Thornburg New Mexico Intermediate Municipal Fund

SYMBOL: THNIX

Morningstar Rating • Info

Overall Morningstar Rating among 135 Muni Single State Intermediate funds, based on risk-adjusted returns for class I shares, using a weighted average of the funds three-, five-, and ten-year ratings: respectively, 4 stars, 3 stars and 3 stars among 135, 129 and 116 funds, as of 31 Aug 2023.

As of 31 Aug 2023

Fund Assets

$111.1 M

As of 31 Aug 2023

NAV

$12.00

As of 2 Oct 2023

Change

$-0.01

As of 2 Oct 2023

YTD NAV Performance

-1.08%

As of 2 Oct 2023

Asset Category:

Municipal Bond

Fund Benchmark:

ICE BofA 3-15 Yr US Muni

Portfolio Managers

David Ashley, CFA

Portfolio Manager and Managing Director

John Bonnell, CFA

Portfolio Manager and Managing Director

Eve Lando, JD

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 municipal bonds issued by New Mexico entities with an average maturity of three to 10 years and average duration of four to six years.
Proven bottom-up fundamental approach that employs a relative value framework across sectors, issuers and revenue streams.
Tax-efficient fund seeks to provide New Mexico investors with income that is tax-exempt at the state and federal level while minimizing changes in its share value.

Investment Objective

The fund’s goal is to provide investors with as high a level of current income exempt from federal and New Mexico state individual income taxes as is consistent with preservation of capital. The fund also seeks to reduce share price volatility compared to longer-term bond portfolios.

Investment Approach

The fund is an actively managed diversified portfolio of municipal bonds issued by the state of New Mexico. The investment team aims to match municipal market structure and deal flow through a relative value framework that operates across geography, sectors, issuers and revenue streams. Operating as generalists, team members participate in all key aspects of investment management: credit research, trading, portfolio construction and risk oversight.

Returns

(As of 30 Sep 2023)

YTD

10y

Inception

Total Return (%)

-1.01

1.76

-1.87

0.54

1.42

2.44

ICE BofA 3-15 Yr US Muni (%)

-1.07

2.80

-1.80

1.29

2.06

—

Morningstar Category Avg. (%)

1.53

1.63

-1.25

0.98

1.8

—

Morningstar Quartile

—

YTD

10y

Inception

Total Return (%)

-1.01

1.76

-1.87

0.54

1.42

2.44

ICE BofA 3-15 Yr US Muni (%)

-1.07

2.80

-1.80

1.29

2.06

—

Morningstar Category Avg. (%)

1.76

-0.31

-1.56

0.99

1.9

—

Morningstar Quartile

—

YTD

10y

Inception

Total Return (%)

-1.01

1.76

-5.49

2.75

15.12

49.34

ICE BofA 3-15 Yr US Muni (%)

-1.07

2.80

-5.31

6.59

22.66

—

YTD

10y

Inception

Total Return (%)

-1.01

1.76

-5.49

2.75

15.12

49.34

ICE BofA 3-15 Yr US Muni (%)

-1.07

2.80

-5.31

6.59

22.66

—

2017

2018

2019

2020

2021

2022

Total Return (%)

2.36

1.70

4.80

3.78

0.34

-5.90

ICE BofA 3-15 Yr US Muni (%)

4.64

1.45

7.01

4.96

0.94

-6.64

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.

The maximum sales charge for the fund’s A shares is 2.00%. There is no up-front sales charge for class D or I shares.

Morningstar quartile ranking for Muni Single State Interm category is based on total returns before sales charges for 1-, 3-, 5- and 10-years, among 136, 135, 129 and 116 funds, respectively, as of 30 Jun 2023.

Index not yet incepted.

Share class inception dates: A shares, 18 Jun 1991; D shares, 1 Jun 1999; I shares, 1 Feb 2007.

Fund Fees

(As of 1 Feb 2023)

Gross Expense Ratio (%)

0.73

Net Expense Ratio (%)

0.67

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.

For more detailed information on fund expenses, please see the fund's prospectus.

