Thornburg Short Duration Municipal Fund

SYMBOL: TLMIX

Morningstar Rating • Info

Overall Morningstar Rating among 208 Muni National Short funds, based on risk-adjusted returns for class I shares, using a weighted average of the funds three-, five-, and ten-year ratings: respectively, 4 stars, 3 stars and 2 stars among 208, 199 and 147 funds, as of 31 Oct 2024.

As of 31 Oct 2024

Fund Assets

$116.8 M

As of 31 Oct 2024

NAV

$11.93

As of 25 Nov 2024

Change

$0.00

As of 25 Nov 2024

YTD NAV Performance

2.75%

As of 25 Nov 2024

Asset Category:

Municipal Bond

Fund Benchmark:

ICE BofA 1-3 Year U.S. Municipal Securities Index

Portfolio Managers

David Ashley, CFA

Portfolio Manager and Managing Director

John Bonnell, CFA

Portfolio Manager and Managing Director

Eve Lando, JD

Portfolio Manager and Managing Director

Overview Performance Fund Facts Characteristics Portfolio Portfolio Managers Literature

Overview

Why Invest in This Fund?

Actively managed diversified portfolio of high-quality municipal bonds with an average duration of no more than three years.
Proven bottom-up fundamental approach that incorporates a top-down macroeconomic overlay to identify what we perceive to be the most attractive opportunities on a relative value basis across geographic regions, sectors, issuers and revenue streams.
Income-seeking fund that aims for a stable net asset value, making it attractive for those with a short investment horizon, and is positioned to quickly take advantage of any increases in short-term interest rates.

Investment Objective

The fund’s goal is to provide investors with current income exempt from federal income tax, consistent with preservation of capital.

Investment Approach

The fund is an actively managed diversified portfolio of municipal bonds. To reduce changes in its share value compared to longer duration fixed income portfolios, the fund normally maintains an average duration of no more than three years. The management team seeks to match municipal market structure and deal flow through a relative value framework that operates across geography, sectors, issuers and revenue streams. The strategy maintains exposure across the maturity spectrum to manage duration, hedge against interest rate fluctuations and limit taxable events.

Returns

(As of 30 Sep 2024)

YTD

10y

Inception

Total Return (%)

2.67

5.34

1.28

1.07

0.97

0.95

ICE BofA 1-3 Year U.S. Municipal Securities Index (%)

2.70

5.51

1.31

1.41

1.31

1.29

Morningstar Category Avg. (%)

2.75

5.91

1.21

1.35

1.25

—

Morningstar Quartile

—

YTD

10y

Inception

Total Return (%)

2.43

4.82

1.25

0.98

0.93

0.92

ICE BofA 1-3 Year U.S. Municipal Securities Index (%)

2.31

4.92

1.19

1.28

1.27

1.24

Morningstar Category Avg. (%)

2.28

5.42

1.08

1.21

1.19

—

Morningstar Quartile

—

YTD

10y

Inception

Total Return (%)

2.67

5.34

3.90

5.45

10.12

10.73

ICE BofA 1-3 Year U.S. Municipal Securities Index (%)

2.70

5.51

3.97

7.26

13.91

14.71

YTD

10y

Inception

Total Return (%)

2.43

4.82

3.80

5.01

9.75

10.48

ICE BofA 1-3 Year U.S. Municipal Securities Index (%)

2.31

4.92

3.62

6.54

13.41

14.28

2018

2019

2020

2021

2022

2023

Total Return (%)

1.13

2.12

0.99

-0.05

-2.33

3.75

ICE BofA 1-3 Year U.S. Municipal Securities Index (%)

1.76

2.88

2.16

0.34

-2.03

3.35

Source: Confluence

Periods less than one year are not annualized.

Performance data shown represents past performance and is no guarantee of future results. Investment return and principal value will fluctuate so shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than quoted.

The maximum sales charge for the fund’s A shares is 2.25%. There is no up-front sales charge for the I shares.

Morningstar quartile ranking for Muni National Short category is based on total returns before sales charges for 1, 3 and 5 years, among 225, 207 and 198 funds, respectively, as of 30 Sep 2024.

Share class inception dates: A and I shares, 30 Dec 2013.

Fund Fees

(As of 1 Feb 2024)

Gross Expense Ratio (%)

0.60

Net Expense Ratio (%)

0.50

Thornburg Investment Management and/or Thornburg Securities LLC have contractually agreed to waive fees and reimburse expenses through at least February 1, 2025, for some of the share classes; these are reflected in the net expense ratio. For more detailed information on fund expenses and waivers/reimbursements, please see the fund's prospectus.

Expense Ratios - Expressed as a percentage of total fund assets and include management fees and operating costs. Expense ratios fluctuate over time and the expense ratio in the prospectus may differ from the actual expense ratio. The fund's total return includes the deduction of expenses.

