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Fund Performance

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 4/15/14 Average Annualized Total Returns as of 3/31/14
Equity Funds YTD   1-Yr 3-Yrs 5-Yrs 10-Yrs Inception
Value Fund Value
Incep. Date 10/2/95
-0.11% Without Sales Charge 28.86% 7.90% 18.82% 6.55% 9.93%
-4.61%
Without Sales Charge
23.04% 6.25% 17.73% 6.06% 9.65%
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Global Fund International Value
Incep. Date 5/28/98
-6.31%
Without Sales Charge 7.25% 1.77% 12.94% 7.29% 8.17%
-10.53%
Without Sales Charge
2.44% 0.22% 11.91% 6.80% 7.86%
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Core Growth Fund Core Growth
Incep. Date 12/27/00
-8.60%
Without Sales Charge 25.22% 17.80% 22.61% 9.45% 6.38%
-12.72%
With Sales Charge
19.61% 16.00% 21.50% 8.95% 6.02%
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Investment Income Builder Fund Investment Income Builder
Incep. Date 12/24/02
2.21%
Without Sales Charge 11.32% 8.85% 17.83% 9.40% 11.34%
-2.37%
With Sales Charge
6.29% 7.20% 16.75% 8.90% 10.89%
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Global Opportunities Fund Global Opportunities
Incep. Date 7/28/06
2.86%
Without Sales Charge 23.36% 11.97% 24.01% 10.56%
-1.75%
With Sales Charge
17.82% 10.27% 22.89% 9.91%
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International Growth Fund International Growth
Incep. Date 2/1/07
-9.23% Without Sales Charge 16.72% 13.70% 25.10% 9.02%
-13.30%
With Sales Charge
11.48% 11.96% 23.94% 8.33%
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Developing World Fund Developing World
Incep. Date 12/16/09
-0.53% Without Sales Charge 4.30% 5.74% 11.03%
-4.99%
With Sales Charge
-0.37% 4.14% 9.85%
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Equity Fund Performance vs. Benchmarks - Fund performance vs. appropriate benchmarks as of the latest quarter. (pdf)
Select a fund to view quarter-end performance YTD as of 4/15/14 Average Annualized Total Returns as of 3/31/14
Municipal Funds YTD   1-Yr 3-Yrs 5-Yrs 10-Yrs Inception
Limited Term Municipal Fund Limited Term Muni.
Incep. Date 9/28/84
1.59% Without Sales Charge 0.25% 3.37% 3.94% 3.20% 5.24%
0.06%
With Sales Charge
-1.23% 2.86% 3.63% 3.05% 5.18%
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Intermediate Term Municipal Fund Intermediate Muni.
Incep. Date 7/22/91
3.09% Without Sales Charge 0.48% 5.27% 5.56% 3.84% 5.07%
1.03%
With Sales Charge
-1.52% 4.55% 5.14% 3.63% 4.98%
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California Limited Term Municipal Fund California Limited Term Muni.
Incep. Date 2/19/87
1.91% Without Sales Charge 0.91% 3.94% 4.12% 3.21% 4.58%
0.36%
With Sales Charge
-0.61% 3.41% 3.81% 3.05% 4.52%
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New Mexico Intermediate Municipal Fund New Mexico Intermed. Muni.
Incep. Date 6/18/91
2.51% Without Sales Charge -0.06% 3.51% 3.81% 3.30% 4.63%
0.47%
With Sales Charge
-2.04% 2.81% 3.38% 3.08% 4.54%
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New York Intermediate Municipal Fund New York Intermed. Muni.
Incep. Date 9/5/97
2.63% Without Sales Charge -0.37% 4.61% 4.29% 3.51% 4.13%
0.59%
With Sales Charge
-2.34% 3.91% 3.87% 3.30% 4.00%
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Strategic Municipal Income Fund Strategic Municipal Income
Incep. Date 4/1/09
4.58% Without Sales Charge 0.31% 7.60% 8.61%
2.50%
With Sales Charge
-1.70% 6.87% 8.18%
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Low Duration Municipal Fund Low Duration Municipal
Incep. Date 12/30/13
0.15% Without Sales Charge 0.06%
-1.37%
With Sales Charge
-1.46%
Income Funds YTD   1-Yr 3-Yrs 5-Yrs 10-Yrs Inception
Limited Term Income Fund Limited Term Income
Incep. Date 10/1/92
2.05% Without Sales Charge 0.69% 4.20% 6.86% 4.32% 5.44%
0.53%
With Sales Charge
-0.82% 3.68% 6.53% 4.17% 5.37%
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Limited Term US Government Fund Limited Term US Government°
Incep. Date 11/16/87
1.20% Without Sales Charge
-0.90%
1.44%
2.16%
2.92%
5.33%
-0.31%
With Sales Charge
-2.40%
0.93%
1.85%
2.76%
5.26%
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Strategic Income Box Strategic Income
Incep. Date 12/19/07
2.94% Without Sales Charge
5.21%
7.22%
13.95%
8.20%
-1.65%
With Sales Charge
0.44%
5.60%
12.90%
7.41%
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Low Duration Income Box Low Duration Income
Incep. Date 12/30/13
0.81% Without Sales Charge
0.69%
-0.72%
With Sales Charge
-0.84%
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Periods over one year are annualized.

