Thornburg Developing World Fund

SYMBOL: TDWRX

Morningstar Rating • Info

Overall Morningstar Rating among 705 Diversified Emerging Mkts funds, based on risk-adjusted returns for class R6 shares, using a weighted average of the funds three-, five-, and ten-year ratings: respectively, 2 stars, 2 stars and 2 stars among 705, 619 and 462 funds, as of 31 Jan 2026.

As of 31 Jan 2026

Fund Assets

$637.9 M

As of 31 Jan 2026

NAV

$30.06

As of 20 Feb 2026

Change

$0.35

As of 20 Feb 2026

YTD NAV Performance

11.79%

As of 20 Feb 2026

Asset Category:

Emerging Markets Equity

Fund Benchmark:

MSCI Emerging Markets Index

Portfolio Managers

Pablo Echavarria, CFA

Portfolio Manager and Managing Director

Di Zhou, CFA, FRM®

Portfolio Manager and Managing Director

Overview Performance Fund Facts Characteristics Portfolio Portfolio Managers Literature

Overview

Why Invest in This Fund?

Flexible, focused core equity portfolio that invests primarily in companies in emerging markets.
Proven bottom-up fundamental research process focused on discovering strong companies with leading market positions, solid management teams, robust corporate governance and conservative capital structures.
Three-basket approach to portfolio construction with a focus on strong businesses helps to mitigate downside risk and seeks to produce strong risk-adjusted outperformance across many different market environments.

Investment Objective

The fund’s goal is to provide investors with long-term capital appreciation.

Investment Approach

Combining bottom-up, fundamental analysis with disciplined portfolio construction, the fund seeks long-term growth opportunities in emerging markets through investments in strong businesses at attractive valuations and identified paths to success. Using a three-basket portfolio construction approach, we are able to balance risk exposure across styles, allowing the portfolio to participate across market environments, whether led by growth or value.

Returns

(As of 31 Dec 2025)

YTD

10y

Inception

Total Return (%)

27.97

13.08

0.99

7.20

6.31

MSCI Emerging Markets Index (%)

33.57

16.40

4.20

8.42

4.80

Morningstar Category Avg. (%)

30.55

15.87

4.29

7.93

—

Morningstar Quartile

—

Morningstar Quartile # of Funds

—

751

704

620

460

—

YTD

10y

Inception

Total Return (%)

7.92

38.49

13.06

1.95

8.49

6.78

MSCI Emerging Markets Index (%)

8.85

42.84

16.74

5.34

10.08

5.32

Morningstar Category Avg. (%)

8.49

39.86

15.93

5.51

9.39

—

Morningstar Quartile

—

Morningstar Quartile # of Funds

—

750

705

619

462

—

YTD

10y

Inception

Total Return (%)

27.97

44.60

5.05

100.50

166.85

MSCI Emerging Markets Index (%)

33.57

57.70

22.81

124.38

112.06

YTD

10y

Inception

Total Return (%)

7.92

38.49

44.52

10.12

125.79

187.99

MSCI Emerging Markets Index (%)

8.85

42.84

59.10

29.71

161.18

130.83

2020

2021

2022

2023

2024

2025

Total Return (%)

23.21

-2.56

-25.44

6.72

5.88

27.97

MSCI Emerging Markets Index (%)

18.31

-2.54

-20.09

9.83

7.50

33.57

Source: Confluence

Periods less than one year are not annualized.

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 equity funds' 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 or R shares.

Morningstar quartile ranking for Diversified Emerging Mkts category is based on total returns before sales charges.

Prior to inception of R5 and R6 share classes, performance is hypothetical and was calculated from actual returns of an earlier share class adjusted for the expenses of the newer share class.

Share class inception dates: A, C and I shares, 16 Dec 2009; R5 and R6 shares, 1 Feb 2013.

Fund Fees

(As of 1 Feb 2026)

Gross Expense Ratio (%)

1.27

Net Expense Ratio (%)

0.94

Thornburg Investment Management and/or Thornburg Securities LLC have contractually agreed to waive fees and reimburse expenses through at least 1 February 2027, for some of the share classes; these are reflected in the net expense ratio. For more detailed information on fund expenses and waivers/reimbursements, please see the fund's prospectus.

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.

