Thornburg Limited Term Municipal Strategy

INVESTMENT OBJECTIVE

The Strategy seeks to obtain as high a level of current income exempt from regular federal individual income tax as is consistent, in the view of Thornburg, with preservation of principal. A secondary objective of the Strategy is to reduce expected fluctuations in the portfolio’s value compared to longer intermediate and long-term bond portfolios.

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

PRINCIPAL INVESTMENT STRATEGIES

The Strategy is a laddered portfolio of municipal bonds with an average maturity of less than five years. Laddering involves building a portfolio of bonds with staggered maturities so that a portion of the portfolio matures each year; cash from maturing bonds is typically invested in bonds with longer maturities at the far end of the ladder. The portfolio is invested in municipal securities rated at the time of investment in the four highest categories of ratings services such as S&P, Moody’s, or Fitch, or in unrated securities judged by Thornburg to be comparable to securities rated in the four highest ratings categories. A portion of the Strategy’s dividends could be subject to the federal Alternative Minimum Tax.

PORTFOLIO MANAGEMENT

David Ashley, CFA
David Ashley, CFA
Portfolio Manager and Managing Director
Christopher Ryon, CFA
Christopher Ryon, CFA
Portfolio Manager and Managing Director
Nicholos Venditti, CFA
Nicholos Venditti, CFA
Portfolio Manager and Managing Director
Portfolio managers are supported by the entire Thornburg investment team.
Important Information

Investments in the strategy 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 principal value of bonds will fluctuate relative to changes in interest rates, decreasing when interest rates rise. Unlike bonds, bond portfolios have ongoing fees and expenses. Carefully consider the strategy’s investment objectives, risks, fees and expenses before investing. There is no guarantee that the strategy will meet its investment objectives.

Weight percentages are of the total portfolio unless otherwise noted.

Portfolio characteristics are derived using currently available data from independent research resources that are believed to be accurate. Portfolio attributes can and do vary.

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

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

Portfolios invested in a limited number of holdings may expose an investor to greater volatility.

Neither the payment of, or increase in, dividends is guaranteed.

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).

Credit quality ratings use the highest rating available from either S&P Global Ratings or Moody’s Investors Service. Where neither rating is available, we have used ratings from other nationally recognized statistical rating organizations (NRSROs).

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.

Portfolio construction will have significant differences from that of a benchmark index in terms of security holdings, industry weightings, asset allocations and number of positions held, all of which may contribute to performance, characteristics and volatility differences. Investors may not make direct investments into any index.

Valuations are computed and reported in U.S. dollars.

Source: Advent/APX, FactSet and Thornburg.

View the Limited Term Municipal Composite GIPS compliant presentation.

To receive a complete list and description of Thornburg Investment Management's composites, please contact the Business Development Group at bdg@thornburg.com

Please see our glossary for a definition of terms.

IN THE UNITED KINGDOM: This communication is issued by Thornburg Investment Management Ltd. (“TIM Ltd.”) and approved by Robert Quinn Advisory LLP which is authorised and regulated by the UK Financial Conduct Authority (“FCA”). TIM Ltd. is an appointed representative of Robert Quinn Advisory LLP.

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