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TSRSX

Thornburg Strategic Income Fund

Morningstar Rating • Info

Overall Morningstar Rating among 340 Multisector Bond funds, based on risk-adjusted returns for class R6 shares, using a weighted average of the funds three-, five-, and ten-year ratings: respectively, 2 stars, 4 stars and 4 stars among 340, 306 and 219 funds, as of 31 May 2026.

As of 31 May 2026

Fund Assets

$10.2 B

As of 31 May 2026

NAV

$11.41

As of 13 Jul 2026

Change

$-0.03

As of 13 Jul 2026

YTD NAV Performance

0.74%

As of 13 Jul 2026

Asset Category:

Global Fixed Income

Fund Benchmark:

Bloomberg U.S. Universal Index

Portfolio Managers

Lon Erickson, CFA

Portfolio Manager and Managing Director

Christian Hoffmann, CFA

Head of Fixed Income, Portfolio Manager and Managing Director

Ali Hassan, CFA, FRM

Portfolio Manager and Managing Director

Seeking to Deliver on the Promise of Income + Growth

The fund has delivered strong outperformance while taking below-average risk across standard time periods compared to peers in the Morningstar Multisector Bond category.

Strategic Income also has a history of providing:

Outperformance during rising rates
Downside protection
Enhanced total return potential

To learn more, explore the rest of the page and download our client approved brochure.

Overview Performance Fund Facts Characteristics Portfolio Portfolio Managers Literature

Overview

Overview

Why Invest in This Strategy?

Highly active and flexible approach, designed to provide attractive risk-adjusted returns by investing in fixed income securities across sector, credit quality and geography.
Proven bottom-up fundamental approach to identify what we perceive to be the most attractive opportunities on a relative value basis.
Opportunistic, multi-sector bond strategy that seeks to provide a total return above that of core fixed income strategies with only incrementally higher risk.

Investment Objective

The fund’s goal is to provide investors with a high level of current income. The fund also seeks to provide some long-term capital appreciation.

Investment Approach

The fund is built around a highly active and flexible approach, able to invest in any income-producing security around the globe across sectors and issuers in order to identify the best relative value opportunities. Our collaborative process combines top-down macroeconomic considerations with deep, fundamental credit research for a comprehensive assessment of risk and reward across the fixed income universe.

Related Content

Fixed Income

Don’t Wait for the All Clear

Fixed Income

Navigating Tight Credit Spreads With a Defensive Income Mindset

Markets & Economy

A Disinflationary Paradox of High Oil Prices

Performance

Performance

Returns

(As of 30 Jun 2026)

YTD

1y

3y

5y

10y

Inception

Total Return (%)

1.27

4.57

6.03

3.16

4.44

5.58

Bloomberg U.S. Universal Index (%)

0.77

4.15

4.70

0.44

1.95

3.28

Morningstar Category Avg. (%)

-0.23

5.51

6.45

2.79

3.87

—

Morningstar Quartile

—

3

3

2

1

—

Morningstar Quartile # of Funds

—

356

339

305

216

—

YTD

1y

3y

5y

10y

Inception

Total Return (%)

1.27

4.57

6.03

3.16

4.44

5.58

Bloomberg U.S. Universal Index (%)

0.77

4.15

4.70

0.44

1.95

3.28

Morningstar Category Avg. (%)

1.37

6.56

7.04

2.82

3.86

—

Morningstar Quartile

—

3

4

2

1

—

Morningstar Quartile # of Funds

—

360

340

306

219

—

YTD

1y

3y

5y

10y

Inception

Total Return (%)

1.27

4.57

19.20

16.82

54.41

173.37

Bloomberg U.S. Universal Index (%)

0.77

4.15

14.79

2.24

21.30

81.73

YTD

1y

3y

5y

10y

Inception

Total Return (%)

1.27

4.57

19.20

16.82

54.41

173.37

Bloomberg U.S. Universal Index (%)

0.77

4.15

14.79

2.24

21.30

81.73

2020

2021

2022

2023

2024

2025

Total Return (%)

8.32

2.85

-6.11

7.77

4.82

7.72

Bloomberg U.S. Universal Index (%)

7.58

-1.10

-12.99

6.17

2.04

7.58

Source: Confluence

Periods less than one year are not annualized.

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 equity funds' 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 class I or R shares.

Morningstar quartile ranking for Multisector Bond category is based on total returns before sales charges.

Prior to inception of R share classes, performance is hypothetical and was calculated from actual returns of an earlier share class adjusted for the expenses of the newer share class.

Share class inception dates: A, C, and I shares, 19 Dec 2007; R3 and R5 shares, 1 May 2012; R4 shares, 1 Feb 2014; R6 shares, 10 Apr 2017.

Fund Fees

Fund Fees

(As of 1 Feb 2026)

Gross Expense Ratio (%)

0.68

Net Expense Ratio (%)

0.53

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.

Hypothetical Growth of $10,000

Hypothetical Growth of $10,000

(As of 30 Jun 2026)

(Hypothetical Growth of $10,000 vs Bloomberg U.S. Universal Index)

Categories,R6 Shares,Bloomberg U.S. Universal Index                        
2025-06-30,10000,10000
2025-07-31,10007,9986
2025-08-31,10123,10106
2025-09-30,10195,10213
2025-10-31,10250,10280
2025-11-30,10309,10342
2025-12-31,10326,10335
2026-01-31,10361,10351
2026-02-28,10467,10508
2026-03-31,10333,10320
2026-04-30,10386,10352
2026-05-31,10422,10388
2026-06-30,10457,10415

