Overview
Investment Philosophy
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 PotentialThe municipal securities market may offer the potential for higher after-tax income when compared with other fixed income markets.
Diverse Credit ProfileWith 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.
Portfolio Characteristics
| Total Managed Assets | $19.8MM |
| Number of Holdings | 126 |
| Subsidized 30-Day SEC Yield | 4.62% |
| Unsubsidized 30-Day SEC Yield | 2.67% |
| Yield to Worst | 5.40% |
| Average Coupon | 5.33% |
| Weighted Average Duration (Years) | 6.68 |
| Average Effective Maturity (Years) | 15.25 |
| Securities Subject to Alternative Minimum Tax (AMT) | 13.13% |
- As of Apr 30, 2026
Our Process
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 AnalysisTeam 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 ConstructionTeam 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 DisciplineTeam 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.
Average coupon is the average interest rate of a portfolios of bonds based on their relative weightings within the portfolio.
Weighted average duration is the average duration—i.e., sensitivity to changes in interest rates—of a portfolio of bonds based on their relative weightings within the portfolio.
Weighted average maturity is the average maturity date of a portfolio of bonds based on their relative weightings within the portfolio.
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.
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 | ||||||||||||
| FPMAX | A | w/out load | 3.81% | 0.79% | 1.24% | -- | -- | -- | -- | 5.19% | 1.23% | 0.67% | Nov 20, 2025 |
| FPMAX | A | w/load | 1.20% | -1.71% | -1.26% | -- | -- | -- | -- | 2.53% | 1.23% | 0.67% | Nov 20, 2025 |
| S&P Municipal Bond Index (Since Inception Based on I Shares) | 1.32% | 0.43% | -0.61% | -- | -- | -- | -- | 1.69% | -- | -- | -- | ||
| FPMAX | A | w/out load | 1.81% | -0.71% | 1.81% | -- | -- | -- | -- | 3.17% | 1.23% | 0.67% | Nov 20, 2025 |
| FPMAX | A | w/load | -0.75% | -3.16% | -0.75% | -- | -- | -- | -- | 0.56% | 1.23% | 0.67% | Nov 20, 2025 |
| S&P Municipal Bond Index (Since Inception Based on I Shares) | -0.18% | -2.08% | -0.18% | -- | -- | -- | -- | 0.19% | -- | -- | -- | ||
| FPLCX | C | 2.50% | -0.18% | 0.06% | -- | -- | -- | -- | 3.79% | 1.98% | 1.42% | Nov 20, 2025 | |
| S&P Municipal Bond Index (Since Inception Based on I Shares) | 1.32% | 0.43% | -0.61% | -- | -- | -- | -- | 1.69% | -- | -- | -- | ||
| FPLCX | C | 0.63% | -1.75% | 0.63% | -- | -- | -- | -- | 1.90% | 1.98% | 1.42% | Nov 20, 2025 | |
| S&P Municipal Bond Index (Since Inception Based on I Shares) | -0.18% | -2.08% | -0.18% | -- | -- | -- | -- | 0.19% | -- | -- | -- | ||
| FPMMX | I | 3.92% | 0.91% | 1.31% | -- | -- | -- | -- | 5.34% | 0.98% | 0.42% | Nov 20, 2025 | |
| S&P Municipal Bond Index (Since Inception Based on I Shares) | 1.32% | 0.43% | -0.61% | -- | -- | -- | -- | 1.69% | -- | -- | -- | ||
| FPMMX | I | 1.88% | -0.68% | 1.88% | -- | -- | -- | -- | 3.27% | 0.98% | 0.42% | Nov 20, 2025 | |
| S&P Municipal Bond Index (Since Inception Based on I Shares) | -0.18% | -2.08% | -0.18% | -- | -- | -- | -- | 0.19% | -- | -- | -- | ||
| FPCPX | R6 | 4.03% | 0.91% | 1.31% | -- | -- | -- | -- | 4.66% | 0.98% | 0.42% | Dec 12, 2025 | |
| S&P Municipal Bond Index (Since Inception Based on I Shares) | 1.32% | 0.43% | -0.61% | -- | -- | -- | -- | 1.69% | -- | -- | -- | ||
| FPCPX | R6 | 1.88% | -0.78% | 1.88% | -- | -- | -- | -- | 2.50% | 0.98% | 0.42% | Dec 12, 2025 | |
| S&P Municipal Bond Index (Since Inception Based on I Shares) | -0.18% | -2.08% | -0.18% | -- | -- | -- | -- | 0.19% | -- | -- | -- | ||
Source: FactSet; data as of Mar 31, 2026.
