• Municipal Bonds
    3Q 2017 [Christopher Ryon, CFA, Nicholos Venditti, CFA]
    We believe that investors are not currently being compensated to take much risk.
  • Long/Short Equity
    3Q 2017 [Connor Browne, CFA]
    We seek to manage risks of the portfolio through both qualitative and quantitative risk management.
  • Value
    3Q 2017 [Connor Browne, CFA, Robert MacDonald, CFA]
    Our frequent challenge at “filling all the boxes” within a process-oriented counterparty checklist is proof positive that we do things differently.
  • Income and Government Bonds
    3Q 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.
  • Strategic Income
    3Q 2017 [Jason Brady, CFA, Lon Erickson, CFA, Jeff Klingelhofer, CFA]
    The bottom line is that stocks are up, high-yield prices are up, and investment-grade spreads are tighter.
  • International Growth
    3Q 2017 [Greg Dunn, Sean Koung Sun, CFA]
    While the U.S. is exhibiting steadily accelerating growth, the growth dynamics are stronger internationally.
  • International Value
    3Q 2017 [Lei Wang, CFA, Di Zhou, CFA]
    We continue to find interesting stock ideas from our bottom-up process in all three of our baskets: basic value, consistent earners, and emerging franchises.
  • Global Opportunities
    3Q 2017 [Brian McMahon, Vinson Walden, CFA]
    Performance was led by a diversified group of companies that are principally long-time investments in the fund.
  • Investment Income Builder
    3Q 2017 [Brian McMahon, Jason Brady, CFA, Ben Kirby, CFA]
    Balancing dividend growth with the risks of rising rates.
  • Developing World
    3Q 2017 [Ben Kirby, CFA, Charles Wilson, PHD]
    Emerging market valuations are still not stretched, especially considering the relative valuation compared to developed market indices.
  • Better World International
    3Q 2017 [Rolf Kelly, CFA]
    Our most important task is managing for risk-adjusted returns. ESG analysis can help us identify red flags which can put portfolios at risk.
  • Core Growth
    3Q 2017 [Greg Dunn]
    Strong fundamentals have supported rising stock prices this year, while earnings growth and positive revisions have helped to drive returns.
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.