Most of the Thornburg Investment Management Funds are available in different classes of shares. Each share represents an equal, undivided interest in its Funds assets. The different classes of a particular Fund may have different sales charges and other expenses which may affect performance; however, the investment objectives in the portfolio are the same.

Class A Class C Class D Class I Class R
Shares sold are subject to a front-end sales charge. Shares are sold at NAV (purchases of $1,000,000 or more are not accepted) Shares are sold at NAV (Available only for the Intermediate New Mexico Fund) Shares are sold at NAV (higher minimum investments) Shares are sold at NAV (for retirement platforms only)
Pays service and distribution fees. Pays service and distribution fees. Pays service and distribution fees. Do not pay service and distribution fees. R3 and R4 pays service and distribution fees, R5 and R6 do not.
Lower annual expenses, therefore higher dividends than Class C and D Shares. Higher annual expenses, therefore lower dividends than Class A Shares. Higher annual expenses, therefore lower dividends than Class A Shares. Lower annual expenses (higher minimum investment). Expenses vary for class R shares(for retirement platforms only).
No redemption fees (special situations may apply). Carry a contingent deferred sales charge (CDSC) on shares redeemed within one year of purchase (see table below). No redemption fees. No redemption fees. No redemption fees.

There are certain situations in which Class A Shares can be purchased free of the front-end sales charge. Find the details about these special situations here.

CDSC Sales Charges for C Shares

Fund Name C Share CDSC Charge
Limited Term Municipal 0.5%
California Limited Term Municipal 0.5%
Limited Term US Government 0.5%
Limited Term Income 0.5%
Intermediate Municipal 0.6%
Strategic Municipal Income 0.6%
Strategic Income 1.0%
Value 1.0%
International Value 1.0%
Better World International 1.0%
Core Growth 1.0%
Investment Income Builder 1.0%
Global Opportunities 1.0%
International Growth 1.0%
Developing World 1.0%

Not all of the Funds are available in all classes of shares. The following table represents Fund Share availability.

Share Class A C D I R3 R4 R5 R6
Equity Funds                
Value TVAFX TVCFX   TVIFX TVRFX TVIRX TVRRX
Core Growth THCGX TCGCX THIGX THCRX TCGRX THGRX
International Value TGVAX THGCX TGVIX TGVRX THVRX TIVRX TGIRX
Better World International TBWAX TBWCX TBWIX        
International Growth TIGAX TIGCX TINGX TIGVX TINVX TINFX THGIX
Developing World THDAX THDCX THDIX THDRX TDWRX
Investment Income Builder TIBAX TIBCX TIBIX TIBRX TIBGX TIBMX
Global Opportunities THOAX THOCX THOIX THORX THOVX THOFX
Global Fixed Income Funds                
Low Duration Income TLDAX TLDIX
Limited Term U.S. Government LTUSX LTUCX LTUIX LTURX LTGRX
Limited Term Income THIFX THICX   THIIX THIRX   THRRX
Strategic Income TSIAX TSICX TSIIX TSIRX   TSRRX
Tax-Exempt Bond Funds                
Low Duration Municipal TLMAX TLMIX      
Limited Term Municipal LTMFX LTMCX LTMIX      
Intermediate Municipal THIMX THMCX THMIX      
California Limited Term Municipal LTCAX LTCCX LTCIX      
New Mexico Intermediate Municipal THNMX THNDX THNIX      
New York Intermediate Municipal THNYX     TNYIX        
Strategic Municipal Income TSSAX TSSCX   TSSIX        
Alternative Funds                
Long/Short Equity       THLSX        

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.