First Eagle Short Duration High Yield Municipal Fund Class I is an open-end municipal bond fund focused on generating high current income that is generally exempt from regular federal income taxes. The fund normally invests at least 80% of net assets in municipal bonds across U.S. states, territories, and related issuers, emphasizing below-investment-grade credits while managing interest-rate exposure through a short-duration profile. The strategy targets a balance between tax-advantaged income and risk control via rigorous credit research, active surveillance, and selective positioning under the leadership of John Miller and First Eagle’s Municipal Credit team. Portfolio construction reflects broad diversification across hundreds of holdings and a weighted average duration designed to reduce sensitivity to rate moves versus longer-dated peers. Since its January 2024 launch, the fund has grown rapidly, surpassing $1 billion in assets by mid-2025, highlighting demand for short-duration, tax-aware municipal income solutions. Expense caps are in place for this share class through February 2026, supporting cost discipline alongside the fund’s income objective.
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