Thornburg Developing World Fund

SYMBOL: THDRX

Morningstar Rating • Info

Overall Morningstar Rating among 697 Diversified Emerging Mkts funds, based on risk-adjusted returns for class R5 shares, using a weighted average of the funds three-, five-, and ten-year ratings: respectively, 2 stars, 2 stars and 2 stars among 697, 614 and 457 funds, as of 30 Sep 2025.

As of 30 Sep 2025

Fund Assets

$564.7 M

As of 31 Aug 2025

NAV

$26.27

As of 14 Oct 2025

Change

$-0.20

As of 14 Oct 2025

YTD NAV Performance

21.17%

As of 14 Oct 2025

Asset Category:

Emerging Markets Equity

Fund Benchmark:

MSCI Emerging Markets Index

Portfolio Managers

Pablo Echavarria, CFA

Portfolio Manager and Managing Director

Di Zhou, CFA, FRM®

Portfolio Manager and Managing Director

Overview Performance Fund Facts Characteristics Portfolio Portfolio Managers Literature

Overview

Why Invest in This Fund?

Flexible, focused core equity portfolio that invests primarily in companies in emerging markets.
Proven bottom-up fundamental research process focused on discovering strong companies with leading market positions, solid management teams, robust corporate governance and conservative capital structures.
Three-basket approach to portfolio construction with a focus on strong businesses helps to mitigate downside risk and seeks to produce strong risk-adjusted outperformance across many different market environments.

Investment Objective

The fund’s goal is to provide investors with long-term capital appreciation.

Investment Approach

Combining bottom-up, fundamental analysis with disciplined portfolio construction, the fund seeks long-term growth opportunities in emerging markets through investments in strong businesses at attractive valuations and identified paths to success. Using a three-basket portfolio construction approach, we are able to balance risk exposure across styles, allowing the portfolio to participate across market environments, whether led by growth or value.

Returns

(As of 30 Sep 2025)

YTD

10y

Inception

Total Return (%)

22.46

16.42

14.58

4.03

6.88

6.02

MSCI Emerging Markets Index (%)

27.53

17.32

18.21

7.02

7.99

4.57

Morningstar Category Avg. (%)

14.46

13.34

10.41

7.21

4.74

—

Morningstar Quartile

—

Morningstar Quartile # of Funds

—

752

697

614

457

—

YTD

10y

Inception

Total Return (%)

22.46

16.42

14.58

4.03

6.88

6.02

MSCI Emerging Markets Index (%)

27.53

17.32

18.21

7.02

7.99

4.57

Morningstar Category Avg. (%)

18.07

15.22

11.58

5.81

6.7

—

Morningstar Quartile

—

Morningstar Quartile # of Funds

—

752

697

614

457

—

YTD

10y

Inception

Total Return (%)

22.46

16.42

50.42

21.86

94.53

151.57

MSCI Emerging Markets Index (%)

27.53

17.32

65.19

40.36

115.65

102.48

YTD

10y

Inception

Total Return (%)

22.46

16.42

50.42

21.86

94.53

151.57

MSCI Emerging Markets Index (%)

27.53

17.32

65.19

40.36

115.65

102.48

2019

2020

2021

2022

2023

2024

Total Return (%)

29.54

23.08

-2.65

-25.51

6.60

5.75

MSCI Emerging Markets Index (%)

18.42

18.31

-2.54

-20.09

9.83

7.50

Source: Confluence

Periods less than one year are not annualized.

Performance data shown represents past performance and is no guarantee of future results. Investment return and principal value will fluctuate so shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than quoted.

The maximum sales charge for the equity funds' A shares is 4.50%. C shares include a 1% contingent deferred sales charge (CDSC) for the first year only. There is no up-front sales charge for class I or R shares.

Morningstar quartile ranking for Diversified Emerging Mkts category is based on total returns before sales charges.

Prior to inception of R5 and R6 share classes, performance is hypothetical and was calculated from actual returns of an earlier share class adjusted for the expenses of the newer share class.

