CORE BOND INVESTING. Limited Term Income Fund Limited Term Municipal Fund Intermediate Municipal Fund

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1 Preservation & Income from the Ground Up CORE BOND INVESTING Limited Term Income Fund Limited Term Municipal Fund Intermediate Municipal Fund Whether you re focused on preservation, income, or a little of both, you need a core component within any fixed income strategy.

2 Core Bonds are Important Depending on your goals for income or capital preservation, core bonds play a vital role in a diversified investment strategy. Core bonds can offer: n Predictable income stream n Safety and stability of principal n Liquidity n Low to negative correlation to equity funds Historically Low to Negative Correlation to Stocks (as of 3/31/17) A comprehensive, well-constructed investor portfolio includes asset classes that don t move in lockstep with one another. 10-Year Correlations Thornburg Limited Term Income, A Thornburg Limited Term Municipal, A Thornburg Intermediate Municipal, A S&P 500 Index MSCI EAFE Index NASDAQ Composite Index PR S&P 500 Index MSCI EAFE Index NASDAQ Composite Index PR iboxx $ Liquid High Yield Index Source: Bloomberg Diversification does not assure or guarantee better performance and cannot eliminate the risk of investment losses. The S&P 500 Index is an unmanaged broad measure of the U.S. stock market. The MSCI EAFE (Europe, Australasia, Far East) Index is an unmanaged index. It is a generally accepted benchmark for major overseas markets. Index weightings represent the relative capitalizations of the major overseas developed markets on a U.S. dollar adjusted basis. Th e index is calculated with net dividends reinvested in U.S. dollars. The NASDAQ Composite Index is a market value-weighted, technology-oriented index composed of approximately 5,000 domestic and non-us-based securities. The Markit iboxx USD Liquid High Yield Index consists of liquid U.S. dollar-denominated, high-yield bonds selected to provide a balanced representation of the broad USD high yield corporate bond universe. All bonds need to have an average independent agency rating of sub-investment grade. 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 What We Do: Fundamental Credit Selection and Monitoring Thornburg Investment Management has successfully navigated the dynamic bond market since 1984, the year we launched Thornburg Limited Term Municipal strategy. Since that time we ve honed an active, repeatable process and developed a flexible team well versed in finding relative value within the vast universe of bond issues. APPROACH Fundamental, Bottom-up Credit Research GOALS Relatively Steady Yield Ladder Short and Intermediate Bonds CORE BOND STRATEGIES Low Correlation to Equities Maintain Well-Diversified Portfolios Relatively Steady NAV Our bond research process focuses on four primary areas: Understand the structure of each bond. Assess the issuer s disposition and preparedness to meet obligations. Determine their capacity and capability to cross the finish line. Find the relative value of the bond vs. others in the market.

4 How We Do it: Active Laddering n Enables us to balance a respectable rate of return without experiencing the higher risk associated with the fluctuation of interest rates. n Tends to perform very well against other bond strategies over the long term. Simultaneously accomplishes two goals: n Captures price appreciation as the bonds age and their remaining life shortens. n Reinvests principal from maturing bonds (low-yielding bonds) into new longer-term bonds (higher-yielding bonds). Thornburg Limited Term Income Fund (as of 3/31/17) Current Portfolio Ladder* Average Maturity 3.6 Yrs Effective Duration 2.6 Yrs 14% 12% 11% 12% 15% 7% 4% Credit Quality Ratings Cash & Cash Equivalents 10.5% U.S. Government 14.2% AAA 18.0% Not Rated 0. Below Invest. Grade 1. BBB 28.1% CASH AA 8.0% A 18.8% Thornburg Limited Term Municipal Fund (as of 3/31/17) Current Portfolio Ladder* Average Maturity 4.2 Yrs Effective Duration 3.5 Yrs 12% 8% 12% Credit Quality Ratings Cash & Cash Equivalents 8.1% AAA 12.4% Not Rated 0.5% Below Invest. Grade 0.1% BBB 2. A 20.5% CASH AA 55. Thornburg Intermediate Municipal Fund (as of 3/31/17) Current Portfolio Ladder* Average Maturity 8.1 Yrs Effective Duration 5.2 Yrs 8% 13% 11% Credit Quality Ratings Cash & Cash Equivalents 8.7% AAA 15.0% Not Rated 0. Below Invest. Grade 0.3% BBB 4.5% A 28.0% CASH AA 42. *Percentage of portfolio maturing in each year. The percentages can and do vary over time. Cash includes cash equivalents. Charts may not add up to 100% due to rounding. A bond credit rating assesses the financial ability of a debt issuer to make timely payments of principal and interest. Ratings of AAA (the highest), AA, A, and BBB are investment-grade quality. Ratings of BB, B, CCC, CC, C and D (the lowest) are considered below investment grade, speculative grade, or junk bonds. Credit quality ratings for Thornburg s global fixed income portfolios used ratings from Moody s Investors Service. Where Moody s ratings are not available, we have used Standard & Poor s ratings. Where neither rating is available, we have used ratings from other nationally recognized statistical rating organizations (NRSROs). Credit quality ratings for Thornburg s municipal portfolios used the highest rating available from Standard & Poor s or Moody s Investors Service.

