Small/Mid Cap Growth Fund - Performance

Share Class

Average Annual Total Returns

A Shares (Incep. 12/27/2000) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION
THCGX with sales charge-8.97%47.85%15.19%16.12%12.94%7.93%
THCGX without sales charge-4.69%54.83%16.98%17.20%13.46%8.17%
Benchmarks (Since 12/27/2000)
Russell 3000 Growth TR1.19%64.31%22.39%20.87%16.35%8.17%
Russell 2500 Growth TR2.49%87.50%19.96%19.91%14.21%9.50%
A Shares (Incep. 12/27/2000) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION
THCGX with sales charge-8.97%47.85%15.19%16.12%12.94%7.93%
THCGX without sales charge-4.69%54.83%16.98%17.20%13.46%8.17%
Benchmarks (Since 12/27/2000)
Russell 3000 Growth TR1.19%64.31%22.39%20.87%16.35%8.17%
Russell 2500 Growth TR2.49%87.50%19.96%19.91%14.21%9.50%
A Shares without sales charge
(Incep. 12/27/2000)
Russell 2500 Growth TR
2001 -19.18% -10.83%
2002 -26.37% -29.09%
2003 56.45% 46.31%
2004 15.38% 14.59%
2005 22.09% 8.17%
2006 18.11% 12.26%
2007 11.42% 9.69%
2008 -50.95% -41.50%
2009 45.39% 41.66%
2010 9.73% 28.86%
2011 1.35% -1.57%
2012 21.42% 16.13%
2013 42.59% 40.65%
2014 0.07% 7.05%
2015 2.78% -0.19%
2016 -2.35% 9.73%
2017 23.91% 24.46%
2018 -2.56% -7.47%
2019 28.91% 32.65%
2020 41.65% 40.47%

Returns for less than one year are not annualized.
Source: Confluence

Fund Operating Expenses — Class A Shares

Gross Annual Operating Expenses (as reported in the most recent Prospectus) 1.33%
Net Annual Operating Expenses (as reported in the most recent Prospectus) 1.20%
Actual Annualized Operating Expenses (fiscal year to date, as of 2/28/2021) 1.15%

Morningstar Rating

Overall Morningstar Rating among 1197 Large Growth funds, based on risk-adjusted returns for class A shares, using a weighted average of the fund's three-, five- and ten-year ratings: respectively, 3 stars, 2 stars and 2 stars among 1197, 1070 and 789 funds, as of 12/31/2020.

Dividends and Capital Gains — Class A Shares

Dividend (December 2020) None Paid
Capital Gains for 2020 paid Nov 19, 2020  
     Short-Term (per share) $0.54559
     Long-Term (per share) $2.67239
     Total (per share) $3.21798

Hypothetical Growth of $10,000 as of (Thornburg Small/Mid Cap Growth Fund vs. Russell 3000 Growth TR)

A Shares with sales charge
46926.07440000
Russell 3000 Growth TR
49066.58840000
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.

Additional Rating and Ranking Information

Average Annual Total Returns

C Shares (Incep. 12/27/2000) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION
TCGCX with sales charge-5.81%52.70%16.05%16.28%12.58%7.32%
TCGCX without sales charge-4.86%53.70%16.05%16.28%12.58%7.32%
Benchmarks (Since 12/27/2000)
Russell 3000 Growth TR1.19%64.31%22.39%20.87%16.35%8.17%
Russell 2500 Growth TR2.49%87.50%19.96%19.91%14.21%9.50%
C Shares (Incep. 12/27/2000) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION
TCGCX with sales charge-5.81%52.70%16.05%16.28%12.58%7.32%
TCGCX without sales charge-4.86%53.70%16.05%16.28%12.58%7.32%
Benchmarks (Since 12/27/2000)
Russell 3000 Growth TR1.19%64.31%22.39%20.87%16.35%8.17%
Russell 2500 Growth TR2.49%87.50%19.96%19.91%14.21%9.50%
C Shares without sales charge
(Incep. 12/27/2000)
Russell 2500 Growth TR
2001 -19.78% -10.83%
2002 -27.21% -29.09%
2003 55.04% 46.31%
2004 14.50% 14.59%
2005 21.16% 8.17%
2006 17.20% 12.26%
2007 10.62% 9.69%
2008 -51.33% -41.50%
2009 44.25% 41.66%
2010 8.96% 28.86%
2011 0.56% -1.57%
2012 20.51% 16.13%
2013 41.52% 40.65%
2014 -0.65% 7.05%
2015 1.96% -0.19%
2016 -3.05% 9.73%
2017 22.96% 24.46%
2018 -3.40% -7.47%
2019 27.92% 32.65%
2020 40.54% 40.47%