Categories,R6 Shares,Bloomberg U.S. Universal Index                        
2023-06-30,10000,10000
2023-07-31,10065,10010
2023-08-31,10069,9950
2023-09-30,9947,9712
2023-10-31,9880,9566
2023-11-30,10175,9997
2023-12-31,10426,10376
2024-01-31,10468,10351
2024-02-29,10427,10227
2024-03-31,10514,10328
2024-04-30,10390,10086
2024-05-31,10525,10254
2024-06-30,10615,10347
2024-07-31,10813,10582
2024-08-31,10946,10738
2024-09-30,11071,10885
2024-10-31,10922,10638
2024-11-30,11020,10750
2024-12-31,10928,10588
2025-01-31,11008,10652
2025-02-28,11185,10872
2025-03-31,11198,10869
2025-04-30,11240,10908
2025-05-31,11252,10852
2025-06-30,11399,11021
2025-07-31,11407,11006
2025-08-31,11539,11138
2025-09-30,11621,11256
2025-10-31,11684,11330
2025-11-30,11752,11398
2025-12-31,11771,11391
2026-01-31,11811,11408
2026-02-28,11932,11581
2026-03-31,11778,11374
2026-04-30,11839,11409
2026-05-31,11880,11449
2026-06-30,11920,11479

Categories,R6 Shares,Bloomberg U.S. Universal Index                        
2021-06-30,10000,10000
2021-07-31,10063,10100
2021-08-31,10093,10094
2021-09-30,10099,10007
2021-10-31,10089,9999
2021-11-30,10061,10011
2021-12-31,10098,10005
2022-01-31,9995,9785
2022-02-28,9891,9652
2022-03-31,9770,9393
2022-04-30,9599,9043
2022-05-31,9612,9092
2022-06-30,9399,8911
2022-07-31,9562,9135
2022-08-31,9500,8897
2022-09-30,9286,8514
2022-10-31,9285,8420
2022-11-30,9461,8734
2022-12-31,9480,8705
2023-01-31,9695,8975
2023-02-28,9603,8754
2023-03-31,9742,8960
2023-04-30,9804,9014
2023-05-31,9780,8921
2023-06-30,9800,8907
2023-07-31,9863,8916
2023-08-31,9867,8862
2023-09-30,9748,8651
2023-10-31,9682,8521
2023-11-30,9971,8904
2023-12-31,10217,9242
2024-01-31,10259,9220
2024-02-29,10218,9109
2024-03-31,10304,9199
2024-04-30,10182,8984
2024-05-31,10314,9133
2024-06-30,10403,9216
2024-07-31,10597,9426
2024-08-31,10727,9564
2024-09-30,10850,9696
2024-10-31,10704,9475
2024-11-30,10799,9575
2024-12-31,10709,9431
2025-01-31,10788,9487
2025-02-28,10962,9684
2025-03-31,10974,9681
2025-04-30,11016,9715
2025-05-31,11027,9666
2025-06-30,11171,9817
2025-07-31,11179,9803
2025-08-31,11308,9920
2025-09-30,11388,10026
2025-10-31,11451,10092
2025-11-30,11516,10153
2025-12-31,11536,10146
2026-01-31,11575,10161
2026-02-28,11693,10316
2026-03-31,11543,10131
2026-04-30,11602,10162
2026-05-31,11642,10197
2026-06-30,11682,10224

