Thornburg Better World International Fund

Share Class

Average Annual Total Returns

A Shares (Incep. 9/30/2015) YTD 1-YR 3-YR INCEPTION
TBWAX without sales charge-8.10%4.65%5.63%6.50%
TBWAX with sales charge-12.24%-0.05%4.03%5.40%
Benchmark (Since 9/30/2015)
MSCI AC World ex-U.S. Index-10.38%-0.69%4.15%5.79%
A Shares (Incep. 9/30/2015) YTD 1-YR 3-YR INCEPTION
TBWAX without sales charge23.73%23.73%8.93%8.89%
TBWAX with sales charge18.20%18.20%7.27%7.73%
Benchmark (Since 9/30/2015)
MSCI AC World ex-U.S. Index21.51%21.51%9.87%8.79%
A Shares without sales charge
(Incep. 9/30/2015)		 MSCI AC World ex-U.S. Index
2016 6.76% 4.50%
2017 21.88% 27.19%
2018 -14.28% -14.20%
2019 23.72% 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 12/31/2019) 1.74%

Morningstar Rating™

Overall Morningstar Rating among 630 Foreign Large Blend funds, based on risk-adjusted returns for class A shares, using the fund's three-year rating: 3 stars among 630 funds, as of 1/31/2020.

Dividends and Capital Gains — Class A Shares

Dividend (paid Dec 20, 2019) $0.09052
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 (Thornburg Better World International Fund vs. MSCI AC World ex-U.S. Index)

A Shares with sales charge		 12611.05020000
MSCI AC World ex-U.S. Index		 12822.16440000
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.

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Average Annual Total Returns

C Shares (Incep. 9/30/2015) YTD 1-YR 3-YR INCEPTION
TBWCX without sales charge-8.08%4.08%5.07%5.92%
TBWCX with sales charge-9.00%3.08%5.07%5.92%
Benchmark (Since 9/30/2015)
MSCI AC World ex-U.S. Index-10.38%-0.69%4.15%5.79%
C Shares (Incep. 9/30/2015) YTD 1-YR 3-YR INCEPTION
TBWCX without sales charge22.89%22.89%8.32%8.27%
TBWCX with sales charge21.89%21.89%8.32%8.27%
Benchmark (Since 9/30/2015)
MSCI AC World ex-U.S. Index21.51%21.51%9.87%8.79%
C Shares without sales charge
(Incep. 9/30/2015)		 MSCI AC World ex-U.S. Index
2016 6.13% 4.50%
2017 21.20% 27.19%
2018 -14.66% -14.20%
2019 22.94% 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 12/31/2019) 2.38%

Morningstar Rating™

Overall Morningstar Rating among 630 Foreign Large Blend funds, based on risk-adjusted returns for class C shares, using the fund's three-year rating: 3 stars among 630 funds, as of 1/31/2020.

Dividends and Capital Gains — Class C Shares

Dividend (paid Dec 20, 2019) $0.00965
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 (Thornburg Better World International Fund vs. MSCI AC World ex-U.S. Index)

C Shares		 12887.19950000
MSCI AC World ex-U.S. Index		 12822.16440000
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.

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Average Annual Total Returns

I Shares (Incep. 9/30/2015) YTD 1-YR 3-YR INCEPTION
TBWIX-8.01%5.41%6.43%7.30%
Benchmark (Since 9/30/2015)
MSCI AC World ex-U.S. Index-10.38%-0.69%4.15%5.79%
I Shares (Incep. 9/30/2015) YTD 1-YR 3-YR INCEPTION
TBWIX24.62%24.62%9.78%9.73%
Benchmark (Since 9/30/2015)
MSCI AC World ex-U.S. Index21.51%21.51%9.87%8.79%
I Shares (Incep. 9/30/2015) MSCI AC World ex-U.S. Index
2016 7.55% 4.50%
2017 22.87% 27.19%
2018 -13.59% -14.20%
2019 24.56% 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 12/31/2019) 1.09%

Morningstar Rating™

Overall Morningstar Rating among 630 Foreign Large Blend funds, based on risk-adjusted returns for class I shares, using the fund's three-year rating: 4 stars among 630 funds, as of 1/31/2020.

Dividends and Capital Gains — Class I Shares

Dividend (paid Dec 20, 2019) $0.18707
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 (Thornburg Better World International Fund vs. MSCI AC World ex-U.S. Index)

I Shares		 13649.82980000
MSCI AC World ex-U.S. Index		 12822.16440000
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
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Important Information
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Thornburg Investment Management, Inc
2300 North Ridgetop Road
Santa Fe, NM 87506
800.847.0200
https://www.thornburg.com/contact-us
©2020 Thornburg Investment Management