Thornburg International Value Fund

The Fund declared the following short-term and long-term capital gain distributions in 2007.

(1) Short-term gains are treated as ordinary income for tax purposes.

The dividend paid on November 19, 2007, was all U.S. sourced dividend.

For the 2007 calendar year, 30.59% of the dividends paid from tax basis net ordinary income (box 1b of Form 1099-DIV) qualify as qualified dividend income (“QDI”) for the reduced tax rate under the Jobs and Growth Relief Reconciliation Act of 2003.

0.00% of the ordinary income distributions paid by the Fund for 2007 qualified for the corporate dividends received deduction.

Foreign Taxes:

For the 2007 calendar year, The Thornburg International Value Fund (“the Fund”) has elected to pass-through its foreign withholding taxes to its shareholders. Your amount of foreign withholding taxes incurred by the Fund has been reported to you in Box 6 on your Form 1099-DIV. Box 6 reports foreign income taxes paid on income derived from Fund investments in foreign securities. Federal tax rules generally permit U.S. taxpayers to either deduct or take a credit against their U.S. tax liability. Additionally, for the 2007 calendar year, the Fund deemed 30.59% of its ordinary income dividends distributed to its shareholders to be qualified dividend income (“QDI”). The amount of QDI you received is included in Box 1b of your 1099-DIV. The receipt of QDI may result in special rules in determining a shareholder’s foreign tax credit limitation computation as prescribed in Section 904 of the Internal Revenue Code.

Federal tax rules also require this information be provided to you on a per-country basis, as reflected in the chart below.

For Shareholders of the Thornburg International Value Fund:

To calculate your foreign source income by country, multiply the total ordinary income dividend reported to you in Box 1a on your 1099-DIV by the applicable foreign source income percentage in column A in the above chart.

To calculate your foreign tax paid by country, multiply the total foreign tax reported to you in Box 6 on your 1099-DIV by the applicable foreign tax percentage in column B in the above chart.

Tax rules are complex. Please consult your tax advisor.