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Welcome to Thornburg

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Please review our Terms & Conditions

For Institutional / Wholesale / Professional Clients

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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Please read the information below. By accessing this web site of Thornburg Investment Management, Inc. ("Thornburg" or "we"), you acknowledge that you understand and accept the following terms and conditions of use.

Disclaimers

Products or services mentioned on this site are subject to legal and regulatory requirements in applicable jurisdictions and may not be licensed or available in all jurisdictions and there may be restrictions or limitations to whom this information may be made available. Unless otherwise indicated, no regulator or government authority has reviewed the information or the merits of the products and services referenced herein. Past performance is not a reliable indicator of future performance. Investments carry risks, including possible loss of principal.

Reference to a fund or security anywhere on this website is not a recommendation to buy, sell or hold that or any other security. The information is not a complete analysis of every material fact concerning any market, industry, or investment, nor is it intended to predict the performance of any investment or market.

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Third Party Content

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Fund Operations
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Thornburg Limited Term Municipal Fund

Morningstar Rating  • Info

Overall Morningstar Rating among 211 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, 3 stars, 4 stars and 4 stars among 211, 199 and 143 funds, as of 29 Feb 2024.

As of 29 Feb 2024
Fund Assets
$2.6 B
As of 29 Feb 2024
NAV
$13.63
As of 18 Mar 2024
Change
$0.00
As of 18 Mar 2024
YTD NAV Performance
0.18%
As of 18 Mar 2024
Asset Category:
Municipal Bond
Fund Benchmark:
ICE BofA 1-10 Yr US Muni

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 investment-grade municipal bonds with an average maturity of less than five years and average duration between two and four 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.
  • High-quality fund that seeks to maximize tax-exempt income 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 individual income tax as is consistent with preservation of capital. The fund also seeks to reduce share price volatility compared to longer intermediate and long-term bond portfolios.

Investment Approach

The fund is an actively managed diversified portfolio of high-quality municipal bonds. The investment team applies a relative value framework, focusing on fundamentals and valuations to identify inefficiencies in the market. Team members are responsible for credit research, portfolio construction, trading and risk oversight and have the flexibility to source ideas across sector, geography and issuer. The strategy maintains exposure across the maturity spectrum to manage duration, hedge against interest rate fluctuations and limit taxable events.

Performance

Performance

Returns

(As of 31 Dec 2023)
YTD
1y
3y
5y
10y
Inception
Total Return (%)
4.46
4.46
-0.18
1.32
1.51
3.26
ICE BofA 1-10 Yr US Muni (%)
4.29
4.29
-0.01
1.78
1.90
Morningstar Category Avg. (%)
3.7
3.7
0.4
1.32
1.14
Morningstar Quartile
1
4
2
1
YTD
1y
3y
5y
10y
Inception
Total Return (%)
-0.05
4.19
-0.04
1.12
1.34
3.23
ICE BofA 1-10 Yr US Muni (%)
-0.11
4.08
0.13
1.50
1.71
Morningstar Category Avg. (%)
0.22
3.73
0.56
1.21
1.06
Morningstar Quartile
1
4
3
1
YTD
1y
3y
5y
10y
Inception
Total Return (%)
4.46
4.46
-0.55
6.80
16.16
141.25
ICE BofA 1-10 Yr US Muni (%)
4.29
4.29
-0.04
9.25
20.77
YTD
1y
3y
5y
10y
Inception
Total Return (%)
-0.05
4.19
-0.11
5.70
14.24
141.13
ICE BofA 1-10 Yr US Muni (%)
-0.11
4.08
0.40
7.71
18.48
2018
2019
2020
2021
2022
2023
Total Return (%)
1.14
4.06
3.20
0.04
-4.83
4.46
ICE BofA 1-10 Yr US Muni (%)
1.69
5.28
3.81
0.48
-4.61
4.29
Fund Fees

Fund Fees

(As of 1 Feb 2024)
Gross Expense Ratio (%)
0.51
Net Expense Ratio (%)
0.51
Distributions

