Thornburg Strategic Income Fund

SYMBOL: TSRIX

Morningstar Rating • Info

Overall Morningstar Rating among 315 Multisector Bond funds, based on risk-adjusted returns for class R4 shares, using a weighted average of the funds three-, five-, and ten-year ratings: respectively, 4 stars, 4 stars and 3 stars among 315, 265 and 171 funds, as of 31 Mar 2024.

As of 31 Mar 2024

Fund Assets

$8.4 B

As of 31 Mar 2024

NAV

$11.28

As of 8 Apr 2024

Change

$-0.01

As of 8 Apr 2024

YTD NAV Performance

0.05%

As of 8 Apr 2024

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

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

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 2024)

YTD

10y

Inception

Total Return (%)

0.67

5.04

0.78

2.79

2.87

4.88

BBG US Universal TR Value (%)

-0.47

2.67

-2.11

0.69

1.83

3.07

Strategic Income Blend (%)

1.12

6.10

-0.20

2.82

3.23

3.83

Morningstar Category Avg. (%)

1.31

7.09

0.48

2.39

2.72

—

Morningstar Quartile

—

YTD

10y

Inception

Total Return (%)

0.67

5.04

0.78

2.79

2.87

4.88

BBG US Universal TR Value (%)

-0.47

2.67

-2.11

0.69

1.83

3.07

Strategic Income Blend (%)

1.12

6.10

-0.20

2.82

3.23

3.83

Morningstar Category Avg. (%)

1.31

7.09

0.48

2.39

2.72

—

Morningstar Quartile

—

YTD

10y

Inception

Total Return (%)

0.67

5.04

2.36

14.76

32.65

117.26

BBG US Universal TR Value (%)

-0.47

2.67

-6.20

3.47

19.93

63.51

Strategic Income Blend (%)

1.12

6.10

-0.61

14.90

37.41

84.32

YTD

10y

Inception

Total Return (%)

0.67

5.04

2.36

14.76

32.65

117.26

BBG US Universal TR Value (%)

-0.47

2.67

-6.20

3.47

19.93

63.51

Strategic Income Blend (%)

1.12

6.10

-0.61

14.90

37.41

84.32

2018

2019

2020

2021

2022

2023

Total Return (%)

0.15

7.14

7.56

2.20

-6.80

7.03

Strategic Income Blend (%)

-1.63

12.45

9.68

2.85

-13.87

9.04

BBG US Universal TR Value (%)

-0.25

9.29

7.58

-1.10

-12.99

6.17

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 351, 311, 260 and 160 funds, respectively, as of 30 Jun 2023.

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 2024)

Gross Expense Ratio (%)

2.10

Net Expense Ratio (%)

