• Long/Short Equity
    1Q 2017 [Connor Browne, CFA]
    The fund has an exciting opportunity to offer our distinct fundamental, bottom-up approach to the long/short space.
  • International Value
    1Q 2017 [Lei Wang, CFA, Di Zhou, CFA]
    While economic data have improved and stock valuations are compelling outside the U.S., political risk is present.
  • Developing World
    1Q 2017 [Ben Kirby, CFA, Charles Wilson, PHD]
    In most emerging market countries, growth trends continue to improve.
  • Core Growth
    1Q 2017 [Greg Dunn]
    For a market that went up nearly 10%, the environment could not really be characterized as “risk-on,” as small-cap stocks broadly underperformed.
  • Strategic Income
    1Q 2017 [Jason Brady, CFA, Lon Erickson, CFA, Jeff Klingelhofer, CFA]
    While we clearly follow day-to-day developments when positioning the portfolios to meet their goals over time, we step back and consider the longer term.
  • Income and Government Bonds
    1Q 2017 [Jason Brady, CFA, Lon Erickson, CFA, Jeff Klingelhofer, CFA]
    In general, we remained disciplined and defensive regarding interest-rate risk.
  • Global Opportunities
    1Q 2017 [Brian McMahon, Vinson Walden, CFA]
    We construct the portfolio on a diversified basis with risk mitigation in mind.
  • Investment Income Builder
    1Q 2017 [Brian McMahon, Jason Brady, CFA, Ben Kirby, CFA]

    Overall global consumer spending is growing, and most macro-economic indicators around the world have positively surprised in the early months of 2017.

  • Municipal Bonds
    1Q 2017 [Christopher Ryon, CFA, Nicholos Venditti, CFA]
    One of the best ways, if not the best way, to manage the risk of an uncertain world is to maintain a well-diversified portfolio.
  • International Growth
    1Q 2017 [Greg Dunn, Sean Koung Sun, CFA]

    With global economic indicators picking up, this makes the case for international equities all the more compelling on a relative basis.

  • Better World International
    1Q 2017 [Rolf Kelly, CFA]
    The fund is designed to be conservative and fare well during periods of volatility.
  • Value
    1Q 2017 [Connor Browne, CFA, Robert MacDonald, CFA]
    The flexibility inherent in our basket approach ensures we always have a focused, yet diversified portfolio.
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.