Thornburg Short Duration Municipal Fund

SYMBOL: TLMAX

Morningstar Rating • Info

Overall Morningstar Rating among 213 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, 2 stars and 2 stars among 213, 197 and 155 funds, as of 30 Sep 2025.

As of 30 Sep 2025

Fund Assets

$113.7 M

As of 30 Sep 2025

NAV

$11.97

As of 17 Oct 2025

Change

$0.00

As of 17 Oct 2025

YTD NAV Performance

3.16%

As of 17 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

Overview Performance Fund Facts Characteristics Portfolio Portfolio Managers Literature

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.

Returns

(As of 30 Sep 2025)

YTD

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. (%)

3.19

3.07

3.76

1.52

1.53

—

Morningstar Quartile

—

Morningstar Quartile # of Funds

—

226

213

197

155

—

YTD

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. (%)

3.19

3.07

3.76

1.52

1.53

—

Morningstar Quartile

—

Morningstar Quartile # of Funds

—

226

213

197

155

—

YTD

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

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

(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

            Categories,A Shares,ICE BofA 1-3 Year U.S. Municipal Securities Index
            2013-12-30,9848,10000
2013-12-31,9848,10000
2014-01-31,9857,10020
2014-02-28,9877,10040
2014-03-31,9854,10025
2014-04-30,9863,10039
2014-05-31,9880,10054
2014-06-30,9882,10059
2014-07-31,9884,10063
2014-08-31,9893,10072
2014-09-30,9887,10070
2014-10-31,9897,10076
2014-11-30,9898,10082
2014-12-31,9882,10072
2015-01-31,9906,10102
2015-02-28,9892,10103
2015-03-31,9884,10098
2015-04-30,9877,10099
2015-05-31,9862,10091
2015-06-30,9872,10099
2015-07-31,9889,10122
2015-08-31,9891,10136
2015-09-30,9909,10156
2015-10-31,9918,10170
2015-11-30,9904,10150
2015-12-31,9896,10148
2016-01-31,9922,10195
2016-02-29,9940,10219
2016-03-31,9926,10199
2016-04-30,9929,10218
2016-05-31,9923,10212
2016-06-30,9951,10247
2016-07-31,9961,10268
2016-08-31,9946,10262
2016-09-30,9924,10229
2016-10-31,9926,10230
2016-11-30,9888,10166
2016-12-31,9898,10181
2017-01-31,9921,10227
2017-02-28,9944,10270
2017-03-31,9941,10264
2017-04-30,9963,10287
2017-05-31,9985,10311
2017-06-30,9968,10298
2017-07-31,9991,10329
2017-08-31,10030,10358
2017-09-30,10022,10342
2017-10-31,10012,10332
2017-11-30,9987,10268
2017-12-31,9986,10282
2018-01-31,9993,10306
2018-02-28,10002,10319
2018-03-31,9993,10311
2018-04-30,9993,10294
2018-05-31,10008,10335
2018-06-30,10023,10372
2018-07-31,10030,10399
2018-08-31,10031,10400
2018-09-30,10024,10371
2018-10-31,10025,10370
2018-11-30,10044,10415
2018-12-31,10070,10462
2019-01-31,10095,10505
2019-02-28,10117,10532
2019-03-31,10144,10569
2019-04-30,10148,10573
2019-05-31,10176,10624
2019-06-30,10204,10660
2019-07-31,10222,10705
2019-08-31,10240,10723
2019-09-30,10226,10695
2019-10-31,10244,10726
2019-11-30,10253,10744
2019-12-31,10263,10763
2020-01-31,10297,10814
2020-02-29,10315,10842
2020-03-31,10211,10751
2020-04-30,10170,10778
2020-05-31,10279,10912
2020-06-30,10304,10923
2020-07-31,10329,10964
2020-08-31,10336,10965
2020-09-30,10343,10974
2020-10-31,10338,10962
2020-11-30,10342,10981
2020-12-31,10353,10995
2021-01-31,10363,11016
2021-02-28,10342,11004
2021-03-31,10352,11016
2021-04-30,10362,11030
2021-05-31,10356,11036
2021-06-30,10349,11035
2021-07-31,10368,11053
2021-08-31,10360,11048
2021-09-30,10337,11033
2021-10-31,10330,11029
2021-11-30,10324,11033
2021-12-31,10327,11032
2022-01-31,10203,10920
2022-02-28,10183,10895
2022-03-31,10068,10775
2022-04-30,10015,10704
2022-05-31,10064,10798
2022-06-30,10064,10797
2022-07-31,10124,10881
2022-08-31,10042,10768
2022-09-30,9936,10640
2022-10-31,9942,10646
2022-11-30,10058,10803
2022-12-31,10066,10808
2023-01-31,10151,10916
2023-02-28,10076,10799
2023-03-31,10182,10928
2023-04-30,10160,10891
2023-05-31,10130,10863
2023-06-30,10195,10916
2023-07-31,10218,10935
2023-08-31,10225,10936
2023-09-30,10164,10872
2023-10-31,10181,10892
2023-11-30,10354,11082
2023-12-31,10414,11170
2024-01-31,10414,11170
2024-02-29,10423,11181
2024-03-31,10432,11176
2024-04-30,10433,11159
2024-05-31,10450,11175
2024-06-30,10504,11250
2024-07-31,10576,11334
2024-08-31,10639,11423
2024-09-30,10685,11471
2024-10-31,10659,11428
2024-11-30,10695,11479
2024-12-31,10678,11464
2025-01-31,10732,11527
2025-02-28,10787,11580
2025-03-31,10778,11581
2025-04-30,10761,11565
2025-05-31,10815,11625
2025-06-30,10870,11694
2025-07-31,10916,11755
2025-08-31,10981,11814
2025-09-30,10999,11833

