Overview
Investment Philosophy
Investment Philosophy
The Fund's primary investment objective is to provide high current income exempt from regular federal income taxes, supporting a tax-advantaged income approach. Capital appreciation is a secondary objective when consistent with the Fund's primary objective.
Monthly Tax-Exempt Income1Potential for higher after-tax income through municipal securities, compared to other fixed income products that pay interest subject to regular federal personal income tax, making it a tax-exempt municipal income option.
Capital Appreciation PotentialAdditional opportunities to identify underrated and undervalued securities.
A Tactical Allocation to Special Situations MunisFlexibility to invest in higher-yielding municipal securities and opportunistic special situations, forming part of a flexible municipal bond investing strategy.
Credit ExpertiseBased on the Fund's structure, increased opportunities to uncover value through in-depth analysis of credit quality and pricing discrepancies.
1Tax exempt income refers only to exemption from federal income taxes.
Portfolio Characteristics
| Total Managed Assets | $59.9MM |
| Number of Holdings | 104 |
| Subsidized 30-Day SEC Yield | 6.40% |
| Unsubsidized 30-Day SEC Yield | 4.41% |
| Yield to Worst | 7.61% |
| Average Coupon | 6.68% |
| Weighted Average Duration (Years) | 12.78 |
| Average Effective Maturity (Years) | 22.85 |
| Securities Subject to Alternative Minimum Tax (AMT) | 9.74% |
| Effective Leverage | 19.08% |
- As of Apr 30, 2026
Our Process
Our Process
The Tactical Municipal Opportunities 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 meet 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 portfolio that emphasizes municipal bond income generation 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
- 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.
The investment process may change over time. The information set forth above is intended as a general illustration of some of the criteria the investment team considers in selecting securities. Not all investments will meet such criteria. Diversification does not guarantee investment returns and does not eliminate the risk of loss. The Fund is not subject to prospectus or regulatory diversification requirements.
These are among factors to be considered when deciding whether to sell, this is not a comprehensive list.
A debt instrument’s “duration’’ is a way of measuring a debt instrument’s sensitivity to a potential change in interest rates.
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 | ||||||||||||
| S&P Municipal Yield Index (Since Inception Based on I Shares) | 2.41% | 0.78% | 0.16% | 7.54% | -- | -- | -- | 7.54% | -- | -- | |||
| S&P Municipal Yield Index (Since Inception Based on I Shares) | 0.28% | -1.92% | 0.28% | -- | -- | -- | -- | 5.30% | -- | -- | |||
| S&P Municipal Yield Index (Since Inception Based on I Shares) | 2.41% | 0.78% | 0.16% | 7.54% | -- | -- | -- | 7.54% | -- | -- | |||
| S&P Municipal Yield Index (Since Inception Based on I Shares) | 0.28% | -1.92% | 0.28% | -- | -- | -- | -- | 5.30% | -- | -- | |||
| S&P Municipal Yield Index (Since Inception Based on I Shares) | 2.41% | 0.78% | 0.16% | 7.54% | -- | -- | -- | 7.54% | -- | -- | |||
| S&P Municipal Yield Index (Since Inception Based on I Shares) | 0.28% | -1.92% | 0.28% | -- | -- | -- | -- | 5.30% | -- | -- | |||
| S&P Municipal Yield Index (Since Inception Based on I Shares) | 2.41% | 0.78% | 0.16% | 7.54% | -- | -- | -- | 7.54% | -- | -- | |||
| S&P Municipal Yield Index (Since Inception Based on I Shares) | 0.28% | -1.92% | 0.28% | -- | -- | -- | -- | 5.30% | -- | -- | |||
| FTAIX | I | 3.91% | 1.27% | 1.93% | -- | -- | -- | -- | 8.39% | 2.51% | 1.17% | May 30, 2025 | |
| S&P Municipal Yield Index (Since Inception Based on I Shares) | 2.41% | 0.78% | 0.16% | 7.54% | -- | -- | -- | 7.54% | -- | -- | -- | ||
| FTAIX | I | 0.71% | -1.21% | 0.71% | -- | -- | -- | -- | 5.05% | 2.51% | 1.17% | May 30, 2025 | |
| S&P Municipal Yield Index (Since Inception Based on I Shares) | 0.28% | -1.92% | 0.28% | -- | -- | -- | -- | 5.30% | -- | -- | -- | ||
| S&P Municipal Yield Index (Since Inception Based on I Shares) | 2.41% | 0.78% | 0.16% | 7.54% | -- | -- | -- | 7.54% | -- | -- | -- | ||
| S&P Municipal Yield Index (Since Inception Based on I Shares) | 0.28% | -1.92% | 0.28% | -- | -- | -- | -- | 5.30% | -- | -- | -- | ||
Source: FactSet; data as of Mar 31, 2026.
Source: FactSet; data as of May 31, 2026.
Monthly Returns
| Date | Class I (FTAIX) |
|---|---|
| May 31, 2026 | 1.27% |
| Apr 30, 2026 | 1.89% |
| Mar 31, 2026 | -1.21% |
| Feb 28, 2026 | 0.77% |
| Jan 31, 2026 | 1.17% |
| Dec 31, 2025 | -0.22% |
| Nov 30, 2025 | 0.27% |
| Oct 31, 2025 | 1.06% |
| Sep 30, 2025 | 4.29% |
| Aug 31, 2025 | 1.03% |
| Jul 31, 2025 | 0.40% |
| Jun 30, 2025 | 0.40% |
Source: First Eagle Investments; data as of May 31, 2026.
The performance data quoted herein represent past performance and do not guarantee future results. Market volatility can dramatically impact the 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 are available at www.firsteagle.com. Class I Shares require $1MM minimum investment and are offered without sales charge. There is no minimum subsequent investment amount for Class I Shares.
Portfolio
Top Ten Holdings (%)
As of Apr 30, 2026
| ISF Magnolia Gardens LLC Obligated Group 7.25% 1-Mar-2060 | NR | 3.63 |
| Dreamhouse 'Ewa Beach Public Charter School 7.375% 15-Jun-2060 | NR | 3.58 |
| Foster Farm Business Improvement District 7.25% 1-Dec-2055 | NR | 3.26 |
| DesertXpress Enterprises LLC 12% 2-Nov-2026 | NR | 3.21 |
| Tower Health Obligated Group 0% 30-Jun-2044 | NR | 2.98 |
| ISF Ativo Portfolio Obligated Group 6.75% 1-Mar-2065 | NR | 2.74 |
| SLF CHP LLC 6.5% 1-Jul-2056 | NR | 2.70 |
| New York Counties Tobacco Trust IV 5% 1-Jun-2045 | CCC+ | 2.67 |
| Chartercare Health of Rhode Island Obligated Group 8.5% 1-Oct-2056 | NR | 2.63 |
| Care Communities LLC Obligated Group 6.5% 15-Jul-2060 | NR | 2.53 |
| Top Ten Holdings as a Percentage of Total Net Assets | 29.94 |
Allocation by Credit Quality (%)
| Not Rated | 85.04% |
| BB | 7.48% |
| CCC | 2.83% |
| B | 2.32% |
| AA | 1.05% |
| AAA | 0.60% |
| BBB | 0.38% |
| A | 0.30% |
| Not Rated | 82.25% |
| BB | 7.66% |
| CCC | 3.41% |
| AA | 2.71% |
| B | 2.25% |
| BBB | 0.86% |
| AAA | 0.59% |
| A | 0.28% |
| Not Rated | 82.52% |
| BB | 7.32% |
| CCC | 3.43% |
| AA | 2.34% |
| B | 2.32% |
| BBB | 1.16% |
| AAA | 0.62% |
| A | 0.30% |
| Not Rated | 82.14% |
| BB | 8.28% |
| CCC | 3.85% |
