Developing World Fund - Performance

Share Class

Average Annual Total Returns

A Shares (Incep. 12/16/2009) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION
THDAX without sales charge4.36%12.43%5.94%9.03%4.86%6.80%
THDAX with sales charge-0.34%7.39%4.32%8.04%4.37%6.35%
Benchmark (Since 12/16/2009)
MSCI Emerging Markets NTR0.87%8.25%1.94%7.92%2.42%3.62%
A Shares (Incep. 12/16/2009) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION
THDAX without sales charge0.84%13.31%5.55%9.37%5.04%6.52%
THDAX with sales charge-3.70%8.23%3.94%8.37%4.55%6.07%
Benchmark (Since 12/16/2009)
MSCI Emerging Markets NTR-1.16%10.54%2.42%8.97%2.50%3.45%
A Shares without sales charge
(Incep. 12/16/2009)
MSCI Emerging Markets NTR
2010 30.73% 18.88%
2011 -15.63% -18.42%
2012 22.70% 18.22%
2013 15.61% -2.60%
2014 -3.04% -2.19%
2015 -15.34% -14.92%
2016 2.55% 11.19%
2017 35.31% 37.28%
2018 -15.18% -14.58%
2019 29.05% 18.42%

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) 1.50%
Actual Annualized Operating Expenses (fiscal year to date, as of 9/30/2020) 1.45%

Morningstar Rating

Overall Morningstar Rating among 695 Diversified Emerging Mkts funds, based on risk-adjusted returns for class A shares, using a weighted average of the fund's three-, five- and ten-year ratings: respectively, 4 stars, 4 stars and 5 stars among 695, 590 and 264 funds, as of 9/30/2020.

Dividends and Capital Gains — Class A Shares

Dividend (paid Dec 20, 2019) $0.22683
Capital Gains (2018) None Paid

Hypothetical Growth of $10,000 as of (Thornburg Developing World Fund vs. MSCI Emerging Markets NTR)

A Shares with sales charge
19540.58340000
MSCI Emerging Markets NTR
14722.53350000
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. 12/16/2009) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION
THDCX with sales charge2.74%10.58%5.13%8.19%4.07%6.03%
THDCX without sales charge3.74%11.58%5.13%8.19%4.07%6.03%
Benchmark (Since 12/16/2009)
MSCI Emerging Markets NTR0.87%8.25%1.94%7.92%2.42%3.62%
C Shares (Incep. 12/16/2009) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION
THDCX with sales charge-0.72%11.42%4.74%8.52%4.25%5.75%
THDCX without sales charge0.28%12.42%4.74%8.52%4.25%5.75%
Benchmark (Since 12/16/2009)
MSCI Emerging Markets NTR-1.16%10.54%2.42%8.97%2.50%3.45%
C Shares without sales charge
(Incep. 12/16/2009)
MSCI Emerging Markets NTR
2010 30.11% 18.88%
2011 -16.22% -18.42%
2012 21.81% 18.22%
2013 14.70% -2.60%
2014 -3.83% -2.19%
2015 -15.95% -14.92%
2016 1.76% 11.19%
2017 34.36% 37.28%
2018 -15.89% -14.58%
2019 28.06% 18.42%

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) 2.26%
Actual Annualized Operating Expenses (fiscal year to date, as of 9/30/2020) 2.20%

Morningstar Rating

Overall Morningstar Rating among 695 Diversified Emerging Mkts funds, based on risk-adjusted returns for class C shares, using a weighted average of the fund's three-, five- and ten-year ratings: respectively, 4 stars, 3 stars and 4 stars among 695, 590 and 264 funds, as of 9/30/2020.

Dividends and Capital Gains — Class C Shares

Dividend (paid Dec 20, 2019) $0.05310
Capital Gains (2018) None Paid

Hypothetical Growth of $10,000 as of (Thornburg Developing World Fund vs. MSCI Emerging Markets NTR)

C Shares
18903.07960000
MSCI Emerging Markets NTR
14722.53350000
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

I Shares (Incep. 12/16/2009) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION
THDIX4.71%12.85%6.33%9.47%5.32%7.30%
Benchmark (Since 12/16/2009)
MSCI Emerging Markets NTR0.87%8.25%1.94%7.92%2.42%3.62%
I Shares (Incep. 12/16/2009) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION
THDIX1.12%13.68%5.95%9.80%5.51%7.02%
Benchmark (Since 12/16/2009)
MSCI Emerging Markets NTR-1.16%10.54%2.42%8.97%2.50%3.45%
I Shares (Incep. 12/16/2009) MSCI Emerging Markets NTR
2010 31.62% 18.88%
2011 -15.10% -18.42%
2012 23.34% 18.22%
2013 16.19% -2.60%
2014 -2.69% -2.19%
2015 -14.99% -14.92%
2016 3.08% 11.19%
2017 35.86% 37.28%
2018 -14.87% -14.58%
2019 29.49% 18.42%

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) 1.19%
Net Annual Operating Expenses (as reported in the most recent Prospectus) 1.09%
Actual Annualized Operating Expenses (fiscal year to date, as of 9/30/2020) 1.09%

Lipper Leader as of — Class I Shares

Consistent Return among 679 funds
Total Return among 679 funds
In the Emerging Markets category
The Fund rated a 5 for the three-year period, a 4 for the five-year period and a 5 for the ten-year period for Consistent Return among 679, 574 and 252 funds, respectively. The Fund rated a 5 for the three-year period, a 4 for the five-year period and a 5 for the ten-year period for Total Return among 679, 574 and 252 funds, respectively.

