Unsubscribe

Confirm you would like to unsubscribe from this list

Remove strategy

Confirm you would like to remove this strategy from your list

Welcome to Thornburg

Please select your location and role to help personalize the site.
Please review our Terms & Conditions

TERMS AND CONDITIONS OF USE

Please read the information below. By accessing this web site of Thornburg Investment Management, Inc. ("Thornburg" or "we"), you acknowledge that you understand and accept the following terms and conditions of use.

Disclaimers

Products or services mentioned on this site are subject to legal and regulatory requirements in applicable jurisdictions and may not be licensed or available in all jurisdictions and there may be restrictions or limitations to whom this information may be made available. Unless otherwise indicated, no regulator or government authority has reviewed the information or the merits of the products and services referenced herein. Past performance is not a reliable indicator of future performance. Investments carry risks, including possible loss of principal.

Reference to a fund or security anywhere on this website is not a recommendation to buy, sell or hold that or any other security. The information is not a complete analysis of every material fact concerning any market, industry, or investment, nor is it intended to predict the performance of any investment or market.

All opinions and estimates included on this website constitute judgements of Thornburg as at the date of this website and are subject to change without notice.

All information and contents of this website are furnished "as is." Data has been obtained from sources considered reliable, but Thornburg makes no representation as to the completeness or accuracy of such information and has no obligation to provide updates or changes. Thornburg disclaims, to the fullest extent of the law, any implied or express warranty of any kind, including without limitation the implied warranties of merchantability, fitness for a particular purpose and non-infringement.

If you live in a state that does not allow disclaimers of implied warranties, our disclaimer may not apply to you.

Although Thornburg intends the information contained in this website to be accurate and reliable, errors sometimes occur. Thornburg does not warrant that the information to be free of errors, that the functions contained in the site will be uninterrupted, that defects will be corrected or that the site and servers are free from viruses or other harmful components. You agree that you are responsible for the means you use to access this website and understand that your hardware, software, the Internet, your Internet service provider, and other third parties involved in connecting you to our website may not perform as intended or desired. We also disclaim responsibility for damages third parties may cause to you through the use of this website, whether intentional or unintentional. For example, you understand that hackers could breach our security procedures, and that we will not be responsible for any related damages.

Thornburg Investment Management, Inc. is regulated by the U.S. Securities and Exchange under U.S. laws which may differ materially from laws in other jurisdictions.

Online Privacy and Cookie Policy

Please review our Online Privacy and Cookie Policy, which is hereby incorporated by reference as part of these terms and conditions.

Third Party Content

Certain website's content has been obtained from sources that Thornburg believes to be reliable as of the date presented but Thornburg cannot guarantee the accuracy, timeliness, completeness, or suitability for use of such content. The content does not take into account individual investor's circumstances, objectives or needs. The content is not intended as an offer or solicitation with respect to the purchase or sale of any security or other financial instrument or any investment management services, nor does it constitute investment advice and should not be used as the basis for any investment decision.

Suitability

No determination has been made regarding the suitability of any securities, financial instruments or strategies for any investor. The website's content is provided on the basis and subject to the explanations, caveats and warnings set out in this notice and elsewhere herein. The website's content does not purport to provide any legal, tax or accounting advice. Any discussion of risk management is intended to describe Thornburg's efforts to monitor and manage risk but does not imply low risk.

Limited License and Restrictions on Use

Except as otherwise stated in these terms of use or as expressly authorized by Thornburg in writing, you may not:

  • Modify, copy, distribute, transmit, post, display, perform, reproduce, publish, broadcast, license, create derivative works from, transfer, sell, or exploit any reports, data, information, content, software, RSS and podcast feeds, products, services, or other materials (collectively, "Materials") on, generated by or obtained from this website, whether through links or otherwise;
  • Redeliver any page, text, image or Materials on this website using "framing" or other technology;
  • Engage in any conduct that could damage, disable, or overburden (i) this website, (ii) any Materials or services provided through this website, or (iii) any systems, networks, servers, or accounts related to this website, including without limitation, using devices or software that provide repeated automated access to this website, other than those made generally available by Thornburg;
  • Probe, scan, or test the vulnerability of any Materials, services, systems, networks, servers, or accounts related to this website or attempt to gain unauthorized access to Materials, services, systems, networks, servers, or accounts connected or associated with this website through hacking, password or data mining, or any other means of circumventing any access-limiting, user authentication or security device of any Materials, services, systems, networks, servers, or accounts related to this website; or
  • Modify, copy, obscure, remove or display the Thornburg name, logo, trademarks, notices or images without Thornburg's express written permission. To obtain such permission, you may e-mail us at info@thornburg.com.

