Important Information The views expressed by the portfolio manager reflect his professional opinions and should not be considered buy or sell recommendations. These views are subject to change. Investments carry risks, including possible loss of principal. Additional risks may be associated with investments outside the United States, especially in emerging markets, including currency fluctuations, illiquidity, volatility, and political and economic risks. Investments in small- and mid-capitalization companies may increase the risk of greater price fluctuations. Investments in the Fund are not FDIC insured, nor are they bank deposits or guaranteed by a bank or any other entity. Diversification does not assure or guarantee better performance and cannot eliminate the risk of investment losses. Past performance does not guarantee future results. Before investing, carefully consider the Fund’s investment goals, risks, charges, and expenses.

For a prospectus or summary prospectus containing this and other information, contact your financial advisor or visit thornburg.com. Read them carefully before investing. 5/23/16 Thornburg Securities Corporation, Distributor | 2300 North Ridgetop Road | Santa Fe, New Mexico 87506 | 877.215.1330 TH3442 .