Value 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	-6.87%	-0.47%	3.55%	7.23%	8.92%	9.27%
TVAFX without sales charge	-2.49%	4.23%	5.14%	8.22%	9.42%	9.47%
Benchmark (Since 10/2/1995)
S&P 500 TR	2.77%	9.71%	10.42%	11.71%	13.01%	9.18%

A Shares (Incep. 10/2/1995)	YTD	1-YR	3-YR	5-YR	10-YR	INCEPTION
TVAFX with sales charge	-8.49%	-0.28%	3.49%	8.10%	9.14%	9.22%
TVAFX without sales charge	-4.18%	4.42%	5.09%	9.10%	9.65%	9.42%
Benchmark (Since 10/2/1995)
S&P 500 TR	5.57%	15.15%	12.28%	14.15%	13.74%	9.33%

	A Shares without sales charge (Incep. 10/2/1995)	S&P 500 TR
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	28.87%	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%
Net Annual Operating Expenses (as reported in the most recent Prospectus)	1.18%
Actual Annualized Operating Expenses (fiscal year to date, as of 9/30/2020)	1.33%

Morningstar Rating^™

Overall Morningstar Rating among 1229 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, 1 star, 2 stars and 1 star among 1229, 1066 and 819 funds, as of 9/30/2020.

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 10/31/2020 (Thornburg Value Fund vs. S&P 500 TR)

A Shares with sales charge	92280.67500000
S&P 500 TR	90564.94660000

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	-3.12%	3.40%	4.29%	7.37%	8.57%	8.62%
TVCFX with sales charge	-4.09%	2.40%	4.29%	7.37%	8.57%	8.62%
Benchmark (Since 10/2/1995)
S&P 500 TR	2.77%	9.71%	10.42%	11.71%	13.01%	9.18%

C Shares (Incep. 10/2/1995)	YTD	1-YR	3-YR	5-YR	10-YR	INCEPTION
TVCFX without sales charge	-4.73%	3.59%	4.24%	8.24%	8.80%	8.58%
TVCFX with sales charge	-5.68%	2.59%	4.24%	8.24%	8.80%	8.58%
Benchmark (Since 10/2/1995)
S&P 500 TR	5.57%	15.15%	12.28%	14.15%	13.74%	9.33%

	C Shares without sales charge (Incep. 10/2/1995)	S&P 500 TR
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	27.82%	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%
Net Annual Operating Expenses (as reported in the most recent Prospectus)	2.04%
Actual Annualized Operating Expenses (fiscal year to date, as of 9/30/2020)	2.12%

Morningstar Rating^™

Overall Morningstar Rating among 1229 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 1229, 1066 and 819 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 10/31/2020 (Thornburg Value Fund vs. S&P 500 TR)

C Shares	79555.40930000
S&P 500 TR	90564.94660000

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^†	-2.19%	4.60%	5.51%	8.62%	9.84%	9.90%
Benchmark (Since 10/2/1995)
S&P 500 TR	2.77%	9.71%	10.42%	11.71%	13.01%	9.18%

I Shares (Incep. 11/2/1998)	YTD	1-YR	3-YR	5-YR	10-YR	INCEPTION*
TVIFX^†	-3.92%	4.77%	5.45%	9.50%	10.06%	9.85%
Benchmark (Since 10/2/1995)
S&P 500 TR	5.57%	15.15%	12.28%	14.15%	13.74%	9.33%

	I Shares* (Incep. 11/2/1998)	S&P 500 TR
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	29.31%	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)	0.84%
Actual Annualized Operating Expenses (fiscal year to date, as of 9/30/2020)	0.99%

Morningstar Rating^™

Overall Morningstar Rating among 1229 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, 1 star, 2 stars and 1 star among 1229, 1066 and 819 funds, as of 9/30/2020.

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 10/31/2020 (Thornburg Value Fund vs. S&P 500 TR)

I Shares	106188.13170000
S&P 500 TR	90564.94660000

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^†	-2.48%	4.23%	5.13%	8.23%	9.43%	9.45%
Benchmark (Since 10/2/1995)
S&P 500 TR	2.77%	9.71%	10.42%	11.71%	13.01%	9.18%

R3 Shares (Incep. 7/1/2003)	YTD	1-YR	3-YR	5-YR	10-YR	INCEPTION*
TVRFX^†	-4.17%	4.40%	5.08%	9.11%	9.65%	9.40%
Benchmark (Since 10/2/1995)
S&P 500 TR	5.57%	15.15%	12.28%	14.15%	13.74%	9.33%

	R3 Shares* (Incep. 7/1/2003)	S&P 500 TR
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)	1.20%
Actual Annualized Operating Expenses (fiscal year to date, as of 9/30/2020)	1.35%

Morningstar Rating^™

Overall Morningstar Rating among 1229 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, 1 star, 2 stars and 1 star among 1229, 1066 and 819 funds, as of 9/30/2020.

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 10/31/2020 (Thornburg Value Fund vs. S&P 500 TR)

R3 Shares	96248.43370000
S&P 500 TR	90564.94660000

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^†	-2.42%	4.31%	5.23%	8.33%	9.54%	9.53%
Benchmark (Since 10/2/1995)
S&P 500 TR	2.77%	9.71%	10.42%	11.71%	13.01%	9.18%

R4 Shares (Incep. 2/1/2007)	YTD	1-YR	3-YR	5-YR	10-YR	INCEPTION*
TVIRX^†	-4.11%	4.50%	5.18%	9.22%	9.76%	9.48%
Benchmark (Since 10/2/1995)
S&P 500 TR	5.57%	15.15%	12.28%	14.15%	13.74%	9.33%

	R4 Shares* (Incep. 2/1/2007)	S&P 500 TR
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)	1.10%
Actual Annualized Operating Expenses (fiscal year to date, as of 9/30/2020)	1.25%

Morningstar Rating^™

Overall Morningstar Rating among 1229 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, 1 star, 2 stars and 1 star among 1229, 1066 and 819 funds, as of 9/30/2020.

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 10/31/2020 (Thornburg Value Fund vs. S&P 500 TR)

R4 Shares	97934.67260000
S&P 500 TR	90564.94660000

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^†	-2.21%	4.59%	5.51%	8.61%	9.82%	9.87%
Benchmark (Since 10/2/1995)
S&P 500 TR	2.77%	9.71%	10.42%	11.71%	13.01%	9.18%

R5 Shares (Incep. 2/1/2005)	YTD	1-YR	3-YR	5-YR	10-YR	INCEPTION*
TVRRX^†	-3.93%	4.76%	5.45%	9.50%	10.05%	9.83%
Benchmark (Since 10/2/1995)
S&P 500 TR	5.57%	15.15%	12.28%	14.15%	13.74%	9.33%

	R5 Shares* (Incep. 2/1/2005)	S&P 500 TR
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)	0.84%
Actual Annualized Operating Expenses (fiscal year to date, as of 9/30/2020)	0.99%

Morningstar Rating^™

Overall Morningstar Rating among 1229 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, 1 star, 2 stars and 1 star among 1229, 1066 and 819 funds, as of 9/30/2020.

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 10/31/2020 (Thornburg Value Fund vs. S&P 500 TR)

R5 Shares	105645.83740000
S&P 500 TR	90564.94660000

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