Performance [FGO]

Share Class

Average Annual Total Returns

A Shares (Incep. 7/28/2006)	YTD	1-YR	3-YR	5-YR	10-YR	INCEPTION
THOAX without sales charge	10.60%	32.82%	13.42%	12.02%	13.18%	10.11%
THOAX with sales charge	5.61%	26.85%	11.69%	11.00%	12.66%	9.78%
Benchmark (Since 7/28/2006)
MSCI ACWI NTR	11.12%	27.44%	12.58%	13.20%	11.90%	7.39%

A Shares (Incep. 7/28/2006)	YTD	1-YR	3-YR	5-YR	10-YR	INCEPTION
THOAX without sales charge	10.60%	32.82%	13.42%	12.02%	13.18%	10.11%
THOAX with sales charge	5.61%	26.85%	11.69%	11.00%	12.66%	9.78%
Benchmark (Since 7/28/2006)
MSCI ACWI NTR	11.12%	27.44%	12.58%	13.20%	11.90%	7.39%

	A Shares without sales charge (Incep. 7/28/2006)	MSCI ACWI NTR
2007	31.92%	11.66%
2008	-48.17%	-42.20%
2009	45.98%	34.63%
2010	15.33%	12.66%
2011	-7.79%	-7.34%
2012	21.56%	16.13%
2013	28.18%	22.80%
2014	18.44%	4.17%
2015	1.12%	-2.37%
2016	3.64%	7.86%
2017	21.64%	23.97%
2018	-20.92%	-9.42%
2019	28.38%	26.60%
2020	22.32%	16.25%

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)	1.32%
Actual Annualized Operating Expenses (fiscal year to date, as of 6/30/2021)	1.27%

Morningstar Rating^™

Overall Morningstar Rating among 282 World Large Stock 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, 3 stars, 3 stars and 3 stars among 282, 248 and 144 funds, as of 7/31/2021.

Dividends and Capital Gains — Class A Shares

Dividend (paid Dec 17, 2020)	$0.00001
Capital Gains for 2020 paid Nov 19, 2020
Short-Term (per share)	$0.68813
Long-Term (per share)	$1.61516
Total (per share)	$2.30329

Hypothetical Growth of $10,000 as of 9/30/2021 (Thornburg Global Opportunities Fund vs. MSCI ACWI NTR)

A Shares with sales charge	41211.41000000
MSCI ACWI NTR	29483.96430000

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. 7/28/2006)	YTD	1-YR	3-YR	5-YR	10-YR	INCEPTION
THOCX with sales charge	8.98%	30.77%	12.57%	11.18%	12.32%	9.27%
THOCX without sales charge	9.98%	31.77%	12.57%	11.18%	12.32%	9.27%
Benchmark (Since 7/28/2006)
MSCI ACWI NTR	11.12%	27.44%	12.58%	13.20%	11.90%	7.39%

C Shares (Incep. 7/28/2006)	YTD	1-YR	3-YR	5-YR	10-YR	INCEPTION
THOCX with sales charge	8.98%	30.77%	12.57%	11.18%	12.32%	9.27%
THOCX without sales charge	9.98%	31.77%	12.57%	11.18%	12.32%	9.27%
Benchmark (Since 7/28/2006)
MSCI ACWI NTR	11.12%	27.44%	12.58%	13.20%	11.90%	7.39%

	C Shares without sales charge (Incep. 7/28/2006)	MSCI ACWI NTR
2007	30.84%	11.66%
2008	-48.54%	-42.20%
2009	44.84%	34.63%
2010	14.34%	12.66%
2011	-8.48%	-7.34%
2012	20.64%	16.13%
2013	27.22%	22.80%
2014	17.57%	4.17%
2015	0.32%	-2.37%
2016	2.88%	7.86%
2017	20.69%	23.97%
2018	-21.51%	-9.42%
2019	27.42%	26.60%
2020	21.45%	16.25%

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)	2.06%
Actual Annualized Operating Expenses (fiscal year to date, as of 6/30/2021)	2.06%

Morningstar Rating^™

Overall Morningstar Rating among 282 World Large Stock 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, 2 stars, 2 stars and 2 stars among 282, 248 and 144 funds, as of 7/31/2021.