Source: FactSet; data as of May 31, 2026.
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.
Portfolio
Top Ten Holdings (%)
As of Apr 30, 2026
| San Francisco City & County Airport Comm-San Francisco International Airport 5% 2-Jun-2026 | AA- | 2.72 |
| Care Communities LLC Obligated Group 6.5% 15-Jul-2060 | NR | 2.46 |
| Jubilee ADMO Apartments LP 4.8% 1-Sep-2047 | AA | 2.44 |
| Black Belt Energy Gas District 5.25% 1-May-2032 | A- | 2.22 |
| New Hampshire Business Finance Authority 5.125% 1-Mar-2036 | BBB | 2.16 |
| City of Baltimore MD Water Utility Fund 5% 1-Jul-2046 | A+ | 1.98 |
| Minnesota Municipal Gas Agency 5% 1-Sep-2035 | BBB+ | 1.90 |
| Black Belt Energy Gas District 5% 1-Jun-2036 | BBB | 1.88 |
| Maryland Department of Housing & Community Development 4.7% 1-Sep-2046 | AA+ | 1.82 |
| University Hospitals Health System Inc Obligated Group 3.35% 1-May-2026 | A | 1.78 |
| Top Ten Holdings as a Percentage of Total Net Assets | 21.35 |
Allocation by Credit Quality (%)
| AA | 26.47% |
| A | 23.98% |
| Not Rated | 21.98% |
| BBB | 18.04% |
| BB | 4.17% |
| AAA | 3.70% |
| B | 0.94% |
| CCC | 0.72% |
| AA | 31.35% |
| A | 24.86% |
| Not Rated | 20.06% |
| BBB | 13.66% |
| BB | 4.87% |
| AAA | 3.29% |
| B | 1.09% |
| CCC | 0.83% |
| AA | 34.84% |
| A | 26.17% |
| Not Rated | 18.35% |
| BB | 8.85% |
| BBB | 6.52% |
| AAA | 3.37% |
| B | 1.01% |
| CCC | 0.89% |
| AA | 35.38% |
| A | 22.96% |
| Not Rated | 18.42% |
| BBB | 8.29% |
| BB | 7.72% |
| AAA | 5.35% |
| CCC | 0.95% |
| B | 0.93% |
| A | 31.61% |
| AA | 29.44% |
| Not Rated | 15.98% |
| BBB | 8.45% |
| BB | 7.82% |
| AAA | 4.80% |
| CCC | 0.97% |
| B | 0.93% |
| A | 40.02% |
| Not Rated | 23.25% |
| BBB | 20.22% |
| BB | 10.00% |
| AA | 5.11% |
| B | 1.41% |
| 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 (%)
| Hospital | 12.45% |
| Gas Forward Contract | 9.66% |
| Airport | 8.53% |
| Higher Education | 8.35% |
| Assisted Living | 5.97% |
| Local Multi-Family Housing | 4.64% |
| Toll Highway/Bridge/Tunnel | 4.27% |
| Water & Sewer | 3.81% |
| State Multi-Family Housing | 3.64% |
| Special Assessment Financing | 3.08% |
| General Obligation | 3.01% |
| State Single-Family Housing | 2.93% |
| Continuing Care Retirement Community | 2.84% |
| Hotel Occupancy Tax | 2.54% |
| School District | 2.44% |
| Economic/Industrial Development | 2.30% |
| General Revenue Tax-Guaranteed | 2.05% |
| Miscellaneous Tax | 2.00% |
| Charter School | 1.89% |
| Airport Tax-Guaranteed | 1.76% |
| Port/Marina | 1.25% |
| Income Tax | 1.22% |
| Not-For-Profit Cultural Organization | 1.21% |
| Municipal Utility (Mixed) | 1.14% |
| Student Housing | 0.96% |
| Parking Facility | 0.93% |
| Private/Religious School | 0.75% |
| Tobacco Master Settlement Agreement | 0.72% |
| Public Transportation | 0.71% |
| Appropriation | 0.59% |
| Not-For-Profit Human Service Provider | 0.58% |
| Municipal Utility District | 0.50% |
| Not-For-Profit Research Organization | 0.42% |
| Community Development District | 0.37% |
| Loan Pool | 0.27% |
| General Obligation Hospital/Health District | 0.19% |
| Hospital | 13.43% |
| Airport | 11.47% |
| Higher Education | 8.80% |
| Gas Forward Contract | 7.39% |
| Assisted Living | 6.06% |
| Toll Highway/Bridge/Tunnel | 6.06% |
| Water & Sewer | 4.40% |
| School District | 3.47% |
| Student Housing | 3.13% |
| Special Assessment Financing | 3.02% |
| General Obligation | 2.94% |
| Hotel Occupancy Tax | 2.80% |
| Continuing Care Retirement Community | 2.59% |
| Appropriation | 2.31% |
| Economic/Industrial Development | 2.23% |
| Charter School | 2.19% |
| Airport Tax-Guaranteed | 2.04% |