| B | 2.63% |
| BBB | 1.34% |
| AA | 0.77% |
| AAA | 0.67% |
| A | 0.33% |
| Not Rated | 80.73% |
| BB | 8.30% |
| CCC | 3.85% |
| B | 2.62% |
| BBB | 1.90% |
| AA | 1.61% |
| AAA | 0.66% |
| A | 0.32% |
| Not Rated | 76.45% |
| BB | 12.41% |
| CCC | 3.46% |
| B | 2.70% |
| BBB | 2.07% |
| A | 1.32% |
| AA | 1.13% |
| AAA | 0.45% |
| BB | 13.17% |
| CCC | 3.61% |
| B | 2.53% |
| BBB | 2.12% |
| A | 0.75% |
| AA | 0.60% |
| AAA | 0.47% |
| AA | 4.15% |
| AAA | 2.69% |
| Not Rated | 75.19% |
| AA | 6.14% |
| CCC | 5.63% |
| BB | 5.14% |
| B | 4.36% |
| BBB | 2.73% |
| A | 0.82% |
| Not Rated | 68.99% |
| BBB | 11.34% |
| BB | 10.85% |
| AA | 4.28% |
| A | 2.33% |
| B | 1.64% |
| CCC | 0.57% |
| AAA | 0.00% |
| C | 0.00% |
| CC | 0.00% |
| Not Rated | 69.62% |
| BB | 10.69% |
| BBB | 10.67% |
| AA | 4.50% |
| A | 2.25% |
| B | 1.70% |
| CCC | 0.57% |
| AAA | 0.00% |
| C | 0.00% |
| CC | 0.00% |
| Not Rated | 71.23% |
| BBB | 13.64% |
| BB | 6.85% |
| AA | 4.19% |
| A | 1.92% |
| B | 1.51% |
| CCC | 0.66% |
| AAA | 0.00% |
| C | 0.00% |
| CC | 0.00% |
Allocation by Sector (%)
| Assisted Living | 18.58% |
| Hospital | 12.96% |
| Continuing Care Retirement Community | 12.82% |
| Charter School | 9.66% |
| Tobacco Master Settlement Agreement | 5.36% |
| Special Assessment Financing | 5.18% |
| Higher Education | 4.81% |
| General Revenue Tax-Guaranteed | 3.45% |
| General Obligation District (Other) | 3.26% |
| Economic/Industrial Development | 3.21% |
| Not-For-Profit Human Service Provider | 2.23% |
| Airport | 2.20% |
| Public Transportation | 2.12% |
| Student Housing | 1.91% |
| Local Multi-Family Housing | 1.78% |
| Solid Waste | 1.78% |
| State Single-Family Housing | 1.65% |
| Sales & Excise Tax | 1.46% |
| Correctional Facility | 1.07% |
| Miscellaneous Tax | 0.86% |
| Metro Development District | 0.62% |
| Loan Pool | 0.55% |
| State Multi-Family Housing | 0.46% |
| General Obligation | 0.44% |
| Private/Religious School | 0.42% |
| Nursing Home | 0.39% |
| Water & Sewer | 0.34% |
| Appropriation | 0.30% |
| Tax Increment Financing | 0.15% |
| Assisted Living | 18.32% |
| Hospital | 14.44% |
| Continuing Care Retirement Community | 11.89% |
| Charter School | 9.54% |
| Tobacco Master Settlement Agreement | 5.18% |
| Special Assessment Financing | 5.10% |
| Higher Education | 4.60% |
| Economic/Industrial Development | 3.75% |
| General Obligation District (Other) | 3.19% |
| General Revenue Tax-Guaranteed | 2.56% |
| Public Transportation | 2.34% |
| Not-For-Profit Human Service Provider | 2.19% |
| Airport | 2.17% |
| Student Housing | 1.87% |
| Solid Waste | 1.75% |
| Local Multi-Family Housing | 1.71% |
| Sales & Excise Tax | 1.43% |
| State Single-Family Housing | 1.29% |
| General Obligation | 1.28% |
| Correctional Facility | 1.06% |
| Miscellaneous Tax | 0.84% |
| Nursing Home | 0.77% |
| Metro Development District | 0.61% |
| Loan Pool | 0.54% |
| State Multi-Family Housing | 0.42% |
| Private/Religious School | 0.41% |
| Water & Sewer | 0.34% |
| Appropriation | 0.28% |
| Tax Increment Financing | 0.15% |
| Assisted Living | 18.21% |
| Hospital | 12.97% |
| Continuing Care Retirement Community | 11.58% |
| Charter School | 8.75% |
| Tobacco Master Settlement Agreement | 5.34% |
| Special Assessment Financing | 5.09% |
| Economic/Industrial Development | 4.57% |
| Higher Education | 4.19% |
| General Obligation District (Other) | 3.29% |
| Student Housing | 2.79% |
| General Revenue Tax-Guaranteed | 2.60% |
| Airport | 2.29% |
| Public Transportation | 2.26% |
| Not-For-Profit Human Service Provider | 2.18% |
| General Obligation | 1.60% |
| Sales & Excise Tax | 1.50% |
| State Single-Family Housing | 1.32% |
| Local Multi-Family Housing | 1.19% |
| Correctional Facility | 1.08% |
| General Obligation Hospital/Health District | 1.05% |
| Solid Waste | 0.91403900000000005% |
| Miscellaneous Tax | 0.88277899999999998% |
| Nursing Home | 0.76145300000000005% |
| Community Development District | 0.67122999999999999% |
| Metro Development District | 0.60305200000000003% |
| Loan Pool | 0.54850299999999996% |
| School District | 0.51399099999999998% |
| State Multi-Family Housing | 0.44492599999999999% |
| Water & Sewer | 0.36913899999999999% |
| Appropriation | 0.30023899999999998% |
| Tax Increment Financing | 0.14094100000000001% |
| Telecom | 1.6709000000000002E-2% |
| Assisted Living | 16.51% |
| Continuing Care Retirement Community | 12.94% |
| Hospital | 12.66% |
| Charter School | 9.86% |
| Economic/Industrial Development | 6.31% |
| Higher Education | 4.71% |
| Tobacco Master Settlement Agreement | 4.52% |
| General Obligation District (Other) | 3.65% |
| Special Assessment Financing | 3.12% |
| Student Housing | 3.08% |
| Public Transportation | 2.63% |
| Not-For-Profit Human Service Provider | 2.45% |
| General Obligation | 1.82% |
| Sales & Excise Tax | 1.65% |
| Airport | 1.52% |
| State Single-Family Housing | 1.43% |
| Correctional Facility | 1.22% |
| General Obligation Hospital/Health District | 1.18% |
| Solid Waste | 1.00% |
| Miscellaneous Tax | 0.99% |
| Local Multi-Family Housing | 0.96218599999999999% |
| General Revenue Tax-Guaranteed | 0.962175% |
| Nursing Home | 0.862483% |
| Community Development District | 0.74872099999999997% |
| Metro Development District | 0.67520400000000003% |
| Loan Pool | 0.61081600000000003% |
| School District | 0.54734499999999997% |
| State Multi-Family Housing | 0.487624% |
| Water & Sewer | 0.39769700000000002% |
| Appropriation | 0.32505099999999998% |
| Tax Increment Financing | 0.15564% |
| Telecom | 1.8908999999999999E-2% |
| Assisted Living | 16.40% |
| Continuing Care Retirement Community | 12.82% |
| Hospital | 12.49% |
| Charter School | 9.84% |
| Economic/Industrial Development | 6.23% |
| Higher Education | 4.75% |
| Tobacco Master Settlement Agreement | 4.48% |
| General Obligation District (Other) | 3.67% |
| Student Housing | 3.21% |
| General Obligation | 3.14% |
| Special Assessment Financing | 3.10% |
| Public Transportation | 2.82% |
| Not-For-Profit Human Service Provider | 2.43% |
| Sales & Excise Tax | 1.67% |
| Airport | 1.50% |
| State Single-Family Housing | 1.42% |
| General Obligation Hospital/Health District | 1.38% |
| Correctional Facility | 1.21% |
| Solid Waste | 0.99% |
| Miscellaneous Tax | 0.98% |
| Local Multi-Family Housing | 0.95820899999999998% |
| General Revenue Tax-Guaranteed | 0.95809200000000005% |
| Nursing Home | 0.87886799999999998% |
| Community Development District | 0.75032799999999999% |
| School District | 0.54161300000000001% |
| State Multi-Family Housing | 0.48194199999999998% |
