International Growth Fund - Performance - Thornburg Investment Management

Share Class

Average Annual Total Returns

A Shares (Incep. 2/1/2007)	YTD	1-YR	3-YR	5-YR	10-YR	INCEPTION
TIGAX without sales charge	-3.33%	51.86%	9.92%	12.29%	9.56%	8.43%
TIGAX with sales charge	-7.68%	45.02%	8.24%	11.26%	9.05%	8.08%
Benchmark (Since 2/1/2007)
MSCI ACWI ex US Growth NTR	-0.08%	49.36%	10.31%	12.03%	6.69%	5.04%

A Shares (Incep. 2/1/2007)	YTD	1-YR	3-YR	5-YR	10-YR	INCEPTION
TIGAX without sales charge	-3.33%	51.86%	9.92%	12.29%	9.56%	8.43%
TIGAX with sales charge	-7.68%	45.02%	8.24%	11.26%	9.05%	8.08%
Benchmark (Since 2/1/2007)
MSCI ACWI ex US Growth NTR	-0.08%	49.36%	10.31%	12.03%	6.69%	5.04%

	A Shares without sales charge (Incep. 2/1/2007)	MSCI ACWI ex US Growth NTR
2008	-50.32%	-45.61%
2009	44.81%	38.67%
2010	27.26%	14.45%
2011	-2.97%	-14.20%
2012	21.87%	16.66%
2013	36.41%	15.49%
2014	-12.46%	-2.65%
2015	6.33%	-1.26%
2016	-5.05%	0.12%
2017	34.33%	32.01%
2018	-17.01%	-14.43%
2019	25.90%	27.34%
2020	33.94%	22.20%

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)	1.31%
Actual Annualized Operating Expenses (fiscal year to date, as of 2/28/2021)	1.26%

Morningstar Rating^™

Overall Morningstar Rating among 384 Foreign 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, 4 stars, 3 stars and 5 stars among 384, 313 and 226 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)	$0.30139
Long-Term (per share)	$0.07582
Total (per share)	$0.37721

Hypothetical Growth of $10,000 as of 3/31/2021 (Thornburg International Growth Fund vs. MSCI ACWI ex US Growth NTR)

A Shares with sales charge	30049.07920000
MSCI ACWI ex US Growth NTR	20051.42590000

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. 2/1/2007)	YTD	1-YR	3-YR	5-YR	10-YR	INCEPTION
TIGCX with sales charge	-4.46%	49.69%	9.07%	11.44%	8.72%	7.65%
TIGCX without sales charge	-3.50%	50.69%	9.07%	11.44%	8.72%	7.65%
Benchmark (Since 2/1/2007)
MSCI ACWI ex US Growth NTR	-0.08%	49.36%	10.31%	12.03%	6.69%	5.04%

C Shares (Incep. 2/1/2007)	YTD	1-YR	3-YR	5-YR	10-YR	INCEPTION
TIGCX with sales charge	-4.46%	49.69%	9.07%	11.44%	8.72%	7.65%
TIGCX without sales charge	-3.50%	50.69%	9.07%	11.44%	8.72%	7.65%
Benchmark (Since 2/1/2007)
MSCI ACWI ex US Growth NTR	-0.08%	49.36%	10.31%	12.03%	6.69%	5.04%

	C Shares without sales charge (Incep. 2/1/2007)	MSCI ACWI ex US Growth NTR
2008	-50.68%	-45.61%
2009	44.49%	38.67%
2010	26.29%	14.45%
2011	-3.71%	-14.20%
2012	20.86%	16.66%
2013	35.42%	15.49%
2014	-13.12%	-2.65%
2015	5.54%	-1.26%
2016	-5.79%	0.12%
2017	33.37%	32.01%
2018	-17.67%	-14.43%
2019	24.96%	27.34%
2020	32.88%	22.20%

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)	2.07%
Actual Annualized Operating Expenses (fiscal year to date, as of 2/28/2021)	2.07%

Morningstar Rating^™

Overall Morningstar Rating among 384 Foreign 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, 3 stars and 4 stars among 384, 313 and 226 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)	$0.30139
Long-Term (per share)	$0.07582
Total (per share)	$0.37721

Hypothetical Growth of $10,000 as of 3/31/2021 (Thornburg International Growth Fund vs. MSCI ACWI ex US Growth NTR)

C Shares	28415.26030000
MSCI ACWI ex US Growth NTR	20051.42590000

Additional Rating and Ranking Information

Average Annual Total Returns

I Shares (Incep. 2/1/2007)	YTD	1-YR	3-YR	5-YR	10-YR	INCEPTION
TINGX	-3.26%	52.34%	10.26%	12.68%	9.99%	8.93%
Benchmark (Since 2/1/2007)
MSCI ACWI ex US Growth NTR	-0.08%	49.36%	10.31%	12.03%	6.69%	5.04%

I Shares (Incep. 2/1/2007)	YTD	1-YR	3-YR	5-YR	10-YR	INCEPTION
TINGX	-3.26%	52.34%	10.26%	12.68%	9.99%	8.93%
Benchmark (Since 2/1/2007)
MSCI ACWI ex US Growth NTR	-0.08%	49.36%	10.31%	12.03%	6.69%	5.04%