Severability, Governing Law

Failure by Thornburg to enforce any provision(s) of these terms and conditions shall not be construed as a waiver of any provision or right. This website is controlled and operated by Thornburg from its offices in Santa Fe, New Mexico. The laws of the State of New Mexico govern these terms and conditions. If you take legal action relating to these terms and conditions, you agree to file such action only in state or federal court in New Mexico and you consent and submit to the personal jurisdiction of those courts for the purposes of litigating any such action.

Termination

You acknowledge and agree that Thornburg may restrict, suspend or terminate these terms and conditions or your access to, and use, of the all or any part this website, including any links to third-party sites, at any time, with or without cause, including but not limited to any breach of these terms and conditions, in Thornburg's absolute discretion and without prior notice or liability.

Decline

Give Us a Call

Fund Operations
800.847.0200

FIND ANOTHER CONTACT

Thornburg Intermediate Municipal Fund

Morningstar Rating  • Info

Overall Morningstar Rating among 281 Muni National Intermediate funds, based on risk-adjusted returns for class A shares, using a weighted average of the funds three-, five-, and ten-year ratings: respectively, 4 stars, 3 stars and 3 stars among 281, 248 and 184 funds, as of 31 Dec 2022.

As of 31 Dec 2022
Fund Assets
$913.5 M
As of 31 Dec 2022
NAV
$13.26
As of 27 Jan 2023
Change
$0.00
As of 27 Jan 2023
YTD NAV Performance
1.82%
As of 27 Jan 2023
Asset Category:
Municipal Bond
Fund Benchmark:
ICE BofA 3-15 Yr US Muni
Portfolio Managers
Portfolio Manager and Managing Director
Portfolio Manager and Managing Director
Portfolio Manager and Managing Director
Overview

Overview

Why Invest in This Fund?

  • Actively managed diversified portfolio of intermediate-term investment grade municipal bonds with an average maturity of three to ten years and duration of four to six 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.
  • Relative value philosophy that seeks to maximize tax-exempt income while minimizing changes in its share value. The fund focuses on identifying attractive value in the investment-grade municipal bond market. We apply a strict discipline of fundamental credit research and strive to produce an attractive dividend while avoiding the long maturities that are most vulnerable to interest-rate swings.

Investment Objective

The fund’s goal is to provide investors with as high a level of current income exempt from federal individual income tax as is consistent with preservation of capital. The fund also seeks to reduce share price volatility compared to longer-term bond portfolios.

Investment Approach

The fund is an actively managed diversified portfolio of municipal bonds. The investment team applies a relative value framework, focusing on fundamentals and valuations to identify inefficiencies in the market. Team members are responsible for credit research, portfolio construction, trading and risk oversight and have the flexibility to source ideas across sector, geography and issuer. The strategy maintains exposure across the maturity spectrum to manage duration, hedge against interest rate fluctuations and limit taxable events.

