SELECTED CHARACTERISTICS as of 9/30/2017

Weighted Average Coupon4.5%
Weighted Average Price$110.37
Average Effective Maturity8.0 Yrs
Effective Duration4.9 Yrs
Subject to Alternative Minimum Tax1.3%

CREDIT QUALITY RATINGS as of 9/30/2017

  • AAA8.0%
  • AA41.2%
  • A35.3%
  • BBB4.0%
  • Below Invest. Grade0.3%
  • Not Rated3.6%
  • Cash & Cash Equivalents7.5%
The percentages may not add up to 100 due to rounding.

CURRENT PORTFOLIO LADDER as of 9/30/2017

Year 1
10%
Year 2
6%
Year 3
5%
Year 4
4%
Year 5
5%
Year 6
4%
Year 7
3%
Year 8
5%
Year 9
6%
Year 10
6%
Year 11
4%
Year 12
4%
Year 13
6%
Year 14
5%
Year 15
5%
Year 16
3%
Year 17
4%
Year 18
8%
Cash & Cash Equivalents
8%
  • Year 110%
  • Year 26%
  • Year 35%
  • Year 44%
  • Year 55%
  • Year 64%
  • Year 73%
  • Year 85%
  • Year 96%
  • Year 106%
  • Year 114%
  • Year 124%
  • Year 136%
  • Year 145%
  • Year 155%
  • Year 163%
  • Year 174%
  • Year 188%
  • Cash & Cash Equivalents8%
Percent of portfolio maturing in each year. The percentages may not add up to 100% due to rounding and can vary over time.
Portfolio holdings and characteristics shown herein are from a representative account managed within the investment composite. The representative account is selected based on account characteristics that Thornburg believes accurately represent the investment strategy as a whole. Should these characteristics change materially, Thornburg may select a different representative account. Holdings may change daily and may vary among accounts, which may contribute to different investment results. The representative account information is supplemental to the strategy’s composite and GIPS compliant presentation.
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.

Dividends are not 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 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.

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. 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 Intermediate 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.