• International Growth
    2Q 2018 [Greg Dunn, Sean Koung Sun, CFA]
    Our process and approach to investing remain consistent with a focus on high-quality companies with wide economic moats and low macroeconomic dependence.
  • Global Opportunities
    2Q 2018 [Brian McMahon, Vinson Walden, CFA]
    We continue to manage the fund with a long-term orientation… and we have made important adjustments to the portfolio in 2018.
  • Long/Short Equity
    2Q 2018 [Connor Browne, CFA]
    We remain growth-oriented investors on both sides of the book, but have more interest today in companies that represent growth at a reasonable price.
  • Municipal Bonds
    2Q 2018 [Christopher Ryon, CFA, Nicholos Venditti, CFA]
    At Thornburg, we are in the business of buying low and selling high, not buying high and crossing our fingers for higher.
  • International Value
    2Q 2018 [Lei Wang, CFA, Di Zhou, CFA]
    We believe that our patience and diligence can be rewarded when volatility creates valuation opportunities.
  • Investment Income Builder
    2Q 2018 [Brian McMahon, Jason Brady, CFA, Ben Kirby, CFA]
    For over a year, macro indicators have been surprisingly positive around the world, and the U.S. economy was the standout during the June quarter.
  • Better World International
    2Q 2018 [Jim Gassman, Di Zhou, CFA]
    The fund ultimately seeks to invest in those organizations with good data management procedures and avoid those lacking them.
  • Developing World
    2Q 2018 [Ben Kirby, CFA, Charles Wilson, PHD]
    Our approach to emerging market investing is through a focused, yet diversified portfolio of attractively priced companies with strong moats and exciting outlooks.
  • Value
    2Q 2018 [Connor Browne, CFA, Robert MacDonald, CFA]
    We believe our flexible approach to team organization, allowing the pursuit of investment ideas across sector and geography, keeps the work exciting.
  • Core Growth
    2Q 2018 [Greg Dunn]
    The stocks we own have the potential to grow rapidly because of secular or stock-specific factors that we think can help them sustainably compound business value over long time horizons.
  • Income and Government Bonds
    2Q 2018 [Jason Brady, CFA, Lon Erickson, CFA, Jeff Klingelhofer, CFA]
    Stronger economic growth still gives us confidence to hold a healthy amount of credit, though we have lowered risk exposures in the portfolio over time as risk compensation has diminished.
  • Strategic Income
    2Q 2018 [Jason Brady, CFA, Lon Erickson, CFA, Christian Hoffmann, CFA, Jeff Klingelhofer, CFA]
    We try to combine individual, diverse opportunities into a moderate-risk, moderate-reward portfolio that we believe can solve a number of investor challenges.
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 thornburg.com. 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. A short position will lose value as the security's price increases. Theoretically, the loss on a short sale can be unlimited. 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.