TLMAX

Thornburg Short Duration Municipal Fund

Morningstar Rating • Info

Overall Morningstar Rating among 205 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 205, 191 and 150 funds, as of 30 Sep 2026.

As of 30 Sep 2026

Fund Assets

$92.7 M

As of 30 Sep 2026

NAV

$11.81

As of 30 Oct 2026

Change

$0.01

As of 30 Oct 2026

YTD NAV Performance

1.45%

As of 30 Oct 2026

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 2026)

YTD

10y

Inception

Total Return with Sales Charge (%)

-2.48

-2.06

1.97

0.84

0.90

0.77

Total Return without Sales Charge (%)

-0.27

0.23

2.75

1.30

1.06

0.89

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

0.23

0.76

3.12

1.56

1.54

1.39

Morningstar Category Avg. (%)

-0.34

0.32

3.04

1.39

—

Morningstar Quartile

—

Morningstar Quartile # of Funds

—

219

205

191

150

—

YTD

10y

Inception

Total Return with Sales Charge (%)

-2.48

-2.06

1.97

0.84

0.90

0.77

Total Return without Sales Charge (%)

-0.27

0.23

2.75

1.30

1.06

0.89

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

0.23

0.76

3.12

1.56

1.54

1.39

Morningstar Category Avg. (%)

-0.34

0.32

3.04

1.39

—

Morningstar Quartile

—

Morningstar Quartile # of Funds

—

219

205

191

150

—

YTD

10y

Inception

Total Return with Sales Charge (%)

-2.48

-2.06

6.03

4.28

9.40

10.25

Total Return without Sales Charge (%)

-0.27

0.23

8.47

6.65

11.09

11.95

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

0.23

0.76

9.66

8.07

16.57

19.23

YTD

10y

Inception

Total Return with Sales Charge (%)

-2.48

-2.06

6.03

4.28

9.40

10.25

Total Return without Sales Charge (%)

-0.27

0.23

8.47

6.65

11.09

11.95

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

0.23

0.76

9.66

8.07

16.57

19.23

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

Total Return with Sales Charge (%)

-1.50

-0.64

-0.69

0.36

-0.65

-2.46

-4.69

1.16

0.19

1.23

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

0.33

0.99

1.76

2.88

2.16

0.34

-2.03

3.35

2.63

3.76

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.

Source: Confluence

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 2026)

Gross Expense Ratio (%)

1.25

Net Expense Ratio (%)

0.70

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.

Thornburg Investment Management and/or Thornburg Securities LLC have contractually agreed to waive fees and reimburse expenses through at least 1 February 2027, 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.

Hypothetical Growth of $10,000

(As of 30 Sep 2026)

(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                        
2025-09-30,9771,10000
2025-10-31,9772,9992
2025-11-30,9788,10020
2025-12-31,9820,10053
2026-01-31,9869,10114
2026-02-28,9927,10162
2026-03-31,9861,10108
2026-04-30,9886,10132
2026-05-31,9911,10154
2026-06-30,9944,10193
2026-07-31,9919,10177
2026-08-31,9953,10215
2026-09-30,9794,10076

Categories,A Shares,ICE BofA 1-3 Year U.S. Municipal Securities Index                        
2023-09-30,9776,10000
2023-10-31,9792,10018
2023-11-30,9958,10193
2023-12-31,10016,10274
2024-01-31,10016,10273
2024-02-29,10025,10284
2024-03-31,10033,10279
2024-04-30,10034,10264
2024-05-31,10051,10278
2024-06-30,10102,10348
2024-07-31,10172,10424
2024-08-31,10232,10506
2024-09-30,10276,10551
2024-10-31,10251,10511
2024-11-30,10286,10558
2024-12-31,10270,10544
2025-01-31,10321,10602
2025-02-28,10374,10651
2025-03-31,10366,10651
2025-04-30,10349,10637
2025-05-31,10402,10692
2025-06-30,10455,10755
2025-07-31,10499,10812
2025-08-31,10561,10866
2025-09-30,10579,10884
2025-10-31,10579,10875
2025-11-30,10597,10905
2025-12-31,10632,10941
2026-01-31,10685,11008
2026-02-28,10747,11060
2026-03-31,10675,11002
2026-04-30,10703,11027
2026-05-31,10730,11051
2026-06-30,10766,11093
2026-07-31,10739,11077
2026-08-31,10775,11118
2026-09-30,10603,10966

