TLMIX

Thornburg Short Duration Municipal Fund

Morningstar Rating • Info

Overall Morningstar Rating among 204 Muni National Short funds, based on risk-adjusted returns for class I shares, using a weighted average of the funds three-, five-, and ten-year ratings: respectively, 4 stars, 4 stars and 3 stars among 204, 191 and 150 funds, as of 31 Aug 2026.

As of 31 Aug 2026

Fund Assets

$91.8 M

As of 31 Aug 2026

NAV

$11.75

As of 21 Sep 2026

Change

$-0.02

As of 21 Sep 2026

YTD NAV Performance

0.74%

As of 21 Sep 2026

Asset Category:

Municipal Bond

Fund Benchmark:

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

Portfolio Managers

David Ashley, CFA

Portfolio Manager and Managing Director

Eve Lando, JD

Portfolio Manager and Managing Director

Craig Mauermann, ChFC

Portfolio Manager and Managing Director

Overview Performance Fund Facts Characteristics Portfolio Portfolio Managers Literature

Overview

Why Invest in This Fund?

Actively managed diversified portfolio of high-quality municipal bonds with an average duration of no more than three years.
Proven bottom-up fundamental approach that incorporates a top-down macroeconomic overlay to identify what we perceive to be the most attractive opportunities on a relative value basis across geographic regions, sectors, issuers and revenue streams.
Income-seeking fund that aims for a stable net asset value, making it attractive for those with a short investment horizon, and is positioned to quickly take advantage of any increases in short-term interest rates.

Investment Objective

The fund’s goal is to provide investors with current income exempt from federal income tax, consistent with preservation of capital.

Investment Approach

The fund is an actively managed diversified portfolio of municipal bonds. To reduce changes in its share value compared to longer duration fixed income portfolios, the fund normally maintains an average duration of no more than three years. The management team seeks to match municipal market structure and deal flow through a relative value framework that operates across geography, sectors, issuers and revenue streams. The strategy maintains exposure across the maturity spectrum to manage duration, hedge against interest rate fluctuations and limit taxable events.

Returns

(As of 30 Jun 2026)

YTD

10y

Inception

Total Return (%)

1.36

3.27

3.40

1.80

1.39

1.23

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

1.39

3.14

3.38

1.80

1.64

1.51

Morningstar Category Avg. (%)

1.3

3.45

3.4

1.72

1.57

—

Morningstar Quartile

—

Morningstar Quartile # of Funds

—

218

205

191

150

—

YTD

10y

Inception

Total Return (%)

1.48

2.32

3.33

1.80

1.40

1.22

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

1.62

2.32

3.39

1.81

1.65

1.51

Morningstar Category Avg. (%)

1.24

2.41

3.33

1.65

1.54

—

Morningstar Quartile

—

Morningstar Quartile # of Funds

—

218

204

191

150

—

YTD

10y

Inception

Total Return (%)

1.36

3.27

10.55

9.34

14.76

16.51

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

1.39

3.14

10.49

9.30

17.70

20.61

YTD

10y

Inception

Total Return (%)

1.48

2.32

10.32

9.32

14.91

16.66

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

1.62

2.32

10.53

9.41

17.80

20.88

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

Total Return (%)

0.22

1.08

1.13

2.12

0.99

-0.05

-2.33

3.75

2.74

3.74

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

0.33

0.99

1.76

2.88

2.16

0.34

-2.03

3.35

2.63

3.76

Periods less than one year are not annualized.

Performance data shown represents past performance and is no guarantee of future results. Investment return and principal value will fluctuate so shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than quoted.

Source: Confluence

Morningstar quartile ranking for Muni National Short category is based on total returns before sales charges.

The maximum sales charge for the fund’s A shares is 2.25%. There is no up-front sales charge for the I shares.

Share class inception dates: A and I shares, 30 Dec 2013.

Fund Fees

(As of 1 Feb 2026)

Gross Expense Ratio (%)

0.64

Net Expense Ratio (%)

0.50

Expense Ratios - Expressed as a percentage of total fund assets and include management fees and operating costs. Expense ratios fluctuate over time and the expense ratio in the prospectus may differ from the actual expense ratio. The fund's total return includes the deduction of expenses.

Thornburg Investment Management and/or Thornburg Securities LLC have contractually agreed to waive fees and reimburse expenses through at least 1 February 2027, for some of the share classes; these are reflected in the net expense ratio. For more detailed information on fund expenses and waivers/reimbursements, please see the fund's prospectus.

Hypothetical Growth of $10,000

(As of 31 Aug 2026)

(Hypothetical Growth of $10,000 vs ICE BofA 1-3 Year U.S. Municipal Securities Index)

Categories,I Shares,ICE BofA 1-3 Year U.S. Municipal Securities Index                        
2025-08-31,10000,10000
2025-09-30,10027,10016
2025-10-31,10029,10009
2025-11-30,10047,10036
2025-12-31,10082,10069
2026-01-31,10134,10130
2026-02-28,10195,10179
2026-03-31,10129,10125
2026-04-30,10156,10148
2026-05-31,10184,10170
2026-06-30,10220,10209
2026-07-31,10196,10194
2026-08-31,10232,10232

