Thornburg Investment Management Quarterly Update

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Q1 2021

Thornburg Investment Management Quarterly Update
TP321                                                                      Brian McMahon                     Jason Brady, CFA
All data in this presentation is as of 3/31/2021 unless otherwise noted.   Vice Chairman                     President and CEO
                                                                           and Chief Investment Strategist
                                                                           Ben Kirby, CFA                    Matthew Burdett
                                                                           Co-Head of Investments            Portfolio Manager
                                                                           and Managing Director             and Managing Director
Thornburg Investment Income Builder Fund

Key Macroeconomic Issues
April 2021

   COVID-19 pandemic stay-at-home orders persist in some countries,             China real GDP grew in 2020, alone among large economies, and is
    though loosening in many others, including the U.S.                           expected to grow strongly again in 2021 and 2022.
   In most developed countries, 2020 GDP was significantly lower due to         Central banks are flooding economies with liquidity, commercial bank
    COVID-19 restrictions on activity.                                            deposits are growing rapidly, U.S. money supply (M2) +27% YoY.
   GDP, global trade, employment, industrial production, and consumer           Commodity price inflation is elevated, relative to prior decade levels.
    spending are all showing significant recoveries in most economies in          Producer price indices are also elevated, some shortages reported.
    2021.
                                                                                 Financial asset prices have been extremely volatile at times, but overall
   Vaccines for preventing COVID-19 have been tested, show strong                supported by abundant liquidity.
    medical efficacy, and are being administered in most developed
                                                                                 Investors struggle to assess the length of the COVID-19 related downturn
    countries.
                                                                                  in economic activity, the pace and extent of recovery, and the immediate
   Expect news, positive and negative, in the coming months as the               and longer run impacts on various issuers of stocks and bonds.
    extensive global inoculation effort unfolds and COVID-19 variants
                                                                                 For now, equity investors expect mid/high single digit GDP growth and
    increase.
                                                                                  >20% global corporate earnings growth in 2021.
   Government bodies around the world continue the unusual fiscal stimulus
                                                                                 Bond investors expect a limited rise in longer maturity interest rates in
    steps to mitigate the consequences of COVID-related economic
                                                                                  2021, and strong credit performance.
    disruption in order to quickly restore normal economic activity post-
    COVID-19.                                                                    New bond issuance volumes have been extremely high, both by
                                                                                  governments for deficit financing and corporations for reinforcing liquidity.
   The U.S. Congress has so far passed more than $5 trillion of fiscal
                                                                                  So far, high supply of bonds has been met with strong demand from
    mitigation measures. (U.S. GDP in 2019 was $20.5 trillion).
                                                                                  private investors and central banks. Equity issuance is also elevated.
   Many other countries have enacted broadly similar fiscal mitigation
                                                                                 For now, many traditional backward-looking measures of macroeconomic
    measures, typically smaller as a % of GDP.
                                                                                  activity are not useful until households and businesses can resume more
   Some countries (not yet including the U.S.) have enacted material             normal economic activities.
    infrastructure spending programs for fiscal stimulus.

                                                                                                                 This material is for investment professional use only.   2
Thornburg Investment Income Builder Fund

Overview of Equity Portfolio Allocation Shifts
Thornburg Investment Income Builder equity portfolio’s comparative sector weights on various dates

                  Increases in allocations towards tools for digital communication (Information Technology) and
                   communications network operators (Communication Services), selected beaten down Financials
                  Cuts to portfolio allocations to Health Care, Energy, Utilities, Real Estate, and Industrials

                                                                    SECTOR WEIGHTS (%) AS OF:
                                                                                                                                                                 31-MAR-2020
                                                                                                                                                                to 31-MAR-2021
                                                 31-MAR-2020        30-JUN-2020       30-SEP-2020           31-DEC-2020                 3-MAR-2021               +/- Weighting
               Financials                            20.4               23.4              23.9                  23.8                       25.5                       +5.1
               Communication Services                19.8               22.5              19.8                  18.9                       19.9                       +0.1
               Information Technology                11.7               14.1              17.8                  20.3                       18.2                       +6.5
               Health Care                           14.1               13.0              11.8                  11.2                       10.9                       -3.2
               Consumer Staples                       5.2                3.5               4.7                   5.1                        6.0                       +0.8
               Energy                                 8.6                6.8               5.0                   4.8                        4.4                       -4.2
               Materials                              4.0                3.6               3.2                   4.1                        4.3                       +0.3
               Consumer Discretionary                 3.2                3.5               3.9                   3.3                        4.0                       +0.8
               Utilities                              5.2                5.1               3.7                   3.8                        2.9                       -2.3
               Real Estate                            4.1                4.0               3.2                   2.5                        2.0                       -2.1
               Industrials                            3.2                0.5               2.6                   1.8                        1.4                       -1.8

                                                                                                                                                                     Source: Bloomberg
                                                                                             tor weights are percentages of total equity. Portfolio holdings are subject to change daily.

                                                                                                                           This material is for investment professional use only.      3
Thornburg Investment Income Builder Fund

S&P 500 Annual EPS & Income Statement Summaries
2019 to 2022E: -3.3% drop in 2020 revenues nearly finalized with margin pressure leading to -13.4% YoY EPS for the S&P 500 Index portfolio. This provides useful context
for comparing the 2020 business performance of the major equity investments in Thornburg Investment Income Builder.
The slides on the following pages show summary data on the 10 largest equity investments in the Income Builder Fund portfolio at 3/31/2021.
These slides are presented in order of current investment value. Cumulatively, these 10 investments total approximately 38% of fund assets.

 EPS ESTIMATE DETAIL                                2019                         2020E                          2021E                                  2022E
 Dollars ($bn)
       Sales                                       11,752                        11,359                         13,022                                13,840
       EBIT                                        1,868                         1,585                          2,050                                 2,303
       Interest Expense                              244                           222                            211                                   225
       EBT                                          1,624                         1,363                          1,839                                 2,078
       Taxes                                         257                           177                            290                                   348
       Net Income                                   1,367                         1,187                          1,549                                 1,730
 Per Share ($)
       Sales/Share                                1,415.20                      1,365.00                       1,555.00                              1,680.00
       EPS/Share                                   164.58                        142.50                         185.00                                210.00
 Contribution to Growth (%)
       Sales                                         3.5                           -3.3                          14.6                                    6.3
       Operating Margins                            -3.4                          -11.8                          14.7                                    6.1
       Int & Tax                                    -0.9                            2.0                           1.3                                   -0.7
       Share Count                                   1.8                           -0.2                          -0.8                                    1.8
       Change in EPS                                 1.0                          -13.4                          29.8                                   13.5

                                                                                                                   Source: Standard & Poor’s, Refinitiv, FactSet, Credit Suisse estimates

                                                                                                                             This material is for investment professional use only.    4
Thornburg Investment Income Builder Fund

 1. Taiwan Semiconductor
$547 USD Billion Market Capitalization, Net Cash = 3% of Equity Market Capitalization, 1.7% Dividend Yield.
Share price declined 28% from 1/14/20 to 3/19/2020, now recovered to new highs. 2020: Revenue +25% YoY, 2020 EPS +50% YoY.

