A Shares

Select a fund to view quarter-end and benchmark performance		YTD as of 2/8/10		Average Annualized Total Returns as of 1/31/10
Equity Funds		YTD		1-Yr	3-Yrs	5-Yrs	10-Yrs	Inception
	Value Incep. Date 10/2/95	-4.76%		52.59%	-5.53%	3.65%	2.31%	9.64%
		-9.04%		45.70%	-6.97%	2.70%	1.84%	9.29%
	International Value Incep. Date 5/28/98	-7.54%		38.44%	-2.46%	7.03%	6.36%	8.71%
		-11.70%		32.23%	-3.95%	6.05%	5.87%	8.28%
	Core Growth Incep. Date 12/27/00	-6.13%		43.05%	-10.15%	2.42%	–	1.54%
		-10.36%		36.68%	-11.53%	1.48%	–	1.03%
	Investment Income Builder Incep. Date 12/24/02	-2.45%		43.35%	1.01%	7.30%	–	11.52%
		-6.84%		36.94%	-0.53%	6.32%	–	10.80%
	Global Opportunities Incep. Date 7/28/06	-4.68%		62.57%	-1.35%	–	–	6.26%
		-8.95%		55.19%	-2.86%	–	–	4.88%
	International Growth Incep. Date 2/1/07	-5.15%		52.82%	–	–	–	-2.49%
		-9.39%		45.90%	–	–	–	-3.97%
	Developing World Incep. Date 12/16/09	-7.92%		–	–	–	–	-4.61%
		-12.09%		–	–	–	–	-8.88%
Equity Fund Performance vs. Benchmarks - Fund performance vs. appropriate benchmarks for the year ended December 31, 2009 (pdf)
Select a fund to view quarter-end performance		YTD as of 2/8/10		Average Annualized Total Returns as of 1/31/10
Municipal Funds		YTD		1-Yr	3-Yrs	5-Yrs	10-Yrs	Inception
	Limited Term Muni. Incep. Date 9/28/84	0.95%		5.73%	4.77%	3.69%	4.25%	5.59%
		-0.56%		4.12%	4.26%	3.37%	4.09%	5.53%
	Intermediate Muni. Incep. Date 7/22/91	1.10%		9.13%	4.17%	3.58%	4.60%	5.23%
		-0.93%		6.93%	3.46%	3.16%	4.39%	5.11%
	California Limited Term Muni. Incep. Date 2/19/87	1.11%		5.29%	4.37%	3.44%	3.77%	4.79%
		-0.42%		3.67%	3.85%	3.12%	3.62%	4.72%
	New Mexico Intermed. Muni. Incep. Date 6/18/91	0.88%		5.97%	4.59%	3.67%	4.40%	5.00%
		-1.11%		3.84%	3.88%	3.25%	4.19%	4.88%
	New York Intermed. Muni. Incep. Date 9/5/97	0.37%		4.75%	4.26%	3.48%	4.37%	4.21%
		-1.67%		2.67%	3.56%	3.06%	4.16%	4.04%
	Strategic Municipal Income Incep. Date 4/1/09	1.16%		–	–	–	–	18.49%
		-0.89%		–	–	–	–	16.15%
Income Funds		YTD		1-Yr	3-Yrs	5-Yrs	10-Yrs	Inception
	Limited Term Income Incep. Date 10/1/92	1.85%		16.51%	6.53%	4.88%	5.77%	5.68%
		0.29%		14.74%	5.99%	4.57%	5.61%	5.59%
	Limited Term US Government° Incep. Date 11/16/87	1.43%		5.74%	6.21%	4.57%	5.40%	6.02%
		-0.11%		4.12%	5.68%	4.25%	5.24%	5.95%
	Strategic Income Incep. Date 12/19/07	1.24%		36.13%	–	–	–	7.01%
		-3.30%		30.04%	–	–	–	4.72%

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 12/31/09)
Value	1.34 %	1.34 %	1.28 %
International Value	1.34 %	–	1.28 %
Core Growth	1.49 %	1.49 %	1.49 %
Investment Income Builder	1.30 %	1.30 %	1.25 %
Global Opportunities	1.55 %	1.55 %	1.47 %
International Growth	1.97 %	1.63 %	1.60 %
Developing World	2.38 %	1.83 %	1.83 %
Limited Term Municipal	0.86 %	0.86 %	0.79 %
Intermediate Municipal	0.98 %	0.98 %	0.98 %
California Limited Term Municipal	0.99 %	0.99 %	0.98 %
New Mexico Intermed. Municipal	0.96 %	0.96 %	0.96 %
New York Intermed. Municipal	1.07 %	0.99 %	0.99 %
Strategic Municipal Income	2.92 %	1.25 %	1.25 %
Limited Term Income	1.04 %	0.99 %	0.99 %
Limited Term US Government	0.94 %	0.94 %	0.93 %
Strategic Income	1.49 %	1.25 %	1.25 %

