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0000816153 tbit:BloombergGlobalAggregateTotalReturnIndexValueUnhedgedUSDMember 2021-01-01 2025-12-31 0000816153 tbit:BloombergGlobalAggregateTotalReturnIndexValueUnhedgedUSDMember 2019-03-01 2025-12-31 0000816153 tbit:BlendedIndex1Member 2021-01-01 2025-12-31 0000816153 tbit:BlendedIndex1Member 2019-03-01 2025-12-31 iso4217:USD pure false N-1A 497 0000816153 Thornburg investment trust 2026-02-01 2026-08-21 Investment Income Builder Fund Investment Goal The Fund’s primary investment goal is to provide a level of current income which exceeds the average yield on U.S. stocks generally, and which will generally grow, subject to periodic fluctuations, over the years on a per share basis. The Fund’s secondary investment goal is long-term capital appreciation. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. You may qualify for discounts from the sales charges applicable to Class A shares if you or other qualifying account holders invest, or agree to invest in the future, at least <span id="xdx_906_eoef--ExpenseBreakpointMinimumInvestmentRequiredAmount_c20260820__20260820__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000011851Member_zcX3j5G9NYta">$50,000 in the Thornburg Funds. More information about this and other discounts and sales charge waivers is available from your financial intermediary, in the Prospectus under the captions “Class A Sales Charge Waivers,” beginning on page 154, and “Appendix A – Sales Charge Waivers Offered by Financial Intermediaries,” beginning on page 208, and in the Statement of Additional Information under the caption “Additional Information Respecting Purchase and Redemption of Shares,” beginning on page 94. You may qualify for discounts from the sales charges applicable to Class A shares if you or other qualifying account holders invest, or agree to invest in the future, at least $50,000 in the Thornburg Funds. 50000 Shareholder Fees (fees paid directly from your investment) <div id="xdx_A87_eoef--ShareholderFeesTableTextBlock_z5Xkmi2tjrT6"></div> <table id="xdx_A5A_dU_zb7bZC9Rzshe" style="table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 289.79pt"> </td> <td id="xdx_493_20260820__20260820__oef--ClassAxis__custom--C000032380Member_zsHA4zbybsmh" style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td id="xdx_495_20260820__20260820__oef--ClassAxis__custom--C000032381Member_zXr5f601EQb5" style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td id="xdx_496_20260820__20260820__oef--ClassAxis__custom--C000032382Member_zVzaacD5u0N3" style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td id="xdx_496_20260820__20260820__oef--ClassAxis__custom--C000177479Member_zBTPZyMRkAsf" style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.5pt 6pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> Class A </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> Class C </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> Class I </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> Class R6 </td> </tr> <tr id="xdx_405_eoef--MaximumSalesChargeImposedOnPurchasesOverOfferingPrice_dpn_znyS9xgxkZll" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> 4.50% </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> none </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> none </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> none </td> </tr> <tr style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> Maximum Deferred Sales Charge (Load) (as a percentage of redemption proceeds or original purchase price, whichever is lower) </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <span id="xdx_902_eoef--MaximumDeferredSalesChargeOverOther_dpn_c20260820__20260820__oef--ClassAxis__custom--C000032380Member_fMQ_____z0SseeTtabmk" title="Maximum Deferred Sales Charge (Load) (as a percentage of redemption proceeds or original purchase price, whichever is lower)">none(1) </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 1.00%(2) </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> none </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> none </td> </tr> </table> 0.0450 0 0 0 0 0.0100 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A8D_eoef--AnnualFundOperatingExpensesTableTextBlock_za6wx3GZ5szh"></div> <table id="xdx_A57_dU_zsigJCRK0u6k" style="table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 289.79pt"> </td> <td id="xdx_495_20260820__20260820__oef--ClassAxis__custom--C000032380Member_zNQARZxA1ui4" style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td id="xdx_49B_20260820__20260820__oef--ClassAxis__custom--C000032381Member_zKmsfCzvj7g" style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td id="xdx_49B_20260820__20260820__oef--ClassAxis__custom--C000032382Member_zGG5cYnFdwpd" style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td id="xdx_496_20260820__20260820__oef--ClassAxis__custom--C000177479Member_zOElecubOcf3" style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.5pt 6pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> Class A </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> Class C </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> Class I </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> Class R6 </td> </tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zqzIKPVCr3S4" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> Management Fees </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> 0.69% </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> 0.69% </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> 0.69% </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> 0.69% </td> </tr> <tr id="xdx_406_eoef--DistributionAndService12b1FeesOverAssets_dpn_zdqELkt9DZsl" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.5pt 6pt; vertical-align: bottom; border-collapse: collapse"> Distribution and Service (12b-1) Fees </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; vertical-align: bottom; border-collapse: collapse"> 0.25% </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; vertical-align: bottom; border-collapse: collapse"> 1.00% </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; vertical-align: bottom; border-collapse: collapse"> none </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; vertical-align: bottom; border-collapse: collapse"> none </td> </tr> <tr id="xdx_40A_eoef--OtherExpensesOverAssets_dpn_zQOqanj8vwx7" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> Other Expenses </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> 0.18% </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> 0.18% </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> 0.19% </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> 0.13% </td> </tr> <tr id="xdx_408_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zUzu698M4s6h" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.5pt 6pt; vertical-align: bottom; border-collapse: collapse"> Acquired Fund Fees and Expenses </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 0.03% </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 0.03% </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 0.03% </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 0.03% </td> </tr> <tr id="xdx_407_eoef--ExpensesOverAssets_dpn_z2sCU30CCrxa" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> Total Annual Fund Operating Expenses(3) </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> 1.15% </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> 1.90% </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> 0.91% </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> 0.85% </td> </tr> <tr id="xdx_402_eoef--FeeWaiverOrReimbursementOverAssets_dpn_zLk4WLDrAM2h" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.5pt 6pt; vertical-align: bottom; border-collapse: collapse"> Fee Waiver/Expense Reimbursement(4) </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> — </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> — </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> — </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> (0.02)% </td> </tr> <tr id="xdx_402_eoef--NetExpensesOverAssets_dpn_zJjw3PAw0TLj" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement(3) </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 1.15% </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 1.90% </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 0.91% </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 0.83% </td> </tr> </table> 0.0069 0.0069 0.0069 0.0069 0.0025 0.0100 0 0 0.0018 0.0018 0.0019 0.0013 0.0003 0.0003 0.0003 0.0003 0.0115 0.0190 0.0091 0.0085 -0.0002 0.0115 0.0190 0.0091 0.0083 <div id="xdx_A88_eoef--ExpenseFootnotesTextBlock_zDOPXPI6b6od"></div> <table cellpadding="0" cellspacing="0" style="font: italic 8pt/9pt Arial, sans-serif; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right">(1)</td> <td style="width: 5pt"></td> <td style="text-align: justify">Up to a 1.00% contingent deferred sales charge (CDSC) is imposed on redemptions of any part or all of a purchase of $1 million or more within 12 months of purchase.