Thornburg Strategic Income Fund

SYMBOL: TSIIX

Morningstar Rating • Info

Overall Morningstar Rating among 290 Multisector Bond 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, 5 stars and 5 stars among 290, 254 and 153 funds, as of 31 Jan 2023.

As of 31 Jan 2023

Fund Assets

$6.3 B

As of 30 Apr 2023

NAV

$10.90

As of 17 Oct 2022

Change

$0.01

As of 17 Oct 2022

YTD NAV Performance

-8.37%

As of 17 Oct 2022

Asset Category:

Global Fixed Income

Fund Benchmark:

BBG US Universal TR Value

Portfolio Managers

Lon Erickson, CFA

Portfolio Manager and Managing Director

Christian Hoffmann, CFA

Portfolio Manager and Managing Director

Jeff Klingelhofer, CFA

Co-Head of Investments and Managing Director

Ali Hassan, CFA, FRM

Portfolio Manager and Managing Director

Jason Brady, CFA

President and CEO

Seeking to Deliver on the Promise of Income + Growth

The fund has delivered strong outperformance while taking below-average risk across standard time periods compared to peers in the Morningstar Multisector Bond category.

Strategic Income also has a history of providing:

Outperformance during rising rates
Downside protection
Enhanced total return potential

To learn more, explore the rest of the page and download our client approved brochure.

Download

SI-Morningstar-Percentile-Rankings-2Q22 (2)

Overview Performance Fund Facts Characteristics Portfolio Portfolio Managers Literature

Overview

Why Invest in This Strategy?

Highly active and flexible approach, designed to provide attractive risk-adjusted returns by investing in fixed income securities across sector, credit quality and geography.
Proven bottom-up fundamental approach to identify what we perceive to be the most attractive opportunities on a relative value basis.
Opportunistic, multi-sector bond strategy that seeks to provide a total return above that of core fixed income strategies with only incrementally higher risk.

Investment Objective

The fund’s goal is to provide investors with a high level of current income. The fund also seeks to provide some long-term capital appreciation.

Investment Approach

The fund is built around a highly active and flexible approach, able to invest in any income-producing security around the globe across sectors and issuers in order to identify the best relative value opportunities. Our collaborative process combines top-down macroeconomic considerations with deep, fundamental credit research for a comprehensive assessment of risk and reward across the fixed income universe.

Returns

(As of 31 Mar 2023)

YTD

10y

Inception

Total Return (%)

2.75

-0.29

4.35

3.16

3.41

5.35

BBG US Universal TR Value (%)

2.93

-4.61

-2.02

1.05

1.62

3.09

Strategic Income Blend (%)

3.91

-5.05

0.99

2.52

2.98

3.68

Morningstar Category Avg. (%)

2.37

-3.67

3.13

1.47

2.34

—

Morningstar Quartile

—

YTD

10y

Inception

Total Return (%)

3.13

1.67

2.53

3.19

3.40

5.31

BBG US Universal TR Value (%)

2.48

-1.89

-3.11

0.98

1.64

3.03

Strategic Income Blend (%)

3.66

-1.14

-0.72

2.40

2.95

3.62

Morningstar Category Avg. (%)

2.37

-3.67

3.13

1.47

2.34

—

Morningstar Quartile

—

YTD

10y

Inception

Total Return (%)

2.75

-0.29

13.63

16.81

39.87

121.66

BBG US Universal TR Value (%)

2.93

-4.61

-5.95

5.35

17.40

59.25

Strategic Income Blend (%)

3.91

-5.05

3.00

13.22

34.13

73.72

YTD

10y

Inception

Total Return (%)

3.13

1.67

7.79

17.03

39.71

122.49

BBG US Universal TR Value (%)

2.48

-1.89

-9.04

5.02

17.62

58.56

Strategic Income Blend (%)

3.66

-1.14

-2.14

12.58

33.80

73.30

2017

2018

2019

2020

2021

2022

Total Return (%)

6.47

0.68

7.91

8.25

2.78

-6.13

Strategic Income Blend (%)

7.09

-1.63

12.45

9.68

2.85

-13.87

BBG US Universal TR Value (%)

4.09

-0.25

9.29

7.58

-1.10

-12.99

Source: Confluence

Periods less than one year are not annualized.

Thornburg Strategic Income Fund's Blended Index is composed of 80% Bloomberg U.S. Aggregate Total Return Value USD and 20% MSCI World Net Total Return USD Index, rebalanced monthly.

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.

The maximum sales charge for the equity funds' A shares is 4.50%. C shares include a 1% contingent deferred sales charge (CDSC) for the first year only. There is no up-front sales charge for class I or R shares.

Morningstar quartile ranking for Multisector Bond category is based on total returns before sales charges for 1-, 3-, 5- and 10-years, among 344, 284, 250 and 148 funds, respectively, as of 30 Sep 2022.

Prior to inception of R share classes, performance is hypothetical and was calculated from actual returns of an earlier share class adjusted for the expenses of the newer share class.

Share class inception dates: A, C, and I shares, 19 Dec 2007; R3 and R5 shares, 1 May 2012; R4 shares, 1 Feb 2014; R6 shares, 10 Apr 2017.

Fund Fees

(As of 1 Feb 2023)

Gross Expense Ratio (%)

0.77

Net Expense Ratio (%)

0.60

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.

For more detailed information on fund expenses, please see the fund's prospectus.