  TSMC (2330 TT)
   800
                                                                                                                                 673 TWD = 52 week high share price, 1/21/21
   700
   600
   500
   400
   300
   200
   100
                                                                                        248 TWD = 2020 low 3/19/2020, -28% from 1/14/2020 high price of 346 TWD
     0

 Taiwan Semiconductor is the leading contract manufacturer of semiconductor chips in the world, making processors and memory chips embedded in more
 than 11,000 products of more than 500 manufacturers of digital processing and communications devices, motor vehicles, and industrial equipment. The single
 largest end market for TSMC semiconductors is wireless handsets. In $US terms, $45.5 billion 2020 revenue (trailing 10-year growth CAGR +12.3%), $30.5
 billion EBITDA (trailing 10-year growth CAGR +13.8%. TSMC stock trades mostly in Taiwan $.

                                                                                                                Past performance does not guarantee future results.
                                                                                                                                                                              Source: Bloomberg
                                                                              Any securities, sectors, or countries mentioned are for illustrative purposes only. Holdings are subject to change.
                                                                         Under no circumstances does the information contained within represent a recommendation to buy or sell any security.

                                                                                                                                    This material is for investment professional use only.     5
Thornburg Investment Income Builder Fund

2. Vodafone
44.3 Billion EUR Market Capitalization, 44 Billion EUR Net Debt, 6.06% Dividend Yield. Vodafone’s share price declined 37% from 2/19/2020 to 3/16/2020,
inconsistent partial share price recovery since then. Minority interest IPO of its cell site tower subsidiary, “Vantage Towers,” was completed in March 2021, leaving
Vodafone with approximately 409 million shares worth €9.8 billion.

  VODAFONE
   180
   160
   140
   120
   100
    80
    60
    40
    20
                                                                                                      98.02 = 52 week low price, 3/16/2020, -37% from 155.8 on 2/19/2020
     0

 Vodafone and its subsidiaries serve more than 300 million wireless and more than 27 million terrestrial broadband communications customers in Europe,
 Africa, and the Middle East. 12 months ended 9/30/20 highlights: 44.5 billion EUR revenue (+1.6% YoY), 14.8 billion EUR EBITDA (+4.6% YoY). Fiscal Year
 ended 3/31/21 not yet reported. Vodafone’s revenue growth trend has gradually improved, EBITDA margin improved for five consecutive fiscal years to 3/31/20
 on efficiency gains. Vodafone controls approximately 68K tower/rooftop cell sites in Europe via its 81% interest in subsidiary, “Vantage Towers,” which
 executed its own IPO in March 2021.

                                                                                                                    Past performance does not guarantee future results.
                                                                                                                                                                                  Source: Bloomberg
                                                                                  Any securities, sectors, or countries mentioned are for illustrative purposes only. Holdings are subject to change.
                                                                             Under no circumstances does the information contained within represent a recommendation to buy or sell any security.

                                                                                                                                        This material is for investment professional use only.     6
Thornburg Investment Income Builder Fund

3. Orange SA
28 Billion Euro Market Cap, 26 billion EUR net debt & minorities, 6.7% 2020 Dividend Yield. Share px -30% from 2/19/20 to 3/16/20, +11% from 3/16/20 to 3/31/21.
2020 Revenue & EBITDA +0.1%/-1% YoY. Orange owns c40k wireless broadcast towers and a strong wireless spectrum portfolio. Orange European terrestrial
fiber/cable footprint passes >48 million homes.

  ORANGE SA
    16
                                                                                                                                               15.01 = 78 week high share price
    14
    12
    10
     8
     6
     4
     2
                                                                                                        8.80 = 78 week low price, 9/29/2020, -41% from 52 week high price.
     0

 France-headquartered Orange is a multinational telecommunications services provider with 214 million mobile customers and 21.7 million terrestrial broadband
 customers in 27 countries in Europe, the Middle East, and Africa. 2020 highlights: 42.3 billion EUR revenue, 12.8 billion EBITDA, 23.5 billion net financial debt,
 6.7% dividend yield as of 3/31/21. Trailing 5-year revenue & EBITDA growth through 2019 were +0.9%/year and +2.5%/year, respectively.

                                                                                                                    Past performance does not guarantee future results.
                                                                                                                                                                                  Source: Bloomberg
                                                                                  Any securities, sectors, or countries mentioned are for illustrative purposes only. Holdings are subject to change.
                                                                             Under no circumstances does the information contained within represent a recommendation to buy or sell any security.

                                                                                                                                        This material is for investment professional use only.     7
Thornburg Investment Income Builder Fund

4. Samsung
$453 Billion Equity Mkt Capitalization, $365 Billion Enterprise Value, $80 Billion Net Cash. 3.1% Dividend Yield. 2020 Result: Revenue +2.8%, EBITDA +16% YoY
to $66 Billion Expect Stronger 2021: Q1’21 Revenue +17% YoY, Q1’21 Operating Profit +44% YoY.

  SAMSUNG
 100000
  90000
  80000
  70000
  60000
  50000
  40000
  30000
  20000
  10000
                                                                                          42,500 KRW = 2020 low price, 3/23/2020, -31.9% from 62,400 on 1/20/2020
      0

 Samsung Electronics is one of the world’s largest semiconductor manufacturers. It produces a variety of consumer devices (handsets, TVs, digital displays)
 and communications infrastructure equipment. Revenue & EBITDA annual growth rates +3.4% and +7.0% per year, 2015-2020. Samsung capex >$20 billion
 $US/year in recent years, making it a leader in 5G communications technology and components.

                                                                                                                 Past performance does not guarantee future results.
                                                                                                                                                                               Source: Bloomberg
                                                                               Any securities, sectors, or countries mentioned are for illustrative purposes only. Holdings are subject to change.
                                                                          Under no circumstances does the information contained within represent a recommendation to buy or sell any security.

