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	5-YR	INCEPTION
TBWAX with sales charge	4.12%	62.88%	12.23%	12.51%	12.19%
TBWAX without sales charge	9.01%	70.58%	13.96%	13.56%	13.12%
Benchmark (Since 9/30/2015)
MSCI ACWI ex US NTR	3.49%	49.41%	6.51%	9.76%	9.39%

A Shares (Incep. 9/30/2015)	YTD	1-YR	3-YR	5-YR	INCEPTION
TBWAX with sales charge	4.12%	62.88%	12.23%	12.51%	12.19%
TBWAX without sales charge	9.01%	70.58%	13.96%	13.56%	13.12%
Benchmark (Since 9/30/2015)
MSCI ACWI ex US NTR	3.49%	49.41%	6.51%	9.76%	9.39%

	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%
2020	25.85%	10.65%

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)	1.94%
Net Annual Operating Expenses (as reported in the most recent Prospectus)	1.83%
Actual Annualized Operating Expenses (fiscal year to date, as of 2/28/2021)	1.68%

Morningstar Rating^™

Overall Morningstar Rating among 676 Foreign Large Blend funds, based on risk-adjusted returns for class A shares, using a weighted average of the fund's three- and five-year ratings: respectively, 5 stars and 5 stars among 676 and 586 funds, as of 12/31/2020.

Dividends and Capital Gains — Class A Shares

Dividend (December 2020)	None Paid
Capital Gains (2020)	None Paid

Hypothetical Growth of $10,000 as of 3/31/2021 (Thornburg Better World International Fund vs. MSCI ACWI ex US NTR)

A Shares with sales charge	18824.77070000
MSCI ACWI ex US NTR	16384.01630000

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	5-YR	INCEPTION
TBWCX without sales charge	8.77%	69.49%	13.30%	12.92%	12.48%
TBWCX with sales charge	7.77%	68.49%	13.30%	12.92%	12.48%
Benchmark (Since 9/30/2015)
MSCI ACWI ex US NTR	3.49%	49.41%	6.51%	9.76%	9.39%

C Shares (Incep. 9/30/2015)	YTD	1-YR	3-YR	5-YR	INCEPTION
TBWCX without sales charge	8.77%	69.49%	13.30%	12.92%	12.48%
TBWCX with sales charge	7.77%	68.49%	13.30%	12.92%	12.48%
Benchmark (Since 9/30/2015)
MSCI ACWI ex US NTR	3.49%	49.41%	6.51%	9.76%	9.39%

	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%
2020	25.23%	10.65%

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)	3.31%
Net Annual Operating Expenses (as reported in the most recent Prospectus)	2.38%
Actual Annualized Operating Expenses (fiscal year to date, as of 2/28/2021)	2.38%

Morningstar Rating^™

Overall Morningstar Rating among 676 Foreign Large Blend funds, based on risk-adjusted returns for class C shares, using a weighted average of the fund's three- and five-year ratings: respectively, 5 stars and 5 stars among 676 and 586 funds, as of 12/31/2020.

Dividends and Capital Gains — Class C Shares

Dividend (December 2020)	None Paid
Capital Gains (2020)	None Paid

Hypothetical Growth of $10,000 as of 3/31/2021 (Thornburg Better World International Fund vs. MSCI ACWI ex US NTR)

C Shares	19097.29950000
MSCI ACWI ex US NTR	16384.01630000

Additional Rating and Ranking Information

Average Annual Total Returns

I Shares (Incep. 9/30/2015)	YTD	1-YR	3-YR	5-YR	INCEPTION
TBWIX	9.14%	71.78%	14.75%	14.40%	13.96%
Benchmark (Since 9/30/2015)
MSCI ACWI ex US NTR	3.49%	49.41%	6.51%	9.76%	9.39%

I Shares (Incep. 9/30/2015)	YTD	1-YR	3-YR	5-YR	INCEPTION
TBWIX	9.14%	71.78%	14.75%	14.40%	13.96%
Benchmark (Since 9/30/2015)
MSCI ACWI ex US NTR	3.49%	49.41%	6.51%	9.76%	9.39%

	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%
2020	26.75%	10.65%

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)	1.33%
Net Annual Operating Expenses (as reported in the most recent Prospectus)	1.09%
Actual Annualized Operating Expenses (fiscal year to date, as of 2/28/2021)	1.09%

Morningstar Rating^™

Overall Morningstar Rating among 676 Foreign Large Blend funds, based on risk-adjusted returns for class I shares, using a weighted average of the fund's three- and five-year ratings: respectively, 5 stars and 5 stars among 676 and 586 funds, as of 12/31/2020.

Dividends and Capital Gains — Class I Shares

Dividend (paid Dec 17, 2020)	$0.07245
Capital Gains (2020)	None Paid

Hypothetical Growth of $10,000 as of 3/31/2021 (Thornburg Better World International Fund vs. MSCI ACWI ex US NTR)

I Shares	20525.87670000
MSCI ACWI ex US NTR	16384.01630000

Additional Rating and Ranking Information

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