Distributions

            Categories,Total ($)
            2007-01-31,0
2007-02-28,0.04319
2007-03-31,0.04218
2007-04-30,0.04259
2007-05-31,0.04207
2007-06-30,0.04264
2007-07-31,0.04274
2007-08-31,0.04309
2007-09-30,0.04341
2007-10-31,0.04344
2007-11-30,0.04358
2007-12-31,0.04294
2008-01-31,0.04235
2008-02-29,0.04277
2008-03-31,0.04217
2008-04-30,0.04136
2008-05-31,0.04261
2008-06-30,0.04298
2008-07-31,0.04152
2008-08-31,0.04279
2008-09-30,0.04384
2008-10-31,0.04284
2008-11-30,0.04318
2008-12-31,0.04411
2009-01-31,0.04381
2009-02-28,0.04401
2009-03-31,0.04267
2009-04-30,0.04325
2009-05-31,0.04292
2009-06-30,0.04175
2009-07-31,0.04170
2009-08-31,0.04271
2009-09-30,0.04273
2009-10-31,0.04154
2009-11-30,0.04183
2009-12-31,0.04112
2010-01-31,0.04080
2010-02-28,0.04188
2010-03-31,0.04055
2010-04-30,0.04083
2010-05-31,0.04002
2010-06-30,0.03929
2010-07-31,0.03743
2010-08-31,0.03672
2010-09-30,0.03783
2010-10-31,0.03922
2010-11-30,0.05100
2010-12-31,0.03953
2011-01-31,0.03978
2011-02-28,0.04175
2011-03-31,0.04066
2011-04-30,0.04170
2011-05-31,0.04146
2011-06-30,0.04127
2011-07-31,0.03912
2011-08-31,0.03864
2011-09-30,0.03843
2011-10-31,0.03867
2011-11-30,0.05038
2011-12-31,0.03977
2012-01-31,0.03927
2012-02-29,0.03969
2012-03-31,0.03943
2012-04-30,0.03953
2012-05-31,0.03811
2012-06-30,0.03615
2012-07-31,0.03525
2012-08-31,0.03443
2012-09-30,0.03628
2012-10-31,0.03287
2012-11-30,0.03497
2012-12-31,0.03473
2013-01-31,0.03514
2013-02-28,0.03624
2013-03-31,0.03496
2013-04-30,0.03551
2013-05-31,0.03576
2013-06-30,0.03694
2013-07-31,0.03559
2013-08-31,0.03582
2013-09-30,0.03613
2013-10-31,0.03565
2013-11-30,0.03627
2013-12-31,0.03638
2014-01-31,0.03598
2014-02-28,0.03629
2014-03-31,0.03514
2014-04-30,0.03569
2014-05-31,0.03535
2014-06-30,0.03589
2014-07-31,0.03561
2014-08-31,0.03518
2014-09-30,0.03580
2014-10-31,0.03619
2014-11-30,0.03662
2014-12-31,0.03338
2015-01-31,0.03219
2015-02-28,0.03359
2015-03-31,0.03219
2015-04-30,0.03328
2015-05-31,0.03347
2015-06-30,0.03036
2015-07-31,0.02622
2015-08-31,0.02736
2015-09-30,0.02855
2015-10-31,0.02875
2015-11-30,0.02940
2015-12-31,0.02836
2016-01-31,0.02829
2016-02-29,0.02910
2016-03-31,0.02830
2016-04-30,0.02905
2016-05-31,0.02842
2016-06-30,0.02837
2016-07-31,0.02770
2016-08-31,0.02820
2016-09-30,0.03014
2016-10-31,0.02807
2016-11-30,0.02882
2016-12-31,0.02974
2017-01-31,0.03036
2017-02-28,0.03139
2017-03-31,0.03020
2017-04-30,0.03017
2017-05-31,0.03003
2017-06-30,0.03067
2017-07-31,0.03012
2017-08-31,0.02933
2017-09-30,0.02915
2017-10-31,0.02919
2017-11-30,0.03004
2017-12-31,0.03038
2018-01-31,0.03105
2018-02-28,0.03261
2018-03-31,0.03142
2018-04-30,0.03316
2018-05-31,0.03243
2018-06-30,0.03069
2018-07-31,0.03028
2018-08-31,0.02879
2018-09-30,0.02954
2018-10-31,0.02972
2018-11-30,0.03027
2018-12-31,0.02883
2019-01-31,0.02932
2019-02-28,0.03125
2019-03-31,0.02905
2019-04-30,0.02968
2019-05-31,0.02909
2019-06-30,0.02956
2019-07-31,0.02871
2019-08-31,0.02830
2019-09-30,0.02761
2019-10-31,0.02655
2019-11-30,0.02645
2019-12-31,0.02527
2020-01-31,0.02574
2020-02-29,0.02702
2020-03-31,0.02511
2020-04-30,0.02468
2020-05-31,0.02331
2020-06-30,0.02149
2020-07-31,0.02033
2020-08-31,0.02073
2020-09-30,0.02061
2020-10-31,0.02007
2020-11-30,0.02120
2020-12-31,0.01876
2021-01-31,0.01875
2021-02-28,0.02101
2021-03-31,0.01866
2021-04-30,0.01958
2021-05-31,0.01904
2021-06-30,0.02014
2021-07-31,0.01971
2021-08-31,0.01963
2021-09-30,0.02014
2021-10-31,0.01989
2021-11-30,0.02105
2021-12-31,0.01800
2022-01-31,0.01778
2022-02-28,0.02033
2022-03-31,0.01838
2022-04-30,0.01955
2022-05-31,0.01930
2022-06-30,0.02025
2022-07-31,0.01928
2022-08-31,0.01905
2022-09-30,0.02017
2022-10-31,0.01858
2022-11-30,0.01979
2022-12-31,0.01907
2023-01-31,0.02029
2023-02-28,0.02355
2023-03-31,0.02153
2023-04-30,0.02302
2023-05-31,0.02393
2023-06-30,0.02586
2023-07-31,0.02622
2023-08-31,0.02687
2023-09-30,0.02770

