Thornburg Strategic Income Fund

Share Class

Average Annual Total Returns

A Shares (Incep. 12/19/2007) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION
TSIAX with sales charge2.09%2.69%3.32%4.38%4.75%5.61%
TSIAX without sales charge6.87%7.52%4.93%5.35%5.24%5.99%
Benchmarks (Since 12/19/2007)
BBG Barclays US Universal TR Value7.21%7.36%5.49%4.69%4.03%4.61%
Strategic Income Blend8.64%9.23%6.54%5.81%5.16%4.95%
A Shares (Incep. 12/19/2007) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION
TSIAX with sales charge0.26%1.31%2.84%4.11%4.71%5.54%
TSIAX without sales charge4.95%6.07%4.44%5.08%5.19%5.92%
Benchmarks (Since 12/19/2007)
BBG Barclays US Universal TR Value6.20%6.68%5.15%4.49%3.92%4.59%
Strategic Income Blend6.15%8.09%5.99%5.60%4.93%4.83%
A Shares without sales charge
(Incep. 12/19/2007)
BBG Barclays US Universal TR ValueStrategic Income Blend
2008 -18.48% 2.38%-5.60%
2009 36.68% 8.60%10.77%
2010 13.10% 7.16%7.95%
2011 4.44% 7.40%5.29%
2012 12.55% 5.53%6.60%
2013 5.89% -1.35%3.23%
2014 3.19% 5.56%5.81%
2015 -2.34% 0.43%0.42%
2016 7.69% 3.91%3.71%
2017 6.01% 4.09%7.09%
2018 0.30% -0.25%-1.63%
2019 7.55% 9.29%12.45%

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

Fund Operating Expenses — Class A Shares

Gross Annual Operating Expenses (as reported in the most recent Prospectus) 1.16%
Net Annual Operating Expenses (as reported in the most recent Prospectus) 1.05%
Actual Annualized Operating Expenses (fiscal year to date, as of 9/30/2020) 0.96%

Morningstar Rating

Overall Morningstar Rating among 292 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, 4 stars, 4 stars and 4 stars among 292, 248 and 133 funds, as of 9/30/2020.

30-Day Yields With Sales Charge as of — Class A Shares

Annualized Distribution Yield 3.76%
SEC Yield 2.53%
Without the fee waivers and expense reimbursements described above, the Annualized Distribution yield would have been 3.76%, and the SEC yield would have been 2.53%.

Dividends and Capital Gains — Class A Shares

Dividend (paid Nov 30, 2020) $0.04150
Capital Gains (2020) None Paid

Hypothetical Growth of $10,000 as of (Thornburg Strategic Income Fund vs. BBG Barclays US Universal TR Value / Strategic Income Blend)

A Shares with sales charge
20278.87330000
BBG Barclays US Universal TR Value
17919.12740000
Strategic Income Blend
18694.86910000
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.

Additional Rating and Ranking Information

Average Annual Total Returns

C Shares (Incep. 12/19/2007) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION
TSICX with sales charge5.24%5.73%4.17%4.65%4.58%5.34%
TSICX without sales charge6.24%6.73%4.17%4.65%4.58%5.34%
Benchmarks (Since 12/19/2007)
BBG Barclays US Universal TR Value7.21%7.36%5.49%4.69%4.03%4.61%
Strategic Income Blend8.64%9.23%6.54%5.81%5.16%4.95%
C Shares (Incep. 12/19/2007) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION
TSICX with sales charge3.47%4.30%3.66%4.38%4.54%5.28%
TSICX without sales charge4.47%5.30%3.66%4.38%4.54%5.28%
Benchmarks (Since 12/19/2007)
BBG Barclays US Universal TR Value6.20%6.68%5.15%4.49%3.92%4.59%
Strategic Income Blend6.15%8.09%5.99%5.60%4.93%4.83%
C Shares without sales charge
(Incep. 12/19/2007)
BBG Barclays US Universal TR ValueStrategic Income Blend
2008 -19.01% 2.38%-5.60%
2009 35.89% 8.60%10.77%
2010 12.60% 7.16%7.95%
2011 3.85% 7.40%5.29%
2012 11.87% 5.53%6.60%
2013 5.30% -1.35%3.23%
2014 2.67% 5.56%5.81%
2015 -2.97% 0.43%0.42%
2016 7.12% 3.91%3.71%
2017 5.32% 4.09%7.09%
2018 -0.43% -0.25%-1.63%
2019 6.68% 9.29%12.45%

