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Welcome to Thornburg

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The content on this website is intended for institutional and professional investors in the United States only and is not suitable for individual investors or non-U.S. entities. Institutional and professional investors include pension funds, investment companies registered under the Investment Company Act of 1940, financial intermediaries, consultants, endowments and foundations, and investment advisors registered under the Investment Advisors Act of 1940.

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Thornburg New Mexico Intermediate Municipal Fund

Morningstar Rating  • Info

Overall Morningstar Rating among 110 Muni Single State Intermediate 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 110, 108 and 96 funds, as of 31 Oct 2024.

As of 31 Oct 2024
Fund Assets
$93.3 M
As of 31 Oct 2024
NAV
$12.47
As of 6 Dec 2024
Change
$0.00
As of 6 Dec 2024
YTD NAV Performance
1.75%
As of 6 Dec 2024
Asset Category:
Municipal Bond
Fund Benchmark:
ICE BofA 3-15 Year U.S. Municipal Securities Index

Portfolio Managers

Portfolio Manager and Managing Director
Portfolio Manager and Managing Director
Portfolio Manager and Managing Director
Overview

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.

Performance

Performance

Returns

(As of 30 Sep 2024)
YTD
1y
3y
5y
10y
Inception
Total Return with Sales Charge (%)
-0.49
4.71
-0.95
0.16
1.09
3.57
Total Return without Sales Charge (%)
1.57
6.89
-0.29
0.56
1.29
3.63
ICE BofA 3-15 Year U.S. Municipal Securities Index (%)
2.12
8.81
0.32
1.41
2.32
Morningstar Category Avg. (%)
2.04
8.86
-0.39
0.67
1.69
Morningstar Quartile
4
2
3
4
YTD
1y
3y
5y
10y
Inception
Total Return with Sales Charge (%)
-0.52
1.11
-0.99
0.11
1.02
3.55
Total Return without Sales Charge (%)
1.54
3.15
-0.33
0.52
1.23
3.61
ICE BofA 3-15 Year U.S. Municipal Securities Index (%)
1.99
4.21
0.16
1.31
2.25
Morningstar Category Avg. (%)
0.64
8.47
-0.8
0.38
1.49
Morningstar Quartile
4
2
2
3
YTD
1y
3y
5y
10y
Inception
Total Return with Sales Charge (%)
-0.49
4.71
-2.81
0.79
11.43
220.98
Total Return without Sales Charge (%)
1.57
6.89
-0.86
2.83
13.72
227.63
ICE BofA 3-15 Year U.S. Municipal Securities Index (%)
2.12
8.81
0.95
7.25
25.75
YTD
1y
3y
5y
10y
Inception
Total Return with Sales Charge (%)
-0.52
1.11
-2.94
0.57
10.71
220.90
Total Return without Sales Charge (%)
1.54
3.15
-0.98
2.60
12.99
227.56
ICE BofA 3-15 Year U.S. Municipal Securities Index (%)
1.99
4.21
0.47
6.74
24.92
2018
2019
2020
2021
2022
2023
Total Return with Sales Charge (%)
-0.63
2.37
1.41
-1.93
-8.13
1.87
ICE BofA 3-15 Year U.S. Municipal Securities Index (%)
1.45
7.01
4.96
0.94
-6.64
5.41
Fund Fees

Fund Fees

(As of 1 Feb 2024)
Gross Expense Ratio (%)
1.02
Net Expense Ratio (%)
0.99
Distributions