            Ex Date,Total ($),Income ($),ST Cap Gains ($),LT Cap Gains ($)
            ,0,0,0,0
,0.04319,0.04319,0,0
,0.04218,0.04218,0,0
,0.04259,0.04259,0,0
,0.04207,0.04207,0,0
,0.04264,0.04264,0,0
,0.04274,0.04274,0,0
,0.04309,0.04309,0,0
,0.04341,0.04341,0,0
,0.04344,0.04344,0,0
,0.04358,0.04358,0,0
,0.04294,0.04294,0,0
,0.04235,0.04235,0,0
,0.04277,0.04277,0,0
,0.04217,0.04217,0,0
,0.04136,0.04136,0,0
,0.04261,0.04261,0,0
,0.04298,0.04298,0,0
,0.04152,0.04152,0,0
,0.04279,0.04279,0,0
,0.04384,0.04384,0,0
,0.04284,0.04284,0,0
,0.04318,0.04318,0,0
,0.04411,0.04411,0,0
,0.04381,0.04381,0,0
,0.04401,0.04401,0,0
,0.04267,0.04267,0,0
,0.04325,0.04325,0,0
,0.04292,0.04292,0,0
,0.04175,0.04175,0,0
,0.04170,0.04170,0,0
,0.04271,0.04271,0,0
,0.04273,0.04273,0,0
,0.04154,0.04154,0,0
,0.04183,0.04183,0,0
,0.04112,0.04112,0,0
,0.04080,0.04080,0,0
,0.04188,0.04188,0,0
,0.04055,0.04055,0,0
,0.04083,0.04083,0,0
,0.04002,0.04002,0,0
,0.03929,0.03929,0,0
,0.03743,0.03743,0,0
,0.03672,0.03672,0,0
,0.03783,0.03783,0,0
,0.03922,0.03922,0,0
,0.05100,0.03946,0.00000,0.01154
,0.03953,0.03953,0,0
,0.03978,0.03978,0,0
,0.04175,0.04175,0,0
,0.04066,0.04066,0,0
,0.04170,0.04170,0,0
,0.04146,0.04146,0,0
,0.04127,0.04127,0,0
,0.03912,0.03912,0,0
,0.03864,0.03864,0,0
,0.03843,0.03843,0,0
,0.03867,0.03867,0,0
,0.05038,0.03980,0.00304,0.00754
,0.03977,0.03977,0,0
,0.03927,0.03927,0,0
,0.03969,0.03969,0,0
,0.03943,0.03943,0,0
,0.03953,0.03953,0,0
,0.03811,0.03811,0,0
,0.03615,0.03615,0,0
,0.03525,0.03525,0,0
,0.03443,0.03443,0,0
,0.03628,0.03628,0,0
,0.03287,0.03287,0,0
,0.03497,0.03497,0,0
,0.03473,0.03473,0,0
,0.03514,0.03514,0,0
,0.03624,0.03624,0,0
,0.03496,0.03496,0,0
,0.03551,0.03551,0,0
,0.03576,0.03576,0,0
,0.03694,0.03694,0,0
,0.03559,0.03559,0,0
,0.03582,0.03582,0,0
,0.03613,0.03613,0,0
,0.03565,0.03565,0,0
,0.03627,0.03627,0,0
,0.03638,0.03638,0,0
,0.03598,0.03598,0,0
,0.03629,0.03629,0,0
,0.03514,0.03514,0,0
,0.03569,0.03569,0,0
,0.03535,0.03535,0,0
,0.03589,0.03589,0,0
,0.03561,0.03561,0,0
,0.03518,0.03518,0,0
,0.03580,0.03580,0,0
,0.03619,0.03619,0,0
,0.03662,0.03662,0,0
,0.03338,0.03338,0,0
,0.03219,0.03219,0,0
,0.03359,0.03359,0,0
