Thornburg Strategic Municipal Income Fund

SYMBOL: TSSCX

Morningstar Rating • Info

Overall Morningstar Rating among 260 Muni National Intermediate funds, based on risk-adjusted returns for class C shares, using a weighted average of the funds three-, five-, and ten-year ratings: respectively, 3 stars, 3 stars and 2 stars among 260, 239 and 181 funds, as of 31 Oct 2025.

As of 31 Oct 2025

Fund Assets

$388.0 M

As of 31 Oct 2025

NAV

$14.12

As of 24 Nov 2025

Change

$0.00

As of 24 Nov 2025

YTD NAV Performance

3.62%

As of 24 Nov 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 30 Sep 2025)

YTD

10y

Inception

Total Return with Sales Charge (%)

1.98

0.98

4.45

0.68

1.44

3.73

Total Return without Sales Charge (%)

2.58

1.57

4.45

0.68

1.44

3.73

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

2.47

1.40

4.89

0.95

2.40

3.75

Morningstar Category Avg. (%)

2.85

1.8

4.55

0.98

2.01

—

Morningstar Quartile

—

Morningstar Quartile # of Funds

—

280

260

239

181

—

YTD

10y

Inception

Total Return with Sales Charge (%)

2.93

3.10

5.12

0.92

1.51

3.77

Total Return without Sales Charge (%)

3.53

3.70

5.12

0.92

1.51

3.77

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

3.58

3.94

5.58

1.20

2.47

3.80

Morningstar Category Avg. (%)

3.89

4.14

5.14

1.22

2.07

—

Morningstar Quartile

—

Morningstar Quartile # of Funds

—

280

260

239

181

—

YTD

10y

Inception

Total Return with Sales Charge (%)

1.98

0.98

13.96

3.45

15.42

82.98

Total Return without Sales Charge (%)

2.58

1.57

13.96

3.45

15.42

82.98

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

2.47

1.40

15.39

4.82

26.80

83.61

YTD

10y

Inception

Total Return with Sales Charge (%)

2.93

3.10

16.15

4.66

16.11

84.67

Total Return without Sales Charge (%)

3.53

3.70

16.15

4.66

16.11

84.67

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

3.58

3.94

17.68

6.17

27.63

85.60

2019

2020

2021

2022

2023

2024

Total Return with Sales Charge (%)

4.43

2.71

0.21

-9.25

4.87

1.72

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 (%)

1.97

Net Expense Ratio (%)

1.28

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,C Shares,ICE BofA U.S. Municipal Securities Index
            2009-04-01,10000,10000
2009-04-30,10255,10230
2009-05-31,10633,10364
2009-06-30,10640,10255
2009-07-31,10828,10439
2009-08-31,11143,10662
2009-09-30,11858,11083
2009-10-31,11644,10804
2009-11-30,11676,10875
2009-12-31,11770,10942
2010-01-31,11838,10997
2010-02-28,11970,11100
2010-03-31,11996,11081
2010-04-30,12163,11226
2010-05-31,12277,11310
2010-06-30,12284,11305
2010-07-31,12431,11453
2010-08-31,12783,11725
2010-09-30,12792,11718
2010-10-31,12785,11689
2010-11-30,12378,11422
2010-12-31,12094,11188
2011-01-31,11920,11075
2011-02-28,12109,11262
2011-03-31,12069,11221
2011-04-30,12242,11432
2011-05-31,12524,11662
2011-06-30,12635,11721
2011-07-31,12817,11850
2011-08-31,12962,12030
2011-09-30,13196,12183
2011-10-31,13170,12133
2011-11-30,13255,12199
2011-12-31,13553,12440
2012-01-31,14019,12758
2012-02-29,14056,12782
2012-03-31,14014,12699
2012-04-30,14182,12840
2012-05-31,14350,12959
2012-06-30,14353,12950
2012-07-31,14577,13158
2012-08-31,14607,13187
2012-09-30,14697,13275
2012-10-31,14756,13315
2012-11-30,15034,13559
2012-12-31,14831,13343
2013-01-31,14940,13434
2013-02-28,14990,13491
2013-03-31,14910,13412
2013-04-30,15036,13563
2013-05-31,14906,13390
2013-06-30,14433,12963
2013-07-31,14286,12825
2013-08-31,14109,12614
2013-09-30,14330,12910
2013-10-31,14431,13031
2013-11-30,14400,13003
2013-12-31,14374,12957
2014-01-31,14669,13251
2014-02-28,14848,13428
2014-03-31,14912,13450
2014-04-30,15075,13624
2014-05-31,15278,13811
2014-06-30,15288,13811
2014-07-31,15324,13835
2014-08-31,15505,14017
2014-09-30,15563,14037
2014-10-31,15650,14123
2014-11-30,15667,14142
2014-12-31,15754,14224
2015-01-31,15972,14479
2015-02-28,15802,14336
2015-03-31,15847,14378
2015-04-30,15749,14306
2015-05-31,15681,14258
2015-06-30,15656,14239
2015-07-31,15766,14351
2015-08-31,15783,14383
2015-09-30,15854,14480
2015-10-31,15905,14542
2015-11-30,15924,14613
2015-12-31,16056,14729
2016-01-31,16196,14893
2016-02-29,16200,14905
2016-03-31,16255,14971
2016-04-30,16354,15085
2016-05-31,16408,15132
2016-06-30,16632,15378
2016-07-31,16590,15370
2016-08-31,16611,15405
2016-09-30,16539,15331
2016-10-31,16401,15188
2016-11-30,15849,14634
2016-12-31,15947,14794
2017-01-31,15971,14869
2017-02-28,16030,14966
2017-03-31,16046,15000
2017-04-30,16148,15108
2017-05-31,16346,15331
2017-06-30,16297,15296
2017-07-31,16377,15408
2017-08-31,16489,15538
2017-09-30,16440,15479
2017-10-31,16435,15508
2017-11-30,16386,15441
2017-12-31,16511,15595
2018-01-31,16373,15431
2018-02-28,16325,15365
2018-03-31,16341,15417
2018-04-30,16304,15357
2018-05-31,16430,15537
2018-06-30,16448,15554
2018-07-31,16475,15591
2018-08-31,16492,15615
2018-09-30,16421,15516
2018-10-31,16340,15404
2018-11-30,16448,15574
2018-12-31,16555,15757
2019-01-31,16640,15876
2019-02-28,16705,15966
2019-03-31,16869,16222
2019-04-30,16910,16290
2019-05-31,17097,16530
2019-06-30,17161,16601
2019-07-31,17258,16733
2019-08-31,17445,16997
2019-09-30,17338,16870
2019-10-31,17343,16890
2019-11-30,17360,16922
2019-12-31,17387,16976
2020-01-31,17653,17280
2020-02-29,17854,17519
2020-03-31,17099,16861
2020-04-30,16822,16604
2020-05-31,17196,17143
2020-06-30,17455,17310
2020-07-31,17749,17587
2020-08-31,17707,17528
2020-09-30,17688,17516
2020-10-31,17645,17482
2020-11-30,17845,17749
2020-12-31,17962,17869
2021-01-31,18089,17987
2021-02-28,17882,17698
2021-03-31,17949,17806
2021-04-30,18052,17975
2021-05-31,18096,18054
2021-06-30,18139,18113
2021-07-31,18253,18249
2021-08-31,18203,18181
2021-09-30,18083,18044
2021-10-31,17986,18023
2021-11-30,18112,18170
2021-12-31,18107,18196
2022-01-31,17679,17707
2022-02-28,17596,17607
2022-03-31,17088,17070
2022-04-30,16665,16566
2022-05-31,16822,16831
2022-06-30,16565,16508
2022-07-31,16900,16959
2022-08-31,16609,16527
2022-09-30,16057,15912
2022-10-31,15899,15772
2022-11-30,16482,16570
2022-12-31,16529,16553
2023-01-31,16898,17062
2023-02-28,16613,16648
2023-03-31,16866,17021
2023-04-30,16856,17001
2023-05-31,16737,16871
2023-06-30,16861,17025
2023-07-31,16925,17068
2023-08-31,16758,16861
2023-09-30,16384,16383
2023-10-31,16243,16178
2023-11-30,17083,17213
2023-12-31,17433,17633
2024-01-31,17378,17594
2024-02-29,17423,17596
2024-03-31,17517,17578
2024-04-30,17350,17382
2024-05-31,17357,17345
2024-06-30,17590,17624
2024-07-31,17748,17777
2024-08-31,17882,17917
2024-09-30,18016,18107
2024-10-31,17809,17856
2024-11-30,18032,18147
2024-12-31,17838,17919
2025-01-31,17934,17960
2025-02-28,18097,18146
2025-03-31,17888,17831
2025-04-30,17770,17721
2025-05-31,17781,17674
2025-06-30,17870,17810
2025-07-31,17791,17759
2025-08-31,17908,17917
2025-09-30,18298,18361
2025-10-31,18467,18560

