Q1 2021 Thornburg Investment Management Quarterly Update

Thornburg Investment Management Quarterly UpdateQ1 2021

Jason Brady, CFABrian McMahon

Ben Kirby, CFA

President and CEOVice Chairman and Chief Investment Strategist

Co-Head of Investments and Managing Director

TP321

Matthew BurdettPortfolio Manager and Managing Director

All data in this presentation is as of 3/31/2021 unless otherwise noted.

Key Macroeconomic Issues

COVID-19 pandemic stay-at-home orders persist in some countries, though loosening in many others, including the U.S.

In most developed countries, 2020 GDP was significantly lower due to COVID-19 restrictions on activity.

GDP, global trade, employment, industrial production, and consumer spending are all showing significant recoveries in most economies in 2021.

Vaccines for preventing COVID-19 have been tested, show strong medical efficacy, and are being administered in most developed countries.

Expect news, positive and negative, in the coming months as the extensive global inoculation effort unfolds and COVID-19 variants increase.

Government bodies around the world continue the unusual fiscal stimulus steps to mitigate the consequences of COVID-related economic disruption in order to quickly restore normal economic activity post-COVID-19.

The U.S. Congress has so far passed more than $5 trillion of fiscal mitigation measures. (U.S. GDP in 2019 was $20.5 trillion).

Many other countries have enacted broadly similar fiscal mitigation measures, typically smaller as a % of GDP.

Some countries (not yet including the U.S.) have enacted material infrastructure spending programs for fiscal stimulus.

China real GDP grew in 2020, alone among large economies, and is expected to grow strongly again in 2021 and 2022.

Central banks are flooding economies with liquidity, commercial bank deposits are growing rapidly, U.S. money supply (M2) +27% YoY.

Commodity price inflation is elevated, relative to prior decade levels. Producer price indices are also elevated, some shortages reported.

Financial asset prices have been extremely volatile at times, but overall supported by abundant liquidity.

Investors struggle to assess the length of the COVID-19 related downturn in economic activity, the pace and extent of recovery, and the immediate and longer run impacts on various issuers of stocks and bonds.

For now, equity investors expect mid/high single digit GDP growth and >20% global corporate earnings growth in 2021.

Bond investors expect a limited rise in longer maturity interest rates in 2021, and strong credit performance.

New bond issuance volumes have been extremely high, both by governments for deficit financing and corporations for reinforcing liquidity. So far, high supply of bonds has been met with strong demand from private investors and central banks. Equity issuance is also elevated.

For now, many traditional backward-looking measures of macroeconomic activity are not useful until households and businesses can resume more normal economic activities.

This material is for investment professional use only. 2

Thornburg Investment Income Builder Fund

April 2021

Overview of Equity Portfolio Allocation Shifts



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

Thornburg Investment Income Builder equity portfolio’s comparative sector weights on various dates

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

SECTOR WEIGHTS (%) AS OF:

31-MAR-2020 30-JUN-2020 30-SEP-2020 31-DEC-2020 3-MAR-2021

31-MAR-2020 to 31-MAR-2021

+/- WeightingFinancials 20.4 23.4 23.9 23.8 25.5 +5.1Communication Services 19.8 22.5 19.8 18.9 19.9 +0.1Information Technology 11.7 14.1 17.8 20.3 18.2 +6.5Health Care 14.1 13.0 11.8 11.2 10.9 -3.2Consumer Staples 5.2 3.5 4.7 5.1 6.0 +0.8Energy 8.6 6.8 5.0 4.8 4.4 -4.2Materials 4.0 3.6 3.2 4.1 4.3 +0.3Consumer Discretionary 3.2 3.5 3.9 3.3 4.0 +0.8Utilities 5.2 5.1 3.7 3.8 2.9 -2.3Real Estate 4.1 4.0 3.2 2.5 2.0 -2.1Industrials 3.2 0.5 2.6 1.8 1.4 -1.8

EPS ESTIMATE DETAIL 2019 2020E 2021E 2022EDollars ($bn)

Sales 11,752 11,359 13,022 13,840EBIT 1,868 1,585 2,050 2,303Interest Expense 244 222 211 225EBT 1,624 1,363 1,839 2,078Taxes 257 177 290 348Net Income 1,367 1,187 1,549 1,730

Per Share ($)Sales/Share 1,415.20 1,365.00 1,555.00 1,680.00EPS/Share 164.58 142.50 185.00 210.00

Contribution to Growth (%)Sales 3.5 -3.3 14.6 6.3Operating Margins -3.4 -11.8 14.7 6.1Int & Tax -0.9 2.0 1.3 -0.7Share Count 1.8 -0.2 -0.8 1.8Change in EPS 1.0 -13.4 29.8 13.5

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.