1.25

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,R4 Shares,BBG US Universal TR Value
            2007-12-19,10000,10000
2007-12-31,10205,10037
2008-01-31,10284,10182
2008-02-29,10330,10182
2008-03-31,10183,10203
2008-04-30,10360,10213
2008-05-31,10377,10150
2008-06-30,10133,10120
2008-07-31,10109,10105
2008-08-31,9980,10194
2008-09-30,9280,10003
2008-10-31,8258,9643
2008-11-30,7990,9897
2008-12-31,8317,10275
2009-01-31,8477,10217
2009-02-28,8431,10163
2009-03-31,8540,10316
2009-04-30,9031,10422
2009-05-31,9627,10539
2009-06-30,9923,10619
2009-07-31,10340,10820
2009-08-31,10676,10946
2009-09-30,11010,11095
2009-10-31,11091,11159
2009-11-30,11278,11300
2009-12-31,11364,11159
2010-01-31,11536,11329
2010-02-28,11643,11372
2010-03-31,11842,11387
2010-04-30,12003,11513
2010-05-31,11720,11565
2010-06-30,11816,11745
2010-07-31,12123,11897
2010-08-31,12250,12046
2010-09-30,12556,12084
2010-10-31,12765,12146
2010-11-30,12733,12066
2010-12-31,12848,11959
2011-01-31,13001,11987
2011-02-28,13243,12025
2011-03-31,13298,12040
2011-04-30,13501,12196
2011-05-31,13614,12347
2011-06-30,13577,12306
2011-07-31,13692,12498
2011-08-31,13504,12625
2011-09-30,13154,12661
2011-10-31,13515,12733
2011-11-30,13327,12695
2011-12-31,13414,12844
2012-01-31,13784,12983
2012-02-29,14021,13013
2012-03-31,14065,12953
2012-04-30,14155,13094
2012-05-31,14014,13179
2012-06-30,14135,13212
2012-07-31,14375,13409
2012-08-31,14566,13437
2012-09-30,14824,13477
2012-10-31,14981,13520
2012-11-30,14983,13552
2012-12-31,15094,13554
2013-01-31,15347,13484
2013-02-28,15396,13548
2013-03-31,15571,13565
2013-04-30,15771,13714
2013-05-31,15638,13481
2013-06-30,15376,13244
2013-07-31,15486,13287
2013-08-31,15403,13211
2013-09-30,15678,13342
2013-10-31,15906,13475
2013-11-30,15951,13431
2013-12-31,15977,13372
2014-01-31,16074,13549
2014-02-28,16318,13646
2014-03-31,16378,13633
2014-04-30,16516,13746
2014-05-31,16748,13912
2014-06-30,16880,13933
2014-07-31,16801,13889
2014-08-31,16934,14040
2014-09-30,16739,13929
2014-10-31,16786,14065
2014-11-30,16710,14141
2014-12-31,16482,14115
2015-01-31,16450,14384
2015-02-28,16618,14300
2015-03-31,16590,14359
2015-04-30,16788,14343
2015-05-31,16801,14317
2015-06-30,16669,14158
2015-07-31,16612,14240
2015-08-31,16411,14198
2015-09-30,16225,14254
2015-10-31,16406,14299
2015-11-30,16308,14247
2015-12-31,16082,14176
2016-01-31,15967,14332
2016-02-29,15954,14434
2016-03-31,16397,14611
2016-04-30,16720,14711
2016-05-31,16761,14722
2016-06-30,16891,14981
2016-07-31,17136,15105
2016-08-31,17278,15121
2016-09-30,17326,15125
2016-10-31,17363,15024
2016-11-30,17214,14687
2016-12-31,17321,14730
2017-01-31,17489,14782
2017-02-28,17639,14896
2017-03-31,17690,14891
2017-04-30,17845,15015
2017-05-31,17984,15131
2017-06-30,18032,15118
2017-07-31,18141,15193
2017-08-31,18220,15324
2017-09-30,18253,15270
2017-10-31,18297,15289
2017-11-30,18306,15266
2017-12-31,18343,15333
2018-01-31,18349,15185
2018-02-28,18294,15041
2018-03-31,18272,15117
2018-04-30,18263,15016
2018-05-31,18290,15098
2018-06-30,18285,15076
2018-07-31,18361,15108
2018-08-31,18437,15182
2018-09-30,18450,15117
2018-10-31,18352,14991
2018-11-30,18350,15058
2018-12-31,18371,15294
2019-01-31,18664,15505
2019-02-28,18765,15522
2019-03-31,18931,15802
2019-04-30,19033,15824
2019-05-31,19103,16066
2019-06-30,19303,16294
2019-07-31,19357,16342
2019-08-31,19503,16712
2019-09-30,19504,16640
2019-10-31,19553,16693
2019-11-30,19585,16690
2019-12-31,19682,16715
2020-01-31,19828,17015
2020-02-29,19874,17270
2020-03-31,18558,16932
2020-04-30,19070,17271
2020-05-31,19615,17433
2020-06-30,20016,17578
2020-07-31,20399,17887
2020-08-31,20552,17784
2020-09-30,20634,17752
2020-10-31,20695,17688
2020-11-30,20997,17919
2020-12-31,21170,17981
2021-01-31,21242,17868
2021-02-28,21276,17637
2021-03-31,21224,17432
2021-04-30,21341,17579
2021-05-31,21434,17646
2021-06-30,21504,17774
2021-07-31,21608,17953
2021-08-31,21678,17941
2021-09-30,21660,17788
2021-10-31,21625,17773
2021-11-30,21569,17795
2021-12-31,21635,17783
2022-01-31,21402,17393
2022-02-28,21167,17156
2022-03-31,20895,16695
2022-04-30,20517,16073
2022-05-31,20531,16161
2022-06-30,20063,15838
2022-07-31,20400,16236
2022-08-31,20254,15814
2022-09-30,19786,15133
2022-10-31,19771,14967
2022-11-30,20136,15525
2022-12-31,20163,15472
2023-01-31,20609,15952
2023-02-28,20400,15560
2023-03-31,20684,15925
2023-04-30,20803,16023
2023-05-31,20739,15856
2023-06-30,20770,15832
2023-07-31,20896,15848
2023-08-31,20872,15752
2023-09-30,20626,15377
2023-10-31,20474,15145
2023-11-30,21073,15827
2023-12-31,21581,16427
2024-01-31,21655,16388
2024-02-29,21539,16192
2024-03-31,21726,16351

Hypothetical Growth of $10,000

(As of 31 Mar 2024)

