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The content on this website is intended for institutional and professional investors in the United States only and is not suitable for individual investors or non-U.S. entities. Institutional and professional investors include pension funds, investment companies registered under the Investment Company Act of 1940, financial intermediaries, consultants, endowments and foundations, and investment advisors registered under the Investment Advisors Act of 1940.

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Thornburg Intermediate Term Municipal Fund

Morningstar Rating  • Info

Overall Morningstar Rating among 257 Muni National Intermediate funds, based on risk-adjusted returns for class C shares, using a weighted average of the funds three-, five-, and ten-year ratings: respectively, 3 stars, 3 stars and 2 stars among 257, 240 and 175 funds, as of 31 Oct 2024.

As of 31 Oct 2024
Fund Assets
$1.0 B
As of 31 Oct 2024
NAV
$13.36
As of 9 Dec 2024
Change
$0.00
As of 9 Dec 2024
YTD NAV Performance
2.97%
As of 9 Dec 2024
Asset Category:
Municipal Bond
Fund Benchmark:
ICE BofA 3-15 Year U.S. Municipal Securities Index

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 30 Sep 2024)
YTD
1y
3y
5y
10y
Inception
Total Return with Sales Charge (%)
2.07
7.89
0.25
0.98
1.50
3.34
Total Return without Sales Charge (%)
2.67
8.49
0.25
0.98
1.50
3.34
ICE BofA 3-15 Year U.S. Municipal Securities Index (%)
2.12
8.81
0.32
1.41
2.32
Morningstar Category Avg. (%)
2.89
9.51
0.14
1.21
2.02
Morningstar Quartile
4
2
3
4
YTD
1y
3y
5y
10y
Inception
Total Return with Sales Charge (%)
2.06
3.88
0.19
0.96
1.45
3.32
Total Return without Sales Charge (%)
2.66
4.48
0.19
0.96
1.45
3.32
ICE BofA 3-15 Year U.S. Municipal Securities Index (%)
1.99
4.21
0.16
1.31
2.25
Morningstar Category Avg. (%)
1.64
9.29
-0.2
0.97
1.85
Morningstar Quartile
4
2
3
4
YTD
1y
3y
5y
10y
Inception
Total Return with Sales Charge (%)
2.07
7.89
0.75
4.98
16.03
168.44
Total Return without Sales Charge (%)
2.67
8.49
0.75
4.98
16.03
168.44
ICE BofA 3-15 Year U.S. Municipal Securities Index (%)
2.12
8.81
0.95
7.25
25.75
YTD
1y
3y
5y
10y
Inception
Total Return with Sales Charge (%)
2.06
3.88
0.58
4.91
15.51
168.43
Total Return without Sales Charge (%)
2.66
4.48
0.58
4.91
15.51
168.43
ICE BofA 3-15 Year U.S. Municipal Securities Index (%)
1.99
4.21
0.47
6.74
24.92
2018
2019
2020
2021
2022
2023
Total Return with Sales Charge (%)
-0.38
4.66
2.82
0.02
-7.29
4.46
ICE BofA 3-15 Year U.S. Municipal Securities Index (%)
1.45
7.01
4.96
0.94
-6.64
5.41
Fund Fees

Fund Fees

(As of 1 Feb 2024)
Gross Expense Ratio (%)
1.36
Net Expense Ratio (%)
1.09
Distributions