The maximum sales charge for the Equity Fund's and Strategic Income Fund's A shares is 4.50%. The Limited Term and Low Duration Funds have a maximum sales charge of 1.50% for the A shares. The Strategic Municipal Income Fund and the Intermediate Term Funds have a maximum sales charge of 2.00% for the A shares.

The Global Opportunities, International Growth and Developing World 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 Expenses
(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 3/31/14)
Value 1.40 % 1.40 % 1.37 %
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International Value 1.25 % 1.25 % 1.25 %
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Core Growth 1.45 % 1.45 % 1.36 %
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Investment Income Builder 1.39 % 1.39 % 1.16 %
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Global Opportunities 1.48 % 1.48 % 1.40 %
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International Growth 1.41 % 1.41 % 1.29 %
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Developing World 1.59 % 1.59 % 1.41 %
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Limited Term Muni. 0.71 % 0.71 % 0.70 %
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Intermediate Muni. 0.92 % 0.92 % 0.92 %
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California Limited Term Muni. 0.94 % 0.94 % 0.94 %
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New Mexico Intermed. Muni. 0.95 % 0.95 % 0.96 %
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New York Intermed. Muni.* 1.05 % 0.99 % 0.99 %
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Strategic Municipal Income* 1.31 % 1.25 % 1.25 %
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Low Duration Municipal* 1.73 % 0.70 % 0.63 %
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Limited Term Income 0.88 % 0.88 % 0.89 %
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Limited Term US Government 0.89 % 0.89 % 0.93 %
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Strategic Income* 1.27 % 1.25 % 1.23 %
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Low Duration Income* 1.73 % 0.70 % 0.69 %
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*Thornburg Investment Management and/or Thornburg Securities Corporation have contractually agreed to waive fees and reimburse expenses through at least February 1, 2015, so that actual expenses do not exceed the net expense ratio above.

For more information regarding fund expenses, please see the fund prospectus.

B Shares

Please Note: As of August 1, 2009, Thornburg Investment Management no longer offers Class B Shares. See the current prospectus or the following page for more information.

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 4/15/14   Average Annualized Total Returns as of 3/31/14
Equity Funds YTD   1-Yr 3-Yrs 5-Yrs 10-Yrs Inception
Value Fund Value
Incep. Date 4/3/00
-0.39% Without Sales Charge 27.61% 6.85% 17.70% 5.84% 3.58%
-5.37%
Without Sales Charge
22.61% 5.82% 17.49% 5.84% 3.58%
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International Value Fund International Value
Incep. Date 4/3/00
-6.52% Without Sales Charge 6.36% 0.93% 12.04% 6.61% 5.54%
-11.19%
Without Sales Charge
1.36% -0.23% 11.78% 6.61% 5.54%
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Select a fund to view quarter-end performance YTD as of 4/15/14 Average Annualized Total Returns as of 3/31/14
Income Funds YTD   1-Yr 3-Yrs 5-Yrs 10-Yrs Inception
Limited Term US Government Fund Limited Term US Government°
Incep. Date 11/1/02
0.75% Without Sales Charge -2.26% 0.05% 0.84% 1.81% 2.18%
-4.25%
With Sales Charge
-7.13% -1.09% 0.46% 1.81% 2.18%
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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 Expenses
(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 3/31/14)
Value* 2.47 % 2.38 % 2.34 %
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International Value 2.10 % 2.10 % 2.13 %
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Limited Term US Government* 2.57 % 2.50 % 2.32 %
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*Thornburg Investment Management and/or Thornburg Securities Corporation have contractually agreed to waive fees and reimburse expenses through at least February 1, 2015, so that actual expenses do not exceed the net expense ratio above.