| Sales & Excise Tax | 1.86% |
| General Revenue Tax-Guaranteed | 1.68% |
| Port/Marina | 1.46% |
| State Multi-Family Housing | 1.40% |
| Municipal Utility (Mixed) | 1.34% |
| Income Tax | 1.19% |
| Miscellaneous Tax | 0.89% |
| Private/Religious School | 0.88% |
| Tobacco Master Settlement Agreement | 0.83% |
| Public Transportation | 0.80% |
| Not-For-Profit Human Service Provider | 0.66% |
| State Single-Family Housing | 0.59% |
| Municipal Utility District | 0.57% |
| Not-For-Profit Research Organization | 0.48% |
| Community Development District | 0.43% |
| Loan Pool | 0.31% |
| General Obligation Hospital/Health District | 0.23% |
| Not-For-Profit Cultural Organization | 0.06% |
| Hospital | 16.41% |
| Airport | 10.96% |
| Higher Education | 10.95% |
| Toll Highway/Bridge/Tunnel | 8.27% |
| Water & Sewer | 4.42% |
| Gas Forward Contract | 4.10% |
| School District | 3.62% |
| Sales & Excise Tax | 3.61% |
| Continuing Care Retirement Community | 3.51% |
| Student Housing | 3.19% |
| Economic/Industrial Development | 2.32% |
| Hotel Occupancy Tax | 2.30% |
| Community Development District | 1.97% |
| Assisted Living | 1.93% |
| Appropriation | 1.91% |
| Public Transportation | 1.85% |
| Special Assessment Financing | 1.68% |
| Port/Marina | 1.53% |
| Charter School | 1.52% |
| Municipal Utility District | 1.41% |
| Public Power System | 1.3283100000000001% |
| Solid Waste | 1.2545649999999999% |
| General Obligation | 1.239376% |
| Income Tax | 1.148598% |
| Miscellaneous Tax | 0.97116899999999995% |
| Private/Religious School | 0.919512% |
| Tax Increment Financing | 0.917852% |
| Tobacco Master Settlement Agreement | 0.88547100000000001% |
| Municipal Utility (Mixed) | 0.82528100000000004% |
| Not-For-Profit Human Service Provider | 0.726854% |
| State Single-Family Housing | 0.64988400000000002% |
| Not-For-Profit Research Organization | 0.52644899999999994% |
| Secondary Education | 0.51115600000000005% |
| Loan Pool | 0.33140399999999998% |
| General Obligation Hospital/Health District | 0.238896% |
| General Revenue Tax-Guaranteed | 7.4246000000000006E-2% |
| Hospital | 16.11% |
| Higher Education | 11.52% |
| Airport | 10.55% |
| Toll Highway/Bridge/Tunnel | 7.32% |
| Water & Sewer | 4.60% |
| Gas Forward Contract | 4.41% |
| School District | 4.01% |
| Continuing Care Retirement Community | 3.77% |
| Student Housing | 3.42% |
| Income Tax | 2.90% |
| Sales & Excise Tax | 2.63% |
| Economic/Industrial Development | 2.31% |
| Community Development District | 2.13% |
| Appropriation | 2.00% |
| Public Transportation | 1.96% |
| Special Assessment Financing | 1.82% |
| Assisted Living | 1.66% |
| Port/Marina | 1.66% |
| Charter School | 1.63% |
| Hotel Occupancy Tax | 1.62% |
| Municipal Utility District | 1.5365200000000001% |
| Public Power System | 1.4270609999999999% |
| Solid Waste | 1.347272% |
| General Obligation | 1.3416889999999999% |
| Private/Religious School | 0.99287099999999995% |
| Tax Increment Financing | 0.98064300000000004% |
| Tobacco Master Settlement Agreement | 0.94920400000000005% |
| Municipal Utility (Mixed) | 0.91489900000000002% |
| State Single-Family Housing | 0.67852500000000004% |
| Not-For-Profit Research Organization | 0.55907600000000002% |
| Secondary Education | 0.54432999999999998% |
| Loan Pool | 0.354273% |
| General Obligation Hospital/Health District | 0.26112099999999999% |
| General Revenue Tax-Guaranteed | 7.9533000000000006E-2% |
| Hospital | 16.24% |
| Higher Education | 11.57% |
| Airport | 11.19% |
| Toll Highway/Bridge/Tunnel | 6.18% |
| School District | 5.64% |