Hypothetical Growth of $10,000

            Categories,I Shares,ICE BofA 1-3 Year U.S. Municipal Securities Index
            2013-12-30,10000,10000
2013-12-31,10000,10000
2014-01-31,10011,10020
2014-02-28,10032,10040
2014-03-31,10011,10025
2014-04-30,10022,10039
2014-05-31,10041,10054
2014-06-30,10045,10059
2014-07-31,10049,10063
2014-08-31,10060,10072
2014-09-30,10056,10070
2014-10-31,10067,10076
2014-11-30,10070,10082
2014-12-31,10055,10072
2015-01-31,10080,10102
2015-02-28,10066,10103
2015-03-31,10060,10098
2015-04-30,10055,10099
2015-05-31,10041,10091
2015-06-30,10053,10099
2015-07-31,10072,10122
2015-08-31,10084,10136
2015-09-30,10096,10156
2015-10-31,10107,10170
2015-11-30,10085,10150
2015-12-31,10080,10148
2016-01-31,10115,10195
2016-02-29,10127,10219
2016-03-31,10114,10199
2016-04-30,10127,10218
2016-05-31,10123,10212
2016-06-30,10153,10247
2016-07-31,10165,10268
2016-08-31,10152,10262
2016-09-30,10132,10229
2016-10-31,10135,10230
2016-11-30,10098,10166
2016-12-31,10102,10181
2017-01-31,10126,10227
2017-02-28,10159,10270
2017-03-31,10158,10264
2017-04-30,10174,10287
2017-05-31,10198,10311
2017-06-30,10191,10298
2017-07-31,10216,10329
2017-08-31,10249,10358
2017-09-30,10242,10342
2017-10-31,10242,10332
2017-11-30,10210,10268
2017-12-31,10211,10282
2018-01-31,10228,10306
2018-02-28,10230,10319
2018-03-31,10231,10311
2018-04-30,10225,10294
2018-05-31,10250,10335
2018-06-30,10267,10372
2018-07-31,10276,10399
2018-08-31,10278,10400
2018-09-30,10273,10371
2018-10-31,10267,10370
2018-11-30,10297,10415
2018-12-31,10326,10462
2019-01-31,10345,10505
2019-02-28,10368,10532
2019-03-31,10399,10569
2019-04-30,10404,10573
2019-05-31,10443,10624
2019-06-30,10465,10660
2019-07-31,10494,10705
2019-08-31,10514,10723
2019-09-30,10501,10695
2019-10-31,10522,10726
2019-11-30,10533,10744
2019-12-31,10545,10763
2020-01-31,10581,10814
2020-02-29,10601,10842
2020-03-31,10496,10751
2020-04-30,10456,10778
2020-05-31,10569,10912
2020-06-30,10589,10923
2020-07-31,10616,10964
2020-08-31,10625,10965
2020-09-30,10634,10974
2020-10-31,10630,10962
2020-11-30,10636,10981
2020-12-31,10649,10995
2021-01-31,10662,11016
2021-02-28,10641,11004
2021-03-31,10653,11016
2021-04-30,10666,11030
2021-05-31,10670,11036
2021-06-30,10656,11035
2021-07-31,10677,11053
2021-08-31,10671,11048
2021-09-30,10658,11033
2021-10-31,10644,11029
2021-11-30,10648,11033
2021-12-31,10644,11032
2022-01-31,10518,10920
2022-02-28,10499,10895
2022-03-31,10391,10775
2022-04-30,10330,10704
2022-05-31,10390,10798
2022-06-30,10383,10797
2022-07-31,10455,10881
2022-08-31,10364,10768
2022-09-30,10256,10640
2022-10-31,10264,10646
2022-11-30,10394,10803
2022-12-31,10396,10808
2023-01-31,10485,10916
2023-02-28,10410,10799
2023-03-31,10520,10928
2023-04-30,10509,10891
2023-05-31,10479,10863
2023-06-30,10540,10916
2023-07-31,10565,10935
2023-08-31,10574,10936
2023-09-30,10513,10872
2023-10-31,10541,10892
2023-11-30,10712,11082
2023-12-31,10786,11170
2024-01-31,10788,11170
2024-02-29,10799,11181
2024-03-31,10810,11176
2024-04-30,10803,11159
2024-05-31,10832,11175
2024-06-30,10890,11250
2024-07-31,10966,11334
2024-08-31,11034,11423
2024-09-30,11073,11471
2024-10-31,11048,11428

Hypothetical Growth of $10,000

(As of 31 Oct 2024)

(Hypothetical Growth of $10,000 vs ICE BofA 1-3 Year U.S. Municipal Securities Index)

                        Categories,I Shares,ICE BofA 1-3 Year U.S. Municipal Securities Index
                        2023-10-31,10000,10000
2023-11-30,10163,10175
2023-12-31,10233,10255
2024-01-31,10234,10255
2024-02-29,10245,10265
2024-03-31,10255,10261
2024-04-30,10249,10245
2024-05-31,10277,10260
2024-06-30,10331,10329
2024-07-31,10403,10406
2024-08-31,10468,10487
2024-09-30,10505,10532
2024-10-31,10482,10492