Distributions

(As of 29 Feb 2024)
Ex-Date
Payable Date
Total ($)
Income ($)
ST Cap Gains ($)
LT Cap Gains ($)
31 Jan 1996
31 Jan 1996
0
29 Feb 1996
29 Feb 1996
0
31 Mar 1996
31 Mar 1996
0
30 Apr 1996
30 Apr 1996
0
31 May 1996
31 May 1996
0
30 Jun 1996
30 Jun 1996
0
31 Jul 1996
31 Jul 1996
0.04847
0.04847
30 Aug 1996
31 Aug 1996
0.05626
0.05626
30 Sep 1996
30 Sep 1996
0.05610
0.05610
31 Oct 1996
31 Oct 1996
0.05598
0.05598
29 Nov 1996
30 Nov 1996
0.05600
0.05600
31 Dec 1996
31 Dec 1996
0.05572
0.05572
31 Jan 1997
31 Jan 1997
0.05634
0.05634
28 Feb 1997
28 Feb 1997
0.05656
0.05656
31 Mar 1997
31 Mar 1997
0.05610
0.05610
30 Apr 1997
30 Apr 1997
0.05599
0.05599
30 May 1997
31 May 1997
0.05568
0.05568
30 Jun 1997
30 Jun 1997
0.05552
0.05552
31 Jul 1997
31 Jul 1997
0.05538
0.05538
29 Aug 1997
31 Aug 1997
0.05605
0.05605
30 Sep 1997
30 Sep 1997
0.05553
0.05553
31 Oct 1997
31 Oct 1997
0.05512
0.05512
28 Nov 1997
30 Nov 1997
0.05492
0.05492
31 Dec 1997
31 Dec 1997
0.05467
0.05467
30 Jan 1998
31 Jan 1998
0.05498
0.05498
27 Feb 1998
28 Feb 1998
0.05497
0.05497
31 Mar 1998
31 Mar 1998
0.05437
0.05437
30 Apr 1998
30 Apr 1998
0.05418
0.05418
29 May 1998
31 May 1998
0.05386
0.05386
30 Jun 1998
30 Jun 1998
0.05315
0.05315
31 Jul 1998
31 Jul 1998
0.05364
0.05364
31 Aug 1998
31 Aug 1998
0.05329
0.05329
30 Sep 1998
30 Sep 1998
0.05367
0.05367
30 Oct 1998
31 Oct 1998
0.05301
0.05301
30 Nov 1998
30 Nov 1998
0.05306
0.05306
31 Dec 1998
31 Dec 1998
0.05291
0.05291
29 Jan 1999
31 Jan 1999
0.05310
0.05310
26 Feb 1999
28 Feb 1999
0.05348
0.05348
31 Mar 1999
31 Mar 1999
0.05301
0.05301
30 Apr 1999
30 Apr 1999
0.05296
0.05296
28 May 1999
31 May 1999
0.05238
0.05238
30 Jun 1999
30 Jun 1999
0.05268
0.05268
30 Jul 1999
31 Jul 1999
0.05263
0.05263
31 Aug 1999
31 Aug 1999
0.05289
0.05289
30 Sep 1999
30 Sep 1999
0.05280
0.05280
29 Oct 1999
31 Oct 1999
0.05267
0.05267
30 Nov 1999
30 Nov 1999
0.05275
0.05275
31 Dec 1999
31 Dec 1999
0.05228
0.05228
31 Jan 2000
31 Jan 2000
0.05258
0.05258
29 Feb 2000
29 Feb 2000
0.05275
0.05275
31 Mar 2000
31 Mar 2000
0.05281
0.05281
28 Apr 2000
30 Apr 2000
0.05303
0.05303
31 May 2000
31 May 2000
0.05318
0.05318
30 Jun 2000
30 Jun 2000
0.05333
0.05333
31 Jul 2000
31 Jul 2000
0.05296
0.05296
31 Aug 2000
31 Aug 2000
0.05319