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

                        Categories,R4 Shares,BBG US Universal TR Value
                        2023-03-31,10000,10000
2023-04-30,10058,10061
2023-05-31,10027,9976
2023-06-30,10042,10068
2023-07-31,10102,9951
2023-08-31,10091,9891
2023-09-30,9972,9655
2023-10-31,9898,9510
2023-11-30,10188,9938
2023-12-31,10434,10315
2024-01-31,10470,10291
2024-02-29,10413,10167
2024-03-31,10504,10267

                        Categories,R4 Shares,BBG US Universal TR Value
                        2021-03-31,10000,10000
2021-04-30,10055,10084
2021-05-31,10099,10212
2021-06-30,10132,10300
2021-07-31,10181,10299
2021-08-31,10214,10292
2021-09-30,10206,10306
2021-10-31,10189,10420
2021-11-30,10163,10399
2021-12-31,10194,10467
2022-01-31,10084,10176
2022-02-28,9973,10033
2022-03-31,9845,9577
2022-04-30,9667,9220
2022-05-31,9674,9452
2022-06-30,9453,9169
2022-07-31,9612,9494
2022-08-31,9543,9200
2022-09-30,9323,8681
2022-10-31,9316,8586
2022-11-30,9487,8906
2022-12-31,9500,9015
2023-01-31,9711,9364
2023-02-28,9612,8926
2023-03-31,9746,9136
2023-04-30,9802,9191
2023-05-31,9772,9096
2023-06-30,9786,9082
2023-07-31,9845,9489
2023-08-31,9834,9395
2023-09-30,9718,8821
2023-10-31,9647,8688
2023-11-30,9929,9079
2023-12-31,10168,9424
2024-01-31,10203,9401
2024-02-29,10148,9288
2024-03-31,10236,9380

                        Categories,R4 Shares,BBG US Universal TR Value
                        2019-03-31,10000,10000
2019-04-30,10054,10014
2019-05-31,10091,10167
2019-06-30,10197,10311
2019-07-31,10225,10342
2019-08-31,10303,10576
2019-09-30,10303,10530
2019-10-31,10329,10564
2019-11-30,10346,10562
2019-12-31,10397,10578
2020-01-31,10474,10768
2020-02-29,10498,10929
2020-03-31,9803,10715
2020-04-30,10073,10930
2020-05-31,10362,11032
2020-06-30,10573,11124
2020-07-31,10776,11320
2020-08-31,10856,11254
2020-09-30,10900,11234
2020-10-31,10932,11194
2020-11-30,11092,11340
2020-12-31,11183,11379
2021-01-31,11221,11308
2021-02-28,11239,11162
2021-03-31,11211,11032
2021-04-30,11273,11124
2021-05-31,11322,11167
2021-06-30,11359,11248
2021-07-31,11414,11361
2021-08-31,11451,11354
2021-09-30,11442,11257
2021-10-31,11423,11248
2021-11-30,11394,11261
2021-12-31,11429,11254
2022-01-31,11305,11007
2022-02-28,11181,10857
2022-03-31,11038,10565
2022-04-30,10838,10171
2022-05-31,10845,10227
2022-06-30,10598,10023
2022-07-31,10776,10275
2022-08-31,10699,10008
2022-09-30,10452,9577
2022-10-31,10444,9472
2022-11-30,10637,9825
2022-12-31,10651,9791
2023-01-31,10887,10095
2023-02-28,10776,9847
2023-03-31,10926,10078
2023-04-30,10989,10140
2023-05-31,10955,10035
2023-06-30,10971,10019
2023-07-31,11038,10029
2023-08-31,11025,9969
2023-09-30,10895,9731
2023-10-31,10815,9584
2023-11-30,11132,10016
2023-12-31,11400,10396
2024-01-31,11439,10371
2024-02-29,11378,10247
2024-03-31,11476,10347