Distributions

(As of 29 Nov 2024)
Ex-Date
Payable Date
Total ($)
Income ($)
ST Cap Gains ($)
LT Cap Gains ($)
31 Jan 1991
31 Jan 1991
0
28 Feb 1991
28 Feb 1991
0
31 Mar 1991
31 Mar 1991
0
30 Apr 1991
30 Apr 1991
0
31 May 1991
31 May 1991
0
28 Jun 1991
30 Jun 1991
0.02275
0.02275
31 Jul 1991
31 Jul 1991
0.06915
0.06915
30 Aug 1991
31 Aug 1991
0.06966
0.06966
30 Sep 1991
30 Sep 1991
0.06921
0.06921
31 Oct 1991
31 Oct 1991
0.06243
0.06243
29 Nov 1991
30 Nov 1991
0.06235
0.06235
31 Dec 1991
31 Dec 1991
0.06396
0.06396
31 Jan 1992
31 Jan 1992
0.06205
0.06205
28 Feb 1992
29 Feb 1992
0.06018
0.06018
31 Mar 1992
31 Mar 1992
0.06157
0.06157
30 Apr 1992
30 Apr 1992
0.06167
0.06167
29 May 1992
31 May 1992
0.06017
0.06017
30 Jun 1992
30 Jun 1992
0.06056
0.06056
31 Jul 1992
31 Jul 1992
0.06070
0.06070
31 Aug 1992
31 Aug 1992
0.06021
0.06021
30 Sep 1992
30 Sep 1992
0.05876
0.05876
30 Oct 1992
31 Oct 1992
0.05792
0.05792
30 Nov 1992
30 Nov 1992
0.05775
0.05775
31 Dec 1992
31 Dec 1992
0.05729
0.05729
29 Jan 1993
31 Jan 1993
0.05542
0.05542
26 Feb 1993
28 Feb 1993
0.05305
0.05305
31 Mar 1993
31 Mar 1993
0.05450
0.05450
30 Apr 1993
30 Apr 1993
0.05322
0.05322
28 May 1993
31 May 1993
0.05186
0.05186
30 Jun 1993
30 Jun 1993
0.05017
0.05017
30 Jul 1993
31 Jul 1993
0.05182
0.05182
31 Aug 1993
31 Aug 1993
0.05589
0.05589
30 Sep 1993
30 Sep 1993
0.05133
0.05133
29 Oct 1993
31 Oct 1993
0.05047
0.05047
30 Nov 1993
30 Nov 1993
0.04937
0.04937
31 Dec 1993
31 Dec 1993
0.04879
0.04879
31 Jan 1994
31 Jan 1994
0.05256
0.05256
28 Feb 1994
28 Feb 1994
0.05169
0.05169
31 Mar 1994
31 Mar 1994
0.05045
0.05045
29 Apr 1994
30 Apr 1994
0.04935
0.04935
31 May 1994
31 May 1994
0.05119
0.05119
30 Jun 1994
30 Jun 1994
0.05066
0.05066
29 Jul 1994
31 Jul 1994
0.04937
0.04937
31 Aug 1994
31 Aug 1994
0.04974
0.04974
30 Sep 1994
30 Sep 1994
0.04459
0.04459
31 Oct 1994
31 Oct 1994
0.04729
0.04729
30 Nov 1994
30 Nov 1994
0.04926
0.04926
30 Dec 1994
31 Dec 1994
0.05005
0.05005
31 Jan 1995
31 Jan 1995
0.05054
0.05054
28 Feb 1995
28 Feb 1995
0.05137
0.05137
31 Mar 1995
31 Mar 1995
0.05021
0.05021
28 Apr 1995
30 Apr 1995
0.05052
0.05052
31 May 1995
31 May 1995
0.05053
0.05053
30 Jun 1995
30 Jun 1995
0.05093
0.05093
31 Jul 1995
31 Jul 1995
0.05059
0.05059
31 Aug 1995
31 Aug 1995
0.05120
0.05120
29 Sep 1995
30 Sep 1995
0.05161
0.05161
31 Oct 1995
31 Oct 1995
0.05094
0.05094
30 Nov 1995
30 Nov 1995
0.05144
0.05144
29 Dec 1995
31 Dec 1995
0.05135
0.05135
31 Jan 1996
31 Jan 1996
0.05129
0.05129
29 Feb 1996
29 Feb 1996
0.05221
0.05221
29 Mar 1996
31 Mar 1996
0.05175
0.05175
30 Apr 1996
30 Apr 1996
0.05236
0.05236
31 May 1996
31 May 1996
0.05221
0.05221
28 Jun 1996
30 Jun 1996
0.05464
0.05464
31 Jul 1996
31 Jul 1996
0.05573
0.05573
30 Aug 1996