Hypothetical Growth of $10,000

(As of 31 Oct 2025)

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

                        Categories,C Shares,ICE BofA U.S. Municipal Securities Index
                        2024-10-31,10000,10000
2024-11-30,10125,10163
2024-12-31,10016,10035
2025-01-31,10070,10059
2025-02-28,10162,10163
2025-03-31,10044,9986
2025-04-30,9978,9925
2025-05-31,9985,9898
2025-06-30,10034,9974
2025-07-31,9990,9946
2025-08-31,10056,10034
2025-09-30,10275,10283
2025-10-31,10310,10394

                        Categories,C Shares,ICE BofA U.S. Municipal Securities Index
                        2022-10-31,10000,10000
2022-11-30,10367,10506
2022-12-31,10396,10495
2023-01-31,10628,10818
2023-02-28,10449,10555
2023-03-31,10608,10792
2023-04-30,10602,10780
2023-05-31,10527,10697
2023-06-30,10605,10795
2023-07-31,10645,10822
2023-08-31,10540,10691
2023-09-30,10305,10388
2023-10-31,10216,10258
2023-11-30,10744,10914
2023-12-31,10965,11180
2024-01-31,10930,11155
2024-02-29,10958,11157
2024-03-31,11017,11145
2024-04-30,10913,11021
2024-05-31,10917,10998
2024-06-30,11063,11175
2024-07-31,11163,11271
2024-08-31,11247,11360
2024-09-30,11331,11481
2024-10-31,11201,11321
2024-11-30,11342,11506
2024-12-31,11219,11361
2025-01-31,11280,11388
2025-02-28,11382,11506
2025-03-31,11251,11305
2025-04-30,11177,11236
2025-05-31,11184,11206
2025-06-30,11239,11292
2025-07-31,11190,11260
2025-08-31,11263,11360
2025-09-30,11509,11642
2025-10-31,11615,11768

                        Categories,C Shares,ICE BofA U.S. Municipal Securities Index
                        2020-10-31,10000,10000
2020-11-30,10114,10153
2020-12-31,10180,10222
2021-01-31,10252,10289
2021-02-28,10134,10124
2021-03-31,10173,10186
2021-04-30,10231,10282
2021-05-31,10256,10327
2021-06-30,10280,10361
2021-07-31,10345,10439
2021-08-31,10316,10400
2021-09-30,10249,10322
2021-10-31,10193,10310
2021-11-30,10265,10394
2021-12-31,10262,10408
2022-01-31,10020,10129
2022-02-28,9973,10072
2022-03-31,9684,9765
2022-04-30,9445,9476
2022-05-31,9534,9628
2022-06-30,9388,9443
2022-07-31,9578,9701
2022-08-31,9413,9454
2022-09-30,9100,9102
2022-10-31,9011,9022
2022-11-30,9341,9479
2022-12-31,9368,9469
2023-01-31,9577,9760
2023-02-28,9415,9523
2023-03-31,9559,9737
2023-04-30,9553,9725
2023-05-31,9486,9651
2023-06-30,9556,9739
2023-07-31,9592,9763
2023-08-31,9497,9645
2023-09-30,9285,9372
2023-10-31,9205,9254
2023-11-30,9682,9846
2023-12-31,9880,10086
2024-01-31,9849,10064
2024-02-29,9875,10065
2024-03-31,9928,10055
2024-04-30,9833,9943
2024-05-31,9837,9922
2024-06-30,9969,10082
2024-07-31,10059,10169
2024-08-31,10135,10249
2024-09-30,10210,10358
2024-10-31,10093,10214
2024-11-30,10220,10381
2024-12-31,10109,10250
2025-01-31,10164,10274
2025-02-28,10256,10380
2025-03-31,10138,10200
2025-04-30,10071,10137
2025-05-31,10077,10110
2025-06-30,10128,10188
2025-07-31,10083,10158
2025-08-31,10149,10249
2025-09-30,10370,10503
2025-10-31,10466,10617