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)

                        Categories,A Shares,ICE BofA 1-3 Year U.S. Municipal Securities Index
                        2024-09-30,9772,10000
2024-10-31,9748,9962
2024-11-30,9781,10007
2024-12-31,9765,9994
2025-01-31,9815,10048
2025-02-28,9865,10095
2025-03-31,9857,10095
2025-04-30,9841,10082
2025-05-31,9891,10134
2025-06-30,9942,10194
2025-07-31,9984,10248
2025-08-31,10042,10299
2025-09-30,10060,10315

                        Categories,A Shares,ICE BofA 1-3 Year U.S. Municipal Securities Index
                        2022-09-30,9776,10000
2022-10-31,9781,10005
2022-11-30,9895,10153
2022-12-31,9904,10158
2023-01-31,9987,10259
2023-02-28,9914,10149
2023-03-31,10017,10271
2023-04-30,9996,10235
2023-05-31,9967,10210
2023-06-30,10031,10259
2023-07-31,10053,10277
2023-08-31,10060,10278
2023-09-30,10000,10218
2023-10-31,10016,10237
2023-11-30,10186,10415
2023-12-31,10246,10498
2024-01-31,10246,10497
2024-02-29,10255,10508
2024-03-31,10264,10503
2024-04-30,10264,10488
2024-05-31,10282,10503
2024-06-30,10334,10573
2024-07-31,10405,10652
2024-08-31,10467,10735
2024-09-30,10512,10781
2024-10-31,10487,10740
2024-11-30,10522,10788
2024-12-31,10505,10774
2025-01-31,10558,10833
2025-02-28,10612,10883
2025-03-31,10604,10884
2025-04-30,10587,10869
2025-05-31,10641,10925
2025-06-30,10695,10990
2025-07-31,10740,11048
2025-08-31,10803,11103
2025-09-30,10822,11121

                        Categories,A Shares,ICE BofA 1-3 Year U.S. Municipal Securities Index
                        2020-09-30,9779,10000
2020-10-31,9774,9989
2020-11-30,9778,10007
2020-12-31,9788,10019
2021-01-31,9798,10039
2021-02-28,9778,10027
2021-03-31,9787,10038
2021-04-30,9797,10051
2021-05-31,9791,10057
2021-06-30,9785,10055
2021-07-31,9802,10072
2021-08-31,9795,10068
2021-09-30,9773,10054
2021-10-31,9767,10050
2021-11-30,9761,10054
2021-12-31,9764,10053
2022-01-31,9647,9950
2022-02-28,9627,9928
2022-03-31,9519,9819
2022-04-30,9469,9754
2022-05-31,9516,9840
2022-06-30,9515,9839
2022-07-31,9572,9916
2022-08-31,9495,9812
2022-09-30,9394,9696
2022-10-31,9400,9701
2022-11-30,9509,9844
2022-12-31,9517,9849
2023-01-31,9597,9947
2023-02-28,9527,9840
2023-03-31,9626,9958
2023-04-30,9606,9924
2023-05-31,9578,9899
2023-06-30,9640,9948
2023-07-31,9661,9965
2023-08-31,9668,9965
2023-09-30,9610,9908
2023-10-31,9626,9925
2023-11-30,9789,10099
2023-12-31,9846,10179
2024-01-31,9846,10178
2024-02-29,9855,10189
2024-03-31,9863,10184
2024-04-30,9864,10169
2024-05-31,9881,10183
2024-06-30,9931,10252
2024-07-31,9999,10328
2024-08-31,10059,10409
2024-09-30,10102,10453
2024-10-31,10078,10414
2024-11-30,10112,10461
2024-12-31,10096,10447
2025-01-31,10147,10504
2025-02-28,10198,10553
2025-03-31,10190,10553
2025-04-30,10174,10539
2025-05-31,10226,10593
2025-06-30,10278,10656
2025-07-31,10321,10712
2025-08-31,10382,10766
2025-09-30,10400,10783

