Core 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	15.62%	23.45%	14.67%	12.02%	13.13%	7.51%
THCGX without sales charge	21.06%	29.26%	16.44%	13.06%	13.65%	7.76%
Benchmark (Since 12/27/2000)
Russell 3000 Growth TR	19.11%	28.20%	18.01%	16.84%	16.00%	7.47%

A Shares (Incep. 12/27/2000)	YTD	1-YR	3-YR	5-YR	10-YR	INCEPTION
THCGX with sales charge	18.30%	28.30%	15.89%	14.13%	13.85%	7.67%
THCGX without sales charge	23.86%	34.37%	17.68%	15.19%	14.37%	7.92%
Benchmark (Since 12/27/2000)
Russell 3000 Growth TR	23.00%	36.12%	20.73%	19.51%	16.91%	7.68%

	A Shares without sales charge (Incep. 12/27/2000)	Russell 3000 Growth TR
2001	-19.18%	-19.63%
2002	-26.37%	-28.03%
2003	56.45%	30.97%
2004	15.38%	6.93%
2005	22.09%	5.17%
2006	18.11%	9.46%
2007	11.42%	11.40%
2008	-50.95%	-38.44%
2009	45.39%	37.01%
2010	9.73%	17.64%
2011	1.35%	2.18%
2012	21.42%	15.21%
2013	42.59%	34.23%
2014	0.07%	12.44%
2015	2.78%	5.09%
2016	-2.35%	7.39%
2017	23.91%	29.59%
2018	-2.56%	-2.12%
2019	28.91%	35.85%

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)	1.35%
Net Annual Operating Expenses (as reported in the most recent Prospectus)	1.20%
Actual Annualized Operating Expenses (fiscal year to date, as of 9/30/2020)	1.33%

Morningstar Rating^™

Overall Morningstar Rating among 1229 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 1229, 1095 and 813 funds, as of 9/30/2020.

Dividends and Capital Gains — Class A Shares

Dividend (December 2019)	None Paid
Capital Gains (2018)	None Paid

Hypothetical Growth of $10,000 as of 10/31/2020 (Thornburg Core Growth Fund vs. Russell 3000 Growth TR)

A Shares with sales charge	42078.92700000
Russell 3000 Growth TR	41771.34010000

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	19.30%	27.28%	15.52%	12.18%	12.79%	6.91%
TCGCX without sales charge	20.30%	28.28%	15.52%	12.18%	12.79%	6.91%
Benchmark (Since 12/27/2000)
Russell 3000 Growth TR	19.11%	28.20%	18.01%	16.84%	16.00%	7.47%

C Shares (Incep. 12/27/2000)	YTD	1-YR	3-YR	5-YR	10-YR	INCEPTION
TCGCX with sales charge	22.15%	32.38%	16.74%	14.28%	13.50%	7.07%
TCGCX without sales charge	23.15%	33.38%	16.74%	14.28%	13.50%	7.07%
Benchmark (Since 12/27/2000)
Russell 3000 Growth TR	23.00%	36.12%	20.73%	19.51%	16.91%	7.68%

	C Shares without sales charge (Incep. 12/27/2000)	Russell 3000 Growth TR
2001	-19.78%	-19.63%
2002	-27.21%	-28.03%
2003	55.04%	30.97%
2004	14.50%	6.93%
2005	21.16%	5.17%
2006	17.20%	9.46%
2007	10.62%	11.40%
2008	-51.33%	-38.44%
2009	44.25%	37.01%
2010	8.96%	17.64%
2011	0.56%	2.18%
2012	20.51%	15.21%
2013	41.52%	34.23%
2014	-0.65%	12.44%
2015	1.96%	5.09%
2016	-3.05%	7.39%
2017	22.96%	29.59%
2018	-3.40%	-2.12%
2019	27.92%	35.85%

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)	2.18%
Net Annual Operating Expenses (as reported in the most recent Prospectus)	2.03%
Actual Annualized Operating Expenses (fiscal year to date, as of 9/30/2020)	2.09%

Morningstar Rating^™

Overall Morningstar Rating among 1229 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 1229, 1095 and 813 funds, as of 9/30/2020.