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 ($)
            2014-01-31,0
2014-02-28,0.04269
2014-03-31,0.04477
2014-04-30,0.04222
2014-05-31,0.03930
2014-06-30,0.04694
2014-07-31,0.04219
2014-08-31,0.03747
2014-09-30,0.03746
2014-10-31,0.03442
2014-11-30,0.18467
2014-12-31,0.03685
2015-01-31,0.03702
2015-02-28,0.03968
2015-03-31,0.03982
2015-04-30,0.03965
2015-05-31,0.03959
2015-06-30,0.03737
2015-07-31,0.03998
2015-08-31,0.03998
2015-09-30,0.04117
2015-10-31,0.02496
2015-11-30,0.05245
2015-12-31,0.02499
2016-01-31,0.04123
2016-02-29,0.04123
2016-03-31,0.04123
2016-04-30,0.03873
2016-05-31,0.02746
2016-06-30,0.02738
2016-07-31,0.02489
2016-08-31,0.02475
2016-09-30,0.02217
2016-10-31,0.02439
2016-11-30,0.02121
2016-12-31,0.02116
2017-01-31,0.02118
2017-02-28,0.03920
2017-03-31,0.03383
2017-04-30,0.03200
2017-05-31,0.03128
2017-06-30,0.03130
2017-07-31,0.03128
2017-08-31,0.03124
2017-09-30,0.03130
2017-10-31,0.02867
2017-11-30,0.02625
2017-12-31,0.02371
2018-01-31,0.02373
2018-02-28,0.02496
2018-03-31,0.02547
2018-04-30,0.02408
2018-05-31,0.02724
2018-06-30,0.02727
2018-07-31,0.02816
2018-08-31,0.02803
2018-09-30,0.02847
2018-10-31,0.02819
2018-11-30,0.02825
2018-12-31,0.03326
2019-01-31,0.03319
2019-02-28,0.03324
2019-03-31,0.03303
2019-04-30,0.03318
2019-05-31,0.03360
2019-06-30,0.03351
2019-07-31,0.03279
2019-08-31,0.03003
2019-09-30,0.03004
2019-10-31,0.03024
2019-11-30,0.02935
2019-12-31,0.02918
2020-01-31,0.02847
2020-02-29,0.02736
2020-03-31,0.02679
2020-04-30,0.02772
2020-05-31,0.02741
2020-06-30,0.02963
2020-07-31,0.02888
2020-08-31,0.03087
2020-09-30,0.03864
2020-10-31,0.03629
2020-11-30,0.03855
2020-12-31,0.04190
2021-01-31,0.04188
2021-02-28,0.04030
2021-03-31,0.03936
2021-04-30,0.03791
2021-05-31,0.03390
2021-06-30,0.03045
2021-07-31,0.03002
2021-08-31,0.03002
2021-09-30,0.03015
2021-10-31,0.02974
2021-11-30,0.05820
2021-12-31,0.02770
2022-01-31,0.02763
2022-02-28,0.02725
2022-03-31,0.02655
2022-04-30,0.02734
2022-05-31,0.02766
2022-06-30,0.02778
2022-07-31,0.02823
2022-08-31,0.02887
2022-09-30,0.03004
2022-10-31,0.03148
2022-11-30,0.03165
2022-12-31,0.03512
2023-01-31,0.03513
2023-02-28,0.03543
2023-03-31,0.03484
2023-04-30,0.03485
2023-05-31,0.03554
2023-06-30,0.03635
2023-07-31,0.03798
2023-08-31,0.03727
2023-09-30,0.03806
2023-10-31,0.03880
2023-11-30,0.03872
2023-12-31,0.03933
2024-01-31,0.03929
2024-02-29,0.03871
2024-03-31,0.03800

