A light-conversion composition and light sources utilizing that composition are disclosed. The light-conversion composition includes a transparent carrier medium, a phosphor-conversion medium, and a heat-conducting medium. The transparent carrier medium is transparent to light at first and second wavelengths. The phosphor-conversion medium converts light of the first wavelength to light of the second wavelength, the phosphor-conversion medium being dispersed in the transparent carrier medium. The heat-conducting medium has a thermal resistance that is less than that of the carrier medium. The heat-conducting medium is dispersed in the transparent carrier medium such that the heat-conducting medium is present in a concentration sufficient to yield a net thermal resistance that is less than 90 percent of the carrier thermal resistance. The heat-conducting medium can include particles of a transparent crystalline material, such as silicon, diamond, or sapphire.