                        Categories,C Shares,ICE BofA U.S. Municipal Securities Index
                        2015-10-31,10000,10000
2015-11-30,10012,10049
2015-12-31,10095,10129
2016-01-31,10183,10241
2016-02-29,10186,10250
2016-03-31,10221,10295
2016-04-30,10282,10374
2016-05-31,10317,10406
2016-06-30,10457,10575
2016-07-31,10431,10569
2016-08-31,10444,10594
2016-09-30,10399,10543
2016-10-31,10312,10444
2016-11-30,9965,10063
2016-12-31,10027,10173
2017-01-31,10041,10225
2017-02-28,10079,10291
2017-03-31,10089,10315
2017-04-30,10153,10389
2017-05-31,10278,10543
2017-06-30,10247,10519
2017-07-31,10297,10596
2017-08-31,10368,10685
2017-09-30,10337,10644
2017-10-31,10333,10664
2017-11-30,10303,10618
2017-12-31,10381,10724
2018-01-31,10295,10611
2018-02-28,10265,10566
2018-03-31,10274,10601
2018-04-30,10251,10560
2018-05-31,10331,10684
2018-06-30,10341,10696
2018-07-31,10359,10721
2018-08-31,10370,10738
2018-09-30,10325,10670
2018-10-31,10274,10593
2018-11-30,10342,10710
2018-12-31,10409,10836
2019-01-31,10462,10917
2019-02-28,10503,10979
2019-03-31,10606,11155
2019-04-30,10632,11202
2019-05-31,10750,11367
2019-06-30,10790,11416
2019-07-31,10851,11506
2019-08-31,10968,11688
2019-09-30,10901,11601
2019-10-31,10904,11615
2019-11-30,10915,11637
2019-12-31,10932,11674
2020-01-31,11099,11883
2020-02-29,11226,12047
2020-03-31,10751,11595
2020-04-30,10577,11418
2020-05-31,10812,11789
2020-06-30,10975,11904
2020-07-31,11159,12094
2020-08-31,11133,12053
2020-09-30,11121,12045
2020-10-31,11094,12021
2020-11-30,11220,12205
2020-12-31,11294,12288
2021-01-31,11374,12369
2021-02-28,11243,12171
2021-03-31,11286,12245
2021-04-30,11350,12361
2021-05-31,11378,12415
2021-06-30,11405,12455
2021-07-31,11476,12549
2021-08-31,11445,12502
2021-09-30,11370,12408
2021-10-31,11309,12394
2021-11-30,11388,12495
2021-12-31,11385,12513
2022-01-31,11116,12176
2022-02-28,11064,12108
2022-03-31,10744,11739
2022-04-30,10478,11392
2022-05-31,10577,11574
2022-06-30,10415,11352
2022-07-31,10626,11662
2022-08-31,10443,11365
2022-09-30,10096,10942
2022-10-31,9997,10846
2022-11-30,10363,11395
2022-12-31,10393,11383
2023-01-31,10625,11733
2023-02-28,10445,11448
2023-03-31,10605,11705
2023-04-30,10598,11691
2023-05-31,10523,11601
2023-06-30,10601,11707
2023-07-31,10641,11737
2023-08-31,10536,11595
2023-09-30,10301,11266
2023-10-31,10213,11125
2023-11-30,10741,11837
2023-12-31,10961,12125
2024-01-31,10926,12099
2024-02-29,10955,12100
2024-03-31,11014,12088
2024-04-30,10909,11953
2024-05-31,10913,11928
2024-06-30,11060,12120
2024-07-31,11159,12224
2024-08-31,11243,12321
2024-09-30,11327,12451
2024-10-31,11197,12279
2024-11-30,11338,12479
2024-12-31,11215,12322
2025-01-31,11276,12351
2025-02-28,11378,12479
2025-03-31,11247,12262
2025-04-30,11173,12186
2025-05-31,11180,12154
2025-06-30,11236,12247
2025-07-31,11186,12212
2025-08-31,11260,12321
2025-09-30,11505,12626
2025-10-31,11611,12763

