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

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 charge	1.71%	54.16%	10.42%	12.26%	9.40%	9.96%
TVAFX without sales charge	6.50%	61.42%	12.13%	13.30%	9.91%	10.16%
Benchmarks (Since 10/2/1995)
S&P 500 TR	6.17%	56.35%	16.78%	16.29%	13.91%	9.89%
Russell 2500 TR	10.93%	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 charge	1.71%	54.16%	10.42%	12.26%	9.40%	9.96%
TVAFX without sales charge	6.50%	61.42%	12.13%	13.30%	9.91%	10.16%
Benchmarks (Since 10/2/1995)
S&P 500 TR	6.17%	56.35%	16.78%	16.29%	13.91%	9.89%
Russell 2500 TR	10.93%	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 3/31/2021 (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 charge	6.29%	60.13%	11.20%	12.40%	9.05%	9.31%
TVCFX with sales charge	5.29%	59.13%	11.20%	12.40%	9.05%	9.31%
Benchmarks (Since 10/2/1995)
S&P 500 TR	6.17%	56.35%	16.78%	16.29%	13.91%	9.89%
Russell 2500 TR	10.93%	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 charge	6.29%	60.13%	11.20%	12.40%	9.05%	9.31%
TVCFX with sales charge	5.29%	59.13%	11.20%	12.40%	9.05%	9.31%
Benchmarks (Since 10/2/1995)
S&P 500 TR	6.17%	56.35%	16.78%	16.29%	13.91%	9.89%
Russell 2500 TR	10.93%	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 3/31/2021 (Thornburg Small/Mid Cap Core Fund vs. S&P 500 TR)

C Shares	96733.72500000
S&P 500 TR	110784.83590000

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*
TVIFX^†	6.59%	61.99%	12.51%	13.71%	10.32%	10.59%
Benchmarks (Since 10/2/1995)
S&P 500 TR	6.17%	56.35%	16.78%	16.29%	13.91%	9.89%
Russell 2500 TR	10.93%	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*
TVIFX^†	6.59%	61.99%	12.51%	13.71%	10.32%	10.59%
Benchmarks (Since 10/2/1995)
S&P 500 TR	6.17%	56.35%	16.78%	16.29%	13.91%	9.89%
Russell 2500 TR	10.93%	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 3/31/2021 (Thornburg Small/Mid Cap Core Fund vs. S&P 500 TR)

I Shares	129723.90980000
S&P 500 TR	110784.83590000

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*
TVRFX^†	6.50%	61.42%	12.10%	13.30%	9.91%	10.14%
Benchmarks (Since 10/2/1995)
S&P 500 TR	6.17%	56.35%	16.78%	16.29%	13.91%	9.89%
Russell 2500 TR	10.93%	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*
TVRFX^†	6.50%	61.42%	12.10%	13.30%	9.91%	10.14%
Benchmarks (Since 10/2/1995)
S&P 500 TR	6.17%	56.35%	16.78%	16.29%	13.91%	9.89%
Russell 2500 TR	10.93%	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%

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 3/31/2021 (Thornburg Small/Mid Cap Core Fund vs. S&P 500 TR)

R3 Shares	117411.14850000
S&P 500 TR	110784.83590000

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*
TVIRX^†	6.51%	61.58%	12.21%	13.41%	10.02%	10.22%
Benchmarks (Since 10/2/1995)
S&P 500 TR	6.17%	56.35%	16.78%	16.29%	13.91%	9.89%
Russell 2500 TR	10.93%	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*
TVIRX^†	6.51%	61.58%	12.21%	13.41%	10.02%	10.22%
Benchmarks (Since 10/2/1995)
S&P 500 TR	6.17%	56.35%	16.78%	16.29%	13.91%	9.89%
Russell 2500 TR	10.93%	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%

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 3/31/2021 (Thornburg Small/Mid Cap Core Fund vs. S&P 500 TR)

R4 Shares	119520.43040000
S&P 500 TR	110784.83590000

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*
TVRRX^†	6.59%	62.00%	12.50%	13.71%	10.31%	10.57%
Benchmarks (Since 10/2/1995)
S&P 500 TR	6.17%	56.35%	16.78%	16.29%	13.91%	9.89%
Russell 2500 TR	10.93%	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*
TVRRX^†	6.59%	62.00%	12.50%	13.71%	10.31%	10.57%
Benchmarks (Since 10/2/1995)
S&P 500 TR	6.17%	56.35%	16.78%	16.29%	13.91%	9.89%
Russell 2500 TR	10.93%	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%

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 3/31/2021 (Thornburg Small/Mid Cap Core Fund vs. S&P 500 TR)

R5 Shares	129070.30660000
S&P 500 TR	110784.83590000

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