Thornburg Value Fund

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 charge15.61%-2.88%9.88%7.75%9.63%9.57%
TVAFX with sales charge10.41%-7.24%8.21%6.76%9.13%9.36%
Benchmark (Since 10/2/1995)
S&P 500 Index18.34%2.92%12.70%10.11%13.45%9.05%
A Shares (Incep. 10/2/1995) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION
TVAFX without sales charge15.63%2.09%11.42%8.03%10.89%9.64%
TVAFX with sales charge10.43%-2.51%9.73%7.04%10.38%9.43%
Benchmark (Since 10/2/1995)
S&P 500 Index18.54%10.42%14.19%10.71%14.70%9.12%
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%

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 6/30/2019) 1.34%

Morningstar Rating™

Overall Morningstar Rating among 1209 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 1209, 1079 and 820 funds, as of 8/31/2019.

Dividends and Capital Gains — Class A Shares

Dividend (paid Dec 21, 2018) $0.28688
Capital Gains (2018) None Paid

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

A Shares with sales charge		 84899.03760000
S&P 500 Index		 79314.92560000
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.

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Average Annual Total Returns

C Shares (Incep. 10/2/1995) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION
TVCFX without sales charge14.98%-3.73%9.00%6.91%8.79%8.72%
TVCFX with sales charge13.98%-4.69%9.00%6.91%8.79%8.72%
Benchmark (Since 10/2/1995)
S&P 500 Index18.34%2.92%12.70%10.11%13.45%9.05%
C Shares (Incep. 10/2/1995) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION
TVCFX without sales charge15.13%1.14%10.52%7.19%10.03%8.79%
TVCFX with sales charge14.13%0.14%10.52%7.19%10.03%8.79%
Benchmark (Since 10/2/1995)
S&P 500 Index18.54%10.42%14.19%10.71%14.70%9.12%
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%

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) 2.11%
Actual Annualized Operating Expenses (fiscal year to date, as of 6/30/2019) 2.23%

Morningstar Rating™

Overall Morningstar Rating among 1209 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 1209, 1079 and 820 funds, as of 8/31/2019.

Dividends and Capital Gains — Class C Shares

Dividend (paid Dec 21, 2018) $0.00000
Capital Gains (2018) None Paid

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

C Shares		 73867.91570000
S&P 500 Index		 79314.92560000
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.

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Average Annual Total Returns

I Shares (Incep. 11/2/1998) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION*
TVIFX†15.89%-2.54%10.28%8.16%10.05%10.00%
Benchmark (Since 10/2/1995)
S&P 500 Index18.34%2.92%12.70%10.11%13.45%9.05%
I Shares (Incep. 11/2/1998) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION*
TVIFX†15.84%2.44%11.83%8.44%11.31%10.07%
Benchmark (Since 10/2/1995)
S&P 500 Index18.54%10.42%14.19%10.71%14.70%9.12%
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%

* 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) 1.06%
Net Annual Operating Expenses (as reported in the most recent Prospectus) 0.99%
Actual Annualized Operating Expenses (fiscal year to date, as of 6/30/2019) 0.99%

Morningstar Rating™

Overall Morningstar Rating among 1209 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, 3 stars and 1 star among 1209, 1079 and 820 funds, as of 8/31/2019.

Dividends and Capital Gains — Class I Shares

Dividend (paid Dec 21, 2018) $0.49871
Capital Gains (2018) None Paid

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

I Shares		 97300.10410000
S&P 500 Index		 79314.92560000
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
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Average Annual Total Returns

R3 Shares (Incep. 7/1/2003) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION*
TVRFX†15.61%-2.90%9.88%7.77%9.63%9.55%
Benchmark (Since 10/2/1995)
S&P 500 Index18.34%2.92%12.70%10.11%13.45%9.05%
R3 Shares (Incep. 7/1/2003) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION*
TVRFX†15.63%2.06%11.43%8.05%10.89%9.62%
Benchmark (Since 10/2/1995)
S&P 500 Index18.54%10.42%14.19%10.71%14.70%9.12%
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%

* 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) 1.78%
Net Annual Operating Expenses (as reported in the most recent Prospectus) 1.35%
Actual Annualized Operating Expenses (fiscal year to date, as of 6/30/2019) 1.35%

Morningstar Rating™

Overall Morningstar Rating among 1209 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 1209, 1079 and 820 funds, as of 8/31/2019.

Dividends and Capital Gains — Class R3 Shares

Dividend (paid Dec 21, 2018) $0.21639
Capital Gains (2018) None Paid

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

R3 Shares		 88553.41850000
S&P 500 Index		 79314.92560000
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
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Average Annual Total Returns

R4 Shares (Incep. 2/1/2007) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION*
TVIRX†15.68%-2.80%9.99%7.87%9.75%9.62%
Benchmark (Since 10/2/1995)
S&P 500 Index18.34%2.92%12.70%10.11%13.45%9.05%
R4 Shares (Incep. 2/1/2007) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION*
TVIRX†15.68%2.17%11.54%8.16%11.00%9.70%
Benchmark (Since 10/2/1995)
S&P 500 Index18.54%10.42%14.19%10.71%14.70%9.12%
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%

* 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) 1.77%
Net Annual Operating Expenses (as reported in the most recent Prospectus) 1.25%
Actual Annualized Operating Expenses (fiscal year to date, as of 6/30/2019) 1.25%

Morningstar Rating™

Overall Morningstar Rating among 1209 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 1209, 1079 and 820 funds, as of 8/31/2019.

Dividends and Capital Gains — Class R4 Shares

Dividend (paid Dec 21, 2018) $0.28048
Capital Gains (2018) None Paid

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

R4 Shares		 90011.82830000
S&P 500 Index		 79314.92560000
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
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Average Annual Total Returns

R5 Shares (Incep. 2/1/2005) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION*
TVRRX†15.89%-2.54%10.28%8.15%10.03%9.98%
Benchmark (Since 10/2/1995)
S&P 500 Index18.34%2.92%12.70%10.11%13.45%9.05%
R5 Shares (Incep. 2/1/2005) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION*
TVRRX†15.83%2.42%11.83%8.44%11.29%10.05%
Benchmark (Since 10/2/1995)
S&P 500 Index18.54%10.42%14.19%10.71%14.70%9.12%
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%

* 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) 1.38%
Net Annual Operating Expenses (as reported in the most recent Prospectus) 0.99%
Actual Annualized Operating Expenses (fiscal year to date, as of 6/30/2019) 0.99%

Morningstar Rating™

Overall Morningstar Rating among 1209 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, 3 stars and 1 star among 1209, 1079 and 820 funds, as of 8/31/2019.

Dividends and Capital Gains — Class R5 Shares

Dividend (paid Dec 21, 2018) $0.49761
Capital Gains (2018) None Paid

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

R5 Shares		 96816.26030000
S&P 500 Index		 79314.92560000
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.

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Important Information
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