Categories,A Shares,ICE BofA 1-3 Year U.S. Municipal Securities Index                        
2021-09-30,9778,10000
2021-10-31,9771,9996
2021-11-30,9766,10000
2021-12-31,9768,9999
2022-01-31,9651,9897
2022-02-28,9632,9875
2022-03-31,9524,9766
2022-04-30,9474,9702
2022-05-31,9520,9787
2022-06-30,9520,9786
2022-07-31,9576,9862
2022-08-31,9499,9760
2022-09-30,9399,9644
2022-10-31,9404,9649
2022-11-30,9514,9791
2022-12-31,9522,9796
2023-01-31,9602,9894
2023-02-28,9531,9788
2023-03-31,9631,9905
2023-04-30,9611,9871
2023-05-31,9582,9846
2023-06-30,9644,9894
2023-07-31,9666,9911
2023-08-31,9672,9912
2023-09-30,9614,9854
2023-10-31,9630,9872
2023-11-30,9794,10045
2023-12-31,9851,10124
2024-01-31,9851,10124
2024-02-29,9860,10134
2024-03-31,9868,10129
2024-04-30,9868,10114
2024-05-31,9885,10129
2024-06-30,9936,10197
2024-07-31,10004,10273
2024-08-31,10064,10353
2024-09-30,10107,10397
2024-10-31,10082,10358
2024-11-30,10117,10405
2024-12-31,10100,10391
2025-01-31,10151,10448
2025-02-28,10203,10496
2025-03-31,10195,10496
2025-04-30,10179,10483
2025-05-31,10231,10536
2025-06-30,10283,10599
2025-07-31,10326,10655
2025-08-31,10387,10708
2025-09-30,10405,10725
2025-10-31,10405,10717
2025-11-30,10422,10747
2025-12-31,10457,10782
2026-01-31,10509,10848
2026-02-28,10570,10899
2026-03-31,10500,10841
2026-04-30,10527,10867
2026-05-31,10553,10890
2026-06-30,10589,10932
2026-07-31,10562,10916
2026-08-31,10598,10956
2026-09-30,10428,10807

Categories,A Shares,ICE BofA 1-3 Year U.S. Municipal Securities Index                        
2016-09-30,9848,10000
2016-10-31,9850,10001
2016-11-30,9812,9939
2016-12-31,9822,9953
2017-01-31,9845,9998
2017-02-28,9868,10040
2017-03-31,9865,10035
2017-04-30,9887,10057
2017-05-31,9909,10081
2017-06-30,9892,10068
2017-07-31,9915,10098
2017-08-31,9954,10126
2017-09-30,9945,10110
2017-10-31,9935,10101
2017-11-30,9910,10038
2017-12-31,9909,10052
2018-01-31,9916,10076
2018-02-28,9925,10088
2018-03-31,9916,10081
2018-04-30,9916,10064
2018-05-31,9931,10103
2018-06-30,9947,10140
2018-07-31,9953,10166
2018-08-31,9954,10167
2018-09-30,9947,10139
2018-10-31,9948,10138
2018-11-30,9967,10182
2018-12-31,9993,10228
