Thornburg Strategic Municipal Income Fund

SYMBOL: TSSIX

Morningstar Rating • Info

Overall Morningstar Rating among 260 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, 5 stars, 4 stars and 4 stars among 260, 241 and 174 funds, as of 31 Mar 2025.

As of 31 Mar 2025

Fund Assets

$364.5 M

As of 31 Mar 2025

NAV

$13.86

As of 8 May 2025

Change

$0.00

As of 8 May 2025

YTD NAV Performance

0.08%

As of 8 May 2025

Asset Category:

Municipal Bond

Fund Benchmark:

ICE BofA U.S. Municipal Securities Index

Portfolio Managers

David Ashley, CFA

Portfolio Manager and Managing Director

Eve Lando, JD

Portfolio Manager and Managing Director

Craig Mauermann, ChFC

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 2025)

YTD

10y

Inception

Total Return (%)

0.38

2.75

2.24

1.60

1.90

4.36

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

-0.49

1.44

1.46

1.12

2.18

3.68

Morningstar Category Avg. (%)

-0.08

1.7

1.58

1.22

1.74

—

Morningstar Quartile

—

Morningstar Quartile # of Funds

—

283

260

241

174

—

YTD

10y

Inception

Total Return (%)

-0.15

3.13

2.87

1.80

1.90

4.31

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

-1.10

1.95

2.27

1.31

2.16

3.62

Morningstar Category Avg. (%)

-0.08

1.7

1.58

1.22

1.74

—

Morningstar Quartile

—

Morningstar Quartile # of Funds

—

283

260

241

174

—

YTD

10y

Inception

Total Return (%)

0.38

2.75

6.87

8.28

20.71

98.07

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

-0.49

1.44

4.45

5.75

24.01

78.31

YTD

10y

Inception

Total Return (%)

-0.15

3.13

8.86

9.34

20.76

97.02

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

-1.10

1.95

6.97

6.73

23.88

77.21

2019

2020

2021

2022

2023

2024

Total Return (%)

5.75

4.02

1.50

-8.08

6.12

3.10

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

7.74

5.26

1.83

-9.03

6.52

1.62

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.

Morningstar quartile ranking for Muni National Intermediate category is based on total returns before sales charges.

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.

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

Fund Fees

(As of 1 Feb 2025)

Gross Expense Ratio (%)

1.01

Net Expense Ratio (%)

0.59

Thornburg Investment Management and/or Thornburg Securities LLC have contractually agreed to waive fees and reimburse expenses through at least February 1, 2026, 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 U.S. Municipal Securities Index
            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
2023-06-30,18459,17025
2023-07-31,18539,17068
2023-08-31,18367,16861
2023-09-30,17968,16383
2023-10-31,17823,16178
2023-11-30,18755,17213
2023-12-31,19138,17633
2024-01-31,19089,17594
2024-02-29,19162,17596
2024-03-31,19277,17578
2024-04-30,19104,17382
2024-05-31,19123,17345
2024-06-30,19377,17624
2024-07-31,19576,17777
2024-08-31,19735,17917
2024-09-30,19894,18107
2024-10-31,19677,17856
2024-11-30,19935,18147
2024-12-31,19732,17919
2025-01-31,19836,17960
2025-02-28,20027,18146
2025-03-31,19807,17831
2025-04-30,19702,17721

Hypothetical Growth of $10,000

(As of 30 Apr 2025)

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

                        Categories,I Shares,ICE BofA U.S. Municipal Securities Index
                        2024-04-30,10000,10000
2024-05-31,10010,9979
2024-06-30,10143,10140
2024-07-31,10247,10227
2024-08-31,10330,10308
2024-09-30,10413,10417
2024-10-31,10300,10273
2024-11-30,10435,10440
2024-12-31,10328,10309
2025-01-31,10383,10333
2025-02-28,10483,10440
2025-03-31,10368,10258
2025-04-30,10313,10195

                        Categories,I Shares,ICE BofA U.S. Municipal Securities Index
                        2022-04-30,10000,10000
2022-05-31,10093,10160
2022-06-30,9952,9965
2022-07-31,10152,10237
2022-08-31,9990,9977
2022-09-30,9663,9605
2022-10-31,9574,9521
2022-11-30,9930,10002
2022-12-31,9965,9992
2023-01-31,10193,10299
2023-02-28,10026,10049
2023-03-31,10185,10275
2023-04-30,10185,10263
2023-05-31,10119,10184
2023-06-30,10199,10277
2023-07-31,10244,10303
2023-08-31,10149,10178
2023-09-30,9928,9890
2023-10-31,9848,9766
2023-11-30,10363,10391
2023-12-31,10575,10644
2024-01-31,10547,10620
2024-02-29,10588,10622
2024-03-31,10651,10611
2024-04-30,10556,10492
2024-05-31,10566,10470
2024-06-30,10707,10639
2024-07-31,10817,10731
2024-08-31,10905,10815
2024-09-30,10992,10930
2024-10-31,10873,10779
2024-11-30,11015,10955
2024-12-31,10903,10817
2025-01-31,10960,10842
2025-02-28,11066,10954
2025-03-31,10944,10763
2025-04-30,10886,10697