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

Fund Operating Expenses — Class C Shares

Gross Annual Operating Expenses (as reported in the most recent Prospectus) 1.92%
Net Annual Operating Expenses (as reported in the most recent Prospectus) 1.80%
Actual Annualized Operating Expenses (fiscal year to date, as of 9/30/2020) 1.70%

Morningstar Rating

Overall Morningstar Rating among 292 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, 4 stars, 3 stars and 4 stars among 292, 248 and 133 funds, as of 9/30/2020.

30-Day Yields as of — Class C Shares

Annualized Distribution Yield 3.17%
SEC Yield 1.87%
Without the fee waivers and expense reimbursements described above, the Annualized Distribution yield would have been 3.17%, and the SEC yield would have been 1.87%.

Dividends and Capital Gains — Class C Shares

Dividend (paid Nov 30, 2020) $0.03338
Capital Gains (2020) None Paid

Hypothetical Growth of $10,000 as of (Thornburg Strategic Income Fund vs. BBG Barclays US Universal TR Value / Strategic Income Blend)

C Shares
19620.20220000
BBG Barclays US Universal TR Value
17919.12740000
Strategic Income Blend
18694.86910000
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.

Additional Rating and Ranking Information

Average Annual Total Returns

I Shares (Incep. 12/19/2007) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION
TSIIX7.31%7.91%5.34%5.76%5.60%6.34%
Benchmarks (Since 12/19/2007)
BBG Barclays US Universal TR Value7.21%7.36%5.49%4.69%4.03%4.61%
Strategic Income Blend8.64%9.23%6.54%5.81%5.16%4.95%
I Shares (Incep. 12/19/2007) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION
TSIIX5.25%6.39%4.79%5.47%5.56%6.26%
Benchmarks (Since 12/19/2007)
BBG Barclays US Universal TR Value6.20%6.68%5.15%4.49%3.92%4.59%
Strategic Income Blend6.15%8.09%5.99%5.60%4.93%4.83%
I Shares (Incep. 12/19/2007) BBG Barclays US Universal TR ValueStrategic Income Blend
2008 -18.33% 2.38%-5.60%
2009 37.02% 8.60%10.77%
2010 13.48% 7.16%7.95%
2011 4.80% 7.40%5.29%
2012 12.81% 5.53%6.60%
2013 6.30% -1.35%3.23%
2014 3.53% 5.56%5.81%
2015 -2.10% 0.43%0.42%
2016 8.08% 3.91%3.71%
2017 6.47% 4.09%7.09%
2018 0.68% -0.25%-1.63%
2019 7.91% 9.29%12.45%

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

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 Annualized Operating Expenses (fiscal year to date, as of 9/30/2020) 0.60%

Morningstar Rating

Overall Morningstar Rating among 292 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, 5 stars and 5 stars among 292, 248 and 133 funds, as of 9/30/2020.

Lipper Leader as of — Class I Shares

Consistent Return among 303 funds
Total Return among 303 funds
In the Multi-Sector Income category
The Fund rated a 4 for the three-year period and a 5 for the five- and ten-year periods for Consistent Return among 303, 248 and 120 funds, respectively. The Fund rated a 4 for the three- and five-year periods and a 5 for the ten-year period for Total Return among 303, 248 and 120 funds, respectively.

