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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

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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 A shares, using a weighted average of the funds three-, five-, and ten-year ratings: respectively, 2 stars, 3 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
$13.61
As of 20 Mar 2024
Change
$-0.02
As of 20 Mar 2024
YTD NAV Performance
-0.01%
As of 20 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 with Sales Charge (%)
1.95
1.95
-1.17
0.78
1.08
4.17
Total Return without Sales Charge (%)
4.29
4.29
-0.41
1.09
1.24
4.21
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
3
2
YTD
1y
3y
5y
10y
Inception
Total Return with Sales Charge (%)
-2.37
1.60
-1.03
0.57
0.92
4.15
Total Return without Sales Charge (%)
-0.09
3.94
-0.27
0.88
1.07
4.19
ICE BofA 1-10 Yr US Muni (%)
-0.11
4.08
0.13
1.50
1.71
Morningstar Category Avg. (%)
0.03
2.62
0.32
1.23
1.09
Morningstar Quartile
3
4
4
2
YTD
1y
3y
5y
10y
Inception
Total Return with Sales Charge (%)
1.95
1.95
-3.46
3.96
11.39
397.41
Total Return without Sales Charge (%)
4.29
4.29
-1.23
5.57
13.09
404.94
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 with Sales Charge (%)
-2.37
1.60
-3.06
2.90
9.58
396.95
Total Return without Sales Charge (%)
-0.09
3.94
-0.80
4.49
11.24
404.47
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 with Sales Charge (%)
-0.65
2.22
1.42
-2.45
-7.23
1.95
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 (%)
0.74
Net Expense Ratio (%)
0.74
Distributions

Distributions

(As of 29 Feb 2024)
Ex-Date
Payable Date
Total ($)
Income ($)
ST Cap Gains ($)
LT Cap Gains ($)
31 Jan 1984
31 Jan 1984
0
29 Feb 1984
29 Feb 1984
0
31 Mar 1984
31 Mar 1984
0
30 Apr 1984
30 Apr 1984
0
31 May 1984
31 May 1984
0
30 Jun 1984
30 Jun 1984
0
31 Jul 1984
31 Jul 1984
0
31 Aug 1984
31 Aug 1984
0
30 Sep 1984
30 Sep 1984
0
31 Oct 1984
31 Oct 1984
0.05500
0.05500
30 Nov 1984
30 Nov 1984
0.06800
0.06800
31 Dec 1984
31 Dec 1984
0.08788
0.08788
31 Jan 1985
31 Jan 1985
0.08754
0.08754
28 Feb 1985
28 Feb 1985
0.08038
0.08038
29 Mar 1985
31 Mar 1985
0.08476
0.08476
30 Apr 1985
30 Apr 1985
0.08293
0.08293
31 May 1985
31 May 1985
0.08619
0.08619
28 Jun 1985
30 Jun 1985
0.08049
0.08049
31 Jul 1985
31 Jul 1985
0.08129
0.08129
30 Aug 1985
31 Aug 1985
0.08119
0.08119
30 Sep 1985
30 Sep 1985
0.07697
0.07697
31 Oct 1985
31 Oct 1985
0.07728
0.07728
29 Nov 1985
30 Nov 1985
0.07404
0.07404
31 Dec 1985
31 Dec 1985
0.07756
0.07756
31 Jan 1986
31 Jan 1986
0.07847
0.07847
28 Feb 1986
28 Feb 1986
0.07109
0.07109
31 Mar 1986
31 Mar 1986
0.07587
0.07587
30 Apr 1986
30 Apr 1986
