International Value Fund - Performance

Share Class

Average Annual Total Returns

A Shares (Incep. 5/28/1998) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION
TGVAX without sales charge4.94%10.24%3.39%5.08%4.59%7.23%
TGVAX with sales charge0.20%5.29%1.81%4.11%4.11%7.01%
Benchmarks (Since 5/28/1998)
MSCI ACWI ex US (GR/NR)-7.47%-2.61%-0.19%4.26%3.43%4.31%
MSCI EAFE NTR-10.80%-6.86%-1.24%2.85%3.82%3.70%
A Shares (Incep. 5/28/1998) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION
TGVAX without sales charge6.40%15.33%4.25%6.52%5.17%7.32%
TGVAX with sales charge1.60%10.14%2.67%5.54%4.68%7.10%
Benchmarks (Since 5/28/1998)
MSCI ACWI ex US (GR/NR)-5.44%3.00%1.16%6.23%4.00%4.43%
MSCI EAFE NTR-7.09%0.49%0.62%5.26%4.62%3.90%
A Shares without sales charge
(Incep. 5/28/1998)
MSCI EAFE NTRMSCI ACWI ex US (GR/NR)
1999 63.39% 26.96%30.91%
2000 -1.57% -14.17%-15.14%
2001 -10.53% -21.44%-19.73%
2002 -10.45% -15.94%-14.95%
2003 40.02% 38.59%40.83%
2004 17.72% 20.25%20.91%
2005 17.70% 13.54%16.62%
2006 25.62% 26.34%26.65%
2007 27.71% 11.17%16.65%
2008 -41.89% -43.38%-45.53%
2009 31.43% 31.78%41.45%
2010 13.70% 7.75%11.15%
2011 -13.24% -12.14%-13.71%
2012 15.33% 17.32%16.83%
2013 15.35% 22.78%15.29%
2014 -5.90% -4.90%-3.87%
2015 6.26% -0.81%-5.66%
2016 -2.74% 1.00%4.50%
2017 24.98% 25.03%27.19%
2018 -20.05% -13.79%-14.20%
2019 28.67% 22.01%21.51%

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) 1.26%
Actual Annualized Operating Expenses (fiscal year to date, as of 9/30/2020) 1.25%

Morningstar Rating

Overall Morningstar Rating among 647 Foreign 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, 5 stars, 4 stars and 4 stars among 647, 548 and 363 funds, as of 9/30/2020.

Dividends and Capital Gains — Class A Shares

Dividend (paid Dec 20, 2019) $0.21467
Capital Gains (2018) None Paid

Hypothetical Growth of $10,000 as of (Thornburg International Value Fund vs. MSCI EAFE NTR / MSCI ACWI ex US (GR/NR))

A Shares with sales charge
45669.41500000
MSCI EAFE NTR
22568.78830000
MSCI ACWI ex US (GR/NR)
25767.64720000
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. 5/28/1998) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION
THGCX with sales charge3.45%8.56%2.63%4.31%3.82%6.40%
THGCX without sales charge4.45%9.56%2.63%4.31%3.82%6.40%
Benchmarks (Since 5/28/1998)
MSCI ACWI ex US (GR/NR)-7.47%-2.61%-0.19%4.26%3.43%4.31%
MSCI EAFE NTR-10.80%-6.86%-1.24%2.85%3.82%3.70%
C Shares (Incep. 5/28/1998) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION
THGCX with sales charge5.00%13.69%3.49%5.74%4.40%6.49%
THGCX without sales charge6.00%14.69%3.49%5.74%4.40%6.49%
Benchmarks (Since 5/28/1998)
MSCI ACWI ex US (GR/NR)-5.44%3.00%1.16%6.23%4.00%4.43%
MSCI EAFE NTR-7.09%0.49%0.62%5.26%4.62%3.90%
C Shares without sales charge
(Incep. 5/28/1998)
MSCI EAFE NTRMSCI ACWI ex US (GR/NR)
1999 61.46% 26.96%30.91%
2000 -2.35% -14.17%-15.14%
2001 -11.33% -21.44%-19.73%
2002 -11.23% -15.94%-14.95%
2003 38.76% 38.59%40.83%
2004 16.90% 20.25%20.91%
2005 16.85% 13.54%16.62%
2006 24.72% 26.34%26.65%
2007 26.78% 11.17%16.65%
2008 -42.30% -43.38%-45.53%
2009 30.52% 31.78%41.45%
2010 12.87% 7.75%11.15%
2011 -13.93% -12.14%-13.71%
2012 14.55% 17.32%16.83%
2013 14.41% 22.78%15.29%
2014 -6.55% -4.90%-3.87%
2015 5.52% -0.81%-5.66%
2016 -3.47% 1.00%4.50%
2017 24.06% 25.03%27.19%
2018 -20.71% -13.79%-14.20%
2019 27.66% 22.01%21.51%

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%
Actual Annualized Operating Expenses (fiscal year to date, as of 9/30/2020) 1.93%

Morningstar Rating

Overall Morningstar Rating among 647 Foreign 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, 4 stars, 3 stars and 3 stars among 647, 548 and 363 funds, as of 9/30/2020.

