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 charge1.88%2.28%2.88%2.55%3.65%5.39%
TSSAX with sales charge-0.15%0.25%2.19%2.14%3.44%5.21%
A Shares (Incep. 4/1/2009) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION
TSSAX without sales charge2.09%2.56%2.98%2.65%3.67%5.45%
TSSAX with sales charge0.06%0.53%2.28%2.24%3.46%5.27%
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%

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 9/30/2020) 0.87%

Morningstar Rating

Overall Morningstar Rating among 240 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 240, 218 and 160 funds, as of 9/30/2020.

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

Annualized Distribution Yield 2.14%
SEC Yield 0.80%
Without the fee waivers and expense reimbursements described above, the Annualized Distribution yield would have been 1.88%, and the SEC yield would have been 0.51%.

Dividends and Capital Gains — Class A Shares

Dividend (paid Oct 31, 2020) $0.02868
Capital Gains (2018) None Paid

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

A Shares with sales charge
18010.59850000
ICE BofA US Muni
17481.61780000
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 charge1.48%1.74%2.40%2.10%3.27%5.02%
TSSCX with sales charge0.88%1.14%2.40%2.10%3.27%5.02%
C Shares (Incep. 4/1/2009) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION
TSSCX without sales charge1.73%2.02%2.47%2.21%3.29%5.08%
TSSCX with sales charge1.13%1.42%2.47%2.21%3.29%5.08%
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%

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 9/30/2020) 1.35%

Morningstar Rating

Overall Morningstar Rating among 240 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, 2 stars, 2 stars and 3 stars among 240, 218 and 160 funds, as of 9/30/2020.

30-Day Yields as of — Class C Shares

Annualized Distribution Yield 1.71%
SEC Yield 0.34%
Without the fee waivers and expense reimbursements described above, the Annualized Distribution yield would have been 1.48%, and the SEC yield would have been 0.08%.

Dividends and Capital Gains — Class C Shares

Dividend (paid Oct 31, 2020) $0.02253
Capital Gains (2018) None Paid

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

C Shares
17644.53420000
ICE BofA US Muni
17481.61780000
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
TSSIX2.06%2.44%3.11%2.79%3.93%5.68%
I Shares (Incep. 4/1/2009) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION
TSSIX2.25%2.79%3.18%2.91%3.95%5.74%
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%

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) 0.98%
Net Annual Operating Expenses (as reported in the most recent Prospectus) 0.59%
Actual Annualized Operating Expenses (fiscal year to date, as of 9/30/2020) 0.65%

Morningstar Rating

Overall Morningstar Rating among 240 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 240, 218 and 160 funds, as of 9/30/2020.

30-Day Yields as of — Class I Shares

Annualized Distribution Yield 2.40%
SEC Yield 1.03%
Without the fee waivers and expense reimbursements described above, the Annualized Distribution yield would have been 2.19%, and the SEC yield would have been 0.80%.

Dividends and Capital Gains — Class I Shares

Dividend (paid Oct 31, 2020) $0.03155
Capital Gains (2018) None Paid

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

I Shares
18964.66500000
ICE BofA US Muni
17481.61780000
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