            Ex-Date, Payable Date,Total ($),Income ($),ST Cap Gains ($),LT Cap Gains ($)
2014-01-31,1391126400,0,0,0,0
2014-02-28,1393545600,0.04269,0.04269,0,0
2014-03-31,1396224000,0.04477,0.04477,0,0
2014-04-30,1398816000,0.04222,0.04222,0,0
2014-05-31,1401494400,0.03930,0.03930,0,0
2014-06-30,1404086400,0.04694,0.04694,0,0
2014-07-31,1406764800,0.04219,0.04219,0,0
2014-08-31,1409443200,0.03747,0.03747,0,0
2014-09-30,1412035200,0.03746,0.03746,0,0
2014-10-31,1414713600,0.03442,0.03442,0,0
2014-11-30,1417305600,0.18467,0.03455,0.05556,0.09456
2014-12-31,1419984000,0.03685,0.03685,0,0
2015-01-31,1422662400,0.03702,0.03702,0,0
2015-02-28,1425081600,0.03968,0.03968,0,0
2015-03-31,1427760000,0.03982,0.03982,0,0
2015-04-30,1430352000,0.03965,0.03965,0,0
2015-05-31,1433030400,0.03959,0.03959,0,0
2015-06-30,1435622400,0.03737,0.03737,0,0
2015-07-31,1438300800,0.03998,0.03998,0,0
2015-08-31,1440979200,0.03998,0.03998,0,0
2015-09-30,1443571200,0.04117,0.04117,0,0
2015-10-31,1446249600,0.02496,0.02496,0,0
2015-11-30,1448841600,0.05245,0.02503,0.02742,0.00000
2015-12-31,1451520000,0.02499,0.02499,0,0
2016-01-31,1454198400,0.04123,0.04123,0,0
2016-02-29,1456704000,0.04123,0.04123,0,0
2016-03-31,1459382400,0.04123,0.04123,0,0
2016-04-30,1461974400,0.03873,0.03873,0,0
2016-05-31,1464652800,0.02746,0.02746,0,0
2016-06-30,1467244800,0.02738,0.02738,0,0
2016-07-31,1469923200,0.02489,0.02489,0,0
2016-08-31,1472601600,0.02475,0.02475,0,0
2016-09-30,1475193600,0.02217,0.02217,0,0
2016-10-31,1477872000,0.02439,0.02439,0,0
2016-11-30,1480464000,0.02121,0.02121,0,0
2016-12-30,1483142400,0.02116,0.02116,0,0
2017-01-31,1485820800,0.02118,0.02118,0,0
2017-02-28,1488240000,0.03920,0.03920,0,0
2017-03-31,1490918400,0.03383,0.03383,0,0
2017-04-30,1493510400,0.03200,0.03200,0,0
2017-05-31,1496188800,0.03128,0.03128,0,0
2017-06-30,1498780800,0.03130,0.03130,0,0
2017-07-31,1501459200,0.03128,0.03128,0,0
2017-08-31,1504137600,0.03124,0.03124,0,0
2017-09-29,1506729600,0.03130,0.03130,0,0
2017-10-31,1509408000,0.02867,0.02867,0,0
2017-11-30,1512000000,0.02625,0.02625,0,0
2017-12-29,1514678400,0.02371,0.02371,0,0
2018-01-31,1517356800,0.02373,0.02373,0,0
2018-02-28,1519776000,0.02496,0.02496,0,0
2018-03-29,1522454400,0.02547,0.02547,0,0
2018-04-30,1525046400,0.02408,0.02408,0,0
2018-05-31,1527724800,0.02724,0.02724,0,0
2018-06-29,1530316800,0.02727,0.02727,0,0
2018-07-31,1532995200,0.02816,0.02816,0,0
2018-08-31,1535673600,0.02803,0.02803,0,0
2018-09-28,1538265600,0.02847,0.02847,0,0
2018-10-31,1540944000,0.02819,0.02819,0,0
2018-11-30,1543536000,0.02825,0.02825,0,0
2018-12-31,1546214400,0.03326,0.03326,0,0