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

            Categories,Total ($)
            2014-01-31,0.00126
2014-02-28,0.00478
2014-03-31,0.00196
2014-04-30,0.00126
2014-05-31,0.00120
2014-06-30,0.00149
2014-07-31,0.00305
2014-08-31,0.00153
2014-09-30,0.00243
2014-10-31,0.00165
2014-11-30,0.00201
2014-12-31,0.00041
2015-01-31,0
2015-02-28,0.00172
2015-03-31,0.00018
2015-04-30,0.00195
2015-05-31,0.00102
2015-06-30,0.00255
2015-07-31,0.00137
2015-08-31,0.00186
2015-09-30,0.00286
2015-10-31,0.00134
2015-11-30,0.00183
2015-12-31,0.00074
2016-01-31,0.00129
2016-02-29,0.00321
2016-03-31,0.00183
2016-04-30,0.00396
2016-05-31,0.00313
2016-06-30,0.00409
2016-07-31,0.00241
2016-08-31,0.00191
2016-09-30,0.00317
2016-10-31,0.00206
2016-11-30,0.00286
2016-12-31,0.00201
2017-01-31,0.00875
2017-02-28,0.00831
2017-03-31,0.00643
2017-04-30,0.00802
2017-05-31,0.00728
2017-06-30,0.00882
2017-07-31,0.00838
2017-08-31,0.00839
2017-09-30,0.00909
2017-10-31,0.00796
2017-11-30,0.00919
2017-12-31,0.00886
2018-01-31,0.00874
2018-02-28,0.01067
2018-03-31,0.00884
2018-04-30,0.01053
2018-05-31,0.00784
2018-06-30,0.00937
2018-07-31,0.00812
2018-08-31,0.01075
2018-09-30,0.01145
2018-10-31,0.01151
2018-11-30,0.01293
2018-12-31,0.01251
2019-01-31,0.01067
2019-02-28,0.01584
2019-03-31,0.01404
2019-04-30,0.01452
2019-05-31,0.01322
2019-06-30,0.01432
2019-07-31,0.01236
2019-08-31,0.01192
2019-09-30,0.01262
2019-10-31,0.01166
2019-11-30,0.01131
2019-12-31,0.01169
2020-01-31,0.01075
2020-02-29,0.01160
2020-03-31,0.01478
2020-04-30,0.01106
2020-05-31,0.01053
2020-06-30,0.01083
2020-07-31,0.00938
2020-08-31,0.00886
2020-09-30,0.00761
2020-10-31,0.00412
2020-11-30,0.00472
2020-12-31,0.00327
2021-01-31,0.00237
2021-02-28,0.00435
2021-03-31,0.00192
2021-04-30,0.00271
2021-05-31,0.00205
2021-06-30,0.00257
2021-07-31,0.00165
2021-08-31,0.00140
2021-09-30,0.00211
2021-10-31,0.00180
2021-11-30,0.00309
2021-12-31,0.00282
2022-01-31,0.00269
2022-02-28,0.00554
2022-03-31,0.00410
2022-04-30,0.00685
2022-05-31,0.00829
2022-06-30,0.00949
2022-07-31,0.01108
2022-08-31,0.01298
2022-09-30,0.01451
2022-10-31,0.01693
2022-11-30,0.01660
2022-12-31,0.02009
2023-01-31,0.01952
2023-02-28,0.02264
2023-03-31,0.02376
2023-04-30,0.02476
2023-05-31,0.02505
2023-06-30,0.02618
2023-07-31,0.02673
2023-08-31,0.02816
2023-09-30,0.02883
2023-10-31,0.02945
2023-11-30,0.02950
2023-12-31,0.02952
2024-01-31,0.02997
2024-02-29,0.03047
2024-03-31,0.03009
2024-04-30,0.03068
2024-05-31,0.03008
2024-06-30,0.03077
2024-07-31,0.03126
2024-08-31,0.03149
2024-09-30,0.03124
2024-10-31,0.03084
2024-11-30,0.03059
2024-12-31,0.03072
2025-01-31,0.03008
2025-02-28,0.03101
2025-03-31,0.03022
2025-04-30,0.03095
2025-05-31,0.03051
2025-06-30,0.03042
2025-07-31,0.03040
2025-08-31,0.03025
2025-09-30,0.03056