31 Aug 1996
0.05369
0.05369
30 Sep 1996
30 Sep 1996
0.05372
0.05372
31 Oct 1996
31 Oct 1996
0.05367
0.05367
29 Nov 1996
30 Nov 1996
0.05386
0.05386
31 Dec 1996
31 Dec 1996
0.05386
0.05386
31 Jan 1997
31 Jan 1997
0.05423
0.05423
28 Feb 1997
28 Feb 1997
0.05492
0.05492
31 Mar 1997
31 Mar 1997
0.05379
0.05379
30 Apr 1997
30 Apr 1997
0.05409
0.05409
30 May 1997
31 May 1997
0.05375
0.05375
30 Jun 1997
30 Jun 1997
0.05358
0.05358
31 Jul 1997
31 Jul 1997
0.05235
0.05235
29 Aug 1997
31 Aug 1997
0.05205
0.05205
30 Sep 1997
30 Sep 1997
0.05180
0.05180
31 Oct 1997
31 Oct 1997
0.05086
0.05086
28 Nov 1997
30 Nov 1997
0.05104
0.05104
31 Dec 1997
31 Dec 1997
0.05035
0.05035
30 Jan 1998
31 Jan 1998
0.05060
0.05060
27 Feb 1998
28 Feb 1998
0.05321
0.05321
31 Mar 1998
31 Mar 1998
0.05050
0.05050
30 Apr 1998
30 Apr 1998
0.05459
0.05459
29 May 1998
31 May 1998
0.05154
0.05154
30 Jun 1998
30 Jun 1998
0.05206
0.05206
31 Jul 1998
31 Jul 1998
0.05151
0.05151
31 Aug 1998
31 Aug 1998
0.05142
0.05142
30 Sep 1998
30 Sep 1998
0.05156
0.05156
30 Oct 1998
31 Oct 1998
0.05095
0.05095
30 Nov 1998
30 Nov 1998
0.05091
0.05091
31 Dec 1998
31 Dec 1998
0.05046
0.05046
29 Jan 1999
31 Jan 1999
0.05064
0.05064
26 Feb 1999
28 Feb 1999
0.05110
0.05110
31 Mar 1999
31 Mar 1999
0.05029
0.05029
30 Apr 1999
30 Apr 1999
0.05060
0.05060
28 May 1999
31 May 1999
0.04998
0.04998
30 Jun 1999
30 Jun 1999
0.05036
0.05036
30 Jul 1999
31 Jul 1999
0.05003
0.05003
31 Aug 1999
31 Aug 1999
0.04996
0.04996
30 Sep 1999
30 Sep 1999
0.05072
0.05072
29 Oct 1999
31 Oct 1999
0.05030
0.05030
30 Nov 1999
30 Nov 1999
0.05065
0.05065
31 Dec 1999
31 Dec 1999
0.05077
0.05077
31 Jan 2000
31 Jan 2000
0.05133
0.05133
29 Feb 2000
29 Feb 2000
0.05190
0.05190
31 Mar 2000
31 Mar 2000
0.05159
0.05159
28 Apr 2000
30 Apr 2000
0.05215
0.05215
31 May 2000
31 May 2000
0.05204
0.05204
30 Jun 2000
30 Jun 2000
0.05245
0.05245
31 Jul 2000
31 Jul 2000
0.05035
0.05035
31 Aug 2000
31 Aug 2000
0.05120
0.05120
29 Sep 2000
30 Sep 2000
0.05096
0.05096
31 Oct 2000
31 Oct 2000
0.05075
0.05075
30 Nov 2000
30 Nov 2000
0.05109
0.05109
29 Dec 2000
31 Dec 2000
0.05084
0.05084
31 Jan 2001
31 Jan 2001
0.05068
0.05068
28 Feb 2001
28 Feb 2001
0.05119
0.05119
30 Mar 2001
31 Mar 2001
0.04899
0.04899
30 Apr 2001
30 Apr 2001
0.04949
0.04949
31 May 2001
31 May 2001
0.04926
0.04926
29 Jun 2001
30 Jun 2001
0.04676
0.04676
31 Jul 2001
31 Jul 2001
0.04565
0.04565
31 Aug 2001
31 Aug 2001
0.04562
0.04562
28 Sep 2001
30 Sep 2001
0.04591
0.04591
31 Oct 2001
31 Oct 2001
0.04598
0.04598
30 Nov 2001
30 Nov 2001
0.04585
0.04585
31 Dec 2001
31 Dec 2001
0.04433
0.04433
31 Jan 2002
31 Jan 2002
0.04677
0.04677
28 Feb 2002
28 Feb 2002
0.04745
0.04745
28 Mar 2002
31 Mar 2002
0.04425
0.04425
30 Apr 2002
30 Apr 2002
0.04430
