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Thornburg Short Duration Municipal Fund

Morningstar Rating  • Info

Overall Morningstar Rating among 215 Muni National Short funds, based on risk-adjusted returns for class A shares, using a weighted average of the funds three-, five-, and ten-year ratings: respectively, 3 stars, 3 stars and 2 stars among 215, 198 and 158 funds, as of 31 Aug 2025.

As of 31 Aug 2025
Fund Assets
$121.8 M
As of 31 Aug 2025
NAV
$11.97
As of 7 Oct 2025
Change
$0.00
As of 7 Oct 2025
YTD NAV Performance
3.07%
As of 7 Oct 2025
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
Eve Lando, JD
Portfolio Manager and Managing Director
Craig Mauermann, ChFC
Portfolio Manager and Managing Director
OverviewPerformanceFund FactsCharacteristicsPortfolioPortfolio ManagersLiterature
Overview

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.

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Performance

Performance

Returns

(As of 30 Sep 2025)
Average Annual Return
YTD
1y
3y
5y
10y
Inception
Total Return with Sales Charge (%)
0.73
0.60
2.67
0.79
0.89
0.81
Total Return without Sales Charge (%)
3.01
2.95
3.45
1.24
1.05
0.95
ICE BofA 1-3 Year U.S. Municipal Securities Index (%)
3.22
3.15
3.61
1.52
1.54
1.44
Morningstar Category Avg. (%)
1.68
3.42
2.79
1.35
1.42
—
Morningstar Quartile
—
3
3
3
4
—
Morningstar Quartile # of Funds
—
229
215
198
158
—
YTD
1y
3y
5y
10y
Inception
Total Return with Sales Charge (%)
0.73
0.60
2.67
0.79
0.89
0.81
Total Return without Sales Charge (%)
3.01
2.95
3.45
1.24
1.05
0.95
ICE BofA 1-3 Year U.S. Municipal Securities Index (%)
3.22
3.15
3.61
1.52
1.54
1.44
Morningstar Category Avg. (%)
2.67
3.04
3.11
1.43
1.5
—
Morningstar Quartile
—
2
3
3
4
—
Morningstar Quartile # of Funds
—
229
215
198
158
—
YTD
1y
3y
5y
10y
Inception
Total Return with Sales Charge (%)
0.73
0.60
8.22
4.00
9.32
9.99
Total Return without Sales Charge (%)
3.01
2.95
10.70
6.35
11.00
11.69
ICE BofA 1-3 Year U.S. Municipal Securities Index (%)
3.22
3.15
11.21
7.83
16.51
18.33
YTD
1y
3y
5y
10y
Inception
Total Return with Sales Charge (%)
0.73
0.60
8.22
4.00
9.32
9.99
Total Return without Sales Charge (%)
3.01
2.95
10.70
6.35
11.00
11.69
ICE BofA 1-3 Year U.S. Municipal Securities Index (%)
3.22
3.15
11.21
7.83
16.51
18.33
2019
2020
2021
2022
2023
2024
Total Return with Sales Charge (%)
0.36
-0.65
-2.46
-4.69
1.16
0.19
ICE BofA 1-3 Year U.S. Municipal Securities Index (%)
2.88
2.16
0.34
-2.03
3.35
2.63

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.

Morningstar quartile ranking for Muni National Short category is based on total returns before sales charges.

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

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

Fund Fees

Fund Fees

(As of 1 Feb 2025)
Gross Expense Ratio (%)
1.23
Net Expense Ratio (%)
0.70

Thornburg Investment Management and/or Thornburg Securities LLC have contractually agreed to waive fees and reimburse expenses through at least February 1, 2026, 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

Hypothetical Growth of $10,000

(As of 30 Sep 2025)
(Hypothetical Growth of $10,000 vs ICE BofA 1-3 Year U.S. Municipal Securities Index)

