Fund Objective

The Fund seeks current income exempt from federal income taxes, consistent with preservation of capital.

There is no guarantee that the Fund will meet its investment objectives. Income is generally exempt from federal income tax, but may be subject to state or local taxes and the federal Alternative Minimum Tax.

Investment Strategy

The Fund is an actively managed, laddered portfolio of municipal bonds from throughout the U.S. The Fund seeks to reduce changes in its share value compared to longer duration fixed income portfolios by maintaining a portfolio of investments with a dollar-weighted average duration of normally no more than three years. The Fund also attempts to reduce changes in its share value through credit analysis, selection, and diversification.

Portfolio Management

Portfolio managers are supported by the entire Thornburg investment team.

FUND FACTS as of 11/17/2017

CLASSSYMBOLNAVCHANGE
(from 11/16/2017)
FUND
NUMBER
CUSIPINCEPTION
DATE
CLASS ATLMAX$12.35$0.00144885-216-78812/30/2013
CLASS ITLMIX$12.34$0.00201885-216-77012/30/2013
  • Net Assets as of 10/31/2017: $69.99 M
  • Capital Gains Paid Annually: No 2017 Capital Gains Paid
Important Information
Before investing, carefully consider the Fund’s investment goals, risks, charges, and expenses. For a prospectus or summary prospectus containing this and other information, contact your financial advisor or visit our literature center. Read them carefully before investing.

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

Credit quality ratings for Thornburg’s municipal portfolios used the highest rating available from either S&P Global Ratings or Moody’s Investors Service.

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).

The laddering strategy does not assure or guarantee better performance than a non-laddered portfolio and cannot eliminate the risk of investment losses.

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.

Please see our glossary for a definition of terms.

Thornburg mutual funds are distributed by Thornburg Securities Corporation.

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