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: italic 8pt/9pt Arial, sans-serif; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right">(2)</td> <td style="width: 5pt"></td> <td style="text-align: justify">Imposed only on redemptions of Class C shares within 12 months of purchase.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: italic 8pt/9pt Arial, sans-serif; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right">(3)</td> <td style="width: 5pt"></td> <td style="text-align: justify"><span id="xdx_90E_eoef--ExpensesNotCorrelatedToRatioDueToAcquiredFundFees_c20260820__20260820__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000011851Member_zCiPqxgA3ETk">The Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement do not match the Ratios to Average Net Assets shown in the Financial Highlights section of the Prospectus, which reflect the operating expenses of the Fund and do not include acquired fund fees and expenses (‘AFFE’). AFFE are expenses incurred indirectly by other investment companies in which the Fund holds shares, are not direct costs paid by Fund shareholders, and are not used to calculate the Fund’s net asset value.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: italic 8pt/9pt Arial, sans-serif; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right">(4)</td> <td style="width: 5pt"></td> <td style="text-align: justify">Thornburg Investment Management, Inc. (“Thornburg”) has contractually agreed to waive fees and reimburse expenses incurred by the Fund so that actual Class R6 expenses (excluding taxes, interest expenses, acquired fund fees and expenses, brokerage commissions, borrowing costs, expenses relating to short sales, and unusual expenses such as contingency fees or litigation costs) do not exceed 0.80%. The agreement to waive fees and reimburse expenses may be terminated by the Fund’s Trustees at any time, but may not be terminated by Thornburg before February 1, 2027, unless Thornburg ceases to be the investment advisor of the Fund prior to that date. Thornburg may recoup amounts waived or reimbursed during the Fund’s fiscal year if actual expenses fall below the expense cap during that same fiscal year.</td> </tr> </table> The Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement do not match the Ratios to Average Net Assets shown in the Financial Highlights section of the Prospectus, which reflect the operating expenses of the Fund and do not include acquired fund fees and expenses (‘AFFE’). AFFE are expenses incurred indirectly by other investment companies in which the Fund holds shares, are not direct costs paid by Fund shareholders, and are not used to calculate the Fund’s net asset value. February 1, 2027 Example. <p id="xdx_A89_eoef--ExpenseExampleNarrativeTextBlock_ztNZwxzHkhkg" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year, dividends and distributions are reinvested, and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions (and giving effect to fee waivers and expense reimbursements in the first year), your costs would be: <div id="xdx_A87_eoef--ExpenseExampleWithRedemptionTableTextBlock_z7DHgDRvzFSf"></div> <table id="xdx_A5C_dU_zAlXUbsvsAWf" style="table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 289.79pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> </td> <td id="xdx_48B_eoef--ExpenseExampleYear01_zKsWl9YUQYCa" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> 1 Year </td> <td id="xdx_482_eoef--ExpenseExampleYear03_zoLzAxWgmHY7" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> 3 Years </td> <td id="xdx_482_eoef--ExpenseExampleYear05_zjQK0b4fVzcd" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> 5 Years </td> <td id="xdx_485_eoef--ExpenseExampleYear10_z0Fy8LFqdRQ3" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> 10 Years </td> </tr> <tr id="xdx_41E_20260820__20260820__oef--ClassAxis__custom--C000032380Member_zfCUCwsvfRp7" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> Class A Shares </td> <td style="border-width: 0pt; padding: 2.75pt 27pt 2.75pt 0pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> $562 </td> <td style="border-width: 0pt; padding: 2.75pt 27pt 2.75pt 0pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> $799 </td> <td style="border-width: 0pt; padding: 2.75pt 27pt 2.75pt 0pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> $1,054 </td> <td style="border-width: 0pt; padding: 2.75pt 27pt 2.75pt 0pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> $1,785 </td> </tr> <tr id="xdx_418_20260820__20260820__oef--ClassAxis__custom--C000032381Member_zjspSksXH043" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> Class C Shares </td> <td style="border-width: 0pt; padding: 2.75pt 27pt 2.75pt 0pt; vertical-align: bottom; border-collapse: collapse"> $293 </td> <td style="border-width: 0pt; padding: 2.75pt 27pt 2.75pt 0pt; vertical-align: bottom; border-collapse: collapse"> $597 </td> <td style="border-width: 0pt; padding: 2.75pt 27pt 2.75pt 0pt; vertical-align: bottom; border-collapse: collapse"> $1,026 </td> <td style="border-width: 0pt; padding: 2.75pt 27pt 2.75pt 0pt; vertical-align: bottom; border-collapse: collapse"> $2,222 </td> </tr> <tr id="xdx_41C_20260820__20260820__oef--ClassAxis__custom--C000032382Member_z4X506ZKBiAe" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> Class I Shares </td> <td style="border-width: 0pt; padding: 2.75pt 27pt 2.75pt 0pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> $93 </td> <td style="border-width: 0pt; padding: 2.75pt 27pt 2.75pt 0pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> $290 </td> <td style="border-width: 0pt; padding: 2.75pt 27pt 2.75pt 0pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> $504 </td> <td style="border-width: 0pt; padding: 2.75pt 27pt 2.75pt 0pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> $1,120 </td> </tr> <tr id="xdx_41A_20260820__20260820__oef--ClassAxis__custom--C000177479Member_z120pvWdoGP4" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> Class R6 Shares </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.75pt 27pt 2.75pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> $85 </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.75pt 27pt 2.75pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> $269 </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.75pt 27pt 2.75pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> $469 </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.75pt 27pt 2.75pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> $1,047 </td> </tr> </table> 562 799 1054 1785 293 597 1026 2222 93 290 504 1120 85 269 469 1047 You would pay the following expenses if you did not redeem your Class C shares: <div id="xdx_A80_eoef--ExpenseExampleNoRedemptionTableTextBlock_zCFotY3RvIzg"></div> <table id="xdx_A53_zsL9y2avnggg" style="table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse" summary="xdx: Disclosure - Expense Example, No Redemption"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 289.79pt"> </td> <td id="xdx_481_eoef--ExpenseExampleNoRedemptionYear01_dn_zYZYmOvFjwo1" style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td id="xdx_48F_eoef--ExpenseExampleNoRedemptionYear03_dn_zWVyBeccmkvf" style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td id="xdx_480_eoef--ExpenseExampleNoRedemptionYear05_dn_zwMKbLkSBIQ4" style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td id="xdx_48E_eoef--ExpenseExampleNoRedemptionYear10_dn_zfEXiJcJ9Mll" style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> 1 Year </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> 3 Years </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> 5 Years </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> 10 Years </td> </tr> <tr id="xdx_417_20260820__20260820__oef--ClassAxis__custom--C000032381Member_zwlXl7S6jMph" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> Class C Shares </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.75pt 27pt 2.75pt 0pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> $193 </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.75pt 27pt 2.75pt 0pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> $597 </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.75pt 27pt 2.75pt 0pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> $1,026 </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.75pt 27pt 2.75pt 0pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> $2,222 </td> </tr> </table> 193 597 1026 2222 Portfolio Turnover. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over”) its portfolio. A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 27.78% of the average value of its portfolio. 