Thornburg Strategic Municipal Income Fund

SYMBOL: TSSAX

Morningstar Rating • Info

Overall Morningstar Rating among 262 Muni National Intermediate funds, based on risk-adjusted returns for class A shares, using a weighted average of the funds three-, five-, and ten-year ratings: respectively, 4 stars, 3 stars and 3 stars among 262, 240 and 176 funds, as of 30 Sep 2024.

As of 30 Sep 2024

Fund Assets

$322.3 M

As of 30 Sep 2024

NAV

$14.07

As of 1 Nov 2024

Change

$0.00

As of 1 Nov 2024

YTD NAV Performance

2.57%

As of 1 Nov 2024

Asset Category:

Municipal Bond

Fund Benchmark:

ICE BofA U.S. Municipal Securities Index

Portfolio Managers

David Ashley, CFA

Portfolio Manager and Managing Director

John Bonnell, CFA

Portfolio Manager and Managing Director

Eve Lando, JD

Portfolio Manager and Managing Director

Overview Performance Fund Facts Characteristics Portfolio Portfolio Managers Literature

Overview

Why Invest in This Fund?

Actively managed diversified portfolio of municipal bonds with an average duration between zero and ten years and up to 50% below investment grade at time of purchase.
Flexible investment approach that employs a relative value framework that operates across geography, sectors, issuers and revenue streams.
Relative value philosophy that seeks to minimize changes in its share value while providing investors with tax-exempt income.

Investment Objective

The investment goal of the fund is to provide investors with a high level of current income exempt from federal individual income tax.

Investment Approach

The fund is an actively managed diversified portfolio of municipal bonds. The investment team aims to match municipal market structure and deal flow through a relative value framework that operates across geography, sectors, issuers and revenue streams. Operating as generalists, team members participate in all key aspects of investment management: credit research, trading, portfolio construction and risk oversight.

Returns

(As of 30 Sep 2024)

YTD

10y

Inception

Total Return with Sales Charge (%)

1.62

8.22

-0.32

0.84

1.70

4.13

Total Return without Sales Charge (%)

3.71

10.41

0.34

1.24

1.91

4.26

ICE BofA U.S. Municipal Securities Index (%)

2.69

10.52

0.12

1.43

2.58

3.90

Morningstar Category Avg. (%)

2.89

9.51

0.14

1.21

2.02

—

Morningstar Quartile

—

YTD

10y

Inception

Total Return with Sales Charge (%)

0.49

7.97

-0.55

0.60

1.53

4.03

Total Return without Sales Charge (%)

2.56

10.17

0.12

1.00

1.73

4.16

ICE BofA U.S. Municipal Securities Index (%)

1.27

10.37

-0.31

1.12

2.37

3.79

Morningstar Category Avg. (%)

2.89

9.51

0.14

1.21

2.02

—

Morningstar Quartile

—

YTD

10y

Inception

Total Return with Sales Charge (%)

1.62

8.22

-0.96

4.26

18.38

87.18

Total Return without Sales Charge (%)

3.71

10.41

1.03

6.37

20.80

90.94

ICE BofA U.S. Municipal Securities Index (%)

2.69

10.52

0.35

7.33

28.99

81.07

YTD

10y

Inception

Total Return with Sales Charge (%)

0.49

7.97

-1.64

3.03

16.40

85.10

Total Return without Sales Charge (%)

2.56

10.17

0.35

5.12

18.76

88.82

ICE BofA U.S. Municipal Securities Index (%)

1.27

10.37

-0.93

5.72

26.43

78.56

2018

2019

2020

2021

2022

2023

Total Return with Sales Charge (%)

-1.28

3.50

1.73

-0.83

-10.04

3.79

ICE BofA U.S. Municipal Securities Index (%)

1.04

7.74

5.26

1.83

-9.03

6.52

Source: Confluence

Periods less than one year are not annualized.

Performance data shown represents past performance and is no guarantee of future results. Investment return and principal value will fluctuate so shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than quoted.

The maximum sales charge for the Fund's A shares is 2.00%. C shares include a 0.60% contingent deferred sales charge (CDSC) for the first year only. There is no up-front sales charge for class I shares.

Morningstar quartile ranking for Muni National Interm category is based on total returns before sales charges for 1, 3, 5 and 10 years, among 289, 262, 240 and 176 funds, respectively, as of 30 Sep 2024.

Share class inception dates: A, C, and I shares, 1 Apr 2009.

Fund Fees

(As of 1 Feb 2024)

Gross Expense Ratio (%)

1.27

Net Expense Ratio (%)

0.81

Thornburg Investment Management and/or Thornburg Securities LLC have contractually agreed to waive fees and reimburse expenses through at least February 1, 2025, for some of the share classes; these are reflected in the net expense ratio. For more detailed information on fund expenses and waivers/reimbursements, please see the fund's prospectus.

Expense Ratios - Expressed as a percentage of total fund assets and include management fees and operating costs. Expense ratios fluctuate over time and the expense ratio in the prospectus may differ from the actual expense ratio. The fund's total return includes the deduction of expenses.

