• Better World International
    4Q 2015 [Rolf Kelly, CFA]
    We are excited for the opportunities that downside volatility creates. It can lead to attractive entry points for valuable companies, which in our judgment have sustainable business models that incorporate corporate governance, social and environmental values to the benefit of their clients, employees, and shareholders.
  • Developing World
    4Q 2015 [Ben Kirby, CFA, Charles Wilson, PHD]
    Given the uncertain macroeconomic outlook in many emerging markets, as well as the current high degree of monetary policy intervention globally, we continue to focus on enhancing the diversification of our portfolio across the style spectrum (value to growth), market capitalization, countries, and business models in an effort to remain balanced. We also used recent market weakness as
  • Core Growth
    4Q 2015 [Tim Cunningham, CFA,Greg Dunn]
    After a broadly negative third quarter for global equities, the fourth quarter offered relief with stocks recovering from September lows, led by strength in the United States.
  • Strategic Income
    4Q 2015 [Jason Brady, CFA, Lon Erickson, CFA, Jeff Klingelhofer, CFA]
    Difficult times in financial markets often present opportunities. This past quarter was no different. While the greatest pain was felt in the commodity-related sectors, the credit market overall declined.
  • Income and Government Bonds
    4Q 2015 [Jason Brady, CFA, Lon Erickson, CFA, Jeff Klingelhofer, CFA]
    Although markets faced numerous challenges throughout the quarter, including continued fears of a rapidly slowing Chinese economy, low and falling oil prices, concerns over a strong dollar, and a global environment of low inflation, core fixed income market returns were largely dictated by movements in Treasury yields.
  • Municipal Bonds
    4Q 2015 [Christopher Ryon, CFA, Nicholos Venditti]
    The Thornburg municipal portfolio management team believes that 2016 has the potential to be an interesting year for fixed income, and we look forward to taking advantage of attractive opportunities for the portfolios.
  • International Value
    4Q 2015 [William Fries, CFA, Lei Wang, CFA, Di Zhou, CFA]
    We continue to believe the best approach to managing turbulent markets remains the disciplined investment process instituted when the fund was launched nearly 20 years ago.
  • International Growth
    4Q 2015 [Tim Cunningham, CFA, Greg Dunn]
    While periods of increased volatility are difficult on investor psyches, they do provide us opportunities to buy high-quality growth stocks at attractive valuations.
  • Global Opportunities
    4Q 2015 [Brian McMahon, Vinson Walden, CFA]
    As fundamental analysts, we rely on our value framework to systematically manage the fund through changing market conditions. Simply put, we attempt to own good companies that are undervalued.
  • Investment Income Builder
    4Q 2015 [Brian McMahon, Jason Brady, CFA, Ben Kirby, CFA]
    Global economic growth, while positive, has been below prior expectations. Most major central banks around the world continue to pursue easy monetary conditions, though the U.S. Federal Reserve reduced its program of unconventional monetary easing and raised the Federal funds rate for the first time in more than nine years in December.
  • Value
    4Q 2015 [Connor Browne, CFA, Robert MacDonald, CFA]
    It was a tough year for active managers, with heavy fund flows into passive strategies driving much of the performance of large-cap stocks in the U.S., writes the Thornburg Value Fund team in their fourth quarter commentary. They have positioned the fund defensively for choppy waters ahead.
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. 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 small- and mid-capitalization companies may increase the risk of greater price fluctuations. 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 mortgage backed securities (MBS) may bear additional risk. 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 the Funds are not FDIC insured, nor are they bank deposits or guaranteed by a bank or any other entity.

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.