• Value
    4Q 2017 [Connor Browne, CFA, Robert MacDonald, CFA]
    We believe that there are environments that are harder and those that are easier for intrinsic value–based active managers.
  • Core Growth
    4Q 2017 [Greg Dunn]
    Strong fundamentals have supported rising stock prices this year, while earnings growth and positive revisions have helped to drive returns.
  • Strategic Income
    4Q 2017 [Jason Brady, CFA, Lon Erickson, CFA, Jeff Klingelhofer, CFA]
    In our view, the largest risk to markets in general is the removal of policy accommodation by most major central banks around the world.
  • Better World International
    4Q 2017 [Jim Gassman, Di Zhou, CFA]
    We won’t always be conservatively positioned. When the opportunities arise, we plan to take them.
  • International Growth
    4Q 2017 [Greg Dunn, Sean Koung Sun, CFA]
    We closely monitor the risk factors that the global economy needs to navigate.
  • Income and Government Bonds
    4Q 2017 [Jason Brady, CFA, Lon Erickson, CFA, Jeff Klingelhofer, CFA]
    We continue to follow our central tenet of investing—seeking the best relative value in terms of risk and reward.
  • Global Opportunities
    4Q 2017 [Brian McMahon, Vinson Walden, CFA]
    A strong global economy supports our efforts to find unique investment opportunities across sectors and around the world.
  • International Value
    4Q 2017 [Lei Wang, CFA, Di Zhou, CFA]
    Over the course of 2017, growth in Europe and Japan surprised to the upside, while emerging markets benefited from increased global demand and a recovery in commodity prices.
  • Developing World
    4Q 2017 [Ben Kirby, CFA, Charles Wilson, PHD]
    Looking forward, we see the fundamentals in many emerging markets continuing to strengthen.
  • Investment Income Builder
    4Q 2017 [Brian McMahon, Jason Brady, CFA, Ben Kirby, CFA]
    Banks in the U.S. offer below-inflation yields on most deposits. A very large pool of investor dollars is looking for better returns elsewhere, but in sensible investments.
  • Municipal Bonds
    4Q 2017 [Christopher Ryon, CFA, Nicholos Venditti, CFA]
    On days when everyone is selling out of fear, we are going to look to be buying, and on days when everyone is buying, we are content to sit on our hands.
  • Long/Short Equity
    4Q 2017 [Connor Browne, CFA]
    We believe having some downside protection is always prudent in any portfolio, especially before the next, inevitable pullback.
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. 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.