At Thornburg Investment Management, we have always taken our role as trustee and fiduciary very seriously. Thornburg has consistently focused on helping investors build real wealth, after inflation, taxes and investment expenses. Whether our clients select one investment product or a diversified portfolio utilizing multiple Thornburg investments, our goal has remained the same: providing investors with strategies for building real wealth.
Thornburg Equity Funds
Thornburg only launches equity funds when we are convinced that there is a fundamental need for the product and we believe that we can manage it to our highest standards. The manner in which we manage our equity products does not fit neatly into a predefined style box. Rather, we employ a flexible, yet disciplined, approach, blazing a wide path in the search for strong, risk-adjusted returns.
- Apply a fundamental, comprehensive approach to investment research.
- Invest only when and where the most compelling values are perceived.
- Focus on a limited number of securities, typically 35 to 65.
- Diversify across industries, market caps, geographic boundaries, and proprietary baskets to reduce risk.
- Perform independent analysis.
There is no guarantee that the Funds will meet their investment objectives.
(Click the 
for a quick snap shot of the fund or click the fund name for more detailed information.)
Value Fund
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Objective: The Fund seeks long-term capital appreciation by investing in equity and debt securities of all types. As a secondary consideration the Fund also seeks some current income.
There is no guarantee that the Fund will meet its investment objectives. |
Fund Symbols:
A Shares: TVAFX B Shares: TVBFX C Shares: TVCFX |
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Inception Date (A shares): 10/2/95
Fund Assets: $2.2 billion (3/31/09) View Fund Highlight Fund Fact Sheet (pdf) Holdings Commentary |
Fund Management:
William Fries, CFA Co-Portfolio Manager Connor Browne, CFA Co-Portfolio Manager Edward Maran, CFA Co-Portfolio Manager |
| Objective: The Fund seeks long-term capital appreciation by investing in equity and debt securities of all types. As a secondary consideration, the Fund also seeks some current income.
There is no guarantee that the Fund will meet its investment objectives. |
Fund Symbols:
A Shares: TGVAX B Shares: THGBX C Shares: THGCX |
| Inception Date (A shares): 5/28/98
Fund Assets: $10.1 billion (3/31/09) View Fund Highlight Fund Fact Sheet (pdf) Holdings Commentary |
Fund Management:
William Fries, CFA Co-Portfolio Manager Wendy Trevisani Co-Portfolio Manager Lei Wang, CFA Co-Portfolio Manager |
| Objective: The Fund seeks long-term growth of capital by investing in equity securities selected for their growth potential.
There is no guarantee that the Fund will meet its investment objectives. |
Fund Symbols:
A Shares: THCGX C Shares: TCGCX |
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Inception Date (A shares): 12/27/00
Fund Assets: $1.2 billion (3/31/09) View Fund Highlight Fund Fact Sheet (pdf) Holdings Commentary |
Fund Management:
Alexander M. V. Motola, CFA Portfolio Manager |
| Objective: The Fund's primary investment goal is to provide a level of current income which exceeds the average yield on U.S. stocks generally, and which will generally grow, subject to periodic fluctuations, over the years on a per share basis. The Fund's secondary investment goal is long-term capital appreciation.
There is no guarantee that the Fund will meet its investment objectives. |
Fund Symbols:
A Shares: TIBAX C Shares: TIBCX |
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Inception Date (A shares): 12/24/02
Fund Assets: $2.4 billion (3/31/09) View Fund Highlight Fund Fact Sheet (pdf) Holdings Commentary |
Fund Management:
Brian McMahon Co-Portfolio Manager Jason Brady, CFA Co-Portfolio Manager |
| Objective: The Fund seeks long-term capital appreciation by investing in equity and debt securities of all types from issuers around the world.
There is no guarantee that the Fund will meet its investment objectives. |
Fund Symbols:
A Shares: THOAX C Shares: THOCX |
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Inception Date (A shares): 7/28/06
Fund Assets: $181 million (3/31/09) View Fund Highlight Fund Fact Sheet (pdf) Holdings Commentary |
Fund Management:
Brian McMahon Co-Portfolio Manager W. Vinson Walden, CFA Co-Portfolio Manager |
| Objective: The Fund seeks long-term growth of capital by investing in equity securities selected for their growth potential.