2019-01-31,1548892800,0.03319,0.03319,0,0
2019-02-28,1551312000,0.03324,0.03324,0,0
2019-03-29,1553990400,0.03303,0.03303,0,0
2019-04-30,1556582400,0.03318,0.03318,0,0
2019-05-31,1559260800,0.03360,0.03360,0,0
2019-06-28,1561852800,0.03351,0.03351,0,0
2019-07-31,1564531200,0.03279,0.03279,0,0
2019-08-31,1567209600,0.03003,0.03003,0,0
2019-09-30,1569801600,0.03004,0.03004,0,0
2019-10-31,1572480000,0.03024,0.03024,0,0
2019-11-30,1575072000,0.02935,0.02935,0,0
2019-12-31,1577750400,0.02918,0.02918,0,0
2020-01-31,1580428800,0.02847,0.02847,0,0
2020-02-29,1582934400,0.02736,0.02736,0,0
2020-03-31,1585612800,0.02679,0.02679,0,0
2020-04-30,1588204800,0.02772,0.02772,0,0
2020-05-31,1590883200,0.02741,0.02741,0,0
2020-06-30,1593475200,0.02963,0.02963,0,0
2020-07-31,1596153600,0.02888,0.02888,0,0
2020-08-31,1598832000,0.03087,0.03087,0,0
2020-09-30,1601424000,0.03864,0.03864,0,0
2020-10-30,1604102400,0.03629,0.03629,0,0
2020-11-30,1606694400,0.03855,0.03855,0,0
2020-12-31,1609372800,0.04190,0.04190,0,0
2021-01-29,1612051200,0.04188,0.04188,0,0
2021-02-26,1614470400,0.04030,0.04030,0,0
2021-03-31,1617148800,0.03936,0.03936,0,0
2021-04-30,1619740800,0.03791,0.03791,0,0
2021-05-28,1622419200,0.03390,0.03390,0,0
2021-06-30,1625011200,0.03045,0.03045,0,0
2021-07-30,1627689600,0.03002,0.03002,0,0
2021-08-31,1630368000,0.03002,0.03002,0,0
2021-09-30,1632960000,0.03015,0.03015,0,0
2021-10-29,1635638400,0.02974,0.02974,0,0
2021-11-30,1638230400,0.05820,0.02859,0.02906,0.00055
2021-12-31,1640908800,0.02770,0.02770,0,0
2022-01-31,1643587200,0.02763,0.02763,0,0
2022-02-28,1646006400,0.02725,0.02725,0,0
2022-03-31,1648684800,0.02655,0.02655,0,0
2022-04-29,1651276800,0.02734,0.02734,0,0
2022-05-31,1653955200,0.02766,0.02766,0,0
2022-06-30,1656547200,0.02778,0.02778,0,0
2022-07-29,1659225600,0.02823,0.02823,0,0
2022-08-31,1661904000,0.02887,0.02887,0,0
2022-09-30,1664496000,0.03004,0.03004,0,0
2022-10-31,1667174400,0.03148,0.03148,0,0
2022-11-30,1669766400,0.03165,0.03165,0,0
2022-12-30,1672444800,0.03512,0.03512,0,0
2023-01-31,1675123200,0.03513,0.03513,0,0
2023-02-28,1677542400,0.03543,0.03543,0,0
2023-03-31,1680220800,0.03484,0.03484,0,0
2023-04-28,1682812800,0.03485,0.03485,0,0
2023-05-31,1685491200,0.03554,0.03554,0,0
2023-06-30,1688083200,0.03635,0.03635,0,0
2023-07-31,1690761600,0.03798,0.03798,0,0
2023-08-31,1693440000,0.03727,0.03727,0,0
2023-09-29,1696032000,0.03806,0.03806,0,0
2023-10-31,1698710400,0.03880,0.03880,0,0
2023-11-30,1701302400,0.03872,0.03872,0,0
2023-12-29,1703980800,0.03933,0.03933,0,0
2024-01-31,1706659200,0.03929,0.03929,0,0
2024-02-29,1709164800,0.03871,0.03871,0,0
2024-03-28,1711843200,0.03800,0.03800,0,0

