A Shares
| Performance data quoted represents past performance and does not guarantee future results. Investment return and principal value will fluctuate so that upon redemption, investor’s shares may be worth more or less than their original cost. Current performance may be lower or higher than the data quoted. |
| Select a fund to view quarter-end and benchmark performance | YTD as of 7/18/2008 | Average Annualized Total Returns as of 6/30/2008 | ||||||
|---|---|---|---|---|---|---|---|---|
| Equity Funds | YTD | 1-Yr | 3-Yrs | 5-Yrs | 10-Yrs | Inception | ||
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Value Incep. Date 10/2/95 |
-17.56% |  |
-16.81% | 6.47% | 8.08% | 6.08% | 11.27% |
| -21.27% |  |
-20.56% | 4.86% | 7.10% | 5.59% | 10.87% | ||
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International Value Incep. Date 5/28/98 |
-15.25%
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-4.02% | 17.40% | 19.82% | 12.14% | 12.08% |
-19.06%
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-8.34% | 15.60% | 18.72% | 11.62% | 11.58% | ||
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Core Growth Incep. Date 12/27/00 |
-23.62%
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-20.29% | 7.00% | 10.95% | – | 4.00% |
-27.06%
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-23.87% | 5.36% | 9.93% | – | 3.36% | ||
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Investment
Income Builder Incep. Date 12/24/02 |
-14.56%
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-7.59% | 10.43% | 13.21% | – | 14.83% |
-18.41%
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-11.73% | 8.75% | 12.17% | – | 13.88% | ||
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Global Opportunities Incep. Date 7/28/06 |
-14.54%
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-5.43% | – | – | – | 22.13% |
-18.40%
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-9.67% | – | – | – | 19.26% | ||
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International Growth Incep. Date 2/1/07 |
-22.11%
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-7.56% | – | – | – | 5.88% |
-25.62%
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-11.73% | – | – | – | 2.49% | ||
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Equity Fund Performance vs. Benchmarks - Fund performance vs. appropriate benchmarks for the year ended December 31, 2007 (pdf)
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| Select a fund to view quarter-end performance | YTD as of 7/18/2008 | Average Annualized Total Returns as of 6/30/2008 | ||||||
| Municipal Funds | YTD | 1-Yr | 3-Yrs | 5-Yrs | 10-Yrs | Inception | ||
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Limited Term Muni. Incep. Date 9/28/84 |
1.66% | |
3.98% | 2.67% | 2.29% | 3.59% | 5.56% |
| 0.11% | |
2.44% | 2.15% | 1.99% | 3.43% | 5.49% | ||
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Intermediate Muni. Incep. Date 7/22/91 |
0.80% | |
2.57% | 2.40% | 2.67% | 3.70% | 5.17% |
| -1.24% | |
0.49% | 1.72% | 2.26% | 3.49% | 5.05% | ||
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California Limited Term Muni. Incep. Date 2/19/87 |
1.82% | |
3.70% | 2.70% | 2.18% | 3.27% | 4.74% |
| 0.32% | |
2.16% | 2.17% | 1.87% | 3.11% | 4.67% | ||
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New Mexico Intermed. Muni. Incep. Date 6/18/91 |
1.49% | |
3.96% | 2.70% | 2.70% | 3.70% | 4.90% |
| -0.55% | |
1.91% | 2.02% | 2.28% | 3.49% | 4.77% | ||
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New York Intermed. Muni. Incep. Date 9/5/97 |
1.82% | |
3.87% | 2.64% | 2.51% | 3.80% | 4.06% |
| -0.21% | |
1.78% | 1.94% | 2.10% | 3.59% | 3.86% | ||
| Income Funds | YTD | 1-Yr | 3-Yrs | 5-Yrs | 10-Yrs | Inception | ||
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Limited Term Income Incep. Date 10/1/92 |
0.37% | |
5.62%
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3.49%
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2.80%
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4.85%
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5.43%
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| -1.13% | |
4.01%
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2.98%
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2.48%
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4.68%
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5.33%
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Limited Term US Government° Incep. Date 11/16/87 |
1.68% | |
7.51%
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3.99%
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2.69%
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4.74%
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6.00%
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| 0.16% | |
5.92%
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3.46%
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2.39%
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4.58%
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5.92%
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Strategic Income Incep. Date 12/19/07 |
-1.23% | |
–
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–
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–
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–
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1.34%
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| -5.65% | |
–
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–
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–
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–
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-3.20%
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Periods over one year are annualized.