30-Day Yields as of — Class I Shares

Annualized Distribution Yield 4.08%
SEC Yield 3.04%
Without the fee waivers and expense reimbursements described above, the Annualized Distribution yield would have been 3.95%, and the SEC yield would have been 2.91%.

Dividends and Capital Gains — Class I Shares

Dividend (paid Nov 30, 2020) $0.04505
Capital Gains (2020) None Paid

Hypothetical Growth of $10,000 as of (Thornburg Strategic Income Fund vs. BBG Barclays US Universal TR Value / Strategic Income Blend)

I Shares
22166.27400000
BBG Barclays US Universal TR Value
17919.12740000
Strategic Income Blend
18694.86910000
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.

Additional Rating and Ranking Information

Average Annual Total Returns

R3 Shares (Incep. 5/1/2012) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION*
TSIRX6.68%7.30%4.70%5.21%5.15%5.93%
Benchmarks (Since 12/19/2007)
BBG Barclays US Universal TR Value7.21%7.36%5.49%4.69%4.03%4.61%
Strategic Income Blend8.64%9.23%6.54%5.81%5.16%4.95%
R3 Shares (Incep. 5/1/2012) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION*
TSIRX4.74%5.70%4.17%4.93%5.11%5.86%
Benchmarks (Since 12/19/2007)
BBG Barclays US Universal TR Value6.20%6.68%5.15%4.49%3.92%4.59%
Strategic Income Blend6.15%8.09%5.99%5.60%4.93%4.83%
R3 Shares* (Incep. 5/1/2012) BBG Barclays US Universal TR ValueStrategic Income Blend
2008 -18.45% 2.38%-5.60%
2009 36.72% 8.60%10.77%
2010 13.13% 7.16%7.95%
2011 4.47% 7.40%5.29%
2012 12.56% 5.53%6.60%
2013 5.87% -1.35%3.23%
2014 3.15% 5.56%5.81%
2015 -2.43% 0.43%0.42%
2016 7.71% 3.91%3.71%
2017 5.95% 4.09%7.09%
2018 0.13% -0.25%-1.63%
2019 7.23% 9.29%12.45%

* 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

Fund Operating Expenses — Class R3 Shares

Gross Annual Operating Expenses (as reported in the most recent Prospectus) 2.59%
Net Annual Operating Expenses (as reported in the most recent Prospectus) 1.25%
Actual Annualized Operating Expenses (fiscal year to date, as of 9/30/2020) 1.25%

Morningstar Rating

Overall Morningstar Rating among 292 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, 4 stars, 4 stars and 4 stars among 292, 248 and 133 funds, as of 9/30/2020.

30-Day Yields as of — Class R3 Shares

Annualized Distribution Yield 3.43%
SEC Yield 2.39%
Without the fee waivers and expense reimbursements described above, the Annualized Distribution yield would have been 2.30%, and the SEC yield would have been 1.26%.

Dividends and Capital Gains — Class R3 Shares

Dividend (paid Nov 30, 2020) $0.03859
Capital Gains (2020) None Paid

Hypothetical Growth of $10,000 as of (Thornburg Strategic Income Fund vs. BBG Barclays US Universal TR Value / Strategic Income Blend)

R3 Shares
21079.61800000
BBG Barclays US Universal TR Value
17919.12740000
Strategic Income Blend
18694.86910000
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.

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. © 2020 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.

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.

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. From Refinitiv Lipper Awards, © 2020 Refinitiv. All rights reserved.