                        Categories,I Shares,ICE BofA U.S. Municipal Securities Index
                        2020-04-30,10000,10000
2020-05-31,10228,10325
2020-06-30,10388,10425
2020-07-31,10562,10592
2020-08-31,10550,10556
2020-09-30,10545,10549
2020-10-31,10525,10528
2020-11-30,10651,10689
2020-12-31,10727,10762
2021-01-31,10809,10833
2021-02-28,10691,10659
2021-03-31,10737,10724
2021-04-30,10805,10826
2021-05-31,10837,10873
2021-06-30,10870,10909
2021-07-31,10937,10990
2021-08-31,10913,10950
2021-09-30,10855,10867
2021-10-31,10803,10855
2021-11-30,10885,10943
2021-12-31,10888,10959
2022-01-31,10637,10664
2022-02-28,10593,10604
2022-03-31,10286,10281
2022-04-30,10044,9977
2022-05-31,10137,10137
2022-06-30,9995,9942
2022-07-31,10196,10214
2022-08-31,10034,9954
2022-09-30,9706,9583
2022-10-31,9616,9499
2022-11-30,9974,9980
2022-12-31,10008,9969
2023-01-31,10238,10276
2023-02-28,10070,10026
2023-03-31,10230,10251
2023-04-30,10229,10239
2023-05-31,10163,10161
2023-06-30,10244,10253
2023-07-31,10289,10279
2023-08-31,10193,10155
2023-09-30,9972,9867
2023-10-31,9892,9744
2023-11-30,10409,10367
2023-12-31,10621,10619
2024-01-31,10594,10596
2024-02-29,10635,10597
2024-03-31,10698,10587
2024-04-30,10602,10468
2024-05-31,10613,10446
2024-06-30,10754,10615
2024-07-31,10864,10706
2024-08-31,10953,10790
2024-09-30,11041,10905
2024-10-31,10920,10754
2024-11-30,11064,10929
2024-12-31,10951,10792
2025-01-31,11009,10817
2025-02-28,11114,10929
2025-03-31,10992,10739
2025-04-30,10934,10673

                        Categories,I Shares,ICE BofA U.S. Municipal Securities Index
                        2015-04-30,10000,10000
2015-05-31,9962,9967
2015-06-30,9951,9953
2015-07-31,10026,10032
2015-08-31,10035,10054
2015-09-30,10092,10122
2015-10-31,10129,10165
2015-11-30,10146,10215
2015-12-31,10236,10296
2016-01-31,10330,10410
2016-02-29,10338,10419
2016-03-31,10379,10465
2016-04-30,10447,10545
2016-05-31,10487,10578
2016-06-30,10636,10750
2016-07-31,10614,10744
2016-08-31,10633,10769
2016-09-30,10593,10717
2016-10-31,10510,10616
2016-11-30,10161,10229
2016-12-31,10230,10341
2017-01-31,10250,10394
2017-02-28,10294,10461
2017-03-31,10310,10485
2017-04-30,10381,10561
2017-05-31,10509,10717
2017-06-30,10490,10692
2017-07-31,10548,10771
2017-08-31,10627,10861
2017-09-30,10602,10820
2017-10-31,10605,10840
2017-11-30,10580,10794
2017-12-31,10660,10901
2018-01-31,10584,10786
2018-02-28,10559,10740
2018-03-31,10576,10776
2018-04-30,10550,10734
2018-05-31,10638,10861
2018-06-30,10663,10873
2018-07-31,10687,10898
2018-08-31,10704,10915
2018-09-30,10664,10846
2018-10-31,10617,10768
2018-11-30,10694,10886
2018-12-31,10770,11015
2019-01-31,10831,11097
2019-02-28,10879,11160
2019-03-31,10992,11339
2019-04-30,11026,11387
2019-05-31,11146,11555
2019-06-30,11195,11604
2019-07-31,11272,11696
2019-08-31,11401,11881
2019-09-30,11330,11792
2019-10-31,11347,11806
2019-11-30,11365,11829
2019-12-31,11389,11867
2020-01-31,11569,12079
2020-02-29,11708,12246
2020-03-31,11212,11786
2020-04-30,11044,11606
2020-05-31,11296,11983
2020-06-30,11472,12100
2020-07-31,11665,12294
2020-08-31,11651,12252
2020-09-30,11645,12244
2020-10-31,11624,12220
2020-11-30,11763,12407
2020-12-31,11847,12491
2021-01-31,11938,12573
2021-02-28,11807,12371
2021-03-31,11858,12447
2021-04-30,11933,12565
2021-05-31,11969,12620
2021-06-30,12005,12661
2021-07-31,12079,12756
2021-08-31,12053,12709
2021-09-30,11988,12613
2021-10-31,11931,12599
2021-11-30,12021,12701
2021-12-31,12025,12719
2022-01-31,11748,12377
2022-02-28,11699,12308
2022-03-31,11360,11932
2022-04-30,11093,11580
2022-05-31,11196,11765
2022-06-30,11039,11539
2022-07-31,11261,11854
2022-08-31,11081,11553
2022-09-30,10719,11123
2022-10-31,10620,11025
2022-11-30,11015,11583
2022-12-31,11053,11571
2023-01-31,11307,11926
2023-02-28,11121,11637
2023-03-31,11298,11898
2023-04-30,11297,11884
2023-05-31,11224,11793
2023-06-30,11314,11901
2023-07-31,11363,11931
2023-08-31,11258,11786
2023-09-30,11013,11452
2023-10-31,10924,11309
2023-11-30,11496,12032
2023-12-31,11730,12325
2024-01-31,11700,12298
2024-02-29,11745,12300
2024-03-31,11815,12287
2024-04-30,11709,12150
2024-05-31,11721,12125
2024-06-30,11876,12320
2024-07-31,11999,12426
2024-08-31,12096,12524
2024-09-30,12193,12657
2024-10-31,12061,12481
2024-11-30,12219,12685
2024-12-31,12094,12526
2025-01-31,12158,12555
2025-02-28,12275,12685
2025-03-31,12140,12464
2025-04-30,12076,12388

