Portfolio Exposure as of 5/31/2018

% OF PORTFOLIO
Gross Long105.6%
Gross Short-74.6%
Net Equity30.9%

AVERAGE EXPOSURE as of 5/31/2018

GROSS LONGGROSS SHORTNET
200866.5%-19.5%47.0%
200984.3%-12.6%71.7%
2010105.9%-44.2%61.8%
2011117.1%-67.6%49.5%
2012121.4%-63.8%57.5%
2013117.5%-78.0%39.7%
2014114.5%-77.1%37.4%
2015117.2%-77.7%39.6%
2016113.1%-79.6%33.5%
2017106.7%-74.4%32.3%
2018104.5%-72.8%31.6%
Since Inception108.2%-60.7%47.6%

ASSETS BY GEOGRAPHY as of 5/31/2018

% OF GROSS
United States83.9%
Ex-U.S.16.1%

Sector Allocation as of 5/31/2018

% OF PORTFOLIO
Consumer Discretionary11.7%
Energy7.2%
Information Technology6.9%
Financials5.3%
Health Care5.3%
Materials2.6%
Utilities0.0%
Unassigned0.0%
Consumer Staples-0.3%
Telecommunication Services-1.6%
Industrials-2.3%
Real Estate-4.0%

Concentration as of 5/31/2018

% OF PORTFOLIO
Top 5 Long Equities20.2%
Top 10 Long Equities36.0%

Top Ten Long Equities as of 4/30/2018

% OF PORTFOLIO
Alkermes plc4.2%
Gilead Sciences, Inc.3.8%
US Foods Holding Corp.3.7%
Facebook, Inc.3.6%
PennyMac Mortgage Investment Trust3.2%
Starbucks Corp.3.1%
Fibra UNO Administracion S.A. de C.V.3.1%
Assured Guaranty Ltd.3.0%
Alphabet, Inc.2.9%
China Mobile Ltd.2.8%
Portfolio holdings are subject to change.

Capitalization Exposure as of 5/31/2018

% OF PORTFOLIO
Large Cap (> $12 B)25.9%
Mid Cap ($2.5 to $12 B)11.8%
Small Cap (< $2.5 B)-6.8%
Sources: FactSet & Kiski Alpha Partners
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.