Share Class

AVERAGE ANNUAL TOTAL RETURNS

A Shares (Incep. 12/19/2007) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION
TSIAX without sales charge2.18%2.74%5.65%2.91%8.39%5.84%
TSIAX with sales charge-2.41%-1.86%4.05%1.98%7.89%5.40%
Benchmark (Since 12/19/2007)
Blended Index2.97%2.79%3.90%3.25%5.69%4.15%
Bloomberg Barclays U.S. Universal Bond Index1.49%3.19%2.45%2.61%4.33%4.01%
C Shares (Incep. 12/19/2007) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION
TSICX without sales charge2.06%2.00%4.97%2.28%7.76%5.22%
TSICX with sales charge1.06%1.00%4.97%2.28%7.76%5.22%
Benchmark (Since 12/19/2007)
Blended Index2.97%2.79%3.90%3.25%5.69%4.15%
Bloomberg Barclays U.S. Universal Bond Index1.49%3.19%2.45%2.61%4.33%4.01%
I Shares (Incep. 12/19/2007) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION
TSIIX2.33%3.22%6.10%3.29%8.76%6.19%
Benchmark (Since 12/19/2007)
Blended Index2.97%2.79%3.90%3.25%5.69%4.15%
Bloomberg Barclays U.S. Universal Bond Index1.49%3.19%2.45%2.61%4.33%4.01%
R3 Shares (Incep. 5/1/2012) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION*
TSIRX2.23%2.56%5.60%2.86%8.37%5.82%
Benchmark (Since 12/19/2007)
Blended Index2.97%2.79%3.90%3.25%5.69%4.15%
Bloomberg Barclays U.S. Universal Bond Index1.49%3.19%2.45%2.61%4.33%4.01%
R4 Shares (Incep. 2/1/2014) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION*
TSRIX2.15%2.57%5.56%2.83%8.33%5.78%
Benchmark (Since 12/19/2007)
Blended Index2.97%2.79%3.90%3.25%5.69%4.15%
Bloomberg Barclays U.S. Universal Bond Index1.49%3.19%2.45%2.61%4.33%4.01%
R5 Shares (Incep. 5/1/2012) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION*
TSRRX2.24%3.13%6.08%3.26%8.72%6.16%
Benchmark (Since 12/19/2007)
Blended Index2.97%2.79%3.90%3.25%5.69%4.15%
Bloomberg Barclays U.S. Universal Bond Index1.49%3.19%2.45%2.61%4.33%4.01%
R6 Shares (Incep. 4/10/2017) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION*
TSRSX2.25%3.14%6.36%3.54%9.00%6.43%
Benchmark (Since 12/19/2007)
Blended Index2.97%2.79%3.90%3.25%5.69%4.15%
Bloomberg Barclays U.S. Universal Bond Index1.49%3.19%2.45%2.61%4.33%4.01%
A Shares (Incep. 12/19/2007) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION
TSIAX without sales charge0.30%0.30%4.62%2.91%8.30%5.72%
TSIAX with sales charge-4.24%-4.24%3.02%1.97%7.80%5.28%
Benchmark (Since 12/19/2007)
Blended Index-1.63%-1.63%3.00%3.03%4.87%3.93%
Bloomberg Barclays U.S. Universal Bond Index-0.25%-0.25%2.56%2.72%4.06%3.93%
C Shares (Incep. 12/19/2007) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION
TSICX without sales charge-0.43%-0.43%3.95%2.28%7.67%5.10%
TSICX with sales charge-1.40%-1.40%3.95%2.28%7.67%5.10%
Benchmark (Since 12/19/2007)
Blended Index-1.63%-1.63%3.00%3.03%4.87%3.93%
Bloomberg Barclays U.S. Universal Bond Index-0.25%-0.25%2.56%2.72%4.06%3.93%
I Shares (Incep. 12/19/2007) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION
TSIIX0.68%0.68%5.03%3.26%8.66%6.06%
Benchmark (Since 12/19/2007)
Blended Index-1.63%-1.63%3.00%3.03%4.87%3.93%
Bloomberg Barclays U.S. Universal Bond Index-0.25%-0.25%2.56%2.72%4.06%3.93%
R3 Shares (Incep. 5/1/2012) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION*
TSIRX0.13%0.13%4.55%2.84%8.27%5.70%
Benchmark (Since 12/19/2007)