            Ex-Date, Payable Date,Total ($),Income ($),ST Cap Gains ($),LT Cap Gains ($)
2014-01-31,1391126400,0.00126,0.00126,0,0
2014-02-28,1393545600,0.00478,0.00478,0,0
2014-03-31,1396224000,0.00196,0.00196,0,0
2014-04-30,1398816000,0.00126,0.00126,0,0
2014-05-30,1401494400,0.00120,0.00120,0,0
2014-06-30,1404086400,0.00149,0.00149,0,0
2014-07-31,1406764800,0.00305,0.00305,0,0
2014-08-29,1409443200,0.00153,0.00153,0,0
2014-09-30,1412035200,0.00243,0.00243,0,0
2014-10-31,1414713600,0.00165,0.00165,0,0
2014-11-28,1417305600,0.00201,0.00201,0,0
2014-12-31,1419984000,0.00041,0.00041,0,0
2015-01-31,1422662400,0,0,0,0
2015-02-27,1425081600,0.00172,0.00172,0,0
2015-03-31,1427760000,0.00018,0.00018,0,0
2015-04-30,1430352000,0.00195,0.00195,0,0
2015-05-29,1433030400,0.00102,0.00102,0,0
2015-06-30,1435622400,0.00255,0.00255,0,0
2015-07-31,1438300800,0.00137,0.00137,0,0
2015-08-31,1440979200,0.00186,0.00186,0,0
2015-09-30,1443571200,0.00286,0.00286,0,0
2015-10-30,1446249600,0.00134,0.00134,0,0
2015-11-30,1448841600,0.00183,0.00183,0,0
2015-12-31,1451520000,0.00074,0.00074,0,0
2016-01-29,1454198400,0.00129,0.00129,0,0
2016-02-29,1456704000,0.00321,0.00321,0,0
2016-03-31,1459382400,0.00183,0.00183,0,0
2016-04-29,1461974400,0.00396,0.00396,0,0
2016-05-31,1464652800,0.00313,0.00313,0,0
2016-06-30,1467244800,0.00409,0.00409,0,0
2016-07-29,1469923200,0.00241,0.00241,0,0
2016-08-31,1472601600,0.00191,0.00191,0,0
2016-09-30,1475193600,0.00317,0.00317,0,0
2016-10-31,1477872000,0.00206,0.00206,0,0
2016-11-30,1480464000,0.00286,0.00286,0,0
2016-12-30,1483142400,0.00201,0.00201,0,0
2017-01-31,1485820800,0.00875,0.00875,0,0
2017-02-28,1488240000,0.00831,0.00831,0,0
2017-03-31,1490918400,0.00643,0.00643,0,0
2017-04-28,1493510400,0.00802,0.00802,0,0
2017-05-31,1496188800,0.00728,0.00728,0,0
2017-06-30,1498780800,0.00882,0.00882,0,0
2017-07-31,1501459200,0.00838,0.00838,0,0
2017-08-31,1504137600,0.00839,0.00839,0,0
2017-09-29,1506729600,0.00909,0.00909,0,0
2017-10-31,1509408000,0.00796,0.00796,0,0
2017-11-30,1512000000,0.00919,0.00919,0,0
2017-12-29,1514678400,0.00886,0.00886,0,0
2018-01-31,1517356800,0.00874,0.00874,0,0
2018-02-28,1519776000,0.01067,0.01067,0,0
2018-03-29,1522454400,0.00884,0.00884,0,0
2018-04-30,1525046400,0.01053,0.01053,0,0
2018-05-31,1527724800,0.00784,0.00784,0,0
2018-06-29,1530316800,0.00937,0.00937,0,0
2018-07-31,1532995200,0.00812,0.00812,0,0
2018-08-31,1535673600,0.01075,0.01075,0,0
2018-09-28,1538265600,0.01145,0.01145,0,0
2018-10-31,1540944000,0.01151,0.01151,0,0
2018-11-30,1543536000,0.01293,0.01293,0,0
2018-12-31,1546214400,0.01251,0.01251,0,0
2019-01-31,1548892800,0.01067,0.01067,0,0
2019-02-28,1551312000,0.01584,0.01584,0,0
2019-03-29,1553990400,0.01404,0.01404,0,0
2019-04-30,1556582400,0.01452,0.01452,0,0
2019-05-31,1559260800,0.01322,0.01322,0,0
2019-06-28,1561852800,0.01432,0.01432,0,0
2019-07-31,1564531200,0.01236,0.01236,0,0
2019-08-31,1567209600,0.01192,0.01192,0,0
2019-09-30,1569801600,0.01262,0.01262,0,0
2019-10-31,1572480000,0.01166,0.01166,0,0
