Share Class

AVERAGE ANNUAL TOTAL RETURNS

I Shares (Incep. 12/30/2016) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION*
THLSX0.97%8.34%4.33%7.74%7.79%7.17%
Benchmark (Since 2/1/2008)
S&P 500 Index2.65%14.37%11.93%13.42%10.17%9.06%
I Shares (Incep. 12/30/2016) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION*
THLSX0.97%8.34%4.33%7.74%7.79%7.17%
Benchmark (Since 2/1/2008)
S&P 500 Index2.65%14.37%11.93%13.42%10.17%9.06%

* Since 2/1/2008.
Returns for less than one year are not annualized.
Source: Confluence

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.

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.

The maximum sales charge for the Fund’s A shares is 4.50%.

C shares include a 1% contingent deferred sales charge (CDSC) for the first year only.

There is no up-front sales charge for class I shares.

There is no up-front sales charge for class R shares.

FUND OPERATING EXPENSES — Class I Shares

Gross Annual Operating Expenses (as reported in the most recent Prospectus)3.81%
Net Annual Operating Expenses (as reported in the most recent Prospectus)3.46%
Actual Annual Operating Expenses (fiscal year to date, as of 6/30/2018)1.46%

Thornburg Investment Management and/or Thornburg Securities Corporation have contractually agreed to waive fees and reimburse expenses through at least June 15, 2019 so that actual expenses do not exceed the net expense ratio above.

Expense Ratios – Expressed as a percentage of total fund assets and include management fees and operating costs. Expense ratios fluctuate over time and the expense ratio in the prospectus may differ from the actual expense ratio. The fund's total return includes the deduction of expenses.

For more detailed information on fund expenses, please see the fund's prospectus.

CORRELATION METRICS as of 6/30/2018

 1-YR  3-YR  5-YR  10-YR  INCEPTION 
Beta vs. S&P 500 Index0.650.390.380.540.54
Correlation to S&P 500 Index0.740.540.550.800.80
Upcapture vs. S&P 500 Index61.40%48.14%50.18%60.62%60.11%
Downcapture vs. S&P 500 Index66.19%64.15%36.99%50.68%50.06%

Risk Metrics as of 6/30/2018

 1-YR  3-YR  5-YR  10-YR  INCEPTION 
Fund Standard Deviation (Annualized)7.17%7.32%6.61%9.98%9.95%
Fund Sharpe Ratio0.980.501.110.750.68
S&P 500 Index Standard Deviation (Annualized)8.24%10.02%9.73%14.65%14.75%
S&P 500 Index Sharpe Ratio1.581.131.340.670.59

Dividends and Capital Gains — Class I Shares

Dividend (December 2017)None Paid
Capital Gains for 2017 paid Nov 17, 2017
     Short-Term (per share)$0.12806
     Long-Term (per share)$0.21490
     Total (per share)$0.34296

HYPOTHETICAL GROWTH OF $10,000 as of 6/30/2018(Thornburg Long/Short Equity Fund vs. S&P 500 Index)

  • I shares$20,563
  • S&P 500 Index$24,682
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.

Important Information
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.

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. A short position will lose value as the security's price increases. Theoretically, the loss on a short sale can be unlimited. Investments in derivatives are subject to the risks associated with the securities or other assets underlying the pool of securities, including illiquidity and difficulty in valuation. Non-diversified funds can be more volatile than diversified funds. Investments in the Fund are not FDIC insured, nor are they bank deposits or guaranteed by a bank or any other entity.

Diversification does not assure or guarantee better performance and cannot eliminate the risk of investment losses.

Funds invested in a limited number of holdings may expose an investor to greater volatility.

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.

There is no guarantee that the Fund will meet its investment objectives.

Please see our glossary for a definition of terms.

Thornburg mutual funds are distributed by Thornburg Securities Corporation.

Thornburg Investment Management, Inc. mutual funds are sold through investment professionals including investment advisors, brokerage firms, bank trust departments, trust companies and certain other financial intermediaries. Thornburg Securities Corporation (TSC) does not act as broker of record for investors.