0.07219
0.07219
30 May 1986
31 May 1986
0.07555
0.07555
30 Jun 1986
30 Jun 1986
0.07367
0.07367
31 Jul 1986
31 Jul 1986
0.07436
0.07436
29 Aug 1986
31 Aug 1986
0.08231
0.07324
0.00000
0.00908
30 Sep 1986
30 Sep 1986
0.06983
0.06983
31 Oct 1986
31 Oct 1986
0.06950
0.06950
28 Nov 1986
30 Nov 1986
0.06763
0.06763
31 Dec 1986
31 Dec 1986
0.07089
0.07089
30 Jan 1987
31 Jan 1987
0.07009
0.07009
27 Feb 1987
28 Feb 1987
0.06109
0.06109
31 Mar 1987
31 Mar 1987
0.06752
0.06752
30 Apr 1987
30 Apr 1987
0.06653
0.06653
29 May 1987
31 May 1987
0.06860
0.06860
30 Jun 1987
30 Jun 1987
0.06640
0.06640
31 Jul 1987
31 Jul 1987
0.07002
0.07002
31 Aug 1987
31 Aug 1987
0.07042
0.07042
30 Sep 1987
30 Sep 1987
0.06801
0.06801
30 Oct 1987
31 Oct 1987
0.07166
0.07166
30 Nov 1987
30 Nov 1987
0.07273
0.07273
31 Dec 1987
31 Dec 1987
0.07349
0.07349
29 Jan 1988
31 Jan 1988
0.07296
0.07296
29 Feb 1988
29 Feb 1988
0.06634
0.06634
31 Mar 1988
31 Mar 1988
0.07093
0.07093
29 Apr 1988
30 Apr 1988
0.06841
0.06841
31 May 1988
31 May 1988
0.07052
0.07052
30 Jun 1988
30 Jun 1988
0.06861
0.06861
29 Jul 1988
31 Jul 1988
0.07078
0.07078
31 Aug 1988
31 Aug 1988
0.07085
0.07085
30 Sep 1988
30 Sep 1988
0.06973
0.06973
31 Oct 1988
31 Oct 1988
0.07129
0.07129
30 Nov 1988
30 Nov 1988
0.06851
0.06851
30 Dec 1988
31 Dec 1988
0.07173
0.07173
31 Jan 1989
31 Jan 1989
0.07217
0.07217
28 Feb 1989
28 Feb 1989
0.06549
0.06549
31 Mar 1989
31 Mar 1989
0.07284
0.07284
28 Apr 1989
30 Apr 1989
0.07057
0.07057
31 May 1989
31 May 1989
0.07376
0.07376
30 Jun 1989
30 Jun 1989
0.07087
0.07087
31 Jul 1989
31 Jul 1989
0.07334
0.07334
31 Aug 1989
31 Aug 1989
0.07325
0.07325
29 Sep 1989
30 Sep 1989
0.07079
0.07079
31 Oct 1989
31 Oct 1989
0.07261
0.07261
30 Nov 1989
30 Nov 1989
0.07056
0.07056
29 Dec 1989
31 Dec 1989
0.07334
0.07334
31 Jan 1990
31 Jan 1990
0.07373
0.07373
28 Feb 1990
28 Feb 1990
0.06619
0.06619
30 Mar 1990
31 Mar 1990
0.07307
0.07307
30 Apr 1990
30 Apr 1990
0.07125
0.07125
31 May 1990
31 May 1990
0.07316
0.07316
29 Jun 1990
30 Jun 1990
0.07158
0.07158
31 Jul 1990
31 Jul 1990
0.07210
0.07210
31 Aug 1990
31 Aug 1990
0.07244
0.07244
28 Sep 1990
30 Sep 1990
0.07144
0.07144
31 Oct 1990
31 Oct 1990
0.07256
0.07256
30 Nov 1990
30 Nov 1990
0.07078
0.07078
31 Dec 1990
31 Dec 1990
0.07340
0.07340
31 Jan 1991
31 Jan 1991
0.07237
0.07237
28 Feb 1991
28 Feb 1991
0.06593
0.06593
28 Mar 1991
31 Mar 1991
0.07074
0.07074
30 Apr 1991
30 Apr 1991
0.06730
0.06730
31 May 1991
31 May 1991
0.07030
0.07030
28 Jun 1991
30 Jun 1991
0.06895
0.06895
31 Jul 1991
31 Jul 1991
0.06896
0.06896
30 Aug 1991
31 Aug 1991
0.06699
0.06699
30 Sep 1991
30 Sep 1991
0.06514
0.06514
31 Oct 1991
31 Oct 1991
