THNIX

Thornburg New Mexico Intermediate Municipal Fund

Morningstar Rating • Info

Overall Morningstar Rating among 103 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, 4 stars and 3 stars among 103, 103 and 96 funds, as of 31 Aug 2026.

As of 31 Aug 2026

Fund Assets

$82.8 M

As of 31 Aug 2026

NAV

$11.70

As of 25 Sep 2026

Change

$-0.03

As of 25 Sep 2026

YTD NAV Performance

-3.54%

As of 25 Sep 2026

Asset Category:

Municipal Bond

Fund Benchmark:

ICE BofA 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 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 Jun 2026)

YTD

10y

Inception

Total Return (%)

1.73

5.11

3.37

1.03

1.51

2.73

ICE BofA U.S. Municipal Securities Index (%)

2.18

6.87

3.79

1.00

2.16

—

Morningstar Category Avg. (%)

2.05

6.56

3.35

0.69

1.46

—

Morningstar Quartile

—

Morningstar Quartile # of Funds

—

110

105

—

YTD

10y

Inception

Total Return (%)

0.16

3.00

3.03

0.63

1.36

2.62

ICE BofA U.S. Municipal Securities Index (%)

0.34

4.33

3.50

0.56

1.95

—

Morningstar Category Avg. (%)

-0

3.91

0.23

1.28

—

Morningstar Quartile

—

Morningstar Quartile # of Funds

—

108

103

—

YTD

10y

Inception

Total Return (%)

1.73

5.11

10.46

5.25

16.13

68.51

ICE BofA U.S. Municipal Securities Index (%)

2.18

6.87

11.80

5.08

23.77

—

YTD

10y

Inception

Total Return (%)

0.16

3.00

9.36

3.18

14.46

65.92

ICE BofA U.S. Municipal Securities Index (%)

0.34

4.33

10.86

2.81

21.34

—

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

Total Return (%)

-0.01

2.36

1.70

4.80

3.78

0.34

-5.90

4.18

1.04

4.32

ICE BofA U.S. Municipal Securities Index (%)

0.44

5.42

1.04

7.74

5.26

1.83

-9.03

6.52

1.62

3.96

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 Single State Intermediate category is based on total returns before sales charges.

The fund's benchmark changed from the ICE BofA 3-15 Year U.S. Municipal Securities Index to the ICE BofA U.S. Municipal Securities Index effective 30 September 2024.

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.

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 2026)

Gross Expense Ratio (%)

0.78

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.

Hypothetical Growth of $10,000

(As of 31 Aug 2026)

(Hypothetical Growth of $10,000 vs ICE BofA U.S. Municipal Securities Index)

Categories,I Shares,ICE BofA U.S. Municipal Securities Index                        
2025-08-31,10000,10000
2025-09-30,10159,10248
2025-10-31,10236,10359
2025-11-30,10264,10385
2025-12-31,10283,10397
2026-01-31,10369,10473
2026-02-28,10447,10615
2026-03-31,10284,10379
2026-04-30,10354,10494
2026-05-31,10407,10539
2026-06-30,10461,10623
2026-07-31,10313,10443
2026-08-31,10300,10433

Categories,I Shares,ICE BofA U.S. Municipal Securities Index                        
2023-08-31,10000,10000
2023-09-30,9843,9717
2023-10-31,9792,9595
2023-11-30,10195,10209
2023-12-31,10359,10457
2024-01-31,10325,10434
2024-02-29,10333,10436
2024-03-31,10366,10425
2024-04-30,10291,10309
2024-05-31,10241,10287
2024-06-30,10350,10453
2024-07-31,10426,10543
2024-08-31,10494,10626
2024-09-30,10546,10739
2024-10-31,10455,10590
2024-11-30,10558,10763
2024-12-31,10466,10627
2025-01-31,10536,10652
2025-02-28,10607,10762
2025-03-31,10515,10575
2025-04-30,10467,10510
2025-05-31,10512,10482
2025-06-30,10566,10562
2025-07-31,10553,10532
2025-08-31,10617,10626
2025-09-30,10786,10889
2025-10-31,10868,11007
2025-11-30,10898,11035
2025-12-31,10918,11048
2026-01-31,11009,11128
2026-02-28,11092,11280
2026-03-31,10918,11029
2026-04-30,10993,11151
2026-05-31,11049,11198
2026-06-30,11107,11288
2026-07-31,10950,11097
2026-08-31,10936,11086