Categories,I Shares,ICE BofA 1-3 Year U.S. Municipal Securities Index                        
2023-08-31,10000,10000
2023-09-30,9942,9942
2023-10-31,9968,9960
2023-11-30,10131,10134
2023-12-31,10200,10214
2024-01-31,10202,10214
2024-02-29,10212,10224
2024-03-31,10223,10219
2024-04-30,10216,10204
2024-05-31,10244,10219
2024-06-30,10298,10287
2024-07-31,10370,10364
2024-08-31,10434,10445
2024-09-30,10472,10490
2024-10-31,10448,10450
2024-11-30,10486,10497
2024-12-31,10479,10483
2025-01-31,10534,10540
2025-02-28,10581,10589
2025-03-31,10582,10590
2025-04-30,10567,10576
2025-05-31,10614,10630
2025-06-30,10670,10693
2025-07-31,10726,10749
2025-08-31,10782,10803
2025-09-30,10811,10820
2025-10-31,10813,10812
2025-11-30,10833,10842
2025-12-31,10871,10878
2026-01-31,10926,10944
2026-02-28,10992,10996
2026-03-31,10920,10938
2026-04-30,10950,10963
2026-05-31,10980,10987
2026-06-30,11019,11029
2026-07-31,10993,11012
2026-08-31,11032,11053

Categories,I Shares,ICE BofA 1-3 Year U.S. Municipal Securities Index                        
2021-08-31,10000,10000
2021-09-30,9987,9986
2021-10-31,9974,9982
2021-11-30,9978,9986
2021-12-31,9974,9985
2022-01-31,9856,9883
2022-02-28,9838,9861
2022-03-31,9737,9752
2022-04-30,9680,9688
2022-05-31,9737,9774
2022-06-30,9730,9772
2022-07-31,9797,9849
2022-08-31,9712,9746
2022-09-30,9611,9631
2022-10-31,9618,9636
2022-11-30,9740,9778
2022-12-31,9742,9783
2023-01-31,9825,9880
2023-02-28,9755,9774
2023-03-31,9858,9891
2023-04-30,9847,9857
2023-05-31,9820,9833
2023-06-30,9877,9881
2023-07-31,9901,9897
2023-08-31,9909,9898
2023-09-30,9851,9841
2023-10-31,9878,9858
2023-11-30,10038,10031
2023-12-31,10107,10110
2024-01-31,10109,10110
2024-02-29,10119,10120
2024-03-31,10130,10115
2024-04-30,10123,10100
2024-05-31,10151,10115
2024-06-30,10205,10183
2024-07-31,10276,10258
2024-08-31,10339,10339
2024-09-30,10377,10383
2024-10-31,10353,10343
2024-11-30,10390,10390
2024-12-31,10384,10377
2025-01-31,10438,10433
2025-02-28,10484,10481
2025-03-31,10486,10482
2025-04-30,10471,10468
2025-05-31,10518,10522
2025-06-30,10573,10584
2025-07-31,10628,10640
2025-08-31,10684,10693
2025-09-30,10713,10710
2025-10-31,10715,10702
2025-11-30,10734,10732
2025-12-31,10772,10767
2026-01-31,10827,10832
2026-02-28,10892,10884
2026-03-31,10821,10826
2026-04-30,10851,10851
2026-05-31,10880,10875
2026-06-30,10918,10917
2026-07-31,10893,10900
2026-08-31,10932,10941

Categories,I Shares,ICE BofA 1-3 Year U.S. Municipal Securities Index                        
2016-08-31,10000,10000
2016-09-30,9980,9968
2016-10-31,9984,9969
2016-11-30,9947,9907
2016-12-31,9951,9922
2017-01-31,9974,9966
2017-02-28,10007,10008
2017-03-31,10006,10003
2017-04-30,10022,10025
2017-05-31,10046,10049
2017-06-30,10038,10036
2017-07-31,10063,10065
2017-08-31,10096,10094
2017-09-30,10089,10078
2017-10-31,10089,10069
2017-11-30,10057,10006
2017-12-31,10058,10020
2018-01-31,10075,10043
2018-02-28,10077,10056
2018-03-31,10078,10049
2018-04-30,10072,10032
2018-05-31,10096,10071
2018-06-30,10114,10108
2018-07-31,10122,10134
2018-08-31,10125,10135
2018-09-30,10119,10107
2018-10-31,10114,10106
2018-11-30,10143,10149
2018-12-31,10171,10196
2019-01-31,10190,10237
2019-02-28,10213,10264
2019-03-31,10243,10300
2019-04-30,10249,10303
2019-05-31,10286,10353
2019-06-30,10308,10388
2019-07-31,10337,10432
2019-08-31,10357,10449
2019-09-30,10344,10423
2019-10-31,10364,10453
2019-11-30,10375,10470
2019-12-31,10387,10489
2020-01-31,10423,10538
2020-02-29,10443,10566
2020-03-31,10339,10477
2020-04-30,10299,10503
2020-05-31,10411,10634
2020-06-30,10430,10645
2020-07-31,10457,10684
2020-08-31,10466,10686
2020-09-30,10474,10694
2020-10-31,10471,10683
2020-11-30,10477,10701
2020-12-31,10490,10715
2021-01-31,10502,10736
2021-02-28,10482,10723
2021-03-31,10494,10735
2021-04-30,10507,10749
2021-05-31,10510,10755
2021-06-30,10497,10753
2021-07-31,10517,10772
2021-08-31,10512,10767
2021-09-30,10498,10752
2021-10-31,10485,10748
2021-11-30,10489,10752
2021-12-31,10485,10751
2022-01-31,10361,10641
2022-02-28,10341,10617
2022-03-31,10236,10500
2022-04-30,10175,10431
2022-05-31,10235,10523
2022-06-30,10228,10522
2022-07-31,10299,10604
2022-08-31,10209,10493
2022-09-30,10103,10369
2022-10-31,10111,10375
2022-11-30,10238,10527
2022-12-31,10240,10533
2023-01-31,10328,10638
2023-02-28,10254,10523
2023-03-31,10363,10650
2023-04-30,10351,10613
2023-05-31,10323,10587
2023-06-30,10382,10638
2023-07-31,10407,10656
2023-08-31,10416,10657
2023-09-30,10355,10595
2023-10-31,10383,10614
2023-11-30,10552,10800
2023-12-31,10624,10886
2024-01-31,10626,10885
2024-02-29,10637,10896
2024-03-31,10648,10891
2024-04-30,10641,10875
2024-05-31,10670,10890
2024-06-30,10727,10964
2024-07-31,10802,11045
2024-08-31,10868,11131
2024-09-30,10908,11179
2024-10-31,10883,11137
2024-11-30,10922,11187
2024-12-31,10915,11172
2025-01-31,10972,11233
2025-02-28,11021,11285
2025-03-31,11023,11286
2025-04-30,11007,11271
2025-05-31,11056,11329
2025-06-30,11114,11396
2025-07-31,11172,11456
2025-08-31,11230,11513
2025-09-30,11261,11532
2025-10-31,11263,11523
2025-11-30,11284,11555
2025-12-31,11323,11593
2026-01-31,11381,11663
2026-02-28,11449,11719
2026-03-31,11375,11657
2026-04-30,11406,11684
2026-05-31,11437,11709
2026-06-30,11477,11754
2026-07-31,11450,11736
2026-08-31,11491,11780

