Share Class

AVERAGE ANNUAL TOTAL RETURNS

A Shares (Incep. 9/30/2015) YTD 1-YR 3-YR INCEPTION
TBWAX without sales charge-9.70%-7.38%5.32%6.57%
TBWAX with sales charge-13.74%-11.56%3.72%5.03%
Benchmark (Since 9/30/2015)
MSCI AC World ex-U.S. Index-10.13%-8.12%5.43%6.84%
C Shares (Incep. 9/30/2015) YTD 1-YR 3-YR INCEPTION
TBWCX without sales charge-10.06%-7.85%4.75%5.99%
TBWCX with sales charge-10.90%-8.71%4.75%5.99%
Benchmark (Since 9/30/2015)
MSCI AC World ex-U.S. Index-10.13%-8.12%5.43%6.84%
I Shares (Incep. 9/30/2015) YTD 1-YR 3-YR INCEPTION
TBWIX-9.02%-6.64%6.14%7.40%
Benchmark (Since 9/30/2015)
MSCI AC World ex-U.S. Index-10.13%-8.12%5.43%6.84%
A Shares (Incep. 9/30/2015) YTD 1-YR 3-YR INCEPTION
TBWAX without sales charge-1.49%5.37%10.09%10.09%
TBWAX with sales charge-5.90%0.60%8.42%8.42%
Benchmark (Since 9/30/2015)
MSCI AC World ex-U.S. Index-3.09%1.76%9.97%9.97%
C Shares (Incep. 9/30/2015) YTD 1-YR 3-YR INCEPTION
TBWCX without sales charge-1.85%4.82%9.48%9.48%
TBWCX with sales charge-2.83%3.82%9.48%9.48%
Benchmark (Since 9/30/2015)
MSCI AC World ex-U.S. Index-3.09%1.76%9.97%9.97%
I Shares (Incep. 9/30/2015) YTD 1-YR 3-YR INCEPTION
TBWIX-0.87%6.15%10.96%10.96%
Benchmark (Since 9/30/2015)
MSCI AC World ex-U.S. Index-3.09%1.76%9.97%9.97%
A Shares without sales charge
(Incep. 9/30/2015)
MSCI AC World ex-U.S. Index
20166.76%4.50%
201721.88%27.19%
C Shares without sales charge
(Incep. 9/30/2015)
MSCI AC World ex-U.S. Index
20166.13%4.50%
201721.20%27.19%
I Shares
(Incep. 9/30/2015)
MSCI AC World ex-U.S. Index
20167.55%4.50%
201722.87%27.19%

Returns for less than one year are not annualized.
Source: Confluence

Returns for less than one year are not annualized.
Source: Confluence

Returns for less than one year are not annualized.
Source: Confluence

Performance data shown represents past performance and is no guarantee of future results. Investment return and principal value will fluctuate so shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than quoted.

The maximum sales charge for the Fund’s A shares is 4.50%.

C shares include a 1% contingent deferred sales charge (CDSC) for the first year only.

There is no up-front sales charge for class I shares.

There is no up-front sales charge for class R shares.

FUND OPERATING EXPENSES — Class A Shares

Gross Annual Operating Expenses (as reported in the most recent Prospectus)3.17%
Net Annual Operating Expenses (as reported in the most recent Prospectus)1.83%
Actual Annual Operating Expenses (fiscal year to date, as of 9/30/2018)1.82%

Thornburg Investment Management and/or Thornburg Securities Corporation have contractually agreed to waive fees and reimburse expenses through at least June 15, 2019 so that actual expenses do not exceed the net expense ratio above.

Expense Ratios – Expressed as a percentage of total fund assets and include management fees and operating costs. Expense ratios fluctuate over time and the expense ratio in the prospectus may differ from the actual expense ratio. The fund's total return includes the deduction of expenses.

For more detailed information on fund expenses, please see the fund's prospectus.

FUND OPERATING EXPENSES — Class C Shares

Gross Annual Operating Expenses (as reported in the most recent Prospectus)4.44%
Net Annual Operating Expenses (as reported in the most recent Prospectus)2.38%
Actual Annual Operating Expenses (fiscal year to date, as of 9/30/2018)2.38%

Thornburg Investment Management and/or Thornburg Securities Corporation have contractually agreed to waive fees and reimburse expenses through at least June 15, 2019 so that actual expenses do not exceed the net expense ratio above.

Expense Ratios – Expressed as a percentage of total fund assets and include management fees and operating costs. Expense ratios fluctuate over time and the expense ratio in the prospectus may differ from the actual expense ratio. The fund's total return includes the deduction of expenses.

For more detailed information on fund expenses, please see the fund's prospectus.

FUND OPERATING EXPENSES — Class I Shares

Gross Annual Operating Expenses (as reported in the most recent Prospectus)1.65%
Net Annual Operating Expenses (as reported in the most recent Prospectus)1.09%
Actual Annual Operating Expenses (fiscal year to date, as of 9/30/2018)1.09%

Thornburg Investment Management and/or Thornburg Securities Corporation have contractually agreed to waive fees and reimburse expenses through at least June 15, 2019 so that actual expenses do not exceed the net expense ratio above.

Expense Ratios – Expressed as a percentage of total fund assets and include management fees and operating costs. Expense ratios fluctuate over time and the expense ratio in the prospectus may differ from the actual expense ratio. The fund's total return includes the deduction of expenses.