| Water & Sewer | 5.11% |
| Gas Forward Contract | 4.17% |
| Continuing Care Retirement Community | 3.58% |
| Student Housing | 3.48% |
| Income Tax | 2.96% |
| Sales & Excise Tax | 2.69% |
| Economic/Industrial Development | 2.35% |
| Community Development District | 2.17% |
| Appropriation | 2.04% |
| Public Transportation | 1.97% |
| Port/Marina | 1.69% |
| Assisted Living | 1.68% |
| Charter School | 1.66% |
| Hotel Occupancy Tax | 1.64% |
| Municipal Utility District | 1.53% |
| Public Power System | 1.4368179999999999% |
| Solid Waste | 1.3657999999999999% |
| General Obligation | 1.3651040000000001% |
| Private/Religious School | 1.011388% |
| Tax Increment Financing | 0.98684499999999997% |
| Tobacco Master Settlement Agreement | 0.96626000000000001% |
| Municipal Utility (Mixed) | 0.93235299999999999% |
| State Single-Family Housing | 0.68476199999999998% |
| Not-For-Profit Research Organization | 0.57538100000000003% |
| Secondary Education | 0.54950399999999999% |
| General Obligation Hospital/Health District | 0.26424300000000001% |
| Nuclear Power | 0.239117% |
| General Revenue Tax-Guaranteed | 8.0418000000000003E-2% |
| Higher Education | 18.75% |
| Gas Forward Contract | 17.65% |
| Hospital | 16.29% |
| Airport | 7.93% |
| Assisted Living | 6.96% |
| Continuing Care Retirement Community | 6.51% |
| Economic/Industrial Development | 6.13% |
| Public Transportation | 5.22% |
| Municipal Utility (Mixed) | 3.59% |
| Water & Sewer | 2.83% |
| Community Development District | 2.79% |
| Not-For-Profit Research Organization | 2.47% |
| Secondary Education | 2.29% |
| Appropriation | 0.59% |
| Public Transportation | 8.65% |
| Hospital | 8.07% |
| Economic/Industrial Development | 7.54% |
| Charter School | 7.47% |
| Continuing Care Retirement Community | 7.05% |
| Higher Education | 5.65% |
| Community Development District | 5.47% |
| State Multi-Family Housing | 4.79% |
| Toll Highway/Bridge/Tunnel | 4.47% |
| Special Assessment Financing | 4.39% |
| Airport | 4.26% |
| State Single-Family Housing | 4.04% |
| Student Housing | 3.66% |
| Assisted Living | 3.12% |
| Tax Increment Financing | 2.67% |
| General Revenue Tax-Guaranteed | 2.45% |
| Miscellaneous Tax | 2.43% |
| Local Multi-Family Housing | 1.60% |
| Nursing Home | 1.57% |
| General Obligation | 1.46% |
| Tobacco Master Settlement Agreement | 1.42% |
| Private/Religious School | 1.10% |
| Metro Development District | 1.06% |
| Port/Marina | 1.04% |
| General Obligation District (Other) | 0.84% |
| Payments in Lieu of Taxes (PILOT) | 0.72% |
| Appropriation | 0.62% |
| School District | 0.62% |
| Indian Tribal Bond | 0.58% |
| Water & Sewer | 0.52% |
| Sales & Excise Tax | 0.47% |
| General Obligation Hospital/Health District | 0.40% |
| Not-For-Profit Human Service Provider | 0.38% |
| Mello-Roos | 0.29% |
| Independent Living Facility | 0.26% |
| Public Power System | 0.23% |
| Miscellaneous | 0.19% |
| Not-For-Profit Foundation | 0.18% |
| Parking Facility | 0.09% |
| Not-For-Profit Research Organization | 0.07% |
| Hotel Occupancy Tax | 0.06% |
| Student Loan Revenue | 0.06% |
| Loan Pool | 0.05% |
| Local Single-Family Housing | 0.05% |
| Secondary Education | 0.03% |
| Not-For-Profit Cultural Organization | 0.02% |
| 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 (%)
| New York | 8.26% |
| Alabama | 7.76% |
| Wisconsin | 7.70% |
| Florida | 7.67% |
| California | 6.78% |
| Texas | 5.78% |
| New Hampshire | 5.61% |
| Illinois | 5.02% |
| Maryland | 4.81% |
| Michigan | 4.72% |
| Ohio | 4.27% |
| District of Columbia | 3.42% |
| South Carolina | 3.25% |
