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PLEASE NOTE: These written comments are provided for the general information of Thornburg Value Fund shareholders, so they can see what their portfolio managers believe to be descriptive highlights about the companies held at the time the comments were written. As descriptive highlights, these comments are not intended to be complete explanations of these companies, or the business issues they face. These comments are NOT buy or sell recommendations on the stocks of the individual companies described, and the reader should not interpret them as such. The comments are updated periodically when the portfolio managers are able to devote time to this task. They are not updated every day or every week. It is probable that buying or selling in the Thornburg Value Fund portfolio, or in other Thornburg client portfolios, will have occurred since these comments were last updated. As a result of this buying or selling, the fund, and other Thornburg client portfolios, may own more, fewer, or no shares of the stock of any company described. In addition, the fund, and other Thornburg client portfolios, may have purchased shares of companies that are not yet described in the following remarks. We encourage readers to do additional research into any of the companies described by clicking on the hyperlinks to go directly to individual company web sites, where applicable. The individual company web sites, which contain content created by the companies themselves, will generally have more current information and press releases regarding material events that the companies choose to disclose. Thornburg Investment Management and Thornburg Securities Corp. disclaim responsibility for the accuracy and completeness of any content on the individual company web sites.
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