GLOBALLY DIVERSIFIED INCOME

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1 Cultivating the Growth of the Dividend GLOBALLY DIVERSIFIED INCOME Thornburg Investment Income Builder Fund With a dual focus on current dividend generation and capital appreciation over time, Thornburg Investment Income Builder Fund is designed to help meet your income needs today and tomorrow.

2 Dividends Are Important Stock dividends are important for income, but they also have historically been a key driver of overall performance, accounting for nearly half of total return, on average, for nearly 150 years. Dividends Have Historically Been Important to Total Return DECADE PRICE APPRECIATION INCOME COMPONENT TOTAL RETURN INCOME AS PERCENTAGE OF TOTAL RETURN % 6.1% 8.9% 68.5% % 4.8% 2.6% 184.6% % 4.5% 8.7% 51.7% % 4.6% 7.1% 64.8% % 6.1% 3.4% 179.4% % 5.6% 12.3% 45.5% % 4.9% 2.1% 233.3% % 6.4% 13.0% 49.2% % 5.0% 15.2% 32.9% % 3.5% 8.2% 42.7% % 4.5% 8.5% 52.9% % 4.6% 13.9% 33.1% % 2.6% 17.5% 14.9% % 1.9% 1.4% 135.7% * 11.4% 2.4% 13.8% 17.3% Average Across Decades 4.1% 4.7% 8.8% 53.0% Standard Dev of Decades 5.2% 1.3% 5.1% * Because it does not yet measure a full decade, this period is not included in the average or standard deviation calculations. 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, , 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. The S&P 500 Index is an unmanaged broad measure of the U.S. stock market. We Actively Target Firms with Both the Ability and Willingness to Grow Dividends Over Time Ability Firms that prove capable of sustainable, value-generating capital allocation. Do they have the structure and capacity to pay more over time? Willingness Leadership that demonstrates prudence and alignment to shareholders long-term interests. Do they have the willingness to pay more over time? n Good business n Strong balance sheet n Durable cash generation n Appropriate dividend policy n Signal of strong fundamentals n Signs of shareholder-friendly corporate governance 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.

3 Finding Dividends Is What We Do Higher Dividends Overseas For many reasons, such as taxation benefits, and other incentives, non-u.s. companies have embraced dividendpaying cultures. Global Dividend Yields by Country (2019 Estimates as of 3/31/18) 3.3% CANADA 4.7% UNITED KINGDOM 3.9% NORDIC COUNTRIES 2.1% UNITED STATES 3.7% EUROPE EX-U.K. 2.5% CHINA 2.3% JAPAN 3.8% EM LATIN AMERICA 4.9% AUSTRALIA Industry estimates suggest this trend will continue. More global reach means greater diversification, which can lead to better opportunities. Global Dividend Yields by Sector (2019 Estimates as of 3/31/18) = ATTRACTIVE YIELD ABOVE 3% NORDIC EUROPE EM LATIN SECTOR USA AUSTRALIA COUNTRIES EX-UK UK AMERICA CHINA JAPAN Telecommunications 5.37% 6.16% 4.82% 5.04% 6.87% 2.76% 4.61% 2.55% Utilities 4.06% 5.89% 4.12% 5.47% 6.49% 5.00% 3.67% 2.44% Consumer Staples 3.26% 4.44% 3.35% 3.09% 4.20% 2.91% 2.05% 1.97% Energy 3.23% 3.50% 3.98% 4.79% 5.97% 3.02% 5.50% 2.71% Financials 2.27% 6.17% 6.09% 5.18% 4.94% 5.31% 4.71% 3.31% Materials 2.14% 4.27% 3.52% 3.11% 4.41% 3.24% 3.82% 2.26% Industrials 2.06% 4.60% 2.88% 3.12% 2.79% 3.11% 3.57% 2.03% Health Care 1.89% 1.96% 2.61% 3.20% 3.97% 3.76% 1.43% 1.84% Consumer Discretionary 1.47% 3.78% 4.89% 3.34% 4.08% 2.02% 1.31% 2.42% Information Technology 1.34% 2.30% 3.20% 1.63% 3.62% 5.78% 0.44% 1.94% Index Average 2.14% 4.94% 3.88% 3.72% 4.69% 3.80% 2.50% 2.29% Source: Bloomberg (MSCI Indices). Real Estate is excluded due to incomplete data. The MSCI country indices are free float-adjusted market capitalization indices that are designed to measure equity market performance in that specific country in U.S. dollars. The MSCI EM (Emerging Markets) Latin America Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of emerging markets in Latin America. The index consists of the following 5 emerging market country indices: Brazil, Chile, Colombia, Mexico, and Peru. The MSCI Nordic Countries Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of the Nordic region. The index consists of the following 4 developed market country indices: Denmark, Finland, Norway, Sweden. The MSCI Europe ex-u.k. Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of the developed markets in Europe. The MSCI Europe Index consists of the following 14 developed market country indices: Austria, Belgium, Denmark, Finland, France, Germany, Ireland, Italy, the Netherlands, Norway, Portugal, Spain, Sweden, and Switzerland. The MSCI Europe Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of the developed markets in Europe. The MSCI Europe Index consists of the following 15 developed market country indices: Austria, Belgium, Denmark, Finland, France, Germany, Ireland, Italy, the Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, and the United Kingdom.