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
2009-11-19,0.11453
2009-11-30,0.05839
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
2010-11-19,0.02277
2010-11-30,0.05279
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
2011-11-18,0.01198
2011-11-30,0.05463
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
2012-11-20,0.03484
2012-11-30,0.03944
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
2013-11-19,0.05455
2013-11-30,0.04113
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
2014-11-19,0.01153
2014-11-30,0.03343
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
2023-06-30,0.04008
2023-07-31,0.04075
2023-08-31,0.04087
2023-09-30,0.04108
2023-10-31,0.04239
2023-11-30,0.04292
2023-12-31,0.04364
2024-01-31,0.04344
2024-02-29,0.04422
2024-03-31,0.04388
2024-04-30,0.04379
2024-05-31,0.04387
2024-06-30,0.04441
2024-07-31,0.04454
2024-08-31,0.04507
2024-09-30,0.04432
2024-10-31,0.04434
2024-11-30,0.04483
2024-12-31,0.04469
2025-01-31,0.04433
2025-02-28,0.04509
2025-03-31,0.04458
2025-04-30,0.04585

            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
2009-04-30,1241049600,0.03711,0.03711,0,0
2009-05-29,1243728000,0.04638,0.04638,0,0
2009-06-30,1246320000,0.04451,0.04451,0,0
2009-07-31,1248998400,0.05762,0.05762,0,0
2009-08-31,1251676800,0.05730,0.05730,0,0
2009-09-30,1254268800,0.05473,0.05473,0,0
2009-10-30,1256947200,0.05659,0.05659,0,0
2009-11-19,1258588800,0.11453,0,0.11453,0.00000
2009-11-30,1259539200,0.05839,0.05839,0,0
2009-12-31,1262217600,0.05537,0.05537,0,0
2010-01-29,1264896000,0.05417,0.05417,0,0
2010-02-26,1267315200,0.05656,0.05656,0,0
2010-03-31,1269993600,0.05568,0.05568,0,0
2010-04-30,1272585600,0.05589,0.05589,0,0
2010-05-28,1275264000,0.05592,0.05592,0,0
2010-06-30,1277856000,0.05415,0.05415,0,0
2010-07-30,1280534400,0.05153,0.05153,0,0
2010-08-31,1283212800,0.05013,0.05013,0,0
2010-09-30,1285804800,0.04593,0.04593,0,0
2010-10-29,1288483200,0.04935,0.04935,0,0
2010-11-19,1290124800,0.02277,0,0.02190,0.00087
2010-11-30,1291075200,0.05279,0.05279,0,0
2010-12-31,1293753600,0.05304,0.05304,0,0
2011-01-31,1296432000,0.05431,0.05431,0,0
2011-02-28,1298851200,0.05325,0.05325,0,0
2011-03-31,1301529600,0.05242,0.05242,0,0
2011-04-29,1304121600,0.05421,0.05421,0,0
2011-05-31,1306800000,0.05239,0.05239,0,0
2011-06-30,1309392000,0.05568,0.05568,0,0
2011-07-29,1312070400,0.05211,0.05211,0,0
2011-08-31,1314748800,0.05210,0.05210,0,0
2011-09-30,1317340800,0.04696,0.04696,0,0
2011-10-31,1320019200,0.04988,0.04988,0,0
2011-11-18,1321574400,0.01198,0,0.00000,0.01198
2011-11-30,1322611200,0.05463,0.05463,0,0
2011-12-30,1325289600,0.05269,0.05269,0,0
2012-01-31,1327968000,0.04863,0.04863,0,0
2012-02-29,1330473600,0.04646,0.04646,0,0
2012-03-30,1333152000,0.04335,0.04335,0,0
2012-04-30,1335744000,0.04296,0.04296,0,0
2012-05-31,1338422400,0.04204,0.04204,0,0
2012-06-29,1341014400,0.04073,0.04073,0,0
2012-07-31,1343692800,0.04086,0.04086,0,0
2012-08-31,1346371200,0.03930,0.03930,0,0
2012-09-28,1348963200,0.03948,0.03948,0,0
2012-10-31,1351641600,0.03938,0.03938,0,0
2012-11-20,1353369600,0.03484,0,0.03133,0.00351
2012-11-30,1354233600,0.03944,0.03944,0,0
