Performance [FV]

Share Class

Average Annual Total Returns

A Shares (Incep. 10/2/1995)	YTD	1-YR	3-YR	5-YR	10-YR	INCEPTION
TVAFX without sales charge	-2.51%	14.85%	11.02%	9.47%	9.96%	9.77%
TVAFX with sales charge	-6.90%	9.68%	9.33%	8.46%	9.45%	9.56%
Benchmark (Since 10/2/1995)
S&P 500 Index	-0.04%	21.68%	14.54%	12.37%	13.97%	9.35%

A Shares (Incep. 10/2/1995)	YTD	1-YR	3-YR	5-YR	10-YR	INCEPTION
TVAFX without sales charge	28.87%	28.87%	12.80%	9.61%	9.91%	9.92%
TVAFX with sales charge	23.07%	23.07%	11.09%	8.61%	9.41%	9.71%
Benchmark (Since 10/2/1995)
S&P 500 Index	31.49%	31.49%	15.27%	11.70%	13.56%	9.39%

	A Shares without sales charge (Incep. 10/2/1995)	S&P 500 Index
1996	37.82%	22.96%
1997	33.71%	33.36%
1998	22.26%	28.58%
1999	37.44%	21.04%
2000	3.96%	-9.10%
2001	-8.11%	-11.89%
2002	-24.85%	-22.10%
2003	34.99%	28.68%
2004	7.21%	10.88%
2005	9.52%	4.91%
2006	21.97%	15.79%
2007	6.14%	5.49%
2008	-41.56%	-37.00%
2009	45.26%	26.46%
2010	9.15%	15.06%
2011	-13.44%	2.11%
2012	10.65%	16.00%
2013	39.49%	32.39%
2014	11.50%	13.69%
2015	3.41%	1.38%
2016	6.60%	11.96%
2017	23.33%	21.83%
2018	-9.69%	-4.38%
2019	28.88%	31.49%

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)	1.33%
Actual Annualized Operating Expenses (fiscal year to date, as of 12/31/2019)	1.30%

Morningstar Rating^™

Overall Morningstar Rating among 1203 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, 3 stars and 1 star among 1203, 1058 and 808 funds, as of 12/31/2019.

Dividends and Capital Gains — Class A Shares

Dividend (paid Dec 20, 2019)	$0.17720
Capital Gains (2018)	None Paid

Hypothetical Growth of $10,000 as of 1/31/2020 (Thornburg Value Fund vs. S&P 500 Index)

A Shares with sales charge	92256.43210000
S&P 500 Index	88092.84680000

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	-2.54%	13.97%	10.14%	8.61%	9.11%	8.92%
TVCFX with sales charge	-3.51%	12.97%	10.14%	8.61%	9.11%	8.92%
Benchmark (Since 10/2/1995)
S&P 500 Index	-0.04%	21.68%	14.54%	12.37%	13.97%	9.35%

C Shares (Incep. 10/2/1995)	YTD	1-YR	3-YR	5-YR	10-YR	INCEPTION
TVCFX without sales charge	27.82%	27.82%	11.89%	8.76%	9.06%	9.07%
TVCFX with sales charge	26.82%	26.82%	11.89%	8.76%	9.06%	9.07%
Benchmark (Since 10/2/1995)
S&P 500 Index	31.49%	31.49%	15.27%	11.70%	13.56%	9.39%

	C Shares without sales charge (Incep. 10/2/1995)	S&P 500 Index
1996	36.86%	22.96%
1997	32.63%	33.36%
1998	21.20%	28.58%
1999	36.39%	21.04%
2000	3.14%	-9.10%
2001	-8.86%	-11.89%
2002	-25.43%	-22.10%
2003	33.92%	28.68%
2004	6.41%	10.88%
2005	8.72%	4.91%
2006	21.04%	15.79%
2007	5.34%	5.49%
2008	-42.00%	-37.00%
2009	44.11%	26.46%
2010	8.36%	15.06%
2011	-14.11%	2.11%
2012	9.81%	16.00%
2013	38.40%	32.39%
2014	10.64%	13.69%
2015	2.65%	1.38%
2016	5.81%	11.96%
2017	22.41%	21.83%
2018	-10.48%	-4.38%
2019	27.83%	31.49%

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)	2.19%
Actual Annualized Operating Expenses (fiscal year to date, as of 12/31/2019)	2.10%

Morningstar Rating^™

Overall Morningstar Rating among 1203 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, 2 stars, 2 stars and 1 star among 1203, 1058 and 808 funds, as of 12/31/2019.