Hypothetical Growth of $10,000

            Categories,I Shares,BBG US Universal TR Value
            2007-12-19,10000,10000
2007-12-31,10214,10037
2008-01-31,10296,10182
2008-02-29,10343,10182
2008-03-31,10200,10203
2008-04-30,10387,10213
2008-05-31,10399,10150
2008-06-30,10156,10120
2008-07-31,10136,10105
2008-08-31,10008,10194
2008-09-30,9310,10003
2008-10-31,8279,9643
2008-11-30,8022,9897
2008-12-31,8341,10275
2009-01-31,8504,10217
2009-02-28,8460,10163
2009-03-31,8580,10316
2009-04-30,9076,10422
2009-05-31,9676,10539
2009-06-30,9966,10619
2009-07-31,10396,10820
2009-08-31,10737,10946
2009-09-30,11075,11095
2009-10-31,11150,11159
2009-11-30,11341,11300
2009-12-31,11429,11159
2010-01-31,11615,11329
2010-02-28,11716,11372
2010-03-31,11929,11387
2010-04-30,12094,11513
2010-05-31,11812,11565
2010-06-30,11912,11745
2010-07-31,12223,11897
2010-08-31,12355,12046
2010-09-30,12656,12084
2010-10-31,12879,12146
2010-11-30,12851,12066
2010-12-31,12970,11959
2011-01-31,13135,11987
2011-02-28,13376,12025
2011-03-31,13431,12040
2011-04-30,13656,12196
2011-05-31,13770,12347
2011-06-30,13741,12306
2011-07-31,13857,12498
2011-08-31,13665,12625
2011-09-30,13310,12661
2011-10-31,13679,12733
2011-11-30,13501,12695
2011-12-31,13594,12844
2012-01-31,13961,12983
2012-02-29,14206,13013
2012-03-31,14254,12953
2012-04-30,14361,13094
2012-05-31,14221,13179
2012-06-30,14348,13212
2012-07-31,14596,13409
2012-08-31,14794,13437
2012-09-30,15048,13477
2012-10-31,15224,13520
2012-11-30,15218,13552
2012-12-31,15335,13554
2013-01-31,15610,13484
2013-02-28,15652,13548
2013-03-31,15847,13565
2013-04-30,16055,13714
2013-05-31,15925,13481
2013-06-30,15649,13244
2013-07-31,15779,13287
2013-08-31,15697,13211
2013-09-30,15982,13342
2013-10-31,16219,13475
2013-11-30,16256,13431
2013-12-31,16302,13372
2014-01-31,16391,13549
2014-02-28,16659,13646
2014-03-31,16726,13633
2014-04-30,16871,13746
2014-05-31,17115,13912
2014-06-30,17255,13933
2014-07-31,17179,13889
2014-08-31,17307,14040
2014-09-30,17124,13929
2014-10-31,17178,14065
2014-11-30,17106,14141
2014-12-31,16878,14115
2015-01-31,16836,14384
2015-02-28,17028,14300
2015-03-31,17004,14359
2015-04-30,17212,14343
2015-05-31,17231,14317
2015-06-30,17100,14158
2015-07-31,17046,14240
2015-08-31,16844,14198
2015-09-30,16656,14254
2015-10-31,16847,14299
2015-11-30,16751,14247
2015-12-31,16523,14176
2016-01-31,16409,14332
2016-02-29,16400,14434
2016-03-31,16861,14611
2016-04-30,17198,14711
2016-05-31,17245,14722
2016-06-30,17383,14981
2016-07-31,17642,15105
2016-08-31,17793,15121
2016-09-30,17847,15125
2016-10-31,17890,15024
2016-11-30,17742,14687
2016-12-31,17858,14730
2017-01-31,18036,14782
2017-02-28,18197,14896
2017-03-31,18259,14891
2017-04-30,18426,15015
2017-05-31,18579,15131
2017-06-30,18637,15118
2017-07-31,18759,15193
2017-08-31,18865,15324
2017-09-30,18892,15270
2017-10-31,18947,15289
2017-11-30,18965,15266
2017-12-31,19012,15333
2018-01-31,19027,15185
2018-02-28,18977,15041
2018-03-31,18976,15117
2018-04-30,18959,15016
2018-05-31,19012,15098
2018-06-30,19016,15076
2018-07-31,19104,15108
2018-08-31,19192,15182
2018-09-30,19215,15117
2018-10-31,19122,14991
2018-11-30,19128,15058
2018-12-31,19142,15294
2019-01-31,19456,15505
2019-02-28,19588,15522
2019-03-31,19755,15802
2019-04-30,19889,15824
2019-05-31,19972,16066
2019-06-30,20176,16294
2019-07-31,20242,16342
2019-08-31,20424,16712
2019-09-30,20435,16640
2019-10-31,20498,16693
2019-11-30,20542,16690
2019-12-31,20656,16715
2020-01-31,20821,17015
2020-02-29,20861,17270
2020-03-31,19506,16932
2020-04-30,20055,17271
2020-05-31,20641,17433
2020-06-30,21073,17578
2020-07-31,21488,17887
2020-08-31,21661,17784
2020-09-30,21741,17752
2020-10-31,21835,17688
2020-11-30,22166,17919
2020-12-31,22361,17981
2021-01-31,22449,17868
2021-02-28,22479,17637
2021-03-31,22436,17432
2021-04-30,22589,17579
2021-05-31,22700,17646
2021-06-30,22786,17774
2021-07-31,22909,17953
2021-08-31,22977,17941
2021-09-30,22990,17788
2021-10-31,22965,17773
2021-11-30,22899,17795
2021-12-31,22982,17783
2022-01-31,22746,17393
2022-02-28,22507,17156
2022-03-31,22229,16695
2022-04-30,21857,16073
2022-05-31,21884,16161
2022-06-30,21396,15838
2022-07-31,21748,16236
2022-08-31,21604,15814
2022-09-30,21135,15133
2022-10-31,21131,14967
2022-11-30,21532,15525
2022-12-31,21573,15472
2023-01-31,22063,15952
2023-02-28,21850,15560
2023-03-31,22166,15925
2023-04-30,22285,16023
2023-05-31,22249,15856

Hypothetical Growth of $10,000

(As of 31 May 2023)

(Hypothetical Growth of $10,000 vs BBG US Universal TR Value)

                        Categories,I Shares,BBG US Universal TR Value
                        2022-05-31,10000,10000
2022-06-30,9777,9800
2022-07-31,9938,10045
2022-08-31,9872,9734
2022-09-30,9658,9364
2022-10-31,9656,9261
2022-11-30,9839,9606
2022-12-31,9858,9574
2023-01-31,10082,9871
2023-02-28,9984,9628
2023-03-31,10129,9854
2023-04-30,10184,9914
2023-05-31,10167,9811