Hypothetical Growth of $10,000

            Categories,R6 Shares,MSCI Emerging Markets Index
            2009-12-16,10000,10000
2009-12-31,10052,10170
2010-01-31,9546,9603
2010-02-28,9809,9637
2010-03-31,10602,10415
2010-04-30,10942,10541
2010-05-31,10241,9614
2010-06-30,10262,9543
2010-07-31,10972,10338
2010-08-31,10960,10137
2010-09-30,12142,11264
2010-10-31,12786,11591
2010-11-30,12673,11285
2010-12-31,13207,12090
2011-01-31,12648,11762
2011-02-28,12594,11652
2011-03-31,13333,12337
2011-04-30,14132,12720
2011-05-31,13927,12386
2011-06-30,13746,12196
2011-07-31,13685,12142
2011-08-31,12566,11057
2011-09-30,10575,9445
2011-10-31,12018,10696
2011-11-30,11625,9983
2011-12-31,11198,9863
2012-01-31,12278,10981
2012-02-29,12944,11639
2012-03-31,13170,11251
2012-04-30,13277,11116
2012-05-31,11891,9869
2012-06-30,12304,10250
2012-07-31,12411,10450
2012-08-31,12646,10416
2012-09-30,13356,11044
2012-10-31,13404,10977
2012-11-30,13384,11116
2012-12-31,13808,11660
2013-01-31,14614,11821
2013-02-28,14868,11672
2013-03-31,15271,11471
2013-04-30,15548,11558
2013-05-31,15683,11261
2013-06-30,14532,10544
2013-07-31,14666,10654
2013-08-31,14171,10471
2013-09-30,15187,11152
2013-10-31,15826,11694
2013-11-30,15901,11523
2013-12-31,16042,11357
2014-01-31,15166,10619
2014-02-28,16101,10971
2014-03-31,15991,11308
2014-04-30,15915,11345
2014-05-31,16505,11741
2014-06-30,16943,12053
2014-07-31,16715,12286
2014-08-31,16817,12563
2014-09-30,15986,11632
2014-10-31,16384,11769
2014-11-30,16426,11645
2014-12-31,15622,11108
2015-01-31,15479,11175
2015-02-28,15580,11521
2015-03-31,15309,11357
2015-04-30,16012,12230
2015-05-31,15775,11741
2015-06-30,15453,11436
2015-07-31,14810,10643
2015-08-31,13533,9680
2015-09-30,13000,9389
2015-10-31,13673,10059
2015-11-30,13452,9666
2015-12-31,13309,9451
2016-01-31,12755,8838
2016-02-29,12593,8823
2016-03-31,13770,9991
2016-04-30,14094,10045
2016-05-31,13847,9671
2016-06-30,13992,10057
2016-07-31,14615,10563
2016-08-31,14785,10826
2016-09-30,14795,10965
2016-10-31,14675,10991
2016-11-30,13775,10485
2016-12-31,13723,10508
2017-01-31,14169,11083
2017-02-28,14435,11423
2017-03-31,14876,11711
2017-04-30,15383,11967
2017-05-31,15726,12321
2017-06-30,16101,12445
2017-07-31,16911,13187
2017-08-31,17186,13481
2017-09-30,17482,13428
2017-10-31,17915,13898
2017-11-30,18218,13926
2017-12-31,18659,14426
2018-01-31,20103,15628
2018-02-28,19109,14908
2018-03-31,18564,14631
2018-04-30,18243,14566
2018-05-31,17863,14050
2018-06-30,17309,13466
2018-07-31,17733,13762
2018-08-31,17015,13390
2018-09-30,16929,13319
2018-10-31,15588,12159
2018-11-30,16375,12660
2018-12-31,15894,12324
2019-01-31,17456,13404
2019-02-28,17781,13434
2019-03-31,18237,13546
2019-04-30,18799,13832
2019-05-31,17587,12828
2019-06-30,18957,13629
2019-07-31,18676,13462
2019-08-31,18053,12806
2019-09-30,18325,13050
2019-10-31,19123,13600
2019-11-30,19211,13582
2019-12-31,20617,14595
2020-01-31,19878,13914
2020-02-29,18792,13181
2020-03-31,15516,11151
2020-04-30,17047,12172
2020-05-31,17457,12265
2020-06-30,18899,13167
2020-07-31,20510,14343
2020-08-31,21178,14660
2020-09-30,20857,14425
2020-10-31,21605,14723
2020-11-30,23635,16084
2020-12-31,25403,17267
2021-01-31,26152,17796
2021-02-28,26723,17932
2021-03-31,25804,17661
2021-04-30,26233,18101
2021-05-31,26509,18521
2021-06-30,26937,18553
2021-07-31,25492,17304
2021-08-31,26170,17757
2021-09-30,25215,17051
2021-10-31,25483,17220
2021-11-30,24163,16518
2021-12-31,24751,16828
2022-01-31,23895,16509
2022-02-28,22797,16016
2022-03-31,22173,15654
2022-04-30,20326,14783
2022-05-31,20852,14848
2022-06-30,19210,13862
2022-07-31,19103,13828
2022-08-31,19086,13885
2022-09-30,16935,12257
2022-10-31,16105,11877
2022-11-30,18666,13638
2022-12-31,18454,13447
2023-01-31,19927,14509
2023-02-28,18736,13568
2023-03-31,19318,13979
2023-04-30,19072,13820
2023-05-31,18618,13588
2023-06-30,19454,14104
2023-07-31,20263,14982
2023-08-31,19163,14059
2023-09-30,18418,13692
2023-10-31,17627,13160
2023-11-30,19027,14213
2023-12-31,19695,14768
2024-01-31,18886,14083
2024-02-29,20011,14753
2024-03-31,20475,15118
2024-04-30,20280,15186
2024-05-31,20624,15272
2024-06-30,21358,15874
2024-07-31,20828,15921
2024-08-31,20837,16178
2024-09-30,21924,17258
2024-10-31,21478,16491
2024-11-30,20763,15898
2024-12-31,20853,15877
2025-01-31,20795,16160
2025-02-28,20757,16239
2025-03-31,20862,16341
2025-04-30,21255,16556
2025-05-31,22536,17262
2025-06-30,23923,18300
2025-07-31,24201,18657
2025-08-31,24268,18896
2025-09-30,25550,20248
2025-10-31,26296,21094
2025-11-30,25683,20590
2025-12-31,26685,21206
2026-01-31,28799,23083

