Thornburg Better World International Fund

SYMBOL: TBWIX

Morningstar Rating • Info

Overall Morningstar Rating among 654 Foreign Large Blend funds, based on risk-adjusted returns for class I shares, using a weighted average of the funds three-, five-, and ten-year ratings: respectively, 2 stars, 2 stars and 5 stars among 654, 617 and 484 funds, as of 28 Feb 2026.

As of 28 Feb 2026

Fund Assets

$528.3 M

As of 28 Feb 2026

NAV

$21.26

As of 27 Mar 2026

Change

$-0.20

As of 27 Mar 2026

YTD NAV Performance

-5.47%

As of 27 Mar 2026

Asset Category:

International Equity

Fund Benchmark:

MSCI ACWI ex-U.S. Index

Portfolio Managers

Lei Wang, CFA

Portfolio Manager and Managing Director

Brian Burrell, CFA, FSA

Portfolio Manager and Managing Director

Overview Performance Fund Facts Characteristics Portfolio Portfolio Managers Literature

Overview

Why Invest in This Fund?

Focused, diversified equity portfolio to include sustainable companies primarily in developed markets outside the U.S.
Rigorous, fundamental research process focused on buying sustainable businesses with sound business fundamentals, trading at a discount to their intrinsic value and a defined path to success. Companies must also demonstrate one or more significant positive environmental, social and governance (ESG) characteristics; emphasizing the areas of environmental impact, ethical business activity, corporate governance, social factors surrounding customers, suppliers and employees and product integrity.
Three-basket portfolio construction process seeks to provide style diversification and reduce volatility and deliver superior risk-adjusted performance over time.

Investment Objective

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

Investment Approach

The fund actively integrates ESG criteria into a fundamental bottom-up approach, allowing investors to reflect their ESG values through their investment without sacrificing the potential for attractive risk-adjusted returns. This high-conviction portfolio is diversified by industry, sector and geography. Diversification is further enhanced across styles by constructing the portfolio using our unique three-basket approach.

Returns

(As of 31 Dec 2025)

YTD

10y

Inception

Total Return (%)

24.24

14.47

8.26

10.37

10.55

MSCI ACWI ex-U.S. Index (%)

32.39

17.33

7.91

8.41

8.54

Morningstar Category Avg. (%)

30.4

16.73

8.12

8.05

—

Morningstar Quartile

—

Morningstar Quartile # of Funds

—

680

644

610

479

—

YTD

10y

Inception

Total Return (%)

7.03

27.22

15.49

8.41

11.68

11.10

MSCI ACWI ex-U.S. Index (%)

11.30

39.71

19.90

9.76

10.48

9.52

Morningstar Category Avg. (%)

9.93

34.39

18.5

9.85

9.98

—

Morningstar Quartile

—

Morningstar Quartile # of Funds

—

685

654

617

484

—

YTD

10y

Inception

Total Return (%)

24.24

49.99

48.71

168.23

179.68

MSCI ACWI ex-U.S. Index (%)

32.39

61.53

46.30

124.32

131.60

YTD

10y

Inception

Total Return (%)

7.03

27.22

54.04

49.74

201.86

199.33

MSCI ACWI ex-U.S. Index (%)

11.30

39.71

72.35

59.33

171.00

157.78

2020

2021

2022

2023

2024

2025

Total Return (%)

26.75

20.92

-18.01

12.72

7.11

24.24

MSCI ACWI ex-U.S. Index (%)

10.65

7.82

-16.00

15.62

5.53

32.39

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.

Morningstar quartile ranking for Foreign Large Blend category is based on total returns before sales charges.

The maximum sales charge are as follows: A shares, 4.50%; C shares, 1%. There is no up-front sales charge for class I shares.

Share class inception dates: A, C and I shares, 30 Sep 2015.