Dividends and Capital Gains — Class C Shares

Dividend (December 2020)	None Paid
Capital Gains for 2020 paid Nov 19, 2020
Short-Term (per share)	$0.68813
Long-Term (per share)	$1.61516
Total (per share)	$2.30329

Hypothetical Growth of $10,000 as of 9/30/2021 (Thornburg Global Opportunities Fund vs. MSCI ACWI NTR)

C Shares	38404.88450000
MSCI ACWI NTR	29483.96430000

Additional Rating and Ranking Information

Average Annual Total Returns

I Shares (Incep. 7/28/2006)	YTD	1-YR	3-YR	5-YR	10-YR	INCEPTION
THOIX	10.83%	33.17%	13.75%	12.37%	13.59%	10.57%
Benchmark (Since 7/28/2006)
MSCI ACWI NTR	11.12%	27.44%	12.58%	13.20%	11.90%	7.39%

I Shares (Incep. 7/28/2006)	YTD	1-YR	3-YR	5-YR	10-YR	INCEPTION
THOIX	10.83%	33.17%	13.75%	12.37%	13.59%	10.57%
Benchmark (Since 7/28/2006)
MSCI ACWI NTR	11.12%	27.44%	12.58%	13.20%	11.90%	7.39%

	I Shares (Incep. 7/28/2006)	MSCI ACWI NTR
2007	32.52%	11.66%
2008	-47.85%	-42.20%
2009	46.66%	34.63%
2010	15.86%	12.66%
2011	-7.27%	-7.34%
2012	22.19%	16.13%
2013	28.75%	22.80%
2014	18.91%	4.17%
2015	1.46%	-2.37%
2016	4.03%	7.86%
2017	22.03%	23.97%
2018	-20.67%	-9.42%
2019	28.76%	26.60%
2020	22.66%	16.25%

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)	1.08%
Actual Annualized Operating Expenses (fiscal year to date, as of 6/30/2021)	0.99%

Morningstar Rating^™

Overall Morningstar Rating among 282 World Large Stock 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, 3 stars, 3 stars and 3 stars among 282, 248 and 144 funds, as of 7/31/2021.

Dividends and Capital Gains — Class I Shares

Dividend (paid Dec 17, 2020)	$0.08510
Capital Gains for 2020 paid Nov 19, 2020
Short-Term (per share)	$0.68813
Long-Term (per share)	$1.61516
Total (per share)	$2.30329

Hypothetical Growth of $10,000 as of 9/30/2021 (Thornburg Global Opportunities Fund vs. MSCI ACWI NTR)

I Shares	45911.31090000
MSCI ACWI NTR	29483.96430000

Additional Rating and Ranking Information

Average Annual Total Returns

R3 Shares (Incep. 2/1/2008)	YTD	1-YR	3-YR	5-YR	10-YR	INCEPTION*
THORX^†	10.41%	32.48%	13.17%	11.79%	13.00%	10.01%
Benchmark (Since 7/28/2006)
MSCI ACWI NTR	11.12%	27.44%	12.58%	13.20%	11.90%	7.39%

R3 Shares (Incep. 2/1/2008)	YTD	1-YR	3-YR	5-YR	10-YR	INCEPTION*
THORX^†	10.41%	32.48%	13.17%	11.79%	13.00%	10.01%
Benchmark (Since 7/28/2006)
MSCI ACWI NTR	11.12%	27.44%	12.58%	13.20%	11.90%	7.39%

	R3 Shares* (Incep. 2/1/2008)	MSCI ACWI NTR
2007^†	31.91%	11.66%
2008^†	-48.05%	-42.20%
2009	45.79%	34.63%
2010	15.29%	12.66%
2011	-7.78%	-7.34%
2012	21.62%	16.13%
2013	28.07%	22.80%
2014	18.31%	4.17%
2015	0.95%	-2.37%
2016	3.49%	7.86%
2017	21.37%	23.97%
2018	-21.07%	-9.42%
2019	28.11%	26.60%
2020	22.05%	16.25%

* Since 7/28/2006.
^† 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 R3 Shares

Gross Annual Operating Expenses (as reported in the most recent Prospectus)	2.00%
Net Annual Operating Expenses (as reported in the most recent Prospectus)	1.50%
Actual Annualized Operating Expenses (fiscal year to date, as of 6/30/2021)	1.50%

Morningstar Rating^™

Overall Morningstar Rating among 282 World Large Stock funds, based on risk-adjusted returns for class R3 shares, using a weighted average of the fund's three-, five- and ten-year ratings: respectively, 2 stars, 2 stars and 3 stars among 282, 248 and 144 funds, as of 7/31/2021.