,0.03219,0.03219,0,0
,0.03328,0.03328,0,0
,0.03347,0.03347,0,0
,0.03036,0.03036,0,0
,0.02622,0.02622,0,0
,0.02736,0.02736,0,0
,0.02855,0.02855,0,0
,0.02875,0.02875,0,0
,0.02940,0.02940,0,0
,0.02836,0.02836,0,0
,0.02829,0.02829,0,0
,0.02910,0.02910,0,0
,0.02830,0.02830,0,0
,0.02905,0.02905,0,0
,0.02842,0.02842,0,0
,0.02837,0.02837,0,0
,0.02770,0.02770,0,0
,0.02820,0.02820,0,0
,0.03014,0.03014,0,0
,0.02807,0.02807,0,0
,0.02882,0.02882,0,0
,0.02974,0.02974,0,0
,0.03036,0.03036,0,0
,0.03139,0.03139,0,0
,0.03020,0.03020,0,0
,0.03017,0.03017,0,0
,0.03003,0.03003,0,0
,0.03067,0.03067,0,0
,0.03012,0.03012,0,0
,0.02933,0.02933,0,0
,0.02915,0.02915,0,0
,0.02919,0.02919,0,0
,0.03004,0.03004,0,0
,0.03038,0.03038,0,0
,0.03105,0.03105,0,0
,0.03261,0.03261,0,0
,0.03142,0.03142,0,0
,0.03316,0.03316,0,0
,0.03243,0.03243,0,0
,0.03069,0.03069,0,0
,0.03028,0.03028,0,0
,0.02879,0.02879,0,0
,0.02954,0.02954,0,0
,0.02972,0.02972,0,0
,0.03027,0.03027,0,0
,0.02883,0.02883,0,0
,0.02932,0.02932,0,0
,0.03125,0.03125,0,0
,0.02905,0.02905,0,0
,0.02968,0.02968,0,0
,0.02909,0.02909,0,0
,0.02956,0.02956,0,0
,0.02871,0.02871,0,0
,0.02830,0.02830,0,0
,0.02761,0.02761,0,0
,0.02655,0.02655,0,0
,0.02645,0.02645,0,0
,0.02527,0.02527,0,0
,0.02574,0.02574,0,0
,0.02702,0.02702,0,0
,0.02511,0.02511,0,0
,0.02468,0.02468,0,0
,0.02331,0.02331,0,0
,0.02149,0.02149,0,0
,0.02033,0.02033,0,0
,0.02073,0.02073,0,0
,0.02061,0.02061,0,0
,0.02007,0.02007,0,0
,0.02120,0.02120,0,0
,0.01876,0.01876,0,0
,0.01875,0.01875,0,0
,0.02101,0.02101,0,0
,0.01866,0.01866,0,0
,0.01958,0.01958,0,0
,0.01904,0.01904,0,0
,0.02014,0.02014,0,0
,0.01971,0.01971,0,0
,0.01963,0.01963,0,0
,0.02014,0.02014,0,0
,0.01989,0.01989,0,0
,0.02105,0.02105,0,0
,0.01800,0.01800,0,0
,0.01778,0.01778,0,0
,0.02033,0.02033,0,0
,0.01838,0.01838,0,0
,0.01955,0.01955,0,0
,0.01930,0.01930,0,0
,0.02025,0.02025,0,0
,0.01928,0.01928,0,0
,0.01905,0.01905,0,0
,0.02017,0.02017,0,0
,0.01858,0.01858,0,0
,0.01979,0.01979,0,0
,0.01907,0.01907,0,0
,0.02029,0.02029,0,0
,0.02355,0.02355,0,0
,0.02153,0.02153,0,0
,0.02302,0.02302,0,0
,0.02393,0.02393,0,0
,0.02586,0.02586,0,0
,0.02622,0.02622,0,0
,0.02687,0.02687,0,0
,0.02770,0.02770,0,0

