Small/Mid Cap Core Fund - Performance

Share Class

Average Annual Total Returns

A Shares (Incep. 10/2/1995) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION
TVAFX with sales charge1.71%54.16%10.42%12.26%9.40%9.96%
TVAFX without sales charge6.50%61.42%12.13%13.30%9.91%10.16%
Benchmarks (Since 10/2/1995)
S&P 500 TR6.17%56.35%16.78%16.29%13.91%9.89%
Russell 2500 TR10.93%89.40%15.34%15.93%12.20%10.73%
A Shares (Incep. 10/2/1995) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION
TVAFX with sales charge1.71%54.16%10.42%12.26%9.40%9.96%
TVAFX without sales charge6.50%61.42%12.13%13.30%9.91%10.16%
Benchmarks (Since 10/2/1995)
S&P 500 TR6.17%56.35%16.78%16.29%13.91%9.89%
Russell 2500 TR10.93%89.40%15.34%15.93%12.20%10.73%
A Shares without sales charge
(Incep. 10/2/1995)
Russell 2500 TR
1996 37.82% 19.03%
1997 33.71% 24.36%
1998 22.26% 0.38%
1999 37.44% 24.14%
2000 3.96% 4.27%
2001 -8.11% 1.22%
2002 -24.85% -17.80%
2003 34.99% 45.51%
2004 7.21% 18.29%
2005 9.52% 8.11%
2006 21.97% 16.17%
2007 6.14% 1.38%
2008 -41.56% -36.79%
2009 45.26% 34.39%
2010 9.15% 26.71%
2011 -13.44% -2.51%
2012 10.65% 17.88%
2013 39.49% 36.80%
2014 11.50% 7.07%
2015 3.41% -2.90%
2016 6.60% 17.59%
2017 23.33% 16.81%
2018 -9.69% -10.00%
2019 28.87% 27.77%
2020 11.71% 19.99%

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) 1.34%
Net Annual Operating Expenses (as reported in the most recent Prospectus) 1.18%
Actual Annualized Operating Expenses (fiscal year to date, as of 2/28/2021) 1.17%

Morningstar Rating

Overall Morningstar Rating among 1232 Large Blend 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, 2 stars, 2 stars and 1 star among 1232, 1072 and 814 funds, as of 12/31/2020.

Dividends and Capital Gains — Class A Shares

Dividend (December 2020) None Paid
Capital Gains (2020) None Paid

Hypothetical Growth of $10,000 as of (Thornburg Small/Mid Cap Core Fund vs. S&P 500 TR)

A Shares with sales charge
112584.12050000
S&P 500 TR
110784.83590000
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. 10/2/1995) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION
TVCFX without sales charge6.29%60.13%11.20%12.40%9.05%9.31%
TVCFX with sales charge5.29%59.13%11.20%12.40%9.05%9.31%
Benchmarks (Since 10/2/1995)
S&P 500 TR6.17%56.35%16.78%16.29%13.91%9.89%
Russell 2500 TR10.93%89.40%15.34%15.93%12.20%10.73%
C Shares (Incep. 10/2/1995) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION
TVCFX without sales charge6.29%60.13%11.20%12.40%9.05%9.31%
TVCFX with sales charge5.29%59.13%11.20%12.40%9.05%9.31%
Benchmarks (Since 10/2/1995)
S&P 500 TR6.17%56.35%16.78%16.29%13.91%9.89%
Russell 2500 TR10.93%89.40%15.34%15.93%12.20%10.73%
C Shares without sales charge
(Incep. 10/2/1995)
Russell 2500 TR
1996 36.86% 19.03%
1997 32.63% 24.36%
1998 21.20% 0.38%
1999 36.39% 24.14%
2000 3.14% 4.27%
2001 -8.86% 1.22%
2002 -25.43% -17.80%
2003 33.92% 45.51%
2004 6.41% 18.29%
2005 8.72% 8.11%
2006 21.04% 16.17%
2007 5.34% 1.38%
2008 -42.00% -36.79%
2009 44.11% 34.39%
2010 8.36% 26.71%
2011 -14.11% -2.51%
2012 9.81% 17.88%
2013 38.40% 36.80%
2014 10.64% 7.07%
2015 2.65% -2.90%
2016 5.81% 17.59%
2017 22.41% 16.81%
2018 -10.48% -10.00%
2019 27.82% 27.77%
2020 10.83% 19.99%

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) 2.12%
Net Annual Operating Expenses (as reported in the most recent Prospectus) 2.04%
Actual Annualized Operating Expenses (fiscal year to date, as of 2/28/2021) 2.01%

Morningstar Rating

Overall Morningstar Rating among 1232 Large Blend 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, 1 star, 1 star and 1 star among 1232, 1072 and 814 funds, as of 12/31/2020.