Categories,R6 Shares,Bloomberg U.S. Universal Index                        
2007-12-19,10000,10000
2007-12-31,10207,10037
2008-01-31,10291,10182
2008-02-29,10341,10182
2008-03-31,10199,10203
2008-04-30,10381,10213
2008-05-31,10402,10150
2008-06-30,10162,10120
2008-07-31,10143,10105
2008-08-31,10018,10194
2008-09-30,9320,10003
2008-10-31,8297,9643
2008-11-30,8032,9897
2008-12-31,8364,10275
2009-01-31,8529,10217
2009-02-28,8486,10163
2009-03-31,8600,10316
2009-04-30,9099,10422
2009-05-31,9703,10539
2009-06-30,10007,10619
2009-07-31,10431,10820
2009-08-31,10776,10946
2009-09-30,11118,11095
2009-10-31,11204,11159
2009-11-30,11398,11300
2009-12-31,11490,11159
2010-01-31,11669,11329
2010-02-28,11783,11372
2010-03-31,11990,11387
2010-04-30,12159,11513
2010-05-31,11877,11565
2010-06-30,11980,11745
2010-07-31,12296,11897
2010-08-31,12431,12046
2010-09-30,12747,12084
2010-10-31,12965,12146
2010-11-30,12939,12066
2010-12-31,13062,11959
2011-01-31,13224,11987
2011-02-28,13475,12025
2011-03-31,13538,12040
2011-04-30,13750,12196
2011-05-31,13872,12347
2011-06-30,13840,12306
2011-07-31,13964,12498
2011-08-31,13779,12625
2011-09-30,13428,12661
2011-10-31,13803,12733
2011-11-30,13616,12695
2011-12-31,13712,12844
2012-01-31,14096,12983
2012-02-29,14345,13013
2012-03-31,14396,12953
2012-04-30,14495,13094
2012-05-31,14357,13179
2012-06-30,14487,13212
2012-07-31,14741,13409
2012-08-31,14944,13437
2012-09-30,15215,13477
2012-10-31,15383,13520
2012-11-30,15392,13552
2012-12-31,15513,13554
2013-01-31,15781,13484
2013-02-28,15838,13548
2013-03-31,16025,13565
2013-04-30,16238,13714
2013-05-31,16109,13481
2013-06-30,15846,13244
2013-07-31,15967,13287
2013-08-31,15889,13211
2013-09-30,16180,13342
2013-10-31,16422,13475
2013-11-30,16477,13431
2013-12-31,16511,13372
2014-01-31,16618,13549
2014-02-28,16877,13646
2014-03-31,16947,13633
2014-04-30,17097,13746
2014-05-31,17346,13912
2014-06-30,17505,13933
2014-07-31,17417,13889
2014-08-31,17563,14040
2014-09-30,17368,13929
2014-10-31,17426,14065
2014-11-30,17369,14141
2014-12-31,17126,14115
2015-01-31,17101,14384
2015-02-28,17283,14300
2015-03-31,17261,14359
2015-04-30,17475,14343
2015-05-31,17513,14317
2015-06-30,17383,14158
2015-07-31,17331,14240
2015-08-31,17128,14198
2015-09-30,16940,14254
2015-10-31,17121,14299
2015-11-30,17041,14247
2015-12-31,16813,14176
2016-01-31,16700,14332
2016-02-29,16694,14434
2016-03-31,17149,14611
2016-04-30,17494,14711
2016-05-31,17560,14722
2016-06-30,17704,14981
2016-07-31,17969,15105
2016-08-31,18126,15121
2016-09-30,18169,15125
2016-10-31,18228,15024
2016-11-30,18080,14687
2016-12-31,18200,14730
2017-01-31,18369,14782
2017-02-28,18551,14896
2017-03-31,18614,14891
2017-04-30,18747,15015
2017-05-31,18961,15131
2017-06-30,19028,15118
2017-07-31,19146,15193
2017-08-31,19312,15324
2017-09-30,19379,15270
2017-10-31,19450,15289
2017-11-30,19449,15266
2017-12-31,19496,15333
2018-01-31,19512,15185
2018-02-28,19476,15041
2018-03-31,19452,15117
2018-04-30,19452,15016
2018-05-31,19490,15098
2018-06-30,19495,15076
2018-07-31,19586,15108
2018-08-31,19694,15182
2018-09-30,19701,15117
2018-10-31,19607,14991
2018-11-30,19613,15058
2018-12-31,19646,15294
2019-01-31,19968,15505
2019-02-28,20087,15522
2019-03-31,20277,15802
2019-04-30,20397,15824
2019-05-31,20484,16066
2019-06-30,20711,16294
2019-07-31,20781,16342
2019-08-31,20951,16712
2019-09-30,20962,16640
2019-10-31,21046,16693
2019-11-30,21075,16690
2019-12-31,21210,16715
2020-01-31,21363,17015
2020-02-29,21424,17270
2020-03-31,20038,16932
2020-04-30,20583,17271
2020-05-31,21202,17433
2020-06-30,21646,17578
2020-07-31,22073,17887
2020-08-31,22251,17784
2020-09-30,22335,17752
2020-10-31,22433,17688
2020-11-30,22773,17919
2020-12-31,22974,17981
2021-01-31,23066,17868
2021-02-28,23098,17637
2021-03-31,23056,17432
2021-04-30,23215,17579
2021-05-31,23330,17646
2021-06-30,23401,17774
2021-07-31,23548,17953
2021-08-31,23619,17941
2021-09-30,23633,17788
2021-10-31,23609,17773
2021-11-30,23543,17795
2021-12-31,23630,17783
2022-01-31,23389,17393
2022-02-28,23146,17156
2022-03-31,22863,16695
2022-04-30,22464,16073
2022-05-31,22493,16161
2022-06-30,21994,15838
2022-07-31,22376,16236
2022-08-31,22230,15814
2022-09-30,21731,15133
2022-10-31,21728,14967
2022-11-30,22141,15525
2022-12-31,22185,15472
2023-01-31,22688,15952
2023-02-28,22471,15560
2023-03-31,22797,15925
2023-04-30,22942,16023
2023-05-31,22886,15856
2023-06-30,22933,15832
2023-07-31,23082,15848
2023-08-31,23090,15752
2023-09-30,22812,15377
2023-10-31,22658,15145
2023-11-30,23333,15827
2023-12-31,23909,16427
2024-01-31,24006,16388
2024-02-29,23912,16192
2024-03-31,24113,16351
2024-04-30,23827,15969
2024-05-31,24136,16233
2024-06-30,24344,16382
2024-07-31,24798,16753
2024-08-31,25103,17000
2024-09-30,25389,17233
2024-10-31,25048,16842
2024-11-30,25272,17019
2024-12-31,25061,16762
2025-01-31,25245,16863
2025-02-28,25651,17212
2025-03-31,25681,17208
2025-04-30,25778,17269
2025-05-31,25805,17181
2025-06-30,26141,17449
2025-07-31,26159,17424
2025-08-31,26463,17633
2025-09-30,26650,17820
2025-10-31,26796,17938
2025-11-30,26950,18046
2025-12-31,26995,18033
2026-01-31,27086,18061
2026-02-28,27363,18335
2026-03-31,27011,18007
2026-04-30,27151,18062
2026-05-31,27243,18125
2026-06-30,27337,18173

The Hypothetical Growth graph compares a hypothetical 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.