0.05319
29 Sep 2000
30 Sep 2000
0.05314
0.05314
31 Oct 2000
31 Oct 2000
0.05258
0.05258
30 Nov 2000
30 Nov 2000
0.05257
0.05257
29 Dec 2000
31 Dec 2000
0.05252
0.05252
31 Jan 2001
31 Jan 2001
0.05498
0.05498
28 Feb 2001
28 Feb 2001
0.05273
0.05273
30 Mar 2001
31 Mar 2001
0.05221
0.05221
30 Apr 2001
30 Apr 2001
0.05217
0.05217
31 May 2001
31 May 2001
0.05184
0.05184
29 Jun 2001
30 Jun 2001
0.05123
0.05123
31 Jul 2001
31 Jul 2001
0.04975
0.04975
31 Aug 2001
31 Aug 2001
0.04910
0.04910
28 Sep 2001
30 Sep 2001
0.04894
0.04894
31 Oct 2001
31 Oct 2001
0.04874
0.04874
30 Nov 2001
30 Nov 2001
0.04773
0.04773
31 Dec 2001
31 Dec 2001
0.04721
0.04721
31 Jan 2002
31 Jan 2002
0.04829
0.04829
28 Feb 2002
28 Feb 2002
0.04607
0.04607
28 Mar 2002
31 Mar 2002
0.04563
0.04563
30 Apr 2002
30 Apr 2002
0.04626
0.04626
31 May 2002
31 May 2002
0.04582
0.04582
28 Jun 2002
30 Jun 2002
0.04516
0.04516
31 Jul 2002
31 Jul 2002
0.04381
0.04381
30 Aug 2002
31 Aug 2002
0.04288
0.04288
30 Sep 2002
30 Sep 2002
0.04289
0.04289
31 Oct 2002
31 Oct 2002
0.04195
0.04195
29 Nov 2002
30 Nov 2002
0.04299
0.04299
31 Dec 2002
31 Dec 2002
0.04210
0.04210
31 Jan 2003
31 Jan 2003
0.04108
0.04108
28 Feb 2003
28 Feb 2003
0.04115
0.04115
31 Mar 2003
31 Mar 2003
0.03916
0.03916
30 Apr 2003
30 Apr 2003
0.03901
0.03901
30 May 2003
31 May 2003
0.03898
0.03898
30 Jun 2003
30 Jun 2003
0.03868
0.03868
31 Jul 2003
31 Jul 2003
0.03648
0.03648
29 Aug 2003
31 Aug 2003
0.03773
0.03773
30 Sep 2003
30 Sep 2003
0.03812
0.03812
31 Oct 2003
31 Oct 2003
0.03744
0.03744
28 Nov 2003
30 Nov 2003
0.03800
0.03800
31 Dec 2003
31 Dec 2003
0.03740
0.03740
30 Jan 2004
31 Jan 2004
0.03689
0.03689
27 Feb 2004
29 Feb 2004
0.03677
0.03677
31 Mar 2004
31 Mar 2004
0.03555
0.03555
30 Apr 2004
30 Apr 2004
0.03616
0.03616
28 May 2004
31 May 2004
0.03554
0.03554
30 Jun 2004
30 Jun 2004
0.03583
0.03583
30 Jul 2004
31 Jul 2004
0.03498
0.03498
31 Aug 2004
31 Aug 2004
0.03475
0.03475
30 Sep 2004
30 Sep 2004
0.03555
0.03555
29 Oct 2004
31 Oct 2004
0.03502
0.03502
30 Nov 2004
30 Nov 2004
0.03566
0.03566
31 Dec 2004
31 Dec 2004
0.03453
0.03453
31 Jan 2005
31 Jan 2005
0.03545
0.03545
28 Feb 2005
28 Feb 2005
0.03723
0.03723
31 Mar 2005
31 Mar 2005
0.03595
0.03595
29 Apr 2005
30 Apr 2005
0.03812
0.03812
31 May 2005