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

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TSMC (2330 TT)

1. Taiwan Semiconductor

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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 $.

$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.

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.

673 TWD = 52 week high share price, 1/21/21

248 TWD = 2020 low 3/19/2020, -28% from 1/14/2020 high price of 346 TWD

This material is for investment professional use only.

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VODAFONE

2. Vodafone

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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.

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.



98.02 = 52 week low price, 3/16/2020, -37% from 155.8 on 2/19/2020


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ORANGE SA

3. Orange SA

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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.

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.



15.01 = 78 week high share price

8.80 = 78 week low price, 9/29/2020, -41% from 52 week high price.


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SAMSUNG

4. Samsung

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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.

$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.



42,500 KRW = 2020 low price, 3/23/2020, -31.9% from 62,400 on 1/20/2020


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DEUTSCHE TELEKOM

5. Deutsche Telekom

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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.

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.



10.83 EUR = 2020 low price, 3/18/2020, -34.8% from €16.62 on 2/20/2020


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CHINA MOBILE

6. China Mobile, Ltd.

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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).

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.



41.50 = 18 month low price, 1/8/2021, -40.5% from 1/24/20

69.70 = 2020 high price, 1/24/2020


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BROADCOM

7. Broadcom

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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.

$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.



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

$489.96 = 2021 high share price, 2/19/2021


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TOTAL SA

8. Total SA

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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.

$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.



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


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CME GROUP

9. CME Group

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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.

(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.



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

$223.63= 2020 week high share price, 2/23/20


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JPMORGAN

10. JPMorgan Chase & Co.

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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.

$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.



$157.65 = trailing 78 week high share price, 3/18/2021

$79.03 = 2020 low price, 3/23/2020, -42.5% from 2/20/2020


Next 15 Equity Holdings

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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.



NAME OF COMPANY2020 YTD PERFORMANCE

& [Q1 2021 PERFORMANCE] AT MARCH 31, 2021 ($US)DIVIDEND YIELD

AT MARCH 31, 2021 PRICEHome Depot +21.6%/[+15.5%] 2.16%Home improvement retailer operating 2,300 stores in North America, Canada, MexicoAbbVie +21.0%/[+2.2%] 4.80%Develops and sells pharmaceutical productsNN Group +15.8%/[+17.3%] 5.59%Largest life and property/casualty insurer in the NetherlandsQualcomm Inc. +72.7%/[-12.5%] 1.96%Develops and delivers key components for wireless communications devices, including handsetsTesco -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 toolsAssicurazioni Generali -15.0%/[+14.4%] 5.92%Italy-based multinational life & property/casualty insurers


Next 15 Equity Holdings (continued)

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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.



NAME OF COMPANY2020 YTD PERFORMANCE

& [Q1 2021 PERFORMANCE] AT MARCH 31, 2021 ($US)DIVIDEND YIELD

AT MARCH 31, 2021 PRICEWalgreen’s Boots Alliance -36.5%/[+38.8%] 3.41%Operates retail drugstores in USA and UKChimera Investment -53.2%/[+26.8%] 9.45%U.S mortgage real estate investment trust with focus on residential mortgage creditEquitable 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 sourcesUBS Group +11.8%/[+10.0%] 2.63%Global wealth manager, investment bank, and commercial bankGlencore plc +1.9%/[+23.3%] 2.11%Diversified global miner & commodities traderMerck & Co. -10.1%/[-5.0%] 3.37%Major research driven pharmaceuticals firm, selling products in > 100 countries


Next 23 Equity Holdings

AstraZeneca plc

Pfizer Inc.

LyondellBasell Industries NV

China Telecom Corporation

MMC Norilsk Nickel

Citigroup

Cisco Systems

Siemens AG

SLR Investment (formerly Solar Capital, Ltd)

Nestle

M&G plc

Washington Real Estate Investment Trust

Crown Castle International

Apollo Investment Corporation

Lamar Advertising

BAE Systems

Stellantis NV

Lukoil PJSC

Electricite de France

E.ON SE

AXA SA

Novartis AG

Granite Point Mortgage



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.

Source: FactSet/State StreetAny 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.

Stock & Bond Yields from Identical Issuers

TRAILING 12-MONTH DIVIDEND YIELD (%)

CURRENT MARKET DEBT 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



Top 10 Investment Positions: Equity Dividend Yield vs. Traded Debt Yield, Same Issuer

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.

Selected World Market Index Returns

2015 2016 2017 2018 2019 2020 1Q21USA: 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%



Total Returns (USD)

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

Investment Performance



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.

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

Quarterly Total Returns



I Shares

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.

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Portfolio Characteristics

PORTFOLIO COMPOSITION REGIONAL EXPOSURE



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.