Dividends and Capital Gains — Class C Shares

Dividend (paid Dec 20, 2019) $0.00000
Capital Gains (2018) None Paid

Hypothetical Growth of $10,000 as of (Thornburg International Value Fund vs. MSCI EAFE NTR / MSCI ACWI ex US (GR/NR))

C Shares
40185.94200000
MSCI EAFE NTR
22568.78830000
MSCI ACWI ex US (GR/NR)
25767.64720000
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. 3/30/2001) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION*
TGVIX5.19%10.57%3.70%5.43%4.96%7.68%
Benchmarks (Since 5/28/1998)
MSCI ACWI ex US (GR/NR)-7.47%-2.61%-0.19%4.26%3.43%4.31%
MSCI EAFE NTR-10.80%-6.86%-1.24%2.85%3.82%3.70%
I Shares (Incep. 3/30/2001) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION*
TGVIX6.68%15.74%4.59%6.88%5.55%7.78%
Benchmarks (Since 5/28/1998)
MSCI ACWI ex US (GR/NR)-5.44%3.00%1.16%6.23%4.00%4.43%
MSCI EAFE NTR-7.09%0.49%0.62%5.26%4.62%3.90%
I Shares* (Incep. 3/30/2001) MSCI EAFE NTRMSCI ACWI ex US (GR/NR)
1999 64.31% 26.96%30.91%
2000 -1.01% -14.17%-15.14%
2001 -10.09% -21.44%-19.73%
2002 -9.99% -15.94%-14.95%
2003 40.65% 38.59%40.83%
2004 18.35% 20.25%20.91%
2005 18.21% 13.54%16.62%
2006 26.11% 26.34%26.65%
2007 28.19% 11.17%16.65%
2008 -41.65% -43.38%-45.53%
2009 31.98% 31.78%41.45%
2010 14.15% 7.75%11.15%
2011 -12.94% -12.14%-13.71%
2012 15.85% 17.32%16.83%
2013 15.77% 22.78%15.29%
2014 -5.55% -4.90%-3.87%
2015 6.68% -0.81%-5.66%
2016 -2.39% 1.00%4.50%
2017 25.47% 25.03%27.19%
2018 -19.82% -13.79%-14.20%
2019 29.09% 22.01%21.51%

* Since 5/28/1998.
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) 0.97%
Actual Annualized Operating Expenses (fiscal year to date, as of 9/30/2020) 0.92%

Morningstar Rating

Overall Morningstar Rating among 647 Foreign 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, 5 stars, 4 stars and 4 stars among 647, 548 and 363 funds, as of 9/30/2020.

Dividends and Capital Gains — Class I Shares

Dividend (paid Dec 20, 2019) $0.28133
Capital Gains (2018) None Paid

Hypothetical Growth of $10,000 as of (Thornburg International Value Fund vs. MSCI EAFE NTR / MSCI ACWI ex US (GR/NR))

I Shares
52539.57590000
MSCI EAFE NTR
22568.78830000
MSCI ACWI ex US (GR/NR)
25767.64720000
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*
TGVRX4.76%10.03%3.17%4.89%4.40%7.13%
Benchmarks (Since 5/28/1998)
MSCI ACWI ex US (GR/NR)-7.47%-2.61%-0.19%4.26%3.43%4.31%
MSCI EAFE NTR-10.80%-6.86%-1.24%2.85%3.82%3.70%
R3 Shares (Incep. 7/1/2003) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION*
TGVRX6.26%15.11%4.05%6.32%4.98%7.23%
Benchmarks (Since 5/28/1998)
MSCI ACWI ex US (GR/NR)-5.44%3.00%1.16%6.23%4.00%4.43%
MSCI EAFE NTR-7.09%0.49%0.62%5.26%4.62%3.90%
R3 Shares* (Incep. 7/1/2003) MSCI EAFE NTRMSCI ACWI ex US (GR/NR)
1999 63.38% 26.96%30.91%
2000 -1.58% -14.17%-15.14%
2001 -10.54% -21.44%-19.73%
2002 -10.46% -15.94%-14.95%
2003 40.73% 38.59%40.83%
2004 17.80% 20.25%20.91%
2005 17.66% 13.54%16.62%
2006 25.41% 26.34%26.65%
2007 27.51% 11.17%16.65%
2008 -41.95% -43.38%-45.53%
2009 31.21% 31.78%41.45%
2010 13.60% 7.75%11.15%
2011 -13.46% -12.14%-13.71%
2012 15.18% 17.32%16.83%
2013 15.09% 22.78%15.29%
2014 -6.06% -4.90%-3.87%
2015 6.07% -0.81%-5.66%
2016 -2.88% 1.00%4.50%
2017 24.78% 25.03%27.19%
2018 -20.22% -13.79%-14.20%
2019 28.41% 22.01%21.51%