Returns for less than one year are not annualized.
Source: Confluence

Fund Operating Expenses — Class C Shares

Gross Annual Operating Expenses (as reported in the most recent Prospectus) 2.09%
Net Annual Operating Expenses (as reported in the most recent Prospectus) 2.03%
Actual Annualized Operating Expenses (fiscal year to date, as of 2/28/2021) 1.95%

Morningstar Rating

Overall Morningstar Rating among 1197 Large Growth funds, based on risk-adjusted returns for class C shares, using a weighted average of the fund's three-, five- and ten-year ratings: respectively, 3 stars, 2 stars and 2 stars among 1197, 1070 and 789 funds, as of 12/31/2020.

Dividends and Capital Gains — Class C Shares

Dividend (December 2020) None Paid
Capital Gains for 2020 paid Nov 19, 2020  
     Short-Term (per share) $0.54559
     Long-Term (per share) $2.67239
     Total (per share) $3.21798

Hypothetical Growth of $10,000 as of (Thornburg Small/Mid Cap Growth Fund vs. Russell 3000 Growth TR)

C Shares
41871.29350000
Russell 3000 Growth TR
49066.58840000
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.

Additional Rating and Ranking Information

Average Annual Total Returns

I Shares (Incep. 11/3/2003) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION*
THIGX-4.61%55.36%17.37%17.63%13.92%8.69%
Benchmarks (Since 12/27/2000)
Russell 3000 Growth TR1.19%64.31%22.39%20.87%16.35%8.17%
Russell 2500 Growth TR2.49%87.50%19.96%19.91%14.21%9.50%
I Shares (Incep. 11/3/2003) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION*
THIGX-4.61%55.36%17.37%17.63%13.92%8.69%
Benchmarks (Since 12/27/2000)
Russell 3000 Growth TR1.19%64.31%22.39%20.87%16.35%8.17%
Russell 2500 Growth TR2.49%87.50%19.96%19.91%14.21%9.50%
I Shares* (Incep. 11/3/2003) Russell 2500 Growth TR
2001 -19.18% -10.83%
2002 -26.37% -29.09%
2003 57.34% 46.31%
2004 16.10% 14.59%
2005 22.72% 8.17%
2006 18.73% 12.26%
2007 11.88% 9.69%
2008 -50.74% -41.50%
2009 46.21% 41.66%
2010 10.24% 28.86%
2011 1.86% -1.57%
2012 21.95% 16.13%
2013 43.22% 40.65%
2014 0.52% 7.05%
2015 3.19% -0.19%
2016 -1.95% 9.73%
2017 24.40% 24.46%
2018 -2.20% -7.47%
2019 29.37% 32.65%
2020 42.08% 40.47%

* Since 12/27/2000.
Prior to inception of this share class, performance is hypothetical and was calculated from actual returns of an earlier share class adjusted for the expenses of the newer share class.
Returns for less than one year are not annualized.
Source: Confluence

Fund Operating Expenses — Class I Shares

Gross Annual Operating Expenses (as reported in the most recent Prospectus) 1.06%
Net Annual Operating Expenses (as reported in the most recent Prospectus) 0.84%
Actual Annualized Operating Expenses (fiscal year to date, as of 2/28/2021) 0.84%

Morningstar Rating

Overall Morningstar Rating among 1197 Large Growth funds, based on risk-adjusted returns for class I shares, using a weighted average of the fund's three-, five- and ten-year ratings: respectively, 3 stars, 2 stars and 3 stars among 1197, 1070 and 789 funds, as of 12/31/2020.

Dividends and Capital Gains — Class I Shares

Dividend (December 2020) None Paid
Capital Gains for 2020 paid Nov 19, 2020  
     Short-Term (per share) $0.54559
     Long-Term (per share) $2.67239
     Total (per share) $3.21798

Hypothetical Growth of $10,000 as of (Thornburg Small/Mid Cap Growth Fund vs. Russell 3000 Growth TR)

I Shares
54051.02210000
Russell 3000 Growth TR
49066.58840000
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.

Prior to inception of this share class, performance is hypothetical and was calculated from actual returns of an earlier share class adjusted for the expenses of the newer share class.