                                                                                                                                     This material is for investment professional use only.     8
Thornburg Investment Income Builder Fund

5. Deutsche Telekom
79 Billion Euro Mkt Capitalization, 90 Billion Financial Debt, 169 Billion EUR Enterprise Value, 3.5% Dividend Yield. Telekom’s share price declined 34.8% from
2/20/2020 to 3/18/2020. 2020 Results: Revenue +25% YoY (organic +3% YoY) to 101 billion€; EBITDAaL +34.7% YoY (organic +7.9% YoY). Pro-forma (for
Sprint-TMUS merger) EBITDAaL run rate was approximately 35 billion EUR.

  DEUTSCHE TELEKOM
    20
    18
    16
    14
    12
    10
     8
     6
     4
     2
                                                                                               10.83 EUR = 2020 low price, 3/18/2020, -34.8% from €16.62 on 2/20/2020
     0

 Deutsche Telekom is a multinational telecommunications services provider with 242 million mobile customers (101 million of these in the U.S.) and 27 million
 terrestrial broadband customers in 11 European countries and the USA. Deutsche Telekom owns 540 million shares of U.S.-based T-Mobile, a controlling
 interest worth c59 billion EUR at 4/6/21. Deutsche Telekom owns approximately 37,000 cell towers in Germany and the Netherlands, and additional towers in
 other European countries. Trailing 5-year revenue and EBITDA growth through 2020 were +7.8%/year and +16.0%/year, respectively, powered significantly by
 TMUS.

                                                                                                                   Past performance does not guarantee future results.
                                                                                                                                                                                 Source: Bloomberg
                                                                                 Any securities, sectors, or countries mentioned are for illustrative purposes only. Holdings are subject to change.
                                                                            Under no circumstances does the information contained within represent a recommendation to buy or sell any security.

                                                                                                                                       This material is for investment professional use only.     9
Thornburg Investment Income Builder Fund

6. China Mobile, Ltd.
873 Billion CNY($133 Billion USD) Market Capitalization. Net Cash at 12/31/20 = 38% of Market Cap, EV = $77 Billion USD. 2021 Dividend +1% YoY, 6.5%
Dividend Yield. Share price declined 37% from 1/24/20 to 12/31/20. 2020 Services Revenue +3.2% YoY, Net Income +1.1% YoY, 2020 Free Cash Flow +55%
YoY. Trailing Year Free Cash Flow of 99.8 Billion RMB = 14.5% of Market Cap.

  CHINA MOBILE
    80
                                                                                                                                                 69.70 = 2020 high price, 1/24/2020
    70
    60
    50
    40
    30
    20
    10
                                                                                                                 41.50 = 18 month low price, 1/8/2021, -40.5% from 1/24/20
     0

 China Mobile is the world’s largest telecommunications services provider with 942 million mobile customers and 210 million terrestrial broadband customers.
 2020 highlights: 768 billion CNY revenue, 285 billion CNY EBITDA, 335 billion CNY net cash (38% of equity market capitalization). Trailing 5-year revenue &
 EBITDA growth through 2020 were +2.8%/year and +3.5%/year, respectively. Average monthly tariff for a mobile handset customer in Q4’2020 was 47.4
 CNY/month ($7.25 US) for average data consumption of 9.4 GB/month. Average home broadband tariff was 34 CNY/month ($5.20 US), with virtually all
 connections optical fiber to the home. China Mobile owns 28% of China Tower (which in turn owns c2 million mobile communications towers in China).

                                                                                                                 Past performance does not guarantee future results.
                                                                                                                                                                               Source: Bloomberg
                                                                               Any securities, sectors, or countries mentioned are for illustrative purposes only. Holdings are subject to change.
                                                                          Under no circumstances does the information contained within represent a recommendation to buy or sell any security.

                                                                                                                                     This material is for investment professional use only.    10
Thornburg Investment Income Builder Fund

7. Broadcom
$180 Billion Equity Market Capitalization, $219 Billion Enterprise Value, 3.23% Dividend Yield. Broadcom’s share price declined 48% from 2/12/2020 to 3/18/2020,
now more than fully recovered to a higher price. FY 2020 Result: Revenue +5.7%, EBITDA +8.4% YoY.

  BROADCOM
   600
                                                                                                                                      $489.96 = 2021 high share price, 2/19/2021
   500

   400

   300

   200

   100
                                                                                                $167.87 = 2020 low price, 3/18/2020, -48.4% from $324.70 on 2/12/2020
     0

 Broadcom designs, develops and markets digital and analog semiconductors, wireless radio components, storage adapters, controllers, networking processors
 and switches, fiber optic modules, optical sensors, and motion control encoders. An acquisitive firm, Broadcom’s revenue, EBITDA, and per share dividends
 grew at CAGRs of +28%, +39%, and +53% per year, respectively, between 2015 and 2020. Broadcom’s business should benefit from the global 5G rollout.
 Construction of 5G networks was set back by COVID-19 related delays, consequently, 2020 growth slowed compared to prior years. The need for high quality
 digital communications is affirmed.

                                                                                                                  Past performance does not guarantee future results.
                                                                                                                                                                                Source: Bloomberg
                                                                                Any securities, sectors, or countries mentioned are for illustrative purposes only. Holdings are subject to change.
                                                                           Under no circumstances does the information contained within represent a recommendation to buy or sell any security.

                                                                                                                                      This material is for investment professional use only.    11
Thornburg Investment Income Builder Fund

8. Total SA
$122 Billion Market Capitalization, $41 Billion Net Debt, 6.64% Dividend Yield. Total’s share price declined 56.7% from 1/6/20 to 3/18/2020, only partially recovered from its
March 2020 low. Annual EBITDA has fluctuated between $16.5 and $45.5 billion over the last decade when oil price averaged $76/bbl, 2020 was near the bottom of that
range with a 2020 average Brent oil price of $43/bbl. YTD 2021 average of $61/bbl Brent and favorable gas trading environment should support an improved result this
year. Total is transitioning to more low carbon power generation and gas processing & distribution, gradually becoming less oil centric.

  TOTAL SA
    60

    50

    40

    30

    20

    10
                                                                                                          21.80 = 78 week low price, 3/18/2020, -56.7% from 50.44 on 1/6/2020
     0

 France-based Total SA produces, transports, and supplies crude oil, natural gas, and low carbon electricity. Total also refines petrochemical products and
 manages gasoline filling stations in Europe, the U.S., and Africa. Total produces oil and natural gas in volumes approximately equal to 3 million barrels of oil
 equivalent daily. Each +/-$10/bbl oil price impacts cash flow by around +/-$3 billion per year. Total’s wind and solar power generation assets are growing
 rapidly, putting it on track to be a major global producer of green electricity over the coming decade.

