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 7/2/09 | Average Annualized Total Returns as of 6/30/09 | ||||||
|---|---|---|---|---|---|---|---|---|
| Equity Funds | YTD | 1-Yr | 3-Yrs | 5-Yrs | 10-Yrs | Inception | ||
 |
Value Incep. Date 10/2/95 |
16.66% |  |
-18.94% | -5.09% | 1.21% | 1.67% | 8.73% |
| 11.43% |  |
-22.59% | -6.53% | 0.28% | 1.20% | 8.37% | ||
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International Value Incep. Date 5/28/98 |
8.76%
|
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-26.69% | -2.36% | 6.54% | 8.00% | 7.87% |
3.85%
|
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-29.98% | -3.84% | 5.56% | 7.50% | 7.43% | ||
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Core Growth Incep. Date 12/27/00 |
18.85%
|
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-24.19% | -8.61% | 2.40% | – | 0.20% |
13.50%
|
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-27.59% | -10.00% | 1.46% | – | -0.34% | ||
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Investment
Income Builder Incep. Date 12/24/02 |
12.50%
|
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-15.04% | -0.29% | 5.99% | – | 9.64% |
7.41%
|
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-18.86% | -1.81% | 5.02% | – | 8.87% | ||
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Global Opportunities Incep. Date 7/28/06 |
15.19%
|
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-31.69% | – | – | – | 0.12% |
9.98%
|
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-34.77% | – | – | – | -1.44% | ||
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International Growth Incep. Date 2/1/07 |
16.56%
|
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-28.32% | – | – | – | -9.95% |
11.25%
|
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-31.57% | – | – | – | -11.65% | ||
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Equity Fund Performance vs. Benchmarks - Fund performance vs. appropriate benchmarks for the year ended December 31, 2008 (pdf)
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| Select a fund to view quarter-end performance | YTD as of 7/2/09 | Average Annualized Total Returns as of 6/30/09 | ||||||
| Municipal Funds | YTD | 1-Yr | 3-Yrs | 5-Yrs | 10-Yrs | Inception | ||
 |
Limited Term Muni. Incep. Date 9/28/84 |
4.38% | |
4.48% | 3.97% | 3.10% | 3.78% | 5.52% |
| 2.83% | |
2.95% | 3.45% | 2.79% | 3.62% | 5.46% | ||
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Intermediate Muni. Incep. Date 7/22/91 |
7.25% | |
2.56% | 3.00% | 3.06% | 3.77% | 5.03% |
| 5.07% | |
0.53% | 2.30% | 2.64% | 3.56% | 4.91% | ||
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California Limited Term Muni. Incep. Date 2/19/87 |
3.81% | |
3.33% | 3.53% | 2.83% | 3.31% | 4.68% |
| 2.24% | |
1.80% | 3.01% | 2.51% | 3.16% | 4.61% | ||
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New Mexico Intermed. Muni. Incep. Date 6/18/91 |
4.55% | |
4.11% | 3.96% | 3.40% | 3.87% | 4.87% |
| 2.46% | |
2.00% | 3.28% | 2.98% | 3.66% | 4.75% | ||
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New York Intermed. Muni. Incep. Date 9/5/97 |
4.66% | |
4.35% | 4.01% | 3.31% | 4.00% | 4.09% |
| 2.60% | |
2.25% | 3.31% | 2.90% | 3.79% | 3.90% | ||
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Strategic Municipal Income Incep. Date 4/1/09 |
– |
| – | – | – | – | 6.38% |
| – | |
– | – | – | – | 4.29% | ||
| Income Funds | YTD | 1-Yr | 3-Yrs | 5-Yrs | 10-Yrs | Inception | ||
 |
Limited Term Income Incep. Date 10/1/92 |
9.08% | |
4.18%
|
4.72%
|
3.72%
|
4.91%
|
5.36%
|
| 7.41% | |
2.60%
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4.18%
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3.41%
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4.76%
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5.26%
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Limited Term US Government° Incep. Date 11/16/87 |
1.93% | |
6.49%
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6.09%
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4.25%
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5.07%
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6.02%
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| 0.38% | |
4.90%
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5.56%
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3.93%
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4.91%
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5.95%
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Strategic Income Incep. Date 12/19/07 |
19.50% | |
-2.04%
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–
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–
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–
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-0.47%
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| 14.08% | |
-6.42%
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–
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–
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–
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-3.41%
