TOP TEN U.S. STATES as of 5/31/2019

  • 1.Texas10.4%
  • 2.Illinois9.0%
  • 3.Pennsylvania7.6%
  • 4.Florida7.5%
  • 5.California6.2%
  • 6.New York5.9%
  • 7.Ohio5.2%
  • 8.New Jersey3.5%
  • 9.Washington2.9%
  • 10.Indiana2.7%


  • Hospital11.9%
  • Local General Obligation10.4%
  • Prerefunded/Escrow to Maturity9.3%
  • Dedicated Tax9.1%
  • Appropriation6.5%
  • Gas6.0%
  • Water/Sewer5.1%
  • State General Obligation5.0%
  • Public Power5.0%
  • Other Transportation4.8%

Top Ten Positions as of 4/30/2019

State of Texas1.8%
Kentucky Public Energy Authority1.7%
Territory of Guam1.1%
New Jersey Transportation Trust Fund Authority1.0%
Commonwealth of Massachusetts1.0%
Metropolitan Transportation Authority0.9%
Lower Colorado River Authority0.9%
Town of Oyster Bay NY0.9%
Central Plains Energy Project0.8%
Metropolitan Transportation Authority0.8%
Portfolio holdings are subject to change.


Assets$1.2 B
Number of Bonds507
Average Effective Maturity8.4 Yrs
Effective Duration4.4 Yrs
Subject to Alternative Minimum Tax1.8%


  • AAA3.6%
  • AA43.3%
  • A37.6%
  • BBB6.1%
  • Below Invest. Grade2.1%
  • Not Rated5.3%
  • Cash & Cash Equivalents2.0%
The percentages may not add up to 100 due to rounding.


  • Cash2.0%
  • Year 1-212.6%
  • Year 3-48.4%
  • Year 5-612.2%
  • Year 7-813.1%
  • Year 9-1011.7%
  • Year 11-1212.0%
  • Year 13-1412.7%
  • Year 15-166.9%
  • Year 17+8.5%
Percent of portfolio maturing in each year. The percentages may not add up to 100% due to rounding and can vary over time. Cash includes cash equivalents.
Important Information
Before investing, carefully consider the Fund’s investment goals, risks, charges, and expenses. For a prospectus or summary prospectus containing this and other information, contact your financial advisor or visit Read them carefully before investing.

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.

Credit quality ratings use the highest rating available from either S&P Global Ratings or Moody’s Investors Service. Where neither rating is available, we have used ratings from other nationally recognized statistical rating organizations (NRSROs).

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).

Neither the payment of, or increase in, dividends is guaranteed.

The laddering strategy does not assure or guarantee better performance than a non-laddered portfolio and cannot eliminate the risk of investment losses.

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.

Please see our glossary for a definition of terms.

Thornburg mutual funds are distributed by Thornburg Securities Corporation.

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 Corporation (TSC) does not act as broker of record for investors.