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TERMS AND CONDITIONS OF USE
Please read the information below. By accessing this web site of Thornburg Investment Management, Inc. ("Thornburg" or "we"), you acknowledge that you understand and accept the following terms and conditions of use.
Products or services mentioned on this site are subject to legal and regulatory requirements in applicable jurisdictions and may not be licensed or available in all jurisdictions and there may be restrictions or limitations to whom this information may be made available. Unless otherwise indicated, no regulator or government authority has reviewed the information or the merits of the products and services referenced herein. Past performance is not a reliable indicator of future performance. Investments carry risks, including possible loss of principal.
Reference to a fund or security anywhere on this website is not a recommendation to buy, sell or hold that or any other security. The information is not a complete analysis of every material fact concerning any market, industry, or investment, nor is it intended to predict the performance of any investment or market.
All opinions and estimates included on this website constitute judgements of Thornburg as at the date of this website and are subject to change without notice.
All information and contents of this website are furnished "as is." Data has been obtained from sources considered reliable, but Thornburg makes no representation as to the completeness or accuracy of such information and has no obligation to provide updates or changes. Thornburg disclaims, to the fullest extent of the law, any implied or express warranty of any kind, including without limitation the implied warranties of merchantability, fitness for a particular purpose and non-infringement.
If you live in a state that does not allow disclaimers of implied warranties, our disclaimer may not apply to you.
Although Thornburg intends the information contained in this website to be accurate and reliable, errors sometimes occur. Thornburg does not warrant that the information to be free of errors, that the functions contained in the site will be uninterrupted, that defects will be corrected or that the site and servers are free from viruses or other harmful components. You agree that you are responsible for the means you use to access this website and understand that your hardware, software, the Internet, your Internet service provider, and other third parties involved in connecting you to our website may not perform as intended or desired. We also disclaim responsibility for damages third parties may cause to you through the use of this website, whether intentional or unintentional. For example, you understand that hackers could breach our security procedures, and that we will not be responsible for any related damages.
Thornburg Investment Management, Inc. is regulated by the U.S. Securities and Exchange under U.S. laws which may differ materially from laws in other jurisdictions.
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Overall Morningstar Rating among 205 Muni National Short funds, based on risk-adjusted returns for class I shares, using a weighted average of the funds three-, five-, and ten-year ratings: respectively, 3 stars, 4 stars and 4 stars among 205, 185 and 137 funds, as of 30 Apr 2023.
Actively managed diversified portfolio of investment-grade municipal bonds with an average maturity of less than five years and average duration between two and four 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.
High-quality fund that seeks to maximize tax-exempt income while minimizing changes in its share value.
The fund’s goal is to provide investors with as high a level of current income exempt from federal individual income tax as is consistent with preservation of capital. The fund also seeks to reduce share price volatility compared to longer intermediate and long-term bond portfolios.
The fund is an actively managed diversified portfolio of high-quality municipal bonds. The investment team applies a relative value framework, focusing on fundamentals and valuations to identify inefficiencies in the market. Team members are responsible for credit research, portfolio construction, trading and risk oversight and have the flexibility to source ideas across sector, geography and issuer. The strategy maintains exposure across the maturity spectrum to manage duration, hedge against interest rate fluctuations and limit taxable events.
Performance 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.
The maximum sales charge for the fund’s A shares is 2.25%. C shares include a 0.50% contingent deferred sales charge (CDSC) for the first year only. There is no up-front sales charge for class I or R shares.
Morningstar quartile ranking for Muni National Short category is based on total returns before sales charges for 1-, 3-, 5- and 10-years, among 218, 205, 184 and 137 funds, respectively, as of 31 Mar 2023, and 220, 205, 185 and 137 funds, respectively, as of 30 Apr 2023.
Share class inception dates: A shares, 28 Sep 1984; C shares, 1 Sep 1994; and I shares, 5 Jul 1996.
(As of 1 Feb 2023)
Gross Expense Ratio (%)
Net Expense Ratio (%)
Thornburg Investment Management and/or Thornburg Securities Corporation have contractually agreed to waive fees and reimburse expenses through at least February 1, 2024, 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.
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.
David Ashley, CFA
Portfolio Manager and Managing Director
David Ashley is portfolio manager for Thornburg Investment Management. He joined Thornburg as associate portfolio manager in 2011 and was named portfolio manager in 2019. Dave earned a BS in finance and MBA from the University of Delaware in 2001. He is also a CFA charterholder. Prior to joining Thornburg Investment Management, Dave was a credit analyst for Wilmington Trust…
John Bonnell, CFA, is portfolio manager and managing director for Thornburg Investment Management. He joined Thornburg’s municipal team in 2021. John has over 30 years of municipal bond investing experience. He spent 25 years of his career at USAA where he was most recently a senior portfolio manager and, in 2010, took on responsibility for co-leading municipal bond strategies. Earlier…
Eve Lando is portfolio manager for Thornburg Investment Management. She joined Thornburg's municipal team in 2019 as associate portfolio manager and was named portfolio manager in 2020. Eve holds a BA in urban studies from Columbia University and a JD from Brooklyn Law School, with a concentration in business law studies. She has extensive experience in municipal bond research and…
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.
Credit quality ratings use the highest rating available from either S&P Global Ratings or Moody's Investors Service. Unrated securities are evaluated by the firm using available data and their own analysis that may be similar to that of a nationally recognized rating agency; however, such determination is not equivalent to a national agency credit rating. "NR" = Not Rated.
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.
Please see our glossary for a definition of terms.
Thornburg mutual funds are distributed by Thornburg Securities Corporation.
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 Corporation (TSC) does not act as broker of record for investors.