| Minnesota | 2.75% |
| Massachusetts | 2.46% |
| Pennsylvania | 2.20% |
| Colorado | 1.53% |
| Rhode Island | 1.53% |
| Georgia | 1.40% |
| Missouri | 1.40% |
| Indiana | 1.31% |
| West Virginia | 1.29% |
| Oregon | 1.21% |
| Idaho | 1.06% |
| Kentucky | 0.82% |
| Virginia | 0.79% |
| New Jersey | 0.77% |
| Utah | 0.77% |
| Tennessee | 0.71% |
| Arizona | 0.61% |
| Nebraska | 0.58% |
| Montana | 0.53% |
| Virgin Islands | 0.49% |
| Louisiana | 0.47% |
| Connecticut | 0.17% |
| Mississippi | 0.06% |
| Kansas | 0.04% |
| California | 7.93% |
| Wisconsin | 7.89% |
| Illinois | 7.50% |
| Florida | 7.43% |
| Texas | 6.43% |
| New York | 5.82% |
| Michigan | 5.25% |
| Minnesota | 5.22% |
| Alabama | 5.19% |
| Pennsylvania | 3.84% |
| Ohio | 3.75% |
| Maryland | 3.48% |
| New Hampshire | 3.32% |
| Missouri | 3.08% |
| Massachusetts | 2.81% |
| Louisiana | 2.25% |
| South Carolina | 1.87% |
| Colorado | 1.84% |
| Rhode Island | 1.78% |
| Georgia | 1.62% |
| West Virginia | 1.50% |
| Oregon | 1.41% |
| Idaho | 1.24% |
| Kentucky | 0.96% |
| Virginia | 0.93% |
| New Jersey | 0.90% |
| Utah | 0.89% |
| Indiana | 0.84% |
| Tennessee | 0.82% |
| Nebraska | 0.66% |
| Montana | 0.61% |
| Virgin Islands | 0.56% |
| District of Columbia | 0.21% |
| Mississippi | 0.07% |
| Connecticut | 0.06% |
| Kansas | 0.04% |
| Texas | 9.95% |
| Florida | 9.80% |
| Illinois | 8.52% |
| Pennsylvania | 7.78% |
| California | 7.47% |
| New York | 7.43% |
| Wisconsin | 6.86% |
| Ohio | 3.95% |
| Michigan | 3.41% |
| Minnesota | 3.17% |
| Colorado | 2.87% |
| Maryland | 2.42% |
| Louisiana | 2.34% |
| Alabama | 2.19% |
| Missouri | 2.04% |
| South Carolina | 2.00% |
| Montana | 1.65% |
| Georgia | 1.56% |
| Tennessee | 1.52% |
| Oklahoma | 1.51% |
| Virgin Islands | 1.51% |
| Idaho | 1.29% |
| Maine | 1.25% |
| Indiana | 0.99% |
| Utah | 0.97% |
| Virginia | 0.91% |
| Oregon | 0.74% |
| Nebraska | 0.73% |
| New Jersey | 0.73% |
| Washington | 0.64% |
| Connecticut | 0.54% |
| Rhode Island | 0.51% |
| New Hampshire | 0.33% |
| Iowa | 0.13% |
| Kansas | 0.10% |
| West Virginia | 0.10% |
| Mississippi | 0.07% |
| Texas | 10.54% |
| New York | 9.12% |
| Illinois | 8.98% |
| Florida | 8.59% |
| Pennsylvania | 7.74% |
| Wisconsin | 7.40% |
| California | 6.79% |
| Ohio | 4.27% |
| Michigan | 3.67% |
| Minnesota | 3.48% |
| Colorado | 3.11% |
| Maryland | 2.63% |
| Alabama | 2.33% |
| Louisiana | 2.33% |
| Missouri | 2.04% |
| Montana | 1.76% |
| Georgia | 1.67% |
| Tennessee | 1.65% |
| Virgin Islands | 1.62% |
| Oklahoma | 1.61% |
| Idaho | 1.45% |
| Maine | 1.35% |
| Virginia | 0.98% |
| Oregon | 0.80% |
| Indiana | 0.77% |
| New Jersey | 0.73% |
| Washington | 0.70% |
| Connecticut | 0.56% |
| Rhode Island | 0.54% |
| New Hampshire | 0.35% |
| Iowa | 0.14% |
| Kansas | 0.11% |
| West Virginia | 0.10% |
| Mississippi | 0.08% |
| Illinois | 11.10% |
| Texas | 10.71% |
| New York | 9.25% |
| Florida | 8.06% |
| Pennsylvania | 7.78% |
| California | 6.25% |
| Wisconsin | 5.69% |
| Ohio | 4.34% |
| Michigan | 3.63% |
| Minnesota | 3.57% |
| Colorado | 3.16% |
| Maryland | 2.75% |
| Louisiana | 2.71% |
| Alabama | 2.08% |
| Missouri | 2.07% |
| Georgia | 1.93% |
| Montana | 1.74% |
| Oklahoma | 1.65% |
| Virgin Islands | 1.64% |
| Tennessee | 1.54% |
| Idaho | 1.48% |
| Maine | 1.37% |
| Virginia | 1.03% |
| Indiana | 0.78% |
| New Jersey | 0.75% |
| Oregon | 0.73% |
| Washington | 0.71% |
| Rhode Island | 0.55% |
| Connecticut | 0.51% |
| Iowa | 0.14% |
| Kansas | 0.11% |
| West Virginia | 0.11% |
| Mississippi | 0.08% |
| Florida | 16.08% |
| California | 8.99% |
| Alabama | 8.66% |
