The firm’s municipal bond platform tops $8 billion; expansion includes previously launched tactical municipal opportunities interval fund

First Eagle Investments ("First Eagle") today announced that the First Eagle Short Duration High Yield Municipal Fund (I Shares: FDUIX; A Shares: FDUAX; R6 Shares: FDURX) surpassed $1 billion in total assets as of June 30, 2025. Launched in January 2024, the fund’s growth reflects sustained investor interest in short duration, tax-advantaged income strategies in what remains a dynamic interest rate environment.

First Eagle’s broad municipal bond platform now exceeds $8 billion in assets. The firm’s offerings in this space were recently expanded by the June launch of the First Eagle Tactical Municipal Opportunities Fund (Class I: FTAIX), an interval fund designed to provide access to opportunistic strategies across the municipal credit spectrum.

John Miller, Head and Chief Investment Officer of First Eagle’s Municipal Credit team, commented, “Reaching this level of growth in a relatively short time speaks to the power of our disciplined, research-driven approach. We focus on our goal of rigorous credit work, active surveillance and selective positioning to build resilient portfolios that generate tax-exempt income without compromising quality or discipline."

He added, “The successful launch of the Tactical Municipal Opportunities Fund last month demonstrates the flexibility and depth of our platform and our commitment to offering investors differentiated, opportunistic exposures. That flexibility is further reinforced by the continued growth of our flagship First Eagle High Yield Municipal Fund (FEHIX), which recently surpassed $7 billion in assets, underscoring the strength and resilience of our municipal bond strategies across market cycles.”

Frank Riccio, Head of US Wealth Solutions, noted: “Investor appetite for tax-aware income solutions continues to grow, and advisors choose carefully when selecting a manager. We’re pleased to see the Short Duration High Yield Municipal Fund cross the $1 billion milestone and look forward to supporting our clients’ evolving income needs with our growing municipal product suite."

Carl Katerndahl, Chief Operating Officer of the Municipal Credit team, concluded: “The rapid expansion of our Municipal Bond platform reflects the confidence our clients have placed in John Miller and First Eagle. Together, we’ve built a highly skilled team of senior analysts and traders who are advancing our shared vision of delivering meaningful results in municipal credit."

As of June 30, 2025, the First Eagle Short Duration High Yield Municipal Fund’s 30-day SEC yield stood at 5.12% for Class I shares, with a taxable-equivalent yield as high as 8.65% for investors in the highest federal tax bracket.

The performance data quoted herein represents past performance and does 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 is available at www.firsteagle.com or by calling 800.334.2143. The average annual returns are historical and reflect changes in share price, reinvested dividends and are net of expenses. “With sales charge” performance for class A shares gives effect to the deduction of the maximum sales charge of 2.50%. Class I shares require $1 million minimum investment and are offered without sales charge. Class R6 shares are offered without sales charge. Operating expenses reflect the Fund’s total annual operating expenses for the share class of the Fund’s most current prospectus, including management fees and other expenses.

1. First Eagle Investment Management, LLC (the “Adviser”) has contractually agreed to waive and/or reimburse certain fees and expenses of Classes A, I and R6 so that the total annual operating expenses (excluding interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, dividend and other expenses relating to short sales, and extraordinary expenses, if any) (‘‘annual operating expenses’’) of each class are limited to 0.85%, 0.60% and 0.60% of average net assets, respectively. Each of these undertakings lasts until 28-Feb-2026 and may not be terminated during its term without the consent of the Board of Trustees. The Short Duration High Yield Municipal Fund has agreed that each of Classes A, I and R6 will repay the Adviser for fees and expenses waived or reimbursed for the class provided that repayment does not cause annual operating expenses (after the repayment is taken into account) to exceed the lesser of: (1) 0.85%, 0.60% and 0.60% of the class’ average net assets, respectively; or (2) if applicable, the then-current expense limitations. Any such repayment must be made within three years after the year in which the Adviser incurred the expense.

2. The Adjusted Expense Ratio excludes certain fees and expenses, such as interest expense and fees paid on Fund borrowings and/or interest and related expenses from inverse floaters. The Fund is currently in a “ramp-up” period, during which it may not be fully invested, and certain of these expenses may change over time.

S&P Short Duration Municipal Yield Index measures the performance of high yield and investment grade municipal bonds with a duration of one to 12 years.

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.

