Overview
Investment Philosophy
Thornburg International Growth Fund invests in equity securities (primarily common stocks) from around the world. A flexible mandate allows the Fund to pursue long-term performance using a broad approach to geography, investing style, and market capitalization.
Fund Objective
The Fund seeks long-term growth of capital by investing in equity securities selected for their growth potential. There is no guarantee that the Fund will meet its objectives.
Fact Sheet (PDF)
Holdings Commentary
Portfolio Manager Market Commentary
Daily Prices as of 7/18/2008
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Net Assets
as of 6/30/08 $108.5 M Capital Gains Paid Annually Tentative 2008 Capital Gains Distribution Schedule Fiscal Year Nov 21, 2008 Benchmark MSCI ACWI - Ex US Growth Index |
Fund Numbers
CUSIP Numbers
Inception Date
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Performance and Expenses
Average Annualized Total ReturnsImportant Information: Performance data quoted represents past performance and does not guarantee future results. Investment return and principal value will fluctuate so that upon redemption, investor’s shares may be worth more or less than their original cost. Current performance may be lower or higher than the data quoted.
Month Ended - 6/30/2008
| A Shares (TIGAX) | 1-Year | 3-Year | Inception* |
| Without sales charge | -7.56 % | N/A | 5.88 % |
| With sales charge | -11.73 % | N/A | 2.49 % |
| C Shares (TIGCX) | |||
| Without sales charge | -8.24 % | N/A | 5.12 % |
| With sales charge | -9.14 % | N/A | 5.12 % |
| Benchmark Index | |||
MSCI ACWI-Ex US Growth Index |
-1.40 % | N/A | 6.66 % |
Quarter Ended - 6/30/2008
| A Shares (TIGAX) | 1-Year | 3-Year | Inception* |
| Without sales charge | -7.56 | N/A | 5.88 % |
| With sales charge | -11.73 | N/A | 2.49 % |
| C Shares (TIGCX) | |||
| Without sales charge | -8.24 | N/A | 5.12 % |
| With sales charge | -9.14 | N/A | 5.12 % |
| Benchmark Index | |||
MSCI ACWI-Ex US Growth Index |
-1.40 | N/A | 6.66 % |
The maximum sales charge for the Fund's A shares is 4.50%. The Fund's A shares carry a 30-day redemption fee of 1%. C shares include a 1% contingent deferred sales charge (CDSC) for the first year only.
*Inception Date 2/1/07 for the Class A and C Shares.
The International Growth 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 | |
| Total Operating Expenses |
2.10
% |
3.23
% |
| Subsidized Annual Operating Expenses* |
1.63
% |
2.38
% |
| Actual Annual Operating Expenses as of 6/30/08 |
1.54
% |
2.30
% |
*Thornburg Investment Management intends to waive fees and reimburse expenses so that actual expenses do not exceed the subsidized expense ratio. The subsidized expense ratio reflects the annual operating expenses of the fund minus any fee waivers or expense reimbursements.The fee waivers and expense reimbursements are voluntary and may be terminated at any time.
For more information regarding fund expenses, please see the fund prospectus.
Hypothetical Growth of $10,000 as of 3/31/08 †
†The graph illustrates a hypothetical $10,000 investment in the Thornburg International Growth Fund and how it compares to the performance of the MSCI All Country World ex-US Growth Index for the stated time period. Returns reflect capital appreciation and the reinvestment of dividends and capital gains, if any, as well as all fees and expenses. Results reflect past performance and does not guarantee future results.
The Morgan Stanley Capital International All Country World ex-U.S. Growth Index (MSCI AC World ex-U.S. Growth Index) Index is a market capitalization weighted index which includes growth companies in developed and emerging markets throughout the world, excluding the United States.
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
Top Ten Countries - 6/30/08
 | Food, Bev. & Tobacco | 12.6% |
|
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Software & Services | 6.1% |
 |
Utilities | 11.9% |  |
Banks | 5.6% | |
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Telecom | 10.9% |  |
Transportation | 4.6% | |
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Pharma & Biotech | 9.0% |  |
Media | 4.3% | |
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Diversified Financials | 8.5% |  |
Materials | 3.9% |
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Top Ten Positions - 6/30/08
International Growth Fund Holdings
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Key Portfolio Attributes -
6/30/08
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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 Team
For biographies on the portfolio managers, click on their photo above.
More Info
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Investments in the Fund carry risks including possible loss of principal. Investing outside the United States involves additional risks, such as currency fluctuations. Risks may be associated with investments in emerging markets including illiquidity and volatility. Additionally, the Fund invests a portion of the assets in small capitalization companies, which 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.
Carefully consider the Fund’s investment objectives, risks, sales charges, and expenses; these are found in the prospectus, which is available from your financial advisor or from our download library. Read it carefully before you invest or send money.
