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 charge5.81%41.96%15.34%13.45%6.43%8.43%
THDAX with sales charge1.06%35.57%13.59%12.41%5.94%8.00%
Benchmark (Since 12/16/2009)
MSCI Emerging Markets NTR7.45%40.90%11.27%13.03%4.28%5.50%
A Shares (Incep. 12/16/2009) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION
THDAX without sales charge5.81%41.96%15.34%13.45%6.43%8.43%
THDAX with sales charge1.06%35.57%13.59%12.41%5.94%8.00%
Benchmark (Since 12/16/2009)
MSCI Emerging Markets NTR7.45%40.90%11.27%13.03%4.28%5.50%
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 6/30/2021) 1.42%

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-, five- and ten-year ratings: respectively, 4 stars, 4 stars and 4 stars among 701, 602 and 306 funds, as of 6/30/2021.

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
24302.15900000
MSCI Emerging Markets NTR
18552.64800000
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 charge4.43%39.87%14.46%12.59%5.63%7.64%
THDCX without sales charge5.43%40.87%14.46%12.59%5.63%7.64%
Benchmark (Since 12/16/2009)
MSCI Emerging Markets NTR7.45%40.90%11.27%13.03%4.28%5.50%
C Shares (Incep. 12/16/2009) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION
THDCX with sales charge4.43%39.87%14.46%12.59%5.63%7.64%
THDCX without sales charge5.43%40.87%14.46%12.59%5.63%7.64%
Benchmark (Since 12/16/2009)
MSCI Emerging Markets NTR7.45%40.90%11.27%13.03%4.28%5.50%
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 6/30/2021) 2.19%

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-, five- and ten-year ratings: respectively, 4 stars, 3 stars and 4 stars among 701, 602 and 306 funds, as of 6/30/2021.

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
23390.98220000
MSCI Emerging Markets NTR
18552.64800000
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
THDIX5.98%42.37%15.77%13.88%6.89%8.93%
Benchmark (Since 12/16/2009)
MSCI Emerging Markets NTR7.45%40.90%11.27%13.03%4.28%5.50%
I Shares (Incep. 12/16/2009) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION
THDIX5.98%42.37%15.77%13.88%6.89%8.93%
Benchmark (Since 12/16/2009)
MSCI Emerging Markets NTR7.45%40.90%11.27%13.03%4.28%5.50%
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 6/30/2021) 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-, five- and ten-year ratings: respectively, 4 stars, 4 stars and 5 stars among 701, 602 and 306 funds, as of 6/30/2021.

Dividends and Capital Gains — Class I 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)

I Shares
26822.82690000
MSCI Emerging Markets NTR
18552.64800000
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*
THDRX6.00%42.37%15.78%13.89%6.85%8.86%
Benchmark (Since 12/16/2009)
MSCI Emerging Markets NTR7.45%40.90%11.27%13.03%4.28%5.50%
R5 Shares (Incep. 2/1/2013) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION*
THDRX6.00%42.37%15.78%13.89%6.85%8.86%
Benchmark (Since 12/16/2009)
MSCI Emerging Markets NTR7.45%40.90%11.27%13.03%4.28%5.50%
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 6/30/2021) 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-, five- and ten-year ratings: respectively, 4 stars, 4 stars and 5 stars among 701, 602 and 306 funds, as of 6/30/2021.

Dividends and Capital Gains — Class R5 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)

R5 Shares
26632.95440000
MSCI Emerging Markets NTR
18552.64800000
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*
TDWRX6.04%42.54%15.88%14.00%6.96%8.97%
Benchmark (Since 12/16/2009)
MSCI Emerging Markets NTR7.45%40.90%11.27%13.03%4.28%5.50%
R6 Shares (Incep. 2/1/2013) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION*
TDWRX6.04%42.54%15.88%14.00%6.96%8.97%
Benchmark (Since 12/16/2009)
MSCI Emerging Markets NTR7.45%40.90%11.27%13.03%4.28%5.50%
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 6/30/2021) 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-, five- and ten-year ratings: respectively, 4 stars, 4 stars and 5 stars among 701, 602 and 306 funds, as of 6/30/2021.

Dividends and Capital Gains — Class R6 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)

R6 Shares
26937.45020000
MSCI Emerging Markets NTR
18552.64800000
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