Dividends and Capital Gains — Class R3 Shares

Dividend (December 2020)	None Paid
Capital Gains for 2020 paid Nov 19, 2020
Short-Term (per share)	$0.68813
Long-Term (per share)	$1.61516
Total (per share)	$2.30329

Hypothetical Growth of $10,000 as of 9/30/2021 (Thornburg Global Opportunities Fund vs. MSCI ACWI NTR)

R3 Shares	42543.91010000
MSCI ACWI NTR	29483.96430000

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

R4 Shares (Incep. 2/1/2008)	YTD	1-YR	3-YR	5-YR	10-YR	INCEPTION*
THOVX^†	10.48%	32.62%	13.28%	11.90%	13.11%	10.11%
Benchmark (Since 7/28/2006)
MSCI ACWI NTR	11.12%	27.44%	12.58%	13.20%	11.90%	7.39%

R4 Shares (Incep. 2/1/2008)	YTD	1-YR	3-YR	5-YR	10-YR	INCEPTION*
THOVX^†	10.48%	32.62%	13.28%	11.90%	13.11%	10.11%
Benchmark (Since 7/28/2006)
MSCI ACWI NTR	11.12%	27.44%	12.58%	13.20%	11.90%	7.39%

	R4 Shares* (Incep. 2/1/2008)	MSCI ACWI NTR
2007^†	31.80%	11.66%
2008^†	-48.08%	-42.20%
2009	46.17%	34.63%
2010	15.36%	12.66%
2011	-7.68%	-7.34%
2012	21.65%	16.13%
2013	28.21%	22.80%
2014	18.46%	4.17%
2015	0.99%	-2.37%
2016	3.61%	7.86%
2017	21.50%	23.97%
2018	-21.01%	-9.42%
2019	28.27%	26.60%
2020	22.18%	16.25%

Fund Operating Expenses — Class R4 Shares

Gross Annual Operating Expenses (as reported in the most recent Prospectus)	1.62%
Net Annual Operating Expenses (as reported in the most recent Prospectus)	1.40%
Actual Annualized Operating Expenses (fiscal year to date, as of 6/30/2021)	1.40%

Morningstar Rating^™

Overall Morningstar Rating among 282 World Large Stock funds, based on risk-adjusted returns for class R4 shares, using a weighted average of the fund's three-, five- and ten-year ratings: respectively, 3 stars, 3 stars and 3 stars among 282, 248 and 144 funds, as of 7/31/2021.

Dividends and Capital Gains — Class R4 Shares

Dividend (December 2020)	None Paid
Capital Gains for 2020 paid Nov 19, 2020
Short-Term (per share)	$0.68813
Long-Term (per share)	$1.61516
Total (per share)	$2.30329

Hypothetical Growth of $10,000 as of 9/30/2021 (Thornburg Global Opportunities Fund vs. MSCI ACWI NTR)

R4 Shares	43131.21140000
MSCI ACWI NTR	29483.96430000

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

R5 Shares (Incep. 2/1/2008)	YTD	1-YR	3-YR	5-YR	10-YR	INCEPTION*
THOFX^†	10.82%	33.18%	13.75%	12.35%	13.58%	10.58%
Benchmark (Since 7/28/2006)
MSCI ACWI NTR	11.12%	27.44%	12.58%	13.20%	11.90%	7.39%

R5 Shares (Incep. 2/1/2008)	YTD	1-YR	3-YR	5-YR	10-YR	INCEPTION*
THOFX^†	10.82%	33.18%	13.75%	12.35%	13.58%	10.58%
Benchmark (Since 7/28/2006)
MSCI ACWI NTR	11.12%	27.44%	12.58%	13.20%	11.90%	7.39%

	R5 Shares* (Incep. 2/1/2008)	MSCI ACWI NTR
2007^†	31.17%	11.66%
2008^†	-47.78%	-42.20%
2009	46.74%	34.63%
2010	15.78%	12.66%
2011	-7.26%	-7.34%
2012	22.17%	16.13%
2013	28.73%	22.80%
2014	18.93%	4.17%
2015	1.44%	-2.37%
2016	4.06%	7.86%
2017	21.96%	23.97%
2018	-20.67%	-9.42%
2019	28.78%	26.60%
2020	22.68%	16.25%

Fund Operating Expenses — Class R5 Shares

Gross Annual Operating Expenses (as reported in the most recent Prospectus)	1.28%
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 282 World Large Stock 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, 3 stars, 3 stars and 3 stars among 282, 248 and 144 funds, as of 7/31/2021.