31 May 2005
0.03837
0.03837
30 Jun 2005
30 Jun 2005
0.03832
0.03832
29 Jul 2005
31 Jul 2005
0.03806
0.03806
31 Aug 2005
31 Aug 2005
0.03870
0.03870
30 Sep 2005
30 Sep 2005
0.03848
0.03848
31 Oct 2005
31 Oct 2005
0.03817
0.03817
30 Nov 2005
30 Nov 2005
0.03941
0.03941
30 Dec 2005
31 Dec 2005
0.03925
0.03925
31 Jan 2006
31 Jan 2006
0.04222
0.04222
28 Feb 2006
28 Feb 2006
0.04104
0.04104
31 Mar 2006
31 Mar 2006
0.04042
0.04042
28 Apr 2006
30 Apr 2006
0.04068
0.04068
31 May 2006
31 May 2006
0.04038
0.04038
30 Jun 2006
30 Jun 2006
0.04112
0.04112
31 Jul 2006
31 Jul 2006
0.04134
0.04134
31 Aug 2006
31 Aug 2006
0.04165
0.04165
29 Sep 2006
30 Sep 2006
0.04170
0.04170
31 Oct 2006
31 Oct 2006
0.04179
0.04179
30 Nov 2006
30 Nov 2006
0.04165
0.04165
29 Dec 2006
31 Dec 2006
0.04139
0.04139
31 Jan 2007
31 Jan 2007
0.04185
0.04185
28 Feb 2007
28 Feb 2007
0.04262
0.04262
30 Mar 2007
31 Mar 2007
0.04189
0.04189
30 Apr 2007
30 Apr 2007
0.04241
0.04241
31 May 2007
31 May 2007
0.04224
0.04224
29 Jun 2007
30 Jun 2007
0.04274
0.04274
31 Jul 2007
31 Jul 2007
0.04263
0.04263
31 Aug 2007
31 Aug 2007
0.04278
0.04278
28 Sep 2007
30 Sep 2007
0.04382
0.04382
31 Oct 2007
31 Oct 2007
0.04352
0.04352
30 Nov 2007
30 Nov 2007
0.04343
0.04343
31 Dec 2007
31 Dec 2007
0.04309
0.04309
31 Jan 2008
31 Jan 2008
0.04277
0.04277
29 Feb 2008
29 Feb 2008
0.04475
0.04475
31 Mar 2008
31 Mar 2008
0.04467
0.04467
30 Apr 2008
30 Apr 2008
0.04342
0.04342
30 May 2008
31 May 2008
0.04340
0.04340
30 Jun 2008
30 Jun 2008
0.04366
0.04366
31 Jul 2008
31 Jul 2008
0.04322
0.04322
29 Aug 2008
31 Aug 2008
0.04371
0.04371
30 Sep 2008
30 Sep 2008
0.04513
0.04513
31 Oct 2008
31 Oct 2008
0.04466
0.04466
28 Nov 2008
30 Nov 2008
0.04525
0.04525
31 Dec 2008
31 Dec 2008
0.04485
0.04485
30 Jan 2009
31 Jan 2009
0.04304
0.04304
27 Feb 2009
28 Feb 2009
0.04275
0.04275
31 Mar 2009
31 Mar 2009
0.04188
0.04188
30 Apr 2009
30 Apr 2009
0.04215
0.04215
29 May 2009
31 May 2009
0.04223
0.04223
30 Jun 2009
30 Jun 2009
0.04341
0.04341
31 Jul 2009
31 Jul 2009
0.04355
0.04355
31 Aug 2009
31 Aug 2009
0.04182
0.04182
30 Sep 2009
30 Sep 2009
0.04084
0.04084
30 Oct 2009
31 Oct 2009
0.03929
0.03929
30 Nov 2009
30 Nov 2009
0.03901
0.03901
31 Dec 2009
31 Dec 2009
0.03713
0.03713
29 Jan 2010
31 Jan 2010
0.03588