| Water & Sewer | 0.39459699999999998% |
| Appropriation | 0.31780999999999998% |
| Tax Increment Financing | 0.15126100000000001% |
| Telecom | 1.8841E-2% |
| Assisted Living | 16.61% |
| Hospital | 13.59% |
| Charter School | 9.04% |
| Continuing Care Retirement Community | 7.57% |
| Tobacco Master Settlement Agreement | 5.09% |
| Higher Education | 5.04% |
| Special Assessment Financing | 4.79% |
| School District | 4.04% |
| General Obligation District (Other) | 3.97% |
| Student Housing | 3.50% |
| Economic/Industrial Development | 3.46% |
| Public Transportation | 2.82% |
| Not-For-Profit Human Service Provider | 2.61% |
| General Obligation | 2.00% |
| Sales & Excise Tax | 1.80% |
| Airport | 1.64% |
| General Obligation Hospital/Health District | 1.49% |
| Correctional Facility | 1.30% |
| State Single-Family Housing | 1.26% |
| Solid Waste | 1.06% |
| Miscellaneous Tax | 1.0549010000000001% |
| Local Multi-Family Housing | 1.0526260000000001% |
| General Revenue Tax-Guaranteed | 1.024416% |
| Public Power System | 0.95971499999999998% |
| Nursing Home | 0.92517499999999997% |
| Community Development District | 0.80860799999999999% |
| State Multi-Family Housing | 0.52256199999999997% |
| Water & Sewer | 0.44935599999999998% |
| Appropriation | 0.36355599999999999% |
| Tax Increment Financing | 0.15798300000000001% |
| Telecom | 2.0750999999999999E-2% |
| Assisted Living | 15.22% |
| Hospital | 12.10% |
| Charter School | 10.04% |
| Continuing Care Retirement Community | 6.88% |
| Higher Education | 6.76% |
| Tobacco Master Settlement Agreement | 5.42% |
| Special Assessment Financing | 5.01% |
| School District | 4.19% |
| General Obligation District (Other) | 4.15% |
| Economic/Industrial Development | 4.12% |
| Student Housing | 3.67% |
| Public Transportation | 3.45% |
| Not-For-Profit Human Service Provider | 3.10% |
| General Obligation | 2.09% |
| Sales & Excise Tax | 1.89% |
| Airport | 1.77% |
| General Obligation Hospital/Health District | 1.56% |
| Correctional Facility | 1.36% |
| State Single-Family Housing | 1.32% |
| Solid Waste | 1.12% |
| Miscellaneous Tax | 1.1040000000000001% |
| Local Multi-Family Housing | 1.103% |
| Nursing Home | 0.997% |
| State Multi-Family Housing | 0.54900000000000004% |
| Water & Sewer | 0.46800000000000003% |
| Appropriation | 0.377% |
| Tax Increment Financing | 0.16300000000000001% |
| Telecom | 2.1999999999999999E-2% |
| Assisted Living | 11.00% |
| Higher Education | 9.52% |
| Charter School | 8.74% |
| Hospital | 8.28% |
| Tobacco Master Settlement Agreement | 6.27% |
| Continuing Care Retirement Community | 6.16% |
| Special Assessment Financing | 5.77% |
| Economic/Industrial Development | 5.48% |
| Student Housing | 4.55% |
| School District | 4.45% |
| Public Transportation | 3.78% |
| Not-For-Profit Human Service Provider | 3.39% |
| Water & Sewer | 2.69% |
| General Obligation | 2.57% |
| Toll Highway/Bridge/Tunnel | 2.55% |
| Sales & Excise Tax | 2.33% |
| General Obligation Hospital/Health District | 1.93% |
| Airport | 1.86% |
| Correctional Facility | 1.71% |
| State Single-Family Housing | 1.45% |
| Solid Waste | 1.377% |
| Local Multi-Family Housing | 1.371% |
| Miscellaneous Tax | 1.3680000000000001% |
| Nursing Home | 1.2170000000000001% |
| Tax Increment Financing | 0.19800000000000001% |
| Special Assessment Financing | 13.60% |
| Hospital | 9.67% |
| Continuing Care Retirement Community | 9.26% |
| Tobacco Master Settlement Agreement | 9.15% |
| Assisted Living | 7.97% |
| Student Housing | 7.69% |
| Economic/Industrial Development | 6.24% |
| Public Transportation | 5.63% |
| Higher Education | 5.62% |
| State Single-Family Housing | 4.10% |
| General Obligation | 3.68% |
| Sales & Excise Tax | 3.45% |
| General Obligation Hospital/Health District | 2.96% |
| Airport | 2.45% |
| Local Multi-Family Housing | 2.03% |
| Solid Waste | 2.02% |
| Miscellaneous Tax | 2.01% |
| Nursing Home | 1.76% |
| Public Power System | 0.41% |
| Tax Increment Financing | 0.33% |
| General Obligation Hospital/Health District | 15.13% |
| Tax Increment Financing | 11.06% |
| Student Housing | 8.53% |
| Special Assessment Financing | 8.27% |
| State Single-Family Housing | 7.88% |
| Continuing Care Retirement Community | 6.16% |
| Airport | 4.79% |
| Economic/Industrial Development | 4.73% |
| Public Power System | 4.39% |
| Water & Sewer | 4.09% |
| Miscellaneous Tax | 3.98% |
| Public Transportation | 3.90% |
| Port/Marina | 3.77% |
| Nursing Home | 3.27% |
| Tobacco Master Settlement Agreement | 3.23% |
| Hospital | 2.70% |
| Higher Education | 2.67% |
| Toll Highway/Bridge/Tunnel | 2.24% |
| Community Development District | 2.04% |
| General Obligation | 0.35% |
| Appropriation | -3.17% |
| Public Transportation | 10.61% |
| Economic/Industrial Development | 7.95% |
| Charter School | 7.31% |
| Continuing Care Retirement Community | 6.94% |
| Hospital | 5.60% |
| Community Development District | 5.46% |
| Higher Education | 5.41% |
| State Multi-Family Housing | 4.72% |
| Airport | 4.53% |
| State Single-Family Housing | 4.44% |
| Special Assessment Financing | 4.16% |
| Student Housing | 3.59% |
| Toll Highway/Bridge/Tunnel | 3.13% |
| Miscellaneous Tax | 2.70% |
| Assisted Living | 2.68% |
| Tax Increment Financing | 2.60% |
| General Revenue Tax-Guaranteed | 2.42% |
| General Obligation | 2.02% |
| Local Multi-Family Housing | 1.51% |
| Nursing Home | 1.50% |
| Tobacco Master Settlement Agreement | 1.35% |
| Metro Development District | 1.01% |
| Port/Marina | 1.01% |
| Private/Religious School | 0.91% |
| General Obligation District (Other) | 0.76% |
| Payments in Lieu of Taxes (PILOT) | 0.69% |
| Sales & Excise Tax | 0.65% |
| School District | 0.64% |
| Indian Tribal Bond | 0.56% |
| Student Loan Revenue | 0.46% |
| Not-For-Profit Human Service Provider | 0.41% |
| Appropriation | 0.39% |
| General Obligation Hospital/Health District | 0.39% |
| Water & Sewer | 0.35% |
| Mello-Roos | 0.29% |
| Independent Living Facility | 0.26% |
| Not-For-Profit Foundation | 0.17% |
| Parking Facility | 0.09% |
| Not-For-Profit Research Organization | 0.07% |
| Hotel Occupancy Tax | 0.06% |
| Loan Pool | 0.05% |
| Local Single-Family Housing | 0.05% |
| Miscellaneous | 0.05% |
| Secondary Education | 0.03% |
| Not-For-Profit Cultural Organization | 0.02% |
| Telecom | 0.01% |
| Public Transportation | 11.38% |
| Economic/Industrial Development | 8.50% |
| Charter School | 7.82% |
| Continuing Care Retirement Community | 7.19% |
| Hospital | 5.86% |
| Higher Education | 5.14% |