2019-11-30,1575072000,0.01131,0.01131,0,0
2019-12-31,1577750400,0.01169,0.01169,0,0
2020-01-31,1580428800,0.01075,0.01075,0,0
2020-02-29,1582934400,0.01160,0.01160,0,0
2020-03-31,1585612800,0.01478,0.01478,0,0
2020-04-30,1588204800,0.01106,0.01106,0,0
2020-05-31,1590883200,0.01053,0.01053,0,0
2020-06-30,1593475200,0.01083,0.01083,0,0
2020-07-31,1596153600,0.00938,0.00938,0,0
2020-08-31,1598832000,0.00886,0.00886,0,0
2020-09-30,1601424000,0.00761,0.00761,0,0
2020-10-30,1604102400,0.00412,0.00412,0,0
2020-11-30,1606694400,0.00472,0.00472,0,0
2020-12-31,1609372800,0.00327,0.00327,0,0
2021-01-29,1612051200,0.00237,0.00237,0,0
2021-02-26,1614470400,0.00435,0.00435,0,0
2021-03-31,1617148800,0.00192,0.00192,0,0
2021-04-30,1619740800,0.00271,0.00271,0,0
2021-05-28,1622419200,0.00205,0.00205,0,0
2021-06-30,1625011200,0.00257,0.00257,0,0
2021-07-30,1627689600,0.00165,0.00165,0,0
2021-08-31,1630368000,0.00140,0.00140,0,0
2021-09-30,1632960000,0.00211,0.00211,0,0
2021-10-29,1635638400,0.00180,0.00180,0,0
2021-11-30,1638230400,0.00309,0.00309,0,0
2021-12-31,1640908800,0.00282,0.00282,0,0
2022-01-31,1643587200,0.00269,0.00269,0,0
2022-02-28,1646006400,0.00554,0.00554,0,0
2022-03-31,1648684800,0.00410,0.00410,0,0
2022-04-29,1651276800,0.00685,0.00685,0,0
2022-05-31,1653955200,0.00829,0.00829,0,0
2022-06-30,1656547200,0.00949,0.00949,0,0
2022-07-29,1659225600,0.01108,0.01108,0,0
2022-08-31,1661904000,0.01298,0.01298,0,0
2022-09-30,1664496000,0.01451,0.01451,0,0
2022-10-31,1667174400,0.01693,0.01693,0,0
2022-11-30,1669766400,0.01660,0.01660,0,0
2022-12-30,1672444800,0.02009,0.02009,0,0
2023-01-31,1675123200,0.01952,0.01952,0,0
2023-02-28,1677542400,0.02264,0.02264,0,0
2023-03-31,1680220800,0.02376,0.02376,0,0
2023-04-28,1682812800,0.02476,0.02476,0,0
2023-05-31,1685491200,0.02505,0.02505,0,0
2023-06-30,1688083200,0.02618,0.02618,0,0
2023-07-31,1690761600,0.02673,0.02673,0,0
2023-08-31,1693440000,0.02816,0.02816,0,0
2023-09-29,1696032000,0.02883,0.02883,0,0
2023-10-31,1698710400,0.02945,0.02945,0,0
2023-11-30,1701302400,0.02950,0.02950,0,0
2023-12-29,1703980800,0.02952,0.02952,0,0
2024-01-31,1706659200,0.02997,0.02997,0,0
2024-02-29,1709164800,0.03047,0.03047,0,0
2024-03-28,1711843200,0.03009,0.03009,0,0
2024-04-30,1714435200,0.03068,0.03068,0,0
2024-05-31,1717113600,0.03008,0.03008,0,0
2024-06-28,1719705600,0.03077,0.03077,0,0
2024-07-31,1722384000,0.03126,0.03126,0,0
2024-08-30,1725062400,0.03149,0.03149,0,0
2024-09-30,1727654400,0.03124,0.03124,0,0
2024-10-31,1730332800,0.03084,0.03084,0,0
2024-11-29,1732924800,0.03059,0.03059,0,0
2024-12-31,1735603200,0.03072,0.03072,0,0
2025-01-31,1738281600,0.03008,0.03008,0,0
2025-02-28,1740700800,0.03101,0.03101,0,0
2025-03-31,1743379200,0.03022,0.03022,0,0
2025-04-30,1745971200,0.03095,0.03095,0,0
2025-05-30,1748649600,0.03051,0.03051,0,0
2025-06-30,1751241600,0.03042,0.03042,0,0
2025-07-31,1753920000,0.03040,0.03040,0,0
2025-08-29,1756598400,0.03025,0.03025,0,0
2025-09-30,1759190400,0.03056,0.03056,0,0