0.04430
31 May 2002
31 May 2002
0.04351
0.04351
28 Jun 2002
30 Jun 2002
0.04392
0.04392
31 Jul 2002
31 Jul 2002
0.04130
0.04130
30 Aug 2002
31 Aug 2002
0.04059
0.04059
30 Sep 2002
30 Sep 2002
0.04095
0.04095
31 Oct 2002
31 Oct 2002
0.03899
0.03899
29 Nov 2002
30 Nov 2002
0.03994
0.03994
31 Dec 2002
31 Dec 2002
0.04148
0.04148
31 Jan 2003
31 Jan 2003
0.04196
0.04196
28 Feb 2003
28 Feb 2003
0.04223
0.04223
31 Mar 2003
31 Mar 2003
0.03998
0.03998
30 Apr 2003
30 Apr 2003
0.04094
0.04094
30 May 2003
31 May 2003
0.04005
0.04005
30 Jun 2003
30 Jun 2003
0.03939
0.03939
31 Jul 2003
31 Jul 2003
0.03605
0.03605
29 Aug 2003
31 Aug 2003
0.03599
0.03599
30 Sep 2003
30 Sep 2003
0.03874
0.03874
31 Oct 2003
31 Oct 2003
0.03798
0.03798
28 Nov 2003
30 Nov 2003
0.03843
0.03843
31 Dec 2003
31 Dec 2003
0.03803
0.03803
30 Jan 2004
31 Jan 2004
0.03795
0.03795
27 Feb 2004
29 Feb 2004
0.03899
0.03899
31 Mar 2004
31 Mar 2004
0.03671
0.03671
30 Apr 2004
30 Apr 2004
0.03731
0.03731
28 May 2004
31 May 2004
0.03781
0.03781
30 Jun 2004
30 Jun 2004
0.03982
0.03982
30 Jul 2004
31 Jul 2004
0.03741
0.03741
31 Aug 2004
31 Aug 2004
0.03640
0.03640
30 Sep 2004
30 Sep 2004
0.03765
0.03765
29 Oct 2004
31 Oct 2004
0.03564
0.03564
30 Nov 2004
30 Nov 2004
0.03558
0.03558
31 Dec 2004
31 Dec 2004
0.03521
0.03521
31 Jan 2005
31 Jan 2005
0.03522
0.03522
28 Feb 2005
28 Feb 2005
0.03660
0.03660
31 Mar 2005
31 Mar 2005
0.03476
0.03476
29 Apr 2005
30 Apr 2005
0.03646
0.03646
31 May 2005
31 May 2005
0.03618
0.03618
30 Jun 2005
30 Jun 2005
0.03690
0.03690
29 Jul 2005
31 Jul 2005
0.03518
0.03518
31 Aug 2005
31 Aug 2005
0.03513
0.03513
30 Sep 2005
30 Sep 2005
0.03587
0.03587
31 Oct 2005
31 Oct 2005
0.03567
0.03567
30 Nov 2005
30 Nov 2005
0.03652
0.03652
30 Dec 2005
31 Dec 2005
0.03627
0.03627
31 Jan 2006
31 Jan 2006
0.03661
0.03661
28 Feb 2006
28 Feb 2006
0.03823
0.03823
31 Mar 2006
31 Mar 2006
0.03700
0.03700
28 Apr 2006
30 Apr 2006
0.03753
0.03753
31 May 2006
31 May 2006
0.03678
0.03678
30 Jun 2006
30 Jun 2006
0.03747
0.03747
31 Jul 2006
31 Jul 2006
0.03790
0.03790
31 Aug 2006
31 Aug 2006
0.03808
0.03808
29 Sep 2006
30 Sep 2006
0.03863
0.03863
31 Oct 2006
31 Oct 2006
0.03813
0.03813
30 Nov 2006
30 Nov 2006
0.03844
0.03844
29 Dec 2006
31 Dec 2006
0.03820
0.03820
31 Jan 2007
31 Jan 2007
0.03866
0.03866
28 Feb 2007
28 Feb 2007
0.03989
0.03989
30 Mar 2007
31 Mar 2007
0.03844
0.03844
30 Apr 2007
30 Apr 2007
0.03883
0.03883
31 May 2007
31 May 2007
0.03823
0.03823
29 Jun 2007
30 Jun 2007
0.03896
0.03896
31 Jul 2007
31 Jul 2007
0.03893
0.03893
31 Aug 2007
31 Aug 2007
0.03928
0.03928
28 Sep 2007
30 Sep 2007
0.03968
0.03968
31 Oct 2007
31 Oct 2007
0.03963
0.03963
30 Nov 2007
30 Nov 2007
0.03990
0.03990
31 Dec 2007
31 Dec 2007
0.03918
0.03918
31 Jan 2008
