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Breakpoint Schedule

Generally, trailers are paid quarterly according to the following off-calendar schedule:*

Off-Calendar Quarter Trailer Paid
*Some broker/dealers receive trailers on a monthly basis. Please contact a Thornburg representative for more information.
December 1 – February 28 Mid March
March 1 – May 31 Mid June
June 1 – August 31 Mid September
September 1 – November 30 Mid December

See the Breakpoint Schedules below for the following funds:

Equity Funds Bond Funds
Small/Mid Cap Core Fund > Core Plus Bond >
Small/Mid Cap Growth Fund > Ultra Short Income >
International Equity > Limited Term U.S. Government >
International Growth > Limited Term Income >
Developing World > Strategic Income >
Investment Income Builder > Short Duration Municipal >
Global Opportunities > Limited Term Municipal >
Summit Fund > Intermediate Municipal >
California Limited Term Municipal >
New Mexico Intermediate Municipal >
New York Intermediate Municipal >
Strategic Municipal Income >

Thornburg Limited Term Funds

Class A Shares

Amount Sales Charge Dealer Reallow
Trailer: 10 BP the first year, 25 BP every year after.
**Million Dollar Trades:
A 0.50% contingent deferred sales charge (CDSC) is in effect for one year after a purchase.
$0 – $99,999 2.25% 2.00%
$100,000 – $249,999 2.00% 1.75%
$250,000 – $499,999 1.50% 1.25%
$500,000 – $999,999 1.00% 1.00%
$1,000,000 and up ** **
Amount Dealer Reallow
$1,000,000 – $2,000,000 50 BP
$2,000,000 – $4,000,000 35 BP
$4,000,000 and up 25 BP
Class C Shares
Purchased at no load.
A 0.50% contingent deferred sales charge (CDSC) is in effect for one year after a purchase.
Commission: 50 BP up front.
Trailer: 50 BP annually, beginning in the 13th month.
Class I Shares
I shares are for individual investors with $2,500,000 or for wrap or fee-based advisory programs as specified by the wrap programs provider.
No sales charge.
No CDSC.
No trails paid.
Class R3 Shares
R3 shares are for retirement platforms only.
No sales charge.
No CDSC.
50 bp annual trail beginning immediately.
Class R4 Shares
R4 shares are for retirement platforms only.
No sales charge.
No CDSC.
25 bp annual trail beginning immediately.
Class R5 Shares
R5 shares are for retirement platforms only.
No sales charge.
No CDSC.
No trails paid.

Thornburg Short and Ultra Short Funds

Class A Shares

Amount Sales Charge Dealer Reallow
Trailer: 20 BP annually.
**Million Dollar Trades:
A 0.50% contingent deferred sales charge (CDSC) is in effect for one year after a purchase.
$0 – $99,999 2.25% 2.00%
$100,000 – $249,999 2.00% 1.75%
$250,000 – $499,999 1.50% 1.25%
$500,000 – $999,999 1.00% 1.00%
$1,000,000 and up ** **
Amount Dealer Reallow
$1,000,000 – $2,000,000 50 BP
$2,000,000 – $4,000,000 35 BP
$4,000,000 and up 25 BP
Class I Shares
I shares are for individual investors with $2,500,000 or for wrap or fee-based advisory programs as specified by the wrap programs provider.
No sales charge.
No CDSC.
No trails paid.

Thornburg Intermediate Term Funds and Strategic Municipal Income Fund

Class A Shares

Amount Sales Charge Dealer Reallow
Trailer: 10 BP the first year, 25 BP every year after.
**Million Dollar Trades:
*A 0.50% contingent deferred sales charge (CDSC) is in effect for one year after a purchase.
$0 – $249,999 2.00% 2.00%
$250,000 – $499,999 1.50% 1.50%
$500,000 – $999,999 1.25% 1.10%
$1,000,000 and up ** **
Amount Dealer Reallow
$1,000,000 – $2,000,000 50 BP
$2,000,000 – $4,000,000 35 BP
$4,000,000 and up 25 BP
Class C Shares
This includes the following funds:
Purchased with no up front sales charge.
Trailer: 60 BP annually, beginning in the 13th month.
A 0.60% contingent deferred sales charge (CDSC) is in effect for one year after a purchase.
Class D Shares
Purchased with no up front sales charge.
No contingent deferred sales charge (CDSC).
Trailer: 50 BP annually.
Minimum Initial Purchase: Regular Account $5,000.
Class I Shares
I shares are for individual investors with $2,500,000 or for wrap or fee-based advisory programs as specified by the wrap programs provider.
No sales charge.
No CDSC.
No trails paid.