| Community Development District | 5.08% |
| State Multi-Family Housing | 4.42% |
| Airport | 4.40% |
| State Single-Family Housing | 4.37% |
| Special Assessment Financing | 4.06% |
| Toll Highway/Bridge/Tunnel | 3.36% |
| Student Housing | 3.25% |
| Assisted Living | 2.78% |
| Tax Increment Financing | 2.68% |
| General Revenue Tax-Guaranteed | 2.55% |
| Miscellaneous Tax | 2.50% |
| Nursing Home | 1.50% |
| Tobacco Master Settlement Agreement | 1.44% |
| Local Multi-Family Housing | 1.17% |
| Metro Development District | 1.09% |
| General Obligation | 1.00% |
| Private/Religious School | 0.98% |
| Port/Marina | 0.92% |
| General Obligation District (Other) | 0.80% |
| Payments in Lieu of Taxes (PILOT) | 0.80% |
| School District | 0.69% |
| Sales & Excise Tax | 0.65% |
| Indian Tribal Bond | 0.61% |
| Appropriation | 0.42% |
| Student Loan Revenue | 0.42% |
| General Obligation Hospital/Health District | 0.41% |
| Water & Sewer | 0.37% |
| Mello-Roos | 0.29% |
| Independent Living Facility | 0.27% |
| Not-For-Profit Human Service Provider | 0.26% |
| Local Single-Family Housing | 0.15% |
| Parking Facility | 0.09% |
| Hotel Occupancy Tax | 0.07% |
| Not-For-Profit Research Organization | 0.07% |
| Miscellaneous | 0.06% |
| Loan Pool | 0.05% |
| Secondary Education | 0.03% |
| Not-For-Profit Cultural Organization | 0.02% |
| Not-For-Profit Foundation | 0.02% |
| Telecom | 0.01% |
| Public Transportation | 11.22% |
| Economic/Industrial Development | 8.77% |
| Charter School | 7.78% |
| Continuing Care Retirement Community | 7.00% |
| Hospital | 5.99% |
| Community Development District | 5.51% |
| State Single-Family Housing | 5.01% |
| Airport | 4.88% |
| Higher Education | 4.66% |
| State Multi-Family Housing | 4.58% |
| Special Assessment Financing | 4.09% |
| Toll Highway/Bridge/Tunnel | 3.42% |
| Tax Increment Financing | 2.72% |
| Miscellaneous Tax | 2.70% |
| Assisted Living | 2.65% |
| General Revenue Tax-Guaranteed | 2.59% |
| Student Housing | 2.17% |
| Tobacco Master Settlement Agreement | 1.57% |
| Nursing Home | 1.53% |
| Metro Development District | 1.10% |
| Private/Religious School | 1.08% |
| General Obligation | 1.07% |
| Local Multi-Family Housing | 0.97% |
| Payments in Lieu of Taxes (PILOT) | 0.87% |
| School District | 0.75% |
| Indian Tribal Bond | 0.66% |
| Sales & Excise Tax | 0.64% |
| General Obligation District (Other) | 0.50% |
| Port/Marina | 0.50% |
| Appropriation | 0.49% |
| General Obligation Hospital/Health District | 0.45% |
| Water & Sewer | 0.39% |
| Student Loan Revenue | 0.36% |
| Not-For-Profit Human Service Provider | 0.28% |
| Mello-Roos | 0.25% |
| Local Single-Family Housing | 0.18% |
| Parking Facility | 0.10% |
| Independent Living Facility | 0.09% |
| Not-For-Profit Research Organization | 0.08% |
| Hotel Occupancy Tax | 0.07% |
| Bond Bank | 0.06% |
| Miscellaneous | 0.06% |
| Loan Pool | 0.05% |
| Secondary Education | 0.03% |
| Not-For-Profit Cultural Organization | 0.02% |
| Not-For-Profit Foundation | 0.02% |
| Telecom | 0.01% |
Allocation by State (%)
| Wisconsin | 10.91% |
| Florida | 9.06% |
| New York | 7.55% |
| Texas | 7.25% |
| Pennsylvania | 6.67% |
| California | 5.34% |
| Ohio | 4.90% |
| Oregon | 4.17% |
| New Hampshire | 4.00% |
| Colorado | 3.88% |
| Arizona | 3.58% |
| New Jersey | 3.38% |
| Missouri | 3.19% |
| Massachusetts | 2.94% |
| Rhode Island | 2.63% |
| Tennessee | 2.58% |
| South Carolina | 2.31% |
| North Carolina | 1.96% |
| Kansas | 1.93% |
| Utah | 1.78% |
| Indiana | 1.63% |
| Michigan | 1.30% |
| Washington | 1.24% |
| Illinois | 1.04% |
| Maryland | 0.91% |
| Montana | 0.89% |
| District of Columbia | 0.71% |
| Puerto Rico | 0.65% |
| Arkansas | 0.42% |
| Louisiana | 0.38% |
| Nevada | 0.38% |
| Georgia | 0.25% |
| Oklahoma | 0.16% |
| Wisconsin | 10.75% |
| Florida | 9.15% |
| Texas | 7.51% |
| Pennsylvania | 6.66% |
| New York | 6.52% |
| Ohio | 5.65% |
| California | 4.99% |
| Oregon | 4.10% |
| Colorado | 3.80% |
| Utah | 3.43% |
| New Jersey | 3.39% |
| Missouri | 3.10% |
| New Hampshire | 3.10% |
| Massachusetts | 2.85% |
| Arizona | 2.71% |
| Rhode Island | 2.60% |
| Tennessee | 2.54% |
| South Carolina | 2.33% |
| Kansas | 2.03% |
| North Carolina | 1.93% |
| Indiana | 1.72% |
| Illinois | 1.57% |
| Washington | 1.22% |
| Georgia | 1.08% |
| Michigan | 0.93% |
| Montana | 0.87% |
| Maryland | 0.85% |
| District of Columbia | 0.71% |
| Puerto Rico | 0.62% |
| Arkansas | 0.41% |
| Louisiana | 0.37% |
| Nevada | 0.35% |
| Oklahoma | 0.16% |
| Wisconsin | 10.73% |
| Florida | 10.62% |
| Texas | 9.74% |
| New York | 6.58% |
| Pennsylvania | 5.65% |
| California | 5.49% |
| Ohio | 5.25% |
| Oregon | 4.02% |
| Colorado | 3.89% |
| New Jersey | 3.47% |
| New Hampshire | 3.15% |
| Massachusetts | 2.91% |
| Arizona | 2.77% |
| Indiana | 2.54% |
| South Carolina | 2.31% |
| Tennessee | 2.29% |
| Kansas | 2.06% |
| Missouri | 1.94% |
| North Carolina | 1.91% |
| Utah | 1.82% |
| Washington | 1.66% |
| New Mexico | 1.65% |
| Georgia | 1.52% |
| Montana | 1.33% |
| Michigan | 0.93% |
| District of Columbia | 0.75% |
| Illinois | 0.71% |
| Puerto Rico | 0.65% |
| Idaho | 0.41% |
| Louisiana | 0.38% |
| Nevada | 0.34% |
| Maryland | 0.33% |
| Oklahoma | 0.16% |
| Vermont | 0.02% |
| Florida | 11.92% |
| Wisconsin | 11.77% |
| Texas | 8.68% |
| California | 7.16% |
| Pennsylvania | 6.20% |
| New York | 5.56% |
| Oregon | 4.50% |
| Ohio | 4.46% |
| Colorado | 4.33% |
| New Jersey | 3.91% |
| Massachusetts | 3.26% |
| Arizona | 3.11% |
| Indiana | 2.84% |
| South Carolina | 2.60% |
| Kansas | 2.31% |
| Missouri | 2.22% |
| Utah | 2.03% |
| Tennessee | 1.98% |
| Washington | 1.84% |
| Georgia | 1.69% |
| New Hampshire | 1.57% |
| Montana | 1.48% |
| Michigan | 1.04% |
| Illinois | 0.79% |
| Puerto Rico | 0.71% |
| Nevada | 0.53% |
| Idaho | 0.47% |
| District of Columbia | 0.43% |
| Louisiana | 0.42% |
| Oklahoma | 0.18% |
| Vermont | 0.02% |
| Florida | 12.04% |
| Wisconsin | 11.71% |
| Texas | 8.93% |
| California | 7.03% |
| New York | 6.80% |
| Pennsylvania | 6.05% |
| Ohio | 4.42% |
| Oregon | 4.41% |
| New Jersey | 3.96% |
| Colorado | 3.67% |
| Massachusetts | 3.35% |
| Arizona | 3.09% |
| Indiana | 2.88% |
| South Carolina | 2.59% |
| Kansas | 2.29% |
| Missouri | 2.19% |
| Utah | 2.02% |
| Tennessee | 1.97% |
| Washington | 1.90% |
| Georgia | 1.68% |
| Montana | 1.42% |
| Michigan | 1.03% |
| New Hampshire | 0.96% |
| Illinois | 0.79% |
| Puerto Rico | 0.71% |
| West Virginia | 0.57% |
| Nevada | 0.51% |
| District of Columbia | 0.43% |
| Louisiana | 0.43% |
| Oklahoma | 0.18% |
| Vermont | 0.02% |