0.2778 Principal Investment Strategies <p id="xdx_A83_eoef--StrategyNarrativeTextBlock_gRBSNTB-VOAANX_zUnIlLLP2sf3" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left">The Fund pursues its investment goals by investing in a broad range of income producing securities, primarily including stocks and bonds, as described below. The Fund will under normal conditions invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in income-producing securities, and at least 50% of its net assets, plus the amount of any borrowings for investment purposes, in common stocks. The Fund may invest in any stock or other equity security which the Fund’s investment advisor, Thornburg Investment Management, Inc. (“Thornburg”), believes may assist the Fund in pursuing its investment goals (including smaller companies with market capitalization of less than $500 million and companies in developing countries), including preferred stock and publicly traded real estate investment trusts. The Fund expects that equity investments in the Fund’s portfolio normally will be weighted in favor of companies which pay dividends or other current income. The Fund may invest in debt obligations of any kind, including corporate bonds and other obligations, mortgage- and other asset-backed securities and government obligations. The Fund may purchase debt obligations of any maturity and of any credit quality, including “high yield” or “junk” bonds. There is no minimum credit quality or rating of debt obligation the Fund may purchase. The Fund also may invest in debt obligations which have a combination of equity and debt characteristics, such as convertible bonds. The Fund may invest a significant portion of its assets in securities of issuers domiciled in or economically tied to countries outside the United States, including developing countries. The Fund’s investments are determined by individual issuer and industry analysis. Investment decisions are based on domestic and international economic developments, outlooks for securities markets, interest rates and inflation, the supply and demand for debt and equity securities, and analysis of specific issuers. The Fund ordinarily acquires and holds debt obligations for investment rather than for realization of gains by short-term trading on market fluctuations. However, the Fund may dispose of any such security prior to its scheduled maturity to enhance income or reduce loss, to change the portfolio’s average maturity, or otherwise to respond to market conditions. The Fund may sell an investment if Thornburg has identified a better investment opportunity, in response to changes in the conditions or business of the investment’s issuer or changes in overall market conditions, if Thornburg has a target price for the investment and that target price has been achieved, or if, in Thornburg’s opinion, the investment no longer serves to achieve the Fund’s investment goals. The Fund will under normal conditions invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in income-producing securities, and at least 50% of its net assets, plus the amount of any borrowings for investment purposes, in common stocks. An investment in the Fund is not a deposit in any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Accordingly, the loss of money is a risk of investing in the Fund. <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConvertibleDebtObligationRiskMember_zwYko6AQ0WU9" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left">Convertible Debt Obligation Risk – The market value of a convertible debt obligation may vary with changes in prevailing interest rates and changing evaluations of the ability of the issuer to meet principal and interest payments. The market value of a convertible debt obligation may also vary in accordance with the market value of the underlying stock. As a result, convertible debt obligations held by the Fund will tend to perform more like equity securities when the underlying stock price is high (because it is assumed that the Fund will convert the obligation), and more like non-convertible debt obligations when the underlying stock price is low (because it is assumed that the Fund will not convert the obligation). Because its market value can be influenced by several factors, a convertible debt obligation will not be as sensitive to interest rate changes as a similar non-convertible debt obligation, and generally will have less potential for gain or loss than the underlying stock. <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CreditRiskMember_zULt9qw5hBT5" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 4.5pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left">Credit Risk – If debt obligations held by the Fund are downgraded by ratings agencies or go into default, or if management action, legislation or other government action reduces the ability of issuers to pay principal and interest when due, the value of those obligations may decline and the Fund’s share value and the dividends paid by the Fund may be reduced. Because the ability of an issuer of a lower-rated or unrated obligation to pay principal and interest when due is typically less certain than for an issuer of a higher-rated obligation, lower-rated and unrated obligations are generally more vulnerable than higher-rated obligations to default, to ratings downgrades, and to liquidity risk. The inability of an issuer to pay principal and interest on its debt obligations when due, or the downgrading of an issuer’s debt obligations by ratings agencies, may adversely affect the market’s perceptions of the issuer’s financial strength and may therefore result in declines in the issuer’s stock price. <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityAndOperationalRiskMember_zDqhpZ27XJG3" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 4.5pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left">Cybersecurity and Operational Risk – Operational failures, cyber-attacks or other disruptions that affect the Fund’s service providers, the Fund’s counterparties, other market participants or the issuers of securities held by the Fund may adversely affect the Fund and its shareholders, including by causing losses for the Fund or impairing Fund operations. The rapid development and increasingly widespread use of artificial intelligence, including machine learning technology and generative artificial intelligence such as ChatGPT, could exacerbate these risks. <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--DevelopingCountryRiskMember_zwQdBixLjhi2" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 4.5pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left">Developing Country Risk – The risks which may affect investments in foreign issuers (see “Foreign Investment Risk,” below) may be more pronounced for investments in developing countries because the economies of those countries are usually less diversified, communications, transportation and economic infrastructures are less developed, and developing countries ordinarily have less established legal, political, business and social frameworks. At times the prices of equity securities or debt obligations of a developing country issuer may be extremely volatile. An issuer domiciled in a developed country may be similarly affected by these developing country risks to the extent that the issuer conducts its business in developing countries. <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquityRiskMember_zZicpENzlhGl" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 4.5pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left">Equity Risk – The value of the Fund’s equity investments may fluctuate significantly over time in response to factors affecting individual issuers, particular industries, or the market as a whole. Additionally, common stock ranks below preferred stock and debt securities in claims for dividends and for assets of a company in a liquidation or bankruptcy. <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignCurrencyRiskMember_zyAAUVoWb2C" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 4.5pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left">Foreign Currency Risk – Fluctuations in currency exchange rates can adversely affect the value of the Fund’s foreign investments. Such fluctuations may occur for a number of reasons, including market and economic conditions, or a government’s decision to devalue its currency or impose currency controls. <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignGovernmentObligationsRiskMember_gRBRTB-PSBU_zfkSR1NSjfF3" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left">Foreign Government Obligations Risk – Debt obligations may be issued by foreign governments and their agencies and instrumentalities, including the governments of developing countries and “supra-national” entities such as the International Bank for Reconstruction and