Distributions

(As of 29 Sep 2023)

Payable Date

Total ($)

Income ($)

ST Cap Gains ($)

LT Cap Gains ($)

28 Feb 2007

0.04319

—

30 Mar 2007

0.04218

—

30 Apr 2007

0.04259

—

31 May 2007

0.04207

—

29 Jun 2007

0.04264

—

31 Jul 2007

0.04274

—

31 Aug 2007

0.04309

—

28 Sep 2007

0.04341

—

31 Oct 2007

0.04344

—

30 Nov 2007

0.04358

—

31 Dec 2007

0.04294

—

31 Jan 2008

0.04235

—

29 Feb 2008

0.04277

—

31 Mar 2008

0.04217

—

30 Apr 2008

0.04136

—

30 May 2008

0.04261

—

30 Jun 2008

0.04298

—

31 Jul 2008

0.04152

—

29 Aug 2008

0.04279

—

30 Sep 2008

0.04384

—

31 Oct 2008

0.04284

—

28 Nov 2008

0.04318

—

31 Dec 2008

0.04411

—

30 Jan 2009

0.04381

—

27 Feb 2009

0.04401

—

31 Mar 2009

0.04267

—

30 Apr 2009

0.04325

—

29 May 2009

0.04292

—

30 Jun 2009

0.04175

—

31 Jul 2009

0.04170

—

31 Aug 2009

0.04271

—

30 Sep 2009

0.04273

—

30 Oct 2009

0.04154

—

30 Nov 2009

0.04183

—

31 Dec 2009

0.04112

—

29 Jan 2010

0.04080

—

26 Feb 2010

0.04188

—

31 Mar 2010

0.04055

—

30 Apr 2010

0.04083

—

28 May 2010

0.04002

—

30 Jun 2010

0.03929

—

30 Jul 2010

0.03743

—

31 Aug 2010

0.03672

—

30 Sep 2010

0.03783

—

29 Oct 2010

0.03922

—

30 Nov 2010

0.05100

0.03946

0.00000

0.01154

31 Dec 2010

0.03953

—

31 Jan 2011

0.03978

—

28 Feb 2011

0.04175

—

31 Mar 2011

0.04066

—

29 Apr 2011

0.04170

—

31 May 2011

0.04146

—

30 Jun 2011

0.04127

—

29 Jul 2011

0.03912

—

31 Aug 2011

0.03864

—

30 Sep 2011

0.03843

—

31 Oct 2011

0.03867

—

30 Nov 2011

0.05038

0.03980

0.00304

0.00754

30 Dec 2011

0.03977

—

31 Jan 2012

0.03927

—

29 Feb 2012

0.03969

—

30 Mar 2012

0.03943

—

30 Apr 2012

0.03953

—

31 May 2012

0.03811

—

29 Jun 2012

0.03615

—

31 Jul 2012

0.03525

—

31 Aug 2012

0.03443

—

28 Sep 2012

0.03628

—

31 Oct 2012

0.03287

—

30 Nov 2012

0.03497

—

31 Dec 2012

0.03473

—

31 Jan 2013

0.03514

—

28 Feb 2013

0.03624

—

28 Mar 2013

0.03496

—

30 Apr 2013

0.03551

—

31 May 2013

0.03576

—

28 Jun 2013

0.03694

—

31 Jul 2013

0.03559

—

30 Aug 2013

0.03582

—

30 Sep 2013

0.03613

—

31 Oct 2013

0.03565

—

29 Nov 2013

0.03627

—

31 Dec 2013

0.03638

—

31 Jan 2014

0.03598

—

28 Feb 2014

0.03629

—

31 Mar 2014

0.03514

—

30 Apr 2014

0.03569

—