| Wisconsin | 11.09% |
| Texas | 9.51% |
| Florida | 7.12% |
| Pennsylvania | 6.34% |
| New York | 6.01% |
| Ohio | 5.23% |
| Oregon | 4.76% |
| California | 4.33% |
| Illinois | 4.26% |
| New Jersey | 4.21% |
| Colorado | 3.97% |
| Arizona | 3.69% |
| Massachusetts | 3.62% |
| Indiana | 3.08% |
| South Carolina | 2.74% |
| Georgia | 2.49% |
| Missouri | 2.24% |
| Utah | 2.16% |
| Tennessee | 2.11% |
| Washington | 2.04% |
| Idaho | 1.48% |
| Kansas | 1.39% |
| Michigan | 1.11% |
| New Hampshire | 1.02% |
| Montana | 0.84% |
| Puerto Rico | 0.77% |
| Nevada | 0.63% |
| West Virginia | 0.61% |
| District of Columbia | 0.46% |
| Louisiana | 0.46% |
| Oklahoma | 0.20% |
| Vermont | 0.02% |
| Wisconsin | 11.62% |
| Texas | 9.97% |
| Florida | 6.71% |
| Pennsylvania | 6.45% |
| New York | 6.31% |
| Oregon | 4.99% |
| California | 4.81% |
| Illinois | 4.45% |
| New Jersey | 4.41% |
| Colorado | 4.15% |
| Massachusetts | 3.80% |
| Ohio | 3.46% |
| Arizona | 3.37% |
| Indiana | 3.23% |
| South Carolina | 2.87% |
| Washington | 2.70% |
| Utah | 2.27% |
| Tennessee | 2.22% |
| Missouri | 2.05% |
| Georgia | 1.60% |
| Idaho | 1.55% |
| Kansas | 1.47% |
| Arkansas | 1.10% |
| Nevada | 0.88% |
| Puerto Rico | 0.81% |
| West Virginia | 0.61% |
| District of Columbia | 0.49% |
| Louisiana | 0.48% |
| Montana | 0.46% |
| Rhode Island | 0.37% |
| Oklahoma | 0.21% |
| Michigan | 0.11% |
| Vermont | 0.02% |
| Wisconsin | 13.98% |
| Texas | 12.44% |
| Florida | 7.81% |
| California | 7.61% |
| Pennsylvania | 6.71% |
| Illinois | 5.51% |
| New York | 5.49% |
| New Jersey | 5.02% |
| Massachusetts | 4.75% |
| Arizona | 4.15% |
| Indiana | 3.99% |
| Tennessee | 2.76% |
| Missouri | 2.46% |
| Georgia | 2.01% |
| Washington | 1.97% |
| Idaho | 1.92% |
| Kansas | 1.67% |
| Ohio | 1.50% |
| Arkansas | 1.37% |
| Utah | 1.37% |
| Nevada | 1.25% |
| Puerto Rico | 0.99% |
| West Virginia | 0.75% |
| Oregon | 0.72% |
| District of Columbia | 0.60% |
| Louisiana | 0.59% |
| Montana | 0.57% |
| Oklahoma | 0.03% |
| Florida | 13.54% |
| Texas | 13.27% |
| Pennsylvania | 9.14% |
| New York | 8.06% |
| Wisconsin | 7.86% |
| California | 7.39% |
| Massachusetts | 4.83% |
| Tennessee | 4.25% |
| Indiana | 4.04% |
| Missouri | 3.49% |
| Washington | 2.93% |
| Idaho | 2.86% |
| Kansas | 2.59% |
| Ohio | 2.55% |
| Arkansas | 2.06% |
| Utah | 2.01% |
| Nevada | 1.91% |
| Illinois | 1.56% |
| Puerto Rico | 1.39% |
| Virginia | 0.98% |
| Oregon | 0.95% |
| Louisiana | 0.87% |
| District of Columbia | 0.78% |
| Georgia | 0.41% |
| Montana | 0.28% |
| Oklahoma | 0.02% |
| Texas | 16.36% |
| Florida | 14.21% |
| Wisconsin | 13.26% |
| Tennessee | 4.66% |
| Trust Bond | 4.58% |
| Indiana | 4.44% |
| Massachusetts | 4.31% |
| Missouri | 3.91% |
| Pennsylvania | 3.25% |
| New Jersey | 3.23% |
| Washington | 3.23% |
| Idaho | 3.14% |
| Oregon | 3.04% |
| Kansas | 2.83% |
| Ohio | 2.81% |
| California | 2.78% |
| Arkansas | 2.32% |
| Utah | 2.20% |
| Illinois | 1.73% |
| Colorado | 1.62% |
| Puerto Rico | 1.54% |
| Virginia | 1.07% |
| Louisiana | 0.95% |
| New York | 0.46% |
| Montana | 0.14% |
| Oklahoma | 0.02% |
| Mississippi | 0.01% |
| Florida | 20.35% |
| Wisconsin | 9.82% |
| California | 8.70% |
| Texas | 6.63% |
| New York | 5.59% |
| Illinois | 3.90% |
| Pennsylvania | 3.74% |
| Georgia | 3.32% |
| Trust Bond | 3.25% |
| Utah | 2.85% |
| Nevada | 2.71% |
| Ohio | 2.55% |
| Colorado | 2.37% |
| New Hampshire | 2.27% |
| Arizona | 2.08% |
| Louisiana | 2.04% |
| Washington | 1.95% |
| Iowa | 1.11% |
| Kentucky | 1.05% |
| Indiana | 0.98% |
| District of Columbia | 0.96% |
| Massachusetts | 0.94% |
| Maryland | 0.90% |
| New Jersey | 0.83% |
| Oregon | 0.78% |
| Oklahoma | 0.77% |
| Missouri | 0.76% |
| Michigan | 0.57% |
| Kansas | 0.54% |
| Minnesota | 0.50% |
| Virgin Islands | 0.48% |
| Virginia | 0.47% |
| Alabama | 0.46% |
| Connecticut | 0.44% |
| Arkansas | 0.42% |
| Rhode Island | 0.42% |
| Puerto Rico | 0.41% |
| Idaho | 0.35% |
| North Carolina | 0.20% |
| Mississippi | 0.18% |
| Nebraska | 0.18% |
| Delaware | 0.16% |
| Tennessee | 0.16% |
| New Mexico | 0.15% |
| North Dakota | 0.14% |
| West Virginia | 0.14% |
| Hawaii | 0.11% |
| Maine | 0.10% |
| Vermont | 0.10% |
| Montana | 0.08% |
| American Samoa | 0.02% |
| Florida | 20.46% |
| Wisconsin | 10.42% |
| California | 9.20% |
| Texas | 6.63% |
| New York | 5.73% |
| Georgia | 3.34% |
| Pennsylvania | 3.28% |
| Trust Bond | 3.27% |
| Illinois | 3.06% |
| Nevada | 2.88% |
| Utah | 2.59% |
| Colorado | 2.58% |
| Ohio | 2.55% |
| New Hampshire | 2.40% |
| Arizona | 2.21% |
| Louisiana | 1.91% |
| Washington | 1.53% |
| Iowa | 1.17% |
| Kentucky | 1.14% |
| Indiana | 1.11% |
| District of Columbia | 0.91% |
| Oklahoma | 0.83% |
| Missouri | 0.79% |
| New Jersey | 0.78% |
| Oregon | 0.73% |
| Michigan | 0.64% |
| Virginia | 0.63% |
| Massachusetts | 0.57% |
| Maryland | 0.54% |
| Alabama | 0.53% |
| Connecticut | 0.50% |
| Virgin Islands | 0.50% |
| Mississippi | 0.48% |
| Rhode Island | 0.46% |
| Arkansas | 0.45% |
| Kansas | 0.44% |
| Puerto Rico | 0.41% |
| Minnesota | 0.40% |
| Idaho | 0.24% |
| Nebraska | 0.22% |
| Delaware | 0.21% |
| North Carolina | 0.21% |
| Tennessee | 0.21% |
| New Mexico | 0.19% |
| North Dakota | 0.15% |
| West Virginia | 0.15% |
| Hawaii | 0.12% |
| Maine | 0.11% |
| Montana | 0.08% |
| Vermont | 0.07% |
| American Samoa | 0.02% |
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.
Percentages may not sum to 100% due to rounding.
Management
Fund Management
-
John Miller
Head and Chief Investment Officer of Municipal Credit TeamIndustry start:1993Year joined:2024
Our Process
The Tactical Municipal Opportunities 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 meet 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 portfolio that emphasizes municipal bond income generation 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
- 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.
The investment process may change over time. The information set forth above is intended as a general illustration of some of the criteria the investment team considers in selecting securities. Not all investments will meet such criteria. Diversification does not guarantee investment returns and does not eliminate the risk of loss. The Fund is not subject to prospectus or regulatory diversification requirements.
These are among factors to be considered when deciding whether to sell, this is not a comprehensive list.
A debt instrument’s “duration’’ is a way of measuring a debt instrument’s sensitivity to a potential change in interest rates.