*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

Select a fund to view quarter-end and benchmark performance		YTD as of 2/8/10		Average Annualized Total Returns as of 1/31/10
Equity Funds		YTD		1-Yr	3-Yrs	5-Yrs	10-Yrs	Inception
	Value Incep. Date 4/3/00	-4.84%		51.20%	-6.31%	2.80%	–	0.69%
		-9.60%		46.20%	-7.30%	2.45%	–	0.69%
	International Value Incep. Date 4/3/00	-7.62%		37.40%	-3.20%	6.20%	–	5.13%
		-12.24%		32.40%	-4.23%	5.88%	–	5.13%
Select a fund to view quarter-end performance		YTD as of 2/8/10		Average Annualized Total Returns as of 1/31/10
Income Funds		YTD		1-Yr	3-Yrs	5-Yrs	10-Yrs	Inception
	Limited Term US Government° Incep. Date 11/1/02	1.29%		4.55%	4.91%	3.18%	–	2.64%
		-3.71%		-0.45%	3.84%	2.82%	–	2.64%

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 12/31/09)
Value	2.22 %	2.22 %	2.18 %
International Value	2.13 %	–	2.08 %
Limited Term US Government	2.04 %	2.04 %	2.08 %

*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

Select a fund to view quarter-end and benchmark performance		YTD as of 2/8/10		Average Annualized Total Returns as of 1/31/10
Equity Funds		YTD		1-Yr	3-Yrs	5-Yrs	10-Yrs	Inception
	Value Incep. Date 10/2/95	-4.82%		51.48%	-6.25%	2.87%	1.52%	8.79%
		-5.77%		50.48%	-6.25%	2.87%	1.52%	8.79%
	International Value Incep. Date 5/28/98	-7.63%		37.45%	-3.16%	6.27%	5.54%	7.83%
		-8.55%		36.45%	-3.16%	6.27%	5.54%	7.83%
	Core Growth Incep. Date 12/27/00	-6.15%		41.95%	-10.83%	1.64%	–	0.72%
		-7.09%		40.95%	-10.83%	1.64%	–	0.72%
	Investment Income Builder Incep. Date 12/24/02	-2.58%		42.43%	0.39%	6.67%	–	10.93%
		-3.55%		41.43%	0.39%	6.67%	–	10.93%
	Global Opportunities Incep. Date 7/28/06	-4.81%		61.16%	-2.12%	–	–	5.43%
		-5.76%		60.16%	-2.12%	–	–	5.43%
	International Growth Incep. Date 2/1/07	-5.24%		52.60%	–	–	–	-3.03%
		-6.19%		51.60%	–	–	–	-3.03%
	Developing World Incep. Date 12/16/09	-8.00%		–	–	–	–	-4.69%
		-8.92%		–	–	–	–	-5.64%
Select a fund to view quarter-end performance		YTD as of 2/8/10		Average Annualized Total Returns as of 1/31/10
Municipal Funds		YTD		1-Yr	3-Yrs	5-Yrs	10-Yrs	Inception
	Limited Term Muni. Incep. Date 9/1/94	0.92%		5.44%	4.51%	3.40%	3.93%	3.87%
		0.42%		4.94%	4.51%	3.40%	3.93%	3.87%
	Intermediate Muni. Incep. Date 9/1/94	1.07%		8.93%	3.88%	3.31%	4.28%	4.26%
		0.47%		8.33%	3.88%	3.31%	4.28%	4.26%
	California Limited Term Muni. Incep. Date 9/1/94	1.08%		5.03%	4.10%	3.17%	3.47%	3.65%
		0.58%		4.52%	4.10%	3.17%	3.47%	3.65%
	Strategic Municipal Income Incep. Date 4/1/09	1.21%		–	–	–	–	18.38%
		0.61%		–	–	–	–	17.78%
Income Funds		YTD		1-Yr	3-Yrs	5-Yrs	10-Yrs	Inception
	Limited Term Income Incep. Date 9/1/94	1.83%		16.24%	6.27%	4.63%	5.47%	5.42%
		1.33%		15.74%	6.27%	4.63%	5.47%	5.42%
	Limited Term US Government° Incep. Date 9/1/94	1.31%		5.42%	5.89%	4.30%	5.07%	5.02%
		0.81%		4.92%	5.89%	4.30%	5.07%	5.02%
	Strategic Income Incep. Date 12/19/07	1.26%		35.46%	–	–	–	6.40%
		0.26%		34.46%	–	–	–	6.40%

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 12/31/09)
Value	2.12 %	2.12 %	2.04 %
International Value	2.06 %	–	2.01 %
Core Growth	2.26 %	2.26 %	2.22 %
Investment Income Builder	2.08 %	1.90 %	1.90 %
Global Opportunities	2.35 %	2.35 %	2.29 %
International Growth	2.73 %	2.38 %	2.38 %
Developing World	3.13 %	2.38 %	2.38 %
Limited Term Municipal	1.63 %	1.24 %	1.07 %
Intermediate Municipal	1.76 %	1.24 %	1.24 %
California Limited Term Municipal	1.76 %	1.24 %	1.24 %
Strategic Municipal Income	2.78 %	1.55 %	1.55 %
Limited Term Income	1.82 %	1.24 %	1.24 %
Limited Term US Government	1.72 %	1.24 %	1.21 %
Strategic Income	2.29 %	1.80 %	1.80 %

*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

Select a fund to view quarter-end performance		YTD as of 2/8/10		Average Annualized Total Returns as of 1/31/10
Municipal Funds		YTD		1-Yr	3-Yrs	5-Yrs	10-Yrs	Inception
	New Mexico Intermed. Muni. Incep. Date 6/1/99	0.78%		5.77%	4.31%	3.39%	4.13%	3.77%

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 12/31/09)
New Mexico Intermed. Muni. Incep. Date 6/1/99	1.73 %	1.24 %	1.23 %

*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.