Thornburg Limited Term Income Fund

Share Class

Average Annual Total Returns

A Acc Shares (Incep. 03/05/2017) 1-MONTH YTD 1-YR INCEPTION
THLTAUA ID1.04%1.04%4.83%2.28%
Benchmark (Since 03/05/2017)
Bloomberg Barclays Intermediate U.S. Government/Credit Index1.42%1.42%7.39%3.57%
A Acc Shares (Incep. 03/05/2017) QTD YTD 1-YR INCEPTION
THLTAUA ID0.19%4.36%4.36%1.96%
Benchmark (Since 03/05/2017)
Bloomberg Barclays Intermediate U.S. Government/Credit Index0.37%6.80%6.80%3.14%
A Acc Shares (Incep. 03/05/2017) Bloomberg Barclays Intermediate U.S. Government/Credit Index
2018 0.40% 0.88%
2019 4.36% 6.80%

Returns for less than one year are not annualized.
Source: Confluence

Fees and Expenses — Class A Acc Shares

Management Fee* 1.00%
Expense Ratio 1.35%

For more information about charges, please see the section of this Fund's prospectus entitled "Fees and Expenses" or the section of this Fund's Key Investor Information Document entitled "Charges to the Funds".

* As a percent of Net Asset Value

Morningstar Rating

Overall Morningstar Rating among 233 USD Diversified Bond - Short funds, based on risk-adjusted returns for class A Acc shares, using a weighted average of the fund's three-, five- and ten-year ratings: respectively, 4 stars, 4 stars and 5 stars among 233, 186 and 115 funds, as of 1/31/2020.

Average Annual Total Returns

A Dist Shares (Incep. 03/05/2017) 1-MONTH YTD 1-YR INCEPTION
THLAUDU ID1.10%1.10%4.85%2.28%
Benchmark (Since 03/05/2017)
Bloomberg Barclays Intermediate U.S. Government/Credit Index1.42%1.42%7.39%3.57%
A Dist Shares (Incep. 03/05/2017) QTD YTD 1-YR INCEPTION
THLAUDU ID0.16%4.38%4.38%1.94%
Benchmark (Since 03/05/2017)
Bloomberg Barclays Intermediate U.S. Government/Credit Index0.37%6.80%6.80%3.14%
A Dist Shares (Incep. 03/05/2017) Bloomberg Barclays Intermediate U.S. Government/Credit Index
2018 0.32% 0.88%
2019 4.38% 6.80%

Returns for less than one year are not annualized.
Source: Confluence

Fees and Expenses — Class A Dist Shares

Management Fee* 1.00%
Expense Ratio 1.35%

For more information about charges, please see the section of this Fund's prospectus entitled "Fees and Expenses" or the section of this Fund's Key Investor Information Document entitled "Charges to the Funds".

* As a percent of Net Asset Value

Morningstar Rating

Overall Morningstar Rating among 233 USD Diversified Bond - Short funds, based on risk-adjusted returns for class A Dist shares, using a weighted average of the fund's three-, five- and ten-year ratings: respectively, 4 stars, 4 stars and 5 stars among 233, 186 and 115 funds, as of 1/31/2020.

Dividends and Capital Gains — Class A Dist Shares

Dividend (paid 5 Feb 2020) $0.01059

Average Annual Total Returns

C Acc Shares (Incep. 03/05/2017) 1-MONTH YTD 1-YR INCEPTION
THLTCUA ID0.96%0.96%4.18%1.69%
Benchmark (Since 03/05/2017)
Bloomberg Barclays Intermediate U.S. Government/Credit Index1.42%1.42%7.39%3.57%
C Acc Shares (Incep. 03/05/2017) QTD YTD 1-YR INCEPTION
THLTCUA ID0.10%3.80%3.80%1.37%
Benchmark (Since 03/05/2017)
Bloomberg Barclays Intermediate U.S. Government/Credit Index0.37%6.80%6.80%3.14%
C Acc Shares (Incep. 03/05/2017) Bloomberg Barclays Intermediate U.S. Government/Credit Index
2018 -0.30% 0.88%
2019 3.80% 6.80%

Returns for less than one year are not annualized.
Source: Confluence

Fees and Expenses — Class C Acc Shares

Management Fee* 1.60%
Expense Ratio 1.95%

C shares include a 1.0% contingent deferred sales charge (CDSC) for the first year only.
For more information about charges, please see the section of this Fund's prospectus entitled "Fees and Expenses" or the section of this Fund's Key Investor Information Document entitled "Charges to the Funds".

* As a percent of Net Asset Value

Morningstar Rating

Overall Morningstar Rating among 233 USD Diversified Bond - Short funds, based on risk-adjusted returns for class C Acc shares, using a weighted average of the fund's three-, five- and ten-year ratings: respectively, 3 stars, 3 stars and 5 stars among 233, 186 and 115 funds, as of 1/31/2020.