Hypothetical Growth of $10,000

            Categories,A Shares,ICE BofA U.S. Municipal Securities Index
            2009-04-01,9803,10000
2009-04-30,10045,10230
2009-05-31,10419,10364
2009-06-30,10429,10255
2009-07-31,10615,10439
2009-08-31,10928,10662
2009-09-30,11631,11083
2009-10-31,11416,10804
2009-11-30,11450,10875
2009-12-31,11554,10942
2010-01-31,11615,10997
2010-02-28,11748,11100
2010-03-31,11776,11081
2010-04-30,11952,11226
2010-05-31,12067,11310
2010-06-30,12077,11305
2010-07-31,12224,11453
2010-08-31,12565,11725
2010-09-30,12585,11718
2010-10-31,12581,11689
2010-11-30,12184,11422
2010-12-31,11907,11188
2011-01-31,11738,11075
2011-02-28,11928,11262
2011-03-31,11891,11221
2011-04-30,12065,11432
2011-05-31,12346,11662
2011-06-30,12449,11721
2011-07-31,12632,11850
2011-08-31,12787,12030
2011-09-30,13021,12183
2011-10-31,12990,12133
2011-11-30,13077,12199
2011-12-31,13384,12440
2012-01-31,13848,12758
2012-02-29,13888,12782
2012-03-31,13841,12699
2012-04-30,14020,12840
2012-05-31,14189,12959
2012-06-30,14186,12950
2012-07-31,14411,13158
2012-08-31,14454,13187
2012-09-30,14546,13275
2012-10-31,14599,13315
2012-11-30,14878,13559
2012-12-31,14690,13343
2013-01-31,14801,13434
2013-02-28,14854,13491
2013-03-31,14769,13412
2013-04-30,14898,13563
2013-05-31,14773,13390
2013-06-30,14306,12963
2013-07-31,14174,12825
2013-08-31,14002,12614
2013-09-30,14224,12910
2013-10-31,14319,13031
2013-11-30,14301,13003
2013-12-31,14279,12957
2014-01-31,14576,13251
2014-02-28,14757,13428
2014-03-31,14815,13450
2014-04-30,14991,13624
2014-05-31,15187,13811
2014-06-30,15200,13811
2014-07-31,15239,13835
2014-08-31,15433,14017
2014-09-30,15495,14037
2014-10-31,15586,14123
2014-11-30,15597,14142
2014-12-31,15687,14224
2015-01-31,15919,14479
2015-02-28,15743,14336
2015-03-31,15792,14378
2015-04-30,15697,14306
2015-05-31,15644,14258
2015-06-30,15623,14239
2015-07-31,15726,14351
2015-08-31,15747,14383
2015-09-30,15832,14480
2015-10-31,15877,14542
2015-11-30,15900,14613
2015-12-31,16036,14729
2016-01-31,16190,14893
2016-02-29,16188,14905
2016-03-31,16247,14971
2016-04-30,16350,15085
2016-05-31,16408,15132
2016-06-30,16637,15378
2016-07-31,16598,15370
2016-08-31,16624,15405
2016-09-30,16566,15331
2016-10-31,16421,15188
2016-11-30,15872,14634
2016-12-31,15974,14794
2017-01-31,16002,14869
2017-02-28,16068,14966
2017-03-31,16100,15000
2017-04-30,16199,15108
2017-05-31,16405,15331
2017-06-30,16362,15296
2017-07-31,16450,15408
2017-08-31,16570,15538
2017-09-30,16528,15479
2017-10-31,16540,15508
2017-11-30,16487,15441
2017-12-31,16619,15595
2018-01-31,16488,15431
2018-02-28,16446,15365
2018-03-31,16479,15417
2018-04-30,16437,15357
2018-05-31,16571,15537
2018-06-30,16595,15554
2018-07-31,16629,15591
2018-08-31,16653,15615
2018-09-30,16588,15516
2018-10-31,16512,15404
2018-11-30,16627,15574
2018-12-31,16743,15757
2019-01-31,16846,15876
2019-02-28,16919,15966
2019-03-31,17091,16222
2019-04-30,17140,16290
2019-05-31,17325,16530
2019-06-30,17397,16601
2019-07-31,17502,16733
2019-08-31,17710,16997
2019-09-30,17597,16870
2019-10-31,17609,16890
2019-11-30,17633,16922
2019-12-31,17679,16976
2020-01-31,17944,17280
2020-02-29,18167,17519
2020-03-31,17394,16861
2020-04-30,17131,16604
2020-05-31,17518,17143
2020-06-30,17777,17310
2020-07-31,18084,17587
2020-08-31,18048,17528
2020-09-30,18047,17516
2020-10-31,18011,17482
2020-11-30,18222,17749
2020-12-31,18349,17869
2021-01-31,18475,17987
2021-02-28,18269,17698
2021-03-31,18346,17806
2021-04-30,18470,17975
2021-05-31,18510,18054
2021-06-30,18562,18113
2021-07-31,18685,18249
2021-08-31,18641,18181
2021-09-30,18526,18044
2021-10-31,18446,18023
2021-11-30,18570,18170
2021-12-31,18572,18196
2022-01-31,18141,17707
2022-02-28,18062,17607
2022-03-31,17546,17070
2022-04-30,17130,16566
2022-05-31,17286,16831
2022-06-30,17029,16508
2022-07-31,17381,16959
2022-08-31,17087,16527
2022-09-30,16538,15912
2022-10-31,16382,15772
2022-11-30,16989,16570
2022-12-31,17044,16553
2023-01-31,17432,17062
2023-02-28,17143,16648
2023-03-31,17412,17021
2023-04-30,17408,17001
2023-05-31,17280,16871
2023-06-30,17427,17025
2023-07-31,17500,17068
2023-08-31,17334,16861
2023-09-30,16953,16383
2023-10-31,16801,16178
2023-11-30,17691,17213
2023-12-31,18049,17633
2024-01-31,17999,17594
2024-02-29,18065,17596
2024-03-31,18169,17578
2024-04-30,18003,17382
2024-05-31,18018,17345
2024-06-30,18254,17624
2024-07-31,18438,17777
2024-08-31,18585,17917
2024-09-30,18718,18107
2024-10-31,18510,17856

Hypothetical Growth of $10,000

(As of 31 Oct 2024)

(Hypothetical Growth of $10,000 vs ICE BofA U.S. Municipal Securities Index)

                        Categories,A Shares,ICE BofA U.S. Municipal Securities Index
                        2023-10-31,9800,10000
2023-11-30,10319,10640
2023-12-31,10528,10899
2024-01-31,10498,10875
2024-02-29,10537,10876
2024-03-31,10598,10865
2024-04-30,10501,10744
2024-05-31,10510,10721
2024-06-30,10647,10894
2024-07-31,10755,10988
2024-08-31,10840,11074
2024-09-30,10918,11192
2024-10-31,10797,11037

                        Categories,A Shares,ICE BofA U.S. Municipal Securities Index
                        2021-10-31,9802,10000
2021-11-30,9868,10082
2021-12-31,9869,10096
2022-01-31,9640,9824
2022-02-28,9598,9769
2022-03-31,9324,9471
2022-04-30,9103,9191
2022-05-31,9186,9338
2022-06-30,9049,9159
2022-07-31,9236,9409
2022-08-31,9080,9170
2022-09-30,8788,8829
2022-10-31,8705,8751
2022-11-30,9028,9194
2022-12-31,9057,9184
2023-01-31,9263,9466
2023-02-28,9110,9237
2023-03-31,9253,9444
2023-04-30,9251,9433
2023-05-31,9182,9360
2023-06-30,9261,9446
2023-07-31,9299,9470
2023-08-31,9211,9355
2023-09-30,9009,9090
2023-10-31,8928,8976
2023-11-30,9401,9550
2023-12-31,9591,9783
2024-01-31,9564,9762
2024-02-29,9600,9763
2024-03-31,9655,9753
2024-04-30,9567,9644
2024-05-31,9575,9624
2024-06-30,9700,9779
2024-07-31,9798,9863
2024-08-31,9876,9941
2024-09-30,9947,10046
2024-10-31,9836,9907