Fund Fees

(As of 1 Feb 2026)

Gross Expense Ratio (%)

1.24

Net Expense Ratio (%)

0.90

Thornburg Investment Management and/or Thornburg Securities LLC have contractually agreed to waive fees and reimburse expenses through at least 1 February 2027, 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,I Shares,MSCI ACWI ex-U.S. Index
            2015-09-30,10000,10000
2015-10-31,10394,10744
2015-11-30,10486,10523
2015-12-31,10427,10324
2016-01-31,9941,9622
2016-02-29,9916,9512
2016-03-31,10477,10286
2016-04-30,10595,10556
2016-05-31,10511,10378
2016-06-30,10394,10219
2016-07-31,10972,10725
2016-08-31,11156,10793
2016-09-30,11744,10926
2016-10-31,11593,10769
2016-11-30,11161,10519
2016-12-31,11215,10789
2017-01-31,11383,11171
2017-02-28,11321,11349
2017-03-31,11817,11637
2017-04-30,11959,11886
2017-05-31,12377,12271
2017-06-30,12472,12309
2017-07-31,12813,12763
2017-08-31,12858,12830
2017-09-30,12869,13068
2017-10-31,13201,13314
2017-11-30,13430,13422
2017-12-31,13780,13722
2018-01-31,14342,14486
2018-02-28,13651,13803
2018-03-31,13586,13560
2018-04-30,13780,13776
2018-05-31,13651,13458
2018-06-30,13623,13205
2018-07-31,13881,13521
2018-08-31,13549,13238
2018-09-30,13660,13298
2018-10-31,12380,12217
2018-11-30,12537,12332
2018-12-31,11907,11774
2019-01-31,12544,12664
2019-02-28,12949,12911
2019-03-31,13111,12988
2019-04-30,13718,13331
2019-05-31,12827,12616
2019-06-30,13677,13375
2019-07-31,13424,13214
2019-08-31,13111,12805
2019-09-30,13313,13135
2019-10-31,13869,13593
2019-11-30,14254,13713
2019-12-31,14839,14307
2020-01-31,14521,13923
2020-02-29,13650,12822
2020-03-31,11949,10966
2020-04-30,13035,11797
2020-05-31,13886,12183
2020-06-30,14716,12733
2020-07-31,15648,13301
2020-08-31,16642,13870
2020-09-30,16458,13529
2020-10-31,16140,13238
2020-11-30,17964,15019
2020-12-31,18808,15831
2021-01-31,18694,15865
2021-02-28,19991,16179
2021-03-31,20526,16384
2021-04-30,21267,16866
2021-05-31,21678,17394
2021-06-30,23263,17281
2021-07-31,22831,16996
2021-08-31,23592,17320
2021-09-30,22666,16765
2021-10-31,23324,17165
2021-11-30,22437,16392
2021-12-31,22743,17070
2022-01-31,22118,16441
2022-02-28,21116,16115
2022-03-31,20986,16141
2022-04-30,19253,15127
2022-05-31,19265,15236
2022-06-30,18050,13925
2022-07-31,18852,14402
2022-08-31,17968,13939
2022-09-30,16423,12546
2022-10-31,16777,12921
2022-11-30,18899,14446
2022-12-31,18647,14338
2023-01-31,20360,15501
2023-02-28,19432,14957
2023-03-31,20098,15322
2023-04-30,20467,15589
2023-05-31,20086,15022
2023-06-30,20895,15696
2023-07-31,21489,16334
2023-08-31,20705,15596
2023-09-30,19789,15104
2023-10-31,19087,14480
2023-11-30,20276,15784
2023-12-31,21018,16577
2024-01-31,20837,16412
2024-02-29,21598,16828
2024-03-31,22021,17354
2024-04-30,21501,17042
2024-05-31,22432,17537
2024-06-30,22407,17520
2024-07-31,23265,17926
2024-08-31,23966,18436
2024-09-30,24123,18933
2024-10-31,23168,18004
2024-11-30,23108,17841
2024-12-31,22512,17494
2025-01-31,23578,18199
2025-02-28,23529,18452
2025-03-31,23467,18410
2025-04-30,24521,19075
2025-05-31,25648,19948
2025-06-30,26040,20625
2025-07-31,25893,20566
2025-08-31,26272,21280
2025-09-30,26799,22047
2025-10-31,27056,22492
2025-11-30,27607,22486
2025-12-31,27968,23160
2026-01-31,28727,24546
2026-02-28,29933,25778