2019-01-31,10018,10270
2019-02-28,10039,10297
2019-03-31,10067,10333
2019-04-30,10070,10336
2019-05-31,10098,10386
2019-06-30,10126,10421
2019-07-31,10144,10466
2019-08-31,10162,10483
2019-09-30,10148,10456
2019-10-31,10165,10486
2019-11-30,10175,10504
2019-12-31,10184,10522
2020-01-31,10218,10572
2020-02-29,10236,10599
2020-03-31,10132,10510
2020-04-30,10092,10537
2020-05-31,10200,10668
2020-06-30,10225,10679
2020-07-31,10250,10719
2020-08-31,10257,10720
2020-09-30,10263,10728
2020-10-31,10258,10717
2020-11-30,10262,10736
2020-12-31,10273,10749
2021-01-31,10284,10770
2021-02-28,10262,10757
2021-03-31,10272,10769
2021-04-30,10283,10783
2021-05-31,10276,10789
2021-06-30,10270,10788
2021-07-31,10288,10806
2021-08-31,10281,10801
2021-09-30,10258,10786
2021-10-31,10251,10782
2021-11-30,10245,10786
2021-12-31,10247,10785
2022-01-31,10125,10675
2022-02-28,10104,10651
2022-03-31,9991,10534
2022-04-30,9939,10464
2022-05-31,9987,10557
2022-06-30,9987,10555
2022-07-31,10046,10638
2022-08-31,9965,10527
2022-09-30,9860,10402
2022-10-31,9866,10408
2022-11-30,9980,10561
2022-12-31,9989,10567
2023-01-31,10073,10672
2023-02-28,9999,10557
2023-03-31,10104,10684
2023-04-30,10082,10647
2023-05-31,10053,10620
2023-06-30,10117,10672
2023-07-31,10140,10690
2023-08-31,10147,10691
2023-09-30,10086,10629
2023-10-31,10103,10648
2023-11-30,10274,10834
2023-12-31,10334,10920
2024-01-31,10334,10920
2024-02-29,10343,10931
2024-03-31,10352,10926
2024-04-30,10353,10910
2024-05-31,10370,10925
2024-06-30,10423,10999
2024-07-31,10495,11080
2024-08-31,10558,11167
2024-09-30,10603,11215
2024-10-31,10577,11172
2024-11-30,10613,11223
2024-12-31,10596,11208
2025-01-31,10649,11269
2025-02-28,10704,11321
2025-03-31,10695,11322
2025-04-30,10678,11307
2025-05-31,10733,11365
2025-06-30,10787,11432
2025-07-31,10833,11492
2025-08-31,10896,11550
2025-09-30,10915,11569
2025-10-31,10915,11560
2025-11-30,10934,11592
2025-12-31,10970,11630
2026-01-31,11024,11700
2026-02-28,11089,11756
2026-03-31,11015,11694
2026-04-30,11043,11721
2026-05-31,11071,11747
2026-06-30,11108,11792
2026-07-31,11080,11774
2026-08-31,11118,11818
2026-09-30,10940,11657