31 Jan 2008
0.03852
0.03852
29 Feb 2008
29 Feb 2008
0.03920
0.03920
31 Mar 2008
31 Mar 2008
0.03840
0.03840
30 Apr 2008
30 Apr 2008
0.03765
0.03765
30 May 2008
31 May 2008
0.03887
0.03887
30 Jun 2008
30 Jun 2008
0.03937
0.03937
31 Jul 2008
31 Jul 2008
0.03778
0.03778
29 Aug 2008
31 Aug 2008
0.03912
0.03912
30 Sep 2008
30 Sep 2008
0.04027
0.04027
31 Oct 2008
31 Oct 2008
0.03928
0.03928
28 Nov 2008
30 Nov 2008
0.03968
0.03968
31 Dec 2008
31 Dec 2008
0.04049
0.04049
30 Jan 2009
31 Jan 2009
0.03998
0.03998
27 Feb 2009
28 Feb 2009
0.04051
0.04051
31 Mar 2009
31 Mar 2009
0.03890
0.03890
30 Apr 2009
30 Apr 2009
0.03957
0.03957
29 May 2009
31 May 2009
0.03911
0.03911
30 Jun 2009
30 Jun 2009
0.03815
0.03815
31 Jul 2009
31 Jul 2009
0.03795
0.03795
31 Aug 2009
31 Aug 2009
0.03914
0.03914
30 Sep 2009
30 Sep 2009
0.03894
0.03894
30 Oct 2009
31 Oct 2009
0.03765
0.03765
30 Nov 2009
30 Nov 2009
0.03809
0.03809
31 Dec 2009
31 Dec 2009
0.03726
0.03726
29 Jan 2010
31 Jan 2010
0.03694
0.03694
26 Feb 2010
28 Feb 2010
0.03833
0.03833
31 Mar 2010
31 Mar 2010
0.03653
0.03653
30 Apr 2010
30 Apr 2010
0.03709
0.03709
28 May 2010
31 May 2010
0.03608
0.03608
30 Jun 2010
30 Jun 2010
0.03549
0.03549
30 Jul 2010
31 Jul 2010
0.03343
0.03343
31 Aug 2010
31 Aug 2010
0.03262
0.03262
30 Sep 2010
30 Sep 2010
0.03377
0.03377
29 Oct 2010
31 Oct 2010
0.03511
0.03511
19 Nov 2010
19 Nov 2010
0.01154
0.00000
0.01154
30 Nov 2010
30 Nov 2010
0.03554
0.03554
31 Dec 2010
31 Dec 2010
0.03570
0.03570
31 Jan 2011
31 Jan 2011
0.03603
0.03603
28 Feb 2011
28 Feb 2011
0.03840
0.03840
31 Mar 2011
31 Mar 2011
0.03692
0.03692
29 Apr 2011
30 Apr 2011
0.03803
0.03803
31 May 2011
31 May 2011
0.03763
0.03763
30 Jun 2011
30 Jun 2011
0.03751
0.03751
29 Jul 2011
31 Jul 2011
0.03522
0.03522
31 Aug 2011
31 Aug 2011
0.03470
0.03470
30 Sep 2011
30 Sep 2011
0.03460
0.03460
31 Oct 2011
31 Oct 2011
0.03472
0.03472
18 Nov 2011
18 Nov 2011
0.01058
0.00304
0.00754
30 Nov 2011
30 Nov 2011
0.03594
0.03594
30 Dec 2011
31 Dec 2011
0.03576
0.03576
31 Jan 2012
31 Jan 2012
0.03523
0.03523
29 Feb 2012
29 Feb 2012
0.03592
0.03592
30 Mar 2012
31 Mar 2012
0.03551
0.03551
30 Apr 2012
30 Apr 2012
0.03576
0.03576
31 May 2012
31 May 2012
0.03420
0.03420
29 Jun 2012
30 Jun 2012
0.03235
0.03235
31 Jul 2012
31 Jul 2012
0.03135
0.03135
31 Aug 2012
31 Aug 2012
0.03048
0.03048
28 Sep 2012
30 Sep 2012
0.03109
0.03109
31 Oct 2012
31 Oct 2012
0.03011
0.03011
30 Nov 2012
30 Nov 2012
0.03103
0.03103
31 Dec 2012
31 Dec 2012
0.03071
0.03071
31 Jan 2013
31 Jan 2013
0.03118
0.03118
28 Feb 2013
28 Feb 2013
0.03270
0.03270
28 Mar 2013
31 Mar 2013
0.03105
0.03105
30 Apr 2013
30 Apr 2013
0.03172
0.03172
31 May 2013
31 May 2013
0.03177
0.03177
28 Jun 2013
30 Jun 2013
0.03308
0.03308
31 Jul 2013