Hypothetical Growth of $10,000

(As of 28 Feb 2026)

(Hypothetical Growth of $10,000 vs MSCI ACWI ex-U.S. Index)

                        Categories,I Shares,MSCI ACWI ex-U.S. Index
                        2025-02-28,10000,10000
2025-03-31,9974,9977
2025-04-30,10422,10338
2025-05-31,10901,10811
2025-06-30,11067,11178
2025-07-31,11005,11146
2025-08-31,11166,11533
2025-09-30,11390,11948
2025-10-31,11499,12190
2025-11-30,11733,12186
2025-12-31,11887,12552
2026-01-31,12209,13303
2026-02-28,12722,13971

                        Categories,I Shares,MSCI ACWI ex-U.S. Index
                        2023-02-28,10000,10000
2023-03-31,10343,10244
2023-04-30,10532,10422
2023-05-31,10337,10043
2023-06-30,10753,10494
2023-07-31,11059,10921
2023-08-31,10655,10428
2023-09-30,10184,10098
2023-10-31,9823,9682
2023-11-30,10435,10553
2023-12-31,10816,11083
2024-01-31,10723,10973
2024-02-29,11115,11251
2024-03-31,11332,11603
2024-04-30,11065,11394
2024-05-31,11544,11725
2024-06-30,11531,11714
2024-07-31,11973,11985
2024-08-31,12333,12326
2024-09-30,12414,12658
2024-10-31,11923,12037
2024-11-30,11892,11928
2024-12-31,11585,11697
2025-01-31,12133,12168
2025-02-28,12108,12337
2025-03-31,12077,12309
2025-04-30,12619,12753
2025-05-31,13199,13337
2025-06-30,13400,13790
2025-07-31,13325,13750
2025-08-31,13520,14227
2025-09-30,13791,14740
2025-10-31,13923,15038
2025-11-30,14207,15034
2025-12-31,14393,15485
2026-01-31,14783,16411
2026-02-28,15404,17235

                        Categories,I Shares,MSCI ACWI ex-U.S. Index
                        2021-02-28,10000,10000
2021-03-31,10268,10126
2021-04-30,10638,10425
2021-05-31,10844,10751
2021-06-30,11637,10681
2021-07-31,11420,10505
2021-08-31,11801,10705
2021-09-30,11338,10362
2021-10-31,11668,10609
2021-11-30,11224,10131
2021-12-31,11376,10550
2022-01-31,11064,10161
2022-02-28,10563,9960
2022-03-31,10498,9976
2022-04-30,9631,9350
2022-05-31,9637,9417
2022-06-30,9029,8607
2022-07-31,9430,8901
2022-08-31,8988,8615
2022-09-30,8215,7754
2022-10-31,8392,7986
2022-11-30,9454,8929
2022-12-31,9328,8862
2023-01-31,10184,9581
2023-02-28,9720,9244
2023-03-31,10054,9470
2023-04-30,10238,9635
2023-05-31,10048,9284
2023-06-30,10452,9701
2023-07-31,10750,10095
2023-08-31,10357,9640
2023-09-30,9899,9335
2023-10-31,9548,8950
2023-11-30,10143,9756
2023-12-31,10514,10246
2024-01-31,10423,10144
2024-02-29,10804,10401
2024-03-31,11015,10726
2024-04-30,10756,10533
2024-05-31,11221,10839
2024-06-30,11209,10829
2024-07-31,11638,11079
2024-08-31,11988,11395
2024-09-30,12067,11702
2024-10-31,11590,11128
2024-11-30,11559,11027
2024-12-31,11261,10813
2025-01-31,11794,11248
2025-02-28,11770,11404
2025-03-31,11739,11379
2025-04-30,12266,11789
2025-05-31,12830,12329
2025-06-30,13026,12748
2025-07-31,12952,12711
2025-08-31,13142,13152
2025-09-30,13406,13626
2025-10-31,13534,13902
2025-11-30,13810,13898
2025-12-31,13991,14315
2026-01-31,14370,15171
2026-02-28,14974,15933