Thornburg Equity Funds, Thornburg Strategic Income Fund,
and Thornburg Core Plus Bond Fund

Class A Shares

Amount Sales Charge Dealer Reallow
Trailer: 25 BP paid annually.
**Million Dollar Trades:
A 1.0% contingent deferred sales charge (CDSC) is in effect for one year after a purchase.
$0 – $49,999 4.50% 4.00%
$50,000 – $99,999 4.00% 3.50%
$100,000 – $249,999 3.50% 3.00%
$250,000 – $499,999 3.00% 2.50%
$500,000 – $999,999 2.00% 1.50%
$1,000,000 and up ** **
Amount Dealer Reallow
$1,000,000 – $2,000,000 100 BP
$2,000,000 – $4,000,000 70 BP
$4,000,000 and up 50 BP
Class C Shares
Purchased with no up front sales charge.
A 1.0% contingent deferred sales charge (CDSC) is in effect for one year after a purchase.
Commission: 100 BP up front.
Trailer: 100 BP annually, beginning in the 13th month.
Class I Shares
I shares are for individual investors with $2,500,000 or for wrap or fee-based advisory programs as specified by the wrap programs provider.
No sales charge.
No CDSC.
No trails paid.
Class R3 Shares
R3 shares are for retirement platforms only.
No sales charge.
No CDSC.
50 bp annual trail beginning immediately.
Class R4 Shares
R4 shares are for retirement platforms only.
No sales charge.
No CDSC.
25 bp annual trail beginning immediately.
Class R5 Shares
R5 shares are for retirement platforms only.
No sales charge.
No CDSC.
No trails paid.
Class R6 Shares
R6 shares are for retirement platforms only.
Available for International Equity, International Growth and Developing World Funds only.
No sales charge.
No CDSC.
No trails paid.

Minimum and Maximum Purchases

Class Minimum Initial Purchase* Maximum Purchase Subsequent Purchase
A $5,000 None $100
C $5,000 $999,999 $100
D $5,000 None $100
R3 None None None
R4 None None None
R5 None None None
R6 None None None
* IRA account minimums are $2,000.

Class I Shares

  1. For individual investors and qualified institutions, the minimum investment is $2,500,000. Subsequent purchase is $100.
  2. For wrap, asset allocation or clearly defined fee-based advisory programs, the minimum amount to purchase shares is the program minimum. If no minimum is defined by the program, the minimum will be $2,500 and the subsequent purchase minimum will be $100.

The minimums may be modified under certain circumstances. Please see the prospectus for additional details.

If you have additional questions, please contact our sales desk at 877-215-1330 or our Operations Group at 800-847-0200.

This material is for investment professional use only.

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 thornburg.com. 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. Investments in the Funds are not FDIC insured, nor are they bank deposits or guaranteed by a bank or any other entity.

The Better World International Fund's adherence to its ESG ratings process may affect the fund's exposure to certain companies, sectors, regions, and countries and may affect the Fund's performance depending on whether such investments are in or out of favor. This process may result in the Fund foregoing opportunities to buy certain securities when it might otherwise be advantageous to do so, or selling securities for ESG reasons when it might be otherwise disadvantageous for it to do so. Additionally, the process may result in incorrectly evaluating a company’s commitment to positive ESG practices and may result in investment in companies with practices that are not consistent with the Fund’s aspirations.

Thornburg mutual funds are distributed by Thornburg Securities LLC.

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 LLC (TSL) does not act as broker of record for investors.