International Equity Fund - Performance

Share Class

Average Annual Total Returns

A Shares (Incep. 5/28/1998) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION
TGVAX without sales charge4.16%58.39%10.34%10.74%5.84%8.01%
TGVAX with sales charge-0.52%51.29%8.65%9.72%5.35%7.79%
Benchmarks (Since 5/28/1998)
MSCI ACWI ex US (GR/NR)3.49%49.41%6.51%9.76%4.93%5.21%
MSCI EAFE NTR3.48%44.57%6.02%8.85%5.52%4.65%
A Shares (Incep. 5/28/1998) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION
TGVAX without sales charge4.16%58.39%10.34%10.74%5.84%8.01%
TGVAX with sales charge-0.52%51.29%8.65%9.72%5.35%7.79%
Benchmarks (Since 5/28/1998)
MSCI ACWI ex US (GR/NR)3.49%49.41%6.51%9.76%4.93%5.21%
MSCI EAFE NTR3.48%44.57%6.02%8.85%5.52%4.65%
A Shares without sales charge
(Incep. 5/28/1998)
MSCI EAFE NTRMSCI ACWI ex US (GR/NR)
1999 63.39% 26.96%30.91%
2000 -1.57% -14.17%-15.14%
2001 -10.53% -21.44%-19.73%
2002 -10.45% -15.94%-14.95%
2003 40.02% 38.59%40.83%
2004 17.72% 20.25%20.91%
2005 17.70% 13.54%16.62%
2006 25.62% 26.34%26.65%
2007 27.71% 11.17%16.65%
2008 -41.89% -43.38%-45.53%
2009 31.43% 31.78%41.45%
2010 13.70% 7.75%11.15%
2011 -13.24% -12.14%-13.71%
2012 15.33% 17.32%16.83%
2013 15.35% 22.78%15.29%
2014 -5.90% -4.90%-3.87%
2015 6.26% -0.81%-5.66%
2016 -2.74% 1.00%4.50%
2017 24.98% 25.03%27.19%
2018 -20.05% -13.79%-14.20%
2019 28.67% 22.01%21.51%
2020 22.36% 7.82%10.65%

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) 1.26%
Actual Annualized Operating Expenses (fiscal year to date, as of 2/28/2021) 1.22%

Morningstar Rating

Overall Morningstar Rating among 676 Foreign Large Blend 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, 5 stars, 4 stars and 4 stars among 676, 586 and 382 funds, as of 12/31/2020.

Dividends and Capital Gains — Class A Shares

Dividend (paid Dec 17, 2020) $0.05849
Capital Gains for 2020 paid Nov 19, 2020  
     Short-Term (per share) $0.38436
     Long-Term (per share) $0.38178
     Total (per share) $0.76614

Hypothetical Growth of $10,000 as of (Thornburg International Equity Fund vs. MSCI EAFE NTR / MSCI ACWI ex US (GR/NR))