Subsidized 30-day SEC yield includes contractual expense reimbursements and would be lower without those reimbursements

Unsubsidized 30-day SEC yield excludes contractual expense reimbursements

The distribution yield is calculated by multiplying the most recent monthly distribution by 12 to get an annualized total and then dividing the result by the Fund’s NAV. It is the Fund’s policy to make periodic distributions of tax-exempt income, net investment income and net realized capital gains, if any. Unless you elect otherwise, such distributions to you will be reinvested in additional shares of the same share class of the Fund at net asset value calculated as of the payment date.

Taxable equivalent yields presented are based off of the Fund’s distribution rate. The distribution rate is calculated by the most recent distribution, multiplied by 12 to get an annualized total and then divided by the NAV for each respective share class. It is the Fund’s policy to make periodic distributions of tax-exempt income, net investment income and net realized capital gains, if any. Unless you elect otherwise, such distributions to you will be reinvested in additional shares of the same share class of a Fund at net asset value calculated as of the payment date. The distribution rate includes return of capital.

The Fund intends to declare income dividends daily and distribute them monthly at rates intended to maintain a more stable level of distributions than would result from paying out amounts solely based on current net investment income by paying out less than all of its net investment income or paying out undistributed income from prior months (with any potential remaining deficiencies characterized as a return of capital at year end). The distributions might not be made in equal amounts, and one month’s distribution may be larger than another. Distribution rate presented excludes any special dividends. Distribution rate indicates the annual rate received if the most recent share class monthly distribution paid was the same for an entire year. The rate represents a distribution and does not represent the total return of the Fund. Because the Distribution Rate is annualized from a single month’s distribution, no investor actually received the rate in a given year. The distribution rate is calculated by annualizing actual dividends distributed to the monthly period ended on the date shown and dividing by the net asset value on the last business day of the same period.

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 may invest 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 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.

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 at www.firsteagle.com. You may also request printed copies 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.

Total Return Percentile Rank, Morningstar Category

Percentile rank is a standardized way of ranking items within a peer group, in this case funds with the same Morningstar category. The observation with the largest numerical value is ranked one; the observation with the smallest numerical value is ranked 100. The remaining observations are placed equidistant from one another on the rating scale. Note that lower percentile ranks are generally more favorable for returns (high returns), while higher percentile ranks are generally more favorable for risk measures (low risk).

Morningstar High Yield Muni Category: High yield muni portfolios invest at least 50% of assets in high-income municipal securities that are not rated or that are rated by a major agency such as Standard & Poor's or Moody's at the level of BBB (considered speculative in the municipal industry) and below.

First Eagle Short Duration High Yield Municipal Fund Class I: The Morningstar percentile ranking for the First Eagle Short Duration High Yield Municipal Fund was derived using the total return of the performance figure associated with its MTD, QTD, YTD, and 1-year periods, as of 6/30/2025. Morningstar percentile rankings were: 73% for the Month-to-Date (132/201), 7% for the Quarter-to-Date (12/200), 3% for the Year-to-Date (4/197), and 1% for the 1-year (2/196) periods when compared against the High Yield Muni category.

© 2025 Morningstar, Inc. All Rights Reserved. The information contained herein: 1) is proprietary to Morningstar; 2) may not be copied or distributed; and 3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

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 that provides advisory services.

© 2025 First Eagle Investment Management, LLC. All rights reserved.

About First Eagle Investments

First Eagle Investments is an independent, privately owned investment management firm headquartered in New York with approximately $152 billion in assets under management as of March 31, 2025.^* Dedicated to providing prudent stewardship of client assets, the firm focuses on active, fundamental and benchmark-agnostic investing, with a strong emphasis on downside mitigation. With a heritage dating back to 1864, First Eagle strives to help clients avoid permanent impairment of capital and earn attractive returns through widely varied economic cycles. The firm’s investment capabilities include equities, fixed income and currencies, alternative credit and real assets. For more information, please visit www.firsteagle.com.

All figures related to assets under management (AUM) are preliminary figures based on management’s estimates and as such are subject to change.

*The total AUM represents the combined AUM of (i) First Eagle Investment Management, LLC, (ii) its subsidiary investment advisers, First Eagle Separate Account Management, LLC, First Eagle Alternative Credit (“FEAC”) and Napier Park Global Capital (“Napier Park”), and (iii) Regatta Loan Management LLC, an advisory affiliate of Napier Park as of March 31, 2025. It includes $0.6 billion of committed and other non-fee-paying capital from First Eagle Alternative Credit, LLC and $3.1 billion of committed and other non-fee-paying capital from Napier Park Global Capital, inclusive of assets managed by Regatta Loan Management LLC.

First Eagle Investments is the brand name for First Eagle Investment Management, LLC and its subsidiary investment advisers.

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