Performance

Performance

Returns

(As of 31 Dec 2022)
YTD
1y
3y
5y
10y
Inception
Total Return with Sales Charge (%)
-8.27
-8.27
-1.30
0.42
1.24
4.01
Total Return without Sales Charge (%)
-6.41
-6.41
-0.63
0.83
1.44
4.08
ICE BofA 3-15 Yr US Muni (%)
-6.64
-6.64
-0.36
1.43
2.03
Morningstar Category Avg. (%)
-8.23
-8.23
-0.84
0.96
1.6
Morningstar Quartile
1
2
3
3
YTD
1y
3y
5y
10y
Inception
Total Return with Sales Charge (%)
-8.27
-8.27
-1.30
0.42
1.24
4.01
Total Return without Sales Charge (%)
-6.41
-6.41
-0.63
0.83
1.44
4.08
ICE BofA 3-15 Yr US Muni (%)
-6.64
-6.64
-0.36
1.43
2.03
Morningstar Category Avg. (%)
-8.23
-8.23
-0.84
0.96
1.6
Morningstar Quartile
1
2
3
3
YTD
1y
3y
5y
10y
Inception
Total Return with Sales Charge (%)
-8.27
-8.27
-3.84
2.13
13.09
244.06
Total Return without Sales Charge (%)
-6.41
-6.41
-1.89
4.22
15.39
251.19
ICE BofA 3-15 Yr US Muni (%)
-6.64
-6.64
-1.09
7.38
22.22
YTD
1y
3y
5y
10y
Inception
Total Return with Sales Charge (%)
-8.27
-8.27
-3.84
2.13
13.09
244.06
Total Return without Sales Charge (%)
-6.41
-6.41
-1.89
4.22
15.39
251.19
ICE BofA 3-15 Yr US Muni (%)
-6.64
-6.64
-1.09
7.38
22.22
2017
2018
2019
2020
2021
2022
Total Return with Sales Charge (%)
1.57
-1.46
3.55
1.74
-1.06
-8.27
ICE BofA 3-15 Yr US Muni (%)
4.64
1.45
7.01
4.96
0.94
-6.64
Fund Fees

Fund Fees

(As of 31 Dec 2022)
Gross Expense Ratio (%)
0.91
Net Expense Ratio (%)
0.77
Distributions