* Since 5/28/1998.
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) 1.65%
Net Annual Operating Expenses (as reported in the most recent Prospectus) 1.45%
Actual Annualized Operating Expenses (fiscal year to date, as of 9/30/2020) 1.45%

Morningstar Rating

Overall Morningstar Rating among 647 Foreign 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, 5 stars, 4 stars and 4 stars among 647, 548 and 363 funds, as of 9/30/2020.

Dividends and Capital Gains — Class R3 Shares

Dividend (paid Dec 20, 2019) $0.15816
Capital Gains (2018) None Paid

Hypothetical Growth of $10,000 as of (Thornburg International Value Fund vs. MSCI EAFE NTR / MSCI ACWI ex US (GR/NR))

R3 Shares
46859.22050000
MSCI EAFE NTR
22568.78830000
MSCI ACWI ex US (GR/NR)
25767.64720000
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*
THVRX4.93%10.22%3.37%5.09%4.60%7.26%
Benchmarks (Since 5/28/1998)
MSCI ACWI ex US (GR/NR)-7.47%-2.61%-0.19%4.26%3.43%4.31%
MSCI EAFE NTR-10.80%-6.86%-1.24%2.85%3.82%3.70%
R4 Shares (Incep. 2/1/2007) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION*
THVRX6.45%15.35%4.26%6.54%5.19%7.36%
Benchmarks (Since 5/28/1998)
MSCI ACWI ex US (GR/NR)-5.44%3.00%1.16%6.23%4.00%4.43%
MSCI EAFE NTR-7.09%0.49%0.62%5.26%4.62%3.90%
R4 Shares* (Incep. 2/1/2007) MSCI EAFE NTRMSCI ACWI ex US (GR/NR)
1999 63.46% 26.96%30.91%
2000 -1.53% -14.17%-15.14%
2001 -10.50% -21.44%-19.73%
2002 -10.42% -15.94%-14.95%
2003 40.07% 38.59%40.83%
2004 17.76% 20.25%20.91%
2005 17.74% 13.54%16.62%
2006 25.67% 26.34%26.65%
2007 27.80% 11.17%16.65%
2008 -41.83% -43.38%-45.53%
2009 31.51% 31.78%41.45%
2010 13.80% 7.75%11.15%
2011 -13.26% -12.14%-13.71%
2012 15.40% 17.32%16.83%
2013 15.30% 22.78%15.29%
2014 -5.88% -4.90%-3.87%
2015 6.31% -0.81%-5.66%
2016 -2.73% 1.00%4.50%
2017 25.06% 25.03%27.19%
2018 -20.07% -13.79%-14.20%
2019 28.68% 22.01%21.51%

* Since 5/28/1998.
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) 1.44%
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) 1.25%

Morningstar Rating

Overall Morningstar Rating among 647 Foreign 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, 5 stars, 4 stars and 4 stars among 647, 548 and 363 funds, as of 9/30/2020.

Dividends and Capital Gains — Class R4 Shares

Dividend (paid Dec 20, 2019) $0.20345
Capital Gains (2018) None Paid

Hypothetical Growth of $10,000 as of (Thornburg International Value Fund vs. MSCI EAFE NTR / MSCI ACWI ex US (GR/NR))