Distributions

(As of 29 Nov 2024)
Ex-Date
Payable Date
Total ($)
Income ($)
ST Cap Gains ($)
LT Cap Gains ($)
31 Jan 1994
31 Jan 1994
0
28 Feb 1994
28 Feb 1994
0
31 Mar 1994
31 Mar 1994
0
30 Apr 1994
30 Apr 1994
0
31 May 1994
31 May 1994
0
30 Jun 1994
30 Jun 1994
0
31 Jul 1994
31 Jul 1994
0
31 Aug 1994
31 Aug 1994
0
30 Sep 1994
30 Sep 1994
0.05428
0.05428
31 Oct 1994
31 Oct 1994
0.04701
0.04701
30 Nov 1994
30 Nov 1994
0.04858
0.04858
30 Dec 1994
31 Dec 1994
0.04852
0.04852
31 Jan 1995
31 Jan 1995
0.04957
0.04957
28 Feb 1995
28 Feb 1995
0.05042
0.05042
31 Mar 1995
31 Mar 1995
0.04928
0.04928
28 Apr 1995
30 Apr 1995
0.05377
0.05377
31 May 1995
31 May 1995
0.05309
0.05309
30 Jun 1995
30 Jun 1995
0.04833
0.04833
31 Jul 1995
31 Jul 1995
0.04868
0.04868
31 Aug 1995
31 Aug 1995
0.04903
0.04903
29 Sep 1995
30 Sep 1995
0.04929
0.04929
31 Oct 1995
31 Oct 1995
0.05184
0.05184
30 Nov 1995
30 Nov 1995
0.05193
0.05193
29 Dec 1995
31 Dec 1995
0.05154
0.05154
31 Jan 1996
31 Jan 1996
0.05229
0.05229
29 Feb 1996
29 Feb 1996
0.05296
0.05296
29 Mar 1996
31 Mar 1996
0.05208
0.05208
30 Apr 1996
30 Apr 1996
0.05263
0.05263
31 May 1996
31 May 1996
0.05192
0.05192
28 Jun 1996
30 Jun 1996
0.05253
0.05253
31 Jul 1996
31 Jul 1996
0.05197
0.05197
30 Aug 1996
31 Aug 1996
0.05166
0.05166
30 Sep 1996
30 Sep 1996
0.05186
0.05186
31 Oct 1996
31 Oct 1996
0.05176
0.05176
29 Nov 1996
30 Nov 1996
0.05192
0.05192
31 Dec 1996
31 Dec 1996
0.05066
0.05066
31 Jan 1997
31 Jan 1997
0.05103
0.05103
28 Feb 1997
28 Feb 1997
0.05226
0.05226
31 Mar 1997
31 Mar 1997
0.05099
0.05099
30 Apr 1997
30 Apr 1997
0.05139
0.05139
30 May 1997
31 May 1997
0.05053
0.05053
30 Jun 1997
30 Jun 1997
0.05074
0.05074
31 Jul 1997
31 Jul 1997
0.04869
0.04869
29 Aug 1997
31 Aug 1997
0.04886
0.04886
30 Sep 1997
30 Sep 1997
0.04932
0.04932
31 Oct 1997
31 Oct 1997
0.04858
0.04858
28 Nov 1997
30 Nov 1997
0.04882
0.04882
31 Dec 1997
31 Dec 1997
0.04837
0.04837
30 Jan 1998
31 Jan 1998
0.04843
0.04843
27 Feb 1998
28 Feb 1998
0.04956
0.04956
31 Mar 1998
31 Mar 1998
0.04768
0.04768
30 Apr 1998
30 Apr 1998
0.04819
0.04819
29 May 1998
31 May 1998
0.04747
0.04747
30 Jun 1998
30 Jun 1998
0.04753
0.04753
31 Jul 1998
31 Jul 1998
0.04711
0.04711
31 Aug 1998
31 Aug 1998
0.04684
0.04684
30 Sep 1998
30 Sep 1998
0.04749
0.04749
30 Oct 1998
31 Oct 1998
0.04682
0.04682
30 Nov 1998
30 Nov 1998
0.04745
0.04745
31 Dec 1998
31 Dec 1998
0.04716
0.04716
29 Jan 1999
31 Jan 1999
0.04681
0.04681
26 Feb 1999
28 Feb 1999
0.04853
0.04853
