To view standardized performance click on the fund name   Class A Class B Class C Class D Class I Class R3 Class R4 Class R5 Class R6


To view standardized performance click on the fund name Short-Term
(per-share)
Long-Term
(per-share)
Total
(per-share)

Capital Gain numbers presented for the Funds above represent distributions for all corresponding share classes as of record date Wednesday, November 19, 2014.

Record Date: Wednesday, November 19, 2014
Ex-Dividend Date: Wednesday, November 19, 2014
Payable Date: Wednesday, November 19, 2014

There will be no other 2014 capital gain distributions for these or any of the other Thornburg Mutual Funds.

Important Information
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 center. Read them carefully before investing.

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.

As of August 1, 2009, Thornburg Investment Management no longer offers Class B Shares. See the current prospectus for more information.

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.

Class R shares are limited to retirement platforms only.

Please see our glossary for a definition of terms.

Thornburg mutual funds are distributed by Thornburg Securities Corporation.

Thornburg Investment Management, Inc. mutual funds are sold through investment professionals including investment advisors, brokerage firms, bank trust departments, trust companies and certain other financial intermediaries. Thornburg Securities Corporation (TSC) does not act as broker of record for investors.