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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 | Gross Annual Operating Exenses (as reported in the most recent Prospectus) |
Net Operating Expenses (as reported in the most recent Prospectus)* |
Actual Annualized Operating Expenses (fiscal year to date as of 3/31/09) |
| Value | 1.37 % | – | 1.39 % |
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| International Value | 1.36 % | – | 1.39 % |
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| Core Growth | 1.65 % | 1.63 % | 1.61 % |
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| Investment Income Builder | 1.31 % | – | 1.33 % |
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| Global Opportunities | 1.67 % | 1.63 % | 1.61 % |
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| International Growth | 2.00 % | 1.63 % | 1.60 % |
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| Limited Term Municipal | 0.89 % | – | 0.86 % |
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| Intermediate Municipal | 0.96 % | – | 0.97 % |
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| California Limited Term Municipal | 1.00 % | 0.99 % | 0.98 % |
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| New Mexico Intermed. Municipal | 0.97 % | – | 0.95 % |
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| New York Intermed. Municipal | 1.08 % | 0.99 % | 0.99 % |
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| Strategic Municipal Income | 2.13 % | 1.25 % | – |
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| Limited Term Income | 1.03 % | 0.99 % | 0.99 % |
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| Limited Term US Government | 0.95 % | – | 0.90 % |
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| Strategic Income | 1.79 % | 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 net expense ratio, which 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 7/2/09 | Average Annualized Total Returns as of 6/30/09 | ||||||
| Equity Funds | YTD | 1-Yr | 3-Yrs | 5-Yrs | 10-Yrs | Inception | ||
|
Value Incep. Date 4/3/00 |
16.10% | |
-19.60% | -5.85% | 0.41% | – | -1.07% |
| 11.10% | |
-23.59% | -6.81% | 0.06% | – | -1.07% | ||
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International Value Incep. Date 4/3/00 |
8.29% | |
-27.27% | -3.12% | 5.70% | – | 3.94% |
| 3.29% | |
-30.88% | -4.13% | 5.38% | – | 3.94% | ||
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| Select a fund to view quarter-end performance | YTD as of 7/2/09 | Average Annualized Total Returns as of 6/30/09 | ||||||
| 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 |
1.42% | |
5.37% | 4.70% | 2.83% | – | 2.40% |
| -3.58% | |
0.37% | 3.62% | 2.47% | – | 2.34% | ||
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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 | Gross Annual Operating Exenses (as reported in the most recent Prospectus) |
Net Operating Expenses (as reported in the most recent Prospectus)* |
Actual Annualized Operating Expenses (fiscal year to date as of 3/31/09) |
| Value | 2.20 % | – | 2.25 % |
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| International Value | 2.12 % | – | 2.15 % |
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| Limited Term US Government | 2.26 % | – | 1.94 % |
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*Thornburg Investment Management intends to waive fees and reimburse expenses so that actual expenses do not exceed the net expense ratio, which 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 7/2/09 | Average Annualized Total Returns as of 6/30/09 | ||||||
| Equity Funds | YTD | 1-Yr | 3-Yrs | 5-Yrs | 10-Yrs | Inception | ||
|
Value Incep. Date 10/2/95 |
16.20% | |
-19.55% | -5.81% | 0.45% | 0.89% | 7.90% |
| 15.20% | |
-20.35% | -5.81% | 0.45% | 0.89% | 7.90% | ||
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International Value Incep. Date 5/28/98 |
8.35% | |
-27.20% | -3.07% | 5.78% | 7.15% | 7.00% |
| 7.35% | |
-27.93% | -3.07% | 5.78% | 7.15% | 7.00% | ||
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Core Growth Incep. Date 12/27/00 |
18.40% | |
-24.75% | -9.29% | 1.63% | – | -0.61% |
| 17.40% | |
-25.50% | -9.29% | 1.63% | – | -0.61% | ||
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Investment
Income Builder Incep. Date 12/24/02 |
12.20% | |
-15.51% | -0.88% | 5.42% | – | 9.09% |
| 11.20% | |
-16.31% | -0.88% | 5.42% | – | 9.09% | ||
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Global Opportunities Incep. Date 7/28/06 |
14.74% | |
-32.25% | – | – | – | -0.69% |
| 13.74% | |
-32.90% | – | – | – | -0.69% | ||
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International Growth |
16.73%
|
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-28.45% | – | – | – | -10.40% |
15.73%
|
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-29.16% | – | – | – | -10.40% | ||
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| Select a fund to view quarter-end performance | YTD as of 7/2/09 | Average Annualized Total Returns as of 6/30/09 | ||||||
| Municipal Funds | YTD | 1-Yr | 3-Yrs | 5-Yrs | 10-Yrs | Inception | ||
|
Limited Term Muni. Incep. Date 9/1/94 |
4.24% | |
4.27% | 3.71% | 2.83% | 3.46% | 3.69% |