2012-12-31,1356912000,0.03937,0.03937,0,0
2013-01-31,1359590400,0.03935,0.03935,0,0
2013-02-28,1362009600,0.03815,0.03815,0,0
2013-03-28,1364688000,0.03650,0.03650,0,0
2013-04-30,1367280000,0.03551,0.03551,0,0
2013-05-31,1369958400,0.03558,0.03558,0,0
2013-06-28,1372550400,0.03682,0.03682,0,0
2013-07-31,1375228800,0.03866,0.03866,0,0
2013-08-30,1377907200,0.03844,0.03844,0,0
2013-09-30,1380499200,0.03868,0.03868,0,0
2013-10-31,1383177600,0.03931,0.03931,0,0
2013-11-19,1384819200,0.05455,0,0.00000,0.05455
2013-11-29,1385769600,0.04113,0.04113,0,0
2013-12-31,1388448000,0.04130,0.04130,0,0
2014-01-31,1391126400,0.04134,0.04134,0,0
2014-02-28,1393545600,0.04440,0.04440,0,0
2014-03-31,1396224000,0.04168,0.04168,0,0
2014-04-30,1398816000,0.03900,0.03900,0,0
2014-05-30,1401494400,0.03811,0.03811,0,0
2014-06-30,1404086400,0.03724,0.03724,0,0
2014-07-31,1406764800,0.03316,0.03316,0,0
2014-08-29,1409443200,0.03569,0.03569,0,0
2014-09-30,1412035200,0.03337,0.03337,0,0
2014-10-31,1414713600,0.03365,0.03365,0,0
2014-11-19,1416355200,0.01153,0,0.00387,0.00766
2014-11-28,1417305600,0.03343,0.03343,0,0
2014-12-31,1419984000,0.03217,0.03217,0,0
2015-01-30,1422662400,0.03061,0.03061,0,0
2015-02-27,1425081600,0.03283,0.03283,0,0
2015-03-31,1427760000,0.03174,0.03174,0,0
2015-04-30,1430352000,0.03282,0.03282,0,0
2015-05-29,1433030400,0.03293,0.03293,0,0
2015-06-30,1435622400,0.03323,0.03323,0,0
2015-07-31,1438300800,0.03326,0.03326,0,0
2015-08-31,1440979200,0.03341,0.03341,0,0
2015-09-30,1443571200,0.03498,0.03498,0,0
2015-10-30,1446249600,0.03609,0.03609,0,0
2015-11-30,1448841600,0.03587,0.03587,0,0
2015-12-31,1451520000,0.03389,0.03389,0,0
2016-01-29,1454198400,0.03119,0.03119,0,0
2016-02-29,1456704000,0.03204,0.03204,0,0
2016-03-31,1459382400,0.03039,0.03039,0,0
2016-04-29,1461974400,0.03099,0.03099,0,0
2016-05-31,1464652800,0.02980,0.02980,0,0
2016-06-30,1467244800,0.02947,0.02947,0,0
2016-07-29,1469923200,0.02843,0.02843,0,0
2016-08-31,1472601600,0.02787,0.02787,0,0
2016-09-30,1475193600,0.03007,0.03007,0,0
2016-10-31,1477872000,0.02860,0.02860,0,0
2016-11-30,1480464000,0.02986,0.02986,0,0
2016-12-30,1483142400,0.02952,0.02952,0,0
2017-01-31,1485820800,0.02965,0.02965,0,0
2017-02-28,1488240000,0.03419,0.03419,0,0
2017-03-31,1490918400,0.03288,0.03288,0,0
2017-04-28,1493510400,0.03380,0.03380,0,0
2017-05-31,1496188800,0.03402,0.03402,0,0
2017-06-30,1498780800,0.03331,0.03331,0,0
2017-07-31,1501459200,0.03334,0.03334,0,0
2017-08-31,1504137600,0.03360,0.03360,0,0
2017-09-29,1506729600,0.03386,0.03386,0,0
2017-10-31,1509408000,0.03377,0.03377,0,0
2017-11-30,1512000000,0.03454,0.03454,0,0
2017-12-29,1514678400,0.03376,0.03376,0,0
2018-01-31,1517356800,0.03305,0.03305,0,0
2018-02-28,1519776000,0.03437,0.03437,0,0
2018-03-29,1522454400,0.03317,0.03317,0,0
2018-04-30,1525046400,0.03438,0.03438,0,0
2018-05-31,1527724800,0.03389,0.03389,0,0
2018-06-29,1530316800,0.03420,0.03420,0,0
2018-07-31,1532995200,0.03383,0.03383,0,0
2018-08-31,1535673600,0.03440,0.03440,0,0
2018-09-28,1538265600,0.03414,0.03414,0,0
2018-10-31,1540944000,0.03488,0.03488,0,0
2018-11-30,1543536000,0.03585,0.03585,0,0
2018-12-31,1546214400,0.03531,0.03531,0,0
2019-01-31,1548892800,0.03468,0.03468,0,0