                        Categories,I Shares,BBG US Universal TR Value
                        2020-05-31,10000,10000
2020-06-30,10209,10083
2020-07-31,10411,10321
2020-08-31,10494,10392
2020-09-30,10533,10183
2020-10-31,10579,10147
2020-11-30,10739,10557
2020-12-31,10833,10658
2021-01-31,10876,10576
2021-02-28,10891,10508
2021-03-31,10870,10473
2021-04-30,10944,10636
2021-05-31,10998,10122
2021-06-30,11040,10196
2021-07-31,11099,10922
2021-08-31,11132,10960
2021-09-30,11138,10793
2021-10-31,11126,10913
2021-11-30,11094,10208
2021-12-31,11134,10201
2022-01-31,11020,9977
2022-02-28,10904,10508
2022-03-31,10769,10332
2022-04-30,10589,9220
2022-05-31,10602,9271
2022-06-30,10366,9085
2022-07-31,10536,9314
2022-08-31,10467,9072
2022-09-30,10240,9123
2022-10-31,10237,9160
2022-11-30,10432,8906
2022-12-31,10452,8875
2023-01-31,10689,9151
2023-02-28,10586,8926
2023-03-31,10739,9135
2023-04-30,10797,9191
2023-05-31,10779,9096

                        Categories,I Shares,BBG US Universal TR Value
                        2018-05-31,10000,10000
2018-06-30,10002,9985
2018-07-31,10048,10006
2018-08-31,10095,10056
2018-09-30,10107,10013
2018-10-31,10058,9929
2018-11-30,10061,9973
2018-12-31,10068,10130
2019-01-31,10234,10269
2019-02-28,10303,10280
2019-03-31,10391,10466
2019-04-30,10461,10481
2019-05-31,10505,10641
2019-06-30,10612,10792
2019-07-31,10647,10824
2019-08-31,10743,11069
2019-09-30,10748,11021
2019-10-31,10782,11056
2019-11-30,10805,11054
2019-12-31,10865,11071
2020-01-31,10951,11269
2020-02-29,10973,11438
2020-03-31,10260,11215
2020-04-30,10549,11439
2020-05-31,10857,11546
2020-06-30,11084,11643
2020-07-31,11302,11847
2020-08-31,11393,11779
2020-09-30,11435,11757
2020-10-31,11485,11715
2020-11-30,11659,11868
2020-12-31,11761,11909
2021-01-31,11808,11834
2021-02-28,11823,11682
2021-03-31,11801,11546
2021-04-30,11882,11643
2021-05-31,11940,11687
2021-06-30,11985,11773
2021-07-31,12050,11891
2021-08-31,12086,11883
2021-09-30,12092,11781
2021-10-31,12079,11772
2021-11-30,12044,11786
2021-12-31,12088,11778
2022-01-31,11964,11520
2022-02-28,11838,11363
2022-03-31,11692,11058
2022-04-30,11496,10645
2022-05-31,11510,10704
2022-06-30,11254,10490
2022-07-31,11439,10754
2022-08-31,11363,10474
2022-09-30,11117,10023
2022-10-31,11114,9913
2022-11-30,11325,10283
2022-12-31,11347,10248
2023-01-31,11605,10566
2023-02-28,11492,10306
2023-03-31,11659,10548
2023-04-30,11722,10612
2023-05-31,11703,10502

                        Categories,I Shares,BBG US Universal TR Value
                        2013-05-31,10000,10000
2013-06-30,9827,9824
2013-07-31,9908,9856
2013-08-31,9857,9800
2013-09-30,10035,9897
2013-10-31,10184,9995
2013-11-30,10208,9963
2013-12-31,10236,9919
2014-01-31,10293,10051
2014-02-28,10461,10122
2014-03-31,10503,10113
2014-04-30,10594,10197
2014-05-31,10747,10320
2014-06-30,10835,10335
2014-07-31,10787,10303
2014-08-31,10868,10415
2014-09-30,10753,10332
2014-10-31,10787,10433
2014-11-30,10741,10490
2014-12-31,10598,10471
2015-01-31,10572,10670
2015-02-28,10692,10608
2015-03-31,10677,10652
2015-04-30,10808,10639
2015-05-31,10820,10621
2015-06-30,10738,10502
2015-07-31,10704,10563
2015-08-31,10577,10532
2015-09-30,10459,10573
2015-10-31,10579,10607
2015-11-30,10518,10568
2015-12-31,10375,10516
2016-01-31,10304,10632
2016-02-29,10298,10707
2016-03-31,10587,10839
2016-04-30,10799,10912
2016-05-31,10829,10921
2016-06-30,10916,11113
2016-07-31,11078,11205
2016-08-31,11173,11217
2016-09-30,11207,11219
2016-10-31,11234,11145
2016-11-30,11141,10895
2016-12-31,11213,10927
2017-01-31,11325,10965
2017-02-28,11427,11050
2017-03-31,11465,11046
2017-04-30,11570,11138
2017-05-31,11666,11224
2017-06-30,11703,11214
2017-07-31,11779,11270
2017-08-31,11846,11368
2017-09-30,11863,11328
2017-10-31,11897,11341
2017-11-30,11909,11324
2017-12-31,11938,11374
2018-01-31,11948,11264
2018-02-28,11916,11158
2018-03-31,11916,11214
2018-04-30,11905,11139
2018-05-31,11938,11200
2018-06-30,11941,11184
2018-07-31,11996,11207
2018-08-31,12051,11262
2018-09-30,12066,11214
2018-10-31,12007,11120
2018-11-30,12011,11170
2018-12-31,12020,11345
2019-01-31,12217,11501
2019-02-28,12300,11514
2019-03-31,12405,11722
2019-04-30,12489,11738
2019-05-31,12541,11918
2019-06-30,12669,12087
2019-07-31,12711,12123
2019-08-31,12825,12397
2019-09-30,12832,12343
2019-10-31,12871,12383
2019-11-30,12899,12381
2019-12-31,12970,12399
2020-01-31,13074,12622
2020-02-29,13100,12810
2020-03-31,12249,12560
2020-04-30,12593,12812
2020-05-31,12961,12932
2020-06-30,13232,13039
2020-07-31,13493,13268
2020-08-31,13602,13192
2020-09-30,13652,13168
2020-10-31,13711,13121
2020-11-30,13919,13292
2020-12-31,14041,13338
2021-01-31,14096,13254
2021-02-28,14115,13083
2021-03-31,14088,12931
2021-04-30,14185,13040
2021-05-31,14254,13090
2021-06-30,14308,13185
2021-07-31,14386,13317
2021-08-31,14428,13309
2021-09-30,14436,13195
2021-10-31,14420,13184
2021-11-30,14379,13200
2021-12-31,14431,13191
2022-01-31,14283,12902
2022-02-28,14133,12726
2022-03-31,13958,12385
2022-04-30,13725,11923
2022-05-31,13741,11988
2022-06-30,13435,11749
2022-07-31,13656,12044
2022-08-31,13566,11731
2022-09-30,13272,11226
2022-10-31,13269,11102
2022-11-30,13521,11516
2022-12-31,13546,11477
2023-01-31,13854,11833
2023-02-28,13720,11543
2023-03-31,13918,11813
2023-04-30,13994,11885
2023-05-31,13971,11762