0.06499
0.06499
29 Nov 1991
30 Nov 1991
0.06378
0.06378
31 Dec 1991
31 Dec 1991
0.06951
0.06951
31 Jan 1992
31 Jan 1992
0.06830
0.06830
28 Feb 1992
29 Feb 1992
0.06455
0.06455
31 Mar 1992
31 Mar 1992
0.06480
0.06480
30 Apr 1992
30 Apr 1992
0.06400
0.06400
29 May 1992
31 May 1992
0.06348
0.06348
30 Jun 1992
30 Jun 1992
0.06180
0.06180
31 Jul 1992
31 Jul 1992
0.06103
0.06103
31 Aug 1992
31 Aug 1992
0.06017
0.06017
30 Sep 1992
30 Sep 1992
0.05908
0.05908
30 Oct 1992
31 Oct 1992
0.05789
0.05789
30 Nov 1992
30 Nov 1992
0.05683
0.05683
31 Dec 1992
31 Dec 1992
0.05637
0.05637
29 Jan 1993
31 Jan 1993
0.05615
0.05615
26 Feb 1993
28 Feb 1993
0.05447
0.05447
31 Mar 1993
31 Mar 1993
0.05392
0.05392
30 Apr 1993
30 Apr 1993
0.05464
0.05464
28 May 1993
31 May 1993
0.05426
0.05426
30 Jun 1993
30 Jun 1993
0.05478
0.05478
30 Jul 1993
31 Jul 1993
0.05457
0.05457
31 Aug 1993
31 Aug 1993
0.05325
0.05325
30 Sep 1993
30 Sep 1993
0.05296
0.05296
29 Oct 1993
31 Oct 1993
0.05272
0.05272
30 Nov 1993
30 Nov 1993
0.05211
0.05211
31 Dec 1993
31 Dec 1993
0.05148
0.05148
31 Jan 1994
31 Jan 1994
0.05146
0.05146
28 Feb 1994
28 Feb 1994
0.05055
0.05055
31 Mar 1994
31 Mar 1994
0.05104
0.05104
29 Apr 1994
30 Apr 1994
0.05062
0.05062
31 May 1994
31 May 1994
0.05296
0.05296
30 Jun 1994
30 Jun 1994
0.05289
0.05289
29 Jul 1994
31 Jul 1994
0.05699
0.05699
31 Aug 1994
31 Aug 1994
0.05685
0.05685
30 Sep 1994
30 Sep 1994
0.05133
0.05133
31 Oct 1994
31 Oct 1994
0.05100
0.05100
30 Nov 1994
30 Nov 1994
0.05147
0.05147
30 Dec 1994
31 Dec 1994
0.05248
0.05248
31 Jan 1995
31 Jan 1995
0.05313
0.05313
28 Feb 1995
28 Feb 1995
0.05283
0.05283
31 Mar 1995
31 Mar 1995
0.05202
0.05202
28 Apr 1995
30 Apr 1995
0.05433
0.05433
31 May 1995
31 May 1995
0.05433
0.05433
30 Jun 1995
30 Jun 1995
0.05276
0.05276
31 Jul 1995
31 Jul 1995
0.05213
0.05213
31 Aug 1995
31 Aug 1995
0.05278
0.05278
29 Sep 1995
30 Sep 1995
0.05287
0.05287
31 Oct 1995
31 Oct 1995
0.05234
0.05234
30 Nov 1995
30 Nov 1995
0.05269
0.05269
29 Dec 1995
31 Dec 1995
0.05252
0.05252
31 Jan 1996
31 Jan 1996
0.05193
0.05193
29 Feb 1996
29 Feb 1996
0.05226
0.05226
29 Mar 1996
31 Mar 1996
0.05183
0.05183
30 Apr 1996
30 Apr 1996
0.05195
0.05195
31 May 1996
31 May 1996
0.05143
0.05143
28 Jun 1996
30 Jun 1996
0.05191
0.05191
31 Jul 1996
31 Jul 1996
0.05196
0.05196
30 Aug 1996
31 Aug 1996
0.05193
0.05193
30 Sep 1996
30 Sep 1996
0.05192
0.05192
31 Oct 1996
31 Oct 1996
0.05198
0.05198
29 Nov 1996
30 Nov 1996
0.05211
0.05211
31 Dec 1996
31 Dec 1996
0.05171
0.05171
31 Jan 1997
31 Jan 1997
0.05221
0.05221
28 Feb 1997
28 Feb 1997
0.05262
0.05262
31 Mar 1997
31 Mar 1997
0.05198
0.05198
30 Apr 1997
30 Apr 1997
0.05203
0.05203