Average Annual Total Returns

C Dist Shares (Incep. 03/05/2017) 1-MONTH YTD 1-YR INCEPTION
THLTCUD ID0.95%0.95%4.22%1.68%
Benchmark (Since 03/05/2017)
Bloomberg Barclays Intermediate U.S. Government/Credit Index1.42%1.42%7.39%3.57%
C Dist Shares (Incep. 03/05/2017) QTD YTD 1-YR INCEPTION
THLTCUD ID0.11%3.75%3.75%1.37%
Benchmark (Since 03/05/2017)
Bloomberg Barclays Intermediate U.S. Government/Credit Index0.37%6.80%6.80%3.14%
C Dist Shares (Incep. 03/05/2017) Bloomberg Barclays Intermediate U.S. Government/Credit Index
2018 -0.27% 0.88%
2019 3.75% 6.80%

Returns for less than one year are not annualized.
Source: Confluence

Fees and Expenses — Class C Dist Shares

Management Fee* 1.60%
Expense Ratio 1.95%

C shares include a 1.0% contingent deferred sales charge (CDSC) for the first year only.
For more information about charges, please see the section of this Fund's prospectus entitled "Fees and Expenses" or the section of this Fund's Key Investor Information Document entitled "Charges to the Funds".

* As a percent of Net Asset Value

Morningstar Rating

Overall Morningstar Rating among 233 USD Diversified Bond - Short funds, based on risk-adjusted returns for class C Dist shares, using a weighted average of the fund's three-, five- and ten-year ratings: respectively, 3 stars, 3 stars and 5 stars among 233, 186 and 115 funds, as of 1/31/2020.

Dividends and Capital Gains — Class C Dist Shares

Dividend (paid 5 Feb 2020) $0.00524

Average Annual Total Returns

I Acc Shares (Incep. 03/05/2017) 1-MONTH YTD 1-YR INCEPTION
THLTIUA ID1.12%1.12%5.55%2.98%
Benchmark (Since 03/05/2017)
Bloomberg Barclays Intermediate U.S. Government/Credit Index1.42%1.42%7.39%3.57%
I Acc Shares (Incep. 03/05/2017) QTD YTD 1-YR INCEPTION
THLTIUA ID0.37%5.10%5.10%2.65%
Benchmark (Since 03/05/2017)
Bloomberg Barclays Intermediate U.S. Government/Credit Index0.37%6.80%6.80%3.14%
I Acc Shares (Incep. 03/05/2017) Bloomberg Barclays Intermediate U.S. Government/Credit Index
2018 1.09% 0.88%
2019 5.10% 6.80%

Returns for less than one year are not annualized.
Source: Confluence

Fees and Expenses — Class I Acc Shares

Management Fee* 0.50%
Expense Ratio 0.65%

For more information about charges, please see the section of this Fund's prospectus entitled "Fees and Expenses" or the section of this Fund's Key Investor Information Document entitled "Charges to the Funds".

* As a percent of Net Asset Value

Morningstar Rating

Overall Morningstar Rating among 233 USD Diversified Bond - Short funds, based on risk-adjusted returns for class I Acc shares, using a weighted average of the fund's three-, five- and ten-year ratings: respectively, 5 stars, 5 stars and 5 stars among 233, 186 and 115 funds, as of 1/31/2020.

Average Annual Total Returns

I Dist Shares (Incep. 03/05/2017) 1-MONTH YTD 1-YR INCEPTION
THLTIUD ID1.06%1.06%5.60%2.97%
Benchmark (Since 03/05/2017)
Bloomberg Barclays Intermediate U.S. Government/Credit Index1.42%1.42%7.39%3.57%
I Dist Shares (Incep. 03/05/2017) QTD YTD 1-YR INCEPTION
THLTIUD ID0.43%5.13%5.13%2.66%
Benchmark (Since 03/05/2017)
Bloomberg Barclays Intermediate U.S. Government/Credit Index0.37%6.80%6.80%3.14%
I Dist Shares (Incep. 03/05/2017) Bloomberg Barclays Intermediate U.S. Government/Credit Index
2018 1.02% 0.88%
2019 5.13% 6.80%

Returns for less than one year are not annualized.
Source: Confluence

Fees and Expenses — Class I Dist Shares

Management Fee* 0.50%
Expense Ratio 0.65%

For more information about charges, please see the section of this Fund's prospectus entitled "Fees and Expenses" or the section of this Fund's Key Investor Information Document entitled "Charges to the Funds".

* As a percent of Net Asset Value

Morningstar Rating

Overall Morningstar Rating among 233 USD Diversified Bond - Short funds, based on risk-adjusted returns for class I Dist shares, using a weighted average of the fund's three-, five- and ten-year ratings: respectively, 5 stars, 5 stars and 5 stars among 233, 186 and 115 funds, as of 1/31/2020.

Dividends and Capital Gains — Class I Dist Shares

Dividend (paid 5 Feb 2020) $0.01681
Important Information