Thornburg Intermediate Municipal Fund Class A is an open-end mutual fund focused on the municipal bond sector. Its primary objective is to generate a high level of current income that is exempt from federal individual income tax, while preserving capital and managing interest rate risk. The fund invests mainly in a laddered portfolio of investment-grade municipal obligations issued by U.S. states and state agencies, carefully selecting securities through fundamental credit research and actively managing portfolio duration to avoid the risks associated with longer-maturity bonds. Targeting intermediate maturities, this fund aims to strike a balance between income generation and moderate sensitivity to interest rate movements, making it suitable for investors seeking tax-advantaged income with modest volatility. Holdings are diversified across various sectors within the municipal market, such as infrastructure, utilities, and environmental services, reflecting its broad exposure to essential public projects. The fund is assessed within the Morningstar Muni National Intermediate category and serves as a tool for investors aiming to enhance after-tax returns within a traditional fixed-income allocation.
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