30 May 1997
31 May 1997
0.05170
0.05170
30 Jun 1997
30 Jun 1997
0.05142
0.05142
31 Jul 1997
31 Jul 1997
0.05102
0.05102
29 Aug 1997
31 Aug 1997
0.05168
0.05168
30 Sep 1997
30 Sep 1997
0.05131
0.05131
31 Oct 1997
31 Oct 1997
0.05098
0.05098
28 Nov 1997
30 Nov 1997
0.05103
0.05103
31 Dec 1997
31 Dec 1997
0.05064
0.05064
30 Jan 1998
31 Jan 1998
0.05093
0.05093
27 Feb 1998
28 Feb 1998
0.05111
0.05111
31 Mar 1998
31 Mar 1998
0.05011
0.05011
30 Apr 1998
30 Apr 1998
0.05007
0.05007
29 May 1998
31 May 1998
0.04962
0.04962
30 Jun 1998
30 Jun 1998
0.04903
0.04903
31 Jul 1998
31 Jul 1998
0.04951
0.04951
31 Aug 1998
31 Aug 1998
0.04904
0.04904
30 Sep 1998
30 Sep 1998
0.04964
0.04964
30 Oct 1998
31 Oct 1998
0.04883
0.04883
30 Nov 1998
30 Nov 1998
0.04915
0.04915
31 Dec 1998
31 Dec 1998
0.04886
0.04886
29 Jan 1999
31 Jan 1999
0.04894
0.04894
26 Feb 1999
28 Feb 1999
0.04971
0.04971
31 Mar 1999
31 Mar 1999
0.04887
0.04887
30 Apr 1999
30 Apr 1999
0.04906
0.04906
28 May 1999
31 May 1999
0.04837
0.04837
30 Jun 1999
30 Jun 1999
0.04884
0.04884
30 Jul 1999
31 Jul 1999
0.04868
0.04868
31 Aug 1999
31 Aug 1999
0.04895
0.04895
30 Sep 1999
30 Sep 1999
0.04890
0.04890
29 Oct 1999
31 Oct 1999
0.04866
0.04866
30 Nov 1999
30 Nov 1999
0.04875
0.04875
31 Dec 1999
31 Dec 1999
0.04817
0.04817
31 Jan 2000
31 Jan 2000
0.04861
0.04861
29 Feb 2000
29 Feb 2000
0.04894
0.04894
31 Mar 2000
31 Mar 2000
0.04884
0.04884
28 Apr 2000
30 Apr 2000
0.04917
0.04917
31 May 2000
31 May 2000
0.04937
0.04937
30 Jun 2000
30 Jun 2000
0.04950
0.04950
31 Jul 2000
31 Jul 2000
0.04871
0.04871
31 Aug 2000
31 Aug 2000
0.04880
0.04880
29 Sep 2000
30 Sep 2000
0.04887
0.04887
31 Oct 2000
31 Oct 2000
0.04819
0.04819
30 Nov 2000
30 Nov 2000
0.04830
0.04830
29 Dec 2000
31 Dec 2000
0.04808
0.04808
31 Jan 2001
31 Jan 2001
0.05049
0.05049
28 Feb 2001
28 Feb 2001
0.04867
0.04867
30 Mar 2001
31 Mar 2001
0.04770
0.04770
30 Apr 2001
30 Apr 2001
0.04781
0.04781
31 May 2001
31 May 2001
0.04738
0.04738
29 Jun 2001
30 Jun 2001
0.04688
0.04688
31 Jul 2001
31 Jul 2001
0.04523
0.04523
31 Aug 2001
31 Aug 2001
0.04456
0.04456
28 Sep 2001
30 Sep 2001
0.04479
0.04479
31 Oct 2001
31 Oct 2001
0.04452
0.04452
30 Nov 2001
30 Nov 2001
0.04388
0.04388
31 Dec 2001
31 Dec 2001
0.04333
0.04333
31 Jan 2002
31 Jan 2002
0.04434
0.04434
28 Feb 2002
28 Feb 2002
0.04254
0.04254
28 Mar 2002
31 Mar 2002
0.04174
0.04174
30 Apr 2002
30 Apr 2002
0.04250
0.04250
31 May 2002
31 May 2002
0.04190
0.04190
28 Jun 2002
30 Jun 2002
0.04136
0.04136
31 Jul 2002
31 Jul 2002
0.03986
0.03986
30 Aug 2002
31 Aug 2002
0.03864
0.03864
30 Sep 2002
30 Sep 2002
0.03887
0.03887
31 Oct 2002
31 Oct 2002
0.03793
0.03793
29 Nov 2002