31 Mar 1999
31 Mar 1999
0.04678
0.04678
30 Apr 1999
30 Apr 1999
0.04739
0.04739
28 May 1999
31 May 1999
0.04676
0.04676
30 Jun 1999
30 Jun 1999
0.04767
0.04767
30 Jul 1999
31 Jul 1999
0.04727
0.04727
31 Aug 1999
31 Aug 1999
0.04607
0.04607
30 Sep 1999
30 Sep 1999
0.04632
0.04632
29 Oct 1999
31 Oct 1999
0.04623
0.04623
30 Nov 1999
30 Nov 1999
0.04742
0.04742
31 Dec 1999
31 Dec 1999
0.04660
0.04660
31 Jan 2000
31 Jan 2000
0.04670
0.04670
29 Feb 2000
29 Feb 2000
0.04746
0.04746
31 Mar 2000
31 Mar 2000
0.04688
0.04688
28 Apr 2000
30 Apr 2000
0.04818
0.04818
31 May 2000
31 May 2000
0.04718
0.04718
30 Jun 2000
30 Jun 2000
0.04767
0.04767
31 Jul 2000
31 Jul 2000
0.04788
0.04788
31 Aug 2000
31 Aug 2000
0.04760
0.04760
29 Sep 2000
30 Sep 2000
0.04864
0.04864
31 Oct 2000
31 Oct 2000
0.04762
0.04762
30 Nov 2000
30 Nov 2000
0.04751
0.04751
29 Dec 2000
31 Dec 2000
0.04723
0.04723
31 Jan 2001
31 Jan 2001
0.04911
0.04911
28 Feb 2001
28 Feb 2001
0.04827
0.04827
30 Mar 2001
31 Mar 2001
0.04687
0.04687
30 Apr 2001
30 Apr 2001
0.04714
0.04714
31 May 2001
31 May 2001
0.04721
0.04721
29 Jun 2001
30 Jun 2001
0.04754
0.04754
31 Jul 2001
31 Jul 2001
0.04697
0.04697
31 Aug 2001
31 Aug 2001
0.04645
0.04645
28 Sep 2001
30 Sep 2001
0.04535
0.04535
31 Oct 2001
31 Oct 2001
0.04448
0.04448
30 Nov 2001
30 Nov 2001
0.04435
0.04435
31 Dec 2001
31 Dec 2001
0.04323
0.04323
31 Jan 2002
31 Jan 2002
0.04375
0.04375
28 Feb 2002
28 Feb 2002
0.04391
0.04391
28 Mar 2002
31 Mar 2002
0.04285
0.04285
30 Apr 2002
30 Apr 2002
0.04280
0.04280
31 May 2002
31 May 2002
0.04250
0.04250
28 Jun 2002
30 Jun 2002
0.04230
0.04230
31 Jul 2002
31 Jul 2002
0.04113
0.04113
30 Aug 2002
31 Aug 2002
0.04010
0.04010
30 Sep 2002
30 Sep 2002
0.04015
0.04015
31 Oct 2002
31 Oct 2002
0.03956
0.03956
29 Nov 2002
30 Nov 2002
0.04029
0.04029
31 Dec 2002
31 Dec 2002
0.03983
0.03983
31 Jan 2003
31 Jan 2003
0.03947
0.03947
28 Feb 2003
28 Feb 2003
0.03975
0.03975
31 Mar 2003
31 Mar 2003
0.03805
0.03805
30 Apr 2003
30 Apr 2003
0.03832
0.03832
30 May 2003
31 May 2003
0.03790
0.03790
30 Jun 2003
30 Jun 2003
0.03787
0.03787
31 Jul 2003
31 Jul 2003
0.03956
0.03956
29 Aug 2003
31 Aug 2003
0.04187
0.04187
30 Sep 2003
30 Sep 2003
0.04127
0.04127
31 Oct 2003
31 Oct 2003
0.04062
0.04062
28 Nov 2003
30 Nov 2003
0.04059
0.04059
31 Dec 2003
31 Dec 2003
0.03985
0.03985
30 Jan 2004
31 Jan 2004
0.03957
0.03957
27 Feb 2004
29 Feb 2004
0.04000
0.04000
31 Mar 2004
31 Mar 2004
0.03930
0.03930
30 Apr 2004
30 Apr 2004
0.04018
