Global Opportunities Fund - Performance - Thornburg Investment Management

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	6.75%	73.68%	11.96%	11.33%	10.46%	10.21%
THOAX with sales charge	1.93%	65.88%	10.25%	10.31%	9.96%	9.87%
Benchmark (Since 7/28/2006)
MSCI ACWI NTR	4.57%	54.60%	12.07%	13.21%	9.14%	7.20%

A Shares (Incep. 7/28/2006)	YTD	1-YR	3-YR	5-YR	10-YR	INCEPTION
THOAX without sales charge	6.75%	73.68%	11.96%	11.33%	10.46%	10.21%
THOAX with sales charge	1.93%	65.88%	10.25%	10.31%	9.96%	9.87%
Benchmark (Since 7/28/2006)
MSCI ACWI NTR	4.57%	54.60%	12.07%	13.21%	9.14%	7.20%

	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 2/28/2021)	1.28%

Morningstar Rating^™

Overall Morningstar Rating among 760 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, 2 stars, 2 stars and 3 stars among 760, 631 and 385 funds, as of 12/31/2020.

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 3/31/2021 (Thornburg Global Opportunities Fund vs. MSCI ACWI NTR)

A Shares with sales charge	39775.50880000
MSCI ACWI NTR	27746.76010000

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	5.56%	71.43%	11.13%	10.51%	9.63%	9.37%
THOCX without sales charge	6.56%	72.43%	11.13%	10.51%	9.63%	9.37%
Benchmark (Since 7/28/2006)
MSCI ACWI NTR	4.57%	54.60%	12.07%	13.21%	9.14%	7.20%

C Shares (Incep. 7/28/2006)	YTD	1-YR	3-YR	5-YR	10-YR	INCEPTION
THOCX with sales charge	5.56%	71.43%	11.13%	10.51%	9.63%	9.37%
THOCX without sales charge	6.56%	72.43%	11.13%	10.51%	9.63%	9.37%
Benchmark (Since 7/28/2006)
MSCI ACWI NTR	4.57%	54.60%	12.07%	13.21%	9.14%	7.20%

	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 2/28/2021)	2.08%

Morningstar Rating^™

Overall Morningstar Rating among 760 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 3 stars among 760, 631 and 385 funds, as of 12/31/2020.

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 3/31/2021 (Thornburg Global Opportunities Fund vs. MSCI ACWI NTR)

C Shares	37212.44160000
MSCI ACWI NTR	27746.76010000

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	6.82%	74.18%	12.29%	11.68%	10.87%	10.67%
Benchmark (Since 7/28/2006)
MSCI ACWI NTR	4.57%	54.60%	12.07%	13.21%	9.14%	7.20%

I Shares (Incep. 7/28/2006)	YTD	1-YR	3-YR	5-YR	10-YR	INCEPTION
THOIX	6.82%	74.18%	12.29%	11.68%	10.87%	10.67%
Benchmark (Since 7/28/2006)
MSCI ACWI NTR	4.57%	54.60%	12.07%	13.21%	9.14%	7.20%

	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 2/28/2021)	0.99%

Morningstar Rating^™

Overall Morningstar Rating among 760 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, 2 stars, 2 stars and 3 stars among 760, 631 and 385 funds, as of 12/31/2020.

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 3/31/2021 (Thornburg Global Opportunities Fund vs. MSCI ACWI NTR)

I Shares	44248.78440000
MSCI ACWI NTR	27746.76010000

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^†	6.71%	73.34%	11.73%	11.12%	10.31%	10.11%
Benchmark (Since 7/28/2006)
MSCI ACWI NTR	4.57%	54.60%	12.07%	13.21%	9.14%	7.20%

R3 Shares (Incep. 2/1/2008)	YTD	1-YR	3-YR	5-YR	10-YR	INCEPTION*
THORX^†	6.71%	73.34%	11.73%	11.12%	10.31%	10.11%
Benchmark (Since 7/28/2006)
MSCI ACWI NTR	4.57%	54.60%	12.07%	13.21%	9.14%	7.20%

	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 2/28/2021)	1.50%

Morningstar Rating^™

Overall Morningstar Rating among 760 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 760, 631 and 385 funds, as of 12/31/2020.

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 3/31/2021 (Thornburg Global Opportunities Fund vs. MSCI ACWI NTR)

R3 Shares	41118.83710000
MSCI ACWI NTR	27746.76010000

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^†	6.71%	73.48%	11.84%	11.22%	10.42%	10.21%
Benchmark (Since 7/28/2006)
MSCI ACWI NTR	4.57%	54.60%	12.07%	13.21%	9.14%	7.20%

R4 Shares (Incep. 2/1/2008)	YTD	1-YR	3-YR	5-YR	10-YR	INCEPTION*
THOVX^†	6.71%	73.48%	11.84%	11.22%	10.42%	10.21%
Benchmark (Since 7/28/2006)
MSCI ACWI NTR	4.57%	54.60%	12.07%	13.21%	9.14%	7.20%

	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 2/28/2021)	1.40%

Morningstar Rating^™

Overall Morningstar Rating among 760 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, 2 stars, 2 stars and 3 stars among 760, 631 and 385 funds, as of 12/31/2020.

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 3/31/2021 (Thornburg Global Opportunities Fund vs. MSCI ACWI NTR)

R4 Shares	41660.70360000
MSCI ACWI NTR	27746.76010000

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^†	6.81%	74.21%	12.29%	11.67%	10.87%	10.69%
Benchmark (Since 7/28/2006)
MSCI ACWI NTR	4.57%	54.60%	12.07%	13.21%	9.14%	7.20%

R5 Shares (Incep. 2/1/2008)	YTD	1-YR	3-YR	5-YR	10-YR	INCEPTION*
THOFX^†	6.81%	74.21%	12.29%	11.67%	10.87%	10.69%
Benchmark (Since 7/28/2006)
MSCI ACWI NTR	4.57%	54.60%	12.07%	13.21%	9.14%	7.20%

	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 2/28/2021)	0.99%

Morningstar Rating^™

Overall Morningstar Rating among 760 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, 2 stars, 2 stars and 3 stars among 760, 631 and 385 funds, as of 12/31/2020.

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 3/31/2021 (Thornburg Global Opportunities Fund vs. MSCI ACWI NTR)

R5 Shares	44362.83990000
MSCI ACWI NTR	27746.76010000

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^†	6.86%	74.40%	12.44%	11.81%	10.96%	10.72%
Benchmark (Since 7/28/2006)
MSCI ACWI NTR	4.57%	54.60%	12.07%	13.21%	9.14%	7.20%

R6 Shares (Incep. 4/10/2017)	YTD	1-YR	3-YR	5-YR	10-YR	INCEPTION*
THOGX^†	6.86%	74.40%	12.44%	11.81%	10.96%	10.72%
Benchmark (Since 7/28/2006)
MSCI ACWI NTR	4.57%	54.60%	12.07%	13.21%	9.14%	7.20%

	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 2/28/2021)	0.85%

Morningstar Rating^™

Overall Morningstar Rating among 760 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, 2 stars, 2 stars and 4 stars among 760, 631 and 385 funds, as of 12/31/2020.

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 3/31/2021 (Thornburg Global Opportunities Fund vs. MSCI ACWI NTR)

R6 Shares	44552.96740000
MSCI ACWI NTR	27746.76010000

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