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
2025-10-31,11000,11824
2025-11-30,11018,11857
2025-12-31,11055,11896
2026-01-31,11109,11968
2026-02-28,11174,12025
2026-03-31,11100,11961
2026-04-30,11128,11989
2026-05-31,11156,12015
2026-06-30,11194,12061
2026-07-31,11166,12043
2026-08-31,11204,12088
2026-09-30,11025,11923

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
2025-10-31,0.03010
2025-11-30,0.03022
2025-12-31,0.02945
2026-01-31,0.02907
2026-02-28,0.03015
2026-03-31,0.02977
2026-04-30,0.03063
2026-05-31,0.03013
2026-06-30,0.03003
2026-07-31,0.03011
2026-08-31,0.03011
2026-09-30,0.03043

            Payable Date,Total ($),Income ($),ST Cap Gains ($),LT Cap Gains ($)
2014-01-31,0.00126,0.00126,0,0
2014-02-28,0.00478,0.00478,0,0
2014-03-31,0.00196,0.00196,0,0
2014-04-30,0.00126,0.00126,0,0
2014-05-30,0.00120,0.00120,0,0
2014-06-30,0.00149,0.00149,0,0
2014-07-31,0.00305,0.00305,0,0
2014-08-29,0.00153,0.00153,0,0
2014-09-30,0.00243,0.00243,0,0
2014-10-31,0.00165,0.00165,0,0
2014-11-28,0.00201,0.00201,0,0
2014-12-31,0.00041,0.00041,0,0
2015-01-31,0,0,0,0
2015-02-27,0.00172,0.00172,0,0
2015-03-31,0.00018,0.00018,0,0
2015-04-30,0.00195,0.00195,0,0
2015-05-29,0.00102,0.00102,0,0
2015-06-30,0.00255,0.00255,0,0
2015-07-31,0.00137,0.00137,0,0
2015-08-31,0.00186,0.00186,0,0
2015-09-30,0.00286,0.00286,0,0
2015-10-30,0.00134,0.00134,0,0
2015-11-30,0.00183,0.00183,0,0
2015-12-31,0.00074,0.00074,0,0
2016-01-29,0.00129,0.00129,0,0
2016-02-29,0.00321,0.00321,0,0
2016-03-31,0.00183,0.00183,0,0
2016-04-29,0.00396,0.00396,0,0
2016-05-31,0.00313,0.00313,0,0
2016-06-30,0.00409,0.00409,0,0
2016-07-29,0.00241,0.00241,0,0
2016-08-31,0.00191,0.00191,0,0
2016-09-30,0.00317,0.00317,0,0
2016-10-31,0.00206,0.00206,0,0
2016-11-30,0.00286,0.00286,0,0
2016-12-30,0.00201,0.00201,0,0
2017-01-31,0.00875,0.00875,0,0
2017-02-28,0.00831,0.00831,0,0
2017-03-31,0.00643,0.00643,0,0
2017-04-28,0.00802,0.00802,0,0
2017-05-31,0.00728,0.00728,0,0
2017-06-30,0.00882,0.00882,0,0
2017-07-31,0.00838,0.00838,0,0
2017-08-31,0.00839,0.00839,0,0
2017-09-29,0.00909,0.00909,0,0
2017-10-31,0.00796,0.00796,0,0
2017-11-30,0.00919,0.00919,0,0
2017-12-29,0.00886,0.00886,0,0
2018-01-31,0.00874,0.00874,0,0
2018-02-28,0.01067,0.01067,0,0
2018-03-29,0.00884,0.00884,0,0
2018-04-30,0.01053,0.01053,0,0
2018-05-31,0.00784,0.00784,0,0
2018-06-29,0.00937,0.00937,0,0
2018-07-31,0.00812,0.00812,0,0
2018-08-31,0.01075,0.01075,0,0
2018-09-28,0.01145,0.01145,0,0
2018-10-31,0.01151,0.01151,0,0
2018-11-30,0.01293,0.01293,0,0
2018-12-31,0.01251,0.01251,0,0
2019-01-31,0.01067,0.01067,0,0
2019-02-28,0.01584,0.01584,0,0
2019-03-29,0.01404,0.01404,0,0
2019-04-30,0.01452,0.01452,0,0
2019-05-31,0.01322,0.01322,0,0
2019-06-28,0.01432,0.01432,0,0