Distributions

            Categories,Total ($)
            2017-01-31,0
2017-02-28,0
2017-03-31,0
2017-04-30,0.02931
2017-05-31,0.04316
2017-06-30,0.04161
2017-07-31,0.04285
2017-08-31,0.04269
2017-09-30,0.04117
2017-10-31,0.03302
2017-11-30,0.02940
2017-12-31,0.03863
2018-01-31,0.02970
2018-02-28,0.02817
2018-03-31,0.03579
2018-04-30,0.02970
2018-05-31,0.03324
2018-06-30,0.03303
2018-07-31,0.03414
2018-08-31,0.03399
2018-09-30,0.03428
2018-10-31,0.03415
2018-11-30,0.03400
2018-12-31,0.03916
2019-01-31,0.03890
2019-02-28,0.03936
2019-03-31,0.04054
2019-04-30,0.03971
2019-05-31,0.04040
2019-06-30,0.04061
2019-07-31,0.03997
2019-08-31,0.03723
2019-09-30,0.03634
2019-10-31,0.03787
2019-11-30,0.03644
2019-12-31,0.03650
2020-01-31,0.03582
2020-02-29,0.03426
2020-03-31,0.03388
2020-04-30,0.03451
2020-05-31,0.03453
2020-06-30,0.03627
2020-07-31,0.03630
2020-08-31,0.03835
2020-09-30,0.04594
2020-10-31,0.04392
2020-11-30,0.04592
2020-12-31,0.04931
2021-01-31,0.04973
2021-02-28,0.04744
2021-03-31,0.04700
2021-04-30,0.04532
2021-05-31,0.04139
2021-06-30,0.03785
2021-07-31,0.03771
2021-08-31,0.03762
2021-09-30,0.03753
2021-10-31,0.03738
2021-11-18,0.02961
2021-11-30,0.03593
2021-12-31,0.03510
2022-01-31,0.03514
2022-02-28,0.03399
2022-03-31,0.03362
2022-04-30,0.03432
2022-05-31,0.03476
2022-06-30,0.03457
2022-07-31,0.03515
2022-08-31,0.03587
2022-09-30,0.03676
2022-10-31,0.03824
2022-11-30,0.03816
2022-12-31,0.04202
2023-01-31,0.04201
2023-02-28,0.04176
2023-03-31,0.04174
2023-04-30,0.04163
2023-05-31,0.04253
2023-06-30,0.04308
2023-07-31,0.04271
2023-08-31,0.04419
2023-09-30,0.04476
2023-10-31,0.04560
2023-11-30,0.04530
2023-12-31,0.04627
2024-01-31,0.04632
2024-02-29,0.04526
2024-03-31,0.04499
2024-04-30,0.04489
2024-05-31,0.04548
2024-06-30,0.04759
2024-07-31,0.05149
2024-08-31,0.05156
2024-09-30,0.05222
2024-10-31,0.05285
2024-11-30,0.05262
2024-12-31,0.05381
2025-01-31,0.05376
2025-02-28,0.05338
2025-03-31,0.05337
2025-04-30,0.05326
2025-05-31,0.05191
2025-06-30,0.04928
2025-07-31,0.04795
2025-08-31,0.04348
2025-09-30,0.04186
2025-10-31,0.04378
2025-11-30,0.04684
2025-12-31,0.04945
2026-01-31,0.04947
2026-02-28,0.04905
2026-03-31,0.04953
2026-04-30,0.04934
2026-05-31,0.04918
2026-06-30,0.04937

