Breakpoint Schedule

Thornburg Limited Term Bond Funds and Short and Ultra Short Funds

Class A Shares

This includes the following funds:

Thornburg Limited Term Municipal Fund
Thornburg California Limited Term Municipal Fund
Thornburg Short Duration Municipal Fund
Thornburg Limited Term Income Fund
Thornburg Limited Term U.S. Government Fund
Thornburg Ultra Short Income Fund

Amount	Sales Charge
$0 – $99,999	2.25%
$100,000 – $249,999	2.00%
$250,000 – $499,999	1.50%
$500,000 – $999,999	1.00%
$1,000,000 and up	0.00%*

*A 0.50% contingent deferred sales charge (CDSC) is in effect for one year after a purchase.
Minimum Initial Purchase: Regular Account $5,000, IRA $2,000.

Class C Shares

This includes the following funds:

Thornburg Limited Term Municipal Fund
Thornburg California Limited Term Municipal Fund
Thornburg Limited Term Income Fund
Thornburg Limited Term U.S. Government Fund

Purchased at no load.
A 0.50% contingent deferred sales charge (CDSC) is in effect for one year after a purchase.
Minimum Initial Purchase: Regular Account $5,000, IRA $2,000.

Thornburg Intermediate Term Funds and Strategic Municipal Income Fund

Class A Shares

This includes the following funds:

Thornburg Intermediate Municipal Fund
Thornburg New Mexico Intermediate Municipal Fund
Thornburg New York Intermediate Municipal Fund
Thornburg Strategic Municipal Income Fund

Amount	Sales Charge
$0 – $249,999	2.00%
$250,000 – $499,999	1.50%
$500,000 – $999,999	1.25%
$1,000,000 and up	0.00%*

*A 0.50% contingent deferred sales charge (CDSC) is in effect for one year after a purchase.
Minimum Initial Purchase: Regular Account $5,000

Class C Shares

This includes the following funds:

Thornburg Intermediate Municipal Fund
Thornburg Strategic Municipal Income Fund

Purchased with no up front sales charge.
A 0.60% contingent deferred sales charge (CDSC) is in effect for one year after a purchase.
Minimum Initial Purchase: Regular Account $5,000.

Class D Shares

This includes the following fund:

Thornburg New Mexico Intermediate Municipal Fund

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

Thornburg Equity Funds and Thornburg Strategic Income Fund

Class A Shares

This includes the following funds:

Thornburg Small/Mid Cap Core Fund
Thornburg International Equity Fund
Thornburg Better World International Fund
Thornburg Small/Mid Cap Growth Fund
Thornburg Investment Income Builder
Thornburg Global Opportunities Fund
Thornburg International Growth Fund
Thornburg Developing World Fund
Thornburg Strategic Income Fund

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

*A 1.0% contingent deferred sales charge (CDSC) is in effect for one year after a purchase.
Minimum Initial Purchase: Regular Account $5,000, IRA $2,000.

Class C Shares

This includes the following funds:

Purchased with no up front sales charge.
A 1.0% contingent deferred sales charge (CDSC) is in effect for one year after a purchase. Minimum Initial Purchase: Regular Account $5,000, IRA $2,000.

All Funds

No Class C purchases of $1,000,000 or more.

There are no up-front sales charges for Class I or Class R 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.

If you have additional questions, please call 800-847-0200 to speak with a shareholder representative.