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 1/31/2020 (Thornburg Value Fund vs. S&P 500 Index)

C Shares	80030.33240000
S&P 500 Index	88092.84680000

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^†	-2.49%	15.23%	11.41%	9.87%	10.38%	10.18%
Benchmark (Since 10/2/1995)
S&P 500 Index	-0.04%	21.68%	14.54%	12.37%	13.97%	9.35%

I Shares (Incep. 11/2/1998)	YTD	1-YR	3-YR	5-YR	10-YR	INCEPTION*
TVIFX^†	29.31%	29.31%	13.20%	10.02%	10.33%	10.34%
Benchmark (Since 10/2/1995)
S&P 500 Index	31.49%	31.49%	15.27%	11.70%	13.56%	9.39%

	I Shares* (Incep. 11/2/1998)	S&P 500 Index
1996^†	38.42%	22.96%
1997^†	34.29%	33.36%
1998^†	22.84%	28.58%
1999	38.09%	21.04%
2000	4.33%	-9.10%
2001	-7.75%	-11.89%
2002	-24.48%	-22.10%
2003	35.58%	28.68%
2004	7.64%	10.88%
2005	9.97%	4.91%
2006	22.40%	15.79%
2007	6.54%	5.49%
2008	-41.33%	-37.00%
2009	45.69%	26.46%
2010	9.61%	15.06%
2011	-13.12%	2.11%
2012	11.14%	16.00%
2013	40.02%	32.39%
2014	11.92%	13.69%
2015	3.82%	1.38%
2016	7.03%	11.96%
2017	23.81%	21.83%
2018	-9.39%	-4.38%
2019	29.32%	31.49%

* 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)	1.07%
Net Annual Operating Expenses (as reported in the most recent Prospectus)	0.99%
Actual Annualized Operating Expenses (fiscal year to date, as of 12/31/2019)	0.99%

Morningstar Rating^™

Overall Morningstar Rating among 1203 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, 3 stars, 3 stars and 1 star among 1203, 1058 and 808 funds, as of 12/31/2019.

Dividends and Capital Gains — Class I Shares

Dividend (paid Dec 20, 2019)	$0.42716
Capital Gains (2018)	None Paid

Hypothetical Growth of $10,000 as of 1/31/2020 (Thornburg Value Fund vs. S&P 500 Index)

I Shares	105863.68670000
S&P 500 Index	88092.84680000

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^†	-2.51%	14.84%	11.01%	9.48%	9.96%	9.75%
Benchmark (Since 10/2/1995)
S&P 500 Index	-0.04%	21.68%	14.54%	12.37%	13.97%	9.35%

R3 Shares (Incep. 7/1/2003)	YTD	1-YR	3-YR	5-YR	10-YR	INCEPTION*
TVRFX^†	28.86%	28.86%	12.79%	9.62%	9.92%	9.90%
Benchmark (Since 10/2/1995)
S&P 500 Index	31.49%	31.49%	15.27%	11.70%	13.56%	9.39%

	R3 Shares* (Incep. 7/1/2003)	S&P 500 Index
1996^†	37.79%	22.96%
1997^†	33.68%	33.36%
1998^†	22.23%	28.58%
1999^†	37.41%	21.04%
2000^†	3.94%	-9.10%
2001^†	-8.13%	-11.89%
2002^†	-24.87%	-22.10%
2003^†	34.89%	28.68%
2004	7.25%	10.88%
2005	9.52%	4.91%
2006	21.86%	15.79%
2007	6.08%	5.49%
2008	-41.57%	-37.00%
2009	45.12%	26.46%
2010	9.13%	15.06%
2011	-13.50%	2.11%
2012	10.66%	16.00%
2013	39.56%	32.39%
2014	11.51%	13.69%
2015	3.45%	1.38%
2016	6.65%	11.96%
2017	23.35%	21.83%
2018	-9.72%	-4.38%
2019	28.86%	31.49%

Fund Operating Expenses — Class R3 Shares

Gross Annual Operating Expenses (as reported in the most recent Prospectus)	1.79%
Net Annual Operating Expenses (as reported in the most recent Prospectus)	1.35%
Actual Annualized Operating Expenses (fiscal year to date, as of 12/31/2019)	1.35%

Morningstar Rating^™

Overall Morningstar Rating among 1203 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, 3 stars and 1 star among 1203, 1058 and 808 funds, as of 12/31/2019.