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 4/15/14   Average Annualized Total Returns as of 3/31/14
Equity Funds YTD
1-Yr 3-Yrs 5-Yrs 10-Yrs Inception
Value Fund Value
Incep. Date 10/2/95
-0.35% Without Sales Charge 27.84% 7.06% 17.90% 5.75% 9.08%
-1.35%
Without Sales Charge
26.84% 7.06% 17.90% 5.75% 9.08%
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International Value Fund International Value
Incep. Date 5/28/98
-6.48% Without Sales Charge 6.47% 1.03% 12.12% 6.51% 7.32%
-7.42%
Without Sales Charge
5.47% 1.03% 12.12% 6.51% 7.32%
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Core Growth Fund Core Growth
Incep. Date 12/27/00
-8.78% Without Sales Charge 24.31% 16.90% 21.71% 8.63% 5.54%
-9.69%
With Sales Charge
23.31% 16.90% 21.71% 8.63% 5.54%
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Investment Income Builder Fund Investment Income Builder
Incep. Date 12/24/02
1.99% Without Sales Charge 10.48% 8.08% 17.04% 8.74% 10.69%
0.99%
With Sales Charge
9.48% 8.08% 17.04% 8.74% 10.69%
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Global Opportunities Fund Global Opportunities
Incep. Date 7/28/06
2.63% Without Sales Charge 22.45% 11.13% 23.05% 9.71%
1.63%
With Sales Charge
21.45% 11.13% 23.05% 9.71%
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International Growth Fund International Growth
Incep. Date 2/1/07
-9.40% Without Sales Charge 15.79% 12.81% 24.26% 8.28%
-10.31%
With Sales Charge
14.79% 12.81% 24.26% 8.28%
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Developing World Fund Developing World
Incep. Date 12/16/09
-0.82% Without Sales Charge 3.48% 4.97% 10.28%
-1.81%
With Sales Charge
2.48% 4.97% 10.28%
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Select a fund to view quarter-end performance YTD as of 4/15/14 Average Annualized Total Returns as of 3/31/14
Municipal Funds YTD   1-Yr 3-Yrs 5-Yrs 10-Yrs Inception
Limited Term Municipal Fund Limited Term Muni.
Incep. Date 9/1/94
1.44% Without Sales Charge -0.02% 3.07% 3.66% 2.91% 3.64%
0.94%
With Sales Charge
-0.51% 3.07% 3.66% 2.91% 3.64%
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Intermediate Term Municipal Fund Intermediate Muni.
Incep. Date 9/1/94
2.99% Without Sales Charge 0.17% 4.94% 5.26% 3.55% 4.22%
2.39%
With Sales Charge
-0.42% 4.94% 5.26% 3.55% 4.22%
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California Limited Term Municipal Fund California Limited Term Muni.
Incep. Date 9/1/94
1.84% Without Sales Charge 0.56% 3.66% 3.85% 2.94% 3.54%
1.33%
With Sales Charge
0.07% 3.66% 3.85% 2.94% 3.54%
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Strategic Municipal Income Fund Strategic Municipal Income
Incep. Date 4/1/09
4.49% Without Sales Charge 0.01% 7.31% 8.32%
3.89%
With Sales Charge
-0.57% 7.31% 8.32%
Income Funds YTD
1-Yr 3-Yrs 5-Yrs 10-Yrs Inception
Limited Term Income Fund Limited Term Income
Incep. Date 9/1/94
1.98% Without Sales Charge 0.46% 3.96% 6.60% 4.07% 5.16%
1.48%
With Sales Charge
-0.03% 3.96% 6.60% 4.07% 5.16%
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Limited Term US Government Fund Limited Term US Government°
Incep. Date 9/1/94
1.12% Without Sales Charge -1.22% 1.14% 1.87% 2.63% 4.25%
0.62%
With Sales Charge
-1.71% 1.14% 1.87% 2.63% 4.25%
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Strategic Income Box Strategic Income
Incep. Date 12/19/07
2.78% Without Sales Charge
4.62%
6.63%
13.34%
7.61%
1.78%
With Sales Charge
3.65%
6.63%
13.34%
7.61%
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Periods over one year are annualized.