Distributions

(As of 30 Sep 2025)

Ex-Date

Payable Date

Total ($)

Income ($)

ST Cap Gains ($)

LT Cap Gains ($)

31 Jan 2014

0.00126

—

28 Feb 2014

0.00478

—

31 Mar 2014

0.00196

—

30 Apr 2014

0.00126

—

30 May 2014

31 May 2014

0.00120

—

30 Jun 2014

0.00149

—

31 Jul 2014

0.00305

—

29 Aug 2014

31 Aug 2014

0.00153

—

30 Sep 2014

0.00243

—

31 Oct 2014

0.00165

—

28 Nov 2014

30 Nov 2014

0.00201

—

31 Dec 2014

0.00041

—

31 Jan 2015

—

27 Feb 2015

28 Feb 2015

0.00172

—

31 Mar 2015

0.00018

—

30 Apr 2015

0.00195

—

29 May 2015

31 May 2015

0.00102

—

30 Jun 2015

0.00255

—

31 Jul 2015

0.00137

—

31 Aug 2015

0.00186

—

30 Sep 2015

0.00286

—

30 Oct 2015

31 Oct 2015

0.00134

—

30 Nov 2015

0.00183

—

31 Dec 2015

0.00074

—

29 Jan 2016

31 Jan 2016

0.00129

—

29 Feb 2016

0.00321

—

31 Mar 2016

0.00183

—

29 Apr 2016

30 Apr 2016

0.00396

—

31 May 2016

0.00313

—

30 Jun 2016

0.00409

—

29 Jul 2016

31 Jul 2016

0.00241

—

31 Aug 2016

0.00191

—

30 Sep 2016

0.00317

—

31 Oct 2016

0.00206

—

30 Nov 2016

0.00286

—

30 Dec 2016

31 Dec 2016

0.00201

—

31 Jan 2017

0.00875

—

28 Feb 2017

0.00831

—

31 Mar 2017

0.00643

—

28 Apr 2017

30 Apr 2017

0.00802

—

31 May 2017

0.00728

—

30 Jun 2017

0.00882

—

31 Jul 2017

0.00838

—

31 Aug 2017

0.00839

—

29 Sep 2017

30 Sep 2017

0.00909

—

31 Oct 2017

0.00796

—

30 Nov 2017

0.00919

—

29 Dec 2017

31 Dec 2017

0.00886

—

31 Jan 2018

0.00874

—

28 Feb 2018

0.01067

—

29 Mar 2018

31 Mar 2018

0.00884

—

30 Apr 2018

0.01053

—

31 May 2018

0.00784

—

29 Jun 2018

30 Jun 2018

0.00937

—

31 Jul 2018

0.00812

—

31 Aug 2018

0.01075

—

28 Sep 2018

30 Sep 2018

0.01145

—

31 Oct 2018

0.01151

—

30 Nov 2018

0.01293

—

31 Dec 2018

0.01251

—

31 Jan 2019

0.01067

—

28 Feb 2019

0.01584

—

29 Mar 2019

31 Mar 2019

0.01404

—

30 Apr 2019

0.01452

—

31 May 2019

0.01322

—

28 Jun 2019

30 Jun 2019

0.01432

—

31 Jul 2019

0.01236

—

31 Aug 2019

0.01192

—

30 Sep 2019

0.01262

—

31 Oct 2019

0.01166

—

30 Nov 2019

0.01131

—

31 Dec 2019

0.01169

—

31 Jan 2020

0.01075

—

29 Feb 2020

0.01160

—

31 Mar 2020

0.01478

—

30 Apr 2020

0.01106

—

31 May 2020

0.01053

—

30 Jun 2020

0.01083

—

31 Jul 2020

0.00938

—

31 Aug 2020

0.00886

—

30 Sep 2020

0.00761

—

30 Oct 2020

31 Oct 2020

0.00412

—

30 Nov 2020

0.00472

—

31 Dec 2020

0.00327

—

29 Jan 2021

31 Jan 2021

0.00237