                        Categories,I Shares,MSCI ACWI ex-U.S. Index
                        2016-02-29,10000,10000
2016-03-31,10566,10813
2016-04-30,10684,11098
2016-05-31,10600,10910
2016-06-30,10481,10743
2016-07-31,11064,11275
2016-08-31,11250,11346
2016-09-30,11843,11486
2016-10-31,11691,11321
2016-11-30,11256,11059
2016-12-31,11309,11342
2017-01-31,11480,11744
2017-02-28,11417,11931
2017-03-31,11917,12233
2017-04-30,12060,12495
2017-05-31,12482,12901
2017-06-30,12578,12941
2017-07-31,12921,13418
2017-08-31,12966,13488
2017-09-30,12978,13738
2017-10-31,13313,13997
2017-11-30,13543,14110
2017-12-31,13896,14426
2018-01-31,14463,15229
2018-02-28,13766,14511
2018-03-31,13701,14255
2018-04-30,13896,14483
2018-05-31,13766,14148
2018-06-30,13738,13883
2018-07-31,13998,14215
2018-08-31,13664,13917
2018-09-30,13775,13980
2018-10-31,12484,12843
2018-11-30,12643,12965
2018-12-31,12007,12378
2019-01-31,12650,13313
2019-02-28,13058,13573
2019-03-31,13221,13654
2019-04-30,13833,14015
2019-05-31,12936,13263
2019-06-30,13793,14061
2019-07-31,13538,13891
2019-08-31,13221,13462
2019-09-30,13425,13809
2019-10-31,13986,14290
2019-11-30,14374,14416
2019-12-31,14964,15041
2020-01-31,14644,14637
2020-02-29,13765,13480
2020-03-31,12050,11528
2020-04-30,13145,12402
2020-05-31,14003,12807
2020-06-30,14840,13386
2020-07-31,15780,13983
2020-08-31,16783,14582
2020-09-30,16597,14223
2020-10-31,16276,13917
2020-11-30,18116,15789
2020-12-31,18967,16643
2021-01-31,18852,16679
2021-02-28,20160,17009
2021-03-31,20699,17224
2021-04-30,21446,17731
2021-05-31,21861,18286
2021-06-30,23459,18167
2021-07-31,23023,17868
2021-08-31,23791,18208
2021-09-30,22857,17625
2021-10-31,23521,18045
2021-11-30,22627,17233
2021-12-31,22935,17945
2022-01-31,22304,17284
2022-02-28,21294,16942
2022-03-31,21163,16969
2022-04-30,19415,15903
2022-05-31,19427,16017
2022-06-30,18203,14639
2022-07-31,19011,15140
2022-08-31,18119,14654
2022-09-30,16562,13189
2022-10-31,16919,13583
2022-11-30,19059,15187
2022-12-31,18805,15073
2023-01-31,20532,16296
2023-02-28,19596,15724
2023-03-31,20268,16108
2023-04-30,20640,16388
2023-05-31,20256,15792
2023-06-30,21071,16501
2023-07-31,21671,17172
2023-08-31,20879,16396
2023-09-30,19956,15878
2023-10-31,19248,15223
2023-11-30,20448,16593
2023-12-31,21196,17427
2024-01-31,21013,17254
2024-02-29,21781,17691
2024-03-31,22207,18244
2024-04-30,21683,17916
2024-05-31,22621,18436
2024-06-30,22597,18419
2024-07-31,23462,18845
2024-08-31,24168,19382
2024-09-30,24326,19904
2024-10-31,23364,18927
2024-11-30,23303,18756
2024-12-31,22702,18392
2025-01-31,23777,19133
2025-02-28,23727,19398
2025-03-31,23666,19354
2025-04-30,24728,20053
2025-05-31,25864,20971
2025-06-30,26259,21683
2025-07-31,26111,21621
2025-08-31,26494,22371
2025-09-30,27025,23177
2025-10-31,27285,23646
2025-11-30,27840,23639
2025-12-31,28205,24348
2026-01-31,28970,25804
2026-02-28,30186,27100