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

Distributions

(As of 30 Sep 2025)
Ex-Date
Payable Date
Total ($)
Income ($)
ST Cap Gains ($)
LT Cap Gains ($)
31 Jan 2014
31 Jan 2014
0.00126
0.00126
—
—
28 Feb 2014
28 Feb 2014
0.00478
0.00478
—
—
31 Mar 2014
31 Mar 2014
0.00196
0.00196
—
—
30 Apr 2014
30 Apr 2014
0.00126
0.00126
—
—
30 May 2014
31 May 2014
0.00120
0.00120
—
—
30 Jun 2014
30 Jun 2014
0.00149
0.00149
—
—
31 Jul 2014
31 Jul 2014
0.00305
0.00305
—
—
29 Aug 2014
31 Aug 2014
0.00153
0.00153
—
—
30 Sep 2014
30 Sep 2014
0.00243
0.00243
—
—
31 Oct 2014
31 Oct 2014
0.00165
0.00165
—
—
28 Nov 2014
30 Nov 2014
0.00201
0.00201
—
—
31 Dec 2014
31 Dec 2014
0.00041
0.00041
—
—
31 Jan 2015
31 Jan 2015
0
—
—
—
27 Feb 2015
28 Feb 2015
0.00172
0.00172
—
—
31 Mar 2015
31 Mar 2015
0.00018
0.00018
—
—
30 Apr 2015
30 Apr 2015
0.00195
0.00195
—
—
29 May 2015
31 May 2015
0.00102
0.00102
—
—
30 Jun 2015
30 Jun 2015
0.00255
0.00255
—
—
31 Jul 2015
31 Jul 2015
0.00137
0.00137
—
—
31 Aug 2015
31 Aug 2015
0.00186
0.00186
—
—
30 Sep 2015
30 Sep 2015
0.00286
0.00286
—
—
30 Oct 2015
31 Oct 2015
0.00134
0.00134
—
—
30 Nov 2015
30 Nov 2015
0.00183
0.00183
—
—
31 Dec 2015
31 Dec 2015
0.00074
0.00074
—
—
29 Jan 2016
31 Jan 2016
0.00129
0.00129
—
—
29 Feb 2016
29 Feb 2016
0.00321
0.00321
—
—
31 Mar 2016
31 Mar 2016
0.00183
0.00183
—
—
29 Apr 2016
30 Apr 2016
0.00396
0.00396
—
—
31 May 2016
31 May 2016
0.00313
0.00313
—
—
30 Jun 2016
30 Jun 2016
0.00409
0.00409
—
—
29 Jul 2016
31 Jul 2016
0.00241
0.00241
—
—
31 Aug 2016
31 Aug 2016
0.00191
0.00191
—
—
30 Sep 2016
30 Sep 2016
0.00317
0.00317
—
—
31 Oct 2016
31 Oct 2016
0.00206
0.00206
—
—
30 Nov 2016
30 Nov 2016
0.00286
0.00286
—
—
30 Dec 2016
31 Dec 2016
0.00201
0.00201
—
—
31 Jan 2017
31 Jan 2017
0.00875
0.00875
—
—
28 Feb 2017
28 Feb 2017
0.00831
0.00831
—
—
31 Mar 2017
31 Mar 2017
0.00643
0.00643
—
—
28 Apr 2017
30 Apr 2017
0.00802
0.00802
—
—
31 May 2017
31 May 2017
0.00728
0.00728
—
—
30 Jun 2017
30 Jun 2017
0.00882
0.00882
—
—
31 Jul 2017
31 Jul 2017
0.00838
0.00838
—
—
31 Aug 2017
31 Aug 2017
0.00839
0.00839
—
—
29 Sep 2017
30 Sep 2017
0.00909
0.00909
—
—
31 Oct 2017
31 Oct 2017
0.00796
0.00796
—
—
30 Nov 2017
30 Nov 2017
0.00919
0.00919
—
—
29 Dec 2017
31 Dec 2017
0.00886
0.00886
—
—
31 Jan 2018
31 Jan 2018
0.00874
0.00874
—
—
28 Feb 2018
28 Feb 2018
0.01067
0.01067
—
—
29 Mar 2018
31 Mar 2018
0.00884
0.00884
—
—
30 Apr 2018
30 Apr 2018
0.01053
0.01053
—
—
31 May 2018
31 May 2018
0.00784
0.00784
—
—
29 Jun 2018
30 Jun 2018
0.00937
0.00937
—
—
31 Jul 2018
31 Jul 2018
0.00812
0.00812
—
—
31 Aug 2018
31 Aug 2018
0.01075
0.01075
—
—
28 Sep 2018
30 Sep 2018
0.01145
0.01145
—
—
31 Oct 2018
31 Oct 2018
0.01151
0.01151
—
—
30 Nov 2018
30 Nov 2018
0.01293
0.01293
—
—
31 Dec 2018
31 Dec 2018
0.01251
0.01251
—
—
31 Jan 2019
31 Jan 2019
0.01067
0.01067
—
—
28 Feb 2019
28 Feb 2019
0.01584
0.01584
—
—
29 Mar 2019
31 Mar 2019
0.01404
0.01404
—
—
30 Apr 2019
30 Apr 2019
0.01452
0.01452
—
—
31 May 2019
31 May 2019
0.01322
0.01322
—
—
28 Jun 2019
30 Jun 2019
0.01432
0.01432
—
—
31 Jul 2019
31 Jul 2019
0.01236
0.01236
—
—
31 Aug 2019
31 Aug 2019
0.01192
0.01192
—
—
30 Sep 2019
30 Sep 2019
0.01262
0.01262