30 May 2014

0.03535

—

30 Jun 2014

0.03589

—

31 Jul 2014

0.03561

—

29 Aug 2014

0.03518

—

30 Sep 2014

0.03580

—

31 Oct 2014

0.03619

—

28 Nov 2014

0.03662

—

31 Dec 2014

0.03338

—

30 Jan 2015

0.03219

—

27 Feb 2015

0.03359

—

31 Mar 2015

0.03219

—

30 Apr 2015

0.03328

—

29 May 2015

0.03347

—

30 Jun 2015

0.03036

—

31 Jul 2015

0.02622

—

31 Aug 2015

0.02736

—

30 Sep 2015

0.02855

—

30 Oct 2015

0.02875

—

30 Nov 2015

0.02940

—

31 Dec 2015

0.02836

—

29 Jan 2016

0.02829

—

29 Feb 2016

0.02910

—

31 Mar 2016

0.02830

—

29 Apr 2016

0.02905

—

31 May 2016

0.02842

—

30 Jun 2016

0.02837

—

29 Jul 2016

0.02770

—

31 Aug 2016

0.02820

—

30 Sep 2016

0.03014

—

31 Oct 2016

0.02807

—

30 Nov 2016

0.02882

—

30 Dec 2016

0.02974

—

31 Jan 2017

0.03036

—

28 Feb 2017

0.03139

—

31 Mar 2017

0.03020

—

28 Apr 2017

0.03017

—

31 May 2017

0.03003

—

30 Jun 2017

0.03067

—

31 Jul 2017

0.03012

—

31 Aug 2017

0.02933

—

29 Sep 2017

0.02915

—

31 Oct 2017

0.02919

—

30 Nov 2017

0.03004

—

29 Dec 2017

0.03038

—

31 Jan 2018

0.03105

—

28 Feb 2018

0.03261

—

29 Mar 2018

0.03142

—

30 Apr 2018

0.03316

—

31 May 2018

0.03243

—

29 Jun 2018

0.03069

—

31 Jul 2018

0.03028

—

31 Aug 2018

0.02879

—

28 Sep 2018

0.02954

—

31 Oct 2018

0.02972

—

30 Nov 2018

0.03027

—

31 Dec 2018

0.02883

—

31 Jan 2019

0.02932

—

28 Feb 2019

0.03125

—

29 Mar 2019

0.02905

—

30 Apr 2019

0.02968

—

31 May 2019

0.02909

—

28 Jun 2019

0.02956

—

31 Jul 2019

0.02871

—

31 Aug 2019

0.02830

—

30 Sep 2019

0.02761

—

31 Oct 2019

0.02655

—

30 Nov 2019

0.02645

—

31 Dec 2019

0.02527

—

31 Jan 2020

0.02574

—

29 Feb 2020

0.02702

—

31 Mar 2020

0.02511

—

30 Apr 2020

0.02468

—

31 May 2020

0.02331

—

30 Jun 2020

0.02149

—

31 Jul 2020

0.02033

—

31 Aug 2020

0.02073

—

30 Sep 2020

0.02061

—

30 Oct 2020

0.02007

—

30 Nov 2020

0.02120

—

31 Dec 2020

0.01876

—

29 Jan 2021

0.01875

—

26 Feb 2021

0.02101

—

31 Mar 2021

0.01866

—

30 Apr 2021

0.01958

—

28 May 2021

0.01904

—

30 Jun 2021

0.02014

—

30 Jul 2021

0.01971

—

31 Aug 2021

0.01963

—

30 Sep 2021

0.02014

—

29 Oct 2021

0.01989

—

30 Nov 2021

0.02105

—

31 Dec 2021

0.01800

—

31 Jan 2022

0.01778

—

28 Feb 2022