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
2009-04-30,0.03412
2009-05-31,0.04050
2009-06-30,0.03873
2009-07-31,0.05159
2009-08-31,0.05184
2009-09-30,0.04854
2009-10-31,0.05007
2009-11-19,0.11453
2009-11-30,0.05219
2009-12-31,0.04897
2010-01-31,0.04775
2010-02-28,0.05074
2010-03-31,0.04920
2010-04-30,0.04962
2010-05-31,0.04938
2010-06-30,0.04782
2010-07-31,0.04496
2010-08-31,0.04344
2010-09-30,0.03971
2010-10-31,0.04240
2010-11-19,0.02277
2010-11-30,0.04621
2010-12-31,0.04667
2011-01-31,0.04808
2011-02-28,0.04763
2011-03-31,0.04612
2011-04-30,0.04816
2011-05-31,0.04600
2011-06-30,0.04943
2011-07-31,0.04562
2011-08-31,0.04550
2011-09-30,0.04052
2011-10-31,0.04281
2011-11-18,0.01198
2011-11-30,0.04774
2011-12-31,0.04570
2012-01-31,0.04157
2012-02-29,0.03948
2012-03-31,0.03593
2012-04-30,0.03586
2012-05-31,0.03442
2012-06-30,0.03346
2012-07-31,0.03292
2012-08-31,0.03151
2012-09-30,0.03291
2012-10-31,0.03123
2012-11-20,0.03484
2012-11-30,0.03146
2012-12-31,0.03174
2013-01-31,0.03143
2013-02-28,0.03088
2013-03-31,0.02874
2013-04-30,0.02847
2013-05-31,0.02768
2013-06-30,0.02977
2013-07-31,0.03132
2013-08-31,0.03163
2013-09-30,0.03212
2013-10-31,0.03191
2013-11-19,0.05455
2013-11-30,0.03388
2013-12-31,0.03453
2014-01-31,0.03361
2014-02-28,0.03744
2014-03-31,0.03367
2014-04-30,0.03115
2014-05-31,0.03011
2014-06-30,0.02945
2014-07-31,0.02510
2014-08-31,0.02739
2014-09-30,0.02668
2014-10-31,0.02525
2014-11-19,0.01153
2014-11-30,0.02547
2014-12-31,0.02379
2015-01-31,0.02213
2015-02-28,0.02551
2015-03-31,0.02367
2015-04-30,0.02465
2015-05-31,0.02479
2015-06-30,0.02606
2015-07-31,0.02564
2015-08-31,0.02622
2015-09-30,0.02800
2015-10-31,0.02843
2015-11-30,0.02873
2015-12-31,0.02579
2016-01-31,0.02290
2016-02-29,0.02423
2016-03-31,0.02226
2016-04-30,0.02314
2016-05-31,0.02152
2016-06-30,0.02158
2016-07-31,0.02020
2016-08-31,0.01965
2016-09-30,0.02210
2016-10-31,0.02045
2016-11-30,0.02231
2016-12-31,0.02187
2017-01-31,0.02188
2017-02-28,0.02584
2017-03-31,0.02437
2017-04-30,0.02480
2017-05-31,0.02473
2017-06-30,0.02428
2017-07-31,0.02397
2017-08-31,0.02418
2017-09-30,0.02473
2017-10-31,0.02460
2017-11-30,0.02559
2017-12-31,0.02438
2018-01-31,0.02361
2018-02-28,0.02639
2018-03-31,0.02430
2018-04-30,0.02616
2018-05-31,0.02516
2018-06-30,0.02573
2018-07-31,0.02506
2018-08-31,0.02563
2018-09-30,0.02572
2018-10-31,0.02621
2018-11-30,0.02751
2018-12-31,0.02661
2019-01-31,0.02597
2019-02-28,0.02872
2019-03-31,0.02649
2019-04-30,0.02732
2019-05-31,0.02640
2019-06-30,0.02743
2019-07-31,0.02620
2019-08-31,0.02553
2019-09-30,0.02531
2019-10-31,0.02452
2019-11-30,0.02513
2019-12-31,0.02382
2020-01-31,0.02370
2020-02-29,0.02702
2020-03-31,0.02733
2020-04-30,0.02780
2020-05-31,0.02632
2020-06-30,0.02629
2020-07-31,0.02592
2020-08-31,0.02370
2020-09-30,0.02338
2020-10-31,0.02253
2020-11-30,0.02367
2020-12-31,0.02117
2021-01-31,0.01981
2021-02-28,0.02098
2021-03-31,0.01833
2021-04-30,0.01865
2021-05-31,0.01714
2021-06-30,0.01751
2021-07-31,0.01712
2021-08-31,0.01708
2021-09-30,0.01799
2021-10-31,0.01668
2021-11-30,0.01732
2021-12-31,0.01610
2022-01-31,0.01583
2022-02-28,0.01939
2022-03-31,0.01796
2022-04-30,0.02124
2022-05-31,0.02273
2022-06-30,0.02311
2022-07-31,0.02298
2022-08-31,0.02436
2022-09-30,0.02550
2022-10-31,0.02742
2022-11-30,0.02864
2022-12-31,0.02925
2023-01-31,0.02840
2023-02-28,0.03173
2023-03-31,0.03112
2023-04-30,0.03116
2023-05-31,0.03159
2023-06-30,0.03220
2023-07-31,0.03262
2023-08-31,0.03281
2023-09-30,0.03334
2023-10-31,0.03461
2023-11-30,0.03530
2023-12-31,0.03526
2024-01-31,0.03523
2024-02-29,0.03655
2024-03-31,0.03561
2024-04-30,0.03586
2024-05-31,0.03570
2024-06-30,0.03647
2024-07-31,0.03630
2024-08-31,0.03674
2024-09-30,0.03624
2024-10-31,0.03603
2024-11-30,0.03683
2024-12-31,0.03639
2025-01-31,0.03612
2025-02-28,0.03763
2025-03-31,0.03633
2025-04-30,0.03804
2025-05-31,0.03866
2025-06-30,0.03864
2025-07-31,0.03941
2025-08-31,0.04007
2025-09-30,0.04045
2025-10-31,0.03989