Distributions

(As of 31 Dec 2022)
Ex-Date
Total ($)
Income ($)
ST Cap Gains ($)
LT Cap Gains ($)
31 Jul 1991
0.02403
0.02403
30 Aug 1991
0.07055
0.07055
30 Sep 1991
0.06776
0.06776
31 Oct 1991
0.06139
0.06139
29 Nov 1991
0.06209
0.06209
31 Dec 1991
0.07030
0.07030
31 Jan 1992
0.06664
0.06664
28 Feb 1992
0.06622
0.06622
31 Mar 1992
0.06732
0.06732
30 Apr 1992
0.06754
0.06754
29 May 1992
0.06620
0.06620
30 Jun 1992
0.06566
0.06566
31 Jul 1992
0.06438
0.06438
31 Aug 1992
0.06238
0.06238
30 Sep 1992
0.06357
0.06357
30 Oct 1992
0.06324
0.06324
30 Nov 1992
0.06189
0.06189
31 Dec 1992
0.06056
0.06056
29 Jan 1993
0.06153
0.06153
26 Feb 1993
0.06106
0.06106
31 Mar 1993
0.05943
0.05943
30 Apr 1993
0.05898
0.05898
28 May 1993
0.05691
0.05691
30 Jun 1993
0.05698
0.05698
30 Jul 1993
0.05755
0.05755
31 Aug 1993
0.05636
0.05636
30 Sep 1993
0.05566
0.05566
29 Oct 1993
0.05672
0.05672
30 Nov 1993
0.07426
0.05616
0.00000
0.01810
31 Dec 1993
0.05531
0.05531
31 Jan 1994
0.05595
0.05595
28 Feb 1994
0.05376
0.05376
31 Mar 1994
0.05637
0.05637
29 Apr 1994
0.05457
0.05457
31 May 1994
0.05326
0.05326
30 Jun 1994
0.05154
0.05154
29 Jul 1994
0.06282
0.06282
31 Aug 1994
0.06101
0.06101
30 Sep 1994
0.05544
0.05544
31 Oct 1994
0.05495
0.05495
30 Nov 1994
0.05552
0.05552
30 Dec 1994
0.05532
0.05532
31 Jan 1995
0.05665
0.05665
28 Feb 1995
0.05689
0.05689
31 Mar 1995
0.05654
0.05654
28 Apr 1995
0.06083
0.06083
31 May 1995
0.06042
0.06042
30 Jun 1995
0.05550
0.05550
31 Jul 1995
0.05593
0.05593
31 Aug 1995
0.05617
0.05617
29 Sep 1995
0.05628
0.05628
31 Oct 1995
0.05626
0.05626
30 Nov 1995
0.05622
0.05622
29 Dec 1995
0.05599
0.05599
31 Jan 1996
0.05675
0.05675
29 Feb 1996
0.05714
0.05714
29 Mar 1996
0.05648
0.05648
30 Apr 1996
0.05686
0.05686
31 May 1996
0.05629
0.05629
28 Jun 1996
0.05674
0.05674
31 Jul 1996
0.05634
0.05634
30 Aug 1996
0.05608
0.05608
30 Sep 1996
0.05611
0.05611
31 Oct 1996
0.05619
0.05619
29 Nov 1996
0.05624
0.05624
31 Dec 1996
0.05511
0.05511
31 Jan 1997
0.05546
0.05546
28 Feb 1997
0.05628
0.05628
31 Mar 1997
0.05543
0.05543
30 Apr 1997
0.05564
0.05564
30 May 1997
0.05496
0.05496
30 Jun 1997
0.05506
0.05506
31 Jul 1997
0.05319
0.05319
29 Aug 1997
0.05336
0.05336
30 Sep 1997
0.05367
0.05367
31 Oct 1997
0.05309
0.05309
28 Nov 1997
0.05318
0.05318
31 Dec 1997
0.05290
0.05290
30 Jan 1998
0.05306
0.05306
27 Feb 1998
0.05374
0.05374
31 Mar 1998
0.05229
0.05229
30 Apr 1998
0.05264
0.05264
29 May 1998
0.05206
0.05206
30 Jun 1998
0.05200
0.05200
31 Jul 1998
0.05172
0.05172
31 Aug 1998
0.05146
0.05146
30 Sep 1998
0.05199
0.05199
30 Oct 1998
0.05151
0.05151
30 Nov 1998
0.05195
0.05195
31 Dec 1998
0.05182
0.05182
29 Jan 1999
0.05146
0.05146
26 Feb 1999
0.05274
0.05274
31 Mar 1999
0.05141
0.05141
30 Apr 1999
0.05186
0.05186
28 May 1999
0.05136
0.05136
30 Jun 1999
0.05204
0.05204
30 Jul 1999
0.05179
0.05179
31 Aug 1999
0.05050
0.05050
30 Sep 1999
0.05061
0.05061
29 Oct 1999
0.05062
0.05062
30 Nov 1999
0.05167
0.05167
31 Dec 1999
0.05163
0.05163
31 Jan 2000
0.05163
0.05163
29 Feb 2000
0.05214
0.05214
31 Mar 2000
0.05192
0.05192
28 Apr 2000
0.05246
0.05246
31 May 2000
0.05244
0.05244
30 Jun 2000
0.05283
0.05283
31 Jul 2000
0.05269
0.05269
31 Aug 2000
0.05246
0.05246
29 Sep 2000
0.05277
0.05277
31 Oct 2000
0.05191
0.05191
30 Nov 2000
0.05164
0.05164
29 Dec 2000
0.05157
0.05157
31 Jan 2001
0.05354
0.05354
28 Feb 2001
0.05224
0.05224
30 Mar 2001
0.05127
0.05127
30 Apr 2001
0.05138
0.05138
31 May 2001
0.05158
0.05158
29 Jun 2001
0.05178
0.05178
31 Jul 2001
0.05081
0.05081
31 Aug 2001
0.05034
0.05034
28 Sep 2001
0.04969
0.04969
31 Oct 2001