                        Categories,A Shares,ICE BofA U.S. Municipal Securities Index
                        2019-10-31,9801,10000
2019-11-30,9815,10019
2019-12-31,9841,10051
2020-01-31,9988,10231
2020-02-29,10112,10372
2020-03-31,9682,9983
2020-04-30,9535,9831
2020-05-31,9751,10150
2020-06-30,9895,10249
2020-07-31,10066,10413
2020-08-31,10046,10378
2020-09-30,10046,10371
2020-10-31,10025,10350
2020-11-30,10143,10509
2020-12-31,10214,10580
2021-01-31,10284,10650
2021-02-28,10169,10479
2021-03-31,10212,10542
2021-04-30,10281,10642
2021-05-31,10303,10689
2021-06-30,10332,10724
2021-07-31,10401,10804
2021-08-31,10376,10764
2021-09-30,10312,10683
2021-10-31,10267,10671
2021-11-30,10336,10758
2021-12-31,10338,10773
2022-01-31,10097,10484
2022-02-28,10054,10425
2022-03-31,9767,10107
2022-04-30,9535,9808
2022-05-31,9622,9965
2022-06-30,9479,9774
2022-07-31,9674,10041
2022-08-31,9511,9785
2022-09-30,9205,9421
2022-10-31,9118,9338
2022-11-30,9457,9811
2022-12-31,9487,9800
2023-01-31,9703,10102
2023-02-28,9542,9856
2023-03-31,9692,10078
2023-04-30,9690,10066
2023-05-31,9618,9989
2023-06-30,9700,10080
2023-07-31,9741,10105
2023-08-31,9649,9983
2023-09-30,9437,9700
2023-10-31,9352,9579
2023-11-30,9847,10191
2023-12-31,10046,10440
2024-01-31,10019,10417
2024-02-29,10055,10418
2024-03-31,10114,10408
2024-04-30,10021,10291
2024-05-31,10029,10270
2024-06-30,10160,10435
2024-07-31,10263,10525
2024-08-31,10345,10608
2024-09-30,10419,10720
2024-10-31,10303,10572

                        Categories,A Shares,ICE BofA U.S. Municipal Securities Index
                        2014-10-31,9801,10000
2014-11-30,9808,10014
2014-12-31,9864,10072
2015-01-31,10010,10253
2015-02-28,9900,10151
2015-03-31,9930,10181
2015-04-30,9871,10130
2015-05-31,9837,10096
2015-06-30,9824,10082
2015-07-31,9889,10162
2015-08-31,9902,10184
2015-09-30,9956,10253
2015-10-31,9984,10297
2015-11-30,9998,10347
2015-12-31,10084,10430
2016-01-31,10181,10545
2016-02-29,10179,10554
2016-03-31,10217,10601
2016-04-30,10281,10682
2016-05-31,10318,10715
2016-06-30,10461,10889
2016-07-31,10438,10883
2016-08-31,10453,10908
2016-09-30,10417,10856
2016-10-31,10326,10754
2016-11-30,9981,10362
2016-12-31,10045,10475
2017-01-31,10062,10529
2017-02-28,10104,10597
2017-03-31,10124,10621
2017-04-30,10186,10698
2017-05-31,10316,10856
2017-06-30,10289,10831
2017-07-31,10344,10910
2017-08-31,10420,11002
2017-09-30,10393,10961
2017-10-31,10401,10981
2017-11-30,10367,10934
2017-12-31,10451,11043
2018-01-31,10368,10926
2018-02-28,10341,10880
2018-03-31,10362,10916
2018-04-30,10336,10874
2018-05-31,10420,11002
2018-06-30,10435,11014
2018-07-31,10457,11040
2018-08-31,10472,11057
2018-09-30,10431,10986
2018-10-31,10383,10907
2018-11-30,10456,11028
2018-12-31,10528,11158
2019-01-31,10593,11241
2019-02-28,10639,11305
2019-03-31,10747,11487
2019-04-30,10778,11534
2019-05-31,10894,11705
2019-06-30,10939,11755
2019-07-31,11006,11848
2019-08-31,11136,12035
2019-09-30,11065,11945
2019-10-31,11073,11960
2019-11-30,11088,11982
2019-12-31,11117,12021
2020-01-31,11284,12236
2020-02-29,11424,12405
2020-03-31,10938,11939
2020-04-30,10772,11757
2020-05-31,11016,12139
2020-06-30,11179,12257
2020-07-31,11371,12453
2020-08-31,11349,12411
2020-09-30,11349,12403
2020-10-31,11326,12378
2020-11-30,11459,12568
2020-12-31,11538,12653
2021-01-31,11617,12736
2021-02-28,11488,12532
2021-03-31,11536,12608
2021-04-30,11615,12728
2021-05-31,11639,12783
2021-06-30,11672,12825
2021-07-31,11750,12921
2021-08-31,11722,12874
2021-09-30,11650,12776
2021-10-31,11599,12762
2021-11-30,11677,12866
2021-12-31,11679,12884
2022-01-31,11407,12538
2022-02-28,11358,12467
2022-03-31,11034,12087
2022-04-30,10772,11730
2022-05-31,10870,11918
2022-06-30,10708,11689
2022-07-31,10929,12008
2022-08-31,10745,11703
2022-09-30,10399,11267
2022-10-31,10301,11168
2022-11-30,10683,11733
2022-12-31,10718,11721
2023-01-31,10962,12081
2023-02-28,10780,11788
2023-03-31,10949,12052
2023-04-30,10947,12038
2023-05-31,10866,11946
2023-06-30,10958,12055
2023-07-31,11004,12086
2023-08-31,10900,11939
2023-09-30,10661,11601
2023-10-31,10565,11456
2023-11-30,11125,12188
2023-12-31,11350,12485
2024-01-31,11318,12458
2024-02-29,11360,12459
2024-03-31,11425,12447
2024-04-30,11321,12308
2024-05-31,11330,12282
2024-06-30,11478,12480
2024-07-31,11594,12587
2024-08-31,11687,12687
2024-09-30,11770,12821
2024-10-31,11640,12643

The Hypothetical Growth graph compares a hypothetical investment in the Fund to the performance of the Index for the stated time period. Returns reflect reinvestment of dividends and capital gains, if any, as well as all fees and expenses.