30 Nov 2002
0.03910
0.03910
31 Dec 2002
31 Dec 2002
0.03725
0.03725
31 Jan 2003
31 Jan 2003
0.03698
0.03698
28 Feb 2003
28 Feb 2003
0.03738
0.03738
31 Mar 2003
31 Mar 2003
0.03492
0.03492
30 Apr 2003
30 Apr 2003
0.03499
0.03499
30 May 2003
31 May 2003
0.03526
0.03526
30 Jun 2003
30 Jun 2003
0.03492
0.03492
31 Jul 2003
31 Jul 2003
0.03243
0.03243
29 Aug 2003
31 Aug 2003
0.03373
0.03373
30 Sep 2003
30 Sep 2003
0.03427
0.03427
31 Oct 2003
31 Oct 2003
0.03345
0.03345
28 Nov 2003
30 Nov 2003
0.03417
0.03417
31 Dec 2003
31 Dec 2003
0.03343
0.03343
30 Jan 2004
31 Jan 2004
0.03290
0.03290
27 Feb 2004
29 Feb 2004
0.03313
0.03313
31 Mar 2004
31 Mar 2004
0.03159
0.03159
30 Apr 2004
30 Apr 2004
0.03240
0.03240
28 May 2004
31 May 2004
0.03178
0.03178
30 Jun 2004
30 Jun 2004
0.03228
0.03228
30 Jul 2004
31 Jul 2004
0.03110
0.03110
31 Aug 2004
31 Aug 2004
0.03083
0.03083
30 Sep 2004
30 Sep 2004
0.03177
0.03177
29 Oct 2004
31 Oct 2004
0.03115
0.03115
30 Nov 2004
30 Nov 2004
0.03192
0.03192
31 Dec 2004
31 Dec 2004
0.03142
0.03142
31 Jan 2005
31 Jan 2005
0.03158
0.03158
28 Feb 2005
28 Feb 2005
0.03362
0.03362
31 Mar 2005
31 Mar 2005
0.03207
0.03207
29 Apr 2005
30 Apr 2005
0.03435
0.03435
31 May 2005
31 May 2005
0.03445
0.03445
30 Jun 2005
30 Jun 2005
0.03464
0.03464
29 Jul 2005
31 Jul 2005
0.03421
0.03421
31 Aug 2005
31 Aug 2005
0.03474
0.03474
30 Sep 2005
30 Sep 2005
0.03449
0.03449
31 Oct 2005
31 Oct 2005
0.03413
0.03413
30 Nov 2005
30 Nov 2005
0.03551
0.03551
30 Dec 2005
31 Dec 2005
0.03543
0.03543
31 Jan 2006
31 Jan 2006
0.03835
0.03835
28 Feb 2006
28 Feb 2006
0.03759
0.03759
31 Mar 2006
31 Mar 2006
0.03668
0.03668
28 Apr 2006
30 Apr 2006
0.03705
0.03705
31 May 2006
31 May 2006
0.03673
0.03673
30 Jun 2006
30 Jun 2006
0.03736
0.03736
31 Jul 2006
31 Jul 2006
0.03740
0.03740
31 Aug 2006
31 Aug 2006
0.03771
0.03771
29 Sep 2006
30 Sep 2006
0.03794
0.03794
31 Oct 2006
31 Oct 2006
0.03781
0.03781
30 Nov 2006
30 Nov 2006
0.03791
0.03791
29 Dec 2006
31 Dec 2006
0.03747
0.03747
31 Jan 2007
31 Jan 2007
0.03799
0.03799
28 Feb 2007
28 Feb 2007
0.03903
0.03903
30 Mar 2007
31 Mar 2007
0.03810
0.03810
30 Apr 2007
30 Apr 2007
0.03870
0.03870
31 May 2007
31 May 2007
0.03835
0.03835
29 Jun 2007
30 Jun 2007
0.03897
0.03897
31 Jul 2007
31 Jul 2007
0.03880
0.03880
31 Aug 2007
31 Aug 2007
0.03917
0.03917
28 Sep 2007
30 Sep 2007
0.04005
0.04005
31 Oct 2007
31 Oct 2007
0.03964
0.03964
30 Nov 2007
30 Nov 2007
0.03966
0.03966
31 Dec 2007
31 Dec 2007
0.03919
0.03919
31 Jan 2008
31 Jan 2008
0.03905
0.03905
29 Feb 2008
29 Feb 2008
0.04109
0.04109
31 Mar 2008
31 Mar 2008
0.04094
0.04094
30 Apr 2008
30 Apr 2008
0.03958
0.03958
30 May 2008
31 May 2008
0.03982
