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 charge-14.16%-13.38%2.81%6.18%11.59%8.43%
THOAX with sales charge-18.02%-17.28%1.24%5.20%11.08%8.02%
Benchmark (Since 7/28/2006)
MSCI AC World Index-3.96%-0.52%7.74%6.15%9.75%5.43%
C Shares (Incep. 7/28/2006) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION
THOCX without sales charge-14.68%-14.04%2.04%5.38%10.73%7.59%
THOCX with sales charge-15.54%-14.90%2.04%5.38%10.73%7.59%
Benchmark (Since 7/28/2006)
MSCI AC World Index-3.96%-0.52%7.74%6.15%9.75%5.43%
I Shares (Incep. 7/28/2006) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION
THOIX-13.93%-13.14%3.16%6.56%12.06%8.90%
Benchmark (Since 7/28/2006)
MSCI AC World Index-3.96%-0.52%7.74%6.15%9.75%5.43%
R3 Shares (Incep. 2/1/2008) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION*
THORX-14.28%-13.57%2.63%6.01%11.49%8.36%
Benchmark (Since 7/28/2006)
MSCI AC World Index-3.96%-0.52%7.74%6.15%9.75%5.43%
R4 Shares (Incep. 2/1/2008) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION*
THOVX-14.20%-13.48%2.73%6.11%11.59%8.46%
Benchmark (Since 7/28/2006)
MSCI AC World Index-3.96%-0.52%7.74%6.15%9.75%5.43%
R5 Shares (Incep. 2/1/2008) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION*
THOFX-13.92%-13.14%3.16%6.55%12.06%8.93%
Benchmark (Since 7/28/2006)
MSCI AC World Index-3.96%-0.52%7.74%6.15%9.75%5.43%
R6 Shares (Incep. 4/10/2017) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION*
THOGX-13.83%-13.01%3.26%6.66%12.11%8.94%
Benchmark (Since 7/28/2006)
MSCI AC World Index-3.96%-0.52%7.74%6.15%9.75%5.43%
A Shares (Incep. 7/28/2006) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION
THOAX without sales charge-5.85%-3.16%7.43%9.03%9.67%9.31%
THOAX with sales charge-10.09%-7.52%5.80%8.03%9.17%8.90%
Benchmark (Since 7/28/2006)
MSCI AC World Index3.83%9.77%13.40%8.67%8.19%6.14%
C Shares (Incep. 7/28/2006) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION
THOCX without sales charge-6.36%-3.90%6.62%8.21%8.83%8.47%
THOCX with sales charge-7.30%-4.86%6.62%8.21%8.83%8.47%
Benchmark (Since 7/28/2006)
MSCI AC World Index3.83%9.77%13.40%8.67%8.19%6.14%
I Shares (Incep. 7/28/2006) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION
THOIX-5.65%-2.88%7.79%9.42%10.14%9.79%
Benchmark (Since 7/28/2006)
MSCI AC World Index3.83%9.77%13.40%8.67%8.19%6.14%
R3 Shares (Incep. 2/1/2008) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION*
THORX-5.98%-3.38%7.24%8.86%9.58%9.25%
Benchmark (Since 7/28/2006)
MSCI AC World Index3.83%9.77%13.40%8.67%8.19%6.14%
R4 Shares (Incep. 2/1/2008) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION*
THOVX-5.91%-3.29%7.34%8.95%9.68%9.34%
Benchmark (Since 7/28/2006)
MSCI AC World Index3.83%9.77%13.40%8.67%8.19%6.14%
R5 Shares (Incep. 2/1/2008) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION*
THOFX-5.64%-2.92%7.77%9.40%10.14%9.82%
Benchmark (Since 7/28/2006)
MSCI AC World Index3.83%9.77%13.40%8.67%8.19%6.14%
R6 Shares (Incep. 4/10/2017) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION*
THOGX-5.54%-2.75%7.91%9.53%10.18%9.83%
Benchmark (Since 7/28/2006)
MSCI AC World Index3.83%9.77%13.40%8.67%8.19%6.14%

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

* 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

* 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

* 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

* 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

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)1.29%
Actual Annual Operating Expenses (fiscal year to date, as of 9/30/2018)1.28%

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)2.04%
Actual Annual Operating Expenses (fiscal year to date, as of 9/30/2018)2.03%

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)1.01%
Net Annual Operating Expenses (as reported in the most recent Prospectus)0.99%
Actual Annual Operating Expenses (fiscal year to date, as of 9/30/2018)0.97%

