Thornburg Strategic Municipal Income Fund

SYMBOL: TSSIX

Morningstar Rating • Info

Overall Morningstar Rating among 270 Muni National Intermediate funds, based on risk-adjusted returns for class I shares, using a weighted average of the funds three-, five-, and ten-year ratings: respectively, 3 stars, 3 stars and 4 stars among 270, 234 and 183 funds, as of 30 Apr 2023.

As of 30 Apr 2023

Fund Assets

$308.7 M

As of 30 Apr 2023

NAV

$13.85

As of 9 Jun 2023

Change

$0.00

As of 9 Jun 2023

YTD NAV Performance

1.85%

As of 9 Jun 2023

Asset Category:

Municipal Bond

Fund Benchmark:

ICE BofA US Muni

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 31 Mar 2023)

YTD

10y

Inception

Total Return (%)

2.21

-0.54

0.26

1.33

1.91

4.47

ICE BofA US Muni (%)

2.83

-0.29

0.32

2.00

2.41

3.87

Morningstar Category Avg. (%)

2.34

-0.31

0.4

1.62

1.79

—

Morningstar Quartile

—

YTD

10y

Inception

Total Return (%)

1.55

0.26

-0.21

1.08

1.84

4.36

ICE BofA US Muni (%)

1.92

0.24

-0.53

1.66

2.34

3.76

Morningstar Category Avg. (%)

2.34

-0.31

0.4

1.62

1.79

—

Morningstar Quartile

—

YTD

10y

Inception

Total Return (%)

2.21

-0.54

0.77

6.83

20.86

84.33

ICE BofA US Muni (%)

2.83

-0.29

0.95

10.41

26.91

70.21

YTD

10y

Inception

Total Return (%)

1.55

0.26

-0.63

5.51

19.99

83.13

ICE BofA US Muni (%)

1.92

0.24

-1.59

8.58

26.00

68.71

2017

2018

2019

2020

2021

2022

Total Return (%)

4.20

1.03

5.75

4.02

1.50

-8.08

ICE BofA US Muni (%)

5.42

1.04

7.74

5.26

1.83

-9.03

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 299, 273, 236 and 185 funds, respectively, as of 31 Mar 2023, and 300, 270, 234 and 183 funds, respectively, as of 30 Apr 2023.

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

Fund Fees

(As of 1 Feb 2023)

Gross Expense Ratio (%)

0.99

Net Expense Ratio (%)

0.59

Thornburg Investment Management and/or Thornburg Securities Corporation have contractually agreed to waive fees and reimburse expenses through at least February 1, 2024, 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,I Shares,ICE BofA US Muni
            2009-04-01,10000,10000
2009-04-30,10249,10230
2009-05-31,10641,10364
2009-06-30,10653,10255
2009-07-31,10845,10439
2009-08-31,11166,10662
2009-09-30,11887,11083
2009-10-31,11670,10804
2009-11-30,11707,10875
2009-12-31,11817,10942
2010-01-31,11881,10997
2010-02-28,12019,11100
2010-03-31,12051,11081
2010-04-30,12233,11226
2010-05-31,12354,11310
2010-06-30,12367,11305
2010-07-31,12520,11453
2010-08-31,12871,11725
2010-09-30,12895,11718
2010-10-31,12894,11689
2010-11-30,12490,11422
2010-12-31,12210,11188
2011-01-31,12039,11075
2011-02-28,12236,11262
2011-03-31,12201,11221
2011-04-30,12381,11432
2011-05-31,12673,11662
2011-06-30,12781,11721
2011-07-31,12971,11850
2011-08-31,13134,12030
2011-09-30,13377,12183
2011-10-31,13349,12133
2011-11-30,13441,12199
2011-12-31,13760,12440
2012-01-31,14240,12758
2012-02-29,14285,12782
2012-03-31,14239,12699
2012-04-30,14427,12840
2012-05-31,14604,12959
2012-06-30,14615,12950
2012-07-31,14851,13158
2012-08-31,14889,13187
2012-09-30,14987,13275
2012-10-31,15046,13315
2012-11-30,15337,13559
2012-12-31,15148,13343
2013-01-31,15267,13434
2013-02-28,15325,13491
2013-03-31,15251,13412
2013-04-30,15387,13563
2013-05-31,15262,13390
2013-06-30,14784,12963
2013-07-31,14641,12825
2013-08-31,14467,12614
2013-09-30,14700,12910
2013-10-31,14811,13031
2013-11-30,14786,13003
2013-12-31,14767,12957
2014-01-31,15078,13251
2014-02-28,15269,13428
2014-03-31,15344,13450
2014-04-30,15520,13624
2014-05-31,15737,13811
2014-06-30,15755,13811
2014-07-31,15790,13835
2014-08-31,15996,14017
2014-09-30,16063,14037
2014-10-31,16162,14123
2014-11-30,16188,14142
2014-12-31,16275,14224
2015-01-31,16521,14479
2015-02-28,16343,14336
2015-03-31,16409,14378
2015-04-30,16315,14306
2015-05-31,16254,14258
2015-06-30,16236,14239
2015-07-31,16358,14351
2015-08-31,16373,14383
2015-09-30,16465,14480
2015-10-31,16525,14542
2015-11-30,16554,14613
2015-12-31,16700,14729
2016-01-31,16854,14893
2016-02-29,16867,14905
2016-03-31,16933,14971
2016-04-30,17044,15085
2016-05-31,17110,15132
2016-06-30,17353,15378
2016-07-31,17318,15370
2016-08-31,17349,15405
2016-09-30,17282,15331
2016-10-31,17147,15188
2016-11-30,16579,14634
2016-12-31,16690,14794
2017-01-31,16723,14869
2017-02-28,16795,14966
2017-03-31,16821,15000
2017-04-30,16937,15108
2017-05-31,17145,15331
2017-06-30,17115,15296
2017-07-31,17209,15408
2017-08-31,17338,15538
2017-09-30,17297,15479
2017-10-31,17302,15508
2017-11-30,17261,15441
2017-12-31,17391,15595
2018-01-31,17269,15431
2018-02-28,17228,15365
2018-03-31,17254,15417
2018-04-30,17213,15357
2018-05-31,17357,15537
2018-06-30,17396,15554
2018-07-31,17436,15591
2018-08-31,17464,15615
2018-09-30,17399,15516
2018-10-31,17323,15404
2018-11-30,17447,15574
2018-12-31,17571,15757
2019-01-31,17671,15876
2019-02-28,17750,15966
2019-03-31,17934,16222
2019-04-30,17989,16290
2019-05-31,18186,16530
2019-06-30,18265,16601
2019-07-31,18391,16733
2019-08-31,18600,16997
2019-09-30,18485,16870
2019-10-31,18513,16890
2019-11-30,18542,16922
2019-12-31,18581,16976
2020-01-31,18876,17280
2020-02-29,19101,17519
2020-03-31,18292,16861
2020-04-30,18019,16604
2020-05-31,18429,17143
2020-06-30,18717,17310
2020-07-31,19031,17587
2020-08-31,19010,17528
2020-09-30,19000,17516
2020-10-31,18965,17482
2020-11-30,19191,17749
2020-12-31,19328,17869
2021-01-31,19476,17987
2021-02-28,19263,17698
2021-03-31,19347,17806
2021-04-30,19470,17975
2021-05-31,19528,18054
2021-06-30,19586,18113
2021-07-31,19707,18249
2021-08-31,19665,18181
2021-09-30,19559,18044
2021-10-31,19465,18023
2021-11-30,19612,18170
2021-12-31,19619,18196
2022-01-31,19167,17707
2022-02-28,19087,17607
2022-03-31,18534,17070
2022-04-30,18098,16566
2022-05-31,18266,16831
2022-06-30,18010,16508
2022-07-31,18372,16959
2022-08-31,18079,16527
2022-09-30,17488,15912
2022-10-31,17327,15772
2022-11-30,17972,16570
2022-12-31,18034,16553
2023-01-31,18447,17062
2023-02-28,18145,16648
2023-03-31,18433,17021
2023-04-30,18432,17001
2023-05-31,18313,16871