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 ($)
            2007-01-31,0
2007-02-28,0
2007-03-31,0
2007-04-30,0
2007-05-31,0
2007-06-30,0
2007-07-31,0
2007-08-31,0
2007-09-30,0
2007-10-31,0
2007-11-30,0
2007-12-31,0.01531
2008-01-31,0
2008-02-29,0
2008-03-31,0.16271
2008-04-30,0
2008-05-31,0
2008-06-30,0.19056
2008-07-31,0
2008-08-31,0
2008-09-30,0.19333
2008-10-31,0
2008-11-30,0
2008-12-31,0.21249
2009-01-31,0
2009-02-28,0
2009-03-31,0.17574
2009-04-30,0
2009-05-31,0
2009-06-30,0.19233
2009-07-31,0
2009-08-31,0
2009-09-30,0.21447
2009-10-31,0
2009-11-30,0.05056
2009-12-31,0.23080
2010-01-31,0
2010-02-28,0
2010-03-31,0.00221
2010-04-30,0
2010-05-31,0
2010-06-30,0.00282
2010-07-31,0
2010-08-31,0
2010-09-30,0.00240
2010-10-31,0
2010-11-30,0.28440
2010-12-31,0.22874
2011-01-31,0
2011-02-28,0
2011-03-31,0.19748
2011-04-30,0
2011-05-31,0
2011-06-30,0.20847
2011-07-31,0
2011-08-31,0
2011-09-30,0.22059
2011-10-31,0
2011-11-30,0.27627
2011-12-31,0.22402
2012-01-31,0.06314
2012-02-29,0.05800
2012-03-31,0.06044
2012-04-30,0.06017
2012-05-31,0.06299
2012-06-30,0.06537
2012-07-31,0.06503
2012-08-31,0.06254
2012-09-30,0.05749
2012-10-31,0.05349
2012-11-30,0.19502
2012-12-31,0.06326
2013-01-31,0.05827
2013-02-28,0.05308
2013-03-31,0.05339
2013-04-30,0.05305
2013-05-31,0.05847
2013-06-30,0.05559
2013-07-31,0.06007
2013-08-31,0.05755
2013-09-30,0.05747
2013-10-31,0.06071
2013-11-30,0.32791
2013-12-31,0.05333
2014-01-31,0.04588
2014-02-28,0.04606
2014-03-31,0.04851
2014-04-30,0.04558
2014-05-31,0.04299
2014-06-30,0.05089
2014-07-31,0.04589
2014-08-31,0.04121
2014-09-30,0.03972
2014-10-31,0.03847
2014-11-30,0.18861
2014-12-31,0.04090
2015-01-31,0.04098
2015-02-28,0.04294
2015-03-31,0.04332
2015-04-30,0.04316
2015-05-31,0.04317
2015-06-30,0.04057
2015-07-31,0.04317
2015-08-31,0.04293
2015-09-30,0.04359
2015-10-31,0.02819
2015-11-30,0.05551
2015-12-31,0.02810
2016-01-31,0.04417
2016-02-29,0.04390
2016-03-31,0.04419
2016-04-30,0.04170
2016-05-31,0.03070
2016-06-30,0.03044
2016-07-31,0.02817
2016-08-31,0.02822
2016-09-30,0.02538
2016-10-31,0.02775
2016-11-30,0.02432
2016-12-31,0.02445
2017-01-31,0.02445
2017-02-28,0.04344
2017-03-31,0.03926
2017-04-30,0.03663
2017-05-31,0.03680
2017-06-30,0.03666
2017-07-31,0.03682
2017-08-31,0.03680
2017-09-30,0.03676
2017-10-31,0.03423
2017-11-30,0.03162
2017-12-31,0.02923
2018-01-31,0.02926
2018-02-28,0.02881
2018-03-31,0.02963
2018-04-30,0.02938
2018-05-31,0.03272
2018-06-30,0.03254
2018-07-31,0.03364
2018-08-31,0.03349
2018-09-30,0.03378
2018-10-31,0.03364
2018-11-30,0.03350
2018-12-31,0.03864
2019-01-31,0.03841
2019-02-28,0.03868
2019-03-31,0.03966
2019-04-30,0.03895
2019-05-31,0.03961
2019-06-30,0.03978
2019-07-31,0.03915
2019-08-31,0.03641
2019-09-30,0.03629
2019-10-31,0.03674
2019-11-30,0.03564
2019-12-31,0.03568
2020-01-31,0.03500
2020-02-29,0.03348
2020-03-31,0.03308
2020-04-30,0.03374
2020-05-31,0.03373
2020-06-30,0.03549
2020-07-31,0.03546
2020-08-31,0.03749
2020-09-30,0.04508
2020-10-31,0.04300
2020-11-30,0.04505
2020-12-31,0.04844
2021-01-31,0.04882
2021-02-28,0.04660
2021-03-31,0.04609
2021-04-30,0.04445
2021-05-31,0.04052
2021-06-30,0.03701
2021-07-31,0.03684
2021-08-31,0.03679
2021-09-30,0.03669
2021-10-31,0.03648
2021-11-30,0.06471
2021-12-31,0.03426
2022-01-31,0.03430
2022-02-28,0.03323
2022-03-31,0.03282
2022-04-30,0.03354
2022-05-31,0.03397
2022-06-30,0.03382
2022-07-31,0.03439
2022-08-31,0.03510
2022-09-30,0.03598
2022-10-31,0.03749
2022-11-30,0.03743
2022-12-31,0.04121
2023-01-31,0.04123
2023-02-28,0.04104
2023-03-31,0.04096
2023-04-30,0.04085
2023-05-31,0.04174

