First Eagle Investments Launches Core Plus Municipal Fund

Actively managed strategy designed to deliver tax-exempt income through diversified exposure to investment-grade and high-yield municipal bonds.

New York, December 15, 2025 — In the continued expansion of its growing municipal bond business, First Eagle Investments announced the launch of the First Eagle Core Plus Municipal Fund (A Shares: FPMAX; C Shares FPLCX; I Shares: FPMMX, a new strategy designed to provide investors with tax free income through investments in municipal securities whose interest is exempt from regular federal income tax; R6 Shares FPCPX).^{1, 2}  The Fund will be managed by John Miller and David Blair, experienced municipal bond investors with extensive expertise in credit research, portfolio construction and risk management.

The Core Plus Municipal Fund seeks to invest at least 80% of its net assets in municipal bonds issued by US states, territories and local authorities that pay interest exempt from regular federal personal income tax. The Fund invests across a range of municipal securities, including general obligation bonds, revenue bonds and participation interests in municipal leases, while maintaining diversification across issuers, sectors and states.

Under normal market conditions, the Fund aims to maintain a modified duration between three and ten years, balancing income generation with active management of interest rate sensitivity. While primarily focused on investment-grade securities, the Fund may allocate up to 30% of its assets to below-investment-grade and non-rated municipal bonds to enhance total return potential. The strategy may also employ derivatives and other instruments to manage duration, leverage and yield.

The portfolio management team employs a top-down and bottom-up fundamental approach that emphasizes rigorous credit analysis, security structure assessment and yield curve positioning. This process seeks issuers with strong coverage of debt service, dedicated revenue streams and prudent fiscal management, while maintaining broad diversification in an effort to mitigate credit and sector risks.

“Municipal markets currently present an attractive entry point for investors seeking tax-exempt income and favorable long-term total return potential,” said Miller, Head and Chief Investment Officer of the Municipal Credit team. “Elevated yields, improving credit fundamentals and a constructive technical backdrop provide a supportive environment for active management in municipal portfolios.”

Blair, Head of Municipal Core SMA business added, “Through disciplined sector allocation and credit selection, the Core Plus Municipal Fund seeks to deliver consistent, tax-efficient income while maintaining prudent risk controls.”

“Financial advisors continue to look for solutions that combine attractive after-tax income potential with disciplined risk management,” commented Frank Riccio, Head of US Wealth Solutions. “The Core Plus Municipal Fund broadens our municipal capabilities and gives advisors a flexible tool to help clients navigate today’s evolving rate environment while maintaining the high standards of quality and stewardship they expect from First Eagle.”

The launch of the Core Plus Municipal Fund underscores First Eagle’s ongoing commitment to delivering active, benchmark-agnostic investment solutions that reflect its heritage of prudent stewardship of client capital and long-term wealth creation.

For more information about the First Eagle Core Plus Municipal Fund, please visit https://www.firsteagle.com/funds/core-plus-municipal-fund.

1. All or a portion of the exempt-interest dividends may be taken into account in determining the alternative minimum tax on shareholders who are individuals. 

2. Shareholders that are generally exempt from US federal income tax, such as shareholders investing through tax qualified accounts and nonresident aliens or foreign entities, will not gain additional tax benefit from the exempt-interest dividends that are expected to be paid by the Fund or gain any other tax benefit. Because the Fund’s pre-tax returns generally will be lower than those of funds that own taxable debt instruments of comparable quality, an investment in the Fund may not be suitable investment for those kinds of investors. These are among factors to be considered when deciding whether to invest 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. 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.

Certain U.S. tax considerations 

The Fund intends to elect and qualify as a “regulated investment company” under Subchapter M of the Internal Revenue Code. The Fund anticipates that most of its dividends will consist of “exempt-interest dividends,” which are excludable from gross income for U.S. federal income tax purposes. However, all or a portion of the exempt-interest dividends may be taken into account in determining the alternative minimum tax on shareholders who are individuals and may be subject to state and local taxes. The Fund may realize and distribute taxable ordinary income or capital gains from time to time because of the Fund's investment activities.

The opinions expressed are not necessarily those of the firm. These materials are provided for informational purposes only. These opinions are not intended to be a forecast of future events, a guarantee of future results or investment advice. Any statistics contained herein have been obtained from sources believed to be reliable, but the accuracy of this information cannot be guaranteed. The views expressed herein may change at any time subsequent to the date of issue hereof. The information provided is not to be construed as a recommendation or an offer to buy or sell or the solicitation of an offer to buy or sell any fund or security. Past performance is not indicative of future results. 

Risk Disclosures 

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. 

The Fund's investments in municipal securities rely on the opinion of the issuer's bond counsel and, in the case of derivative securities, sponsor's counsel, that the interest paid on those securities will not be subject to federal income tax. Tax opinions are generally provided at the time the municipal security is initially issued, and neither the Fund nor the Adviser will independently review the bases for those tax opinions. However, tax opinions are not binding on the Internal Revenue Service, and if any of those tax opinions are ultimately determined to be incorrect or if events occur after the security is acquired that impact the security's tax-exempt status, the Fund and its shareholders could be subject to substantial tax liability for the current or past years and shareholders may have to file amended tax returns and pay additional taxes, interest and penalties. In addition, an Internal Revenue Service assertion of taxability may impair the liquidity and the fair market value of the securities. 

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’s investment in bonds is 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.

In addition, the municipal issuers in which the Fund invests may be located in the same geographic area or may pay their interest obligations from revenue of similar projects, such as hospitals, airports, utility systems and housing finance agencies. This may make the Fund’s investments more susceptible to similar social, economic, political or regulatory occurrences, making the Fund more susceptible to experience a drop in its share price than if the Fund had invested across issuers that did not have similar characteristics.

The information is not intended to provide and should not be relied on for accounting or tax advice. You should consult your tax advisor regarding the US federal, state, local and foreign income and other tax consequences to you of the acquisition, ownership and disposition of shares in the Fund.

Investors should consider investment objectives, risks, charges and expenses carefully before investing. The prospectus and summary prospectus contain this and other information about our 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. 

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

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 $176 billion in assets under management as of September 30, 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 equity, fixed income, alternative credit and multi-asset strategies. For more information, please visit www.firsteagle.com.

* The total AUM represents the combined AUM of (i) First Eagle Investment Management, LLC, its subsidiary investment advisers, First Eagle Separate Account Management, LLC, First Eagle Alternative Credit (“FEAC”), (ii) Napier Park Global Capital (“Napier Park”), another subsidiary investment adviser and (iii) Regatta Loan Management LLC, an advisory affiliate of Napier Park as of 30-Sep-2025. It includes $3.3 billion of committed and other non-fee-paying capital from Napier Park Global Capital, inclusive of assets managed by Regatta Loan Management LLC and $1.1 billion of committed and other non-fee-paying capital from First Eagle Alternative Credit, LLC. Effective 5-Sep-2025, the investment activities of Napier Park Global Capital and First Eagle Alternative Credit (FEAC) have been aligned under Napier Park’s management and brand. First Eagle Alternative Credit, LLC is a distinct registered investment advisor within the Napier Park platform, acting in sub-advisory capacity to a number of First Eagle’s registered funds.

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

Media Contacts
First Eagle Investments
Pholida Barclay
212-698-3208
pholida.barclay@firsteagle.com 

Becky Wolfson
212-698-3349 
becky.wolfson@firsteagle.com