First Eagle Short Duration High Yield Municipal Fund
Actively managed U.S. bond fund
First Eagle Short Duration High Yield Municipal Fund (Short Duration High Yield Municipal Fund or the Fund) seeks to provide high current income exempt from regular federal income taxes.
The fund invests at least 80% of assets in municipal bonds exempt from regular federal income tax, with at least 65% in low- to medium-quality bonds rated BBB/Baa or lower, including high-yield and defaulted securities. It maintains a weighted average effective duration under five years and employs leverage through inverse floaters, tender option bonds, swaps, and repurchase agreements to enhance income. The fund's returns depend on the credit quality and performance of the lower-rated municipal issuers it selects, and leverage amplifies both gains and losses from changes in interest rates and credit spreads.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
Black Belt Energy Gas District 5.50% floating · due 2056-11-01 | 2.22% | $42.35M | — |
City & County of Denver CO 5.00% · due 2032-10-01 | 1.93% | $36.78M | — |
Florida Development Finance Corp. | 1.91% | $36.37M | — |
Westchester County Local Development Corp. 6.50% · due 2030-11-01 | 1.72% | $32.82M | — |
New York Liberty Development Corp. 5.00% · due 2044-11-15 | 1.49% | $28.32M | — |
Pennsylvania Economic Development Financing Authority | 1.16% | $22.14M | — |
New Jersey Economic Development Authority 6.38% · due 2035-01-01 | 1.16% | $22.03M | — |
Chicago Board of Education 7.00% · due 2046-12-01 | 1.11% | $21.18M | — |
San Francisco City & County Airport Comm-San Francisco International Airport 5.00% · due 2050-05-01 | 1.08% | $20.61M | — |
County of Lucas OH | 1.05% | $19.99M | — |
The 200 largest of 810 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Bonds | 91.42% |
| Cash & short-term | 9.76% |
Derivatives are shown at market value, not notional exposure.
How it has done
FDURX share class · total returns with dividends reinvested
Volatility over the last 12 months: 3.62%. Past returns are a record, not a forecast.
Jun 2026 and Jul 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
The 4 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 0.62% | +2.44% | — | — | — | |
| 0.87% | -24.64% | — | — | — | |
| 0.62% | +2.30% | — | — | — | |
| 1.59% | — | — | — | — |
Fees & fund details
First Eagle Short Duration High Yield Municipal Fund is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- High yield
- Rate sensitivity
- Intermediate duration
- Expense ratio, by class
- 0.62% – 1.59%· FDURX 0.62%
- Portfolio turnover
- 114.60% a year · as of 2026 Q2
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
156 new· the largest 7
63 exited· the largest 7
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-04-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 89.7% |
| Zero-coupon or unclassified | 5.4% |
| Floating rate | 4.8% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 1.6% |
| 1-3y | 3.4% |
| 3-5y | 8.4% |
| 5-10y | 32.8% |
| 10y+ | 53.8% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
More of this fund’s sensitivity sits in credit spreads than in interest rates — a rate rally that comes with a credit selloff works against it.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Credit spreads | 51% |
| Interest rates | 49% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| High yield | +2.92 yr |
| Investment grade | +1.21 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.05 yr | 1% |
| 1 yr | 0.57 yr | 14% |
| 5 yr | 1.52 yr | 38% |
| 10 yr | 1.60 yr | 40% |
| 30 yr | 0.29 yr | 7% |
| 3 mo | 0.05 yr | 1% |
| 1 yr | 0.57 yr | 14% |
| 5 yr | 1.54 yr | 37% |
| 10 yr | 1.66 yr | 40% |
| 30 yr | 0.32 yr | 8% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.05 | +0.01 | +0.03 | $2.7k | $5.9k |
| 1 yr | +0.57 | +0.14 | +0.43 | $26.8k | $82.5k |
| 5 yr | +1.52 | +0.42 | +1.12 | $80.3k | $213.2k |
| 10 yr | +1.60 | +0.51 | +1.14 | $97.8k | $217.7k |
| 30 yr | +0.29 | +0.12 | +0.19 | $23.0k | $37.1k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
A newer credit-spread reading (2026Q3) is on file. This page holds one quarter across every figure on it, so that one appears here next quarter.
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