0.04018
28 May 2004
31 May 2004
0.04069
0.04069
30 Jun 2004
30 Jun 2004
0.04171
0.04171
30 Jul 2004
31 Jul 2004
0.04019
0.04019
31 Aug 2004
31 Aug 2004
0.03921
0.03921
30 Sep 2004
30 Sep 2004
0.03884
0.03884
29 Oct 2004
31 Oct 2004
0.03810
0.03810
30 Nov 2004
30 Nov 2004
0.03837
0.03837
31 Dec 2004
31 Dec 2004
0.03741
0.03741
31 Jan 2005
31 Jan 2005
0.03754
0.03754
28 Feb 2005
28 Feb 2005
0.03890
0.03890
31 Mar 2005
31 Mar 2005
0.03778
0.03778
29 Apr 2005
30 Apr 2005
0.03878
0.03878
31 May 2005
31 May 2005
0.03815
0.03815
30 Jun 2005
30 Jun 2005
0.03820
0.03820
29 Jul 2005
31 Jul 2005
0.03822
0.03822
31 Aug 2005
31 Aug 2005
0.03855
0.03855
30 Sep 2005
30 Sep 2005
0.01260
0.01260
31 Oct 2005
31 Oct 2005
0.03705
0.03705
30 Nov 2005
30 Nov 2005
0.03761
0.03761
30 Dec 2005
31 Dec 2005
0.03718
0.03718
31 Jan 2006
31 Jan 2006
0.03899
0.03899
28 Feb 2006
28 Feb 2006
0.03754
0.03754
31 Mar 2006
31 Mar 2006
0.03849
0.03849
28 Apr 2006
30 Apr 2006
0.03882
0.03882
31 May 2006
31 May 2006
0.03863
0.03863
30 Jun 2006
30 Jun 2006
0.03954
0.03954
31 Jul 2006
31 Jul 2006
0.03926
0.03926
31 Aug 2006
31 Aug 2006
0.03925
0.03925
29 Sep 2006
30 Sep 2006
0.03917
0.03917
31 Oct 2006
31 Oct 2006
0.03894
0.03894
30 Nov 2006
30 Nov 2006
0.03928
0.03928
29 Dec 2006
31 Dec 2006
0.03912
0.03912
31 Jan 2007
31 Jan 2007
0.03986
0.03986
28 Feb 2007
28 Feb 2007
0.04037
0.04037
30 Mar 2007
31 Mar 2007
0.03930
0.03930
30 Apr 2007
30 Apr 2007
0.03980
0.03980
31 May 2007
31 May 2007
0.03938
0.03938
29 Jun 2007
30 Jun 2007
0.03891
0.03891
31 Jul 2007
31 Jul 2007
0.03955
0.03955
31 Aug 2007
31 Aug 2007
0.03988
0.03988
28 Sep 2007
30 Sep 2007
0.04019
0.04019
31 Oct 2007
31 Oct 2007
0.03946
0.03946
30 Nov 2007
30 Nov 2007
0.03963
0.03963
31 Dec 2007
31 Dec 2007
0.03923
0.03923
31 Jan 2008
31 Jan 2008
0.03900
0.03900
29 Feb 2008
29 Feb 2008
0.04077
0.04077
31 Mar 2008
31 Mar 2008
0.04053
0.04053
30 Apr 2008
30 Apr 2008
0.04044
0.04044
30 May 2008
31 May 2008
0.03879
0.03879
30 Jun 2008
30 Jun 2008
0.04002
0.04002
31 Jul 2008
31 Jul 2008
0.03980
0.03980
29 Aug 2008
31 Aug 2008
0.04024
0.04024
30 Sep 2008
30 Sep 2008
0.04122
0.04122
31 Oct 2008
31 Oct 2008
0.04133
0.04133
28 Nov 2008
30 Nov 2008
0.04148
0.04148
31 Dec 2008
31 Dec 2008
0.04200
0.04200
30 Jan 2009
31 Jan 2009
0.04222
0.04222
27 Feb 2009
28 Feb 2009
0.04316
0.04316
31 Mar 2009
31 Mar 2009
0.04187
0.04187
30 Apr 2009
30 Apr 2009
0.04223
0.04223
29 May 2009
31 May 2009
0.04184
0.04184
30 Jun 2009
30 Jun 2009