Development. The Fund’s investments in these foreign debt obligations may be denominated in U.S. dollars or in foreign currencies. These securities, even if denominated in U.S. dollars, may be affected significantly by fluctuations in the value of foreign currencies, and the value of these securities in U.S. dollars may decline even if the securities increase in value in their home country. The governmental issuers of these debt obligations may be less willing or able than the U.S. to repay principal and interest when due, and they may require that the terms for payment be renegotiated. In some countries there may be political instability or insufficient government supervision of markets, and the legal protections for the Fund’s investments could be subject to unfavorable judicial or administrative changes. These risks may be more pronounced for the Fund’s investments in debt obligations issued by developing countries. <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignInvestmentRiskMember_zOUn4DhIFOwj" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 4.5pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left">Foreign Investment Risk – Investments in securities of foreign issuers may involve risks including adverse fluctuations in currency exchange rates, political instability, confiscations, taxes or restrictions on currency exchange, difficulty in selling foreign investments, and reduced legal protection. In addition, some foreign government debt obligations may be subject to default, delays in payment, adverse legislation or government action, or could be downgraded by ratings agencies. <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighYieldRiskMember_zkkJmM6j5lhg" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 4.5pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left">High Yield Risk – Debt obligations that are rated below investment grade and unrated obligations of similar credit quality (commonly referred to as “junk” or “high yield” bonds) may have a substantial risk of loss. These obligations are generally considered to be speculative with respect to the issuer’s ability to pay interest and principal when due. These obligations may be subject to greater price volatility than investment grade obligations, and their prices may decline significantly in periods of general economic difficulty or in response to adverse publicity, changes in investor perceptions or other factors. These obligations may also be subject to greater liquidity risk. <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--InterestRateRiskMember_zDgtvgzNWiFb" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 4pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left">Interest Rate Risk – When interest rates increase, the value of the Fund’s investments in debt obligations may decline and the Fund’s share value may be reduced. This effect is typically more pronounced for intermediate and longer-term obligations. This effect is also typically more pronounced for mortgage- and other asset-backed securities, the value of which may fluctuate more significantly in response to interest rate changes. When interest rates decrease, the Fund’s dividends may decline. <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zQrmCKrGhAbj" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 5pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left">Liquidity Risk – Due to a lack of demand in the marketplace or other factors, the Fund may not be able to sell some or all of its investments promptly, or may only be able to sell investments at less than desired prices. <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zlnjBdeukj0h" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 5pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left">Management Risk – The Fund is an actively managed portfolio, and the value of the Fund may be reduced if Thornburg pursues unsuccessful investments or fails to correctly identify risks affecting the broad economy or specific issuers in which the Fund invests. <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndEconomicRiskMember_zgXlLyOcMGj1" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 5pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left">Market and Economic Risk – The value of the Fund’s investments may decline and its share value may be reduced due to changes in general economic and market conditions. The value of a security may change in response to developments affecting entire economies, markets or industries, including changes in interest rates, political, legal, and technological developments, and general market volatility. <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--PrepaymentAndExtensionRiskMember_zpzQrE8c0NX3" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 5pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left">Prepayment and Extension Risk – When market interest rates decline, certain debt obligations held by the Fund may be repaid more quickly than anticipated, requiring the Fund to reinvest the proceeds of those repayments in obligations which bear a lower interest rate. Conversely, when market interest rates increase, certain debt obligations held by the Fund may be repaid more slowly than anticipated, causing assets of the Fund to remain invested in relatively lower yielding obligations. These risks may be more pronounced for the Fund’s investments in mortgage-backed and asset-backed securities. <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--RealEstateRiskMember_zFBgVcPniaTh" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 5pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left">Real Estate Risk – The Fund’s investments in publicly traded real estate investment trusts (“REITs”) are subject to risks affecting real estate investments generally (including market conditions, competition, property obsolescence, changes in interest rates and casualty to real estate), as well as risks specifically affecting REITs (the quality and skill of REIT management and the internal expenses of the REIT). <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--RedemptionRiskMember_zvwF7jjhvMBi" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 5pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left">Redemption Risk – If a significant percentage of the Fund’s shares is owned or controlled by a single shareholder, the Fund is subject to the risk that a redemption by that shareholder of all or a large portion of its shares may require the Fund to sell securities at less than desired prices, and the Fund’s remaining shareholders may also incur additional transaction costs or adverse tax consequences from such trading activity. <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--RisksAffectingSpecificCountriesOrRegionsMember_z8w1OWStPsE5" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 5pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left">Risks Affecting Specific Countries or Regions – If a significant portion of the Fund’s assets is invested in issuers that are economically exposed to one country or region, the Fund’s share value may be more susceptible to the conditions and developments in that country or region, and potentially more volatile than the share value of a more geographically diversified fund. A specific country or region could also be adversely affected by conditions or developments arising in other countries. For example, the U.S. government could take actions to prohibit or restrict individuals or companies within the U.S. from purchasing or holding the shares of issuers in another country, which may limit the Fund’s ability to invest in that country or cause the Fund to have to sell investments in that country at less than desired prices. The nature and degree of the risks affecting a given country or region, and the extent of the Fund’s exposure to any such country or region, is expected to vary over time. <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--RisksAffectingSpecificIssuersMember_z7vu953BgLx1" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 5pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left">Risks Affecting Specific Issuers – The value of an equity security or debt obligation may decline in response to developments affecting the specific issuer of the security or obligation, even if the overall industry or economy is unaffected. These developments may include a variety of factors, including but not limited to management issues or other corporate disruption, a decline in revenues or profitability, an increase in costs, or an adverse effect on the issuer’s competitive position. <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallAndMidCapCompanyRiskMember_z8FiaHqwrKT4" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 5pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left">Small and Mid-Cap Company Risk – Investments in