Dividends and Capital Gains — Class C Shares

Dividend (December 2020) None Paid
Capital Gains (2020) None Paid

Hypothetical Growth of $10,000 as of (Thornburg Small/Mid Cap Core Fund vs. S&P 500 TR)

C Shares
96733.72500000
S&P 500 TR
110784.83590000
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. 11/2/1998) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION*
TVIFX6.59%61.99%12.51%13.71%10.32%10.59%
Benchmarks (Since 10/2/1995)
S&P 500 TR6.17%56.35%16.78%16.29%13.91%9.89%
Russell 2500 TR10.93%89.40%15.34%15.93%12.20%10.73%
I Shares (Incep. 11/2/1998) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION*
TVIFX6.59%61.99%12.51%13.71%10.32%10.59%
Benchmarks (Since 10/2/1995)
S&P 500 TR6.17%56.35%16.78%16.29%13.91%9.89%
Russell 2500 TR10.93%89.40%15.34%15.93%12.20%10.73%
I Shares* (Incep. 11/2/1998) Russell 2500 TR
1996 38.42% 19.03%
1997 34.29% 24.36%
1998 22.84% 0.38%
1999 38.09% 24.14%
2000 4.33% 4.27%
2001 -7.75% 1.22%
2002 -24.48% -17.80%
2003 35.58% 45.51%
2004 7.64% 18.29%
2005 9.97% 8.11%
2006 22.40% 16.17%
2007 6.54% 1.38%
2008 -41.33% -36.79%
2009 45.69% 34.39%
2010 9.61% 26.71%
2011 -13.12% -2.51%
2012 11.14% 17.88%
2013 40.02% 36.80%
2014 11.92% 7.07%
2015 3.82% -2.90%
2016 7.03% 17.59%
2017 23.81% 16.81%
2018 -9.39% -10.00%
2019 29.31% 27.77%
2020 12.10% 19.99%

* Since 10/2/1995.
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) 1.09%
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 1232 Large Blend 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, 2 stars, 2 stars and 1 star among 1232, 1072 and 814 funds, as of 12/31/2020.

Dividends and Capital Gains — Class I Shares

Dividend (December 2020) None Paid
Capital Gains (2020) None Paid

Hypothetical Growth of $10,000 as of (Thornburg Small/Mid Cap Core Fund vs. S&P 500 TR)

I Shares
129723.90980000
S&P 500 TR
110784.83590000
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*
TVRFX6.50%61.42%12.10%13.30%9.91%10.14%
Benchmarks (Since 10/2/1995)
S&P 500 TR6.17%56.35%16.78%16.29%13.91%9.89%
Russell 2500 TR10.93%89.40%15.34%15.93%12.20%10.73%
R3 Shares (Incep. 7/1/2003) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION*
TVRFX6.50%61.42%12.10%13.30%9.91%10.14%
Benchmarks (Since 10/2/1995)
S&P 500 TR6.17%56.35%16.78%16.29%13.91%9.89%
Russell 2500 TR10.93%89.40%15.34%15.93%12.20%10.73%
R3 Shares* (Incep. 7/1/2003) Russell 2500 TR
1996 37.79% 19.03%
1997 33.68% 24.36%
1998 22.23% 0.38%
1999 37.41% 24.14%
2000 3.94% 4.27%
2001 -8.13% 1.22%
2002 -24.87% -17.80%
2003 34.89% 45.51%
2004 7.25% 18.29%
2005 9.52% 8.11%
2006 21.86% 16.17%
2007 6.08% 1.38%
2008 -41.57% -36.79%
2009 45.12% 34.39%
2010 9.13% 26.71%
2011 -13.50% -2.51%
2012 10.66% 17.88%
2013 39.56% 36.80%
2014 11.51% 7.07%
2015 3.45% -2.90%
2016 6.65% 17.59%
2017 23.35% 16.81%
2018 -9.72% -10.00%
2019 28.86% 27.77%
2020 11.70% 19.99%

* Since 10/2/1995.
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) 1.73%
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) 1.20%

Morningstar Rating

Overall Morningstar Rating among 1232 Large Blend 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, 2 stars, 2 stars and 1 star among 1232, 1072 and 814 funds, as of 12/31/2020.