	I Shares (Incep. 2/1/2007)	MSCI ACWI ex US Growth NTR
2008	-50.04%	-45.61%
2009	45.75%	38.67%
2010	28.10%	14.45%
2011	-2.51%	-14.20%
2012	22.45%	16.66%
2013	36.94%	15.49%
2014	-12.15%	-2.65%
2015	6.84%	-1.26%
2016	-4.70%	0.12%
2017	34.93%	32.01%
2018	-16.74%	-14.43%
2019	26.32%	27.34%
2020	34.33%	22.20%

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)	1.02%
Actual Annualized Operating Expenses (fiscal year to date, as of 2/28/2021)	0.98%

Morningstar Rating^™

Overall Morningstar Rating among 384 Foreign 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, 4 stars, 3 stars and 5 stars among 384, 313 and 226 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)	$0.30139
Long-Term (per share)	$0.07582
Total (per share)	$0.37721

Hypothetical Growth of $10,000 as of 3/31/2021 (Thornburg International Growth Fund vs. MSCI ACWI ex US Growth NTR)

I Shares	33579.80900000
MSCI ACWI ex US Growth NTR	20051.42590000

Additional Rating and Ranking Information

Average Annual Total Returns

R3 Shares (Incep. 2/1/2008)	YTD	1-YR	3-YR	5-YR	10-YR	INCEPTION*
TIGVX^†	-3.38%	51.53%	9.70%	12.11%	9.43%	8.37%
Benchmark (Since 2/1/2007)
MSCI ACWI ex US Growth NTR	-0.08%	49.36%	10.31%	12.03%	6.69%	5.04%

R3 Shares (Incep. 2/1/2008)	YTD	1-YR	3-YR	5-YR	10-YR	INCEPTION*
TIGVX^†	-3.38%	51.53%	9.70%	12.11%	9.43%	8.37%
Benchmark (Since 2/1/2007)
MSCI ACWI ex US Growth NTR	-0.08%	49.36%	10.31%	12.03%	6.69%	5.04%

	R3 Shares* (Incep. 2/1/2008)	MSCI ACWI ex US Growth NTR
2008^†	-50.23%	-45.61%
2009	44.98%	38.67%
2010	27.46%	14.45%
2011	-3.05%	-14.20%
2012	21.88%	16.66%
2013	36.21%	15.49%
2014	-12.56%	-2.65%
2015	6.25%	-1.26%
2016	-5.16%	0.12%
2017	34.22%	32.01%
2018	-17.18%	-14.43%
2019	25.66%	27.34%
2020	33.64%	22.20%

* Since 2/1/2007.
^† 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)	2.03%
Net Annual Operating Expenses (as reported in the most recent Prospectus)	1.50%
Actual Annualized Operating Expenses (fiscal year to date, as of 2/28/2021)	1.50%

Morningstar Rating^™

Overall Morningstar Rating among 384 Foreign 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, 3 stars and 4 stars among 384, 313 and 226 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)	$0.30139
Long-Term (per share)	$0.07582
Total (per share)	$0.37721

Hypothetical Growth of $10,000 as of 3/31/2021 (Thornburg International Growth Fund vs. MSCI ACWI ex US Growth NTR)

R3 Shares	31228.72380000
MSCI ACWI ex US Growth NTR	20051.42590000

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. 2/1/2008)	YTD	1-YR	3-YR	5-YR	10-YR	INCEPTION*
TINVX^†	-3.32%	51.75%	9.81%	12.22%	9.56%	8.49%
Benchmark (Since 2/1/2007)
MSCI ACWI ex US Growth NTR	-0.08%	49.36%	10.31%	12.03%	6.69%	5.04%

R4 Shares (Incep. 2/1/2008)	YTD	1-YR	3-YR	5-YR	10-YR	INCEPTION*
TINVX^†	-3.32%	51.75%	9.81%	12.22%	9.56%	8.49%
Benchmark (Since 2/1/2007)
MSCI ACWI ex US Growth NTR	-0.08%	49.36%	10.31%	12.03%	6.69%	5.04%

	R4 Shares* (Incep. 2/1/2008)	MSCI ACWI ex US Growth NTR
2008^†	-50.23%	-45.61%
2009	45.10%	38.67%
2010	27.53%	14.45%
2011	-2.77%	-14.20%
2012	21.94%	16.66%
2013	36.40%	15.49%
2014	-12.53%	-2.65%
2015	6.42%	-1.26%
2016	-5.12%	0.12%
2017	34.40%	32.01%
2018	-17.08%	-14.43%
2019	25.81%	27.34%
2020	33.76%	22.20%

Fund Operating Expenses — Class R4 Shares

Gross Annual Operating Expenses (as reported in the most recent Prospectus)	1.45%
Net Annual Operating Expenses (as reported in the most recent Prospectus)	1.40%
Actual Annualized Operating Expenses (fiscal year to date, as of 2/28/2021)	1.40%

