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to provide any legal, tax or accounting advice. Any discussion of risk
management is intended to describe Thornburg's efforts to monitor and manage
risk but does not imply low risk.

Limited License and Restrictions on Use

Except as otherwise stated in these terms of use or as expressly authorized by
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 * Modify, copy, distribute, transmit, post, display, perform, reproduce,
   publish, broadcast, license, create derivative works from, transfer, sell, or
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 * Modify, copy, obscure, remove or display the Thornburg name, logo,
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   To obtain such permission, you may e-mail us at info@thornburg.com.

Severability, Governing Law

Failure by Thornburg to enforce any provision(s) of these terms and conditions
shall not be construed as a waiver of any provision or right. This website is
controlled and operated by Thornburg from its offices in Santa Fe, New Mexico.
The laws of the State of New Mexico govern these terms and conditions. If you
take legal action relating to these terms and conditions, you agree to file such
action only in state or federal court in New Mexico and you consent and submit
to the personal jurisdiction of those courts for the purposes of litigating any
such action.

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these terms and conditions or your access to, and use, of the all or any part
this website, including any links to third-party sites, at any time, with or
without cause, including but not limited to any breach of these terms and
conditions, in Thornburg's absolute discretion and without prior notice or
liability.



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SOCIAL MEDIA GUIDELINES

Thornburg’s goal is to increase the real wealth of shareholders after accounting
for inflation, taxes, and investment expenses. Please visit our homepage at
www.thornburg.com.

Important Legal Information
Please read these terms and conditions of use carefully. Thornburg social media
accounts (“sites”), including but not limited to Facebook, Twitter, LinkedIn,
Instagram, and YouTube, are maintained by Thornburg Investment Management, Inc.
(“Thornburg”), an investment adviser registered with the U.S. Securities and
Exchange Commission.

Thornburg is not responsible for the terms of use or privacy or security
policies on the sites or any third-party sites that may be linked to through the
sites or through other pages. You use any third-party sites and materials at
your own risk.

The information posted to the sites by or on behalf of any member of Thornburg’s
investment team generally represents that individual’s current opinions. Such
opinions are subject to change without notice and do not necessarily represent
the opinions of other personnel at Thornburg or of the firm as a whole. All
posts are provided for informational purposes only and should not be considered
investment advice or a recommendation of any particular security, strategy, or
investment product. Any person considering an investment, or the effect of taxes
on an investment, should consult with their own financial and tax advisors and
should carefully review the prospectus or other disclosure document for the
investment being considered.

Important Investment Information
Past performance is neither a guarantee of nor a reliable indicator of future
results. All investments involve risk and may lose value. For example,
investments in the bond markets (including investments in bond mutual funds) are
subject to risks including, but not limited to, market risk, interest-rate risk,
credit risk, issuer risk and liquidity risk. Investments in the equity markets
(including investments in equity mutual funds) are subject to risks including,
but not limited to, market risk, issuer risk and liquidity risk. These and other
risks may be enhanced with respect to investments in the securities of foreign
issuers or which are denominated in foreign currencies and may be further
enhanced with respect to investments in emerging or developing markets. You
should carefully review the prospectus or other disclosure documents for any
investment that you are considering for a discussion of the particular risks
which may be associated with that investment. In particular, you should note
that none of the investments which may be referred to on the sites are deposits
or obligations of, or are guaranteed or endorsed by, the U.S. government, the
Federal Deposit Insurance Corporation, or any other governmental agency.
Furthermore, there is no guarantee or suggestion that any investment strategy
described on the sites will perform under all market conditions or will be
suitable for all investors. Investors should evaluate their ability to invest
long term, especially during market downturns, and should consult a financial
advisor prior to making a decision.

Use of Content
The content (as defined below) of the sites is supplied for informational
purposes only. The posting of content does not constitute, either explicitly or
implicitly, any investment, legal, tax or other advice, nor does it constitute
any provision of services by Thornburg.

Copyright
The sites, the computers hosting the sites, and the content provided on these
sites, including any text, music and sound, graphics, images, photographs, audio
and video, footage, animations, podcasts, analyses, studies, reports and
downloads (all such content, collectively the “content”) are the exclusive
property of Thornburg or are licensed to Thornburg, and are protected by law.
Thornburg reserves all rights with respect to its proprietary information on the
sites.

No Offer
Nothing contained on the sites constitutes an offer, solicitation, or
recommendation regarding any investment management product or service, or the
offer to sell or the solicitation of an offer to buy any security. Any potential
investor should satisfy their self that an investment in any Thornburg product
is permissible under the regulations of their domicile.

The information provided is for informational purposes only and investors should
determine for themselves whether a particular service or product is suitable for
their investment needs or should seek professional advice for their situation.
Please refer to offering documents for information regarding specific products.