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 ($)
            2016-09-30,0.06250
2016-11-18,0.69455
2017-03-31,0.02810
2017-06-30,0.09613
2017-09-30,0.03270
2017-11-17,0.37136
2018-11-15,0.96521
2018-12-31,0.22878
2019-12-31,0.18707
2020-12-31,0.07245
2021-11-18,2.86340
2021-12-31,0.04934
2022-12-31,0.13636
2023-12-31,0.26942
2024-12-31,0.25701
2025-12-31,0.34325

            Ex-Date, Payable Date,Total ($),Income ($),ST Cap Gains ($),LT Cap Gains ($)
2016-09-26,1475193600,0.06250,0.06250,0,0
2016-11-18,1479427200,0.69455,0,0.69455,0.00000
2017-03-24,1490918400,0.02810,0.02810,0,0
2017-06-23,1498780800,0.09613,0.09613,0,0
2017-09-22,1506729600,0.03270,0.03270,0,0
2017-11-17,1510876800,0.37136,0,0.30226,0.06910
2018-11-15,1542240000,0.96521,0,0.46085,0.50436
2018-12-21,1546214400,0.22878,0.22878,0,0
2019-12-20,1577750400,0.18707,0.18707,0,0
2020-12-17,1609372800,0.07245,0.07245,0,0
2021-11-18,1637193600,2.86340,0,1.79872,1.06468
2021-12-16,1640908800,0.04934,0.04934,0,0
2022-12-15,1672444800,0.13636,0.13636,0,0
2023-12-14,1703980800,0.26942,0.26942,0,0
2024-12-19,1735603200,0.25701,0.25701,0,0
2025-12-18,1767139200,0.34325,0.34325,0,0

Distributions

(As of 18 Dec 2025)

Ex-Date

Payable Date

Total ($)

Income ($)

ST Cap Gains ($)

LT Cap Gains ($)

26 Sep 2016

30 Sep 2016

0.06250

—

18 Nov 2016

0.69455

—

0.69455

0.00000

24 Mar 2017

31 Mar 2017

0.02810

—

23 Jun 2017

30 Jun 2017

0.09613

—

22 Sep 2017

30 Sep 2017

0.03270

—

17 Nov 2017

0.37136

—

0.30226

0.06910

15 Nov 2018

0.96521

—

0.46085

0.50436

21 Dec 2018

31 Dec 2018

0.22878

—

20 Dec 2019

31 Dec 2019

0.18707

—

17 Dec 2020

31 Dec 2020

0.07245

—

18 Nov 2021

2.86340

—

1.79872

1.06468

16 Dec 2021

31 Dec 2021

0.04934

—

15 Dec 2022

31 Dec 2022

0.13636

—

14 Dec 2023

31 Dec 2023

0.26942

—

19 Dec 2024

31 Dec 2024

0.25701

—

18 Dec 2025

31 Dec 2025

0.34325

—

Fund Facts

(As of 28 Feb 2026)