Categories,I Shares,ICE BofA 1-3 Year U.S. Municipal Securities Index                        
2013-12-30,10000,10000
2013-12-31,10000,10000
2014-01-31,10011,10020
2014-02-28,10032,10040
2014-03-31,10011,10025
2014-04-30,10022,10039
2014-05-31,10041,10054
2014-06-30,10045,10059
2014-07-31,10049,10063
2014-08-31,10060,10072
2014-09-30,10056,10070
2014-10-31,10067,10076
2014-11-30,10070,10082
2014-12-31,10055,10072
2015-01-31,10080,10102
2015-02-28,10066,10103
2015-03-31,10060,10098
2015-04-30,10055,10099
2015-05-31,10041,10091
2015-06-30,10053,10099
2015-07-31,10072,10122
2015-08-31,10084,10136
2015-09-30,10096,10156
2015-10-31,10107,10170
2015-11-30,10085,10150
2015-12-31,10080,10148
2016-01-31,10115,10195
2016-02-29,10127,10219
2016-03-31,10114,10199
2016-04-30,10127,10218
2016-05-31,10123,10212
2016-06-30,10153,10247
2016-07-31,10165,10268
2016-08-31,10152,10262
2016-09-30,10132,10229
2016-10-31,10135,10230
2016-11-30,10098,10166
2016-12-31,10102,10181
2017-01-31,10126,10227
2017-02-28,10159,10270
2017-03-31,10158,10264
2017-04-30,10174,10287
2017-05-31,10198,10311
2017-06-30,10191,10298
2017-07-31,10216,10329
2017-08-31,10249,10358
2017-09-30,10242,10342
2017-10-31,10242,10332
2017-11-30,10210,10268
2017-12-31,10211,10282
2018-01-31,10228,10306
2018-02-28,10230,10319
2018-03-31,10231,10311
2018-04-30,10225,10294
2018-05-31,10250,10335
2018-06-30,10267,10372
2018-07-31,10276,10399
2018-08-31,10278,10400
2018-09-30,10273,10371
2018-10-31,10267,10370
2018-11-30,10297,10415
2018-12-31,10326,10462
2019-01-31,10345,10505
2019-02-28,10368,10532
2019-03-31,10399,10569
2019-04-30,10404,10573
2019-05-31,10443,10624
2019-06-30,10465,10660
2019-07-31,10494,10705
2019-08-31,10514,10723
2019-09-30,10501,10695
2019-10-31,10522,10726
2019-11-30,10533,10744
2019-12-31,10545,10763
2020-01-31,10581,10814
2020-02-29,10601,10842
2020-03-31,10496,10751
2020-04-30,10456,10778
2020-05-31,10569,10912
2020-06-30,10589,10923
2020-07-31,10616,10964
2020-08-31,10625,10965
2020-09-30,10634,10974
2020-10-31,10630,10962
2020-11-30,10636,10981
2020-12-31,10649,10995
2021-01-31,10662,11016
2021-02-28,10641,11004
2021-03-31,10653,11016
2021-04-30,10666,11030
2021-05-31,10670,11036
2021-06-30,10656,11035
2021-07-31,10677,11053
2021-08-31,10671,11048
2021-09-30,10658,11033
2021-10-31,10644,11029
2021-11-30,10648,11033
2021-12-31,10644,11032
2022-01-31,10518,10920
2022-02-28,10499,10895
2022-03-31,10391,10775
2022-04-30,10330,10704
2022-05-31,10390,10798
2022-06-30,10383,10797
2022-07-31,10455,10881
2022-08-31,10364,10768
2022-09-30,10256,10640
2022-10-31,10264,10646
2022-11-30,10394,10803
2022-12-31,10396,10808
2023-01-31,10485,10916
2023-02-28,10410,10799
2023-03-31,10520,10928
2023-04-30,10509,10891
2023-05-31,10479,10863
2023-06-30,10540,10916
2023-07-31,10565,10935
2023-08-31,10574,10936
2023-09-30,10513,10872
2023-10-31,10541,10892
2023-11-30,10712,11082
2023-12-31,10786,11170
2024-01-31,10788,11170
2024-02-29,10799,11181
2024-03-31,10810,11176
2024-04-30,10803,11159
2024-05-31,10832,11175
2024-06-30,10890,11250
2024-07-31,10966,11334
2024-08-31,11034,11423
2024-09-30,11073,11471
2024-10-31,11048,11428
2024-11-30,11088,11479
2024-12-31,11081,11464
2025-01-31,11139,11527
2025-02-28,11188,11580
2025-03-31,11190,11581
2025-04-30,11174,11565
2025-05-31,11224,11625
2025-06-30,11283,11694
2025-07-31,11342,11755
2025-08-31,11401,11814
2025-09-30,11432,11833
2025-10-31,11434,11824
2025-11-30,11455,11857
2025-12-31,11495,11896
2026-01-31,11554,11968
2026-02-28,11623,12025
2026-03-31,11548,11961
2026-04-30,11579,11989
2026-05-31,11610,12015
2026-06-30,11651,12061
2026-07-31,11624,12043
2026-08-31,11666,12088