                        Categories,I Shares,ICE BofA 1-3 Year U.S. Municipal Securities Index
                        2021-10-31,10000,10000
2021-11-30,10004,10004
2021-12-31,10000,10003
2022-01-31,9882,9901
2022-02-28,9864,9878
2022-03-31,9763,9770
2022-04-30,9705,9705
2022-05-31,9762,9791
2022-06-30,9755,9790
2022-07-31,9823,9866
2022-08-31,9737,9763
2022-09-30,9636,9648
2022-10-31,9643,9653
2022-11-30,9765,9795
2022-12-31,9767,9800
2023-01-31,9851,9897
2023-02-28,9780,9791
2023-03-31,9884,9909
2023-04-30,9873,9875
2023-05-31,9846,9850
2023-06-30,9902,9898
2023-07-31,9926,9915
2023-08-31,9935,9916
2023-09-30,9877,9858
2023-10-31,9903,9876
2023-11-30,10065,10048
2023-12-31,10133,10128
2024-01-31,10135,10128
2024-02-29,10146,10138
2024-03-31,10156,10133
2024-04-30,10150,10118
2024-05-31,10177,10133
2024-06-30,10231,10201
2024-07-31,10303,10276
2024-08-31,10366,10357
2024-09-30,10404,10401
2024-10-31,10380,10362

                        Categories,I Shares,ICE BofA 1-3 Year U.S. Municipal Securities Index
                        2019-10-31,10000,10000
2019-11-30,10011,10017
2019-12-31,10022,10035
2020-01-31,10057,10082
2020-02-29,10076,10108
2020-03-31,9976,10023
2020-04-30,9937,10049
2020-05-31,10045,10174
2020-06-30,10064,10184
2020-07-31,10090,10222
2020-08-31,10099,10223
2020-09-30,10106,10231
2020-10-31,10103,10220
2020-11-30,10109,10238
2020-12-31,10121,10251
2021-01-31,10133,10271
2021-02-28,10114,10259
2021-03-31,10125,10270
2021-04-30,10137,10284
2021-05-31,10141,10289
2021-06-30,10128,10288
2021-07-31,10148,10305
2021-08-31,10142,10301
2021-09-30,10129,10286
2021-10-31,10116,10282
2021-11-30,10120,10286
2021-12-31,10116,10285
2022-01-31,9997,10180
2022-02-28,9978,10157
2022-03-31,9876,10046
2022-04-30,9818,9979
2022-05-31,9875,10067
2022-06-30,9868,10066
2022-07-31,9937,10145
2022-08-31,9850,10039
2022-09-30,9748,9920
2022-10-31,9755,9926
2022-11-30,9879,10072
2022-12-31,9881,10077
2023-01-31,9965,10177
2023-02-28,9894,10068
2023-03-31,9999,10189
2023-04-30,9988,10153
2023-05-31,9960,10128
2023-06-30,10017,10178
2023-07-31,10042,10195
2023-08-31,10050,10196
2023-09-30,9992,10137
2023-10-31,10018,10155
2023-11-30,10181,10332
2023-12-31,10251,10414
2024-01-31,10253,10414
2024-02-29,10264,10424
2024-03-31,10274,10419
2024-04-30,10268,10404
2024-05-31,10295,10419
2024-06-30,10350,10489
2024-07-31,10422,10567
2024-08-31,10487,10649
2024-09-30,10525,10695
2024-10-31,10501,10654

The Hypothetical Growth graph compares a hypothetical investment in the Fund to the performance of the Index for the stated time period. Returns reflect reinvestment of dividends and capital gains, if any, as well as all fees and expenses.

Distributions

            Categories,Total ($)
            2014-01-31,0.00296
2014-02-28,0.00667
2014-03-31,0.00399
2014-04-30,0.00329
2014-05-31,0.00330
2014-06-30,0.00458
2014-07-31,0.00577
2014-08-31,0.00363
2014-09-30,0.00446
2014-10-31,0.00375
2014-11-30,0.00404
2014-12-31,0.00142
2015-01-31,0.00011
2015-02-28,0.00361
2015-03-31,0.00212
2015-04-30,0.00397
2015-05-31,0.00311
2015-06-30,0.00457
2015-07-31,0.00346
2015-08-31,0.00395
2015-09-30,0.00489
2015-10-31,0.00343
2015-11-30,0.00385
2015-12-31,0.00282
2016-01-31,0.00338
2016-02-29,0.00517
2016-03-31,0.00393
2016-04-30,0.00598
2016-05-31,0.00522
2016-06-30,0.00611
2016-07-31,0.00450
2016-08-31,0.00401
2016-09-30,0.00573
2016-10-31,0.00415
2016-11-30,0.00488
2016-12-31,0.00433
2017-01-31,0.00912
2017-02-28,0.01020
2017-03-31,0.00852
2017-04-30,0.01006
2017-05-31,0.00937
2017-06-30,0.01085
2017-07-31,0.01048
2017-08-31,0.01049
2017-09-30,0.01113
2017-10-31,0.01005
2017-11-30,0.01121
2017-12-31,0.01080
2018-01-31,0.01090
2018-02-28,0.01260
2018-03-31,0.01092
2018-04-30,0.01253
2018-05-31,0.00993
2018-06-30,0.01138
2018-07-31,0.01020
2018-08-31,0.01284
2018-09-30,0.01346
2018-10-31,0.01351
2018-11-30,0.01495
2018-12-31,0.01456
2019-01-31,0.01278
2019-02-28,0.01774
2019-03-31,0.01612
2019-04-30,0.01661
2019-05-31,0.01539
2019-06-30,0.01635
2019-07-31,0.01445
2019-08-31,0.01401
2019-09-30,0.01464
2019-10-31,0.01376
2019-11-30,0.01333
2019-12-31,0.01375
2020-01-31,0.01284
2020-02-29,0.01356
2020-03-31,0.01668
2020-04-30,0.01306
2020-05-31,0.01260
2020-06-30,0.01284
2020-07-31,0.01146
2020-08-31,0.01094
2020-09-30,0.00967
2020-10-31,0.00622
2020-11-30,0.00674
2020-12-31,0.00539
2021-01-31,0.00447
2021-02-28,0.00624
2021-03-31,0.00400
2021-04-30,0.00475
2021-05-31,0.00416
2021-06-30,0.00461
2021-07-31,0.00374
2021-08-31,0.00358
2021-09-30,0.00417
2021-10-31,0.00389
2021-11-30,0.00507
2021-12-31,0.00491
2022-01-31,0.00477
2022-02-28,0.00739
2022-03-31,0.00613
2022-04-30,0.00881
2022-05-31,0.01028
2022-06-30,0.01144
2022-07-31,0.01312
2022-08-31,0.01495
2022-09-30,0.01652
2022-10-31,0.01897
2022-11-30,0.01854
2022-12-31,0.02213
2023-01-31,0.02160
2023-02-28,0.02444
2023-03-31,0.02574
2023-04-30,0.02670
2023-05-31,0.02705
2023-06-30,0.02809
2023-07-31,0.02873
2023-08-31,0.03015
2023-09-30,0.03076
2023-10-31,0.03144
2023-11-30,0.03145
2023-12-31,0.03156
2024-01-31,0.03198
2024-02-29,0.03243
2024-03-31,0.03210
2024-04-30,0.03264
2024-05-31,0.03208
2024-06-30,0.03270
2024-07-31,0.03327
2024-08-31,0.03352
2024-09-30,0.03320
2024-10-31,0.03288