A Shares with sales charge
55465.90960000
MSCI EAFE NTR
28228.45480000
MSCI ACWI ex US (GR/NR)
31890.30040000
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. 5/28/1998) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION
THGCX with sales charge2.94%56.27%9.53%9.93%5.06%7.17%
THGCX without sales charge3.94%57.27%9.53%9.93%5.06%7.17%
Benchmarks (Since 5/28/1998)
MSCI ACWI ex US (GR/NR)3.49%49.41%6.51%9.76%4.93%5.21%
MSCI EAFE NTR3.48%44.57%6.02%8.85%5.52%4.65%
C Shares (Incep. 5/28/1998) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION
THGCX with sales charge2.94%56.27%9.53%9.93%5.06%7.17%
THGCX without sales charge3.94%57.27%9.53%9.93%5.06%7.17%
Benchmarks (Since 5/28/1998)
MSCI ACWI ex US (GR/NR)3.49%49.41%6.51%9.76%4.93%5.21%
MSCI EAFE NTR3.48%44.57%6.02%8.85%5.52%4.65%
C Shares without sales charge
(Incep. 5/28/1998)
MSCI EAFE NTRMSCI ACWI ex US (GR/NR)
1999 61.46% 26.96%30.91%
2000 -2.35% -14.17%-15.14%
2001 -11.33% -21.44%-19.73%
2002 -11.23% -15.94%-14.95%
2003 38.76% 38.59%40.83%
2004 16.90% 20.25%20.91%
2005 16.85% 13.54%16.62%
2006 24.72% 26.34%26.65%
2007 26.78% 11.17%16.65%
2008 -42.30% -43.38%-45.53%
2009 30.52% 31.78%41.45%
2010 12.87% 7.75%11.15%
2011 -13.93% -12.14%-13.71%
2012 14.55% 17.32%16.83%
2013 14.41% 22.78%15.29%
2014 -6.55% -4.90%-3.87%
2015 5.52% -0.81%-5.66%
2016 -3.47% 1.00%4.50%
2017 24.06% 25.03%27.19%
2018 -20.71% -13.79%-14.20%
2019 27.66% 22.01%21.51%
2020 21.66% 7.82%10.65%

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) 1.94%
Actual Annualized Operating Expenses (fiscal year to date, as of 2/28/2021) 1.99%

Morningstar Rating

Overall Morningstar Rating among 676 Foreign Large Blend 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, 4 stars, 3 stars and 3 stars among 676, 586 and 382 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) $0.38436
     Long-Term (per share) $0.38178
     Total (per share) $0.76614

Hypothetical Growth of $10,000 as of (Thornburg International Equity Fund vs. MSCI EAFE NTR / MSCI ACWI ex US (GR/NR))

C Shares
48652.60840000
MSCI EAFE NTR
28228.45480000
MSCI ACWI ex US (GR/NR)
31890.30040000
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. 3/30/2001) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION*
TGVIX4.22%58.88%10.67%11.11%6.22%8.46%
Benchmarks (Since 5/28/1998)
MSCI ACWI ex US (GR/NR)3.49%49.41%6.51%9.76%4.93%5.21%
MSCI EAFE NTR3.48%44.57%6.02%8.85%5.52%4.65%
I Shares (Incep. 3/30/2001) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION*
TGVIX4.22%58.88%10.67%11.11%6.22%8.46%
Benchmarks (Since 5/28/1998)
MSCI ACWI ex US (GR/NR)3.49%49.41%6.51%9.76%4.93%5.21%
MSCI EAFE NTR3.48%44.57%6.02%8.85%5.52%4.65%
I Shares* (Incep. 3/30/2001) MSCI EAFE NTRMSCI ACWI ex US (GR/NR)
1999 64.31% 26.96%30.91%
2000 -1.01% -14.17%-15.14%
2001 -10.09% -21.44%-19.73%
2002 -9.99% -15.94%-14.95%
2003 40.65% 38.59%40.83%
2004 18.35% 20.25%20.91%
2005 18.21% 13.54%16.62%
2006 26.11% 26.34%26.65%
2007 28.19% 11.17%16.65%
2008 -41.65% -43.38%-45.53%
2009 31.98% 31.78%41.45%
2010 14.15% 7.75%11.15%
2011 -12.94% -12.14%-13.71%
2012 15.85% 17.32%16.83%
2013 15.77% 22.78%15.29%
2014 -5.55% -4.90%-3.87%
2015 6.68% -0.81%-5.66%
2016 -2.39% 1.00%4.50%
2017 25.47% 25.03%27.19%
2018 -19.82% -13.79%-14.20%
2019 29.09% 22.01%21.51%
2020 22.76% 7.82%10.65%

* Since 5/28/1998.
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 I Shares

Gross Annual Operating Expenses (as reported in the most recent Prospectus) 0.93%
Actual Annualized Operating Expenses (fiscal year to date, as of 2/28/2021) 0.93%

Morningstar Rating

Overall Morningstar Rating among 676 Foreign Large Blend 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, 5 stars, 4 stars and 4 stars among 676, 586 and 382 funds, as of 12/31/2020.