Hypothetical Growth of $10,000

(As of 31 May 2023)

(Hypothetical Growth of $10,000 vs ICE BofA US Muni)

                        Categories,I Shares,ICE BofA US Muni
                        2022-05-31,10000,10000
2022-06-30,9860,9808
2022-07-31,10058,10076
2022-08-31,9898,9820
2022-09-30,9574,9454
2022-10-31,9486,9371
2022-11-30,9839,9845
2022-12-31,9873,9835
2023-01-31,10099,10137
2023-02-28,9934,9891
2023-03-31,10092,10113
2023-04-30,10091,10101
2023-05-31,10026,10024

                        Categories,I Shares,ICE BofA US Muni
                        2020-05-31,10000,10000
2020-06-30,10156,10097
2020-07-31,10327,10259
2020-08-31,10315,10224
2020-09-30,10310,10218
2020-10-31,10291,10197
2020-11-30,10414,10353
2020-12-31,10488,10424
2021-01-31,10568,10492
2021-02-28,10453,10324
2021-03-31,10498,10387
2021-04-30,10565,10485
2021-05-31,10596,10531
2021-06-30,10628,10565
2021-07-31,10694,10645
2021-08-31,10670,10605
2021-09-30,10613,10525
2021-10-31,10562,10513
2021-11-30,10642,10599
2021-12-31,10646,10614
2022-01-31,10400,10329
2022-02-28,10357,10271
2022-03-31,10057,9958
2022-04-30,9820,9663
2022-05-31,9911,9818
2022-06-30,9773,9629
2022-07-31,9969,9892
2022-08-31,9810,9641
2022-09-30,9490,9282
2022-10-31,9402,9200
2022-11-30,9752,9666
2022-12-31,9786,9656
2023-01-31,10010,9952
2023-02-28,9846,9711
2023-03-31,10002,9929
2023-04-30,10002,9917
2023-05-31,9937,9841

                        Categories,I Shares,ICE BofA US Muni
                        2018-05-31,10000,10000
2018-06-30,10023,10011
2018-07-31,10046,10035
2018-08-31,10062,10050
2018-09-30,10024,9986
2018-10-31,9980,9914
2018-11-30,10052,10024
2018-12-31,10123,10142
2019-01-31,10181,10218
2019-02-28,10227,10276
2019-03-31,10333,10441
2019-04-30,10364,10484
2019-05-31,10478,10639
2019-06-30,10523,10685
2019-07-31,10596,10769
2019-08-31,10716,10939
2019-09-30,10650,10858
2019-10-31,10666,10871
2019-11-30,10683,10891
2019-12-31,10706,10926
2020-01-31,10875,11122
2020-02-29,11005,11275
2020-03-31,10539,10852
2020-04-30,10381,10687
2020-05-31,10618,11034
2020-06-30,10784,11141
2020-07-31,10965,11319
2020-08-31,10952,11281
2020-09-30,10947,11274
2020-10-31,10926,11252
2020-11-30,11057,11424
2020-12-31,11136,11501
2021-01-31,11221,11577
2021-02-28,11098,11391
2021-03-31,11147,11460
2021-04-30,11217,11569
2021-05-31,11251,11620
2021-06-30,11284,11658
2021-07-31,11354,11745
2021-08-31,11330,11702
2021-09-30,11269,11613
2021-10-31,11215,11600
2021-11-30,11300,11695
2021-12-31,11303,11711
2022-01-31,11043,11397
2022-02-28,10997,11332
2022-03-31,10678,10987
2022-04-30,10427,10662
2022-05-31,10524,10833
2022-06-30,10376,10625
2022-07-31,10585,10915
2022-08-31,10416,10637
2022-09-30,10076,10242
2022-10-31,9983,10151
2022-11-30,10354,10665
2022-12-31,10390,10654
2023-01-31,10628,10981
2023-02-28,10454,10715
2023-03-31,10620,10955
2023-04-30,10619,10942
2023-05-31,10551,10858