0.04898
0.04898
30 Nov 2001
0.04867
0.04867
31 Dec 2001
0.04763
0.04763
31 Jan 2002
0.04819
0.04819
28 Feb 2002
0.04793
0.04793
28 Mar 2002
0.04725
0.04725
30 Apr 2002
0.04725
0.04725
31 May 2002
0.04698
0.04698
28 Jun 2002
0.04607
0.04607
31 Jul 2002
0.04469
0.04469
30 Aug 2002
0.04411
0.04411
30 Sep 2002
0.04413
0.04413
31 Oct 2002
0.04406
0.04406
29 Nov 2002
0.04456
0.04456
31 Dec 2002
0.04427
0.04427
31 Jan 2003
0.04391
0.04391
28 Feb 2003
0.04378
0.04378
31 Mar 2003
0.04268
0.04268
30 Apr 2003
0.04272
0.04272
30 May 2003
0.04258
0.04258
30 Jun 2003
0.04248
0.04248
31 Jul 2003
0.04243
0.04243
29 Aug 2003
0.04465
0.04465
30 Sep 2003
0.04398
0.04398
31 Oct 2003
0.04369
0.04369
28 Nov 2003
0.04363
0.04363
31 Dec 2003
0.04306
0.04306
30 Jan 2004
0.04255
0.04255
27 Feb 2004
0.04300
0.04300
31 Mar 2004
0.04265
0.04265
30 Apr 2004
0.04273
0.04273
28 May 2004
0.04343
0.04343
30 Jun 2004
0.04405
0.04405
30 Jul 2004
0.04343
0.04343
31 Aug 2004
0.04221
0.04221
30 Sep 2004
0.04171
0.04171
29 Oct 2004
0.04091
0.04091
30 Nov 2004
0.04109
0.04109
31 Dec 2004
0.04022
0.04022
31 Jan 2005
0.04035
0.04035
28 Feb 2005
0.04144
0.04144
31 Mar 2005
0.04065
0.04065
29 Apr 2005
0.04143
0.04143
31 May 2005
0.04104
0.04104
30 Jun 2005
0.04102
0.04102
29 Jul 2005
0.04102
0.04102
31 Aug 2005
0.04149
0.04149
30 Sep 2005
0.04061
0.04061
31 Oct 2005
0.03984
0.03984
30 Nov 2005
0.04030
0.04030
30 Dec 2005
0.03994
0.03994
31 Jan 2006
0.04178
0.04178
28 Feb 2006
0.04004
0.04004
31 Mar 2006
0.04132
0.04132
28 Apr 2006
0.04148
0.04148
31 May 2006
0.04138
0.04138
30 Jun 2006
0.04219
0.04219
31 Jul 2006
0.04201
0.04201
31 Aug 2006
0.04201
0.04201
29 Sep 2006
0.04195
0.04195
31 Oct 2006
0.04179
0.04179
30 Nov 2006
0.04196
0.04196
29 Dec 2006
0.04189
0.04189
31 Jan 2007
0.04201
0.04201
28 Feb 2007
0.04286
0.04286
30 Mar 2007
0.04217
0.04217
30 Apr 2007
0.04267
0.04267
31 May 2007
0.04225
0.04225
29 Jun 2007
0.04166
0.04166
31 Jul 2007
0.04231
0.04231
31 Aug 2007
0.04266
0.04266
28 Sep 2007
0.04290
0.04290
31 Oct 2007
0.04241
0.04241
30 Nov 2007
0.04249
0.04249
31 Dec 2007
0.04216
0.04216
31 Jan 2008
0.04211
0.04211
29 Feb 2008
0.04372
0.04372
31 Mar 2008
0.04359
0.04359
30 Apr 2008
0.04335
0.04335
30 May 2008
0.04201
0.04201
30 Jun 2008
0.04324
0.04324
31 Jul 2008
0.04307
0.04307
29 Aug 2008
0.04350
0.04350
30 Sep 2008
0.04442
0.04442
31 Oct 2008
0.04449
0.04449
28 Nov 2008
0.04415
0.04415
31 Dec 2008
0.04455
0.04455
30 Jan 2009
0.04492
0.04492
27 Feb 2009
0.04567
0.04567
31 Mar 2009
0.04449
0.04449
30 Apr 2009
0.04479
0.04479
29 May 2009
0.04474
0.04474
30 Jun 2009
0.04488
0.04488
31 Jul 2009
0.04549
0.04549
31 Aug 2009
0.04468
0.04468
30 Sep 2009
0.04335
0.04335
30 Oct 2009
0.04233
0.04233
30 Nov 2009
0.04387
0.04387
31 Dec 2009
0.04292
0.04292
29 Jan 2010
0.04264
0.04264
26 Feb 2010
0.04245
0.04245
31 Mar 2010
0.04063
0.04063
30 Apr 2010
0.04133
0.04133
28 May 2010
0.04048
0.04048
30 Jun 2010
0.04043
0.04043
30 Jul 2010
0.03920
0.03920
31 Aug 2010
0.03835
0.03835
30 Sep 2010
0.03693
0.03693
29 Oct 2010
0.03667
0.03667
30 Nov 2010
0.03799
0.03799
31 Dec 2010
0.03945
0.03945
31 Jan 2011
0.04074
0.04074
28 Feb 2011
0.04222
0.04222
31 Mar 2011
0.04126
0.04126
29 Apr 2011
0.04137
0.04137
31 May 2011
0.04033
0.04033
30 Jun 2011
0.04086
0.04086
29 Jul 2011
0.03900
0.03900
31 Aug 2011
0.03854
0.03854
30 Sep 2011
0.03750
0.03750
31 Oct 2011
0.03758
0.03758
30 Nov 2011
0.03722
0.03722
30 Dec 2011
0.03757
0.03757
31 Jan 2012
0.03490
0.03490
29 Feb 2012
0.03354
0.03354
30 Mar 2012
0.03175
0.03175
30 Apr 2012
0.03150
0.03150
31 May 2012
0.03166
0.03166