            Ex-Date, Payable Date,Total ($),Income ($),ST Cap Gains ($),LT Cap Gains ($)
2014-01-31,1391126400,0.00296,0.00296,0,0
2014-02-28,1393545600,0.00667,0.00667,0,0
2014-03-31,1396224000,0.00399,0.00399,0,0
2014-04-30,1398816000,0.00329,0.00329,0,0
2014-05-30,1401494400,0.00330,0.00330,0,0
2014-06-30,1404086400,0.00458,0.00458,0,0
2014-07-31,1406764800,0.00577,0.00577,0,0
2014-08-29,1409443200,0.00363,0.00363,0,0
2014-09-30,1412035200,0.00446,0.00446,0,0
2014-10-31,1414713600,0.00375,0.00375,0,0
2014-11-28,1417305600,0.00404,0.00404,0,0
2014-12-31,1419984000,0.00142,0.00142,0,0
2015-01-30,1422662400,0.00011,0.00011,0,0
2015-02-27,1425081600,0.00361,0.00361,0,0
2015-03-31,1427760000,0.00212,0.00212,0,0
2015-04-30,1430352000,0.00397,0.00397,0,0
2015-05-29,1433030400,0.00311,0.00311,0,0
2015-06-30,1435622400,0.00457,0.00457,0,0
2015-07-31,1438300800,0.00346,0.00346,0,0
2015-08-31,1440979200,0.00395,0.00395,0,0
2015-09-30,1443571200,0.00489,0.00489,0,0
2015-10-30,1446249600,0.00343,0.00343,0,0
2015-11-30,1448841600,0.00385,0.00385,0,0
2015-12-31,1451520000,0.00282,0.00282,0,0
2016-01-29,1454198400,0.00338,0.00338,0,0
2016-02-29,1456704000,0.00517,0.00517,0,0
2016-03-31,1459382400,0.00393,0.00393,0,0
2016-04-29,1461974400,0.00598,0.00598,0,0
2016-05-31,1464652800,0.00522,0.00522,0,0
2016-06-30,1467244800,0.00611,0.00611,0,0
2016-07-29,1469923200,0.00450,0.00450,0,0
2016-08-31,1472601600,0.00401,0.00401,0,0
2016-09-30,1475193600,0.00573,0.00573,0,0
2016-10-31,1477872000,0.00415,0.00415,0,0
2016-11-30,1480464000,0.00488,0.00488,0,0
2016-12-30,1483142400,0.00433,0.00433,0,0
2017-01-31,1485820800,0.00912,0.00912,0,0
2017-02-28,1488240000,0.01020,0.01020,0,0
2017-03-31,1490918400,0.00852,0.00852,0,0
2017-04-28,1493510400,0.01006,0.01006,0,0
2017-05-31,1496188800,0.00937,0.00937,0,0
2017-06-30,1498780800,0.01085,0.01085,0,0
2017-07-31,1501459200,0.01048,0.01048,0,0
2017-08-31,1504137600,0.01049,0.01049,0,0
2017-09-29,1506729600,0.01113,0.01113,0,0
2017-10-31,1509408000,0.01005,0.01005,0,0
2017-11-30,1512000000,0.01121,0.01121,0,0
2017-12-29,1514678400,0.01080,0.01080,0,0
2018-01-31,1517356800,0.01090,0.01090,0,0
2018-02-28,1519776000,0.01260,0.01260,0,0
2018-03-29,1522454400,0.01092,0.01092,0,0
2018-04-30,1525046400,0.01253,0.01253,0,0
2018-05-31,1527724800,0.00993,0.00993,0,0
2018-06-29,1530316800,0.01138,0.01138,0,0
2018-07-31,1532995200,0.01020,0.01020,0,0
2018-08-31,1535673600,0.01284,0.01284,0,0
2018-09-28,1538265600,0.01346,0.01346,0,0
2018-10-31,1540944000,0.01351,0.01351,0,0
2018-11-30,1543536000,0.01495,0.01495,0,0
2018-12-31,1546214400,0.01456,0.01456,0,0
2019-01-31,1548892800,0.01278,0.01278,0,0
2019-02-28,1551312000,0.01774,0.01774,0,0
2019-03-29,1553990400,0.01612,0.01612,0,0
2019-04-30,1556582400,0.01661,0.01661,0,0