Dividends and Capital Gains — Class R3 Shares

Dividend (December 2020) None Paid
Capital Gains (2020) None Paid

Hypothetical Growth of $10,000 as of (Thornburg Small/Mid Cap Core Fund vs. S&P 500 TR)

R3 Shares
117411.14850000
S&P 500 TR
110784.83590000
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*
TVIRX6.51%61.58%12.21%13.41%10.02%10.22%
Benchmarks (Since 10/2/1995)
S&P 500 TR6.17%56.35%16.78%16.29%13.91%9.89%
Russell 2500 TR10.93%89.40%15.34%15.93%12.20%10.73%
R4 Shares (Incep. 2/1/2007) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION*
TVIRX6.51%61.58%12.21%13.41%10.02%10.22%
Benchmarks (Since 10/2/1995)
S&P 500 TR6.17%56.35%16.78%16.29%13.91%9.89%
Russell 2500 TR10.93%89.40%15.34%15.93%12.20%10.73%
R4 Shares* (Incep. 2/1/2007) Russell 2500 TR
1996 37.85% 19.03%
1997 33.73% 24.36%
1998 22.28% 0.38%
1999 37.46% 24.14%
2000 3.98% 4.27%
2001 -8.09% 1.22%
2002 -24.84% -17.80%
2003 35.02% 45.51%
2004 7.23% 18.29%
2005 9.54% 8.11%
2006 21.99% 16.17%
2007 6.04% 1.38%
2008 -41.50% -36.79%
2009 45.30% 34.39%
2010 9.25% 26.71%
2011 -13.43% -2.51%
2012 10.80% 17.88%
2013 39.69% 36.80%
2014 11.62% 7.07%
2015 3.56% -2.90%
2016 6.74% 17.59%
2017 23.49% 16.81%
2018 -9.62% -10.00%
2019 28.98% 27.77%
2020 11.80% 19.99%

* Since 10/2/1995.
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) 1.74%
Net Annual Operating Expenses (as reported in the most recent Prospectus) 1.10%
Actual Annualized Operating Expenses (fiscal year to date, as of 2/28/2021) 1.10%

Morningstar Rating

Overall Morningstar Rating among 1232 Large Blend 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, 2 stars, 2 stars and 1 star among 1232, 1072 and 814 funds, as of 12/31/2020.

Dividends and Capital Gains — Class R4 Shares

Dividend (December 2020) None Paid
Capital Gains (2020) None Paid

Hypothetical Growth of $10,000 as of (Thornburg Small/Mid Cap Core Fund vs. S&P 500 TR)

R4 Shares
119520.43040000
S&P 500 TR
110784.83590000
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. 2/1/2005) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION*
TVRRX6.59%62.00%12.50%13.71%10.31%10.57%
Benchmarks (Since 10/2/1995)
S&P 500 TR6.17%56.35%16.78%16.29%13.91%9.89%
Russell 2500 TR10.93%89.40%15.34%15.93%12.20%10.73%
R5 Shares (Incep. 2/1/2005) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION*
TVRRX6.59%62.00%12.50%13.71%10.31%10.57%
Benchmarks (Since 10/2/1995)
S&P 500 TR6.17%56.35%16.78%16.29%13.91%9.89%
Russell 2500 TR10.93%89.40%15.34%15.93%12.20%10.73%
R5 Shares* (Incep. 2/1/2005) Russell 2500 TR
1996 38.37% 19.03%
1997 34.24% 24.36%
1998 22.74% 0.38%
1999 37.98% 24.14%
2000 4.38% 4.27%
2001 -7.74% 1.22%
2002 -24.55% -17.80%
2003 35.53% 45.51%
2004 7.64% 18.29%
2005 9.96% 8.11%
2006 22.37% 16.17%
2007 6.52% 1.38%
2008 -41.37% -36.79%
2009 45.71% 34.39%
2010 9.54% 26.71%
2011 -13.19% -2.51%
2012 11.05% 17.88%
2013 40.04% 36.80%
2014 11.91% 7.07%
2015 3.84% -2.90%
2016 7.02% 17.59%
2017 23.81% 16.81%
2018 -9.39% -10.00%
2019 29.32% 27.77%
2020 12.09% 19.99%

* Since 10/2/1995.
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) 1.43%
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 1232 Large Blend 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, 2 stars, 2 stars and 1 star among 1232, 1072 and 814 funds, as of 12/31/2020.

Dividends and Capital Gains — Class R5 Shares

Dividend (December 2020) None Paid
Capital Gains (2020) None Paid

Hypothetical Growth of $10,000 as of (Thornburg Small/Mid Cap Core Fund vs. S&P 500 TR)

R5 Shares
129070.30660000
S&P 500 TR
110784.83590000
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