4 | ESG Momentum Stocks: Sustainable Investing’s Diamonds in the Rough rand, the krone, and the peso, helping offset the lack of direct exposure to oil and materials. Alongside an attractive share price with a good margin of safety, these are the sorts of synergistic financial and ESG characteristics that we like in our portfolio holdings. Such attributes also offer real downside protection, which can deliver higher portfolio returns over time by establishing a higher base off which to rebound following bouts of market volatility. And financially strong companies that don’t yet enjoy high ESG scores but that demonstrate a concerted effort to achieve them can also in time produce increasingly attractive, sustainable returns. n assumed that any of the referenced securities were or will be profitable or that the investment decisions we make in the future will be profitable. relative to their sector peers.

MSCI ACWI ESG consists of large and mid cap companies across 23 developed markets and 23 emerging markets countries. Active Return – The differential between the portfolio return and that of the benchmark. The MSCI World Index is an unmanaged market-weighted index that consists of securities traded in 23 of the world’s most developed countries. Securities are listed on exchanges in the U.S., Europe, Canada, Australia, New Zealand, and the Far East. The index is calculated with net dividends reinvested in U.S.

dollars. Important Information Thornburg Better World International Fund Top 10 Holdings (as of 5/31/16) Holding ING Groep N.V. Thermo Fisher Scientific, Inc. Europris ASA Telenet Group Holding NV Empiric Student Property plc AIA Group Ltd. Novartis AG Brenntag AG Nippon Telegraph & Telephone Corp. Nokia Oyj Percentage 3.0% 3.0% 2.8% 2.8% 2.7% 2.6% 2.6% 2.5% 2.4% 2.3% The views expressed by the portfolio managers reflect their professional opinions and are subject to change. Under no circumstances does the information contained within represent a recommendation to buy or sell any security. Past performance does not guarantee future results. Securities mentioned herein are for illustrative purposes only and are presented to describe the due diligence process for purchasing or selling an individual stock. Under no circumstances does the information contained within represent a recommendation to buy or sell any security. This information is current as of the date indicated and represents current holdings of Thornburg; however, there is no assurance that any security referenced will remain in any portfolio and Thornburg undertakes no obligation to update the information or otherwise advise the reader of changes in its ownership of the holdings.

It should not be Active Risk Contribution – The total percentage contribution to active risk (tracking error). The MSCI EAFE (Europe, Australasia, Far East) Index is an unmanaged index. It is a generally accepted benchmark for major overseas markets. Index weightings represent the relative capitalizations of the major overseas developed markets on a U.S.

dollar adjusted basis. The index is calculated with net dividends reinvested in U.S. dollars. The MSCI EAFE ESG Index is a capitalization weighted index that provides exposure to companies with high Environmental, Social and Governance (ESG) performance relative to their sector peers.

MSCI EAFE ESG consists of large and mid cap companies across developed markets countries around the world, excluding the U.S. and Canada. The MSCI All Country (AC) World ex-US Index is a market capitalization weighted index representative of the market structure of 45 developed and emerging market countries in North and South America, Europe, Africa, and the Pacific Rim, excluding securities of United States’ issuers. The index is calculated with gross dividends reinvested in U.S. dollars. The MSCI ACWI ESG Index is a capitalization weighted index that provides exposure to companies with high Environmental, Social and Governance (ESG) performance The MSCI World ESG Index is a capitalization weighted index that provides exposure to companies with high Environmental, Social and Governance performance relative to their sector peers.

The parent index is MSCI World Index, which consists of large and mid-cap companies in 23 developed markets countries. The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The MSCI Emerging Markets Index consists of the following 23 emerging market country indexes: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. The MSCI Emerging Markets (EM) ESG Index is a capitalization weighted index that provides exposure to companies with high Environmental, Social and Governance performance relative to their sector peers. MSCI EM ESG consists of large and mid cap companies across 23 emerging markets countries. Important Information for Investors Outside the U.S. In the United Kingdom, this communication is issued by Thornburg Investment Management Ltd.

(“TIM Ltd.”) and approved by Robert Quinn Advisory LLP which is authorised and regulated by the UK Financial Conduct Authority (“FCA”). TIM Ltd. is an appointed representative of Robert Quinn Advisory LLP. This material constitutes a financial promotion for the purposes of the Financial Services and Markets Act 2000 (the “Act”) and the handbook of rules and guidance issued from time to time by the FCA (the “FCA Rules”). This material is for information purposes only and does not constitute an offer to subscribe for or purchase any financial instrument.

TIM Ltd. neither provides investment advice to, nor receives and transmits orders from, persons to whom this material is communicated nor does it carry on any other activities with or for such persons that constitute “MiFID or equivalent third country business” for the purposes of the FCA Rules. All information provided is not warranted as to completeness or accuracy and is subject to change without notice. This communication and any investment or service to which this material may relate does not constitute an offer or solicitation to invest in the Fund and is exclusively intended for persons who are Professional Clients or Eligible Counterparties for the purposes of the FCA Rules and other persons should not act or rely on it.

This communication is not intended for use by any person or entity in any jurisdiction or country where such distribution or use would be contrary to local law or regulation. 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. 9/13/16 Thornburg Securities Corporation, Distributor | 2300 North Ridgetop Road | Santa Fe, New Mexico 87506 | 877.215.1330 TH3716 .