                                                                                                                        Past performance does not guarantee future results.
                                                                                                                                                                                      Source: Bloomberg
                                                                                      Any securities, sectors, or countries mentioned are for illustrative purposes only. Holdings are subject to change.
                                                                                 Under no circumstances does the information contained within represent a recommendation to buy or sell any security.

                                                                                                                                            This material is for investment professional use only.    12
Thornburg Investment Income Builder Fund

9. CME Group
(Formerly Chicago Mercantile Exchange): $74 Billion Market Capitalization, $2 Billion Net Debt, 2.9% Trailing Year Dividend Yield. CME share price declined
37.6% from 2/23 to 3/23/2020, now mostly recovered from March 2020 low. 2020 revenue flat YoY; EPS -0.7% YoY on -1% average trade volumes. Lower YoY
volumes in Q1’20. Comparisons get easier in coming quarters. Higher rates and commodities prices should be positive for hedging activity and CME business
volumes.

  CME GROUP
   250
                                                                                                                                  $223.63= 2020 week high share price, 2/23/20
   200

   150

   100

    50
                                                                                                                $139.54 = 2020 low price, 3/23/2020, -33.6% from 2/23/2020
     0

 CME Group exchanges offer a wide range of global benchmark products for trading and hedging assets tied to interest rates, equity indexes, currency
 exchange rates, energy, agricultural commodities, and metals. 2020 highlights: $4.9 billion revenue, $3.15 billion EBITDA. 2020 trading volumes flattish YoY on
 low interest rate volatility. Incremental profitability on volume increases is high. Average annual trading volume growth since 1972 averaged +13% YoY.
 Quarterly trade volumes are volatile.

                                                                                                                  Past performance does not guarantee future results.
                                                                                                                                                                                Source: Bloomberg
                                                                                Any securities, sectors, or countries mentioned are for illustrative purposes only. Holdings are subject to change.
                                                                           Under no circumstances does the information contained within represent a recommendation to buy or sell any security.

                                                                                                                                      This material is for investment professional use only.    13
Thornburg Investment Income Builder Fund

10. JPMorgan Chase & Co.
$465 Billion Equity Market Cap., 13.1% Common Equity Tier1 Capital at 12/31/2020, 2.4% Dividend Yield. JPM’s share price declined 42.5% from 2/20/20 to
3/23/20, now fully recovered to new highs. 2020 result: revenue +4% YoY, pre-tax/pre-provision income +5.6% YoY, deposits +34% YoY to $2.1 trillion, solid
competitive positions in retail banking, global corporate banking, capital markets, and asset management. Loss reserves more than doubled in 2020 despite
stronger than expected credit performance.

  JPMORGAN
   180
                                                                                                                        $157.65 = trailing 78 week high share price, 3/18/2021
   160
   140
   120
   100
    80
    60
    40
    20
                                                                                                                 $79.03 = 2020 low price, 3/23/2020, -42.5% from 2/20/2020
     0

 JPMorgan Chase & Co is a diversified financial services provider. Trailing 5 year CAGRs, selected metrics: Revenue +9.2%/year, Deposits +10.9%/year,
 Operating Income +7.0%/year, Book Value per Share +6.2%/year, Dividend/Share +15.9%/year. Consensus 2021e EPS projections have been raised >15%
 YTD 2021 to early April level of $11.00/share. If this level EPS is achieved, JPM should be able to raise its dividend from current $3.60 annual rate and buy
 back shares.

                                                                                                                  Past performance does not guarantee future results.
                                                                                                                                                                                Source: Bloomberg
                                                                                Any securities, sectors, or countries mentioned are for illustrative purposes only. Holdings are subject to change.
                                                                           Under no circumstances does the information contained within represent a recommendation to buy or sell any security.

                                                                                                                                      This material is for investment professional use only.    14
Thornburg Investment Income Builder Fund

Next 15 Equity Holdings
The 15 investments shown following were the 11th through the 25th largest equity investments in the Thornburg Investment Income Builder portfolio as of March
31, 2021. The 10 largest equity investments in the fund accounted for approximately 38% of fund assets as of March 31, 2020. Together, the following listed 15
investments account for approximately 31% of fund assets as of March 31, 2021; interest bearing debt and hybrid investments 15% of assets, 23 other equity
investments account for 16% of fund assets.

                                                                            2020 YTD PERFORMANCE                                                    DIVIDEND YIELD
 NAME OF COMPANY                                               & [Q1 2021 PERFORMANCE] AT MARCH 31, 2021 ($US)                                  AT MARCH 31, 2021 PRICE
 Home Depot                                                                      +21.6%/[+15.5%]                                                         2.16%
 Home improvement retailer operating 2,300 stores in North America, Canada, Mexico
 AbbVie                                                                          +21.0%/[+2.2%]                                                               4.80%
 Develops and sells pharmaceutical products
 NN Group                                                                        +15.8%/[+17.3%]                                                              5.59%
 Largest life and property/casualty insurer in the Netherlands
 Qualcomm Inc.                                                                   +72.7%/[-12.5%]                                                              1.96%
 Develops and delivers key components for wireless communications devices, including handsets
 Tesco                                                                             -5.5%/[-0.2%]                                                              8.48%
 U.K.-based multinational grocer and general merchandise retailer
 Regions Financial                                                                -6.1%/[+29.1%]                                                              3.00%
 U.S. regional banking group, mostly operating in Southeastern U.S. states.
 Roche Holding                                                                    +7.90%/[-4.5%]                                                              2.98%
 Global health care company develops and sells medicines and diagnostic tools
 Assicurazioni Generali                                                          -15.0%/[+14.4%]                                                              5.92%
 Italy-based multinational life & property/casualty insurers

                                                                                                                  Past performance does not guarantee future results.
                                                                                                                                                                                Source: Bloomberg
                                                                                Any securities, sectors, or countries mentioned are for illustrative purposes only. Holdings are subject to change.
                                                                           Under no circumstances does the information contained within represent a recommendation to buy or sell any security.

                                                                                                                                      This material is for investment professional use only.    15
Thornburg Investment Income Builder Fund

Next 15 Equity Holdings (continued)
The 15 investments shown following were the 11th through the 25th largest equity investments in the Thornburg Investment Income Builder portfolio as of March
31, 2021. The 10 largest equity investments in the fund accounted for approximately 38% of fund assets as of March 31, 2020. Together, the following listed 15
investments account for approximately 31% of fund assets as of March 31, 2021; interest bearing debt and hybrid investments 15% of assets, 23 other equity
investments account for 16% of fund assets.