2019-05-31,1559260800,0.01539,0.01539,0,0
2019-06-28,1561852800,0.01635,0.01635,0,0
2019-07-31,1564531200,0.01445,0.01445,0,0
2019-08-31,1567209600,0.01401,0.01401,0,0
2019-09-30,1569801600,0.01464,0.01464,0,0
2019-10-31,1572480000,0.01376,0.01376,0,0
2019-11-30,1575072000,0.01333,0.01333,0,0
2019-12-31,1577750400,0.01375,0.01375,0,0
2020-01-31,1580428800,0.01284,0.01284,0,0
2020-02-29,1582934400,0.01356,0.01356,0,0
2020-03-31,1585612800,0.01668,0.01668,0,0
2020-04-30,1588204800,0.01306,0.01306,0,0
2020-05-31,1590883200,0.01260,0.01260,0,0
2020-06-30,1593475200,0.01284,0.01284,0,0
2020-07-31,1596153600,0.01146,0.01146,0,0
2020-08-31,1598832000,0.01094,0.01094,0,0
2020-09-30,1601424000,0.00967,0.00967,0,0
2020-10-30,1604102400,0.00622,0.00622,0,0
2020-11-30,1606694400,0.00674,0.00674,0,0
2020-12-31,1609372800,0.00539,0.00539,0,0
2021-01-29,1612051200,0.00447,0.00447,0,0
2021-02-26,1614470400,0.00624,0.00624,0,0
2021-03-31,1617148800,0.00400,0.00400,0,0
2021-04-30,1619740800,0.00475,0.00475,0,0
2021-05-28,1622419200,0.00416,0.00416,0,0
2021-06-30,1625011200,0.00461,0.00461,0,0
2021-07-30,1627689600,0.00374,0.00374,0,0
2021-08-31,1630368000,0.00358,0.00358,0,0
2021-09-30,1632960000,0.00417,0.00417,0,0
2021-10-29,1635638400,0.00389,0.00389,0,0
2021-11-30,1638230400,0.00507,0.00507,0,0
2021-12-31,1640908800,0.00491,0.00491,0,0
2022-01-31,1643587200,0.00477,0.00477,0,0
2022-02-28,1646006400,0.00739,0.00739,0,0
2022-03-31,1648684800,0.00613,0.00613,0,0
2022-04-29,1651276800,0.00881,0.00881,0,0
2022-05-31,1653955200,0.01028,0.01028,0,0
2022-06-30,1656547200,0.01144,0.01144,0,0
2022-07-29,1659225600,0.01312,0.01312,0,0
2022-08-31,1661904000,0.01495,0.01495,0,0
2022-09-30,1664496000,0.01652,0.01652,0,0
2022-10-31,1667174400,0.01897,0.01897,0,0
2022-11-30,1669766400,0.01854,0.01854,0,0
2022-12-30,1672444800,0.02213,0.02213,0,0
2023-01-31,1675123200,0.02160,0.02160,0,0
2023-02-28,1677542400,0.02444,0.02444,0,0
2023-03-31,1680220800,0.02574,0.02574,0,0
2023-04-28,1682812800,0.02670,0.02670,0,0
2023-05-31,1685491200,0.02705,0.02705,0,0
2023-06-30,1688083200,0.02809,0.02809,0,0
2023-07-31,1690761600,0.02873,0.02873,0,0
2023-08-31,1693440000,0.03015,0.03015,0,0
2023-09-29,1696032000,0.03076,0.03076,0,0
2023-10-31,1698710400,0.03144,0.03144,0,0
2023-11-30,1701302400,0.03145,0.03145,0,0
2023-12-29,1703980800,0.03156,0.03156,0,0
2024-01-31,1706659200,0.03198,0.03198,0,0
2024-02-29,1709164800,0.03243,0.03243,0,0
2024-03-28,1711843200,0.03210,0.03210,0,0
2024-04-30,1714435200,0.03264,0.03264,0,0
2024-05-31,1717113600,0.03208,0.03208,0,0
2024-06-28,1719705600,0.03270,0.03270,0,0
2024-07-31,1722384000,0.03327,0.03327,0,0
2024-08-30,1725062400,0.03352,0.03352,0,0
2024-09-30,1727654400,0.03320,0.03320,0,0
2024-10-31,1730332800,0.03288,0.03288,0,0