Blended Index-1.63%-1.63%3.00%3.03%4.87%3.93%
Bloomberg Barclays U.S. Universal Bond Index-0.25%-0.25%2.56%2.72%4.06%3.93%
R4 Shares (Incep. 2/1/2014) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION*
TSRIX0.15%0.15%4.54%2.83%8.25%5.67%
Benchmark (Since 12/19/2007)
Blended Index-1.63%-1.63%3.00%3.03%4.87%3.93%
Bloomberg Barclays U.S. Universal Bond Index-0.25%-0.25%2.56%2.72%4.06%3.93%
R5 Shares (Incep. 5/1/2012) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION*
TSRRX0.77%0.77%5.03%3.25%8.63%6.04%
Benchmark (Since 12/19/2007)
Blended Index-1.63%-1.63%3.00%3.03%4.87%3.93%
Bloomberg Barclays U.S. Universal Bond Index-0.25%-0.25%2.56%2.72%4.06%3.93%
R6 Shares (Incep. 4/10/2017) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION*
TSRSX0.77%0.77%5.33%3.54%8.91%6.31%
Benchmark (Since 12/19/2007)
Blended Index-1.63%-1.63%3.00%3.03%4.87%3.93%
Bloomberg Barclays U.S. Universal Bond Index-0.25%-0.25%2.56%2.72%4.06%3.93%
A Shares without sales charge
(Incep. 12/19/2007)
Blended IndexBloomberg Barclays U.S. Universal Bond Index
2008-18.48%-5.60%2.38%
200936.68%10.77%8.60%
201013.10%7.95%7.16%
20114.44%5.29%7.40%
201212.55%6.60%5.53%
20135.89%3.23%-1.35%
20143.19%5.81%5.56%
2015-2.34%0.42%0.43%
20167.69%3.71%3.91%
20176.01%7.09%4.09%
20180.30%-1.63%-0.25%
C Shares without sales charge
(Incep. 12/19/2007)
Blended IndexBloomberg Barclays U.S. Universal Bond Index
2008-19.01%-5.60%2.38%
200935.89%10.77%8.60%
201012.60%7.95%7.16%
20113.85%5.29%7.40%
201211.87%6.60%5.53%
20135.30%3.23%-1.35%
20142.67%5.81%5.56%
2015-2.97%0.42%0.43%
20167.12%3.71%3.91%
20175.32%7.09%4.09%
2018-0.43%-1.63%-0.25%
I Shares
(Incep. 12/19/2007)
Blended IndexBloomberg Barclays U.S. Universal Bond Index
2008-18.33%-5.60%2.38%
200937.02%10.77%8.60%
201013.48%7.95%7.16%
20114.80%5.29%7.40%
201212.81%6.60%5.53%
20136.30%3.23%-1.35%
20143.53%5.81%5.56%
2015-2.10%0.42%0.43%
20168.08%3.71%3.91%
20176.47%7.09%4.09%
20180.68%-1.63%-0.25%
R3 Shares*
(Incep. 5/1/2012)
Blended IndexBloomberg Barclays U.S. Universal Bond Index
2008-18.45%-5.60%2.38%
200936.72%10.77%8.60%
201013.13%7.95%7.16%
20114.47%5.29%7.40%
201212.56%6.60%5.53%
20135.87%3.23%-1.35%
20143.15%5.81%5.56%
2015-2.43%0.42%0.43%
20167.71%3.71%3.91%
20175.95%7.09%4.09%
20180.13%-1.63%-0.25%
R4 Shares*
(Incep. 2/1/2014)
Blended IndexBloomberg Barclays U.S. Universal Bond Index
2008-18.50%-5.60%2.38%
200936.64%10.77%8.60%
201013.06%7.95%7.16%
20114.41%5.29%7.40%
201212.52%6.60%5.53%
20135.85%3.23%-1.35%
20143.16%5.81%5.56%
2015-2.43%0.42%0.43%
20167.71%3.71%3.91%
20175.90%7.09%4.09%
20180.15%-1.63%-0.25%
R5 Shares*
(Incep. 5/1/2012)
Blended IndexBloomberg Barclays U.S. Universal Bond Index
2008-18.25%-5.60%2.38%
200937.05%10.77%8.60%
201013.41%7.95%7.16%
20114.73%5.29%7.40%
201212.86%6.60%5.53%
20136.15%3.23%-1.35%
20143.51%5.81%5.56%
2015-2.19%0.42%0.43%
20167.99%3.71%3.91%
20176.48%7.09%4.09%
20180.77%-1.63%-0.25%
R6 Shares*
(Incep. 4/10/2017)
Blended IndexBloomberg Barclays U.S. Universal Bond Index
2008-18.05%-5.60%2.38%
200937.38%10.77%8.60%
201013.68%7.95%7.16%
20114.98%5.29%7.40%
201213.14%6.60%5.53%
20136.43%3.23%-1.35%
20143.72%5.81%5.56%
2015-1.83%0.42%0.43%
20168.25%3.71%3.91%
20177.37%7.09%4.09%
20180.77%-1.63%-0.25%