0.03588
26 Feb 2010
28 Feb 2010
0.03566
0.03566
31 Mar 2010
31 Mar 2010
0.03334
0.03334
30 Apr 2010
30 Apr 2010
0.03457
0.03457
28 May 2010
31 May 2010
0.03438
0.03438
30 Jun 2010
30 Jun 2010
0.03528
0.03528
30 Jul 2010
31 Jul 2010
0.03360
0.03360
31 Aug 2010
31 Aug 2010
0.03292
0.03292
30 Sep 2010
30 Sep 2010
0.03157
0.03157
29 Oct 2010
31 Oct 2010
0.03045
0.03045
30 Nov 2010
30 Nov 2010
0.03148
0.03148
31 Dec 2010
31 Dec 2010
0.03320
0.03320
31 Jan 2011
31 Jan 2011
0.03473
0.03473
28 Feb 2011
28 Feb 2011
0.03642
0.03642
31 Mar 2011
31 Mar 2011
0.03488
0.03488
29 Apr 2011
30 Apr 2011
0.03549
0.03549
31 May 2011
31 May 2011
0.03452
0.03452
30 Jun 2011
30 Jun 2011
0.03460
0.03460
29 Jul 2011
31 Jul 2011
0.03342
0.03342
31 Aug 2011
31 Aug 2011
0.03347
0.03347
30 Sep 2011
30 Sep 2011
0.03338
0.03338
31 Oct 2011
31 Oct 2011
0.03291
0.03291
30 Nov 2011
30 Nov 2011
0.03307
0.03307
30 Dec 2011
31 Dec 2011
0.03263
0.03263
31 Jan 2012
31 Jan 2012
0.03143
0.03143
29 Feb 2012
29 Feb 2012
0.03152
0.03152
30 Mar 2012
31 Mar 2012
0.02939
0.02939
30 Apr 2012
30 Apr 2012
0.02913
0.02913
31 May 2012
31 May 2012
0.02853
0.02853
29 Jun 2012
30 Jun 2012
0.02867
0.02867
31 Jul 2012
31 Jul 2012
0.02793
0.02793
31 Aug 2012
31 Aug 2012
0.02739
0.02739
28 Sep 2012
30 Sep 2012
0.02742
0.02742
31 Oct 2012
31 Oct 2012
0.02673
0.02673
30 Nov 2012
30 Nov 2012
0.02672
0.02672
31 Dec 2012
31 Dec 2012
0.02631
0.02631
31 Jan 2013
31 Jan 2013
0.02588
0.02588
28 Feb 2013
28 Feb 2013
0.02727
0.02727
28 Mar 2013
31 Mar 2013
0.02525
0.02525
30 Apr 2013
30 Apr 2013
0.02564
0.02564
31 May 2013
31 May 2013
0.02527
0.02527
28 Jun 2013
30 Jun 2013
0.02584
0.02584
31 Jul 2013
31 Jul 2013
0.02567
0.02567
30 Aug 2013
31 Aug 2013
0.02588
0.02588
30 Sep 2013
30 Sep 2013
0.02687
0.02687
31 Oct 2013
31 Oct 2013
0.02606
0.02606
29 Nov 2013
30 Nov 2013
0.02588
0.02588
31 Dec 2013
31 Dec 2013
0.02597
0.02597
31 Jan 2014
31 Jan 2014
0.02529
0.02529
28 Feb 2014
28 Feb 2014
0.02820
0.02820
31 Mar 2014
31 Mar 2014
0.02567
0.02567
30 Apr 2014
30 Apr 2014
0.02589
0.02589
30 May 2014
31 May 2014
0.02511
0.02511
30 Jun 2014
30 Jun 2014
0.02547
0.02547
31 Jul 2014
31 Jul 2014
0.02387
0.02387
29 Aug 2014
31 Aug 2014
0.02338
0.02338
30 Sep 2014
30 Sep 2014
0.02266
0.02266
31 Oct 2014