                        Categories,I Shares,ICE BofA US Muni
                        2013-05-31,10000,10000
2013-06-30,9687,9681
2013-07-31,9593,9578
2013-08-31,9479,9421
2013-09-30,9632,9642
2013-10-31,9705,9732
2013-11-30,9688,9712
2013-12-31,9676,9677
2014-01-31,9880,9897
2014-02-28,10005,10029
2014-03-31,10054,10045
2014-04-30,10169,10175
2014-05-31,10311,10314
2014-06-30,10323,10315
2014-07-31,10346,10333
2014-08-31,10481,10469
2014-09-30,10525,10483
2014-10-31,10590,10547
2014-11-30,10607,10562
2014-12-31,10664,10623
2015-01-31,10825,10814
2015-02-28,10708,10707
2015-03-31,10751,10738
2015-04-30,10690,10684
2015-05-31,10650,10649
2015-06-30,10638,10634
2015-07-31,10718,10718
2015-08-31,10728,10742
2015-09-30,10788,10814
2015-10-31,10828,10861
2015-11-30,10846,10914
2015-12-31,10942,11001
2016-01-31,11043,11122
2016-02-29,11052,11132
2016-03-31,11095,11181
2016-04-30,11168,11267
2016-05-31,11211,11302
2016-06-30,11370,11485
2016-07-31,11347,11479
2016-08-31,11367,11506
2016-09-30,11324,11450
2016-10-31,11235,11343
2016-11-30,10863,10929
2016-12-31,10936,11049
2017-01-31,10957,11105
2017-02-28,11004,11177
2017-03-31,11021,11202
2017-04-30,11098,11283
2017-05-31,11234,11450
2017-06-30,11214,11424
2017-07-31,11276,11508
2017-08-31,11361,11605
2017-09-30,11334,11561
2017-10-31,11336,11582
2017-11-30,11310,11532
2017-12-31,11395,11647
2018-01-31,11315,11525
2018-02-28,11288,11475
2018-03-31,11305,11514
2018-04-30,11278,11469
2018-05-31,11373,11604
2018-06-30,11399,11617
2018-07-31,11424,11644
2018-08-31,11443,11662
2018-09-30,11400,11588
2018-10-31,11350,11504
2018-11-30,11432,11631
2018-12-31,11513,11768
2019-01-31,11578,11857
2019-02-28,11630,11924
2019-03-31,11751,12115
2019-04-30,11787,12166
2019-05-31,11916,12346
2019-06-30,11967,12398
2019-07-31,12050,12497
2019-08-31,12187,12694
2019-09-30,12112,12599
2019-10-31,12130,12614
2019-11-30,12149,12638
2019-12-31,12175,12679
2020-01-31,12368,12906
2020-02-29,12516,13084
2020-03-31,11985,12593
2020-04-30,11806,12401
2020-05-31,12075,12803
2020-06-30,12264,12928
2020-07-31,12470,13135
2020-08-31,12456,13091
2020-09-30,12449,13082
2020-10-31,12426,13056
2020-11-30,12574,13256
2020-12-31,12664,13346
2021-01-31,12761,13434
2021-02-28,12622,13218
2021-03-31,12677,13298
2021-04-30,12757,13425
2021-05-31,12795,13483
2021-06-30,12833,13527
2021-07-31,12913,13629
2021-08-31,12885,13578
2021-09-30,12816,13476
2021-10-31,12754,13461
2021-11-30,12851,13570
2021-12-31,12855,13589
2022-01-31,12559,13224
2022-02-28,12506,13150
2022-03-31,12144,12749
2022-04-30,11858,12372
2022-05-31,11968,12570
2022-06-30,11801,12329
2022-07-31,12038,12666
2022-08-31,11846,12343
2022-09-30,11459,11884
2022-10-31,11353,11779
2022-11-30,11776,12375
2022-12-31,11816,12362
2023-01-31,12087,12743
2023-02-28,11889,12433
2023-03-31,12078,12712
2023-04-30,12077,12697
2023-05-31,11999,12600