Share class inception dates: A, C and I shares, 16 Dec 2009; R5 and R6 shares, 1 Feb 2013.

Fund Fees

(As of 1 Feb 2025)

Gross Expense Ratio (%)

2.04

Net Expense Ratio (%)

1.04

Thornburg Investment Management and/or Thornburg Securities LLC have contractually agreed to waive fees and reimburse expenses through at least February 1, 2026, for some of the share classes; these are reflected in the net expense ratio. For more detailed information on fund expenses and waivers/reimbursements, please see the fund's prospectus.

Expense Ratios - Expressed as a percentage of total fund assets and include management fees and operating costs. Expense ratios fluctuate over time and the expense ratio in the prospectus may differ from the actual expense ratio. The fund's total return includes the deduction of expenses.

Hypothetical Growth of $10,000

            Categories,R5 Shares,MSCI Emerging Markets Index
            2009-12-16,10000,10000
2009-12-31,10052,10170
2010-01-31,9545,9603
2010-02-28,9807,9637
2010-03-31,10599,10415
2010-04-30,10938,10541
2010-05-31,10237,9614
2010-06-30,10257,9543
2010-07-31,10966,10338
2010-08-31,10953,10137
2010-09-30,12133,11264
2010-10-31,12776,11591
2010-11-30,12663,11285
2010-12-31,13195,12090
2011-01-31,12635,11762
2011-02-28,12580,11652
2011-03-31,13318,12337
2011-04-30,14115,12720
2011-05-31,13909,12386
2011-06-30,13727,12196
2011-07-31,13665,12142
2011-08-31,12546,11057
2011-09-30,10558,9445
2011-10-31,11998,10696
2011-11-30,11604,9983
2011-12-31,11177,9863
2012-01-31,12255,10981
2012-02-29,12919,11639
2012-03-31,13143,11251
2012-04-30,13249,11116
2012-05-31,11865,9869
2012-06-30,12276,10250
2012-07-31,12382,10450
2012-08-31,12615,10416
2012-09-30,13323,11044
2012-10-31,13370,10977
2012-11-30,13349,11116
2012-12-31,13770,11660
2013-01-31,14574,11821
2013-02-28,14827,11672
2013-03-31,15221,11471
2013-04-30,15506,11558
2013-05-31,15623,11261
2013-06-30,14474,10544
2013-07-31,14609,10654
2013-08-31,14122,10471
2013-09-30,15128,11152
2013-10-31,15766,11694
2013-11-30,15833,11523
2013-12-31,15973,11357
2014-01-31,15107,10619
2014-02-28,16032,10971
2014-03-31,15923,11308
2014-04-30,15847,11345
2014-05-31,16427,11741
2014-06-30,16864,12053
2014-07-31,16629,12286
2014-08-31,16738,12563
2014-09-30,15911,11632
2014-10-31,16299,11769
2014-11-30,16341,11645
2014-12-31,15544,11108
2015-01-31,15392,11175
2015-02-28,15502,11521
2015-03-31,15223,11357
2015-04-30,15924,12230
2015-05-31,15696,11741
2015-06-30,15367,11436
2015-07-31,14725,10643
2015-08-31,13460,9680
2015-09-30,12932,9389
2015-10-31,13595,10059
2015-11-30,13365,9666
2015-12-31,13222,9451
2016-01-31,12678,8838
2016-02-29,12508,8823
