Share Class

AVERAGE ANNUAL TOTAL RETURNS

YTD 1-YR 3-YR 5-YR INCEPTION*
A Shares (TSIAX)
Without sales charge4.78%5.90%2.64%4.81%6.43%
With sales charge0.08%1.15%1.08%3.84%5.92%
Benchmark
Blended Index4.76%2.64%3.59%3.96%4.46%
Bloomberg Barclays U.S. Universal Bond Index3.14%0.59%3.04%2.53%4.45%
YTD 1-YR 3-YR 5-YR INCEPTION*
C Shares (TSICX)
Without sales charge4.40%5.27%2.05%4.20%5.82%
With sales charge3.40%4.27%2.05%4.20%5.82%
Benchmark
Blended Index4.76%2.64%3.59%3.96%4.46%
Bloomberg Barclays U.S. Universal Bond Index3.14%0.59%3.04%2.53%4.45%
YTD 1-YR 3-YR 5-YR INCEPTION*
I Shares (TSIIX)5.05%6.33%2.98%5.15%6.76%
Benchmark
Blended Index4.76%2.64%3.59%3.96%4.46%
Bloomberg Barclays U.S. Universal Bond Index3.14%0.59%3.04%2.53%4.45%
YTD 1-YR 3-YR 5-YR INCEPTION*
R3 Shares (TSIRX)4.65%5.78%2.59%4.75%6.40%
Benchmark
Blended Index4.76%2.64%3.59%3.96%4.46%
Bloomberg Barclays U.S. Universal Bond Index3.14%0.59%3.04%2.53%4.45%
YTD 1-YR 3-YR 5-YR INCEPTION*
R4 Shares (TSRIX)4.73%5.86%2.59%4.77%6.41%
Benchmark
Blended Index4.76%2.64%3.59%3.96%4.46%
Bloomberg Barclays U.S. Universal Bond Index3.14%0.59%3.04%2.53%4.45%
YTD 1-YR 3-YR 5-YR INCEPTION*
R5 Shares (TSRRX)5.04%6.29%2.93%5.09%6.72%
Benchmark
Blended Index4.76%2.64%3.59%3.96%4.46%
Bloomberg Barclays U.S. Universal Bond Index3.14%0.59%3.04%2.53%4.45%
YTD 1-YR 3-YR 5-YR INCEPTION*
R6 Shares (TSRSX)5.44%6.81%3.30%5.46%7.09%
Benchmark
Blended Index4.76%2.64%3.59%3.96%4.46%
Bloomberg Barclays U.S. Universal Bond Index3.14%0.59%3.04%2.53%4.45%
YTD 1-YR 3-YR 5-YR INCEPTION*
A Shares (TSIAX)
Without sales charge4.14%6.78%2.24%5.03%6.42%
With sales charge-0.53%2.02%0.70%4.07%5.91%
Benchmark
Blended Index3.91%3.18%3.13%4.07%4.41%
Bloomberg Barclays U.S. Universal Bond Index2.63%0.91%2.76%2.73%4.43%
YTD 1-YR 3-YR 5-YR INCEPTION*
C Shares (TSICX)
Without sales charge3.82%6.16%1.66%4.42%5.81%
With sales charge2.82%5.16%1.66%4.42%5.81%
Benchmark
Blended Index3.91%3.18%3.13%4.07%4.41%
Bloomberg Barclays U.S. Universal Bond Index2.63%0.91%2.76%2.73%4.43%
YTD 1-YR 3-YR 5-YR INCEPTION*
I Shares (TSIIX)4.36%7.21%2.60%5.37%6.75%
Benchmark
Blended Index3.91%3.18%3.13%4.07%4.41%
Bloomberg Barclays U.S. Universal Bond Index2.63%0.91%2.76%2.73%4.43%
YTD 1-YR 3-YR 5-YR INCEPTION*
R3 Shares (TSIRX)4.02%6.67%2.20%4.98%6.39%
Benchmark
Blended Index3.91%3.18%3.13%4.07%4.41%
Bloomberg Barclays U.S. Universal Bond Index2.63%0.91%2.76%2.73%4.43%
YTD 1-YR 3-YR 5-YR INCEPTION*
R4 Shares (TSRIX)4.10%6.76%2.23%5.00%6.41%
Benchmark
Blended Index3.91%3.18%3.13%4.07%4.41%
Bloomberg Barclays U.S. Universal Bond Index2.63%0.91%2.76%2.73%4.43%
YTD 1-YR 3-YR 5-YR INCEPTION*
R5 Shares (TSRRX)4.36%7.16%2.55%5.31%6.70%
Benchmark
Blended Index3.91%3.18%3.13%4.07%4.41%
Bloomberg Barclays U.S. Universal Bond Index2.63%0.91%2.76%2.73%4.43%
YTD 1-YR 3-YR 5-YR INCEPTION*
R6 Shares (TSRSX)4.79%7.73%2.92%5.69%7.09%
Benchmark
Blended Index3.91%3.18%3.13%4.07%4.41%
Bloomberg Barclays U.S. Universal Bond Index2.63%0.91%2.76%2.73%4.43%

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.