0.02033

—

31 Mar 2022

0.01838

—

29 Apr 2022

0.01955

—

31 May 2022

0.01930

—

30 Jun 2022

0.02025

—

29 Jul 2022

0.01928

—

31 Aug 2022

0.01905

—

30 Sep 2022

0.02017

—

31 Oct 2022

0.01858

—

30 Nov 2022

0.01979

—

30 Dec 2022

0.01907

—

31 Jan 2023

0.02029

—

28 Feb 2023

0.02355

—

31 Mar 2023

0.02153

—

28 Apr 2023

0.02302

—

31 May 2023

0.02393

—

30 Jun 2023

0.02586

—

31 Jul 2023

0.02622

—

31 Aug 2023

0.02687

—

29 Sep 2023

0.02770

—

Fund Facts

(As of 31 Aug 2023)

Net Fund Assets

$111.1 M

Benchmark

ICE BofA 3-15 Yr US Muni

Morningstar Category

Muni Single State Intermediate

Fund Symbol

THNIX

Share Class

Share Class Inception Date

1 Feb 2007

Number of Holdings

114

Portfolio Turnover

Distribution Frequency

Monthly

30-Day SEC Yield (Subsidized)

2.97%

30-Day SEC Yield (Unsubsidized)

2.88%

Annualized Distribution Yield

2.55%

Characteristics

Portfolio

(As of 31 Aug 2023)

Portfolio

Benchmark

Effective Duration

4.2 Yrs

5.1 Yrs

Average Effective Maturity

7.5 Yrs

8.0 Yrs

Weighted Average Coupon

4.7%

4.5%

Portfolio

Benchmark

Yield to Worst

3.7%

3.5%

Subject to Alternative Minimum Tax

2.5%

—

Risk & Return Profile

(As of 30 Jun 2023)

10y

Annualized Alpha (%)

-0.60

-0.41

-0.14

Standard Deviation (%)

4.14

3.76

3.10

Sharpe Ratio

-0.54

-0.15

0.23

Up Capture (%)

72.42

72.22

74.05

Down Capture (%)

80.88

78.31

76.92

Past performance does not guarantee future results.

Portfolio

Top Holdings

(As of 31 Aug 2023)

Name

Ticker/Symbol

Sector

Weight %

County of Bernalillo NM Gross Receipts Tax Revenue

08527NHA7

Dedicated Tax

3.6

New Mexico Finance Authority

—

SE_OTHER

3.4

New Mexico Educational Assistance Foundation

647110FT7

Student Loan

2.5

New Mexico Hospital Equipment Loan Council

—

Hospital

2.5

City of Santa Fe NM

802170AG5

Lifecare

2.3

County of Bernalillo NM Gross Receipts Tax Revenue

08527NBZ8

Dedicated Tax

2.0

New Mexico Mortgage Finance Authority

—

Single Family Mortgage

1.9

New Mexico State University

647429Y45

Higher Education

1.9

State of New Mexico Severance Tax Permanent Fund

647310U82

Dedicated Tax

1.9

Albuquerque Bernalillo County Water Utility Authority

013493FQ9

Water/Sewer

1.8

Download Holdings

Portfolio holdings are subject to change daily.