Returns for less than one year are not annualized.
Source: Confluence

Returns for less than one year are not annualized.
Source: Confluence

Returns for less than one year are not annualized.
Source: Confluence

* Since 12/19/2007.
Prior to inception of this share class, performance is hypothetical and was calculated from actual returns of an earlier share class adjusted for the expenses of the newer share class.
Returns for less than one year are not annualized.
Source: Confluence

* Since 12/19/2007.
Prior to inception of this share class, performance is hypothetical and was calculated from actual returns of an earlier share class adjusted for the expenses of the newer share class.
Returns for less than one year are not annualized.
Source: Confluence

* Since 12/19/2007.
Prior to inception of this share class, performance is hypothetical and was calculated from actual returns of an earlier share class adjusted for the expenses of the newer share class.
Returns for less than one year are not annualized.
Source: Confluence

* Since 12/19/2007.
Prior to inception of this share class, performance is hypothetical and was calculated from actual returns of an earlier share class adjusted for the expenses of the newer share class.
Returns for less than one year are not annualized.
Source: Confluence

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)1.21%
Net Annual Operating Expenses (as reported in the most recent Prospectus)1.05%
Actual Annual Operating Expenses (fiscal year to date, as of 12/31/2018)1.07%

Thornburg Investment Management and/or Thornburg Securities Corporation have contractually agreed to waive fees and reimburse expenses through at least February 1, 2020, 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)1.96%
Net Annual Operating Expenses (as reported in the most recent Prospectus)1.80%
Actual Annual Operating Expenses (fiscal year to date, as of 12/31/2018)1.80%

Thornburg Investment Management and/or Thornburg Securities Corporation have contractually agreed to waive fees and reimburse expenses through at least February 1, 2020, 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)0.60%
Actual Annual Operating Expenses (fiscal year to date, as of 12/31/2018)0.69%

Thornburg Investment Management and/or Thornburg Securities Corporation have contractually agreed to waive fees and reimburse expenses through at least February 1, 2020, 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)2.56%
Net Annual Operating Expenses (as reported in the most recent Prospectus)1.25%
Actual Annual Operating Expenses (fiscal year to date, as of 12/31/2018)1.25%

Thornburg Investment Management and/or Thornburg Securities Corporation have contractually agreed to waive fees and reimburse expenses through at least February 1, 2020, 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)2.14%
Net Annual Operating Expenses (as reported in the most recent Prospectus)1.25%
Actual Annual Operating Expenses (fiscal year to date, as of 12/31/2018)1.25%