Average Annual Total Returns

R4 Shares (Incep. 2/1/2014) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION*
TSRIX6.68%7.21%4.68%5.18%5.13%5.90%
Benchmarks (Since 12/19/2007)
BBG Barclays US Universal TR Value7.21%7.36%5.49%4.69%4.03%4.61%
Strategic Income Blend8.64%9.23%6.54%5.81%5.16%4.95%
R4 Shares (Incep. 2/1/2014) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION*
TSRIX4.83%5.79%4.17%4.92%5.09%5.83%
Benchmarks (Since 12/19/2007)
BBG Barclays US Universal TR Value6.20%6.68%5.15%4.49%3.92%4.59%
Strategic Income Blend6.15%8.09%5.99%5.60%4.93%4.83%
R4 Shares* (Incep. 2/1/2014) BBG Barclays US Universal TR ValueStrategic Income Blend
2008 -18.50% 2.38%-5.60%
2009 36.64% 8.60%10.77%
2010 13.06% 7.16%7.95%
2011 4.41% 7.40%5.29%
2012 12.52% 5.53%6.60%
2013 5.85% -1.35%3.23%
2014 3.16% 5.56%5.81%
2015 -2.43% 0.43%0.42%
2016 7.71% 3.91%3.71%
2017 5.90% 4.09%7.09%
2018 0.15% -0.25%-1.63%
2019 7.14% 9.29%12.45%

* 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

Fund Operating Expenses — Class R4 Shares

Gross Annual Operating Expenses (as reported in the most recent Prospectus) 2.51%
Net Annual Operating Expenses (as reported in the most recent Prospectus) 1.25%
Actual Annualized Operating Expenses (fiscal year to date, as of 9/30/2020) 1.25%

Morningstar Rating

Overall Morningstar Rating among 292 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, 4 stars, 4 stars and 4 stars among 292, 248 and 133 funds, as of 9/30/2020.

30-Day Yields as of — Class R4 Shares

Annualized Distribution Yield 3.44%
SEC Yield 2.40%
Without the fee waivers and expense reimbursements described above, the Annualized Distribution yield would have been 2.67%, and the SEC yield would have been 1.62%.

Dividends and Capital Gains — Class R4 Shares

Dividend (paid Nov 30, 2020) $0.03855
Capital Gains (2020) None Paid

Hypothetical Growth of $10,000 as of (Thornburg Strategic Income Fund vs. BBG Barclays US Universal TR Value / Strategic Income Blend)

R4 Shares
20997.16800000
BBG Barclays US Universal TR Value
17919.12740000
Strategic Income Blend
18694.86910000
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.

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. © 2020 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.

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.

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. From Refinitiv Lipper Awards, © 2020 Refinitiv. All rights reserved.

Average Annual Total Returns

R5 Shares (Incep. 5/1/2012) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION*
TSRRX7.31%8.00%5.37%5.77%5.58%6.32%
Benchmarks (Since 12/19/2007)
BBG Barclays US Universal TR Value7.21%7.36%5.49%4.69%4.03%4.61%
Strategic Income Blend8.64%9.23%6.54%5.81%5.16%4.95%
R5 Shares (Incep. 5/1/2012) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION*
TSRRX5.25%6.48%4.83%5.47%5.52%6.24%
Benchmarks (Since 12/19/2007)
BBG Barclays US Universal TR Value6.20%6.68%5.15%4.49%3.92%4.59%
Strategic Income Blend6.15%8.09%5.99%5.60%4.93%4.83%
R5 Shares* (Incep. 5/1/2012) BBG Barclays US Universal TR ValueStrategic Income Blend
2008 -18.25% 2.38%-5.60%
2009 37.05% 8.60%10.77%
2010 13.41% 7.16%7.95%
2011 4.73% 7.40%5.29%
2012 12.86% 5.53%6.60%
2013 6.15% -1.35%3.23%
2014 3.51% 5.56%5.81%
2015 -2.19% 0.43%0.42%
2016 7.99% 3.91%3.71%
2017 6.48% 4.09%7.09%
2018 0.77% -0.25%-1.63%
2019 7.91% 9.29%12.45%

* 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

Fund Operating Expenses — Class R5 Shares

Gross Annual Operating Expenses (as reported in the most recent Prospectus) 1.18%
Net Annual Operating Expenses (as reported in the most recent Prospectus) 0.60%
Actual Annualized Operating Expenses (fiscal year to date, as of 9/30/2020) 0.60%

Morningstar Rating

Overall Morningstar Rating among 292 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, 5 stars, 5 stars and 5 stars among 292, 248 and 133 funds, as of 9/30/2020.