Categories,I Shares,ICE BofA U.S. Municipal Securities Index                        
2021-08-31,10000,10000
2021-09-30,9948,9924
2021-10-31,9926,9913
2021-11-30,9964,9994
2021-12-31,9970,10008
2022-01-31,9744,9739
2022-02-28,9730,9684
2022-03-31,9489,9389
2022-04-30,9317,9112
2022-05-31,9414,9257
2022-06-30,9346,9080
2022-07-31,9526,9328
2022-08-31,9375,9090
2022-09-30,9126,8752
2022-10-31,9095,8675
2022-11-30,9337,9114
2022-12-31,9381,9104
2023-01-31,9549,9384
2023-02-28,9392,9157
2023-03-31,9530,9362
2023-04-30,9517,9351
2023-05-31,9436,9279
2023-06-30,9486,9364
2023-07-31,9530,9388
2023-08-31,9435,9274
2023-09-30,9287,9011
2023-10-31,9239,8898
2023-11-30,9619,9468
2023-12-31,9773,9698
2024-01-31,9741,9677
2024-02-29,9749,9678
2024-03-31,9780,9668
2024-04-30,9710,9560
2024-05-31,9662,9540
2024-06-30,9765,9694
2024-07-31,9837,9778
2024-08-31,9901,9855
2024-09-30,9950,9959
2024-10-31,9864,9821
2024-11-30,9961,9982
2024-12-31,9875,9856
2025-01-31,9941,9879
2025-02-28,10008,9981
2025-03-31,9921,9807
2025-04-30,9875,9747
2025-05-31,9918,9721
2025-06-30,9969,9796
2025-07-31,9956,9768
2025-08-31,10017,9855
2025-09-30,10177,10099
2025-10-31,10254,10208
2025-11-30,10282,10234
2025-12-31,10301,10246
2026-01-31,10387,10320
2026-02-28,10465,10461
2026-03-31,10301,10228
2026-04-30,10371,10341
2026-05-31,10425,10385
2026-06-30,10479,10469
2026-07-31,10331,10291
2026-08-31,10318,10281

Categories,I Shares,ICE BofA U.S. Municipal Securities Index                        
2016-08-31,10000,10000
2016-09-30,9978,9952
2016-10-31,9918,9859
2016-11-30,9669,9499
2016-12-31,9735,9603
2017-01-31,9742,9652
2017-02-28,9787,9714
2017-03-31,9810,9737
2017-04-30,9862,9807
2017-05-31,9958,9952
2017-06-30,9929,9929
2017-07-31,9974,10002
2017-08-31,10018,10086
2017-09-30,9965,10048
2017-10-31,9964,10066
2017-11-30,9904,10023
2017-12-31,9965,10123
2018-01-31,9905,10016
2018-02-28,9892,9974
2018-03-31,9901,10007
2018-04-30,9888,9968
2018-05-31,9974,10085
2018-06-30,10005,10097
2018-07-31,10036,10120
2018-08-31,10050,10136
2018-09-30,10027,10072
2018-10-31,9988,9999
2018-11-30,10058,10109
2018-12-31,10134,10228
2019-01-31,10188,10305
2019-02-28,10228,10364
2019-03-31,10305,10530
2019-04-30,10321,10574
2019-05-31,10414,10730
2019-06-30,10445,10776
2019-07-31,10515,10861
2019-08-31,10632,11033
2019-09-30,10567,10950
2019-10-31,10580,10964
2019-11-30,10601,10984
2019-12-31,10621,11020
2020-01-31,10753,11217
2020-02-29,10846,11372
2020-03-31,10594,10945
2020-04-30,10510,10778
2020-05-31,10754,11128
2020-06-30,10819,11236
2020-07-31,10940,11416
2020-08-31,10892,11378
2020-09-30,10901,11370
2020-10-31,10877,11348
2020-11-30,10975,11521
2020-12-31,11023,11599
2021-01-31,11054,11676
2021-02-28,10917,11488
2021-03-31,10948,11558
2021-04-30,11021,11668
2021-05-31,11029,11719
2021-06-30,11045,11757
2021-07-31,11110,11845
2021-08-31,11094,11802
2021-09-30,11036,11713
2021-10-31,11011,11699
2021-11-30,11054,11795
2021-12-31,11060,11811
2022-01-31,10810,11494
2022-02-28,10794,11429
2022-03-31,10527,11081
2022-04-30,10336,10753
2022-05-31,10443,10925
2022-06-30,10368,10716
2022-07-31,10568,11008
2022-08-31,10400,10728
2022-09-30,10124,10329
2022-10-31,10089,10238
2022-11-30,10358,10756
2022-12-31,10408,10745
2023-01-31,10593,11075
2023-02-28,10419,10806
2023-03-31,10572,11049
2023-04-30,10558,11036
2023-05-31,10468,10951
2023-06-30,10524,11051
2023-07-31,10572,11079
2023-08-31,10467,10945
2023-09-30,10302,10635
2023-10-31,10250,10502
2023-11-30,10671,11173
2023-12-31,10842,11446
2024-01-31,10807,11420
2024-02-29,10816,11422
2024-03-31,10850,11410
2024-04-30,10771,11283
2024-05-31,10719,11259
2024-06-30,10833,11440
2024-07-31,10913,11539
2024-08-31,10984,11630
2024-09-30,11039,11753
2024-10-31,10943,11591
2024-11-30,11051,11780
2024-12-31,10955,11631
2025-01-31,11028,11658
2025-02-28,11102,11779
2025-03-31,11006,11574
2025-04-30,10955,11503
2025-05-31,11003,11473
2025-06-30,11060,11561
2025-07-31,11045,11527
2025-08-31,11113,11630
2025-09-30,11290,11918
2025-10-31,11375,12048
2025-11-30,11406,12078
2025-12-31,11428,12092
2026-01-31,11523,12180
2026-02-28,11610,12345
2026-03-31,11428,12071
2026-04-30,11506,12204
2026-05-31,11565,12256
2026-06-30,11625,12355
2026-07-31,11461,12145
2026-08-31,11446,12134