Distributions

            Categories,Total ($)
            2009-01-31,0
2009-02-28,0
2009-03-31,0
2009-04-30,0.03532
2009-05-31,0.04362
2009-06-30,0.04180
2009-07-31,0.05479
2009-08-31,0.05536
2009-09-30,0.05181
2009-10-31,0.05351
2009-11-19,0.11453
2009-11-30,0.05546
2009-12-31,0.05235
2010-01-31,0.05114
2010-02-28,0.05381
2010-03-31,0.05262
2010-04-30,0.05293
2010-05-31,0.05284
2010-06-30,0.05117
2010-07-31,0.04844
2010-08-31,0.04698
2010-09-30,0.04286
2010-10-31,0.04598
2010-11-19,0.02277
2010-11-30,0.04957
2010-12-31,0.05003
2011-01-31,0.05137
2011-02-28,0.05059
2011-03-31,0.04943
2011-04-30,0.05135
2011-05-31,0.04938
2011-06-30,0.05272
2011-07-31,0.04905
2011-08-31,0.04899
2011-09-30,0.04393
2011-10-31,0.04632
2011-11-18,0.01198
2011-11-30,0.05114
2011-12-31,0.04925
2012-01-31,0.04521
2012-02-29,0.04293
2012-03-31,0.03961
2012-04-30,0.03944
2012-05-31,0.03817
2012-06-30,0.03709
2012-07-31,0.03670
2012-08-31,0.03530
2012-09-30,0.03612
2012-10-31,0.03504
2012-11-20,0.03484
2012-11-30,0.03520
2012-12-31,0.03518
2013-01-31,0.03529
2013-02-28,0.03436
2013-03-31,0.03258
2013-04-30,0.03219
2013-05-31,0.03153
2013-06-30,0.03341
2013-07-31,0.03498
2013-08-31,0.03524
2013-09-30,0.03552
2013-10-31,0.03555
2013-11-19,0.05455
2013-11-30,0.03739
2013-12-31,0.03810
2014-01-31,0.03725
2014-02-28,0.04076
2014-03-31,0.03738
2014-04-30,0.03476
2014-05-31,0.03389
2014-06-30,0.03311
2014-07-31,0.02890
2014-08-31,0.03120
2014-09-30,0.03039
2014-10-31,0.02911
2014-11-19,0.01153
2014-11-30,0.02919
2014-12-31,0.02766
2015-01-31,0.02603
2015-02-28,0.02901
2015-03-31,0.02754
2015-04-30,0.02839
2015-05-31,0.02861
2015-06-30,0.02974
2015-07-31,0.02946
2015-08-31,0.03004
2015-09-30,0.03169
2015-10-31,0.03226
2015-11-30,0.03243
2015-12-31,0.02964
2016-01-31,0.02677
2016-02-29,0.02787
2016-03-31,0.02613
2016-04-30,0.02691
2016-05-31,0.02544
2016-06-30,0.02539
2016-07-31,0.02415
2016-08-31,0.02360
2016-09-30,0.02587
2016-10-31,0.02436
2016-11-30,0.02601
2016-12-31,0.02552
2017-01-31,0.02566
2017-02-28,0.03164
2017-03-31,0.03001
2017-04-30,0.03117
2017-05-31,0.03108
2017-06-30,0.03054
2017-07-31,0.03049
2017-08-31,0.03073
2017-09-30,0.03108
2017-10-31,0.03091
2017-11-30,0.03177
2017-12-31,0.03085
2018-01-31,0.03011
2018-02-28,0.03182
2018-03-31,0.03035
2018-04-30,0.03166
2018-05-31,0.03109
2018-06-30,0.03148
2018-07-31,0.03101
2018-08-31,0.03146
2018-09-30,0.03143
2018-10-31,0.03208
2018-11-30,0.03317
2018-12-31,0.03249
2019-01-31,0.03189
2019-02-28,0.03408
2019-03-31,0.03248
2019-04-30,0.03310
2019-05-31,0.03241
2019-06-30,0.03330
2019-07-31,0.03227
2019-08-31,0.03166
2019-09-30,0.03122
2019-10-31,0.03046
2019-11-30,0.03091
2019-12-31,0.03003
2020-01-31,0.02962
2020-02-29,0.03279
2020-03-31,0.03330
2020-04-30,0.03349
2020-05-31,0.03221
2020-06-30,0.03209
2020-07-31,0.03203
2020-08-31,0.02983
2020-09-30,0.02930
2020-10-31,0.02868
2020-11-30,0.02959
2020-12-31,0.02734
2021-01-31,0.02599
2021-02-28,0.02659
2021-03-31,0.02448
2021-04-30,0.02462
2021-05-31,0.02332
2021-06-30,0.02356
2021-07-31,0.02332
2021-08-31,0.02325
2021-09-30,0.02396
2021-10-31,0.02281
2021-11-30,0.02322
2021-12-31,0.02223
2022-01-31,0.02194
2022-02-28,0.02479
2022-03-31,0.02387
2022-04-30,0.02667
2022-05-31,0.02838
2022-06-30,0.02852
2022-07-31,0.02860
2022-08-31,0.02999
2022-09-30,0.03083
2022-10-31,0.03280
2022-11-30,0.03387
2022-12-31,0.03482
2023-01-31,0.03392
2023-02-28,0.03675
2023-03-31,0.03667
2023-04-30,0.03654
2023-05-31,0.03716
2023-06-30,0.03754
2023-07-31,0.03813
2023-08-31,0.03828
2023-09-30,0.03856
2023-10-31,0.03987
2023-11-30,0.04047
2023-12-31,0.04101
2024-01-31,0.04080
2024-02-29,0.04174
2024-03-31,0.04122
2024-04-30,0.04123
2024-05-31,0.04123
2024-06-30,0.04184
2024-07-31,0.04187
2024-08-31,0.04239
2024-09-30,0.04171
2024-10-31,0.04165