            Ex-Date, Payable Date,Total ($),Income ($),ST Cap Gains ($),LT Cap Gains ($)
2017-01-31,1485820800,0,0,0,0
2017-02-28,1488240000,0,0,0,0
2017-03-31,1490918400,0,0,0,0
2017-04-30,1493510400,0.02931,0.02931,0,0
2017-05-31,1496188800,0.04316,0.04316,0,0
2017-06-30,1498780800,0.04161,0.04161,0,0
2017-07-31,1501459200,0.04285,0.04285,0,0
2017-08-31,1504137600,0.04269,0.04269,0,0
2017-09-29,1506729600,0.04117,0.04117,0,0
2017-10-31,1509408000,0.03302,0.03302,0,0
2017-11-30,1512000000,0.02940,0.02940,0,0
2017-12-29,1514678400,0.03863,0.03863,0,0
2018-01-31,1517356800,0.02970,0.02970,0,0
2018-02-28,1519776000,0.02817,0.02817,0,0
2018-03-29,1522454400,0.03579,0.03579,0,0
2018-04-30,1525046400,0.02970,0.02970,0,0
2018-05-31,1527724800,0.03324,0.03324,0,0
2018-06-29,1530316800,0.03303,0.03303,0,0
2018-07-31,1532995200,0.03414,0.03414,0,0
2018-08-31,1535673600,0.03399,0.03399,0,0
2018-09-28,1538265600,0.03428,0.03428,0,0
2018-10-31,1540944000,0.03415,0.03415,0,0
2018-11-30,1543536000,0.03400,0.03400,0,0
2018-12-31,1546214400,0.03916,0.03916,0,0
2019-01-31,1548892800,0.03890,0.03890,0,0
2019-02-28,1551312000,0.03936,0.03936,0,0
2019-03-29,1553990400,0.04054,0.04054,0,0
2019-04-30,1556582400,0.03971,0.03971,0,0
2019-05-31,1559260800,0.04040,0.04040,0,0
2019-06-28,1561852800,0.04061,0.04061,0,0
2019-07-31,1564531200,0.03997,0.03997,0,0
2019-08-31,1567209600,0.03723,0.03723,0,0
2019-09-30,1569801600,0.03634,0.03634,0,0
2019-10-31,1572480000,0.03787,0.03787,0,0
2019-11-30,1575072000,0.03644,0.03644,0,0
2019-12-31,1577750400,0.03650,0.03650,0,0
2020-01-31,1580428800,0.03582,0.03582,0,0
2020-02-29,1582934400,0.03426,0.03426,0,0
2020-03-31,1585612800,0.03388,0.03388,0,0
2020-04-30,1588204800,0.03451,0.03451,0,0
2020-05-31,1590883200,0.03453,0.03453,0,0
2020-06-30,1593475200,0.03627,0.03627,0,0
2020-07-31,1596153600,0.03630,0.03630,0,0
2020-08-31,1598832000,0.03835,0.03835,0,0
2020-09-30,1601424000,0.04594,0.04594,0,0
2020-10-30,1604102400,0.04392,0.04392,0,0
2020-11-30,1606694400,0.04592,0.04592,0,0
2020-12-31,1609372800,0.04931,0.04931,0,0
2021-01-29,1612051200,0.04973,0.04973,0,0
2021-02-26,1614470400,0.04744,0.04744,0,0
2021-03-31,1617148800,0.04700,0.04700,0,0
2021-04-30,1619740800,0.04532,0.04532,0,0
2021-05-28,1622419200,0.04139,0.04139,0,0
2021-06-30,1625011200,0.03785,0.03785,0,0
2021-07-30,1627689600,0.03771,0.03771,0,0
2021-08-31,1630368000,0.03762,0.03762,0,0
2021-09-30,1632960000,0.03753,0.03753,0,0
2021-10-29,1635638400,0.03738,0.03738,0,0
2021-11-18,1637193600,0.02961,0,0.02906,0.00055
2021-11-30,1638230400,0.03593,0.03593,0,0
2021-12-31,1640908800,0.03510,0.03510,0,0
2022-01-31,1643587200,0.03514,0.03514,0,0
2022-02-28,1646006400,0.03399,0.03399,0,0
2022-03-31,1648684800,0.03362,0.03362,0,0
2022-04-29,1651276800,0.03432,0.03432,0,0
2022-05-31,1653955200,0.03476,0.03476,0,0
2022-06-30,1656547200,0.03457,0.03457,0,0
2022-07-29,1659225600,0.03515,0.03515,0,0
2022-08-31,1661904000,0.03587,0.03587,0,0
2022-09-30,1664496000,0.03676,0.03676,0,0
2022-10-31,1667174400,0.03824,0.03824,0,0
2022-11-30,1669766400,0.03816,0.03816,0,0
2022-12-30,1672444800,0.04202,0.04202,0,0
2023-01-31,1675123200,0.04201,0.04201,0,0
2023-02-28,1677542400,0.04176,0.04176,0,0
2023-03-31,1680220800,0.04174,0.04174,0,0
2023-04-28,1682812800,0.04163,0.04163,0,0
2023-05-31,1685491200,0.04253,0.04253,0,0
2023-06-30,1688083200,0.04308,0.04308,0,0
2023-07-31,1690761600,0.04271,0.04271,0,0
2023-08-31,1693440000,0.04419,0.04419,0,0
2023-09-29,1696032000,0.04476,0.04476,0,0
2023-10-31,1698710400,0.04560,0.04560,0,0
2023-11-30,1701302400,0.04530,0.04530,0,0
2023-12-29,1703980800,0.04627,0.04627,0,0
2024-01-31,1706659200,0.04632,0.04632,0,0
2024-02-29,1709164800,0.04526,0.04526,0,0
2024-03-28,1711843200,0.04499,0.04499,0,0
2024-04-30,1714435200,0.04489,0.04489,0,0
2024-05-31,1717113600,0.04548,0.04548,0,0
2024-06-28,1719705600,0.04759,0.04759,0,0
2024-07-31,1722384000,0.05149,0.05149,0,0
2024-08-30,1725062400,0.05156,0.05156,0,0
2024-09-30,1727654400,0.05222,0.05222,0,0
2024-10-31,1730332800,0.05285,0.05285,0,0
2024-11-29,1732924800,0.05262,0.05262,0,0
2024-12-31,1735603200,0.05381,0.05381,0,0
2025-01-31,1738281600,0.05376,0.05376,0,0
2025-02-28,1740700800,0.05338,0.05338,0,0
2025-03-31,1743379200,0.05337,0.05337,0,0
2025-04-30,1745971200,0.05326,0.05326,0,0
2025-05-30,1748649600,0.05191,0.05191,0,0
2025-06-30,1751241600,0.04928,0.04928,0,0
2025-07-31,1753920000,0.04795,0.04795,0,0
2025-08-29,1756598400,0.04348,0.04348,0,0
2025-09-30,1759190400,0.04186,0.04186,0,0
2025-10-31,1761868800,0.04378,0.04378,0,0
2025-11-28,1764460800,0.04684,0.04684,0,0
2025-12-31,1767139200,0.04945,0.04945,0,0
2026-01-30,1769817600,0.04947,0.04947,0,0
2026-02-27,1772236800,0.04905,0.04905,0,0
2026-03-31,1774915200,0.04953,0.04953,0,0
2026-04-30,1777507200,0.04934,0.04934,0,0
2026-05-29,1780185600,0.04918,0.04918,0,0
2026-06-30,1782777600,0.04937,0.04937,0,0

Distributions

(As of 30 Jun 2026)

Ex-Date

Payable Date

Total ($)

Income ($)

ST Cap Gains ($)

LT Cap Gains ($)

