Mutual Funds

SHARE CLASS
SALES CHARGE
YEAR
TO DATE
RETURNS		 AVERAGE ANNUAL TOTAL RETURNS AS OF 10/31/20199/30/2019
ANNUAL
OPERATING
EXPENSE RATIOS
TICKER INCEP.
DATE		 AS OF
11/12/2019		 1-YR 3-YR 5-YR 10-YR SINCE
INCEP.		 GROSS NET
Important Information
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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.

Periods less than one year are not annualized.

Long/Short Equity 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.

The maximum sales charge for the A shares is as follows: equity funds and Strategic Income Fund: 4.50%; limited-term and low-duration bond funds: 1.50%; Strategic Municipal Income and intermediate-term bond funds: 2.00%.

C shares include a contingent deferred sales charge (CDSC) for the first year only as follows: equity funds and Strategic Income Fund: 1% CDSC; limited-term and low-duration bond funds: 0.50%; Strategic Municipal Income and intermediate-term bond funds: 0.60% CDSC.

There is no up-front sales charge for class D, I, or R shares.

Prior to inception of the equity funds' class I shares, performance is calculated from actual returns of the class A shares adjusted for the lower Institutional expenses.

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.

Class R shares are limited to retirement platforms only.

Prior to inception of the Retirement shares, the performance includes actual returns of class A Shares adjusted for class R expenses. After inception of each Retirement share class, actual class R performance was used.

Thornburg Investment Management and/or Thornburg Securities Corporation have contractually agreed to waive fees and reimburse expenses through at least February 1, 2020, so that actual expenses do not exceed the net expense ratio above.

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. 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. This effect is more pronounced for longer-term bonds. Unlike bonds, bond funds have ongoing fees and expenses. Investments in mortgage-backed securities (MBS) may bear additional risk. Investments in lower rated and unrated bonds may be more sensitive to default, downgrades, and market volatility; these investments may also be less liquid than higher rated bonds. 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. A short position will lose value as the security's price increases. Theoretically, the loss on a short sale can be unlimited. Investments in the Funds are not FDIC insured, nor are they bank deposits or guaranteed by a bank or any other entity.

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.

Thornburg Investment Management and/or Thornburg Securities Corporation have contractually agreed to waive fees and reimburse expenses through at least February 1, 2020, so that actual expenses do not exceed the net expense ratio above.