Morningstar Rating^™

Overall Morningstar Rating among 384 Foreign 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, 3 stars and 5 stars among 384, 313 and 226 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)	$0.30139
Long-Term (per share)	$0.07582
Total (per share)	$0.37721

Hypothetical Growth of $10,000 as of 3/31/2021 (Thornburg International Growth Fund vs. MSCI ACWI ex US Growth NTR)

R4 Shares	31685.03690000
MSCI ACWI ex US Growth NTR	20051.42590000

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. 2/1/2008)	YTD	1-YR	3-YR	5-YR	10-YR	INCEPTION*
TINFX^†	-3.25%	52.33%	10.26%	12.68%	9.99%	8.93%
Benchmark (Since 2/1/2007)
MSCI ACWI ex US Growth NTR	-0.08%	49.36%	10.31%	12.03%	6.69%	5.04%

R5 Shares (Incep. 2/1/2008)	YTD	1-YR	3-YR	5-YR	10-YR	INCEPTION*
TINFX^†	-3.25%	52.33%	10.26%	12.68%	9.99%	8.93%
Benchmark (Since 2/1/2007)
MSCI ACWI ex US Growth NTR	-0.08%	49.36%	10.31%	12.03%	6.69%	5.04%

	R5 Shares* (Incep. 2/1/2008)	MSCI ACWI ex US Growth NTR
2008^†	-49.99%	-45.61%
2009	45.63%	38.67%
2010	28.13%	14.45%
2011	-2.51%	-14.20%
2012	22.48%	16.66%
2013	36.91%	15.49%
2014	-12.14%	-2.65%
2015	6.82%	-1.26%
2016	-4.68%	0.12%
2017	34.92%	32.01%
2018	-16.74%	-14.43%
2019	26.28%	27.34%
2020	34.32%	22.20%

Fund Operating Expenses — Class R5 Shares

Gross Annual Operating Expenses (as reported in the most recent Prospectus)	1.31%
Net Annual Operating Expenses (as reported in the most recent Prospectus)	0.99%
Actual Annualized Operating Expenses (fiscal year to date, as of 2/28/2021)	0.99%

Morningstar Rating^™

Overall Morningstar Rating among 384 Foreign 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, 4 stars, 3 stars and 5 stars among 384, 313 and 226 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)	$0.30139
Long-Term (per share)	$0.07582
Total (per share)	$0.37721

Hypothetical Growth of $10,000 as of 3/31/2021 (Thornburg International Growth Fund vs. MSCI ACWI ex US Growth NTR)

R5 Shares	33553.02380000
MSCI ACWI ex US Growth NTR	20051.42590000

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

R6 Shares (Incep. 2/1/2013)	YTD	1-YR	3-YR	5-YR	10-YR	INCEPTION*
THGIX^†	-3.21%	52.50%	10.36%	12.80%	10.08%	8.96%
Benchmark (Since 2/1/2007)
MSCI ACWI ex US Growth NTR	-0.08%	49.36%	10.31%	12.03%	6.69%	5.04%

R6 Shares (Incep. 2/1/2013)	YTD	1-YR	3-YR	5-YR	10-YR	INCEPTION*
THGIX^†	-3.21%	52.50%	10.36%	12.80%	10.08%	8.96%
Benchmark (Since 2/1/2007)
MSCI ACWI ex US Growth NTR	-0.08%	49.36%	10.31%	12.03%	6.69%	5.04%

	R6 Shares* (Incep. 2/1/2013)	MSCI ACWI ex US Growth NTR
2008^†	-50.06%	-45.61%
2009^†	45.55%	38.67%
2010^†	27.92%	14.45%
2011^†	-2.47%	-14.20%
2012^†	22.50%	16.66%
2013^†	37.01%	15.49%
2014	-12.05%	-2.65%
2015	6.91%	-1.26%
2016	-4.59%	0.12%
2017	35.04%	32.01%
2018	-16.64%	-14.43%
2019	26.40%	27.34%
2020	34.45%	22.20%

Fund Operating Expenses — Class R6 Shares

Gross Annual Operating Expenses (as reported in the most recent Prospectus)	0.99%
Net Annual Operating Expenses (as reported in the most recent Prospectus)	0.89%
Actual Annualized Operating Expenses (fiscal year to date, as of 2/28/2021)	0.89%

Morningstar Rating^™

Overall Morningstar Rating among 384 Foreign Large Growth funds, based on risk-adjusted returns for class R6 shares, using a weighted average of the fund's three-, five- and ten-year ratings: respectively, 4 stars, 3 stars and 5 stars among 384, 313 and 226 funds, as of 12/31/2020.

Dividends and Capital Gains — Class R6 Shares

Dividend (December 2020)	None Paid
Capital Gains for 2020 paid Nov 19, 2020
Short-Term (per share)	$0.30139
Long-Term (per share)	$0.07582
Total (per share)	$0.37721

Hypothetical Growth of $10,000 as of 3/31/2021 (Thornburg International Growth Fund vs. MSCI ACWI ex US Growth NTR)

R6 Shares	33699.67620000
MSCI ACWI ex US Growth NTR	20051.42590000

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