            Ex Date,Total ($),Income ($),ST Cap Gains ($),LT Cap Gains ($)
            ,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
2007-12-31,0.01531,0.01531,0,0
,0,0,0,0
,0,0,0,0
2008-03-31,0.16271,0.16271,0,0
,0,0,0,0
,0,0,0,0
2008-06-30,0.19056,0.19056,0,0
,0,0,0,0
,0,0,0,0
2008-09-30,0.19333,0.19333,0,0
,0,0,0,0
,0,0,0,0
2008-12-31,0.21249,0.21249,0,0
,0,0,0,0
,0,0,0,0
2009-03-31,0.17574,0.17574,0,0
,0,0,0,0
,0,0,0,0
2009-06-30,0.19233,0.19233,0,0
,0,0,0,0
,0,0,0,0
2009-09-30,0.21447,0.21447,0,0
,0,0,0,0
2009-11-19,0.05056,0,0.04624,0.00432
2009-12-31,0.23080,0.23080,0,0
,0,0,0,0
,0,0,0,0
2010-03-31,0.00221,0.00221,0,0
,0,0,0,0
,0,0,0,0
2010-06-30,0.00282,0.00282,0,0
,0,0,0,0
,0,0,0,0
2010-09-30,0.00240,0.00240,0,0
,0,0,0,0
2010-11-19,0.28440,0,0.17443,0.10997
2010-12-31,0.22874,0.22874,0,0
,0,0,0,0
,0,0,0,0
2011-03-31,0.19748,0.19748,0,0
,0,0,0,0
,0,0,0,0
2011-06-30,0.20847,0.20847,0,0
,0,0,0,0
,0,0,0,0
2011-09-30,0.22059,0.22059,0,0
,0,0,0,0
2011-11-18,0.27627,0,0.06902,0.20725
2011-12-30,0.22402,0.22402,0,0
2012-01-31,0.06314,0.06314,0,0
2012-02-29,0.05800,0.05800,0,0
2012-03-30,0.06044,0.06044,0,0
2012-04-30,0.06017,0.06017,0,0
2012-05-31,0.06299,0.06299,0,0
2012-06-29,0.06537,0.06537,0,0
2012-07-31,0.06503,0.06503,0,0
2012-08-31,0.06254,0.06254,0,0
2012-09-28,0.05749,0.05749,0,0
2012-10-31,0.05349,0.05349,0,0
2012-11-30,0.19502,0.05830,0.06761,0.06911
2012-12-31,0.06326,0.06326,0,0
2013-01-31,0.05827,0.05827,0,0
2013-02-28,0.05308,0.05308,0,0
2013-03-28,0.05339,0.05339,0,0
2013-04-30,0.05305,0.05305,0,0
2013-05-31,0.05847,0.05847,0,0
2013-06-28,0.05559,0.05559,0,0
2013-07-31,0.06007,0.06007,0,0
2013-08-30,0.05755,0.05755,0,0
2013-09-30,0.05747,0.05747,0,0
2013-10-31,0.06071,0.06071,0,0
2013-11-29,0.32791,0.05819,0.11575,0.15397
2013-12-31,0.05333,0.05333,0,0
2014-01-31,0.04588,0.04588,0,0
2014-02-28,0.04606,0.04606,0,0
2014-03-31,0.04851,0.04851,0,0
2014-04-30,0.04558,0.04558,0,0
2014-05-30,0.04299,0.04299,0,0
2014-06-30,0.05089,0.05089,0,0
2014-07-31,0.04589,0.04589,0,0
2014-08-29,0.04121,0.04121,0,0
2014-09-30,0.03972,0.03972,0,0
2014-10-31,0.03847,0.03847,0,0
2014-11-28,0.18861,0.03849,0.05556,0.09456
2014-12-31,0.04090,0.04090,0,0
2015-01-30,0.04098,0.04098,0,0
2015-02-27,0.04294,0.04294,0,0
2015-03-31,0.04332,0.04332,0,0
2015-04-30,0.04316,0.04316,0,0
2015-05-29,0.04317,0.04317,0,0
2015-06-30,0.04057,0.04057,0,0
2015-07-31,0.04317,0.04317,0,0
2015-08-31,0.04293,0.04293,0,0
2015-09-30,0.04359,0.04359,0,0
2015-10-30,0.02819,0.02819,0,0
2015-11-30,0.05551,0.02809,0.02742,0.00000
2015-12-31,0.02810,0.02810,0,0
2016-01-29,0.04417,0.04417,0,0
2016-02-29,0.04390,0.04390,0,0
2016-03-31,0.04419,0.04419,0,0
2016-04-29,0.04170,0.04170,0,0
2016-05-31,0.03070,0.03070,0,0
2016-06-30,0.03044,0.03044,0,0
2016-07-29,0.02817,0.02817,0,0
2016-08-31,0.02822,0.02822,0,0
2016-09-30,0.02538,0.02538,0,0
2016-10-31,0.02775,0.02775,0,0
2016-11-30,0.02432,0.02432,0,0
2016-12-30,0.02445,0.02445,0,0
2017-01-31,0.02445,0.02445,0,0
2017-02-28,0.04344,0.04344,0,0
2017-03-31,0.03926,0.03926,0,0
2017-04-28,0.03663,0.03663,0,0
2017-05-31,0.03680,0.03680,0,0
2017-06-30,0.03666,0.03666,0,0
2017-07-31,0.03682,0.03682,0,0
2017-08-31,0.03680,0.03680,0,0
2017-09-29,0.03676,0.03676,0,0
2017-10-31,0.03423,0.03423,0,0
2017-11-30,0.03162,0.03162,0,0
2017-12-29,0.02923,0.02923,0,0
2018-01-31,0.02926,0.02926,0,0
2018-02-28,0.02881,0.02881,0,0
2018-03-29,0.02963,0.02963,0,0
2018-04-30,0.02938,0.02938,0,0
2018-05-31,0.03272,0.03272,0,0
2018-06-29,0.03254,0.03254,0,0
2018-07-31,0.03364,0.03364,0,0
2018-08-31,0.03349,0.03349,0,0
2018-09-28,0.03378,0.03378,0,0
2018-10-31,0.03364,0.03364,0,0
2018-11-30,0.03350,0.03350,0,0
2018-12-31,0.03864,0.03864,0,0
2019-01-31,0.03841,0.03841,0,0
2019-02-28,0.03868,0.03868,0,0
2019-03-29,0.03966,0.03966,0,0
2019-04-30,0.03895,0.03895,0,0
2019-05-31,0.03961,0.03961,0,0
2019-06-28,0.03978,0.03978,0,0
2019-07-31,0.03915,0.03915,0,0
2019-08-31,0.03641,0.03641,0,0
2019-09-30,0.03629,0.03629,0,0
2019-10-31,0.03674,0.03674,0,0
2019-11-30,0.03564,0.03564,0,0
2019-12-31,0.03568,0.03568,0,0
2020-01-31,0.03500,0.03500,0,0
2020-02-29,0.03348,0.03348,0,0
2020-03-31,0.03308,0.03308,0,0
2020-04-30,0.03374,0.03374,0,0
2020-05-31,0.03373,0.03373,0,0
2020-06-30,0.03549,0.03549,0,0
2020-07-31,0.03546,0.03546,0,0
2020-08-31,0.03749,0.03749,0,0
2020-09-30,0.04508,0.04508,0,0
2020-10-30,0.04300,0.04300,0,0
2020-11-30,0.04505,0.04505,0,0
2020-12-31,0.04844,0.04844,0,0
2021-01-29,0.04882,0.04882,0,0
2021-02-26,0.04660,0.04660,0,0
2021-03-31,0.04609,0.04609,0,0
2021-04-30,0.04445,0.04445,0,0
2021-05-28,0.04052,0.04052,0,0
2021-06-30,0.03701,0.03701,0,0
2021-07-30,0.03684,0.03684,0,0
2021-08-31,0.03679,0.03679,0,0
2021-09-30,0.03669,0.03669,0,0
2021-10-29,0.03648,0.03648,0,0
2021-11-30,0.06471,0.03510,0.02906,0.00055
2021-12-31,0.03426,0.03426,0,0
2022-01-31,0.03430,0.03430,0,0
2022-02-28,0.03323,0.03323,0,0
2022-03-31,0.03282,0.03282,0,0
2022-04-29,0.03354,0.03354,0,0
2022-05-31,0.03397,0.03397,0,0
2022-06-30,0.03382,0.03382,0,0
2022-07-29,0.03439,0.03439,0,0
2022-08-31,0.03510,0.03510,0,0
2022-09-30,0.03598,0.03598,0,0
2022-10-31,0.03749,0.03749,0,0
2022-11-30,0.03743,0.03743,0,0
2022-12-30,0.04121,0.04121,0,0
2023-01-31,0.04123,0.04123,0,0
2023-02-28,0.04104,0.04104,0,0
2023-03-31,0.04096,0.04096,0,0
2023-04-28,0.04085,0.04085,0,0
2023-05-31,0.04174,0.04174,0,0