0.03982
30 Jun 2008
30 Jun 2008
0.03995
0.03995
31 Jul 2008
31 Jul 2008
0.03941
0.03941
29 Aug 2008
31 Aug 2008
0.04010
0.04010
30 Sep 2008
30 Sep 2008
0.04134
0.04134
31 Oct 2008
31 Oct 2008
0.04100
0.04100
28 Nov 2008
30 Nov 2008
0.04157
0.04157
31 Dec 2008
31 Dec 2008
0.04108
0.04108
30 Jan 2009
31 Jan 2009
0.03924
0.03924
27 Feb 2009
28 Feb 2009
0.03939
0.03939
31 Mar 2009
31 Mar 2009
0.03817
0.03817
30 Apr 2009
30 Apr 2009
0.03870
0.03870
29 May 2009
31 May 2009
0.03855
0.03855
30 Jun 2009
30 Jun 2009
0.03979
0.03979
31 Jul 2009
31 Jul 2009
0.03989
0.03989
31 Aug 2009
31 Aug 2009
0.03790
0.03790
30 Sep 2009
30 Sep 2009
0.03739
0.03739
30 Oct 2009
31 Oct 2009
0.03537
0.03537
30 Nov 2009
30 Nov 2009
0.03526
0.03526
31 Dec 2009
31 Dec 2009
0.03325
0.03325
29 Jan 2010
31 Jan 2010
0.03202
0.03202
26 Feb 2010
28 Feb 2010
0.03199
0.03199
31 Mar 2010
31 Mar 2010
0.02930
0.02930
30 Apr 2010
30 Apr 2010
0.03095
0.03095
28 May 2010
31 May 2010
0.03058
0.03058
30 Jun 2010
30 Jun 2010
0.03141
0.03141
30 Jul 2010
31 Jul 2010
0.02958
0.02958
31 Aug 2010
31 Aug 2010
0.02886
0.02886
30 Sep 2010
30 Sep 2010
0.02739
0.02739
29 Oct 2010
31 Oct 2010
0.02654
0.02654
30 Nov 2010
30 Nov 2010
0.02749
0.02749
31 Dec 2010
31 Dec 2010
0.02915
0.02915
31 Jan 2011
31 Jan 2011
0.03070
0.03070
28 Feb 2011
28 Feb 2011
0.03287
0.03287
31 Mar 2011
31 Mar 2011
0.03089
0.03089
29 Apr 2011
30 Apr 2011
0.03164
0.03164
31 May 2011
31 May 2011
0.03052
0.03052
30 Jun 2011
30 Jun 2011
0.03058
0.03058
29 Jul 2011
31 Jul 2011
0.02943
0.02943
31 Aug 2011
31 Aug 2011
0.02938
0.02938
30 Sep 2011
30 Sep 2011
0.02908
0.02908
31 Oct 2011
31 Oct 2011
0.02881
0.02881
30 Nov 2011
30 Nov 2011
0.02911
0.02911
30 Dec 2011
31 Dec 2011
0.02856
0.02856
31 Jan 2012
31 Jan 2012
0.02730
0.02730
29 Feb 2012
29 Feb 2012
0.02761
0.02761
30 Mar 2012
31 Mar 2012
0.02528
0.02528
30 Apr 2012
30 Apr 2012
0.02517
0.02517
31 May 2012
31 May 2012
0.02443
0.02443
29 Jun 2012
30 Jun 2012
0.02473
0.02473
31 Jul 2012
31 Jul 2012
0.02385
0.02385
31 Aug 2012
31 Aug 2012
0.02320
0.02320
28 Sep 2012
30 Sep 2012
0.02330
0.02330
31 Oct 2012
31 Oct 2012
0.02256
0.02256
30 Nov 2012
30 Nov 2012
0.02270
0.02270
31 Dec 2012
31 Dec 2012
0.02212
0.02212
31 Jan 2013
31 Jan 2013
0.02173
0.02173
28 Feb 2013
28 Feb 2013
0.02353
0.02353
28 Mar 2013
31 Mar 2013
0.02112
0.02112
30 Apr 2013
30 Apr 2013
0.02160
0.02160
31 May 2013
31 May 2013
0.02103
0.02103
28 Jun 2013
30 Jun 2013
0.02174
0.02174
31 Jul 2013
31 Jul 2013
0.02149
0.02149
30 Aug 2013
31 Aug 2013
0.02190
0.02190
30 Sep 2013
30 Sep 2013
0.02277
0.02277
31 Oct 2013
31 Oct 2013
0.02210
0.02210
29 Nov 2013
30 Nov 2013
0.02192
0.02192
31 Dec 2013