5 How We Think At Thornburg, we believe that long-term preservation of principal is best achieved by diversification and performing through a variety of market cycles and conditions. Results Preservation of Portfolio Value (Hypothetical $100,000 Investment over a 10-year period as of 3/31/17) Thornburg Limited Term Income Fund, Class A (Inception: 10/1/1992) A: THIFX I: THIIX $600 $ Month Period Payments Portfolio Value (right axis): $111,121 Monthly Income Payment (left axis) $150,000 $125,000 Monthly Income $400 $300 $200 $100,000 $75,000 $50,000 Portfolio Value $100 $25,000 $4,212 $4,714 $4,663 $3,928 $3,665 $3,088 $2,548 $2,321 $2,144 $2,045 Mar-07 Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar13 Mar-14 Mar-15 Mar-16 Mar-17 Thornburg Limited Term Municipal Fund, Class A (Inception: 9/28/1984) A: LTMFX I: LTMIX $600 $ Month Period Payments Portfolio Value (right axis): $106,157 Monthly Income Payment (left axis) $150,000 $125,000 Monthly Income $400 $300 $200 $100,000 $75,000 $50,000 Portfolio Value $100 $25,000 $3,513 $3,566 $3,186 $2,644 $2,576 $2,066 $1,957 $1,756 $1,675 $1,691 Mar-07 Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar13 Mar-14 Mar-15 Mar-16 Mar-17 Thornburg Intermediate Municipal Fund, Class A (Inception: 7/22/1991) A: THIMX I: THMIX $600 $ Month Period Payments Portfolio Value (right axis): $105,593 Monthly Income Payment (left axis) $150,000 $125,000 Monthly Income $400 $300 $200 $100,000 $75,000 $50,000 Portfolio Value $100 $3,862 $3,990 $3,951 $3,591 $3,403 $2,748 $2,518 $2,401 $2,197 $2,202 Mar-07 Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar13 Mar-14 Mar-15 Mar-16 Mar-17 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 Hypothetical illustrations above do not account for the funds 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. See the back page for total returns. Investments carry risks, including possible loss of principal. 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. Unlike bonds, bond funds have ongoing fees and expenses. Investments in mortgage-backed securities (MBS) may bear additional risk. Investments in the Funds are not FDIC insured, nor are they bank deposits or guaranteed by a bank or any other entity. $25,000

6 Core Fixed Income Solutions for the Long-Term Average Annual Total Returns (as of 3/31/17) Thornburg Limited Term Income Fund YTD SINCE INCEPTION 30-DAY SEC YIELD A Shares THIFX (Incep: 10/1/92) Without sales charge 0.75% 2.08% 2.04% 2.52% 4.30% 5.02% 0.8 With sales charge -0.74% 0.57% 1.54% 2.22% 4.14% % I Shares THIIX (Incep: 7/5/96) 0.84% 2.45% 2.41% % 2.05% 0.50% Thornburg Limited Term Municipal Fund A Shares LTMFX (Incep: 9/28/84) Without sales charge % 1.27% 1.40% 3.00% 4.87% 0.72% With sales charge -0.48% -1.98% % 4.82% 1.04% I Shares LTMIX (Incep: 7/5/96) 1.13% % 1.73% 3.34% 3.88% % Thornburg Intermediate Municipal Fund A Shares THIMX (Incep: 7/22/91) Without sales charge 0.84% -0.85% 2.18% 2.37% 3.63% 4.73% 0.92% With sales charge -1.15% -2.81% 1.50% % 4.65% 1.43% I Shares THMIX (Incep: 7/5/96) 0.84% -0.62% 2.48% 2.68% % 1.74% 0.61% Returns are annualized for periods greater than one year. EXPENSE RATIO 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 class A shares of the Limited Term Funds is 1.50% and 2.00% for the Intermediate Fund. There is no up-front sales charge for class I shares. 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 laddering strategy nor diversification can assure or guarantee better performance and neither eliminates the risk of investment losses. There is no guarantee the funds will meet their objectives. 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 /21/17 TH2596