Distributions

(As of 31 May 2023)

Ex-Date

Total ($)

Income ($)

ST Cap Gains ($)

LT Cap Gains ($)

—

31 Dec 2007

0.01531

—

31 Mar 2008

0.16271

—

30 Jun 2008

0.19056

—

30 Sep 2008

0.19333

—

31 Dec 2008

0.21249

—

31 Mar 2009

0.17574

—

30 Jun 2009

0.19233

—

30 Sep 2009

0.21447

—

19 Nov 2009

0.05056

—

0.04624

0.00432

31 Dec 2009

0.23080

—

31 Mar 2010

0.00221

—

30 Jun 2010

0.00282

—

30 Sep 2010

0.00240

—

19 Nov 2010

0.28440

—

0.17443

0.10997

31 Dec 2010

0.22874

—

31 Mar 2011

0.19748

—

30 Jun 2011

0.20847

—

30 Sep 2011

0.22059

—

18 Nov 2011

0.27627

—

0.06902

0.20725

30 Dec 2011

0.22402

—

31 Jan 2012

0.06314

—

29 Feb 2012

0.05800

—

30 Mar 2012

0.06044

—

30 Apr 2012

0.06017

—

31 May 2012

0.06299

—

29 Jun 2012

0.06537

—

31 Jul 2012

0.06503

—

31 Aug 2012

0.06254

—

28 Sep 2012

0.05749

—

31 Oct 2012

0.05349

—

30 Nov 2012

0.19502

0.05830

0.06761

0.06911

31 Dec 2012

0.06326

—

31 Jan 2013

0.05827

—

28 Feb 2013

0.05308

—

28 Mar 2013

0.05339

—

30 Apr 2013

0.05305

—

31 May 2013

0.05847

—

28 Jun 2013

0.05559

—

31 Jul 2013

0.06007

—

30 Aug 2013

0.05755

—

30 Sep 2013

0.05747

—

31 Oct 2013

0.06071

—

29 Nov 2013

0.32791

0.05819

0.11575

0.15397

31 Dec 2013

0.05333

—

31 Jan 2014

0.04588

—

28 Feb 2014

0.04606

—

31 Mar 2014

0.04851

—

30 Apr 2014

0.04558

—

30 May 2014

0.04299

—

30 Jun 2014

0.05089

—

31 Jul 2014

0.04589

—

29 Aug 2014

0.04121

—

30 Sep 2014

0.03972

—

31 Oct 2014

0.03847

—

28 Nov 2014

0.18861

0.03849

0.05556

0.09456

31 Dec 2014

0.04090

—

30 Jan 2015

0.04098

—

27 Feb 2015

0.04294

—

31 Mar 2015

0.04332

—

30 Apr 2015

0.04316

—

29 May 2015

0.04317

—

30 Jun 2015

0.04057

—

31 Jul 2015

0.04317

—

31 Aug 2015

0.04293

—

30 Sep 2015

0.04359

—

30 Oct 2015

0.02819

—

30 Nov 2015

0.05551

0.02809

0.02742

0.00000

31 Dec 2015

0.02810

—

29 Jan 2016

0.04417

—

29 Feb 2016

0.04390

—

31 Mar 2016

0.04419

—

29 Apr 2016

0.04170

—

31 May 2016

0.03070

—

30 Jun 2016

0.03044

—

29 Jul 2016

0.02817

—

31 Aug 2016

0.02822

—

30 Sep 2016

0.02538

—

31 Oct 2016

0.02775

—

30 Nov 2016

0.02432

—

30 Dec 2016

0.02445

—

31 Jan 2017

0.02445

—

28 Feb 2017

0.04344

—

31 Mar 2017

0.03926

—

28 Apr 2017

0.03663

—

31 May 2017

0.03680

—

30 Jun 2017

0.03666

—

31 Jul 2017

0.03682

—

31 Aug 2017

0.03680

—

29 Sep 2017

0.03676

—

31 Oct 2017

0.03423

—

30 Nov 2017

0.03162

—

29 Dec 2017

0.02923

—

31 Jan 2018

0.02926

—

28 Feb 2018

0.02881

—

29 Mar 2018

0.02963

—

30 Apr 2018

0.02938

—

31 May 2018

0.03272

—

29 Jun 2018

0.03254

—

31 Jul 2018

0.03364

—

31 Aug 2018

0.03349

—

28 Sep 2018

0.03378

—

31 Oct 2018

0.03364

—

30 Nov 2018

0.03350

—

31 Dec 2018

0.03864

—

31 Jan 2019

0.03841

—

28 Feb 2019

0.03868

—

29 Mar 2019

0.03966

—

30 Apr 2019

0.03895

—

31 May 2019

0.03961

—

28 Jun 2019

0.03978

—

31 Jul 2019

0.03915

—

31 Aug 2019

0.03641

—

30 Sep 2019

0.03629

—

31 Oct 2019

0.03674

—

30 Nov 2019

0.03564

—

31 Dec 2019

0.03568

—

31 Jan 2020

0.03500

—

29 Feb 2020

0.03348

—

31 Mar 2020

0.03308

—

30 Apr 2020

0.03374

—

31 May 2020

0.03373

—

30 Jun 2020

0.03549

—

31 Jul 2020

0.03546

—

31 Aug 2020

0.03749

—

30 Sep 2020

0.04508

—

30 Oct 2020