Thornburg Investment Management and/or Thornburg Securities Corporation have contractually agreed to waive fees and reimburse expenses through at least February 1, 2020, 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)1.20%
Net Annual Operating Expenses (as reported in the most recent Prospectus)0.60%
Actual Annual Operating Expenses (fiscal year to date, as of 12/31/2018)0.69%

Thornburg Investment Management and/or Thornburg Securities Corporation have contractually agreed to waive fees and reimburse expenses through at least February 1, 2020, 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)1.13%
Net Annual Operating Expenses (as reported in the most recent Prospectus)0.53%
Actual Annual Operating Expenses (fiscal year to date, as of 12/31/2018)0.65%

Thornburg Investment Management and/or Thornburg Securities Corporation have contractually agreed to waive fees and reimburse expenses through at least February 1, 2020, 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 290 Multisector Bond funds, based on risk-adjusted returns for class A shares, using a weighted average of the fund's three-, five- and ten-year ratings: respectively, 3 stars, 3 stars and 4 stars among 290, 222 and 130 funds, as of 2/28/2019.

MORNINGSTAR RATING

Overall Morningstar Rating among 290 Multisector Bond funds, based on risk-adjusted returns for class C shares, using a weighted average of the fund's three-, five- and ten-year ratings: respectively, 3 stars, 3 stars and 4 stars among 290, 222 and 130 funds, as of 2/28/2019.

MORNINGSTAR RATING

Overall Morningstar Rating among 290 Multisector Bond funds, based on risk-adjusted returns for class I shares, using a weighted average of the fund's three-, five- and ten-year ratings: respectively, 4 stars, 4 stars and 4 stars among 290, 222 and 130 funds, as of 2/28/2019.

MORNINGSTAR RATING

Overall Morningstar Rating among 290 Multisector Bond funds, based on risk-adjusted returns for class R3 shares, using a weighted average of the fund's three-, five- and ten-year ratings: respectively, 3 stars, 3 stars and 4 stars among 290, 222 and 130 funds, as of 2/28/2019.

MORNINGSTAR RATING

Overall Morningstar Rating among 290 Multisector Bond funds, based on risk-adjusted returns for class R4 shares, using a weighted average of the fund's three-, five- and ten-year ratings: respectively, 3 stars, 3 stars and 4 stars among 290, 222 and 130 funds, as of 2/28/2019.

MORNINGSTAR RATING

Overall Morningstar Rating among 290 Multisector Bond funds, based on risk-adjusted returns for class R5 shares, using a weighted average of the fund's three-, five- and ten-year ratings: respectively, 4 stars, 4 stars and 4 stars among 290, 222 and 130 funds, as of 2/28/2019.

MORNINGSTAR RATING

Overall Morningstar Rating among 290 Multisector Bond funds, based on risk-adjusted returns for class R6 shares, using a weighted average of the fund's three-, five- and ten-year ratings: respectively, 4 stars, 4 stars and 4 stars among 290, 222 and 130 funds, as of 2/28/2019.

LIPPER LEADER as of 12/31/2018 — Class I Shares

Total Return among 278 funds
Consistent Return among 278 funds
In the Multi-Sector Income category

The Fund rated a 5 for the three-year period, a 4 for the five-year period and a 5 for the ten-year period for Total Return among 278, 208 and 111 funds, respectively. The Fund rated a 5 for the three-year period, a 4 for the five-year period and a 5 for the ten-year period for Consistent Return among 278, 208 and 111 funds, respectively.

Additional Rating and Ranking Information

Lipper ratings for Total Return reflect funds’ historical total return performance (before sales charge) relative to peers. Lipper ratings for Consistent Return reflect funds’ historical risk-adjusted returns (before sales charge), adjusted for volatility, relative to peers. The ratings are subject to change every month and are based on an equal-weighted average of percentile ranks for each metric over three-, five-, and ten-year periods (if applicable). The highest 20% of funds in each peer group are named Lipper Leader, or a score of 5, the next 20% receive a score of 4, the middle 20% are scored 3, the next 20% are scored 2, and the lowest 20% are scored 1. Lipper ratings are not intended to predict future results, and Lipper does not guarantee the accuracy of this information. More information is available at www.lipperweb.com. Thomson Reuters Copyright 2019, All Rights Reserved.

