• Better World International
    1Q 2016 [Rolf Kelly, CFA]
    We're bottom-up investors striving to stay on top of innovation and emerging trends across sectors in our focused-yet-diversified portfolio. Innovative, disruptive companies are oftentimes fast-growing enterprises, with multiples that may screen poorly for traditional value investors.
  • Strategic Income
    1Q 2016 [Jason Brady, CFA, Lon Erickson, CFA, Jeff Klingelhofer, CFA]
    While market strength has continued into the second quarter, we remain cautious. Nascent signs of wage growth and inflation have appeared in the United States, but it does not appear that Treasury rates grant those signs much credibility.
  • Income and Government Bonds
    1Q 2016 [Jason Brady, CFA, Lon Erickson, CFA, Jeff Klingelhofer, CFA]
    Global risk markets in the first quarter of 2016 endured an unpleasant ride. Yet if you had closed your eyes for any part of that journey, it would have been easy to think that not much changed.
  • International Growth
    1Q 2016 [Tim Cunningham, CFA, Greg Dunn]
    Market volatility and pullbacks can be hard on investor psyches and investment accounts. But they also provide opportunities. We have been able to purchase a number of new names and add to existing holdings at more attractive valuations.
  • Value
    1Q 2016 [Connor Browne, CFA, Robert MacDonald, CFA]
    Just as exciting to us as Value Fund shareholders is the upside opportunity in the rest of the positions in the portfolio–which got a bit cheaper during the quarter.
  • Municipal Bonds
    1Q 2016 [Christopher Ryon, CFA, Nicholos Venditti]
    It appears that income may continue to be difficult to find over the near term, because the U.S. Federal Reserve (the Fed) quickly backed off its predictions of four short-term rate increases in 2016.
  • Developing World
    1Q 2016 [Ben Kirby, CFA, Charles Wilson, PHD]
    Heightened market volatility can be unnerving for investors. But such periods are inevitable. Moreover, as long-term investors, they are helpful in providing us with opportunities to buy high-quality growth stocks at attractive valuations.
  • Core Growth
    1Q 2016 [Tim Cunningham, CFA, Greg Dunn]
    The outlook for emerging markets and their equity returns hinge largely on the dollar, which remains tied to U.S. interest rate policy and more specifically market expectations for near-term rises in the Federal funds target rate.
  • Global Opportunities
    1Q 2016 [Brian McMahon, Vinson Walden, CFA]
    Markets swooned dramatically at the start of January, before reversing in mid-quarter to stage a recovery; the U.S. S&P 500 and the MSCI ACWI indices actually finished the quarter in nominally positive territory. Emerging market indices followed a similar path but with more volatility in many cases.
  • International Value
    1Q 2016 [William Fries, CFA, Lei Wang, CFA, Di Zhou, CFA]
    If 2015 was a year of two halves—with a bull market in the first half turning into a bear market in the second—the first quarter 2016 was a quarter of two halves, as well, but exactly the opposite.
  • Investment Income Builder
    1Q 2016 [Brian McMahon, Jason Brady, CFA, Ben Kirby, CFA]
    Earnings expectations for the MSCI All Country World Index portfolio have been reduced for 2016 in recent quarters; however, these show signs of leveling out or recovering in some markets. Growth expectations outside of China appear to be improving.
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.