                                                                                2020 YTD PERFORMANCE                                                 DIVIDEND YIELD
 NAME OF COMPANY                                                  & [Q1 2021 PERFORMANCE] AT MARCH 31, 2021 ($US)                                AT MARCH 31, 2021 PRICE
 Walgreen’s Boots Alliance                                                           -36.5%/[+38.8%]                                                      3.41%
 Operates retail drugstores in USA and UK
 Chimera Investment                                                                  -53.2%/[+26.8%]                                                           9.45%
 U.S mortgage real estate investment trust with focus on residential mortgage credit
 Equitable Holdings                                                                   +1.8%/[+28.1%]                                                           2.10%
 U.S. life insurer & asset manager (controls Alliance Bernstein)
 Enel SpA                                                                            +28.3%/[+0.2%]                                                            4.31%
 Multinational electric utility with focus on generation from renewable sources
 UBS Group                                                                           +11.8%/[+10.0%]                                                           2.63%
 Global wealth manager, investment bank, and commercial bank
 Glencore plc                                                                        +1.9%/[+23.3%]                                                            2.11%
 Diversified global miner & commodities trader
 Merck & Co.                                                                          -10.1%/[-5.0%]                                                           3.37%
 Major research driven pharmaceuticals firm, selling products in > 100 countries

                                                                                                                   Past performance does not guarantee future results.
                                                                                                                                                                                 Source: Bloomberg
                                                                                 Any securities, sectors, or countries mentioned are for illustrative purposes only. Holdings are subject to change.
                                                                            Under no circumstances does the information contained within represent a recommendation to buy or sell any security.

                                                                                                                                       This material is for investment professional use only.    16
Thornburg Investment Income Builder Fund

Next 23 Equity Holdings
23 equity investments with the smallest weightings in the portfolio at 3/31/2021, shown by weighting, top to bottom and left to right. Weightings range from
approximately 1.25% to < 0.1% of portfolio assets; does not include 3 small preferred stock positions held in the portfolio.

AstraZeneca plc                                                                           Crown Castle International

Pfizer Inc.                                                                               Apollo Investment Corporation

LyondellBasell Industries NV                                                              Lamar Advertising

China Telecom Corporation                                                                 BAE Systems

MMC Norilsk Nickel                                                                        Stellantis NV

Citigroup                                                                                 Lukoil PJSC

Cisco Systems                                                                             Electricite de France

Siemens AG                                                                                E.ON SE

SLR Investment (formerly Solar Capital, Ltd)                                              AXA SA

Nestle                                                                                    Novartis AG

M&G plc                                                                                   Granite Point Mortgage

Washington Real Estate Investment Trust

                                                                                                                                                                        Source: FactSet/State Street
                                                                                  Any securities, sectors, or countries mentioned are for illustrative purposes only. Holdings are subject to change.
                                                                             Under no circumstances does the information contained within represent a recommendation to buy or sell any security.

                                                                                                                                        This material is for investment professional use only.    17
Thornburg Investment Income Builder Fund

Stock & Bond Yields from Identical Issuers
Top 10 Investment Positions: Equity Dividend Yield vs. Traded Debt Yield, Same Issuer

                                               TRAILING 12-MONTH DIVIDEND             CURRENT MARKET DEBT
                                                        YIELD (%)                          YIELD (%)                                SPECIFIC DEBT ISSUE
 Taiwan Semiconductor Manufacturing Co. Ltd.              1.70                                       0.45                           0.45% due 12/2030

 Vodafone plc (EUR)                                       6.14                                       0.47                           1.625% due 11/2030

 Orange SA                                                6.66                                       0.48                           1.625% due 4/2032

 Samsung Electronics                                      3.24                                       1.60                           7.70% due 10/1/2027

 Deutsche Telekom                                         3.48                                       0.85                           3.00% due 12/2032

 China Mobile*                                            6.46                                        ---                           Net cash, no debt issued

 Total SA                                                 6.64                                       0.24                           1.49% due 9/2030

 Broadcom Inc.                                            3.11                                       2.60                           4.11% due 9/2028

 CME Group                                                2.91                                       1.88                           3.75% due 6/2028

 JPMorgan Chase & Co                                      2.36                                       1.45                           1.04% due 2/2027

                                                                                                 Past performance does not guarantee future results.
                                                                                                                                  Source: Bloomberg, as of 4/6/2021 Debt Prices
                                                                            *Dividend yields reflect announced intentions, or actual 2020 dividends paid as specific to the issuer.
                                                                                                                                                       Holdings can and do vary.

                                                                                                                      This material is for investment professional use only.    18
Thornburg Investment Income Builder Fund

Selected World Market Index Returns
Total Returns (USD)

                                            2015      2016     2017     2018            2019                 2020                 1Q21
USA: S&P 500                               1.38%     11.96%   21.83%   -4.38%         31.49%               18.40%                 6.17%

USA: Russell 3000 Growth                   5.09%     7.39%    29.59%   -2.12%         35.85%               38.26%                 1.19%

MSCI EAFE                                  -0.81%    1.00%    25.03%   -13.79%        22.01%                7.82%                 3.48%

MSCI AC World ex-U.S. (Gross)              -5.25%    5.01%    27.77%   -13.78%        22.13%               11.13%                 3.60%

MSCI AC World                              -2.36%    7.86%    23.97%   -9.42%         26.60%               16.25%                 4.57%

MSCI Emerging Markets                      -14.92%   11.19%   37.28%   -14.58%        18.42%               18.31%                 2.29%

EURO STOXX 50                              -3.60%    1.75%    25.25%   -15.61%        26.84%                6.01%                 6.47%

MSCI AC Asia Pacific (All-Cap)             -0.86%    4.82%    28.94%   -14.16%        18.70%               19.16%                 2.80%

Bloomberg Barclays U.S. Universal Bond     0.43%     3.91%    4.09%    -0.25%          9.29%                7.58%                -3.05%

Russell 2500 Growth Total Return           -0.19%    9.73%    24.46%   -7.47%         32.65%               40.47%                 2.49%

Russell 2500 Total Return                  -2.90%    17.59%   16.81%   -10.00%        27.77%               19.99%                10.93%

                                                                       Past performance does not guarantee future results.
                                                                                 Source: MSCI, Bloomberg, Thornburg Investment Management

