# Portfolio overlap — TLMAX vs FSMB Comparing **Thornburg Short Duration Municipal Fund** (2026-03-31) and **First Trust Short Duration Managed Municipal ETF** (2026-04-30). - Shared positions: 18 - Thornburg Short Duration Municipal Fund covered by First Trust Short Duration Managed Municipal ETF: 0.04430487310634601084614732193 - First Trust Short Duration Managed Municipal ETF covered by Thornburg Short Duration Municipal Fund: 0.04430487310634601084614732193 ## Thornburg Short Duration Municipal Fund — top positions | Security | Weight | Shared | |----------|--------|--------| | PEFA INC VAR | 0.032885 | ✓ | | Public Energy Authority of Kentucky, Gas Supply Revenue Bonds, Refunding Series 2025A | 0.026386 | ✓ | | TENNERGY CORP TN GAS REVENUE TENNERGY CORP/TN | 0.023412 | ✓ | | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE | 0.023395 | | | Travis County Housing Finance Corp. | 0.023122 | | | Harris County Cultural Education Facilities Finance Corp. | 0.022305 | | | CALIFORNIA CMY 5% 4/1/2031 | 0.020237 | | | Halifax County Industrial Development Authority, Virginia Electric and Power, Series 2010A | 0.017915 | | | MET TRANSPRTN AUTH NY REVENUE MTATRN 11/50 ADJUSTABLE VAR | 0.017221 | | | MAIN STR NAT GA(RCC) 5% 9/1/30MT 53 | 0.017132 | | | GUNSMOKE RANCH APARTMENTS LP (MPT) 5.0% 03-01-58 | 0.016507 | | | NASHVILLE & DAVIDSON | 0.016366 | | | PENNSYLVANIA ST ECON DEV FING PASDEV 08/37 ADJUSTABLE VAR | 0.016361 | | | Chicago O'Hare International Airport | 0.015226 | | | GEORGIA POWER CO (MPT) 3.95% 12-01-32 | 0.014405 | ✓ | | City of Chicago, Series 2024 | 0.013844 | | | MONTGOMERY INDL 0% 10/1/2053 MT | 0.013836 | | | NE CENPWR 08/01/2055 | 0.013587 | ✓ | | ROCKPORT IN POLL CONTROL REVENUE | 0.013317 | | | NY NY CITY HS(NEW YORK MHSG) 3.25% 2/1/30 MT 65 | 0.013082 | | | MOBILE PCR AL PWR-C | 0.012181 | | | NYC HSG DEV CORP-F-2A | 0.011990 | ✓ | | AUSTIN TX ARPT SYS REVENUE | 0.011820 | | | Shelby County Health Educational & Housing Facilities Board | 0.011752 | | | MUNIBOND | 0.011495 | | | TEXAS ST MUNI GAS ACQUISITION& SPLY CORP III GAS SPLY REVEN | 0.011479 | | | California Community Choice Financing Authority, Series B-1 | 0.011406 | ✓ | | Oklahoma County Finance Authority, Series 2025 | 0.011319 | | | NM FARPOL 06/01/2040 | 0.011105 | | | State of Illinois, Series 2022B | 0.011102 | | | NORTHWESTERN CORP 3.875% 07-01-28 | 0.011064 | ✓ | | California (State of) Community Choice Financing Authority (Clean Energy) (Green Bonds), Series 2022 A-1, RB | 0.011008 | ✓ | | Mobile Industrial Development Board, Alabama, Pollution Control Revenue Refunding Bonds, Alabama Power Company Barry Plan, Series 2007A | 0.010998 | | | HOUSTON TX MF 3.65% MT | 0.010993 | | | Canadian (County of), OK Educational Facilities Authority (Mustang Public Schools), Series 2017, RB | 0.010990 | | | WASTE MANAGEMENT PA OBLIGATED GROUP (MPT) 4.25% 07-01-41 | 0.010985 | ✓ | | OHIO ST AIR QUALITY DEV AUTH REGD N/C B/E AMT 3.75000000 | 0.010982 | | | SOUTHWARD VILLAGE PHASE 2 LP (MPT) 3.2% 12-01-44 | 0.010965 | | | WASHINGTON ST HSG FIN COMMISSI REGD V/R B/E 5.00000000 | 0.010938 | | | FLORIDA ST HSG FIN CORP MF MTGE REVENUE | 0.010926 | | | TX AHC MF 3.625% MT | 0.010925 | | | LEE FL IDA HLTH 4.375% 11/15/2029 | 0.010924 | ✓ | | MAIN STREET MARKET SQUARE REDEVELOPMENT AUTHORITY | 0.010917 | | | MAIKER HSG PARTNERS CO MF HSG REV | 0.010912 | | | Development Authority of Burke County (The), Series 4 | 0.010908 | ✓ | | WASTE MANAGEMENT INC (MPT) 3.45% 12-01-44 | 0.010905 | | | MIAMI-DADE MFH MT 4/1/2041 | 0.010903 | | | NY ST HSG FIN AGY | 0.010901 | | | Knox Warren Etc Counties Community College District No. 518, Series 2025 | 0.010900 | | | MS BUS FIN-G-CHEVRON | 0.010900 | | ## First Trust Short Duration Managed Municipal ETF — top positions | Security | Weight | Shared | |----------|--------|--------| | Southeast Energy Authority, Alabama, Revenue Bonds Cooperative District Energy Supply Series 2024C | 0.010781 | | | County of Utah UT | 0.008459 | | | OH OHSDEV 11/01/2039 | 0.008131 | | | Wisconsin (State of) Public Finance Authority (Duke Energy Progress), Series 2022, Ref. RB | 0.007243 | | | St. John the Baptist (Parish of), LA (Marathon Oil Corp.), Series 2017, Ref. RB | 0.006812 | | | Main Street Energy, Inc., Series D | 0.006590 | | | Palm Beach (County of), FL Health Facilities Authority (ACTS Retirement-Life Communities, Inc.), Series 2016, Ref. RB | 0.006334 | | | NYC MUNI WTR FIN-BB | 0.005921 | | | Public Energy Authority of Kentucky, Gas Supply Revenue Bonds, Refunding Series 2025A | 0.005890 | ✓ | | Black Belt Energy Gas District | 0.005821 | | | BLACK BELT ENERGY GAS VAR | 0.005787 | | | NM MUNI ENERGY ACQ AU | 0.005721 | | | NEW YORK ST HSG FIN AGY AFFORDABLE HSG REVENUE | 0.005317 | | | LOS ANGELES CA DEPT OF ARPTS A REGD B/E AMT 5.00000000 | 0.005316 | | | ALLEGHENY HOSP DEV-A | 0.005231 | | | WHITING IN ENVRNMNTL FACS REVE REGD V/R B/E AMT 5.00000000 | 0.005204 | | | MD CMNTY DEV-D-2 | 0.005135 | | | UNITED AIRLINES INC 4.0% 07-15-29 | 0.005107 | | | WASTE MANAGEMENT INC (MPT) 3.45% 11-01-44 | 0.005076 | | | NEW YORK NY REGD V/R B/E 2.65000000 | 0.005075 | | | NORTH CAROLINA ST HSG FIN AGYM REGD V/R B/E 5.00000000 | 0.004917 | | | TX TMGUTL 01/01/2054 | 0.004815 | | | FARM N MEX PCR 0% 6/1/2040 MT | 0.004764 | | | Public Energy Authority of Kentucky, Gas Supply Revenue Bonds, Refunding Series 2024B | 0.004620 | | | DFW ARPT 5% 11/1/2031 @ | 0.004612 | | | FLORIDA DEV FIN CORP HLTHCAREFACS REVENUE | 0.004581 | | | City of Atlanta GA Department of Aviation | 0.004563 | | | TN TNSUTL 05/01/2053 | 0.004354 | | | City of Philadelphia PA Airport Revenue | 0.004342 | | | FAIRFAX C VA 5% 1/1/2045 MT | 0.004323 | | | WASTE MANAGEMENT INC (MPT) 3.45% 10-01-41 | 0.004255 | | | NORTH BLOCK ASSOCIATES LLC HUD SECT 8 FHA 221(D)(4) (MPT) 3.4% 02-01-29 | 0.004249 | | | COUNTY OF TRIMBLE KY TRMENV 06/33 FIXED 3.75 | 0.004234 | | | ARKANSAS DEV FIN AUTH ENVIRONM REGD V/R B/E AMT 4.00000000 | 0.004223 | | | MOBILE PCR-VAR-AL PWR | 0.004192 | | | MTRO WA DC ARPT 5% 10/1/2031 @ | 0.004155 | | | LEHIGH PA_IDA 3% 9/1/2029 | 0.004146 | | | INDIANAPOLIS IN LOCAL PUBLIC I REGD N/C B/E AMT 5.00000000 | 0.004125 | | | State of Illinois, Series C | 0.004124 | | | NORTHWESTERN CORP 3.875% 07-01-28 | 0.004114 | ✓ | | HOUSTON-UTL SYS-B-REF | 0.004101 | | | DE ST EDA 3.60% 1/1/31 | 0.004093 | | | PEFA INC VAR | 0.004075 | ✓ | | TENNERGY CORP TN GAS REVENUE TENNERGY CORP/TN | 0.004035 | ✓ | | NY TRANS CORP 5% 1/1/2032 @ | 0.004010 | | | SOUTHEAST ENERGY-F | 0.003984 | | | SOUTHEAST ENERGY AUTH VAR | 0.003963 | | | South Carolina Jobs-Economic Development Authority, Series 2023A | 0.003914 | | | MTRO WA DC ARPT 5% 10/1/2035 @ | 0.003899 | | | NYC HSG DEV CORP-F-2A | 0.003825 | ✓ | ## Sources - N-PORT (fund A) — accession `0001410368-26-051187` (as of 2026-03-31) - N-PORT (fund B) — accession `0000940400-26-025147` (as of 2026-04-30) --- _Informational only — not investment advice. 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