2019-02-28,1551312000,0.03663,0.03663,0,0
2019-03-29,1553990400,0.03531,0.03531,0,0
2019-04-30,1556582400,0.03585,0.03585,0,0
2019-05-31,1559260800,0.03529,0.03529,0,0
2019-06-28,1561852800,0.03609,0.03609,0,0
2019-07-31,1564531200,0.03516,0.03516,0,0
2019-08-31,1567209600,0.03457,0.03457,0,0
2019-09-30,1569801600,0.03402,0.03402,0,0
2019-10-31,1572480000,0.03337,0.03337,0,0
2019-11-30,1575072000,0.03370,0.03370,0,0
2019-12-31,1577750400,0.03291,0.03291,0,0
2020-01-31,1580428800,0.03250,0.03250,0,0
2020-02-29,1582934400,0.03550,0.03550,0,0
2020-03-31,1585612800,0.03613,0.03613,0,0
2020-04-30,1588204800,0.03619,0.03619,0,0
2020-05-31,1590883200,0.03500,0.03500,0,0
2020-06-30,1593475200,0.03482,0.03482,0,0
2020-07-31,1596153600,0.03490,0.03490,0,0
2020-08-31,1598832000,0.03273,0.03273,0,0
2020-09-30,1601424000,0.03209,0.03209,0,0
2020-10-30,1604102400,0.03155,0.03155,0,0
2020-11-30,1606694400,0.03239,0.03239,0,0
2020-12-31,1609372800,0.03024,0.03024,0,0
2021-01-29,1612051200,0.02891,0.02891,0,0
2021-02-26,1614470400,0.02923,0.02923,0,0
2021-03-31,1617148800,0.02737,0.02737,0,0
2021-04-30,1619740800,0.02745,0.02745,0,0
2021-05-28,1622419200,0.02624,0.02624,0,0
2021-06-30,1625011200,0.02639,0.02639,0,0
2021-07-30,1627689600,0.02626,0.02626,0,0
2021-08-31,1630368000,0.02622,0.02622,0,0
2021-09-30,1632960000,0.02681,0.02681,0,0
2021-10-29,1635638400,0.02570,0.02570,0,0
2021-11-30,1638230400,0.02602,0.02602,0,0
2021-12-31,1640908800,0.02512,0.02512,0,0
2022-01-31,1643587200,0.02480,0.02480,0,0
2022-02-28,1646006400,0.02729,0.02729,0,0
2022-03-31,1648684800,0.02656,0.02656,0,0
2022-04-29,1651276800,0.02928,0.02928,0,0
2022-05-31,1653955200,0.03098,0.03098,0,0
2022-06-30,1656547200,0.03106,0.03106,0,0
2022-07-29,1659225600,0.03126,0.03126,0,0
2022-08-31,1661904000,0.03266,0.03266,0,0
2022-09-30,1664496000,0.03331,0.03331,0,0
2022-10-31,1667174400,0.03531,0.03531,0,0
2022-11-30,1669766400,0.03633,0.03633,0,0
2022-12-30,1672444800,0.03740,0.03740,0,0
2023-01-31,1675123200,0.03662,0.03662,0,0
2023-02-28,1677542400,0.03913,0.03913,0,0
2023-03-31,1680220800,0.03929,0.03929,0,0
2023-04-28,1682812800,0.03909,0.03909,0,0
2023-05-31,1685491200,0.03978,0.03978,0,0
2023-06-30,1688083200,0.04008,0.04008,0,0
2023-07-31,1690761600,0.04075,0.04075,0,0
2023-08-31,1693440000,0.04087,0.04087,0,0
2023-09-29,1696032000,0.04108,0.04108,0,0
2023-10-31,1698710400,0.04239,0.04239,0,0
2023-11-30,1701302400,0.04292,0.04292,0,0
2023-12-29,1703980800,0.04364,0.04364,0,0
2024-01-31,1706659200,0.04344,0.04344,0,0
2024-02-29,1709164800,0.04422,0.04422,0,0
2024-03-28,1711843200,0.04388,0.04388,0,0
2024-04-30,1714435200,0.04379,0.04379,0,0
2024-05-31,1717113600,0.04387,0.04387,0,0
2024-06-28,1719705600,0.04441,0.04441,0,0
2024-07-31,1722384000,0.04454,0.04454,0,0
2024-08-30,1725062400,0.04507,0.04507,0,0
2024-09-30,1727654400,0.04432,0.04432,0,0
2024-10-31,1730332800,0.04434,0.04434,0,0
2024-11-29,1732924800,0.04483,0.04483,0,0
2024-12-31,1735603200,0.04469,0.04469,0,0
2025-01-31,1738281600,0.04433,0.04433,0,0
2025-02-28,1740700800,0.04509,0.04509,0,0
2025-03-31,1743379200,0.04458,0.04458,0,0
2025-04-30,1745971200,0.04585,0.04585,0,0