Lipper Leader as of — Class R5 Shares

Consistent Return among 303 funds
In the Multi-Sector Income category
The Fund rated a 4 for the three-year period and a 5 for the five-year period for Consistent Return among 303 and 248 funds, respectively.

30-Day Yields as of — Class R5 Shares

Annualized Distribution Yield 4.08%
SEC Yield 3.04%
Without the fee waivers and expense reimbursements described above, the Annualized Distribution yield would have been 3.87%, and the SEC yield would have been 2.83%.

Dividends and Capital Gains — Class R5 Shares

Dividend (paid Nov 30, 2020) $0.04509
Capital Gains (2020) None Paid

Hypothetical Growth of $10,000 as of (Thornburg Strategic Income Fund vs. BBG Barclays US Universal TR Value / Strategic Income Blend)

R5 Shares
22105.53860000
BBG Barclays US Universal TR Value
17919.12740000
Strategic Income Blend
18694.86910000
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.

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. © 2020 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.

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.

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. From Refinitiv Lipper Awards, © 2020 Refinitiv. All rights reserved.

Average Annual Total Returns

R6 Shares (Incep. 4/10/2017) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION*
TSRSX7.37%8.06%5.40%5.97%5.82%6.56%
Benchmarks (Since 12/19/2007)
BBG Barclays US Universal TR Value7.21%7.36%5.49%4.69%4.03%4.61%
Strategic Income Blend8.64%9.23%6.54%5.81%5.16%4.95%
R6 Shares (Incep. 4/10/2017) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION*
TSRSX5.30%6.55%4.84%5.68%5.77%6.49%
Benchmarks (Since 12/19/2007)
BBG Barclays US Universal TR Value6.20%6.68%5.15%4.49%3.92%4.59%
Strategic Income Blend6.15%8.09%5.99%5.60%4.93%4.83%
R6 Shares* (Incep. 4/10/2017) BBG Barclays US Universal TR ValueStrategic Income Blend
2008 -18.05% 2.38%-5.60%
2009 37.38% 8.60%10.77%
2010 13.68% 7.16%7.95%
2011 4.98% 7.40%5.29%
2012 13.14% 5.53%6.60%
2013 6.43% -1.35%3.23%
2014 3.72% 5.56%5.81%
2015 -1.83% 0.43%0.42%
2016 8.25% 3.91%3.71%
2017 7.37% 4.09%7.09%
2018 0.77% -0.25%-1.63%
2019 7.96% 9.29%12.45%

* 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

Fund Operating Expenses — Class R6 Shares

Gross Annual Operating Expenses (as reported in the most recent Prospectus) 0.98%
Net Annual Operating Expenses (as reported in the most recent Prospectus) 0.53%
Actual Annualized Operating Expenses (fiscal year to date, as of 9/30/2020) 0.53%

Morningstar Rating

Overall Morningstar Rating among 292 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, 5 stars, 5 stars and 5 stars among 292, 248 and 133 funds, as of 9/30/2020.

30-Day Yields as of — Class R6 Shares

Annualized Distribution Yield 4.15%
SEC Yield 3.12%
Without the fee waivers and expense reimbursements described above, the Annualized Distribution yield would have been 3.99%, and the SEC yield would have been 2.95%.

Dividends and Capital Gains — Class R6 Shares

Dividend (paid Nov 30, 2020) $0.04592
Capital Gains (2020) None Paid

Hypothetical Growth of $10,000 as of (Thornburg Strategic Income Fund vs. BBG Barclays US Universal TR Value / Strategic Income Blend)

R6 Shares
22773.43950000
BBG Barclays US Universal TR Value
17919.12740000
Strategic Income Blend
18694.86910000
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.

Additional Rating and Ranking Information
Important Information