Quarterly Fund Fact Sheet

Thornburg Value Fund
Please Note: As of August 1, 2009, Thornburg Investment Management no longer offers Class B Shares. See the current prospectus or the following page for more information.

Overview

Investment Strategy
Thornburg Value Fund invests in a limited number of common stocks selected on a "Value Basis" using traditional fundamental research evaluation methods. The Fund portfolio is diversified to include traditional basic value stocks, but also includes stocks of companies with consistent earnings and emerging franchises when these issues are value priced.

Fund Objective
The Fund seeks long-term capital appreciation by investing in equity and debt securities of all types. As a secondary consideration the Fund also seeks some current income. There is no guarantee that the Fund will meet its objectives.

Fact Sheet (PDF)
Holdings Commentary
Portfolio Manager Commentary
Read the announcement regarding portfolio manager changes

Fund Facts
Share
Class
Symbol
Daily Prices
as of 4/22/14
NAVChange($)
Fund
Numbers
CUSIPInception Date

ATVAFX
46.44↑ 0.44
167885-215-73110/2/95
BTVBFX
42.54↑ 0.41
367885-215-5904/3/00
CTVCFX
43.38↑ 0.42
647885-215-71510/2/95
ITVIFX
47.65↑ 0.46
207885-215-63211/2/98

  Net Assets as of 3/31/14: $1.032 B
  Capital Gains Paid Annually: No 2013 Capital Gains Paid
  Benchmark: S&P 500 Index
 

Performance and Expenses

Average Annualized Total Returns
Important Information: Performance data shown represents past performance and is no guarantee of future results. Investment return and principal value will fluctuate so shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than quoted.

Month Ended - 3/31/14

Without sales charge28.86%7.90%18.82%6.55%9.93%
With sales charge23.04%6.25%17.73%6.06%9.65%
Without sales charge27.61%6.85%17.70%5.84%3.58%
With sales charge22.61%5.82%17.49%5.84%3.58%
Without sales charge27.84%7.06%17.90%5.75%9.08%
With sales charge26.84%7.06%17.90%5.75%9.08%
Without sales charge29.35%8.33%19.26%6.96%7.22%
S&P 500 Index21.86%14.66%21.16%7.42%8.52%

Quarter Ended - 3/31/14

Without sales charge28.86%7.90%18.82%6.55%9.93%
With sales charge23.04%6.25%17.73%6.06%9.65%
Without sales charge27.61%6.85%17.70%5.84%3.58%
With sales charge22.61%5.82%17.49%5.84%3.58%
Without sales charge27.84%7.06%17.90%5.75%9.08%
With sales charge26.84%7.06%17.90%5.75%9.08%
Without sales charge29.35%8.33%19.26%6.96%7.22%
S&P 500 Index21.86%14.66%21.16%7.42%8.52%

* Inception date for Class A and C Shares 10/2/95; Class B Shares 4/3/00; I Shares 11/2/98. Index returns are since inception of the A shares.

The maximum sales charge for the Fund's A shares is 4.50%. B shares carry a contingent deferred sales charge (CDSC), if redeemed within a year, of 5.00%; within two years, 4.25%; within three years, 3.50%; within four years, 2.75%; within five years, 2.00%; within six years, 1.25%, within seven years, 0.50%. There is no charge for redemption within the eighth year. C shares include a 1% CDSC for the first year only. There is no up-front sales charge for the I Shares.


Fund Operating Expenses
Gross Annual Operating Expenses
(as reported in the most recent Prospectus)
1.40%
2.47%
2.18%
1.01%
Net Annual Operating Expenses
(as reported in the most recent Prospectus)*
1.40%
2.38%
2.18%
0.99%
Actual Annualized Operating Expenses
(fiscal year to date, as of 3/31/14)
1.37%
2.34%
2.16%
0.99%

*Thornburg Investment Management and/or Thornburg Securities Corporation have contractually agreed to waive fees and reimburse expenses through at least February 1, 2015, so that actual expenses do not exceed the net expense ratio above.

Expense ratios are expressed as a percentage of total fund assets and include management fees and operating costs. Expense ratios fluctuate over time and the expense ratio in the prospectus may differ from the actual expense ratio. The fund's total return includes the deduction of expenses.

For more information regarding fund expenses, please see the fund prospectus.