Hypothetical Growth of $10,000

(As of 31 Jan 2026)

(Hypothetical Growth of $10,000 vs MSCI Emerging Markets Index)

                        Categories,R6 Shares,MSCI Emerging Markets Index
                        2025-01-31,10000,10000
2025-02-28,9982,10048
2025-03-31,10032,10112
2025-04-30,10221,10245
2025-05-31,10837,10682
2025-06-30,11504,11324
2025-07-31,11638,11545
2025-08-31,11670,11693
2025-09-30,12286,12530
2025-10-31,12645,13053
2025-11-30,12351,12741
2025-12-31,12832,13122
2026-01-31,13849,14284

                        Categories,R6 Shares,MSCI Emerging Markets Index
                        2023-01-31,10000,10000
2023-02-28,9402,9352
2023-03-31,9694,9635
2023-04-30,9571,9526
2023-05-31,9343,9366
2023-06-30,9763,9721
2023-07-31,10169,10326
2023-08-31,9617,9690
2023-09-30,9243,9437
2023-10-31,8846,9070
2023-11-30,9548,9796
2023-12-31,9884,10179
2024-01-31,9478,9706
2024-02-29,10042,10168
2024-03-31,10275,10420
2024-04-30,10177,10467
2024-05-31,10350,10526
2024-06-30,10718,10941
2024-07-31,10452,10974
2024-08-31,10457,11151
2024-09-30,11002,11895
2024-10-31,10779,11366
2024-11-30,10420,10958
2024-12-31,10465,10943
2025-01-31,10436,11138
2025-02-28,10417,11192
2025-03-31,10470,11263
2025-04-30,10666,11411
2025-05-31,11310,11898
2025-06-30,12006,12614
2025-07-31,12145,12859
2025-08-31,12179,13024
2025-09-30,12822,13956
2025-10-31,13196,14539
2025-11-30,12889,14191
2025-12-31,13392,14616
2026-01-31,14452,15910