Dividends and Capital Gains — Class I Shares

Dividend (paid Dec 17, 2020) $0.12461
Capital Gains for 2020 paid Nov 19, 2020  
     Short-Term (per share) $0.38436
     Long-Term (per share) $0.38178
     Total (per share) $0.76614

Hypothetical Growth of $10,000 as of (Thornburg International Equity Fund vs. MSCI EAFE NTR / MSCI ACWI ex US (GR/NR))

I Shares
63907.98430000
MSCI EAFE NTR
28228.45480000
MSCI ACWI ex US (GR/NR)
31890.30040000
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

R3 Shares (Incep. 7/1/2003) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION*
TGVRX4.12%58.08%10.12%10.54%5.65%7.91%
Benchmarks (Since 5/28/1998)
MSCI ACWI ex US (GR/NR)3.49%49.41%6.51%9.76%4.93%5.21%
MSCI EAFE NTR3.48%44.57%6.02%8.85%5.52%4.65%
R3 Shares (Incep. 7/1/2003) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION*
TGVRX4.12%58.08%10.12%10.54%5.65%7.91%
Benchmarks (Since 5/28/1998)
MSCI ACWI ex US (GR/NR)3.49%49.41%6.51%9.76%4.93%5.21%
MSCI EAFE NTR3.48%44.57%6.02%8.85%5.52%4.65%
R3 Shares* (Incep. 7/1/2003) MSCI EAFE NTRMSCI ACWI ex US (GR/NR)
1999 63.38% 26.96%30.91%
2000 -1.58% -14.17%-15.14%
2001 -10.54% -21.44%-19.73%
2002 -10.46% -15.94%-14.95%
2003 40.73% 38.59%40.83%
2004 17.80% 20.25%20.91%
2005 17.66% 13.54%16.62%
2006 25.41% 26.34%26.65%
2007 27.51% 11.17%16.65%
2008 -41.95% -43.38%-45.53%
2009 31.21% 31.78%41.45%
2010 13.60% 7.75%11.15%
2011 -13.46% -12.14%-13.71%
2012 15.18% 17.32%16.83%
2013 15.09% 22.78%15.29%
2014 -6.06% -4.90%-3.87%
2015 6.07% -0.81%-5.66%
2016 -2.88% 1.00%4.50%
2017 24.78% 25.03%27.19%
2018 -20.22% -13.79%-14.20%
2019 28.41% 22.01%21.51%
2020 22.12% 7.82%10.65%

* Since 5/28/1998.
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) 1.58%
Net Annual Operating Expenses (as reported in the most recent Prospectus) 1.45%
Actual Annualized Operating Expenses (fiscal year to date, as of 2/28/2021) 1.45%

Morningstar Rating

Overall Morningstar Rating among 676 Foreign Large Blend 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, 5 stars, 4 stars and 4 stars among 676, 586 and 382 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) $0.38436
     Long-Term (per share) $0.38178
     Total (per share) $0.76614

Hypothetical Growth of $10,000 as of (Thornburg International Equity Fund vs. MSCI EAFE NTR / MSCI ACWI ex US (GR/NR))