2016-03-31,13689,9991
2016-04-30,14012,10045
2016-05-31,13766,9671
2016-06-30,13902,10057
2016-07-31,14523,10563
2016-08-31,14693,10826
2016-09-30,14697,10965
2016-10-31,14578,10991
2016-11-30,13681,10485
2016-12-31,13629,10508
2017-01-31,14065,11083
2017-02-28,14330,11423
2017-03-31,14769,11711
2017-04-30,15274,11967
2017-05-31,15607,12321
2017-06-30,15979,12445
2017-07-31,16786,13187
2017-08-31,17060,13481
2017-09-30,17351,13428
2017-10-31,17774,13898
2017-11-30,18084,13926
2017-12-31,18515,14426
2018-01-31,19945,15628
2018-02-28,18963,14908
2018-03-31,18411,14631
2018-04-30,18101,14566
2018-05-31,17722,14050
2018-06-30,17162,13466
2018-07-31,17584,13762
2018-08-31,16869,13390
2018-09-30,16783,13319
2018-10-31,15447,12159
2018-11-30,16231,12660
2018-12-31,15760,12324
2019-01-31,17296,13404
2019-02-28,17619,13434
2019-03-31,18073,13546
2019-04-30,18632,13832
2019-05-31,17427,12828
2019-06-30,18789,13629
2019-07-31,18501,13462
2019-08-31,17881,12806
2019-09-30,18152,13050
2019-10-31,18938,13600
2019-11-30,19025,13582
2019-12-31,20414,14595
2020-01-31,19689,13914
2020-02-29,18609,13181
2020-03-31,15362,11151
2020-04-30,16875,12172
2020-05-31,17282,12265
2020-06-30,18706,13167
2020-07-31,20299,14343
2020-08-31,20963,14660
2020-09-30,20644,14425
2020-10-31,21370,14723
2020-11-30,23379,16084
2020-12-31,25126,17267
2021-01-31,25871,17796
2021-02-28,26429,17932
2021-03-31,25525,17661
2021-04-30,25942,18101
2021-05-31,26216,18521
2021-06-30,26633,18553
2021-07-31,25206,17304
2021-08-31,25880,17757
2021-09-30,24922,17051
2021-10-31,25188,17220
2021-11-30,23877,16518
2021-12-31,24462,16828
2022-01-31,23611,16509
2022-02-28,22529,16016
2022-03-31,21909,15654
2022-04-30,20074,14783
2022-05-31,20597,14848
2022-06-30,18975,13862
2022-07-31,18869,13828
2022-08-31,18851,13885
2022-09-30,16724,12257
2022-10-31,15900,11877
2022-11-30,18435,13638
2022-12-31,18222,13447
2023-01-31,19674,14509
2023-02-28,18493,13568
2023-03-31,19061,13979
2023-04-30,18817,13820
2023-05-31,18375,13588
2023-06-30,19196,14104
2023-07-31,19990,14982
2023-08-31,18907,14059
2023-09-30,18177,13692
2023-10-31,17392,13160
2023-11-30,18772,14213
2023-12-31,19425,14768
2024-01-31,18624,14083
2024-02-29,19729,14753
2024-03-31,20189,15118
2024-04-30,19996,15186
2024-05-31,20328,15272
2024-06-30,21055,15874
2024-07-31,20530,15921
2024-08-31,20539,16178
2024-09-30,21608,17258
2024-10-31,21166,16491
2024-11-30,20466,15898
2024-12-31,20542,15877
2025-01-31,20485,16160
2025-02-28,20447,16239
2025-03-31,20542,16341
2025-04-30,20940,16556
2025-05-31,22200,17262
2025-06-30,23565,18300
2025-07-31,23830,18657
2025-08-31,23896,18896
2025-09-30,25157,20248