Distributions

(As of 30 Apr 2025)

Ex-Date

Payable Date

Total ($)

Income ($)

ST Cap Gains ($)

LT Cap Gains ($)

31 Jan 2009

—

28 Feb 2009

—

31 Mar 2009

—

30 Apr 2009

0.03711

—

29 May 2009

31 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

31 Oct 2009

0.05659

—

19 Nov 2009

0.11453

—

0.11453

0.00000

30 Nov 2009

0.05839

—

31 Dec 2009

0.05537

—

29 Jan 2010

31 Jan 2010

0.05417

—

26 Feb 2010

28 Feb 2010

0.05656

—

31 Mar 2010

0.05568

—

30 Apr 2010

0.05589

—

28 May 2010

31 May 2010

0.05592

—

30 Jun 2010

0.05415

—

30 Jul 2010

31 Jul 2010

0.05153

—

31 Aug 2010

0.05013

—

30 Sep 2010

0.04593

—

29 Oct 2010

31 Oct 2010

0.04935

—

19 Nov 2010

0.02277

—

0.02190

0.00087

30 Nov 2010

0.05279

—

31 Dec 2010

0.05304

—

31 Jan 2011

0.05431

—

28 Feb 2011

0.05325

—

31 Mar 2011

0.05242

—

29 Apr 2011

30 Apr 2011

0.05421

—

31 May 2011

0.05239

—

30 Jun 2011

0.05568

—

29 Jul 2011

31 Jul 2011

0.05211

—

31 Aug 2011

0.05210

—

30 Sep 2011

0.04696

—

31 Oct 2011

0.04988

—

18 Nov 2011

0.01198

—

0.00000

0.01198

30 Nov 2011

0.05463

—

30 Dec 2011

31 Dec 2011

0.05269

—

31 Jan 2012

0.04863

—

29 Feb 2012

0.04646

—

30 Mar 2012

31 Mar 2012

0.04335

—

30 Apr 2012

0.04296

—

31 May 2012

0.04204

—

29 Jun 2012

30 Jun 2012

0.04073

—

31 Jul 2012

0.04086

—

31 Aug 2012

0.03930

—

28 Sep 2012

30 Sep 2012

0.03948

—

31 Oct 2012

0.03938

—

20 Nov 2012

0.03484

—

0.03133

0.00351

30 Nov 2012

0.03944

—

31 Dec 2012

0.03937

—

31 Jan 2013

0.03935

—

28 Feb 2013

0.03815

—

28 Mar 2013

31 Mar 2013

0.03650

—

30 Apr 2013

0.03551

—

31 May 2013

0.03558

—

28 Jun 2013

30 Jun 2013

0.03682

—

31 Jul 2013

0.03866

—

30 Aug 2013

31 Aug 2013

0.03844

—

30 Sep 2013

0.03868

—

31 Oct 2013

0.03931

—

19 Nov 2013

0.05455

—

0.00000

0.05455

29 Nov 2013

30 Nov 2013

0.04113

—

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

31 May 2014

0.03811

—

30 Jun 2014

0.03724

—

31 Jul 2014

0.03316

—

29 Aug 2014

31 Aug 2014

0.03569

—

30 Sep 2014

0.03337

—

31 Oct 2014

0.03365

—

19 Nov 2014

0.01153

—

0.00387

0.00766

28 Nov 2014

30 Nov 2014

0.03343

—

31 Dec 2014

0.03217

—

30 Jan 2015

31 Jan 2015

0.03061

—

27 Feb 2015

28 Feb 2015

0.03283

—

31 Mar 2015

0.03174

—

30 Apr 2015

0.03282

—

29 May 2015

31 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

31 Oct 2015

0.03609

—

30 Nov 2015

0.03587

—

31 Dec 2015

0.03389

—

29 Jan 2016

31 Jan 2016

0.03119

—

29 Feb 2016

0.03204

—

31 Mar 2016

0.03039

—

29 Apr 2016

30 Apr 2016

0.03099

—

31 May 2016

0.02980

—

30 Jun 2016

0.02947

—

29 Jul 2016

31 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

31 Dec 2016

0.02952

—

31 Jan 2017

0.02965

—

28 Feb 2017

0.03419

—

31 Mar 2017

0.03288

—

28 Apr 2017

30 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

30 Sep 2017

0.03386

—

31 Oct 2017

0.03377

—

30 Nov 2017

0.03454

—

29 Dec 2017

31 Dec 2017

0.03376

—

31 Jan 2018

0.03305

—

28 Feb 2018

0.03437

—

29 Mar 2018

31 Mar 2018

0.03317

—

30 Apr 2018

0.03438