31 Dec 2013
0.02188
0.02188
31 Jan 2014
31 Jan 2014
0.02117
0.02117
28 Feb 2014
28 Feb 2014
0.02447
0.02447
31 Mar 2014
31 Mar 2014
0.02168
0.02168
30 Apr 2014
30 Apr 2014
0.02209
0.02209
30 May 2014
31 May 2014
0.02099
0.02099
30 Jun 2014
30 Jun 2014
0.02149
0.02149
31 Jul 2014
31 Jul 2014
0.02049
0.02049
29 Aug 2014
31 Aug 2014
0.01942
0.01942
30 Sep 2014
30 Sep 2014
0.01919
0.01919
31 Oct 2014
31 Oct 2014
0.01927
0.01927
28 Nov 2014
30 Nov 2014
0.01939
0.01939
31 Dec 2014
31 Dec 2014
0.01845
0.01845
30 Jan 2015
31 Jan 2015
0.01815
0.01815
27 Feb 2015
28 Feb 2015
0.01996
0.01996
31 Mar 2015
31 Mar 2015
0.01776
0.01776
30 Apr 2015
30 Apr 2015
0.01864
0.01864
29 May 2015
31 May 2015
0.01834
0.01834
30 Jun 2015
30 Jun 2015
0.01977
0.01977
31 Jul 2015
31 Jul 2015
0.01866
0.01866
31 Aug 2015
31 Aug 2015
0.01846
0.01846
30 Sep 2015
30 Sep 2015
0.01937
0.01937
30 Oct 2015
31 Oct 2015
0.01899
0.01899
30 Nov 2015
30 Nov 2015
0.01956
0.01956
31 Dec 2015
31 Dec 2015
0.01846
0.01846
29 Jan 2016
31 Jan 2016
0.01798
0.01798
29 Feb 2016
29 Feb 2016
0.01934
0.01934
31 Mar 2016
31 Mar 2016
0.01819
0.01819
29 Apr 2016
30 Apr 2016
0.01963
0.01963
31 May 2016
31 May 2016
0.01850
0.01850
30 Jun 2016
30 Jun 2016
0.01930
0.01930
29 Jul 2016
31 Jul 2016
0.01791
0.01791
31 Aug 2016
31 Aug 2016
0.01796
0.01796
30 Sep 2016
30 Sep 2016
0.01930
0.01930
31 Oct 2016
31 Oct 2016
0.01812
0.01812
30 Nov 2016
30 Nov 2016
0.01860
0.01860
30 Dec 2016
31 Dec 2016
0.01865
0.01865
31 Jan 2017
31 Jan 2017
0.01913
0.01913
28 Feb 2017
28 Feb 2017
0.02160
0.02160
31 Mar 2017
31 Mar 2017
0.01926
0.01926
28 Apr 2017
30 Apr 2017
0.02048
0.02048
31 May 2017
31 May 2017
0.01949
0.01949
30 Jun 2017
30 Jun 2017
0.02008
0.02008
31 Jul 2017
31 Jul 2017
0.01909
0.01909
31 Aug 2017
31 Aug 2017
0.01890
0.01890
29 Sep 2017
30 Sep 2017
0.01946
0.01946
31 Oct 2017
31 Oct 2017
0.01850
0.01850
30 Nov 2017
30 Nov 2017
0.01927
0.01927
29 Dec 2017
31 Dec 2017
0.01936
0.01936
31 Jan 2018
31 Jan 2018
0.01877
0.01877
28 Feb 2018
28 Feb 2018
0.02137
0.02137
29 Mar 2018
31 Mar 2018
0.01942
0.01942
30 Apr 2018
30 Apr 2018
0.02087
0.02087
31 May 2018
31 May 2018
0.01943
0.01943
29 Jun 2018
30 Jun 2018
0.02064
0.02064
31 Jul 2018
31 Jul 2018
0.01959
0.01959
31 Aug 2018
31 Aug 2018
0.02031
0.02031
28 Sep 2018
30 Sep 2018
0.02047
0.02047
31 Oct 2018
31 Oct 2018
0.02026
0.02026
30 Nov 2018
30 Nov 2018
0.02141
0.02141
31 Dec 2018
31 Dec 2018
0.02075
0.02075
31 Jan 2019
31 Jan 2019
0.02034
0.02034
28 Feb 2019
28 Feb 2019
0.02386
0.02386
29 Mar 2019
31 Mar 2019
0.02145
0.02145
30 Apr 2019
30 Apr 2019
0.02231
0.02231
31 May 2019
31 May 2019
0.02105
0.02105
28 Jun 2019
30 Jun 2019
0.02198