Dividends and Capital Gains — Class C Shares

Dividend (December 2019)	None Paid
Capital Gains (2018)	None Paid

Hypothetical Growth of $10,000 as of 10/31/2020 (Thornburg Core Growth Fund vs. Russell 3000 Growth TR)

C Shares	37671.19150000
Russell 3000 Growth TR	41771.34010000

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^†	21.39%	29.68%	16.85%	13.48%	14.12%	8.27%
Benchmark (Since 12/27/2000)
Russell 3000 Growth TR	19.11%	28.20%	18.01%	16.84%	16.00%	7.47%

I Shares (Incep. 11/3/2003)	YTD	1-YR	3-YR	5-YR	10-YR	INCEPTION*
THIGX^†	24.16%	34.84%	18.10%	15.62%	14.84%	8.43%
Benchmark (Since 12/27/2000)
Russell 3000 Growth TR	23.00%	36.12%	20.73%	19.51%	16.91%	7.68%

	I Shares* (Incep. 11/3/2003)	Russell 3000 Growth TR
2001^†	-19.18%	-19.63%
2002^†	-26.37%	-28.03%
2003^†	57.34%	30.97%
2004	16.10%	6.93%
2005	22.72%	5.17%
2006	18.73%	9.46%
2007	11.88%	11.40%
2008	-50.74%	-38.44%
2009	46.21%	37.01%
2010	10.24%	17.64%
2011	1.86%	2.18%
2012	21.95%	15.21%
2013	43.22%	34.23%
2014	0.52%	12.44%
2015	3.19%	5.09%
2016	-1.95%	7.39%
2017	24.40%	29.59%
2018	-2.20%	-2.12%
2019	29.37%	35.85%

* 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)	1.05%
Net Annual Operating Expenses (as reported in the most recent Prospectus)	0.84%
Actual Annualized Operating Expenses (fiscal year to date, as of 9/30/2020)	0.99%

Morningstar Rating^™

Overall Morningstar Rating among 1229 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 1229, 1095 and 813 funds, as of 9/30/2020.

Dividends and Capital Gains — Class I Shares

Dividend (December 2019)	None Paid
Capital Gains (2018)	None Paid

Hypothetical Growth of $10,000 as of 10/31/2020 (Thornburg Core Growth Fund vs. Russell 3000 Growth TR)

I Shares	48408.23300000
Russell 3000 Growth TR	41771.34010000

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^†	20.89%	29.02%	16.26%	12.91%	13.54%	7.70%
Benchmark (Since 12/27/2000)
Russell 3000 Growth TR	19.11%	28.20%	18.01%	16.84%	16.00%	7.47%

R3 Shares (Incep. 7/1/2003)	YTD	1-YR	3-YR	5-YR	10-YR	INCEPTION*
THCRX^†	23.72%	34.17%	17.50%	15.03%	14.26%	7.87%
Benchmark (Since 12/27/2000)
Russell 3000 Growth TR	23.00%	36.12%	20.73%	19.51%	16.91%	7.68%

	R3 Shares* (Incep. 7/1/2003)	Russell 3000 Growth TR
2001^†	-19.18%	-19.63%
2002^†	-26.37%	-28.03%
2003^†	57.31%	30.97%
2004	15.03%	6.93%
2005	22.19%	5.17%
2006	17.98%	9.46%
2007	11.29%	11.40%
2008	-51.00%	-38.44%
2009	45.39%	37.01%
2010	9.80%	17.64%
2011	1.28%	2.18%
2012	21.36%	15.21%
2013	42.45%	34.23%
2014	0.00%	12.44%
2015	2.68%	5.09%
2016	-2.46%	7.39%
2017	23.79%	29.59%
2018	-2.72%	-2.12%
2019	28.72%	35.85%

Fund Operating Expenses — Class R3 Shares

Gross Annual Operating Expenses (as reported in the most recent Prospectus)	1.80%
Net Annual Operating Expenses (as reported in the most recent Prospectus)	1.35%
Actual Annualized Operating Expenses (fiscal year to date, as of 9/30/2020)	1.50%

Morningstar Rating^™

Overall Morningstar Rating among 1229 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 1229, 1095 and 813 funds, as of 9/30/2020.