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
2009-04-30,0.03711
2009-05-31,0.04638
2009-06-30,0.04451
2009-07-31,0.05762
2009-08-31,0.05730
2009-09-30,0.05473
2009-10-31,0.05659
2009-11-30,0.17292
2009-12-31,0.05537
2010-01-31,0.05417
2010-02-28,0.05656
2010-03-31,0.05568
2010-04-30,0.05589
2010-05-31,0.05592
2010-06-30,0.05415
2010-07-31,0.05153
2010-08-31,0.05013
2010-09-30,0.04593
2010-10-31,0.04935
2010-11-30,0.07556
2010-12-31,0.05304
2011-01-31,0.05431
2011-02-28,0.05325
2011-03-31,0.05242
2011-04-30,0.05421
2011-05-31,0.05239
2011-06-30,0.05568
2011-07-31,0.05211
2011-08-31,0.05210
2011-09-30,0.04696
2011-10-31,0.04988
2011-11-30,0.06661
2011-12-31,0.05269
2012-01-31,0.04863
2012-02-29,0.04646
2012-03-31,0.04335
2012-04-30,0.04296
2012-05-31,0.04204
2012-06-30,0.04073
2012-07-31,0.04086
2012-08-31,0.03930
2012-09-30,0.03948
2012-10-31,0.03938
2012-11-30,0.07428
2012-12-31,0.03937
2013-01-31,0.03935
2013-02-28,0.03815
2013-03-31,0.03650
2013-04-30,0.03551
2013-05-31,0.03558
2013-06-30,0.03682
2013-07-31,0.03866
2013-08-31,0.03844
2013-09-30,0.03868
2013-10-31,0.03931
2013-11-30,0.09568
2013-12-31,0.04130
2014-01-31,0.04134
2014-02-28,0.04440
2014-03-31,0.04168
2014-04-30,0.03900
2014-05-31,0.03811
2014-06-30,0.03724
2014-07-31,0.03316
2014-08-31,0.03569
2014-09-30,0.03337
2014-10-31,0.03365
2014-11-30,0.04496
2014-12-31,0.03217
2015-01-31,0.03061
2015-02-28,0.03283
2015-03-31,0.03174
2015-04-30,0.03282
2015-05-31,0.03293
2015-06-30,0.03323
2015-07-31,0.03326
2015-08-31,0.03341
2015-09-30,0.03498
2015-10-31,0.03609
2015-11-30,0.03587
2015-12-31,0.03389
2016-01-31,0.03119
2016-02-29,0.03204
2016-03-31,0.03039
2016-04-30,0.03099
2016-05-31,0.02980
2016-06-30,0.02947
2016-07-31,0.02843
2016-08-31,0.02787
2016-09-30,0.03007
2016-10-31,0.02860
2016-11-30,0.02986
2016-12-31,0.02952
2017-01-31,0.02965
2017-02-28,0.03419
2017-03-31,0.03288
2017-04-30,0.03380
2017-05-31,0.03402
2017-06-30,0.03331
2017-07-31,0.03334
2017-08-31,0.03360
2017-09-30,0.03386
2017-10-31,0.03377
2017-11-30,0.03454
2017-12-31,0.03376
2018-01-31,0.03305
2018-02-28,0.03437
2018-03-31,0.03317
2018-04-30,0.03438
2018-05-31,0.03389
2018-06-30,0.03420
2018-07-31,0.03383
2018-08-31,0.03440
2018-09-30,0.03414
2018-10-31,0.03488
2018-11-30,0.03585
2018-12-31,0.03531
2019-01-31,0.03468
2019-02-28,0.03663
2019-03-31,0.03531
2019-04-30,0.03585
2019-05-31,0.03529
2019-06-30,0.03609
2019-07-31,0.03516
2019-08-31,0.03457
2019-09-30,0.03402
2019-10-31,0.03337
2019-11-30,0.03370
2019-12-31,0.03291
2020-01-31,0.03250
2020-02-29,0.03550
2020-03-31,0.03613
2020-04-30,0.03619
2020-05-31,0.03500
2020-06-30,0.03482
2020-07-31,0.03490
2020-08-31,0.03273
2020-09-30,0.03209
2020-10-31,0.03155
2020-11-30,0.03239
2020-12-31,0.03024
2021-01-31,0.02891
2021-02-28,0.02923
2021-03-31,0.02737
2021-04-30,0.02745
2021-05-31,0.02624
2021-06-30,0.02639
2021-07-31,0.02626
2021-08-31,0.02622
2021-09-30,0.02681
2021-10-31,0.02570
2021-11-30,0.02602
2021-12-31,0.02512
2022-01-31,0.02480
2022-02-28,0.02729
2022-03-31,0.02656
2022-04-30,0.02928
2022-05-31,0.03098
2022-06-30,0.03106
2022-07-31,0.03126
2022-08-31,0.03266
2022-09-30,0.03331
2022-10-31,0.03531
2022-11-30,0.03633
2022-12-31,0.03740
2023-01-31,0.03662
2023-02-28,0.03913
2023-03-31,0.03929
2023-04-30,0.03909
2023-05-31,0.03978