Returns for less than one year are not annualized.
*Since 12/19/2007. Prior to inception of class R6 (4/10/2017), the performance includes actual returns of class A shares adjusted for class R6 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%.

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 shares

Gross Annual Operating Expenses (as reported in the most recent Prospectus)1.24%
Net Annual Operating Expenses (as reported in the most recent Prospectus)1.13%
Actual Annual Operating Expenses (fiscal year to date, as of 6/30/2017)1.24%

Thornburg Investment Management and/or Thornburg Securities Corporation have contractually agreed to waive fees and reimburse expenses through at least April 10, 2018, so that actual expenses do not exceed the net expense ratio above.

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.

Fund Operating Expenses  — class C shares

Gross Annual Operating Expenses (as reported in the most recent Prospectus)1.99%
Net Annual Operating Expenses (as reported in the most recent Prospectus)1.80%
Actual Annual Operating Expenses (fiscal year to date, as of 6/30/2017)1.86%

Thornburg Investment Management and/or Thornburg Securities Corporation have contractually agreed to waive fees and reimburse expenses through at least April 10, 2018, so that actual expenses do not exceed the net expense ratio above.

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.

Fund Operating Expenses  — class I shares

Gross Annual Operating Expenses (as reported in the most recent Prospectus)0.91%
Net Annual Operating Expenses (as reported in the most recent Prospectus)0.69%
Actual Annual Operating Expenses (fiscal year to date, as of 6/30/2017)0.85%

Thornburg Investment Management and/or Thornburg Securities Corporation have contractually agreed to waive fees and reimburse expenses through at least April 10, 2018, so that actual expenses do not exceed the net expense ratio above.

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.

Fund Operating Expenses  — class R3 shares

Gross Annual Operating Expenses (as reported in the most recent Prospectus)3.09%
Net Annual Operating Expenses (as reported in the most recent Prospectus)1.25%
Actual Annual Operating Expenses (fiscal year to date, as of 6/30/2017)1.31%

Thornburg Investment Management and/or Thornburg Securities Corporation have contractually agreed to waive fees and reimburse expenses through at least April 10, 2018, so that actual expenses do not exceed the net expense ratio above.

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.

Fund Operating Expenses  — class R4 shares

Gross Annual Operating Expenses (as reported in the most recent Prospectus)2.50%
Net Annual Operating Expenses (as reported in the most recent Prospectus)1.25%
Actual Annual Operating Expenses (fiscal year to date, as of 6/30/2017)1.31%

Thornburg Investment Management and/or Thornburg Securities Corporation have contractually agreed to waive fees and reimburse expenses through at least April 10, 2018, so that actual expenses do not exceed the net expense ratio above.

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.

Fund Operating Expenses  — class R5 shares

Gross Annual Operating Expenses (as reported in the most recent Prospectus)1.37%
Net Annual Operating Expenses (as reported in the most recent Prospectus)0.69%
Actual Annual Operating Expenses (fiscal year to date, as of 6/30/2017)0.89%

Thornburg Investment Management and/or Thornburg Securities Corporation have contractually agreed to waive fees and reimburse expenses through at least April 10, 2018, so that actual expenses do not exceed the net expense ratio above.

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.

Fund Operating Expenses  — class R6 shares

Gross Annual Operating Expenses (as reported in the most recent Prospectus)1.89%
Net Annual Operating Expenses (as reported in the most recent Prospectus)0.65%
Actual Annual Operating Expenses (fiscal year to date, as of 6/30/2017)0.07%

Thornburg Investment Management and/or Thornburg Securities Corporation have contractually agreed to waive fees and reimburse expenses through at least April 10, 2018, so that actual expenses do not exceed the net expense ratio above.

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 241 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 241 and 191 funds, as of 7/31/2017.

Morningstar Rating

Overall Morningstar Rating among 241 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 241 and 191 funds, as of 7/31/2017.

Morningstar Rating

Overall Morningstar Rating among 241 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 241 and 191 funds, as of 7/31/2017.

Morningstar Rating

Overall Morningstar Rating among 241 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 241 and 191 funds, as of 7/31/2017.

Morningstar Rating

Overall Morningstar Rating among 241 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 241 and 191 funds, as of 7/31/2017.

