Thornburg International Growth Fund

Share Class

Average Annual Total Returns

A Shares (Incep. 2/1/2007) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION
TIGAX without sales charge13.85%-6.36%6.28%4.95%9.28%6.41%
TIGAX with sales charge8.71%-10.57%4.65%3.99%8.78%6.03%
Benchmark (Since 2/1/2007)
MSCI AC World ex-U.S. Growth Index16.21%2.03%7.37%4.86%5.82%3.25%
A Shares (Incep. 2/1/2007) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION
TIGAX without sales charge13.85%-6.36%6.28%4.95%9.28%6.41%
TIGAX with sales charge8.71%-10.57%4.65%3.99%8.78%6.03%
Benchmark (Since 2/1/2007)
MSCI AC World ex-U.S. Growth Index16.21%2.03%7.37%4.86%5.82%3.25%
A Shares without sales charge
(Incep. 2/1/2007)
MSCI AC World ex-U.S. Growth Index
2008 -50.32% -45.61%
2009 44.81% 38.67%
2010 27.26% 14.45%
2011 -2.97% -14.20%
2012 21.87% 16.66%
2013 36.41% 15.49%
2014 -12.46% -2.65%
2015 6.33% -1.26%
2016 -5.05% 0.12%
2017 34.33% 32.01%
2018 -17.01% -14.43%

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 9/30/2019) 1.32%

Morningstar Rating

Overall Morningstar Rating among 396 Foreign Large Growth 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, 3 stars and 5 stars among 396, 340 and 247 funds, as of 9/30/2019.

Dividends and Capital Gains — Class A Shares

Dividend (paid Dec 21, 2018) $0.02330
Capital Gains for 2018 paid Nov 15, 2018  
     Short-Term (per share) -
     Long-Term (per share) $0.74833
     Total (per share) $0.74833

Hypothetical Growth of $10,000 as of (Thornburg International Growth Fund vs. MSCI AC World ex-U.S. Growth Index)

A Shares with sales charge
20986.63530000
MSCI AC World ex-U.S. Growth Index
14985.37370000
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. 2/1/2007) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION
TIGCX without sales charge13.22%-7.04%5.48%4.16%8.45%5.66%
TIGCX with sales charge12.22%-7.94%5.48%4.16%8.45%5.66%
Benchmark (Since 2/1/2007)
MSCI AC World ex-U.S. Growth Index16.21%2.03%7.37%4.86%5.82%3.25%
C Shares (Incep. 2/1/2007) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION
TIGCX without sales charge13.22%-7.04%5.48%4.16%8.45%5.66%
TIGCX with sales charge12.22%-7.94%5.48%4.16%8.45%5.66%
Benchmark (Since 2/1/2007)
MSCI AC World ex-U.S. Growth Index16.21%2.03%7.37%4.86%5.82%3.25%
C Shares without sales charge
(Incep. 2/1/2007)
MSCI AC World ex-U.S. Growth Index
2008 -50.68% -45.61%
2009 44.49% 38.67%
2010 26.29% 14.45%
2011 -3.71% -14.20%
2012 20.86% 16.66%
2013 35.42% 15.49%
2014 -13.12% -2.65%
2015 5.54% -1.26%
2016 -5.79% 0.12%
2017 33.37% 32.01%
2018 -17.67% -14.43%

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) 2.08%
Actual Annualized Operating Expenses (fiscal year to date, as of 9/30/2019) 2.08%

Morningstar Rating

Overall Morningstar Rating among 396 Foreign Large Growth 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 5 stars among 396, 340 and 247 funds, as of 9/30/2019.

Dividends and Capital Gains — Class C Shares

Dividend (paid Dec 21, 2018) $0.00000
Capital Gains for 2018 paid Nov 15, 2018  
     Short-Term (per share) -
     Long-Term (per share) $0.74833
     Total (per share) $0.74833

Hypothetical Growth of $10,000 as of (Thornburg International Growth Fund vs. MSCI AC World ex-U.S. Growth Index)