                        Categories,R6 Shares,MSCI Emerging Markets Index
                        2021-01-31,10000,10000
2021-02-28,10218,10076
2021-03-31,9867,9924
2021-04-30,10031,10171
2021-05-31,10136,10407
2021-06-30,10300,10425
2021-07-31,9748,9724
2021-08-31,10007,9978
2021-09-30,9642,9582
2021-10-31,9744,9676
2021-11-30,9239,9282
2021-12-31,9464,9456
2022-01-31,9137,9277
2022-02-28,8717,9000
2022-03-31,8478,8796
2022-04-30,7772,8307
2022-05-31,7973,8344
2022-06-30,7346,7789
2022-07-31,7305,7770
2022-08-31,7298,7803
2022-09-30,6476,6888
2022-10-31,6158,6674
2022-11-30,7137,7664
2022-12-31,7056,7556
2023-01-31,7619,8153
2023-02-28,7164,7624
2023-03-31,7387,7855
2023-04-30,7293,7766
2023-05-31,7119,7636
2023-06-30,7439,7925
2023-07-31,7748,8419
2023-08-31,7327,7900
2023-09-30,7042,7694
2023-10-31,6740,7395
2023-11-30,7275,7986
2023-12-31,7531,8299
2024-01-31,7222,7913
2024-02-29,7652,8290
2024-03-31,7829,8495
2024-04-30,7755,8533
2024-05-31,7886,8581
2024-06-30,8167,8920
2024-07-31,7964,8946
2024-08-31,7968,9091
2024-09-30,8383,9698
2024-10-31,8213,9267
2024-11-30,7939,8934
2024-12-31,7974,8921
2025-01-31,7952,9081
2025-02-28,7937,9125
2025-03-31,7977,9183
2025-04-30,8127,9303
2025-05-31,8617,9700
2025-06-30,9148,10283
2025-07-31,9254,10484
2025-08-31,9279,10618
2025-09-30,9770,11378
2025-10-31,10055,11853
2025-11-30,9821,11570
2025-12-31,10204,11916
2026-01-31,11012,12971

                        Categories,R6 Shares,MSCI Emerging Markets Index
                        2016-01-31,10000,10000
2016-02-29,9873,9984
2016-03-31,10796,11305
2016-04-30,11050,11366
2016-05-31,10856,10942
2016-06-30,10970,11380
2016-07-31,11458,11952
2016-08-31,11592,12249
2016-09-30,11600,12407
2016-10-31,11506,12436
2016-11-30,10800,11864
2016-12-31,10759,11890
2017-01-31,11109,12541
2017-02-28,11317,12925
2017-03-31,11663,13251
2017-04-30,12060,13541
2017-05-31,12330,13941
2017-06-30,12624,14082
2017-07-31,13259,14921
2017-08-31,13475,15254
2017-09-30,13707,15193
2017-10-31,14046,15726
2017-11-30,14283,15757
2017-12-31,14629,16323
2018-01-31,15762,17683
2018-02-28,14982,16868
2018-03-31,14554,16554
2018-04-30,14303,16481
2018-05-31,14005,15897
2018-06-30,13571,15237
2018-07-31,13903,15571
2018-08-31,13340,15150
2018-09-30,13273,15070
2018-10-31,12221,13758
2018-11-30,12838,14324
2018-12-31,12461,13945
2019-01-31,13686,15166
2019-02-28,13940,15200
2019-03-31,14298,15328
2019-04-30,14739,15650
2019-05-31,13789,14515
2019-06-30,14862,15421
2019-07-31,14642,15232
2019-08-31,14154,14489
2019-09-30,14367,14766
2019-10-31,14993,15389
2019-11-30,15062,15367
2019-12-31,16164,16514
2020-01-31,15585,15744
2020-02-29,14733,14914
2020-03-31,12165,12617
2020-04-30,13365,13772
2020-05-31,13687,13878
2020-06-30,14817,14898
2020-07-31,16080,16229
2020-08-31,16604,16588
2020-09-30,16353,16322
2020-10-31,16939,16658
2020-11-30,18530,18199
2020-12-31,19916,19537
2021-01-31,20504,20136
2021-02-28,20952,20290
2021-03-31,20231,19984
2021-04-30,20567,20481
2021-05-31,20784,20956
2021-06-30,21120,20992
2021-07-31,19986,19579
2021-08-31,20518,20092
2021-09-30,19770,19293
2021-10-31,19979,19484
2021-11-30,18944,18690
2021-12-31,19406,19040
2022-01-31,18734,18680
2022-02-28,17874,18122
2022-03-31,17384,17712
2022-04-30,15936,16727
2022-05-31,16349,16801
2022-06-30,15062,15684
2022-07-31,14978,15646
2022-08-31,14964,15711
2022-09-30,13278,13869
2022-10-31,12627,13439
2022-11-30,14635,15432
2022-12-31,14468,15215
2023-01-31,15623,16416
2023-02-28,14689,15352
2023-03-31,15146,15817
2023-04-30,14953,15638
2023-05-31,14597,15375
2023-06-30,15252,15959
2023-07-31,15887,16952
2023-08-31,15024,15908
2023-09-30,14440,15492
2023-10-31,13820,14890
2023-11-30,14918,16082
2023-12-31,15441,16710
2024-01-31,14808,15934
2024-02-29,15689,16692
2024-03-31,16053,17106
2024-04-30,15900,17183
2024-05-31,16170,17280
2024-06-30,16745,17961
2024-07-31,16330,18015
2024-08-31,16337,18305
2024-09-30,17189,19528
2024-10-31,16840,18659
2024-11-30,16279,17989
2024-12-31,16349,17964
2025-01-31,16304,18285
2025-02-28,16274,18374
2025-03-31,16357,18490
2025-04-30,16664,18733
2025-05-31,17669,19532
2025-06-30,18757,20707
2025-07-31,18974,21110
2025-08-31,19027,21381
2025-09-30,20032,22911
2025-10-31,20617,23868
2025-11-30,20137,23297
2025-12-31,20922,23994
2026-01-31,22579,26118

