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Welcome to Thornburg

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Please review our Terms & Conditions

For Institutional / Wholesale / Professional Clients

The content on this website is intended for institutional and professional investors in the United States only and is not suitable for individual investors or non-U.S. entities. Institutional and professional investors include pension funds, investment companies registered under the Investment Company Act of 1940, financial intermediaries, consultants, endowments and foundations, and investment advisors registered under the Investment Advisors Act of 1940.

TERMS AND CONDITIONS OF USE

Please read the information below. By accessing this web site of Thornburg Investment Management, Inc. ("Thornburg" or "we"), you acknowledge that you understand and accept the following terms and conditions of use.

Disclaimers

Products or services mentioned on this site are subject to legal and regulatory requirements in applicable jurisdictions and may not be licensed or available in all jurisdictions and there may be restrictions or limitations to whom this information may be made available. Unless otherwise indicated, no regulator or government authority has reviewed the information or the merits of the products and services referenced herein. Past performance is not a reliable indicator of future performance. Investments carry risks, including possible loss of principal.

Reference to a fund or security anywhere on this website is not a recommendation to buy, sell or hold that or any other security. The information is not a complete analysis of every material fact concerning any market, industry, or investment, nor is it intended to predict the performance of any investment or market.

All opinions and estimates included on this website constitute judgements of Thornburg as at the date of this website and are subject to change without notice.

All information and contents of this website are furnished "as is." Data has been obtained from sources considered reliable, but Thornburg makes no representation as to the completeness or accuracy of such information and has no obligation to provide updates or changes. Thornburg disclaims, to the fullest extent of the law, any implied or express warranty of any kind, including without limitation the implied warranties of merchantability, fitness for a particular purpose and non-infringement.

If you live in a state that does not allow disclaimers of implied warranties, our disclaimer may not apply to you.

Although Thornburg intends the information contained in this website to be accurate and reliable, errors sometimes occur. Thornburg does not warrant that the information to be free of errors, that the functions contained in the site will be uninterrupted, that defects will be corrected or that the site and servers are free from viruses or other harmful components. You agree that you are responsible for the means you use to access this website and understand that your hardware, software, the Internet, your Internet service provider, and other third parties involved in connecting you to our website may not perform as intended or desired. We also disclaim responsibility for damages third parties may cause to you through the use of this website, whether intentional or unintentional. For example, you understand that hackers could breach our security procedures, and that we will not be responsible for any related damages.

Thornburg Investment Management, Inc. is regulated by the U.S. Securities and Exchange under U.S. laws which may differ materially from laws in other jurisdictions.

Online Privacy and Cookie Policy

Please review our Online Privacy and Cookie Policy, which is hereby incorporated by reference as part of these terms and conditions.

Third Party Content

Certain website's content has been obtained from sources that Thornburg believes to be reliable as of the date presented but Thornburg cannot guarantee the accuracy, timeliness, completeness, or suitability for use of such content. The content does not take into account individual investor's circumstances, objectives or needs. The content is not intended as an offer or solicitation with respect to the purchase or sale of any security or other financial instrument or any investment management services, nor does it constitute investment advice and should not be used as the basis for any investment decision.

Suitability

No determination has been made regarding the suitability of any securities, financial instruments or strategies for any investor. The website's content is provided on the basis and subject to the explanations, caveats and warnings set out in this notice and elsewhere herein. The website's content does not purport to provide any legal, tax or accounting advice. Any discussion of risk management is intended to describe Thornburg's efforts to monitor and manage risk but does not imply low risk.

Limited License and Restrictions on Use

Except as otherwise stated in these terms of use or as expressly authorized by Thornburg in writing, you may not:

  • Modify, copy, distribute, transmit, post, display, perform, reproduce, publish, broadcast, license, create derivative works from, transfer, sell, or exploit any reports, data, information, content, software, RSS and podcast feeds, products, services, or other materials (collectively, "Materials") on, generated by or obtained from this website, whether through links or otherwise;
  • Redeliver any page, text, image or Materials on this website using "framing" or other technology;
  • Engage in any conduct that could damage, disable, or overburden (i) this website, (ii) any Materials or services provided through this website, or (iii) any systems, networks, servers, or accounts related to this website, including without limitation, using devices or software that provide repeated automated access to this website, other than those made generally available by Thornburg;
  • Probe, scan, or test the vulnerability of any Materials, services, systems, networks, servers, or accounts related to this website or attempt to gain unauthorized access to Materials, services, systems, networks, servers, or accounts connected or associated with this website through hacking, password or data mining, or any other means of circumventing any access-limiting, user authentication or security device of any Materials, services, systems, networks, servers, or accounts related to this website; or
  • Modify, copy, obscure, remove or display the Thornburg name, logo, trademarks, notices or images without Thornburg's express written permission. To obtain such permission, you may e-mail us at info@thornburg.com.

