AVERAGE ANNUAL TOTAL RETURNS

YTD 1-YR 3-YR 5-YR INCEPTION*
A Shares (TSIAX)
Without sales charge1.84%10.55%2.67%4.73%6.40%
With sales charge-2.73%5.59%1.11%3.77%5.87%
Benchmark
Bloomberg Barclays U.S. Universal Index1.13%3.20%2.97%2.74%4.43%
Blended Index1.74%5.18%3.25%3.74%4.34%
YTD 1-YR 3-YR 5-YR INCEPTION*
C Shares (TSICX)
Without sales charge1.74%9.96%2.09%4.15%5.80%
With sales charge0.74%8.96%2.09%4.15%5.80%
Benchmark
Bloomberg Barclays U.S. Universal Index1.13%3.20%2.97%2.74%4.43%
Blended Index1.74%5.18%3.25%3.74%4.34%
YTD 1-YR 3-YR 5-YR INCEPTION*
I Shares (TSIIX)1.90%10.96%2.99%5.08%6.73%
Benchmark
Bloomberg Barclays U.S. Universal Index1.13%3.20%2.97%2.74%4.43%
Blended Index1.74%5.18%3.25%3.74%4.34%
YTD 1-YR 3-YR 5-YR INCEPTION*
R3 Shares (TSIRX)1.75%10.47%2.60%4.69%6.38%
Benchmark
Bloomberg Barclays U.S. Universal Index1.13%3.20%2.97%2.74%4.43%
Blended Index1.74%5.18%3.25%3.74%4.34%
YTD 1-YR 3-YR 5-YR INCEPTION*
R4 Shares (TSRIX)1.83%10.56%2.63%4.71%6.39%
Benchmark
Bloomberg Barclays U.S. Universal Index1.13%3.20%2.97%2.74%4.43%
Blended Index1.74%5.18%3.25%3.74%4.34%
YTD 1-YR 3-YR 5-YR INCEPTION*
R5 Shares (TSRRX)1.90%10.88%2.93%5.00%6.68%
Benchmark
Bloomberg Barclays U.S. Universal Index1.13%3.20%2.97%2.74%4.43%
Blended Index1.74%5.18%3.25%3.74%4.34%
YTD 1-YR 3-YR 5-YR INCEPTION*
A Shares (TSIAX)
Without sales charge7.69%7.69%2.77%5.28%6.30%
With sales charge2.84%2.84%1.21%4.31%5.77%
Benchmark
Bloomberg Barclays U.S. Universal Index3.91%3.91%3.28%2.78%4.38%
Blended Index3.71%3.71%3.29%3.93%4.22%
YTD 1-YR 3-YR 5-YR INCEPTION*
C Shares (TSICX)
Without sales charge7.12%7.12%2.19%4.68%5.71%
With sales charge6.12%6.12%2.19%4.68%5.71%
Benchmark
Bloomberg Barclays U.S. Universal Index3.91%3.91%3.28%2.78%4.38%
Blended Index3.71%3.71%3.29%3.93%4.22%
YTD 1-YR 3-YR 5-YR INCEPTION*
I Shares (TSIIX)8.08%8.08%3.09%5.61%6.63%
Benchmark
Bloomberg Barclays U.S. Universal Index3.91%3.91%3.28%2.78%4.38%
Blended Index3.71%3.71%3.29%3.93%4.22%
YTD 1-YR 3-YR 5-YR INCEPTION*
R3 Shares (TSIRX)7.71%7.71%2.73%5.25%6.29%
Benchmark
Bloomberg Barclays U.S. Universal Index3.91%3.91%3.28%2.78%4.38%
Blended Index3.71%3.71%3.29%3.93%4.22%
YTD 1-YR 3-YR 5-YR INCEPTION*
R4 Shares (TSRIX)7.71%7.71%2.73%5.26%6.29%
Benchmark
Bloomberg Barclays U.S. Universal Index3.91%3.91%3.28%2.78%4.38%
Blended Index3.71%3.71%3.29%3.93%4.22%
YTD 1-YR 3-YR 5-YR INCEPTION*
R5 Shares (TSRRX)7.99%7.99%3.02%5.55%6.58%
Benchmark
Bloomberg Barclays U.S. Universal Index3.91%3.91%3.28%2.78%4.38%
Blended Index3.71%3.71%3.29%3.93%4.22%


Returns for less than one year are not annualized.
*Inception date for Class A Shares 12/19/2007.


Returns for less than one year are not annualized.
*Inception date for Class C Shares 12/19/2007.


Returns for less than one year are not annualized.
*Inception date for Class I Shares 12/19/2007.


Returns for less than one year are not annualized.
*Since 12/19/2007. Prior to inception of class R3 (5/1/2012), the performance includes actual returns of class A shares adjusted for class R3 expenses.


Returns for less than one year are not annualized.
*Since 12/19/2007. Prior to inception of class R4 (2/1/2014), the performance includes actual returns of class A shares adjusted for class R4 expenses.