Dividends and Capital Gains — Class R3 Shares

Dividend (December 2019)	None Paid
Capital Gains (2018)	None Paid

Hypothetical Growth of $10,000 as of 10/31/2020 (Thornburg Core Growth Fund vs. Russell 3000 Growth TR)

R3 Shares	43617.23250000
Russell 3000 Growth TR	41771.34010000

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^†	20.99%	29.16%	16.39%	13.02%	13.65%	7.76%
Benchmark (Since 12/27/2000)
Russell 3000 Growth TR	19.11%	28.20%	18.01%	16.84%	16.00%	7.47%

R4 Shares (Incep. 2/1/2007)	YTD	1-YR	3-YR	5-YR	10-YR	INCEPTION*
TCGRX^†	23.81%	34.28%	17.62%	15.15%	14.38%	7.92%
Benchmark (Since 12/27/2000)
Russell 3000 Growth TR	23.00%	36.12%	20.73%	19.51%	16.91%	7.68%

	R4 Shares* (Incep. 2/1/2007)	Russell 3000 Growth TR
2001^†	-19.15%	-19.63%
2002^†	-26.34%	-28.03%
2003^†	56.51%	30.97%
2004^†	15.43%	6.93%
2005^†	22.09%	5.17%
2006^†	18.11%	9.46%
2007^†	11.48%	11.40%
2008	-50.98%	-38.44%
2009	45.59%	37.01%
2010	9.85%	17.64%
2011	1.41%	2.18%
2012	21.48%	15.21%
2013	42.59%	34.23%
2014	0.11%	12.44%
2015	2.77%	5.09%
2016	-2.34%	7.39%
2017	23.88%	29.59%
2018	-2.61%	-2.12%
2019	28.84%	35.85%

Fund Operating Expenses — Class R4 Shares

Gross Annual Operating Expenses (as reported in the most recent Prospectus)	1.91%
Net Annual Operating Expenses (as reported in the most recent Prospectus)	1.25%
Actual Annualized Operating Expenses (fiscal year to date, as of 9/30/2020)	1.40%

Morningstar Rating^™

Overall Morningstar Rating among 1229 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 1229, 1095 and 813 funds, as of 9/30/2020.

Dividends and Capital Gains — Class R4 Shares

Dividend (December 2019)	None Paid
Capital Gains (2018)	None Paid

Hypothetical Growth of $10,000 as of 10/31/2020 (Thornburg Core Growth Fund vs. Russell 3000 Growth TR)

R4 Shares	44044.63280000
Russell 3000 Growth TR	41771.34010000

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^†	21.39%	29.69%	16.85%	13.48%	14.12%	8.23%
Benchmark (Since 12/27/2000)
Russell 3000 Growth TR	19.11%	28.20%	18.01%	16.84%	16.00%	7.47%

R5 Shares (Incep. 10/3/2005)	YTD	1-YR	3-YR	5-YR	10-YR	INCEPTION*
THGRX^†	24.17%	34.83%	18.09%	15.62%	14.84%	8.39%
Benchmark (Since 12/27/2000)
Russell 3000 Growth TR	23.00%	36.12%	20.73%	19.51%	16.91%	7.68%

	R5 Shares* (Incep. 10/3/2005)	Russell 3000 Growth TR
2001^†	-19.56%	-19.63%
2002^†	-26.72%	-28.03%
2003^†	55.72%	30.97%
2004^†	14.85%	6.93%
2005^†	21.80%	5.17%
2006	18.67%	9.46%
2007	11.89%	11.40%
2008	-50.76%	-38.44%
2009	46.15%	37.01%
2010	10.32%	17.64%
2011	1.80%	2.18%
2012	21.97%	15.21%
2013	43.21%	34.23%
2014	0.52%	12.44%
2015	3.15%	5.09%
2016	-1.92%	7.39%
2017	24.43%	29.59%
2018	-2.23%	-2.12%
2019	29.37%	35.85%

Fund Operating Expenses — Class R5 Shares

Gross Annual Operating Expenses (as reported in the most recent Prospectus)	1.39%
Net Annual Operating Expenses (as reported in the most recent Prospectus)	0.84%
Actual Annualized Operating Expenses (fiscal year to date, as of 9/30/2020)	0.99%

Morningstar Rating^™

Overall Morningstar Rating among 1229 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 1229, 1095 and 813 funds, as of 9/30/2020.

Dividends and Capital Gains — Class R5 Shares

Dividend (December 2019)	None Paid
Capital Gains (2018)	None Paid

Hypothetical Growth of $10,000 as of 10/31/2020 (Thornburg Core Growth Fund vs. Russell 3000 Growth TR)

R5 Shares	48042.87290000
Russell 3000 Growth TR	41771.34010000

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