KEY DOCUMENTS & LITERATURE
Fund Profile
All Fund Documents

Portfolio Characteristics

  • As of Nov 01, 2025

*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.


    Investment Philosophy

    Seeks to provide current income exempt from regular federal income taxes. Capital appreciation is a secondary objective when consistent with the Fund’s primary objective.

    • After-Tax Income Potential

      The municipal securities market may offer the potential for higher after-tax income when compared with other fixed income markets.

    • Diverse Credit Profile

      With an emphasis on investment grade securities and tactical exposure to high yield municipals, the core-plus approach provides exposure to a broad range of municipal issues and offers the potential to outperform a traditional core muni bond portfolio over time.

    KEY DOCUMENTS & LITERATURE
    Fund Profile
    All Fund Documents

    Portfolio Characteristics

    • As of Nov 01, 2025

    *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.

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      Our Process

      The Core Plus Municipal Fund emphasizes a fundamental bottom-up research approach that drives the identification of investment opportunities in all market environments. The three phases of the process are:

      • 01

        Bottom Up Fundamental Analysis

        Team to screen for issuers that meets the investment team's fundamental tests of creditworthiness 

        Team favors those issuers with attractive return potential from a combination of price improvement and yield through solid coverage of debt service and a priority lien on hard assets, dedicated revenue streams or tax resources

        Strategic inputs include:

        • Credit analysis
        • Security structure
        • Sector analysis
        • Yield curve positioning

      • 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

        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.

        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

      • David Blair

        Head of the Municipal Core SMA Business
        Industry start:  
        1991
        Year joined:  
        2025

      • John Miller

        Head and Chief Investment Officer of Municipal Credit Team
        Industry start:  
        1993
        Year joined:  
        2024

      Our Process

      The Core Plus Municipal Fund emphasizes a fundamental bottom-up research approach that drives the identification of investment opportunities in all market environments. The three phases of the process are:

      • 01

        Bottom Up Fundamental Analysis

        Team to screen for issuers that meets the investment team's fundamental tests of creditworthiness 

        Team favors those issuers with attractive return potential from a combination of price improvement and yield through solid coverage of debt service and a priority lien on hard assets, dedicated revenue streams or tax resources

        Strategic inputs include:

        • Credit analysis
        • Security structure
        • Sector analysis
        • Yield curve positioning
      • 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

      Share Class I

      Expense Ratio as of November 20, 2025

       

      Expense Ratio (%)

      Annual Fund Operating Expenses (expenses you pay each year as a percentage of the value of your investment)

      Management Fees10.40
      Other Expenses20.60
                                 Interest and Related Expenses30.19
                                 Remainder of Other Expenses0.41
      Total Annual Operating Expenses (%)1.00
      Fee Waiver and/or Expense Reimbursement1(0.56)
      Total Annual Operating Expenses After Fee Waiver and/or Expense Reimbursement (%)0.44

      1. Disclosures

      2. 1

        First Eagle Investment Management, LLC (the “Adviser”) has contractually agreed to waive and/ or reimburse certain fees and expenses of Classes A, C and I 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 0.50%, 1.25% and 0.25% of average net assets, respectively. Each of these undertakings lasts until [February 28, 2027] and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed that each of Classes A, C and I 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) 0.50%, 1.25% and 0.25% of the class’ average net assets, respectively; or (2) if applicable, the then-current expense limitations. Any such repayment must be made within three years after the year in which the Adviser incurred the expense.

         

      3. 2

        Includes interest expense and fees paid on Fund borrowings and/or interest and related expenses from inverse floaters.

      4. 3

        “Other Expenses” are based on estimated expenses for the current fiscal year; actual expenses may vary.

      Expense Ratio (%)

      Annual Fund Operating Expenses (expenses you pay each year as a percentage of the value of your investment)

      Management Fees20.40
      Distribution and/or Service (12b-1) Fees0.25
      Other Expenses30.60
                                 Interest and Related Expenses40.19
                                 Remainder of Other Expenses0.41
      Total Annual Operating Expenses (%)1.25
      Fee Waiver and/or Expense Reimbursement2(0.56)
      Total Annual Operating Expenses After Fee Waiver and/or Expense Reimbursement (%)0.69
      Expense Ratio (%)

      Annual Fund Operating Expenses (expenses you pay each year as a percentage of the value of your investment)

      Management Fees10.40
      Other Expenses20.60
                                 Interest and Related Expenses30.19
                                 Remainder of Other Expenses0.41
      Total Annual Operating Expenses (%)1.00
      Fee Waiver and/or Expense Reimbursement1(0.56)
      Total Annual Operating Expenses After Fee Waiver and/or Expense Reimbursement (%)0.44

      1. Disclosures

      2. 1

        A contingent deferred sales charge of 1.00% may apply on certain redemptions of Class A shares made within 18 months following a purchase of $250,000 or more without an initial sales charge.

