Thornburg Strategic Municipal Income Fund Class A TSSAX

Medalist Rating as of Sep 30, 2026 See Thornburg Investment Hub

NAV / 1-Day Return$13.72 / 0.00
Fund Size$412.6M
Adjusted Expense Ratio0.750%
Net Expense Ratio0.810%
Fee Level: DistributionAverage
Share Class TypeFront Load
Morningstar CategoryMuni National Intermediate
Fixed-Income Style Box (Funds)—
Minimum Initial Investment$1,000
Investment StatusOpen
TTM Yield4.10%
Average Effective Duration6.89 yrs

NAV and 1-Day Return as of Nov 12, 2026, 1:11:07 AM

Will TSSAX outperform in the future?

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Process Pillar
The Process Pillar is our assessment of how sensible, clearly defined, and repeatable TSSAX’s performance objective and investment process is for both security selection and portfolio construction.
People Pillar
The People Pillar is our evaluation of the TSSAX management team’s experience and ability. We find that high-quality management teams deliver superior performance relative to their benchmarks and/or peers.
Parent Pillar
The Parent Pillar is our rating of TSSAX’s parent organization’s priorities and whether they’re in line with investors’ interests.

Morningstar Automated Analysis

Summary

Thornburg Strategic Municipal Income A holds a quantitatively derived Neutral Morningstar Medalist Rating. The rating suggests the model does not express a clear expectation of outperformance or underperformance relative to peers over a full market cycle.

by Morningstar Automated Analysis

Rated on Sep 30, 2026 Published on Oct 27, 2026

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Portfolio Holdings TSSAX

More TSSAX Holdings

Current Portfolio DateSep 30, 2026
Equity Holdings—
Bond Holdings—
Other Holdings—
% Assets in Top 10 Holdings11.6

Top 10 Holdings	% Portfolio Weight	Market Value USD	Sector
PORT PORT ARTHUR TEX NAV DIST ENVIRONMENTAL FACS REV 3.6%	1.76	7M	municipal
MAIN STR ENERGY INC GA ENERGY PROJ REV 5%	1.30	5M	municipal
KENTUCKY INC KY PUB ENERGY AUTH GAS SUPLLY REV 4%	1.27	5M	municipal
PATRIOTS ENERGY GROUP FING AGY S C GAS SUPPLY REV 5.25%	1.22	5M	municipal
SOUTHEAST ALA GAS SUPPLY DIST GAS SUPPLY REV 5%	1.18	5M	municipal
MISSISSIPPI BUSINESS FIN CORP MISS GULF OPPORTUNITY ZONE 3.65%	1.04	4M	municipal
CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REV 5.25%	1.01	4M	municipal
PORT PORT ARTHUR TEX NAV DIST ENVIRONMENTAL FACS REV 3.6%	0.97	4M	municipal
BLACK BELT ENERGY GAS DIST ALA GAS PROJ REV 5%	0.96	4M	municipal
NORTH DAKOTA ST HSG FIN AGY 4.94%	0.92	4M	municipal

Thornburg Strategic Municipal Income Fund Class A TSSAX

Morningstar’s Analysis TSSAX

Will TSSAX outperform in the future?

Process Pillar

People Pillar

Parent Pillar

Summary

Portfolio Holdings TSSAX

PORT PORT ARTHUR TEX NAV DIST ENVIRONMENTAL FACS REV 3.6%

MAIN STR ENERGY INC GA ENERGY PROJ REV 5%

KENTUCKY INC KY PUB ENERGY AUTH GAS SUPLLY REV 4%

PATRIOTS ENERGY GROUP FING AGY S C GAS SUPPLY REV 5.25%

SOUTHEAST ALA GAS SUPPLY DIST GAS SUPPLY REV 5%

MISSISSIPPI BUSINESS FIN CORP MISS GULF OPPORTUNITY ZONE 3.65%

CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REV 5.25%

PORT PORT ARTHUR TEX NAV DIST ENVIRONMENTAL FACS REV 3.6%

BLACK BELT ENERGY GAS DIST ALA GAS PROJ REV 5%

NORTH DAKOTA ST HSG FIN AGY 4.94%

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