2019-07-31,0.01236,0.01236,0,0
2019-08-31,0.01192,0.01192,0,0
2019-09-30,0.01262,0.01262,0,0
2019-10-31,0.01166,0.01166,0,0
2019-11-30,0.01131,0.01131,0,0
2019-12-31,0.01169,0.01169,0,0
2020-01-31,0.01075,0.01075,0,0
2020-02-29,0.01160,0.01160,0,0
2020-03-31,0.01478,0.01478,0,0
2020-04-30,0.01106,0.01106,0,0
2020-05-31,0.01053,0.01053,0,0
2020-06-30,0.01083,0.01083,0,0
2020-07-31,0.00938,0.00938,0,0
2020-08-31,0.00886,0.00886,0,0
2020-09-30,0.00761,0.00761,0,0
2020-10-30,0.00412,0.00412,0,0
2020-11-30,0.00472,0.00472,0,0
2020-12-31,0.00327,0.00327,0,0
2021-01-29,0.00237,0.00237,0,0
2021-02-26,0.00435,0.00435,0,0
2021-03-31,0.00192,0.00192,0,0
2021-04-30,0.00271,0.00271,0,0
2021-05-28,0.00205,0.00205,0,0
2021-06-30,0.00257,0.00257,0,0
2021-07-30,0.00165,0.00165,0,0
2021-08-31,0.00140,0.00140,0,0
2021-09-30,0.00211,0.00211,0,0
2021-10-29,0.00180,0.00180,0,0
2021-11-30,0.00309,0.00309,0,0
2021-12-31,0.00282,0.00282,0,0
2022-01-31,0.00269,0.00269,0,0
2022-02-28,0.00554,0.00554,0,0
2022-03-31,0.00410,0.00410,0,0
2022-04-29,0.00685,0.00685,0,0
2022-05-31,0.00829,0.00829,0,0
2022-06-30,0.00949,0.00949,0,0
2022-07-29,0.01108,0.01108,0,0
2022-08-31,0.01298,0.01298,0,0
2022-09-30,0.01451,0.01451,0,0
2022-10-31,0.01693,0.01693,0,0
2022-11-30,0.01660,0.01660,0,0
2022-12-30,0.02009,0.02009,0,0
2023-01-31,0.01952,0.01952,0,0
2023-02-28,0.02264,0.02264,0,0
2023-03-31,0.02376,0.02376,0,0
2023-04-28,0.02476,0.02476,0,0
2023-05-31,0.02505,0.02505,0,0
2023-06-30,0.02618,0.02618,0,0
2023-07-31,0.02673,0.02673,0,0
2023-08-31,0.02816,0.02816,0,0
2023-09-29,0.02883,0.02883,0,0
2023-10-31,0.02945,0.02945,0,0
2023-11-30,0.02950,0.02950,0,0
2023-12-29,0.02952,0.02952,0,0
2024-01-31,0.02997,0.02997,0,0
2024-02-29,0.03047,0.03047,0,0
2024-03-28,0.03009,0.03009,0,0
2024-04-30,0.03068,0.03068,0,0
2024-05-31,0.03008,0.03008,0,0
2024-06-28,0.03077,0.03077,0,0
2024-07-31,0.03126,0.03126,0,0
2024-08-30,0.03149,0.03149,0,0
2024-09-30,0.03124,0.03124,0,0
2024-10-31,0.03084,0.03084,0,0
2024-11-29,0.03059,0.03059,0,0
2024-12-31,0.03072,0.03072,0,0
2025-01-31,0.03008,0.03008,0,0
2025-02-28,0.03101,0.03101,0,0
2025-03-31,0.03022,0.03022,0,0
2025-04-30,0.03095,0.03095,0,0
2025-05-30,0.03051,0.03051,0,0
2025-06-30,0.03042,0.03042,0,0
2025-07-31,0.03040,0.03040,0,0
2025-08-29,0.03025,0.03025,0,0
2025-09-30,0.03056,0.03056,0,0
2025-10-31,0.03010,0.03010,0,0
2025-11-28,0.03022,0.03022,0,0
2025-12-31,0.02945,0.02945,0,0
2026-01-30,0.02907,0.02907,0,0
2026-02-27,0.03015,0.03015,0,0
2026-03-31,0.02977,0.02977,0,0
2026-04-30,0.03063,0.03063,0,0
2026-05-29,0.03013,0.03013,0,0
2026-06-30,0.03003,0.03003,0,0
2026-07-31,0.03011,0.03011,0,0
2026-08-31,0.03011,0.03011,0,0
2026-09-30,0.03043,0.03043,0,0

