Overview

Investment Strategy
Thornburg Global Opportunities Fund invests in equity securities from around the world. The Fund employs a value investing framework, seeking to buy promising companies at a discount to intrinsic value. A flexible mandate allows the Fund to pursue long-term performance using a broad approach to geography and market capitalization. The Fund is targeted towards investors who desire exposure to a portfolio of 30 to 40 holdings selected on a global basis.

Fund Objective
The Fund seeks long-term capital appreciation by investing in equity and debt securities of all types from issuers around the world. There is no guarantee that the Fund will meet its objectives.

Fact Sheet (PDF)
Holdings Commentary
Portfolio Manager Market Commentary

Performance and Expenses

* Inception Date 7/28/06 for the Class A, C, and I Shares. Index returns are since inception of the A shares.

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 the I shares.

The Global Opportunities 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.

*Thornburg Investment Management and/or Thornburg Securities Corporation have contractually agreed to waive fees and reimburse expenses through at least February 1, 2014, so that actual Class I expenses do not exceed 0.99%, not including the effects of Acquired Fund Fees and Expenses.

** The "Actual Annualized Operating Expenses" for each class of shares of the Fund represents the operating expenses of each such class as of the date shown above, including the effect of any fee waivers and expense reimbursements which are applicable to that class, but not including the effects of Acquired Fund Fees and Expenses. For a discussion of Acquired Fund Fees and Expense, see the Fund’s current prospectus.

Expense ratios are 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 information regarding fund expenses, please see the fund prospectus.

† 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.

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.

Attributes and Holdings

	Diversified Financials	14.9%			Consumer Services	5.4%
	Software & Services	12.6%			Capital Goods	4.6%
	Telecom	10.0%			Energy	4.6%
	Pharma & Biotech	10.0%			Consumer Durables	4.1%
	Technology	6.8%			Autos & Components	3.3%

Morningstar^®
Morningstar Rating™:
Overall Morningstar Rating among 742 World Stock funds, based on risk-adjusted returns for Class A Shares, using a weighted average of the fund's three- and five-year ratings: respectively, two stars and two stars among 742 and 586 funds, as of 4/30/13¹.

Global Opportunities Fund Holdings
Global Opportunities Fund Holdings Commentary

Portfolio Composition - 4/30/13		Capitalization Exposure - 4/30/13
Domestic Equity 43.8% Foreign Equity 48.1% Cash 8.1%		Large 57.5% Mid 18.1% Small 24.4% Small Cap (<$2.5 bn.) Mid Cap ($2.5 to $12 bn.) Large Cap (> $12 bn.)

Management

More Info