            Ex Date,Total ($),Income ($),ST Cap Gains ($),LT Cap Gains ($)
            ,0,0,0,0
,0,0,0,0
,0,0,0,0
2009-04-30,0.03711,0.03711,0,0
2009-05-29,0.04638,0.04638,0,0
2009-06-30,0.04451,0.04451,0,0
2009-07-31,0.05762,0.05762,0,0
2009-08-31,0.05730,0.05730,0,0
2009-09-30,0.05473,0.05473,0,0
2009-10-30,0.05659,0.05659,0,0
2009-11-30,0.17292,0.05839,0.11453,0.00000
2009-12-31,0.05537,0.05537,0,0
2010-01-29,0.05417,0.05417,0,0
2010-02-26,0.05656,0.05656,0,0
2010-03-31,0.05568,0.05568,0,0
2010-04-30,0.05589,0.05589,0,0
2010-05-28,0.05592,0.05592,0,0
2010-06-30,0.05415,0.05415,0,0
2010-07-30,0.05153,0.05153,0,0
2010-08-31,0.05013,0.05013,0,0
2010-09-30,0.04593,0.04593,0,0
2010-10-29,0.04935,0.04935,0,0
2010-11-30,0.07556,0.05279,0.02190,0.00087
2010-12-31,0.05304,0.05304,0,0
2011-01-31,0.05431,0.05431,0,0
2011-02-28,0.05325,0.05325,0,0
2011-03-31,0.05242,0.05242,0,0
2011-04-29,0.05421,0.05421,0,0
2011-05-31,0.05239,0.05239,0,0
2011-06-30,0.05568,0.05568,0,0
2011-07-29,0.05211,0.05211,0,0
2011-08-31,0.05210,0.05210,0,0
2011-09-30,0.04696,0.04696,0,0
2011-10-31,0.04988,0.04988,0,0
2011-11-30,0.06661,0.05463,0.00000,0.01198
2011-12-30,0.05269,0.05269,0,0
2012-01-31,0.04863,0.04863,0,0
2012-02-29,0.04646,0.04646,0,0
2012-03-30,0.04335,0.04335,0,0
2012-04-30,0.04296,0.04296,0,0
2012-05-31,0.04204,0.04204,0,0
2012-06-29,0.04073,0.04073,0,0
2012-07-31,0.04086,0.04086,0,0
2012-08-31,0.03930,0.03930,0,0
2012-09-28,0.03948,0.03948,0,0
2012-10-31,0.03938,0.03938,0,0
2012-11-30,0.07428,0.03944,0.03133,0.00351
2012-12-31,0.03937,0.03937,0,0
2013-01-31,0.03935,0.03935,0,0
2013-02-28,0.03815,0.03815,0,0
2013-03-28,0.03650,0.03650,0,0
2013-04-30,0.03551,0.03551,0,0
2013-05-31,0.03558,0.03558,0,0
2013-06-28,0.03682,0.03682,0,0
2013-07-31,0.03866,0.03866,0,0
2013-08-30,0.03844,0.03844,0,0
2013-09-30,0.03868,0.03868,0,0
2013-10-31,0.03931,0.03931,0,0
2013-11-29,0.09568,0.04113,0.00000,0.05455
2013-12-31,0.04130,0.04130,0,0
2014-01-31,0.04134,0.04134,0,0
2014-02-28,0.04440,0.04440,0,0
2014-03-31,0.04168,0.04168,0,0
2014-04-30,0.03900,0.03900,0,0
2014-05-30,0.03811,0.03811,0,0
2014-06-30,0.03724,0.03724,0,0
2014-07-31,0.03316,0.03316,0,0
2014-08-29,0.03569,0.03569,0,0
2014-09-30,0.03337,0.03337,0,0
2014-10-31,0.03365,0.03365,0,0
2014-11-28,0.04496,0.03343,0.00387,0.00766
2014-12-31,0.03217,0.03217,0,0
2015-01-30,0.03061,0.03061,0,0
2015-02-27,0.03283,0.03283,0,0
2015-03-31,0.03174,0.03174,0,0
2015-04-30,0.03282,0.03282,0,0
2015-05-29,0.03293,0.03293,0,0
2015-06-30,0.03323,0.03323,0,0
2015-07-31,0.03326,0.03326,0,0
2015-08-31,0.03341,0.03341,0,0
2015-09-30,0.03498,0.03498,0,0
2015-10-30,0.03609,0.03609,0,0
2015-11-30,0.03587,0.03587,0,0
2015-12-31,0.03389,0.03389,0,0
2016-01-29,0.03119,0.03119,0,0