Distributions

(As of 31 Oct 2024)

Ex-Date

Payable Date

Total ($)

Income ($)

ST Cap Gains ($)

LT Cap Gains ($)

31 Jan 2014

0.00296

—

28 Feb 2014

0.00667

—

31 Mar 2014

0.00399

—

30 Apr 2014

0.00329

—

30 May 2014

31 May 2014

0.00330

—

30 Jun 2014

0.00458

—

31 Jul 2014

0.00577

—

29 Aug 2014

31 Aug 2014

0.00363

—

30 Sep 2014

0.00446

—

31 Oct 2014

0.00375

—

28 Nov 2014

30 Nov 2014

0.00404

—

31 Dec 2014

0.00142

—

30 Jan 2015

31 Jan 2015

0.00011

—

27 Feb 2015

28 Feb 2015

0.00361

—

31 Mar 2015

0.00212

—

30 Apr 2015

0.00397

—

29 May 2015

31 May 2015

0.00311

—

30 Jun 2015

0.00457

—

31 Jul 2015

0.00346

—

31 Aug 2015

0.00395

—

30 Sep 2015

0.00489

—

30 Oct 2015

31 Oct 2015

0.00343

—

30 Nov 2015

0.00385

—

31 Dec 2015

0.00282

—

29 Jan 2016

31 Jan 2016

0.00338

—

29 Feb 2016

0.00517

—

31 Mar 2016

0.00393

—

29 Apr 2016

30 Apr 2016

0.00598

—

31 May 2016

0.00522

—

30 Jun 2016

0.00611

—

29 Jul 2016

31 Jul 2016

0.00450

—

31 Aug 2016

0.00401

—

30 Sep 2016

0.00573

—

31 Oct 2016

0.00415

—

30 Nov 2016

0.00488

—

30 Dec 2016

31 Dec 2016

0.00433

—

31 Jan 2017

0.00912

—

28 Feb 2017

0.01020

—

31 Mar 2017

0.00852

—

28 Apr 2017

30 Apr 2017

0.01006

—

31 May 2017

0.00937

—

30 Jun 2017

0.01085

—

31 Jul 2017

0.01048

—

31 Aug 2017

0.01049

—

29 Sep 2017

30 Sep 2017

0.01113

—

31 Oct 2017

0.01005

—

30 Nov 2017

0.01121

—

29 Dec 2017

31 Dec 2017

0.01080

—

31 Jan 2018

0.01090

—

28 Feb 2018

0.01260

—

29 Mar 2018

31 Mar 2018

0.01092

—

30 Apr 2018

0.01253

—

31 May 2018

0.00993

—

29 Jun 2018

30 Jun 2018

0.01138

—

31 Jul 2018

0.01020

—

31 Aug 2018

0.01284

—

28 Sep 2018

30 Sep 2018

0.01346

—

31 Oct 2018

0.01351

—

30 Nov 2018

0.01495

—

31 Dec 2018

0.01456

—

31 Jan 2019

0.01278

—

28 Feb 2019

0.01774

—

29 Mar 2019

31 Mar 2019

0.01612

—

30 Apr 2019

0.01661

—

31 May 2019

0.01539

—

28 Jun 2019

30 Jun 2019

0.01635

—

31 Jul 2019

0.01445

—

31 Aug 2019

0.01401

—

30 Sep 2019

0.01464

—

31 Oct 2019

0.01376

—

30 Nov 2019

0.01333

—

31 Dec 2019

0.01375

—

31 Jan 2020

0.01284

—

29 Feb 2020

0.01356

—

31 Mar 2020

0.01668

—

30 Apr 2020

0.01306

—

31 May 2020

0.01260

—

30 Jun 2020

0.01284

—

31 Jul 2020

0.01146

—

31 Aug 2020

0.01094

—

30 Sep 2020

0.00967

—

30 Oct 2020

31 Oct 2020

0.00622

—

30 Nov 2020

0.00674

—

31 Dec 2020

0.00539

—

29 Jan 2021

31 Jan 2021

0.00447

—

26 Feb 2021

28 Feb 2021

0.00624

—

31 Mar 2021

0.00400

—

30 Apr 2021

0.00475

—

28 May 2021

31 May 2021

0.00416

—

30 Jun 2021

0.00461

—

30 Jul 2021

31 Jul 2021

0.00374

—

31 Aug 2021

0.00358

—

30 Sep 2021

0.00417

—

29 Oct 2021

31 Oct 2021

0.00389

—

30 Nov 2021

0.00507

—

31 Dec 2021

0.00491

—

31 Jan 2022

0.00477

—

28 Feb 2022

0.00739

—

31 Mar 2022

0.00613

—

29 Apr 2022

30 Apr 2022

0.00881

—

31 May 2022

0.01028

—

30 Jun 2022

0.01144

—

29 Jul 2022

31 Jul 2022

0.01312

—

31 Aug 2022

0.01495

—

30 Sep 2022

0.01652

—

31 Oct 2022

0.01897

—

30 Nov 2022

0.01854

—

30 Dec 2022

31 Dec 2022

0.02213

—

31 Jan 2023

0.02160

—

28 Feb 2023

0.02444

—

31 Mar 2023

0.02574

—

28 Apr 2023

30 Apr 2023

0.02670

—

31 May 2023

0.02705

—

30 Jun 2023

0.02809

—

31 Jul 2023

0.02873

—

31 Aug 2023

0.03015

—

29 Sep 2023

30 Sep 2023

0.03076

—

31 Oct 2023

0.03144

—

30 Nov 2023

0.03145

—

29 Dec 2023

31 Dec 2023

0.03156

—

31 Jan 2024

0.03198

—

29 Feb 2024

0.03243

—

28 Mar 2024

31 Mar 2024

0.03210

—

30 Apr 2024

0.03264

—

31 May 2024

0.03208

—

28 Jun 2024

30 Jun 2024

0.03270

—

31 Jul 2024

0.03327

—

30 Aug 2024

31 Aug 2024

0.03352

—

30 Sep 2024

0.03320

—

31 Oct 2024

