municipal Yield Index (since inception based on A Shares) | 1.07% | 0.46% | -0.24% | 4.34% | -- | -- | -- | 3.95% | -- | -- | -- | ||
| FDYCX | C | -1.07% | -2.11% | -1.07% | -- | -- | -- | -- | -1.01% | 1.59% | -- | Jul 11, 2025 | |
| S&P Short Duration Municipal Yield Index (since inception based on A Shares) | -0.18% | -1.48% | -0.18% | 3.25% | -- | -- | -- | 3.69% | -- | -- | -- | ||
| FDUIX | I | 1.71% | 0.67% | 0.48% | 2.30% | -- | -- | -- | 4.38% | 0.64% | -- | Jan 2, 2024 | |
| S&P Short Duration Municipal Yield Index (since inception based on A Shares) | 1.07% | 0.46% | -0.24% | 4.34% | -- | -- | -- | 3.95% | -- | -- | -- | ||
| FDUIX | I | 0.16% | -1.05% | 0.16% | 0.14% | -- | -- | -- | 4.00% | 0.64% | -- | Jan 2, 2024 | |
| S&P Short Duration Municipal Yield Index (since inception based on A Shares) | -0.18% | -1.48% | -0.18% | 3.25% | -- | -- | -- | 3.69% | -- | -- | -- | ||
| FDURX | R6 | 1.84% | 0.78% | 0.60% | 2.44% | -- | -- | -- | 4.44% | 0.63% | -- | Jan 2, 2024 | |
| S&P Short Duration Municipal Yield Index (since inception based on A Shares) | 1.07% | 0.46% | -0.24% | 4.34% | -- | -- | -- | 3.95% | -- | -- | -- | ||
| FDURX | R6 | 0.27% | -0.95% | 0.27% | 0.27% | -- | -- | -- | 4.06% | 0.63% | -- | Jan 2, 2024 | |
| S&P Short Duration Municipal Yield Index (since inception based on A Shares) | -0.18% | -1.48% | -0.18% | 3.25% | -- | -- | -- | 3.69% | -- | -- | -- | ||
Source: FactSet; data as of Mar 31, 2026.
Source: FactSet; data as of May 31, 2026.
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. Performance information Class A Shares "without the effect of sales charges" or "w/out load" assumes all distributions have been reinvested and if sales charge was included values would be lower. The average annual returns for Class A Shares "with sales charge" or "w/load" of the First Eagle Short Duration High Yield Municipal Fund gives effect to the deduction of the maximum sales charge of 2.50%. The average annual returns for Class C Shares reflect a CDSC (contingent deferred sales charge) of 1.00% in the year-to-date and first year only. Class I Shares require $1MM minimum investment and are offered without sales charge. There is no minimum subsequent investment amount for Class I Shares. Class R6 Shares are offered without sales charge. Operating expenses reflect the Fund's total annual operating expenses for the share class as of the Fund's most current prospectus, including management fees and other expenses.
YTD Performance shows performance from close of 2-Jan-2024.
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, 2027and 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, 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.
Portfolio
Top Ten Holdings (%)
As of Apr 30, 2026
| Black Belt Energy Gas District 5.5% 1-Aug-2034 | BBB- | 2.23 |
| Brightline Florida Holdings LLC 10% 15-Jun-2026 | NR | 1.95 |
| UNITED AIRLINES INC 5% 1-Oct-2032 | BB+ | 1.92 |
| DesertXpress Enterprises LLC 12% 2-Nov-2026 | NR | 1.83 |
| Westchester County Health Care Corp Obligated Group 6.5% 1-Nov-2030 | NR | 1.76 |
| 3 World Trade Center LLC 5% 15-Nov-2044 | NR | 1.51 |
| DRP Urban Renewal 4 LLC 6.375% 1-Jan-2035 | NR | 1.17 |
| Noble Environmental Inc 5.45% 1-Mar-2031 | NR | 1.16 |
| Chicago Board of Education 7% 1-Dec-2046 | BBB- | 1.13 |
| Genacross Lutheran Services Obligated Group 6.75% 1-Nov-2030 | NR | 1.07 |
| Top Ten Holdings as a Percentage of Total Net Assets | 15.72 |
Allocation by Credit Quality (%)
| Not Rated | 58.23% |
| BBB | 17.43% |
| BB | 13.93% |
| AA | 3.91% |
| B | 3.19% |
| A | 3.01% |
| AAA | 0.26% |
| CCC | 0.04% |
| Not Rated | 55.95% |
| BBB | 16.90% |
| BB | 14.08% |
| AA | 5.72% |
| A | 3.40% |
| B | 3.29% |
| CCC | 0.40% |
| AAA | 0.26% |
| Not Rated | 53.72% |
| BBB | 17.21% |
| BB | 14.46% |
| AA | 5.64% |
| A | 4.45% |
| B | 3.68% |
| CCC | 0.58% |
| AAA | 0.26% |
| Not Rated | 54.73% |
| BBB | 16.80% |
| BB | 14.04% |
| A | 4.98% |
| AA | 4.85% |
| B | 3.57% |
| CCC | 0.59% |
| AAA | 0.43% |
| Not Rated | 53.80% |
| BB | 15.50% |
| BBB | 13.10% |
| A | 7.13% |
| AA | 5.67% |
| B | 3.89% |
| CCC | 0.64% |
| AAA | 0.27% |
| Not Rated | 54.24% |
| BB | 21.41% |
| BBB | 12.70% |
| B | 4.32% |
| A | 4.18% |
| AA | 2.84% |
| AAA | 0.31% |
| CCC | 0.00% |
| BB | 22.35% |
| BBB | 10.26% |
| AA | 5.31% |
| B | 4.31% |
| A | 4.21% |
| AAA | 0.37% |
| CCC | 0.00% |
| BB | 22.69% |
| BBB | 9.25% |
| A | 4.77% |
| AA | 4.66% |
| B | 4.43% |
| AAA | 0.62% |
| Not Rated | 53.14% |
| BB | 16.44% |
| BBB | 9.04% |
| AA | 8.63% |
| A | 7.14% |
| B | 5.06% |
| AAA | 0.65% |
| NR | 61.86% |
| BB | 15.38% |
| BBB | 8.34% |
| B | 6.31% |
| A | 4.42% |
| AA | 3.67% |
| CCC | 0.02% |
| AAA | 0.00% |
| C | 0.00% |
| CC | 0.00% |
| NR | 63.88% |
| BB | 14.66% |
| BBB | 8.10% |
| B | 5.78% |
| A | 5.14% |
| AA | 2.43% |
| CCC | 0.02% |
| AAA | 0.00% |
| C | 0.00% |
| CC | 0.00% |
| NR | 65.37% |
| BB | 14.40% |
| BBB | 7.14% |
| B | 5.73% |
| A | 5.02% |
| AA | 2.31% |
| CCC | 0.02% |
| AAA | 0.00% |
| C | 0.00% |
| CC | 0.00% |
| NR | 66.83% |
| BB | 9.55% |
| BBB | 7.57% |
| A | 6.94% |
| B | 5.89% |
| AA | 3.20% |
| CCC | 0.02% |
| AAA | 0.00% |
| C | 0.00% |
| CC | 0.00% |
Allocation by Sector (%)
| Economic/Industrial Development | 15.67% |
| Hospital | 13.82% |
| Higher Education | 8.19% |
| Continuing Care Retirement Community | 7.33% |
| General Revenue Tax-Guaranteed | 4.67% |
| Airport | 4.47% |
| Charter School | 4.20% |
| Public Transportation | 4.03% |
| Special Assessment Financing | 3.89% |
| Tax Increment Financing | 3.69% |
| Assisted Living | 3.50% |
| Gas Forward Contract | 3.11% |
| Community Development District | 2.73% |
| Solid Waste | 2.37% |
| School District | 2.06% |
| Port/Marina | 1.85% |
| Secondary Education | 1.34% |
| Nursing Home | 1.21% |
| Tobacco Master Settlement Agreement | 0.99% |
| Not-For-Profit Human Service Provider | 0.94% |
| Miscellaneous Tax | 0.93% |
| Water & Sewer | 0.90% |
| Local Multi-Family Housing | 0.81% |
| Sales & Excise Tax | 0.81% |
| General Obligation | 0.72% |
| Loan Pool | 0.70% |
| Hotel Occupancy Tax | 0.69% |
| Student Housing | 0.69% |
| Toll Highway/Bridge/Tunnel | 0.67% |
| Paper&Related Products | 0.62% |
| Appropriation | 0.58% |
| Not-For-Profit Foundation | 0.33% |
| Not-For-Profit Research Organization | 0.22% |
| Housing Tax-Guaranteed | 0.21% |
| Municipal Utility (Mixed) | 0.20% |
| Not-For-Profit Cultural Organization | 0.20% |
| Payments in Lieu of Taxes (PILOT) | 0.10% |