—
—
31 Oct 2019
31 Oct 2019
0.01166
0.01166
—
—
30 Nov 2019
30 Nov 2019
0.01131
0.01131
—
—
31 Dec 2019
31 Dec 2019
0.01169
0.01169
—
—
31 Jan 2020
31 Jan 2020
0.01075
0.01075
—
—
29 Feb 2020
29 Feb 2020
0.01160
0.01160
—
—
31 Mar 2020
31 Mar 2020
0.01478
0.01478
—
—
30 Apr 2020
30 Apr 2020
0.01106
0.01106
—
—
31 May 2020
31 May 2020
0.01053
0.01053
—
—
30 Jun 2020
30 Jun 2020
0.01083
0.01083
—
—
31 Jul 2020
31 Jul 2020
0.00938
0.00938
—
—
31 Aug 2020
31 Aug 2020
0.00886
0.00886
—
—
30 Sep 2020
30 Sep 2020
0.00761
0.00761
—
—
30 Oct 2020
31 Oct 2020
0.00412
0.00412
—
—
30 Nov 2020
30 Nov 2020
0.00472
0.00472
—
—
31 Dec 2020
31 Dec 2020
0.00327
0.00327
—
—
29 Jan 2021
31 Jan 2021
0.00237
0.00237
—
—
26 Feb 2021
28 Feb 2021
0.00435
0.00435
—
—
31 Mar 2021
31 Mar 2021
0.00192
0.00192
—
—
30 Apr 2021
30 Apr 2021
0.00271
0.00271
—
—
28 May 2021
31 May 2021
0.00205
0.00205
—
—
30 Jun 2021
30 Jun 2021
0.00257
0.00257
—
—
30 Jul 2021
31 Jul 2021
0.00165
0.00165
—
—
31 Aug 2021
31 Aug 2021
0.00140
0.00140
—
—
30 Sep 2021
30 Sep 2021
0.00211
0.00211
—
—
29 Oct 2021
31 Oct 2021
0.00180
0.00180
—
—
30 Nov 2021
30 Nov 2021
0.00309
0.00309
—
—
31 Dec 2021
31 Dec 2021
0.00282
0.00282
—
—
31 Jan 2022
31 Jan 2022
0.00269
0.00269
—
—
28 Feb 2022
28 Feb 2022
0.00554
0.00554
—
—
31 Mar 2022
31 Mar 2022
0.00410
0.00410
—
—
29 Apr 2022
30 Apr 2022
0.00685
0.00685
—
—
31 May 2022
31 May 2022
0.00829
0.00829
—
—
30 Jun 2022
30 Jun 2022
0.00949
0.00949
—
—
29 Jul 2022
31 Jul 2022
0.01108
0.01108
—
—
31 Aug 2022
31 Aug 2022
0.01298
0.01298
—
—
30 Sep 2022
30 Sep 2022
0.01451
0.01451
—
—
31 Oct 2022
31 Oct 2022
0.01693
0.01693
—
—
30 Nov 2022
30 Nov 2022
0.01660
0.01660
—
—
30 Dec 2022
31 Dec 2022
0.02009
0.02009
—
—
31 Jan 2023
31 Jan 2023
0.01952
0.01952
—
—
28 Feb 2023
28 Feb 2023
0.02264
0.02264
—
—
31 Mar 2023
31 Mar 2023
0.02376
0.02376
—
—
28 Apr 2023
30 Apr 2023
0.02476
0.02476
—
—
31 May 2023
31 May 2023
0.02505
0.02505
—
—
30 Jun 2023
30 Jun 2023
0.02618
0.02618
—
—
31 Jul 2023
31 Jul 2023
0.02673
0.02673
—
—
31 Aug 2023
31 Aug 2023
0.02816
0.02816
—
—
29 Sep 2023
30 Sep 2023
0.02883
0.02883
—
—
31 Oct 2023
31 Oct 2023
0.02945
0.02945
—
—
30 Nov 2023
30 Nov 2023
0.02950
0.02950
—
—
29 Dec 2023
31 Dec 2023
0.02952
0.02952
—
—
31 Jan 2024
31 Jan 2024
0.02997
0.02997
—
—
29 Feb 2024
29 Feb 2024
0.03047
0.03047
—
—
28 Mar 2024
31 Mar 2024
0.03009
0.03009
—
—
30 Apr 2024
30 Apr 2024
0.03068
0.03068
—
—
31 May 2024
31 May 2024
0.03008
0.03008
—
—
28 Jun 2024
30 Jun 2024
0.03077
0.03077
—
—
31 Jul 2024
31 Jul 2024
0.03126
0.03126
—
—
30 Aug 2024
31 Aug 2024
0.03149
0.03149
—
—
30 Sep 2024
30 Sep 2024
0.03124
0.03124
—
—
31 Oct 2024
31 Oct 2024
0.03084
0.03084
—
—
29 Nov 2024
30 Nov 2024
0.03059
0.03059
—
—
31 Dec 2024
31 Dec 2024
0.03072
0.03072
—
—
31 Jan 2025
31 Jan 2025
0.03008
0.03008
—
—
28 Feb 2025
28 Feb 2025
0.03101
0.03101
—
—
31 Mar 2025
31 Mar 2025
0.03022
0.03022
—
—
30 Apr 2025
30 Apr 2025
0.03095
0.03095
—
—
30 May 2025
31 May 2025
0.03051
0.03051
—
—
30 Jun 2025
30 Jun 2025
0.03042
0.03042
—
—
31 Jul 2025
31 Jul 2025
0.03040
0.03040
—
—
29 Aug 2025
31 Aug 2025
0.03025
0.03025
—
—
30 Sep 2025
30 Sep 2025
0.03056
0.03056
—
—
Fund Facts

