Strategic Municipal Income Fund - Performance

Share Class

Average Annual Total Returns

A Shares (Incep. 4/1/2009) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION
TSSAX without sales charge-0.02%5.47%3.64%2.46%4.43%5.36%
TSSAX with sales charge-2.04%3.33%2.96%2.05%4.22%5.19%
A Shares (Incep. 4/1/2009) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION
TSSAX without sales charge-0.02%5.47%3.64%2.46%4.43%5.36%
TSSAX with sales charge-2.04%3.33%2.96%2.05%4.22%5.19%
A Shares without sales charge
(Incep. 4/1/2009)
ICE BofA US Muni
2010 3.06% 2.25%
2011 12.40% 11.19%
2012 9.76% 7.26%
2013 -2.80% -2.89%
2014 9.86% 9.78%
2015 2.23% 3.55%
2016 -0.38% 0.44%
2017 4.04% 5.42%
2018 0.74% 1.04%
2019 5.59% 7.74%
2020 3.79% 5.26%

Returns for less than one year are not annualized.
Source: Confluence

Fund Operating Expenses — Class A Shares

Gross Annual Operating Expenses (as reported in the most recent Prospectus) 1.26%
Net Annual Operating Expenses (as reported in the most recent Prospectus) 0.81%
Actual Annualized Operating Expenses (fiscal year to date, as of 2/28/2021) 0.81%

Morningstar Rating

Overall Morningstar Rating among 249 Muni National Intermediate funds, based on risk-adjusted returns for class A shares, using a weighted average of the fund's three-, five- and ten-year ratings: respectively, 2 stars, 2 stars and 4 stars among 249, 223 and 164 funds, as of 12/31/2020.

30-Day Yields With Sales Charge as of — Class A Shares

Annualized Distribution Yield 2.16%
SEC Yield 0.32%

Dividends and Capital Gains — Class A Shares

Dividend (paid Mar 31, 2021) $0.02448
Capital Gains (2020) None Paid

Hypothetical Growth of $10,000 as of (Thornburg Strategic Municipal Income Fund vs. ICE BofA US Muni)

A Shares with sales charge
18345.69830000
ICE BofA US Muni
17806.01040000
The Hypothetical Growth of $10,000 graph compares a hypothetical $10,000 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.

Additional Rating and Ranking Information

Average Annual Total Returns

C Shares (Incep. 4/1/2009) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION
TSSCX without sales charge-0.07%4.97%3.18%2.00%4.05%5.00%
TSSCX with sales charge-0.67%4.37%3.18%2.00%4.05%5.00%
C Shares (Incep. 4/1/2009) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION
TSSCX without sales charge-0.07%4.97%3.18%2.00%4.05%5.00%
TSSCX with sales charge-0.67%4.37%3.18%2.00%4.05%5.00%
C Shares without sales charge
(Incep. 4/1/2009)
ICE BofA US Muni
2010 2.75% 2.25%
2011 12.06% 11.19%
2012 9.43% 7.26%
2013 -3.08% -2.89%
2014 9.60% 9.78%
2015 1.92% 3.55%
2016 -0.68% 0.44%
2017 3.53% 5.42%
2018 0.27% 1.04%
2019 5.03% 7.74%
2020 3.31% 5.26%

Returns for less than one year are not annualized.
Source: Confluence

Fund Operating Expenses — Class C Shares

Gross Annual Operating Expenses (as reported in the most recent Prospectus) 1.65%
Net Annual Operating Expenses (as reported in the most recent Prospectus) 1.28%
Actual Annualized Operating Expenses (fiscal year to date, as of 2/28/2021) 1.28%

Morningstar Rating

Overall Morningstar Rating among 249 Muni National Intermediate funds, based on risk-adjusted returns for class C shares, using a weighted average of the fund's three-, five- and ten-year ratings: respectively, 1 star, 2 stars and 3 stars among 249, 223 and 164 funds, as of 12/31/2020.

30-Day Yields as of — Class C Shares

Annualized Distribution Yield 1.73%
SEC Yield -0.15%

Dividends and Capital Gains — Class C Shares

Dividend (paid Mar 31, 2021) $0.01833
Capital Gains (2020) None Paid

Hypothetical Growth of $10,000 as of (Thornburg Strategic Municipal Income Fund vs. ICE BofA US Muni)

C Shares
17949.38600000
ICE BofA US Muni
17806.01040000
The Hypothetical Growth of $10,000 graph compares a hypothetical $10,000 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.

Additional Rating and Ranking Information

Average Annual Total Returns

I Shares (Incep. 4/1/2009) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION
TSSIX0.10%5.77%3.89%2.70%4.72%5.66%
I Shares (Incep. 4/1/2009) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION
TSSIX0.10%5.77%3.89%2.70%4.72%5.66%
I Shares (Incep. 4/1/2009) ICE BofA US Muni
2010 3.33% 2.25%
2011 12.70% 11.19%
2012 10.08% 7.26%
2013 -2.51% -2.89%
2014 10.21% 9.78%
2015 2.61% 3.55%
2016 -0.06% 0.44%
2017 4.20% 5.42%
2018 1.03% 1.04%
2019 5.75% 7.74%
2020 4.02% 5.26%

Returns for less than one year are not annualized.
Source: Confluence

Fund Operating Expenses — Class I Shares

Gross Annual Operating Expenses (as reported in the most recent Prospectus) 0.99%
Net Annual Operating Expenses (as reported in the most recent Prospectus) 0.59%
Actual Annualized Operating Expenses (fiscal year to date, as of 2/28/2021) 0.59%

Morningstar Rating

Overall Morningstar Rating among 249 Muni National Intermediate funds, based on risk-adjusted returns for class I shares, using a weighted average of the fund's three-, five- and ten-year ratings: respectively, 3 stars, 3 stars and 4 stars among 249, 223 and 164 funds, as of 12/31/2020.

30-Day Yields as of — Class I Shares

Annualized Distribution Yield 2.42%
SEC Yield 0.54%

Dividends and Capital Gains — Class I Shares

Dividend (paid Mar 31, 2021) $0.02737
Capital Gains (2020) None Paid

Hypothetical Growth of $10,000 as of (Thornburg Strategic Municipal Income Fund vs. ICE BofA US Muni)

I Shares
19347.41620000
ICE BofA US Muni
17806.01040000
The Hypothetical Growth of $10,000 graph compares a hypothetical $10,000 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.

Additional Rating and Ranking Information
Important Information