R3 Shares
56876.88960000
MSCI EAFE NTR
28228.45480000
MSCI ACWI ex US (GR/NR)
31890.30040000
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. 2/1/2007) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION*
THVRX4.16%58.35%10.33%10.76%5.85%8.04%
Benchmarks (Since 5/28/1998)
MSCI ACWI ex US (GR/NR)3.49%49.41%6.51%9.76%4.93%5.21%
MSCI EAFE NTR3.48%44.57%6.02%8.85%5.52%4.65%
R4 Shares (Incep. 2/1/2007) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION*
THVRX4.16%58.35%10.33%10.76%5.85%8.04%
Benchmarks (Since 5/28/1998)
MSCI ACWI ex US (GR/NR)3.49%49.41%6.51%9.76%4.93%5.21%
MSCI EAFE NTR3.48%44.57%6.02%8.85%5.52%4.65%
R4 Shares* (Incep. 2/1/2007) MSCI EAFE NTRMSCI ACWI ex US (GR/NR)
1999 63.46% 26.96%30.91%
2000 -1.53% -14.17%-15.14%
2001 -10.50% -21.44%-19.73%
2002 -10.42% -15.94%-14.95%
2003 40.07% 38.59%40.83%
2004 17.76% 20.25%20.91%
2005 17.74% 13.54%16.62%
2006 25.67% 26.34%26.65%
2007 27.80% 11.17%16.65%
2008 -41.83% -43.38%-45.53%
2009 31.51% 31.78%41.45%
2010 13.80% 7.75%11.15%
2011 -13.26% -12.14%-13.71%
2012 15.40% 17.32%16.83%
2013 15.30% 22.78%15.29%
2014 -5.88% -4.90%-3.87%
2015 6.31% -0.81%-5.66%
2016 -2.73% 1.00%4.50%
2017 25.06% 25.03%27.19%
2018 -20.07% -13.79%-14.20%
2019 28.68% 22.01%21.51%
2020 22.36% 7.82%10.65%

* Since 5/28/1998.
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) 1.32%
Net Annual Operating Expenses (as reported in the most recent Prospectus) 1.25%
Actual Annualized Operating Expenses (fiscal year to date, as of 2/28/2021) 1.25%

Morningstar Rating

Overall Morningstar Rating among 676 Foreign Large Blend 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, 5 stars, 4 stars and 4 stars among 676, 586 and 382 funds, as of 12/31/2020.

Dividends and Capital Gains — Class R4 Shares

Dividend (paid Dec 17, 2020) $0.04038
Capital Gains for 2020 paid Nov 19, 2020  
     Short-Term (per share) $0.38436
     Long-Term (per share) $0.38178
     Total (per share) $0.76614

Hypothetical Growth of $10,000 as of (Thornburg International Equity Fund vs. MSCI EAFE NTR / MSCI ACWI ex US (GR/NR))

R4 Shares
58521.64520000
MSCI EAFE NTR
28228.45480000
MSCI ACWI ex US (GR/NR)
31890.30040000
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. 2/1/2005) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION*
TIVRX4.19%58.74%10.61%11.05%6.13%8.38%
Benchmarks (Since 5/28/1998)
MSCI ACWI ex US (GR/NR)3.49%49.41%6.51%9.76%4.93%5.21%
MSCI EAFE NTR3.48%44.57%6.02%8.85%5.52%4.65%
R5 Shares (Incep. 2/1/2005) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION*
TIVRX4.19%58.74%10.61%11.05%6.13%8.38%
Benchmarks (Since 5/28/1998)
MSCI ACWI ex US (GR/NR)3.49%49.41%6.51%9.76%4.93%5.21%
MSCI EAFE NTR3.48%44.57%6.02%8.85%5.52%4.65%
R5 Shares* (Incep. 2/1/2005) MSCI EAFE NTRMSCI ACWI ex US (GR/NR)
1999 64.10% 26.96%30.91%
2000 -1.14% -14.17%-15.14%
2001 -10.14% -21.44%-19.73%
2002 -10.06% -15.94%-14.95%
2003 40.63% 38.59%40.83%
2004 18.23% 20.25%20.91%
2005 18.21% 13.54%16.62%
2006 26.06% 26.34%26.65%
2007 28.13% 11.17%16.65%
2008 -41.70% -43.38%-45.53%
2009 31.90% 31.78%41.45%
2010 14.08% 7.75%11.15%
2011 -13.05% -12.14%-13.71%
2012 15.74% 17.32%16.83%
2013 15.63% 22.78%15.29%
2014 -5.63% -4.90%-3.87%
2015 6.59% -0.81%-5.66%
2016 -2.44% 1.00%4.50%
2017 25.38% 25.03%27.19%
2018 -19.85% -13.79%-14.20%
2019 29.03% 22.01%21.51%
2020 22.67% 7.82%10.65%

* Since 5/28/1998.
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) 1.02%
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 676 Foreign Large Blend 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, 5 stars, 4 stars and 4 stars among 676, 586 and 382 funds, as of 12/31/2020.