31 Jan 2017

31 Jan 2017

0

—

—

—

28 Feb 2017

28 Feb 2017

0

—

—

—

31 Mar 2017

31 Mar 2017

0

—

—

—

30 Apr 2017

30 Apr 2017

0.02931

0.02931

—

—

31 May 2017

31 May 2017

0.04316

0.04316

—

—

30 Jun 2017

30 Jun 2017

0.04161

0.04161

—

—

31 Jul 2017

31 Jul 2017

0.04285

0.04285

—

—

31 Aug 2017

31 Aug 2017

0.04269

0.04269

—

—

29 Sep 2017

30 Sep 2017

0.04117

0.04117

—

—

31 Oct 2017

31 Oct 2017

0.03302

0.03302

—

—

30 Nov 2017

30 Nov 2017

0.02940

0.02940

—

—

29 Dec 2017

31 Dec 2017

0.03863

0.03863

—

—

31 Jan 2018

31 Jan 2018

0.02970

0.02970

—

—

28 Feb 2018

28 Feb 2018

0.02817

0.02817

—

—

29 Mar 2018

31 Mar 2018

0.03579

0.03579

—

—

30 Apr 2018

30 Apr 2018

0.02970

0.02970

—

—

31 May 2018

31 May 2018

0.03324

0.03324

—

—

29 Jun 2018

30 Jun 2018

0.03303

0.03303

—

—

31 Jul 2018

31 Jul 2018

0.03414

0.03414

—

—

31 Aug 2018

31 Aug 2018

0.03399

0.03399

—

—

28 Sep 2018

30 Sep 2018

0.03428

0.03428

—

—

31 Oct 2018

31 Oct 2018

0.03415

0.03415

—

—

30 Nov 2018

30 Nov 2018

0.03400

0.03400

—

—

31 Dec 2018

31 Dec 2018

0.03916

0.03916

—

—

31 Jan 2019

31 Jan 2019

0.03890

0.03890

—

—

28 Feb 2019

28 Feb 2019

0.03936

0.03936

—

—

29 Mar 2019

31 Mar 2019

0.04054

0.04054

—

—

30 Apr 2019

30 Apr 2019

0.03971

0.03971

—

—

31 May 2019

31 May 2019

0.04040

0.04040

—

—

28 Jun 2019

30 Jun 2019

0.04061

0.04061

—

—

31 Jul 2019

31 Jul 2019

0.03997

0.03997

—

—

31 Aug 2019

31 Aug 2019

0.03723

0.03723

—

—

30 Sep 2019

30 Sep 2019

0.03634

0.03634

—

—

31 Oct 2019

31 Oct 2019

0.03787

0.03787

—

—

30 Nov 2019

30 Nov 2019

0.03644

0.03644

—

—

31 Dec 2019

31 Dec 2019

0.03650

0.03650

—

—

31 Jan 2020

31 Jan 2020

0.03582

0.03582

—

—

29 Feb 2020

29 Feb 2020

0.03426

0.03426

—

—

31 Mar 2020

31 Mar 2020

0.03388

0.03388

—

—

30 Apr 2020

30 Apr 2020

0.03451

0.03451

—

—

31 May 2020

31 May 2020

0.03453

0.03453

—

—

30 Jun 2020

30 Jun 2020

0.03627

0.03627

—

—

31 Jul 2020

31 Jul 2020

0.03630

0.03630

—

—

31 Aug 2020

31 Aug 2020

0.03835

0.03835

—

—

30 Sep 2020

30 Sep 2020

0.04594

0.04594

—

—

30 Oct 2020

31 Oct 2020

0.04392

0.04392

—

—

30 Nov 2020

30 Nov 2020

0.04592

0.04592

—

—

31 Dec 2020

31 Dec 2020

0.04931

0.04931

—

—

29 Jan 2021

31 Jan 2021

0.04973

0.04973

—

—

26 Feb 2021

28 Feb 2021

0.04744

0.04744

—

—

31 Mar 2021

31 Mar 2021

0.04700

0.04700

—

—

30 Apr 2021

30 Apr 2021

0.04532

0.04532

—

—

28 May 2021

31 May 2021

0.04139

0.04139

—

—

30 Jun 2021

30 Jun 2021

0.03785

0.03785

—

—

30 Jul 2021

31 Jul 2021

0.03771

0.03771

—

—

31 Aug 2021

31 Aug 2021

0.03762

0.03762

—

—

30 Sep 2021

30 Sep 2021

0.03753

0.03753

—

—

29 Oct 2021

31 Oct 2021

0.03738

0.03738

—

—

18 Nov 2021

18 Nov 2021

0.02961

—

0.02906

0.00055

30 Nov 2021

30 Nov 2021

0.03593

0.03593

—

—

31 Dec 2021

31 Dec 2021

0.03510

0.03510

—

—

31 Jan 2022

31 Jan 2022

0.03514

0.03514

—

—

28 Feb 2022

28 Feb 2022

0.03399

0.03399

—

—

31 Mar 2022

31 Mar 2022

0.03362

0.03362

—

—

29 Apr 2022

30 Apr 2022

0.03432

0.03432

—

—

31 May 2022

31 May 2022

0.03476

0.03476

—

—

30 Jun 2022

30 Jun 2022

0.03457

0.03457

—

—

29 Jul 2022

31 Jul 2022

0.03515

0.03515

—

—

31 Aug 2022

31 Aug 2022

0.03587

0.03587

—

—

30 Sep 2022

30 Sep 2022

0.03676

0.03676

—

—

31 Oct 2022

31 Oct 2022

0.03824

0.03824

—

—

30 Nov 2022

30 Nov 2022

0.03816

0.03816

—

—

30 Dec 2022

31 Dec 2022

0.04202

0.04202

—

—

31 Jan 2023

31 Jan 2023

0.04201

0.04201

—

—

28 Feb 2023

28 Feb 2023

0.04176

0.04176

—

—

31 Mar 2023

31 Mar 2023

0.04174

0.04174

—

—

28 Apr 2023

30 Apr 2023

0.04163

0.04163

—

—

31 May 2023

31 May 2023

0.04253

0.04253

—

—

30 Jun 2023

30 Jun 2023

0.04308

0.04308

—

—

31 Jul 2023

31 Jul 2023

0.04271

0.04271

—

—

31 Aug 2023

31 Aug 2023

0.04419

0.04419

—

—

29 Sep 2023

30 Sep 2023

0.04476

0.04476

—

—

31 Oct 2023

31 Oct 2023

0.04560

0.04560

—

—

30 Nov 2023

30 Nov 2023

0.04530

0.04530

—

—

29 Dec 2023

31 Dec 2023

0.04627

0.04627

—

—

31 Jan 2024

31 Jan 2024

0.04632

0.04632

—

—

29 Feb 2024

29 Feb 2024

0.04526

0.04526

—

—

28 Mar 2024