2016-02-29,0.03204,0.03204,0,0
2016-03-31,0.03039,0.03039,0,0
2016-04-29,0.03099,0.03099,0,0
2016-05-31,0.02980,0.02980,0,0
2016-06-30,0.02947,0.02947,0,0
2016-07-29,0.02843,0.02843,0,0
2016-08-31,0.02787,0.02787,0,0
2016-09-30,0.03007,0.03007,0,0
2016-10-31,0.02860,0.02860,0,0
2016-11-30,0.02986,0.02986,0,0
2016-12-30,0.02952,0.02952,0,0
2017-01-31,0.02965,0.02965,0,0
2017-02-28,0.03419,0.03419,0,0
2017-03-31,0.03288,0.03288,0,0
2017-04-28,0.03380,0.03380,0,0
2017-05-31,0.03402,0.03402,0,0
2017-06-30,0.03331,0.03331,0,0
2017-07-31,0.03334,0.03334,0,0
2017-08-31,0.03360,0.03360,0,0
2017-09-29,0.03386,0.03386,0,0
2017-10-31,0.03377,0.03377,0,0
2017-11-30,0.03454,0.03454,0,0
2017-12-29,0.03376,0.03376,0,0
2018-01-31,0.03305,0.03305,0,0
2018-02-28,0.03437,0.03437,0,0
2018-03-29,0.03317,0.03317,0,0
2018-04-30,0.03438,0.03438,0,0
2018-05-31,0.03389,0.03389,0,0
2018-06-29,0.03420,0.03420,0,0
2018-07-31,0.03383,0.03383,0,0
2018-08-31,0.03440,0.03440,0,0
2018-09-28,0.03414,0.03414,0,0
2018-10-31,0.03488,0.03488,0,0
2018-11-30,0.03585,0.03585,0,0
2018-12-31,0.03531,0.03531,0,0
2019-01-31,0.03468,0.03468,0,0
2019-02-28,0.03663,0.03663,0,0
2019-03-29,0.03531,0.03531,0,0
2019-04-30,0.03585,0.03585,0,0
2019-05-31,0.03529,0.03529,0,0
2019-06-28,0.03609,0.03609,0,0
2019-07-31,0.03516,0.03516,0,0
2019-08-31,0.03457,0.03457,0,0
2019-09-30,0.03402,0.03402,0,0
2019-10-31,0.03337,0.03337,0,0
2019-11-30,0.03370,0.03370,0,0
2019-12-31,0.03291,0.03291,0,0
2020-01-31,0.03250,0.03250,0,0
2020-02-29,0.03550,0.03550,0,0
2020-03-31,0.03613,0.03613,0,0
2020-04-30,0.03619,0.03619,0,0
2020-05-31,0.03500,0.03500,0,0
2020-06-30,0.03482,0.03482,0,0
2020-07-31,0.03490,0.03490,0,0
2020-08-31,0.03273,0.03273,0,0
2020-09-30,0.03209,0.03209,0,0
2020-10-30,0.03155,0.03155,0,0
2020-11-30,0.03239,0.03239,0,0
2020-12-31,0.03024,0.03024,0,0
2021-01-29,0.02891,0.02891,0,0
2021-02-26,0.02923,0.02923,0,0
2021-03-31,0.02737,0.02737,0,0
2021-04-30,0.02745,0.02745,0,0
2021-05-28,0.02624,0.02624,0,0
2021-06-30,0.02639,0.02639,0,0
2021-07-30,0.02626,0.02626,0,0
2021-08-31,0.02622,0.02622,0,0
2021-09-30,0.02681,0.02681,0,0
2021-10-29,0.02570,0.02570,0,0
2021-11-30,0.02602,0.02602,0,0
2021-12-31,0.02512,0.02512,0,0
2022-01-31,0.02480,0.02480,0,0
2022-02-28,0.02729,0.02729,0,0
2022-03-31,0.02656,0.02656,0,0
2022-04-29,0.02928,0.02928,0,0
2022-05-31,0.03098,0.03098,0,0
2022-06-30,0.03106,0.03106,0,0
2022-07-29,0.03126,0.03126,0,0
2022-08-31,0.03266,0.03266,0,0
2022-09-30,0.03331,0.03331,0,0
2022-10-31,0.03531,0.03531,0,0
2022-11-30,0.03633,0.03633,0,0
2022-12-30,0.03740,0.03740,0,0
2023-01-31,0.03662,0.03662,0,0
2023-02-28,0.03913,0.03913,0,0
2023-03-31,0.03929,0.03929,0,0
2023-04-28,0.03909,0.03909,0,0
2023-05-31,0.03978,0.03978,0,0