The Hypothetical Growth graph compares a hypothetical investment in the Fund to the performance of the Index for the stated time period. Returns reflect reinvestment of dividends and capital gains, if any, as well as all fees and expenses.

Distributions

            Categories,Total ($)
            2014-01-31,0.00296
2014-02-28,0.00667
2014-03-31,0.00399
2014-04-30,0.00329
2014-05-31,0.00330
2014-06-30,0.00458
2014-07-31,0.00577
2014-08-31,0.00363
2014-09-30,0.00446
2014-10-31,0.00375
2014-11-30,0.00404
2014-12-31,0.00142
2015-01-31,0.00011
2015-02-28,0.00361
2015-03-31,0.00212
2015-04-30,0.00397
2015-05-31,0.00311
2015-06-30,0.00457
2015-07-31,0.00346
2015-08-31,0.00395
2015-09-30,0.00489
2015-10-31,0.00343
2015-11-30,0.00385
2015-12-31,0.00282
2016-01-31,0.00338
2016-02-29,0.00517
2016-03-31,0.00393
2016-04-30,0.00598
2016-05-31,0.00522
2016-06-30,0.00611
2016-07-31,0.00450
2016-08-31,0.00401
2016-09-30,0.00573
2016-10-31,0.00415
2016-11-30,0.00488
2016-12-31,0.00433
2017-01-31,0.00912
2017-02-28,0.01020
2017-03-31,0.00852
2017-04-30,0.01006
2017-05-31,0.00937
2017-06-30,0.01085
2017-07-31,0.01048
2017-08-31,0.01049
2017-09-30,0.01113
2017-10-31,0.01005
2017-11-30,0.01121
2017-12-31,0.01080
2018-01-31,0.01090
2018-02-28,0.01260
2018-03-31,0.01092
2018-04-30,0.01253
2018-05-31,0.00993
2018-06-30,0.01138
2018-07-31,0.01020
2018-08-31,0.01284
2018-09-30,0.01346
2018-10-31,0.01351
2018-11-30,0.01495
2018-12-31,0.01456
2019-01-31,0.01278
2019-02-28,0.01774
2019-03-31,0.01612
2019-04-30,0.01661
2019-05-31,0.01539
2019-06-30,0.01635
2019-07-31,0.01445
2019-08-31,0.01401
2019-09-30,0.01464
2019-10-31,0.01376
2019-11-30,0.01333
2019-12-31,0.01375
2020-01-31,0.01284
2020-02-29,0.01356
2020-03-31,0.01668
2020-04-30,0.01306
2020-05-31,0.01260
2020-06-30,0.01284
2020-07-31,0.01146
2020-08-31,0.01094
2020-09-30,0.00967
2020-10-31,0.00622
2020-11-30,0.00674
2020-12-31,0.00539
2021-01-31,0.00447
2021-02-28,0.00624
2021-03-31,0.00400
2021-04-30,0.00475
2021-05-31,0.00416
2021-06-30,0.00461
2021-07-31,0.00374
2021-08-31,0.00358
2021-09-30,0.00417
2021-10-31,0.00389
2021-11-30,0.00507
2021-12-31,0.00491
2022-01-31,0.00477
2022-02-28,0.00739
2022-03-31,0.00613
2022-04-30,0.00881
2022-05-31,0.01028
2022-06-30,0.01144
2022-07-31,0.01312
2022-08-31,0.01495
2022-09-30,0.01652
2022-10-31,0.01897
2022-11-30,0.01854
2022-12-31,0.02213
2023-01-31,0.02160
2023-02-28,0.02444
2023-03-31,0.02574
2023-04-30,0.02670
2023-05-31,0.02705
2023-06-30,0.02809
2023-07-31,0.02873
2023-08-31,0.03015
2023-09-30,0.03076
2023-10-31,0.03144
2023-11-30,0.03145
2023-12-31,0.03156
2024-01-31,0.03198
2024-02-29,0.03243
2024-03-31,0.03210
2024-04-30,0.03264
2024-05-31,0.03208
2024-06-30,0.03270
2024-07-31,0.03327
2024-08-31,0.03352
2024-09-30,0.03320
2024-10-31,0.03288
2024-11-30,0.03254
2024-12-31,0.03268
2025-01-31,0.03210
2025-02-28,0.03284
2025-03-31,0.03223
2025-04-30,0.03293
2025-05-31,0.03257
2025-06-30,0.03237
2025-07-31,0.03242
2025-08-31,0.03226
2025-09-30,0.03252
2025-10-31,0.03212
2025-11-30,0.03206
2025-12-31,0.03146
2026-01-31,0.03109
2026-02-28,0.03198
2026-03-31,0.03181
2026-04-30,0.03261
2026-05-31,0.03218
2026-06-30,0.03201
2026-07-31,0.03215
2026-08-31,0.03216