Distributions

(As of 30 Sep 2026)

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

$0.00120

—

30 Jun 2014

$0.00149

—

31 Jul 2014

$0.00305

—

29 Aug 2014

$0.00153

—

30 Sep 2014

$0.00243

—

31 Oct 2014

$0.00165

—

28 Nov 2014

$0.00201

—

31 Dec 2014

$0.00041

—

31 Jan 2015

—

27 Feb 2015

$0.00172

—

31 Mar 2015

$0.00018

—

30 Apr 2015

$0.00195

—

29 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

$0.00134

—

30 Nov 2015

$0.00183

—

31 Dec 2015

$0.00074

—

29 Jan 2016

$0.00129

—

29 Feb 2016

$0.00321

—

31 Mar 2016

$0.00183

—

29 Apr 2016

$0.00396

—

31 May 2016

$0.00313

—

30 Jun 2016

$0.00409

—

29 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

$0.00201

—

31 Jan 2017

$0.00875

—

28 Feb 2017

$0.00831

—

31 Mar 2017

$0.00643

—

28 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

$0.00909

—

31 Oct 2017

$0.00796

—

30 Nov 2017

$0.00919

—

29 Dec 2017

$0.00886

—

31 Jan 2018

$0.00874

—

28 Feb 2018

$0.01067

—

29 Mar 2018

$0.00884

—

30 Apr 2018

$0.01053

—

31 May 2018

$0.00784

—

29 Jun 2018

$0.00937

—

31 Jul 2018

$0.00812

—

31 Aug 2018

$0.01075

—

28 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

$0.01404

—

30 Apr 2019

$0.01452

—

31 May 2019

$0.01322

—

28 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

$0.00412

—

30 Nov 2020

$0.00472

—

31 Dec 2020

$0.00327

—

29 Jan 2021

$0.00237

—

26 Feb 2021

$0.00435

—

31 Mar 2021

$0.00192

—

30 Apr 2021

$0.00271

—

28 May 2021

$0.00205

—

30 Jun 2021

$0.00257

—

30 Jul 2021

$0.00165

—

31 Aug 2021

$0.00140

—

30 Sep 2021

$0.00211

—

29 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

$0.00685

—

31 May 2022

$0.00829

—

30 Jun 2022

$0.00949

—

29 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

$0.02009

—

31 Jan 2023

$0.01952

—

28 Feb 2023

$0.02264

—

31 Mar 2023

$0.02376

—

28 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

$0.02883

—

31 Oct 2023

$0.02945

—

30 Nov 2023

$0.02950

—

29 Dec 2023

$0.02952

—

31 Jan 2024

$0.02997

—

29 Feb 2024

$0.03047

—

28 Mar 2024

$0.03009

—

30 Apr 2024

$0.03068

—

31 May 2024

$0.03008

—

28 Jun 2024

$0.03077

—

31 Jul 2024

$0.03126

—

30 Aug 2024

$0.03149

—

30 Sep 2024

$0.03124

—

31 Oct 2024

$0.03084

—

29 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

$0.03051

—

30 Jun 2025

$0.03042

—

31 Jul 2025

$0.03040

—

29 Aug 2025

$0.03025

—

30 Sep 2025

$0.03056

—

31 Oct 2025

$0.03010

—

28 Nov 2025

$0.03022

—

31 Dec 2025

$0.02945

—

30 Jan 2026

$0.02907

—

27 Feb 2026

$0.03015

—

31 Mar 2026

$0.02977

—

30 Apr 2026

$0.03063

—

29 May 2026

$0.03013

—

30 Jun 2026

$0.03003

—

31 Jul 2026

$0.03011

—

31 Aug 2026

$0.03011

—

30 Sep 2026

$0.03043

—

Fund Facts

(As of 30 Sep 2026)

Net Fund Assets

$92.7 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

Annualized Distribution Yield

3.07%

Characteristics

Portfolio

(As of 30 Sep 2026)

Portfolio

Benchmark

Number of Holdings

108

—

Annual Portfolio Turnover

55%

—

Effective Duration

2.0 Yrs

1.7 Yrs

Average Effective Maturity

2.4 Yrs

1.9 Yrs

Weighted Average Coupon

4.4%

4.6%

Portfolio

Benchmark

Yield to Worst

4.4%

3.8%

Subject to Alternative Minimum Tax

15.3%

—

30-Day SEC Yield (Subsidized)

3.07%

—

30-Day SEC Yield (Unsubsidized)

2.61%

—

Annual Portfolio Turnover reflects data as of the Fund’s fiscal year end (9/30).

Risk & Return Profile

(As of 30 Sep 2026)

10y

Annualized Alpha (%)

-0.15

-0.01

-0.15

Beta

0.97

0.91

0.88

R-Squared (%)

96.29

96.89

93.71

Standard Deviation (%)

1.67

1.99

1.54

Sharpe Ratio

-1.12

-1.25

-0.84

Information Ratio

-0.76

-0.35

-0.77

Tracking Error (%)

0.33

0.40

0.44

Up Capture (%)

93.60

92.17

82.78

Down Capture (%)

98.22

93.16

87.57

Past performance does not guarantee future results.

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

Portfolio

Top Holdings

(As of 30 Sep 2026)

Name

Ticker/Symbol

Weight %

Main Street Natural Gas, Inc.

56035DHZ8

2.6

Travis County Housing Finance Corp.

89438UBM9

2.3

City of Los Angeles Department of Airports

5444452K4

2.2

Chicago O'Hare International Airport

1675937K2

2.0

Halifax County Industrial Development Authority

40579PAE1

1.7

Arizona Industrial Development Authority

04062PCD1

1.6

Energy Southeast A Cooperative District

292723DU4

1.6

Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd

592113CV4

1.6

Chicago O'Hare International Airport

1675937F3

1.5

Bartow County Development Authority

069643BN3

1.4

Download Holdings

Portfolio holdings are subject to change daily.