The maximum sales charge for the Equity Fund's A shares is 4.50% which also carry a 30-day redemption fee of 1%. The Limited Term funds have a maximum sales charge of 1.50% for the A shares. The Intermediate Term funds have a maximum sales charge of 2.00% for the A shares. The maximum sales charge for the Strategic Income Fund's A shares is 4.50%.
The Global Opportunities and International Growth Funds may invest in shares of companies through initial public offerings (IPOs). IPOs have the potential to produce substantial gains and there is no assurance that the Fund will have continued access to profitable IPOs. As Fund assets grow, the impact of IPO investments on performance may decline.
°The share price of the fund is not guaranteed by the U.S. Government.
Fund Operating Expenses
| Fund | Total Annual Operating Exenses | Subsidized Annual Operating Expenses* | Actual Annual Operating Expenses as of 6/30/08 |
| Value | 1.27% | – | 1.26% |
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| International Value | 1.29% | – | 1.26% |
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| Core Growth | 1.37% | – | 1.34% |
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| Investment Income Builder | 1.30% | – | 1.24% |
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| Global Opportunities | 1.55% | – | 1.46% |
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| International Growth | 2.10% | 1.63% | 1.54% |
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| Limited Term Municipal | 0.90% | – | 0.89% |
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| Intermediate Municipal | 0.99% | – | 0.96% |
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| California Limited Term Municipal | 1.01% | 0.99% | 0.98% |
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| New Mexico Intermed. Municipal | 0.98% | – | 0.96% |
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| New York Intermed. Municipal | 1.09% | 0.99% | 0.99% |
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| Limited Term Income | 1.08% | 0.99% | 0.99% |
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| Limited Term US Government | 0.99% | – | 0.94% |
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| Strategic Income | 2.13% | 1.25% | 1.25% |
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*Thornburg Investment Management intends to waive fees and reimburse expenses so that actual expenses do not exceed the subsidized expense ratio. The subsidized expense ratio reflects the annual operating expenses of the fund minus any fee waivers or expense reimbursements.The fee waivers and expense reimbursements are voluntary and may be terminated at any time.
For more information regarding fund expenses, please see the fund prospectus.
B Shares
| Performance data quoted represents past performance and does not guarantee future results. Investment return and principal value will fluctuate so that upon redemption, investor’s shares may be worth more or less than their original cost. Current performance may be lower or higher than the data quoted. |
| Select a fund to view quarter-end and benchmark performance | YTD as of 7/18/2008 | Average Annualized Total Returns as of 6/30/2008 | ||||||
| Equity Funds | YTD | 1-Yr | 3-Yrs | 5-Yrs | 10-Yrs | Inception | ||
|
Value Incep. Date 4/3/00 |
-17.90% | |
-17.48% | 5.63% | 7.22% | – | 1.35% |
| -22.00% | |
-21.19% | 4.57% | 6.91% | – | 1.35% | ||
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International Value Incep. Date 4/3/00 |
-15.61% | |
-4.73% | 16.47% | 18.84% | – | 8.44% |
| -19.82% | |
-9.07% | 15.61% | 18.64% | – | 8.44% | ||
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| Select a fund to view quarter-end performance | YTD as of 7/18/2008 | Average Annualized Total Returns as of 6/30/2008 | ||||||
| Income Funds | YTD | 1-Yr | 3-Yrs | 5-Yrs | 10-Yrs | Inception | ||
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Limited Term US Government° Incep. Date 11/1/02 |
0.85% | |
6.09% | 2.49% | 1.29% | – | 1.89% |
| -4.14% | |
1.09% | 1.37% | 0.92% | – | 1.69% | ||
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Periods over one year are annualized.
B shares carry a contingent deferred sales charge (CDSC), if redeemed within a year, of 5.00%; within two years, 4.25%; within three years, 3.50%; within four years, 2.75%; within five years, 2.00%; within six years, 1.25%; within seven years, 0.50%. There is no charge for redemption within the eighth year.
°The share price of the fund is not guaranteed by the U.S. Government.