Net Fund Assets

$528.3 M

Benchmark

MSCI ACWI ex-U.S. Index

Morningstar Category

Foreign Large Blend

Fund Symbol

TBWIX

Share Class

Share Class Inception Date

30 Sep 2015

Distribution Frequency

Annually

Characteristics

Portfolio

(As of 28 Feb 2026)

Portfolio

Benchmark

Number of Holdings

—

Weighted Average Market Cap

$191.4 B

$197.9 B

Median Market Cap

$72.4 B

$15.4 B

Annual Portfolio Turnover

39%

—

Price to Earnings - Forward 1YR

19.4x

16.0x

Portfolio

Benchmark

Price to Earnings - Trailing 12 Months

23.8x

18.9x

Price to Cash Flow

11.8x

10.7x

Price to Book Value

2.9x

2.4x

Active Share

84.9%

—

Risk & Return Profile

(As of 28 Feb 2026)

10y

Annualized Alpha (%)

-0.16

-0.28

2.00

Beta

0.80

0.91

0.92

R-Squared (%)

83.19

85.35

Standard Deviation (%)

9.72

13.86

14.33

Sharpe Ratio

1.09

0.36

0.66

Information Ratio

-0.96

-0.23

0.22

Up Capture (%)

81.26

88.04

97.93

Down Capture (%)

85.33

89.07

89.50

Past performance does not guarantee future results.

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

Portfolio

Top Holdings

(As of 31 Jan 2026)

Name

Ticker/Symbol

Sector

Weight %

BNP Paribas S.A.

BNP

Financials

4.0

Mitsubishi UFJ Financial Group, Inc.

8306

Financials

3.3

Roche Holding AG

ROG

Health Care

3.1

Enel SpA

ENEL

Utilities

3.0

Iberdrola S.A.

IBE

Utilities

3.0

L'Oreal S.A.

Consumer Staples

3.0

Schneider Electric SE

Industrials

3.0

Endesa S.A.

ELE

Utilities

2.9

AstraZeneca plc

AZN

Health Care

2.9

Alibaba Group Holding Ltd.

9988

Consumer Discretionary

2.8

Download Holdings

Portfolio holdings are subject to change daily.

Exposure Breakdown

(As of 28 Feb 2026)

Sector Allocation

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

15%

20%

25%

30%

Industrials

28.4

15.2

Consumer Discretionary

13.6

8.9

Financials

13.3

24.3

Information Technology

9.2

16.3

Utilities

9.1

3.2

Health Care

9.0

7.6

Consumer Staples

5.4

5.8

Communication Services

4.1

4.9

Cash & Equivalents

4.0

—

Materials

3.9

7.5

Real Estate

0.0

1.6

Energy

0.0

4.6

Sector Allocation

Fund (%)

Industrials

28.4

Consumer Discretionary

13.6

Financials

13.3

Information Technology

9.2

Utilities

9.1

Health Care

9.0

Consumer Staples

5.4

Communication Services

4.1

Cash & Equivalents

4.0

Materials

3.9

Real Estate

0.0

Energy

0.0

Top 10 Industries

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

15%

20%

Capital Goods

16.5

12.2

Banks

11.0

15.9

Utilities

9.1

3.2

Commercial & Professional Services

6.7

1.0

Pharmaceuticals, Biotechnology & Life Sciences

6.3

Transportation

5.3

2.0

Consumer Services

4.5

1.1

Materials

3.9

7.5

Consumer Durables & Apparel

3.7

2.1

Consumer Discretionary Distribution & Retail

3.7

2.8

Top 10 Industries

Fund (%)

Capital Goods

16.5

Banks

11.0

Utilities

9.1

Commercial & Professional Services

6.7

Pharmaceuticals, Biotechnology & Life Sciences

6.3

Transportation

5.3

Consumer Services

4.5

Materials

3.9

Consumer Durables & Apparel

3.7

Consumer Discretionary Distribution & Retail

3.7

Top 10 Countries

Fund (%)

Benchmark (%)