small-capitalization companies and mid-capitalization companies may involve additional risks, which may be relatively higher with smaller companies. These additional risks may result from limited product lines, more limited access to markets and financial resources, greater vulnerability to competition and changes in markets, lack of management depth, increased volatility in share price, and possible difficulty in valuing or selling these investments. <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentObligationsRiskMember_zS7QoWBsz873" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left">U.S. Government Obligations Risk – U.S. government obligations are subject to the same risks affecting other debt obligations. Although securities backed by the full faith credit of the U.S. government are commonly regarded as having relatively less risk of default, it is possible that the U.S. government may be unwilling or unable to repay principal and interest when due and may require that the terms for payment be renegotiated. Further obligations that are backed by the full faith and credit of the U.S. government remain subject to the other general risks applicable to debt obligations, such as market risks, liquidity risks, and interest rate risks, and may be subject to ratings downgrades. U.S. government obligations also include obligations of U.S. government agencies, instrumentalities, and government-sponsored enterprises, commonly referred to as “agency obligations.” Some agency obligations are backed by the full faith and credit of the U.S. government, but other agency obligations have no specific backing or only limited support from the agency’s authority to borrow from the U.S. government or the discretionary authority of the Treasury to purchase obligations of the issuing agency. Past Performance of the Fund <span id="xdx_90E_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260820__20260820__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000011851Member_zY5rYddBSUM2">The following information provides some indication of the risks of investing in the Investment Income Builder Fund by showing how the Fund’s investment results vary from year to year. The bar chart shows how the annual total returns for Class A shares vary in each full year shown. The average annual total return figures compare Class A, Class C, Class I and Class R6 share performance to the MSCI World Net Total Return USD Index and the Bloomberg U.S. Aggregate Total Return Index Value USD, each a broad-based securities market index that represents the overall applicable market in which the Fund invests, and a Blended Benchmark, comprised of 25% Bloomberg U.S. Aggregate Total Return Index Value USD, and 75% MSCI World Net Total Return USD Index, an additional benchmark that represents the market sectors which Thornburg believes are more representative of the Fund’s investment universe. These indexes are not actively managed and are not available for direct investment. The bar charts and performance tables assume reinvestment of dividends and distributions. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. The performance information shown below is as of the calendar year ended December 31, 2025. Updated performance information may be obtained on the Thornburg website at Thornburg.com or by calling 1-800-847-0200. The following information provides some indication of the risks of investing in the Investment Income Builder Fund by showing how the Fund’s investment results vary from year to year. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Thornburg.com 1-800-847-0200 Annual Total Returns – Class A Shares <div id="xdx_A81_eoef--BarChartTableTextBlock_zNq5UPsiZ5vj"></div> <table border="0" cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zrn1OuZOiL48" style="width: 100%; border-collapse: collapse; font-size: 8pt" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; width: 21%; display: none"> </td> <td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; width: 79%; display: none"> </td></tr> <tr style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; display: none">2016</td> <td id="xdx_98D_eoef--AnnlRtrPct_dp_c20160101__20161231__oef--ClassAxis__custom--C000032380Member_z2mUqC00X9Af" style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none">9.50%</td></tr> <tr style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; display: none">2017</td> <td id="xdx_98B_eoef--AnnlRtrPct_dp_c20170101__20171231__oef--ClassAxis__custom--C000032380Member_zLIENRpAxG32" style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none">14.78%</td></tr> <tr style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; display: none">2018</td> <td id="xdx_983_eoef--AnnlRtrPct_dp_c20180101__20181231__oef--ClassAxis__custom--C000032380Member_zdHMT7X78y69" style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none">-4.62%</td></tr> <tr style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; display: none">2019</td> <td id="xdx_985_eoef--AnnlRtrPct_dp_c20190101__20191231__oef--ClassAxis__custom--C000032380Member_zVSV8tJmfbj4" style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none">17.66%</td></tr> <tr style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; display: none">2020</td> <td id="xdx_980_eoef--AnnlRtrPct_dp_c20200101__20201231__oef--ClassAxis__custom--C000032380Member_z1bmtj0MkNM8" style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none">-0.65%</td></tr> <tr style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; display: none">2021</td> <td id="xdx_988_eoef--AnnlRtrPct_dp_c20210101__20211231__oef--ClassAxis__custom--C000032380Member_z3aIczlWXJ3k" style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none">20.02%</td></tr> <tr style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; display: none">2022</td> <td id="xdx_985_eoef--AnnlRtrPct_dp_c20220101__20221231__oef--ClassAxis__custom--C000032380Member_zvRxTPlL9jT4" style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none">-8.27%</td></tr> <tr style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; display: none">2023</td> <td id="xdx_98E_eoef--AnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000032380Member_zFgtao6pU0X8" style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none">17.90%</td></tr> <tr style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; display: none">2024</td> <td id="xdx_982_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000032380Member_zK0ADIQiJ2cg" style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none">13.13%</td></tr> <tr style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; display: none">2025</td> <td id="xdx_98E_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000032380Member_z4zsHTr0XAHh" style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none">36.55%</td></tr> </table> <div style="font: 12pt/normal Times New Roman, Times, serif; margin: 12pt 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"> <div style="border-width: 0pt; padding: 0pt; overflow: hidden; display: inline-block; width: 618.75pt; height: 183.79pt; text-align: left"> <img alt="" src="retailproimg007.gif" style="vertical-align: top; margin-left: 0pt; width: 618.69pt; margin-top: 0pt; height: 182.85pt"/> </div> </div> 0.0950 0.1478 -0.0462 0.1766 -0.0065 0.2002 -0.0827 0.1790 0.1313 0.3655 <div id="xdx_A8E_eoef--BarChartClosingTextBlock_gRBBCCTB-MESVS_zXf9FDnenAb3"></div> <table style="table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 455.4pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> Total Returns </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> Quarter ended </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> Highest Quarterly Results </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> 15.96% </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> 12/31/2020 </td> </tr> <tr style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> Lowest Quarterly Results </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt 3pt 3pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> -25.98% </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 3/31/2020 </td> </tr> </table> The sales charge for Class A shares is not reflected in the returns shown on the bar chart, and the returns would be less if the charge was taken into account. Highest Quarterly Results 0.1596 2020-12-31 Lowest Quarterly Results -0.2598 2020-03-31 The sales charge for Class A shares is not reflected in the returns shown on the bar chart, and the returns would be less if the charge was taken into account. Average Annual Total Returns (periods ended 12-31-25) <div id="xdx_A8C_eoef--PerformanceTableTextBlock_zcyKPokONTG8"></div> <table id="xdx_A5A_dU_za9QpT37EFxl" style="table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 372.59pt"> </td> <td id="xdx_499_20250101__20251231_zWOkCF1Fs42i" style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td