Categories,I Shares                        
2007-02-01,10000
2007-02-28,10102
2007-03-31,10096
2007-04-30,10121
2007-05-31,10091
2007-06-30,10070
2007-07-31,10135
2007-08-31,10152
2007-09-30,10264
2007-10-31,10299
2007-11-30,10380
2007-12-31,10414
2008-01-31,10574
2008-02-29,10259
2008-03-31,10475
2008-04-30,10524
2008-05-31,10591
2008-06-30,10505
2008-07-31,10546
2008-08-31,10662
2008-09-30,10291
2008-10-31,10245
2008-11-30,10354
2008-12-31,10496
2009-01-31,10862
2009-02-28,10840
2009-03-31,10809
2009-04-30,10945
2009-05-31,11048
2009-06-30,10974
2009-07-31,11143
2009-08-31,11255
2009-09-30,11545
2009-10-31,11368
2009-11-30,11497
2009-12-31,11506
2010-01-31,11558
2010-02-28,11672
2010-03-31,11603
2010-04-30,11690
2010-05-31,11786
2010-06-30,11811
2010-07-31,11931
2010-08-31,12103
2010-09-30,12092
2010-10-31,12065
2010-11-30,11898
2010-12-31,11748
2011-01-31,11712
2011-02-28,11856
2011-03-31,11830
2011-04-30,12001
2011-05-31,12146
2011-06-30,12174
2011-07-31,12273
2011-08-31,12417
2011-09-30,12488
2011-10-31,12441
2011-11-30,12505
2011-12-31,12707
2012-01-31,12899
2012-02-29,12844
2012-03-31,12751
2012-04-30,12871
2012-05-31,12944
2012-06-30,12940
2012-07-31,13066
2012-08-31,13071
2012-09-30,13142
2012-10-31,13154
2012-11-30,13320
2012-12-31,13173
2013-01-31,13206
2013-02-28,13259
2013-03-31,13226
2013-04-30,13317
2013-05-31,13179
2013-06-30,12907
2013-07-31,12874
2013-08-31,12754
2013-09-30,12973
2013-10-31,13076
2013-11-30,13033
2013-12-31,13000
2014-01-31,13182
2014-02-28,13277
2014-03-31,13252
2014-04-30,13367
2014-05-31,13481
2014-06-30,13477
2014-07-31,13522
2014-08-31,13647
2014-09-30,13633
2014-10-31,13729
2014-11-30,13726
2014-12-31,13770
2015-01-31,13944
2015-02-28,13846
2015-03-31,13889
2015-04-30,13852
2015-05-31,13814
2015-06-30,13794
2015-07-31,13872
2015-08-31,13890
2015-09-30,13971
2015-10-31,14021
2015-11-30,14052
2015-12-31,14112
2016-01-31,14256
2016-02-29,14265
2016-03-31,14284
2016-04-30,14367
2016-05-31,14355
2016-06-30,14511
2016-07-31,14487
2016-08-31,14496
2016-09-30,14464
2016-10-31,14378
2016-11-30,14016
2016-12-31,14111
2017-01-31,14122
2017-02-28,14188
2017-03-31,14220
2017-04-30,14295
2017-05-31,14435
2017-06-30,14393
2017-07-31,14458
2017-08-31,14522
2017-09-30,14445
2017-10-31,14444
2017-11-30,14357
2017-12-31,14445
2018-01-31,14358
2018-02-28,14339
2018-03-31,14352
2018-04-30,14333
2018-05-31,14457
2018-06-30,14503
2018-07-31,14547
2018-08-31,14568
2018-09-30,14534
2018-10-31,14478
2018-11-30,14579
2018-12-31,14690
2019-01-31,14768
2019-02-28,14826
2019-03-31,14938
2019-04-30,14960
2019-05-31,15096
2019-06-30,15141
2019-07-31,15242
2019-08-31,15411
2019-09-30,15317
2019-10-31,15336
2019-11-30,15366
2019-12-31,15396
2020-01-31,15587
2020-02-29,15722
2020-03-31,15357
2020-04-30,15235
2020-05-31,15588
2020-06-30,15683
2020-07-31,15859
2020-08-31,15789
2020-09-30,15802
2020-10-31,15767
2020-11-30,15909
2020-12-31,15978
2021-01-31,16024
2021-02-28,15824
2021-03-31,15870
2021-04-30,15976
2021-05-31,15987
2021-06-30,16011
2021-07-31,16105
2021-08-31,16081
2021-09-30,15998
2021-10-31,15962
2021-11-30,16023
2021-12-31,16033
2022-01-31,15670
2022-02-28,15647
2022-03-31,15260
2022-04-30,14982
2022-05-31,15138
2022-06-30,15030
2022-07-31,15319
2022-08-31,15076
2022-09-30,14675
2022-10-31,14625
2022-11-30,15014
2022-12-31,15087
2023-01-31,15356
2023-02-28,15103
2023-03-31,15326
2023-04-30,15305
2023-05-31,15174
2023-06-30,15255
2023-07-31,15325
2023-08-31,15172
2023-09-30,14934
2023-10-31,14858
2023-11-30,15468
2023-12-31,15717
2024-01-31,15665
2024-02-29,15678
2024-03-31,15728
2024-04-30,15614
2024-05-31,15538
2024-06-30,15703
2024-07-31,15819
2024-08-31,15922
2024-09-30,16001
2024-10-31,15863
2024-11-30,16019
2024-12-31,15880
2025-01-31,15986
2025-02-28,16093
2025-03-31,15954
2025-04-30,15880
2025-05-31,15949
2025-06-30,16032
2025-07-31,16011
2025-08-31,16109
2025-09-30,16365
2025-10-31,16489
2025-11-30,16534
2025-12-31,16565
2026-01-31,16703
2026-02-28,16829
2026-03-31,16566
2026-04-30,16678
2026-05-31,16765
2026-06-30,16851
2026-07-31,16613
2026-08-31,16592