Certain of the statements made on the sites may be statements of future
expectations and other forward-looking statements that are based on management’s
current views and assumptions. Actual results, performance, market conditions or
events may differ markedly from those expressed.

Reservation of Rights
We reserve the right, at our discretion, to modify portions of these terms and
conditions, including the addition of new terms and conditions or removal of
existing terms and conditions. Your continued use of the sites following
reasonable notice of modifications to these terms and conditions will be deemed
acceptance of such modifications. For purposes of the foregoing sentence, you
agree that notice of changes to these terms and conditions posted on the sites
constitute reasonable and sufficient notice to you.

No Reliance
Although Thornburg has taken reasonable care to ensure that the information
contained within the sites is accurate, no representation or warranty, express
or implied, is made as to its accuracy, reliability, or completeness by
Thornburg or any of its affiliates or contractual partners. Opinions and other
content on the sites are provided by Thornburg for personal informational
purposes only and are subject to change without notice.

Nothing contained on the sites constitutes investment, legal, tax, or other
advice and is not to be relied upon in making an investment decision.

No Warranty
The information and opinions contained on the sites, including hyperlinks or
references to other sites, are provided “as is” without any warranty of any
kind, either expressed or implied, to the fullest extent permissible pursuant to
applicable law. Without limiting the scope of the foregoing, Thornburg makes no
warranties that functions contained on the sites will be uninterrupted or
error-free.

Liability Waiver
Neither Thornburg nor any of its affiliates nor any such person’s officers,
directors, employees or representatives will be liable for any damages arising
out of your access or use, or inability to access or use, the sites, whether
arising in contract, tort, strict liability or otherwise.

User Representations
The sites are forums where common sense, decency, and civility should prevail.
While Thornburg may monitor third-party postings, we cannot review them before
they are displayed and may not review them after they are posted. A third-party
post represents the view of the poster, not of Thornburg. We cannot guarantee
the appropriateness, accuracy, or usefulness of a third-party posting or of any
third-party link.

Thornburg is an SEC-registered investment advisor, and we therefore cannot
publish or otherwise disseminate testimonials about our products or services.
Please refrain from such postings, and keep postings to investment themes rather
than commenting upon Thornburg or its products or employees.

We ask that you use your best judgment and reasonable caution in evaluating
information on or available through the sites. We reserve the right to remove
any post, at any time, for any reason, where site technology permits. If we do
not remove a post, that does not mean that we endorse its content or view. We
may also reserve the right to alter, edit, or adapt a third-party post.

You represent and warrant to Thornburg that you will not use the sites for any
purpose that is unlawful or prohibited by these Terms and Conditions, including
but not limited to any attempt to (a) disrupt, impair or interfere with the
operation or integrity of the sites; (b) collect any information about other
users of the sites; or (c) systematically extract content or other information
or data contained on the sites to populate databases or other sites.

Linked Sites and Third-Party Accounts
Certain hyperlinks or referenced websites on the sites may, for your
convenience, forward you to third-party websites. Any descriptions of,
references to, or links to other products, publications, or services do not
constitute an endorsement, sponsorship, or affiliation with Thornburg. Any such
information, products, or sites have not necessarily been reviewed by Thornburg
and are provided or maintained by third parties over whom Thornburg exercises no
control. Thornburg expressly disclaims any responsibility for the content, the
accuracy of the information, and/or the quality of the products or services
provided by or advertised on third-party sites. Thornburg reserves the right to
terminate any hyperlink at any time.

Thornburg also expressly disclaims any responsibility for the content, accuracy,
and/or the quality of any third party social media account, including any third
party that retransmits information supplied by Thornburg, and any third party
whose Facebook, Twitter, LinkedIn, Instagram, YouTube or other social network
account Thornburg “follows,” is connected to, “likes,” or provides a link to, or
from which Thornburg retransmits information. Thornburg’s decision to follow,
connect, or “like” a third party’s social media account, or to retransmit
information from any such third-party account, does not constitute an
endorsement by Thornburg or any of its employees of the information or views
expressed in that account.

Information Submitted by You
Please do not submit any confidential or proprietary information via these
sites. All information submitted through these sites will be deemed to be the
property of Thornburg. In submitting information through these sites, you grant
us an unrestricted, irrevocable license to use, reproduce, display, perform,
modify, transmit and distribute those materials or information. Thornburg shall
not be subject to any duty of confidentiality regarding information that you
submit to these sites, except as otherwise specifically agreed to by Thornburg
or required by law.

Complaints
Please do not submit complaints through these sites. Should you have a
complaint, contact Thornburg directly.

Jurisdiction
Any action arising out of these Terms and Conditions or these sites shall be
litigated in courts located in New Mexico, and you agree to submit to the
exclusive jurisdiction of those courts and waive any claim of forum non
conveniens.

Dated: July 2019

IMPORTANT INFORMATION

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.

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