| General Obligation Hospital/Health District | 0.09% |
| Miscellaneous | 0.08% |
| Transport-Rail | 0.08% |
| Mello-Roos | 0.07% |
| Private/Religious School | 0.06% |
| Public Power System | 0.06% |
| State Single-Family Housing | 0.05% |
| Indian Tribal Bond | 0.04% |
| Telecom | 0.02% |
| Correctional Facility | 0.01% |
| Healthcare (General) Tax-Guaranteed | 0.00% |
| Economic/Industrial Development | 15.96% |
| Hospital | 13.78% |
| Higher Education | 7.10% |
| Continuing Care Retirement Community | 6.84% |
| Airport | 6.31% |
| Public Transportation | 4.26% |
| General Revenue Tax-Guaranteed | 4.20% |
| Special Assessment Financing | 3.78% |
| Tax Increment Financing | 3.67% |
| Charter School | 3.49% |
| Assisted Living | 3.41% |
| Gas Forward Contract | 3.09% |
| Community Development District | 2.67% |
| Solid Waste | 2.35% |
| School District | 2.03% |
| Port/Marina | 1.83% |
| Appropriation | 1.63% |
| Secondary Education | 1.37% |
| Nursing Home | 1.18% |
| Tobacco Master Settlement Agreement | 0.98% |
| Not-For-Profit Human Service Provider | 0.93% |
| Local Multi-Family Housing | 0.91% |
| Miscellaneous Tax | 0.87% |
| Sales & Excise Tax | 0.81% |
| General Obligation | 0.77% |
| Student Housing | 0.77% |
| Loan Pool | 0.69% |
| Hotel Occupancy Tax | 0.68% |
| Toll Highway/Bridge/Tunnel | 0.67% |
| Paper&Related Products | 0.53% |
| Indian Tribal Bond | 0.47% |
| Water & Sewer | 0.36% |
| Not-For-Profit Foundation | 0.33% |
| Not-For-Profit Research Organization | 0.22% |
| Housing Tax-Guaranteed | 0.21% |
| Municipal Utility (Mixed) | 0.20% |
| Transport-Rail | 0.19% |
| Payments in Lieu of Taxes (PILOT) | 0.10% |
| General Obligation Hospital/Health District | 0.09% |
| Miscellaneous | 0.08% |
| Mello-Roos | 0.07% |
| Public Power System | 0.06% |
| State Single-Family Housing | 0.05% |
| Not-For-Profit Cultural Organization | 0.03% |
| Telecom | 0.02% |
| Healthcare (General) Tax-Guaranteed | 0.00% |
| Economic/Industrial Development | 15.06% |
| Hospital | 15.01% |
| Higher Education | 7.08% |
| Airport | 7.00% |
| Continuing Care Retirement Community | 6.85% |
| Public Transportation | 4.19% |
| General Revenue Tax-Guaranteed | 3.84% |
| Special Assessment Financing | 3.80% |
| Tax Increment Financing | 3.75% |
| Charter School | 3.50% |
| Assisted Living | 3.24% |
| Gas Forward Contract | 3.16% |
| Community Development District | 2.55% |
| School District | 2.04% |
| Port/Marina | 1.83% |
| Solid Waste | 1.75% |
| Appropriation | 1.69% |
| Secondary Education | 1.37% |
| Tobacco Master Settlement Agreement | 0.97% |
| Not-For-Profit Human Service Provider | 0.94% |
| Nursing Home | 0.94% |
| Local Multi-Family Housing | 0.91% |
| Miscellaneous Tax | 0.88% |
| Sales & Excise Tax | 0.85% |
| Student Housing | 0.83% |
| General Obligation | 0.81% |
| Hotel Occupancy Tax | 0.70% |
| Loan Pool | 0.70% |
| Toll Highway/Bridge/Tunnel | 0.66% |
| Paper&Related Products | 0.61% |
| Indian Tribal Bond | 0.48% |
| Water & Sewer | 0.36% |
| Not-For-Profit Foundation | 0.33% |
| Not-For-Profit Research Organization | 0.22% |
| Housing Tax-Guaranteed | 0.21% |
| Municipal Utility (Mixed) | 0.20% |
| Transport-Rail | 0.18% |
| Payments in Lieu of Taxes (PILOT) | 0.10% |
| General Obligation Hospital/Health District | 0.09% |
| Miscellaneous | 0.08% |
| Mello-Roos | 0.07% |
| Public Power System | 0.06% |
| State Single-Family Housing | 0.05% |
| Not-For-Profit Cultural Organization | 0.03% |
| State Multi-Family Housing | 0.03% |
| Telecom | 0.02% |
| Healthcare (General) Tax-Guaranteed | 0.00% |
| Economic/Industrial Development | 15.78% |
| Hospital | 13.72% |
| Higher Education | 7.13% |
| Airport | 7.02% |
| Continuing Care Retirement Community | 6.98% |
| Public Transportation | 4.41% |
| General Revenue Tax-Guaranteed | 4.04% |
| Tax Increment Financing | 3.88% |
| Special Assessment Financing | 3.82% |
| Charter School | 3.54% |
| Gas Forward Contract | 3.18% |
| Assisted Living | 2.92% |
| Community Development District | 2.56% |
| School District | 2.05% |
| Port/Marina | 1.83% |
| Appropriation | 1.79% |
| Secondary Education | 1.38% |
| Solid Waste | 1.23% |
| Tobacco Master Settlement Agreement | 0.98% |
| Not-For-Profit Human Service Provider | 0.94% |
| Nursing Home | 0.94% |
| Student Housing | 0.92% |
| Miscellaneous Tax | 0.89% |
| Sales & Excise Tax | 0.85% |
| Local Multi-Family Housing | 0.83% |
| General Obligation | 0.82% |
| Hotel Occupancy Tax | 0.70% |
| Loan Pool | 0.70% |
| Paper&Related Products | 0.67% |
| Toll Highway/Bridge/Tunnel | 0.67% |
| Indian Tribal Bond | 0.48% |
| Water & Sewer | 0.36% |
| Not-For-Profit Foundation | 0.33% |
| Public Power System | 0.30% |
| State Single-Family Housing | 0.22% |
| Housing Tax-Guaranteed | 0.21% |
| Municipal Utility (Mixed) | 0.20% |
| Transport-Rail | 0.18% |
| General Obligation Hospital/Health District | 0.11% |
| Payments in Lieu of Taxes (PILOT) | 0.11% |
| Miscellaneous | 0.08% |
| Mello-Roos | 0.07% |
| General Obligation District (Other) | 0.06% |
| Not-For-Profit Cultural Organization | 0.03% |
| State Multi-Family Housing | 0.03% |
| Metro Development District | 0.02% |
| Telecom | 0.02% |
| Healthcare (General) Tax-Guaranteed | 0.00% |
| Economic/Industrial Development | 16.30% |
| Hospital | 14.21% |
| Airport | 7.60% |
| Continuing Care Retirement Community | 7.09% |
| Higher Education | 6.31% |
| Public Transportation | 4.58% |
| Tax Increment Financing | 3.88% |
| General Revenue Tax-Guaranteed | 3.66% |
| Special Assessment Financing | 3.48% |
| Charter School | 3.36% |
| Gas Forward Contract | 3.16% |
| Assisted Living | 2.94% |
| Community Development District | 2.57% |
| Appropriation | 2.23% |
| School District | 2.07% |
| Port/Marina | 1.90% |
| Local Multi-Family Housing | 1.52% |
| Solid Waste | 1.35% |
| Sales & Excise Tax | 1.00% |
| Tobacco Master Settlement Agreement | 0.98% |
| Toll Highway/Bridge/Tunnel | 0.97% |
| Nursing Home | 0.96% |
| Not-For-Profit Human Service Provider | 0.94% |
| Miscellaneous Tax | 0.89% |
| General Obligation | 0.82% |
| Student Housing | 0.77% |
| Hotel Occupancy Tax | 0.70% |
| Paper&Related Products | 0.68% |
| Loan Pool | 0.66% |
| Indian Tribal Bond | 0.48% |
| Water & Sewer | 0.36% |
| Not-For-Profit Foundation | 0.26% |
| Housing Tax-Guaranteed | 0.22% |
| Transport-Rail | 0.21% |
| Municipal Utility (Mixed) | 0.20% |
| General Obligation District (Other) | 0.11% |
| Payments in Lieu of Taxes (PILOT) | 0.11% |
| General Obligation Hospital/Health District | 0.10% |
| Miscellaneous | 0.08% |
