A Tradition of Disciplined Bond Management

Thornburg Investment Management was founded by Garrett Thornburg in 1982 on the belief that fixed income managers could do a better job of preserving wealth after investors account for inflation, taxes, and expenses. For more than 30 years, we have sought — via a responsible, straightforward, organic approach to bond management — to provide investors with attractive returns and relative stability of principal.

We launched our first mutual fund in 1984 in the form of the Limited Term Municipal Fund — a laddered portfolio of municipal bonds from throughout the country. Between then and 1995, we began a series of similar actively managed laddered portfolios, both taxable and tax-free, that can serve as core components of a diversified portfolio. From the Intermediate Municipal Fund to the Limited Term Income Fund, each of these conservative funds has followed the same tested strategy since inception. With fixed-income assets totaling $17.5 billion (as of 9/30/2017), Thornburg now offers both core and strategic portfolios, which are defined by their flexibility. The Strategic Income Fund and the Strategic Municipal Income Fund both enjoy broad latitude to invest anywhere along the yield curve, anywhere along the credit spectrum, and across a variety of asset classes.

A Conservative View of the Role of Bonds in a Portfolio

We view the role of bonds in a portfolio more conservatively than many asset managers. We don’t employ complex, exotic, and risky tactics in an effort to “juice” returns, and believe that a fixed-income position should serve as the ballast for a well-diversified portfolio, not as the sails of the ship.

A Straightforward, Organic Investment Approach

Trade DeskWe seek the best relative value across a broad array of asset classes. Our strategies are typically simple and straightforward. We don’t reach for yield; we conduct rigorous credit research and invest only when the risk/reward tradeoff appears tilted decidedly in the shareholder’s favor. Whether in the flexible strategic funds or the more conservative core funds, our portfolios are run on a cash-only basis, meaning that we don’t employ leverage or complex trading tactics to try to grab return.

Thornburg’s structure as a global manager means that each of our portfolio managers and analysts works across a broad array of geographies, sectors, asset classes, and security types, and is conducive to a free exchange of ideas in the pursuit of the best relative-value opportunities.

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. 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. Investments in equity securities are subject to additional risks, such as greater market fluctuations. 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 the Funds are not FDIC insured, nor are they bank deposits or guaranteed by a bank or any other entity.

Income earned from municipal bonds is exempt from regular federal and in some cases, state and local income tax. Income may be subject to the alternative minimum tax (AMT).

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.