            Payable Date,Total ($),Income ($),ST Cap Gains ($),LT Cap Gains ($)
2014-01-31,0.00296,0.00296,0,0
2014-02-28,0.00667,0.00667,0,0
2014-03-31,0.00399,0.00399,0,0
2014-04-30,0.00329,0.00329,0,0
2014-05-30,0.00330,0.00330,0,0
2014-06-30,0.00458,0.00458,0,0
2014-07-31,0.00577,0.00577,0,0
2014-08-29,0.00363,0.00363,0,0
2014-09-30,0.00446,0.00446,0,0
2014-10-31,0.00375,0.00375,0,0
2014-11-28,0.00404,0.00404,0,0
2014-12-31,0.00142,0.00142,0,0
2015-01-30,0.00011,0.00011,0,0
2015-02-27,0.00361,0.00361,0,0
2015-03-31,0.00212,0.00212,0,0
2015-04-30,0.00397,0.00397,0,0
2015-05-29,0.00311,0.00311,0,0
2015-06-30,0.00457,0.00457,0,0
2015-07-31,0.00346,0.00346,0,0
2015-08-31,0.00395,0.00395,0,0
2015-09-30,0.00489,0.00489,0,0
2015-10-30,0.00343,0.00343,0,0
2015-11-30,0.00385,0.00385,0,0
2015-12-31,0.00282,0.00282,0,0
2016-01-29,0.00338,0.00338,0,0
2016-02-29,0.00517,0.00517,0,0
2016-03-31,0.00393,0.00393,0,0
2016-04-29,0.00598,0.00598,0,0
2016-05-31,0.00522,0.00522,0,0
2016-06-30,0.00611,0.00611,0,0
2016-07-29,0.00450,0.00450,0,0
2016-08-31,0.00401,0.00401,0,0
2016-09-30,0.00573,0.00573,0,0
2016-10-31,0.00415,0.00415,0,0
2016-11-30,0.00488,0.00488,0,0
2016-12-30,0.00433,0.00433,0,0
2017-01-31,0.00912,0.00912,0,0
2017-02-28,0.01020,0.01020,0,0
2017-03-31,0.00852,0.00852,0,0
2017-04-28,0.01006,0.01006,0,0
2017-05-31,0.00937,0.00937,0,0
2017-06-30,0.01085,0.01085,0,0
2017-07-31,0.01048,0.01048,0,0
2017-08-31,0.01049,0.01049,0,0
2017-09-29,0.01113,0.01113,0,0
2017-10-31,0.01005,0.01005,0,0
2017-11-30,0.01121,0.01121,0,0
2017-12-29,0.01080,0.01080,0,0
2018-01-31,0.01090,0.01090,0,0
2018-02-28,0.01260,0.01260,0,0
2018-03-29,0.01092,0.01092,0,0
2018-04-30,0.01253,0.01253,0,0
2018-05-31,0.00993,0.00993,0,0
2018-06-29,0.01138,0.01138,0,0
2018-07-31,0.01020,0.01020,0,0
2018-08-31,0.01284,0.01284,0,0
2018-09-28,0.01346,0.01346,0,0
2018-10-31,0.01351,0.01351,0,0
2018-11-30,0.01495,0.01495,0,0
2018-12-31,0.01456,0.01456,0,0
2019-01-31,0.01278,0.01278,0,0
2019-02-28,0.01774,0.01774,0,0
2019-03-29,0.01612,0.01612,0,0
2019-04-30,0.01661,0.01661,0,0
2019-05-31,0.01539,0.01539,0,0
2019-06-28,0.01635,0.01635,0,0
2019-07-31,0.01445,0.01445,0,0
2019-08-31,0.01401,0.01401,0,0
2019-09-30,0.01464,0.01464,0,0
2019-10-31,0.01376,0.01376,0,0
2019-11-30,0.01333,0.01333,0,0
2019-12-31,0.01375,0.01375,0,0
2020-01-31,0.01284,0.01284,0,0
2020-02-29,0.01356,0.01356,0,0
2020-03-31,0.01668,0.01668,0,0
2020-04-30,0.01306,0.01306,0,0
2020-05-31,0.01260,0.01260,0,0
2020-06-30,0.01284,0.01284,0,0
2020-07-31,0.01146,0.01146,0,0
2020-08-31,0.01094,0.01094,0,0
2020-09-30,0.00967,0.00967,0,0
2020-10-30,0.00622,0.00622,0,0
2020-11-30,0.00674,0.00674,0,0
2020-12-31,0.00539,0.00539,0,0
2021-01-29,0.00447,0.00447,0,0
2021-02-26,0.00624,0.00624,0,0
2021-03-31,0.00400,0.00400,0,0
2021-04-30,0.00475,0.00475,0,0
2021-05-28,0.00416,0.00416,0,0
2021-06-30,0.00461,0.00461,0,0
2021-07-30,0.00374,0.00374,0,0
2021-08-31,0.00358,0.00358,0,0
2021-09-30,0.00417,0.00417,0,0
2021-10-29,0.00389,0.00389,0,0
2021-11-30,0.00507,0.00507,0,0
2021-12-31,0.00491,0.00491,0,0
2022-01-31,0.00477,0.00477,0,0
2022-02-28,0.00739,0.00739,0,0
2022-03-31,0.00613,0.00613,0,0
2022-04-29,0.00881,0.00881,0,0
2022-05-31,0.01028,0.01028,0,0
2022-06-30,0.01144,0.01144,0,0
2022-07-29,0.01312,0.01312,0,0
2022-08-31,0.01495,0.01495,0,0
2022-09-30,0.01652,0.01652,0,0
2022-10-31,0.01897,0.01897,0,0
2022-11-30,0.01854,0.01854,0,0
2022-12-30,0.02213,0.02213,0,0
2023-01-31,0.02160,0.02160,0,0
2023-02-28,0.02444,0.02444,0,0
2023-03-31,0.02574,0.02574,0,0
2023-04-28,0.02670,0.02670,0,0
2023-05-31,0.02705,0.02705,0,0
2023-06-30,0.02809,0.02809,0,0
2023-07-31,0.02873,0.02873,0,0
2023-08-31,0.03015,0.03015,0,0
2023-09-29,0.03076,0.03076,0,0
2023-10-31,0.03144,0.03144,0,0
2023-11-30,0.03145,0.03145,0,0
2023-12-29,0.03156,0.03156,0,0
2024-01-31,0.03198,0.03198,0,0
2024-02-29,0.03243,0.03243,0,0
2024-03-28,0.03210,0.03210,0,0
2024-04-30,0.03264,0.03264,0,0
2024-05-31,0.03208,0.03208,0,0
2024-06-28,0.03270,0.03270,0,0
2024-07-31,0.03327,0.03327,0,0
2024-08-30,0.03352,0.03352,0,0
2024-09-30,0.03320,0.03320,0,0
2024-10-31,0.03288,0.03288,0,0
2024-11-29,0.03254,0.03254,0,0
2024-12-31,0.03268,0.03268,0,0
2025-01-31,0.03210,0.03210,0,0
2025-02-28,0.03284,0.03284,0,0
2025-03-31,0.03223,0.03223,0,0
2025-04-30,0.03293,0.03293,0,0
2025-05-30,0.03257,0.03257,0,0
2025-06-30,0.03237,0.03237,0,0
2025-07-31,0.03242,0.03242,0,0
2025-08-29,0.03226,0.03226,0,0
2025-09-30,0.03252,0.03252,0,0
2025-10-31,0.03212,0.03212,0,0
2025-11-28,0.03206,0.03206,0,0
2025-12-31,0.03146,0.03146,0,0
2026-01-30,0.03109,0.03109,0,0
2026-02-27,0.03198,0.03198,0,0
2026-03-31,0.03181,0.03181,0,0
2026-04-30,0.03261,0.03261,0,0
2026-05-29,0.03218,0.03218,0,0
2026-06-30,0.03201,0.03201,0,0
2026-07-31,0.03215,0.03215,0,0
2026-08-31,0.03216,0.03216,0,0