| Mello-Roos | 0.07% |
| Public Power System | 0.06% |
| State Single-Family Housing | 0.05% |
| Not-For-Profit Cultural Organization | 0.03% |
| State Multi-Family Housing | 0.03% |
| Telecom | 0.02% |
| Economic/Industrial Development | 18.09% |
| Hospital | 12.69% |
| Continuing Care Retirement Community | 6.78% |
| Higher Education | 6.69% |
| Airport | 5.58% |
| School District | 4.72% |
| Public Transportation | 4.27% |
| Special Assessment Financing | 3.95% |
| Tax Increment Financing | 3.91% |
| Charter School | 3.74% |
| Gas Forward Contract | 3.66% |
| Assisted Living | 3.39% |
| General Revenue Tax-Guaranteed | 3.28% |
| Community Development District | 2.80% |
| Port/Marina | 2.21% |
| Solid Waste | 1.57% |
| Tobacco Master Settlement Agreement | 1.14% |
| Miscellaneous Tax | 1.05% |
| General Obligation | 1.02% |
| Local Multi-Family Housing | 0.97% |
| Sales & Excise Tax | 0.89% |
| Student Housing | 0.89% |
| Public Power System | 0.88% |
| Toll Highway/Bridge/Tunnel | 0.81% |
| Loan Pool | 0.77% |
| Paper&Related Products | 0.75% |
| Appropriation | 0.73% |
| Not-For-Profit Human Service Provider | 0.43% |
| Water & Sewer | 0.42% |
| Not-For-Profit Foundation | 0.31% |
| Nursing Home | 0.29% |
| Housing Tax-Guaranteed | 0.25% |
| Municipal Utility (Mixed) | 0.23% |
| General Obligation District (Other) | 0.13% |
| Hotel Occupancy Tax | 0.13% |
| Payments in Lieu of Taxes (PILOT) | 0.13% |
| Miscellaneous | 0.10% |
| Mello-Roos | 0.08% |
| General Obligation Hospital/Health District | 0.06% |
| Indian Tribal Bond | 0.05% |
| State Single-Family Housing | 0.05% |
| State Multi-Family Housing | 0.04% |
| Not-For-Profit Cultural Organization | 0.03% |
| Telecom | 0.03% |
| Economic/Industrial Development | 18.15% |
| Hospital | 14.70% |
| Continuing Care Retirement Community | 6.20% |
| Higher Education | 6.19% |
| Public Transportation | 5.15% |
| School District | 4.88% |
| Airport | 4.63% |
| Tax Increment Financing | 4.34% |
| Special Assessment Financing | 4.11% |
| Charter School | 3.90% |
| General Revenue Tax-Guaranteed | 3.32% |
| Community Development District | 2.75% |
| Port/Marina | 2.27% |
| Assisted Living | 2.22% |
| General Obligation | 1.92% |
| Solid Waste | 1.63% |
| Miscellaneous Tax | 1.24% |
| Public Power System | 1.24% |
| Tobacco Master Settlement Agreement | 1.17% |
| Water & Sewer | 1.12% |
| Local Multi-Family Housing | 1.00% |
| Student Housing | 1.00% |
| Toll Highway/Bridge/Tunnel | 0.83% |
| Sales & Excise Tax | 0.80% |
| Loan Pool | 0.79% |
| Appropriation | 0.76% |
| Paper&Related Products | 0.74% |
| Not-For-Profit Human Service Provider | 0.44% |
| State Single-Family Housing | 0.43% |
| Not-For-Profit Foundation | 0.32% |
| Nursing Home | 0.30% |
| Housing Tax-Guaranteed | 0.26% |
| Municipal Utility (Mixed) | 0.24% |
| General Obligation District (Other) | 0.14% |
| Hotel Occupancy Tax | 0.14% |
| Payments in Lieu of Taxes (PILOT) | 0.13% |
| Miscellaneous | 0.10% |
| Mello-Roos | 0.08% |
| Municipal Utility District | 0.07% |
| General Obligation Hospital/Health District | 0.06% |
| Indian Tribal Bond | 0.05% |
| Income Tax | 0.04% |
| State Multi-Family Housing | 0.04% |
| Gas Forward Contract | 0.03% |
| Not-For-Profit Cultural Organization | 0.03% |
| Telecom | 0.03% |
| Economic/Industrial Development | 18.88% |
| Hospital | 13.79% |
| Higher Education | 6.89% |
| Continuing Care Retirement Community | 6.52% |
| Public Transportation | 5.81% |
| School District | 5.00% |
| Airport | 4.77% |
| Tax Increment Financing | 4.38% |
| Charter School | 3.90% |
| Special Assessment Financing | 3.84% |
| General Revenue Tax-Guaranteed | 3.40% |
| Community Development District | 2.70% |
| Port/Marina | 2.34% |
| Solid Waste | 1.67% |
| Miscellaneous Tax | 1.28% |
| Toll Highway/Bridge/Tunnel | 1.25% |
| Tobacco Master Settlement Agreement | 1.21% |
| General Obligation | 1.09% |
| Water & Sewer | 1.06% |
| Assisted Living | 1.05% |
| Local Multi-Family Housing | 1.03% |
| State Single-Family Housing | 1.00% |
| Student Housing | 0.98% |
| Paper&Related Products | 0.90% |
| Sales & Excise Tax | 0.84% |
| Loan Pool | 0.82% |
| Appropriation | 0.78% |
| Not-For-Profit Human Service Provider | 0.46% |
| Public Power System | 0.35% |
| Income Tax | 0.34% |
| Housing Tax-Guaranteed | 0.27% |
| Municipal Utility (Mixed) | 0.25% |
| Miscellaneous | 0.22% |
| Hotel Occupancy Tax | 0.15% |
| General Obligation District (Other) | 0.14% |
| Payments in Lieu of Taxes (PILOT) | 0.14% |
| Not-For-Profit Foundation | 0.10% |
| Mello-Roos | 0.08% |
| General Obligation Hospital/Health District | 0.07% |
| Municipal Utility District | 0.07% |
| Indian Tribal Bond | 0.05% |
| Nursing Home | 0.05% |
| Telecom | 0.04% |
| Gas Forward Contract | 0.03% |
| Not-For-Profit Cultural Organization | 0.03% |
| State Multi-Family Housing | 0.00% |
| Economic/Industrial Development | 20.73% |
| Hospital | 15.29% |
| Higher Education | 7.00% |
| Continuing Care Retirement Community | 6.33% |
| Public Transportation | 6.03% |
| Airport | 4.60% |
| Tax Increment Financing | 4.21% |
| Special Assessment Financing | 4.10% |
| General Revenue Tax-Guaranteed | 3.61% |
| Charter School | 3.51% |
| Community Development District | 2.86% |
| Port/Marina | 2.48% |
| Water & Sewer | 2.29% |
| General Obligation | 1.84% |
| Solid Waste | 1.59% |
| Public Power System | 1.29% |
| Tobacco Master Settlement Agreement | 1.28% |
| Assisted Living | 1.11% |
| Local Multi-Family Housing | 1.09% |
| Miscellaneous Tax | 1.05% |
| Toll Highway/Bridge/Tunnel | 1.05% |
| Student Housing | 1.04% |
| Sales & Excise Tax | 0.91% |
| Loan Pool | 0.86% |
| Appropriation | 0.78% |
| State Single-Family Housing | 0.64% |
| Not-For-Profit Human Service Provider | 0.44% |
| Housing Tax-Guaranteed | 0.29% |
| Municipal Utility (Mixed) | 0.27% |
| Miscellaneous | 0.24% |
| School District | 0.21% |
| Hotel Occupancy Tax | 0.16% |
| Payments in Lieu of Taxes (PILOT) | 0.15% |
| General Obligation District (Other) | 0.14% |
| Mello-Roos | 0.11% |
| Not-For-Profit Foundation | 0.10% |
| Municipal Utility District | 0.08% |
| General Obligation Hospital/Health District | 0.07% |
| Indian Tribal Bond | 0.06% |
| Nursing Home | 0.06% |
| Income Tax | 0.05% |
| Gas Forward Contract | 0.04% |
| Not-For-Profit Cultural Organization | 0.04% |
| Telecom | 0.04% |
| Economic/Industrial Development | 20.18% |
| Hospital | 15.90% |
| Higher Education | 7.03% |
| Continuing Care Retirement Community | 6.37% |
| Public Transportation | 6.18% |