            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
2009-04-30,1241049600,0.03412,0.03412,0,0
2009-05-29,1243728000,0.04050,0.04050,0,0
2009-06-30,1246320000,0.03873,0.03873,0,0
2009-07-31,1248998400,0.05159,0.05159,0,0
2009-08-31,1251676800,0.05184,0.05184,0,0
2009-09-30,1254268800,0.04854,0.04854,0,0
2009-10-30,1256947200,0.05007,0.05007,0,0
2009-11-19,1258588800,0.11453,0,0.11453,0.00000
2009-11-30,1259539200,0.05219,0.05219,0,0
2009-12-31,1262217600,0.04897,0.04897,0,0
2010-01-29,1264896000,0.04775,0.04775,0,0
2010-02-26,1267315200,0.05074,0.05074,0,0
2010-03-31,1269993600,0.04920,0.04920,0,0
2010-04-30,1272585600,0.04962,0.04962,0,0
2010-05-28,1275264000,0.04938,0.04938,0,0
2010-06-30,1277856000,0.04782,0.04782,0,0
2010-07-30,1280534400,0.04496,0.04496,0,0
2010-08-31,1283212800,0.04344,0.04344,0,0
2010-09-30,1285804800,0.03971,0.03971,0,0
2010-10-29,1288483200,0.04240,0.04240,0,0
2010-11-19,1290124800,0.02277,0,0.02190,0.00087
2010-11-30,1291075200,0.04621,0.04621,0,0
2010-12-31,1293753600,0.04667,0.04667,0,0
2011-01-31,1296432000,0.04808,0.04808,0,0
2011-02-28,1298851200,0.04763,0.04763,0,0
2011-03-31,1301529600,0.04612,0.04612,0,0
2011-04-29,1304121600,0.04816,0.04816,0,0
2011-05-31,1306800000,0.04600,0.04600,0,0
2011-06-30,1309392000,0.04943,0.04943,0,0
2011-07-29,1312070400,0.04562,0.04562,0,0
2011-08-31,1314748800,0.04550,0.04550,0,0
2011-09-30,1317340800,0.04052,0.04052,0,0
2011-10-31,1320019200,0.04281,0.04281,0,0
2011-11-18,1321574400,0.01198,0,0.00000,0.01198
2011-11-30,1322611200,0.04774,0.04774,0,0
2011-12-30,1325289600,0.04570,0.04570,0,0
2012-01-31,1327968000,0.04157,0.04157,0,0
2012-02-29,1330473600,0.03948,0.03948,0,0
2012-03-30,1333152000,0.03593,0.03593,0,0
2012-04-30,1335744000,0.03586,0.03586,0,0
2012-05-31,1338422400,0.03442,0.03442,0,0
2012-06-29,1341014400,0.03346,0.03346,0,0
2012-07-31,1343692800,0.03292,0.03292,0,0
2012-08-31,1346371200,0.03151,0.03151,0,0
2012-09-28,1348963200,0.03291,0.03291,0,0
2012-10-31,1351641600,0.03123,0.03123,0,0
2012-11-20,1353369600,0.03484,0,0.03133,0.00351
2012-11-30,1354233600,0.03146,0.03146,0,0
2012-12-31,1356912000,0.03174,0.03174,0,0
2013-01-31,1359590400,0.03143,0.03143,0,0
2013-02-28,1362009600,0.03088,0.03088,0,0
2013-03-28,1364688000,0.02874,0.02874,0,0
2013-04-30,1367280000,0.02847,0.02847,0,0
2013-05-31,1369958400,0.02768,0.02768,0,0
2013-06-28,1372550400,0.02977,0.02977,0,0
2013-07-31,1375228800,0.03132,0.03132,0,0
2013-08-30,1377907200,0.03163,0.03163,0,0
2013-09-30,1380499200,0.03212,0.03212,0,0
2013-10-31,1383177600,0.03191,0.03191,0,0
2013-11-19,1384819200,0.05455,0,0.00000,0.05455
2013-11-29,1385769600,0.03388,0.03388,0,0
2013-12-31,1388448000,0.03453,0.03453,0,0
2014-01-31,1391126400,0.03361,0.03361,0,0
2014-02-28,1393545600,0.03744,0.03744,0,0
2014-03-31,1396224000,0.03367,0.03367,0,0
2014-04-30,1398816000,0.03115,0.03115,0,0
2014-05-30,1401494400,0.03011,0.03011,0,0
2014-06-30,1404086400,0.02945,0.02945,0,0
2014-07-31,1406764800,0.02510,0.02510,0,0
2014-08-29,1409443200,0.02739,0.02739,0,0
2014-09-30,1412035200,0.02668,0.02668,0,0
2014-10-31,1414713600,0.02525,0.02525,0,0
2014-11-19,1416355200,0.01153,0,0.00387,0.00766
2014-11-28,1417305600,0.02547,0.02547,0,0
2014-12-31,1419984000,0.02379,0.02379,0,0
2015-01-30,1422662400,0.02213,0.02213,0,0
2015-02-27,1425081600,0.02551,0.02551,0,0
2015-03-31,1427760000,0.02367,0.02367,0,0
2015-04-30,1430352000,0.02465,0.02465,0,0
2015-05-29,1433030400,0.02479,0.02479,0,0
2015-06-30,1435622400,0.02606,0.02606,0,0
2015-07-31,1438300800,0.02564,0.02564,0,0
2015-08-31,1440979200,0.02622,0.02622,0,0
2015-09-30,1443571200,0.02800,0.02800,0,0
2015-10-30,1446249600,0.02843,0.02843,0,0
2015-11-30,1448841600,0.02873,0.02873,0,0
2015-12-31,1451520000,0.02579,0.02579,0,0
2016-01-29,1454198400,0.02290,0.02290,0,0
2016-02-29,1456704000,0.02423,0.02423,0,0
2016-03-31,1459382400,0.02226,0.02226,0,0
2016-04-29,1461974400,0.02314,0.02314,0,0
2016-05-31,1464652800,0.02152,0.02152,0,0
2016-06-30,1467244800,0.02158,0.02158,0,0
2016-07-29,1469923200,0.02020,0.02020,0,0
2016-08-31,1472601600,0.01965,0.01965,0,0
2016-09-30,1475193600,0.02210,0.02210,0,0
2016-10-31,1477872000,0.02045,0.02045,0,0
2016-11-30,1480464000,0.02231,0.02231,0,0
2016-12-30,1483142400,0.02187,0.02187,0,0
2017-01-31,1485820800,0.02188,0.02188,0,0
2017-02-28,1488240000,0.02584,0.02584,0,0
