Effective August 1, 2009, Government Fund, Value Fund and International Value Fund will cease selling Class B shares. Any investment received by Government Fund, Value Fund or International Value Fund on or after August 1, 2009 that is intended for the purchase of Class B shares will instead be invested in Class A shares of the Fund, subject to applicable sales charges. If you hold Class B shares of a Fund on August 1, 2009, you may continue to hold those shares until they convert to Class A shares at the end of eight years. You may also still exchange your Class B shares for Class B shares of another Thornburg Fund until the conversion of your shares to Class A, subject to availability and applicable exchange restrictions (see “Investor Services; Exchanging Shares” in the current prospectus for a description of those exchange restrictions). Additionally, if you hold Class B shares on August 1, 2009, and elect to reinvest any dividends or capital gains distributions in additional shares of your Fund, those dividends or capital gains distributions will continue to be reinvested in Class B shares until the shares convert to Class A.
Investments in the Funds carry risks, including possible loss of principal. Investing outside the United States, especially in emerging markets, entails special risks, such as currency fluctuations, illiquidity, and volatility. Investments in small capitalization companies may increase the risk of greater price fluctuations. Funds investing in bonds have the same interest rate, inflation, and credit risks that are associated with the underlying bonds. The principal 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. Funds invested in mortgage backed securities 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 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.