The Equity Funds and Strategic Income Fund 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 Strategic Municipal Income Fund and the Intermediate Term Funds have a 0.60% CDSC on the C shares for the first year only.

The Global Opportunities, International Growth and Developing World 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 Expenses
(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 3/31/14)
Value 2.18 % 2.18 % 2.16 %
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International Value 2.01 % 2.01 % 1.99 %
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Core Growth 2.20 % 2.20 % 2.14 %
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Investment Income Builder* 2.15 % 2.11 % 1.90 %
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Global Opportunities 2.24 % 2.24 % 2.17 %
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International Growth 2.15 % 2.15 % 2.05 %
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Developing World* 2.40 % 2.38 % 2.20 %
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Limited Term Muni. 0.97 % 0.97 % 0.97 %
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Intermediate Muni.* 1.30 % 1.24 % 1.24 %
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California Limited Term Muni. 1.21 % 1.21 % 1.21 %
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Strategic Municipal Income* 1.73 % 1.55 % 1.55 %
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Limited Term Income 1.12 % 1.12 % 1.11 %
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Limited Term US Government 1.17 % 1.17 % 1.19 %
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Strategic Income* 2.02 % 1.80 % 1.80 %
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*Thornburg Investment Management and/or Thornburg Securities Corporation have contractually agreed to waive fees and reimburse expenses through at least February 1, 2015, so that actual expenses do not exceed the net expense ratio above.

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 4/15/14   Average Annualized Total Returns as of
3/31/14
Equity Funds YTD
1-Yr 3-Yrs 5-Yrs 10-Yrs Inception
New Mexico Intermediate Municipal Fund New Mexico Intermed. Muni.
Incep. Date 6/1/99
2.51%
Without Sales Charge -0.39% 3.25% 3.54% 3.02% 3.48%
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Periods over one year are annualized.

There are no up-front or contingent deferred sales charges for D shares.

Fund Operating Expenses

Fund Gross Annual
Operating Expenses
(as reported in the most recent Prospectus)
Actual Annualized
Operating Expenses
(fiscal year to date as of 3/31/14)
New Mexico Intermed. Muni.
Incep. Date 6/1/99
1.21 % 1.22 %
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For more information regarding fund expenses, please see the fund prospectus.