Hypothetical Growth of $10,000

(As of 30 Sep 2025)

(Hypothetical Growth of $10,000 vs MSCI Emerging Markets Index)

                        Categories,R5 Shares,MSCI Emerging Markets Index
                        2024-09-30,10000,10000
2024-10-31,9795,9555
2024-11-30,9471,9212
2024-12-31,9507,9199
2025-01-31,9480,9364
2025-02-28,9463,9409
2025-03-31,9507,9469
2025-04-30,9691,9593
2025-05-31,10274,10002
2025-06-30,10906,10604
2025-07-31,11028,10810
2025-08-31,11059,10949
2025-09-30,11642,11732

                        Categories,R5 Shares,MSCI Emerging Markets Index
                        2022-09-30,10000,10000
2022-10-31,9507,9690
2022-11-30,11023,11127
2022-12-31,10895,10970
2023-01-31,11764,11836
2023-02-28,11057,11069
2023-03-31,11397,11404
2023-04-30,11251,11275
2023-05-31,10987,11086
2023-06-30,11478,11507
2023-07-31,11953,12223
2023-08-31,11305,11470
2023-09-30,10869,11170
2023-10-31,10399,10736
2023-11-30,11225,11595
2023-12-31,11615,12048
2024-01-31,11136,11489
2024-02-29,11797,12036
2024-03-31,12072,12334
2024-04-30,11956,12389
2024-05-31,12155,12459
2024-06-30,12590,12950
2024-07-31,12276,12989
2024-08-31,12281,13199
2024-09-30,12920,14080
2024-10-31,12656,13454
2024-11-30,12237,12970
2024-12-31,12283,12953
2025-01-31,12249,13184
2025-02-28,12226,13248
2025-03-31,12283,13332
2025-04-30,12521,13507
2025-05-31,13274,14083
2025-06-30,14090,14930
2025-07-31,14249,15221
2025-08-31,14288,15416
2025-09-30,15042,16519

                        Categories,R5 Shares,MSCI Emerging Markets Index
                        2020-09-30,10000,10000
2020-10-31,10351,10206
2020-11-30,11324,11150
2020-12-31,12171,11970
2021-01-31,12532,12337
2021-02-28,12802,12431
2021-03-31,12364,12243
2021-04-30,12566,12548
2021-05-31,12699,12839
2021-06-30,12901,12861
2021-07-31,12210,11996
2021-08-31,12536,12310
2021-09-30,12072,11820
2021-10-31,12201,11937
2021-11-30,11566,11451
2021-12-31,11849,11665
2022-01-31,11437,11445
2022-02-28,10913,11102
2022-03-31,10613,10852
2022-04-30,9724,10248
2022-05-31,9977,10293
2022-06-30,9192,9609
2022-07-31,9140,9586
2022-08-31,9131,9626
2022-09-30,8101,8497
2022-10-31,7702,8233
2022-11-30,8930,9455
2022-12-31,8827,9322
2023-01-31,9530,10058
2023-02-28,8958,9406
2023-03-31,9233,9690
2023-04-30,9115,9581
2023-05-31,8901,9420
2023-06-30,9299,9777
2023-07-31,9683,10386
2023-08-31,9159,9746
2023-09-30,8805,9491
2023-10-31,8425,9123
2023-11-30,9093,9853
2023-12-31,9409,10238
2024-01-31,9021,9762
2024-02-29,9557,10227
2024-03-31,9780,10480
2024-04-30,9686,10527
2024-05-31,9847,10587
2024-06-30,10199,11004
2024-07-31,9945,11037
2024-08-31,9949,11215
2024-09-30,10467,11964
2024-10-31,10253,11432
2024-11-30,9913,11021
2024-12-31,9951,11006
2025-01-31,9923,11203
2025-02-28,9905,11257
2025-03-31,9951,11328
2025-04-30,10143,11477
2025-05-31,10754,11967
2025-06-30,11415,12686
2025-07-31,11543,12934
2025-08-31,11575,13099
2025-09-30,12186,14036

The Hypothetical Growth graph compares a hypothetical investment in the Fund to the performance of the Index for the stated time period. Returns reflect reinvestment of dividends and capital gains, if any, as well as all fees and expenses.

Distributions

            Categories,Total ($)
            2013-12-31,0.04702
2014-09-30,0.06699
2014-12-31,0.00502
2015-09-30,0.10573
2015-12-31,0.01088
2016-09-30,0.08641
2017-03-31,0.01387
2017-06-30,0.06474
2017-09-30,0.08013
2018-12-31,0.23519
2019-12-31,0.30921
2020-12-31,0.04442
2022-12-31,0.35855
2023-12-31,0.43356
2024-12-31,0.62788