Hypothetical Growth of $10,000 as of 3/31/14
(Thornburg Value Fund vs. S&P 500 Index)

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

A Shares with sales charge$54,979
S&P 500 Index$45,391

†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.

The performance of any index is not indicative of the performance of any particular investment. Unless otherwise noted, index returns reflect the reinvestment of income dividends and capital gains, if any, but do not reflect fees, brokerage commissions or other expenses of investing. Investors may not make direct investments into any index.

Attributes and Holdings

Top Ten Industries - 3/31/14
Pharma & Biotech 13.9% Telecom 5.5%
Energy 13.4% Retailing 5.0%
Consumer Services 12.2% Food, Bev. and Tobacco 4.1%
Software & Services 9.3% Food & Staples Retailing 3.9%
Banks 8.2% Health Care 2.8%

Morningstar®
Morningstar Rating™:1 Star
Overall Morningstar Rating among 1361 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, one star, one star and one star among 1361, 1219 and 806 funds, as of 3/31/141.
Top Ten Positions - 2/28/14
Security Symbol % of Portfolio

Gilead Sciences, Inc. GILD 4.9%
Google, Inc. GOOG 3.3%
Thermo Fisher Scientific, Inc. TMO 3.3%
Total SA FP FP 3.0%
Roche Holding AG ROG VX 2.9%
Express Scripts Holding Company ESRX 2.7%
Walgreen Co. WAG 2.7%
JPMorgan Chase & Co. JPM 2.4%
MetLife, Inc. MET 2.4%
Zoetis, Inc. ZTS 2.4%
Portfolio holdings are subject to change.

Value Fund Holdings
Value Fund Holdings Commentary

Key Portfolio Attributes - 3/31/14
Portfolio Price to Cash Flow*10.6x
Portfolio Price to Book Value*2.5x
Portfolio PE*
(trailing 12 months)
20.5x
Median Market Capitalization*$14.4 B
7-Year Beta*
(A Shares vs. S&P 500)
1.14
Holdings57
Fund Assets$1,032.3 M
*Source: FactSet

 

Portfolio Composition - 3/31/14 Capitalization Exposure - 3/31/14
Basic Value40.9%
Consistent Earners38.2%
Emerging Franchises16.7%
Cash4.2%
Categories include any fixed income and
preferred holdings.
Large62.1%
Mid23.2%
Small14.7%
Small Cap (<$2.5 bn.)
Mid Cap ($2.5 to $12 bn.)
Large Cap (> $12 bn.)
(The percentages may not add up to 100% due to rounding.)

P/E – Price/Earnings ratio (P/E ratio) is a valuation ratio of a company’s current share price compared to its per-share earnings. P/E equals a company’s market value per share divided by earnings per share. Forecasted P/E is not intended to be a forecast of the fund's future performance.

Beta – A measure of market-related risk. Less than one means the portfolio is less volatile than the index, while greater than one indicates more volatility than the index.

Price/Cash Flow – The measure of the market's expectations regarding a firm's future financial health. It is calculated by dividing price per share by cash flow per share..

Price/Book ratio (P/B ratio) – A ratio used to compare a stock's market value to its book value. It is calculated by dividing the current closing price of the stock by the latest quarter's book value per share.

1 To determine a fund's Morningstar Rating™, funds with at least a three-year history are ranked in their categories by their Morningstar Risk-Adjusted Return scores. The top 10% receive 5 stars; the next 22.5%, 4 stars; the middle 35%, 3 stars; the next 22.5%, 2 stars; and the bottom 10% receive 1 star. The Risk-Adjusted Return accounts for variation in a fund's performance (including the effects of all sales charges), placing more emphasis on downward variations and rewarding consistent performance. Other share classes may have different performance characteristics. © 2014 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Management

Portfolio Management

Value Fund Portfolio Managers Conner Browne

For biographies on the portfolio managers, click on their photo above.

Read Current Portfolio Manager Market Commentary

Important Information

Investments in the Fund carry risks, including possible loss of principal. Special 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 capitalization companies may increase the risk of greater price fluctuations. Investments in the Fund are not FDIC insured, nor are they deposits of or guaranteed by a bank or any other entity.

There is no guarantee that the Fund will meet its investment objectives.

Class I shares may not be available to all investors. Minimum investments for the I share class may be higher than those for other classes.

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 our literature library. Read them carefully before investing.

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