0.03288

—

Fund Facts

(As of 31 Oct 2024)

Net Fund Assets

$116.8 M

Benchmark

ICE BofA 1-3 Year U.S. Municipal Securities Index

Morningstar Category

Muni National Short

Fund Symbol

TLMIX

Share Class

Share Class Inception Date

30 Dec 2013

Number of Holdings

133

Portfolio Turnover

64%

Distribution Frequency

Monthly

30-Day SEC Yield (Subsidized)

2.96%

30-Day SEC Yield (Unsubsidized)

2.83%

Annualized Distribution Yield

3.20%

Characteristics

Portfolio

(As of 31 Oct 2024)

Portfolio

Benchmark

Effective Duration

1.5 Yrs

1.6 Yrs

Average Effective Maturity

1.9 Yrs

Weighted Average Coupon

4.4%

4.5%

Portfolio

Benchmark

Yield to Worst

3.4%

3.1%

Subject to Alternative Minimum Tax

7.9%

—

Risk & Return Profile

(As of 30 Sep 2024)

10y

Annualized Alpha (%)

0.15

-0.17

-0.13

Standard Deviation (%)

2.20

1.86

1.38

Sharpe Ratio

-1.07

-0.71

-0.51

Up Capture (%)

91.42

85.17

78.97

Down Capture (%)

87.18

91.81

83.67

Past performance does not guarantee future results.

Risk & Return Profile metrics are based on the I share class.

Portfolio

Top Holdings

(As of 30 Sep 2024)

Name

Ticker/Symbol

Weight %

PEFA, Inc.

70556CAB0

2.6

Massachusetts Development Finance Agency

57584YPF0

2.1

Indiana Finance Authority

45505RBN4

2.1

Tennergy Corp./TN

880397CJ1

1.8

Harris County Cultural Education Facilities Finance Corp.

414009NF3

1.8

Travis County Housing Finance Corp.

89438UBM9

1.7

Knox County Health Educational & Housing Facility Board

499652AM7

1.7

California Municipal Finance Authority

13048RAH0

1.7

Bethlehem Area School District Authority

087368AM8

1.5

Rockland County Industrial Development Agency

77356AAC9

1.4

Download Holdings

Portfolio holdings are subject to change daily.

Exposure Breakdown

(As of 31 Oct 2024)

Sector Allocation

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

15%

20%

25%

30%

Multi Family Mortgage

26.4

5.4

Industrial Development/Pollution Control

14.9

—

Hospital

10.0

4.6

Gas

8.4

—

School District General Obligation

8.4

—

Public Power

4.0

Local General Obligation

3.6

12.9

School District App

3.5

—

Dedicated Tax

3.3

6.8

State General Obligation

2.7

18.1

Cash & Cash Equivalents

1.2

—

Sector Allocation

Fund (%)

Multi Family Mortgage

26.4

Industrial Development/Pollution Control

14.9

Hospital

10.0

Gas

8.4

School District General Obligation

8.4

Public Power

4.0

Local General Obligation

3.6

School District App

3.5

Dedicated Tax

3.3

State General Obligation

2.7

Cash & Cash Equivalents

1.2

Top 10 U.S. States

Fund (%)

Benchmark (%)

Portfolio

Benchmark

10%

15%

20%

Texas

14.9

8.8

Illinois

8.2

5.1

Florida

7.2

2.6

Wisconsin

5.7

2.2

Tennessee

5.5

1.5

Louisiana

4.9

1.1

California

4.8

16.0

Indiana

4.4

0.9

Pennsylvania

4.3

3.1

New York

3.5

13.6

Cash

1.2

—

Top 10 U.S. States

Fund (%)

Texas

14.9

Illinois

8.2

Florida

7.2

Wisconsin

5.7

Tennessee

5.5

Louisiana

4.9

California

4.8

Indiana

4.4

Pennsylvania

4.3

New York

3.5

Cash

1.2

Credit Quality

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

20%

30%

40%

50%

60%

AAA

24.2

18.5

31.8

56.3

29.9

21.8

BBB

8.5

3.5

Not Rated

4.3

—

Cash & Cash Equivalents

1.2

—

Credit Quality

Fund (%)

AAA

24.2

31.8

29.9

BBB

8.5

Not Rated

4.3

Cash & Cash Equivalents

1.2

Maturity

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

20%

30%

40%

50%

60%

Year 1

30.5

4.0

Year 2

24.0

53.0

Year 3

26.1

43.0

Year 4

9.9

—

Year 5+

8.4

—

Cash

1.2

—

Maturity

Fund (%)

Year 1

30.5

Year 2

24.0

Year 3

26.1

Year 4

9.9

Year 5+

8.4

Cash

1.2

Holdings with the Geography breakdown are classified by country of risk as determined by MSCI and Bloomberg.