29 Jun 2012
0.03258
0.03258
31 Jul 2012
0.03181
0.03181
31 Aug 2012
0.03094
0.03094
28 Sep 2012
0.03111
0.03111
31 Oct 2012
0.02998
0.02998
30 Nov 2012
0.03017
0.03017
31 Dec 2012
0.02911
0.02911
31 Jan 2013
0.02913
0.02913
28 Feb 2013
0.02894
0.02894
28 Mar 2013
0.02666
0.02666
30 Apr 2013
0.02692
0.02692
31 May 2013
0.02616
0.02616
28 Jun 2013
0.02687
0.02687
31 Jul 2013
0.02648
0.02648
30 Aug 2013
0.02616
0.02616
30 Sep 2013
0.02756
0.02756
31 Oct 2013
0.02779
0.02779
29 Nov 2013
0.02819
0.02819
31 Dec 2013
0.02846
0.02846
31 Jan 2014
0.02820
0.02820
28 Feb 2014
0.03124
0.03124
31 Mar 2014
0.02905
0.02905
30 Apr 2014
0.02870
0.02870
30 May 2014
0.02720
0.02720
30 Jun 2014
0.02798
0.02798
31 Jul 2014
0.02797
0.02797
29 Aug 2014
0.02755
0.02755
30 Sep 2014
0.02696
0.02696
31 Oct 2014
0.02562
0.02562
28 Nov 2014
0.02586
0.02586
31 Dec 2014
0.02476
0.02476
30 Jan 2015
0.02445
0.02445
27 Feb 2015
0.02647
0.02647
31 Mar 2015
0.02415
0.02415
30 Apr 2015
0.02477
0.02477
29 May 2015
0.02403
0.02403
30 Jun 2015
0.02411
0.02411
31 Jul 2015
0.02399
0.02399
31 Aug 2015
0.02368
0.02368
30 Sep 2015
0.02536
0.02536
30 Oct 2015
0.02569
0.02569
30 Nov 2015
0.02598
0.02598
31 Dec 2015
0.02427
0.02427
29 Jan 2016
0.02273
0.02273
29 Feb 2016
0.02316
0.02316
31 Mar 2016
0.02286
0.02286
29 Apr 2016
0.02385
0.02385
31 May 2016
0.02328
0.02328
30 Jun 2016
0.02453
0.02453
29 Jul 2016
0.02345
0.02345
31 Aug 2016
0.02320
0.02320
30 Sep 2016
0.02453
0.02453
31 Oct 2016
0.02357
0.02357
30 Nov 2016
0.02435
0.02435
30 Dec 2016
0.02439
0.02439
31 Jan 2017
0.02449
0.02449
28 Feb 2017
0.02661
0.02661
31 Mar 2017
0.02506
0.02506
28 Apr 2017
0.02631
0.02631
31 May 2017
0.02601
0.02601
30 Jun 2017
0.02642
0.02642
31 Jul 2017
0.02563
0.02563
31 Aug 2017
0.02532
0.02532
29 Sep 2017
0.02572
0.02572
31 Oct 2017
0.02511
0.02511
30 Nov 2017
0.02608
0.02608
29 Dec 2017
0.02584
0.02584
31 Jan 2018
0.02581
0.02581
28 Feb 2018
0.02830
0.02830
29 Mar 2018
0.02649
0.02649
30 Apr 2018
0.02756
0.02756
31 May 2018
0.02672
0.02672
29 Jun 2018
0.02743
0.02743
31 Jul 2018
0.02671
0.02671
31 Aug 2018
0.02703
0.02703
28 Sep 2018
0.02680
0.02680
31 Oct 2018
0.02742
0.02742
30 Nov 2018
0.02773
0.02773
31 Dec 2018
0.02743
0.02743
31 Jan 2019
0.02735
0.02735
28 Feb 2019
0.02947
0.02947
29 Mar 2019
0.02749
0.02749
30 Apr 2019
0.02825
0.02825
31 May 2019
0.02867
0.02867
28 Jun 2019
0.02988
0.02988
31 Jul 2019
0.02977
0.02977
31 Aug 2019
0.02963
0.02963
30 Sep 2019
0.02953
0.02953
31 Oct 2019
0.02832
0.02832
30 Nov 2019
0.02906
0.02906
31 Dec 2019
0.02852
0.02852
31 Jan 2020
0.02842
0.02842
29 Feb 2020
0.03080
0.03080
31 Mar 2020
0.03014
0.03014
30 Apr 2020
0.03063
0.03063
31 May 2020
0.02973
0.02973
30 Jun 2020
0.02939
0.02939
31 Jul 2020
0.02839
0.02839
31 Aug 2020
0.02782
0.02782
30 Sep 2020
0.02825
0.02825
30 Oct 2020
0.02735
0.02735
30 Nov 2020
0.02816
0.02816
31 Dec 2020
0.02730
0.02730
29 Jan 2021
0.02749
0.02749
26 Feb 2021
0.02926
0.02926
31 Mar 2021
0.02712
0.02712
30 Apr 2021
0.02762
0.02762
28 May 2021
0.02696
0.02696
30 Jun 2021
0.02780
0.02780
30 Jul 2021
0.02659
0.02659
31 Aug 2021
0.02627
0.02627
30 Sep 2021
0.02649
0.02649
29 Oct 2021
0.02550
0.02550
30 Nov 2021
0.02615
0.02615
31 Dec 2021
0.02499
0.02499
31 Jan 2022
0.02459
0.02459
28 Feb 2022
0.02694
0.02694
31 Mar 2022
0.02528
0.02528
29 Apr 2022
0.02843
0.02843
31 May 2022
0.02743
0.02743
30 Jun 2022
0.02825
0.02825
29 Jul 2022
0.02855
0.02855
31 Aug 2022
0.02921
0.02921
30 Sep 2022
0.02978
0.02978
31 Oct 2022
0.03070
0.03070
30 Nov 2022
0.03174
0.03174
30 Dec 2022
0.03225
0.03225
Fund Facts

