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 charge-4.45%8.24%8.65%4.90%9.46%6.65%
TIGAX with sales charge-8.74%3.36%6.98%3.93%8.95%6.28%
Benchmark (Since 2/1/2007)
MSCI AC World ex-U.S. Growth Index-8.19%5.79%7.57%4.28%5.83%3.19%
A Shares (Incep. 2/1/2007) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION
TIGAX without sales charge25.90%25.90%11.96%7.22%9.80%7.12%
TIGAX with sales charge20.22%20.22%10.25%6.23%9.29%6.74%
Benchmark (Since 2/1/2007)
MSCI AC World ex-U.S. Growth Index27.34%27.34%12.89%7.30%6.24%3.92%
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%
2019 25.87% 27.34%

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 12/31/2019) 1.29%

Morningstar Rating

Overall Morningstar Rating among 401 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, 3 stars, 3 stars and 5 stars among 401, 335 and 244 funds, as of 1/31/2020.

Dividends and Capital Gains — Class A Shares

Dividend (paid Dec 20, 2019) $0.00176
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
22176.05140000
MSCI AC World ex-U.S. Growth Index
15076.20380000
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 charge-4.54%7.41%7.85%4.10%8.63%5.90%
TIGCX with sales charge-5.49%6.41%7.85%4.10%8.63%5.90%
Benchmark (Since 2/1/2007)
MSCI AC World ex-U.S. Growth Index-8.19%5.79%7.57%4.28%5.83%3.19%
C Shares (Incep. 2/1/2007) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION
TIGCX without sales charge24.96%24.96%11.12%6.41%8.96%6.36%
TIGCX with sales charge23.96%23.96%11.12%6.41%8.96%6.36%
Benchmark (Since 2/1/2007)
MSCI AC World ex-U.S. Growth Index27.34%27.34%12.89%7.30%6.24%3.92%
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%
2019 24.98% 27.34%

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 12/31/2019) 2.07%

Morningstar Rating

Overall Morningstar Rating among 401 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, 3 stars and 5 stars among 401, 335 and 244 funds, as of 1/31/2020.

Dividends and Capital Gains — Class C Shares

Dividend (paid Dec 20, 2019) $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
21152.80770000
MSCI AC World ex-U.S. Growth Index
15076.20380000
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
TINGX-4.40%8.60%9.03%5.30%9.93%7.16%
Benchmark (Since 2/1/2007)
MSCI AC World ex-U.S. Growth Index-8.19%5.79%7.57%4.28%5.83%3.19%
I Shares (Incep. 2/1/2007) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION
TINGX26.32%26.32%12.38%7.64%10.27%7.63%
Benchmark (Since 2/1/2007)
MSCI AC World ex-U.S. Growth Index27.34%27.34%12.89%7.30%6.24%3.92%
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%
2019 26.27% 27.34%

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) 1.03%
Net Annual Operating Expenses (as reported in the most recent Prospectus) 0.99%
Actual Annualized Operating Expenses (fiscal year to date, as of 12/31/2019) 0.99%

Lipper Leader as of — Class I Shares

Total Return among 419 funds
In the International Multi-Cap Growth category
The Fund rated a 4 for the three- and five-year periods and a 5 for the ten-year period for Total Return among 419, 343 and 274 funds, respectively.

Morningstar Rating

Overall Morningstar Rating among 401 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, 4 stars and 5 stars among 401, 335 and 244 funds, as of 1/31/2020.

Dividends and Capital Gains — Class I Shares

Dividend (paid Dec 20, 2019) $0.07215
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
24701.17910000
MSCI AC World ex-U.S. Growth Index
15076.20380000
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*
TIGVX-4.50%8.03%8.47%4.76%9.35%6.61%
Benchmark (Since 2/1/2007)
MSCI AC World ex-U.S. Growth Index-8.19%5.79%7.57%4.28%5.83%3.19%
R3 Shares (Incep. 2/1/2008) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION*
TIGVX25.66%25.66%11.79%7.08%9.70%7.08%
Benchmark (Since 2/1/2007)
MSCI AC World ex-U.S. Growth Index27.34%27.34%12.89%7.30%6.24%3.92%
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%
2019 25.66% 27.34%

* 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) 2.02%
Net Annual Operating Expenses (as reported in the most recent Prospectus) 1.50%
Actual Annualized Operating Expenses (fiscal year to date, as of 12/31/2019) 1.50%

Morningstar Rating

Overall Morningstar Rating among 401 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, 3 stars, 3 stars and 5 stars among 401, 335 and 244 funds, as of 1/31/2020.

