Value Fund

The Thornburg Value Fund, (the "Fund") did not declare capital gain dividends during 2017.

For the 2017 calendar year, 100.00% of the dividends paid from tax basis ordinary income (box 1a of Form 1099-DIV) qualify as qualified dividend income ("QDI") (box 1b of Form 1099-DIV) for the reduced tax rate under the American Taxpayers Relief Act of 2012.

100.00% of the ordinary income dividends paid by the Fund for 2017 (box 1a of Form 1099-DIV) qualify for the corporate dividends received deduction.

Tax rules are complex. Please consult your tax advisor.

Important Information
Before investing, carefully consider the Fund’s investment goals, risks, charges, and expenses. For a prospectus or summary prospectus containing this and other information, contact your financial advisor or visit Read them carefully before investing.

Investments carry risks, including possible loss of principal. Additional risks may be associated with investments outside the United States, especially in emerging markets, including currency fluctuations, illiquidity, volatility, and political and economic risks. Investments in small- and mid-capitalization companies may increase the risk of greater price fluctuations. Investments in the Fund are not FDIC insured, nor are they bank deposits or guaranteed by a bank or any other entity.

Thornburg mutual funds are distributed by Thornburg Securities Corporation.

Thornburg Investment Management, Inc. mutual funds are sold through investment professionals including investment advisors, brokerage firms, bank trust departments, trust companies and certain other financial intermediaries. Thornburg Securities Corporation (TSC) does not act as broker of record for investors.