• 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.
  • 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.
  • 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.

  • Better World International
    3Q 2016 [Rolf Kelly, CFA]
    Our integration of ESG and financial metrics gives us insight into the long-term sustainability of the companies in which we invest.
  • Strategic Income
    3Q 2016 [Jason Brady, CFA, Lon Erickson, CFA, Jeff Klingelhofer, CFA]
    While no one can predict when more attractive buying opportunities will manifest themselves, we remain ready to take advantage of such occurrences opportunistically.
  • Value
    3Q 2016 [Connor Browne, CFA, Robert MacDonald, CFA]
    As highly active managers, Thornburg Investment Management is always on the hunt for promising companies selling at a discount to our calculation of their intrinsic value.
  • International Value
    3Q 2016 [William Fries, CFA, Lei Wang, CFA, Di Zhou, CFA]
    In the long-run, market volatility creates opportunities for fundamentally focused investors to capture valuation dislocations.
  • Income and Government Bonds
    3Q 2016 [Jason Brady, CFA, Lon Erickson, CFA, Jeff Klingelhofer, CFA]
    It seems to be a time to be defensive rather than offensive when it comes to taking risk of all types.
  • Developing World
    3Q 2016 [Ben Kirby, CFA, Charles Wilson, PHD]
    We believe that without additional earnings upgrades to support the new price levels, stocks remain vulnerable to external shocks.
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.