Top Ten Countries as of 1/31/2017

  • 1.United States67.1%
  • 2.Canada4.0%
  • 3.United Kingdom2.2%
  • 4.Brazil2.0%
  • 5.Mexico1.9%
  • 6.Sweden1.3%
  • 7.Guatemala1.0%
  • 8.Cayman Islands1.0%
  • 9.Luxembourg0.9%
  • 10.France0.8%
Classified by country of risk, determined at Thornburg’s discretion.

TOP FIVE EQUITY POSITIONS AS OF 12/31/2016

% OF PORTFOLIO
Cobank, ACB Pfd, 6.25%0.5%
AgriBank, FCB Pfd, 6.875%0.4%
GMAC Capital Trust I Pfd, 8.125%0.3%
ROMGAZ SA0.3%
Centaur Funding Corp. Pfd, 9.08%0.3%

TOP TEN FIXED INCOME POSITIONS AS OF 12/31/2016

% OF PORTFOLIO
American Airlines Group, Inc.1.2%
CoBank, ACB Floating Rate Note, (Federal Farm Credit Banks)1.2%
First Cash Financial Services, Inc.1.0%
Progreso Receivables Funding, LLC, Series 2015-A Class A1.0%
Mood Media Corp., 7.00%, 5/1/20190.9%
Neustar, Inc.0.9%
Anixter, Inc.0.8%
International Lease Finance Corp.0.8%
Drive Auto Receivables Trust0.8%
Videotron Ltd., Co.0.8%
Portfolio holdings are subject to change.

KEY PORTFOLIO ATTRIBUTES AS OF 1/31/2017

Assets$1.0 B
Equity Statistics
Portfolio P/E Trailing 12 Months*8.9x
Median Market Capitalization*$1.1 B
Number of Holdings8
Fixed-Income Statistics
Number of Bonds273
Yield to Worst4.4%
Effective Duration2.8 Yrs
* Source: FactSet

Portfolio Composition as of 1/31/2017

  • Corporate Bonds61.4%
  • Asset-Backed Securities15.4%
  • Bank Loans5.0%
  • Preferred Stock1.7%
  • Comm. Mortgage-backed Securities1.5%
  • Municipal Bonds1.0%
  • Foreign Treasury0.9%
  • Collateralized Mortgage Obligation0.5%
  • Government Agency0.3%
  • Common Stock0.3%
  • Cash & Cash Equivalents11.8%
The percentages may not add up to 100 due to rounding.

Credit Quality Breakdown as of 1/31/2017

  • AAA268.0%
  • AA172.0%
  • A943.0%
  • BBB2430.0%
  • BB2492.0%
  • B1707.0%
  • CCC288.0%
  • CC9.0%
  • C1.0%
  • D18.0%
  • Not Rated575.0%
  • Cash & Cash Equivalents1095.0%
The percentages may not add up to 100 due to rounding.
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.