Returns for less than one year are not annualized.
*Since 12/19/2007. Prior to inception of class R5 (5/1/2012), the performance includes actual returns of class A shares adjusted for class R5 expenses.

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 Fund’s A shares is 4.50%.

B shares carry a contingent deferred sales charge (CDSC), if redeemed within a year, of 5.00%; within two years, 4.25%; within three years, 3.50%; within four years, 2.75%; within five years, 2.00%; within six years, 1.25%, within seven years, 0.50%. There is no charge for redemption within the eighth year.

C shares include a 1% contingent deferred sales charge (CDSC) for the first year only.

There is no up-front sales charge for the I shares.

There is no up-front sales charge for class R shares.

FUND OPERATING EXPENSES — class A sharesclass B sharesclass C sharesclass D sharesclass I sharesclass R3 sharesclass R4 sharesclass R5 sharesclass R6 sharesclass U sharesclass S shares

Gross Annual Operating Expenses (as reported in the most recent Prospectus)1.31%
Net Annual Operating Expenses (as reported in the most recent Prospectus)1.20%
Actual Annual Operating Expenses (fiscal year to date, as of 12/31/2016)1.24%
Gross Annual Operating Expenses (as reported in the most recent Prospectus)2.06%
Net Annual Operating Expenses (as reported in the most recent Prospectus)1.87%
Actual Annual Operating Expenses (fiscal year to date, as of 12/31/2016)1.80%
Gross Annual Operating Expenses (as reported in the most recent Prospectus)0.98%
Net Annual Operating Expenses (as reported in the most recent Prospectus)0.76%
Actual Annual Operating Expenses (fiscal year to date, as of 12/31/2016)0.91%
Gross Annual Operating Expenses (as reported in the most recent Prospectus)3.16%
Net Annual Operating Expenses (as reported in the most recent Prospectus)1.32%
Actual Annual Operating Expenses (fiscal year to date, as of 12/31/2016)1.25%
Gross Annual Operating Expenses (as reported in the most recent Prospectus)2.57%
Net Annual Operating Expenses (as reported in the most recent Prospectus)1.32%
Actual Annual Operating Expenses (fiscal year to date, as of 12/31/2016)1.25%
Gross Annual Operating Expenses (as reported in the most recent Prospectus)1.44%
Net Annual Operating Expenses (as reported in the most recent Prospectus)0.76%
Actual Annual Operating Expenses (fiscal year to date, as of 12/31/2016)0.99%

Thornburg Investment Management and/or Thornburg Securities Corporation have contractually agreed to waive fees and reimburse expenses incurred by the Fund through at least February 1, 2018, so that actual Class A expenses do not exceed 1.13%, not including the effects of Acquired Fund Fees and Expenses.

Thornburg Investment Management and/or Thornburg Securities Corporation have contractually agreed to waive fees and reimburse expenses incurred by the Fund through at least February 1, 2018, so that actual Class C expenses do not exceed 1.80%, not including the effects of Acquired Fund Fees and Expenses.

Thornburg Investment Management and/or Thornburg Securities Corporation have contractually agreed to waive fees and reimburse expenses incurred by the Fund through at least February 1, 2018, so that actual Class I expenses do not exceed 0.69%, not including the effects of Acquired Fund Fees and Expenses.

Thornburg Investment Management and/or Thornburg Securities Corporation have contractually agreed to waive fees and reimburse expenses incurred by the Fund through at least February 1, 2018, so that actual Class R3 expenses do not exceed 1.25%, not including the effects of Acquired Fund Fees and Expenses.

Thornburg Investment Management and/or Thornburg Securities Corporation have contractually agreed to waive fees and reimburse expenses incurred by the Fund through at least February 1, 2018, so that actual Class R4 expenses do not exceed 1.25%, not including the effects of Acquired Fund Fees and Expenses.

Thornburg Investment Management and/or Thornburg Securities Corporation have contractually agreed to waive fees and reimburse expenses incurred by the Fund through at least February 1, 2018, so that actual Class R5 expenses do not exceed 0.69%, not including the effects of Acquired Fund Fees and Expenses.

The "Actual Annualized Operating Expenses" for each class of shares of the Fund represents the operating expenses of each such class as of the date shown above, including the effect of any fee waivers and expense reimbursements which are applicable to that class, but not including the effects of Acquired Fund Fees and Expenses. For a discussion of Acquired Fund Fees and Expense, see the Fund's current prospectus.

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.

Morningstar Rating

Overall Morningstar Rating among 220 Multisector Bond funds, based on risk-adjusted returns for class A shares, using a weighted average of the fund's three- and five-year ratings: respectively, 3 stars and 4 stars among 220 and 173 funds, as of 2/28/2017.

Morningstar Rating

Overall Morningstar Rating among 220 Multisector Bond funds, based on risk-adjusted returns for class I shares, using a weighted average of the fund's three- and five-year ratings: respectively, 3 stars and 4 stars among 220 and 173 funds, as of 2/28/2017.

Morningstar Rating

Overall Morningstar Rating among 220 Multisector Bond funds, based on risk-adjusted returns for class R3 shares, using a weighted average of the fund's three- and five-year ratings: respectively, 3 stars and 4 stars among 220 and 173 funds, as of 2/28/2017.

