• Municipal Bonds
    1Q 2014 [Josh Gonze, Christopher Ryon, CFA, Nicholos Venditti]
    The Thornburg municipal portfolios have invested for over 30 years with a straightforward philosophy: getting paid adequately for the risk in the market. That discipline was tested in the first quarter of 2015 as the continued demand for income eroded most opportunities.
  • Core Growth
    1Q 2015 [Tim Cunningham, CFA, Greg Dunn]
    The first quarter of 2015 was generally strong for equity markets around the world. Europe was particularly strong on the back of easing monetary policy there and serves as a reminder of how macro-driven markets have been recently. While the United States trailed other major markets, it nonetheless delivered healthy returns.
  • International Value
    1Q 2015 [William Fries, CFA, Lei Wang, CFA]
    As bottom-up stock pickers, we must also factor into our analyses the operating environments and end markets of our positions. When it is cost effective, we may employ foreign exchange hedges in an effort to mitigate currency volatility and capture local market returns for our dollar-based investors.
  • Global Opportunities
    1Q 2015 [Brian McMahon, Vinson Walden, CFA]
    Most global equity markets produced positive results in local currency terms for the quarter, but strong dollar appreciation tempered the outcome for U.S. investors. Loose European monetary policy produced the sharpest three-month euro decline of any quarter since the currency's inception in 1999.
  • Investment Income Builder
    1Q 2015 [Brian McMahon, Jason Brady, CFA, Ben Kirby, CFA]
    Lower oil prices and a strong dollar are particularly beneficial tailwinds to U.S. consumer spending, though a cold and snowy winter in the northeast United States restrained consumer spending there. Spring has sprung. We expect the U.S. economy to show continuing strength in the coming quarters.
  • Developing World
    1Q 2015 [Ben Kirby, CFA, Charles Wilson, PHD]
    A prolonged tightening cycle in the United States could drive negative growth surprises in emerging markets, precipitating further currency depreciation, higher inflation, and continued capital flight. Nevertheless, we are encouraged by the lower levels of external dependencies in most emerging markets today than existed in past crises.
  • International Growth
    1Q 2015 [Tim Cunningham, CFA, Greg Dunn]
    We are now more than six years removed from the trough of the Great Financial Crisis. Economies and businesses continue to follow a long and bumpy road to recovery. As always, our primary focus is on bottom-up stock selection guided by our fundamentals-driven research process. We remain cautiously optimistic that the outlook for equities is positive.
  • Value
    1Q 2015 [Connor Browne, CFA, Robert MacDonald, CFA]
    In our third-quarter 2014 commentary, we discussed the relationships between inflationary growth environments, non-inflationary growth environments, and p/e multiple expansion of the market. Why revisit the topic? Because valuations in the United States really are about inflation expectations—and a strong dollar.
  • Income and Government Bonds
    1Q 2015 [Jason Brady, CFA, Lon Erickson, CFA, Jeff Klingelhofer, CFA]
    When will interest rates rise? If you've had a conversation about fixed income over the past several years, then, without a doubt, that was the primary subject. Investors are asking the question even more frequently and earnestly now that the Federal Reserve has signaled its intent to increase the target rate sooner rather than later.
  • Strategic Income
    1Q 2015 [Jason Brady, CFA, Lon Erickson, CFA, Jeff Klingelhofer, CFA]
    Our focus on bottom-up fundamentals and how they inform top-down macro views led us to invest more aggressively over the turn of the year, but not dramatically. In the same vein, we have been selling riskier assets into the recovery. Effectively the larger picture remains unchanged: prices of risky assets are driven, as we said above, more by central banks than fundamentals.
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.