Exposure Breakdown

(As of 30 Sep 2026)

Sector Allocation

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

15%

20%

Multi Family Mortgage

15.9

7.4

Industrial Development/Pollution Control

14.8

—

Prepaid Gas

10.1

—

Short-Term Investments, Other Assets & Liabilities

8.3

—

CCRC/Senior Living

7.6

—

Airport

7.4

2.8

Hospital

7.3

4.8

School District App

5.6

—

School District General Obligation

4.5

—

Public Power

3.3

7.5

Prepaid Electric

2.8

—

Sector Allocation

Fund (%)

Multi Family Mortgage

15.9

Industrial Development/Pollution Control

14.8

Prepaid Gas

10.1

Short-Term Investments, Other Assets & Liabilities

8.3

CCRC/Senior Living

7.6

Airport

7.4

Hospital

7.3

School District App

5.6

School District General Obligation

4.5

Public Power

3.3

Prepaid Electric

2.8

Top 10 U.S. States

Fund (%)

Benchmark (%)

Portfolio

Benchmark

10%

15%

20%

Texas

13.5

8.6

Short-Term Investments, Other Assets & Liabilities

8.3

—

Georgia

8.2

4.4

Illinois

7.9

4.2

Alabama

6.1

3.5

California

6.0

17.5

New York

5.2

14.9

Arizona

4.4

2.1

Florida

4.2

2.7

Oklahoma

4.2

0.7

Pennsylvania

3.5

3.0

Top 10 U.S. States

Fund (%)

Texas

13.5

Short-Term Investments, Other Assets & Liabilities

8.3

Georgia

8.2

Illinois

7.9

Alabama

6.1

California

6.0

New York

5.2

Arizona

4.4

Florida

4.2

Oklahoma

4.2

Pennsylvania

3.5

Credit Quality

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

20%

30%

40%

50%

60%

AAA

4.1

13.8

31.9

58.1

34.2

24.5

BBB

13.1

3.6

Not Rated

8.5

—

Short-Term Investments, Other Assets & Liabilities

8.3

—

Credit Quality

Fund (%)

AAA

4.1

31.9

34.2

BBB

13.1

Not Rated

8.5

Short-Term Investments, Other Assets & Liabilities

8.3

Maturity

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

20%

30%

40%

50%

60%

Year 1

25.4

3.4

Year 2

10.7

50.1

Year 3

13.6

46.5

Year 4

13.5

0.0

Year 5+

28.5

0.0

Short-Term Investments, Other Assets & Liabilities

8.3

—

Maturity

Fund (%)

Year 1

25.4

Year 2

10.7

Year 3

13.6

Year 4

13.5

Year 5+

28.5

Short-Term Investments, Other Assets & Liabilities

8.3

Holdings with the Geography breakdown are classified by country of risk as determined by MSCI and Bloomberg.

Weights are percentages of the total portfolio unless otherwise noted.

May not add up to 100% due to rounding.

Short-Term Investments, Other Assets & Liabilities includes cash, short-term securities, other assets less liabilities, accruals, derivatives and forwards. It may also include investments in money market or similar funds managed by Thornburg that are not offered to the public.

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…

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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…

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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

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.

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.

This communication is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.

© 2026 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.

Diversification does not assure or guarantee better performance and cannot eliminate the risk of investment losses.

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.

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).

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.

Please see our glossary for a definition of terms.

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.

More Insights

Fixed Income

Rates up, Credit Steady: Municipal Yields Hit 15-Year Highs

Municipal bond yields climbed to 15-year highs in the third quarter of 2026, driven by rising rates and record supply rather than weakening credit. Tax-equivalent yields above 8% for top-bracket investors are levels many have not seen in their careers and, in our view, merit a closer look from long-term investors.

Fixed Income

Beyond the Rate Debate: Navigating Today’s Fixed Income Signals

Bond markets continue searching for a storyline that sticks. Today’s challenge is determining where investors are being fairly compensated for risk and where valuations may be less forgiving. Hear Thornburg Portfolio Managers Christian Hoffmann, Ali Hassan, and Lon Erickson as they unpack the forces shaping fixed income markets today, from AI-driven debt issuance to tight credit spreads to a rates market sending mixed signals.

Markets & Economy

Fortune Favors the Disciplined: The Margin for Error Remains Low

We are surprised that so many fixed income asset classes remain priced for perfection. To navigate prospective dislocations, a disciplined, security-specific focus and relative value process is essential.

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TLMAX

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

More Insights

Rates up, Credit Steady: Municipal Yields Hit 15-Year Highs

Beyond the Rate Debate: Navigating Today’s Fixed Income Signals

Fortune Favors the Disciplined: The Margin for Error Remains Low

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Create an account to save this article or product.

TLMAX

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

More Insights

Rates up, Credit Steady: Municipal Yields Hit 15-Year Highs

Beyond the Rate Debate: Navigating Today’s Fixed Income Signals

Fortune Favors the Disciplined: The Margin for Error Remains Low