                                                                                    This material is for investment professional use only.   19
Thornburg Investment Income Builder Fund

Investment Performance

 AVERAGE ANNUAL TOTAL RETURNS (%)                                                                           QTD             YTD             1-YR             3-YR            5-YR            10-YR        INCEPTION
 A Shares TIBAX (Incep: 12/24/2002) 30-day SEC Yield: 2.55% | TTM Yield: 4.01%

   Without sales charge                                                                                     8.58             8.58           45.76            7.46             8.43             6.53            9.08

   With sales charge                                                                                        3.69             3.69            39.17           5.82             7.43            6.04             8.81

 I Shares TIBIX (Incep: 11/3/2003)* 30-day SEC Yield: 2.89% | TTM Yield: 4.19%

                                                                                                            8.62             8.62            46.06           7.72             8.73            6.85             8.55

 Blended Index                                                                                              2.82            2.82            38.96            11.07           10.94            8.45             8.19

                           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. For performance current to the most recent month end, visit thornburg.com or call 877-215-1330.
                                       The maximum sales charge for the Fund’s A shares is 4.50%. There is no up-front sales charge for class I shares.
                       *Prior to inception of this share class, performance is hypothetical and was calculated from actual returns of the class A shares adjusted for the expenses of the newer share class. 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. Returns for less than one year are not annualized.
                                                                                                    The Blended Index is composed of 25% Bloomberg Barclays U.S. Aggregate Bond Index and 75% MSCI World Index.

                                                                                                                                                              This material is for investment professional use only.    20
Thornburg Investment Income Builder Fund

Quarterly Total Returns
I Shares

  25%

  15%

   5%

  -5%

 -15%

 -25%

 -35%
        1Q04
               3Q04
                      1Q05
                             3Q05
                                    1Q06
                                           3Q06
                                                  1Q07
                                                         3Q07
                                                                1Q08
                                                                       3Q08
                                                                              1Q09
                                                                                     3Q09
                                                                                            1Q10
                                                                                                   3Q10
                                                                                                          1Q11
                                                                                                                 3Q11
                                                                                                                        1Q12
                                                                                                                               3Q12
                                                                                                                                      1Q13
                                                                                                                                             3Q13
                                                                                                                                                    1Q14
                                                                                                                                                           3Q14
                                                                                                                                                                  1Q15
                                                                                                                                                                         3Q15
                                                                                                                                                                                1Q16
                                                                                                                                                                                       3Q16
                                                                                                                                                                                              1Q17
                                                                                                                                                                                                     3Q17
                                                                                                                                                                                                            1Q18
                                                                                                                                                                                                                   3Q18
                                                                                                                                                                                                                          1Q19
                                                                                                                                                                                                                                 3Q19
                                                                                                                                                                                                                                        1Q20
                                                                                                                                                                                                                                               3Q20
                                                                                                                                                                                                                                                      1Q21
                                                                                                                                                                  Past performance does not guarantee future results.
                                                                                            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.
                                                                                                                                                                                     Returns for less than one year are not annualized.

                                                                                                                                                                                       This material is for investment professional use only.           21
Thornburg Investment Income Builder Fund

Portfolio Characteristics

PORTFOLIO COMPOSITION                                                REGIONAL EXPOSURE

             Foreign Equity                                    49%                                                                             % of Portfolio
                                                                     North America                                                                  45.0%

           Domestic Equity                             34%           Europe ex-U.K.                                                                 27.4%

                                                                     Asia Pacific ex-Japan                                                          13.3%
     Domestic Other Bonds           5%

                                                                     U.K.                                                                           10.3%
      Domestic Corp Bonds          5%
                                                                     Other                                                                           0.4%

             Foreign Bonds         4%                                Latin America                                                                   0.2%

                                                                     Japan                                                                           0.1%
        Cash & Cash Equiv.         3%
                                                                     Cash & Cash Equiv.                                                              3.3%
                              0%    10%    20%   30%    40%   50%

                                                                                     Composition and regions are a percent of total portfolio. Percentages can and do vary.
                                                                                        Holdings are classified by country of risk as determined by MSCI and Bloomberg.

                                                                                                               This material is for investment professional use only.   22
Thornburg Investment Income Builder Fund

Flexibility with Fixed Income
We buy bonds when risk-adjusted returns are attractive.

                                         50%                                                                                                                                                                                                                                                                      25%

                                         45%                                                                                                                                                                                           IIB Cash & FI
                                         40%                                                                                                                                                                                           U.S. HY: Yield to Worst                                                    20%
Fixed Income as a Percent of Portfolio

                                         35%                                                                                                                                                                                           European HY: Yield to Worst
                                         30%                                                                                                                                                                                                                                                                      15%

                                                                                                                                                                                                                                                                                                                        Yield to Worst
                                         25%

                                         20%                                                                                                                                                                                                                                                                      10%

                                         15%

                                         10%                                                                                                                                                                                                                                                                      5%

                                         5%

                                         0%                                                                                                                                                                                                                                                                       0%
                                               1Q03
                                                      3Q03
                                                             1Q04
                                                                    3Q04
                                                                           1Q05
                                                                                  3Q05
                                                                                         1Q06
                                                                                                3Q06
                                                                                                       1Q07
                                                                                                              3Q07
                                                                                                                     1Q08
                                                                                                                            3Q08
                                                                                                                                   1Q09
                                                                                                                                          3Q09
                                                                                                                                                 1Q10
                                                                                                                                                        3Q10
                                                                                                                                                               1Q11
                                                                                                                                                                      3Q11
                                                                                                                                                                             1Q12
                                                                                                                                                                                    3Q12
                                                                                                                                                                                           1Q13
                                                                                                                                                                                                  3Q13
                                                                                                                                                                                                         1Q14
                                                                                                                                                                                                                3Q14
                                                                                                                                                                                                                       1Q15
                                                                                                                                                                                                                              3Q15
                                                                                                                                                                                                                                     1Q16
                                                                                                                                                                                                                                            3Q16
                                                                                                                                                                                                                                                   1Q17
                                                                                                                                                                                                                                                          3Q17
                                                                                                                                                                                                                                                                 1Q18
                                                                                                                                                                                                                                                                        3Q18
                                                                                                                                                                                                                                                                               1Q19
                                                                                                                                                                                                                                                                                      3Q19
                                                                                                                                                                                                                                                                                             1Q20
                                                                                                                                                                                                                                                                                                    3Q20
                                                                                                                                                                                                                                                                                                           1Q21
                                                                                                                                                                                                                         Past performance does not guarantee future results.
                                                                                                                                                                                                                                                                                                           Source: Bloomberg