Additional Rating and Ranking Information

Average Annual Total Returns

R3 Shares (Incep. 7/1/2003) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION*
THCRX-4.72%54.56%16.78%17.03%13.33%8.12%
Benchmarks (Since 12/27/2000)
Russell 3000 Growth TR1.19%64.31%22.39%20.87%16.35%8.17%
Russell 2500 Growth TR2.49%87.50%19.96%19.91%14.21%9.50%
R3 Shares (Incep. 7/1/2003) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION*
THCRX-4.72%54.56%16.78%17.03%13.33%8.12%
Benchmarks (Since 12/27/2000)
Russell 3000 Growth TR1.19%64.31%22.39%20.87%16.35%8.17%
Russell 2500 Growth TR2.49%87.50%19.96%19.91%14.21%9.50%
R3 Shares* (Incep. 7/1/2003) Russell 2500 Growth TR
2001 -19.18% -10.83%
2002 -26.37% -29.09%
2003 57.31% 46.31%
2004 15.03% 14.59%
2005 22.19% 8.17%
2006 17.98% 12.26%
2007 11.29% 9.69%
2008 -51.00% -41.50%
2009 45.39% 41.66%
2010 9.80% 28.86%
2011 1.28% -1.57%
2012 21.36% 16.13%
2013 42.45% 40.65%
2014 0.00% 7.05%
2015 2.68% -0.19%
2016 -2.46% 9.73%
2017 23.79% 24.46%
2018 -2.72% -7.47%
2019 28.72% 32.65%
2020 41.38% 40.47%

* Since 12/27/2000.
Prior to inception of this share class, performance is hypothetical and was calculated from actual returns of an earlier share class adjusted for the expenses of the newer share class.
Returns for less than one year are not annualized.
Source: Confluence

Fund Operating Expenses — Class R3 Shares

Gross Annual Operating Expenses (as reported in the most recent Prospectus) 1.71%
Net Annual Operating Expenses (as reported in the most recent Prospectus) 1.35%
Actual Annualized Operating Expenses (fiscal year to date, as of 2/28/2021) 1.35%

Morningstar Rating

Overall Morningstar Rating among 1197 Large Growth funds, based on risk-adjusted returns for class R3 shares, using a weighted average of the fund's three-, five- and ten-year ratings: respectively, 3 stars, 2 stars and 2 stars among 1197, 1070 and 789 funds, as of 12/31/2020.

Dividends and Capital Gains — Class R3 Shares

Dividend (December 2020) None Paid
Capital Gains for 2020 paid Nov 19, 2020  
     Short-Term (per share) $0.54559
     Long-Term (per share) $2.67239
     Total (per share) $3.21798

Hypothetical Growth of $10,000 as of (Thornburg Small/Mid Cap Growth Fund vs. Russell 3000 Growth TR)

R3 Shares
48599.65980000
Russell 3000 Growth TR
49066.58840000
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.

Prior to inception of this share class, performance is hypothetical and was calculated from actual returns of an earlier share class adjusted for the expenses of the newer share class.

Additional Rating and Ranking Information

Average Annual Total Returns

R4 Shares (Incep. 2/1/2007) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION*
TCGRX-4.70%54.73%16.91%17.15%13.45%8.17%
Benchmarks (Since 12/27/2000)
Russell 3000 Growth TR1.19%64.31%22.39%20.87%16.35%8.17%
Russell 2500 Growth TR2.49%87.50%19.96%19.91%14.21%9.50%
R4 Shares (Incep. 2/1/2007) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION*
TCGRX-4.70%54.73%16.91%17.15%13.45%8.17%
Benchmarks (Since 12/27/2000)
Russell 3000 Growth TR1.19%64.31%22.39%20.87%16.35%8.17%
Russell 2500 Growth TR2.49%87.50%19.96%19.91%14.21%9.50%
R4 Shares* (Incep. 2/1/2007) Russell 2500 Growth TR
2001 -19.15% -10.83%
2002 -26.34% -29.09%
2003 56.51% 46.31%
2004 15.43% 14.59%
2005 22.09% 8.17%
2006 18.11% 12.26%
2007 11.48% 9.69%
2008 -50.98% -41.50%
2009 45.59% 41.66%
2010 9.85% 28.86%
2011 1.41% -1.57%
2012 21.48% 16.13%
2013 42.59% 40.65%
2014 0.11% 7.05%
2015 2.77% -0.19%
2016 -2.34% 9.73%
2017 23.88% 24.46%
2018 -2.61% -7.47%
2019 28.84% 32.65%
2020 41.54% 40.47%