The Hypothetical Growth graph compares a hypothetical 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.

Distributions

            Categories,Total ($)
            2013-12-31,0.04702
2014-09-30,0.07570
2014-12-31,0.00941
2015-09-30,0.12036
2015-12-31,0.01293
2016-09-30,0.09262
2017-03-31,0.01443
2017-06-30,0.06700
2017-09-30,0.08403
2018-12-31,0.25596
2019-12-31,0.32983
2020-12-31,0.06541
2022-12-31,0.38093
2023-12-31,0.45402
2024-12-31,0.65178
2025-12-31,0.97534

            Ex-Date, Payable Date,Total ($),Income ($),ST Cap Gains ($),LT Cap Gains ($)
2013-12-24,1388448000,0.04702,0.04702,0,0
2014-09-24,1412035200,0.07570,0.07570,0,0
2014-12-24,1419984000,0.00941,0.00941,0,0
2015-09-24,1443571200,0.12036,0.12036,0,0
2015-12-24,1451520000,0.01293,0.01293,0,0
2016-09-26,1475193600,0.09262,0.09262,0,0
2017-03-24,1490918400,0.01443,0.01443,0,0
2017-06-23,1498780800,0.06700,0.06700,0,0
2017-09-22,1506729600,0.08403,0.08403,0,0
2018-12-21,1546214400,0.25596,0.25596,0,0
2019-12-20,1577750400,0.32983,0.32983,0,0
2020-12-17,1609372800,0.06541,0.06541,0,0
2022-12-15,1672444800,0.38093,0.38093,0,0
2023-12-14,1703980800,0.45402,0.45402,0,0
2024-12-19,1735603200,0.65178,0.65178,0,0
2025-12-18,1767139200,0.97534,0.97534,0,0

Distributions

(As of 18 Dec 2025)

Ex-Date

Payable Date

Total ($)

Income ($)

ST Cap Gains ($)

LT Cap Gains ($)

24 Dec 2013

31 Dec 2013

0.04702

—

24 Sep 2014

30 Sep 2014

0.07570

—

24 Dec 2014

31 Dec 2014

0.00941

—

24 Sep 2015

30 Sep 2015

0.12036

—

24 Dec 2015

31 Dec 2015

0.01293

—

26 Sep 2016

30 Sep 2016

0.09262

—

24 Mar 2017

31 Mar 2017

0.01443

—

23 Jun 2017

30 Jun 2017

0.06700

—

22 Sep 2017

30 Sep 2017

0.08403

—

21 Dec 2018

31 Dec 2018

0.25596

—

20 Dec 2019

31 Dec 2019

0.32983

—

17 Dec 2020

31 Dec 2020

0.06541

—

15 Dec 2022

31 Dec 2022

0.38093

—

14 Dec 2023

31 Dec 2023

0.45402

—

19 Dec 2024

31 Dec 2024

0.65178

—

18 Dec 2025

31 Dec 2025

0.97534

—

Fund Facts

(As of 31 Jan 2026)