0.04220
0.04220
31 Jul 2009
31 Jul 2009
0.04265
0.04265
31 Aug 2009
31 Aug 2009
0.04184
0.04184
30 Sep 2009
30 Sep 2009
0.04073
0.04073
30 Oct 2009
31 Oct 2009
0.03957
0.03957
30 Nov 2009
30 Nov 2009
0.04119
0.04119
31 Dec 2009
31 Dec 2009
0.03989
0.03989
29 Jan 2010
31 Jan 2010
0.03945
0.03945
26 Feb 2010
28 Feb 2010
0.03958
0.03958
31 Mar 2010
31 Mar 2010
0.03744
0.03744
30 Apr 2010
30 Apr 2010
0.03833
0.03833
28 May 2010
31 May 2010
0.03723
0.03723
30 Jun 2010
30 Jun 2010
0.03738
0.03738
30 Jul 2010
31 Jul 2010
0.03607
0.03607
31 Aug 2010
31 Aug 2010
0.03524
0.03524
30 Sep 2010
30 Sep 2010
0.03473
0.03473
29 Oct 2010
31 Oct 2010
0.03382
0.03382
30 Nov 2010
30 Nov 2010
0.03506
0.03506
31 Dec 2010
31 Dec 2010
0.03615
0.03615
31 Jan 2011
31 Jan 2011
0.03747
0.03747
28 Feb 2011
28 Feb 2011
0.03917
0.03917
31 Mar 2011
31 Mar 2011
0.03852
0.03852
29 Apr 2011
30 Apr 2011
0.03824
0.03824
31 May 2011
31 May 2011
0.03696
0.03696
30 Jun 2011
30 Jun 2011
0.03768
0.03768
29 Jul 2011
31 Jul 2011
0.03566
0.03566
31 Aug 2011
31 Aug 2011
0.03509
0.03509
30 Sep 2011
30 Sep 2011
0.03422
0.03422
31 Oct 2011
31 Oct 2011
0.03411
0.03411
30 Nov 2011
30 Nov 2011
0.03386
0.03386
30 Dec 2011
31 Dec 2011
0.03404
0.03404
31 Jan 2012
31 Jan 2012
0.03135
0.03135
29 Feb 2012
29 Feb 2012
0.03009
0.03009
30 Mar 2012
31 Mar 2012
0.02808
0.02808
30 Apr 2012
30 Apr 2012
0.02812
0.02812
31 May 2012
31 May 2012
0.02806
0.02806
29 Jun 2012
30 Jun 2012
0.02902
0.02902
31 Jul 2012
31 Jul 2012
0.02812
0.02812
31 Aug 2012
31 Aug 2012
0.02731
0.02731
28 Sep 2012
30 Sep 2012
0.02777
0.02777
31 Oct 2012
31 Oct 2012
0.02610
0.02610
30 Nov 2012
30 Nov 2012
0.02643
0.02643
31 Dec 2012
31 Dec 2012
0.02562
0.02562
31 Jan 2013
31 Jan 2013
0.02530
0.02530
28 Feb 2013
28 Feb 2013
0.02537
0.02537
28 Mar 2013
31 Mar 2013
0.02267
0.02267
30 Apr 2013
30 Apr 2013
0.02323
0.02323
31 May 2013
31 May 2013
0.02225
0.02225
28 Jun 2013
30 Jun 2013
0.02326
0.02326
31 Jul 2013
31 Jul 2013
0.02279
0.02279
30 Aug 2013
31 Aug 2013
0.02282
0.02282
30 Sep 2013
30 Sep 2013
0.02416
0.02416
31 Oct 2013
31 Oct 2013
0.02407
0.02407
29 Nov 2013
30 Nov 2013
0.02457
0.02457
31 Dec 2013
31 Dec 2013
0.02477
0.02477
31 Jan 2014
31 Jan 2014
0.02444
0.02444
28 Feb 2014
28 Feb 2014
0.02777
0.02777
31 Mar 2014
31 Mar 2014
0.02535
0.02535
30 Apr 2014
30 Apr 2014
0.02501
0.02501
30 May 2014
31 May 2014
0.02343
0.02343
30 Jun 2014
30 Jun 2014
0.02433
0.02433
31 Jul 2014
31 Jul 2014
0.02402
0.02402
29 Aug 2014
31 Aug 2014