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 ($)
            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
2010-11-19,0.01154
2010-11-30,0.03946
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
2011-11-18,0.01058
2011-11-30,0.03980
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
2023-10-31,0.02863
2023-11-30,0.02968
2023-12-31,0.02912
2024-01-31,0.02882
2024-02-29,0.03030
2024-03-31,0.02938
2024-04-30,0.03001
2024-05-31,0.02950
2024-06-30,0.03085
2024-07-31,0.03070
2024-08-31,0.03147
2024-09-30,0.03173
2024-10-31,0.03171
2024-11-30,0.03184
2024-12-31,0.03190
2025-01-31,0.03199
2025-02-28,0.03335
2025-03-31,0.03267
2025-04-30,0.03309
2025-05-31,0.03294
2025-06-30,0.03315
2025-07-31,0.03421
2025-08-31,0.03432
2025-09-30,0.03455
2025-10-31,0.03387
2025-11-30,0.03385
2025-12-31,0.03317
2026-01-31,0.03332
2026-02-28,0.03441
2026-03-31,0.03350
2026-04-30,0.03399
2026-05-31,0.03401
2026-06-30,0.03412
2026-07-31,0.03433
2026-08-31,0.03443

            Payable Date,Total ($),Income ($),ST Cap Gains ($),LT Cap Gains ($)
2007-01-31,0,0,0,0
2007-02-28,0.04319,0.04319,0,0
2007-03-30,0.04218,0.04218,0,0
2007-04-30,0.04259,0.04259,0,0
2007-05-31,0.04207,0.04207,0,0
2007-06-29,0.04264,0.04264,0,0
2007-07-31,0.04274,0.04274,0,0
2007-08-31,0.04309,0.04309,0,0
2007-09-28,0.04341,0.04341,0,0
2007-10-31,0.04344,0.04344,0,0
2007-11-30,0.04358,0.04358,0,0
2007-12-31,0.04294,0.04294,0,0
2008-01-31,0.04235,0.04235,0,0
2008-02-29,0.04277,0.04277,0,0
2008-03-31,0.04217,0.04217,0,0
2008-04-30,0.04136,0.04136,0,0
2008-05-30,0.04261,0.04261,0,0
2008-06-30,0.04298,0.04298,0,0
2008-07-31,0.04152,0.04152,0,0
2008-08-29,0.04279,0.04279,0,0
2008-09-30,0.04384,0.04384,0,0
2008-10-31,0.04284,0.04284,0,0
2008-11-28,0.04318,0.04318,0,0
2008-12-31,0.04411,0.04411,0,0
2009-01-30,0.04381,0.04381,0,0
2009-02-27,0.04401,0.04401,0,0
2009-03-31,0.04267,0.04267,0,0
2009-04-30,0.04325,0.04325,0,0
2009-05-29,0.04292,0.04292,0,0
2009-06-30,0.04175,0.04175,0,0
2009-07-31,0.04170,0.04170,0,0
2009-08-31,0.04271,0.04271,0,0
2009-09-30,0.04273,0.04273,0,0
2009-10-30,0.04154,0.04154,0,0
2009-11-30,0.04183,0.04183,0,0
2009-12-31,0.04112,0.04112,0,0
2010-01-29,0.04080,0.04080,0,0
2010-02-26,0.04188,0.04188,0,0
2010-03-31,0.04055,0.04055,0,0
2010-04-30,0.04083,0.04083,0,0
2010-05-28,0.04002,0.04002,0,0
2010-06-30,0.03929,0.03929,0,0
2010-07-30,0.03743,0.03743,0,0
2010-08-31,0.03672,0.03672,0,0
2010-09-30,0.03783,0.03783,0,0
2010-10-29,0.03922,0.03922,0,0
2010-11-19,0.01154,0,0.00000,0.01154
2010-11-30,0.03946,0.03946,0,0
2010-12-31,0.03953,0.03953,0,0
2011-01-31,0.03978,0.03978,0,0
2011-02-28,0.04175,0.04175,0,0
2011-03-31,0.04066,0.04066,0,0
2011-04-29,0.04170,0.04170,0,0
2011-05-31,0.04146,0.04146,0,0
2011-06-30,0.04127,0.04127,0,0
2011-07-29,0.03912,0.03912,0,0
2011-08-31,0.03864,0.03864,0,0