Net Fund Assets

$637.9 M

Benchmark

MSCI Emerging Markets Index

Morningstar Category

Diversified Emerging Mkts

Fund Symbol

TDWRX

Share Class

Share Class Inception Date

1 Feb 2013

Distribution Frequency

Annually

Characteristics

Portfolio

(As of 31 Jan 2026)

Portfolio

Benchmark

Number of Holdings

—

Weighted Average Market Cap

$358.9 B

$321.9 B

Median Market Cap

$41.1 B

$11.8 B

Annual Portfolio Turnover

47%

—

Price to Earnings - Forward 1YR

14.0x

13.9x

Portfolio

Benchmark

Price to Earnings - Trailing 12 Months

17.7x

17.9x

Price to Cash Flow

11.3x

10.6x

Price to Book Value

2.9x

2.3x

Active Share

69.6%

—

Risk & Return Profile

(As of 31 Jan 2026)

10y

Annualized Alpha (%)

-2.05

-3.23

-1.28

Beta

0.92

1.00

0.98

R-Squared (%)

91.62

93.69

93.50

Standard Deviation (%)

13.04

16.15

16.69

Sharpe Ratio

0.61

-0.09

0.37

Information Ratio

-0.96

-0.86

-0.40

Up Capture (%)

85.18

92.73

96.65

Down Capture (%)

93.62

108.97

103.71

Past performance does not guarantee future results.

Risk & Return Profile metrics are based on the I share class.

Portfolio

Top Holdings

(As of 31 Dec 2025)

Name

Ticker/Symbol

Sector

Weight %

Taiwan Semiconductor Manufacturing Co. Ltd.

2330

Information Technology

15.1

Naspers Ltd.

NPN

Consumer Discretionary

6.9

Samsung Electronics Co. Ltd.

005930

Information Technology

3.9

AIA Group Ltd.

1299

Financials

3.7

SK hynix, Inc.

000660

Information Technology

3.4

Bid Corp. Ltd.

BID

Consumer Staples

3.4

Arca Continental S.A.B. de C.V.

AC*

Consumer Staples

3.1

ICICI Bank Ltd.

ICICIBC

Financials

3.1

Alibaba Group Holding Ltd.

9988

Consumer Discretionary

3.0

Bank Central Asia Tbk PT

BBCA

Financials

2.7

Download Holdings

Portfolio holdings are subject to change daily.

Exposure Breakdown

(As of 31 Jan 2026)

Sector Allocation

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

20%

30%

40%

Information Technology

29.1

30.3

Financials

20.8

21.5

Consumer Discretionary

14.8

11.2

Consumer Staples

9.8

3.4

Industrials

9.4

7.1

Energy

6.2

3.8

Cash & Equivalents

4.7

—

Utilities

2.2

Communication Services

1.7

8.8

Health Care

1.4

3.0

Materials

0.0

7.3

Real Estate

0.0

1.3

Sector Allocation

Fund (%)

Information Technology

29.1

Financials

20.8

Consumer Discretionary

14.8

Consumer Staples

9.8

Industrials

9.4

Energy

6.2

Cash & Equivalents

4.7

Utilities

2.2

Communication Services

1.7

Health Care

1.4

Materials

0.0

Real Estate

0.0

Top 10 Industries

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

15%

20%

25%

30%

Semiconductors & Semiconductor Equipment

22.9

18.0

Banks

14.2

16.0

Consumer Discretionary Distribution & Retail

11.8

5.6

Energy

6.2

3.8

Capital Goods

5.9

5.5

Food, Beverage & Tobacco

5.7

2.1

Technology Hardware & Equipment

4.8

10.7

Consumer Staples Distribution & Retail

4.1

0.9

Insurance

3.9

2.9

Transportation

3.5

1.5

Top 10 Industries

Fund (%)

Semiconductors & Semiconductor Equipment

22.9

Banks

14.2

Consumer Discretionary Distribution & Retail

11.8

Energy

6.2

Capital Goods

5.9

Food, Beverage & Tobacco

5.7

Technology Hardware & Equipment

4.8

Consumer Staples Distribution & Retail

4.1

Insurance

3.9

Transportation

3.5

Top 10 Countries

Fund (%)

Benchmark (%)

Region

Portfolio

Benchmark

10%

15%

20%

25%

30%

Taiwan

20.0

21.0

Asia Pacific ex Japan

Korea, Republic of (South Korea)