Distributions

(As of 28 Mar 2024)

Ex-Date

Payable Date

Total ($)

Income ($)

ST Cap Gains ($)

LT Cap Gains ($)

31 Jan 2014

—

28 Feb 2014

0.04269

—

31 Mar 2014

0.04477

—

30 Apr 2014

0.04222

—

31 May 2014

0.03930

—

30 Jun 2014

0.04694

—

31 Jul 2014

0.04219

—

31 Aug 2014

0.03747

—

30 Sep 2014

0.03746

—

31 Oct 2014

0.03442

—

30 Nov 2014

0.18467

0.03455

0.05556

0.09456

31 Dec 2014

0.03685

—

31 Jan 2015

0.03702

—

28 Feb 2015

0.03968

—

31 Mar 2015

0.03982

—

30 Apr 2015

0.03965

—

31 May 2015

0.03959

—

30 Jun 2015

0.03737

—

31 Jul 2015

0.03998

—

31 Aug 2015

0.03998

—

30 Sep 2015

0.04117

—

31 Oct 2015

0.02496

—

30 Nov 2015

0.05245

0.02503

0.02742

0.00000

31 Dec 2015

0.02499

—

31 Jan 2016

0.04123

—

29 Feb 2016

0.04123

—

31 Mar 2016

0.04123

—

30 Apr 2016

0.03873

—

31 May 2016

0.02746

—

30 Jun 2016

0.02738

—

31 Jul 2016

0.02489

—

31 Aug 2016

0.02475

—

30 Sep 2016

0.02217

—

31 Oct 2016

0.02439

—

30 Nov 2016

0.02121

—

30 Dec 2016

31 Dec 2016

0.02116

—

31 Jan 2017

0.02118

—

28 Feb 2017

0.03920

—

31 Mar 2017

0.03383

—

30 Apr 2017

0.03200

—

31 May 2017

0.03128

—

30 Jun 2017

0.03130

—

31 Jul 2017

0.03128

—

31 Aug 2017

0.03124

—

29 Sep 2017

30 Sep 2017

0.03130

—

31 Oct 2017

0.02867

—

30 Nov 2017

0.02625

—

29 Dec 2017

31 Dec 2017

0.02371

—

31 Jan 2018

0.02373

—

28 Feb 2018

0.02496

—

29 Mar 2018

31 Mar 2018

0.02547

—

30 Apr 2018

0.02408

—

31 May 2018

0.02724

—

29 Jun 2018

30 Jun 2018

0.02727

—

31 Jul 2018

0.02816

—

31 Aug 2018

0.02803

—

28 Sep 2018

30 Sep 2018

0.02847

—

31 Oct 2018

0.02819

—

30 Nov 2018

0.02825

—

31 Dec 2018

0.03326

—

31 Jan 2019

0.03319

—

28 Feb 2019

0.03324

—

29 Mar 2019

31 Mar 2019

0.03303

—

30 Apr 2019

0.03318

—

31 May 2019

0.03360

—

28 Jun 2019

30 Jun 2019

0.03351

—

31 Jul 2019

0.03279

—

31 Aug 2019

0.03003

—

30 Sep 2019

0.03004

—

31 Oct 2019

0.03024

—

30 Nov 2019

0.02935

—

31 Dec 2019

0.02918

—

31 Jan 2020

0.02847

—

29 Feb 2020

0.02736

—

31 Mar 2020

0.02679

—

30 Apr 2020

0.02772

—

31 May 2020

0.02741

—

30 Jun 2020

0.02963

—

31 Jul 2020

0.02888

—

31 Aug 2020

0.03087

—

30 Sep 2020

0.03864

—

30 Oct 2020

31 Oct 2020

0.03629

—

30 Nov 2020

0.03855

—

31 Dec 2020

0.04190

—

29 Jan 2021

31 Jan 2021

0.04188

—

26 Feb 2021

28 Feb 2021

0.04030

—

31 Mar 2021

0.03936

—

30 Apr 2021

0.03791

—

28 May 2021

31 May 2021

0.03390

—

30 Jun 2021

0.03045

—

30 Jul 2021

31 Jul 2021

0.03002

—

31 Aug 2021

0.03002

—

30 Sep 2021

0.03015

—

29 Oct 2021

31 Oct 2021

0.02974

—

30 Nov 2021

0.05820

0.02859

0.02906

0.00055

31 Dec 2021

0.02770

—

31 Jan 2022

0.02763

—

28 Feb 2022

0.02725

—

31 Mar 2022

0.02655

—

29 Apr 2022

30 Apr 2022

0.02734

—

31 May 2022

0.02766

—

30 Jun 2022

0.02778

—

29 Jul 2022

31 Jul 2022

0.02823

—

31 Aug 2022

0.02887

—

30 Sep 2022

0.03004

—

31 Oct 2022

0.03148

—

30 Nov 2022

0.03165

—

30 Dec 2022

31 Dec 2022

0.03512

—

31 Jan 2023

0.03513

—

28 Feb 2023

0.03543

—

31 Mar 2023

0.03484

—

28 Apr 2023

30 Apr 2023

0.03485

—

31 May 2023

0.03554

—

30 Jun 2023

0.03635

—

31 Jul 2023

0.03798

—

31 Aug 2023

0.03727

—

29 Sep 2023

30 Sep 2023

0.03806

—

31 Oct 2023

0.03880

—

30 Nov 2023

0.03872

—

29 Dec 2023

31 Dec 2023

0.03933

—

31 Jan 2024

0.03929

—

29 Feb 2024

0.03871

—

28 Mar 2024

31 Mar 2024

0.03800

—

Fund Facts

(As of 31 Mar 2024)

Net Fund Assets

$8.4 B

Benchmark

BBG US Universal TR Value

Morningstar Category

Multisector Bond

Fund Symbol

TSRIX

Share Class

Share Class Inception Date

1 Feb 2014

Number of Holdings

1108

Portfolio Turnover

22%

Distribution Frequency

Monthly

30-Day SEC Yield (Subsidized)

3.50%

30-Day SEC Yield (Unsubsidized)

2.81%

Annualized Distribution Yield

4.00%

Characteristics

Portfolio

(As of 31 Mar 2024)

Portfolio

Benchmark

Effective Duration

3.8 Yrs

5.9 Yrs

Average Effective Maturity

5.2 Yrs

8.1 Yrs

Portfolio

Benchmark

Weighted Average Coupon

4.0%

3.5%

Yield to Worst

5.9%

5.1%

Risk & Return Profile

(As of 29 Feb 2024)

10y

Beta

0.56

0.62

0.60

R-Squared (%)

91.68

59.71

50.18

Standard Deviation (%)

4.10

4.92

4.00

Sharpe Ratio

-0.39

0.29

0.50

Information Ratio

1.17

0.67

0.49

Up Capture (%)

65.25

79.88

80.53

Down Capture (%)

38.49

44.32

42.01

Past performance does not guarantee future results.