| New York | 8.33% |
| Pennsylvania | 8.12% |
| Ohio | 6.96% |
| Idaho | 6.13% |
| Michigan | 5.56% |
| Wisconsin | 5.30% |
| Minnesota | 4.94% |
| Montana | 4.42% |
| Oregon | 3.19% |
| Louisiana | 2.83% |
| Tennessee | 2.76% |
| Illinois | 2.29% |
| Rhode Island | 2.29% |
| Missouri | 1.41% |
| Indiana | 1.15% |
| Iowa | 0.59% |
| Florida | 19.16% |
| Wisconsin | 11.32% |
| California | 8.49% |
| Texas | 6.67% |
| New York | 5.39% |
| Illinois | 3.93% |
| Pennsylvania | 3.68% |
| Georgia | 3.37% |
| Trust Bond | 3.30% |
| Ohio | 2.74% |
| Nevada | 2.51% |
| Utah | 2.49% |
| Colorado | 2.42% |
| New Hampshire | 2.21% |
| Arizona | 2.09% |
| Louisiana | 2.01% |
| Washington | 1.81% |
| Kentucky | 1.50% |
| Iowa | 1.41% |
| Massachusetts | 1.08% |
| Maryland | 0.93% |
| District of Columbia | 0.91% |
| Indiana | 0.87% |
| Missouri | 0.80% |
| New Jersey | 0.69% |
| Virginia | 0.67% |
| Michigan | 0.63% |
| Oklahoma | 0.63% |
| Rhode Island | 0.62% |
| Alabama | 0.61% |
| Arkansas | 0.52% |
| Connecticut | 0.46% |
| Kansas | 0.42% |
| Minnesota | 0.42% |
| Puerto Rico | 0.41% |
| Idaho | 0.36% |
| Tennessee | 0.36% |
| Oregon | 0.33% |
| North Carolina | 0.30% |
| Mississippi | 0.21% |
| Virgin Islands | 0.18% |
| Delaware | 0.17% |
| Nebraska | 0.16% |
| New Mexico | 0.15% |
| Hawaii | 0.12% |
| North Dakota | 0.12% |
| Maine | 0.10% |
| Vermont | 0.10% |
| Montana | 0.08% |
| West Virginia | 0.06% |
| Guam | 0.05% |
| American Samoa | 0.02% |
| Florida | 19.16% |
| Wisconsin | 11.32% |
| California | 8.49% |
| Texas | 6.67% |
| New York | 5.39% |
| Illinois | 3.93% |
| Pennsylvania | 3.68% |
| Georgia | 3.37% |
| Trust Bond | 3.30% |
| Ohio | 2.74% |
| Nevada | 2.51% |
| Utah | 2.49% |
| Colorado | 2.42% |
| New Hampshire | 2.21% |
| Arizona | 2.09% |
| Louisiana | 2.01% |
| Washington | 1.81% |
| Kentucky | 1.50% |
| Iowa | 1.41% |
| Massachusetts | 1.08% |
| Maryland | 0.93% |
| District of Columbia | 0.91% |
| Indiana | 0.87% |
| Missouri | 0.80% |
| New Jersey | 0.69% |
| Virginia | 0.67% |
| Michigan | 0.63% |
| Oklahoma | 0.63% |
| Rhode Island | 0.62% |
| Alabama | 0.61% |
| Arkansas | 0.52% |
| Connecticut | 0.46% |
| Kansas | 0.42% |
| Minnesota | 0.42% |
| Puerto Rico | 0.41% |
| Idaho | 0.36% |
| Tennessee | 0.36% |
| Oregon | 0.33% |
| North Carolina | 0.30% |
| Mississippi | 0.21% |
| Virgin Islands | 0.18% |
| Delaware | 0.17% |
| Nebraska | 0.16% |
| New Mexico | 0.15% |
| Hawaii | 0.12% |
| North Dakota | 0.12% |
| Maine | 0.10% |
| Vermont | 0.10% |
| Montana | 0.08% |
| West Virginia | 0.06% |
| Guam | 0.05% |
| 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% |
Management
Fund Management
-
-
John Miller
Head and Chief Investment Officer of Municipal Credit TeamIndustry start:1993Year 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:
- 01Bottom 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
- 02Portfolio 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
- 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
Fees & Minimums
Expense Ratio as of March 1, 2026
Expense Ratio (%)
Annual Fund Operating Expenses (expenses you pay each year as a percentage of the value of your investment)
| Management Fees1 | 0.40 |
| Other Expenses2 | 0.58 |
| Interest and Related Expenses3 | 0.17 |
| Remainder of Other Expenses | 0.41 |
| Total Annual Operating Expenses (%) | 0.98 |
| Fee Waiver and/or Expense Reimbursement1 | -0.56 |
| Total Annual Operating Expenses After Fee Waiver and/or Expense Reimbursement (%) | 0.42 |
Disclosures