            Ex-Date, Payable Date,Total ($),Income ($),ST Cap Gains ($),LT Cap Gains ($)
2013-12-24,1388448000,0.04702,0.04702,0,0
2014-09-24,1412035200,0.06699,0.06699,0,0
2014-12-24,1419984000,0.00502,0.00502,0,0
2015-09-24,1443571200,0.10573,0.10573,0,0
2015-12-24,1451520000,0.01088,0.01088,0,0
2016-09-26,1475193600,0.08641,0.08641,0,0
2017-03-24,1490918400,0.01387,0.01387,0,0
2017-06-23,1498780800,0.06474,0.06474,0,0
2017-09-22,1506729600,0.08013,0.08013,0,0
2018-12-21,1546214400,0.23519,0.23519,0,0
2019-12-20,1577750400,0.30921,0.30921,0,0
2020-12-17,1609372800,0.04442,0.04442,0,0
2022-12-15,1672444800,0.35855,0.35855,0,0
2023-12-14,1703980800,0.43356,0.43356,0,0
2024-12-19,1735603200,0.62788,0.62788,0,0

Distributions

(As of 19 Dec 2024)

Ex-Date

Payable Date

Total ($)

Income ($)

ST Cap Gains ($)

LT Cap Gains ($)

24 Dec 2013

31 Dec 2013

0.04702

—

24 Sep 2014

30 Sep 2014

0.06699

—

24 Dec 2014

31 Dec 2014

0.00502

—

24 Sep 2015

30 Sep 2015

0.10573

—

24 Dec 2015

31 Dec 2015

0.01088

—

26 Sep 2016

30 Sep 2016

0.08641

—

24 Mar 2017

31 Mar 2017

0.01387

—

23 Jun 2017

30 Jun 2017

0.06474

—

22 Sep 2017

30 Sep 2017

0.08013

—

21 Dec 2018

31 Dec 2018

0.23519

—

20 Dec 2019

31 Dec 2019

0.30921

—

17 Dec 2020

31 Dec 2020

0.04442

—

15 Dec 2022

31 Dec 2022

0.35855

—

14 Dec 2023

31 Dec 2023

0.43356

—

19 Dec 2024

31 Dec 2024

0.62788

—

Fund Facts

(As of 31 Aug 2025)

Net Fund Assets

$564.7 M

Benchmark

MSCI Emerging Markets Index

Morningstar Category

Diversified Emerging Mkts

Fund Symbol

THDRX

Share Class

Share Class Inception Date

1 Feb 2013

Distribution Frequency

Annually

Characteristics

Portfolio

(As of 31 Aug 2025)

Portfolio

Benchmark

Number of Holdings

—

Weighted Average Market Cap

$200.3 B

$202.7 B

Median Market Cap

$40.3 B

$10.5 B

Annual Portfolio Turnover

91%

—

Price to Earnings - Forward 1YR

14.1x

Price to Earnings - Trailing 12 Months

15.9x

15.3x

Portfolio

Benchmark

Price to Cash Flow

9.9x

8.8x

Price to Book Value

2.5x

2.0x

Return on Equity - 5 YR

17.9%

16.2%

Historical 3YR Sales Growth

17.3%

17.9%

Active Share

74.8%

—

Risk & Return Profile

(As of 31 Aug 2025)

10y

Annualized Alpha (%)

-2.16

-2.41

-0.69

Beta

0.99

1.02

0.97

R-Squared (%)

94.91

94.15

93.11

Standard Deviation (%)

17.12

16.41

16.61

Sharpe Ratio

0.19

-0.02

0.23

Information Ratio

-0.66

-0.64

-0.23

Up Capture (%)

89.68

96.52

96.82

Down Capture (%)

97.29

108.82

100.79

Past performance does not guarantee future results.

Risk & Return Profile metrics are based on the I share class.

Portfolio

Top Holdings

(As of 31 Aug 2025)

Name

Ticker/Symbol

Sector

Weight %

Taiwan Semiconductor Manufacturing Co. Ltd.

2330

Information Technology

12.8

Naspers Ltd.

NPN

Consumer Discretionary

7.6

AIA Group Ltd.

1299

Financials

3.8

Bid Corp. Ltd.