31 Oct 2014
0.02344
0.02344
28 Nov 2014
30 Nov 2014
0.02345
0.02345
31 Dec 2014
31 Dec 2014
0.02264
0.02264
30 Jan 2015
31 Jan 2015
0.02213
0.02213
27 Feb 2015
28 Feb 2015
0.02365
0.02365
31 Mar 2015
31 Mar 2015
0.02173
0.02173
30 Apr 2015
30 Apr 2015
0.02223
0.02223
29 May 2015
31 May 2015
0.02190
0.02190
30 Jun 2015
30 Jun 2015
0.02336
0.02336
31 Jul 2015
31 Jul 2015
0.02239
0.02239
31 Aug 2015
31 Aug 2015
0.02246
0.02246
30 Sep 2015
30 Sep 2015
0.02319
0.02319
30 Oct 2015
31 Oct 2015
0.02285
0.02285
30 Nov 2015
30 Nov 2015
0.02341
0.02341
31 Dec 2015
31 Dec 2015
0.02246
0.02246
29 Jan 2016
31 Jan 2016
0.02189
0.02189
29 Feb 2016
29 Feb 2016
0.02305
0.02305
31 Mar 2016
31 Mar 2016
0.02204
0.02204
29 Apr 2016
30 Apr 2016
0.02332
0.02332
31 May 2016
31 May 2016
0.02244
0.02244
30 Jun 2016
30 Jun 2016
0.02294
0.02294
29 Jul 2016
31 Jul 2016
0.02175
0.02175
31 Aug 2016
31 Aug 2016
0.02182
0.02182
30 Sep 2016
30 Sep 2016
0.02291
0.02291
31 Oct 2016
31 Oct 2016
0.02201
0.02201
30 Nov 2016
30 Nov 2016
0.02234
0.02234
30 Dec 2016
31 Dec 2016
0.02243
0.02243
31 Jan 2017
31 Jan 2017
0.02296
0.02296
28 Feb 2017
28 Feb 2017
0.02500
0.02500
31 Mar 2017
31 Mar 2017
0.02306
0.02306
28 Apr 2017
30 Apr 2017
0.02420
0.02420
31 May 2017
31 May 2017
0.02335
0.02335
30 Jun 2017
30 Jun 2017
0.02383
0.02383
31 Jul 2017
31 Jul 2017
0.02297
0.02297
31 Aug 2017
31 Aug 2017
0.02278
0.02278
29 Sep 2017
30 Sep 2017
0.02277
0.02277
31 Oct 2017
31 Oct 2017
0.02237
0.02237
30 Nov 2017
30 Nov 2017
0.02306
0.02306
29 Dec 2017
31 Dec 2017
0.02331
0.02331
31 Jan 2018
31 Jan 2018
0.02273
0.02273
28 Feb 2018
28 Feb 2018
0.02413
0.02413
29 Mar 2018
31 Mar 2018
0.02245
0.02245
30 Apr 2018
30 Apr 2018
0.02382
0.02382
31 May 2018
31 May 2018
0.02248
0.02248
29 Jun 2018
30 Jun 2018
0.02360
0.02360
31 Jul 2018
31 Jul 2018
0.02264
0.02264
31 Aug 2018
31 Aug 2018
0.02335
0.02335
28 Sep 2018
30 Sep 2018
0.02338
0.02338
31 Oct 2018
31 Oct 2018
0.02327
0.02327
30 Nov 2018
30 Nov 2018
0.02432
0.02432
31 Dec 2018
31 Dec 2018
0.02378
0.02378
31 Jan 2019
31 Jan 2019
0.02335
0.02335
28 Feb 2019
28 Feb 2019
0.02659
0.02659
29 Mar 2019
31 Mar 2019
0.02449
0.02449
30 Apr 2019
30 Apr 2019
0.02516
0.02516
31 May 2019
31 May 2019
0.02402
0.02402
28 Jun 2019
30 Jun 2019
0.02486
