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 charge11.26%-3.19%3.47%6.61%
TBWAX with sales charge6.29%-7.52%1.90%5.39%
Benchmark (Since 9/30/2015)
MSCI AC World ex-U.S. Index11.56%-1.23%6.33%7.06%
A Shares (Incep. 9/30/2015) YTD 1-YR 3-YR INCEPTION
TBWAX without sales charge11.26%-3.19%3.47%6.61%
TBWAX with sales charge6.29%-7.52%1.90%5.39%
Benchmark (Since 9/30/2015)
MSCI AC World ex-U.S. Index11.56%-1.23%6.33%7.06%
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%

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) 2.12%
Net Annual Operating Expenses (as reported in the most recent Prospectus) 1.83%
Actual Annualized Operating Expenses (fiscal year to date, as of 9/30/2019) 1.82%

Morningstar Rating™

Overall Morningstar Rating among 611 Foreign Large Blend funds, based on risk-adjusted returns for class A shares, using the fund's three-year rating: 2 stars among 611 funds, as of 9/30/2019.

Dividends and Capital Gains — Class A Shares

Dividend (paid Dec 21, 2018) $0.15092
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		 12338.73710000
MSCI AC World ex-U.S. Index		 13135.02120000
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 charge10.70%-3.75%2.89%6.01%
TBWCX with sales charge9.70%-4.64%2.89%6.01%
Benchmark (Since 9/30/2015)
MSCI AC World ex-U.S. Index11.56%-1.23%6.33%7.06%
C Shares (Incep. 9/30/2015) YTD 1-YR 3-YR INCEPTION
TBWCX without sales charge10.70%-3.75%2.89%6.01%
TBWCX with sales charge9.70%-4.64%2.89%6.01%
Benchmark (Since 9/30/2015)
MSCI AC World ex-U.S. Index11.56%-1.23%6.33%7.06%
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%

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) 3.09%
Net Annual Operating Expenses (as reported in the most recent Prospectus) 2.38%
Actual Annualized Operating Expenses (fiscal year to date, as of 9/30/2019) 2.38%

Morningstar Rating™

Overall Morningstar Rating among 611 Foreign Large Blend funds, based on risk-adjusted returns for class C shares, using the fund's three-year rating: 1 star among 611 funds, as of 9/30/2019.

Dividends and Capital Gains — Class C Shares

Dividend (paid Dec 21, 2018) $0.03771
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		 12630.12050000
MSCI AC World ex-U.S. Index		 13135.02120000
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
TBWIX11.81%-2.54%4.27%7.42%
Benchmark (Since 9/30/2015)
MSCI AC World ex-U.S. Index11.56%-1.23%6.33%7.06%
I Shares (Incep. 9/30/2015) YTD 1-YR 3-YR INCEPTION
TBWIX11.81%-2.54%4.27%7.42%
Benchmark (Since 9/30/2015)
MSCI AC World ex-U.S. Index11.56%-1.23%6.33%7.06%
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%

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) 1.35%
Net Annual Operating Expenses (as reported in the most recent Prospectus) 1.09%
Actual Annualized Operating Expenses (fiscal year to date, as of 9/30/2019) 1.09%

Morningstar Rating™

Overall Morningstar Rating among 611 Foreign Large Blend funds, based on risk-adjusted returns for class I shares, using the fund's three-year rating: 2 stars among 611 funds, as of 9/30/2019.

Dividends and Capital Gains — Class I Shares

Dividend (paid Dec 21, 2018) $0.22878
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		 13312.91920000
MSCI AC World ex-U.S. Index		 13135.02120000
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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