TOP TEN U.S. STATES as of 12/31/2018

  • 1.Texas11.3%
  • 2.New York7.9%
  • 3.Illinois7.2%
  • 4.California6.3%
  • 5.Colorado4.8%
  • 6.New Jersey3.8%
  • 7.Michigan3.7%
  • 8.Louisiana2.6%
  • 9.Kentucky2.5%
  • 10.Connecticut2.2%

TOP TEN MUNICIPAL SECTORS as of 12/31/2018

  • Local General Obligation16.0%
  • Industrial Development/Pollution Control8.4%
  • State General Obligation7.1%
  • Appropriation5.3%
  • Gas3.9%
  • Hospital3.5%
  • Dedicated Tax3.4%
  • Combined Utilities3.4%
  • Public Power3.4%
  • Water/Sewer3.3%

Top Ten Positions as of 11/30/2018

% OF PORTFOLIO
State of Texas2.3%
Illinois Finance Authority1.9%
Long Island Power Authority1.8%
Houston Independent School District1.7%
Colorado State Education Loan Program1.7%
City of Houston TX Combined Utility System Revenue1.7%
State of Louisiana1.7%
City of Los Angeles CA1.6%
County of Los Angeles CA1.6%
City of Houston TX1.6%
Portfolio holdings are subject to change.

KEY PORTFOLIO ATTRIBUTES as of 12/31/2018

Assets$228.4 M
Number of Bonds164
Average Effective Maturity1.3 Yrs
Effective Duration1.1 Yrs
Subject to Alternative Minimum Tax0.0%

CREDIT QUALITY BREAKDOWN as of 12/31/2018

  • AAA9.5%
  • AA27.4%
  • A25.9%
  • BBB8.1%
  • Below Invest. Grade0.5%
  • Not Rated0.3%
  • Cash & Cash Equivalents28.4%
The percentages may not add up to 100 due to rounding.

CURRENT PORTFOLIO MATURITY LADDER as of 12/31/2018

  • Cash28.4%
  • Year 126.1%
  • Year 216.5%
  • Year 315.0%
  • Year 48.3%
  • Yr 5+5.6%
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 thornburg.com. 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).

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.