Morningstar Rating

Overall Morningstar Rating among 241 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 241 and 191 funds, as of 7/31/2017.

Morningstar Rating

Overall Morningstar Rating among 241 Multisector Bond funds, based on risk-adjusted returns for class R6 shares, using a weighted average of the fund's three- and five-year ratings: respectively, 3 stars and 4 stars among 241 and 191 funds, as of 7/31/2017.

30-day Yields with sales charge as of 7/31/2017 - class A shares

Annualized Distribution Yield3.05%
SEC Yield2.66%
Without the fee waivers and expense reimbursements described above the Annualized Distribution yield would have been 3.03%, and the SEC yield would have been 2.64%.

30-day Yields with sales charge as of 7/31/2017 - class C shares

Annualized Distribution Yield2.53%
SEC Yield2.12%
Without the fee waivers and expense reimbursements described above the Annualized Distribution yield would have been 2.44%, and the SEC yield would have been 2.03%.

30-day Yields with sales charge as of 7/31/2017 - class I shares

Annualized Distribution Yield3.62%
SEC Yield3.22%
Without the fee waivers and expense reimbursements described above the Annualized Distribution yield would have been 3.51%, and the SEC yield would have been 3.10%.

30-day Yields with sales charge as of 7/31/2017 - class R3 shares

Annualized Distribution Yield3.07%
SEC Yield2.66%
Without the fee waivers and expense reimbursements described above the Annualized Distribution yield would have been 2.18%, and the SEC yield would have been 1.77%.

30-day Yields with sales charge as of 7/31/2017 - class R4 shares

Annualized Distribution Yield3.07%
SEC Yield2.66%
Without the fee waivers and expense reimbursements described above the Annualized Distribution yield would have been 2.03%, and the SEC yield would have been 1.61%.

30-day Yields with sales charge as of 7/31/2017 - class R5 shares

Annualized Distribution Yield3.62%
SEC Yield3.22%
Without the fee waivers and expense reimbursements described above the Annualized Distribution yield would have been 3.30%, and the SEC yield would have been 2.89%.

30-day Yields with sales charge as of 7/31/2017 - class R6 shares

Annualized Distribution Yield4.22%
SEC Yield4.45%
Without the fee waivers and expense reimbursements described above the Annualized Distribution yield would have been -11952.78%, and the SEC yield would have been 103517223.14%. Unsubsidized yields may appear disproportionate due to the size of net assets and fixed expenses.

Dividends and Capital Gains  — class A shares

Dividend (paid Jul 31, 2017)$0.03250
Capital Gains (2016)None Paid

Dividends and Capital Gains  — class C shares

Dividend (paid Jul 31, 2017)$0.02575
Capital Gains (2016)None Paid

Dividends and Capital Gains  — class I shares

Dividend (paid Jul 31, 2017)$0.03682
Capital Gains (2016)None Paid

Dividends and Capital Gains  — class R3 shares

Dividend (paid Jul 31, 2017)$0.03126
Capital Gains (2016)None Paid

Dividends and Capital Gains  — class R4 shares

Dividend (paid Jul 31, 2017)$0.03128
Capital Gains (2016)None Paid

Dividends and Capital Gains  — class R5 shares

Dividend (paid Jul 31, 2017)$0.03681
Capital Gains (2016)None Paid

Dividends and Capital Gains  — class R6 shares

Dividend (paid Jul 31, 2017)$0.04285
Capital Gains (2016)None Paid

hypothetical growth of $10,000 as of 7/31/2017 (Thornburg Strategic Income Fund vs. Blended Index / Bloomberg Barclays U.S. Universal Bond Index)

  • A shares with sales charge$17,403
  • Blended Index$15,218
  • Bloomberg Barclays U.S. Universal Bond Index$15,192
  • I shares$18,782
  • Blended Index$15,218
  • Bloomberg Barclays U.S. Universal Bond Index$15,192
  • R3 shares$18,168
  • Blended Index$15,218
  • Bloomberg Barclays U.S. Universal Bond Index$15,192
  • R4 shares$18,187
  • Blended Index$15,218
  • Bloomberg Barclays U.S. Universal Bond Index$15,192
  • R5 shares$18,690
  • Blended Index$15,218
  • Bloomberg Barclays U.S. Universal Bond Index$15,192
  • R6 shares$19,333
  • Blended Index$15,218
  • Bloomberg Barclays U.S. Universal Bond Index$15,192

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 this share class, performance is calculated from actual returns of the class A shares adjusted for the expenses of the newer share class.

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 S&P Global Ratings. Where neither rating is available, we have used ratings from other nationally recognized statistical rating organizations (NRSROs).

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.