Severability, Governing Law

Failure by Thornburg to enforce any provision(s) of these terms and conditions shall not be construed as a waiver of any provision or right. This website is controlled and operated by Thornburg from its offices in Santa Fe, New Mexico. The laws of the State of New Mexico govern these terms and conditions. If you take legal action relating to these terms and conditions, you agree to file such action only in state or federal court in New Mexico and you consent and submit to the personal jurisdiction of those courts for the purposes of litigating any such action.

Termination

You acknowledge and agree that Thornburg may restrict, suspend or terminate these terms and conditions or your access to, and use, of the all or any part this website, including any links to third-party sites, at any time, with or without cause, including but not limited to any breach of these terms and conditions, in Thornburg's absolute discretion and without prior notice or liability.

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Fund Operations
800.847.0200

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Breakpoint Schedule

Generally, trailers are paid quarterly according to the following off-calendar schedule:*

Off-Calendar Quarter Trailer Paid
December 1 – February 28 Mid March
March 1 – May 31 Mid June
June 1 – August 31 Mid September
September 1 – November 30 Mid December

*Some broker/dealers receive trailers on a monthly basis. Please contact a Thornburg representative for more information.

See the Breakpoint Schedules below for the following funds:

Equity Funds Bond Funds
Small/Mid Cap Core Fund > Ultra Short Income >
Small/Mid Cap Growth Fund > Limited Term U.S. Government >
International Equity > Limited Term Income >
International Growth > Strategic Income >
Developing World > Short Duration Municipal >
Investment Income Builder > Limited Term Municipal >
Global Opportunities > Intermediate Municipal >
California Limited Term Municipal >
New Mexico Intermediate Municipal >
New York Intermediate Municipal >
Strategic Municipal Income >

See Minimum and Maximum Purchase Amounts for all Funds >

Thornburg Limited Term Funds

Class A Shares

Amount Sales Charge Dealer Reallow
$0 – $99,999 2.25% 2.00%
$100,000 – $249,999 2.00% 1.75%
$250,000 – $499,999 1.50% 1.25%
$500,000 – $999,999 1.00% 1.00%
$1,000,000 and up ** **

Trailer: 10 BP the first year, 25 BP every year after.

**Million Dollar Trades:
A 0.50% contingent deferred sales charge (CDSC) is in effect for one year after a purchase.

Amount Dealer Reallow
$1,000,000 – $2,000,000 50 BP
$2,000,000 – $4,000,000 35 BP
$4,000,000 and up 25 BP

Class C Shares

Purchased at no load.
A 0.50% contingent deferred sales charge (CDSC) is in effect for one year after a purchase.
Commission: 50 BP up front.
Trailer: 50 BP annually, beginning in the 13th month.

Class I Shares

I shares are for individual investors with $2,500,000 or for wrap or fee-based advisory programs as specified by the wrap programs provider.
No sales charge.
No CDSC.
No trails paid.

Class R3 Shares

R3 shares are for retirement platforms only.
No sales charge.
No CDSC.
50 bp annual trail beginning immediately.

Class R4 Shares

R4 shares are for retirement platforms only.
No sales charge.
No CDSC.
25 bp annual trail beginning immediately.

Class R5 Shares

R5 shares are for retirement platforms only.
No sales charge.
No CDSC.
No trails paid.

Thornburg Short and Ultra Short Funds

Class A Shares

Amount Sales Charge Dealer Reallow
$0 – $99,999 2.25% 2.00%
$100,000 – $249,999 2.00% 1.75%
$250,000 – $499,999 1.50% 1.25%
$500,000 – $999,999 1.00% 1.00%
$1,000,000 and up ** **

Trailer: 20 BP annually.

