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 charge-1.08%20.33%13.68%10.72%8.54%7.63%
THDAX with sales charge-5.52%14.92%11.95%9.70%8.04%7.21%
Benchmark (Since 12/16/2009)
MSCI Emerging Markets NTR-1.25%18.20%8.58%9.23%6.09%4.63%
A Shares (Incep. 12/16/2009) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION
THDAX without sales charge-1.08%20.33%13.68%10.72%8.54%7.63%
THDAX with sales charge-5.52%14.92%11.95%9.70%8.04%7.21%
Benchmark (Since 12/16/2009)
MSCI Emerging Markets NTR-1.25%18.20%8.58%9.23%6.09%4.63%
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 702 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 702, 603 and 305 funds, as of 7/31/2021.

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
22720.45920000
MSCI Emerging Markets NTR
17051.34910000
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 charge-2.58%18.49%12.82%9.88%7.73%6.85%
THDCX without sales charge-1.59%19.49%12.82%9.88%7.73%6.85%
Benchmark (Since 12/16/2009)
MSCI Emerging Markets NTR-1.25%18.20%8.58%9.23%6.09%4.63%
C Shares (Incep. 12/16/2009) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION
THDCX with sales charge-2.58%18.49%12.82%9.88%7.73%6.85%
THDCX without sales charge-1.59%19.49%12.82%9.88%7.73%6.85%
Benchmark (Since 12/16/2009)
MSCI Emerging Markets NTR-1.25%18.20%8.58%9.23%6.09%4.63%
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 702 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 702, 603 and 305 funds, as of 7/31/2021.

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
21833.26740000
MSCI Emerging Markets NTR
17051.34910000
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-0.81%20.78%14.09%11.14%9.01%8.12%
Benchmark (Since 12/16/2009)
MSCI Emerging Markets NTR-1.25%18.20%8.58%9.23%6.09%4.63%
I Shares (Incep. 12/16/2009) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION
THDIX-0.81%20.78%14.09%11.14%9.01%8.12%
Benchmark (Since 12/16/2009)
MSCI Emerging Markets NTR-1.25%18.20%8.58%9.23%6.09%4.63%
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 702 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 702, 603 and 305 funds, as of 7/31/2021.

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
25105.81010000
MSCI Emerging Markets NTR
17051.34910000
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-0.81%20.72%14.09%11.14%8.97%8.05%
Benchmark (Since 12/16/2009)
MSCI Emerging Markets NTR-1.25%18.20%8.58%9.23%6.09%4.63%
R5 Shares (Incep. 2/1/2013) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION*
THDRX-0.81%20.72%14.09%11.14%8.97%8.05%
Benchmark (Since 12/16/2009)
MSCI Emerging Markets NTR-1.25%18.20%8.58%9.23%6.09%4.63%
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 702 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 702, 603 and 305 funds, as of 7/31/2021.

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
24922.41860000
MSCI Emerging Markets NTR
17051.34910000
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-0.74%20.90%14.20%11.25%9.08%8.16%
Benchmark (Since 12/16/2009)
MSCI Emerging Markets NTR-1.25%18.20%8.58%9.23%6.09%4.63%
R6 Shares (Incep. 2/1/2013) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION*
TDWRX-0.74%20.90%14.20%11.25%9.08%8.16%
Benchmark (Since 12/16/2009)
MSCI Emerging Markets NTR-1.25%18.20%8.58%9.23%6.09%4.63%
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 702 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 702, 603 and 305 funds, as of 7/31/2021.

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
25215.38060000
MSCI Emerging Markets NTR
17051.34910000
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