2017-03-31,1490918400,0.02437,0.02437,0,0
2017-04-28,1493510400,0.02480,0.02480,0,0
2017-05-31,1496188800,0.02473,0.02473,0,0
2017-06-30,1498780800,0.02428,0.02428,0,0
2017-07-31,1501459200,0.02397,0.02397,0,0
2017-08-31,1504137600,0.02418,0.02418,0,0
2017-09-29,1506729600,0.02473,0.02473,0,0
2017-10-31,1509408000,0.02460,0.02460,0,0
2017-11-30,1512000000,0.02559,0.02559,0,0
2017-12-29,1514678400,0.02438,0.02438,0,0
2018-01-31,1517356800,0.02361,0.02361,0,0
2018-02-28,1519776000,0.02639,0.02639,0,0
2018-03-29,1522454400,0.02430,0.02430,0,0
2018-04-30,1525046400,0.02616,0.02616,0,0
2018-05-31,1527724800,0.02516,0.02516,0,0
2018-06-29,1530316800,0.02573,0.02573,0,0
2018-07-31,1532995200,0.02506,0.02506,0,0
2018-08-31,1535673600,0.02563,0.02563,0,0
2018-09-28,1538265600,0.02572,0.02572,0,0
2018-10-31,1540944000,0.02621,0.02621,0,0
2018-11-30,1543536000,0.02751,0.02751,0,0
2018-12-31,1546214400,0.02661,0.02661,0,0
2019-01-31,1548892800,0.02597,0.02597,0,0
2019-02-28,1551312000,0.02872,0.02872,0,0
2019-03-29,1553990400,0.02649,0.02649,0,0
2019-04-30,1556582400,0.02732,0.02732,0,0
2019-05-31,1559260800,0.02640,0.02640,0,0
2019-06-28,1561852800,0.02743,0.02743,0,0
2019-07-31,1564531200,0.02620,0.02620,0,0
2019-08-31,1567209600,0.02553,0.02553,0,0
2019-09-30,1569801600,0.02531,0.02531,0,0
2019-10-31,1572480000,0.02452,0.02452,0,0
2019-11-30,1575072000,0.02513,0.02513,0,0
2019-12-31,1577750400,0.02382,0.02382,0,0
2020-01-31,1580428800,0.02370,0.02370,0,0
2020-02-29,1582934400,0.02702,0.02702,0,0
2020-03-31,1585612800,0.02733,0.02733,0,0
2020-04-30,1588204800,0.02780,0.02780,0,0
2020-05-31,1590883200,0.02632,0.02632,0,0
2020-06-30,1593475200,0.02629,0.02629,0,0
2020-07-31,1596153600,0.02592,0.02592,0,0
2020-08-31,1598832000,0.02370,0.02370,0,0
2020-09-30,1601424000,0.02338,0.02338,0,0
2020-10-30,1604102400,0.02253,0.02253,0,0
2020-11-30,1606694400,0.02367,0.02367,0,0
2020-12-31,1609372800,0.02117,0.02117,0,0
2021-01-29,1612051200,0.01981,0.01981,0,0
2021-02-26,1614470400,0.02098,0.02098,0,0
2021-03-31,1617148800,0.01833,0.01833,0,0
2021-04-30,1619740800,0.01865,0.01865,0,0
2021-05-28,1622419200,0.01714,0.01714,0,0
2021-06-30,1625011200,0.01751,0.01751,0,0
2021-07-30,1627689600,0.01712,0.01712,0,0
2021-08-31,1630368000,0.01708,0.01708,0,0
2021-09-30,1632960000,0.01799,0.01799,0,0
2021-10-29,1635638400,0.01668,0.01668,0,0
2021-11-30,1638230400,0.01732,0.01732,0,0
2021-12-31,1640908800,0.01610,0.01610,0,0
2022-01-31,1643587200,0.01583,0.01583,0,0
2022-02-28,1646006400,0.01939,0.01939,0,0
2022-03-31,1648684800,0.01796,0.01796,0,0
2022-04-29,1651276800,0.02124,0.02124,0,0
2022-05-31,1653955200,0.02273,0.02273,0,0
2022-06-30,1656547200,0.02311,0.02311,0,0
2022-07-29,1659225600,0.02298,0.02298,0,0
2022-08-31,1661904000,0.02436,0.02436,0,0
2022-09-30,1664496000,0.02550,0.02550,0,0
2022-10-31,1667174400,0.02742,0.02742,0,0
2022-11-30,1669766400,0.02864,0.02864,0,0
2022-12-30,1672444800,0.02925,0.02925,0,0
2023-01-31,1675123200,0.02840,0.02840,0,0
2023-02-28,1677542400,0.03173,0.03173,0,0
2023-03-31,1680220800,0.03112,0.03112,0,0
2023-04-28,1682812800,0.03116,0.03116,0,0
2023-05-31,1685491200,0.03159,0.03159,0,0
2023-06-30,1688083200,0.03220,0.03220,0,0
2023-07-31,1690761600,0.03262,0.03262,0,0
2023-08-31,1693440000,0.03281,0.03281,0,0
2023-09-29,1696032000,0.03334,0.03334,0,0
2023-10-31,1698710400,0.03461,0.03461,0,0
2023-11-30,1701302400,0.03530,0.03530,0,0
2023-12-29,1703980800,0.03526,0.03526,0,0
2024-01-31,1706659200,0.03523,0.03523,0,0
2024-02-29,1709164800,0.03655,0.03655,0,0
2024-03-28,1711843200,0.03561,0.03561,0,0
2024-04-30,1714435200,0.03586,0.03586,0,0
2024-05-31,1717113600,0.03570,0.03570,0,0
2024-06-28,1719705600,0.03647,0.03647,0,0
2024-07-31,1722384000,0.03630,0.03630,0,0
2024-08-30,1725062400,0.03674,0.03674,0,0
2024-09-30,1727654400,0.03624,0.03624,0,0
2024-10-31,1730332800,0.03603,0.03603,0,0
2024-11-29,1732924800,0.03683,0.03683,0,0
2024-12-31,1735603200,0.03639,0.03639,0,0
2025-01-31,1738281600,0.03612,0.03612,0,0
2025-02-28,1740700800,0.03763,0.03763,0,0
2025-03-31,1743379200,0.03633,0.03633,0,0
2025-04-30,1745971200,0.03804,0.03804,0,0
2025-05-30,1748649600,0.03866,0.03866,0,0
2025-06-30,1751241600,0.03864,0.03864,0,0
2025-07-31,1753920000,0.03941,0.03941,0,0
2025-08-29,1756598400,0.04007,0.04007,0,0
2025-09-30,1759190400,0.04045,0.04045,0,0
2025-10-31,1761868800,0.03989,0.03989,0,0