Region

Portfolio

Benchmark

10%

15%

20%

Japan

18.7

14.1

Japan

France

16.8

6.2

Europe ex UK

Switzerland

8.4

5.7

Europe ex UK

China

8.3

7.3

Asia Pacific ex Japan

United Kingdom

6.9

9.2

Germany

6.3

5.6

Europe ex UK

Spain

6.0

2.3

Europe ex UK

Canada

5.0

8.1

North America

Netherlands

4.4

3.2

Europe ex UK

United States

4.3

0.0

North America

Top 10 Countries

Fund (%)

Japan

18.7

France

16.8

Switzerland

8.4

China

8.3

United Kingdom

6.9

Germany

6.3

Spain

6.0

Canada

5.0

Netherlands

4.4

United States

4.3

Capitalization

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Large Cap (> $12 B)

92.7

92.6

Mid Cap ($2.5 to $12 B)

6.8

7.4

Small Cap (< $2.5 B)

0.5

0.0

Capitalization

Fund (%)

Large Cap (> $12 B)

92.7

Mid Cap ($2.5 to $12 B)

6.8

Small Cap (< $2.5 B)

0.5

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

Weights are percentages of the total portfolio unless otherwise noted.

May not add up to 100% due to rounding.

Cash and Equivalents includes cash, short-term securities, other assets less liabilities, accruals, derivatives and forwards. It may also include investments in money market or similar funds managed by Thornburg that are not offered to the public.

Portfolio Managers

Lei Wang, CFA

Portfolio Manager and Managing Director

Lei Wang is a portfolio manager for Thornburg Investment Management. He joined Thornburg Investment Management in 2004 as associate portfolio manager and was promoted to portfolio manager in 2006. Lei holds a BA and an MA from East China Normal University and an MBA from New York University. He is a CFA charterholder. Prior to joining Thornburg, he served as…

Learn More

Brian Burrell, CFA, FSA

Portfolio Manager and Managing Director

Brian Burrell is a portfolio manager for Thornburg Investment Management. He joined the firm in 2012 as an equity research analyst and became an associate portfolio manager in 2021 and portfolio manager in 2024. Brian earned a BA in economics from Reed College and an MBA from the University of Wisconsin in the Applied Security Analysis Program (ASAP). He is…

Learn More

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 Better World International Fund's adherence to its ESG ratings process may affect the fund's exposure to certain companies, sectors, regions, and countries and may affect the Fund's performance depending on whether such investments are in or out of favor. This process may result in the Fund foregoing opportunities to buy certain securities when it might otherwise be advantageous to do so, or selling securities for ESG reasons when it might be otherwise disadvantageous for it to do so. Additionally, the process may result in incorrectly evaluating a company’s commitment to positive ESG practices and may result in investment in companies with practices that are not consistent with the Fund’s aspirations.

Investing in an ESG-focused strategy does not assure or guarantee better performance and cannot eliminate the risk of investment losses.

Environmental, social and governance (ESG) criteria are a set of standards for a company's operations that socially conscious investors use to screen potential investments. Environmental criteria consider how a company performs as a steward of nature. Social criteria examine how it manages relationships with employees, suppliers, customers, and the communities where it operates. Governance deals with a company's leadership, executive pay, audits, internal controls, and shareholder rights.

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.

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.

© 2026 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 Better World International 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

Lei Wang, CFA

Brian Burrell, CFA, FSA

Literature

Important Information

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Thornburg Better World International 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

Lei Wang, CFA

Brian Burrell, CFA, FSA

Literature

Important Information

More Insights

Navigating Supply, Rates, and Opportunities in Real Estate

Structural Forces Are Reshaping the Investment Landscape

When Geopolitics Drive Volatility: An Active Approach to the Iran Conflict

AI and the Increasing Instability of Global Relationships

Real Estate Market Recap: Trends, Challenges, and What Comes Next

Beyond the Hype—Building Smarter Private Credit Portfolios