Distributions

(As of 31 May 2023)

Ex-Date

Total ($)

Income ($)

ST Cap Gains ($)

LT Cap Gains ($)

—

30 Apr 2009

0.03711

—

29 May 2009

0.04638

—

30 Jun 2009

0.04451

—

31 Jul 2009

0.05762

—

31 Aug 2009

0.05730

—

30 Sep 2009

0.05473

—

30 Oct 2009

0.05659

—

30 Nov 2009

0.17292

0.05839

0.11453

0.00000

31 Dec 2009

0.05537

—

29 Jan 2010

0.05417

—

26 Feb 2010

0.05656

—

31 Mar 2010

0.05568

—

30 Apr 2010

0.05589

—

28 May 2010

0.05592

—

30 Jun 2010

0.05415

—

30 Jul 2010

0.05153

—

31 Aug 2010

0.05013

—

30 Sep 2010

0.04593

—

29 Oct 2010

0.04935

—

30 Nov 2010

0.07556

0.05279

0.02190

0.00087

31 Dec 2010

0.05304

—

31 Jan 2011

0.05431

—

28 Feb 2011

0.05325

—

31 Mar 2011

0.05242

—

29 Apr 2011

0.05421

—

31 May 2011

0.05239

—

30 Jun 2011

0.05568

—

29 Jul 2011

0.05211

—

31 Aug 2011

0.05210

—

30 Sep 2011

0.04696

—

31 Oct 2011

0.04988

—

30 Nov 2011

0.06661

0.05463

0.00000

0.01198

30 Dec 2011

0.05269

—

31 Jan 2012

0.04863

—

29 Feb 2012

0.04646

—

30 Mar 2012

0.04335

—

30 Apr 2012

0.04296

—

31 May 2012

0.04204

—

29 Jun 2012

0.04073

—

31 Jul 2012

0.04086

—

31 Aug 2012

0.03930

—

28 Sep 2012

0.03948

—

31 Oct 2012

0.03938

—

30 Nov 2012

0.07428

0.03944

0.03133

0.00351

31 Dec 2012

0.03937

—

31 Jan 2013

0.03935

—

28 Feb 2013

0.03815

—

28 Mar 2013

0.03650

—

30 Apr 2013

0.03551

—

31 May 2013

0.03558

—

28 Jun 2013

0.03682

—

31 Jul 2013

0.03866

—

30 Aug 2013

0.03844

—

30 Sep 2013

0.03868

—

31 Oct 2013

0.03931

—

29 Nov 2013

0.09568

0.04113

0.00000

0.05455

31 Dec 2013

0.04130

—

31 Jan 2014

0.04134

—

28 Feb 2014

0.04440

—

31 Mar 2014

0.04168

—

30 Apr 2014

0.03900

—

30 May 2014

0.03811

—

30 Jun 2014

0.03724

—

31 Jul 2014

0.03316

—

29 Aug 2014

0.03569

—

30 Sep 2014

0.03337

—

31 Oct 2014

0.03365

—

28 Nov 2014

0.04496

0.03343

0.00387

0.00766

31 Dec 2014

0.03217

—

30 Jan 2015

0.03061

—

27 Feb 2015

0.03283

—

31 Mar 2015

0.03174

—

30 Apr 2015

0.03282

—

29 May 2015

0.03293

—

30 Jun 2015

0.03323

—

31 Jul 2015

0.03326

—

31 Aug 2015

0.03341

—

30 Sep 2015

0.03498

—

30 Oct 2015

0.03609

—

30 Nov 2015

0.03587

—

31 Dec 2015

0.03389

—

29 Jan 2016

0.03119

—

29 Feb 2016

0.03204

—

31 Mar 2016

0.03039

—

29 Apr 2016

0.03099

—

31 May 2016

0.02980

—

30 Jun 2016

0.02947

—

29 Jul 2016

0.02843

—

31 Aug 2016

0.02787

—

30 Sep 2016

0.03007

—

31 Oct 2016

0.02860

—

30 Nov 2016

0.02986

—

30 Dec 2016

0.02952

—

31 Jan 2017

0.02965

—

28 Feb 2017

0.03419

—

31 Mar 2017

0.03288

—

28 Apr 2017

0.03380

—

31 May 2017

0.03402

—

30 Jun 2017

0.03331

—

31 Jul 2017

0.03334

—

31 Aug 2017

0.03360

—

29 Sep 2017

0.03386

—

31 Oct 2017

0.03377

—

30 Nov 2017

0.03454

—

29 Dec 2017

0.03376

—

31 Jan 2018

0.03305

—

28 Feb 2018

0.03437

—

29 Mar 2018

0.03317

—

30 Apr 2018

0.03438

—

31 May 2018

0.03389

—

29 Jun 2018

0.03420

—

31 Jul 2018

0.03383

—

31 Aug 2018

0.03440

—

28 Sep 2018

0.03414

—

31 Oct 2018

0.03488

—

30 Nov 2018

0.03585

—

31 Dec 2018

0.03531

—

31 Jan 2019

0.03468

—

28 Feb 2019

0.03663

—

29 Mar 2019

0.03531

—

30 Apr 2019

0.03585

—

31 May 2019

0.03529

—

28 Jun 2019

0.03609

—

31 Jul 2019

0.03516

—

31 Aug 2019

0.03457

—

30 Sep 2019

0.03402

—

31 Oct 2019

0.03337

—

30 Nov 2019

0.03370

—

31 Dec 2019

0.03291

—

31 Jan 2020

0.03250

—

29 Feb 2020

0.03550

—

31 Mar 2020

0.03613

—

30 Apr 2020

0.03619

—

31 May 2020

0.03500

—

30 Jun 2020

0.03482

—

31 Jul 2020

0.03490

—

31 Aug 2020

0.03273

—

30 Sep 2020

0.03209

—

30 Oct 2020

0.03155

—

30 Nov 2020

0.03239

—

31 Dec 2020

0.03024

—

29 Jan 2021

0.02891

—

26 Feb 2021

0.02923

—

31 Mar 2021

0.02737

—

30 Apr 2021

0.02745

—

28 May 2021

0.02624

—

30 Jun 2021

0.02639

—

30 Jul 2021

0.02626

—

31 Aug 2021

0.02622

—

30 Sep 2021

0.02681

—

29 Oct 2021

0.02570

—

30 Nov 2021

0.02602

—

31 Dec 2021

0.02512

—

31 Jan 2022

0.02480

—

28 Feb 2022

0.02729

—

31 Mar 2022

0.02656

—

29 Apr 2022

0.02928

—

31 May 2022

0.03098

—

30 Jun 2022

0.03106

—

29 Jul 2022

0.03126

—

31 Aug 2022

0.03266

—

30 Sep 2022

0.03331

—

31 Oct 2022

0.03531

—

30 Nov 2022

0.03633

—

30 Dec 2022

0.03740

—

31 Jan 2023

0.03662

—

28 Feb 2023

0.03913

—

31 Mar 2023

0.03929

—

28 Apr 2023

0.03909

—

31 May 2023

0.03978

—

Fund Facts

(As of 30 Apr 2023)

Net Fund Assets

$308.7 M

Benchmark

ICE BofA US Muni

Morningstar Category

Muni National Intermediate

Fund Symbol

TSSIX

Share Class

Share Class Inception Date

1 Apr 2009

Number of Holdings

265

Portfolio Turnover

46%

Distribution Frequency

Monthly

30-Day SEC Yield (Subsidized)

3.30%

30-Day SEC Yield (Unsubsidized)

3.02%

Annualized Distribution Yield

3.31%

Characteristics

Portfolio

(As of 30 Apr 2023)

Portfolio

Benchmark

Effective Duration

5.4 Yrs

6.9 Yrs

Average Effective Maturity

10.5 Yrs

14.0 Yrs

Weighted Average Coupon

4.6%

4.4%

Portfolio

Benchmark

Yield to Worst

3.9%

3.5%

Subject to Alternative Minimum Tax

16.2%

—

Risk & Return Profile

(As of 31 Mar 2023)

10y

Annualized Alpha (%)

-0.05

-0.34

-0.10

Standard Deviation (%)

2.62

3.44

2.81

Sharpe Ratio

-0.34

-0.04

0.35

Up Capture (%)

72.58

73.74

77.57

Down Capture (%)

72.87

75.20

77.70

Past performance does not guarantee future results.