There is no guarantee that the Fund will meet its investment objectives. |
Fund Symbols:
A Shares: TIGAX C Shares: TIGCX |
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Inception Date (A shares): 2/1/07
Fund Assets: $45 million (3/31/09) View Fund Highlight Fund Fact Sheet (pdf) Holdings Commentary |
Fund Management:
Alexander M. V. Motola, CFA Portfolio Manager |
Thornburg Bond Funds
Most investors view bonds as a relatively conservative investment and seek a steady income while keeping risk in check. Thornburg Investment Management applies a disciplined philosophy to fixed-income management. Since the launch of our first fixed-income fund over two decades ago, we have been conducting fundamental, bottom-up research in an effort to identify bonds which we believe provide the best return for a given level of risk. We are very organic in our approach, avoiding leverage or complex strategies which could backfire in periods of market uncertainty.
There is no guarantee that the Funds will meet their investment objectives.
(Click the for a quick snap shot of the fund or click the fund name for more detailed information.)
| Objective: Obtain as high a level of current income exempt from federal individual income tax as is consistent, in the view of the Fund's investment advisor, with preservation of capital. A secondary objective is to reduce expected changes in its share price compared to longer intermediate and long-term bond portfolios.
There is no guarantee that the Fund will meet its investment objectives. A portion of the Fund's dividends could be subject to the federal Alternative Minimum Tax. |
Fund Symbols:
A Shares: LTMFX C Shares: LTMCX |
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Inception Date (A shares): 9/28/84
Fund Assets: $1.5 billion (3/31/09) View Fund Highlight Fund Fact Sheet (pdf) |
Fund Management:
George Strickland Co-Portfolio Manager Josh Gonze Co-Portfolio Manager Chris Ihlefeld Co-Portfolio Manager |
| Objective: Obtain as high a level of current income exempt from federal individual income tax as is consistent, in the view of the Fund's investment advisor, with preservation of capital. A secondary objective is to reduce expected changes in its share price compared to long-term bond portfolios.
There is no guarantee that the Fund will meet its investment objectives. A portion of the Fund's dividends could be subject to the federal Alternative Minimum Tax. |
Fund Symbols:
A Shares: THIMX C Shares: THMCX |
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Inception Date (A shares): 7/22/91
Fund Assets: $508 million (3/31/09) View Fund Highlight Fund Fact Sheet (pdf) |
Fund Management:
George Strickland Co-Portfolio Manager Josh Gonze Co-Portfolio Manager Chris Ihlefeld Co-Portfolio Manager |
| Objective: Obtain as high a level of current income exempt from federal and California state individual income taxes as is consistent, in the view of the Fund's investment advisor, with preservation of capital. A secondary objective is to reduce expected changes in its share price compared to longer intermediate and long-term bond portfolios.
There is no guarantee that the Fund will meet its investment objectives. |
Fund Symbols:
A Shares: LTCAX C Shares: LTCCX |
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Inception Date (A shares): 2/19/87
Fund Assets: $136 million (3/31/09) View Fund Highlight Fund Fact Sheet (pdf) |
Fund Management:
George Strickland Co-Portfolio Manager Josh Gonze Co-Portfolio Manager Chris Ihlefeld Co-Portfolio Manager |
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Objective: Obtain as high a level of current income exempt from federal and New Mexico state individual income taxes as is consistent, in the view of the Fund's investment advisor, with preservation of capital. A secondary objective is to reduce expected changes in its share price relative to long-term bond portfolios.
There is no guarantee that the Fund will meet its investment objectives. |
Fund Symbols:
A Shares: THNMX D Shares: THNDX |
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Inception Date (A shares): 6/18/91
Fund Assets: $209 million (3/31/09) View Fund Highlight Fund Fact Sheet (pdf) |
Fund Management:
George Strickland Co-Portfolio Manager Josh Gonze Co-Portfolio Manager Chris Ihlefeld Co-Portfolio Manager |
| Objective: Obtain as high a level of current income exempt from federal, New York State, and New York City individual income taxes as is consistent, in the view of the Fund's investment advisor, with preservation of capital. A secondary objective is to reduce expected changes in its share price compared to long-term bond portfolios.
There is no guarantee that the Fund will meet its investment objectives. |
Fund Symbols:
A Shares: THNYX |
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Inception Date (A shares): 9/5/97
Fund Assets: $35 million (3/31/09) View Fund Highlight Fund Fact Sheet (pdf) |
Fund Management:
George Strickland Co-Portfolio Manager Josh Gonze Co-Portfolio Manager Chris Ihlefeld Co-Portfolio Manager |
| Objective: The Fund seeks a high level of current income exempt from federal individual income tax.
