Overview

Investment Strategy
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

Lipper ratings for Total Return reflect funds’ historical total return performance relative to peers. Lipper ratings for Consistent Return reflect funds’ historical risk-adjusted returns, adjusted for volatility, relative to peers. The ratings are subject to change every month and are based on an equal-weighted average of percentile ranks for the Total Return or Consistent Return metrics over three-, five-, and ten-year periods (if applicable). The highest 20% of funds in each peer group are named Lipper Leader or a score of 5 for Total Return or Consistent Return, the next 20% receive a score of 4, the middle 20% are scored 3, the next 20% are scored 2, and the lowest 20% are scored 1. Lipper Leader ratings are not intended to predict future results, and Lipper does not guarantee the accuracy of this information. More information is available at www.lipperweb.com. Lipper Leader Copyright 2009, Reuters, All Rights Reserved.

The Fund rated a 5 for Total Return for the 3-year period among 102 International Multi-Cap Growth Funds and 5 for Consistent Return for the 3-year period among 96 International Multi-Cap Growth Funds.

Performance and Expenses

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.

*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.

† 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

	Pharma & Biotech	18.2%			Semiconductors	5.1%
	Software & Services	16.3%			Media	4.2%
	Retailing	9.3%			Energy	3.0%
	Diversified Financials	6.2%			Consumer Durables	2.8%
	Comm. & Prof. Services	6.0%			Health Care	2.7%

Morningstar^®
Morningstar Rating™:
Overall Morningstar Rating among 215 Foreign Large Growth funds, based on risk-adjusted returns of Class A Shares, uses the fund's three-year rating of four stars among 215 funds as of 6/30/10¹.

Stock Categories - 6/30/10		Capitalization Exposure - 6/30/10
Growth Industry Leaders 28.5% Consistent Growth 31.8% Emerging Growth 26.5% Cash 13.2%		Large 27.5% Mid 21.8% Small 50.7% Small Cap (<$2.5 bn.) Mid Cap ($2.5 to $12 bn.) Large Cap (> $12 bn.)

Management

More Info