| Airport | 5.18% |
| Tax Increment Financing | 4.64% |
| General Revenue Tax-Guaranteed | 3.67% |
| Special Assessment Financing | 3.63% |
| Charter School | 3.32% |
| Port/Marina | 2.78% |
| Community Development District | 2.53% |
| Solid Waste | 1.78% |
| Public Power System | 1.66% |
| General Obligation | 1.53% |
| Tobacco Master Settlement Agreement | 1.45% |
| Assisted Living | 1.19% |
| Miscellaneous Tax | 1.19% |
| Toll Highway/Bridge/Tunnel | 1.19% |
| Student Housing | 1.08% |
| Miscellaneous | 1.07% |
| Sales & Excise Tax | 1.03% |
| Loan Pool | 0.97% |
| Appropriation | 0.94% |
| State Single-Family Housing | 0.73% |
| Not-For-Profit Human Service Provider | 0.50% |
| Water & Sewer | 0.49% |
| Local Multi-Family Housing | 0.39% |
| Housing Tax-Guaranteed | 0.33% |
| Municipal Utility (Mixed) | 0.30% |
| School District | 0.23% |
| Payments in Lieu of Taxes (PILOT) | 0.20% |
| Hotel Occupancy Tax | 0.17% |
| General Obligation District (Other) | 0.16% |
| Mello-Roos | 0.13% |
| Not-For-Profit Foundation | 0.12% |
| Municipal Utility District | 0.09% |
| General Obligation Hospital/Health District | 0.08% |
| Indian Tribal Bond | 0.07% |
| Income Tax | 0.06% |
| Nursing Home | 0.06% |
| Gas Forward Contract | 0.04% |
| Not-For-Profit Cultural Organization | 0.04% |
| Telecom | 0.04% |
| Other | -0.71% |
| Economic/Industrial Development | 21.32% |
| Hospital | 13.00% |
| Public Transportation | 9.25% |
| Continuing Care Retirement Community | 6.89% |
| Higher Education | 6.64% |
| Tax Increment Financing | 5.42% |
| Airport | 5.25% |
| Special Assessment Financing | 3.73% |
| Port/Marina | 3.13% |
| Charter School | 3.04% |
| Community Development District | 2.59% |
| General Revenue Tax-Guaranteed | 2.50% |
| Solid Waste | 2.02% |
| Tobacco Master Settlement Agreement | 1.64% |
| Miscellaneous Tax | 1.63% |
| General Obligation | 1.42% |
| Student Housing | 1.23% |
| Loan Pool | 1.08% |
| Toll Highway/Bridge/Tunnel | 1.08% |
| Assisted Living | 1.07% |
| Sales & Excise Tax | 1.02% |
| Appropriation | 0.99% |
| Not-For-Profit Human Service Provider | 0.56% |
| Water & Sewer | 0.55% |
| Local Multi-Family Housing | 0.44% |
| Housing Tax-Guaranteed | 0.37% |
| Public Power System | 0.31% |
| State Single-Family Housing | 0.29% |
| Municipal Utility (Mixed) | 0.26% |
| School District | 0.25% |
| Payments in Lieu of Taxes (PILOT) | 0.22% |
| Hotel Occupancy Tax | 0.20% |
| General Obligation District (Other) | 0.18% |
| General Obligation Hospital/Health District | 0.10% |
| Indian Tribal Bond | 0.07% |
| Nursing Home | 0.07% |
| Gas Forward Contract | 0.05% |
| Not-For-Profit Cultural Organization | 0.04% |
| Telecom | 0.04% |
| Mello-Roos | 0.03% |
| Appropriation (Self) | 0.00% |
| Economic/Industrial Development | 17.42% |
| Hospital | 13.60% |
| Continuing Care Retirement Community | 11.90% |
| Higher Education | 8.14% |
| Public Transportation | 8.02% |
| Special Assessment Financing | 5.76% |
| Airport | 4.78% |
| Charter School | 4.24% |
| Tax Increment Financing | 3.59% |
| Community Development District | 3.13% |
| General Obligation | 2.05% |
| Student Housing | 1.82% |
| Tobacco Master Settlement Agreement | 1.65% |
| General Revenue Tax-Guaranteed | 1.39% |
| General Obligation District (Other) | 1.21% |
| Loan Pool | 1.13% |
| Sales & Excise Tax | 0.93% |
| Miscellaneous Tax | 0.85% |
| Not-For-Profit Human Service Provider | 0.84% |
| Assisted Living | 0.80% |
| Port/Marina | 0.71% |
| Local Multi-Family Housing | 0.68% |
| Toll Highway/Bridge/Tunnel | 0.67% |
| Gas Forward Contract | 0.65% |
| Telecom | 0.64% |
| Other | 0.63% |
| School District | 0.56% |
| Payments in Lieu of Taxes (PILOT) | 0.54% |
| Solid Waste | 0.46% |
| Appropriation | 0.25% |
| Hotel Occupancy Tax | 0.17% |
| Water & Sewer | 0.16% |
| General Obligation Hospital/Health District | 0.13% |
| Mello-Roos | 0.12% |
| Municipal Utility (Mixed) | 0.11% |
| Nursing Home | 0.07% |
| State Single-Family Housing | 0.06% |
| Economic/Industrial Development | 20.51% |
| Hospital | 16.79% |
| Public Transportation | 9.80% |
| Continuing Care Retirement Community | 7.32% |
| Higher Education | 6.19% |
| Airport | 5.35% |
| Tax Increment Financing | 4.68% |
| Charter School | 3.69% |
| Special Assessment Financing | 3.65% |
| General Revenue Tax-Guaranteed | 2.85% |
| Community Development District | 2.59% |
| Tobacco Master Settlement Agreement | 2.24% |
| General Obligation | 2.01% |
| Assisted Living | 1.45% |
| Loan Pool | 1.44% |
| Miscellaneous Tax | 1.17% |
| Student Housing | 1.05% |
| Toll Highway/Bridge/Tunnel | 1.00% |
| Water & Sewer | 0.92% |
| Sales & Excise Tax | 0.85% |
| Not-For-Profit Human Service Provider | 0.77% |
| Solid Waste | 0.56% |
| Housing Tax-Guaranteed | 0.52% |
| State Single-Family Housing | 0.39% |
| Local Multi-Family Housing | 0.37% |
| Payments in Lieu of Taxes (PILOT) | 0.33% |
| Hotel Occupancy Tax | 0.27% |
| General Obligation District (Other) | 0.25% |
| Appropriation | 0.14% |
| Public Power System | 0.14% |
| General Obligation Hospital/Health District | 0.12% |
| Municipal Utility (Mixed) | 0.12% |
| Indian Tribal Bond | 0.10% |
| Nursing Home | 0.09% |
| Gas Forward Contract | 0.07% |
| Not-For-Profit Cultural Organization | 0.06% |
| School District | 0.04% |
Allocation by State (%)
| Florida | 13.40% |
| New York | 11.61% |
| Wisconsin | 7.85% |
| California | 7.43% |
| Illinois | 6.89% |
| Texas | 6.28% |
| New Hampshire | 5.07% |
| Pennsylvania | 4.43% |
| Alabama | 4.07% |
| Colorado | 2.98% |
| New Jersey | 2.31% |
| Ohio | 2.23% |
| Massachusetts | 2.15% |
| Washington | 2.03% |
| Indiana | 1.42% |
| Nevada | 1.42% |
| Kansas | 1.41% |
| Georgia | 1.27% |
| South Carolina | 1.15% |
| Arizona | 1.07% |
| Mississippi | 1.07% |
| Rhode Island | 1.06% |
| North Carolina | 1.03% |
| West Virginia | 0.97% |
| Oregon | 0.93% |
| Louisiana | 0.91% |
| Maryland | 0.89% |
| Utah | 0.84% |
| Virgin Islands | 0.72% |
| Missouri | 0.70% |
| Oklahoma | 0.68% |
| Arkansas | 0.49% |
| Minnesota | 0.44% |
| Michigan | 0.40% |
| Iowa | 0.37% |
| Connecticut | 0.34% |
| Virginia | 0.29% |
| District of Columbia | 0.26% |
| Tennessee | 0.25% |
| American Samoa | 0.15% |
| Idaho | 0.15% |
| Kentucky | 0.13% |
| North Dakota | 0.13% |
| Montana | 0.09% |
| Hawaii | 0.08% |
| Nebraska | 0.08% |
| Alaska | 0.04% |
| New Mexico | 0.02% |
| Vermont | 0.02% |
| Delaware | 0.01% |
| Florida | 13.45% |
| New York | 10.20% |
| Illinois | 7.49% |
| Wisconsin | 7.41% |
| California | 7.32% |