0.02198
31 Jul 2019
31 Jul 2019
0.02153
0.02153
31 Aug 2019
31 Aug 2019
0.02123
0.02123
30 Sep 2019
30 Sep 2019
0.02165
0.02165
31 Oct 2019
31 Oct 2019
0.02014
0.02014
30 Nov 2019
30 Nov 2019
0.02130
0.02130
31 Dec 2019
31 Dec 2019
0.02035
0.02035
31 Jan 2020
31 Jan 2020
0.01950
0.01950
29 Feb 2020
29 Feb 2020
0.02117
0.02117
31 Mar 2020
31 Mar 2020
0.02120
0.02120
30 Apr 2020
30 Apr 2020
0.02075
0.02075
31 May 2020
31 May 2020
0.01952
0.01952
30 Jun 2020
30 Jun 2020
0.01989
0.01989
31 Jul 2020
31 Jul 2020
0.01816
0.01816
31 Aug 2020
31 Aug 2020
0.01747
0.01747
30 Sep 2020
30 Sep 2020
0.01788
0.01788
30 Oct 2020
31 Oct 2020
0.01673
0.01673
30 Nov 2020
30 Nov 2020
0.01738
0.01738
31 Dec 2020
31 Dec 2020
0.01606
0.01606
29 Jan 2021
31 Jan 2021
0.01538
0.01538
26 Feb 2021
28 Feb 2021
0.01762
0.01762
31 Mar 2021
31 Mar 2021
0.01493
0.01493
30 Apr 2021
30 Apr 2021
0.01553
0.01553
28 May 2021
31 May 2021
0.01446
0.01446
30 Jun 2021
30 Jun 2021
0.01492
0.01492
30 Jul 2021
31 Jul 2021
0.01388
0.01388
31 Aug 2021
31 Aug 2021
0.01429
0.01429
30 Sep 2021
30 Sep 2021
0.01552
0.01552
29 Oct 2021
31 Oct 2021
0.01487
0.01487
30 Nov 2021
30 Nov 2021
0.01600
0.01600
31 Dec 2021
31 Dec 2021
0.01490
0.01490
31 Jan 2022
31 Jan 2022
0.01477
0.01477
28 Feb 2022
28 Feb 2022
0.01704
0.01704
31 Mar 2022
31 Mar 2022
0.01467
0.01467
29 Apr 2022
30 Apr 2022
0.01827
0.01827
31 May 2022
31 May 2022
0.01886
0.01886
30 Jun 2022
30 Jun 2022
0.02002
0.02002
29 Jul 2022
31 Jul 2022
0.02021
0.02021
31 Aug 2022
31 Aug 2022
0.02112
0.02112
30 Sep 2022
30 Sep 2022
0.02234
0.02234
31 Oct 2022
31 Oct 2022
0.02336
0.02336
30 Nov 2022
30 Nov 2022
0.02508
0.02508
30 Dec 2022
31 Dec 2022
0.02532
0.02532
31 Jan 2023
31 Jan 2023
0.02482
0.02482
28 Feb 2023
28 Feb 2023
0.02813
0.02813
31 Mar 2023
31 Mar 2023
0.02666
0.02666
28 Apr 2023
30 Apr 2023
0.02727
0.02727
31 May 2023
31 May 2023
0.02745
0.02745
30 Jun 2023
30 Jun 2023
0.02870
0.02870
31 Jul 2023
31 Jul 2023
0.02862
0.02862
31 Aug 2023
31 Aug 2023
0.02950
0.02950
29 Sep 2023
30 Sep 2023
0.03054
0.03054
31 Oct 2023
31 Oct 2023
0.03134
0.03134
30 Nov 2023
30 Nov 2023
0.03262
0.03262
29 Dec 2023
31 Dec 2023
0.03254
0.03254
31 Jan 2024
31 Jan 2024
0.03299
0.03299
29 Feb 2024
29 Feb 2024
0.03422
0.03422
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
LTMFX
Share Class
A
Share Class Inception Date
28 Sep 1984
Number of Holdings
846
Portfolio Turnover
37%
Distribution Frequency
Monthly
30-Day SEC Yield (Subsidized)
2.47%
30-Day SEC Yield (Unsubsidized)
2.47%
Annualized Distribution Yield
2.75%
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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