Portfolio

Top Holdings

(As of 29 Feb 2024)

Name

Ticker/Symbol

Sector

Weight %

United States Treasury Note/Bond

91282CHT1

Government

7.4

United States Treasury Note/Bond

91282CFF3

Government

2.0

Fannie Mae Pool

3140XMY42

Mortgage Securities

1.6

Fannie Mae Pool

3140XMZX7

Mortgage Securities

1.4

United States Treasury Inflation Indexed Bonds

912810PV4

Government

1.3

Freddie Mac Pool

3132E0T93

Mortgage Securities

1.2

Freddie Mac Pool

3132E0T85

Mortgage Securities

1.1

United States Treasury Inflation Indexed Bonds

91282CGW5

Government

0.9

United States Treasury Inflation Indexed Bonds

91282CEJ6

Government

0.9

United States Treasury Inflation Indexed Bonds

91282CFR7

Government

0.8

Download Holdings

Portfolio holdings are subject to change daily.

Exposure Breakdown

(As of 31 Mar 2024)

Sector Allocation

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

20%

30%

40%

50%

Corporate

41.7

30.9

Treasury-Domestic

17.0

35.7

Asset Backed Securities

12.4

0.4

Collateralized Mortgage Obligation

9.5

—

Mortgage Passthrough

7.9

22.3

Cash & Cash Equivalents

7.4

—

Commercial Mortgage Backed Security

1.9

1.4

Bank Loan

1.0

—

Treasury-Foreign

0.9

4.6

Preferred Stock

0.3

—

Municipals

0.1

0.9

Currency Forward

0.0

—

Sector Allocation

Fund (%)

Corporate

41.7

Treasury-Domestic

17.0

Asset Backed Securities

12.4

Collateralized Mortgage Obligation

9.5

Mortgage Passthrough

7.9

Cash & Cash Equivalents

7.4

Commercial Mortgage Backed Security

1.9

Bank Loan

1.0

Treasury-Foreign

0.9

Preferred Stock

0.3

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

87.7

85.4

North America

Canada

2.1

1.5

North America

Japan

0.9

0.8

Japan

Mexico

0.9

0.5

Latin America

United Kingdom

0.8

1.4

Australia

0.7

0.5

Asia Pacific ex Japan

China

0.6

0.4

Asia Pacific ex Japan

Brazil

0.5

0.2

Latin America

United Arab Emirates

0.4

0.3

Other

Nigeria

0.4

0.1

Other

Top 10 Countries

Fund (%)

United States

87.7

Canada

2.1

Japan

0.9

Mexico

0.9

United Kingdom

0.8

Australia

0.7

China

0.6

Brazil

0.5

United Arab Emirates

0.4

Nigeria

0.4

Credit Quality

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

20%

30%

40%

50%

60%

U.S. Government

25.6

59.0

AAA

10.0

3.1

2.3

4.2

12.4

13.2

BBB

22.2

13.4

11.9

3.1

4.5

2.1

CCC

0.1

0.7

0.0

Not Rated

3.7

1.2

Cash & Cash Equivalents

7.4

—

Credit Quality

Fund (%)

U.S. Government

25.6

AAA

10.0

2.3

12.4

BBB

22.2

11.9

4.5

CCC

0.1

0.0

Not Rated

3.7

Cash & Cash Equivalents

7.4

Maturity

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

15%

20%

25%

30%

Year 1

11.6

1.3

Year 2

8.7

12.5

Year 3

7.9

10.7

Year 4

10.2

9.2

Year 5

12.7

11.3

Year 6

5.6

6.1

Year 7

3.7

7.8

Year 8

4.0

6.8

Year 9

6.4

7.4

Year 10+

21.8

26.9

Cash

7.4

—

Maturity

Fund (%)

Year 1

11.6

Year 2

8.7

Year 3

7.9

Year 4

10.2

Year 5

12.7

Year 6

5.6

Year 7

3.7

Year 8

4.0

Year 9

6.4

Year 10+

21.8

Cash

7.4

Credit quality ratings use the highest rating available from either S&P Global Ratings or Moody's Investors Service. Unrated securities are evaluated by the firm using available data and their own analysis that may be similar to that of a nationally recognized rating agency; however, such determination is not equivalent to a national agency credit rating. "NR" = Not Rated.

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

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.

© 2024 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 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

Literature

Important Information

More Insights

Managing Legacy Wealth Part 1 The Wealth Holders

5 Essential Reasons the Public Need Financial Advisors

Help Clients Make Better Social Security Claiming Decisions

Morningstar Study Makes the Case for Buy and Hold

Get Busy Living or Get Busy Dying

Active Management is Dead, Long Live Active Management

Unsubscribe

Remove strategy

Create an account to save this article or product.

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

Literature

Important Information

More Insights

Managing Legacy Wealth Part 1 The Wealth Holders

5 Essential Reasons the Public Need Financial Advisors

Help Clients Make Better Social Security Claiming Decisions

Morningstar Study Makes the Case for Buy and Hold

Get Busy Living or Get Busy Dying

Active Management is Dead, Long Live Active Management