Thornburg Limited Term Municipal Fund
Actively managed U.S. bond fund
As of its 2026 Q2 report, Thornburg Limited Term Municipal Fund held 810 positions with $2.12B in net assets. Its ten largest holdings made up 13.8% of the fund. The LTMFX share class costs 0.77% a year. Over the 12 months to May 2026, LTMFX returned 4.3%, with dividends reinvested. In 2026 Q2 it added 63 new positions and exited 49.
The primary investment goal of Limited Term Municipal Fund is to obtain as high a level of current income exempt from federal individual income tax as is consistent, in the view of the Funds investment advisor, with preservation of capital.
The fund invests in a laddered portfolio of investment-grade municipal bonds issued by states, localities, and U.S. territories, with active management based on interest-rate outlook and credit analysis; it may hold up to 20 percent in below-investment-grade municipal debt. The fund targets a dollar-weighted average effective duration normally no more than five years and may sell securities before maturity to enhance income, reduce loss, or adjust duration. Because security selection depends on the manager's credit determinations and market judgments, portfolio composition will diverge from any benchmark.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
Main Street Natural Gas Inc 5.00% floating · due 2054-05-01 | 2.03% | $43.01M | — |
Texas Municipal Gas Acquisition & Supply Corp III 5.00% · due 2031-12-15 | 1.94% | $41.22M | — |
New Jersey Transportation Trust Fund Authority 5.00% · due 2027-06-15 | 1.42% | $30.16M | — |
Main Street Natural Gas Inc 4.00% floating · due 2052-09-01 | 1.41% | $29.84M | — |
Main Street Natural Gas Inc 5.00% floating · due 2053-12-01 | 1.27% | $26.90M | — |
State of Illinois 5.00% · due 2028-11-01 | 1.25% | $26.61M | — |
Main Street Natural Gas Inc 5.00% floating · due 2053-07-01 | 1.25% | $26.55M | — |
Tennessee Energy Acquisition Corp 5.00% floating · due 2052-05-01 | 1.21% | $25.70M | — |
Texas Municipal Gas Acquisition & Supply Corp III 5.00% · due 2030-12-15 | 1.12% | $23.70M | — |
Mississippi Business Finance Corp 3.00% floating · due 2035-11-01 | 0.90% | $19.08M | — |
The 200 largest of 810 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Bonds | 99.36% |
How it has done
LTMFX share class · total returns with dividends reinvested
Volatility over the last 12 months: 2.26%. Past returns are a record, not a forecast.
Jun 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
The 4 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 0.77% | +4.27% | +10.64% | +5.44% | -2.00% | |
| 1.04% | +3.86% | +9.67% | +3.93% | -2.13% | |
| 0.51% | +4.54% | +11.47% | +6.65% | -1.94% | |
| 1.24% | +3.78% | +9.08% | +2.91% | -2.19% |
These classes hold the same portfolio, so the 3.74pp spread over 5 years is the cost difference between them — roughly 0.75pp a year — not a difference in what they own.
Fees & fund details
Thornburg Limited Term Municipal Fund is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- Investment grade
- Rate sensitivity
- Short duration
- Expense ratio, by class
- 0.51% – 1.24%· LTMFX 0.77%
- Portfolio turnover
- 31.04% a year · as of 2026 Q1
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
63 new· the largest 8
49 exited· the largest 8
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-06-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 60.4% |
| Floating rate | 39.6% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 3.6% |
| 1-3y | 8.7% |
| 3-5y | 8.4% |
| 5-10y | 40.1% |
| 10y+ | 39.1% |
Based on what filers reported; a filer that never reported a flag also reads as none.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
More of this fund’s sensitivity sits in credit spreads than in interest rates — a rate rally that comes with a credit selloff works against it.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Credit spreads | 59% |
| Interest rates | 41% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +3.53 yr |
| High yield | +0.08 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.10 yr | 4% |
| 1 yr | 0.34 yr | 13% |
| 5 yr | 1.15 yr | 46% |
| 10 yr | 0.93 yr | 37% |
| 30 yr | 0.01 yr | 0% |
| 3 mo | 0.04 yr | 1% |
| 1 yr | 0.57 yr | 16% |
| 5 yr | 1.82 yr | 51% |
| 10 yr | 1.14 yr | 32% |
| 30 yr | 0.03 yr | 1% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.10 | +0.04 | +0.00 | $8.0k | $161 |
| 1 yr | +0.34 | +0.56 | +0.01 | $119.1k | $1.9k |
| 5 yr | +1.15 | +1.79 | +0.04 | $379.6k | $7.5k |
| 10 yr | +0.93 | +1.11 | +0.03 | $236.3k | $6.2k |
| 30 yr | +0.01 | +0.02 | +0.00 | $5.2k | $394 |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
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