Company Press Release

May 29, 2012
FOR IMMEDIATE RELEASE

THORNBURG INVESTMENT INTRODUCES ITS FIRST-EVER R6 SHARE CLASS
An Extension of the Firm’s Commitment to Transparency

(Santa Fe, NM) -- Thornburg Investment Management, Inc announces the introduction of its first-ever R6 share class, available through its International Value Fund. The shares, to be offered through defined contribution pension plans, are being introduced in response to the growing demand by plan sponsors, retirement plan platforms, and advisors for lower cost fund options that only charge an investment advisory fee and other fund expenses, and are free of 12(b)-1 or other shareholder servicing fees. Also, in keeping with new pension regulations from The Department of Labor set to go into effect July 2012, the R6 shares will enable plan sponsors to separate mutual fund expenses from their record-keeping and other service-provider fees when determining if fees paid for plan services are reasonable.

“Thornburg has always been a champion of transparency and helping plan sponsors meet their fiduciary responsibilities, including the new pension regulations,” said Rocco DiBruno, AIFA®, CIMA® Managing Director/Retirement Group Director for Thornburg. “The primary goal of the regulation is to increase transparency between the plan and its service providers.  We believe the new R6 share will enable plan sponsors to identify more clearly what they are paying for and whom they are paying. All in all, we view our new R6 share class a natural extension of our commitment to transparency and doing what’s best for our clients.”

Initially, Thornburg is offering an R6 share class only for its International Value Fund. It anticipates offering R6 share classes for other Thornburg Funds in the future. For more information, you can visit at HYPERLINK "http://www.thornburginvestments.com"www.thornburginvestments.com or call (877) 215-1330 ext. 7214.

Headquartered in Santa Fe, NM, Thornburg Investment Management, Inc., which was established in 1982, manages nine fixed income and seven equity funds, as well as separate accounts for high net worth and institutional investors, totaling approximately $83 billion in assets under management as of March 31, 2012.

All Thornburg Funds offer strategies for building real wealth – after taxes, inflation, and investment expenses – emanating from TIM’s risk managed investment style and long-term focus. Thornburg Funds are distributed by Thornburg Securities Corporation. Before investing, carefully consider the Fund’s investment goals, risks, charges, and expenses. For a prospectus containing this and other information, visit thornburg.com. Read it carefully before investing.