            Ex-Date, Payable Date,Total ($),Income ($),ST Cap Gains ($),LT Cap Gains ($)
2009-01-31,1233360000,0,0,0,0
2009-02-28,1235779200,0,0,0,0
2009-03-31,1238457600,0,0,0,0
2009-04-30,1241049600,0.03532,0.03532,0,0
2009-05-29,1243728000,0.04362,0.04362,0,0
2009-06-30,1246320000,0.04180,0.04180,0,0
2009-07-31,1248998400,0.05479,0.05479,0,0
2009-08-31,1251676800,0.05536,0.05536,0,0
2009-09-30,1254268800,0.05181,0.05181,0,0
2009-10-30,1256947200,0.05351,0.05351,0,0
2009-11-19,1258588800,0.11453,0,0.11453,0.00000
2009-11-30,1259539200,0.05546,0.05546,0,0
2009-12-31,1262217600,0.05235,0.05235,0,0
2010-01-29,1264896000,0.05114,0.05114,0,0
2010-02-26,1267315200,0.05381,0.05381,0,0
2010-03-31,1269993600,0.05262,0.05262,0,0
2010-04-30,1272585600,0.05293,0.05293,0,0
2010-05-28,1275264000,0.05284,0.05284,0,0
2010-06-30,1277856000,0.05117,0.05117,0,0
2010-07-30,1280534400,0.04844,0.04844,0,0
2010-08-31,1283212800,0.04698,0.04698,0,0
2010-09-30,1285804800,0.04286,0.04286,0,0
2010-10-29,1288483200,0.04598,0.04598,0,0
2010-11-19,1290124800,0.02277,0,0.02190,0.00087
2010-11-30,1291075200,0.04957,0.04957,0,0
2010-12-31,1293753600,0.05003,0.05003,0,0
2011-01-31,1296432000,0.05137,0.05137,0,0
2011-02-28,1298851200,0.05059,0.05059,0,0
2011-03-31,1301529600,0.04943,0.04943,0,0
2011-04-29,1304121600,0.05135,0.05135,0,0
2011-05-31,1306800000,0.04938,0.04938,0,0
2011-06-30,1309392000,0.05272,0.05272,0,0
2011-07-29,1312070400,0.04905,0.04905,0,0
2011-08-31,1314748800,0.04899,0.04899,0,0
2011-09-30,1317340800,0.04393,0.04393,0,0
2011-10-31,1320019200,0.04632,0.04632,0,0
2011-11-18,1321574400,0.01198,0,0.00000,0.01198
2011-11-30,1322611200,0.05114,0.05114,0,0
2011-12-30,1325289600,0.04925,0.04925,0,0
2012-01-31,1327968000,0.04521,0.04521,0,0
2012-02-29,1330473600,0.04293,0.04293,0,0
2012-03-30,1333152000,0.03961,0.03961,0,0
2012-04-30,1335744000,0.03944,0.03944,0,0
2012-05-31,1338422400,0.03817,0.03817,0,0
2012-06-29,1341014400,0.03709,0.03709,0,0
2012-07-31,1343692800,0.03670,0.03670,0,0
2012-08-31,1346371200,0.03530,0.03530,0,0
2012-09-28,1348963200,0.03612,0.03612,0,0
2012-10-31,1351641600,0.03504,0.03504,0,0
2012-11-20,1353369600,0.03484,0,0.03133,0.00351
2012-11-30,1354233600,0.03520,0.03520,0,0
2012-12-31,1356912000,0.03518,0.03518,0,0
2013-01-31,1359590400,0.03529,0.03529,0,0
2013-02-28,1362009600,0.03436,0.03436,0,0
2013-03-28,1364688000,0.03258,0.03258,0,0
2013-04-30,1367280000,0.03219,0.03219,0,0
2013-05-31,1369958400,0.03153,0.03153,0,0
2013-06-28,1372550400,0.03341,0.03341,0,0
2013-07-31,1375228800,0.03498,0.03498,0,0
2013-08-30,1377907200,0.03524,0.03524,0,0
2013-09-30,1380499200,0.03552,0.03552,0,0
2013-10-31,1383177600,0.03555,0.03555,0,0
2013-11-19,1384819200,0.05455,0,0.00000,0.05455
2013-11-29,1385769600,0.03739,0.03739,0,0
2013-12-31,1388448000,0.03810,0.03810,0,0
2014-01-31,1391126400,0.03725,0.03725,0,0
2014-02-28,1393545600,0.04076,0.04076,0,0
2014-03-31,1396224000,0.03738,0.03738,0,0
2014-04-30,1398816000,0.03476,0.03476,0,0
2014-05-30,1401494400,0.03389,0.03389,0,0
2014-06-30,1404086400,0.03311,0.03311,0,0
2014-07-31,1406764800,0.02890,0.02890,0,0
2014-08-29,1409443200,0.03120,0.03120,0,0
2014-09-30,1412035200,0.03039,0.03039,0,0
2014-10-31,1414713600,0.02911,0.02911,0,0
2014-11-19,1416355200,0.01153,0,0.00387,0.00766
2014-11-28,1417305600,0.02919,0.02919,0,0
2014-12-31,1419984000,0.02766,0.02766,0,0
2015-01-30,1422662400,0.02603,0.02603,0,0
2015-02-27,1425081600,0.02901,0.02901,0,0
2015-03-31,1427760000,0.02754,0.02754,0,0
2015-04-30,1430352000,0.02839,0.02839,0,0
2015-05-29,1433030400,0.02861,0.02861,0,0
2015-06-30,1435622400,0.02974,0.02974,0,0
2015-07-31,1438300800,0.02946,0.02946,0,0
2015-08-31,1440979200,0.03004,0.03004,0,0
2015-09-30,1443571200,0.03169,0.03169,0,0
2015-10-30,1446249600,0.03226,0.03226,0,0
2015-11-30,1448841600,0.03243,0.03243,0,0
2015-12-31,1451520000,0.02964,0.02964,0,0
2016-01-29,1454198400,0.02677,0.02677,0,0
2016-02-29,1456704000,0.02787,0.02787,0,0
2016-03-31,1459382400,0.02613,0.02613,0,0
2016-04-29,1461974400,0.02691,0.02691,0,0
2016-05-31,1464652800,0.02544,0.02544,0,0
2016-06-30,1467244800,0.02539,0.02539,0,0
2016-07-29,1469923200,0.02415,0.02415,0,0