Distributions

(As of 31 Aug 2026)

Payable Date

Total ($)

Income ($)

ST Cap Gains ($)

LT Cap Gains ($)

31 Jan 2014

0.00296

—

28 Feb 2014

0.00667

—

31 Mar 2014

0.00399

—

30 Apr 2014

0.00329

—

30 May 2014

0.00330

—

30 Jun 2014

0.00458

—

31 Jul 2014

0.00577

—

29 Aug 2014

0.00363

—

30 Sep 2014

0.00446

—

31 Oct 2014

0.00375

—

28 Nov 2014

0.00404

—

31 Dec 2014

0.00142

—

30 Jan 2015

0.00011

—

27 Feb 2015

0.00361

—

31 Mar 2015

0.00212

—

30 Apr 2015

0.00397

—

29 May 2015

0.00311

—

30 Jun 2015

0.00457

—

31 Jul 2015

0.00346

—

31 Aug 2015

0.00395

—

30 Sep 2015

0.00489

—

30 Oct 2015

0.00343

—

30 Nov 2015

0.00385

—

31 Dec 2015

0.00282

—

29 Jan 2016

0.00338

—

29 Feb 2016

0.00517

—

31 Mar 2016

0.00393

—

29 Apr 2016

0.00598

—

31 May 2016

0.00522

—

30 Jun 2016

0.00611

—

29 Jul 2016

0.00450

—

31 Aug 2016

0.00401

—

30 Sep 2016

0.00573

—

31 Oct 2016

0.00415

—

30 Nov 2016

0.00488

—

30 Dec 2016

0.00433

—

31 Jan 2017

0.00912

—

28 Feb 2017

0.01020

—

31 Mar 2017

0.00852

—

28 Apr 2017

0.01006

—

31 May 2017

0.00937

—

30 Jun 2017

0.01085

—

31 Jul 2017

0.01048

—

31 Aug 2017

0.01049

—

29 Sep 2017

0.01113

—

31 Oct 2017

0.01005

—

30 Nov 2017

0.01121

—

29 Dec 2017

0.01080

—

31 Jan 2018

0.01090

—

28 Feb 2018

0.01260

—

29 Mar 2018

0.01092

—

30 Apr 2018

0.01253

—

31 May 2018

0.00993

—

29 Jun 2018

0.01138

—

31 Jul 2018

0.01020

—

31 Aug 2018

0.01284

—

28 Sep 2018

0.01346

—

31 Oct 2018

0.01351

—

30 Nov 2018

0.01495

—

31 Dec 2018

0.01456

—

31 Jan 2019

0.01278

—

28 Feb 2019

0.01774

—

29 Mar 2019

0.01612

—

30 Apr 2019

0.01661

—

31 May 2019

0.01539

—

28 Jun 2019

0.01635

—

31 Jul 2019

0.01445

—

31 Aug 2019

0.01401

—

30 Sep 2019

0.01464

—

31 Oct 2019

0.01376

—

30 Nov 2019

0.01333

—

31 Dec 2019

0.01375

—

31 Jan 2020

0.01284

—

29 Feb 2020

0.01356

—

31 Mar 2020

0.01668

—

30 Apr 2020

0.01306

—

31 May 2020

0.01260

—

30 Jun 2020

0.01284

—

31 Jul 2020

0.01146

—

31 Aug 2020

0.01094

—

30 Sep 2020

0.00967

—

30 Oct 2020

0.00622

—

30 Nov 2020

0.00674

—

31 Dec 2020

0.00539

—

29 Jan 2021

0.00447

—

26 Feb 2021

0.00624

—

31 Mar 2021

0.00400

—

30 Apr 2021

0.00475

—

28 May 2021

0.00416

—

30 Jun 2021

0.00461

—

30 Jul 2021

0.00374

—

31 Aug 2021

0.00358

—

30 Sep 2021

0.00417

—

29 Oct 2021

0.00389

—

30 Nov 2021

0.00507

—

31 Dec 2021

0.00491

—

31 Jan 2022

0.00477

—

28 Feb 2022

0.00739

—

31 Mar 2022

0.00613

—

29 Apr 2022

0.00881

—

31 May 2022

0.01028

—

30 Jun 2022

0.01144

—

29 Jul 2022

0.01312

—

31 Aug 2022

0.01495

—

30 Sep 2022

0.01652

—

31 Oct 2022

0.01897

—

30 Nov 2022

0.01854

—

30 Dec 2022

0.02213

—

31 Jan 2023

0.02160

—

28 Feb 2023

0.02444

—

31 Mar 2023

0.02574

—

28 Apr 2023

0.02670

—

31 May 2023

0.02705

—

30 Jun 2023

0.02809

—

31 Jul 2023

0.02873

—

31 Aug 2023

0.03015

—

29 Sep 2023

0.03076

—

31 Oct 2023

0.03144

—

30 Nov 2023

0.03145

—

29 Dec 2023

0.03156

—

31 Jan 2024

0.03198

—

29 Feb 2024

0.03243

—

28 Mar 2024

0.03210

—

30 Apr 2024

0.03264

—

31 May 2024