2011-09-30,0.03843,0.03843,0,0
2011-10-31,0.03867,0.03867,0,0
2011-11-18,0.01058,0,0.00304,0.00754
2011-11-30,0.03980,0.03980,0,0
2011-12-30,0.03977,0.03977,0,0
2012-01-31,0.03927,0.03927,0,0
2012-02-29,0.03969,0.03969,0,0
2012-03-30,0.03943,0.03943,0,0
2012-04-30,0.03953,0.03953,0,0
2012-05-31,0.03811,0.03811,0,0
2012-06-29,0.03615,0.03615,0,0
2012-07-31,0.03525,0.03525,0,0
2012-08-31,0.03443,0.03443,0,0
2012-09-28,0.03628,0.03628,0,0
2012-10-31,0.03287,0.03287,0,0
2012-11-30,0.03497,0.03497,0,0
2012-12-31,0.03473,0.03473,0,0
2013-01-31,0.03514,0.03514,0,0
2013-02-28,0.03624,0.03624,0,0
2013-03-28,0.03496,0.03496,0,0
2013-04-30,0.03551,0.03551,0,0
2013-05-31,0.03576,0.03576,0,0
2013-06-28,0.03694,0.03694,0,0
2013-07-31,0.03559,0.03559,0,0
2013-08-30,0.03582,0.03582,0,0
2013-09-30,0.03613,0.03613,0,0
2013-10-31,0.03565,0.03565,0,0
2013-11-29,0.03627,0.03627,0,0
2013-12-31,0.03638,0.03638,0,0
2014-01-31,0.03598,0.03598,0,0
2014-02-28,0.03629,0.03629,0,0
2014-03-31,0.03514,0.03514,0,0
2014-04-30,0.03569,0.03569,0,0
2014-05-30,0.03535,0.03535,0,0
2014-06-30,0.03589,0.03589,0,0
2014-07-31,0.03561,0.03561,0,0
2014-08-29,0.03518,0.03518,0,0
2014-09-30,0.03580,0.03580,0,0
2014-10-31,0.03619,0.03619,0,0
2014-11-28,0.03662,0.03662,0,0
2014-12-31,0.03338,0.03338,0,0
2015-01-30,0.03219,0.03219,0,0
2015-02-27,0.03359,0.03359,0,0
2015-03-31,0.03219,0.03219,0,0
2015-04-30,0.03328,0.03328,0,0
2015-05-29,0.03347,0.03347,0,0
2015-06-30,0.03036,0.03036,0,0
2015-07-31,0.02622,0.02622,0,0
2015-08-31,0.02736,0.02736,0,0
2015-09-30,0.02855,0.02855,0,0
2015-10-30,0.02875,0.02875,0,0
2015-11-30,0.02940,0.02940,0,0
2015-12-31,0.02836,0.02836,0,0
2016-01-29,0.02829,0.02829,0,0
2016-02-29,0.02910,0.02910,0,0
2016-03-31,0.02830,0.02830,0,0
2016-04-29,0.02905,0.02905,0,0
2016-05-31,0.02842,0.02842,0,0
2016-06-30,0.02837,0.02837,0,0
2016-07-29,0.02770,0.02770,0,0
2016-08-31,0.02820,0.02820,0,0
2016-09-30,0.03014,0.03014,0,0
2016-10-31,0.02807,0.02807,0,0
2016-11-30,0.02882,0.02882,0,0
2016-12-30,0.02974,0.02974,0,0
2017-01-31,0.03036,0.03036,0,0
2017-02-28,0.03139,0.03139,0,0
2017-03-31,0.03020,0.03020,0,0
2017-04-28,0.03017,0.03017,0,0
2017-05-31,0.03003,0.03003,0,0
2017-06-30,0.03067,0.03067,0,0
2017-07-31,0.03012,0.03012,0,0
2017-08-31,0.02933,0.02933,0,0
2017-09-29,0.02915,0.02915,0,0
2017-10-31,0.02919,0.02919,0,0
2017-11-30,0.03004,0.03004,0,0
2017-12-29,0.03038,0.03038,0,0
2018-01-31,0.03105,0.03105,0,0
2018-02-28,0.03261,0.03261,0,0
2018-03-29,0.03142,0.03142,0,0
2018-04-30,0.03316,0.03316,0,0
2018-05-31,0.03243,0.03243,0,0
2018-06-29,0.03069,0.03069,0,0
2018-07-31,0.03028,0.03028,0,0
2018-08-31,0.02879,0.02879,0,0
2018-09-28,0.02954,0.02954,0,0
2018-10-31,0.02972,0.02972,0,0
2018-11-30,0.03027,0.03027,0,0
2018-12-31,0.02883,0.02883,0,0
2019-01-31,0.02932,0.02932,0,0