There is no guarantee that the Fund will meet its investment objectives. A portion of the Fund's dividends could be subject to the federal Alternative Minimum Tax. |
Fund Symbols:
A Shares: TSSAX C Shares: TSSCX |
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Inception Date (A shares): 4/1/09
View Fund Highlight |
Fund Management:
George Strickland Co-Portfolio Manager Josh Gonze Co-Portfolio Manager Christopher Ryon, CFA Co-Portfolio Manager |
| Objective: Provide as high a level of current income as is consistent, in the view of the Fund's investment advisor, with safety of capital. A secondary objective is to reduce changes in its share price compared to longer term portfolios.
There is no guarantee that the Fund will meet its investment objectives. |
Fund Symbols:
A Shares: THIFX C Shares: THICX |
|
Inception Date (A shares): 10/1/92
Fund Assets: $363 million (3/31/09) View Fund Highlight Fund Fact Sheet (pdf) |
Fund Management:
Jason Brady, CFA Portfolio Manager |
| Objective: Provide as high a level of current income as is consistent, in the view of the Fund's investment advisor, with safety of capital. A secondary objective is to reduce changes in its share price compared to longer term portfolios.
There is no guarantee that the Fund will meet its investment objectives. |
Fund Symbols:
A Shares: LTUSX B Shares: LTUBX C Shares: LTUCX |
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Inception Date (A shares): 11/16/87
Fund Assets: $296 million (3/31/09) View Fund Highlight Fund Fact Sheet (pdf) |
Fund Management:
Jason Brady, CFA Portfolio Manager |
| Objective: The Fund's primary objective is to seek a high level of current income. A secondary objective is some long-term capital appreciation.
There is no guarantee that the Fund will meet its investment objectives. |
Fund Symbols:
A Shares: TSIAX C Shares: TSICX |
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Inception Date (A shares): 12/19/07
Fund Assets: $75 million (3/31/09) View Fund Highlight |
Fund Management:
George Strickland Co-Portfolio Manager Jason Brady, CFA Co-Portfolio Manager |
Investments in the funds carry risks including possible loss of principal. Additional risks may be associated with the equity funds’ investments outside the United States, especially emerging markets, including currency fluctuations, illiquidity and volatility. Additionally, the equity funds may invest a portion of the assets in small capitalization companies, which may increase the risk of greater price fluctuations.
As with direct bond ownership, funds that invest in bonds are subject to certain risks including interest rate risk, credit risk, and inflation risk. The principal value of bond funds will fluctuate relative to changes in interest rates, decreasing when interest rates rise. This effect is more pronounced for the longer term obligations in the Strategic Municipal Income Fund. Unlike bonds, bond funds have ongoing fees and expenses. The Limited Term Government and Strategic Income Funds invest a portion of assets in Mortgage Backed Securities, which are subject to pre-payment risk. This may reduce the potential for capital appreciation and may cause greater volatility in the Funds. Investments in lower rated and unrated municipal obligations in the Strategic Municipal Income Fund may be more sensitive to default, downgrades, and market volatility; these investments may also be less liquid than other municipal obligations. The Strategic Income and Strategic Municipal Income Funds may invest in derivatives, which are subject to the risks associated with the securities or other assets underlying the pool of securities, including illiquidity and difficulty in valuation. Additionally, the Strategic Income Fund invests in equity securities. Risks may be associated with investments outside the United States, especially emerging markets, including currency fluctuations, illiquidity and volatility. Equity investments in small capitalization companies may increase the risk of greater price fluctuations.
Investments in the funds are not FDIC insured, nor are they deposits of or guaranteed by a bank or any other entity.
Before investing, carefully consider the Fund’s investment goals, risks, charges, and expenses. For a prospectus containing this and other information, contact your financial advisor or visit our literature library. Read it carefully before investing.
°°The share price of the fund is not guaranteed by the U.S. Government.
Diversification does not assure or guarantee better performance and cannot eliminate the risk of investment losses.
Lipper’s large firm universe is comprised of fund families with more than $28 billion in total net assets. Only fund families with at least five bond funds were eligible. Risk-adjusted returns are calculated with dividends reinvested and without sales charges. Past performance does not guarantee future results. The individual funds may not have ranked number one in their categories.
