Release Date Thornburg International Value Fund - Class R5 06-30-21 ...... Category Foreign Large Blend

Investment Objective & Strategy Portfolio Analysis From the investment's prospectus Composition as of 05-31-21 % Assets Morningstar Style Box™ as of 05-31-21 % Mkt Cap The investment seeks long-term capital appreciation; current U.S. Stocks 12.5 Large Giant 68.10 ...... income is the secondary objective. Non-U.S. Stocks 81.7 Mid Large 31.56 The fund invests primarily in common stocks of non- Bonds 0.5 Medium 0.34

U.S. companies and in depositary receipts associated with Cash 5.4 Small Small 0.00 such stocks. The fund may invest in developing countries, Other 0.0 ...... Micro 0.00 but under normal conditions those investments are expected Value Blend Growth to comprise a smaller proportion of the fund than investments in developed countries. Top 10 Holdings as of 05-31-21 % Assets Morningstar World Regions as of 05-31-21 % Fund Past name(s) : Thornburg International Value R5. Thornburg Capital Management 5.57 Americas 15.58 ...... Citigroup Inc 3.19 North America 15.57 TotalEnergies SE 2.98 Latin America 0.00 Volatility and Risk LVMH Moet Hennessy Louis Vuitton SE 2.81 Volatility as of 06-30-21 Greater Europe 53.32 Telefonaktiebolaget L M Ericsson Class B 2.77 ...... Investment ...... United Kingdom 3.85 JPMorgan Chase & Co 2.76 Low Moderate High Europe Developed 49.47 adidas AG 2.70 Europe Emerging 0.00 Category China Merchants Bank Co Ltd 2.68 Africa/Middle East 0.00 Sika AG 2.62 Risk Measures as of 06-30-21 Port Avg Rel S&P 500 Rel Cat Tencent Holdings Ltd 2.62 Greater Asia 31.10 3 Yr Std Dev 18.11 0.98 1.00 ...... Japan 12.40 3 Yr Beta 0.99 . 0.99 Morningstar Super Sectors as of 05-31-21 % Fund Australasia 0.00 Asia Developed 3.59 Principal Risks h Cyclical 42.25 Asia Emerging 15.12 Credit and Counterparty, Currency, Emerging Markets, Foreign j Sensitive 44.21 Securities, Loss of Money, Not FDIC Insured, Country or k Defensive 13.53 Region, Active Management, Issuer, Market/Market Volatility, Operations Equity Securities, Restricted/Illiquid Securities, China Region, Gross Prosp Exp Ratio 1.02% of fund assets Waiver Data Type Exp. Date % Small Cap, Mid-Cap Net Prosp Exp Ratio 0.99% of fund assets Expense Ratio Contractual 02-01-22 0.03 Important Information Management Fee 0.76% Morningstar Investment Profiles must be accompanied 12b-1 Fee . Portfolio Manager(s) by Morningstar Disclosure and Glossary. Other Fee 0.01% Lei Wang, CFA. Since 2006. Miscellaneous Fee(s) 0.25% Matt Burdett. Since 2021. Funds or their affiliates may pay compensation to Voya® Fund Inception Date 02-01-05 ...... Advisor Thornburg Investment affiliates offering a fund. Such compensation may be paid out Total Fund Assets ($mil) 3,908.9 Management Inc of distribution, service and/or 12b-1 fees that are deducted Annual Turnover Ratio % 79.05 Subadvisor from the fund's assets, and/or may be paid directly by the Fund Family Name Thornburg . fund's affiliates. Any fees deducted from fund assets are Notes discussed in the fund's prospectus and disclosed in the fund Thornburg Investment Management, Inc. ("Thornburg") has contractually agreed to waive fees and reimburse expenses incurred fact sheet. Because these fees are paid on an on-going basis, by the Fund so that actual Class Class R5 expenses (excluding taxes, interest expenses, 12b-1 distribution and service fees, over time these fees will increase the cost of your investment acquired fund fees and expenses, brokerage commissions, borrowing costs, expenses relating to short sales, and extraordinary and may cost you more than paying other types of sales expenses such as litigation costs) do not exceed 0.99%. The agreement to waive fees and reimburse expenses may be charges. If offered through a retirement program, additional terminated by the Fund's Trustees at any time, but may not be terminated by Thornburg before February 1, 2022, unless fees and expenses may be charged under that program. NOT Thornburg ceases to be the investment advisor of the Fund prior to that date. Thornburg may recoup amounts waived or A DEPOSIT. NOT FDIC INSURED. NOT INSURED BY ANY reimbursed during the Fund's fiscal year if actual expenses fall below the expense cap during that same fiscal year. FEDERAL GOVERNMENT AGENCY. NOT GUARANTEED BY THE INSTITUTION. MAY GO DOWN IN VALUE.

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