Thornburg Global Opportunities Fund

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 charge22.15%13.32%6.35%4.10%9.77%8.67%
THOAX with sales charge16.65%8.21%4.73%3.14%9.26%8.30%
Benchmark (Since 7/28/2006)
MSCI AC World Index22.29%13.68%11.95%7.24%8.63%6.10%
A Shares (Incep. 7/28/2006) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION
THOAX without sales charge12.17%-5.78%4.44%3.74%8.63%8.09%
THOAX with sales charge7.11%-10.02%2.85%2.78%8.13%7.71%
Benchmark (Since 7/28/2006)
MSCI AC World Index16.20%1.38%9.71%6.65%8.35%5.77%
A Shares without sales charge
(Incep. 7/28/2006)		 MSCI AC World Index
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%

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) 1.28%
Actual Annualized Operating Expenses (fiscal year to date, as of 9/30/2019) 1.31%

Morningstar Rating™

Overall Morningstar Rating among 728 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, 1 star, 2 stars and 3 stars among 728, 600 and 370 funds, as of 10/31/2019.

Dividends and Capital Gains — Class A Shares

Dividend (paid Dec 21, 2018) $0.55231
Capital Gains (2018) None Paid

Hypothetical Growth of $10,000 as of (Thornburg Global Opportunities Fund vs. MSCI AC World Index)

A Shares with sales charge		 28982.82560000
MSCI AC World Index		 22047.40770000
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.

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Average Annual Total Returns

C Shares (Incep. 7/28/2006) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION
THOCX without sales charge21.36%12.50%5.54%3.32%8.94%7.84%
THOCX with sales charge20.36%11.50%5.54%3.32%8.94%7.84%
Benchmark (Since 7/28/2006)
MSCI AC World Index22.29%13.68%11.95%7.24%8.63%6.10%
C Shares (Incep. 7/28/2006) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION
THOCX without sales charge11.55%-6.49%3.64%2.95%7.81%7.26%
THOCX with sales charge10.55%-7.42%3.64%2.95%7.81%7.26%
Benchmark (Since 7/28/2006)
MSCI AC World Index16.20%1.38%9.71%6.65%8.35%5.77%
C Shares without sales charge
(Incep. 7/28/2006)		 MSCI AC World Index
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%

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) 2.03%
Actual Annualized Operating Expenses (fiscal year to date, as of 9/30/2019) 2.07%

Morningstar Rating™

Overall Morningstar Rating among 728 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, 1 star, 1 star and 3 stars among 728, 600 and 370 funds, as of 10/31/2019.

Dividends and Capital Gains — Class C Shares

Dividend (paid Dec 21, 2018) $0.24867
Capital Gains (2018) None Paid

Hypothetical Growth of $10,000 as of (Thornburg Global Opportunities Fund vs. MSCI AC World Index)

C Shares		 27383.49900000
MSCI AC World Index		 22047.40770000
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.

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Average Annual Total Returns

I Shares (Incep. 7/28/2006) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION
THOIX22.52%13.68%6.69%4.45%10.21%9.14%
Benchmark (Since 7/28/2006)
MSCI AC World Index22.29%13.68%11.95%7.24%8.63%6.10%
I Shares (Incep. 7/28/2006) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION
THOIX12.43%-5.46%4.78%4.08%9.08%8.55%
Benchmark (Since 7/28/2006)
MSCI AC World Index16.20%1.38%9.71%6.65%8.35%5.77%
I Shares (Incep. 7/28/2006) MSCI AC World Index
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%

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) 0.97%
Actual Annualized Operating Expenses (fiscal year to date, as of 9/30/2019) 0.99%

Morningstar Rating™

Overall Morningstar Rating among 728 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, 1 star, 2 stars and 3 stars among 728, 600 and 370 funds, as of 10/31/2019.

Dividends and Capital Gains — Class I Shares

Dividend (paid Dec 21, 2018) $0.65217
Capital Gains (2018) None Paid

Hypothetical Growth of $10,000 as of (Thornburg Global Opportunities Fund vs. MSCI AC World Index)

I Shares		 32133.72780000
MSCI AC World Index		 22047.40770000
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
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Average Annual Total Returns

R3 Shares (Incep. 2/1/2008) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION*
THORX†21.94%13.11%6.14%3.91%9.66%8.60%
Benchmark (Since 7/28/2006)
MSCI AC World Index22.29%13.68%11.95%7.24%8.63%6.10%
R3 Shares (Incep. 2/1/2008) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION*
THORX†12.03%-5.95%4.24%3.55%8.52%8.01%
Benchmark (Since 7/28/2006)
MSCI AC World Index16.20%1.38%9.71%6.65%8.35%5.77%
R3 Shares* (Incep. 2/1/2008) MSCI AC World Index
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%

* 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) 1.92%
Net Annual Operating Expenses (as reported in the most recent Prospectus) 1.50%
Actual Annualized Operating Expenses (fiscal year to date, as of 9/30/2019) 1.50%

Morningstar Rating™

Overall Morningstar Rating among 728 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, 1 star, 1 star and 3 stars among 728, 600 and 370 funds, as of 10/31/2019.