                                                                                                                                                                                                                                                    This material is for investment professional use only.                       23
Thornburg Investment Income Builder Fund

Ten Largest Industry Groups

AS OF 3/31/2020                                           AS OF 3/31/2021
 Telecommunication Services                       19.8%    Telecommunication Services                                                       19.9%

 Pharmaceuticals, Biotechnology & Life Sciences   14.1%    Semiconductors & Semiconductor Equipment                                         12.6%

 Diversified Financials                           10.3%    Diversified Financials                                                           12.6%

 Semiconductors & Semiconductor Equipment         9.2%     Pharmaceuticals, Biotechnology & Life Sciences                                   10.8%

 Energy                                           8.6%     Banks                                                                             7.2%

 Banks                                            5.5%     Insurance                                                                         5.7%

 Utilities                                        5.2%     Tech Hardware & Equipment                                                         5.5%

 Insurance                                        4.6%     Food & Staples Retailing                                                          5.1%

 Real Estate                                      4.1%     Energy                                                                            4.7%

 Materials                                        4.0%     Materials                                                                         4.3%

                                                                                                                                           Source: Bloomberg
                                                                             Weights are percentages of equity. Portfolio holdings are subject to change daily.

                                                                                                  This material is for investment professional use only.    24
Thornburg Investment Income Builder Fund

Quarterly Distributions
Cents per I Share (TIBIX)

                                      Q1        Q2                                  Q3                                  Q4                                 Total
 2003                                                                                                                 14.5¢                                14.5¢
 2004                                11.7¢    13.6¢                               16.0¢                               22.7¢                                64.0¢
 2005                                11.6¢    14.2¢                               18.0¢                               29.7¢                                73.5¢
 2006                                14.4¢    18.0¢                               21.2¢                               35.0¢                                88.6¢
 2007                                16.2¢    20.6¢                               23.6¢                               39.0¢                                99.4¢
 2008                                19.8¢    23.8¢                               28.0¢                               38.3¢                               109.9¢
 2009                                19.2¢    25.6¢                               29.4¢                               36.2¢                               110.4¢
 2010                                21.3¢    26.7¢                               33.6¢                               37.8¢                               119.4¢
 2011                                22.7¢    27.9¢                               33.8¢                               39.3¢                               123.7¢
 2012                                23.1¢    27.5¢                               30.1¢                               37.8¢                               118.5¢
 2013                                23.0¢    27.2¢                               26.8¢                               26.4¢                               103.4¢
 2014                                24.3¢    25.9¢                               28.9¢                               27.9¢                               107.0¢
 2015                                18.2¢    21.8¢                               21.8¢                               27.0¢                                88.9¢
 2016                                18.5¢    20.2¢                               21.2¢                               23.3¢                                83.2¢
 2017                                18.6¢    21.8¢                               27.9¢                               31.6¢                                99.9¢
 2018                                19.6¢    21.6¢                               25.6¢                               29.6¢                                96.4¢
 2019                                20.3¢    22.9¢                               26.4¢                               31.7¢                               101.3¢
 2020                                20.3¢    20.1¢                               22.1¢                               30.3¢                               92.8¢
 2021                                23.7¢                                                                                                                23.7¢

                                                                                                        Past performance does not guarantee future results.
                                             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.
                                                                                                                       Neither the payment of, or increase in, dividends is guaranteed.

                                                                                                                            This material is for investment professional use only.   25
Thornburg Investment Income Builder Fund

Consistently Delivered a 4%+ Yield Since Inception

                       2003–2020
        9%       Dividend: 3.5% CAGR
        8%       NAV: 3.3% CAGR                                                                                                                                     IIB Yield
                                                                           7.9%                                                                                     Blended Index
        7%
                                                                                                                                                                    Bloomberg Barclays U.S. Corp
        6%                                                                            6.6%       6.5%        6.6%                                                   CPI

        5%                                                                                                              5.5%
                                           5.0%                                                                                    5.1%                             5.0%                   5.0%
                                                     4.8%       4.8%
        4%                      4.3%                                                                                                                     4.4%                   4.4%
               4.2%    4.2%                                                                                                                   4.2%                                                     4.1%
        3%

        2%

        1%

        0%

       -1%
               2003    2004     2005       2006      2007       2008       2009       2010       2011        2012       2013       2014       2015       2016       2017        2018       2019        2020

                                                                                                                                   Past performance does not guarantee future results.
                                                                                                                                                                           Source: Bloomberg, as of 12/31/2020
                                                  The Compound annual growth rate (CAGR) is the rate of return that would be required for an investment to grow from its beginning balance to its ending balance,
                                                                                                                       assuming the profits were reinvested at the end of each year of the investment's lifespan.
                                                                 Neither the payment of, or increase in, dividends is guaranteed. Annual Dividend Yields are calculated as annual dividend divided by the NAV.
                                                                                                                                                          Dividend Yield is 2003 TIBAX and 2004-2020 is TIBIX.
                                                                                         The Blended Index is composed of 25% Bloomberg Barclays U.S. Aggregate Bond Index and 75% MSCI World Index.
                                                                                                                                                      This material is for investment professional use only.   26
Thornburg Investment Income Builder Fund

Historically, Dividends Have Been Important to Total Return (S&P 500 Index)
Over the long term, total shareholder returns (TSR) are roughly 50% price/50% dividends.

                                                                                                                                                                                      INCOME AS
                                                                            PRICE                                INCOME                               TOTAL                          PERCENTAGE
   DECADE                                                                APPRECIATION                          COMPONENT                             RETURN                        OF TOTAL RETURN
 1871 – 1880                                                                    2.8%                               6.1%                                8.9%                                68.5%
 1881 – 1890                                                                   -2.1%                               4.8%                                2.6%                               184.6%
 1891 – 1900                                                                    4.2%                               4.5%                                8.7%                                51.7%
 1901 – 1910                                                                    2.5%                               4.6%                                7.1%                                64.8%
 1911 – 1920                                                                   -2.6%                               6.1%                                3.4%                               179.4%
 1921 – 1930                                                                    6.7%                               5.6%                               12.3%                                45.5%
 1931 – 1940                                                                   -2.8%                               4.9%                                2.1%                               233.3%
 1941 – 1950                                                                    6.7%                               6.4%                               13.0%                                49.2%
 1951 – 1960                                                                   10.2%                               5.0%                               15.2%                                32.9%
 1961 – 1970                                                                    4.7%                               3.5%                                8.2%                                42.7%
 1971 – 1980                                                                    4.0%                               4.5%                                8.5%                                52.9%
 1981 – 1990                                                                    9.3%                               4.6%                               13.9%                                33.1%
 1991 – 2000                                                                   14.9%                               2.6%                               17.5%                                14.9%
 2001 – 2010                                                                   -0.5%                               1.9%                                1.4%                               135.7%
 2011 – 2020                                                                   11.6%                               2.3%                               13.9%                               16.7%
 2021 - 1Q21                                                                   5.8%                                0.4%                               6.2%                                 6.4%
 Average across Decades                                                        4.6%                                4.5%                               9.1%                                49.3%
 Standard Dev across Decades                                                   5.4%                                1.4%                               5.1%