0.03208

—

28 Jun 2024

0.03270

—

31 Jul 2024

0.03327

—

30 Aug 2024

0.03352

—

30 Sep 2024

0.03320

—

31 Oct 2024

0.03288

—

29 Nov 2024

0.03254

—

31 Dec 2024

0.03268

—

31 Jan 2025

0.03210

—

28 Feb 2025

0.03284

—

31 Mar 2025

0.03223

—

30 Apr 2025

0.03293

—

30 May 2025

0.03257

—

30 Jun 2025

0.03237

—

31 Jul 2025

0.03242

—

29 Aug 2025

0.03226

—

30 Sep 2025

0.03252

—

31 Oct 2025

0.03212

—

28 Nov 2025

0.03206

—

31 Dec 2025

0.03146

—

30 Jan 2026

0.03109

—

27 Feb 2026

0.03198

—

31 Mar 2026

0.03181

—

30 Apr 2026

0.03261

—

29 May 2026

0.03218

—

30 Jun 2026

0.03201

—

31 Jul 2026

0.03215

—

31 Aug 2026

0.03216

—

Fund Facts

(As of 31 Aug 2026)

Net Fund Assets

$91.8 M

Benchmark

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

Morningstar Category

Muni National Short

Fund Symbol

TLMIX

Share Class

Share Class Inception Date

30 Dec 2013

Distribution Frequency

Monthly

Annualized Distribution Yield

3.15%

Characteristics

Portfolio

(As of 31 Aug 2026)

Portfolio

Benchmark

Number of Holdings

104

—

Annual Portfolio Turnover

55%

—

Effective Duration

2.0 Yrs

1.6 Yrs

Average Effective Maturity

2.5 Yrs

1.9 Yrs

Weighted Average Coupon

4.5%

4.6%

Portfolio

Benchmark

Yield to Worst

3.5%

2.8%

Subject to Alternative Minimum Tax

13.7%

—

30-Day SEC Yield (Subsidized)

2.98%

—

30-Day SEC Yield (Unsubsidized)

2.82%

—

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 (%)

0.13

0.11

-0.06

Beta

0.91

0.89

0.86

R-Squared (%)

96.14

97.15

93.58

Standard Deviation (%)

1.38

1.84

1.45

Sharpe Ratio

-1.15

-0.78

Information Ratio

-0.58

-0.24

-0.69

Tracking Error (%)

0.30

0.39

0.43

Up Capture (%)

93.60

92.17

82.78

Down Capture (%)

88.08

89.68

83.93

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 %

Kentucky Public Energy Authority

74440DFN9

2.5

City of Los Angeles Department of Airports

5444452K4

2.3

Tennergy Corp./TN

880397CJ1

2.3

Travis County Housing Finance Corp.

89438UBM9

2.3

Black Belt Energy Gas District

09182TKK2

2.3

Harris County Cultural Education Facilities Finance Corp.

414009NF3

2.2

Halifax County Industrial Development Authority

40579PAE1

1.8

Energy Southeast A Cooperative District

292723DU4

1.7

Arizona Industrial Development Authority

04062PCD1

1.6

Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd

592113CV4

1.6

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%

Prepaid Gas

17.8

—

Multi Family Mortgage

17.3

7.3

Industrial Development/Pollution Control

14.6

—

Hospital

6.8

4.9

CCRC/Senior Living

6.6

—

Airport

5.6

2.8

Short-Term Investments, Other Assets & Liabilities

5.3

—

School District General Obligation

4.6

—

Prepaid Electric

3.9

—

School District App

3.7

—

Public Power

3.4

6.5

Sector Allocation

Fund (%)

Prepaid Gas

17.8

Multi Family Mortgage

17.3

Industrial Development/Pollution Control

14.6

Hospital

6.8

CCRC/Senior Living

6.6

Airport

5.6

Short-Term Investments, Other Assets & Liabilities

5.3

School District General Obligation

4.6

Prepaid Electric

3.9

School District App

3.7

Public Power

3.4

Top 10 U.S. States

Fund (%)