31 Jul 2013
0.03161
0.03161
30 Aug 2013
31 Aug 2013
0.03207
0.03207
30 Sep 2013
30 Sep 2013
0.03248
0.03248
31 Oct 2013
31 Oct 2013
0.03184
0.03184
29 Nov 2013
30 Nov 2013
0.03266
0.03266
31 Dec 2013
31 Dec 2013
0.03280
0.03280
31 Jan 2014
31 Jan 2014
0.03237
0.03237
28 Feb 2014
28 Feb 2014
0.03294
0.03294
31 Mar 2014
31 Mar 2014
0.03148
0.03148
30 Apr 2014
30 Apr 2014
0.03211
0.03211
30 May 2014
31 May 2014
0.03159
0.03159
30 Jun 2014
30 Jun 2014
0.03224
0.03224
31 Jul 2014
31 Jul 2014
0.03207
0.03207
29 Aug 2014
31 Aug 2014
0.03155
0.03155
30 Sep 2014
30 Sep 2014
0.03215
0.03215
31 Oct 2014
31 Oct 2014
0.03233
0.03233
28 Nov 2014
30 Nov 2014
0.03284
0.03284
31 Dec 2014
31 Dec 2014
0.02938
0.02938
30 Jan 2015
31 Jan 2015
0.02855
0.02855
27 Feb 2015
28 Feb 2015
0.03034
0.03034
31 Mar 2015
31 Mar 2015
0.02867
0.02867
30 Apr 2015
30 Apr 2015
0.02992
0.02992
29 May 2015
31 May 2015
0.02980
0.02980
30 Jun 2015
30 Jun 2015
0.02676
0.02676
31 Jul 2015
31 Jul 2015
0.02263
0.02263
31 Aug 2015
31 Aug 2015
0.02348
0.02348
30 Sep 2015
30 Sep 2015
0.02480
0.02480
30 Oct 2015
31 Oct 2015
0.02487
0.02487
30 Nov 2015
30 Nov 2015
0.02559
0.02559
31 Dec 2015
31 Dec 2015
0.02448
0.02448
29 Jan 2016
31 Jan 2016
0.02443
0.02443
29 Feb 2016
29 Feb 2016
0.02544
0.02544
31 Mar 2016
31 Mar 2016
0.02448
0.02448
29 Apr 2016
30 Apr 2016
0.02531
0.02531
31 May 2016
31 May 2016
0.02451
0.02451
30 Jun 2016
30 Jun 2016
0.02474
0.02474
29 Jul 2016
31 Jul 2016
0.02394
0.02394
31 Aug 2016
31 Aug 2016
0.02434
0.02434
30 Sep 2016
30 Sep 2016
0.02658
0.02658
31 Oct 2016
31 Oct 2016
0.02432
0.02432
30 Nov 2016
30 Nov 2016
0.02522
0.02522
30 Dec 2016
31 Dec 2016
0.02609
0.02609
31 Jan 2017
31 Jan 2017
0.02671
0.02671
28 Feb 2017
28 Feb 2017
0.02808
0.02808
31 Mar 2017
31 Mar 2017
0.02655
0.02655
28 Apr 2017
30 Apr 2017
0.02657
0.02657
31 May 2017
31 May 2017
0.02630
0.02630
30 Jun 2017
30 Jun 2017
0.02704
0.02704
31 Jul 2017
31 Jul 2017
0.02634
0.02634
31 Aug 2017
31 Aug 2017
0.02555
0.02555
29 Sep 2017
30 Sep 2017
0.02607
0.02607
31 Oct 2017
31 Oct 2017
0.02544
0.02544
30 Nov 2017
30 Nov 2017
0.02643
0.02643
29 Dec 2017
31 Dec 2017
0.02670
0.02670
31 Jan 2018
31 Jan 2018
0.02740
0.02740
28 Feb 2018
28 Feb 2018
0.02970
0.02970
29 Mar 2018
31 Mar 2018
0.02837
0.02837
30 Apr 2018
30 Apr 2018
0.03008
0.03008
31 May 2018
31 May 2018
0.02925
0.02925
29 Jun 2018
30 Jun 2018
0.02771
0.02771
31 Jul 2018
31 Jul 2018
0.02723
0.02723
31 Aug 2018
31 Aug 2018
0.02560
0.02560
28 Sep 2018
30 Sep 2018
0.02592
0.02592
31 Oct 2018
31 Oct 2018
0.02642
0.02642
30 Nov 2018
30 Nov 2018
0.02705
0.02705
31 Dec 2018
31 Dec 2018
0.02546
0.02546
31 Jan 2019
31 Jan 2019
0.02588
0.02588
28 Feb 2019
28 Feb 2019
0.02815
0.02815
29 Mar 2019
31 Mar 2019
0.02561