Dividends and Capital Gains — Class R3 Shares

Dividend (paid Dec 21, 2018) $0.45816
Capital Gains (2018) None Paid

Hypothetical Growth of $10,000 as of (Thornburg Global Opportunities Fund vs. MSCI AC World Index)

R3 Shares		 30049.13810000
MSCI AC World Index		 22047.40770000
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
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Average Annual Total Returns

R4 Shares (Incep. 2/1/2008) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION*
THOVX†22.10%13.21%6.25%4.01%9.76%8.69%
Benchmark (Since 7/28/2006)
MSCI AC World Index22.29%13.68%11.95%7.24%8.63%6.10%
R4 Shares (Incep. 2/1/2008) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION*
THOVX†12.15%-5.84%4.36%3.65%8.62%8.11%
Benchmark (Since 7/28/2006)
MSCI AC World Index16.20%1.38%9.71%6.65%8.35%5.77%
R4 Shares* (Incep. 2/1/2008) MSCI AC World Index
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%

* 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 R4 Shares

Gross Annual Operating Expenses (as reported in the most recent Prospectus) 1.61%
Net Annual Operating Expenses (as reported in the most recent Prospectus) 1.40%
Actual Annualized Operating Expenses (fiscal year to date, as of 9/30/2019) 1.40%

Morningstar Rating™

Overall Morningstar Rating among 728 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, 1 star, 1 star and 3 stars among 728, 600 and 370 funds, as of 10/31/2019.

Dividends and Capital Gains — Class R4 Shares

Dividend (paid Dec 21, 2018) $0.49136
Capital Gains (2018) None Paid

Hypothetical Growth of $10,000 as of (Thornburg Global Opportunities Fund vs. MSCI AC World Index)

R4 Shares		 30416.03590000
MSCI AC World Index		 22047.40770000
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
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Average Annual Total Returns

R5 Shares (Incep. 2/1/2008) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION*
THOFX†22.50%13.68%6.67%4.44%10.21%9.16%
Benchmark (Since 7/28/2006)
MSCI AC World Index22.29%13.68%11.95%7.24%8.63%6.10%
R5 Shares (Incep. 2/1/2008) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION*
THOFX†12.46%-5.45%4.77%4.08%9.07%8.58%
Benchmark (Since 7/28/2006)
MSCI AC World Index16.20%1.38%9.71%6.65%8.35%5.77%
R5 Shares* (Incep. 2/1/2008) MSCI AC World Index
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%

* 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 R5 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) 0.99%
Actual Annualized Operating Expenses (fiscal year to date, as of 9/30/2019) 0.99%

Morningstar Rating™

Overall Morningstar Rating among 728 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, 1 star, 2 stars and 3 stars among 728, 600 and 370 funds, as of 10/31/2019.

Dividends and Capital Gains — Class R5 Shares

Dividend (paid Dec 21, 2018) $0.65512
Capital Gains (2018) None Paid

Hypothetical Growth of $10,000 as of (Thornburg Global Opportunities Fund vs. MSCI AC World Index)

R5 Shares		 32207.31190000
MSCI AC World Index		 22047.40770000
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
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Average Annual Total Returns

R6 Shares (Incep. 4/10/2017) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION*
THOGX†22.67%13.82%6.81%4.57%10.28%9.18%
Benchmark (Since 7/28/2006)
MSCI AC World Index22.29%13.68%11.95%7.24%8.63%6.10%
R6 Shares (Incep. 4/10/2017) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION*
THOGX†12.57%-5.34%4.89%4.21%9.14%8.59%
Benchmark (Since 7/28/2006)
MSCI AC World Index16.20%1.38%9.71%6.65%8.35%5.77%
R6 Shares* (Incep. 4/10/2017) MSCI AC World Index
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%

* 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 R6 Shares

Gross Annual Operating Expenses (as reported in the most recent Prospectus) 0.98%
Net Annual Operating Expenses (as reported in the most recent Prospectus) 0.85%
Actual Annualized Operating Expenses (fiscal year to date, as of 9/30/2019) 0.85%

Morningstar Rating™

Overall Morningstar Rating among 728 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, 1 star, 2 stars and 3 stars among 728, 600 and 370 funds, as of 10/31/2019.

Dividends and Capital Gains — Class R6 Shares

Dividend (paid Dec 21, 2018) $0.70239
Capital Gains (2018) None Paid

Hypothetical Growth of $10,000 as of (Thornburg Global Opportunities Fund vs. MSCI AC World Index)

R6 Shares		 32294.09620000
MSCI AC World Index		 22047.40770000
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
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Important Information
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