Overview
Investment Strategy
The Fund invests at least 80% of its assets in equity securities and debt obligations of developing country issuers. A developing country issuer is a company or sovereign entity that is domiciled or otherwise tied economically to one or more developing countries. The Fund portfolio is diversified to include basic value stocks, companies with consistent earnings, and emerging franchises.
Fund Objective
The Fund seeks long-term capital appreciation. There is no guarantee that the Fund will meet its objectives.
Fund Fact Sheet (PDF)
Holdings Commentary
Portfolio Manager Market Commentary
| Share Class |
Symbol |
|
Fund Numbers | CUSIP | Inception Date | ||||
|---|---|---|---|---|---|---|---|---|---|
| A | THDAX |
|
118 | 885-216-408 | 12/16/09 | ||||
| C | THDCX |
|
680 | 885-216-507 | 12/16/09 | ||||
| Benchmark: MSCI Emerging Markets Index | |||||||||
Performance and Expenses
Average Annualized Total ReturnsImportant Information: 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.
Month Ended - 8/31/10
| A Shares (THDAX) | 1-Year | 3-Year | Inception* |
| Without sales charge | N/A | N/A | 9.21 % |
| With sales charge | N/A | N/A | 4.32 % |
| C Shares (THDCX) | |||
| Without sales charge | N/A | N/A | 8.88 % |
| With sales charge | N/A | N/A | 7.88 % |
| Benchmark Index | |||
| MSCI Emerging Markets Index | N/A | N/A | 1.37 % |
Quarter Ended - 6/30/10
| A Shares (THDAX) | 1-Year | 3-Year | Inception* |
| Without sales charge | N/A | N/A | 2.35 % |
| With sales charge | N/A | N/A | -2.24 % |
| C Shares (THDCX) | |||
| Without sales charge | N/A | N/A | 2.18 % |
| With sales charge | N/A | N/A | 1.18 % |
| Benchmark Index | |||
| MSCI Emerging Markets Index | N/A | N/A | -4.57 % |
The maximum sales charge for the Fund's A shares is 4.50%. C shares include a 1.00% contingent deferred sales charge (CDSC) for the first year only.
*Inception Date 12/16/09 for the Class A, and C Shares.
The Developing World Fund may invest in shares of companies through initial public offerings (IPOs). IPOs have the potential to produce substantial gains and there is no assurance that the Fund will have continued access to profitable IPOs. As Fund assets grow, the impact of IPO investments on performance may decline.
Fund Operating Expenses
| Class A | Class C | |
| Gross Annual Operating Expenses (as reported in the most recent Prospectus) | 2.38 % |
3.13 % |
| Net Annual Operating Expenses (as reported in the most recent Prospectus)* | 1.83 % |
2.38 % |
| Actual Annualized Operating Expenses (fiscal year to date, as of 6/30/10) | 1.81 % |
2.38 % |
*Thornburg Investment Management and Thornburg Securities Corporation have contractually agreed to waive fees and reimburse expenses through February 1, 2011 so that actual expenses do not exceed the net expense ratio, which reflects the annual operating expenses of the fund minus any fee waivers or expense reimbursements.
For more information regarding fund expenses, please see the fund prospectus.
Attributes and Holdings
Top Ten Countries - 7/31/10
 | Software & Services | 14.4% |
|
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Pharma & Biotech | 7.6% |
 |
Energy | 9.7% |  |
Materials | 7.5% | |
 |
Household Products | 9.6% |  |
Retailing | 4.8% | |
 |
Banks | 9.6% |  |
Consumer Services | 4.4% | |
 |
Food & Staples Retailing | 7.8% |  |
Transportation | 4.2% |
|
Top Ten Positions - 7/31/10
Developing World Fund Holdings
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Key Portfolio Attributes -
7/31/10
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| Stock Categories - 7/31/10 | Capitalization Exposure - 7/31/10 | |||||||||||||||||||||||||||||
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The Average P/E Ratio is a position-weighted average which describes the relationship between the price of a portfolio’s various stocks and their earnings per share.
Management
Portfolio Management
For a biography on the portfolio manager, click on the photo above.
More Info
Related Links and DownloadsInvestments in the Fund carry risks, including possible loss of principal. Special risks may be associated with investments outside the United States, especially in emerging markets, including currency fluctuations, illiquidity and volatility. Investments in small capitalization companies may increase the risk of greater price fluctuations. Investments in the Fund are not FDIC insured, nor are they deposits of or guaranteed by a bank or any other entity.
There is no guarantee that the Fund will meet its investment objectives.
Before investing, carefully consider the Fund’s investment goals, risks, charges, and expenses. For a prospectus containing this and other information, contact your financial advisor or visit our literature library. Read it carefully before investing.
The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. As of May 27, 2010 the MSCI Emerging Markets Index consisted of the following 21 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Morocco, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand, and Turkey.
