Classes of Shares - Thornburg Investment Management

Most of the Thornburg Investment Management Funds are available in different classes of shares. Each share represents an equal, undivided interest in its Funds assets. The different classes of a particular Fund may have different sales charges and other expenses which may affect performance; however, the investment objectives in the portfolio are the same.

Class A	Class C	Class D	Class I	Class R
Shares sold are subject to a front-end sales charge.	Shares are sold at NAV (purchases of $1,000,000 or more are not accepted)	Shares are sold at NAV (Available only for the Intermediate New Mexico Fund)	Shares are sold at NAV (higher minimum investments)	Shares are sold at NAV (for retirement platforms only)
Pays service and distribution fees.	Pays service and distribution fees.	Pays service and distribution fees.	Do not pay service and distribution fees.	R3 and R4 pays service and distribution fees, R5 and R6 do not.
Lower annual expenses, therefore higher dividends than Class C and D Shares.	Higher annual expenses, therefore lower dividends than Class A Shares.	Higher annual expenses, therefore lower dividends than Class A Shares.	Lower annual expenses (higher minimum investment).	Expenses vary for class R shares(for retirement platforms only).
No redemption fees (special situations may apply).	Carry a contingent deferred sales charge (CDSC) on shares redeemed within one year of purchase (see table below).	No redemption fees.	No redemption fees.	No redemption fees.

There are certain situations in which Class A Shares can be purchased free of the front-end sales charge. Find the details about these special situations here.

CDSC Sales Charges for C Shares

Fund Name	C Share CDSC Charge
Limited Term Municipal	0.5%
California Limited Term Municipal	0.5%
Limited Term US Government	0.5%
Limited Term Income	0.5%
Intermediate Municipal	0.6%
Strategic Municipal Income	0.6%
Strategic Income	1.0%
Small/Mid Cap Core	1.0%
International Equity	1.0%
Better World International	1.0%
Small/Mid Cap Growth	1.0%
Investment Income Builder	1.0%
Global Opportunities	1.0%
International Growth	1.0%
Developing World	1.0%

Not all of the Funds are available in all classes of shares. The following table represents Fund Share availability.

Share Class	A	C	D	I	R3	R4	R5	R6
Equity Funds
Small/Mid Cap Core	TVAFX	TVCFX		TVIFX	TVRFX	TVIRX	TVRRX
Small/Mid Cap Growth	THCGX	TCGCX		THIGX	THCRX	TCGRX	THGRX
International Equity	TGVAX	THGCX		TGVIX	TGVRX	THVRX	TIVRX	TGIRX
Better World International	TBWAX	TBWCX		TBWIX
International Growth	TIGAX	TIGCX		TINGX	TIGVX	TINVX	TINFX	THGIX
Developing World	THDAX	THDCX		THDIX			THDRX	TDWRX
Investment Income Builder	TIBAX	TIBCX		TIBIX	TIBRX	TIBGX	TIBMX	TIBOX
Global Opportunities	THOAX	THOCX		THOIX	THORX	THOVX	THOFX	THOGX
Global Fixed Income Funds
Ultra Short Income	TLDAX			TLDIX
Limited Term U.S. Government	LTUSX	LTUCX		LTUIX	LTURX		LTGRX
Limited Term Income	THIFX	THICX		THIIX	THIRX		THRRX	THRLX
Strategic Income	TSIAX	TSICX		TSIIX	TSIRX		TSRRX	TSRSX
Tax-Exempt Bond Funds
Low Duration Municipal	TLMAX			TLMIX
Limited Term Municipal	LTMFX	LTMCX		LTMIX
Intermediate Municipal	THIMX	THMCX		THMIX
California Limited Term Municipal	LTCAX	LTCCX		LTCIX
New Mexico Intermediate Municipal	THNMX		THNDX	THNIX
New York Intermediate Municipal	THNYX			TNYIX
Strategic Municipal Income	TSSAX	TSSCX		TSSIX
Alternative Funds
Long/Short Equity				THLSX

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