Thornburg Global Opportunities Fund

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 charge4.69%24.38%3.59%5.23%10.67%8.93%
THOAX with sales charge-0.03%18.79%2.01%4.26%10.16%8.58%
Benchmark (Since 7/28/2006)
MSCI ACWI NTR4.75%16.52%8.99%10.21%9.90%6.38%
A Shares (Incep. 7/28/2006) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION
THOAX without sales charge-8.49%3.87%-0.34%2.08%9.25%8.00%
THOAX with sales charge-12.62%-0.80%-1.86%1.14%8.75%7.64%
Benchmark (Since 7/28/2006)
MSCI ACWI NTR-6.25%2.11%6.14%6.46%9.16%5.62%
A Shares without sales charge
(Incep. 7/28/2006)
MSCI ACWI NTR
2007 31.92% 11.66%
2008 -48.17% -42.20%
2009 45.98% 34.63%
2010 15.33% 12.66%
2011 -7.79% -7.34%
2012 21.56% 16.13%
2013 28.18% 22.80%
2014 18.44% 4.17%
2015 1.12% -2.37%
2016 3.64% 7.86%
2017 21.64% 23.97%
2018 -20.92% -9.42%
2019 28.38% 26.60%

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) 1.33%
Actual Annualized Operating Expenses (fiscal year to date, as of 6/30/2020) 1.29%

Morningstar Rating

Overall Morningstar Rating among 740 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, 2 stars, 2 stars and 3 stars among 740, 613 and 359 funds, as of 7/31/2020.

Dividends and Capital Gains — Class A Shares

Dividend (December 2019) None Paid
Capital Gains (2018) None Paid

Hypothetical Growth of $10,000 as of (Thornburg Global Opportunities Fund vs. MSCI ACWI NTR)

A Shares with sales charge
31890.45950000
MSCI ACWI NTR
23907.25430000
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. 7/28/2006) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION
THOCX with sales charge3.23%22.52%2.82%4.45%9.83%8.10%
THOCX without sales charge4.23%23.52%2.82%4.45%9.83%8.10%
Benchmark (Since 7/28/2006)
MSCI ACWI NTR4.75%16.52%8.99%10.21%9.90%6.38%
C Shares (Incep. 7/28/2006) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION
THOCX without sales charge-8.76%3.17%-1.08%1.32%8.43%7.17%
THOCX with sales charge-9.67%2.17%-1.08%1.32%8.43%7.17%
Benchmark (Since 7/28/2006)
MSCI ACWI NTR-6.25%2.11%6.14%6.46%9.16%5.62%
C Shares without sales charge
(Incep. 7/28/2006)
MSCI ACWI NTR
2007 30.84% 11.66%
2008 -48.54% -42.20%
2009 44.84% 34.63%
2010 14.34% 12.66%
2011 -8.48% -7.34%
2012 20.64% 16.13%
2013 27.22% 22.80%
2014 17.57% 4.17%
2015 0.32% -2.37%
2016 2.88% 7.86%
2017 20.69% 23.97%
2018 -21.51% -9.42%
2019 27.42% 26.60%

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) 2.09%
Actual Annualized Operating Expenses (fiscal year to date, as of 6/30/2020) 2.04%

Morningstar Rating

Overall Morningstar Rating among 740 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, 2 stars, 1 star and 3 stars among 740, 613 and 359 funds, as of 7/31/2020.

Dividends and Capital Gains — Class C Shares

Dividend (December 2019) None Paid
Capital Gains (2018) None Paid

Hypothetical Growth of $10,000 as of (Thornburg Global Opportunities Fund vs. MSCI ACWI NTR)

C Shares
29968.65450000
MSCI ACWI NTR
23907.25430000
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. 7/28/2006) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION
THOIX4.88%24.71%3.90%5.56%11.09%9.39%
Benchmark (Since 7/28/2006)
MSCI ACWI NTR4.75%16.52%8.99%10.21%9.90%6.38%
I Shares (Incep. 7/28/2006) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION
THOIX-8.34%4.18%-0.03%2.41%9.68%8.45%
Benchmark (Since 7/28/2006)
MSCI ACWI NTR-6.25%2.11%6.14%6.46%9.16%5.62%
I Shares (Incep. 7/28/2006) MSCI ACWI NTR
2007 32.52% 11.66%
2008 -47.85% -42.20%
2009 46.66% 34.63%
2010 15.86% 12.66%
2011 -7.27% -7.34%
2012 22.19% 16.13%
2013 28.75% 22.80%
2014 18.91% 4.17%
2015 1.46% -2.37%
2016 4.03% 7.86%
2017 22.03% 23.97%
2018 -20.67% -9.42%
2019 28.76% 26.60%