—

26 Feb 2021

28 Feb 2021

0.00435

—

31 Mar 2021

0.00192

—

30 Apr 2021

0.00271

—

28 May 2021

31 May 2021

0.00205

—

30 Jun 2021

0.00257

—

30 Jul 2021

31 Jul 2021

0.00165

—

31 Aug 2021

0.00140

—

30 Sep 2021

0.00211

—

29 Oct 2021

31 Oct 2021

0.00180

—

30 Nov 2021

0.00309

—

31 Dec 2021

0.00282

—

31 Jan 2022

0.00269

—

28 Feb 2022

0.00554

—

31 Mar 2022

0.00410

—

29 Apr 2022

30 Apr 2022

0.00685

—

31 May 2022

0.00829

—

30 Jun 2022

0.00949

—

29 Jul 2022

31 Jul 2022

0.01108

—

31 Aug 2022

0.01298

—

30 Sep 2022

0.01451

—

31 Oct 2022

0.01693

—

30 Nov 2022

0.01660

—

30 Dec 2022

31 Dec 2022

0.02009

—

31 Jan 2023

0.01952

—

28 Feb 2023

0.02264

—

31 Mar 2023

0.02376

—

28 Apr 2023

30 Apr 2023

0.02476

—

31 May 2023

0.02505

—

30 Jun 2023

0.02618

—

31 Jul 2023

0.02673

—

31 Aug 2023

0.02816

—

29 Sep 2023

30 Sep 2023

0.02883

—

31 Oct 2023

0.02945

—

30 Nov 2023

0.02950

—

29 Dec 2023

31 Dec 2023

0.02952

—

31 Jan 2024

0.02997

—

29 Feb 2024

0.03047

—

28 Mar 2024

31 Mar 2024

0.03009

—

30 Apr 2024

0.03068

—

31 May 2024

0.03008

—

28 Jun 2024

30 Jun 2024

0.03077

—

31 Jul 2024

0.03126

—

30 Aug 2024

31 Aug 2024

0.03149

—

30 Sep 2024

0.03124

—

31 Oct 2024

0.03084

—

29 Nov 2024

30 Nov 2024

0.03059

—

31 Dec 2024

0.03072

—

31 Jan 2025

0.03008

—

28 Feb 2025

0.03101

—

31 Mar 2025

0.03022

—

30 Apr 2025

0.03095

—

30 May 2025

31 May 2025

0.03051

—

30 Jun 2025

0.03042

—

31 Jul 2025

0.03040

—

29 Aug 2025

31 Aug 2025

0.03025

—

30 Sep 2025

0.03056

—

Fund Facts

(As of 30 Sep 2025)

Net Fund Assets

$113.7 M

Benchmark

ICE BofA 1-3 Year U.S. Municipal Securities Index

Morningstar Category

Muni National Short

Fund Symbol

TLMAX

Share Class

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

Portfolio

(As of 30 Sep 2025)

Portfolio

Benchmark

Number of Holdings

133

—

Annual Portfolio Turnover

64%

—

Effective Duration

1.7 Yrs

Average Effective Maturity

2.1 Yrs

1.9 Yrs

Portfolio

Benchmark

Weighted Average Coupon

4.4%

4.5%

Yield to Worst

3.2%

2.6%

Subject to Alternative Minimum Tax

14.0%

—

Risk & Return Profile

(As of 30 Sep 2025)

10y

Annualized Alpha (%)

0.57

0.07

-0.09

Standard Deviation (%)

1.62

1.78

1.41

Sharpe Ratio

-0.87

-0.96

-0.65

Up Capture (%)

93.10

90.59

80.74

Down Capture (%)

69.96

88.92

82.80

Past performance does not guarantee future results.