| Texas | 6.81% |
| New Hampshire | 4.49% |
| Pennsylvania | 4.32% |
| Alabama | 4.09% |
| Colorado | 3.00% |
| New Jersey | 2.27% |
| Ohio | 2.20% |
| Massachusetts | 2.15% |
| Washington | 1.95% |
| Missouri | 1.83% |
| Utah | 1.59% |
| Oklahoma | 1.41% |
| Kansas | 1.40% |
| Nevada | 1.31% |
| Georgia | 1.10% |
| Indiana | 1.07% |
| Mississippi | 1.07% |
| South Carolina | 1.07% |
| Rhode Island | 1.05% |
| West Virginia | 0.94% |
| Oregon | 0.92% |
| Louisiana | 0.90% |
| Maryland | 0.88% |
| District of Columbia | 0.78% |
| Arizona | 0.77% |
| North Carolina | 0.73% |
| Virgin Islands | 0.71% |
| Arkansas | 0.49% |
| Minnesota | 0.43% |
| Iowa | 0.37% |
| Connecticut | 0.34% |
| Michigan | 0.32% |
| Virginia | 0.29% |
| Tennessee | 0.25% |
| Idaho | 0.15% |
| Kentucky | 0.13% |
| North Dakota | 0.13% |
| American Samoa | 0.11% |
| Hawaii | 0.08% |
| Nebraska | 0.08% |
| Montana | 0.05% |
| Alaska | 0.04% |
| New Mexico | 0.02% |
| Vermont | 0.02% |
| Florida | 12.49% |
| New York | 10.11% |
| Illinois | 8.65% |
| Wisconsin | 7.88% |
| California | 6.75% |
| Texas | 6.63% |
| Alabama | 4.70% |
| New Hampshire | 3.68% |
| Pennsylvania | 3.19% |
| Colorado | 3.00% |
| Ohio | 2.47% |
| Kansas | 2.31% |
| New Jersey | 2.28% |
| Massachusetts | 2.16% |
| Missouri | 2.06% |
| Washington | 1.97% |
| Oklahoma | 1.78% |
| Utah | 1.52% |
| Nevada | 1.30% |
| Georgia | 1.17% |
| South Carolina | 1.15% |
| Mississippi | 1.08% |
| Indiana | 1.05% |
| West Virginia | 0.96% |
| Rhode Island | 0.95% |
| Louisiana | 0.91% |
| Arizona | 0.78% |
| District of Columbia | 0.78% |
| Oregon | 0.73% |
| Virgin Islands | 0.73% |
| Maryland | 0.59% |
| North Carolina | 0.57% |
| Tennessee | 0.55% |
| Arkansas | 0.49% |
| Minnesota | 0.43% |
| Iowa | 0.37% |
| Connecticut | 0.33% |
| Michigan | 0.32% |
| Virginia | 0.29% |
| Idaho | 0.15% |
| North Dakota | 0.13% |
| Kentucky | 0.12% |
| American Samoa | 0.11% |
| Hawaii | 0.08% |
| Nebraska | 0.08% |
| Montana | 0.05% |
| Alaska | 0.04% |
| New Mexico | 0.02% |
| Vermont | 0.02% |
| Florida | 12.68% |
| New York | 10.19% |
| Illinois | 8.99% |
| Wisconsin | 7.98% |
| California | 7.01% |
| Texas | 5.75% |
| Alabama | 4.59% |
| New Hampshire | 3.91% |
| Pennsylvania | 3.19% |
| Colorado | 3.12% |
| Ohio | 2.52% |
| New Jersey | 2.28% |
| Missouri | 2.08% |
| Washington | 2.02% |
| Kansas | 1.84% |
| Oklahoma | 1.78% |
| Massachusetts | 1.74% |
| Nevada | 1.70% |
| Utah | 1.53% |
| Georgia | 1.49% |
| South Carolina | 1.21% |
| Mississippi | 1.09% |
| Indiana | 1.05% |
| Rhode Island | 0.96% |
| West Virginia | 0.95% |
| Arizona | 0.79% |
| District of Columbia | 0.73% |
| Oregon | 0.73% |
| Virgin Islands | 0.73% |
| Louisiana | 0.71% |
| Maryland | 0.59% |
| Iowa | 0.55% |
| Tennessee | 0.55% |
| Arkansas | 0.50% |
| Minnesota | 0.44% |
| Connecticut | 0.33% |
| Michigan | 0.33% |
| Virginia | 0.29% |
| North Carolina | 0.28% |
| Idaho | 0.15% |
| North Dakota | 0.13% |
| American Samoa | 0.12% |
| Kentucky | 0.12% |
| Hawaii | 0.08% |
| Nebraska | 0.08% |
| Montana | 0.05% |
| Alaska | 0.04% |
| New Mexico | 0.02% |
| Vermont | 0.02% |
| Florida | 12.77% |
| New York | 10.32% |
| Wisconsin | 7.99% |
| Illinois | 7.39% |
| California | 6.44% |
| Texas | 5.45% |
| Alabama | 4.43% |
| New Hampshire | 3.51% |
| Colorado | 3.12% |
| Pennsylvania | 3.12% |
| New Jersey | 2.62% |
| Ohio | 2.48% |
| Tennessee | 2.30% |
| Missouri | 2.12% |
| Kansas | 1.86% |
| Massachusetts | 1.77% |
| Nevada | 1.69% |
| Utah | 1.68% |
| Oklahoma | 1.67% |
| Washington | 1.51% |
| Georgia | 1.26% |
| Indiana | 1.22% |
| South Carolina | 1.22% |
| Mississippi | 1.09% |
| Rhode Island | 0.97% |
| North Carolina | 0.96% |
| West Virginia | 0.91% |
| Virgin Islands | 0.87% |
| Arizona | 0.80% |
| District of Columbia | 0.74% |
| Louisiana | 0.74% |
| Oregon | 0.73% |
| Michigan | 0.63% |
| Maryland | 0.61% |
| Arkansas | 0.50% |
| Minnesota | 0.44% |
| Iowa | 0.37% |
| Connecticut | 0.34% |
| Virginia | 0.32% |
| Nebraska | 0.19% |
| Idaho | 0.15% |
| North Dakota | 0.13% |
| American Samoa | 0.12% |
| Kentucky | 0.12% |
| Maine | 0.11% |
| Hawaii | 0.08% |
| Montana | 0.05% |
| Alaska | 0.04% |
| New Mexico | 0.02% |
| Vermont | 0.02% |
| Florida | 13.90% |
| Illinois | 9.64% |
| Wisconsin | 7.84% |
| New York | 7.83% |
| California | 5.41% |
| Texas | 5.41% |
| Alabama | 5.29% |
| New Hampshire | 3.77% |
| Colorado | 3.57% |
| Pennsylvania | 3.20% |
| Ohio | 2.88% |
| New Jersey | 2.72% |
| Nevada | 2.15% |
| Georgia | 2.12% |
| Oklahoma | 1.99% |
| Utah | 1.97% |
| Massachusetts | 1.89% |
| Kansas | 1.71% |
| Washington | 1.44% |
| South Carolina | 1.38% |
| Indiana | 1.22% |
| Mississippi | 1.09% |
| Missouri | 1.08% |
| West Virginia | 1.05% |
| Arizona | 1.01% |
| District of Columbia | 0.86% |
| Louisiana | 0.86% |
| Oregon | 0.85% |
| Maryland | 0.70% |
| Arkansas | 0.56% |
| Tennessee | 0.52% |
| Rhode Island | 0.51% |
| Minnesota | 0.50% |
| Michigan | 0.42% |
| Connecticut | 0.39% |
| Virginia | 0.37% |
| North Carolina | 0.33% |
| Virgin Islands | 0.33% |
| Iowa | 0.30% |
| Idaho | 0.17% |
| Kentucky | 0.14% |
| American Samoa | 0.13% |
| Maine | 0.13% |
| Hawaii | 0.09% |
| Nebraska | 0.09% |
| Montana | 0.06% |
| Alaska | 0.05% |
| New Mexico | 0.03% |
| Vermont | 0.03% |
| North Dakota | 0.01% |
| Florida | 14.58% |
| Illinois | 10.12% |
| New York | 9.70% |
| Wisconsin | 8.02% |
| California | 5.73% |
| Texas | 5.01% |
| New Hampshire | 3.77% |
| Colorado | 3.67% |
| Pennsylvania | 3.33% |
| New Jersey | 3.10% |
| Nevada | 2.86% |
| Utah | 2.03% |
| Massachusetts | 1.94% |
| Oklahoma | 1.93% |
| Kansas | 1.81% |
| Alabama | 1.71% |
| Ohio | 1.71% |
| Georgia | 1.63% |
| South Carolina | 1.38% |
| Washington | 1.20% |
| Indiana | 1.19% |
| Arizona | 1.09% |
| West Virginia | 1.08% |
| Missouri | 0.99% |
| Delaware | 0.91% |
| District of Columbia | 0.91% |
| Maryland | 0.91% |
| Oregon | 0.89% |
| Mississippi | 0.72% |
| Arkansas | 0.57% |
| Iowa | 0.57% |
| Tennessee | 0.55% |
| Rhode Island | 0.53% |
| Minnesota | 0.52% |
| North Carolina | 0.47% |
| Michigan | 0.44% |
| Connecticut | 0.41% |
| Virginia | 0.38% |
| Virgin Islands | 0.34% |
| Louisiana | 0.25% |
| Guam | 0.15% |
| Kentucky | 0.15% |
| American Samoa | 0.14% |
| Idaho | 0.13% |
| Maine | 0.13% |
| Hawaii | 0.10% |
| Nebraska | 0.10% |
| Montana | 0.06% |
| Alaska | 0.05% |
| New Mexico | 0.03% |
| Vermont | 0.03% |
| North Dakota | 0.01% |
| Florida | 14.36% |
| Illinois | 10.01% |
| New York | 9.07% |
| Wisconsin | 7.84% |