2019-02-28,0.03125,0.03125,0,0
2019-03-29,0.02905,0.02905,0,0
2019-04-30,0.02968,0.02968,0,0
2019-05-31,0.02909,0.02909,0,0
2019-06-28,0.02956,0.02956,0,0
2019-07-31,0.02871,0.02871,0,0
2019-08-31,0.02830,0.02830,0,0
2019-09-30,0.02761,0.02761,0,0
2019-10-31,0.02655,0.02655,0,0
2019-11-30,0.02645,0.02645,0,0
2019-12-31,0.02527,0.02527,0,0
2020-01-31,0.02574,0.02574,0,0
2020-02-29,0.02702,0.02702,0,0
2020-03-31,0.02511,0.02511,0,0
2020-04-30,0.02468,0.02468,0,0
2020-05-31,0.02331,0.02331,0,0
2020-06-30,0.02149,0.02149,0,0
2020-07-31,0.02033,0.02033,0,0
2020-08-31,0.02073,0.02073,0,0
2020-09-30,0.02061,0.02061,0,0
2020-10-30,0.02007,0.02007,0,0
2020-11-30,0.02120,0.02120,0,0
2020-12-31,0.01876,0.01876,0,0
2021-01-29,0.01875,0.01875,0,0
2021-02-26,0.02101,0.02101,0,0
2021-03-31,0.01866,0.01866,0,0
2021-04-30,0.01958,0.01958,0,0
2021-05-28,0.01904,0.01904,0,0
2021-06-30,0.02014,0.02014,0,0
2021-07-30,0.01971,0.01971,0,0
2021-08-31,0.01963,0.01963,0,0
2021-09-30,0.02014,0.02014,0,0
2021-10-29,0.01989,0.01989,0,0
2021-11-30,0.02105,0.02105,0,0
2021-12-31,0.01800,0.01800,0,0
2022-01-31,0.01778,0.01778,0,0
2022-02-28,0.02033,0.02033,0,0
2022-03-31,0.01838,0.01838,0,0
2022-04-29,0.01955,0.01955,0,0
2022-05-31,0.01930,0.01930,0,0
2022-06-30,0.02025,0.02025,0,0
2022-07-29,0.01928,0.01928,0,0
2022-08-31,0.01905,0.01905,0,0
2022-09-30,0.02017,0.02017,0,0
2022-10-31,0.01858,0.01858,0,0
2022-11-30,0.01979,0.01979,0,0
2022-12-30,0.01907,0.01907,0,0
2023-01-31,0.02029,0.02029,0,0
2023-02-28,0.02355,0.02355,0,0
2023-03-31,0.02153,0.02153,0,0
2023-04-28,0.02302,0.02302,0,0
2023-05-31,0.02393,0.02393,0,0
2023-06-30,0.02586,0.02586,0,0
2023-07-31,0.02622,0.02622,0,0
2023-08-31,0.02687,0.02687,0,0
2023-09-29,0.02770,0.02770,0,0
2023-10-31,0.02863,0.02863,0,0
2023-11-30,0.02968,0.02968,0,0
2023-12-29,0.02912,0.02912,0,0
2024-01-31,0.02882,0.02882,0,0
2024-02-29,0.03030,0.03030,0,0
2024-03-28,0.02938,0.02938,0,0
2024-04-30,0.03001,0.03001,0,0
2024-05-31,0.02950,0.02950,0,0
2024-06-28,0.03085,0.03085,0,0
2024-07-31,0.03070,0.03070,0,0
2024-08-30,0.03147,0.03147,0,0
2024-09-30,0.03173,0.03173,0,0
2024-10-31,0.03171,0.03171,0,0
2024-11-29,0.03184,0.03184,0,0
2024-12-31,0.03190,0.03190,0,0
2025-01-31,0.03199,0.03199,0,0
2025-02-28,0.03335,0.03335,0,0
2025-03-31,0.03267,0.03267,0,0
2025-04-30,0.03309,0.03309,0,0
2025-05-30,0.03294,0.03294,0,0
2025-06-30,0.03315,0.03315,0,0
2025-07-31,0.03421,0.03421,0,0
2025-08-29,0.03432,0.03432,0,0
2025-09-30,0.03455,0.03455,0,0
2025-10-31,0.03387,0.03387,0,0
2025-11-28,0.03385,0.03385,0,0
2025-12-31,0.03317,0.03317,0,0
2026-01-30,0.03332,0.03332,0,0
2026-02-27,0.03441,0.03441,0,0
2026-03-31,0.03350,0.03350,0,0
2026-04-30,0.03399,0.03399,0,0
2026-05-29,0.03401,0.03401,0,0
2026-06-30,0.03412,0.03412,0,0
2026-07-31,0.03433,0.03433,0,0
2026-08-31,0.03443,0.03443,0,0