Fees & Minimums
Expense Ratio and Shareholder Fees as of April 30, 2026
Shareholder Fee (%)1
Shareholder Fees (fees paid directly from your investment)
| Maximum Sales Charge (Load) on Purchases (as a percentage of public offering price) | 0.00 |
| Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of your purchase or redemption price)2 | 0.00 |
| Repurchase Fee3 | 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 Fees4 | 1.19 |
| Distribution and Service (12b-1) Fees | 0.00 |
| Interest Payments on Borrowed Funds5 | 0.80 |
| Other Expenses6 | 0.72 |
| Total Annual Fund Operating Expenses | 2.71 |
| Fee Waiver and/or Expense Reimbursement7 | -1.66 |
| Total Annual Operating Expenses After Fee Waiver and/or Expense Reimbursement | 1.05 |
| Adjusted Expense Ratio8 | 0.25 |
*The above table illustrates the aggregate fees and expenses (based on average net assets) that the Fund expects to incur and that Shareholders can expect to bear directly or indirectly.
Disclosures
- 1
The Fund continuously offers its Common Shares through the Distributor, as principal underwriter, on a best efforts basis. Class A-1Shares, Class A-2 Shares, Class A-3 Shares, Class A-4 Shares, Class I Shares and Class W Shares will be sold on a continuous basis at the Fund’s then current NAV per share. While neither the Fund nor the Distributor impose a front-end sales commission on Class A-1 Shares, Class A-3 Shares, Class I Shares or Class W Shares, if you buy any class of shares (including, Class A-1Shares, Class A-3 Shares, Class I Shares or Class W Shares) through certain financial firms, they may directly charge you transaction or other fees in such amount as they may determine. Please consult your financial firm for additional information.
- 2
Investors that purchase $250,000 or more of the Fund’s Class A-2 Shares and/or Class A-4 Shares will not pay any initial sales charge on the purchase. However, unless eligible for a waiver, purchases of $250,000 or more of Class A-2 Shares or Class A-4Shares will be subject to an early withdrawal charge of 1.50% if the shares are repurchased during the first 12 months after their purchase. See “Early Withdrawal Charges—Class A-2 Shares and Class A-4 Shares”.
- 3
The Fund does not currently charge a repurchase fee. However, in the future the Fund may charge a repurchase fee of up to 2.00%.
- 4
The Management Fee paid by the Fund is calculated at the annual rate of 0.95% of the average daily value of the Fund’s Managed Assets which includes assets purchased with borrowed money including, for this purpose, amounts attributable to the Fund’s use of TOB financings. The table above assumes that the Fund borrows money for investment purposes at an average amount of 20% of its Managed Assets. The Management Fee in the table is greater than 0.95% since it is computed as a percentage of the Fund’s net assets for presentation therein. “Managed Assets” means the total assets of the Fund (including any assets attributable to borrowings for investment purposes) minus the sum of the Fund’s accrued liabilities (other than liabilities representing borrowings for investment purposes).
- 5
Interest Payments on Borrowed Funds are estimated based on average borrowings of 20% of the Fund’s average Managed Assets and the Fund bears expenses relating to such borrowings at an annual effective interest rate of 3.18%. If the Fund were to incur higher levels of borrowing or pay higher interest rates, interest payments on borrowed funds as a percentage of net assets would be higher.
- 6
Other expenses include, but are not limited to, accounting, legal and auditing fees of the Fund, as well as fees payable to the Trustees who are not interested persons of the Fund (as defined in the 1940 Act) (“Independent Trustees”). Other expenses are based on estimated amounts for the following twelve months. The expense table above is based on estimated average net assets of approximately $57,000,000 which reflects the Fund’s average net assets for the first quarter 2026 (higher than the Fund’s actual net assets at fiscal year-end December 31, 2025 of approximately $50,000,000). Total Annual Operating Expenses shown will not correlate to the Fund’s ratio of expenses to average net assets appearing in the Financial Highlights table, which is based on the Fund’s actual results rather than estimates.
- 7
The Adviser has contractually undertaken to waive and/or reimburse certain fees and expenses of the Fund so that the total annual operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, and extraordinary expenses, if any) (“annual operating expenses”) of the Class A-1, ClassA-2, Class A-3, Class A-4, Class I and Class W shareholders are limited to 0.75%, 1.00%, 1.00%, 0.75%, 0.25% and 0.25%,respectively, of average net assets. This undertaking lasts until April 30, 2027 and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed to repay the Adviser for fees and expenses waived or reimbursed provided that repayment does not cause annual operating expenses (after the repayment is taken into account) to exceed either:(1) 0.75%, 1.00%, 1.00%, 0.75%, 0.25% and 0.25% of the class’s average net assets; or (2) if applicable, the then-current expense limitations. Any such repayment must be made within three years after the date in which the Adviser waived or incurred the fee and/or expense.
- 8
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 April 30, 2026
Shareholder Fee (%)1
Shareholder Fees (fees paid directly from your investment)
| Maximum Sales Charge (Load) on Purchases (as a percentage of public offering price) | 0.00 |
| Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of your purchase or redemption price)2 | 0.00 |
| Repurchase Fee3 | 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 Fees4 | 1.19 |
| Distribution and Service (12b-1) Fees | 0.50 |
| Interest Payments on Borrowed Funds5 | 0.80 |
| Other Expenses6 | 0.72 |
| Total Annual Fund Operating Expenses | 3.21 |
| Fee Waiver and/or Expense Reimbursement7 | -1.66 |
| Total Annual Operating Expenses After Fee Waiver and/or Expense Reimbursement | 1.55 |
| Adjusted Expense Ratio8 | 0.75 |
*The above table illustrates the aggregate fees and expenses (based on average net assets) that the Fund expects to incur and that Shareholders can expect to bear directly or indirectly.
Disclosures
- 1
The Fund continuously offers its Common Shares through the Distributor, as principal underwriter, on a best efforts basis. Class A-1Shares, Class A-2 Shares, Class A-3 Shares, Class A-4 Shares, Class I Shares and Class W Shares will be sold on a continuous basis at the Fund’s then current NAV per share. While neither the Fund nor the Distributor impose a front-end sales commission on Class A-1 Shares, Class A-3 Shares, Class I Shares or Class W Shares, if you buy any class of shares (including, Class A-1Shares, Class A-3 Shares, Class I Shares or Class W Shares) through certain financial firms, they may directly charge you transaction or other fees in such amount as they may determine. Please consult your financial firm for additional information.
- 2
Investors that purchase $250,000 or more of the Fund’s Class A-2 Shares and/or Class A-4 Shares will not pay any initial sales charge on the purchase. However, unless eligible for a waiver, purchases of $250,000 or more of Class A-2 Shares or Class A-4Shares will be subject to an early withdrawal charge of 1.50% if the shares are repurchased during the first 12 months after their purchase. See “Early Withdrawal Charges—Class A-2 Shares and Class A-4 Shares”.
- 3
The Fund does not currently charge a repurchase fee. However, in the future the Fund may charge a repurchase fee of up to 2.00%.
- 4
The Management Fee paid by the Fund is calculated at the annual rate of 0.95% of the average daily value of the Fund’s Managed Assets which includes assets purchased with borrowed money including, for this purpose, amounts attributable to the Fund’s use of TOB financings. The table above assumes that the Fund borrows money for investment purposes at an average amount of 20% of its Managed Assets. The Management Fee in the table is greater than 0.95% since it is computed as a percentage of the Fund’s net assets for presentation therein. “Managed Assets” means the total assets of the Fund (including any assets attributable to borrowings for investment purposes) minus the sum of the Fund’s accrued liabilities (other than liabilities representing borrowings for investment purposes).
- 5
Interest Payments on Borrowed Funds are estimated based on average borrowings of 20% of the Fund’s average Managed Assets and the Fund bears expenses relating to such borrowings at an annual effective interest rate of 3.18%. If the Fund were to incur higher levels of borrowing or pay higher interest rates, interest payments on borrowed funds as a percentage of net assets would be higher.
- 6
Other expenses include, but are not limited to, accounting, legal and auditing fees of the Fund, as well as fees payable to the Trustees who are not interested persons of the Fund (as defined in the 1940 Act) (“Independent Trustees”). Other expenses are based on estimated amounts for the following twelve months. The expense table above is based on estimated average net assets of approximately $57,000,000 which reflects the Fund’s average net assets for the first quarter 2026 (higher than the Fund’s actual net assets at fiscal year-end December 31, 2025 of approximately $50,000,000). Total Annual Operating Expenses shown will not correlate to the Fund’s ratio of expenses to average net assets appearing in the Financial Highlights table, which is based on the Fund’s actual results rather than estimates.