0.02561
30 Apr 2019
30 Apr 2019
0.02639
0.02639
31 May 2019
31 May 2019
0.02567
0.02567
28 Jun 2019
30 Jun 2019
0.02618
0.02618
31 Jul 2019
31 Jul 2019
0.02557
0.02557
31 Aug 2019
31 Aug 2019
0.02514
0.02514
30 Sep 2019
30 Sep 2019
0.02456
0.02456
31 Oct 2019
31 Oct 2019
0.02321
0.02321
30 Nov 2019
30 Nov 2019
0.02323
0.02323
31 Dec 2019
31 Dec 2019
0.02191
0.02191
31 Jan 2020
31 Jan 2020
0.02249
0.02249
29 Feb 2020
29 Feb 2020
0.02397
0.02397
31 Mar 2020
31 Mar 2020
0.02185
0.02185
30 Apr 2020
30 Apr 2020
0.02110
0.02110
31 May 2020
31 May 2020
0.01961
0.01961
30 Jun 2020
30 Jun 2020
0.01791
0.01791
31 Jul 2020
31 Jul 2020
0.01665
0.01665
31 Aug 2020
31 Aug 2020
0.01707
0.01707
30 Sep 2020
30 Sep 2020
0.01699
0.01699
30 Oct 2020
31 Oct 2020
0.01659
0.01659
30 Nov 2020
30 Nov 2020
0.01781
0.01781
31 Dec 2020
31 Dec 2020
0.01523
0.01523
29 Jan 2021
31 Jan 2021
0.01521
0.01521
26 Feb 2021
28 Feb 2021
0.01779
0.01779
31 Mar 2021
31 Mar 2021
0.01509
0.01509
30 Apr 2021
30 Apr 2021
0.01622
0.01622
28 May 2021
31 May 2021
0.01555
0.01555
30 Jun 2021
30 Jun 2021
0.01651
0.01651
30 Jul 2021
31 Jul 2021
0.01607
0.01607
31 Aug 2021
31 Aug 2021
0.01596
0.01596
30 Sep 2021
30 Sep 2021
0.01658
0.01658
29 Oct 2021
31 Oct 2021
0.01625
0.01625
30 Nov 2021
30 Nov 2021
0.01753
0.01753
31 Dec 2021
31 Dec 2021
0.01438
0.01438
31 Jan 2022
31 Jan 2022
0.01418
0.01418
28 Feb 2022
28 Feb 2022
0.01714
0.01714
31 Mar 2022
31 Mar 2022
0.01489
0.01489
29 Apr 2022
30 Apr 2022
0.01627
0.01627
31 May 2022
31 May 2022
0.01594
0.01594
30 Jun 2022
30 Jun 2022
0.01699
0.01699
29 Jul 2022
31 Jul 2022
0.01588
0.01588
31 Aug 2022
31 Aug 2022
0.01563
0.01563
30 Sep 2022
30 Sep 2022
0.01695
0.01695
31 Oct 2022
31 Oct 2022
0.01530
0.01530
30 Nov 2022
30 Nov 2022
0.01660
0.01660
30 Dec 2022
31 Dec 2022
0.01572
0.01572
31 Jan 2023
31 Jan 2023
0.01690
0.01690
28 Feb 2023
28 Feb 2023
0.02050
0.02050
31 Mar 2023
31 Mar 2023
0.01817
0.01817
28 Apr 2023
30 Apr 2023
0.01974
0.01974
31 May 2023
31 May 2023
0.02058
0.02058
30 Jun 2023
30 Jun 2023
0.02264
0.02264
31 Jul 2023
31 Jul 2023
0.02287
0.02287
31 Aug 2023
31 Aug 2023
0.02354
0.02354
29 Sep 2023
30 Sep 2023
0.02451
0.02451
31 Oct 2023
31 Oct 2023
0.02536
0.02536
30 Nov 2023
30 Nov 2023
0.02651
0.02651
29 Dec 2023
31 Dec 2023
0.02574
0.02574
31 Jan 2024
31 Jan 2024
0.02544
0.02544
29 Feb 2024
29 Feb 2024
0.02716
0.02716
28 Mar 2024
31 Mar 2024
0.02601
0.02601
30 Apr 2024
30 Apr 2024
0.02677
0.02677
31 May 2024
31 May 2024
0.02616
0.02616
28 Jun 2024
30 Jun 2024
0.02762
0.02762
31 Jul 2024
31 Jul 2024
0.02733
0.02733
30 Aug 2024
31 Aug 2024
0.02806
0.02806
30 Sep 2024
30 Sep 2024
0.02842
0.02842
31 Oct 2024
31 Oct 2024
0.02833
0.02833
29 Nov 2024
30 Nov 2024
0.02859
0.02859
Fund Facts