Distributions

(As of 31 Oct 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

0.03412

—

29 May 2009

31 May 2009

0.04050

—

30 Jun 2009

0.03873

—

31 Jul 2009

0.05159

—

31 Aug 2009

0.05184

—

30 Sep 2009

0.04854

—

30 Oct 2009

31 Oct 2009

0.05007

—

19 Nov 2009

0.11453

—

0.11453

0.00000

30 Nov 2009

0.05219

—

31 Dec 2009

0.04897

—

29 Jan 2010

31 Jan 2010

0.04775

—

26 Feb 2010

28 Feb 2010

0.05074

—

31 Mar 2010

0.04920

—

30 Apr 2010

0.04962

—

28 May 2010

31 May 2010

0.04938

—

30 Jun 2010

0.04782

—

30 Jul 2010

31 Jul 2010

0.04496

—

31 Aug 2010

0.04344

—

30 Sep 2010

0.03971

—

29 Oct 2010

31 Oct 2010

0.04240

—

19 Nov 2010

0.02277

—

0.02190

0.00087

30 Nov 2010

0.04621

—

31 Dec 2010

0.04667

—

31 Jan 2011

0.04808

—

28 Feb 2011

0.04763

—

31 Mar 2011

0.04612

—

29 Apr 2011

30 Apr 2011

0.04816

—

31 May 2011

0.04600

—

30 Jun 2011

0.04943

—

29 Jul 2011

31 Jul 2011

0.04562

—

31 Aug 2011

0.04550

—

30 Sep 2011

0.04052

—

31 Oct 2011

0.04281

—

18 Nov 2011

0.01198

—

0.00000

0.01198

30 Nov 2011

0.04774

—

30 Dec 2011

31 Dec 2011

0.04570

—

31 Jan 2012

0.04157

—

29 Feb 2012

0.03948

—

30 Mar 2012

31 Mar 2012

0.03593

—

30 Apr 2012

0.03586

—

31 May 2012

0.03442

—

29 Jun 2012

30 Jun 2012

0.03346

—

31 Jul 2012

0.03292

—

31 Aug 2012

0.03151

—

28 Sep 2012

30 Sep 2012

0.03291

—

31 Oct 2012

0.03123

—

20 Nov 2012

0.03484

—

0.03133

0.00351

30 Nov 2012

0.03146

—

31 Dec 2012

0.03174

—

31 Jan 2013

0.03143

—

28 Feb 2013

0.03088

—

28 Mar 2013

31 Mar 2013

0.02874

—

30 Apr 2013

0.02847

—

31 May 2013

0.02768

—

28 Jun 2013

30 Jun 2013

0.02977

—

31 Jul 2013

0.03132

—

30 Aug 2013

31 Aug 2013

0.03163

—

30 Sep 2013

0.03212

—

31 Oct 2013

0.03191

—

19 Nov 2013

0.05455

—

0.00000

0.05455

29 Nov 2013

30 Nov 2013

0.03388

—

31 Dec 2013

0.03453

—

31 Jan 2014

0.03361

—

28 Feb 2014

0.03744

—

31 Mar 2014

0.03367

—

30 Apr 2014

0.03115

—

30 May 2014

31 May 2014

0.03011

—

30 Jun 2014

0.02945

—

31 Jul 2014

0.02510

—

29 Aug 2014

31 Aug 2014

0.02739

—

30 Sep 2014

0.02668

—

31 Oct 2014

0.02525

—

19 Nov 2014

0.01153

—

0.00387

0.00766

28 Nov 2014

30 Nov 2014

0.02547

—

31 Dec 2014

0.02379

—

30 Jan 2015

31 Jan 2015

0.02213

—

27 Feb 2015

28 Feb 2015

0.02551

—

31 Mar 2015

0.02367

—

30 Apr 2015

0.02465

—

29 May 2015

31 May 2015

0.02479

—

30 Jun 2015

0.02606

—

31 Jul 2015

0.02564

—

31 Aug 2015

0.02622

—

30 Sep 2015

0.02800

—

30 Oct 2015

31 Oct 2015

0.02843

—

30 Nov 2015

0.02873

—

31 Dec 2015

0.02579

—

29 Jan 2016

31 Jan 2016

0.02290

—

29 Feb 2016

0.02423

—

31 Mar 2016

0.02226

—

29 Apr 2016

30 Apr 2016

0.02314

—

31 May 2016

0.02152

—

30 Jun 2016

0.02158

—

29 Jul 2016

31 Jul 2016

0.02020

—

31 Aug 2016

0.01965

—

30 Sep 2016

0.02210

—

31 Oct 2016

0.02045

—

30 Nov 2016

0.02231

—

30 Dec 2016

31 Dec 2016

0.02187

—

31 Jan 2017

0.02188

—

28 Feb 2017

0.02584

—

31 Mar 2017

0.02437

—

28 Apr 2017

30 Apr 2017

0.02480

—

31 May 2017

0.02473

—

30 Jun 2017

0.02428

—

31 Jul 2017

0.02397

—

31 Aug 2017

0.02418

—

29 Sep 2017

30 Sep 2017

0.02473

—

31 Oct 2017

0.02460

—

30 Nov 2017

0.02559

—

29 Dec 2017

31 Dec 2017

0.02438

—

31 Jan 2018

0.02361

—

28 Feb 2018

0.02639

—

29 Mar 2018

31 Mar 2018

0.02430

—

30 Apr 2018

0.02616

—

31 May 2018

0.02516

—

29 Jun 2018

30 Jun 2018

0.02573

—

31 Jul 2018

0.02506

—

31 Aug 2018

0.02563

—

28 Sep 2018

30 Sep 2018

0.02572

—

31 Oct 2018

0.02621

—

30 Nov 2018

0.02751

—

31 Dec 2018

0.02661

—

31 Jan 2019

0.02597

—

28 Feb 2019

0.02872

—

29 Mar 2019

31 Mar 2019

0.02649

—

30 Apr 2019

0.02732

—

31 May 2019

0.02640

—

28 Jun 2019

30 Jun 2019

0.02743

—

31 Jul 2019

0.02620

—

31 Aug 2019

0.02553

—

30 Sep 2019

0.02531

—

31 Oct 2019

0.02452

—

30 Nov 2019

0.02513

—

31 Dec 2019

0.02382

—

31 Jan 2020

0.02370

—

29 Feb 2020

0.02702

—

31 Mar 2020

0.02733

—

30 Apr 2020

0.02780

—

31 May 2020

0.02632

—

30 Jun 2020

0.02629

—

31 Jul 2020

0.02592

—

31 Aug 2020

0.02370

—

30 Sep 2020

0.02338

—

30 Oct 2020

31 Oct 2020

0.02253

—

30 Nov 2020

0.02367

—

31 Dec 2020

0.02117

—

29 Jan 2021

31 Jan 2021

0.01981

—

26 Feb 2021

28 Feb 2021

0.02098

—

31 Mar 2021

0.01833

—

30 Apr 2021

0.01865

—

28 May 2021

31 May 2021

0.01714

—

30 Jun 2021

0.01751

—

30 Jul 2021

31 Jul 2021

0.01712

—

31 Aug 2021

0.01708

—

30 Sep 2021

0.01799

—

29 Oct 2021

31 Oct 2021

0.01668

—

30 Nov 2021

0.01732

—

31 Dec 2021

0.01610

—

31 Jan 2022

0.01583

—

28 Feb 2022

0.01939

—

31 Mar 2022

0.01796

—

29 Apr 2022

30 Apr 2022

0.02124

—

31 May 2022

0.02273

—

30 Jun 2022

0.02311

—

29 Jul 2022

31 Jul 2022

0.02298

—

31 Aug 2022

0.02436

—

30 Sep 2022

0.02550

—

31 Oct 2022

0.02742

—

30 Nov 2022

0.02864

—

30 Dec 2022

31 Dec 2022

0.02925

—

31 Jan 2023

0.02840

—

28 Feb 2023

0.03173

—

31 Mar 2023

0.03112

—

28 Apr 2023

30 Apr 2023

0.03116

—

31 May 2023

0.03159

—

30 Jun 2023

0.03220

—

31 Jul 2023

0.03262

—

31 Aug 2023

0.03281

—

29 Sep 2023

30 Sep 2023

0.03334

—

31 Oct 2023

0.03461

—

30 Nov 2023

0.03530

—

29 Dec 2023

31 Dec 2023

0.03526

—

31 Jan 2024

0.03523

—

29 Feb 2024

0.03655

—

28 Mar 2024

31 Mar 2024

0.03561

—

30 Apr 2024

0.03586

—

31 May 2024

0.03570

—

28 Jun 2024

30 Jun 2024

0.03647

—

31 Jul 2024

0.03630

—

30 Aug 2024

31 Aug 2024

0.03674

—

30 Sep 2024

0.03624

—

31 Oct 2024

0.03603

—

29 Nov 2024

30 Nov 2024

0.03683

—

31 Dec 2024

0.03639

—

31 Jan 2025

0.03612

—

28 Feb 2025

0.03763

—

31 Mar 2025

0.03633

—

30 Apr 2025

0.03804

—

30 May 2025

31 May 2025

0.03866

—

30 Jun 2025

0.03864

—

31 Jul 2025

0.03941

—

29 Aug 2025

31 Aug 2025

0.04007

—

30 Sep 2025

0.04045

—

31 Oct 2025

0.03989

—

Fund Facts

(As of 31 Oct 2025)