Cash includes cash and cash equivalents. Weights are percentages of total portfolio unless otherwise noted.

Percentages may not add up to 100 due to rounding.

Portfolio Managers

David Ashley, CFA

Portfolio Manager and Managing Director

David Ashley is portfolio manager for Thornburg Investment Management. He joined Thornburg as associate portfolio manager in 2011 and was named portfolio manager in 2019. Dave earned a BS in finance and MBA from the University of Delaware in 2001. He is also a CFA charterholder. Prior to joining Thornburg Investment Management, Dave was a credit analyst for Wilmington Trust…

Learn More

John Bonnell, CFA

Portfolio Manager and Managing Director

John Bonnell, CFA, is portfolio manager and managing director for Thornburg Investment Management. He joined Thornburg’s municipal team in 2021. John has over 30 years of municipal bond investing experience. He spent 25 years of his career at USAA where he was most recently a senior portfolio manager and, in 2010, took on responsibility for co-leading municipal bond strategies. Earlier…

Learn More

Eve Lando, JD

Portfolio Manager and Managing Director

Eve Lando is portfolio manager for Thornburg Investment Management. She joined Thornburg's municipal team in 2019 as associate portfolio manager and was named portfolio manager in 2020. Eve holds a BA in urban studies from Columbia University and a JD from Brooklyn Law School, with a concentration in business law studies. She has extensive experience in municipal bond research and…

Learn More

Literature

Fact Sheet

Commentary

Summary Prospectus

Annual Report

Semi-annual report

Prospectus

Statement of Additional Information (SAI)

Important Information

This communication is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.

Investments carry risks, including possible loss of principal. Portfolios investing in bonds have the same interest rate, inflation, and credit risks that are associated with the underlying bonds. The value of bonds will fluctuate relative to changes in interest rates, decreasing when interest rates rise. Unlike bonds, bond funds have ongoing fees and expenses. Investments in the Fund are not FDIC insured, nor are they bank deposits or guaranteed by a bank or any other entity.

A bond credit rating assesses the financial ability of a debt issuer to make timely payments of principal and interest. Ratings of AAA (the highest), AA, A, and BBB are investment-grade quality. Ratings of BB, B, CCC, CC, C and D (the lowest) are considered below investment grade, speculative grade, or junk bonds.

Diversification does not assure or guarantee better performance and cannot eliminate the risk of investment losses.

Income earned from municipal bonds is exempt from regular federal and in some cases, state and local income tax. Income may be subject to the alternative minimum tax (AMT).

Class I shares may not be available to all investors. Minimum investments for the I share class may be higher than those for other classes.

There is no guarantee that the Fund will meet its investment objectives.

To determine a fund's Morningstar Rating™, funds and other managed products with at least a three-year history are ranked in their categories by their Morningstar Risk-Adjusted Return scores. The top 10% receive 5 stars; the next 22.5%, 4 stars; the middle 35%, 3 stars; the next 22.5%, 2 stars; and the bottom 10% receive 1 star. The Risk-Adjusted Return accounts for variation in a managed product's monthly excess performance (excluding sales charges), placing more emphasis on downward variations and rewarding consistent performance. Other share classes may have different performance characteristics.

© 2024 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Please see our glossary for a definition of terms.

Thornburg mutual funds are distributed by Thornburg Securities LLC.

Thornburg Investment Management, Inc. mutual funds are sold through investment professionals including investment advisors, brokerage firms, bank trust departments, trust companies and certain other financial intermediaries. Thornburg Securities LLC (TSL) does not act as broker of record for investors.

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Thornburg Short Duration Municipal Fund

Portfolio Managers

Overview

Why Invest in This Fund?

Investment Objective

Investment Approach

Related Content

Performance

Returns

Fund Fees

Hypothetical Growth of $10,000

Distributions

Fund Facts

Characteristics

Portfolio

Risk & Return Profile

Portfolio

Top Holdings

Exposure Breakdown

Portfolio Managers

David Ashley, CFA

John Bonnell, CFA

Eve Lando, JD

Literature

Important Information

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Thornburg Short Duration Municipal Fund

Portfolio Managers

Overview

Why Invest in This Fund?

Investment Objective

Investment Approach

Related Content

Performance

Returns

Fund Fees

Hypothetical Growth of $10,000

Distributions

Fund Facts

Characteristics

Portfolio

Risk & Return Profile

Portfolio

Top Holdings

Exposure Breakdown

Portfolio Managers

David Ashley, CFA

John Bonnell, CFA

Eve Lando, JD

Literature

Important Information

More Insights

Restructuring and Refinancing Opportunities in Commercial Real Estate

Market Concentration and the Fed’s Policy Outlook

Value vs. Growth: Does Another Fed Hike Matter?

The Value of Dividends and Munis to Stoke Income

Navigating Recession, the Fed, Inflation and Borrowing

Recession and Reversion to the Mean