Long/Short Equity Fund - Performance - Thornburg Investment Management

Share Class

Average Annual Total Returns

I Shares (Incep. 12/30/2016)	YTD	1-YR	3-YR	5-YR	10-YR	INCEPTION*
THLSX^†	-5.34%	-6.01%	-3.94%	2.05%	5.29%	4.56%
Benchmark (Since 2/1/2008)
S&P 500 TR	6.17%	56.35%	16.78%	16.29%	13.91%	10.67%

I Shares (Incep. 12/30/2016)	YTD	1-YR	3-YR	5-YR	10-YR	INCEPTION*
THLSX^†	-5.34%	-6.01%	-3.94%	2.05%	5.29%	4.56%
Benchmark (Since 2/1/2008)
S&P 500 TR	6.17%	56.35%	16.78%	16.29%	13.91%	10.67%

	I Shares* (Incep. 12/30/2016)	S&P 500 TR
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%
2020	-8.15%	18.40%

* 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)

3.18%

Correlation Metrics as of 12/31/2020 — Class I Shares

	1-YR	3-YR	5-YR	10-YR	INCEPTION
Beta vs. S&P 500 TR	0.23	0.33	0.32	0.37	0.47
Correlation vs. S&P 500 TR	0.54	0.64	0.56	0.62	0.74
Upcapture vs. S&P 500 TR	-1.28%	18.83%	29.26%	40.64%	48.11%
Downcapture vs. S&P 500 TR	28.40%	44.29%	46.56%	40.48%	47.97%

Risk Metrics as of 12/31/2020 — Class I Shares

	1-YR	3-YR	5-YR	10-YR	INCEPTION
Fund Standard Deviation (Annualized)	10.70%	9.59%	8.78%	7.97%	10.00%
Fund Sharpe Ratio	-0.82	-0.40	0.10	0.63	0.45
S&P 500 TR Standard Deviation (Annualized)	24.84%	18.53%	15.13%	13.49%	15.85%
S&P 500 TR Sharpe Ratio	0.72	0.68	0.93	0.98	0.62

Dividends and Capital Gains — Class I Shares

Dividend (December 2020)	None Paid
Capital Gains (2020)	None Paid

Hypothetical Growth of $10,000 as of 3/31/2021 (Thornburg Long/Short Equity Fund vs. S&P 500 TR)

I Shares	17985.43700000
S&P 500 TR	38002.11480000

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.