**Million Dollar Trades:
A 0.50% contingent deferred sales charge (CDSC) is in effect for one year after a purchase.

Amount Dealer Reallow
$1,000,000 – $2,000,000 50 BP
$2,000,000 – $4,000,000 35 BP
$4,000,000 and up 25 BP

Class I Shares

I shares are for individual investors with $2,500,000 or for wrap or fee-based advisory programs as specified by the wrap programs provider.
No sales charge.
No CDSC.
No trails paid.

Thornburg Intermediate Term Funds and Strategic Municipal Income Fund

Class A Shares

Amount Sales Charge Dealer Reallow
$0 – $249,999 2.00% 2.00%
$250,000 – $499,999 1.50% 1.50%
$500,000 – $999,999 1.25% 1.10%
$1,000,000 and up ** **

Trailer: 10 BP the first year, 25 BP every year after.

**Million Dollar Trades:
*A 0.50% contingent deferred sales charge (CDSC) is in effect for one year after a purchase.

Amount Dealer Reallow
$1,000,000 – $2,000,000 50 BP
$2,000,000 – $4,000,000 35 BP
$4,000,000 and up 25 BP

Class C Shares

This includes the following funds:

Purchased with no up front sales charge.
Trailer: 60 BP annually, beginning in the 13th month.
A 0.60% contingent deferred sales charge (CDSC) is in effect for one year after a purchase.

Class D Shares

Purchased with no up front sales charge.
No contingent deferred sales charge (CDSC).
Trailer: 50 BP annually.
Minimum Initial Purchase: Regular Account $5,000.

Class I Shares

I shares are for individual investors with $2,500,000 or for wrap or fee-based advisory programs as specified by the wrap programs provider.
No sales charge.
No CDSC.
No trails paid.

Thornburg Equity Funds and Thornburg Strategic Income Fund

Class A Shares

Amount Sales Charge Dealer Reallow
$0 – $49,999 4.50% 4.00%
$50,000 – $99,999 4.00% 3.50%
$100,000 – $249,999 3.50% 3.00%
$250,000 – $499,999 3.00% 2.50%
$500,000 – $999,999 2.00% 1.50%
$1,000,000 and up ** **

Trailer: 25 BP paid annually.

**Million Dollar Trades:
A 1.0% contingent deferred sales charge (CDSC) is in effect for one year after a purchase.

Amount Dealer Reallow
$1,000,000 – $2,000,000 100 BP
$2,000,000 – $4,000,000 70 BP
$4,000,000 and up 50 BP

Class C Shares

Purchased with no up front sales charge.
A 1.0% contingent deferred sales charge (CDSC) is in effect for one year after a purchase.
Commission: 100 BP up front.
Trailer: 100 BP annually, beginning in the 13th month.

Class I Shares

I shares are for individual investors with $2,500,000 or for wrap or fee-based advisory programs as specified by the wrap programs provider.
No sales charge.
No CDSC.
No trails paid.

Class R3 Shares

R3 shares are for retirement platforms only.
No sales charge.
No CDSC.
50 bp annual trail beginning immediately.

Class R4 Shares

R4 shares are for retirement platforms only.
No sales charge.
No CDSC.
25 bp annual trail beginning immediately.

Class R5 Shares

R5 shares are for retirement platforms only.
No sales charge.
No CDSC.
No trails paid.

Class R6 Shares

R6 shares are for retirement platforms only.
Available for International Equity, International Growth and Developing World Funds only.
No sales charge.
No CDSC.
No trails paid.

Minimum and Maximum Purchases

Class Minimum Initial Purchase* Maximum Purchase Subsequent Purchase
A $5,000 None $100
C $5,000 $999,999 $100
D $5,000 None $100
R3 None None None
R4 None None None
R5 None None None
R6 None None None
* IRA account minimums are $2,000.

Class I Shares

  1. For individual investors and qualified institutions, the minimum investment is $2,500,000. Subsequent purchase is $100.
  2. For wrap, asset allocation or clearly defined fee-based advisory programs, the minimum amount to purchase shares is the program minimum. If no minimum is defined by the program, the minimum will be $2,500 and the subsequent purchase minimum will be $100.

The minimums may be modified under certain circumstances. Please see the prospectus for additional details.

If you have additional questions, please contact our sales desk at 877-215-1330 or our Operations Group at 800-847-0200.

This material is for investment professional use only.