C Shares
20077.40310000
MSCI AC World ex-U.S. Growth Index
14985.37370000
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. 2/1/2007) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION
TINGX14.13%-6.02%6.67%5.35%9.76%6.93%
Benchmark (Since 2/1/2007)
MSCI AC World ex-U.S. Growth Index16.21%2.03%7.37%4.86%5.82%3.25%
I Shares (Incep. 2/1/2007) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION
TINGX14.13%-6.02%6.67%5.35%9.76%6.93%
Benchmark (Since 2/1/2007)
MSCI AC World ex-U.S. Growth Index16.21%2.03%7.37%4.86%5.82%3.25%
I Shares (Incep. 2/1/2007) MSCI AC World ex-U.S. Growth Index
2008 -50.04% -45.61%
2009 45.75% 38.67%
2010 28.10% 14.45%
2011 -2.51% -14.20%
2012 22.45% 16.66%
2013 36.94% 15.49%
2014 -12.15% -2.65%
2015 6.84% -1.26%
2016 -4.70% 0.12%
2017 34.93% 32.01%
2018 -16.74% -14.43%

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

Morningstar Rating

Overall Morningstar Rating among 396 Foreign Large Growth 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 5 stars among 396, 340 and 247 funds, as of 9/30/2019.

Dividends and Capital Gains — Class I Shares

Dividend (paid Dec 21, 2018) $0.10375
Capital Gains for 2018 paid Nov 15, 2018  
     Short-Term (per share) -
     Long-Term (per share) $0.74833
     Total (per share) $0.74833

Hypothetical Growth of $10,000 as of (Thornburg International Growth Fund vs. MSCI AC World ex-U.S. Growth Index)

I Shares
23346.35330000
MSCI AC World ex-U.S. Growth Index
14985.37370000
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

R3 Shares (Incep. 2/1/2008) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION*
TIGVX13.71%-6.50%6.14%4.83%9.20%6.38%
Benchmark (Since 2/1/2007)
MSCI AC World ex-U.S. Growth Index16.21%2.03%7.37%4.86%5.82%3.25%
R3 Shares (Incep. 2/1/2008) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION*
TIGVX13.71%-6.50%6.14%4.83%9.20%6.38%
Benchmark (Since 2/1/2007)
MSCI AC World ex-U.S. Growth Index16.21%2.03%7.37%4.86%5.82%3.25%
R3 Shares* (Incep. 2/1/2008) MSCI AC World ex-U.S. Growth Index
2008 -50.23% -45.61%
2009 44.98% 38.67%
2010 27.46% 14.45%
2011 -3.05% -14.20%
2012 21.88% 16.66%
2013 36.21% 15.49%
2014 -12.56% -2.65%
2015 6.25% -1.26%
2016 -5.16% 0.12%
2017 34.22% 32.01%
2018 -17.18% -14.43%

* Since 2/1/2007.
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) 1.98%
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 396 Foreign Large Growth 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, 3 stars and 5 stars among 396, 340 and 247 funds, as of 9/30/2019.

Dividends and Capital Gains — Class R3 Shares

Dividend (paid Dec 21, 2018) $0.00000
Capital Gains for 2018 paid Nov 15, 2018  
     Short-Term (per share) -
     Long-Term (per share) $0.74833
     Total (per share) $0.74833

Hypothetical Growth of $10,000 as of (Thornburg International Growth Fund vs. MSCI AC World ex-U.S. Growth Index)

R3 Shares
21885.24270000
MSCI AC World ex-U.S. Growth Index
14985.37370000
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

R4 Shares (Incep. 2/1/2008) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION*
TINVX13.81%-6.39%6.25%4.93%9.33%6.49%
Benchmark (Since 2/1/2007)
MSCI AC World ex-U.S. Growth Index16.21%2.03%7.37%4.86%5.82%3.25%
R4 Shares (Incep. 2/1/2008) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION*
TINVX13.81%-6.39%6.25%4.93%9.33%6.49%
Benchmark (Since 2/1/2007)
MSCI AC World ex-U.S. Growth Index16.21%2.03%7.37%4.86%5.82%3.25%
R4 Shares* (Incep. 2/1/2008) MSCI AC World ex-U.S. Growth Index
2008 -50.23% -45.61%
2009 45.10% 38.67%
2010 27.53% 14.45%
2011 -2.77% -14.20%
2012 21.94% 16.66%
2013 36.40% 15.49%
2014 -12.53% -2.65%
2015 6.42% -1.26%
2016 -5.12% 0.12%
2017 34.40% 32.01%
2018 -17.08% -14.43%

* Since 2/1/2007.
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) 1.88%
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 396 Foreign Large Growth 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, 3 stars and 5 stars among 396, 340 and 247 funds, as of 9/30/2019.

