TOP TEN U.S. STATES as of 11/30/2018

  • 1.Texas15.6%
  • 2.California9.5%
  • 3.New York8.4%
  • 4.Illinois6.7%
  • 5.Florida5.9%
  • 6.Pennsylvania5.3%
  • 7.Ohio4.2%
  • 8.Nevada3.3%
  • 9.Michigan2.6%
  • 10.Louisiana2.5%

TOP TEN MUNICIPAL SECTORS as of 11/30/2018

  • Local General Obligation28.0%
  • Appropriation16.1%
  • State General Obligation8.1%
  • Hospital7.7%
  • Dedicated Tax6.4%
  • Water/Sewer4.5%
  • Other Transportation3.7%
  • Public Power3.5%
  • Higher Education2.5%
  • Airport2.2%

Top Ten Positions as of 10/31/2018

% OF PORTFOLIO
State of Texas2.5%
County of Los Angeles CA1.6%
City of Los Angeles CA1.1%
New York State Dormitory Authority1.0%
County of Riverside CA0.7%
City of New York NY0.7%
Colorado State Education Loan Program0.7%
Town of Oyster Bay NY0.6%
City of San Antonio TX Electric & Gas Systems Revenue0.6%
New Jersey Transportation Trust Fund Authority0.5%
Portfolio holdings are subject to change.

KEY PORTFOLIO ATTRIBUTES as of 11/30/2018

Assets$6.3 B
Number of Bonds1758
Average Effective Maturity3.6 Yrs
Effective Duration3.1 Yrs
Subject to Alternative Minimum Tax0.0%

CREDIT QUALITY BREAKDOWN as of 11/30/2018

  • AAA12.7%
  • AA51.1%
  • A26.6%
  • BBB3.5%
  • Below Invest. Grade0.1%
  • Not Rated1.9%
  • Cash & Cash Equivalents4.1%
The percentages may not add up to 100 due to rounding.

CURRENT PORTFOLIO MATURITY LADDER as of 11/30/2018

  • Cash4.1%
  • Year 118.6%
  • Year 211.4%
  • Year 313.4%
  • Year 411.9%
  • Year 59.1%
  • Year 611.1%
  • Year 78.9%
  • Year 86.0%
  • Year 93.6%
  • Year 10+1.9%
Percent of portfolio maturing in each year. The percentages may not add up to 100% due to rounding and can vary over time.
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 thornburg.com. 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.