| California | 6.15% |
| Texas | 4.78% |
| New Hampshire | 3.89% |
| Colorado | 3.85% |
| Pennsylvania | 3.62% |
| Nevada | 3.30% |
| New Jersey | 3.17% |
| Utah | 2.06% |
| Massachusetts | 2.04% |
| Oklahoma | 1.99% |
| Kansas | 1.84% |
| Ohio | 1.84% |
| Alabama | 1.78% |
| Georgia | 1.61% |
| District of Columbia | 1.29% |
| Washington | 1.26% |
| West Virginia | 1.24% |
| Arizona | 1.13% |
| Missouri | 1.13% |
| South Carolina | 0.97% |
| Minnesota | 0.96% |
| Maryland | 0.94% |
| Indiana | 0.92% |
| Mississippi | 0.76% |
| North Carolina | 0.67% |
| Arkansas | 0.59% |
| Tennessee | 0.56% |
| Rhode Island | 0.54% |
| Michigan | 0.46% |
| Connecticut | 0.42% |
| Oregon | 0.42% |
| Virginia | 0.40% |
| Iowa | 0.38% |
| Virgin Islands | 0.37% |
| Louisiana | 0.25% |
| Kentucky | 0.16% |
| American Samoa | 0.15% |
| Guam | 0.15% |
| Idaho | 0.14% |
| Maine | 0.14% |
| North Dakota | 0.14% |
| Nebraska | 0.10% |
| Montana | 0.06% |
| Alaska | 0.05% |
| New Mexico | 0.03% |
| Vermont | 0.03% |
| Delaware | 0.00% |
| Florida | 13.98% |
| New York | 9.27% |
| Wisconsin | 8.17% |
| Illinois | 5.97% |
| California | 5.93% |
| Texas | 4.71% |
| New Hampshire | 4.06% |
| Pennsylvania | 3.47% |
| Colorado | 3.38% |
| Nevada | 3.18% |
| New Jersey | 3.00% |
| District of Columbia | 2.74% |
| Alabama | 2.20% |
| Massachusetts | 2.16% |
| Oklahoma | 2.08% |
| Kansas | 1.98% |
| Georgia | 1.95% |
| Ohio | 1.86% |
| Tennessee | 1.68% |
| Utah | 1.63% |
| North Carolina | 1.54% |
| Washington | 1.35% |
| Arizona | 1.27% |
| West Virginia | 1.26% |
| Missouri | 1.19% |
| Mississippi | 1.10% |
| Minnesota | 1.03% |
| Maryland | 1.00% |
| Indiana | 0.99% |
| Kentucky | 0.88% |
| Arkansas | 0.63% |
| Rhode Island | 0.58% |
| Michigan | 0.49% |
| Connecticut | 0.45% |
| Oregon | 0.44% |
| Virginia | 0.42% |
| Virgin Islands | 0.39% |
| Iowa | 0.34% |
| Louisiana | 0.27% |
| American Samoa | 0.16% |
| Guam | 0.16% |
| Idaho | 0.15% |
| Maine | 0.15% |
| North Dakota | 0.14% |
| Nebraska | 0.11% |
| South Carolina | 0.08% |
| Montana | 0.06% |
| Alaska | 0.05% |
| Vermont | 0.03% |
| Delaware | 0.00% |
| New Mexico | 0.00% |
| Florida | 13.97% |
| Wisconsin | 8.29% |
| New York | 7.77% |
| California | 6.31% |
| Illinois | 5.57% |
| Texas | 4.76% |
| New Hampshire | 4.51% |
| Pennsylvania | 3.73% |
| North Carolina | 3.64% |
| New Jersey | 3.32% |
| Nevada | 3.17% |
| Alabama | 2.46% |
| Colorado | 2.35% |
| Georgia | 2.34% |
| Oklahoma | 2.32% |
| Kansas | 2.09% |
| Ohio | 1.99% |
| Utah | 1.79% |
| Tennessee | 1.78% |
| Massachusetts | 1.57% |
| Washington | 1.45% |
| Arizona | 1.41% |
| Missouri | 1.33% |
| Minnesota | 1.15% |
| Maryland | 1.11% |
| District of Columbia | 1.04% |
| Kentucky | 0.99% |
| West Virginia | 0.89% |
| Mississippi | 0.85% |
| Arkansas | 0.70% |
| Indiana | 0.65% |
| Rhode Island | 0.64% |
| Michigan | 0.56% |
| Oregon | 0.49% |
| Virginia | 0.47% |
| Connecticut | 0.43% |
| Virgin Islands | 0.43% |
| Iowa | 0.31% |
| Louisiana | 0.30% |
| American Samoa | 0.18% |
| Guam | 0.18% |
| Idaho | 0.16% |
| North Dakota | 0.15% |
| Nebraska | 0.12% |
| South Carolina | 0.09% |
| Florida | 17.11% |
| Wisconsin | 8.75% |
| New York | 7.91% |
| California | 7.66% |
| Illinois | 5.70% |
| Pennsylvania | 4.43% |
| Texas | 4.41% |
| Nevada | 4.02% |
| New Jersey | 3.73% |
| New Hampshire | 3.51% |
| Oklahoma | 2.64% |
| Colorado | 2.53% |
| Kansas | 2.34% |
| Georgia | 2.23% |
| Utah | 1.81% |
| Tennessee | 1.71% |
| Washington | 1.66% |
| Ohio | 1.62% |
| Arizona | 1.53% |
| Minnesota | 1.31% |
| Alabama | 1.26% |
| Oregon | 1.14% |
| Kentucky | 1.11% |
| Maryland | 1.03% |
| West Virginia | 0.98% |
| Missouri | 0.86% |
| Massachusetts | 0.77% |
| Rhode Island | 0.74% |
| Arkansas | 0.68% |
| Michigan | 0.66% |
| Virginia | 0.55% |
| North Carolina | 0.46% |
| Connecticut | 0.42% |
| Indiana | 0.38% |
| Mississippi | 0.37% |
| Louisiana | 0.35% |
| Virgin Islands | 0.34% |
| Iowa | 0.22% |
| American Samoa | 0.21% |
| Guam | 0.20% |
| Idaho | 0.19% |
| North Dakota | 0.10% |
| South Carolina | 0.10% |
| District of Columbia | 0.09% |
| Montana | 0.09% |
| Florida | 16.97% |
| New York | 9.27% |
| California | 8.83% |
| Wisconsin | 8.26% |
| Illinois | 5.96% |
| Texas | 5.13% |
| Pennsylvania | 4.85% |
| Nevada | 4.73% |
| Oklahoma | 3.08% |
| New Hampshire | 2.76% |
| Kansas | 2.60% |
| New Jersey | 2.07% |
| Tennessee | 2.05% |
| Ohio | 1.91% |
| Georgia | 1.82% |
| Arizona | 1.80% |
| Colorado | 1.59% |
| Minnesota | 1.54% |
| Oregon | 1.33% |
| Kentucky | 1.32% |
| Maryland | 1.21% |
| West Virginia | 1.14% |
| Massachusetts | 0.89% |
| Arkansas | 0.80% |
| Alabama | 0.79% |
| Utah | 0.79% |
| Michigan | 0.78% |
| Washington | 0.78% |
| Virginia | 0.64% |
| North Carolina | 0.55% |
| Indiana | 0.46% |
| Louisiana | 0.41% |
| Virgin Islands | 0.40% |
| Rhode Island | 0.30% |
| Connecticut | 0.27% |
| Iowa | 0.26% |
| American Samoa | 0.24% |
| Guam | 0.24% |
| Idaho | 0.22% |
| Mississippi | 0.18% |
| Missouri | 0.14% |
| North Dakota | 0.12% |
| South Carolina | 0.12% |
| Alaska | 0.11% |
| District of Columbia | 0.11% |
| Florida | 23.19% |
| Wisconsin | 14.34% |
| Illinois | 4.77% |
| Pennsylvania | 4.66% |
| Arizona | 4.61% |
| New Hampshire | 4.00% |
| Kentucky | 3.69% |
| Tennessee | 3.57% |
| Texas | 2.98% |
| California | 2.78% |
| New York | 2.70% |
| Maryland | 2.61% |
| Ohio | 2.55% |
| Georgia | 2.52% |
| Colorado | 2.39% |
| Utah | 2.26% |
| Nevada | 1.75% |
| Kansas | 1.61% |
| Minnesota | 1.59% |
| North Dakota | 1.45% |
| Louisiana | 1.41% |
| Oregon | 1.19% |
| Michigan | 1.03% |
| Washington | 1.02% |
| Virgin Islands | 0.81% |
| Idaho | 0.65% |
| Arkansas | 0.55% |
| Connecticut | 0.54% |
| Massachusetts | 0.51% |
| Oklahoma | 0.46% |
| Indiana | 0.43% |
| Missouri | 0.42% |
| Iowa | 0.31% |
| Alaska | 0.29% |
| West Virginia | 0.15% |
| New Jersey | 0.12% |
| Hawaii | 0.06% |
| American Samoa | 0.03% |
| Delaware | 0.01% |
| Mississippi | 0.01% |
| Vermont | 0.00% |
Management
-
John Miller
Head and Chief Investment Officer of Municipal Credit TeamIndustry start:1993Year joined:2024
Our Process
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:
- 01Bottom 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
- 02Portfolio Construction
Team seeks to invest in a large number of sectors, states and specific issuers in order to help create a diversified municipal bond income 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 while maintaining a low duration municipal portfolio.