Dividends and Capital Gains — Class R5 Shares

Dividend (paid Dec 17, 2020)	$0.08565
Capital Gains for 2020 paid Nov 19, 2020
Short-Term (per share)	$0.68813
Long-Term (per share)	$1.61516
Total (per share)	$2.30329

Hypothetical Growth of $10,000 as of 9/30/2021 (Thornburg Global Opportunities Fund vs. MSCI ACWI NTR)

R5 Shares	46027.90190000
MSCI ACWI NTR	29483.96430000

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. 4/10/2017)	YTD	1-YR	3-YR	5-YR	10-YR	INCEPTION*
THOGX^†	10.94%	33.32%	13.90%	12.49%	13.69%	10.62%
Benchmark (Since 7/28/2006)
MSCI ACWI NTR	11.12%	27.44%	12.58%	13.20%	11.90%	7.39%

R6 Shares (Incep. 4/10/2017)	YTD	1-YR	3-YR	5-YR	10-YR	INCEPTION*
THOGX^†	10.94%	33.32%	13.90%	12.49%	13.69%	10.62%
Benchmark (Since 7/28/2006)
MSCI ACWI NTR	11.12%	27.44%	12.58%	13.20%	11.90%	7.39%

	R6 Shares* (Incep. 4/10/2017)	MSCI ACWI NTR
2007^†	31.30%	11.66%
2008^†	-47.92%	-42.20%
2009^†	46.68%	34.63%
2010^†	15.89%	12.66%
2011^†	-7.35%	-7.34%
2012^†	22.15%	16.13%
2013^†	28.79%	22.80%
2014^†	19.00%	4.17%
2015^†	1.60%	-2.37%
2016^†	4.14%	7.86%
2017^†	22.19%	23.97%
2018	-20.57%	-9.42%
2019	28.94%	26.60%
2020	22.83%	16.25%

Fund Operating Expenses — Class R6 Shares

Gross Annual Operating Expenses (as reported in the most recent Prospectus)	1.03%
Net Annual Operating Expenses (as reported in the most recent Prospectus)	0.85%
Actual Annualized Operating Expenses (fiscal year to date, as of 6/30/2021)	0.85%

Morningstar Rating^™

Overall Morningstar Rating among 282 World Large Stock 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, 3 stars, 3 stars and 3 stars among 282, 248 and 144 funds, as of 7/31/2021.

Dividends and Capital Gains — Class R6 Shares

Dividend (paid Dec 17, 2020)	$0.13293
Capital Gains for 2020 paid Nov 19, 2020
Short-Term (per share)	$0.68813
Long-Term (per share)	$1.61516
Total (per share)	$2.30329

Hypothetical Growth of $10,000 as of 9/30/2021 (Thornburg Global Opportunities Fund vs. MSCI ACWI NTR)

R6 Shares	46256.66920000
MSCI ACWI NTR	29483.96430000

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

Related Resources

Commentary: Global Opportunities Fund

3rd Quarter 2021

As the Covid-19 pandemic wanes, we believe people around the world will continue to buy goods and services and trade with each other, though there will be lasting differences from prior norms. We believe the Global Opportunities Fund's businesses will benefit as the world adjusts to an improving economic backdrop and continued stimulus.

Covid's Ongoing Impact on Global Equities

Please see our glossary for a definition of terms.

The views expressed are subject to change and do not necessarily reflect the views of Thornburg Investment Management, Inc. This information should not be relied upon as a recommendation or investment advice and is not intended to predict the performance of any investment or market.

This is not a solicitation or offer for any product or service. Nor is it a complete analysis of every material fact concerning any market, industry, or investment. Data has been obtained from sources considered reliable, but Thornburg makes no representations as to the completeness or accuracy of such information and has no obligation to provide updates or changes. Thornburg does not accept any responsibility and cannot be held liable for any person's use of or reliance on the information and opinions contained herein.

Investments carry risks, including possible loss of principal.

Outside the United States

This is directed to INVESTMENT PROFESSIONALS AND INSTITUTIONAL INVESTORS ONLY and is not intended for use by any person or entity in any jurisdiction or country where such distribution or use would be contrary to the laws or regulations applicable to their place of citizenship, domicile or residence.

Thornburg is regulated by the U.S. Securities and Exchange Commission under U.S. laws which may differ materially from laws in other jurisdictions. Any entity or person forwarding this to other parties takes full responsibility for ensuring compliance with applicable securities laws in connection with its distribution.

