Management
Investment Advisor:
Thornburg Investment Management, Inc.
Co-Portfolio
Managers:
Josh Gonze, a managing director of Thornburg, has been one of the persons primarily responsible for management of the Fund since 2007.
Christopher Ryon, CFA, a managing director of Thornburg, has been one of the persons primarily responsible for management of the Fund since 2011.
Purchase and Sale of Fund Shares
Minimum Initial Purchase
Class A and C Shares
$5,000 per Fund per account for
individual investors.
$2,000 per Fund per account for individual retirement accounts.
$2,500 per Fund per account for financial intermediaries purchasing for accounts of others within a wrap asset allocation program, unless a
different amount is specified by the wrap programs provider.
Class I Shares
$2,500,000 per Fund per account for individual investors and qualified institutions (e.g., corporations, banks, insurance companies, trusts, endowments
and foundations) purchasing for their own account.
$100,000 per Fund per account for financial intermediaries purchasing for accounts of others
within a fee-based advisory program.
$2,500 per Fund per account for financial intermediaries purchasing for accounts of others within a
wrap asset allocation program, unless a different amount is specified by the wrap programs provider.
Minimum Subsequent Purchases
All Classes
$100 per Fund per account (unless purchasing through a
financial intermediary that specifies a different minimum amount).
Redemptions
You can redeem some or all of your Fund shares at any time by mail (c/o the Funds Transfer Agent, Boston Financial Data Services, at P.O. Box
219017, Kansas City, Missouri 64121-9017), by telephone (1-800-847-0200), or through your financial intermediary.
Tax Information
The
Fund seeks to satisfy conditions that will permit distributions by the Fund from its net interest income to be exempt from federal and California individual income taxes. Income distributions that are exempt from federal income tax may be subject to
the federal alternative minimum tax. Any capital gains distributions generally are subject to federal and state income tax. See Taxes on page 84 of the Prospectus.
Payments to Broker-Dealers and Other Financial Intermediaries
If
you purchase shares of a Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund, its investment advisor and/or its distributor may pay the intermediary for the sale of Fund shares and related services. These payments
may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediarys website for more
information.