Thornburg Developing World Fund

Share Class

Average Annual Total Returns

A Shares (Incep. 12/16/2009) YTD 1-YR 3-YR 5-YR INCEPTION
THDAX without sales charge19.79%22.15%8.69%2.62%6.25%
THDAX with sales charge14.39%16.65%7.04%1.67%5.76%
Benchmark (Since 12/16/2009)
MSCI Emerging Markets Index10.35%11.86%7.36%2.93%3.16%
A Shares (Incep. 12/16/2009) YTD 1-YR 3-YR 5-YR INCEPTION
THDAX without sales charge14.84%7.74%6.86%2.24%5.85%
THDAX with sales charge9.66%2.90%5.23%1.30%5.35%
Benchmark (Since 12/16/2009)
MSCI Emerging Markets Index5.89%-2.02%5.97%2.33%2.76%
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%

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 9/30/2019) 1.47%

Morningstar Rating

Overall Morningstar Rating among 701 Diversified Emerging Mkts funds, based on risk-adjusted returns for class A shares, using a weighted average of the fund's three- and five-year ratings: respectively, 4 stars and 4 stars among 701 and 569 funds, as of 9/30/2019.

Dividends and Capital Gains — Class A Shares

Dividend (paid Dec 21, 2018) $0.15307
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
17380.77700000
MSCI Emerging Markets Index
13600.30100000
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 INCEPTION
THDCX without sales charge19.07%21.21%7.87%1.84%5.48%
THDCX with sales charge18.07%20.21%7.87%1.84%5.48%
Benchmark (Since 12/16/2009)
MSCI Emerging Markets Index10.35%11.86%7.36%2.93%3.16%
C Shares (Incep. 12/16/2009) YTD 1-YR 3-YR 5-YR INCEPTION
THDCX without sales charge14.23%6.91%6.04%1.46%5.09%
THDCX with sales charge13.23%5.91%6.04%1.46%5.09%
Benchmark (Since 12/16/2009)
MSCI Emerging Markets Index5.89%-2.02%5.97%2.33%2.76%
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%

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) 2.25%
Actual Annualized Operating Expenses (fiscal year to date, as of 9/30/2019) 2.23%

Morningstar Rating

Overall Morningstar Rating among 701 Diversified Emerging Mkts funds, based on risk-adjusted returns for class C shares, using a weighted average of the fund's three- and five-year ratings: respectively, 3 stars and 3 stars among 701 and 569 funds, as of 9/30/2019.

Dividends and Capital Gains — Class C Shares

Dividend (paid Dec 21, 2018) $0.00000
Capital Gains (2018) None Paid

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

C Shares
16941.50910000
MSCI Emerging Markets Index
13600.30100000
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 INCEPTION
THDIX20.15%22.59%9.13%3.04%6.76%
Benchmark (Since 12/16/2009)
MSCI Emerging Markets Index10.35%11.86%7.36%2.93%3.16%
I Shares (Incep. 12/16/2009) YTD 1-YR 3-YR 5-YR INCEPTION
THDIX15.18%8.14%7.29%2.67%6.36%
Benchmark (Since 12/16/2009)
MSCI Emerging Markets Index5.89%-2.02%5.97%2.33%2.76%
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%

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) 1.16%
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 701 Diversified Emerging Mkts funds, based on risk-adjusted returns for class I shares, using a weighted average of the fund's three- and five-year ratings: respectively, 4 stars and 4 stars among 701 and 569 funds, as of 9/30/2019.

Dividends and Capital Gains — Class I Shares

Dividend (paid Dec 21, 2018) $0.23768
Capital Gains (2018) None Paid

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

I Shares
19073.03170000
MSCI Emerging Markets Index
13600.30100000
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 INCEPTION*
THDRX20.17%22.59%9.11%3.05%6.68%
Benchmark (Since 12/16/2009)
MSCI Emerging Markets Index10.35%11.86%7.36%2.93%3.16%
R5 Shares (Incep. 2/1/2013) YTD 1-YR 3-YR 5-YR INCEPTION*
THDRX15.18%8.16%7.29%2.67%6.28%
Benchmark (Since 12/16/2009)
MSCI Emerging Markets Index5.89%-2.02%5.97%2.33%2.76%
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%

* 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) 1.71%
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 701 Diversified Emerging Mkts funds, based on risk-adjusted returns for class R5 shares, using a weighted average of the fund's three- and five-year ratings: respectively, 4 stars and 4 stars among 701 and 569 funds, as of 9/30/2019.

Dividends and Capital Gains — Class R5 Shares

Dividend (paid Dec 21, 2018) $0.23519
Capital Gains (2018) None Paid

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

R5 Shares
18937.73420000
MSCI Emerging Markets Index
13600.30100000
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 INCEPTION*
TDWRX20.32%22.68%9.23%3.14%6.79%
Benchmark (Since 12/16/2009)
MSCI Emerging Markets Index10.35%11.86%7.36%2.93%3.16%
R6 Shares (Incep. 2/1/2013) YTD 1-YR 3-YR 5-YR INCEPTION*
TDWRX15.30%8.25%7.39%2.77%6.38%
Benchmark (Since 12/16/2009)
MSCI Emerging Markets Index5.89%-2.02%5.97%2.33%2.76%
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%

* 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 9/30/2019) 0.99%

Morningstar Rating

Overall Morningstar Rating among 701 Diversified Emerging Mkts funds, based on risk-adjusted returns for class R6 shares, using a weighted average of the fund's three- and five-year ratings: respectively, 4 stars and 4 stars among 701 and 569 funds, as of 9/30/2019.

Dividends and Capital Gains — Class R6 Shares

Dividend (paid Dec 21, 2018) $0.25596
Capital Gains (2018) None Paid

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

R6 Shares
19123.27440000
MSCI Emerging Markets Index
13600.30100000
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