31 Mar 2024

0.04499

0.04499

—

—

30 Apr 2024

30 Apr 2024

0.04489

0.04489

—

—

31 May 2024

31 May 2024

0.04548

0.04548

—

—

28 Jun 2024

30 Jun 2024

0.04759

0.04759

—

—

31 Jul 2024

31 Jul 2024

0.05149

0.05149

—

—

30 Aug 2024

31 Aug 2024

0.05156

0.05156

—

—

30 Sep 2024

30 Sep 2024

0.05222

0.05222

—

—

31 Oct 2024

31 Oct 2024

0.05285

0.05285

—

—

29 Nov 2024

30 Nov 2024

0.05262

0.05262

—

—

31 Dec 2024

31 Dec 2024

0.05381

0.05381

—

—

31 Jan 2025

31 Jan 2025

0.05376

0.05376

—

—

28 Feb 2025

28 Feb 2025

0.05338

0.05338

—

—

31 Mar 2025

31 Mar 2025

0.05337

0.05337

—

—

30 Apr 2025

30 Apr 2025

0.05326

0.05326

—

—

30 May 2025

31 May 2025

0.05191

0.05191

—

—

30 Jun 2025

30 Jun 2025

0.04928

0.04928

—

—

31 Jul 2025

31 Jul 2025

0.04795

0.04795

—

—

29 Aug 2025

31 Aug 2025

0.04348

0.04348

—

—

30 Sep 2025

30 Sep 2025

0.04186

0.04186

—

—

31 Oct 2025

31 Oct 2025

0.04378

0.04378

—

—

28 Nov 2025

30 Nov 2025

0.04684

0.04684

—

—

31 Dec 2025

31 Dec 2025

0.04945

0.04945

—

—

30 Jan 2026

31 Jan 2026

0.04947

0.04947

—

—

27 Feb 2026

28 Feb 2026

0.04905

0.04905

—

—

31 Mar 2026

31 Mar 2026

0.04953

0.04953

—

—

30 Apr 2026

30 Apr 2026

0.04934

0.04934

—

—

29 May 2026

31 May 2026

0.04918

0.04918

—

—

30 Jun 2026

30 Jun 2026

0.04937

0.04937

—

—

Fund Facts

Fund Facts

(As of 31 May 2026)

Net Fund Assets

$10.2 B

Benchmark

Bloomberg U.S. Universal Index

Morningstar Category

Multisector Bond

Fund Symbol

TSRSX

Share Class

R6

Share Class Inception Date

10 Apr 2017

Distribution Frequency

Monthly

Annualized Distribution Yield

5.16%

Characteristics

Characteristics

Portfolio

(As of 31 May 2026)

Portfolio

Benchmark

Number of Holdings

1,212

—

Annual Portfolio Turnover

17%

—

Effective Duration

4.1 Yrs

5.6 Yrs

Average Effective Maturity

5.2 Yrs

7.9 Yrs

Portfolio

Benchmark

Weighted Average Coupon

4.5%

4.0%

Yield to Worst

5.4%

4.8%

30-Day SEC Yield (Subsidized)

4.78%

—

30-Day SEC Yield (Unsubsidized)

4.64%

—

Annual Portfolio Turnover reflects data as of the Fund’s fiscal year end (9/30).

Risk & Return Profile

Risk & Return Profile

(As of 31 May 2026)

3y

5y

10y

Annualized Alpha (%)

2.70

2.56

2.92

Beta

0.64

0.59

0.62

R-Squared (%)

96.02

92.25

63.60

Standard Deviation (%)

3.45

3.79

3.87

Sharpe Ratio

0.31

-0.17

0.49

Information Ratio

0.57

0.86

0.72

Tracking Error (%)

2.02

2.77

3.00

Up Capture (%)

81.09

73.10

84.50

Down Capture (%)

42.48

42.31

40.38

Past performance does not guarantee future results.

Risk & Return Profile metrics are based on the I share class.

Portfolio

Portfolio

Top Holdings

(As of 31 May 2026)

Name

Ticker/Symbol

Weight %

United States Treasury Note/Bond

91282CQQ7

1.9

Ginnie Mae II Pool

36179W7K8

1.3

United States Treasury Note/Bond

912810ST6

1.3

United States Treasury Note/Bond

912810TA6

1.1

United States Treasury Note/Bond

912810SQ2

1.0

Ginnie Mae II Pool

36179WR34

0.8

United States Treasury Inflation Indexed Bonds

912810SV1

0.7

United States Treasury Note/Bond

912810SR0

0.6

United States Treasury Inflation Indexed Bonds

91282CPU9

0.5

Fannie Mae Pool

31418FWW3

0.5

Download Holdings

Portfolio holdings are subject to change daily.

Exposure Breakdown

Exposure Breakdown

(As of 31 May 2026)

Sector Allocation

Fund (%)

Benchmark (%)

Fund

Benchmark

0%

10%

20%

30%

40%

50%

Corporate Bond

43.1

29.9

Collateralized Mortgage Obligation

14.8

—

Asset Backed Securities

11.1

0.4

Treasury Domestic

10.6

39.3

Mortgage Passthrough

8.5

20.3

Commercial Mortgage Backed Security

3.4

1.3

Short-Term Investments, Other Assets & Liabilities

3.4

—

Loan Participation

2.4

—

Treasury-Foreign

1.9

4.8

Preferred Stock

0.9

—

Municipals

0.0

0.9

Common Stock

0.0

—

Sector Allocation

Fund (%)

Corporate Bond

43.1

Collateralized Mortgage Obligation

14.8

Asset Backed Securities

11.1

Treasury Domestic

10.6

Mortgage Passthrough

8.5

Commercial Mortgage Backed Security

3.4

Short-Term Investments, Other Assets & Liabilities

3.4

Loan Participation

2.4

Treasury-Foreign

1.9

Preferred Stock

0.9

Municipals

0.0

Common Stock

0.0

Top 10 Countries

Fund (%)

Benchmark (%)