id="xdx_496_20210101__20251231_zkKDYfCjfKd2" style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td id="xdx_49E_20160101__20251231_ziCOi0Gj6rr3" style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> Class A Shares </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> 1 Year </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> 5 Years </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> 10 Years </td> </tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000032380Member_znqlbhiphpu4" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> Return Before Taxes </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> 30.38% </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> 13.87% </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> 10.38% </td> </tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000032380Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zlzMLXqFfid" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> Return After Taxes on Distributions </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> 27.72% </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> 11.54% </td> <td style="border-width: 0pt; padding: 3pt 6pt 3pt 11pt; vertical-align: bottom; border-collapse: collapse"> 8.26% </td> </tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000032380Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_ztTla4SZ0Bdj" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> Return After Taxes on Distributions and Sale of Fund Shares </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> 18.28% </td> <td style="border-width: 0pt; padding: 3pt 6pt 3pt 11pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> 9.86% </td> <td style="border-width: 0pt; padding: 3pt 6pt 3pt 11pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> 7.27% </td> </tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MSCIWorldNetTotalReturnUSDIndexMember_zRXBPtVxN0He" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> MSCI World Net Total Return USD Index (reflects no deduction for fees, expenses, or U.S. taxes) </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> 21.09% </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> 12.15% </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> 12.17% </td> </tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateTotalReturnIndexValueUSDMember_zZPjYfhhYwpj" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> Bloomberg U.S. Aggregate Total Return Index Value USD (reflects no deduction for fees, expenses, or U.S. taxes) </td> <td style="border-width: 0pt; padding: 3pt 6pt 3pt 11pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> 7.30% </td> <td style="border-width: 0pt; padding: 3pt 6pt 3pt 8pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> -0.36% </td> <td style="border-width: 0pt; padding: 3pt 6pt 3pt 11pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> 2.01% </td> </tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BlendedIndexMember_zhfBvB3XgeGd" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> Blended Index (reflects no deduction for fees, expenses, or U.S. taxes) </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 17.60% </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt 3pt 11pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 9.01% </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt 3pt 11pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 9.73% </td> </tr> </table> <div style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-align: left"> <table style="table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 372.59pt"> </td> <td id="xdx_499_20250101__20251231_zAl2b3ngyCMd" style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td id="xdx_496_20210101__20251231_zBz4MaCBi8B4" style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td id="xdx_49E_20160101__20251231_zoivfh2g7zTl" style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> Class C Shares </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> 1 Year </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> 5 Years </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> 10 Years </td> </tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000032381Member_zOIJDeyciNUf" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> Return Before Taxes </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> 34.66% </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> 14.09% </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> 10.07% </td> </tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MSCIWorldNetTotalReturnUSDIndexMember_zN4Uei2Bf2q7" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> MSCI World Net Total Return USD Index (reflects no deduction for fees, expenses, or U.S. taxes) </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> 21.09% </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> 12.15% </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> 12.17% </td> </tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateTotalReturnIndexValueUSDMember_zSPoKNVjanhh" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> Bloomberg U.S. Aggregate Total Return Index Value USD (reflects no deduction for fees, expenses, or U.S. taxes) </td> <td style="border-width: 0pt; padding: 3pt 6pt 3pt 11pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> 7.30% </td> <td style="border-width: 0pt; padding: 3pt 6pt 3pt 8pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> -0.36% </td> <td style="border-width: 0pt; padding: 3pt 6pt 3pt 11pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> 2.01% </td> </tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BlendedIndexMember_z60GOG9I4fVe" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> Blended Index (reflects no deduction for fees, expenses, or U.S. taxes) </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 17.60% </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt 3pt 11pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 9.01% </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt 3pt 11pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 9.73% </td> </tr> </table> </div> <div style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-align: left"> <table style="table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 372.59pt"> </td> <td id="xdx_499_20250101__20251231_zIB4hDiKfWv1" style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td id="xdx_496_20210101__20251231_zU5yWsVYhdyb" style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td id="xdx_49E_20160101__20251231_zaTYgO1GncB6" style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> Class I Shares </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> 1 Year </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> 5 Years </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> 10 Years </td> </tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000032382Member_zgChdCri0g9" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> Return Before Taxes </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> 36.93% </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> 15.21% </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> 11.17% </td> </tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MSCIWorldNetTotalReturnUSDIndexMember_z7VxcpXGOjS2" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.5pt 6pt; vertical-align: bottom; border-collapse: collapse"> MSCI World Net Total Return USD Index (reflects no deduction for fees, expenses, or U.S. taxes) </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; vertical-align: bottom; border-collapse: collapse"> 21.09% </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; vertical-align: bottom; border-collapse: collapse"> 12.15% </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; vertical-align: bottom; border-collapse: collapse"> 12.17% </td> </tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateTotalReturnIndexValueUSDMember_zcfLtSomCgK7" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> Bloomberg U.S. Aggregate Total Return Index Value USD (reflects no deduction for fees, expenses, or U.S. taxes) </td> <td style="border-width: 0pt; padding: 2.5pt 6pt 2.5pt 11pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> 7.30% </td> <td style="border-width: 0pt; padding: 2.5pt 6pt 2.5pt 8pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> -0.36% </td> <td style="border-width: 0pt; padding: 2.5pt 6pt 2.5pt 11pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> 2.01% </td> </tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BlendedIndexMember_ziVIo0R2u8Qa" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> Blended Index (reflects no deduction for fees, expenses, or U.S. taxes) </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 17.60% </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt 2.5pt 11pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 