BID

Consumer Staples

3.2

ICICI Bank Ltd.

ICICIBC

Financials

3.1

Arca Continental S.A.B. de C.V.

AC*

Consumer Staples

3.1

SK Hynix, Inc.

000660

Information Technology

3.0

China Construction Bank Corp.

939

Financials

2.9

Alibaba Group Holding Ltd.

9988

Consumer Discretionary

2.6

Bank Central Asia Tbk PT

BBCA

Financials

2.5

Download Holdings

Portfolio holdings are subject to change daily.

Exposure Breakdown

(As of 31 Aug 2025)

Sector Allocation

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

15%

20%

25%

30%

Financials

23.7

23.4

Information Technology

21.6

24.6

Consumer Discretionary

16.9

12.7

Consumer Staples

13.4

4.3

Industrials

9.3

6.9

Energy

5.1

4.0

Communication Services

3.6

10.3

Cash & Cash Equivalents

3.5

—

Utilities

1.9

2.4

Health Care

1.0

3.6

Materials

0.0

6.1

Real Estate

0.0

1.5

Sector Allocation

Fund (%)

Financials

23.7

Information Technology

21.6

Consumer Discretionary

16.9

Consumer Staples

13.4

Industrials

9.3

Energy

5.1

Communication Services

3.6

Cash & Cash Equivalents

3.5

Utilities

1.9

Health Care

1.0

Materials

0.0

Real Estate

0.0

Top 10 Industries

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

15%

20%

Semiconductors & Semiconductor Equipment

17.9

13.7

Banks

17.0

17.6

Consumer Discretionary Distribution & Retail

11.6

5.8

Food, Beverage & Tobacco

7.3

2.6

Capital Goods

5.2

5.0

Energy

5.1

4.0

Insurance

4.8

3.1

Consumer Staples Distribution & Retail

4.5

1.1

Transportation

4.1

1.7

Consumer Services

3.7

2.1

Top 10 Industries

Fund (%)

Semiconductors & Semiconductor Equipment

17.9

Banks

17.0

Consumer Discretionary Distribution & Retail

11.6

Food, Beverage & Tobacco

7.3

Capital Goods

5.2

Energy

5.1

Insurance

4.8

Consumer Staples Distribution & Retail

4.5

Transportation

4.1

Consumer Services

3.7

Top 10 Countries

Fund (%)

Benchmark (%)

Region

Portfolio

Benchmark

10%

15%

20%

25%

30%

Taiwan

16.4

19.0

Asia Pacific ex Japan

China

13.8

29.5

Asia Pacific ex Japan

India

12.1

16.2

Asia Pacific ex Japan

South Africa

10.8

3.0

Other

Korea, Republic of (South Korea)

8.7

10.6

Asia Pacific ex Japan

Hong Kong

6.7

—

Asia Pacific ex Japan

Mexico

6.0

2.0

Latin America

United Arab Emirates

4.1

1.6

Other

Brazil

3.9

4.4

Latin America

Indonesia

2.5

1.2

Asia Pacific ex Japan

Top 10 Countries

Fund (%)

Taiwan

16.4

China

13.8

India

12.1

South Africa

10.8

Korea, Republic of (South Korea)

8.7

Hong Kong

6.7

Mexico

6.0

United Arab Emirates

4.1

Brazil

3.9

Indonesia

2.5

Capitalization

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

20%

30%

40%

50%

60%

70%

80%

90%

Large Cap (> $12 B)

82.3

80.7

Mid Cap ($2.5 to $12 B)

16.9

19.3

Small Cap (< $2.5 B)

0.8

0.0

Capitalization

Fund (%)

Large Cap (> $12 B)

82.3

Mid Cap ($2.5 to $12 B)

16.9

Small Cap (< $2.5 B)

0.8

Holdings with the Geography breakdown are classified by country of risk as determined by MSCI and Bloomberg.

Cash includes cash and cash equivalents. Weights are percentages of total portfolio unless otherwise noted.