Fund Operating Expenses
| Fund | Total Annual Operating Exenses | Subsidized Annual Operating Expenses* | Actual Annual Operating Expenses as of 6/30/08 |
| Value | 2.07% | – | 2.05% |
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| International Value | 2.06% | – | 2.03% |
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| Limited Term US Government | 2.63% | 2.50% | 2.32% |
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*Thornburg Investment Management intends to waive fees and reimburse expenses so that actual expenses do not exceed the subsidized expense ratio. The subsidized expense ratio reflects the annual operating expenses of the fund minus any fee waivers or expense reimbursements.The fee waivers and expense reimbursements are voluntary and may be terminated at any time.
For more information regarding fund expenses, please see the fund prospectus.
C Shares
| Performance data quoted represents past performance and does not guarantee future results. Investment return and principal value will fluctuate so that upon redemption, investor’s shares may be worth more or less than their original cost. Current performance may be lower or higher than the data quoted. |
| Select a fund to view quarter-end and benchmark performance | YTD as of 7/18/2008 | Average Annualized Total Returns as of 6/30/2008 | ||||||
| Equity Funds | YTD | 1-Yr | 3-Yrs | 5-Yrs | 10-Yrs | Inception | ||
|
Value Incep. Date 10/2/95 |
-17.90% | |
-17.45% | 5.68% | 7.26% | 5.26% | 10.41% |
| -18.72% | |
-18.19% | 5.68% | 7.26% | 5.26% | 10.41% | ||
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International Value Incep. Date 5/28/98 |
-15.60% | |
-4.70% | 16.54% | 18.94% | 11.21% | 11.16% |
| -16.44% | |
-5.57% | 16.54% | 18.94% | 11.21% | 11.16% | ||
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Core Growth Incep. Date 12/27/00 |
-23.93% | |
-20.86% | 6.18% | 10.12% | – | 3.14% |
| -24.69% | |
-21.65% | 6.18% | 10.12% | – | 3.14% | ||
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Investment
Income Builder Incep. Date 12/24/02 |
-14.87% | |
-8.18% | 9.80% | 12.61% | – | 14.27% |
| -15.70% | |
-9.04% | 9.80% | 12.61% | – | 14.27% | ||
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Global Opportunities Incep. Date 7/28/06 |
-14.88% | |
-6.10% | – | – | – | 21.16% |
| -15.73% | |
-7.01% | – | – | – | 21.16% | ||
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International Growth |
-22.45%
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-8.24% | – | – | – | 5.12% |
-23.22%
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-9.14% | – | – | – | 5.12% | ||
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| Select a fund to view quarter-end performance | YTD as of 7/18/2008 | Average Annualized Total Returns as of 6/30/2008 | ||||||
| Municipal Funds | YTD | 1-Yr | 3-Yrs | 5-Yrs | 10-Yrs | Inception | ||
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Limited Term Muni. Incep. Date 9/1/94 |
1.43% | |
3.61% | 2.36% | 2.00% | 3.24% | 3.65% |
| 0.93% | |
3.11% | 2.36% | 2.00% | 3.24% | 3.65% | ||
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Intermediate Muni. Incep. Date 9/1/94 |
0.71% | |
2.29% | 2.14% | 2.39% | 3.35% | 4.11% |
| 0.12% | |
1.70% | 2.14% | 2.39% | 3.35% | 4.11% | ||
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California Limited Term Muni. Incep. Date 9/1/94 |
1.67% | |
3.44% | 2.45% | 1.93% | 2.95% | 3.48% |
| 1.17% | |
2.94% | 2.45% | 1.93% | 2.95% | 3.48% | ||
| Income Funds | YTD | 1-Yr | 3-Yrs | 5-Yrs | 10-Yrs | Inception | ||
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Limited Term Income Incep. Date 9/1/94 |
0.23% | |
5.36% | 3.23% | 2.54% | 4.51% | 5.13% |
| -0.26% | |
4.86% | 3.23% | 2.54% | 4.51% | 5.13% | ||
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Limited Term US Government° Incep. Date 9/1/94 |
1.52% | |
7.18% | 3.70% | 2.41% | 4.41% | 4.91% |
| 1.02% | |
6.68% | 3.70% | 2.41% | 4.41% | 4.91% | ||
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Strategic Income Incep. Date 12/19/07 |
-1.52% | |
–
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–
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–
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–
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1.05%
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| -2.48% | |
–
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–
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–
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–
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0.07%
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Periods over one year are annualized.