                                                                                                                                    Past performance does not guarantee future results.
                     Sources: Jack W. Wilson and Charles P. Jones, “An Analysis of the S&P 500 Index and Cowles’s Extensions: Price Indexes and Stock Returns, 1870–1999”, Journal of Business, 2002, vol. 75 no
                                                                        3. Data after 1990 is from Bloomberg, Confluence, and FactSet. Calculated by Thornburg Investment Management. Returns are annualized.

                                                                                                                                                      This material is for investment professional use only.   27
Thornburg Investment Income Builder Fund

Hypothetical $100,000 Investment
A Shares

                              INCOME TODAY: trailing 12-month yield = 4.0%
                              GROWTH IN INCOME: cumulative dividends total $145,643
                              CAPITAL APPRECIATION: $100,000  $205,693 = $105,693

                                   $6,000             Market Value of Investment                                                                                                                      $500k

                                                      Quarterly Dividends                                                                                                                             $450k
                                   $5,000
                                                                                                                                                                                                      $400k
                                                                                                                                                                                                      $350k
                                   $4,000
              Quarterly Dividend

                                                                                                                                                                                                      $300k

                                                                                                                                                                                                                  Market Value
                                   $3,000                                                                                                                                                             $250k
                                                                                                                                                                                                      $200k
                                   $2,000
                                                                                                                                                                                                      $150k
                                                                                                                                                                                                      $100k
                                   $1,000
                                            2003:   2004:   2005:   2006:   2007:   2008:   2009:    2010:    2011:    2012:   2013:   2014:   2015:   2016:    2017:    2018:     2019:    2020:     $50k
                                            $4.2k   $5.0k   $6.0k   $7.0k   $8.0k   $9.2k   $9.4k   $10.1k   $10.4k   $10.0k   $8.6k   $8.9k   $7.3k   $6.8k    $8.3k    $8.0k     $8.5k    $7.9k
                                      $0                                                                                                                                                              $0k
                                        Dec-02 Dec-03 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20

                                   Hypothetical illustrations above do not account for the fund’s sales charges. If sales charges had been included, results would be
                                        lower. The portfolio values include any capital appreciation and capital gains payments, which were reinvested. 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. For performance current to the most recent month end, visit thornburg.com or call 877-215-1330.

                                                                                                                                                         This material is for investment professional use only.        28
Thornburg Investment Income Builder Fund

Hypothetical $100,000 with Reinvestment
A Shares

                                        INCOME TODAY: trailing 12-month yield = 4.0%
                                        GROWTH IN INCOME: cumulative dividends total $235,002
                                         Beginning shares 8,375  Current shares 21,250
                                        CAPITAL APPRECIATION: $153,748 + reinvested dividends  $488,750*

                                              $6,000            Market Value of Investment                                                                                                                              $600k
                                                                Quarterly Dividends
              Quarterly Dividend Reinvested

                                              $5,000                                                                                                                                                                    $500k

                                              $4,000                                                                                                                                                                    $400k

                                                                                                                                                                                                                                    Market Value
                                              $3,000                                                                                                                                                                    $300k

                                              $2,000                                                                                                                                                                    $200k

                                              $1,000                                                                                                                                                                    $100k
                                                       2003:   2004:   2005:   2006:   2007:    2008:   2009:     2010:   2011:    2012:     2013:   2014:     2015:   2016:     2017:     2018:     2019:    2020:
                                                       $4.3k   $5.2k   $6.5k   $7.9k   $9.5k   $11.4k   $12.4k   $14.2k   $15.6k   $16.0k   $14.5k   $15.8k   $13.5k   $13.2k   $16.6k    $16.8k    $18.7k   $18.0k
                                                 $0                                                                                                                                                                     $0k
                                                   Dec-02 Dec-03 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20

                                                                Hypothetical illustrations above do not account for the fund’s sales charges. If sales charges had been included,
                                                    results would be lower. All dividends and capital gains payments were reinvested. 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. For performance
                                                                                                 current to the most recent month end, visit thornburg.com or call 877-215-1330.
                                                                                                                                                                                                   *Includes initial investment of $100k

                                                                                                                                                                           This material is for investment professional use only.          29
Thornburg Investment Income Builder Fund

Ten Largest Holdings

               AS OF 28-FEB-2021                                  % OF PORTFOLIO
               Taiwan Semiconductor Manufacturing Co. Ltd.                 5.3%

               Orange S.A.                                                 4.2%

               Vodafone Group plc                                          4.2%

               Samsung Electronics Co. Ltd.                                3.9%

               China Mobile Ltd..                                          3.6%

               Broadcom, Inc.                                              3.6%

               Total SE                                                    3.2%

               CME Group, Inc.                                             3.1%

               JPMorgan Chase & Co.                                        3.0%

               Deutsche Telekom AG                                         2.9%

                                                             Weights are percentages of total portfolio. Holdings can and do vary.

                                                                      This material is for investment professional use only.   30
Thornburg Investment Income Builder Fund

A Solution That Consistently Seeks to Provide Attractive Income

                                           Pay attractive yield today
                KEY PILLARS                Grow the dividend over time (subject to periodic fluctuations)
                                           Long-term capital appreciation

                                           Global dividend-paying stocks
                INVESTIBLE UNIVERSE
                                           Global bonds and hybrid securities

                OBJECTIVE                  Focus on firms’ ability and willingness to pay dividends

                                                    There is no guarantee that the Fund will meet its investment objectives. Dividends are not guaranteed.

                                                                                              This material is for investment professional use only.   31
www.thornburg.com
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 thornburg.com. Read
them carefully before investing.

Not FDIC Insured. May lose value. No bank guarantee.

Thornburg Funds are distributed by Thornburg Securities Corporation.
2300 North Ridgetop Road
Santa Fe, New Mexico 87506
877-215-1330
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