• Investment Income Builder
    4Q 2014 [Brian McMahon, Jason Brady, CFA, Ben Kirby, CFA]
    During the fourth quarter of 2014, investors debated the future direction of the economies of China and Japan, potential policy actions by the U.S. Federal Reserve, Congress, and the Obama administration, the strength and durability of the nascent European economic recovery, and the financial condition of various emerging-market economies.
  • Core Growth
    4Q 2014 [Tim Cunningham, CFA, Greg Dunn]
    Although the broad market indices pushed higher this year, volatility and risk aversion crept into the small- and mid-cap growth universe of stocks. This is evident when you compare indices over the period. Large caps outperformed small caps by a wide margin, with the Russell 1000 Growth Index returning 13.05% compared to the Russell 2000 Growth Index at only 5.60%.
  • Municipal Bonds
    4Q 2014 [Josh Gonze, Christopher Ryon, CFA]
    The year’s fourth quarter brought a strong finish to a year that had already recorded very good performance for the first three quarters. It’s fair to say that nearly all bond-market prognosticators, ourselves included, were surprised that 2014 turned out to be an excel - lent year for fixed-income securities in the municipal space.
  • International Growth
    4Q 2014 [Tim Cunningham, CFA, Greg Dunn]
    As always, our focus is on bottom-up stock selection. We concern ourselves most with identifying good businesses with attractive growth prospects and reasonable valuations. We aim to maintain a diversified portfolio but don't target exposure to specific asset classes.
  • Value
    4Q 2014 [Connor Browne, CFA]
    Two quarters ago, we wrote about how boring a time it was in U.S. equity markets. Last quarter, things grew a little more interesting. In the most recent quarter, markets turned much more exciting—and volatile.
  • International Value
    4Q 2014 [William Fries, CFA, Lei Wang, CFA]
    The global equity, fixed income, and (more recently) commodity markets continue to grapple with the impact of a strong dollar and less intervention by the Fed—in an uneven global-demand environment.
  • Global Opportunities
    4Q 2014 [Brian McMahon, Vinson Walden, CFA]
    Our record since 2006 has provided encouraging data to support our investment framework. Remarkably, this period encompasses some of the most challenging market conditions of the past century.
  • Developing World
    4Q 2014
    In retrospect, the rapidly changing energy price environment dominated the emerging-market investment landscape during the fourth quarter. Looking forward, lower oil prices are likely to have major implications for emerging-market country selection in ways that are probably not fully appreciated today.
  • Income and Government Bonds
    4Q 2014 [Jason Brady, CFA, Lon Erickson, CFA]
    From the "flash crash" in U.S. Treasuries to renewed chants of "Grexit," it was a very bumpy ride to 2014's finish line. The largest upheaval came in the global oil patch where prices fell to levels not seen since the financial crisis.
  • Strategic Income
    4Q 2014 [Jason Brady, CFA]
    Significant moves in the prices of a number of asset classes, including oil and other commodities, were indicative of market volatility more generally. While we had sounded a cautious note over the course of 2014 about the high prices of many different bonds, we were nevertheless caught in several downdrafts.
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 in the Funds carry risks, including possible loss of principal. Special 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 capitalization companies may increase the risk of greater price fluctuations. Funds investing in bonds have the same interest rate, inflation, and credit risks that are associated with the underlying bonds. The principal 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 deposits of 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.