The Equity Funds C shares include a 1% contingent deferred sales charge (CDSC) for the first year only. The Limited Term funds have a 0.50% contingent deferred sales charge (CDSC) on the C shares for the first year only. The Intermediate Term funds have a 0.60% CDSC on the C shares for the first year only. The Strategic Income Fund has a 1% contingent deferred sales charge (CDSC) on the C shares for the first year only.
The Global Opportunities and International Growth Funds may invest in shares of companies through initial public offerings (IPOs). IPOs have the potential to produce substantial gains and there is no assurance that the Fund will have continued access to profitable IPOs. As Fund assets grow, the impact of IPO investments on performance may decline.
°The share price of the fund is not guaranteed by the U.S. Government.
Fund Operating Expenses
| Fund | Total Annual Operating Exenses | Subsidized Annual Operating Expenses* | Actual Annual Operating Expenses as of 6/30/08 |
| Value | 2.03% | – | 2.01% |
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| International Value | 2.01% | – | 1.98% |
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| Core Growth | 2.12% | – | 2.09% |
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| Investment Income Builder | 2.06% | 1.90% | 1.90% |
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| Global Opportunities | 2.33% | – | 2.22% |
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| International Growth | 3.23% | 2.38% | 2.30% |
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| Limited Term Municipal | 1.68% | 1.24% | 1.17% |
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| Intermediate Municipal | 1.78% | 1.24% | 1.24% |
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| California Limited Term Municipal | 1.79% | 1.24% | 1.24% |
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| Limited Term Income | 1.89% | 1.24% | 1.24% |
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| Limited Term US Government | 1.80% | 1.24% | 1.22% |
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| Strategic Income | 2.88% | 1.80% | 1.80% |
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*Thornburg Investment Management intends to waive fees and reimburse expenses so that actual expenses do not exceed the subsidized expense ratio. The subsidized expense ratio reflects the annual operating expenses of the fund minus any fee waivers or expense reimbursements.The fee waivers and expense reimbursements are voluntary and may be terminated at any time.
For more information regarding fund expenses, please see the fund prospectus.
D Shares
| Performance data quoted represents past performance and does not guarantee future results. Investment return and principal value will fluctuate so that upon redemption, investor’s shares may be worth more or less than their original cost. Current performance may be lower or higher than the data quoted. |
| Select a fund to view quarter-end performance | YTD as of 7/18/2008 | Average Annualized Total Returns as of 6/30/2008 | ||||||
| Municipal Funds | YTD | 1-Yr | 3-Yrs | 5-Yrs | 10-Yrs | Inception | ||
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New Mexico Intermed. Muni. Incep. Date 6/1/99 |
1.34%
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3.68% | 2.43% | 2.42% | – | 3.46% |
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Periods over one year are annualized.
There are no up-front or contigent deferred sales charges for D shares.
Fund Operating Expenses
| Fund | Total Annual Operating Exenses | Subsidized Annual Operating Expenses* | Actual Annual Operating Expenses as of 6/30/08 |
| New Mexico Intermed. Muni. Incep. Date 6/1/99 |
1.77% | 1.24% | 1.23% |
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*Thornburg Investment Management intends to waive fees and reimburse expenses so that actual expenses do not exceed the subsidized expense ratio. The subsidized expense ratio reflects the annual operating expenses of the fund minus any fee waivers or expense reimbursements.The fee waivers and expense reimbursements are voluntary and may be terminated at any time.
For more information regarding fund expenses, please see the fund prospectus.
Important Information
Investments in the funds carry risks including possible loss of principal. Additional risks may be associated with the equity funds’ investments outside the United States, especially emerging markets, including currency fluctuations, illiquidity and volatility. Additionally, the equity funds may invest a portion of the assets in small capitalization companies, which may increase the risk of greater price fluctuations.
As with direct bond ownership, funds that invest in bonds are subject to certain risks including interest rate risk, credit risk, and inflation risk. The principal value of bond funds will fluctuate relative to changes in interest rates, decreasing when interest rates rise. Unlike bonds, bond funds have ongoing fees and expenses. The U.S. Government Fund invests a portion of assets in Mortgage Backed Securities, which are subject to pre-payment risk. This may reduce the potential for capital appreciation and may cause greater volatility in the fund. The Strategic Income Fund may invest in structured finance arrangements and other types of derivatives, which 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.
Carefully consider the Fund’s investment objectives, risks, sales charges, and expenses; these are found in the prospectus, which is available from your financial advisor or from our download library. Read it carefully before you invest or send money.
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