• Municipal Bonds
    4Q 2016 [Christopher Ryon, CFA, Nicholos Venditti, CFA]
    We are more excited about the prospects for the municipal market than we have been in quite some time.
  • Investment Income Builder
    4Q 2016 [Brian McMahon, Jason Brady, CFA, Ben Kirby, CFA]

    Index earnings expectations show signs of leveling out or recovering in some markets.

  • Global Opportunities
    4Q 2016 [Brian McMahon, Vinson Walden, CFA]
    We pursue investment ideas based on fundamental analysis of individual businesses, not macroeconomic forecasts. That noted, there are a number of political/macro events on the horizon that present both uncertainties and opportunities.
  • Better World International
    4Q 2016 [Rolf Kelly, CFA]
    We believe the current trends toward a more conscientious use of resources and a consideration of all stakeholders will continue.
  • Strategic Income
    4Q 2016 [Jason Brady, CFA, Lon Erickson, CFA, Jeff Klingelhofer, CFA]
    Despite recent experiences, markets do not tend to move in one direction or in a straight line forever. We structure our investment process around this fact.
  • Value
    4Q 2016 [Connor Browne, CFA, Robert MacDonald, CFA]
    While we can’t help but glance at the noise, our sights are trained on finding promising companies at a discount for the portfolio.
  • International Value
    4Q 2016 [Lei Wang, CFA, Di Zhou, CFA]
    Political and macro events bear watching. But they are unpredictable, so most of our effort is dedicated to stock research.
  • Income and Government Bonds
    4Q 2016 [Jason Brady, CFA, Lon Erickson, CFA, Jeff Klingelhofer, CFA]
    What is considered unlikely often occurs, which is why risk management and volatility mitigation is always top of mind at Thornburg.
  • Developing World
    4Q 2016 [Ben Kirby, CFA, Charles Wilson, PHD]
    We are optimistic that we are nearing the end of the performance differential between the higher-quality companies we tend to hold and the lower-return, indebted businesses that have led the markets for much of the last year.
  • Core Growth
    4Q 2016 [Tim Cunningham, CFA, Greg Dunn]
    The stocks leading the market have been those expected to be most positively impacted by the Trump Presidency.
  • International Growth
    4Q 2016 [Tim Cunningham, CFA, Greg Dunn]
    Even outside of the U.S., in the fourth quarter of 2016 headlines and market action were dominated by the U.S. general election.
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.