12.0

15.7

Asia Pacific ex Japan

India

10.8

13.3

Asia Pacific ex Japan

China

9.1

25.9

Asia Pacific ex Japan

South Africa

8.9

3.4

Other

Hong Kong

6.0

—

Asia Pacific ex Japan

Brazil

5.7

4.6

Latin America

Mexico

5.7

2.0

Latin America

United Arab Emirates

3.6

1.4

Other

Indonesia

2.5

1.0

Asia Pacific ex Japan

Top 10 Countries

Fund (%)

Taiwan

20.0

Korea, Republic of (South Korea)

12.0

India

10.8

China

9.1

South Africa

8.9

Hong Kong

6.0

Brazil

5.7

Mexico

5.7

United Arab Emirates

3.6

Indonesia

2.5

Capitalization

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

20%

30%

40%

50%

60%

70%

80%

90%

Large Cap (> $12 B)

85.0

Mid Cap ($2.5 to $12 B)

15.0

Small Cap (< $2.5 B)

0.0

Capitalization

Fund (%)

Large Cap (> $12 B)

85.0

Mid Cap ($2.5 to $12 B)

15.0

Small Cap (< $2.5 B)

0.0

Holdings with the Geography breakdown are classified by country of risk as determined by MSCI and Bloomberg.

Weights are percentages of the total portfolio unless otherwise noted.

May not add up to 100% due to rounding.

Cash and Equivalents includes cash, short-term securities, other assets less liabilities, accruals, derivatives and forwards. It may also include investments in money market or similar funds managed by Thornburg that are not offered to the public.

Portfolio Managers

Pablo Echavarria, CFA

Portfolio Manager and Managing Director

Pablo Echavarria, CFA, is a portfolio manager for Thornburg Investment Management, rejoining the firm in 2025. From 2018 to 2025, Pablo was a portfolio manager and business analyst at WCM. Earlier in his career, he joined Thornburg in 2014 as an equity research analyst and was promoted to associate portfolio manager in 2015. He worked as a global equity analyst…

Learn More

Di Zhou, CFA, FRM®

Portfolio Manager and Managing Director

Di Zhou, CFA, FRM, is a portfolio manager for Thornburg Investment Management, rejoining the firm in 2025. From 2021 to 2025, Di was an investment principal at Cambiar. Prior to Cambiar, she joined Thornburg in 2010 as an equity research analyst and was promoted to associate portfolio manager in 2014, then to portfolio manager in 2015. Di began her career…

Learn More

Literature

Fact Sheet

Commentary

Summary Prospectus

Annual Financial Statements

Semi-Annual Financial Statements

Prospectus

Statement of Additional Information (SAI)

Annual TSR

Semi-Annual TSR

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.

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.

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.

© 2026 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.

Please see our glossary for a definition of terms.

Thornburg mutual funds are distributed by Thornburg Securities LLC.

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 LLC (TSL) does not act as broker of record for investors.

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Thornburg Developing World Fund

Portfolio Managers

Overview

Why Invest in This Fund?

Investment Objective

Investment Approach

Related Content

Performance

Returns

Fund Fees

Hypothetical Growth of $10,000

Distributions

Fund Facts

Characteristics

Portfolio

Risk & Return Profile

Portfolio

Top Holdings

Exposure Breakdown

Portfolio Managers

Pablo Echavarria, CFA

Di Zhou, CFA, FRM®

Literature

Important Information

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Finding Opportunity Amid Imbalance: 2026 Market Outlook

Will the Real Kevin Warsh Please Stand Up?

FOMC Update: Fed Holds Rates Steady After Three Successive Cuts

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Thornburg Developing World Fund

Portfolio Managers

Overview

Why Invest in This Fund?

Investment Objective

Investment Approach

Related Content

Performance

Returns

Fund Fees

Hypothetical Growth of $10,000

Distributions

Fund Facts

Characteristics

Portfolio

Risk & Return Profile

Portfolio

Top Holdings

Exposure Breakdown

Portfolio Managers

Pablo Echavarria, CFA

Di Zhou, CFA, FRM®

Literature

Important Information

More Insights

Real Estate Market Recap: Trends, Challenges, and What Comes Next

Beyond the Hype—Building Smarter Private Credit Portfolios

Structural Forces Are Driving the Current Investment Environment

Finding Opportunity Amid Imbalance: 2026 Market Outlook

Will the Real Kevin Warsh Please Stand Up?

FOMC Update: Fed Holds Rates Steady After Three Successive Cuts