- 7
The Adviser has contractually undertaken to waive and/or reimburse certain fees and expenses of the Fund so that the total annual operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, and extraordinary expenses, if any) (“annual operating expenses”) of the Class A-1, ClassA-2, Class A-3, Class A-4, Class I and Class W shareholders are limited to 0.75%, 1.00%, 1.00%, 0.75%, 0.25% and 0.25%,respectively, of average net assets. This undertaking lasts until April 30, 2027 and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed to repay the Adviser for fees and expenses waived or reimbursed provided that repayment does not cause annual operating expenses (after the repayment is taken into account) to exceed either:(1) 0.75%, 1.00%, 1.00%, 0.75%, 0.25% and 0.25% of the class’s average net assets; or (2) if applicable, the then-current expense limitations. Any such repayment must be made within three years after the date in which the Adviser waived or incurred the fee and/or expense.
- 8
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 April 30, 2026
Shareholder Fee (%)1
Shareholder Fees (fees paid directly from your investment)
| Maximum Sales Charge (Load) on Purchases (as a percentage of public offering price) | 0.00 |
| Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of your purchase or redemption price)2 | 0.00 |
| Repurchase Fee3 | 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 Fees4 | 1.19 |
| Distribution and Service (12b-1) Fees | 0.75 |
| Interest Payments on Borrowed Funds5 | 0.80 |
| Other Expenses6 | 0.72 |
| Total Annual Fund Operating Expenses | 3.46 |
| Fee Waiver and/or Expense Reimbursement7 | -1.66 |
| Total Annual Operating Expenses After Fee Waiver and/or Expense Reimbursement | 1.80 |
| Adjusted Expense Ratio8 | 1.00 |
*The above table illustrates the aggregate fees and expenses (based on average net assets) that the Fund expects to incur and that Shareholders can expect to bear directly or indirectly.
Disclosures
- 1
The Fund continuously offers its Common Shares through the Distributor, as principal underwriter, on a best efforts basis. Class A-1Shares, Class A-2 Shares, Class A-3 Shares, Class A-4 Shares, Class I Shares and Class W Shares will be sold on a continuous basis at the Fund’s then current NAV per share. While neither the Fund nor the Distributor impose a front-end sales commission on Class A-1 Shares, Class A-3 Shares, Class I Shares or Class W Shares, if you buy any class of shares (including, Class A-1Shares, Class A-3 Shares, Class I Shares or Class W Shares) through certain financial firms, they may directly charge you transaction or other fees in such amount as they may determine. Please consult your financial firm for additional information.
- 2
Investors that purchase $250,000 or more of the Fund’s Class A-2 Shares and/or Class A-4 Shares will not pay any initial sales charge on the purchase. However, unless eligible for a waiver, purchases of $250,000 or more of Class A-2 Shares or Class A-4Shares will be subject to an early withdrawal charge of 1.50% if the shares are repurchased during the first 12 months after their purchase. See “Early Withdrawal Charges—Class A-2 Shares and Class A-4 Shares”.
- 3
The Fund does not currently charge a repurchase fee. However, in the future the Fund may charge a repurchase fee of up to 2.00%.
- 4
The Management Fee paid by the Fund is calculated at the annual rate of 0.95% of the average daily value of the Fund’s Managed Assets which includes assets purchased with borrowed money including, for this purpose, amounts attributable to the Fund’s use of TOB financings. The table above assumes that the Fund borrows money for investment purposes at an average amount of 20% of its Managed Assets. The Management Fee in the table is greater than 0.95% since it is computed as a percentage of the Fund’s net assets for presentation therein. “Managed Assets” means the total assets of the Fund (including any assets attributable to borrowings for investment purposes) minus the sum of the Fund’s accrued liabilities (other than liabilities representing borrowings for investment purposes).
- 5
Interest Payments on Borrowed Funds are estimated based on average borrowings of 20% of the Fund’s average Managed Assets and the Fund bears expenses relating to such borrowings at an annual effective interest rate of 3.18%. If the Fund were to incur higher levels of borrowing or pay higher interest rates, interest payments on borrowed funds as a percentage of net assets would be higher.
- 6
Other expenses include, but are not limited to, accounting, legal and auditing fees of the Fund, as well as fees payable to the Trustees who are not interested persons of the Fund (as defined in the 1940 Act) (“Independent Trustees”). Other expenses are based on estimated amounts for the following twelve months. The expense table above is based on estimated average net assets of approximately $57,000,000 which reflects the Fund’s average net assets for the first quarter 2026 (higher than the Fund’s actual net assets at fiscal year-end December 31, 2025 of approximately $50,000,000). Total Annual Operating Expenses shown will not correlate to the Fund’s ratio of expenses to average net assets appearing in the Financial Highlights table, which is based on the Fund’s actual results rather than estimates.
- 7
The Adviser has contractually undertaken to waive and/or reimburse certain fees and expenses of the Fund so that the total annual operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, and extraordinary expenses, if any) (“annual operating expenses”) of the Class A-1, ClassA-2, Class A-3, Class A-4, Class I and Class W shareholders are limited to 0.75%, 1.00%, 1.00%, 0.75%, 0.25% and 0.25%,respectively, of average net assets. This undertaking lasts until April 30, 2027 and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed to repay the Adviser for fees and expenses waived or reimbursed provided that repayment does not cause annual operating expenses (after the repayment is taken into account) to exceed either:(1) 0.75%, 1.00%, 1.00%, 0.75%, 0.25% and 0.25% of the class’s average net assets; or (2) if applicable, the then-current expense limitations. Any such repayment must be made within three years after the date in which the Adviser waived or incurred the fee and/or expense.
- 8
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 April 30, 2026
Shareholder Fee (%)1
Shareholder Fees (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) (as a percentage of the lesser of your purchase or redemption price)2 | 1.50 |
| Repurchase Fee3 | 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 Fees4 | 1.19 |
| Distribution and Service (12b-1) Fees | 0.75 |
| Interest Payments on Borrowed Funds5 | 0.80 |
| Other Expenses6 | 0.72 |
| Total Annual Fund Operating Expenses | 3.46 |
| Fee Waiver and/or Expense Reimbursement7 | -1.66 |
| Total Annual Operating Expenses After Fee Waiver and/or Expense Reimbursement | 1.80 |
| Adjusted Expense Ratio8 | 1.00 |
*The above table illustrates the aggregate fees and expenses (based on average net assets) that the Fund expects to incur and that Shareholders can expect to bear directly or indirectly.
Disclosures
- 1
The Fund continuously offers its Common Shares through the Distributor, as principal underwriter, on a best efforts basis. Class A-1Shares, Class A-2 Shares, Class A-3 Shares, Class A-4 Shares, Class I Shares and Class W Shares will be sold on a continuous basis at the Fund’s then current NAV per share. While neither the Fund nor the Distributor impose a front-end sales commission on Class A-1 Shares, Class A-3 Shares, Class I Shares or Class W Shares, if you buy any class of shares (including, Class A-1Shares, Class A-3 Shares, Class I Shares or Class W Shares) through certain financial firms, they may directly charge you transaction or other fees in such amount as they may determine. Please consult your financial firm for additional information.
- 2
Investors that purchase $250,000 or more of the Fund’s Class A-2 Shares and/or Class A-4 Shares will not pay any initial sales charge on the purchase. However, unless eligible for a waiver, purchases of $250,000 or more of Class A-2 Shares or Class A-4Shares will be subject to an early withdrawal charge of 1.50% if the shares are repurchased during the first 12 months after their purchase. See “Early Withdrawal Charges—Class A-2 Shares and Class A-4 Shares”.
- 3
The Fund does not currently charge a repurchase fee. However, in the future the Fund may charge a repurchase fee of up to 2.00%.
- 4
The Management Fee paid by the Fund is calculated at the annual rate of 0.95% of the average daily value of the Fund’s Managed Assets which includes assets purchased with borrowed money including, for this purpose, amounts attributable to the Fund’s use of TOB financings. The table above assumes that the Fund borrows money for investment purposes at an average amount of 20% of its Managed Assets. The Management Fee in the table is greater than 0.95% since it is computed as a percentage of the Fund’s net assets for presentation therein. “Managed Assets” means the total assets of the Fund (including any assets attributable to borrowings for investment purposes) minus the sum of the Fund’s accrued liabilities (other than liabilities representing borrowings for investment purposes).
- 5
Interest Payments on Borrowed Funds are estimated based on average borrowings of 20% of the Fund’s average Managed Assets and the Fund bears expenses relating to such borrowings at an annual effective interest rate of 3.18%. If the Fund were to incur higher levels of borrowing or pay higher interest rates, interest payments on borrowed funds as a percentage of net assets would be higher.
