TOP TEN COUNTRIES as of 5/31/2019

  • 1.United States67.8%
  • 2.Canada2.6%
  • 3.United Kingdom1.7%
  • 4.Germany1.4%
  • 5.South Korea1.4%
  • 6.France1.0%
  • 7.China0.9%
  • 8.Bermuda0.8%
  • 9.Sweden0.6%
  • 10.Japan0.6%
Holdings are classified by country of risk as determined by MSCI and Bloomberg.

Top Ten Fixed Income Positions as of 4/30/2019

Comcast Holdings Corp.0.6%
LKQ Corp.0.6%
FirstCash, Inc.0.6%
Neenah, Inc.0.6%
American Airlines 2013-2 Class B Pass Through Trust0.5%
EZCORP, Inc.0.5%
First Data Corp.0.5%
Sprint Communications, Inc.0.5%
Trimble, Inc.0.5%
Anixter, Inc.0.5%

Top Five Equity Positions as of 4/30/2019

Cobank, ACB0.4%
AgriBank FCB0.3%
Crestwood Equity Partners L.P.0.2%
Summit Midstream Partners L.P.0.2%
Centaur Funding Corp.0.2%
Portfolio holdings are subject to change.


Assets$1.4 B
Equity Statistics
Median Market Capitalization*$669.82 M
Number of Equities7
Fixed-Income Statistics
Number of Bonds411
Yield to Worst3.7%
Effective Duration2.4 Yrs
* Source: FactSet


  • Corporate Bonds54.8%
  • Asset-backed Securities16.1%
  • Collateralized Mortgage Obligation7.4%
  • Bank Loans3.8%
  • Comm. Mortgage-backed Securities0.5%
  • Municipal Bonds0.5%
  • Treasury0.4%
  • Mortgage Pass Through0.2%
  • Government Agency0.1%
  • Common Stock0.0%
  • Preferred Stock1.4%
  • Cash & Cash Equivalents15.0%
The percentages may not add up to 100 due to rounding.


  • U.S. Government2.5%
  • AAA11.0%
  • AA4.9%
  • A12.1%
  • BBB25.6%
  • BB20.2%
  • B5.9%
  • CCC1.2%
  • D0.1%
  • Not Rated2.1%
  • Cash & Cash Equivalents14.4%
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 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.