Portfolio

Top Holdings

(As of 30 Apr 2023)

Name

Ticker/Symbol

Sector

Weight %

Kentucky Public Energy Authority

—

Gas

1.8

PEFA, Inc.

—

Gas

1.5

Kentucky Public Energy Authority

74440DAR5

Gas

1.3

City of Chicago IL

167486ZY8

Local General Obligation

1.1

State of Illinois

452152Q20

State General Obligation

1.0

New Jersey Transportation Trust Fund Authority

6461362B6

Other Transportation

1.0

Central Texas Turnpike System

88283KAX6

Toll Road

1.0

Louisiana Public Facilities Authority

—

Hospital

1.0

City of New York NY

64966LDW8

Local General Obligation

1.0

Main Street Natural Gas, Inc.

56035DBS0

Gas

0.9

Download Holdings

Portfolio holdings are subject to change daily.

Exposure Breakdown

(As of 30 Apr 2023)

Sector Allocation

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

15%

20%

Hospital

12.5

9.4

Gas

10.3

—

Airport

8.3

5.3

Higher Education

6.3

—

Industrial Development/Pollution Control

6.3

—

Local General Obligation

6.1

10.5

Dedicated Tax

5.8

13.7

Appropriation

5.8

3.7

Lifecare

5.7

—

Prerefunded / Escrow to Maturity

4.0

—

Sector Allocation

Fund (%)

Hospital

12.5

Gas

10.3

Airport

8.3

Higher Education

6.3

Industrial Development/Pollution Control

6.3

Local General Obligation

6.1

Dedicated Tax

5.8

Appropriation

5.8

Lifecare

5.7

Prerefunded / Escrow to Maturity

4.0

Top 10 U.S. States

Fund (%)

Benchmark (%)

Portfolio

Benchmark

10%

15%

20%

25%

30%

Illinois

16.1

5.0

Texas

7.5

8.0

California

5.3

18.2

New Jersey

5.2

4.2

Michigan

5.1

1.7

Pennsylvania

4.5

3.8

Florida

4.1

3.4

4.1

0.8

New York

4.1

20.0

Georgia

3.9

2.7

Top 10 U.S. States

Fund (%)

Illinois

16.1

Texas

7.5

California

5.3

New Jersey

5.2

Michigan

5.1

Pennsylvania

4.5

Florida

4.1

New York

4.1

Georgia

3.9

Credit Quality

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

20%

30%

40%

50%

60%

AAA

2.2

13.2

28.5

54.7

40.0

25.8

BBB

14.0

6.3

Below Invest. Grade

0.9

—

Not Rated

10.1

—

Cash & Cash Equivalents

4.4

—

Credit Quality

Fund (%)

AAA

2.2

28.5

40.0

BBB

14.0

Below Invest. Grade

0.9

Not Rated

10.1

Cash & Cash Equivalents

4.4

Maturity

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

20%

30%

40%

Year 1-2

12.3

7.0

Year 3-4

7.7

11.0

Year 5-6

11.2

9.2

Year 7-8

9.2

7.6

Year 9-10

8.1

6.5

Year 11-12

6.7

6.0

Year 13-14

5.5

6.0

Year 15-16

8.9

5.0

Year 17+

25.4

40.0

Cash

4.4

—

Maturity

Fund (%)

Year 1-2

12.3

Year 3-4

7.7

Year 5-6

11.2

Year 7-8

9.2

Year 9-10

8.1

Year 11-12

6.7

Year 13-14

5.5

Year 15-16

8.9

Year 17+

25.4

Cash

4.4

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.

Credit quality ratings use the highest rating available from either S&P Global Ratings or Moody's Investors Service. Unrated securities are evaluated by the firm using available data and their own analysis that may be similar to that of a nationally recognized rating agency; however, such determination is not equivalent to a national agency credit rating. "NR" = Not Rated.

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.

© 2023 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 Corporation.

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 Corporation (TSC) does not act as broker of record for investors.

More Insights

Real Estate

Strictly Necessary Cookies
Whilst these cookies cannot be turned off (as they are needed to run our website securely), they do not store any personal data about you. If you are reluctant to accept use of them, we advise you navigate away from this website.
Statistics Cookies
These cookies gather information about how you use our website, for example which pages you visit most often. The information collected is completely anonymous and used only for the purpose of improving user experience for our website visitors.
Marketing Cookies
These cookies gather information about your browsing habits and allow us to better understand your interests. They remember that you've visited our website and share this information with our partners, such as advertisers.
Preferences Cookies
These cookies allow our website to remember the choices you make (such as language or location selection) and tailor the experience to provide enhanced features and relevant content for you.

Welcome to Thornburg

Give Us a Call

Create an account to save this article or product.

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

Turning Commercial Real Estate Distress into Opportunity

Tread Carefully: Investment Opportunities in Artificial Intelligence

Can the Fed Bring Prices Down to Its 2% Target?

Dream. Plan. Achieve.

Global Market Observations: Is a Recession a Foregone Conclusion?

Global Markets Observations: Risk Assets Ride Out the Banking Scare

Unsubscribe

Remove strategy

Give Us a Call

Create an account to save this article or product.

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

Turning Commercial Real Estate Distress into Opportunity

Tread Carefully: Investment Opportunities in Artificial Intelligence

Can the Fed Bring Prices Down to Its 2% Target?

Dream. Plan. Achieve.

Global Market Observations: Is a Recession a Foregone Conclusion?

Global Markets Observations: Risk Assets Ride Out the Banking Scare