Fund Facts

(As of 31 Dec 2022)
Net Fund Assets
$913.5 M
Benchmark
ICE BofA 3-15 Yr US Muni
Morningstar Category
Muni National Intermediate
Fund Symbol
THIMX
Share Class
A
Share Class Inception Date
22 Jul 1991
Number of Holdings
467
Portfolio Turnover
19%
Distribution Frequency
Monthly
30-Day SEC Yield (Subsidized)
2.64%
30-Day SEC Yield (Unsubsidized)
2.50%
Annualized Distribution Yield
2.82%
Characteristics

Characteristics

Portfolio

(As of 31 Dec 2022)
Portfolio
Benchmark
Effective Duration
4.6 Yrs
5.3 Yrs
Average Effective Maturity
8.3 Yrs
9.7 Yrs
Weighted Average Coupon
4.8%
4.4%
Portfolio
Benchmark
Yield to Worst
3.6%
3.2%
Subject to Alternative Minimum Tax
6.5%
Risk & Return Profile

Risk & Return Profile

(As of 31 Dec 2022)
3y
5y
10y
Annualized Alpha (%)
-0.14
-0.23
-0.09
Standard Deviation (%)
4.09
3.28
2.65
Sharpe Ratio
-0.30
-0.07
0.34
Up Capture (%)
82.73
82.88
83.74
Down Capture (%)
83.69
84.27
84.09
Portfolio