Net Fund Assets

$388.0 M

Benchmark

ICE BofA U.S. Municipal Securities Index

Morningstar Category

Muni National Intermediate

Fund Symbol

TSSCX

Share Class

Share Class Inception Date

1 Apr 2009

Distribution Frequency

Monthly

30-Day SEC Yield (Subsidized)

3.02%

30-Day SEC Yield (Unsubsidized)

2.37%

Annualized Distribution Yield

3.28%

Characteristics

Portfolio

(As of 31 Oct 2025)

Portfolio

Benchmark

Number of Holdings

299

—

Annual Portfolio Turnover

59%

—

Effective Duration

7.3 Yrs

7.2 Yrs

Average Effective Maturity

15.8 Yrs

14.2 Yrs

Portfolio

Benchmark

Weighted Average Coupon

5.0%

4.6%

Yield to Worst

4.3%

3.6%

Subject to Alternative Minimum Tax

16.3%

—

Risk & Return Profile

(As of 31 Oct 2025)

10y

Annualized Alpha (%)

1.38

0.54

0.12

Standard Deviation (%)

4.97

5.05

4.33

Sharpe Ratio

0.14

-0.33

-0.01

Up Capture (%)

84.21

82.39

81.55

Down Capture (%)

65.76

75.57

79.34

Past performance does not guarantee future results.

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

Portfolio

Top Holdings

(As of 30 Sep 2025)

Name

Ticker/Symbol

Weight %

Kentucky Public Energy Authority

74440DDS0

1.5

Buckeye Tobacco Settlement Financing Authority

118217CZ9

1.5

Kentucky Public Energy Authority

74440DEC4

1.4

Patriots Energy Group Financing Agency

70342PAN4

1.4

California Community Choice Financing Authority

13013JCM6

1.2

Tarrant County Housing Finance Corp.

876390AA3

1.1

Main Street Natural Gas, Inc.

56035DBR2

1.0

San Antonio Housing Trust Public Facility Corp.

79626WAA5

0.9

City of Chicago IL

167486ZY8

0.9

Indiana Finance Authority

45506EPB3

0.9

Download Holdings

Portfolio holdings are subject to change daily.

Exposure Breakdown

(As of 31 Oct 2025)

Sector Allocation

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

15%

20%

Prepaid Gas

14.2

—

Lifecare

13.1

—

Hospital

9.8

9.7

Airport

8.1

5.4

Industrial Development/Pollution Control

6.4

—

Multi Family Mortgage

6.2

2.3

Short-Term Investments, Other Assets & Liabilities

5.7

—

Dedicated Tax

4.8

13.8

Charter School

3.9

—

State General Obligation

3.3

11.4

Single Family Mortgage

2.3

1.9

Sector Allocation

Fund (%)

Prepaid Gas

14.2

Lifecare

13.1

Hospital

9.8

Airport

8.1

Industrial Development/Pollution Control

6.4

Multi Family Mortgage

6.2

Short-Term Investments, Other Assets & Liabilities

5.7

Dedicated Tax

4.8

Charter School

3.9

State General Obligation

3.3

Single Family Mortgage

2.3

Top 10 U.S. States

Fund (%)

Benchmark (%)

Portfolio

Benchmark

10%

15%

20%

25%

30%

Illinois

9.5

4.3

Texas

8.3

9.3

Florida

7.4

3.5

Short-Term Investments, Other Assets & Liabilities

5.7

—

Pennsylvania

5.1

3.6

California

5.0

17.6

Georgia

5.0

2.8

Alabama

3.9

2.4

New York

3.9

20.1

Colorado

3.5

2.1

Arizona

3.4

1.2

Top 10 U.S. States

Fund (%)

Illinois

9.5

Texas

8.3

Florida

7.4

Short-Term Investments, Other Assets & Liabilities

5.7

Pennsylvania

5.1

California

5.0

Georgia

5.0

Alabama

3.9

New York

3.9

Colorado

3.5

Arizona

3.4

Credit Quality

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

20%

30%

40%

50%

60%

AAA

2.4

13.6

24.8

56.4

31.4

23.9

BBB

15.1

6.1

Below Invest. Grade

2.0

—

Not Rated

18.5

—

Short-Term Investments, Other Assets & Liabilities

5.7

—

Credit Quality

Fund (%)

AAA

2.4

24.8

31.4

BBB

15.1

Below Invest. Grade

2.0

Not Rated

18.5

Short-Term Investments, Other Assets & Liabilities

5.7

Maturity

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

20%

30%

40%

50%

60%

Year 1-2

8.5

5.0

Year 3-4

3.3

10.0

Year 5-6

10.3

9.5

Year 7-8

5.2

9.2

Year 9-10

4.6

7.9

Year 11-12

4.1

6.0

Year 13-14

2.4

4.0

Year 15-16

4.6

4.0

Year 17+

50.3

40.0

Short-Term Investments, Other Assets & Liabilities

5.7

—

Maturity

Fund (%)

Year 1-2

8.5

Year 3-4

3.3

Year 5-6

10.3

Year 7-8

5.2

Year 9-10

4.6

Year 11-12

4.1

Year 13-14

2.4

Year 15-16

4.6

Year 17+

50.3

Short-Term Investments, Other Assets & Liabilities

5.7

Weights are percentages of the total portfolio unless otherwise noted.

May not add up to 100% due to rounding.

Short-Term Investments, Other Assets & Liabilities includes cash, short-term securities, other assets less liabilities, accruals, derivatives and forwards. It may also include investments in money market or similar funds managed by Thornburg that are not offered to the public.

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 Financial Statements

Prospectus

Statement of Additional Information (SAI)

Annual TSR

Semi-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

Turn Cash Into Opportunities With Active Management

The High-Quality Case for Investing in Global Luxury Goods

Why Cash Is No Longer King: Bonds Should Reign

Using Dividends to Strengthen Portfolios Amid Lower Rates

The ABCs of Tax-Loss Harvesting

Beyond ESG Scores: Active, Governance-Driven Alpha

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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

Eve Lando, JD

Craig Mauermann, ChFC

Literature

Important Information

More Insights

Turn Cash Into Opportunities With Active Management

The High-Quality Case for Investing in Global Luxury Goods

Why Cash Is No Longer King: Bonds Should Reign

Using Dividends to Strengthen Portfolios Amid Lower Rates

The ABCs of Tax-Loss Harvesting

Beyond ESG Scores: Active, Governance-Driven Alpha