0.04300

—

30 Nov 2020

0.04505

—

31 Dec 2020

0.04844

—

29 Jan 2021

0.04882

—

26 Feb 2021

0.04660

—

31 Mar 2021

0.04609

—

30 Apr 2021

0.04445

—

28 May 2021

0.04052

—

30 Jun 2021

0.03701

—

30 Jul 2021

0.03684

—

31 Aug 2021

0.03679

—

30 Sep 2021

0.03669

—

29 Oct 2021

0.03648

—

30 Nov 2021

0.06471

0.03510

0.02906

0.00055

31 Dec 2021

0.03426

—

31 Jan 2022

0.03430

—

28 Feb 2022

0.03323

—

31 Mar 2022

0.03282

—

29 Apr 2022

0.03354

—

31 May 2022

0.03397

—

30 Jun 2022

0.03382

—

29 Jul 2022

0.03439

—

31 Aug 2022

0.03510

—

30 Sep 2022

0.03598

—

31 Oct 2022

0.03749

—

30 Nov 2022

0.03743

—

30 Dec 2022

0.04121

—

31 Jan 2023

0.04123

—

28 Feb 2023

0.04104

—

31 Mar 2023

0.04096

—

28 Apr 2023

0.04085

—

31 May 2023

0.04174

—

Fund Facts

(As of 30 Apr 2023)

Net Fund Assets

$6.3 B

Benchmark

BBG US Universal TR Value

Morningstar Category

Multisector Bond

Fund Symbol

TSIIX

Share Class

Share Class Inception Date

19 Dec 2007

Number of Holdings

1074

Portfolio Turnover

27%

Distribution Frequency

Monthly

30-Day SEC Yield (Subsidized)

4.48%

30-Day SEC Yield (Unsubsidized)

4.34%

Annualized Distribution Yield

3.94%

Characteristics

Portfolio

(As of 30 Apr 2023)

Portfolio

Benchmark

Effective Duration

3.2 Yrs

6.1 Yrs

Average Effective Maturity

5.1 Yrs

8.2 Yrs

Portfolio

Benchmark

Weighted Average Coupon

3.8%

3.1%

Yield to Worst

5.7%

4.7%

Risk & Return Profile

(As of 31 Mar 2023)

10y

Beta

0.42

0.41

0.38

R-Squared (%)

65.23

49.39

40.23

Standard Deviation (%)

2.69

2.71

2.30

Sharpe Ratio

1.19

0.61

1.07

Information Ratio

1.56

0.51

0.49

Up Capture (%)

45.56

39.03

35.82

Down Capture (%)

31.93

32.12

27.22

Past performance does not guarantee future results.

Portfolio

Top Holdings

(As of 28 Feb 2023)

Name

Ticker/Symbol

Sector

Weight %

United States Treasury Note/Bond

—

Government

0.9

United States Treasury Note/Bond

—

Government

0.8

United States Treasury Note/Bond

—

Government

0.7

Fannie Mae Pool

—

Mortgage Securities

0.7

United States Treasury Note/Bond

—

Government

0.7

AT&T, Inc.

—

Communications

0.5

United States Treasury Note/Bond

912828VB3

Government

0.5

PRPM 2022-INV1 Trust

—

Mortgage Securities

0.5

United States Treasury Inflation Indexed Bonds

—

Government

0.4

United States Treasury Note/Bond

—

Government

0.4

Download Holdings

Portfolio holdings are subject to change daily.

Exposure Breakdown

(As of 30 Apr 2023)

Sector Allocation

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

20%

30%

40%

50%

Corporate

49.5

30.4

Asset Backed Securities

15.5

0.4

Cash & Cash Equivalents

11.6

—

Collateralized Mortgage Obligation

10.2

—

Treasury-Domestic

5.2

35.0

Mortgage Passthrough

4.9

23.1

Bank Loan

1.0

—

Commercial Mortgage Backed Security

0.8

1.5

Treasury-Foreign

0.6

4.4

Preferred Stock

0.5

—

Municipals

0.1

1.0

Currency Forward

-0.0

—

Sector Allocation

Fund (%)

Corporate

49.5

Asset Backed Securities

15.5

Cash & Cash Equivalents

11.6

Collateralized Mortgage Obligation

10.2

Treasury-Domestic

5.2

Mortgage Passthrough

4.9

Bank Loan

1.0

Commercial Mortgage Backed Security

0.8

Treasury-Foreign

0.6

Preferred Stock

0.5

Municipals

0.1

Currency Forward

-0.0

Top 10 Countries

Fund (%)

Benchmark (%)

