Better World International Fund - Performance - Thornburg Investment Management

Share Class

Average Annual Total Returns

A Shares (Incep. 9/30/2015)	YTD	1-YR	3-YR	INCEPTION
TBWAX with sales charge	6.59%	20.30%	6.53%	9.05%
TBWAX without sales charge	11.62%	26.00%	8.18%	10.07%
Benchmark (Since 9/30/2015)
MSCI ACWI ex US NTR	-3.05%	8.31%	2.63%	6.87%

A Shares (Incep. 9/30/2015)	YTD	1-YR	3-YR	INCEPTION
TBWAX without sales charge	-1.20%	6.81%	4.90%	7.65%
TBWAX with sales charge	-5.65%	2.02%	3.29%	6.62%
Benchmark (Since 9/30/2015)
MSCI ACWI ex US NTR	-11.00%	-4.80%	1.13%	5.22%

	A Shares without sales charge (Incep. 9/30/2015)	MSCI ACWI ex US NTR
2016	6.76%	4.50%
2017	21.88%	27.19%
2018	-14.28%	-14.20%
2019	23.73%	21.51%

Returns for less than one year are not annualized.
Source: Confluence

Fund Operating Expenses — Class A Shares

Gross Annual Operating Expenses (as reported in the most recent Prospectus)	2.10%
Net Annual Operating Expenses (as reported in the most recent Prospectus)	1.83%
Actual Annualized Operating Expenses (fiscal year to date, as of 6/30/2020)	1.83%

Morningstar Rating^™

Overall Morningstar Rating among 633 Foreign Large Blend funds, based on risk-adjusted returns for class A shares, using the fund's three-year rating: 5 stars among 633 funds, as of 7/31/2020.

Dividends and Capital Gains — Class A Shares

Dividend (December 2019)	None Paid
Capital Gains for 2018 paid Nov 15, 2018
Short-Term (per share)	$0.46085
Long-Term (per share)	$0.50436
Total (per share)	$0.96521

Hypothetical Growth of $10,000 as of 8/31/2020 (Thornburg Better World International Fund vs. MSCI ACWI ex US NTR)

A Shares with sales charge	15316.86940000
MSCI ACWI ex US NTR	13870.25490000

The Hypothetical Growth of $10,000 graph compares a hypothetical $10,000 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.

Additional Rating and Ranking Information

Average Annual Total Returns

C Shares (Incep. 9/30/2015)	YTD	1-YR	3-YR	INCEPTION
TBWCX without sales charge	11.27%	25.29%	7.59%	9.46%
TBWCX with sales charge	10.27%	24.29%	7.59%	9.46%
Benchmark (Since 9/30/2015)
MSCI ACWI ex US NTR	-3.05%	8.31%	2.63%	6.87%

C Shares (Incep. 9/30/2015)	YTD	1-YR	3-YR	INCEPTION
TBWCX without sales charge	-1.42%	6.26%	4.31%	7.05%
TBWCX with sales charge	-2.40%	5.26%	4.31%	7.05%
Benchmark (Since 9/30/2015)
MSCI ACWI ex US NTR	-11.00%	-4.80%	1.13%	5.22%

	C Shares without sales charge (Incep. 9/30/2015)	MSCI ACWI ex US NTR
2016	6.13%	4.50%
2017	21.20%	27.19%
2018	-14.66%	-14.20%
2019	22.89%	21.51%

Returns for less than one year are not annualized.
Source: Confluence

Fund Operating Expenses — Class C Shares

Gross Annual Operating Expenses (as reported in the most recent Prospectus)	3.48%
Net Annual Operating Expenses (as reported in the most recent Prospectus)	2.38%
Actual Annualized Operating Expenses (fiscal year to date, as of 6/30/2020)	2.38%

Morningstar Rating^™

Overall Morningstar Rating among 633 Foreign Large Blend funds, based on risk-adjusted returns for class C shares, using the fund's three-year rating: 5 stars among 633 funds, as of 7/31/2020.

Dividends and Capital Gains — Class C Shares

Dividend (December 2019)	None Paid
Capital Gains for 2018 paid Nov 15, 2018
Short-Term (per share)	$0.46085
Long-Term (per share)	$0.50436
Total (per share)	$0.96521

Hypothetical Growth of $10,000 as of 8/31/2020 (Thornburg Better World International Fund vs. MSCI ACWI ex US NTR)

C Shares	15599.77120000
MSCI ACWI ex US NTR	13870.25490000

Additional Rating and Ranking Information

Average Annual Total Returns

I Shares (Incep. 9/30/2015)	YTD	1-YR	3-YR	INCEPTION
TBWIX	12.15%	26.94%	8.98%	10.91%
Benchmark (Since 9/30/2015)
MSCI ACWI ex US NTR	-3.05%	8.31%	2.63%	6.87%

I Shares (Incep. 9/30/2015)	YTD	1-YR	3-YR	INCEPTION
TBWIX	-0.83%	7.59%	5.67%	8.47%
Benchmark (Since 9/30/2015)
MSCI ACWI ex US NTR	-11.00%	-4.80%	1.13%	5.22%

	I Shares (Incep. 9/30/2015)	MSCI ACWI ex US NTR
2016	7.55%	4.50%
2017	22.87%	27.19%
2018	-13.59%	-14.20%
2019	24.62%	21.51%

Returns for less than one year are not annualized.
Source: Confluence

Fund Operating Expenses — Class I Shares

Gross Annual Operating Expenses (as reported in the most recent Prospectus)	1.44%
Net Annual Operating Expenses (as reported in the most recent Prospectus)	1.09%
Actual Annualized Operating Expenses (fiscal year to date, as of 6/30/2020)	1.09%

Morningstar Rating^™

Overall Morningstar Rating among 633 Foreign Large Blend funds, based on risk-adjusted returns for class I shares, using the fund's three-year rating: 5 stars among 633 funds, as of 7/31/2020.

Dividends and Capital Gains — Class I Shares

Dividend (December 2019)	None Paid
Capital Gains for 2018 paid Nov 15, 2018
Short-Term (per share)	$0.46085
Long-Term (per share)	$0.50436
Total (per share)	$0.96521

Hypothetical Growth of $10,000 as of 8/31/2020 (Thornburg Better World International Fund vs. MSCI ACWI ex US NTR)

I Shares	16642.13490000
MSCI ACWI ex US NTR	13870.25490000

Additional Rating and Ranking Information

Related Resources

Di Zhou Talks Advantages of ESG Investing

Please see our glossaryglossary (www.thornburg.com/glossary) for a definition of terms.

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.

The views expressed are subject to change and do not necessarily reflect the views of Thornburg Investment Management, Inc. This information should not be relied upon as a recommendation or investment advice and is not intended to predict the performance of any investment or market.

Thornburg mutual funds are distributed by Thornburg Securities Corporation.

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.

Overall Morningstar Rating of five stars among 633 Foreign Large Blend funds, based on risk-adjusted returns for I shares, using the funds’s three-year: 5 stars among 633 funds, as of 7/31/2020.

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. © 2020 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.

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