Thornburg Developing World Fund

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 charge-8.58%-0.81%4.97%3.57%5.76%5.69%
THDAX with sales charge-12.69%-5.29%3.36%2.63%5.27%5.23%
Benchmark (Since 12/16/2009)
MSCI Emerging Markets Index-9.78%-3.39%1.90%2.86%3.27%2.65%
A Shares (Incep. 12/16/2009) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION
THDAX without sales charge-8.58%-0.81%4.97%3.57%5.76%5.69%
THDAX with sales charge-12.69%-5.29%3.36%2.63%5.27%5.23%
Benchmark (Since 12/16/2009)
MSCI Emerging Markets Index-9.78%-3.39%1.90%2.86%3.27%2.65%
A Shares without sales charge
(Incep. 12/16/2009)
MSCI Emerging Markets Index
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 29.03% 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 3/31/2020) 1.42%

Morningstar Rating

Overall Morningstar Rating among 700 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 700, 581 and 244 funds, as of 5/31/2020.

Dividends and Capital Gains — Class A Shares

Dividend (December 2019) None Paid
Capital Gains (2018) None Paid

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

A Shares with sales charge
17118.60560000
MSCI Emerging Markets Index
13166.81740000
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 without sales charge-8.87%-1.55%4.17%2.79%4.98%4.93%
THDCX with sales charge-9.78%-2.53%4.17%2.79%4.98%4.93%
Benchmark (Since 12/16/2009)
MSCI Emerging Markets Index-9.78%-3.39%1.90%2.86%3.27%2.65%
C Shares (Incep. 12/16/2009) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION
THDCX without sales charge-8.87%-1.55%4.17%2.79%4.98%4.93%
THDCX with sales charge-9.78%-2.53%4.17%2.79%4.98%4.93%
Benchmark (Since 12/16/2009)
MSCI Emerging Markets Index-9.78%-3.39%1.90%2.86%3.27%2.65%
C Shares without sales charge
(Incep. 12/16/2009)
MSCI Emerging Markets Index
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 28.13% 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 3/31/2020) 2.16%

Morningstar Rating

Overall Morningstar Rating among 700 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 700, 581 and 244 funds, as of 5/31/2020.

Dividends and Capital Gains — Class C Shares

Dividend (December 2019) None Paid
Capital Gains (2018) None Paid

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

C Shares
16604.39780000
MSCI Emerging Markets Index
13166.81740000
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
THDIX-8.34%-0.44%5.38%4.01%6.25%6.20%
Benchmark (Since 12/16/2009)
MSCI Emerging Markets Index-9.78%-3.39%1.90%2.86%3.27%2.65%
I Shares (Incep. 12/16/2009) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION
THDIX-8.34%-0.44%5.38%4.01%6.25%6.20%
Benchmark (Since 12/16/2009)
MSCI Emerging Markets Index-9.78%-3.39%1.90%2.86%3.27%2.65%
I Shares (Incep. 12/16/2009) MSCI Emerging Markets Index
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 3/31/2020) 1.09%

Lipper Leader as of — Class I Shares

Consistent Return among 677 funds
Total Return among 677 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 677, 552 and 245 funds, respectively. The Fund rated a 5 for the three-year period, a 3 for the five-year period and a 5 for the ten-year period for Total Return among 677, 552 and 245 funds, respectively.

Morningstar Rating

Overall Morningstar Rating among 700 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 700, 581 and 244 funds, as of 5/31/2020.

Dividends and Capital Gains — Class I Shares

Dividend (December 2019) None Paid
Capital Gains (2018) None Paid

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

I Shares
18840.75820000
MSCI Emerging Markets Index
13166.81740000
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*
THDRX-8.37%-0.44%5.39%4.01%6.19%6.12%
Benchmark (Since 12/16/2009)
MSCI Emerging Markets Index-9.78%-3.39%1.90%2.86%3.27%2.65%
R5 Shares (Incep. 2/1/2013) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION*
THDRX-8.37%-0.44%5.39%4.01%6.19%6.12%
Benchmark (Since 12/16/2009)
MSCI Emerging Markets Index-9.78%-3.39%1.90%2.86%3.27%2.65%
R5 Shares* (Incep. 2/1/2013) MSCI Emerging Markets Index
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 29.53% 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 3/31/2020) 1.09%

Lipper Leader as of — Class R5 Shares

Consistent Return among 677 funds
In the Emerging Markets category
The Fund rated a 5 for the three-year period and a 4 for the five-year period for Consistent Return among 677 and 552 funds, respectively.

Morningstar Rating

Overall Morningstar Rating among 700 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 700, 581 and 244 funds, as of 5/31/2020.

Dividends and Capital Gains — Class R5 Shares

Dividend (December 2019) None Paid
Capital Gains (2018) None Paid

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

R5 Shares
18706.42660000
MSCI Emerging Markets Index
13166.81740000
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*
TDWRX-8.33%-0.30%5.49%4.11%6.30%6.23%
Benchmark (Since 12/16/2009)
MSCI Emerging Markets Index-9.78%-3.39%1.90%2.86%3.27%2.65%
R6 Shares (Incep. 2/1/2013) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION*
TDWRX-8.33%-0.30%5.49%4.11%6.30%6.23%
Benchmark (Since 12/16/2009)
MSCI Emerging Markets Index-9.78%-3.39%1.90%2.86%3.27%2.65%
R6 Shares* (Incep. 2/1/2013) MSCI Emerging Markets Index
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 29.66% 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 3/31/2020) 0.99%

Lipper Leader as of — Class R6 Shares

Consistent Return among 677 funds
In the Emerging Markets category
The Fund rated a 5 for the three-year period and a 4 for the five-year period for Consistent Return among 677 and 552 funds, respectively.

Morningstar Rating

Overall Morningstar Rating among 700 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 700, 581 and 244 funds, as of 5/31/2020.

Dividends and Capital Gains — Class R6 Shares

Dividend (December 2019) None Paid
Capital Gains (2018) None Paid

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

R6 Shares
18898.75490000
MSCI Emerging Markets Index
13166.81740000
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