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) 1.06%
Actual Annualized Operating Expenses (fiscal year to date, as of 6/30/2020) 0.99%

Morningstar Rating

Overall Morningstar Rating among 740 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, 2 stars, 2 stars and 3 stars among 740, 613 and 359 funds, as of 7/31/2020.

Dividends and Capital Gains — Class I Shares

Dividend (December 2019) None Paid
Capital Gains (2018) None Paid

Hypothetical Growth of $10,000 as of (Thornburg Global Opportunities Fund vs. MSCI ACWI NTR)

I Shares
35417.86500000
MSCI ACWI NTR
23907.25430000
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*
THORX4.54%24.09%3.37%5.03%10.52%8.84%
Benchmark (Since 7/28/2006)
MSCI ACWI NTR4.75%16.52%8.99%10.21%9.90%6.38%
R3 Shares (Incep. 2/1/2008) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION*
THORX-8.56%3.66%-0.54%1.89%9.12%7.91%
Benchmark (Since 7/28/2006)
MSCI ACWI NTR-6.25%2.11%6.14%6.46%9.16%5.62%
R3 Shares* (Incep. 2/1/2008) MSCI ACWI NTR
2007 31.91% 11.66%
2008 -48.05% -42.20%
2009 45.79% 34.63%
2010 15.29% 12.66%
2011 -7.78% -7.34%
2012 21.62% 16.13%
2013 28.07% 22.80%
2014 18.31% 4.17%
2015 0.95% -2.37%
2016 3.49% 7.86%
2017 21.37% 23.97%
2018 -21.07% -9.42%
2019 28.11% 26.60%

* 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

Fund Operating Expenses — Class R3 Shares

Gross Annual Operating Expenses (as reported in the most recent Prospectus) 2.20%
Net Annual Operating Expenses (as reported in the most recent Prospectus) 1.50%
Actual Annualized Operating Expenses (fiscal year to date, as of 6/30/2020) 1.50%

Morningstar Rating

Overall Morningstar Rating among 740 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, 2 stars, 2 stars and 3 stars among 740, 613 and 359 funds, as of 7/31/2020.

Dividends and Capital Gains — Class R3 Shares

Dividend (December 2019) None Paid
Capital Gains (2018) None Paid

Hypothetical Growth of $10,000 as of (Thornburg Global Opportunities Fund vs. MSCI ACWI NTR)

R3 Shares
33003.00520000
MSCI ACWI NTR
23907.25430000
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*
THOVX4.59%24.17%3.47%5.12%10.63%8.94%
Benchmark (Since 7/28/2006)
MSCI ACWI NTR4.75%16.52%8.99%10.21%9.90%6.38%
R4 Shares (Incep. 2/1/2008) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION*
THOVX-8.53%3.74%-0.45%1.99%9.22%8.01%
Benchmark (Since 7/28/2006)
MSCI ACWI NTR-6.25%2.11%6.14%6.46%9.16%5.62%
R4 Shares* (Incep. 2/1/2008) MSCI ACWI NTR
2007 31.80% 11.66%
2008 -48.08% -42.20%
2009 46.17% 34.63%
2010 15.36% 12.66%
2011 -7.68% -7.34%
2012 21.65% 16.13%
2013 28.21% 22.80%
2014 18.46% 4.17%
2015 0.99% -2.37%
2016 3.61% 7.86%
2017 21.50% 23.97%
2018 -21.01% -9.42%
2019 28.27% 26.60%

* 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

Fund Operating Expenses — Class R4 Shares

Gross Annual Operating Expenses (as reported in the most recent Prospectus) 1.86%
Net Annual Operating Expenses (as reported in the most recent Prospectus) 1.40%
Actual Annualized Operating Expenses (fiscal year to date, as of 6/30/2020) 1.40%

Morningstar Rating

Overall Morningstar Rating among 740 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, 2 stars, 2 stars and 3 stars among 740, 613 and 359 funds, as of 7/31/2020.

