Value Fund - Performance

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 TR2.77%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 TR5.57%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 (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 TR2.77%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 TR5.57%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 (Thornburg Value Fund vs. S&P 500 TR)

C Shares
79555.40930000
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

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 TR2.77%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 TR5.57%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 (Thornburg Value Fund vs. S&P 500 TR)

I Shares
106188.13170000
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.

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 TR2.77%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 TR5.57%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%

* 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) 1.79%
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 (Thornburg Value Fund vs. S&P 500 TR)

R3 Shares
96248.43370000
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.

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 TR2.77%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 TR5.57%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%

* 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) 1.75%
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 (Thornburg Value Fund vs. S&P 500 TR)

R4 Shares
97934.67260000
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.

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 TR2.77%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 TR5.57%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%

* 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) 1.43%
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 (Thornburg Value Fund vs. S&P 500 TR)

R5 Shares
105645.83740000
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.

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