Dividends and Capital Gains — Class R3 Shares

Dividend (paid Dec 20, 2019)	$0.14174
Capital Gains (2018)	None Paid

Hypothetical Growth of $10,000 as of 1/31/2020 (Thornburg Value Fund vs. S&P 500 Index)

R3 Shares	96223.02820000
S&P 500 Index	88092.84680000

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^†	-2.51%	14.95%	11.12%	9.58%	10.07%	9.83%
Benchmark (Since 10/2/1995)
S&P 500 Index	-0.04%	21.68%	14.54%	12.37%	13.97%	9.35%

R4 Shares (Incep. 2/1/2007)	YTD	1-YR	3-YR	5-YR	10-YR	INCEPTION*
TVIRX^†	28.98%	28.98%	12.91%	9.74%	10.03%	9.98%
Benchmark (Since 10/2/1995)
S&P 500 Index	31.49%	31.49%	15.27%	11.70%	13.56%	9.39%

	R4 Shares* (Incep. 2/1/2007)	S&P 500 Index
1996^†	37.85%	22.96%
1997^†	33.73%	33.36%
1998^†	22.28%	28.58%
1999^†	37.46%	21.04%
2000^†	3.98%	-9.10%
2001^†	-8.09%	-11.89%
2002^†	-24.84%	-22.10%
2003^†	35.02%	28.68%
2004^†	7.23%	10.88%
2005^†	9.54%	4.91%
2006^†	21.99%	15.79%
2007^†	6.04%	5.49%
2008	-41.50%	-37.00%
2009	45.30%	26.46%
2010	9.25%	15.06%
2011	-13.43%	2.11%
2012	10.80%	16.00%
2013	39.69%	32.39%
2014	11.62%	13.69%
2015	3.56%	1.38%
2016	6.74%	11.96%
2017	23.49%	21.83%
2018	-9.62%	-4.38%
2019	28.98%	31.49%

Fund Operating Expenses — Class R4 Shares

Gross Annual Operating Expenses (as reported in the most recent Prospectus)	1.75%
Net Annual Operating Expenses (as reported in the most recent Prospectus)	1.25%
Actual Annualized Operating Expenses (fiscal year to date, as of 12/31/2019)	1.25%

Morningstar Rating^™

Overall Morningstar Rating among 1203 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, 3 stars and 1 star among 1203, 1058 and 808 funds, as of 12/31/2019.

Dividends and Capital Gains — Class R4 Shares

Dividend (paid Dec 20, 2019)	$0.21009
Capital Gains (2018)	None Paid

Hypothetical Growth of $10,000 as of 1/31/2020 (Thornburg Value Fund vs. S&P 500 Index)

R4 Shares	97845.21120000
S&P 500 Index	88092.84680000

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^†	-2.51%	15.21%	11.40%	9.87%	10.36%	10.16%
Benchmark (Since 10/2/1995)
S&P 500 Index	-0.04%	21.68%	14.54%	12.37%	13.97%	9.35%

R5 Shares (Incep. 2/1/2005)	YTD	1-YR	3-YR	5-YR	10-YR	INCEPTION*
TVRRX^†	29.32%	29.32%	13.20%	10.02%	10.31%	10.31%
Benchmark (Since 10/2/1995)
S&P 500 Index	31.49%	31.49%	15.27%	11.70%	13.56%	9.39%

	R5 Shares* (Incep. 2/1/2005)	S&P 500 Index
1996^†	38.37%	22.96%
1997^†	34.24%	33.36%
1998^†	22.74%	28.58%
1999^†	37.98%	21.04%
2000^†	4.38%	-9.10%
2001^†	-7.74%	-11.89%
2002^†	-24.55%	-22.10%
2003^†	35.53%	28.68%
2004^†	7.64%	10.88%
2005^†	9.96%	4.91%
2006	22.37%	15.79%
2007	6.52%	5.49%
2008	-41.37%	-37.00%
2009	45.71%	26.46%
2010	9.54%	15.06%
2011	-13.19%	2.11%
2012	11.05%	16.00%
2013	40.04%	32.39%
2014	11.91%	13.69%
2015	3.84%	1.38%
2016	7.02%	11.96%
2017	23.81%	21.83%
2018	-9.39%	-4.38%
2019	29.32%	31.49%

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)	0.99%
Actual Annualized Operating Expenses (fiscal year to date, as of 12/31/2019)	0.99%

Morningstar Rating^™

Overall Morningstar Rating among 1203 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, 3 stars, 3 stars and 1 star among 1203, 1058 and 808 funds, as of 12/31/2019.

Dividends and Capital Gains — Class R5 Shares

Dividend (paid Dec 20, 2019)	$0.42748
Capital Gains (2018)	None Paid

Hypothetical Growth of $10,000 as of 1/31/2020 (Thornburg Value Fund vs. S&P 500 Index)

R5 Shares	105322.55550000
S&P 500 Index	88092.84680000

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