0.02403
0.02403
30 Sep 2014
30 Sep 2014
0.02355
0.02355
31 Oct 2014
31 Oct 2014
0.02160
0.02160
28 Nov 2014
30 Nov 2014
0.02207
0.02207
31 Dec 2014
31 Dec 2014
0.02080
0.02080
30 Jan 2015
31 Jan 2015
0.02037
0.02037
27 Feb 2015
28 Feb 2015
0.02292
0.02292
31 Mar 2015
31 Mar 2015
0.02027
0.02027
30 Apr 2015
30 Apr 2015
0.02090
0.02090
29 May 2015
31 May 2015
0.02007
0.02007
30 Jun 2015
30 Jun 2015
0.02040
0.02040
31 Jul 2015
31 Jul 2015
0.02019
0.02019
31 Aug 2015
31 Aug 2015
0.02027
0.02027
30 Sep 2015
30 Sep 2015
0.02190
0.02190
30 Oct 2015
31 Oct 2015
0.02182
0.02182
30 Nov 2015
30 Nov 2015
0.02217
0.02217
31 Dec 2015
31 Dec 2015
0.02039
0.02039
29 Jan 2016
31 Jan 2016
0.01869
0.01869
29 Feb 2016
29 Feb 2016
0.02025
0.02025
31 Mar 2016
31 Mar 2016
0.01891
0.01891
29 Apr 2016
30 Apr 2016
0.02010
0.02010
31 May 2016
31 May 2016
0.01942
0.01942
30 Jun 2016
30 Jun 2016
0.02066
0.02066
29 Jul 2016
31 Jul 2016
0.01947
0.01947
31 Aug 2016
31 Aug 2016
0.01931
0.01931
30 Sep 2016
30 Sep 2016
0.02040
0.02040
31 Oct 2016
31 Oct 2016
0.01955
0.01955
30 Nov 2016
30 Nov 2016
0.02057
0.02057
30 Dec 2016
31 Dec 2016
0.02060
0.02060
31 Jan 2017
31 Jan 2017
0.02069
0.02069
28 Feb 2017
28 Feb 2017
0.02317
0.02317
31 Mar 2017
31 Mar 2017
0.02135
0.02135
28 Apr 2017
30 Apr 2017
0.02258
0.02258
31 May 2017
31 May 2017
0.02208
0.02208
30 Jun 2017
30 Jun 2017
0.02274
0.02274
31 Jul 2017
31 Jul 2017
0.02185
0.02185
31 Aug 2017
31 Aug 2017
0.02144
0.02144
29 Sep 2017
30 Sep 2017
0.02219
0.02219
31 Oct 2017
31 Oct 2017
0.02124
0.02124
30 Nov 2017
30 Nov 2017
0.02234
0.02234
29 Dec 2017
31 Dec 2017
0.02196
0.02196
31 Jan 2018
31 Jan 2018
0.02193
0.02193
28 Feb 2018
28 Feb 2018
0.02450
0.02450
29 Mar 2018
31 Mar 2018
0.02228
0.02228
30 Apr 2018
30 Apr 2018
0.02347
0.02347
31 May 2018
31 May 2018
0.02251
0.02251
29 Jun 2018
30 Jun 2018
0.02334
0.02334
31 Jul 2018
31 Jul 2018
0.02240
0.02240
31 Aug 2018
31 Aug 2018
0.02282
0.02282
28 Sep 2018
30 Sep 2018
0.02342
0.02342
31 Oct 2018
31 Oct 2018
0.02339
0.02339
30 Nov 2018
30 Nov 2018
0.02387
0.02387
31 Dec 2018
31 Dec 2018
0.02348
0.02348
31 Jan 2019
31 Jan 2019
0.02338
0.02338
28 Feb 2019
28 Feb 2019
0.02587
0.02587
29 Mar 2019
31 Mar 2019
0.02346
0.02346
30 Apr 2019
30 Apr 2019
0.02440
0.02440
31 May 2019
31 May 2019
0.02471
0.02471
28 Jun 2019
30 Jun 2019
0.02605
0.02605
31 Jul 2019
31 Jul 2019
0.02513
0.02513
31 Aug 2019
31 Aug 2019
0.02490
0.02490
30 Sep 2019
30 Sep 2019
0.02502
0.02502
31 Oct 2019