Dividends and Capital Gains — Class R4 Shares

Dividend (December 2019) None Paid
Capital Gains (2018) None Paid

Hypothetical Growth of $10,000 as of (Thornburg Global Opportunities Fund vs. MSCI ACWI NTR)

R4 Shares
33420.47120000
MSCI ACWI NTR
23907.25430000
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*
THOFX4.87%24.72%3.89%5.55%11.08%9.41%
Benchmark (Since 7/28/2006)
MSCI ACWI NTR4.75%16.52%8.99%10.21%9.90%6.38%
R5 Shares (Incep. 2/1/2008) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION*
THOFX-8.34%4.17%-0.04%2.41%9.68%8.47%
Benchmark (Since 7/28/2006)
MSCI ACWI NTR-6.25%2.11%6.14%6.46%9.16%5.62%
R5 Shares* (Incep. 2/1/2008) MSCI ACWI NTR
2007 31.17% 11.66%
2008 -47.78% -42.20%
2009 46.74% 34.63%
2010 15.78% 12.66%
2011 -7.26% -7.34%
2012 22.17% 16.13%
2013 28.73% 22.80%
2014 18.93% 4.17%
2015 1.44% -2.37%
2016 4.06% 7.86%
2017 21.96% 23.97%
2018 -20.67% -9.42%
2019 28.78% 26.60%

* 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

Fund Operating Expenses — Class R5 Shares

Gross Annual Operating Expenses (as reported in the most recent Prospectus) 1.27%
Net Annual Operating Expenses (as reported in the most recent Prospectus) 0.99%
Actual Annualized Operating Expenses (fiscal year to date, as of 6/30/2020) 0.99%

Morningstar Rating

Overall Morningstar Rating among 740 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, 2 stars, 2 stars and 3 stars among 740, 613 and 359 funds, as of 7/31/2020.

Dividends and Capital Gains — Class R5 Shares

Dividend (December 2019) None Paid
Capital Gains (2018) None Paid

Hypothetical Growth of $10,000 as of (Thornburg Global Opportunities Fund vs. MSCI ACWI NTR)

R5 Shares
35506.08350000
MSCI ACWI NTR
23907.25430000
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. 4/10/2017) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION*
THOGX4.96%24.86%4.03%5.68%11.17%9.43%
Benchmark (Since 7/28/2006)
MSCI ACWI NTR4.75%16.52%8.99%10.21%9.90%6.38%
R6 Shares (Incep. 4/10/2017) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION*
THOGX-8.29%4.30%0.10%2.53%9.75%8.50%
Benchmark (Since 7/28/2006)
MSCI ACWI NTR-6.25%2.11%6.14%6.46%9.16%5.62%
R6 Shares* (Incep. 4/10/2017) MSCI ACWI NTR
2007 31.30% 11.66%
2008 -47.92% -42.20%
2009 46.68% 34.63%
2010 15.89% 12.66%
2011 -7.35% -7.34%
2012 22.15% 16.13%
2013 28.79% 22.80%
2014 19.00% 4.17%
2015 1.60% -2.37%
2016 4.14% 7.86%
2017 22.19% 23.97%
2018 -20.57% -9.42%
2019 28.94% 26.60%

* 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

Fund Operating Expenses — Class R6 Shares

Gross Annual Operating Expenses (as reported in the most recent Prospectus) 1.00%
Net Annual Operating Expenses (as reported in the most recent Prospectus) 0.85%
Actual Annualized Operating Expenses (fiscal year to date, as of 6/30/2020) 0.85%

Morningstar Rating

Overall Morningstar Rating among 740 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, 2 stars, 2 stars and 3 stars among 740, 613 and 359 funds, as of 7/31/2020.

Dividends and Capital Gains — Class R6 Shares

Dividend (December 2019) None Paid
Capital Gains (2018) None Paid

Hypothetical Growth of $10,000 as of (Thornburg Global Opportunities Fund vs. MSCI ACWI NTR)

R6 Shares
35629.58120000
MSCI ACWI NTR
23907.25430000
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