Fund Facts

(As of 31 Aug 2025)
Net Fund Assets
$121.8 M
Benchmark
ICE BofA 1-3 Year U.S. Municipal Securities Index
Morningstar Category
Muni National Short
Fund Symbol
TLMAX
Share Class
A
Share Class Inception Date
30 Dec 2013
Distribution Frequency
Monthly
30-Day SEC Yield (Subsidized)
2.38%
30-Day SEC Yield (Unsubsidized)
1.87%
Annualized Distribution Yield
2.99%
Characteristics

Characteristics

Portfolio

(As of 31 Aug 2025)
Portfolio
Benchmark
Number of Holdings
134
—
Annual Portfolio Turnover
64%
—
Effective Duration
1.6 Yrs
1.6 Yrs
Average Effective Maturity
2.1 Yrs
1.9 Yrs
Portfolio
Benchmark
Weighted Average Coupon
4.3%
4.5%
Yield to Worst
3.3%
2.5%
Subject to Alternative Minimum Tax
15.2%
—
Risk & Return Profile

Risk & Return Profile

(As of 31 Aug 2025)
3y
5y
10y
Annualized Alpha (%)
0.60
0.12
-0.06
Standard Deviation (%)
1.79
1.79
1.41
Sharpe Ratio
-0.94
-0.90
-0.60
Up Capture (%)
94.08
91.52
81.27
Down Capture (%)
72.03
87.40
81.63

Past performance does not guarantee future results.