—

31 May 2018

0.03389

—

29 Jun 2018

30 Jun 2018

0.03420

—

31 Jul 2018

0.03383

—

31 Aug 2018

0.03440

—

28 Sep 2018

30 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

31 Mar 2019

0.03531

—

30 Apr 2019

0.03585

—

31 May 2019

0.03529

—

28 Jun 2019

30 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

31 Oct 2020

0.03155

—

30 Nov 2020

0.03239

—

31 Dec 2020

0.03024

—

29 Jan 2021

31 Jan 2021

0.02891

—

26 Feb 2021

28 Feb 2021

0.02923

—

31 Mar 2021

0.02737

—

30 Apr 2021

0.02745

—

28 May 2021

31 May 2021

0.02624

—

30 Jun 2021

0.02639

—

30 Jul 2021

31 Jul 2021

0.02626

—

31 Aug 2021

0.02622

—

30 Sep 2021

0.02681

—

29 Oct 2021

31 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

30 Apr 2022

0.02928

—

31 May 2022

0.03098

—

30 Jun 2022

0.03106

—

29 Jul 2022

31 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

31 Dec 2022

0.03740

—

31 Jan 2023

0.03662

—

28 Feb 2023

0.03913

—

31 Mar 2023

0.03929

—

28 Apr 2023

30 Apr 2023

0.03909

—

31 May 2023

0.03978

—

30 Jun 2023

0.04008

—

31 Jul 2023

0.04075

—

31 Aug 2023

0.04087

—

29 Sep 2023

30 Sep 2023

0.04108

—

31 Oct 2023

0.04239

—

30 Nov 2023

0.04292

—

29 Dec 2023

31 Dec 2023

0.04364

—

31 Jan 2024

0.04344

—

29 Feb 2024

0.04422

—

28 Mar 2024

31 Mar 2024

0.04388

—

30 Apr 2024

0.04379

—

31 May 2024

0.04387

—

28 Jun 2024

30 Jun 2024

0.04441

—

31 Jul 2024

0.04454

—

30 Aug 2024

31 Aug 2024

0.04507

—

30 Sep 2024

0.04432

—

31 Oct 2024

0.04434

—

29 Nov 2024

30 Nov 2024

0.04483

—

31 Dec 2024

0.04469

—

31 Jan 2025

0.04433

—

28 Feb 2025

0.04509

—

31 Mar 2025

0.04458

—

30 Apr 2025

0.04585

—

Fund Facts

(As of 31 Mar 2025)

Net Fund Assets

$364.5 M

Benchmark

ICE BofA U.S. Municipal Securities Index

Morningstar Category

Muni National Intermediate

Fund Symbol

TSSIX

Share Class

Share Class Inception Date

1 Apr 2009

Number of Holdings

285

Portfolio Turnover

23%

Distribution Frequency

Monthly

30-Day SEC Yield (Subsidized)

3.89%

30-Day SEC Yield (Unsubsidized)

3.63%

Annualized Distribution Yield

3.98%

Characteristics

Portfolio

(As of 31 Mar 2025)

Portfolio

Benchmark

Effective Duration

6.1 Yrs

7.2 Yrs

Average Effective Maturity

12.4 Yrs

14.3 Yrs

Weighted Average Coupon

4.7%

4.5%

Portfolio

Benchmark

Yield to Worst

4.3%

3.9%

Subject to Alternative Minimum Tax

19.5%

—

Risk & Return Profile

(As of 31 Mar 2025)

10y

Annualized Alpha (%)

1.08

0.69

0.12

Standard Deviation (%)

5.78

5.16

4.28

Sharpe Ratio

-0.38

-0.21

0.00

Up Capture (%)

82.35

84.18

81.78

Down Capture (%)

71.12

75.78

79.56

Past performance does not guarantee future results.

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

Portfolio

Top Holdings

(As of 31 Mar 2025)

Name

Ticker/Symbol

Weight %

Kentucky Public Energy Authority

74440DDS0

1.5

Patriots Energy Group Financing Agency

70342PAN4

1.5

Indiana Finance Authority

45505RBT1

1.4

Kentucky Public Energy Authority

74440DEC4

1.2

California Municipal Finance Authority

13048RAR8

1.1

Main Street Natural Gas, Inc.