2016-08-31,1472601600,0.02360,0.02360,0,0
2016-09-30,1475193600,0.02587,0.02587,0,0
2016-10-31,1477872000,0.02436,0.02436,0,0
2016-11-30,1480464000,0.02601,0.02601,0,0
2016-12-30,1483142400,0.02552,0.02552,0,0
2017-01-31,1485820800,0.02566,0.02566,0,0
2017-02-28,1488240000,0.03164,0.03164,0,0
2017-03-31,1490918400,0.03001,0.03001,0,0
2017-04-28,1493510400,0.03117,0.03117,0,0
2017-05-31,1496188800,0.03108,0.03108,0,0
2017-06-30,1498780800,0.03054,0.03054,0,0
2017-07-31,1501459200,0.03049,0.03049,0,0
2017-08-31,1504137600,0.03073,0.03073,0,0
2017-09-29,1506729600,0.03108,0.03108,0,0
2017-10-31,1509408000,0.03091,0.03091,0,0
2017-11-30,1512000000,0.03177,0.03177,0,0
2017-12-29,1514678400,0.03085,0.03085,0,0
2018-01-31,1517356800,0.03011,0.03011,0,0
2018-02-28,1519776000,0.03182,0.03182,0,0
2018-03-29,1522454400,0.03035,0.03035,0,0
2018-04-30,1525046400,0.03166,0.03166,0,0
2018-05-31,1527724800,0.03109,0.03109,0,0
2018-06-29,1530316800,0.03148,0.03148,0,0
2018-07-31,1532995200,0.03101,0.03101,0,0
2018-08-31,1535673600,0.03146,0.03146,0,0
2018-09-28,1538265600,0.03143,0.03143,0,0
2018-10-31,1540944000,0.03208,0.03208,0,0
2018-11-30,1543536000,0.03317,0.03317,0,0
2018-12-31,1546214400,0.03249,0.03249,0,0
2019-01-31,1548892800,0.03189,0.03189,0,0
2019-02-28,1551312000,0.03408,0.03408,0,0
2019-03-29,1553990400,0.03248,0.03248,0,0
2019-04-30,1556582400,0.03310,0.03310,0,0
2019-05-31,1559260800,0.03241,0.03241,0,0
2019-06-28,1561852800,0.03330,0.03330,0,0
2019-07-31,1564531200,0.03227,0.03227,0,0
2019-08-31,1567209600,0.03166,0.03166,0,0
2019-09-30,1569801600,0.03122,0.03122,0,0
2019-10-31,1572480000,0.03046,0.03046,0,0
2019-11-30,1575072000,0.03091,0.03091,0,0
2019-12-31,1577750400,0.03003,0.03003,0,0
2020-01-31,1580428800,0.02962,0.02962,0,0
2020-02-29,1582934400,0.03279,0.03279,0,0
2020-03-31,1585612800,0.03330,0.03330,0,0
2020-04-30,1588204800,0.03349,0.03349,0,0
2020-05-31,1590883200,0.03221,0.03221,0,0
2020-06-30,1593475200,0.03209,0.03209,0,0
2020-07-31,1596153600,0.03203,0.03203,0,0
2020-08-31,1598832000,0.02983,0.02983,0,0
2020-09-30,1601424000,0.02930,0.02930,0,0
2020-10-30,1604102400,0.02868,0.02868,0,0
2020-11-30,1606694400,0.02959,0.02959,0,0
2020-12-31,1609372800,0.02734,0.02734,0,0
2021-01-29,1612051200,0.02599,0.02599,0,0
2021-02-26,1614470400,0.02659,0.02659,0,0
2021-03-31,1617148800,0.02448,0.02448,0,0
2021-04-30,1619740800,0.02462,0.02462,0,0
2021-05-28,1622419200,0.02332,0.02332,0,0
2021-06-30,1625011200,0.02356,0.02356,0,0
2021-07-30,1627689600,0.02332,0.02332,0,0
2021-08-31,1630368000,0.02325,0.02325,0,0
2021-09-30,1632960000,0.02396,0.02396,0,0
2021-10-29,1635638400,0.02281,0.02281,0,0
2021-11-30,1638230400,0.02322,0.02322,0,0
2021-12-31,1640908800,0.02223,0.02223,0,0
2022-01-31,1643587200,0.02194,0.02194,0,0
2022-02-28,1646006400,0.02479,0.02479,0,0
2022-03-31,1648684800,0.02387,0.02387,0,0
2022-04-29,1651276800,0.02667,0.02667,0,0
2022-05-31,1653955200,0.02838,0.02838,0,0
2022-06-30,1656547200,0.02852,0.02852,0,0
2022-07-29,1659225600,0.02860,0.02860,0,0
2022-08-31,1661904000,0.02999,0.02999,0,0
2022-09-30,1664496000,0.03083,0.03083,0,0
2022-10-31,1667174400,0.03280,0.03280,0,0
2022-11-30,1669766400,0.03387,0.03387,0,0
2022-12-30,1672444800,0.03482,0.03482,0,0
2023-01-31,1675123200,0.03392,0.03392,0,0
2023-02-28,1677542400,0.03675,0.03675,0,0
2023-03-31,1680220800,0.03667,0.03667,0,0
2023-04-28,1682812800,0.03654,0.03654,0,0
2023-05-31,1685491200,0.03716,0.03716,0,0
2023-06-30,1688083200,0.03754,0.03754,0,0
2023-07-31,1690761600,0.03813,0.03813,0,0
2023-08-31,1693440000,0.03828,0.03828,0,0
2023-09-29,1696032000,0.03856,0.03856,0,0
2023-10-31,1698710400,0.03987,0.03987,0,0
2023-11-30,1701302400,0.04047,0.04047,0,0
2023-12-29,1703980800,0.04101,0.04101,0,0
2024-01-31,1706659200,0.04080,0.04080,0,0
2024-02-29,1709164800,0.04174,0.04174,0,0
2024-03-28,1711843200,0.04122,0.04122,0,0
2024-04-30,1714435200,0.04123,0.04123,0,0
2024-05-31,1717113600,0.04123,0.04123,0,0
2024-06-28,1719705600,0.04184,0.04184,0,0
2024-07-31,1722384000,0.04187,0.04187,0,0
2024-08-30,1725062400,0.04239,0.04239,0,0
2024-09-30,1727654400,0.04171,0.04171,0,0
2024-10-31,1730332800,0.04165,0.04165,0,0

