Thornburg Limited Term and Low Duration Funds

Class A Shares

This includes the following funds:

Thornburg Limited Term Municipal Fund
Thornburg California Limited Term Municipal Fund
Thornburg Low Duration Municipal Fund
Thornburg Limited Term Income Fund
Thornburg Limited Term U.S. Government Fund
Thornburg Low Duration Income Fund

Amount Sales Charge
$0 - $249,999 1.50%
$250,000 - $499,999 1.25%
$500,000 - $999,999 1.00%
$1,000,000 and up 0.00%*

*A 0.50% contingent deferred sales charge (CDSC) is in effect for one year after a purchase.
Minimum Initial Purchase: Regular Account $5,000, IRA $2,000.

Class C Shares

This includes the following funds:

Thornburg Limited Term Municipal Fund
Thornburg California Limited Term Municipal Fund
Thornburg Limited Term Income Fund
Thornburg Limited Term U.S. Government Fund

Purchased at no load.
A 0.50% contingent deferred sales charge (CDSC) is in effect for one year after a purchase.
Minimum Initial Purchase: Regular Account $5,000, IRA $2,000.

Thornburg Intermediate Term Funds and Strategic Municipal Income Fund

Class A Shares

This includes the following funds:

Thornburg Intermediate Municipal Fund
Thornburg New Mexico Intermediate Municipal Fund
Thornburg New York Intermediate Municipal Fund
Thornburg Strategic Municipal Income Fund

Amount Sales Charge
$0 - $249,999 2.00%
$250,000 - $499,999 1.50%
$500,000 - $999,999 1.25%
$1,000,000 and up 0.00%*

*A 0.50% contingent deferred sales charge (CDSC) is in effect for one year after a purchase.
Minimum Initial Purchase: Regular Account $5,000

Class C Shares

This includes the following funds:

Thornburg Intermediate Municipal Fund
Thornburg Strategic Municipal Income Fund

Purchased with no up front sales charge.
A 0.60% contingent deferred sales charge (CDSC) is in effect for one year after a purchase.
Minimum Initial Purchase: Regular Account $5,000.

Class D Shares

This includes the following fund:

Thornburg New Mexico Intermediate Municipal Fund

Purchased with no up front sales charge.
No contingent deferred sales charge (CDSC).
Minimum Initial Purchase: Regular Account $5,000.

Thornburg Equity Funds and Thornburg Strategic Income Fund

Class A Shares

This includes the following funds:

Thornburg Value Fund
Thornburg International Value Fund
Thornburg Better World International Fund
Thornburg Core Growth Fund
Thornburg Investment Income Builder
Thornburg Global Opportunities Fund
Thornburg International Growth Fund
Thornburg Developing World Fund
Thornburg Strategic Income Fund

Amount Sales Charge
$0 - $49,999 4.50%
$50,000 - $99,999 4.00%
$100,000 - $249,999 3.50%
$250,000 - $499,999 3.00%
$500,000 - $999,999 2.00%
$1,000,000 and up 0%*


*A 1.0% contingent deferred sales charge (CDSC) is in effect for one year after a purchase.
Minimum Initial Purchase: Regular Account $5,000, IRA $2,000.

Class C Shares

This includes the following funds:

Thornburg Value Fund
Thornburg International Value Fund
Thornburg Better World International Fund
Thornburg Core Growth Fund
Thornburg Investment Income Builder
Thornburg Global Opportunities Fund
Thornburg International Growth Fund
Thornburg Developing World Fund
Thornburg Strategic Income Fund

Purchased with no up front sales charge.
A 1.0% contingent deferred sales charge (CDSC) is in effect for one year after a purchase. Minimum Initial Purchase: Regular Account $5,000, IRA $2,000.

All Funds

No Class C purchases of $1,000,000 or more.

There are no up-front sales charges for Class I or Class R 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.

 

If you have additional questions, please call 800-847-0200 to speak with a shareholder representative.

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.

Class I shares may not be available to all investors. Minimum investments for the I share class may be higher than those for other classes.

Class R shares are limited to retirement platforms only.

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.