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

Portfolio

Portfolio

Top Holdings

(As of 31 Aug 2025)
Name
Ticker/Symbol
Weight %
PEFA, Inc.
70556CAB0
2.5
Massachusetts Development Finance Agency
57584YPF0
2.0
Kentucky Public Energy Authority
74440DFN9
2.0
City of Los Angeles Department of Airports
5444452K4
1.8
Tennergy Corp./TN
880397CJ1
1.8
Travis County Housing Finance Corp.
89438UBM9
1.7
Harris County Cultural Education Facilities Finance Corp.
414009NF3
1.7
Knox County Health Educational & Housing Facility Board
499652AM7
1.6
Chatom Industrial Development Board
162296AC1
1.6
California Municipal Finance Authority
13048RAF4
1.6
Download Holdings

Portfolio holdings are subject to change daily.

Exposure Breakdown

Exposure Breakdown

(As of 31 Aug 2025)
Sector
Sector Allocation
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
Industrial Development/Pollution Control
20.0
—
Multi Family Mortgage
19.1
6.2
Gas
15.4
—
School District General Obligation
7.6
—
Hospital
7.4
4.3
Public Power
5.3
5.0
Airport
3.4
2.6
School District App
3.4
—
Lifecare
2.9
—
Incremental Tax
2.3
—
Cash & Cash Equivalents
2.0
—
Sector Allocation
Fund (%)
Industrial Development/Pollution Control
20.0
Multi Family Mortgage
19.1
Gas
15.4
School District General Obligation
7.6
Hospital
7.4
Public Power
5.3
Airport
3.4
School District App
3.4
Lifecare
2.9
Incremental Tax
2.3
Cash & Cash Equivalents
2.0
Top 10 U.S. States
Fund (%)
Benchmark (%)

Portfolio

Benchmark

0%
5%
10%
15%
20%
Texas
17.6
9.0
California
8.5
16.2
Alabama
6.0
2.8
Illinois
5.9
4.5
Florida
5.9
2.6
Georgia
5.6
3.9
Tennessee
4.3
1.6
Indiana
4.2
0.6
Pennsylvania
3.9
3.2
Kentucky
3.0
1.3
Cash
2.0
—
Top 10 U.S. States
Fund (%)
Texas
17.6
California
8.5
Alabama
6.0
Illinois
5.9
Florida
5.9
Georgia
5.6
Tennessee
4.3
Indiana
4.2
Pennsylvania
3.9
Kentucky
3.0
Cash
2.0
Credit Quality
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
AAA
7.1
14.8
AA
40.2
60.0
A
39.3
21.4
BBB
8.3
3.8
Not Rated
3.2
—
Cash & Cash Equivalents
2.0
—
Credit Quality
Fund (%)
AAA
7.1
AA
40.2
A
39.3
BBB
8.3
Not Rated
3.2
Cash & Cash Equivalents
2.0
Maturity
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
Year 1
29.4
7.0
Year 2
27.7
49.0
Year 3
12.8
45.0
Year 4
8.4
—
Year 5+
19.7
—
Cash
2.0
—
Maturity
Fund (%)
Year 1
29.4
Year 2
27.7
Year 3
12.8
Year 4
8.4
Year 5+
19.7
Cash
2.0

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

Portfolio Managers

David Ashley, CFA

David Ashley, CFA

Portfolio Manager and Managing Director
David Ashley is a 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…
Learn More
Eve Lando, JD

Eve Lando, JD

Portfolio Manager and Managing Director
Eve Lando is a 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…
Learn More
Craig Mauermann, ChFC

Craig Mauermann, ChFC

Portfolio Manager and Managing Director
Craig Mauermann, ChFC, is a portfolio manager for Thornburg Investment Management. He joined the firm in 2021 as a senior fixed income analyst and was promoted to associate portfolio manager in 2024 and was named portfolio manager in 2025. Craig has extensive municipal research and investment experience. He began his career at Strong Capital Management as an analyst and trader…
Learn More

Literature

Fact Sheet
Commentary
Summary Prospectus
Annual Financial Statements
Semi-Annual Financial Statements
Prospectus
Statement of Additional Information (SAI)
Annual TSR
Semi-Annual TSR

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.

© 2025 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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