Distributions

(As of 31 Oct 2024)

Ex-Date

Payable Date

Total ($)

Income ($)

ST Cap Gains ($)

LT Cap Gains ($)

31 Jan 2009

—

28 Feb 2009

—

31 Mar 2009

—

30 Apr 2009

0.03532

—

29 May 2009

31 May 2009

0.04362

—

30 Jun 2009

0.04180

—

31 Jul 2009

0.05479

—

31 Aug 2009

0.05536

—

30 Sep 2009

0.05181

—

30 Oct 2009

31 Oct 2009

0.05351

—

19 Nov 2009

0.11453

—

0.11453

0.00000

30 Nov 2009

0.05546

—

31 Dec 2009

0.05235

—

29 Jan 2010

31 Jan 2010

0.05114

—

26 Feb 2010

28 Feb 2010

0.05381

—

31 Mar 2010

0.05262

—

30 Apr 2010

0.05293

—

28 May 2010

31 May 2010

0.05284

—

30 Jun 2010

0.05117

—

30 Jul 2010

31 Jul 2010

0.04844

—

31 Aug 2010

0.04698

—

30 Sep 2010

0.04286

—

29 Oct 2010

31 Oct 2010

0.04598

—

19 Nov 2010

0.02277

—

0.02190

0.00087

30 Nov 2010

0.04957

—

31 Dec 2010

0.05003

—

31 Jan 2011

0.05137

—

28 Feb 2011

0.05059

—

31 Mar 2011

0.04943

—

29 Apr 2011

30 Apr 2011

0.05135

—

31 May 2011

0.04938

—

30 Jun 2011

0.05272

—

29 Jul 2011

31 Jul 2011

0.04905

—

31 Aug 2011

0.04899

—

30 Sep 2011

0.04393

—

31 Oct 2011

0.04632

—

18 Nov 2011

0.01198

—

0.00000

0.01198

30 Nov 2011

0.05114

—

30 Dec 2011

31 Dec 2011

0.04925

—

31 Jan 2012

0.04521

—

29 Feb 2012

0.04293

—

30 Mar 2012

31 Mar 2012

0.03961

—

30 Apr 2012

0.03944

—

31 May 2012

0.03817

—

29 Jun 2012

30 Jun 2012

0.03709

—

31 Jul 2012

0.03670

—

31 Aug 2012

0.03530

—

28 Sep 2012

30 Sep 2012

0.03612

—

31 Oct 2012

0.03504

—

20 Nov 2012

0.03484

—

0.03133

0.00351

30 Nov 2012

0.03520

—

31 Dec 2012

0.03518

—

31 Jan 2013

0.03529

—

28 Feb 2013

0.03436

—

28 Mar 2013

31 Mar 2013

0.03258

—

30 Apr 2013

0.03219

—

31 May 2013

0.03153

—

28 Jun 2013

30 Jun 2013

0.03341

—

31 Jul 2013

0.03498

—

30 Aug 2013

31 Aug 2013

0.03524

—

30 Sep 2013

0.03552

—

31 Oct 2013

0.03555

—

19 Nov 2013

0.05455

—

0.00000

0.05455

29 Nov 2013

30 Nov 2013

0.03739

—

31 Dec 2013

0.03810

—

31 Jan 2014

0.03725

—

28 Feb 2014

0.04076

—

31 Mar 2014

0.03738

—

30 Apr 2014

0.03476

—

30 May 2014

31 May 2014

0.03389

—

30 Jun 2014

0.03311

—

31 Jul 2014

0.02890

—

29 Aug 2014

31 Aug 2014

0.03120

—

30 Sep 2014

0.03039

—

31 Oct 2014

0.02911

—

19 Nov 2014

0.01153

—

0.00387

0.00766

28 Nov 2014

30 Nov 2014

0.02919

—

31 Dec 2014

0.02766

—

30 Jan 2015

31 Jan 2015

0.02603

—

27 Feb 2015

28 Feb 2015

0.02901

—

31 Mar 2015

0.02754

—

30 Apr 2015

0.02839

—

29 May 2015

31 May 2015

0.02861

—

30 Jun 2015

0.02974

—

31 Jul 2015

0.02946

—

31 Aug 2015

0.03004

—

30 Sep 2015

0.03169

—

30 Oct 2015

31 Oct 2015

0.03226

—

30 Nov 2015

0.03243

—

31 Dec 2015

0.02964

—

29 Jan 2016

31 Jan 2016

0.02677

—

29 Feb 2016

0.02787

—

31 Mar 2016

0.02613

—

29 Apr 2016

30 Apr 2016

0.02691

—

31 May 2016

0.02544

—

30 Jun 2016

0.02539

—

29 Jul 2016

31 Jul 2016

0.02415

—

31 Aug 2016

0.02360

—

30 Sep 2016

0.02587

—

31 Oct 2016

0.02436

—

30 Nov 2016

0.02601

—

30 Dec 2016

31 Dec 2016

0.02552

—

31 Jan 2017

0.02566

—

28 Feb 2017

0.03164

—

31 Mar 2017

0.03001

—

28 Apr 2017

30 Apr 2017

0.03117

—

31 May 2017

0.03108

—

30 Jun 2017

0.03054

—

31 Jul 2017

0.03049

—

31 Aug 2017

0.03073

—

29 Sep 2017

30 Sep 2017

0.03108

—

31 Oct 2017

0.03091

—

30 Nov 2017

0.03177

—

29 Dec 2017

31 Dec 2017

0.03085

—

31 Jan 2018

0.03011

—

28 Feb 2018

0.03182

—

29 Mar 2018

31 Mar 2018

0.03035

—

30 Apr 2018

0.03166

—

31 May 2018

0.03109

—

29 Jun 2018

30 Jun 2018

0.03148

—

31 Jul 2018

0.03101

—

31 Aug 2018

0.03146

—

28 Sep 2018

30 Sep 2018

0.03143

—

31 Oct 2018

0.03208

—

30 Nov 2018

0.03317

—

31 Dec 2018

0.03249

—

31 Jan 2019

0.03189

—

28 Feb 2019

0.03408

—

29 Mar 2019

31 Mar 2019

0.03248

—

30 Apr 2019

0.03310

—

31 May 2019

0.03241

—

28 Jun 2019

30 Jun 2019

0.03330

—

31 Jul 2019

0.03227

—

31 Aug 2019

0.03166

—

30 Sep 2019

0.03122

—

31 Oct 2019

0.03046

—

30 Nov 2019

0.03091

—

31 Dec 2019

0.03003

—

31 Jan 2020

0.02962

—

29 Feb 2020

0.03279

—

31 Mar 2020

0.03330

—

30 Apr 2020

0.03349

—

31 May 2020

0.03221

—

30 Jun 2020

0.03209

—

31 Jul 2020

0.03203

—

31 Aug 2020

0.02983

—

30 Sep 2020

0.02930

—

30 Oct 2020

31 Oct 2020

0.02868

—

30 Nov 2020

0.02959

—

31 Dec 2020

0.02734

—

29 Jan 2021

31 Jan 2021

0.02599

—

26 Feb 2021

28 Feb 2021

0.02659

—

31 Mar 2021

0.02448

—

30 Apr 2021

0.02462

—

28 May 2021

31 May 2021

0.02332

—

30 Jun 2021

0.02356

—

30 Jul 2021

31 Jul 2021

0.02332

—

31 Aug 2021

0.02325

—

30 Sep 2021

0.02396

—

29 Oct 2021

31 Oct 2021

0.02281

—

30 Nov 2021

0.02322

—

31 Dec 2021

0.02223

—

31 Jan 2022

0.02194

—

28 Feb 2022

0.02479

—

31 Mar 2022

0.02387

—

29 Apr 2022

30 Apr 2022

0.02667

—

31 May 2022

0.02838

—

30 Jun 2022

0.02852

—

29 Jul 2022

31 Jul 2022

0.02860

—

31 Aug 2022

0.02999

—

30 Sep 2022

0.03083

—

31 Oct 2022

0.03280

—

30 Nov 2022

0.03387

—

30 Dec 2022

31 Dec 2022

0.03482

—

31 Jan 2023

0.03392

—

28 Feb 2023

0.03675

—

31 Mar 2023

0.03667

—

28 Apr 2023

30 Apr 2023

0.03654

—

31 May 2023

0.03716

—

30 Jun 2023

0.03754

—

31 Jul 2023

0.03813

—

31 Aug 2023

0.03828

—

29 Sep 2023

30 Sep 2023

0.03856

—

31 Oct 2023

0.03987

—

30 Nov 2023

0.04047

—

29 Dec 2023

31 Dec 2023

0.04101

—

31 Jan 2024

0.04080

—

29 Feb 2024

0.04174

—

28 Mar 2024

31 Mar 2024

0.04122

—

30 Apr 2024

0.04123

—

31 May 2024

0.04123

—

28 Jun 2024

30 Jun 2024

0.04184

—

31 Jul 2024

0.04187

—

30 Aug 2024

31 Aug 2024

0.04239

—

30 Sep 2024

0.04171

—

31 Oct 2024

0.04165

—

Fund Facts

(As of 30 Sep 2024)

Net Fund Assets

$322.3 M

Benchmark

ICE BofA U.S. Municipal Securities Index

Morningstar Category

Muni National Intermediate

Fund Symbol

TSSAX

Share Class

Share Class Inception Date

1 Apr 2009

Number of Holdings

259

Portfolio Turnover

49%

Distribution Frequency

Monthly

30-Day SEC Yield (Subsidized)

2.90%

30-Day SEC Yield (Unsubsidized)

2.61%

Annualized Distribution Yield

3.44%

Characteristics

Portfolio

(As of 30 Sep 2024)

Portfolio

Benchmark

Effective Duration

5.5 Yrs

6.8 Yrs

Average Effective Maturity

11.6 Yrs

14.4 Yrs

Weighted Average Coupon

4.8%

4.5%

Portfolio

Benchmark

Yield to Worst

3.8%

3.4%

Subject to Alternative Minimum Tax

16.9%

—

Risk & Return Profile

(As of 30 Sep 2024)

10y

Annualized Alpha (%)

0.45

0.30

0.05

Standard Deviation (%)

6.05

5.46

4.25

Sharpe Ratio

-0.51

-0.17

0.12

Up Capture (%)

80.93

83.59

81.78

Down Capture (%)

76.17

79.88

80.73

Past performance does not guarantee future results.

Risk & Return Profile metrics are based on the I share class.

Portfolio

Top Holdings

(As of 31 Aug 2024)

Name

Ticker/Symbol

Sector

Weight %

Kentucky Public Energy Authority

74440DDS0

SE_PREPAID_UTILITY

1.8

Patriots Energy Group Financing Agency

70342PAN4

Gas

1.7

Kentucky Public Energy Authority

74440DEC4

SE_PREPAID_UTILITY

1.4

Main Street Natural Gas, Inc.

56035DBR2

Gas

1.3

California Community Choice Financing Authority

13013JCM6

Other Revenue

1.3

City of Chicago IL

167486ZY8

Local General Obligation

1.1

Main Street Natural Gas, Inc.