Region

Portfolio

Benchmark

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

United States

85.7

86.2

North America

Canada

2.5

1.4

North America

Mexico

1.4

0.5

Latin America

United Kingdom

1.2

1.2

UK

France

0.8

0.6

Europe ex UK

Saudi Arabia

0.7

0.3

Other

Turkey

0.7

0.3

Europe ex UK

Brazil

0.6

0.2

Latin America

Dominican Republic

0.6

0.1

Other

United Arab Emirates

0.5

0.4

Other

Top 10 Countries

Fund (%)

United States

85.7

Canada

2.5

Mexico

1.4

United Kingdom

1.2

France

0.8

Saudi Arabia

0.7

Turkey

0.7

Brazil

0.6

Dominican Republic

0.6

United Arab Emirates

0.5

Credit Quality

Fund (%)

Benchmark (%)

Fund

Benchmark

0%

10%

20%

30%

40%

50%

60%

70%

U.S. Government

24.4

60.0

AAA

11.4

3.0

AA

3.3

4.7

A

10.8

12.1

BBB

24.4

12.7

BB

13.7

3.4

B

3.3

2.2

CCC

0.0

0.7

CC

0.0

0.0

D

0.2

—

Not Rated

5.1

1.1

Short-Term Investments, Other Assets & Liabilities

3.4

—

Unassigned

0.0

—

Credit Quality

Fund (%)

U.S. Government

24.4

AAA

11.4

AA

3.3

A

10.8

BBB

24.4

BB

13.7

B

3.3

CCC

0.0

CC

0.0

D

0.2

Not Rated

5.1

Short-Term Investments, Other Assets & Liabilities

3.4

Unassigned

0.0

Maturity

Fund (%)

Benchmark (%)

Fund

Benchmark

0%

5%

10%

15%

20%

25%

30%

Year 1

15.3

1.7

Year 2

9.3

12.5

Year 3

12.3

11.4

Year 4

12.2

10.1

Year 5

8.7

10.8

Year 6

7.9

6.7

Year 7

4.7

7.5

Year 8

3.1

7.1

Year 9

2.2

8.3

Year 10+

20.9

23.8

Short-Term Investments, Other Assets & Liabilities

3.4

—

Maturity

Fund (%)

Year 1

15.3

Year 2

9.3

Year 3

12.3

Year 4

12.2

Year 5

8.7

Year 6

7.9

Year 7

4.7

Year 8

3.1

Year 9

2.2

Year 10+

20.9

Short-Term Investments, Other Assets & Liabilities

3.4

Credit quality ratings use the highest rating available from either S&P Global Ratings or Moody's Investors Service. Unrated securities are evaluated by the firm using available data and their own analysis that may be similar to that of a nationally recognized rating agency; however, such determination is not equivalent to a national agency credit rating. "NR" = Not Rated.

Weights are percentages of the total portfolio unless otherwise noted.

May not add up to 100% due to rounding.

Short-Term Investments, Other Assets & Liabilities includes cash, short-term securities, other assets less liabilities, accruals, derivatives and forwards. It may also include investments in money market or similar funds managed by Thornburg that are not offered to the public.

Holdings within the Geography breakdown are classified by country of risk as determined by MSCI and Bloomberg.

Portfolio Managers

Portfolio Managers

Lon Erickson, CFA

Lon Erickson, CFA

Portfolio Manager and Managing Director

Lon Erickson is a portfolio manager for Thornburg Investment Management. He joined Thornburg in 2008 and was named a managing director and was promoted to portfolio manager in 2010. Prior to joining Thornburg Investment Management, Lon spent almost 11 years as an analyst for State Farm Insurance in the equity and corporate bond departments. Lon earned a bachelor’s degree in…

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Christian Hoffmann, CFA

Christian Hoffmann, CFA

Head of Fixed Income, Portfolio Manager and Managing Director

Christian Hoffmann is head of fixed income and a portfolio manager for Thornburg Investment Management. He joined the firm in 2012 as a fixed income analyst and was promoted to associate portfolio manager in 2014. Christian was named a managing director in 2017, was promoted to portfolio manager in 2018, and to head of fixed income in 2024. Prior to…

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Ali Hassan, CFA, FRM

Ali Hassan, CFA, FRM

Portfolio Manager and Managing Director

Ali Hassan is a portfolio manager for Thornburg Investment Management. He joined the firm in 2013 as a fixed income analyst, became senior fixed income analyst in 2017 and was promoted to portfolio manager in 2021. Ali graduated from Stanford University with a BA in economics and a BS in mathematical & computational science. Prior to his joining Thornburg, Ali…

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Literature

Fact Sheet

Commentary

Summary Prospectus

Annual Financial Statements

Semi-Annual Financial Statements

Prospectus

Statement of Additional Information (SAI)

Annual TSR

Semi-Annual TSR

Important Information

This communication is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.

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.

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.

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.

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.

© 2026 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.

Please see our glossary for a definition of terms.

Thornburg mutual funds are distributed by Thornburg Securities LLC.

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 LLC (TSL) does not act as broker of record for investors.

“Bloomberg®” and the Bloomberg index(es) mentioned in this piece are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited (“BISL”), the administrator of the index (collectively, “Bloomberg”) and have been licensed for use for certain purposes by Thornburg Investment Management. Bloomberg is not affiliated with Thornburg, and Bloomberg does not approve, endorse, review, or recommend Thornburg. Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data or information relating to Thornburg.

More Insights

Fixed Income

Don’t Wait for the All Clear

Elevated yields, shifting macro dynamics, and nuances in the credit market are making bonds worth a second look. For investors sitting in cash or money market instruments, now could be the time to put that money to work in fixed income.

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Fixed Income

Navigating Tight Credit Spreads With a Defensive Income Mindset

Spreads are near historic lows, limiting compensation for risk. Learn why selectivity, quality, and flexibility matter in today’s credit environment.

Markets & Economy

A Disinflationary Paradox of High Oil Prices

A look at how sustained high oil prices act as a drag on demand, shifting inflation lower over time and echoing signals from an inverted yield curve.

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