31 Oct 2019
0.02403
0.02403
30 Nov 2019
30 Nov 2019
0.02496
0.02496
31 Dec 2019
31 Dec 2019
0.02429
0.02429
31 Jan 2020
31 Jan 2020
0.02407
0.02407
29 Feb 2020
29 Feb 2020
0.02657
0.02657
31 Mar 2020
31 Mar 2020
0.02572
0.02572
30 Apr 2020
30 Apr 2020
0.02642
0.02642
31 May 2020
31 May 2020
0.02536
0.02536
30 Jun 2020
30 Jun 2020
0.02509
0.02509
31 Jul 2020
31 Jul 2020
0.02384
0.02384
31 Aug 2020
31 Aug 2020
0.02330
0.02330
30 Sep 2020
30 Sep 2020
0.02388
0.02388
30 Oct 2020
31 Oct 2020
0.02282
0.02282
30 Nov 2020
30 Nov 2020
0.02380
0.02380
31 Dec 2020
31 Dec 2020
0.02274
0.02274
29 Jan 2021
31 Jan 2021
0.02294
0.02294
26 Feb 2021
28 Feb 2021
0.02515
0.02515
31 Mar 2021
31 Mar 2021
0.02261
0.02261
30 Apr 2021
30 Apr 2021
0.02325
0.02325
28 May 2021
31 May 2021
0.02243
0.02243
30 Jun 2021
30 Jun 2021
0.02340
0.02340
30 Jul 2021
31 Jul 2021
0.02205
0.02205
31 Aug 2021
31 Aug 2021
0.02173
0.02173
30 Sep 2021
30 Sep 2021
0.02212
0.02212
29 Oct 2021
31 Oct 2021
0.02101
0.02101
30 Nov 2021
30 Nov 2021
0.02181
0.02181
31 Dec 2021
31 Dec 2021
0.02051
0.02051
31 Jan 2022
31 Jan 2022
0.02015
0.02015
28 Feb 2022
28 Feb 2022
0.02302
0.02302
31 Mar 2022
31 Mar 2022
0.02097
0.02097
29 Apr 2022
30 Apr 2022
0.02439
0.02439
31 May 2022
31 May 2022
0.02334
0.02334
30 Jun 2022
30 Jun 2022
0.02425
0.02425
29 Jul 2022
31 Jul 2022
0.02440
0.02440
31 Aug 2022
31 Aug 2022
0.02505
0.02505
30 Sep 2022
30 Sep 2022
0.02584
0.02584
31 Oct 2022
31 Oct 2022
0.02668
0.02668
30 Nov 2022
30 Nov 2022
0.02784
0.02784
30 Dec 2022
31 Dec 2022
0.02816
0.02816
31 Jan 2023
31 Jan 2023
0.02747
0.02747
28 Feb 2023
28 Feb 2023
0.03089
0.03089
31 Mar 2023
31 Mar 2023
0.02822
0.02822
28 Apr 2023
30 Apr 2023
0.02971
0.02971
31 May 2023
31 May 2023
0.03012
0.03012
30 Jun 2023
30 Jun 2023
0.03060
0.03060
31 Jul 2023
31 Jul 2023
0.03058
0.03058
31 Aug 2023
31 Aug 2023
0.03068
0.03068
29 Sep 2023
30 Sep 2023
0.03131
0.03131
31 Oct 2023
31 Oct 2023
0.03214
0.03214
30 Nov 2023
30 Nov 2023
0.03348
0.03348
29 Dec 2023
31 Dec 2023
0.03326
0.03326
31 Jan 2024
31 Jan 2024
0.03213
0.03213
29 Feb 2024
29 Feb 2024
0.03366
0.03366
28 Mar 2024
31 Mar 2024
0.03300
0.03300
30 Apr 2024
30 Apr 2024
0.03369
0.03369
31 May 2024
31 May 2024
0.03323
0.03323
28 Jun 2024
30 Jun 2024
0.03359
0.03359
31 Jul 2024
31 Jul 2024
0.03331
0.03331
30 Aug 2024
31 Aug 2024
0.03314
0.03314
30 Sep 2024
30 Sep 2024
0.03401
0.03401
31 Oct 2024
31 Oct 2024
0.03427
0.03427
29 Nov 2024
30 Nov 2024
0.03457
0.03457
Fund Facts