Portfolio assessment:
- Position sizing
- Performance and attribution analysis
- Duration management
- Leverage analysis
- 03Risk 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
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. The Subsidized 30-Day SEC Yield includes contractual expense reimbursements and it would be lower without those reimbursements. The Unsubsidized 30-Day SEC Yield excludes contractual expense reimbursements.
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.
Fees & Minimums
Expense Ratio and Shareholder Fees as of March 1, 2026
Shareholder Fee (%)
These are the fees paid directly from your investment.
| Maximum Sales Charge (Load) on Purchases (as a percentage of public offering price) | 2.50 |
| Maximum Deferred Sales Charge (Load)1 (as a percentage of the lesser of your purchase or redemption price) | 1.00 |
| Sales Charge | Dealer Re-Allowance | |
|---|---|---|
| Less than $100,000 | 2.50 | 2.25 |
| $100,000 but less than $250,000 | 1.50 | 1.25 |
| $250,000 and over1 | 0.00 | 0.00 |
Expense Ratio (%)
Annual Fund Operating Expenses (These are the expenses you pay each year as a percentage of the value of your investment.):
| Management Fees2 | 0.45 |
| Distribution and/or Service (12b-1) Fees1 | 0.25 |
| Other Expenses4 | 0.16 |
| Interest and Related Expenses3 | 0.07 |
| Remainder of Other Expenses | 0.09 |
| Total Annual Operating Expenses (%) | 0.86 |
Disclosures
- 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.
- 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, 2027and 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, 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
Includes interest expense and fees paid on Fund borrowings and/or interest and related expenses from inverse floaters.
- 4
‘‘Other Expenses’’ are based on estimated expenses for the current fiscal year; actual expenses may vary.
- 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.
Expense Ratio and Shareholder Fees as of March 1, 2026
Expense Ratio (%)
Annual Fund Operating Expenses (These are the expenses you pay each year as a percentage of the value of your investment.):
| Management Fees1 | 0.45 |
| Other Expenses3 | 0.19 |
| Interest and Related Expenses2 | 0.07 |
| Remainder of Other Expenses | 0.12 |
| Total Annual Operating Expenses (%) | 0.64 |
Disclosures
- 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, 2027and 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, 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.
- 2
Includes interest expense and fees paid on Fund borrowings and/or interest and related expenses from inverse floaters.
- 3
‘‘Other Expenses’’ are based on estimated expenses for the current fiscal year; actual expenses may vary.
- 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.
Expense Ratio and Shareholder Fees as of March 1, 2026
Expense Ratio (%)
Annual Fund Operating Expenses (These are the expenses you pay each year as a percentage of the value of your investment.):
| Management Fees1 | 0.45 |
| Other Expenses3 | 0.18 |
| Interest and Related Expenses2 | 0.07 |
| Remainder of Other Expenses | 0.11 |
| Total Annual Operating Expenses (%) | 0.63 |
Disclosures
- 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, 2027and 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, 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.
- 2
Includes interest expense and fees paid on Fund borrowings and/or interest and related expenses from inverse floaters.
- 3
‘‘Other Expenses’’ are based on estimated expenses for the current fiscal year; actual expenses may vary.
- 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.
Expense Ratio and Shareholder Fees as of March 1, 2026
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 Fees1 | 0.45 |
| Distribution and/or Service (12b-1) Fees | 1.00 |
| Other Expenses3 | 0.14 |
| Interest and Related Expenses2 | 0.07 |
| Remainder of Other Expenses | 0.07 |
| Total Annual Operating Expenses (%) | 1.59 |
Disclosures
- 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, 2027and 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, 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.
- 2
Includes interest expense and fees paid on Fund borrowings and/or interest and related expenses from inverse floaters.
- 3
‘‘Other Expenses’’ are based on estimated expenses for the current fiscal year; actual expenses may vary.
- 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.
Distributions
Dividend Payments
| Record Date | Frequency | Ex Date | Reinvest Date | Payable Date | Dividend ($) | Reinvested at |
|---|---|---|---|---|---|---|
| 05/29/2026 | Monthly | 05/29/2026 | 05/29/2026 | 06/01/2026 | $0.044 | $9.85 |
| 04/30/2026 | Monthly | 04/30/2026 | 04/30/2026 | 05/01/2026 | $0.044 | $9.83 |
| 03/31/2026 | Monthly | 03/31/2026 | 03/31/2026 | 04/01/2026 | $0.044 | $9.80 |
| 02/27/2026 | Monthly | 02/27/2026 | 02/27/2026 | 03/02/2026 | $0.044 | $9.94 |
| 01/30/2026 | Monthly | 01/30/2026 | 01/30/2026 | 02/02/2026 | $0.044 | $9.95 |
| 12/30/2025 | Monthly | 12/31/2025 | 12/31/2025 | 01/02/2026 | $0.044 | $9.91 |
| 11/28/2025 | Monthly | 11/28/2025 | 11/28/2025 | 12/01/2025 | $0.043 | $9.95 |
| 10/31/2025 | Monthly | 10/31/2025 | 10/31/2025 | 11/03/2025 | $0.043 | $9.99 |
| 09/30/2025 | Monthly | 09/30/2025 | 09/30/2025 | 10/01/2025 | $0.042 | $10.05 |
| 08/29/2025 | Monthly | 08/29/2025 | 08/29/2025 | 09/02/2025 | $0.041 | $9.94 |
| 07/31/2025 | Monthly | 07/31/2025 | 07/31/2025 | 08/01/2025 | $0.041 | $9.88 |
| 06/30/2025 | Monthly | 06/30/2025 | 06/30/2025 | 07/01/2025 | $0.037 | $10.17 |
| 05/30/2025 | Monthly | 05/30/2025 | 05/30/2025 | 06/02/2025 | $0.037 | $10.16 |
| 04/30/2025 | Monthly | 04/30/2025 | 04/30/2025 | 05/01/2025 | $0.037 | $10.18 |
| 03/31/2025 | Monthly | 03/31/2025 | 03/31/2025 | 04/01/2025 | $0.037 | $10.30 |
| 02/28/2025 | Monthly | 02/28/2025 | 02/28/2025 | 03/03/2025 | $0.037 | $10.38 |
| 01/31/2025 | Monthly | 01/31/2025 | 01/31/2025 | 02/03/2025 | $0.038 | $10.31 |
| 12/31/2024 | Monthly | 12/31/2024 | 12/31/2024 | 01/02/2025 | $0.037 | $10.27 |
| 11/29/2024 | Monthly | 11/29/2024 | 11/29/2024 | 12/02/2024 | $0.038 | $10.34 |
| 10/31/2024 | Monthly | 10/31/2024 | 10/31/2024 | 11/01/2024 | $0.039 | $10.26 |
| 09/30/2024 | Monthly | 09/30/2024 | 09/30/2024 | 10/01/2024 | $0.041 | $10.36 |
| 08/30/2024 | Monthly | 08/30/2024 | 08/30/2024 | 09/03/2024 | $0.038 | $10.32 |
| 07/31/2024 | Monthly | 07/31/2024 | 07/31/2024 | 08/01/2024 | $0.037 | $10.26 |