Exposure Breakdown

(As of 31 Aug 2023)

Sector Allocation

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

15%

20%

25%

30%

Dedicated Tax

26.9

15.2

School District General Obligation

12.2

—

Higher Education

11.5

—

Other Revenue

7.2

—

Water/Sewer

7.2

5.7

Hospital

4.9

5.4

Local General Obligation

4.0

9.5

Other Transportation

3.9

6.3

Single Family Mortgage

3.6

0.2

Lifecare

3.4

—

Sector Allocation

Fund (%)

Dedicated Tax

26.9

School District General Obligation

12.2

Higher Education

11.5

Other Revenue

7.2

Water/Sewer

7.2

Hospital

4.9

Local General Obligation

4.0

Other Transportation

3.9

Single Family Mortgage

3.6

Lifecare

3.4

Credit Quality

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

20%

30%

40%

50%

60%

AAA

29.2

13.1

53.0

57.1

10.1

24.7

BBB

1.8

5.1

Not Rated

3.4

—

Cash & Cash Equivalents

2.5

—

Credit Quality

Fund (%)

AAA

29.2

53.0

10.1

BBB

1.8

Not Rated

3.4

Cash & Cash Equivalents

2.5

Maturity

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

15%

20%

25%

30%

Year 1-2

13.6

—

Year 3-4

20.6

14.0

Year 5-6

9.5

22.1

Year 7-8

9.0

18.2

Year 9-10

10.8

15.5

Year 11-12

15.1

13.0

Year 13-14

10.8

13.0

Year 15-16

1.8

5.0

Year 17+

6.3

—

Cash

2.5

—

Maturity

Fund (%)

Year 1-2

13.6

Year 3-4

20.6

Year 5-6

9.5

Year 7-8

9.0

Year 9-10

10.8

Year 11-12

15.1

Year 13-14

10.8

Year 15-16

1.8

Year 17+

6.3

Cash

2.5

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 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…

Learn More

John Bonnell, CFA

Portfolio Manager and Managing Director

John Bonnell, CFA, is portfolio manager and managing director for Thornburg Investment Management. He joined Thornburg’s municipal team in 2021. John has over 30 years of municipal bond investing experience. He spent 25 years of his career at USAA where he was most recently a senior portfolio manager and, in 2010, took on responsibility for co-leading municipal bond strategies. Earlier…

Learn More

Eve Lando, JD

Portfolio Manager and Managing Director

Eve Lando is portfolio manager for Thornburg Investment Management. She joined Thornburg's municipal team in 2019 as associate portfolio manager and was named portfolio manager in 2020. Eve holds a BA in urban studies from Columbia University and a JD from Brooklyn Law School, with a concentration in business law studies. She has extensive experience in municipal bond research and…

Learn More

Literature

Fact Sheet

Commentary

Summary Prospectus

Annual Report

Semi-annual report

Prospectus

Statement of Additional Information (SAI)

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.

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.

© 2023 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 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.

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Thornburg New Mexico Intermediate Municipal Fund

Portfolio Managers

Overview

Why Invest in This Fund?

Investment Objective

Investment Approach

Related Content

Performance

Returns

Fund Fees

Distributions

Fund Facts

Characteristics

Portfolio

Risk & Return Profile

Portfolio

Top Holdings

Exposure Breakdown

Portfolio Managers

David Ashley, CFA

John Bonnell, CFA

Eve Lando, JD

Literature

Important Information

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Create an account to save this article or product.

Thornburg New Mexico Intermediate Municipal Fund

Portfolio Managers

Overview

Why Invest in This Fund?

Investment Objective

Investment Approach

Related Content

Performance

Returns

Fund Fees

Distributions

Fund Facts

Characteristics

Portfolio

Risk & Return Profile

Portfolio

Top Holdings

Exposure Breakdown

Portfolio Managers

David Ashley, CFA

John Bonnell, CFA

Eve Lando, JD

Literature

Important Information

More Insights

Managing Legacy Wealth Part 1 The Wealth Holders

Therapies for Treating Obesity Create XL Opportunities

5 Essential Reasons the Public Need Financial Advisors

Navigating Recession, the Fed, Inflation and Borrowing

Help Clients Make Better Social Security Claiming Decisions

Morningstar Study Makes the Case for Buy and Hold