9.01% </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt 2.5pt 11pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 9.73% </td> </tr> </table> </div> <div style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-align: left"> <table style="table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 372.59pt"> </td> <td id="xdx_499_20250101__20251231_zoGw4vJCJkWd" style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td id="xdx_496_20210101__20251231_zbKWM0EmmK4" style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td id="xdx_49F_20170410__20251231_zWq7kuMFQzHe" style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> Class R6 Shares </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> 1 Year </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> 5 Years </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> SINCE INCEPTION (4/10/17) </td> </tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000177479Member_zAb9wJbBC8ca" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> Return Before Taxes </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> 37.01% </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> 15.30% </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> 11.35% </td> </tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MSCIWorldNetTotalReturnUSDIndexMember_zsz0agbGlA02" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.5pt 6pt; vertical-align: bottom; border-collapse: collapse"> MSCI World Net Total Return USD Index (reflects no deduction for fees, expenses, or U.S. taxes) </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; vertical-align: bottom; border-collapse: collapse"> 21.09% </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; vertical-align: bottom; border-collapse: collapse"> 12.15% </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; vertical-align: bottom; border-collapse: collapse"> 12.36% </td> </tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateTotalReturnIndexValueUSDMember_zaziDggq9eY7" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> Bloomberg U.S. Aggregate Total Return Index Value USD (reflects no deduction for fees, expenses, or U.S. taxes) </td> <td style="border-width: 0pt; padding: 2.5pt 6pt 2.5pt 11pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> 7.30% </td> <td style="border-width: 0pt; padding: 2.5pt 6pt 2.5pt 8pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> -0.36% </td> <td style="border-width: 0pt; padding: 2.5pt 6pt 2.5pt 11pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> 1.88% </td> </tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BlendedIndexMember_zkFBxdhQV678" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> Blended Index (reflects no deduction for fees, expenses, or U.S. taxes) </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 17.60% </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt 2.5pt 11pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 9.01% </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt 2.5pt 11pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 9.85% </td> </tr> </table> </div> 0.3038 0.1387 0.1038 0.2772 0.1154 0.0826 0.1828 0.0986 0.0727 (reflects no deduction for fees, expenses, or U.S. taxes) 0.2109 0.1215 0.1217 (reflects no deduction for fees, expenses, or U.S. taxes) 0.0730 -0.0036 0.0201 (reflects no deduction for fees, expenses, or U.S. taxes) 0.1760 0.0901 0.0973 0.3466 0.1409 0.1007 (reflects no deduction for fees, expenses, or U.S. taxes) 0.2109 0.1215 0.1217 (reflects no deduction for fees, expenses, or U.S. taxes) 0.0730 -0.0036 0.0201 (reflects no deduction for fees, expenses, or U.S. taxes) 0.1760 0.0901 0.0973 0.3693 0.1521 0.1117 (reflects no deduction for fees, expenses, or U.S. taxes) 0.2109 0.1215 0.1217 (reflects no deduction for fees, expenses, or U.S. taxes) 0.0730 -0.0036 0.0201 (reflects no deduction for fees, expenses, or U.S. taxes) 0.1760 0.0901 0.0973 2017-04-10 0.3701 0.1530 0.1135 (reflects no deduction for fees, expenses, or U.S. taxes) 0.2109 0.1215 0.1236 (reflects no deduction for fees, expenses, or U.S. taxes) 0.0730 -0.0036 0.0188 (reflects no deduction for fees, expenses, or U.S. taxes) 0.1760 0.0901 0.0985 <p id="xdx_A86_eoef--PerformanceTableClosingTextBlock_zN6XKBeab8d3" style="font: italic 8pt/9pt Arial, sans-serif; margin: 0pt 0pt 4pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left">After-tax returns are calculated using the highest historical individual federal marginal income tax rates, and do not reflect state or local income taxes. Actual after-tax returns depend on an investor’s own tax situation and may differ from the returns shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The after-tax returns shown relate only to Class A shares, and after-tax returns for other share classes will vary. After-tax returns are calculated using the highest historical individual federal marginal income tax rates, and do not reflect state or local income taxes. Actual after-tax returns depend on an investor’s own tax situation and may differ from the returns shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The after-tax returns shown relate only to Class A shares, and after-tax returns for other share classes will vary. Summit Fund Investment Goal The Fund seeks to grow real wealth over time. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. You may qualify for discounts from the sales charges applicable to Class A shares if you or other qualifying account holders invest, or agree to invest in the future, at least $<span id="xdx_90F_eoef--ExpenseBreakpointMinimumInvestmentRequiredAmount_c20260820__20260820__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000064930Member_zfDhUMSOpl15">50,000 in the Thornburg Funds. More information about this and other discounts and sales charge waivers is available from your financial intermediary, in the Prospectus under the captions “Class A Sales Charge Waivers,” beginning on page 154, and “Appendix A – Sales Charge Waivers Offered by Financial Intermediaries,” beginning on page 208, and in the Statement of Additional Information under the caption “Additional Information Respecting Purchase and Redemption of Shares,” beginning on page 94. You may qualify for discounts from the sales charges applicable to Class A shares if you or other qualifying account holders invest, or agree to invest in the future, at least $50,000 in the Thornburg Funds. 50000 Shareholder Fees (fees paid directly from your investment) <div id="xdx_A8B_eoef--ShareholderFeesTableTextBlock_zLAoHRKBxYS4"></div> <table style="table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 455.4pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> </table> <table id="xdx_A59_dU_zGFmHwbsZLRk" style="table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.5pt 6pt; vertical-align: bottom; border-collapse: collapse; width: 455.4pt"> </td> <td id="xdx_49B_20260820__20260820__oef--ClassAxis__custom--C000210187Member_zRlB81oQmKwc" style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> Class A </td> <td id="xdx_492_20260820__20260820__oef--ClassAxis__custom--C000210188Member_zMEc2PqZAnd9" style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> Class I </td> </tr> <tr id="xdx_408_eoef--MaximumSalesChargeImposedOnPurchasesOverOfferingPrice_dpn_zJhwfbyWDiOa" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> 4.50% </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> none </td> </tr> <tr style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> Maximum Deferred Sales Charge (Load) (as a percentage of redemption proceeds or original purchase price, whichever is lower) </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <span id="xdx_90A_eoef--MaximumDeferredSalesChargeOverOther_dpn_c20260820__20260820__oef--ClassAxis__custom--C000210187Member_fKDEp_zwtjycN8Ul6b" title="Maximum Deferred Sales Charge (Load) (as a percentage of redemption proceeds or original purchase price, whichever is lower)">none(1) </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> none </td> </tr> </table> 0.0450 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A87_eoef--AnnualFundOperatingExpensesTableTextBlock_zwLKlfQdsdch"></div> <table style="table-layout: fixed; width: 619.84pt; margin-top: 0pt; margin-bottom: 6pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 454.24pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> </table> <table id="xdx_A50_dU_zBZqP26tUKb5" style="table-layout: fixed; width: 619.84pt; margin-top: 0pt; margin-bottom: 6pt; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.5pt 6pt; vertical-align: bottom; border-collapse: collapse; width: 454.24pt"> </td> <td id="xdx_494_20260820__20260820__oef--ClassAxis__custom--C000210187Member_zLfJqOaGpqX4" style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> Class A </td> <td id="xdx_496_20260820__20260820__oef--ClassAxis__custom--C000210188Member_zcE59elcEUGg" style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> Class