LIPPER LEADER as of 12/31/2018 — Class R4 Shares

Preservation among 5772 funds
In the Multi-Sector Income category

The Fund rated a 5 for the three-year period for Preservation among 5772 funds.

Additional Rating and Ranking Information

Lipper ratings for Preservation reflect the funds’ historical loss avoidance relative to other funds within the fixed income asset class. The ratings are subject to change every month and are based on an equal-weighted average of percentile ranks for each metric over three-, five-, and ten-year periods (if applicable). The highest 20% of funds in each peer group are named Lipper Leader, or a score of 5, the next 20% receive a score of 4, the middle 20% are scored 3, the next 20% are scored 2, and the lowest 20% are scored 1. Lipper ratings are not intended to predict future results, and Lipper does not guarantee the accuracy of this information. More information is available at www.lipperweb.com. Thomson Reuters Copyright 2019, All Rights Reserved.

LIPPER LEADER as of 12/31/2018 — Class R5 Shares

Total Return among 278 funds
Consistent Return among 278 funds
In the Multi-Sector Income category

The Fund rated a 5 for the three-year period and a 4 for the five-year period for Total Return among 278 and 208 funds, respectively. The Fund rated a 5 for the three-year period and a 4 for the five-year period for Consistent Return among 278 and 208 funds, respectively.

Additional Rating and Ranking Information

Lipper ratings for Total Return reflect funds’ historical total return performance (before sales charge) relative to peers. Lipper ratings for Consistent Return reflect funds’ historical risk-adjusted returns (before sales charge), adjusted for volatility, relative to peers. The ratings are subject to change every month and are based on an equal-weighted average of percentile ranks for each metric over three-, five-, and ten-year periods (if applicable). The highest 20% of funds in each peer group are named Lipper Leader, or a score of 5, the next 20% receive a score of 4, the middle 20% are scored 3, the next 20% are scored 2, and the lowest 20% are scored 1. Lipper ratings are not intended to predict future results, and Lipper does not guarantee the accuracy of this information. More information is available at www.lipperweb.com. Thomson Reuters Copyright 2019, All Rights Reserved.

30-Day Yields With Sales Charge as of 2/28/2019 — Class A Shares

Annualized Distribution Yield3.66%
SEC Yield3.14%
Without the fee waivers and expense reimbursements described above, the Annualized Distribution yield would have been 3.65%, and the SEC yield would have been 3.13%.

30-Day Yields as of 2/28/2019 — Class C Shares

Annualized Distribution Yield3.11%
SEC Yield2.54%
Without the fee waivers and expense reimbursements described above, the Annualized Distribution yield would have been 3.10%, and the SEC yield would have been 2.52%.

30-Day Yields as of 2/28/2019 — Class I Shares

Annualized Distribution Yield4.24%
SEC Yield3.73%
Without the fee waivers and expense reimbursements described above, the Annualized Distribution yield would have been 4.06%, and the SEC yield would have been 3.54%.

30-Day Yields as of 2/28/2019 — Class R3 Shares

Annualized Distribution Yield3.64%
SEC Yield3.08%
Without the fee waivers and expense reimbursements described above, the Annualized Distribution yield would have been 2.41%, and the SEC yield would have been 1.85%.

30-Day Yields as of 2/28/2019 — Class R4 Shares

Annualized Distribution Yield3.64%
SEC Yield2.98%
Without the fee waivers and expense reimbursements described above, the Annualized Distribution yield would have been 2.17%, and the SEC yield would have been 1.59%.

30-Day Yields as of 2/28/2019 — Class R5 Shares

Annualized Distribution Yield4.24%
SEC Yield3.73%
Without the fee waivers and expense reimbursements described above, the Annualized Distribution yield would have been 3.77%, and the SEC yield would have been 3.25%.