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Cash & Cash Equiv.

Foreign Bonds

Domestic Corp Bonds

Domestic Other Bonds

Domestic Equity

Foreign Equity % of Portfolio

North America 45.0%

Europe ex-U.K. 27.4%

Asia Pacific ex-Japan 13.3%

U.K. 10.3%

Other 0.4%

Latin America 0.2%

Japan 0.1%

Cash & Cash Equiv. 3.3%

Flexibility with Fixed Income



We buy bonds when risk-adjusted returns are attractive.


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European HY: Yield to Worst

AS OF 3/31/2021Telecommunication Services 19.9%

Semiconductors & Semiconductor Equipment 12.6%

Diversified Financials 12.6%

Pharmaceuticals, Biotechnology & Life Sciences 10.8%

Banks 7.2%

Insurance 5.7%

Tech Hardware & Equipment 5.5%

Food & Staples Retailing 5.1%

Energy 4.7%

Materials 4.3%

AS OF 3/31/2020Telecommunication Services 19.8%

Pharmaceuticals, Biotechnology & Life Sciences 14.1%

Diversified Financials 10.3%

Semiconductors & Semiconductor Equipment 9.2%

Energy 8.6%

Banks 5.5%

Utilities 5.2%

Insurance 4.6%

Real Estate 4.1%

Materials 4.0%

Ten Largest Industry Groups



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

Quarterly Distributions



Cents per I Share (TIBIX)

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.

Q1 Q2 Q3 Q4 Total2003 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¢

4.2% 4.2% 4.3%5.0% 4.8% 4.8%

7.9%

6.6% 6.5% 6.6%

5.5%5.1%

4.2% 4.4%5.0%

4.4%5.0%

4.1%

-1%

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

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

IIB YieldBlended IndexBloomberg Barclays U.S. CorpCPI

Consistently Delivered a 4%+ Yield Since Inception



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.

2003–2020Dividend: 3.5% CAGRNAV: 3.3% CAGR

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.

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.

DECADEPRICE

APPRECIATIONINCOME

COMPONENTTOTAL

RETURN

INCOME AS PERCENTAGE

OF TOTAL RETURN1871 – 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%

$0k$50k$100k$150k$200k$250k$300k$350k$400k$450k$500k

$0

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

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

Market Value

Quar

terly

Divid

end

Hypothetical $100,000 Investment



INCOME TODAY: trailing 12-month yield = 4.0%

GROWTH IN INCOME: cumulative dividends total $145,643

CAPITAL APPRECIATION: $100,000 $205,693 = $105,693

A Shares

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.

Quarterly DividendsMarket Value of Investment

2003:$4.2k

2004:$5.0k

2005:$6.0k

2006:$7.0k

2007:$8.0k

2008:$9.2k

2009:$9.4k

2010:$10.1k

2011:$10.4k

2012:$10.0k

2013:$8.6k

2014:$8.9k

2015:$7.3k

2016:$6.8k

2017:$8.3k

2018:$8.0k

2019:$8.5k

2020:$7.9k

Hypothetical $100,000 with Reinvestment

$0k

$100k

$200k

$300k

$400k

$500k

$600k

$0

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

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

Market Value

Quar

terly

Divid

end

Reinv

ested



INCOME TODAY: trailing 12-month yield = 4.0%

GROWTH IN INCOME: cumulative dividends total $235,002Beginning shares 8,375 Current shares 21,250

CAPITAL APPRECIATION: $153,748 + reinvested dividends $488,750*

A Shares

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

Quarterly DividendsMarket Value of Investment

2003:$4.3k

2004:$5.2k

2005:$6.5k

2006:$7.9k

2007:$9.5k

2008:$11.4k

2009:$12.4k

2010:$14.2k

2011:$15.6k

2012:$16.0k

2013:$14.5k

2014:$15.8k

2015:$13.5k

2016:$13.2k

2017:$16.6k

2018:$16.8k

2019:$18.7k

2020:$18.0k

Ten Largest Holdings



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

AS OF 28-FEB-2021 % OF PORTFOLIOTaiwan 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%



KEY PILLARS

INVESTIBLE UNIVERSE

OBJECTIVE

Pay attractive yield todayGrow the dividend over time (subject to periodic fluctuations)Long-term capital appreciation

Global dividend-paying stocksGlobal bonds and hybrid securities

Focus on firms’ ability and willingness to pay dividends

A Solution That Consistently Seeks to Provide Attractive Income

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

www.thornburg.comBefore 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.

Thornburg Funds are distributed by Thornburg Securities Corporation.2300 North Ridgetop Road Santa Fe, New Mexico 87506877-215-1330

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

Documents

Q1 2021 Thornburg Investment Management Quarterly Update