R4 Shares
48183.10100000
MSCI EAFE NTR
22568.78830000
MSCI ACWI ex US (GR/NR)
25767.64720000
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*
TIVRX5.11%10.47%3.64%5.37%4.88%7.60%
Benchmarks (Since 5/28/1998)
MSCI ACWI ex US (GR/NR)-7.47%-2.61%-0.19%4.26%3.43%4.31%
MSCI EAFE NTR-10.80%-6.86%-1.24%2.85%3.82%3.70%
R5 Shares (Incep. 2/1/2005) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION*
TIVRX6.61%15.64%4.53%6.82%5.47%7.70%
Benchmarks (Since 5/28/1998)
MSCI ACWI ex US (GR/NR)-5.44%3.00%1.16%6.23%4.00%4.43%
MSCI EAFE NTR-7.09%0.49%0.62%5.26%4.62%3.90%
R5 Shares* (Incep. 2/1/2005) MSCI EAFE NTRMSCI ACWI ex US (GR/NR)
1999 64.10% 26.96%30.91%
2000 -1.14% -14.17%-15.14%
2001 -10.14% -21.44%-19.73%
2002 -10.06% -15.94%-14.95%
2003 40.63% 38.59%40.83%
2004 18.23% 20.25%20.91%
2005 18.21% 13.54%16.62%
2006 26.06% 26.34%26.65%
2007 28.13% 11.17%16.65%
2008 -41.70% -43.38%-45.53%
2009 31.90% 31.78%41.45%
2010 14.08% 7.75%11.15%
2011 -13.05% -12.14%-13.71%
2012 15.74% 17.32%16.83%
2013 15.63% 22.78%15.29%
2014 -5.63% -4.90%-3.87%
2015 6.59% -0.81%-5.66%
2016 -2.44% 1.00%4.50%
2017 25.38% 25.03%27.19%
2018 -19.85% -13.79%-14.20%
2019 29.03% 22.01%21.51%

* Since 5/28/1998.
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) 1.12%
Net Annual Operating Expenses (as reported in the most recent Prospectus) 0.99%
Actual Annualized Operating Expenses (fiscal year to date, as of 9/30/2020) 0.99%

Morningstar Rating

Overall Morningstar Rating among 647 Foreign 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, 5 stars, 4 stars and 4 stars among 647, 548 and 363 funds, as of 9/30/2020.

Dividends and Capital Gains — Class R5 Shares

Dividend (paid Dec 20, 2019) $0.27655
Capital Gains (2018) None Paid

Hypothetical Growth of $10,000 as of (Thornburg International Value Fund vs. MSCI EAFE NTR / MSCI ACWI ex US (GR/NR))

R5 Shares
51671.75860000
MSCI EAFE NTR
22568.78830000
MSCI ACWI ex US (GR/NR)
25767.64720000
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

R6 Shares (Incep. 5/1/2012) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION*
TGIRX5.34%10.75%3.86%5.59%5.11%7.78%
Benchmarks (Since 5/28/1998)
MSCI ACWI ex US (GR/NR)-7.47%-2.61%-0.19%4.26%3.43%4.31%
MSCI EAFE NTR-10.80%-6.86%-1.24%2.85%3.82%3.70%
R6 Shares (Incep. 5/1/2012) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION*
TGIRX6.80%15.90%4.75%7.04%5.70%7.88%
Benchmarks (Since 5/28/1998)
MSCI ACWI ex US (GR/NR)-5.44%3.00%1.16%6.23%4.00%4.43%
MSCI EAFE NTR-7.09%0.49%0.62%5.26%4.62%3.90%
R6 Shares* (Incep. 5/1/2012) MSCI EAFE NTRMSCI ACWI ex US (GR/NR)
1999 64.25% 26.96%30.91%
2000 -1.05% -14.17%-15.14%
2001 -10.06% -21.44%-19.73%
2002 -9.98% -15.94%-14.95%
2003 40.76% 38.59%40.83%
2004 18.34% 20.25%20.91%
2005 18.32% 13.54%16.62%
2006 26.28% 26.34%26.65%
2007 28.38% 11.17%16.65%
2008 -41.58% -43.38%-45.53%
2009 32.13% 31.78%41.45%
2010 14.31% 7.75%11.15%
2011 -12.79% -12.14%-13.71%
2012 15.95% 17.32%16.83%
2013 15.86% 22.78%15.29%
2014 -5.37% -4.90%-3.87%
2015 6.85% -0.81%-5.66%
2016 -2.23% 1.00%4.50%
2017 25.60% 25.03%27.19%
2018 -19.69% -13.79%-14.20%
2019 29.27% 22.01%21.51%

* Since 5/28/1998.
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 R6 Shares

Gross Annual Operating Expenses (as reported in the most recent Prospectus) 0.88%
Actual Annualized Operating Expenses (fiscal year to date, as of 9/30/2020) 0.79%

Morningstar Rating

Overall Morningstar Rating among 647 Foreign Large Blend 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, 5 stars, 4 stars and 4 stars among 647, 548 and 363 funds, as of 9/30/2020.

Dividends and Capital Gains — Class R6 Shares

Dividend (paid Dec 20, 2019) $0.32978
Capital Gains (2018) None Paid

Hypothetical Growth of $10,000 as of (Thornburg International Value Fund vs. MSCI EAFE NTR / MSCI ACWI ex US (GR/NR))

R6 Shares
53689.03880000
MSCI EAFE NTR
22568.78830000
MSCI ACWI ex US (GR/NR)
25767.64720000
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