56035DBR2

1.1

California Community Choice Financing Authority

13013JCM6

1.1

City of Chicago IL

167486ZY8

0.9

Main Street Natural Gas, Inc.

56035DGB2

0.9

Capital Trust Agency, Inc.

14054CFK0

0.9

Download Holdings

Portfolio holdings are subject to change daily.

Exposure Breakdown

(As of 31 Mar 2025)

Sector Allocation

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

15%

20%

Gas

14.1

—

Industrial Development/Pollution Control

12.0

—

Lifecare

10.1

—

Hospital

9.0

9.6

Multi Family Mortgage

7.9

2.3

Airport

7.7

5.2

Cash & Cash Equivalents

4.2

—

Dedicated Tax

3.9

13.8

Higher Education

3.8

—

Single Family Mortgage

3.5

1.8

Appropriation

2.9

3.2

Sector Allocation

Fund (%)

Gas

14.1

Industrial Development/Pollution Control

12.0

Lifecare

10.1

Hospital

9.0

Multi Family Mortgage

7.9

Airport

7.7

Cash & Cash Equivalents

4.2

Dedicated Tax

3.9

Higher Education

3.8

Single Family Mortgage

3.5

Appropriation

2.9

Top 10 U.S. States

Fund (%)

Benchmark (%)

Portfolio

Benchmark

10%

15%

20%

Illinois

10.9

4.5

California

8.3

17.7

Florida

6.7

3.7

Texas

5.5

8.8

Pennsylvania

4.6

3.7

Cash

4.2

—

New Jersey

4.1

3.7

Michigan

4.0

1.5

Kentucky

4.0

0.9

Alabama

4.0

2.2

Arizona

3.9

1.3

Top 10 U.S. States

Fund (%)

Illinois

10.9

California

8.3

Florida

6.7

Texas

5.5

Pennsylvania

4.6

Cash

4.2

New Jersey

4.1

Michigan

4.0

Kentucky

4.0

Alabama

4.0

Arizona

3.9

Credit Quality

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

20%

30%

40%

50%

60%

AAA

9.2

14.9

20.3

54.3

33.4

24.6

BBB

18.5

6.2

Below Invest. Grade

1.2

—

Not Rated

13.2

—

Cash & Cash Equivalents

4.2

—

Credit Quality

Fund (%)

AAA

9.2

20.3

33.4

BBB

18.5

Below Invest. Grade

1.2

Not Rated

13.2

Cash & Cash Equivalents

4.2

Maturity

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

20%

30%

40%

50%

Year 1-2

10.9

6.0

Year 3-4

7.4

10.0

Year 5-6

8.6

9.4

Year 7-8

12.0

9.1

Year 9-10

4.7

7.1

Year 11-12

6.8

6.0

Year 13-14

3.8

5.0

Year 15-16

5.8

5.0

Year 17+

35.3

42.0

Cash

4.2

—

Maturity

Fund (%)

Year 1-2

10.9

Year 3-4

7.4

Year 5-6

8.6

Year 7-8

12.0

Year 9-10

4.7

Year 11-12

6.8

Year 13-14

3.8

Year 15-16

5.8

Year 17+

35.3

Cash

4.2

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 a 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…

Learn More

Eve Lando, JD

Portfolio Manager and Managing Director

Eve Lando is a 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…

Learn More

Craig Mauermann, ChFC

Portfolio Manager and Managing Director

Craig Mauermann, ChFC, is a portfolio manager for Thornburg Investment Management. He joined the firm in 2021 as a senior fixed income analyst and was promoted to associate portfolio manager in 2024 and was named portfolio manager in 2025. Craig has extensive municipal research and investment experience. He began his career at Strong Capital Management as an analyst and trader…

Learn More

Literature

Fact Sheet

Commentary

Summary Prospectus

Annual Financial Statements

Semi-Annual Report

Prospectus

Statement of Additional Information (SAI)

Annual TSR

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.

© 2025 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

Eve Lando, JD

Craig Mauermann, ChFC

Literature

Important Information

More Insights

FOMC Update: Inflation Risks and Tariff Uncertainty in Focus

Investor Spotlight: The Municipal Bond Tax Exemption

International Equity: The Power of Global Diversification

A Time for Active Fixed Income

The Next Market Shock? Key Risk Factors Investors Must Watch

Fixed Income in Focus—Yield Potential Amid Narrow Spreads

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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

Eve Lando, JD

Craig Mauermann, ChFC

Literature

Important Information

More Insights

FOMC Update: Inflation Risks and Tariff Uncertainty in Focus

Investor Spotlight: The Municipal Bond Tax Exemption

International Equity: The Power of Global Diversification

A Time for Active Fixed Income

The Next Market Shock? Key Risk Factors Investors Must Watch

Fixed Income in Focus—Yield Potential Amid Narrow Spreads