| 3.74% | |
3.77% | 3.71% | 2.83% | 3.46% | 3.69% | ||
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Intermediate Muni. Incep. Date 9/1/94 |
7.10% | |
2.36% | 2.76% | 2.80% | 3.44% | 3.99% |
| 6.50% | |
1.77% | 2.76% | 2.80% | 3.44% | 3.99% | ||
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California Limited Term Muni. Incep. Date 9/1/94 |
3.67% | |
3.06% | 3.27% | 2.57% | 3.00% | 3.45% |
| 3.16% | |
2.56% | 3.27% | 2.57% | 3.00% | 3.45% | ||
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Strategic Municipal Income Incep. Date 4/1/09 |
– | |
– | – | – | – | 6.40% |
| – | |
– | – | – | – | 5.80% | ||
| Income Funds | YTD | 1-Yr | 3-Yrs | 5-Yrs | 10-Yrs | Inception | ||
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Limited Term Income Incep. Date 9/1/94 |
8.86% | |
3.91% | 4.46% | 3.46% | 4.59% | 5.05% |
| 8.36% | |
3.42% | 4.46% | 3.46% | 4.59% | 5.05% | ||
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Limited Term US Government° Incep. Date 9/1/94 |
1.78% | |
6.24% | 5.80% | 3.97% | 4.73% | 5.00% |
| 1.28% | |
5.74% | 5.80% | 3.97% | 4.73% | 5.00% | ||
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Strategic Income Incep. Date 12/19/07 |
19.20% | |
-2.65%
|
–
|
–
|
–
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-1.06%
|
| 18.20% | |
-3.56%
|
–
|
–
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–
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-1.06%
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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 | Gross Annual Operating Exenses (as reported in the most recent Prospectus) |
Net Operating Expenses (as reported in the most recent Prospectus)* |
Actual Annualized Operating Expenses (fiscal year to date as of 3/31/09) |
| Value | 2.13 % | – | 2.16 % |
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| International Value | 2.09 % | – | 2.09 % |
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| Core Growth | 2.45 % | 2.38 % | 2.35 % |
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| Investment Income Builder | 2.10 % | 1.90 % | 1.90 % |
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| Global Opportunities | 2.40 % | 2.38 % | 2.37 % |
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| International Growth | 2.87 % | 2.38 % | 2.38 % |
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| Limited Term Municipal | 1.67 % | 1.24 % | 1.14 % |
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| Intermediate Municipal | 1.75 % | 1.24 % | 1.24 % |
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| California Limited Term Municipal | 1.78 % | 1.24 % | 1.24 % |
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| Strategic Municipal Income | 2.88 % | 1.55 % | – |
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| Limited Term Income | 1.83 % | 1.24 % | 1.24 % |
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| Limited Term US Government | 1.75 % | 1.24 % | 1.17 % |
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| Strategic Income | 2.65 % | 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 net expense ratio, which 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 7/2/09 | Average Annualized Total Returns as of 6/30/09 | ||||||
| Municipal Funds | YTD | 1-Yr | 3-Yrs | 5-Yrs | 10-Yrs | Inception | ||
|
New Mexico Intermed. Muni. Incep. Date 6/1/99 |
4.33%
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3.83% | 3.69% | 3.13% | 3.60% | 3.50% |
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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 | Gross Annual Operating Exenses (as reported in the most recent Prospectus) |
Net Operating Expenses (as reported in the most recent Prospectus)* |
Actual Annualized Operating Expenses (fiscal year to date as of 3/31/09) |
| New Mexico Intermed. Muni. Incep. Date 6/1/99 |
1.74 % | 1.24 % | 1.22 % |
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*Thornburg Investment Management intends to waive fees and reimburse expenses so that actual expenses do not exceed the net expense ratio, which 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. This effect is more pronounced for the longer term obligations in the Strategic Municipal Income Fund. Unlike bonds, bond funds have ongoing fees and expenses. The Limited Term Government and Strategic Income Funds invest 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 Funds. Investments in lower rated and unrated municipal obligations in the Strategic Municipal Income Fund may be more sensitive to default, downgrades, and market volatility; these investments may also be less liquid than other municipal obligations. The Strategic Income and Strategic Municipal Income Funds may invest in 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. Additionally, the Strategic Income Fund invests in equity securities. Risks may be associated with investments outside the United States, especially emerging markets, including currency fluctuations, illiquidity and volatility. Equity investments in small capitalization companies may increase the risk of greater price fluctuations.
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.
