THORNBURG FUNDS
Supplement to Institutional Class Shares Prospectus
September 3, 1996
This information supplements the Thornburg Funds Institutional Class
Shares Prospectus dated July 5, 1996.
The following category of investor is added to the list of persons
who are eligible to purchase Institutional Class shares of the
Funds, in the section entitled "Your Account-Buying Fund Shares"
beginning on page 13 of the Prospectus:
Persons placing purchases through a broker that maintains
one or more omnibus accounts with a Fund provided that
such purchases are made by: (i) investment advisers or
financial planners who place trades for their own
accounts or the accounts of their clients and who charge
a management, consulting or other fee for their services;
(ii) clients of such investment advisers or financial
planners who place trades for their own accounts if the
accounts are linked to the master account of such
investment advisers or financial planners on the books
and records of the broker or agent; and (iii) retirement
and deferred compensation plans and trusts used to fund
those plans, including, but not limited to, those defined
in Sections 401(a), 403(b) or 457 of the Internal Revenue
Code and "rabbi trusts." Investors may be charged a fee
if they effect transactions in Fund shares through a
broker or agent.
The following supplements the section entitled "Opening an Account"
on pages 14-15 of the Prospectus:
Investors may be charged fees if they effect transactions
through brokers.
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