Benchmark (%)

Portfolio

Benchmark

10%

15%

20%

Texas

14.3

8.9

Georgia

9.6

4.3

California

7.2

16.9

Alabama

6.2

3.5

Florida

5.7

2.7

Illinois

5.4

4.2

Short-Term Investments, Other Assets & Liabilities

5.3

—

New York

5.3

14.9

Tennessee

5.1

1.8

Kentucky

3.6

1.2

Pennsylvania

3.6

3.2

Top 10 U.S. States

Fund (%)

Texas

14.3

Georgia

9.6

California

7.2

Alabama

6.2

Florida

5.7

Illinois

5.4

Short-Term Investments, Other Assets & Liabilities

5.3

New York

5.3

Tennessee

5.1

Kentucky

3.6

Pennsylvania

3.6

Credit Quality

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

20%

30%

40%

50%

60%

AAA

3.6

14.3

35.2

58.8

37.7

23.4

BBB

11.8

3.5

Not Rated

6.3

—

Short-Term Investments, Other Assets & Liabilities

5.3

—

Credit Quality

Fund (%)

AAA

3.6

35.2

37.7

BBB

11.8

Not Rated

6.3

Short-Term Investments, Other Assets & Liabilities

5.3

Maturity

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

20%

30%

40%

50%

60%

Year 1

27.1

5.9

Year 2

10.5

50.1

Year 3

13.9

44.0

Year 4

19.0

0.0

Year 5+

24.0

0.0

Short-Term Investments, Other Assets & Liabilities

5.3

—

Maturity

Fund (%)

Year 1

27.1

Year 2

10.5

Year 3

13.9

Year 4

19.0

Year 5+

24.0

Short-Term Investments, Other Assets & Liabilities

5.3

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

Weights are percentages of the total portfolio unless otherwise noted.

May not add up to 100% due to rounding.

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

Portfolio Managers

David Ashley, CFA

Portfolio Manager and Managing Director

David Ashley is a portfolio manager for Thornburg Investment Management. He joined Thornburg as associate portfolio manager in 2011 and was named portfolio manager in 2019. Dave earned a BS in finance and MBA from the University of Delaware in 2001. He is also a CFA charterholder. Prior to joining Thornburg Investment Management, Dave was a credit analyst for Wilmington…

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

A bond credit rating assesses the financial ability of a debt issuer to make timely payments of principal and interest. Ratings of AAA (the highest), AA, A, and BBB are investment-grade quality. Ratings of BB, B, CCC, CC, C and D (the lowest) are considered below investment grade, speculative grade, or junk bonds.

Class I shares may not be available to all investors. Minimum investments for the I share class may be higher than those for other classes.

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

© 2026 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

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

There is no guarantee that the Fund will meet its investment objectives.

To determine a fund's Morningstar Rating™, funds and other managed products with at least a three-year history are ranked in their categories by their Morningstar Risk-Adjusted Return scores. The top 10% receive 5 stars; the next 22.5%, 4 stars; the middle 35%, 3 stars; the next 22.5%, 2 stars; and the bottom 10% receive 1 star. The Risk-Adjusted Return accounts for variation in a managed product's monthly excess performance (excluding sales charges), placing more emphasis on downward variations and rewarding consistent performance. Other share classes may have different performance characteristics.

Income earned from municipal bonds is exempt from regular federal and in some cases, state and local income tax. Income may be subject to the alternative minimum tax (AMT).

Thornburg mutual funds are distributed by Thornburg Securities LLC.

Thornburg Investment Management, Inc. mutual funds are sold through investment professionals including investment advisors, brokerage firms, bank trust departments, trust companies and certain other financial intermediaries. Thornburg Securities LLC (TSL) does not act as broker of record for investors.

Please see our glossary for a definition of terms.

Investments carry risks, including possible loss of principal. Portfolios investing in bonds have the same interest rate, inflation, and credit risks that are associated with the underlying bonds. The value of bonds will fluctuate relative to changes in interest rates, decreasing when interest rates rise. Unlike bonds, bond funds have ongoing fees and expenses. Investments in the Fund are not FDIC insured, nor are they bank deposits or guaranteed by a bank or any other entity.

More Insights

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.

TLMIX

Thornburg Short Duration Municipal Fund

Portfolio Managers

Overview

Why Invest in This Fund?

Investment Objective

Investment Approach

Related Content

Performance

Returns

Fund Fees

Hypothetical Growth of $10,000

Distributions

Fund Facts

Characteristics

Portfolio

Risk & Return Profile

Portfolio

Top Holdings

Exposure Breakdown

Portfolio Managers

David Ashley, CFA

Eve Lando, JD

Craig Mauermann, ChFC

Literature

Important Information

More Insights

What Tight Credit Spreads Mean for Investors

Don’t Wait for the All Clear

Navigating Tight Credit Spreads With a Defensive Income Mindset

Unsubscribe

Unsaved Changes

Remove strategy

Create an account to save this article or product.

TLMIX

Thornburg Short Duration Municipal Fund

Portfolio Managers

Overview

Why Invest in This Fund?

Investment Objective

Investment Approach

Related Content

Performance

Returns

Fund Fees

Hypothetical Growth of $10,000

Distributions

Fund Facts

Characteristics

Portfolio

Risk & Return Profile

Portfolio

Top Holdings

Exposure Breakdown

Portfolio Managers

David Ashley, CFA

Eve Lando, JD

Craig Mauermann, ChFC

Literature

Important Information

More Insights

What Tight Credit Spreads Mean for Investors

Don’t Wait for the All Clear

Navigating Tight Credit Spreads With a Defensive Income Mindset