56035DGB2

Gas

1.0

State of Nevada Department of Business & Industry

25459JAF8

Industrial Development/Pollution Control

1.0

State of Illinois

452152Q20

State General Obligation

1.0

New Jersey Transportation Trust Fund Authority

6461362B6

Other Transportation

1.0

Download Holdings

Portfolio holdings are subject to change daily.

Exposure Breakdown

(As of 30 Sep 2024)

Sector Allocation

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

15%

20%

Hospital

11.7

9.8

Gas

11.5

—

Industrial Development/Pollution Control

9.4

—

Lifecare

8.4

—

Airport

8.1

5.2

Multi Family Mortgage

4.9

2.1

Dedicated Tax

4.5

13.7

Higher Education

3.8

—

Appropriation

3.7

3.4

Prepaid Utility

3.5

—

Cash & Cash Equivalents

3.1

—

Sector Allocation

Fund (%)

Hospital

11.7

Gas

11.5

Industrial Development/Pollution Control

9.4

Lifecare

8.4

Airport

8.1

Multi Family Mortgage

4.9

Dedicated Tax

4.5

Higher Education

3.8

Appropriation

3.7

Prepaid Utility

3.5

Cash & Cash Equivalents

3.1

Top 10 U.S. States

Fund (%)

Benchmark (%)

Portfolio

Benchmark

10%

15%

20%

Illinois

12.8

4.8

Florida

7.1

3.6

Texas

7.1

8.9

California

6.3

17.6

Michigan

5.5

1.6

Arizona

4.9

1.3

New Jersey

4.7

3.7

Kentucky

4.6

0.8

Pennsylvania

4.4

3.6

Georgia

4.2

2.6

Cash

3.1

—

Top 10 U.S. States

Fund (%)

Illinois

12.8

Florida

7.1

Texas

7.1

California

6.3

Michigan

5.5

Arizona

4.9

New Jersey

4.7

Kentucky

4.6

Pennsylvania

4.4

Georgia

4.2

Cash

3.1

Credit Quality

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

20%

30%

40%

50%

60%

AAA

5.1

13.8

23.5

55.3

37.1

24.4

BBB

17.6

6.5

Below Invest. Grade

1.3

—

Not Rated

12.2

—

Cash & Cash Equivalents

3.1

—

Credit Quality

Fund (%)

AAA

5.1

23.5

37.1

BBB

17.6

Below Invest. Grade

1.3

Not Rated

12.2

Cash & Cash Equivalents

3.1

Maturity

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

20%

30%

40%

50%

Year 1-2

10.8

6.0

Year 3-4

7.6

10.0

Year 5-6

8.9

9.6

Year 7-8

17.8

8.4

Year 9-10

3.8

6.8

Year 11-12

6.6

6.0

Year 13-14

3.9

6.0

Year 15-16

6.3

6.0

Year 17+

30.7

42.0

Cash

3.1

—

Maturity

Fund (%)

Year 1-2

10.8

Year 3-4

7.6

Year 5-6

8.9

Year 7-8

17.8

Year 9-10

3.8

Year 11-12

6.6

Year 13-14

3.9

Year 15-16

6.3

Year 17+

30.7

Cash

3.1

Cash includes cash and cash equivalents. Weights are percentages of total portfolio unless otherwise noted.

The percentages may not add up to 100 due to rounding.

Portfolio Managers

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…

Learn More

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…

Learn More

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…

Learn More

Literature

Fact Sheet

Commentary

Summary Prospectus

Annual Report

Semi-annual report

Prospectus

Statement of Additional Information (SAI)

Important Information

This communication is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.

Investments 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 value of bonds will fluctuate relative to changes in interest rates, decreasing when interest rates rise. This effect is more pronounced for longer-term bonds. Unlike bonds, bond funds have ongoing fees and expenses. Investments in lower rated and unrated bonds may be more sensitive to default, downgrades, and market volatility; these investments may also be less liquid than higher rated bonds. Investments in derivatives are subject to the risks associated with the securities or other assets underlying the pool of securities, including illiquidity and difficulty in valuation. Investments in the Fund are not FDIC insured, nor are they bank deposits or guaranteed by a bank or any other entity.

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.

The performance of any index is not indicative of the performance of any particular investment. Unless otherwise noted, index returns reflect the reinvestment of income dividends and capital gains, if any, but do not reflect fees, brokerage commissions or other expenses of investing. Investors may not make direct investments into any index.

Diversification does not assure or guarantee better performance and cannot eliminate the risk of investment losses.

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).

Class I shares may not be available to all investors. Minimum investments for the I share class may be higher than those for other classes.

There is no guarantee that the Fund will meet its investment objectives.

To determine a fund's Morningstar Rating™, funds and other managed products with at least a three-year history are ranked in their categories by their Morningstar Risk-Adjusted Return scores. The top 10% receive 5 stars; the next 22.5%, 4 stars; the middle 35%, 3 stars; the next 22.5%, 2 stars; and the bottom 10% receive 1 star. The Risk-Adjusted Return accounts for variation in a managed product's monthly excess performance (excluding sales charges), placing more emphasis on downward variations and rewarding consistent performance. Other share classes may have different performance characteristics.

© 2024 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Please see our glossary for a definition of terms.

Thornburg mutual funds are distributed by Thornburg Securities LLC.

Thornburg Investment Management, Inc. mutual funds are sold through investment professionals including investment advisors, brokerage firms, bank trust departments, trust companies and certain other financial intermediaries. Thornburg Securities LLC (TSL) does not act as broker of record for investors.

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Thornburg Strategic Municipal Income Fund

Portfolio Managers

Overview

Why Invest in This Fund?

Investment Objective

Investment Approach

Related Content

Performance

Returns

Fund Fees

Hypothetical Growth of $10,000

Distributions

Fund Facts

Characteristics

Portfolio

Risk & Return Profile

Portfolio

Top Holdings

Exposure Breakdown

Portfolio Managers

David Ashley, CFA

John Bonnell, CFA

Eve Lando, JD

Literature

Important Information

More Insights

The Power of “May I Ask You…?”

Family Legacy Planning: Passing on More Than Just Wealth

The World’s Best Investment Advice

Transform Customers into Life-Long, Referral-Generating Clients

The ABCs of Personal Finance

Cut to the Chase: Seizing Fixed Income Opportunities

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Thornburg Strategic Municipal Income Fund

Portfolio Managers

Overview

Why Invest in This Fund?

Investment Objective

Investment Approach

Related Content

Performance

Returns

Fund Fees

Hypothetical Growth of $10,000

Distributions

Fund Facts

Characteristics

Portfolio

Risk & Return Profile

Portfolio

Top Holdings

Exposure Breakdown

Portfolio Managers

David Ashley, CFA

John Bonnell, CFA

Eve Lando, JD

Literature

Important Information

More Insights

The Power of “May I Ask You…?”

Family Legacy Planning: Passing on More Than Just Wealth

The World’s Best Investment Advice

Transform Customers into Life-Long, Referral-Generating Clients

The ABCs of Personal Finance

Cut to the Chase: Seizing Fixed Income Opportunities