Morningstar Rating

Overall Morningstar Rating among 695 Diversified Emerging Mkts funds, based on risk-adjusted returns for class I shares, using a weighted average of the fund's three-, five- and ten-year ratings: respectively, 4 stars, 4 stars and 5 stars among 695, 590 and 264 funds, as of 9/30/2020.

Dividends and Capital Gains — Class I Shares

Dividend (paid Dec 20, 2019) $0.30919
Capital Gains (2018) None Paid

Hypothetical Growth of $10,000 as of (Thornburg Developing World Fund vs. MSCI Emerging Markets NTR)

I Shares
21523.41210000
MSCI Emerging Markets NTR
14722.53350000
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

R5 Shares (Incep. 2/1/2013) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION*
THDRX4.68%12.84%6.33%9.47%5.28%7.23%
Benchmark (Since 12/16/2009)
MSCI Emerging Markets NTR0.87%8.25%1.94%7.92%2.42%3.62%
R5 Shares (Incep. 2/1/2013) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION*
THDRX1.13%13.73%5.96%9.81%5.46%6.95%
Benchmark (Since 12/16/2009)
MSCI Emerging Markets NTR-1.16%10.54%2.42%8.97%2.50%3.45%
R5 Shares* (Incep. 2/1/2013) MSCI Emerging Markets NTR
2010 31.26% 18.88%
2011 -15.29% -18.42%
2012 23.20% 18.22%
2013 16.00% -2.60%
2014 -2.69% -2.19%
2015 -14.94% -14.92%
2016 3.08% 11.19%
2017 35.84% 37.28%
2018 -14.88% -14.58%
2019 29.54% 18.42%

* Since 12/16/2009.
Prior to inception of this share class, performance is hypothetical and was calculated from actual returns of an earlier share class adjusted for the expenses of the newer share class.
Returns for less than one year are not annualized.
Source: Confluence

Fund Operating Expenses — Class R5 Shares

Gross Annual Operating Expenses (as reported in the most recent Prospectus) 2.07%
Net Annual Operating Expenses (as reported in the most recent Prospectus) 1.09%
Actual Annualized Operating Expenses (fiscal year to date, as of 9/30/2020) 1.09%

Morningstar Rating

Overall Morningstar Rating among 695 Diversified Emerging Mkts funds, based on risk-adjusted returns for class R5 shares, using a weighted average of the fund's three-, five- and ten-year ratings: respectively, 4 stars, 4 stars and 5 stars among 695, 590 and 264 funds, as of 9/30/2020.

Dividends and Capital Gains — Class R5 Shares

Dividend (paid Dec 20, 2019) $0.30921
Capital Gains (2018) None Paid

Hypothetical Growth of $10,000 as of (Thornburg Developing World Fund vs. MSCI Emerging Markets NTR)

R5 Shares
21369.92440000
MSCI Emerging Markets NTR
14722.53350000
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.

Prior to inception of this share class, performance is hypothetical and was calculated from actual returns of an earlier share class adjusted for the expenses of the newer share class.

Additional Rating and Ranking Information

Average Annual Total Returns

R6 Shares (Incep. 2/1/2013) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION*
TDWRX4.79%12.98%6.44%9.58%5.39%7.34%
Benchmark (Since 12/16/2009)
MSCI Emerging Markets NTR0.87%8.25%1.94%7.92%2.42%3.62%
R6 Shares (Incep. 2/1/2013) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION*
TDWRX1.17%13.82%6.06%9.92%5.56%7.05%
Benchmark (Since 12/16/2009)
MSCI Emerging Markets NTR-1.16%10.54%2.42%8.97%2.50%3.45%
R6 Shares* (Incep. 2/1/2013) MSCI Emerging Markets NTR
2010 31.38% 18.88%
2011 -15.21% -18.42%
2012 23.31% 18.22%
2013 16.18% -2.60%
2014 -2.61% -2.19%
2015 -14.81% -14.92%
2016 3.11% 11.19%
2017 35.97% 37.28%
2018 -14.82% -14.58%
2019 29.72% 18.42%

* Since 12/16/2009.
Prior to inception of this share class, performance is hypothetical and was calculated from actual returns of an earlier share class adjusted for the expenses of the newer share class.
Returns for less than one year are not annualized.
Source: Confluence

Fund Operating Expenses — Class R6 Shares

Gross Annual Operating Expenses (as reported in the most recent Prospectus) 1.14%
Net Annual Operating Expenses (as reported in the most recent Prospectus) 0.99%
Actual Annualized Operating Expenses (fiscal year to date, as of 9/30/2020) 0.99%

Morningstar Rating

Overall Morningstar Rating among 695 Diversified Emerging Mkts funds, based on risk-adjusted returns for class R6 shares, using a weighted average of the fund's three-, five- and ten-year ratings: respectively, 4 stars, 4 stars and 5 stars among 695, 590 and 264 funds, as of 9/30/2020.

Dividends and Capital Gains — Class R6 Shares

Dividend (paid Dec 20, 2019) $0.32983
Capital Gains (2018) None Paid

Hypothetical Growth of $10,000 as of (Thornburg Developing World Fund vs. MSCI Emerging Markets NTR)

R6 Shares
21604.93560000
MSCI Emerging Markets NTR
14722.53350000
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.

Prior to inception of this share class, performance is hypothetical and was calculated from actual returns of an earlier share class adjusted for the expenses of the newer share class.

Additional Rating and Ranking Information
Important Information