| 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 |
| 05/29/2026 | Monthly | 05/29/2026 | 05/29/2026 | 06/01/2026 | $0.038 | $9.85 |
| 04/30/2026 | Monthly | 04/30/2026 | 04/30/2026 | 05/01/2026 | $0.038 | $9.83 |
| 03/31/2026 | Monthly | 03/31/2026 | 03/31/2026 | 04/01/2026 | $0.038 | $9.79 |
| 02/27/2026 | Monthly | 02/27/2026 | 02/27/2026 | 03/02/2026 | $0.038 | $9.94 |
| 01/30/2026 | Monthly | 01/30/2026 | 01/30/2026 | 02/02/2026 | $0.037 | $9.95 |
| 12/30/2025 | Monthly | 12/31/2025 | 12/31/2025 | 01/02/2026 | $0.037 | $9.91 |
| 11/28/2025 | Monthly | 11/28/2025 | 11/28/2025 | 12/01/2025 | $0.038 | $9.95 |
| 10/31/2025 | Monthly | 10/31/2025 | 10/31/2025 | 11/03/2025 | $0.038 | $9.99 |
| 09/30/2025 | Monthly | 09/30/2025 | 09/30/2025 | 10/01/2025 | $0.037 | $10.05 |
| 08/29/2025 | Monthly | 08/29/2025 | 08/29/2025 | 09/02/2025 | $0.035 | $9.94 |
| 07/31/2025 | Monthly | 07/31/2025 | 07/31/2025 | 08/01/2025 | $0.018 | $9.88 |
| 05/29/2026 | Monthly | 05/29/2026 | 05/29/2026 | 06/01/2026 | $0.046 | $9.84 |
| 04/30/2026 | Monthly | 04/30/2026 | 04/30/2026 | 05/01/2026 | $0.046 | $9.82 |
| 03/31/2026 | Monthly | 03/31/2026 | 03/31/2026 | 04/01/2026 | $0.046 | $9.78 |
| 02/27/2026 | Monthly | 02/27/2026 | 02/27/2026 | 03/02/2026 | $0.046 | $9.93 |
| 01/30/2026 | Monthly | 01/30/2026 | 01/30/2026 | 02/02/2026 | $0.046 | $9.94 |
| 12/30/2025 | Monthly | 12/31/2025 | 12/31/2025 | 01/02/2026 | $0.046 | $9.90 |
| 11/28/2025 | Monthly | 11/28/2025 | 11/28/2025 | 12/01/2025 | $0.046 | $9.94 |
| 10/31/2025 | Monthly | 10/31/2025 | 10/31/2025 | 11/03/2025 | $0.046 | $9.98 |
| 09/30/2025 | Monthly | 09/30/2025 | 09/30/2025 | 10/01/2025 | $0.045 | $10.04 |
| 08/29/2025 | Monthly | 08/29/2025 | 08/29/2025 | 09/02/2025 | $0.043 | $9.93 |
| 07/31/2025 | Monthly | 07/31/2025 | 07/31/2025 | 08/01/2025 | $0.043 | $9.87 |
| 06/30/2025 | Monthly | 06/30/2025 | 06/30/2025 | 07/01/2025 | $0.040 | $10.16 |
| 05/30/2025 | Monthly | 05/30/2025 | 05/30/2025 | 06/02/2025 | $0.040 | $10.15 |
| 04/30/2025 | Monthly | 04/30/2025 | 04/30/2025 | 05/01/2025 | $0.039 | $10.17 |
| 03/31/2025 | Monthly | 03/31/2025 | 03/31/2025 | 04/01/2025 | $0.039 | $10.29 |
| 02/28/2025 | Monthly | 02/28/2025 | 02/28/2025 | 03/03/2025 | $0.039 | $10.37 |
| 01/31/2025 | Monthly | 01/31/2025 | 01/31/2025 | 02/03/2025 | $0.039 | $10.30 |
| 12/31/2024 | Monthly | 12/31/2024 | 12/31/2024 | 01/02/2025 | $0.039 | $10.25 |
| 11/29/2024 | Monthly | 11/29/2024 | 11/29/2024 | 12/02/2024 | $0.041 | $10.33 |
| 10/31/2024 | Monthly | 10/31/2024 | 10/31/2024 | 11/01/2024 | $0.042 | $10.25 |
| 09/30/2024 | Monthly | 09/30/2024 | 09/30/2024 | 10/01/2024 | $0.044 | $10.35 |
| 08/30/2024 | Monthly | 08/30/2024 | 08/30/2024 | 09/03/2024 | $0.040 | $10.31 |
| 07/31/2024 | Monthly | 07/31/2024 | 07/31/2024 | 08/01/2024 | $0.040 | $10.24 |
| 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 |
| 05/29/2026 | Monthly | 05/29/2026 | 05/29/2026 | 06/01/2026 | $0.046 | $9.86 |
| 04/30/2026 | Monthly | 04/30/2026 | 04/30/2026 | 05/01/2026 | $0.046 | $9.83 |
| 03/31/2026 | Monthly | 03/31/2026 | 03/31/2026 | 04/01/2026 | $0.046 | $9.80 |
| 02/27/2026 | Monthly | 02/27/2026 | 02/27/2026 | 03/02/2026 | $0.046 | $9.94 |
| 01/30/2026 | Monthly | 01/30/2026 | 01/30/2026 | 02/02/2026 | $0.046 | $9.95 |
| 12/30/2025 | Monthly | 12/31/2025 | 12/31/2025 | 01/02/2026 | $0.046 | $9.91 |
| 11/28/2025 | Monthly | 11/28/2025 | 11/28/2025 | 12/01/2025 | $0.046 | $9.95 |
| 10/31/2025 | Monthly | 10/31/2025 | 10/31/2025 | 11/03/2025 | $0.046 | $9.99 |
| 09/30/2025 | Monthly | 09/30/2025 | 09/30/2025 | 10/01/2025 | $0.045 | $10.05 |
| 08/29/2025 | Monthly | 08/29/2025 | 08/29/2025 | 09/02/2025 | $0.043 | $9.95 |
| 07/31/2025 | Monthly | 07/31/2025 | 07/31/2025 | 08/01/2025 | $0.044 | $9.88 |
| 06/30/2025 | Monthly | 06/30/2025 | 06/30/2025 | 07/01/2025 | $0.040 | $10.17 |
| 05/30/2025 | Monthly | 05/30/2025 | 05/30/2025 | 06/02/2025 | $0.040 | $10.16 |
| 04/30/2025 | Monthly | 04/30/2025 | 04/30/2025 | 05/01/2025 | $0.040 | $10.18 |
| 03/31/2025 | Monthly | 03/31/2025 | 03/31/2025 | 04/01/2025 | $0.040 | $10.30 |
| 02/28/2025 | Monthly | 02/28/2025 | 02/28/2025 | 03/03/2025 | $0.040 | $10.38 |
| 01/31/2025 | Monthly | 01/31/2025 | 01/31/2025 | 02/03/2025 | $0.040 | $10.31 |
| 12/31/2024 | Monthly | 12/31/2024 | 12/31/2024 | 01/02/2025 | $0.040 | $10.27 |
| 11/29/2024 | Monthly | 11/29/2024 | 11/29/2024 | 12/02/2024 | $0.041 | $10.34 |
| 10/31/2024 | Monthly | 10/31/2024 | 10/31/2024 | 11/01/2024 | $0.042 | $10.26 |
| 09/30/2024 | Monthly | 09/30/2024 | 09/30/2024 | 10/01/2024 | $0.044 | $10.37 |
| 08/30/2024 | Monthly | 08/30/2024 | 08/30/2024 | 09/03/2024 | $0.040 | $10.32 |
| 07/31/2024 | Monthly | 07/31/2024 | 07/31/2024 | 08/01/2024 | $0.040 | $10.26 |
| 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 |
Capital Gains Distributions
| Record Date | Ex & Reinvestment Date | Payable Date | Ordinary Income | Short Term Capital Gains | Long Term Capital Gains | Long Term Capital Gains - 28% | Total Distribution |
|---|---|---|---|---|---|---|---|
| 12/03/2025 | 12/04/2025 | 12/05/2025 | $0.000 | $0.000 | $0.000 | $0.000 | $0.000 |
| 12/04/2024 | 12/05/2024 | 12/06/2024 | $0.000 | $0.000 | $0.000 | $0.000 | $0.000 |
| 12/03/2025 | 12/04/2025 | 12/05/2025 | $0.000 | $0.000 | $0.000 | $0.000 | $0.000 |
| 12/03/2025 | 12/04/2025 | 12/05/2025 | $0.000 | $0.000 | $0.000 | $0.000 | $0.000 |
| 12/04/2024 | 12/05/2024 | 12/06/2024 | $0.000 | $0.000 | $0.000 | $0.000 | $0.000 |
| 12/03/2025 | 12/04/2025 | 12/05/2025 | $0.000 | $0.000 | $0.000 | $0.000 | $0.000 |
| 12/04/2024 | 12/05/2024 | 12/06/2024 | $0.000 | $0.000 | $0.000 | $0.000 | $0.000 |
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 US 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.
Documents
Mutual Fund Shareholder Reports
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.
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.
Risk Disclosures
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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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.
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.
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.
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.
The First Eagle Funds are offered by FEF Distributors, LLC, a subsidiary of First Eagle Investment Management, LLC, which provides advisory services.
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