Portfolio

Top Holdings

(As of 30 Nov 2022)
Name
Ticker/Symbol
Sector
Weight %
Commonwealth of Massachusetts
576002DG1
Dedicated Tax
1.1
The Hospitals & Higher Education Facilities Authority of Philadelphia
Hospital
1.0
City of Chicago IL
167486ZY8
Local General Obligation
0.9
Chicago O'Hare International Airport
167593A44
Airport
0.9
Tennessee Energy Acquisition Corp.
880443BQ8
Gas
0.8
Bucks County Industrial Development Authority
11861NAA2
Industrial Development/Pollution Control
0.8
Kentucky Public Energy Authority
74440DAR5
Gas
0.7
Metropolitan Transportation Authority
59261AJR9
Other Transportation
0.7
UAB Medicine Finance Authority
902562AR8
Hospital
0.7
Main Street Natural Gas, Inc.
56035DBR2
Gas
0.7
Exposure Breakdown

Exposure Breakdown

(As of 31 Dec 2022)
Sector Allocation
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
25%
30%
Hospital
11.4
5.1
Appropriation
8.7
4.8
Prerefunded / Escrow to Maturity
8.1
Local General Obligation
7.8
9.4
Airport
7.2
3.8
Dedicated Tax
6.8
15.6
State General Obligation
5.1
20.7
Gas
5.0
Water/Sewer
4.3
5.8
School District General Obligation
4.0
Sector Allocation
Fund (%)
Hospital
11.4
Appropriation
8.7
Prerefunded / Escrow to Maturity
8.1
Local General Obligation
7.8
Airport
7.2
Dedicated Tax
6.8
State General Obligation
5.1
Gas
5.0
Water/Sewer
4.3
School District General Obligation
4.0
Top 10 U.S. States
Fund (%)
Benchmark (%)

Portfolio

Benchmark

0%
5%
10%
15%
20%
25%
30%
Illinois
14.8
5.3
Pennsylvania
9.5
3.5
Texas
8.6
6.3
New York
6.5
20.5
Florida
5.7
2.3
New Jersey
5.0
5.2
California
4.1
18.5
Ohio
3.7
1.9
IN
3.1
0.8
Washington
2.5
2.9
Top 10 U.S. States
Fund (%)
Illinois
14.8
Pennsylvania
9.5
Texas
8.6
New York
6.5
Florida
5.7
New Jersey
5.0
California
4.1
Ohio
3.7
IN
3.1
Washington
2.5
Credit Quality
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
AAA
2.5
13.4
AA
45.5
57.5
A
35.6
22.7
BBB
6.2
6.4
Not Rated
0.9
Cash & Cash Equivalents
9.4
Credit Quality
Fund (%)
AAA
2.5
AA
45.5
A
35.6
BBB
6.2
Not Rated
0.9
Cash & Cash Equivalents
9.4
Maturity
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
Year 1-2
13.2
Year 3-4
6.9
12.0
Year 5-6
9.2
19.1
Year 7-8
11.0
16.2
Year 9-10
10.5
14.6
Year 11-12
9.3
13.0
Year 13-14
10.0
13.0
Year 15-16
7.8
5.0
Year 17+
12.6
6.0
Cash
9.4
Maturity
Fund (%)
Year 1-2
13.2
Year 3-4
6.9
Year 5-6
9.2
Year 7-8
11.0
Year 9-10
10.5
Year 11-12
9.3
Year 13-14
10.0
Year 15-16
7.8
Year 17+
12.6
Cash
9.4
Portfolio Managers

Portfolio Managers

David Ashley, CFA
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
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
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

More Insights

Markets

2022 in Perspective

Inflation, rising rates, and geopolitical events wreaked havoc on markets last year, it's time to put those events, and your investments, into perspective.
Economy

Fed Pivot in the Cards? Why the Third Mandate Matters

When will the Fed pivot from its aggressive tightening? Co-Head of Investments Jeff Klingelhofer thinks the Fed’s little known “third mandate” provides insight.
Advising Clients

This Year, Give the Gift of Generations

Now that the holiday season is over, it’s time to give a gift that will be treasured by future generations.
Feedback