      3. 2

        First Eagle Investment Management, LLC (the “Adviser”) has contractually agreed to waive and/ or reimburse certain fees and expenses of Classes A, C and I 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 0.50%, 1.25% and 0.25% of average net assets, respectively. Each of these undertakings lasts until [February 28, 2027] and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed that each of Classes A, C and I 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) 0.50%, 1.25% and 0.25% 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.

         

      4. 3

        “Other Expenses” are based on estimated expenses for the current fiscal year; actual expenses may vary.

      5. 4

        Includes interest expense and fees paid on Fund borrowings and/or interest and related expenses from inverse floaters.

      Share Class C

      Expense Ratio and Shareholder Fees as of

       

      Shareholder Fee (%)

      Shareholder Fees (fees paid directly from your investment)

        
      Maximum Deferred Sales Charge (Load)1
      (as a percentage of the lesser of your purchase or redemption price)      		1.00
       
      Expense Ratio (%)

      Annual Fund Operating Expenses (expenses you pay each year as a percentage of the value of your investment)

      Management Fees20.40
      Distribution and/or Service (12b-1) Fees1.00
      Other Expenses30.60
                                 Interest and Related Expenses40.19
                                 Remainder of Other Expenses0.41
      Total Annual Operating Expenses (%)2.00
      Fee Waiver and/or Expense Reimbursement2(0.56)
      Total Annual Operating Expenses After Fee Waiver and/or Expense Reimbursement (%)1.44

      1. Disclosures

      2. 1

        A contingent deferred sales charge of 1.00% may apply on certain redemptions of Class A shares made within 18 months following a purchase of $250,000 or more without an initial sales charge.

      3. 2

        First Eagle Investment Management, LLC (the “Adviser”) has contractually agreed to waive and/ or reimburse certain fees and expenses of Classes A, C and I 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 0.50%, 1.25% and 0.25% of average net assets, respectively. Each of these undertakings lasts until [February 28, 2027] and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed that each of Classes A, C and I 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) 0.50%, 1.25% and 0.25% 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.

         

      4. 3

        “Other Expenses” are based on estimated expenses for the current fiscal year; actual expenses may vary.

      5. 4

        Includes interest expense and fees paid on Fund borrowings and/or interest and related expenses from inverse floaters.

      Fund Information

      Fact Sheet
      Dealer Fact Guide

      1. The prospectus and summary prospectus may be viewed online or by calling us at 800-747-2008. Please read our prospectus carefully before investing.  Investments are not FDIC insured or bank guaranteed and may lose value.

      2. 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.

      1. Risk Disclosures

      2. Funds that invest in bonds are subject to interest-rate risk and can lose principal value when interest rates rise, while they typically increase their principal values when interest rates decline. Bonds are also subject to credit risk, in which the bond issuer may fail to pay interest and principal in a timely manner, or that negative perception of the issuer's ability to make such payments may cause the price of that bond to decline.

        The Fund invests in high yield, fixed income securities that, at the time of purchase, are non-investment grade. High yield, lower rated securities involve greater price volatility and present greater risks than high rated fixed income securities. High yield securities are rated lower than investment-grade securities because there is a greater possibility that the issuer may be unable to make interest and principal payments on those securities. High yield securities involve greater risk than higher rated securities and portfolios that invest in them may be subject to greater levels of credit and liquidity risk than portfolios that do not.

        Municipal bonds are subject to credit risk, interest rate risk, liquidity risk, and call risk. However, the obligations of some municipal issuers may not be enforceable through the exercise of traditional creditors' rights. The reorganization under federal bankruptcy laws of a municipal bond issuer may result in the bonds being cancelled without payment or repaid only in part, or in delays in collecting principal and interest.

        All investments involve the risk of loss of principal.

        Diversification does not guarantee investment returns and does not eliminate the risk of loss.

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      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. 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.

      4. The First Eagle Funds are offered by FEF Distributors, LLC, a subsidiary of First Eagle Investment Management, LLC, which provides advisory services.

      5. 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