- 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 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 0.50%, 1.25%, 0.25% 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 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) 0.50%, 1.25%, 0.25% 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.
- 2
“Other Expenses” are based on estimated expenses for the current fiscal year; actual expenses may vary.
- 3
Includes interest expense and fees paid on Fund borrowings and/or interest and related expenses from inverse floaters.
- 4
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 March 1, 2026
Shareholder Fee (%)
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)2 (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 Fees2 | 0.40 |
| Distribution and/or Service (12b-1) Fees | 0.25 |
| Other Expenses3 | 0.58 |
| Interest and Related Expenses4 | 0.17 |
| Remainder of Other Expenses | 0.41 |
| Total Annual Operating Expenses (%) | 1.23 |
| Fee Waiver and/or Expense Reimbursement2 | -0.56 |
| Total Annual Operating Expenses After Fee Waiver and/or Expense Reimbursement (%) | 0.67 |
Disclosures
- 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.
- 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 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 0.50%, 1.25%, 0.25% 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 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) 0.50%, 1.25%, 0.25% 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
“Other Expenses” are based on estimated expenses for the current fiscal year; actual expenses may vary.
- 4
Includes interest expense and fees paid on Fund borrowings and/or interest and related expenses from inverse floaters.
- 5
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 March 1, 2026
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 Fees2 | 0.40 |
| Distribution and/or Service (12b-1) Fees | 1.00 |
| Other Expenses3 | 0.58 |
| Interest and Related Expenses4 | 0.17 |
| Remainder of Other Expenses | 0.41 |
| Total Annual Operating Expenses (%) | 1.98 |
| Fee Waiver and/or Expense Reimbursement2 | -0.56 |
| Total Annual Operating Expenses After Fee Waiver and/or Expense Reimbursement (%) | 1.42 |
Disclosures
- 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.
- 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 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 0.50%, 1.25%, 0.25% 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 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) 0.50%, 1.25%, 0.25% 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
“Other Expenses” are based on estimated expenses for the current fiscal year; actual expenses may vary.
- 4
Includes interest expense and fees paid on Fund borrowings and/or interest and related expenses from inverse floaters.
- 5
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 as of March 1, 2026
Expense Ratio (%)
Annual Fund Operating Expenses (expenses you pay each year as a percentage of the value of your investment)
| Management Fees1 | 0.40 |
| Other Expenses2 | 0.58 |
| Interest and Related Expenses3 | 0.17 |
| Remainder of Other Expenses | 0.41 |
| Total Annual Operating Expenses (%) | 0.98 |
| Fee Waiver and/or Expense Reimbursement1 | -0.56 |
| Total Annual Operating Expenses After Fee Waiver and/or Expense Reimbursement | 0.42 |
Disclosures
- 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 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 0.50%, 1.25%, 0.25% 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 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) 0.50%, 1.25%, 0.25% 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.