4 Staying Flexible Is How We Do It Global In Our Reach A look under the hood reveals a dividend-focused engine with significant foreign equity holdings and diverse global exposure. Investment Income Builder Region/ Country Weights (as of 3/31/18) UNITED KINGDOM 6.6% NORTH AMERICA 37.8% EUROPE EX-U.K. 40.3% JAPAN 0.1% OTHER 1.4% LATIN AMERICA 0.5% ASIA PACIFIC EX-JAPAN 11.8% Holdings are classified by country of risk, determined at Thornburg s discretion. Opportunistic with Fixed Income We take a flexible perspective to our portfolio holdings and opportunistically diversify across stocks and bonds as economic and other conditions change one holding at a time. Investment Income Builder Interest-Bearing Investments (Percentage of Total Portfolio, as of 3/31/18) 50% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% 4Q02 2Q03 4Q03 2Q05 4Q05 2Q06 4Q06 2Q07 4Q07 2Q08 4Q08 2Q09 4Q09 2Q10 4Q10 2Q11 4Q11 2Q12 4Q12 2Q13 4Q13 2Q14 4Q14 2Q15 4Q15 2Q16 4Q16 2Q17 4Q17

5 How We Think Dividend Income Investing Matters. We Believe Dividends Can Serve Two Goals: 1. Help meet short-term funding needs, such as retirement income or foundation distributions. 2. Contribute significantly to long-term growth to help make the income last. Thornburg Investment Income Builder Fund Hypothetical $100,000 Investment Income Now: Dividends received equaled $120,781, while market value increased to $189,684 $7,000 $6,000 $5,000 $4,000 $3,000 $2,000 $1,000 $450,000 $400,000 $350,000 $300,000 $250,000 $200,000 $150,000 $100,000 $50,000 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 Quarterly Income 2003: $4,213 Market Value without Dividends Reinvested (right): $189,684 Dividends Paid Out (left): $120, : $4, : $5, : $6, : $8, : $9, : $9, : $10, : $10, : $10, : $8, : $8, : $7, : $6, : $8,272 Portfolio Value Income Later: With reinvestment of dividends, which equates to $180,049, market value would have reached $394,236 Quarterly Income $7,000 $6,000 $5,000 $4,000 $3,000 $2,000 $1, : $4,274 Market Value with Dividends Reinvested (right): $394,236 Dividends Reinvested (left): $180, : $5, : $6, : $7, : $9, : $11, : $12, : $14, : $15, : $16, : $14,540 $450,000 $400,000 $350,000 $300,000 $250,000 $200,000 $150,000 $100,000 $50,000 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 : $15, : $13, : $13, : $16,594 Portfolio Value 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 Investments carry risks, including possible loss of principal. Additional risks may be associated with investments outside the United States, especially in emerging markets, including currency fluctuations, illiquidity, volatility, and political and economic risks. Investments in small- and mid-capitalization companies may increase the risk of greater price fluctuations. Portfolios investing in bonds have the same interest rate, inflation, and credit risks that are associated with the underlying bonds. The value of bonds will fluctuate relative to changes in interest rates, decreasing when interest rates rise. Investments in the Fund are not FDIC insured, nor are they bank deposits or guaranteed by a bank or any other entity. Dividends are not guaranteed.

