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.