Performance [FLSE]

Share Class

Average Annual Total Returns

I Shares (Incep. 12/30/2016)	YTD	1-YR	3-YR	5-YR	10-YR	INCEPTION*
THLSX^†	-1.76%	1.30%	4.63%	3.30%	7.40%	6.05%
Benchmark (Since 2/1/2008)
S&P 500 Index	-8.27%	8.19%	9.87%	9.23%	12.65%	8.81%

I Shares (Incep. 12/30/2016)	YTD	1-YR	3-YR	5-YR	10-YR	INCEPTION*
THLSX^†	8.50%	8.50%	5.88%	4.24%	7.42%	6.29%
Benchmark (Since 2/1/2008)
S&P 500 Index	31.49%	31.49%	15.27%	11.70%	13.56%	9.73%

	I Shares* (Incep. 12/30/2016)	S&P 500 Index
2009^†	36.38%	26.46%
2010^†	9.02%	15.06%
2011^†	1.27%	2.11%
2012^†	17.23%	16.00%
2013^†	21.75%	32.39%
2014^†	5.45%	13.69%
2015^†	2.26%	1.38%
2016^†	1.40%	11.96%
2017	16.87%	21.83%
2018	-6.39%	-4.38%
2019	8.50%	31.49%

* Since 2/1/2008.
^† Performance prior to 12/30/2016 is from the predecessor fund, which was managed in a materially equivalent manner to Thornburg Long/Short Equity Fund. The predecessor fund was not a registered mutual fund and was not subject to the same investment restrictions as the Long/Short Equity Fund. If the predecessor fund had been registered under the 1940 Act, the performance may have been different.
Returns for less than one year are not annualized.
Source: Confluence

Fund Operating Expenses — Class I Shares

Gross Annual Operating Expenses (as reported in the most recent Prospectus)

3.47%

Correlation Metrics as of 1/31/2020 — Class I Shares

	1-YR	3-YR	5-YR	10-YR	INCEPTION
Beta vs. S&P 500 Index	0.33	0.47	0.43	0.44	0.53
Correlation vs. S&P 500 Index	0.50	0.69	0.64	0.72	0.79
Upcapture vs. S&P 500 Index	26.19%	44.15%	45.05%	50.33%	55.78%
Downcapture vs. S&P 500 Index	75.52%	63.31%	57.61%	45.39%	51.74%

Risk Metrics as of 1/31/2020 — Class I Shares

	1-YR	3-YR	5-YR	10-YR	INCEPTION
Fund Standard Deviation (Annualized)	7.18%	8.08%	7.94%	7.59%	9.85%
Fund Sharpe Ratio	-0.14	0.31	0.39	0.92	0.56
S&P 500 Index Standard Deviation (Annualized)	11.00%	11.95%	11.75%	12.32%	14.78%
S&P 500 Index Sharpe Ratio	1.77	1.08	0.96	1.09	0.61

Dividends and Capital Gains — Class I Shares

Dividend (December 2019)	None Paid
Capital Gains for 2018 paid Nov 15, 2018
Short-Term (per share)	$0.01997
Long-Term (per share)	$0.45294
Total (per share)	$0.47291

Hypothetical Growth of $10,000 as of 2/29/2020 (Thornburg Long/Short Equity Fund vs. S&P 500 Index)

I Shares	20322.20300000
S&P 500 Index	27730.62930000

The Hypothetical Growth of $10,000 graph compares a hypothetical $10,000 investment in the Fund to the performance of the Index for the stated time period. Returns reflect reinvestment of dividends and capital gains, if any, as well as all fees and expenses.

Performance prior to 12/30/2016 is from the predecessor fund, which was managed in a materially equivalent manner to Thornburg Long/Short Equity Fund. The predecessor fund was not a registered mutual fund and was not subject to the same investment restrictions as the Long/Short Equity Fund. If the predecessor fund had been registered under the 1940 Act, the Performance may have been different.