- 2
“Other Expenses” are based on estimated expenses for the current fiscal year; actual expenses may vary.
- 3
Includes interest expense and fees paid on Fund borrowings and/or interest and related expenses from inverse floaters.
- 4
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 | $0.041 | $10.28 |
| 04/30/2026 | Monthly | 04/30/2026 | 04/30/2026 | 05/01/2026 | $0.038 | $10.24 |
| 03/31/2026 | Monthly | 03/31/2026 | 03/31/2026 | 04/01/2026 | $0.037 | $10.16 |
| 02/27/2026 | Monthly | 02/27/2026 | 02/27/2026 | 03/02/2026 | $0.037 | $10.27 |
| 01/30/2026 | Monthly | 01/30/2026 | 01/30/2026 | 02/02/2026 | $0.038 | $10.17 |
| 12/30/2025 | Monthly | 12/31/2025 | 12/31/2025 | 01/02/2026 | $0.034 | $10.09 |
| 11/28/2025 | Monthly | 11/28/2025 | 11/28/2025 | 12/01/2025 | $0.010 | $10.03 |
| 05/29/2026 | Monthly | 05/29/2026 | 05/29/2026 | 06/01/2026 | $0.034 | $10.28 |
| 04/30/2026 | Monthly | 04/30/2026 | 04/30/2026 | 05/01/2026 | $0.032 | $10.23 |
| 03/31/2026 | Monthly | 03/31/2026 | 03/31/2026 | 04/01/2026 | $0.032 | $10.16 |
| 02/27/2026 | Monthly | 02/27/2026 | 02/27/2026 | 03/02/2026 | $0.031 | $10.27 |
| 01/30/2026 | Monthly | 01/30/2026 | 01/30/2026 | 02/02/2026 | $0.032 | $10.17 |
| 12/30/2025 | Monthly | 12/31/2025 | 12/31/2025 | 01/02/2026 | $0.028 | $10.09 |
| 11/28/2025 | Monthly | 11/28/2025 | 11/28/2025 | 12/01/2025 | $0.007 | $10.03 |
| 05/29/2026 | Monthly | 05/29/2026 | 05/29/2026 | 06/01/2026 | $0.043 | $10.28 |
| 04/30/2026 | Monthly | 04/30/2026 | 04/30/2026 | 05/01/2026 | $0.040 | $10.23 |
| 03/31/2026 | Monthly | 03/31/2026 | 03/31/2026 | 04/01/2026 | $0.040 | $10.16 |
| 02/27/2026 | Monthly | 02/27/2026 | 02/27/2026 | 03/02/2026 | $0.039 | $10.27 |
| 01/30/2026 | Monthly | 01/30/2026 | 01/30/2026 | 02/02/2026 | $0.040 | $10.17 |
| 12/30/2025 | Monthly | 12/31/2025 | 12/31/2025 | 01/02/2026 | $0.036 | $10.09 |
| 11/28/2025 | Monthly | 11/28/2025 | 11/28/2025 | 12/01/2025 | $0.010 | $10.03 |
| 05/29/2026 | Monthly | 05/29/2026 | 05/29/2026 | 06/01/2026 | $0.043 | $10.28 |
| 04/30/2026 | Monthly | 04/30/2026 | 04/30/2026 | 05/01/2026 | $0.041 | $10.23 |
| 03/31/2026 | Monthly | 03/31/2026 | 03/31/2026 | 04/01/2026 | $0.040 | $10.15 |
| 02/27/2026 | Monthly | 02/27/2026 | 02/27/2026 | 03/02/2026 | $0.039 | $10.27 |
| 01/30/2026 | Monthly | 01/30/2026 | 01/30/2026 | 02/02/2026 | $0.040 | $10.16 |
| 12/30/2025 | Monthly | 12/31/2025 | 12/31/2025 | 01/02/2026 | $0.021 | $10.08 |
Ordinary income distributions are distributed at the class level and will vary by class.
Collectibles gains, such as gains from gold bullion, held for greater than one year currently are subject to a 28% tax rate. Collectibles gains held for less than one year are taxable to U.S. shareholders as short-term gains.
"Reinvested at" is the share price used to calculate the number of shares added to an account if a shareholder reinvests dividends or capital gains.
Documents
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.
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.
Risk Disclosures
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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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.
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, 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