Distributions

(As of 31 Aug 2026)

Payable Date

Total

Income

ST Cap Gains

LT Cap Gains

31 Jan 2007

—

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

—

19 Nov 2010

$0.01154

—

$0.00000

$0.01154

30 Nov 2010

$0.03946

—

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

—

18 Nov 2011

$0.01058

—

$0.00304

$0.00754

30 Nov 2011

$0.03980

—

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

—

31 Oct 2023

$0.02863

—

30 Nov 2023

$0.02968

—

29 Dec 2023

$0.02912

—

31 Jan 2024

$0.02882

—

29 Feb 2024

$0.03030

—

28 Mar 2024

$0.02938

—

30 Apr 2024

$0.03001

—

31 May 2024

$0.02950

—

28 Jun 2024

$0.03085

—

31 Jul 2024

$0.03070

—

30 Aug 2024

$0.03147

—

30 Sep 2024

$0.03173

—

31 Oct 2024

$0.03171

—

29 Nov 2024

$0.03184

—

31 Dec 2024

$0.03190

—

31 Jan 2025

$0.03199

—

28 Feb 2025

$0.03335

—

31 Mar 2025

$0.03267

—

30 Apr 2025

$0.03309

—

30 May 2025

$0.03294

—

30 Jun 2025

$0.03315

—

31 Jul 2025

$0.03421

—

29 Aug 2025

$0.03432

—

30 Sep 2025

$0.03455

—

31 Oct 2025

$0.03387

—

28 Nov 2025

$0.03385

—

31 Dec 2025

$0.03317

—

30 Jan 2026

$0.03332

—

27 Feb 2026

$0.03441

—

31 Mar 2026

$0.03350

—

30 Apr 2026

$0.03399

—

29 May 2026

$0.03401

—

30 Jun 2026

$0.03412

—

31 Jul 2026

$0.03433

—

31 Aug 2026

$0.03443

—

Fund Facts

(As of 31 Aug 2026)

Net Fund Assets

$82.8 M

Benchmark

ICE BofA U.S. Municipal Securities Index

Morningstar Category

Muni Single State Intermediate

Fund Symbol

THNIX

Share Class

Share Class Inception Date

1 Feb 2007

Distribution Frequency

Monthly

Annualized Distribution Yield

3.28%

Characteristics

Portfolio

(As of 31 Aug 2026)

Portfolio

Benchmark

Number of Holdings

104

—

Annual Portfolio Turnover

25%

—

Effective Duration

5.1 Yrs

7.3 Yrs

Average Effective Maturity

9.9 Yrs

13.9 Yrs

Weighted Average Coupon

4.4%

4.6%

Portfolio

Benchmark

Yield to Worst

3.8%

4.0%

Subject to Alternative Minimum Tax

0.3%

—

30-Day SEC Yield (Subsidized)

3.24%

—

30-Day SEC Yield (Unsubsidized)

3.12%

—

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

Risk & Return Profile

(As of 31 Aug 2026)

10y

Annualized Alpha (%)

0.62

0.13

0.00

Beta

0.64

0.65

R-Squared (%)

96.16

95.93

96.22

Standard Deviation (%)

3.59

4.20

3.51

Sharpe Ratio

-0.53

-0.79

-0.34

Information Ratio

-0.28

-0.01

-0.33

Tracking Error (%)