Fund Facts

(As of 31 Oct 2024)
Net Fund Assets
$1.0 B
Benchmark
ICE BofA 3-15 Year U.S. Municipal Securities Index
Morningstar Category
Muni National Intermediate
Fund Symbol
THMCX
Share Class
C
Share Class Inception Date
1 Sep 1994
Number of Holdings
483
Portfolio Turnover
30%
Distribution Frequency
Monthly
30-Day SEC Yield (Subsidized)
2.78%
30-Day SEC Yield (Unsubsidized)
2.46%
Annualized Distribution Yield
3.11%
Characteristics

Characteristics

Portfolio

(As of 31 Oct 2024)
Portfolio
Benchmark
Effective Duration
5.6 Yrs
5.1 Yrs
Average Effective Maturity
10.3 Yrs
8.1 Yrs
Weighted Average Coupon
4.9%
4.5%
Portfolio
Benchmark
Yield to Worst
3.9%
3.3%
Subject to Alternative Minimum Tax
14.3%
Risk & Return Profile

Risk & Return Profile

(As of 31 Oct 2024)
3y
5y
10y
Annualized Alpha (%)
0.65
0.43
0.17
Standard Deviation (%)
5.15
4.73
3.78
Sharpe Ratio
-0.62
-0.23
0.06
Up Capture (%)
83.05
87.33
84.97
Down Capture (%)
75.37
81.41
81.88
Portfolio

Portfolio

Top Holdings

(As of 31 Oct 2024)
Name
Ticker/Symbol
Weight %
Tennessee Energy Acquisition Corp
88044TAL3
1.2
Kentucky Public Energy Authority
74440DEC4
1.1
Patriots Energy Group Financing Agency
70342PAN4
1.0
Pennsylvania Economic Development Financing Authority
708692BP2
1.0
Kentucky Public Energy Authority
74440DFC3
0.8
Main Street Natural Gas Inc
56035DGB2
0.8
Wise County Industrial Development Authority
977228AF2
0.8
Main Street Natural Gas Inc
56035DGT3
0.8
Indiana Finance Authority
45470CAG4
0.8
City of Chicago IL
167486ZY8
0.8
Exposure Breakdown

Exposure Breakdown

(As of 31 Oct 2024)
Sector Allocation
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
Gas
13.6
Hospital
9.6
6.7
Airport
7.0
3.9
Industrial Development/Pollution Control
6.5
Single Family Mortgage
6.4
0.2
Multi Family Mortgage
5.9
2.0
Appropriation
5.8
3.6
Dedicated Tax
5.8
14.7
Local General Obligation
5.3
9.3
State General Obligation
4.9
17.9
Cash & Cash Equivalents
3.4
Sector Allocation
Fund (%)
Gas
13.6
Hospital
9.6
Airport
7.0
Industrial Development/Pollution Control
6.5
Single Family Mortgage
6.4
Multi Family Mortgage
5.9
Appropriation
5.8
Dedicated Tax
5.8
Local General Obligation
5.3
State General Obligation
4.9
Cash & Cash Equivalents
3.4
Top 10 U.S. States
Fund (%)
Benchmark (%)

Portfolio

Benchmark

0%
5%
10%
15%
20%
25%
30%
Illinois
12.8
5.4
Texas
12.8
7.0
Pennsylvania
6.5
3.1
New York
5.9
20.3
Georgia
5.4
3.6
California
4.6
19.3
Alabama
4.4
2.8
New Jersey
3.9
4.0
Florida
3.6
2.3
Indiana
3.5
0.6
Cash
3.4
Top 10 U.S. States
Fund (%)
Illinois
12.8
Texas
12.8
Pennsylvania
6.5
New York
5.9
Georgia
5.4
California
4.6
Alabama
4.4
New Jersey
3.9
Florida
3.6
Indiana
3.5
Cash
3.4
Credit Quality
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
AAA
11.9
13.5
AA
37.0
56.4
A
37.4
24.5
BBB
7.8
5.6
Not Rated
2.6
Cash & Cash Equivalents
3.4
Credit Quality
Fund (%)
AAA
11.9
AA
37.0
A
37.4
BBB
7.8
Not Rated
2.6
Cash & Cash Equivalents
3.4
Maturity
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
25%
30%
Year 1-2
11.0
Year 3-4
6.1
12.0
Year 5-6
7.9
21.5
Year 7-8
15.4
19.7
Year 9-10
5.8
15.9
Year 11-12
6.1
14.0
Year 13-14
7.7
12.0
Year 15-16
8.1
5.0
Year 17+
28.5
Cash
3.4
Maturity
Fund (%)
Year 1-2
11.0
Year 3-4
6.1
Year 5-6
7.9
Year 7-8
15.4
Year 9-10
5.8
Year 11-12
6.1
Year 13-14
7.7
Year 15-16
8.1
Year 17+
28.5
Cash
3.4
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…
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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…
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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…
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