Dividends and Capital Gains — Class R5 Shares

Dividend (paid Dec 17, 2020) $0.09755
Capital Gains for 2020 paid Nov 19, 2020  
     Short-Term (per share) $0.38436
     Long-Term (per share) $0.38178
     Total (per share) $0.76614

Hypothetical Growth of $10,000 as of (Thornburg International Equity Fund vs. MSCI EAFE NTR / MSCI ACWI ex US (GR/NR))

R5 Shares
62831.48550000
MSCI EAFE NTR
28228.45480000
MSCI ACWI ex US (GR/NR)
31890.30040000
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. 5/1/2012) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION*
TGIRX4.25%59.11%10.83%11.27%6.37%8.56%
Benchmarks (Since 5/28/1998)
MSCI ACWI ex US (GR/NR)3.49%49.41%6.51%9.76%4.93%5.21%
MSCI EAFE NTR3.48%44.57%6.02%8.85%5.52%4.65%
R6 Shares (Incep. 5/1/2012) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION*
TGIRX4.25%59.11%10.83%11.27%6.37%8.56%
Benchmarks (Since 5/28/1998)
MSCI ACWI ex US (GR/NR)3.49%49.41%6.51%9.76%4.93%5.21%
MSCI EAFE NTR3.48%44.57%6.02%8.85%5.52%4.65%
R6 Shares* (Incep. 5/1/2012) MSCI EAFE NTRMSCI ACWI ex US (GR/NR)
1999 64.25% 26.96%30.91%
2000 -1.05% -14.17%-15.14%
2001 -10.06% -21.44%-19.73%
2002 -9.98% -15.94%-14.95%
2003 40.76% 38.59%40.83%
2004 18.34% 20.25%20.91%
2005 18.32% 13.54%16.62%
2006 26.28% 26.34%26.65%
2007 28.38% 11.17%16.65%
2008 -41.58% -43.38%-45.53%
2009 32.13% 31.78%41.45%
2010 14.31% 7.75%11.15%
2011 -12.79% -12.14%-13.71%
2012 15.95% 17.32%16.83%
2013 15.86% 22.78%15.29%
2014 -5.37% -4.90%-3.87%
2015 6.85% -0.81%-5.66%
2016 -2.23% 1.00%4.50%
2017 25.60% 25.03%27.19%
2018 -19.69% -13.79%-14.20%
2019 29.27% 22.01%21.51%
2020 22.95% 7.82%10.65%

* Since 5/28/1998.
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) 0.90%
Actual Annualized Operating Expenses (fiscal year to date, as of 2/28/2021) 0.79%

Morningstar Rating

Overall Morningstar Rating among 676 Foreign Large Blend 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, 5 stars, 4 stars and 4 stars among 676, 586 and 382 funds, as of 12/31/2020.

Dividends and Capital Gains — Class R6 Shares

Dividend (paid Dec 17, 2020) $0.15845
Capital Gains for 2020 paid Nov 19, 2020  
     Short-Term (per share) $0.38436
     Long-Term (per share) $0.38178
     Total (per share) $0.76614

Hypothetical Growth of $10,000 as of (Thornburg International Equity Fund vs. MSCI EAFE NTR / MSCI ACWI ex US (GR/NR))

R6 Shares
65322.00180000
MSCI EAFE NTR
28228.45480000
MSCI ACWI ex US (GR/NR)
31890.30040000
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.

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