KEY DOCUMENTS & LITERATURE
Fund Profile
Prospectus


Investment Philosophy

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

  • Monthly Tax-Exempt Income1

    Potential for higher after-tax income through municipal securities, compared to other fixed income products that pay interest subject to regular federal personal income tax.

  • Capital Appreciation Potential

    Additional opportunities to identify underrated and undervalued securities.

  • A Tactical Allocation to Special Situations Munis

    Flexibility to invest in higher-yielding municipal securities and opportunistic special situations.

  • Business Financial Services Icon

    Credit Expertise

    Based 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.

     

     

     

KEY DOCUMENTS & LITERATURE
Fund Profile
Prospectus
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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:

  • 01

    Bottom 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
  • 02

    Portfolio Construction

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

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

    Portfolio assessment:

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

    Risk Management and Sell Discipline

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

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

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

  1. 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.

Fund Management

  • John Miller

    Head and Chief Investment Officer of Municipal Credit Team
    Industry start:  
    1993
    Year 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:

  • 01

    Bottom 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
  • 02

    Portfolio Construction

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

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

    Portfolio assessment:

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

    Risk Management and Sell Discipline

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

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

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

  1. 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.

Share Class I (FTAIX)
Share Class I

Expense Ratio and Shareholder Fees as of May 30, 2025

Expense Ratio (%)

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

 

Management Fees11.19
Distribution and Service (12b-1) Fees0.00
Other Expenses2
                           Interest Payments on Borrowed Funds30.92
                           Remainder of Other Expenses0.40
Total Annual Operating Expenses2.51
Fee Waiver and/or Expense Reimbursement4-1.34
Total Annual Operating Expenses After Fee Waiver and/or Expense Reimbursement1.17

*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.

 

  1. Disclosures

  2. 1

    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).

  3. 2

    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 current fiscal year.

  4. 3

    Interest Payments on Borrowed Funds are based on estimated levels of borrowing and estimated interest rates for the current fiscal year. 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.

  5. 4

    The Adviser has agreed to pay the Fund’s organizational and offering costs until effectiveness of the Fund’s registration statement. The Adviser has contractually undertaken to waive and/or reimburse certain fees and expenses of the Fund so that the total annua loperating 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 I shareholders are limited to 0.25%, 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) 0.25% of the 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 Fund incurred the fee and/or expense.

  1. Risk Disclosures

  2. 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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Contact Us

Corporate Headquarters

1345 Avenue of the Americas

New York, NY 10105

212-698-3300

  1. 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.

  2. 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.

  3. 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.

  4. 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