Percentages may not add up to 100 due to rounding.

Portfolio Managers

Pablo Echavarria, CFA

Portfolio Manager and Managing Director

Pablo Echavarria, CFA, is a portfolio manager and managing director for Thornburg Investment Management, rejoining the firm in 2025. From 2018 to 2025, Pablo was a portfolio manager and business analyst at WCM. Earlier in his career, he joined Thornburg in 2014 as an equity research analyst and was promoted to associate portfolio manager in 2015. He worked as a…

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Di Zhou, CFA, FRM®

Portfolio Manager and Managing Director

Di Zhou, CFA, FRM, is a portfolio manager and managing director for Thornburg Investment Management, rejoining the firm in 2025. From 2021 to 2025, Di was an investment principal at Cambiar. Prior to Cambiar, she joined Thornburg in 2010 as an equity research analyst and was promoted to associate portfolio manager in 2014, then to portfolio manager in 2015. Di…

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Literature

Fact Sheet

Commentary

Summary Prospectus

Annual Financial Statements

Semi-Annual Financial Statements

Prospectus

Statement of Additional Information (SAI)

Annual TSR

Semi-Annual TSR

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.

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.

The performance of any index is not indicative of the performance of any particular investment. Unless otherwise noted, index returns reflect the reinvestment of income dividends and capital gains, if any, but do not reflect fees, brokerage commissions or other expenses of investing. Investors may not make direct investments into any index.

Diversification does not assure or guarantee better performance and cannot eliminate the risk of investment losses.

Class R shares are limited to retirement platforms only.

Class I shares may not be available to all investors. Minimum investments for the I share class may be higher than those for other classes.

There is no guarantee that the Fund will meet its investment objectives.

To determine a fund's Morningstar Rating™, funds and other managed products with at least a three-year history are ranked in their categories by their Morningstar Risk-Adjusted Return scores. The top 10% receive 5 stars; the next 22.5%, 4 stars; the middle 35%, 3 stars; the next 22.5%, 2 stars; and the bottom 10% receive 1 star. The Risk-Adjusted Return accounts for variation in a managed product's monthly excess performance (excluding sales charges), placing more emphasis on downward variations and rewarding consistent performance. Other share classes may have different performance characteristics.

© 2025 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Please see our glossary for a definition of terms.

Thornburg mutual funds are distributed by Thornburg Securities LLC.

Thornburg Investment Management, Inc. mutual funds are sold through investment professionals including investment advisors, brokerage firms, bank trust departments, trust companies and certain other financial intermediaries. Thornburg Securities LLC (TSL) does not act as broker of record for investors.

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Thornburg Developing World Fund

Portfolio Managers

Overview

Why Invest in This Fund?

Investment Objective

Investment Approach

Related Content

Performance

Returns

Fund Fees

Hypothetical Growth of $10,000

Distributions

Fund Facts

Characteristics

Portfolio

Risk & Return Profile

Portfolio

Top Holdings

Exposure Breakdown

Portfolio Managers

Pablo Echavarria, CFA

Di Zhou, CFA, FRM®

Literature

Important Information

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FOMC Update: Rates Lowered for the First Time Since 2024

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Thornburg Developing World Fund

Portfolio Managers

Overview

Why Invest in This Fund?

Investment Objective

Investment Approach

Related Content

Performance

Returns

Fund Fees

Hypothetical Growth of $10,000

Distributions

Fund Facts

Characteristics

Portfolio

Risk & Return Profile

Portfolio

Top Holdings

Exposure Breakdown

Portfolio Managers

Pablo Echavarria, CFA

Di Zhou, CFA, FRM®

Literature

Important Information

More Insights

Evaluating the Impact of Active Management, International Investing, and Dividends

Active Management, International Investing, and Dividends

Investor Viewpoint: Corporate Earnings and Tariff Impacts

Retirement Resources: Building a Cash Flow Reserve Ladder

Thornburg Investment Insights: Corporate Earnings and Tariff Impacts

FOMC Update: Rates Lowered for the First Time Since 2024