- 6
Other expenses include, but are not limited to, accounting, legal and auditing fees of the Fund, as well as fees payable to the Trustees who are not interested persons of the Fund (as defined in the 1940 Act) (“Independent Trustees”). Other expenses are based on estimated amounts for the following twelve months. The expense table above is based on estimated average net assets of approximately $57,000,000 which reflects the Fund’s average net assets for the first quarter 2026 (higher than the Fund’s actual net assets at fiscal year-end December 31, 2025 of approximately $50,000,000). Total Annual Operating Expenses shown will not correlate to the Fund’s ratio of expenses to average net assets appearing in the Financial Highlights table, which is based on the Fund’s actual results rather than estimates.
- 7
The Adviser has contractually undertaken to waive and/or reimburse certain fees and expenses of the Fund so that the total annual operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, and extraordinary expenses, if any) (“annual operating expenses”) of the Class A-1, ClassA-2, Class A-3, Class A-4, Class I and Class W shareholders are limited to 0.75%, 1.00%, 1.00%, 0.75%, 0.25% and 0.25%,respectively, of average net assets. This undertaking lasts until April 30, 2027 and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed to repay the Adviser for fees and expenses waived or reimbursed provided that repayment does not cause annual operating expenses (after the repayment is taken into account) to exceed either:(1) 0.75%, 1.00%, 1.00%, 0.75%, 0.25% and 0.25% of the class’s average net assets; or (2) if applicable, the then-current expense limitations. Any such repayment must be made within three years after the date in which the Adviser waived or incurred the fee and/or expense.
- 8
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 April 30, 2026
Shareholder Fee (%)1
Shareholder Fees (fees paid directly from your investment)
| Maximum Sales Charge (Load) on Purchases (as a percentage of public offering price) | 0.00 |
| Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of your purchase or redemption price)2 | 0.00 |
| Repurchase Fee3 | 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 Fees4 | 1.19 |
| Distribution and Service (12b-1) Fees | 0.00 |
| Interest Payments on Borrowed Funds5 | 0.80 |
| Other Expenses6 | 0.72 |
| Total Annual Fund Operating Expenses | 2.71 |
| Fee Waiver and/or Expense Reimbursement7 | -1.66 |
| Total Annual Operating Expenses After Fee Waiver and/or Expense Reimbursement | 1.05 |
| Adjusted Expense Ratio8 | 0.25 |
*The above table illustrates the aggregate fees and expenses (based on average net assets) that the Fund expects to incur and that Shareholders can expect to bear directly or indirectly.
Disclosures
- 1
The Fund continuously offers its Common Shares through the Distributor, as principal underwriter, on a best efforts basis. Class A-1Shares, Class A-2 Shares, Class A-3 Shares, Class A-4 Shares, Class I Shares and Class W Shares will be sold on a continuous basis at the Fund’s then current NAV per share. While neither the Fund nor the Distributor impose a front-end sales commission on Class A-1 Shares, Class A-3 Shares, Class I Shares or Class W Shares, if you buy any class of shares (including, Class A-1Shares, Class A-3 Shares, Class I Shares or Class W Shares) through certain financial firms, they may directly charge you transaction or other fees in such amount as they may determine. Please consult your financial firm for additional information.
- 2
Investors that purchase $250,000 or more of the Fund’s Class A-2 Shares and/or Class A-4 Shares will not pay any initial sales charge on the purchase. However, unless eligible for a waiver, purchases of $250,000 or more of Class A-2 Shares or Class A-4Shares will be subject to an early withdrawal charge of 1.50% if the shares are repurchased during the first 12 months after their purchase. See “Early Withdrawal Charges—Class A-2 Shares and Class A-4 Shares”.
- 3
The Fund does not currently charge a repurchase fee. However, in the future the Fund may charge a repurchase fee of up to 2.00%.
- 4
The Management Fee paid by the Fund is calculated at the annual rate of 0.95% of the average daily value of the Fund’s Managed Assets which includes assets purchased with borrowed money including, for this purpose, amounts attributable to the Fund’s use of TOB financings. The table above assumes that the Fund borrows money for investment purposes at an average amount of 20% of its Managed Assets. The Management Fee in the table is greater than 0.95% since it is computed as a percentage of the Fund’s net assets for presentation therein. “Managed Assets” means the total assets of the Fund (including any assets attributable to borrowings for investment purposes) minus the sum of the Fund’s accrued liabilities (other than liabilities representing borrowings for investment purposes).
- 5
Interest Payments on Borrowed Funds are estimated based on average borrowings of 20% of the Fund’s average Managed Assets and the Fund bears expenses relating to such borrowings at an annual effective interest rate of 3.18%. If the Fund were to incur higher levels of borrowing or pay higher interest rates, interest payments on borrowed funds as a percentage of net assets would be higher.
- 6
Other expenses include, but are not limited to, accounting, legal and auditing fees of the Fund, as well as fees payable to the Trustees who are not interested persons of the Fund (as defined in the 1940 Act) (“Independent Trustees”). Other expenses are based on estimated amounts for the following twelve months. The expense table above is based on estimated average net assets of approximately $57,000,000 which reflects the Fund’s average net assets for the first quarter 2026 (higher than the Fund’s actual net assets at fiscal year-end December 31, 2025 of approximately $50,000,000). Total Annual Operating Expenses shown will not correlate to the Fund’s ratio of expenses to average net assets appearing in the Financial Highlights table, which is based on the Fund’s actual results rather than estimates.
- 7
The Adviser has contractually undertaken to waive and/or reimburse certain fees and expenses of the Fund so that the total annual operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, and extraordinary expenses, if any) (“annual operating expenses”) of the Class A-1, ClassA-2, Class A-3, Class A-4, Class I and Class W shareholders are limited to 0.75%, 1.00%, 1.00%, 0.75%, 0.25% and 0.25%,respectively, of average net assets. This undertaking lasts until April 30, 2027 and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed to repay the Adviser for fees and expenses waived or reimbursed provided that repayment does not cause annual operating expenses (after the repayment is taken into account) to exceed either:(1) 0.75%, 1.00%, 1.00%, 0.75%, 0.25% and 0.25% of the class’s average net assets; or (2) if applicable, the then-current expense limitations. Any such repayment must be made within three years after the date in which the Adviser waived or incurred the fee and/or expense.
- 8
The Adjusted Expense Ratio excludes certain fees and expenses, such as interest expense and fees paid on Fund borrowings and/or interest and related expenses from inverse floaters.
Distributions
Dividend Payments
| Record Date | Frequency | Ex Date | Reinvest Date | Payable Date | Dividend ($) | Reinvested at |
|---|---|---|---|---|---|---|
| 05/29/2026 | Monthly | 05/29/2026 | 05/29/2026 | 06/01/2026 | $0.058 | $10.14 |
| 04/30/2026 | Monthly | 04/30/2026 | 04/30/2026 | 05/01/2026 | $0.058 | $10.07 |
| 03/31/2026 | Monthly | 03/31/2026 | 03/31/2026 | 04/01/2026 | $0.058 | $9.94 |
| 02/27/2026 | Monthly | 02/27/2026 | 02/27/2026 | 03/02/2026 | $0.058 | $10.12 |
| 01/30/2026 | Monthly | 01/30/2026 | 01/30/2026 | 02/02/2026 | $0.058 | $10.10 |
| 12/30/2025 | Monthly | 12/31/2025 | 12/31/2025 | 01/02/2026 | $0.058 | $10.04 |
| 11/28/2025 | Monthly | 11/28/2025 | 11/28/2025 | 12/01/2025 | $0.058 | $10.12 |
| 10/31/2025 | Monthly | 10/31/2025 | 10/31/2025 | 11/03/2025 | $0.058 | $10.15 |
| 09/30/2025 | Monthly | 09/30/2025 | 09/30/2025 | 10/01/2025 | $0.058 | $10.10 |
| 08/29/2025 | Monthly | 08/29/2025 | 08/29/2025 | 09/02/2025 | $0.060 | $9.74 |
| 07/31/2025 | Monthly | 07/31/2025 | 07/31/2025 | 08/01/2025 | $0.052 | $9.70 |
| 06/30/2025 | Monthly | 06/30/2025 | 06/30/2025 | 07/01/2025 | $0.040 | $10.00 |
Risk Disclosures
The Fund invests in bonds that 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. The Fund is not subject to prospectus or regulatory diversification requirements.
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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.
The First Eagle Tactical Municipal Opportunities Fund is 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