6 A Long-Term Focus Has Outperformed Since Inception Average Annual Total Returns (as of 3/31/18) Returns are annualized for periods greater than one year. Symbols and Cusips A Shares TIBAX C Shares TIBCX I Shares TIBIX R3 Shares TIBRX R4 Shares TIBGX R5 Shares TIBMX R6 Shares TIBOX *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. 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 The maximum sales charge for the Fund s A shares is 4.50%. C shares include a 1% CDSC for the first year only. There is no up-front sales charge for class I shares. The total annual fund operating expenses are as follows: A shares, 1.35%; C shares, 1.09%. Thornburg Investment Income Builder Fund's Blended Index is composed of 25% Bloomberg Barclays U.S. Aggregate Bond Index and 75% MSCI World Index, rebalanced monthly. The MSCI World Index is an unmanaged market-weighted index that consists of securities traded in 23 of the world s most developed countries. Securities are listed on exchanges in the U.S., Europe, Canada, Australia, New Zealand, and the Far East. The index is calculated with net dividends reinvested in U.S. dollars. The Bloomberg Barclays U.S. Aggregate Bond Index is composed of approximately 8,000 publicly traded bonds including U.S. government, mortgage-backed, corporate and Yankee bonds. The index is weighted by the market value of the bonds included in the index. The performance of any index is not indicative of the performance of any particular investment. Unless otherwise noted, index returns reflect the reinvestment of income dividends and capital gains, if any, but do not reflect fees, brokerage commissions or other expenses of investing. Investors may not make direct investments into any index. Class R shares are limited to retirement platforms only. 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. SINCE INCEP. 30-DAY SEC YIELD YTD 1-YR 3-YR 5-YR 10-YR A Shares TIBAX (Incep: 12/24/02) Without sales charge -2.44% 7.98% 3.91% 5.53% 5.77% 9.41% With sales charge -6.81% 3.11% 2.32% 4.56% 5.28% 9.08% 2.95% I Shares* TIBIX (Incep:11/3/03) -2.38% 8.34% 4.24% 5.87% 6.11% 9.80% 3.35% Blended Index (Since 12/24/02) -1.27% 10.44% 6.36% 7.79% 5.60% 7.63% It s more than what we do. It s how we do it. How we How we How we re Flexible Perspective Our perspective on investment opportunities is more flexible than most, viewing a wide range of opportunities beyond conventional boundaries to find hidden value. Collaboration Collectively, we hone ideas via borderless cross-pollination for better judgment and better results. Portfolio Construction Disciplined construction guided more by our convictions than convention. CONVICTION Thorough analysis and our relativevalue framework lead to conviction in our securities selection. UNCONVENTIONAL Active management means we seek the best value for our clients rather than using conventional benchmarks as our starting point. Structured for Excellence How we think and how we invest is made possible by how we re structured. TEAM APPROACH FAR FROM THE HERD ACCESS & TRANSPARENCY Thornburg Securities Corporation, Distributor 2300 North Ridgetop Road Santa Fe, New Mexico /18/18 TH3720