For United Kingdom: This communication is issued by Thornburg Investment Management Ltd. ("TIM Ltd.") and approved by Robert Quinn Advisory LLP which is authorised and regulated by the UK Financial Conduct Authority ("FCA"). TIM Ltd. is an appointed representative of Robert Quinn Advisory LLP.

This communication is exclusively intended for persons who are Professional Clients or Eligible Counterparties for the purposes of the FCA Rules and other persons should not act or rely on it. This communication is not intended for use by any person or entity in any jurisdiction or country where such distribution or use would be contrary to local law or regulation.

For Hong Kong: This article is issued by Thornburg Investment Management (Asia) Limited ("Company"), a wholly-owned subsidiary of Thornburg Investment Management, Inc. The Company is currently licensed with the Hong Kong SFC for Type 1 regulated activity, with the CE No.: BPQ208.

The material is only intended for Individual, Corporate and Institutional Professional Investor Use Only and may not be reproduced or redistributed to any person without the written consent of Thornburg Investment Management (Asia) Limited or its affiliated companies.

The material has not been reviewed by the Securities and Futures Commission of Hong Kong.

This document is for informational purpose only and should not intended to constitute any tax, accounting, regulatory, legal, insurance or investment advice and does not constitute any offer or solicitation to offer or recommendation of any investment product/service from the Company. The information provided is not intended to predict the performance of any investment or market. Data has been obtained from sources considered reliable. Notwithstanding, the Company makes no representations as to the completeness or accuracy of such information or opinion and has no obligation to provide updates or changes. The Company does not accept any responsibility and cannot be held liable for any person’s use of or reliance on the information and opinions contained herein.

Investment involves risks. Past performance is not a guide to future performance and should not be the sole factor of consideration when selecting a product. You should not make investment decision solely based on this general information. If you have any queries, please contact your financial advisor and seek professional advice. All financial investments involve an element of risk.

September 27, 2021

Miguel Oleaga

Covid continues to create opportunities for active managers who take a balanced and measured approach.

Paths to Success in Global Equities

Please see our glossary for a definition of terms.

Click here for a list of the top 10 holdings for Thornburg Global Opportunities Fund.

Click here to view Fund performance.

Before investing, carefully consider the Fund's investment goals, risks, charges, and expenses. For a prospectus or summary prospectus containing this and other information, contact your financial advisor or visit thornburg.com. Read them carefully before investing.

Investments carry risks, including possible loss of principal. Additional risks may be associated with investments outside the United States, especially in emerging markets, including currency fluctuations, illiquidity, volatility, and political and economic risks. Investments in small- and mid-capitalization companies may increase the risk of greater price fluctuations. Investments in the Fund are not FDIC insured, nor are they bank deposits or guaranteed by a bank or any other entity.

Any securities, sectors, or countries mentioned are for illustration purposes only. Holdings are subject to change. Under no circumstances does the information contained within represent a recommendation to buy or sell any security.

Performance data shown represents past performance and is no guarantee of future results. Investment return and principal value will fluctuate so shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than quoted. For performance current to the most recent month end, visit thornburg.com or call 877-215-1330. The maximum sales charge for the Fund’s A shares is 4.50%. There is no up-front sales charge for class I shares. The total annual fund operating expenses are as follows: A shares, 1.32%; I shares, 1.08%. For more detailed information on fund expenses and waivers/reimbursements please see the funds’ prospectus.

Thornburg mutual funds are distributed by Thornburg Securities Corporation.

September 16, 2021

Brian McMahon

Thornburg Chief Investment Strategist Brian McMahon discusses the lessons he’s learned throughout his 15 years managing the Global Opportunities Fund.

Thornburg Global Opportunities Fund Celebrates 15th Anniversary

August 31, 2021

Thornburg announced the 15-year anniversary of the $1.1 billion Thornburg Global Opportunities Fund. The Fund carries a top percentile ranking in the Morningstar World Large-Stock Blend category, among 81 funds, for the fifteen-year period ending July 31, 2021, based on total returns without sales charge.

Citywire Engage Interviews Brian McMahon

March 15, 2021

Brian McMahon
Brian McMahon

Thornburg Vice Chairman and Chief Investment Strategist Brian McMahon spoke with Citywire Engage to discuss Thornburg Global Opportunities portfolio, its concentrated approach and how the strategy navigated the COVID downturn of 2020.

Global Opportunities Fund - Performance

Share Class