Morningstar Rating

Overall Morningstar Rating among 220 Multisector Bond funds, based on risk-adjusted returns for class R5 shares, using a weighted average of the fund's three- and five-year ratings: respectively, 3 stars and 4 stars among 220 and 173 funds, as of 2/28/2017.

Morningstar Rating

Overall Morningstar Rating among 220 Multisector Bond funds, based on risk-adjusted returns for class C shares, using a weighted average of the fund's three- and five-year ratings: respectively, 2 stars and 3 stars among 220 and 173 funds, as of 2/28/2017.

Morningstar Rating

Overall Morningstar Rating among 220 Multisector Bond funds, based on risk-adjusted returns for class R4 shares, using a weighted average of the fund's three- and five-year ratings: respectively, 3 stars and 4 stars among 220 and 173 funds, as of 2/28/2017.

30-day Yields with sales charge as of 2/28/2017 — class A sharesclass B sharesclass C sharesclass D sharesclass I sharesclass R3 sharesclass R4 sharesclass R5 sharesclass R6 sharesclass U sharesclass S shares

Annualized Distribution Yield4.07%
SEC Yield3.18%
Annualized Distribution Yield3.64%
SEC Yield2.67%
Annualized Distribution Yield4.65%
SEC Yield3.75%
Annualized Distribution Yield4.18%
SEC Yield3.22%
Annualized Distribution Yield4.18%
SEC Yield3.21%
Annualized Distribution Yield4.64%
SEC Yield3.75%
Without the fee waivers and expense reimbursements described above the Annualized Distribution yield would have been 4.07%, and the SEC yield would have been 3.08%.
Without the fee waivers and expense reimbursements described above the Annualized Distribution yield would have been 3.55%, and the SEC yield would have been 2.47%.
Without the fee waivers and expense reimbursements described above the Annualized Distribution yield would have been 4.50%, and the SEC yield would have been 3.49%.
Without the fee waivers and expense reimbursements described above the Annualized Distribution yield would have been 2.98%, and the SEC yield would have been 1.89%.
Without the fee waivers and expense reimbursements described above the Annualized Distribution yield would have been 3.27%, and the SEC yield would have been 2.19%.
Without the fee waivers and expense reimbursements described above the Annualized Distribution yield would have been 4.01%, and the SEC yield would have been 3.01%.

Dividends and Capital Gains — class A sharesclass B sharesclass C sharesclass D sharesclass I sharesclass R3 sharesclass R4 sharesclass R5 sharesclass R6 sharesclass U sharesclass S shares

Dividend (paid Feb 28, 2017)$0.04000
Capital Gains (2016)None Paid
Dividend (paid Feb 28, 2017)$0.03427
Capital Gains (2016)None Paid
Dividend (paid Feb 28, 2017)$0.04344
Capital Gains (2016)None Paid
Dividend (paid Feb 28, 2017)$0.03918
Capital Gains (2016)None Paid
Dividend (paid Feb 28, 2017)$0.03920
Capital Gains (2016)None Paid
Dividend (paid Feb 28, 2017)$0.04345
Capital Gains (2016)None Paid

hypothetical growth of $10,000 as of 2/28/2017 (Thornburg Strategic Income Fund vs. Blended Index / Bloomberg Barclays U.S. Universal Index)

  • A shares with sales charge$16,914
  • Blended Index$14,778
  • Bloomberg Barclays U.S. Universal Index$14,895
  • I shares$18,220
  • Blended Index$14,778
  • Bloomberg Barclays U.S. Universal Index$14,895
  • R3 shares$17,664
  • Blended Index$14,778
  • Bloomberg Barclays U.S. Universal Index$14,895
  • R4 shares$17,683
  • Blended Index$14,778
  • Bloomberg Barclays U.S. Universal Index$14,895
  • R5 shares$18,130
  • Blended Index$14,778
  • Bloomberg Barclays U.S. Universal Index$14,895

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.


Prior to inception of class I shares, performance is calculated from actual returns of the class A shares adjusted for the lower Institutional expenses.

Prior to inception of the Retirement shares, the performance includes actual returns of class A Shares adjusted for class R expenses. After inception of each Retirement share class, actual class R performance was used.)

Additional Rating and Ranking Information

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. © 2017 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.

Important Information
Before investing, carefully consider the Fund’s investment goals, risks, charges, and expenses. For a prospectus or summary prospectus containing this and other information, contact your financial advisor or visit our literature center. Read them carefully before investing.

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.

Credit quality ratings for Thornburg’s global fixed income portfolios used ratings from Moody’s Investors Service. Where Moody’s ratings are not available, we have used Standard & Poor’s ratings. Where neither rating is available, we have used ratings from other NRSROs. U.S.-backed securities are included in AAA.

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.

Thornburg Strategic Income Fund’s Blended Index is composed of 80% Bloomberg Barclays U.S. Aggregate Bond Index and 20% MSCI World Index, rebalanced monthly.

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.

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.