Region

Portfolio

Benchmark

10%

20%

30%

40%

50%

60%

70%

80%

90%

United States

74.5

85.4

North America

Canada

1.8

1.5

North America

United Kingdom

1.0

1.4

Japan

0.9

0.8

Japan

Mexico

0.8

0.5

Latin America

China

0.7

0.5

Asia Pacific ex Japan

Australia

0.6

0.5

Asia Pacific ex Japan

Belgium

0.6

0.0

Europe ex UK

United Arab Emirates

0.5

0.3

Other

Germany

0.4

Europe ex UK

Top 10 Countries

Fund (%)

United States

74.5

Canada

1.8

United Kingdom

1.0

Japan

0.9

Mexico

0.8

China

0.7

Australia

0.6

Belgium

0.6

United Arab Emirates

0.5

Germany

0.4

Credit Quality

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

20%

30%

40%

50%

60%

70%

U.S. Government

10.4

60.4

AAA

9.7

3.1

2.2

4.0

14.3

13.0

BBB

26.6

13.6

14.7

3.1

5.7

2.1

CCC

0.3

0.6

0.0

Not Rated

4.4

0.1

Cash & Cash Equivalents

11.7

—

Credit Quality

Fund (%)

U.S. Government

10.4

AAA

9.7

2.2

14.3

BBB

26.6

14.7

5.7

CCC

0.3

0.0

Not Rated

4.4

Cash & Cash Equivalents

11.7

Maturity

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

15%

20%

25%

30%

Year 1

12.9

1.0

Year 2

11.9

12.0

Year 3

8.8

10.7

Year 4

7.6

8.6

Year 5

9.4

9.9

Year 6

9.1

7.7

Year 7

4.6

8.3

Year 8

4.4

8.5

Year 9

3.8

6.9

Year 10+

15.8

26.3

Cash

11.7

—

Maturity

Fund (%)

Year 1

12.9

Year 2

11.9

Year 3

8.8

Year 4

7.6

Year 5

9.4

Year 6

9.1

Year 7

4.6

Year 8

4.4

Year 9

3.8

Year 10+

15.8

Cash

11.7

Holdings within the Geography breakdown are classified by country of risk as determined by MSCI and Bloomberg.

Cash includes cash and cash equivalents. Weights are percentages of total portfolio unless otherwise noted.

Percentages may not add up to 100 due to rounding.

Portfolio Managers

Lon Erickson, CFA

Portfolio Manager and Managing Director

Lon Erickson is portfolio manager for Thornburg Investment Management. He joined Thornburg in 2008 and was made portfolio manager in 2010. Lon earned a BA in business administration with a minor in economics from Illinois Wesleyan University and an MBA from the University of Chicago Booth School of Business. He is a CFA charterholder. Prior to joining Thornburg Investment Management,…

Learn More

Christian Hoffmann, CFA

Portfolio Manager and Managing Director

Christian Hoffmann is portfolio manager for Thornburg Investment Management. He joined the firm in 2012 as a fixed income securities analyst and was promoted to associate portfolio manager in 2014, then portfolio manager in 2018. Christian graduated cum laude from New York University with a BA in economics. He is also a CFA charterholder. Prior to joining Thornburg, he served…

Learn More

Jeff Klingelhofer, CFA

Co-Head of Investments and Managing Director

Jeff Klingelhofer is co-head of investments for Thornburg Investment Management. He is responsible for driving the investment process at the firm level. Jeff is also a portfolio manager on multiple strategies. He joined the firm in 2010, then was promoted to associate portfolio manager in 2012. In 2015, Jeff was made portfolio manager and managing director. Jeff earned a BA…

Learn More

Ali Hassan, CFA, FRM

Portfolio Manager and Managing Director

Ali Hassan is portfolio manager for Thornburg Investment Management. He joined the firm in 2013 as a fixed income analyst, became senior fixed income analyst in 2017 and was promoted to portfolio manager in 2021. Ali graduated from Stanford University with a BA in economics and a BS in mathematical & computational science. Prior to his joining Thornburg, Ali worked…

Learn More

Jason Brady, CFA

President and CEO

Jason Brady is president and CEO of Thornburg Investment Management. He is responsible for the company’s overall strategy and direction. He is also portfolio manager on multiple strategies. He joined the firm in 2006, was made portfolio manager and managing director in 2007, and president and CEO in 2016. His book Income Investing: An Intelligent Approach to Profiting from Bonds,…

Learn More

Literature

Fact Sheet

Commentary

Summary Prospectus

Annual Report

Semi-annual report

Prospectus

Statement of Additional Information (SAI)

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 equity securities are subject to additional risks, such as greater market fluctuations. Additional risks may be associated with investments outside the United States, especially in emerging markets, including currency fluctuations, illiquidity, volatility, and political and economic risks. 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.

Class R shares are limited to retirement platforms only.

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.

© 2023 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 Corporation.

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 Corporation (TSC) does not act as broker of record for investors.

“Bloomberg®” and the Bloomberg index(es) mentioned in this piece are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited (“BISL”), the administrator of the index (collectively, “Bloomberg”) and have been licensed for use for certain purposes by Thornburg Investment Management. Bloomberg is not affiliated with Thornburg, and Bloomberg does not approve, endorse, review, or recommend Thornburg. Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data or information relating to Thornburg.

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Thornburg Strategic Income Fund

Portfolio Managers

Seeking to Deliver on the Promise of Income + Growth

Overview

Why Invest in This Strategy?

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

Lon Erickson, CFA

Christian Hoffmann, CFA

Jeff Klingelhofer, CFA

Ali Hassan, CFA, FRM

Jason Brady, CFA

Literature

Important Information

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Thornburg Strategic Income Fund

Portfolio Managers

Seeking to Deliver on the Promise of Income + Growth

Overview

Why Invest in This Strategy?

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

Lon Erickson, CFA

Christian Hoffmann, CFA

Jeff Klingelhofer, CFA

Ali Hassan, CFA, FRM

Jason Brady, CFA

Literature

Important Information

More Insights

The Death of the 60/40 Portfolio? Think Again.

Cryptocurrency and More

Inflation, Interest Rates, Corrections and Ukraine. Oh My!

A Deep Dive into Social Security

The Great Resignation Is Really About Values

Social Security: To Claim or Not to Claim, That is the Question