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 R3 Shares

Gross Annual Operating Expenses (as reported in the most recent Prospectus)1.93%
Net Annual Operating Expenses (as reported in the most recent Prospectus)1.50%
Actual Annual Operating Expenses (fiscal year to date, as of 9/30/2018)1.50%

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 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 Annual Operating Expenses (fiscal year to date, as of 9/30/2018)1.40%

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 R5 Shares

Gross Annual Operating Expenses (as reported in the most recent Prospectus)1.19%
Net Annual Operating Expenses (as reported in the most recent Prospectus)0.99%
Actual Annual Operating Expenses (fiscal year to date, as of 9/30/2018)0.99%

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 R6 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)0.85%
Actual Annual Operating Expenses (fiscal year to date, as of 9/30/2018)0.85%

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 735 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, 3 stars and 4 stars among 735, 614 and 362 funds, as of 10/31/2018.

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 735 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, 3 stars and 3 stars among 735, 614 and 362 funds, as of 10/31/2018.

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 735 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, 3 stars and 4 stars among 735, 614 and 362 funds, as of 10/31/2018.

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 735 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, 3 stars and 4 stars among 735, 614 and 362 funds, as of 10/31/2018.

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 735 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, 3 stars and 4 stars among 735, 614 and 362 funds, as of 10/31/2018.

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 735 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, 3 stars and 4 stars among 735, 614 and 362 funds, as of 10/31/2018.

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 735 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, 3 stars and 4 stars among 735, 614 and 362 funds, as of 10/31/2018.

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 (paid Dec 22, 2017)$0.07404
Capital Gains (2018)None Paid

Dividends and Capital Gains — Class C Shares

Dividend (paid Dec 22, 2017)$0.01716
Capital Gains (2018)None Paid

Dividends and Capital Gains — Class I Shares

Dividend (paid Dec 22, 2017)$0.10180
Capital Gains (2018)None Paid

Dividends and Capital Gains — Class R3 Shares

Dividend (paid Dec 22, 2017)$0.05668
Capital Gains (2018)None Paid

Dividends and Capital Gains — Class R4 Shares

Dividend (paid Dec 22, 2017)$0.06262
Capital Gains (2018)None Paid

Dividends and Capital Gains — Class R5 Shares

Dividend (paid Dec 22, 2017)$0.09699
Capital Gains (2018)None Paid

Dividends and Capital Gains — Class R6 Shares

Dividend (paid Dec 22, 2017)$0.10980
Capital Gains (2018)None Paid

HYPOTHETICAL GROWTH OF $10,000 as of 10/31/2018(Thornburg Global Opportunities Fund vs. MSCI AC World Index)

  • A shares with sales charge$25,756
  • MSCI AC World Index$19,115
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 10/31/2018(Thornburg Global Opportunities Fund vs. MSCI AC World Index)

  • C shares$24,528
  • MSCI AC World Index$19,115
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 10/31/2018(Thornburg Global Opportunities Fund vs. MSCI AC World Index)

  • I shares$28,454
  • MSCI AC World Index$19,115
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 10/31/2018(Thornburg Global Opportunities Fund vs. MSCI AC World Index)

  • R3 shares$26,764
  • MSCI AC World Index$19,115
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 the class A shares adjusted for the expenses of the newer share class.

HYPOTHETICAL GROWTH OF $10,000 as of 10/31/2018(Thornburg Global Opportunities Fund vs. MSCI AC World Index)

  • R4 shares$27,058
  • MSCI AC World Index$19,115
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 the class A shares adjusted for the expenses of the newer share class.

HYPOTHETICAL GROWTH OF $10,000 as of 10/31/2018(Thornburg Global Opportunities Fund vs. MSCI AC World Index)

  • R5 shares$28,528
  • MSCI AC World Index$19,115
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 the class A shares adjusted for the expenses of the newer share class.

HYPOTHETICAL GROWTH OF $10,000 as of 10/31/2018(Thornburg Global Opportunities Fund vs. MSCI AC World Index)

  • R6 shares$28,560
  • MSCI AC World Index$19,115
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 the class A shares adjusted for the expenses of the newer share class.

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.

Diversification does not assure or guarantee better performance and cannot eliminate the risk of investment losses.

Funds invested in a limited number of holdings may expose an investor to greater volatility.

Class R shares are limited to retirement platforms only.

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.