* Since 12/27/2000.
Prior to inception of this share class, performance is hypothetical and was calculated from actual returns of an earlier share class adjusted for the expenses of the newer share class.
Returns for less than one year are not annualized.
Source: Confluence

Fund Operating Expenses — Class R4 Shares

Gross Annual Operating Expenses (as reported in the most recent Prospectus) 2.00%
Net Annual Operating Expenses (as reported in the most recent Prospectus) 1.25%
Actual Annualized Operating Expenses (fiscal year to date, as of 2/28/2021) 1.25%

Morningstar Rating

Overall Morningstar Rating among 1197 Large Growth funds, based on risk-adjusted returns for class R4 shares, using a weighted average of the fund's three-, five- and ten-year ratings: respectively, 3 stars, 2 stars and 2 stars among 1197, 1070 and 789 funds, as of 12/31/2020.

Dividends and Capital Gains — Class R4 Shares

Dividend (December 2020) None Paid
Capital Gains for 2020 paid Nov 19, 2020  
     Short-Term (per share) $0.54559
     Long-Term (per share) $2.67239
     Total (per share) $3.21798

Hypothetical Growth of $10,000 as of (Thornburg Small/Mid Cap Growth Fund vs. Russell 3000 Growth TR)

R4 Shares
49105.11280000
Russell 3000 Growth TR
49066.58840000
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.

Prior to inception of this share class, performance is hypothetical and was calculated from actual returns of an earlier share class adjusted for the expenses of the newer share class.

Additional Rating and Ranking Information

Average Annual Total Returns

R5 Shares (Incep. 10/3/2005) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION*
THGRX-4.59%55.37%17.39%17.63%13.91%8.65%
Benchmarks (Since 12/27/2000)
Russell 3000 Growth TR1.19%64.31%22.39%20.87%16.35%8.17%
Russell 2500 Growth TR2.49%87.50%19.96%19.91%14.21%9.50%
R5 Shares (Incep. 10/3/2005) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION*
THGRX-4.59%55.37%17.39%17.63%13.91%8.65%
Benchmarks (Since 12/27/2000)
Russell 3000 Growth TR1.19%64.31%22.39%20.87%16.35%8.17%
Russell 2500 Growth TR2.49%87.50%19.96%19.91%14.21%9.50%
R5 Shares* (Incep. 10/3/2005) Russell 2500 Growth TR
2001 -19.56% -10.83%
2002 -26.72% -29.09%
2003 55.72% 46.31%
2004 14.85% 14.59%
2005 21.80% 8.17%
2006 18.67% 12.26%
2007 11.89% 9.69%
2008 -50.76% -41.50%
2009 46.15% 41.66%
2010 10.32% 28.86%
2011 1.80% -1.57%
2012 21.97% 16.13%
2013 43.21% 40.65%
2014 0.52% 7.05%
2015 3.15% -0.19%
2016 -1.92% 9.73%
2017 24.43% 24.46%
2018 -2.23% -7.47%
2019 29.37% 32.65%
2020 42.09% 40.47%

* Since 12/27/2000.
Prior to inception of this share class, performance is hypothetical and was calculated from actual returns of an earlier share class adjusted for the expenses of the newer share class.
Returns for less than one year are not annualized.
Source: Confluence

Fund Operating Expenses — Class R5 Shares

Gross Annual Operating Expenses (as reported in the most recent Prospectus) 1.26%
Net Annual Operating Expenses (as reported in the most recent Prospectus) 0.84%
Actual Annualized Operating Expenses (fiscal year to date, as of 2/28/2021) 0.84%

Morningstar Rating

Overall Morningstar Rating among 1197 Large Growth funds, based on risk-adjusted returns for class R5 shares, using a weighted average of the fund's three-, five- and ten-year ratings: respectively, 3 stars, 2 stars and 3 stars among 1197, 1070 and 789 funds, as of 12/31/2020.

Dividends and Capital Gains — Class R5 Shares

Dividend (December 2020) None Paid
Capital Gains for 2020 paid Nov 19, 2020  
     Short-Term (per share) $0.54559
     Long-Term (per share) $2.67239
     Total (per share) $3.21798

Hypothetical Growth of $10,000 as of (Thornburg Small/Mid Cap Growth Fund vs. Russell 3000 Growth TR)

R5 Shares
53650.30740000
Russell 3000 Growth TR
49066.58840000
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.

Prior to inception of this share class, performance is hypothetical and was calculated from actual returns of an earlier share class adjusted for the expenses of the newer share class.

Additional Rating and Ranking Information
Important Information