I 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 4/15/14 Average Annualized Total Returns as of 3/31/14
Equity Funds YTD   1-Yr 3-Yrs 5-Yrs 10-Yrs Inception
Value Fund Value
Incep. Date 11/2/98
-0.02% Without Sales Charge 29.35% 8.33% 19.26% 6.96% 7.22%
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International Value Fund International Value
Incep. Date 3/30/01
-6.21%
Without Sales Charge 7.72% 2.19% 13.41% 7.74% 7.90%
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Core Growth Fund Core Growth
Incep. Date 11/1/03
-8.46%
Without Sales Charge 25.71% 18.33% 23.20% 9.99% 9.72%
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Investment Income Builder Fund Investment Income Builder
Incep. Date 11/3/03
2.35%
Without Sales Charge 11.70% 9.21% 18.20% 9.80% 10.40%
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Global Opportunities Fund Global Opportunities
Incep. Date 7/28/06
2.95%
Without Sales Charge 23.96% 12.50% 24.60% 11.11%
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International Growth Fund International Growth
Incep. Date 2/1/07
-9.07% Without Sales Charge 17.07% 14.19% 25.74% 9.62%
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Developing World Fund Developing World
Incep. Date 12/16/09
-0.47% Without Sales Charge 4.72% 6.31% 11.66%
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Select a fund to view quarter-end performance YTD as of 4/15/14 Average Annualized Total Returns as of 3/31/14
Municipal Funds YTD   1-Yr 3-Yrs 5-Yrs 10-Yrs Inception
Limited Term Municipal Fund Limited Term Muni.
Incep. Date 7/5/96
1.69% Without Sales Charge 0.58% 3.72% 4.29% 3.54% 4.27%
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Intermediate Term Municipal Fund Intermediate Muni.
Incep. Date 7/5/96
3.19% Without Sales Charge 0.80% 5.60% 5.90% 4.17% 4.76%
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California Limited Term Municipal Fund California Limited Term Muni.
Incep. Date 4/1/97
2.01% Without Sales Charge 1.17% 4.28% 4.47% 3.55% 4.07%
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New Mexico Intermediate Municipal Fund New Mexico Intermed. Muni.
Incep. Date 2/1/07
2.61% Without Sales Charge 0.20% 3.86% 4.16% 4.01%
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New York Intermediate Municipal Fund New York Intermed. Muni.
Incep. Date 2/1/10
2.72% Without Sales Charge -0.05% 4.94% 4.23%
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Strategic Municipal Income Fund Strategic Municipal Income
Incep. Date 4/1/09
4.68% Without Sales Charge 0.61% 7.94% 8.94%
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Low Duration Municipal Fund Low Duration Municipal
Incep. Date 12/30/13
0.20% Without Sales Charge 0.11%
Income Funds YTD   1-Yr 3-Yrs 5-Yrs 10-Yrs Inception
Limited Term Income Fund Limited Term Income
Incep. Date 7/5/96
2.08% Without Sales Charge
1.06%
4.57%
7.23%
4.67%
5.72%
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Limited Term US Government Fund Limited Term US Government°
Incep. Date 7/5/96
1.30% Without Sales Charge
-0.56%
1.78%
2.49%
3.24%
4.76%
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Strategic Income Box Strategic Income
Incep. Date 12/19/07
2.96% Without Sales Charge
5.54%
7.59%
14.29%
8.53%
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Low Duration Income Box Low Duration Income
Incep. Date 12/30/13
0.87% Without Sales Charge
0.74%
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Periods over one year are annualized.

There is no up-front sales charge for I shares.

The Global Opportunities, International Growth and Developing World 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 Expenses
(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 3/31/14)
Value* 1.01 % 0.99 % 0.99 %
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International Value 0.86 % 0.86 % 0.86 %
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Core Growth* 1.02 % 0.99 % 0.99 %
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Investment Income Builder 1.06 % 1.06 % 0.83 %
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Global Opportunities* 1.13 % 1.01 % 0.99 %
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International Growth* 1.04 % 0.99 % 0.93 %
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Developing World* 1.22 % 1.09 % 1.05 %
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Limited Term Muni. 0.37 % 0.37 % 0.37 %
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Intermediate Muni. 0.61 % 0.61 % 0.59 %
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California Limited Term Muni. 0.61 % 0.61 % 0.60 %
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New Mexico Intermed. Muni. 0.61 % 0.61 % 0.63 %
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New York Intermed. Muni.* 0.74 % 0.67 % 0.66 %
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Strategic Municipal Income 0.95 % 0.95 % 0.94 %
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Low Duration Municipal* 1.46 % 0.50 % 0.46 %
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Limited Term Income 0.53 % 0.53 % 0.52 %
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Limited Term US Government 0.56 % 0.56 % 0.58 %
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Strategic Income 0.94 % 0.94 % 0.88 %
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Low Duration Income* 1.46 % 0.50 % 0.49 %
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*Thornburg Investment Management and/or Thornburg Securities Corporation have contractually agreed to waive fees and reimburse expenses through at least February 1, 2015, so that actual expenses do not exceed the net expense ratio above.

For more information regarding fund expenses, please see the fund prospectus.


Important Information

Investments in the Funds carry risks, including possible loss of principal. Special 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 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. 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. Investments in the Funds are not FDIC insured, nor are they deposits of 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.

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 library. Read them carefully before investing.

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