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 charge1.47%65.54%11.08%12.84%6.30%8.22%
THDAX with sales charge-3.08%58.04%9.39%11.81%5.81%7.78%
Benchmark (Since 12/16/2009)
MSCI Emerging Markets NTR2.29%58.39%6.48%12.07%3.65%5.17%
A Shares (Incep. 12/16/2009) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION
THDAX without sales charge1.47%65.54%11.08%12.84%6.30%8.22%
THDAX with sales charge-3.08%58.04%9.39%11.81%5.81%7.78%
Benchmark (Since 12/16/2009)
MSCI Emerging Markets NTR2.29%58.39%6.48%12.07%3.65%5.17%
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%
2020 22.66% 18.31%

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) 1.48%
Actual Annualized Operating Expenses (fiscal year to date, as of 2/28/2021) 1.44%

Morningstar Rating

Overall Morningstar Rating among 697 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 697, 597 and 278 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 (Thornburg Developing World Fund vs. MSCI Emerging Markets NTR)

A Shares with sales charge
23305.35860000
MSCI Emerging Markets NTR
17661.22500000
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 charge0.29%63.25%10.24%11.97%5.50%7.44%
THDCX without sales charge1.29%64.25%10.24%11.97%5.50%7.44%
Benchmark (Since 12/16/2009)
MSCI Emerging Markets NTR2.29%58.39%6.48%12.07%3.65%5.17%
C Shares (Incep. 12/16/2009) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION
THDCX with sales charge0.29%63.25%10.24%11.97%5.50%7.44%
THDCX without sales charge1.29%64.25%10.24%11.97%5.50%7.44%
Benchmark (Since 12/16/2009)
MSCI Emerging Markets NTR2.29%58.39%6.48%12.07%3.65%5.17%
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%
2020 21.77% 18.31%

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) 2.23%
Actual Annualized Operating Expenses (fiscal year to date, as of 2/28/2021) 2.22%

Morningstar Rating

Overall Morningstar Rating among 697 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 697, 597 and 278 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 (Thornburg Developing World Fund vs. MSCI Emerging Markets NTR)

C Shares
22473.19350000
MSCI Emerging Markets NTR
17661.22500000
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
THDIX1.55%66.10%11.50%13.27%6.77%8.72%
Benchmark (Since 12/16/2009)
MSCI Emerging Markets NTR2.29%58.39%6.48%12.07%3.65%5.17%
I Shares (Incep. 12/16/2009) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION
THDIX1.55%66.10%11.50%13.27%6.77%8.72%
Benchmark (Since 12/16/2009)
MSCI Emerging Markets NTR2.29%58.39%6.48%12.07%3.65%5.17%
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%
2020 23.13% 18.31%

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) 1.18%
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 697 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 697, 597 and 278 funds, as of 12/31/2020.

Dividends and Capital Gains — Class I Shares

Dividend (paid Dec 17, 2020) $0.04266
Capital Gains (2020) None Paid

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

I Shares
25701.87290000
MSCI Emerging Markets NTR
17661.22500000
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*
THDRX1.59%66.16%11.51%13.27%6.72%8.66%
Benchmark (Since 12/16/2009)
MSCI Emerging Markets NTR2.29%58.39%6.48%12.07%3.65%5.17%
R5 Shares (Incep. 2/1/2013) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION*
THDRX1.59%66.16%11.51%13.27%6.72%8.66%
Benchmark (Since 12/16/2009)
MSCI Emerging Markets NTR2.29%58.39%6.48%12.07%3.65%5.17%
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%
2020 23.08% 18.31%

* 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) 1.89%
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 697 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 697, 597 and 278 funds, as of 12/31/2020.

Dividends and Capital Gains — Class R5 Shares

Dividend (paid Dec 17, 2020) $0.04442
Capital Gains (2020) None Paid

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

R5 Shares
25525.09440000
MSCI Emerging Markets NTR
17661.22500000
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*
TDWRX1.58%66.31%11.60%13.38%6.83%8.76%
Benchmark (Since 12/16/2009)
MSCI Emerging Markets NTR2.29%58.39%6.48%12.07%3.65%5.17%
R6 Shares (Incep. 2/1/2013) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION*
TDWRX1.58%66.31%11.60%13.38%6.83%8.76%
Benchmark (Since 12/16/2009)
MSCI Emerging Markets NTR2.29%58.39%6.48%12.07%3.65%5.17%
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%
2020 23.21% 18.31%

* 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) 1.15%
Net Annual Operating Expenses (as reported in the most recent Prospectus) 0.99%
Actual Annualized Operating Expenses (fiscal year to date, as of 2/28/2021) 0.99%

Morningstar Rating

Overall Morningstar Rating among 697 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 697, 597 and 278 funds, as of 12/31/2020.

Dividends and Capital Gains — Class R6 Shares

Dividend (paid Dec 17, 2020) $0.06541
Capital Gains (2020) None Paid

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

R6 Shares
25804.27490000
MSCI Emerging Markets NTR
17661.22500000
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