Thornburg Limited Term Municipal Fund
THORNBURG INVESTMENT TRUST · 4 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
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
Fund profile
As filed in the prospectus · 2026 Q1
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.
| Share class | Gross | Net | As of |
|---|---|---|---|
| LTMFX | 0.77% | 0.77% | 2025 Q1 |
| LTMCX | 1.04% | 1.04% | 2025 Q1 |
| LTMIX | 0.51% | 0.51% | 2025 Q1 |
| LTMQX | 1.72% | 1.24% | 2025 Q1 |
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Portfolio turnover 31.04% · as of 2026 Q1
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 99.36% |
Latest quarter
What changed since the fund's previous filing
Largest new: Black Belt Energy Gas District, New Mexico Hospital Equipment Loan Council, City of New York NY, Texas Municipal Gas Acquisition & Supply Corp V, Port of Port Arthur Navigation District, New York City Transitional Finance Authority Future Tax Secured Revenue, PEFA Inc, Chicago Midway International Airport
Largest exited: New York State Housing Finance Agency, City of New York NY, City of Burlington KS, Mississippi Business Finance Corp, The School Board of Miami-Dade County, Truckee Meadows Water Authority, State of Illinois Sales Tax Revenue, Pennsylvania Economic Development Financing Authority
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| +4.67% | +9.61% | +5.13% | 2.27% | -2.00% | |
| +4.42% | +8.72% | +3.77% | 2.29% | -2.13% | |
| +4.93% | +10.42% | +6.40% | 2.27% | -1.94% | |
| +4.18% | +8.13% | +2.59% | 2.27% | -2.19% |
These classes hold the same portfolio, so the 3.80pp spread over 5 years is the cost difference between them — roughly 0.76pp a year — not a difference in what they own.
May 2026 and Jun 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
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.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| — | Main Street Natural Gas Inc5.00% floating · due 2054-05-01 | 2.03% | $43.01M | — |
| — | Texas Municipal Gas Acquisition & Supply Corp III5.00% · due 2031-12-15 | 1.94% | $41.22M | — |
| — | New Jersey Transportation Trust Fund Authority5.00% · due 2027-06-15 | 1.42% | $30.16M | — |
| — | Main Street Natural Gas Inc4.00% floating · due 2052-09-01 | 1.41% | $29.84M | — |
| — | Main Street Natural Gas Inc5.00% floating · due 2053-12-01 | 1.27% | $26.90M | — |
| — | State of Illinois5.00% · due 2028-11-01 | 1.25% | $26.61M | — |
| — | Main Street Natural Gas Inc5.00% floating · due 2053-07-01 | 1.25% | $26.55M | — |
| — | Tennessee Energy Acquisition Corp5.00% floating · due 2052-05-01 | 1.21% | $25.70M | — |
| — | Texas Municipal Gas Acquisition & Supply Corp III5.00% · due 2030-12-15 | 1.12% | $23.70M | — |
| — | Mississippi Business Finance Corp3.00% floating · due 2035-11-01 | 0.90% | $19.08M | — |
Top 10 positions are 13.80% of net assets, top 25 23.51%, across 368 issuers.
See more of this fund's book
More positions with filed share counts, and the quarter-over-quarter change list rather than the largest few — free with an account, no card required.
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