2.12

2.44

2.01

Up Capture (%)

69.77

66.49

65.45

Down Capture (%)

61.46

64.82

65.45

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 2026)

Name

Ticker/Symbol

Weight %

New Mexico Municipal Energy Acquisition Authority

647207BL2

4.6

New Mexico Hospital Equipment Loan Council

647370HU2

3.2

Village of Los Ranchos de Albuquerque NM

545610BG1

3.0

City of Farmington NM

311450GC8

2.7

New Mexico Finance Authority

64711RNR3

2.6

City of Farmington NM

311450GE4

2.5

Guam Power Authority

400653KH3

2.2

New Mexico Mortgage Finance Authority

647201XJ6

1.8

New Mexico Mortgage Finance Authority

647201J94

1.8

New Mexico Hospital Equipment Loan Council

647370JP1

1.8

Download Holdings

Portfolio holdings are subject to change daily.

Exposure Breakdown

(As of 31 Aug 2026)

Sector Allocation

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

15%

20%

25%

30%

Dedicated Tax

22.4

13.3

Single Family Mortgage

13.6

2.0

Other Revenue

12.1

—

School District General Obligation

8.8

—

Hospital

6.8

9.7

Short-Term Investments, Other Assets & Liabilities

6.6

—

Industrial Development/Pollution Control

5.1

—

Prepaid Gas

4.6

—

Public Higher Ed

4.0

—

Local General Obligation

3.7

11.7

Water/Sewer

3.7

6.4

Sector Allocation

Fund (%)

Dedicated Tax

22.4

Single Family Mortgage

13.6

Other Revenue

12.1

School District General Obligation

8.8

Hospital

6.8

Short-Term Investments, Other Assets & Liabilities

6.6

Industrial Development/Pollution Control

5.1

Prepaid Gas

4.6

Public Higher Ed

4.0

Local General Obligation

3.7

Water/Sewer

3.7

Credit Quality

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

20%

30%

40%

50%

60%

AAA

14.7

13.7

55.7

57.1

13.6

23.6

BBB

8.9

5.6

Not Rated

0.6

—

Short-Term Investments, Other Assets & Liabilities

6.6

—

Credit Quality

Fund (%)

AAA

14.7

55.7

13.6

BBB

8.9

Not Rated

0.6

Short-Term Investments, Other Assets & Liabilities

6.6

Maturity

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

20%

30%

40%

50%

Year 1-2

12.4

5.7

Year 3-4

10.8

10.3

Year 5-6

9.7

9.9

Year 7-8

2.9

9.1

Year 9-10

7.5

9.3

Year 11-12

7.9

5.4

Year 13-14

6.7

4.9

Year 15-16

7.6

4.9

Year 17+

27.8

40.2

Short-Term Investments, Other Assets & Liabilities

6.6

—

Maturity

Fund (%)

Year 1-2

12.4

Year 3-4

10.8

Year 5-6

9.7

Year 7-8

2.9

Year 9-10

7.5

Year 11-12

7.9

Year 13-14

6.7

Year 15-16

7.6

Year 17+

27.8

Short-Term Investments, Other Assets & Liabilities

6.6

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.

Prior versions of this website, between July 15, 2025, and July 25, 2025, included erroneous data in which the June 30, 2025, cash position was understated. Other data points affected by this error include Exposure Breakdown, i.e., Sector, Credit Quality, and Maturity. Please refer to the current data instead of that on the previous website versions.

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.

© 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.

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.

More Insights

Global Credit

Strictly Necessary Cookies
Whilst these cookies cannot be turned off (as they are needed to run our website securely), they do not store any personal data about you. If you are reluctant to accept use of them, we advise you navigate away from this website.
Statistics Cookies
These cookies gather information about how you use our website, for example which pages you visit most often. The information collected is completely anonymous and used only for the purpose of improving user experience for our website visitors.
Marketing Cookies
These cookies gather information about your browsing habits and allow us to better understand your interests. They remember that you've visited our website and share this information with our partners, such as advertisers.
Preferences Cookies
These cookies allow our website to remember the choices you make and tailor the experience to provide enhanced features and relevant content for you.

Create an account to save this article or product.

THNIX

Thornburg New Mexico Intermediate 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

What Tight Credit Spreads Mean for Investors

Don’t Wait for the All Clear

Navigating Tight Credit Spreads With a Defensive Income Mindset

Available Sites

Institutions and Consultants

Financial Professional

Individual Investor

Region

Americas

Asia Pacific

Europe

Rest of the World

Unsubscribe

Unsaved Changes

Remove strategy

Create an account to save this article or product.

THNIX

Thornburg New Mexico Intermediate 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

What Tight Credit Spreads Mean for Investors

Don’t Wait for the All Clear

Navigating Tight Credit Spreads With a Defensive Income Mindset