Small/Mid Cap Growth Fund - Performance - Thornburg Investment Management

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 TR	1.19%	64.31%	22.39%	20.87%	16.35%	8.17%
Russell 2500 Growth TR	2.49%	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 TR	1.19%	64.31%	22.39%	20.87%	16.35%	8.17%
Russell 2500 Growth TR	2.49%	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 3/31/2021 (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 TR	1.19%	64.31%	22.39%	20.87%	16.35%	8.17%
Russell 2500 Growth TR	2.49%	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 TR	1.19%	64.31%	22.39%	20.87%	16.35%	8.17%
Russell 2500 Growth TR	2.49%	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 3/31/2021 (Thornburg Small/Mid Cap Growth Fund vs. Russell 3000 Growth TR)

C Shares	41871.29350000
Russell 3000 Growth TR	49066.58840000

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 TR	1.19%	64.31%	22.39%	20.87%	16.35%	8.17%
Russell 2500 Growth TR	2.49%	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 TR	1.19%	64.31%	22.39%	20.87%	16.35%	8.17%
Russell 2500 Growth TR	2.49%	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 3/31/2021 (Thornburg Small/Mid Cap Growth Fund vs. Russell 3000 Growth TR)

I Shares	54051.02210000
Russell 3000 Growth TR	49066.58840000

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 TR	1.19%	64.31%	22.39%	20.87%	16.35%	8.17%
Russell 2500 Growth TR	2.49%	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 TR	1.19%	64.31%	22.39%	20.87%	16.35%	8.17%
Russell 2500 Growth TR	2.49%	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%

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 3/31/2021 (Thornburg Small/Mid Cap Growth Fund vs. Russell 3000 Growth TR)

R3 Shares	48599.65980000
Russell 3000 Growth TR	49066.58840000

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 TR	1.19%	64.31%	22.39%	20.87%	16.35%	8.17%
Russell 2500 Growth TR	2.49%	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 TR	1.19%	64.31%	22.39%	20.87%	16.35%	8.17%
Russell 2500 Growth TR	2.49%	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%

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 3/31/2021 (Thornburg Small/Mid Cap Growth Fund vs. Russell 3000 Growth TR)

R4 Shares	49105.11280000
Russell 3000 Growth TR	49066.58840000

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 TR	1.19%	64.31%	22.39%	20.87%	16.35%	8.17%
Russell 2500 Growth TR	2.49%	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 TR	1.19%	64.31%	22.39%	20.87%	16.35%	8.17%
Russell 2500 Growth TR	2.49%	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%

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 3/31/2021 (Thornburg Small/Mid Cap Growth Fund vs. Russell 3000 Growth TR)

R5 Shares	53650.30740000
Russell 3000 Growth TR	49066.58840000

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