0.02486
31 Jul 2019
31 Jul 2019
0.02435
0.02435
31 Aug 2019
31 Aug 2019
0.02405
0.02405
30 Sep 2019
30 Sep 2019
0.02440
0.02440
31 Oct 2019
31 Oct 2019
0.02320
0.02320
30 Nov 2019
30 Nov 2019
0.02424
0.02424
31 Dec 2019
31 Dec 2019
0.02339
0.02339
31 Jan 2020
31 Jan 2020
0.02255
0.02255
29 Feb 2020
29 Feb 2020
0.02402
0.02402
31 Mar 2020
31 Mar 2020
0.02420
0.02420
30 Apr 2020
30 Apr 2020
0.02328
0.02328
31 May 2020
31 May 2020
0.02216
0.02216
30 Jun 2020
30 Jun 2020
0.02243
0.02243
31 Jul 2020
31 Jul 2020
0.02087
0.02087
31 Aug 2020
31 Aug 2020
0.02020
0.02020
30 Sep 2020
30 Sep 2020
0.02051
0.02051
30 Oct 2020
31 Oct 2020
0.01957
0.01957
30 Nov 2020
30 Nov 2020
0.02013
0.02013
31 Dec 2020
31 Dec 2020
0.01891
0.01891
29 Jan 2021
31 Jan 2021
0.01819
0.01819
26 Feb 2021
28 Feb 2021
0.02018
0.02018
31 Mar 2021
31 Mar 2021
0.01772
0.01772
30 Apr 2021
30 Apr 2021
0.01823
0.01823
28 May 2021
31 May 2021
0.01727
0.01727
30 Jun 2021
30 Jun 2021
0.01765
0.01765
30 Jul 2021
31 Jul 2021
0.01670
0.01670
31 Aug 2021
31 Aug 2021
0.01704
0.01704
30 Sep 2021
30 Sep 2021
0.01811
0.01811
29 Oct 2021
31 Oct 2021
0.01774
0.01774
30 Nov 2021
30 Nov 2021
0.01877
0.01877
31 Dec 2021
31 Dec 2021
0.01776
0.01776
31 Jan 2022
31 Jan 2022
0.01749
0.01749
28 Feb 2022
28 Feb 2022
0.01946
0.01946
31 Mar 2022
31 Mar 2022
0.01732
0.01732
29 Apr 2022
30 Apr 2022
0.02075
0.02075
31 May 2022
31 May 2022
0.02132
0.02132
30 Jun 2022
30 Jun 2022
0.02238
0.02238
29 Jul 2022
31 Jul 2022
0.02299
0.02299
31 Aug 2022
31 Aug 2022
0.02390
0.02390
30 Sep 2022
30 Sep 2022
0.02499
0.02499
31 Oct 2022
31 Oct 2022
0.02595
0.02595
30 Nov 2022
30 Nov 2022
0.02757
0.02757
30 Dec 2022
31 Dec 2022
0.02787
0.02787
31 Jan 2023
31 Jan 2023
0.02741
0.02741
28 Feb 2023
28 Feb 2023
0.03048
0.03048
31 Mar 2023
31 Mar 2023
0.02924
0.02924
28 Apr 2023
30 Apr 2023
0.02971
0.02971
31 May 2023
31 May 2023
0.02992
0.02992
30 Jun 2023
30 Jun 2023
0.03108
0.03108
31 Jul 2023
31 Jul 2023
0.03144
0.03144
31 Aug 2023
31 Aug 2023
0.03230
0.03230
29 Sep 2023
30 Sep 2023
0.03322
0.03322
31 Oct 2023
31 Oct 2023
0.03415
0.03415
30 Nov 2023
30 Nov 2023
0.03535
0.03535
29 Dec 2023
31 Dec 2023
0.03540
0.03540
31 Jan 2024
31 Jan 2024
0.03593
0.03593
29 Feb 2024
29 Feb 2024
0.03697
0.03697
Fund Facts