Dividends and Capital Gains — Class R3 Shares

Dividend (paid Dec 20, 2019) $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
23095.93950000
MSCI AC World ex-U.S. Growth Index
15076.20380000
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*
TINVX-4.47%8.13%8.59%4.86%9.48%6.72%
Benchmark (Since 2/1/2007)
MSCI AC World ex-U.S. Growth Index-8.19%5.79%7.57%4.28%5.83%3.19%
R4 Shares (Incep. 2/1/2008) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION*
TINVX25.81%25.81%11.92%7.20%9.83%7.19%
Benchmark (Since 2/1/2007)
MSCI AC World ex-U.S. Growth Index27.34%27.34%12.89%7.30%6.24%3.92%
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%
2019 25.77% 27.34%

* 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) 1.91%
Net Annual Operating Expenses (as reported in the most recent Prospectus) 1.40%
Actual Annualized Operating Expenses (fiscal year to date, as of 12/31/2019) 1.40%

Morningstar Rating

Overall Morningstar Rating among 401 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, 3 stars, 3 stars and 5 stars among 401, 335 and 244 funds, as of 1/31/2020.

Dividends and Capital Gains — Class R4 Shares

Dividend (paid Dec 20, 2019) $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
23406.74900000
MSCI AC World ex-U.S. Growth Index
15076.20380000
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*
TINFX-4.43%8.57%9.03%5.29%9.91%7.15%
Benchmark (Since 2/1/2007)
MSCI AC World ex-U.S. Growth Index-8.19%5.79%7.57%4.28%5.83%3.19%
R5 Shares (Incep. 2/1/2008) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION*
TINFX26.28%26.28%12.36%7.63%10.27%7.62%
Benchmark (Since 2/1/2007)
MSCI AC World ex-U.S. Growth Index27.34%27.34%12.89%7.30%6.24%3.92%
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%
2019 26.24% 27.34%

* 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) 1.29%
Net Annual Operating Expenses (as reported in the most recent Prospectus) 0.99%
Actual Annualized Operating Expenses (fiscal year to date, as of 12/31/2019) 0.99%

Lipper Leader as of — Class R5 Shares

Total Return among 419 funds
In the International Multi-Cap Growth category
The Fund rated a 4 for the three- and five-year periods and a 5 for the ten-year period for Total Return among 419, 343 and 274 funds, respectively.

Morningstar Rating

Overall Morningstar Rating among 401 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, 4 stars and 5 stars among 401, 335 and 244 funds, as of 1/31/2020.

Dividends and Capital Gains — Class R5 Shares

Dividend (paid Dec 20, 2019) $0.07188
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
24674.91660000
MSCI AC World ex-U.S. Growth Index
15076.20380000
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*
THGIX-4.38%8.70%9.14%5.40%9.99%7.18%
Benchmark (Since 2/1/2007)
MSCI AC World ex-U.S. Growth Index-8.19%5.79%7.57%4.28%5.83%3.19%
R6 Shares (Incep. 2/1/2013) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION*
THGIX26.40%26.40%12.48%7.73%10.33%7.65%
Benchmark (Since 2/1/2007)
MSCI AC World ex-U.S. Growth Index27.34%27.34%12.89%7.30%6.24%3.92%
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%
2019 26.39% 27.34%

* 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 12/31/2019) 0.89%

Morningstar Rating

Overall Morningstar Rating among 401 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, 4 stars and 5 stars among 401, 335 and 244 funds, as of 1/31/2020.

Dividends and Capital Gains — Class R6 Shares

Dividend (paid Dec 20, 2019) $0.09508
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
24760.45670000
MSCI AC World ex-U.S. Growth Index
15076.20380000
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