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

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

(As of 30 Sep 2025)

Sector Allocation

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

15%

20%

Industrial Development/Pollution Control

19.6

—

Multi Family Mortgage

18.6

6.2

Gas

16.4

—

Hospital

7.9

4.0

Public Power

5.2

5.9

School District General Obligation

5.1

—

Lifecare

4.7

—

Airport

3.7

2.6

School District App

3.6

—

Local General Obligation

2.3

15.0

Cash & Cash Equivalents

-0.3

—

Sector Allocation

Fund (%)

Industrial Development/Pollution Control

19.6

Multi Family Mortgage

18.6

Gas

16.4

Hospital

7.9

Public Power

5.2

School District General Obligation

5.1

Lifecare

4.7

Airport

3.7

School District App

3.6

Local General Obligation

2.3

Cash & Cash Equivalents

-0.3

Top 10 U.S. States

Fund (%)

Benchmark (%)

Portfolio

Benchmark

10%

15%

20%

Texas

15.7

9.2

California

9.4

16.2

Alabama

6.5

3.1

Illinois

6.3

4.5

Georgia

6.0

3.9

Florida

5.4

2.6

Tennessee

4.7

1.5

Indiana

4.5

0.6

Pennsylvania

4.2

3.3

Kentucky

3.2

1.3

Cash

-0.3

—

Top 10 U.S. States

Fund (%)

Texas

15.7

California

9.4

Alabama

6.5

Illinois

6.3

Georgia

6.0

Florida

5.4

Tennessee

4.7

Indiana

4.5

Pennsylvania

4.2

Kentucky

3.2

Cash

-0.3

Credit Quality

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

20%

30%

40%

50%

60%

AAA

5.0

14.8

38.9

59.1

42.6

22.4

BBB

8.8

3.8

Not Rated

5.0

—

Cash & Cash Equivalents

-0.3

—

Credit Quality

Fund (%)

AAA

5.0

38.9

42.6

BBB

8.8

Not Rated

5.0

Cash & Cash Equivalents

-0.3

Maturity

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

20%

30%

40%

50%

Year 1

33.2

4.0

Year 2

27.0

48.0

Year 3

9.2

48.0

Year 4

7.6

—

Year 5+

23.4

—

Cash

-0.3

—

Maturity

Fund (%)

Year 1

33.2

Year 2

27.0

Year 3

9.2

Year 4

7.6

Year 5+

23.4

Cash

-0.3

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

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

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

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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Thornburg Short Duration Municipal Fund

Portfolio Managers

Overview

Why Invest in This Fund?

Investment Objective

Investment Approach

Related Content

Performance

Returns

Fund Fees

Hypothetical Growth of $10,000

Distributions

Fund Facts

Characteristics

Portfolio

Risk & Return Profile

Portfolio

Top Holdings

Exposure Breakdown

Portfolio Managers

David Ashley, CFA

Eve Lando, JD

Craig Mauermann, ChFC

Literature

Important Information

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Investor Viewpoint: Corporate Earnings and Tariff Impacts

Retirement Resources: Building a Cash Flow Reserve Ladder

Thornburg Investment Insights: Corporate Earnings and Tariff Impacts

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Thornburg Short Duration Municipal Fund

Portfolio Managers

Overview

Why Invest in This Fund?

Investment Objective

Investment Approach

Related Content

Performance

Returns

Fund Fees

Hypothetical Growth of $10,000

Distributions

Fund Facts

Characteristics

Portfolio

Risk & Return Profile

Portfolio

Top Holdings

Exposure Breakdown

Portfolio Managers

David Ashley, CFA

Eve Lando, JD

Craig Mauermann, ChFC

Literature

Important Information

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Investor Viewpoint: Corporate Earnings and Tariff Impacts

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Thornburg Investment Insights: Corporate Earnings and Tariff Impacts