Fund Facts

(As of 29 Feb 2024)
Net Fund Assets
$2.6 B
Benchmark
ICE BofA 1-10 Yr US Muni
Morningstar Category
Muni National Short
Fund Symbol
LTMIX
Share Class
I
Share Class Inception Date
5 Jul 1996
Number of Holdings
846
Portfolio Turnover
37%
Distribution Frequency
Monthly
30-Day SEC Yield (Subsidized)
2.82%
30-Day SEC Yield (Unsubsidized)
2.82%
Annualized Distribution Yield
3.36%
Characteristics

Characteristics

Portfolio

(As of 29 Feb 2024)
Portfolio
Benchmark
Effective Duration
3.3 Yrs
3.5 Yrs
Average Effective Maturity
4.6 Yrs
4.9 Yrs
Weighted Average Coupon
4.7%
4.5%
Portfolio
Benchmark
Yield to Worst
3.4%
3.1%
Subject to Alternative Minimum Tax
0.0%
Risk & Return Profile

Risk & Return Profile

(As of 29 Feb 2024)
3y
5y
10y
Annualized Alpha (%)
-0.15
-0.16
-0.14
Standard Deviation (%)
4.01
3.45
2.77
Sharpe Ratio
-0.64
-0.26
0.00
Up Capture (%)
86.26
83.05
84.13
Down Capture (%)
88.78
85.87
87.24
Portfolio

Portfolio

Top Holdings

(As of 31 Jan 2024)
Name
Ticker/Symbol
Sector
Weight %
PEFA, Inc.
70556CAB0
Gas
2.1
Main Street Natural Gas, Inc.
56035DFT4
Gas
1.9
Texas Municipal Gas Acquisition & Supply Corp. III
88256HBG2
Gas
1.6
Tennessee Energy Acquisition Corp.
88044TAL3
Gas
1.4
New Jersey Transportation Trust Fund Authority
6461362B6
Other Transportation
1.2
Main Street Natural Gas, Inc.
56035DDX7
Gas
1.1
Main Street Natural Gas, Inc.
56035DFC1
Gas
1.1
State of Illinois
452152Q20
State General Obligation
1.0
Main Street Natural Gas, Inc.
56035DGB2
Gas
1.0
Texas Municipal Gas Acquisition & Supply Corp. III
88256HBF4
Gas
0.9
Exposure Breakdown

Exposure Breakdown

(As of 29 Feb 2024)
Sector Allocation
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
Gas
16.2
Hospital
11.9
5.0
Local General Obligation
7.7
9.9
State General Obligation
6.8
19.5
School District App
6.7
Dedicated Tax
6.5
11.6
School District General Obligation
5.2
Other Transportation
4.4
5.5
Multi Family Mortgage
4.3
2.5
Appropriation
4.0
3.9
Cash & Cash Equivalents
3.5
Sector Allocation
Fund (%)
Gas
16.2
Hospital
11.9
Local General Obligation
7.7
State General Obligation
6.8
School District App
6.7
Dedicated Tax
6.5
School District General Obligation
5.2
Other Transportation
4.4
Multi Family Mortgage
4.3
Appropriation
4.0
Cash & Cash Equivalents
3.5
Top 10 U.S. States
Fund (%)
Benchmark (%)

Portfolio

Benchmark

0%
5%
10%
15%
20%
Texas
13.5
7.2
Illinois
10.1
5.2
Georgia
6.6
4.1
Pennsylvania
6.5
3.3
New York
5.9
16.4
New Jersey
5.0
4.6
Florida
4.8
2.0
Oklahoma
3.6
0.3
Cash
3.5
California
3.4
18.6
Alabama
3.2
3.3
Top 10 U.S. States
Fund (%)
Texas
13.5
Illinois
10.1
Georgia
6.6
Pennsylvania
6.5
New York
5.9
New Jersey
5.0
Florida
4.8
Oklahoma
3.6
Cash
3.5
California
3.4
Alabama
3.2
Credit Quality
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
AAA
11.6
14.2
AA
38.7
55.8
A
40.5
25.9
BBB
4.1
4.1
Below Invest. Grade
0.2
Not Rated
1.5
Cash & Cash Equivalents
3.5
Credit Quality
Fund (%)
AAA
11.6
AA
38.7
A
40.5
BBB
4.1
Below Invest. Grade
0.2
Not Rated
1.5
Cash & Cash Equivalents
3.5
Maturity
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
Year 1
11.2
1.0
Year 2
9.8
15.0
Year 3
10.6
14.0
Year 4
9.6
12.0
Year 5
9.0
12.0
Year 6
7.4
10.6
Year 7
10.1
10.1
Year 8
15.8
9.6
Year 9
8.3
8.5
Year 10+
4.8
7.7
Cash
3.5
Maturity
Fund (%)
Year 1
11.2
Year 2
9.8
Year 3
10.6
Year 4
9.6
Year 5
9.0
Year 6
7.4
Year 7
10.1
Year 8
15.8
Year 9
8.3
Year 10+
4.8
Cash
3.5
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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