Fund Facts

(As of 31 Oct 2024)
Net Fund Assets
$93.3 M
Benchmark
ICE BofA 3-15 Year U.S. Municipal Securities Index
Morningstar Category
Muni Single State Intermediate
Fund Symbol
THNMX
Share Class
A
Share Class Inception Date
18 Jun 1991
Number of Holdings
92
Portfolio Turnover
19%
Distribution Frequency
Monthly
30-Day SEC Yield (Subsidized)
2.60%
30-Day SEC Yield (Unsubsidized)
2.60%
Annualized Distribution Yield
2.70%
Characteristics

Characteristics

Portfolio

(As of 31 Oct 2024)
Portfolio
Benchmark
Effective Duration
4.0 Yrs
5.1 Yrs
Average Effective Maturity
8.2 Yrs
8.1 Yrs
Weighted Average Coupon
4.6%
4.5%
Portfolio
Benchmark
Yield to Worst
3.5%
3.3%
Subject to Alternative Minimum Tax
3.4%
Risk & Return Profile

Risk & Return Profile

(As of 31 Oct 2024)
3y
5y
10y
Annualized Alpha (%)
-0.16
-0.17
-0.14
Standard Deviation (%)
4.95
4.31
3.38
Sharpe Ratio
-0.81
-0.41
-0.08
Up Capture (%)
75.29
75.16
72.99
Down Capture (%)
77.05
77.28
75.08
Portfolio

Portfolio

Top Holdings

(As of 31 Oct 2024)
Name
Ticker/Symbol
Weight %
County of Bernalillo NM Gross Receipts Tax Revenue
08527NHA7
4.2
New Mexico Finance Authority
64711NJ63
4.1
New Mexico Hospital Equipment Loan Council
647370HU2
3.0
New Mexico Educational Assistance Foundation
647110FT7
2.9
New Mexico Mortgage Finance Authority
647201YN6
2.4
City of Farmington NM
311450GC8
2.3
New Mexico State University
647429Y45
2.2
State of New Mexico
647293SH3
2.2
City of Farmington NM
311450GE4
2.2
Albuquerque Bernalillo County Water Utility Authority
013493GW5
2.2
Exposure Breakdown

Exposure Breakdown

(As of 31 Oct 2024)
Sector Allocation
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
25%
30%
Dedicated Tax
23.2
14.7
Other Revenue
10.9
Higher Education
10.4
Single Family Mortgage
8.3
0.2
School District General Obligation
7.0
Hospital
5.9
6.7
Cash & Cash Equivalents
4.8
Industrial Development/Pollution Control
4.5
Water/Sewer
3.6
5.3
Prerefunded / Escrow to Maturity
3.2
Student Loan
3.0
Sector Allocation
Fund (%)
Dedicated Tax
23.2
Other Revenue
10.9
Higher Education
10.4
Single Family Mortgage
8.3
School District General Obligation
7.0
Hospital
5.9
Cash & Cash Equivalents
4.8
Industrial Development/Pollution Control
4.5
Water/Sewer
3.6
Prerefunded / Escrow to Maturity
3.2
Student Loan
3.0
Credit Quality
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
AAA
37.9
13.5
AA
44.0
56.4
A
5.2
24.5
BBB
7.8
5.6
Not Rated
0.4
Cash & Cash Equivalents
4.8
Credit Quality
Fund (%)
AAA
37.9
AA
44.0
A
5.2
BBB
7.8
Not Rated
0.4
Cash & Cash Equivalents
4.8
Maturity
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
25%
30%
Year 1-2
16.5
Year 3-4
10.4
12.0
Year 5-6
12.7
21.5
Year 7-8
9.0
19.7
Year 9-10
9.8
15.9
Year 11-12
11.1
14.0
Year 13-14
5.8
12.0
Year 15-16
4.0
5.0
Year 17+
16.0
Cash
4.8
Maturity
Fund (%)
Year 1-2
16.5
Year 3-4
10.4
Year 5-6
12.7
Year 7-8
9.0
Year 9-10
9.8
Year 11-12
11.1
Year 13-14
5.8
Year 15-16
4.0
Year 17+
16.0
Cash
4.8
Portfolio Managers

Portfolio Managers

David Ashley, CFA

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…
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John Bonnell, CFA

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…
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Eve Lando, JD

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…
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