TLMAX — Thornburg Short Duration Municipal Fund
Data updated: 2026-05-26
TLMAX — Thornburg Short Duration Municipal Fund data: holdings, portfolio allocation, expenses, performance, cashflows, risk and SEC filings. Long Municipal - National Bond · $94.05M AUM · 0.70% expense ratio · 3.0% 1-yr return. From SEC regulatory filings.
TLMAX Fund Overview
TLMAX — Thornburg Short Duration Municipal Fund is a US mutual fund managed by Thornburg Investment Trust, categorised as Long Municipal - National Bond. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: Thornburg Investment Trust
- Category: Long Municipal - National Bond
- Assets under management: $94.05M
- 1-year return: 3.0%
- Ticker: TLMAX
- SEC CIK: 0000816153
- SEC series ID: S000043669
- Share class ID: C000135383
TLMAX Holdings
Top 10 holdings of Thornburg Short Duration Municipal Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| PEFA Inc | 3.21% |
| Kentucky Public Energy Authority | 2.57% |
| Tennergy Corp/TN | 2.28% |
| City of Los Angeles Department of Airports | 2.28% |
| Travis County Housing Finance Corp | 2.26% |
| Harris County Cultural Education Facilities Finance Corp | 2.18% |
| California Community Choice Financing Authority | 1.97% |
| Halifax County Industrial Development Authority | 1.75% |
| Metropolitan Transportation Authority | 1.68% |
| Main Street Natural Gas Inc | 1.67% |
TLMAX Portfolio Allocation
Asset-class allocation of Thornburg Short Duration Municipal Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Fixed Income | 97.6% |
TLMAX Performance
Total returns for TLMAX (as of 2026-08-01), from SEC filings.
| Period | Total return |
|---|---|
| YTD | 0.4% |
| 1 year | 3.0% |
| 3 years (annualised) | 2.9% |
| 5 years (annualised) | 1.4% |
TLMAX Risk Information
Risk metrics for TLMAX, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 1.3%
TLMAX Costs and Fees
TLMAX costs about $70 per $10,000 invested per year in fund expenses.
- Net expense ratio: 0.70%
- Gross expense ratio: 1.23%
- Portfolio turnover: 55%
- Brokerage commissions: 0.00 bps of average net assets (SEC N-CEN)
TLMAX Cashflows
Over the 12 months to 2026-03, Thornburg Short Duration Municipal Fund had net outflows of $21.50M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2026-03 | −$4.27M |
| 2026-02 | −$12.30M |
| 2026-01 | $234.69K |
| 2025-12 | −$618.73K |
| 2025-11 | $1.65M |
| 2025-10 | −$4.37M |
TLMAX Debt Constituents
Largest debt holdings of Thornburg Short Duration Municipal Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Debt holding | % of net assets |
|---|---|
| PEFA Inc | 3.21% |
| Kentucky Public Energy Authority | 2.57% |
| Tennergy Corp/TN | 2.28% |
| City of Los Angeles Department of Airports | 2.28% |
| Travis County Housing Finance Corp | 2.26% |
| Harris County Cultural Education Facilities Finance Corp | 2.18% |
| California Community Choice Financing Authority | 1.97% |
| Halifax County Industrial Development Authority | 1.75% |
| Metropolitan Transportation Authority | 1.68% |
| Main Street Natural Gas Inc | 1.67% |
TLMAX Prospectus and SEC Filings
Official Thornburg Short Duration Municipal Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
Related Funds
Other Long Municipal - National Bond funds tracked on ABC INVEST:
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.