30-Day Yields as of 2/28/2019 — Class R6 Shares

Annualized Distribution Yield4.30%
SEC Yield3.80%
Without the fee waivers and expense reimbursements described above, the Annualized Distribution yield would have been 4.03%, and the SEC yield would have been 3.52%.

Dividends and Capital Gains — Class A Shares

Dividend (paid Feb 28, 2019)$0.03500
Capital Gains (2018)None Paid

Dividends and Capital Gains — Class C Shares

Dividend (paid Feb 28, 2019)$0.02842
Capital Gains (2018)None Paid

Dividends and Capital Gains — Class I Shares

Dividend (paid Feb 28, 2019)$0.03868
Capital Gains (2018)None Paid

Dividends and Capital Gains — Class R3 Shares

Dividend (paid Feb 28, 2019)$0.03327
Capital Gains (2018)None Paid

Dividends and Capital Gains — Class R4 Shares

Dividend (paid Feb 28, 2019)$0.03324
Capital Gains (2018)None Paid

Dividends and Capital Gains — Class R5 Shares

Dividend (paid Feb 28, 2019)$0.03869
Capital Gains (2018)None Paid

Dividends and Capital Gains — Class R6 Shares

Dividend (paid Feb 28, 2019)$0.03936
Capital Gains (2018)None Paid

HYPOTHETICAL GROWTH OF $10,000 as of 2/28/2019(Thornburg Strategic Income Fund vs. Blended Index / Bloomberg Barclays U.S. Universal Bond Index)

  • A shares with sales charge$18,026
  • Blended Index$15,759
  • Bloomberg Barclays U.S. Universal Bond Index$15,522
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.

HYPOTHETICAL GROWTH OF $10,000 as of 2/28/2019(Thornburg Strategic Income Fund vs. Blended Index / Bloomberg Barclays U.S. Universal Bond Index)

  • C shares$17,668
  • Blended Index$15,759
  • Bloomberg Barclays U.S. Universal Bond Index$15,522
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.

HYPOTHETICAL GROWTH OF $10,000 as of 2/28/2019(Thornburg Strategic Income Fund vs. Blended Index / Bloomberg Barclays U.S. Universal Bond Index)

  • I shares$19,588
  • Blended Index$15,759
  • Bloomberg Barclays U.S. Universal Bond Index$15,522
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.

HYPOTHETICAL GROWTH OF $10,000 as of 2/28/2019(Thornburg Strategic Income Fund vs. Blended Index / Bloomberg Barclays U.S. Universal Bond Index)

  • R3 shares$18,840
  • Blended Index$15,759
  • Bloomberg Barclays U.S. Universal Bond Index$15,522
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 hypothetical and was calculated from actual returns of an earlier share class adjusted for the expenses of the newer share class.

HYPOTHETICAL GROWTH OF $10,000 as of 2/28/2019(Thornburg Strategic Income Fund vs. Blended Index / Bloomberg Barclays U.S. Universal Bond Index)

  • R4 shares$18,765
  • Blended Index$15,759
  • Bloomberg Barclays U.S. Universal Bond Index$15,522
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 hypothetical and was calculated from actual returns of an earlier share class adjusted for the expenses of the newer share class.

HYPOTHETICAL GROWTH OF $10,000 as of 2/28/2019(Thornburg Strategic Income Fund vs. Blended Index / Bloomberg Barclays U.S. Universal Bond Index)

  • R5 shares$19,517
  • Blended Index$15,759
  • Bloomberg Barclays U.S. Universal Bond Index$15,522
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 hypothetical and was calculated from actual returns of an earlier share class adjusted for the expenses of the newer share class.

HYPOTHETICAL GROWTH OF $10,000 as of 2/28/2019(Thornburg Strategic Income Fund vs. Blended Index / Bloomberg Barclays U.S. Universal Bond Index)

  • R6 shares$20,087
  • Blended Index$15,759
  • Bloomberg Barclays U.S. Universal Bond Index$15,522
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 hypothetical and was calculated from actual returns of an earlier share class adjusted for the expenses of the newer share class.

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 thornburg.com. 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.