For more detailed information on fund expenses, please see the fund's prospectus.

MORNINGSTAR RATING

Overall Morningstar Rating among 636 Foreign Large Blend funds, based on risk-adjusted returns for class A shares, using the fund's three-year rating: 4 stars among 636 funds, as of 11/30/2018.

Additional Rating and Ranking Information

To determine a fund's Morningstar Rating™, funds and other managed products with at least a three-year history are ranked in their categories by their Morningstar Risk-Adjusted Return scores. The top 10% receive 5 stars; the next 22.5%, 4 stars; the middle 35%, 3 stars; the next 22.5%, 2 stars; and the bottom 10% receive 1 star. The Risk-Adjusted Return accounts for variation in a managed product's monthly excess performance (excluding sales charges), placing more emphasis on downward variations and rewarding consistent performance. Other share classes may have different performance characteristics. © 2018 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

MORNINGSTAR RATING

Overall Morningstar Rating among 636 Foreign Large Blend funds, based on risk-adjusted returns for class C shares, using the fund's three-year rating: 4 stars among 636 funds, as of 11/30/2018.

Additional Rating and Ranking Information

To determine a fund's Morningstar Rating™, funds and other managed products with at least a three-year history are ranked in their categories by their Morningstar Risk-Adjusted Return scores. The top 10% receive 5 stars; the next 22.5%, 4 stars; the middle 35%, 3 stars; the next 22.5%, 2 stars; and the bottom 10% receive 1 star. The Risk-Adjusted Return accounts for variation in a managed product's monthly excess performance (excluding sales charges), placing more emphasis on downward variations and rewarding consistent performance. Other share classes may have different performance characteristics. © 2018 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

MORNINGSTAR RATING

Overall Morningstar Rating among 636 Foreign Large Blend funds, based on risk-adjusted returns for class I shares, using the fund's three-year rating: 5 stars among 636 funds, as of 11/30/2018.

Additional Rating and Ranking Information

To determine a fund's Morningstar Rating™, funds and other managed products with at least a three-year history are ranked in their categories by their Morningstar Risk-Adjusted Return scores. The top 10% receive 5 stars; the next 22.5%, 4 stars; the middle 35%, 3 stars; the next 22.5%, 2 stars; and the bottom 10% receive 1 star. The Risk-Adjusted Return accounts for variation in a managed product's monthly excess performance (excluding sales charges), placing more emphasis on downward variations and rewarding consistent performance. Other share classes may have different performance characteristics. © 2018 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Dividends and Capital Gains — Class A Shares

Dividend (December 2017)None Paid
Capital Gains for 2018 paid Nov 15, 2018
     Short-Term (per share)$0.46085
     Long-Term (per share)$0.50436
     Total (per share)$0.96521

Dividends and Capital Gains — Class C Shares

Dividend (December 2017)None Paid
Capital Gains for 2018 paid Nov 15, 2018
     Short-Term (per share)$0.46085
     Long-Term (per share)$0.50436
     Total (per share)$0.96521

Dividends and Capital Gains — Class I Shares

Dividend (December 2017)None Paid
Capital Gains for 2018 paid Nov 15, 2018
     Short-Term (per share)$0.46085
     Long-Term (per share)$0.50436
     Total (per share)$0.96521

HYPOTHETICAL GROWTH OF $10,000 as of 11/30/2018(Thornburg Better World International Fund vs. MSCI AC World ex-U.S. Index)

  • A shares with sales charge$11,683
  • MSCI AC World ex-U.S. Index$12,332
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.

HYPOTHETICAL GROWTH OF $10,000 as of 11/30/2018(Thornburg Better World International Fund vs. MSCI AC World ex-U.S. Index)

  • C shares$12,024
  • MSCI AC World ex-U.S. Index$12,332
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.

HYPOTHETICAL GROWTH OF $10,000 as of 11/30/2018(Thornburg Better World International Fund vs. MSCI AC World ex-U.S. Index)

  • I shares$12,537
  • MSCI AC World ex-U.S. Index$12,332
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.
Important Information
Before investing, carefully consider the Fund’s investment goals, risks, charges, and expenses. For a prospectus or summary prospectus containing this and other information, contact your financial advisor or visit thornburg.com. Read them carefully before investing.

Investments carry risks, including possible loss of principal. Additional risks may be associated with investments outside the United States, especially in emerging markets, including currency fluctuations, illiquidity, volatility, and political and economic risks. Investments in small- and mid-capitalization companies may increase the risk of greater price fluctuations. Investments in the Fund are not FDIC insured, nor are they bank deposits or guaranteed by a bank or any other entity.

The performance of any index is not indicative of the performance of any particular investment. Unless otherwise noted, index returns reflect the reinvestment of income dividends and capital gains, if any, but do not reflect fees, brokerage commissions or other expenses of investing. Investors may not make direct investments into any index.

Class I shares may not be available to all investors. Minimum investments for the I share class may be higher than those for other classes.

There is no guarantee that the Fund will meet its investment objectives.

Please see our glossary for a definition of terms.

Thornburg mutual funds are distributed by Thornburg Securities Corporation.

Thornburg Investment Management, Inc. mutual funds are sold through investment professionals including investment advisors, brokerage firms, bank trust departments, trust companies and certain other financial intermediaries. Thornburg Securities Corporation (TSC) does not act as broker of record for investors.