Dividends and Capital Gains — Class R4 Shares

Dividend (paid Dec 21, 2018) $0.00000
Capital Gains for 2018 paid Nov 15, 2018  
     Short-Term (per share) -
     Long-Term (per share) $0.74833
     Total (per share) $0.74833

Hypothetical Growth of $10,000 as of (Thornburg International Growth Fund vs. MSCI AC World ex-U.S. Growth Index)

R4 Shares
22166.00740000
MSCI AC World ex-U.S. Growth Index
14985.37370000
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

R5 Shares (Incep. 2/1/2008) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION*
TINFX14.09%-6.05%6.68%5.35%9.76%6.92%
Benchmark (Since 2/1/2007)
MSCI AC World ex-U.S. Growth Index16.21%2.03%7.37%4.86%5.82%3.25%
R5 Shares (Incep. 2/1/2008) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION*
TINFX14.09%-6.05%6.68%5.35%9.76%6.92%
Benchmark (Since 2/1/2007)
MSCI AC World ex-U.S. Growth Index16.21%2.03%7.37%4.86%5.82%3.25%
R5 Shares* (Incep. 2/1/2008) MSCI AC World ex-U.S. Growth Index
2008 -49.99% -45.61%
2009 45.63% 38.67%
2010 28.13% 14.45%
2011 -2.51% -14.20%
2012 22.48% 16.66%
2013 36.91% 15.49%
2014 -12.14% -2.65%
2015 6.82% -1.26%
2016 -4.68% 0.12%
2017 34.92% 32.01%
2018 -16.74% -14.43%

* Since 2/1/2007.
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) 1.25%
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 396 Foreign Large Growth 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 5 stars among 396, 340 and 247 funds, as of 9/30/2019.

Dividends and Capital Gains — Class R5 Shares

Dividend (paid Dec 21, 2018) $0.10117
Capital Gains for 2018 paid Nov 15, 2018  
     Short-Term (per share) -
     Long-Term (per share) $0.74833
     Total (per share) $0.74833

Hypothetical Growth of $10,000 as of (Thornburg International Growth Fund vs. MSCI AC World ex-U.S. Growth Index)

R5 Shares
23325.32920000
MSCI AC World ex-U.S. Growth Index
14985.37370000
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*
THGIX14.21%-5.91%6.80%5.46%9.82%6.94%
Benchmark (Since 2/1/2007)
MSCI AC World ex-U.S. Growth Index16.21%2.03%7.37%4.86%5.82%3.25%
R6 Shares (Incep. 2/1/2013) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION*
THGIX14.21%-5.91%6.80%5.46%9.82%6.94%
Benchmark (Since 2/1/2007)
MSCI AC World ex-U.S. Growth Index16.21%2.03%7.37%4.86%5.82%3.25%
R6 Shares* (Incep. 2/1/2013) MSCI AC World ex-U.S. Growth Index
2008 -50.06% -45.61%
2009 45.55% 38.67%
2010 27.92% 14.45%
2011 -2.47% -14.20%
2012 22.50% 16.66%
2013 37.01% 15.49%
2014 -12.05% -2.65%
2015 6.91% -1.26%
2016 -4.59% 0.12%
2017 35.04% 32.01%
2018 -16.64% -14.43%

* Since 2/1/2007.
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) 0.99%
Net Annual Operating Expenses (as reported in the most recent Prospectus) 0.89%
Actual Annualized Operating Expenses (fiscal year to date, as of 9/30/2019) 0.89%

Morningstar Rating

Overall Morningstar Rating among 396 Foreign Large Growth 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 5 stars among 396, 340 and 247 funds, as of 9/30/2019.

Dividends and Capital Gains — Class R6 Shares

Dividend (paid Dec 21, 2018) $0.12660
Capital Gains for 2018 paid Nov 15, 2018  
     Short-Term (per share) -
     Long-Term (per share) $0.74833
     Total (per share) $0.74833

Hypothetical Growth of $10,000 as of (Thornburg International Growth Fund vs. MSCI AC World ex-U.S. Growth Index)

R6 Shares
23397.84220000
MSCI AC World ex-U.S. Growth Index
14985.37370000
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