I </td> </tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zaOubHBk19ag" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> Management Fees </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> 0.75% </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> 0.75% </td> </tr> <tr id="xdx_406_eoef--DistributionAndService12b1FeesOverAssets_dpn_zVOE3cYVnpG1" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.5pt 6pt; vertical-align: bottom; border-collapse: collapse"> Distribution and Service (12b-1) Fees </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; vertical-align: bottom; border-collapse: collapse"> 0.25% </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; vertical-align: bottom; border-collapse: collapse"> 0.00% </td> </tr> <tr id="xdx_40A_eoef--OtherExpensesOverAssets_dpn_z2bZQ8KIBGQ3" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> Other Expenses </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> 0.82% </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> 0.45% </td> </tr> <tr id="xdx_408_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zkUhfQaKoqJ5" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.5pt 6pt; vertical-align: bottom; border-collapse: collapse"> Acquired Fund Fees and Expenses </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 0.01% </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 0.01% </td> </tr> <tr id="xdx_407_eoef--ExpensesOverAssets_dpn_z9AtLnYfNV2h" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> Total Annual Fund Operating Expenses(2) </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> 1.83% </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> 1.21% </td> </tr> <tr id="xdx_402_eoef--FeeWaiverOrReimbursementOverAssets_dpn_zeYFr6BXiwq3" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.5pt 6pt; vertical-align: bottom; border-collapse: collapse"> Fee Waiver/Expense Reimbursement(3) </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> (0.88)% </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> (0.51)% </td> </tr> <tr id="xdx_402_eoef--NetExpensesOverAssets_dpn_zlnmnivG0IL1" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement(2) </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 0.95% </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 0.70% </td> </tr> </table> 0.0075 0.0075 0.0025 0.0000 0.0082 0.0045 0.0001 0.0001 0.0183 0.0121 -0.0088 -0.0051 0.0095 0.0070 <div id="xdx_A88_eoef--ExpenseFootnotesTextBlock_zFOPXPI6b6od"></div> <table cellpadding="0" cellspacing="0" style="font: italic 8pt/9pt Arial, sans-serif; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right">(1)</td> <td style="width: 5pt"></td> <td style="text-align: justify">Up to a 1.00% contingent deferred sales charge (CDSC) is imposed on redemptions of any part or all of a purchase of $1 million or more within 12 months of purchase.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: italic 8pt/9pt Arial, sans-serif; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right">(2)</td> <td style="width: 5pt"></td> <td style="text-align: justify"><span id="xdx_90D_eoef--ExpensesNotCorrelatedToRatioDueToAcquiredFundFees_c20260820__20260820__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000064930Member_zSjsPr0RQwFl">The Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement do not match the Ratios to Average Net Assets shown in the Financial Highlights section of the Prospectus, which reflect the operating expenses of the Fund and do not include acquired fund fees and expenses (‘AFFE’). AFFE are expenses incurred indirectly by other investment companies in which the Fund holds shares, are not direct costs paid by Fund shareholders, and are not used to calculate the Fund’s net asset value.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: italic 8pt/9pt Arial, sans-serif; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right">(3)</td> <td style="width: 5pt"></td> <td style="text-align: justify">Thornburg Investment Management, Inc. (“Thornburg”) has contractually agreed to waive fees and reimburse expenses incurred by the Fund so that actual Class A and Class I expenses (excluding taxes, interest expenses, acquired fund fees and expenses, brokerage commissions, borrowing costs, expenses relating to short sales, and unusual expenses such as contingency fees or litigation costs) do not exceed 0.94% and 0.69%, respectively. The agreement to waive fees and reimburse expenses may be terminated by the Fund’s Trustees at any time, but may not be terminated by Thornburg before February 1, 2027, unless Thornburg ceases to be the investment advisor of the Fund prior to that date. Thornburg may recoup amounts waived or reimbursed during the Fund’s fiscal year if, after taking the recoupment into account, the Fund’s actual expenses fall below the expense cap during that same fiscal year.</td> </tr> </table> The Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement do not match the Ratios to Average Net Assets shown in the Financial Highlights section of the Prospectus, which reflect the operating expenses of the Fund and do not include acquired fund fees and expenses (‘AFFE’). AFFE are expenses incurred indirectly by other investment companies in which the Fund holds shares, are not direct costs paid by Fund shareholders, and are not used to calculate the Fund’s net asset value. February 1, 2027 February 1, 2027 Example. <p id="xdx_A80_eoef--ExpenseExampleNarrativeTextBlock_zVWA3VIqece9" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year, dividends and distributions are reinvested, and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions (and giving effect to fee waivers and expense reimbursements in the first year) your costs would be: <div id="xdx_A89_eoef--ExpenseExampleWithRedemptionTableTextBlock_zhSAw86T2swi"></div> <table id="xdx_A5D_dU_zwkMKblq139b" style="table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 289.79pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> </td> <td id="xdx_48B_eoef--ExpenseExampleYear01_zyHC2HaWQUc4" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> 1 Year </td> <td id="xdx_48A_eoef--ExpenseExampleYear03_zBNxSgl96cOf" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> 3 Years </td> <td id="xdx_48C_eoef--ExpenseExampleYear05_zyp6TOVDX343" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> 5 YEARS </td> <td id="xdx_48C_eoef--ExpenseExampleYear10_zPKhcBnUdruj" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> 10 YEARS </td> </tr> <tr id="xdx_412_20260820__20260820__oef--ClassAxis__custom--C000210187Member_zk5M1xcY4F44" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> Class A Shares </td> <td style="border-width: 0pt; padding: 2.75pt 27pt 2.75pt 0pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> $543 </td> <td style="border-width: 0pt; padding: 2.75pt 27pt 2.75pt 0pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> $918 </td> <td style="border-width: 0pt; padding: 2.75pt 24pt 2.75pt 0pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> $1,317 </td> <td style="border-width: 0pt; padding: 2.75pt 24pt 2.75pt 0pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> $2,432 </td> </tr> <tr id="xdx_413_20260820__20260820__oef--ClassAxis__custom--C000210188Member_z59FMEMg7X52" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> Class I Shares </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.75pt 27pt 2.75pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> $72 </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.75pt 27pt 2.75pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> $334 </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.75pt 24pt 2.75pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> $616 </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.75pt 24pt 2.75pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> $1,421 </td> </tr> </table> 543 918 1317 2432 72 334 616 1421 Portfolio Turnover. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over”) its portfolio. A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 32.68% of the average value of its portfolio. 0.3268 Principal Investment Strategies <p id="xdx_A83_eoef--StrategyNarrativeTextBlock_gRBSNTB-OTCN_zjbkwyKngp96" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left">The Fund seeks to grow real wealth over time. “Real wealth” for this purpose is a mix of capital appreciation and current income that is intended to exceed the rate of inflation. While the Fund seeks to achieve its goal over a variety of different market environments by selecting investments from a range of asset classes, the value of an investment in the Fund will fluctuate and the Fund may not achieve its goal in every environment or in all environments. Under normal conditions the Fund’s investments are expected to emphasize long positions in equity securities and fixed income obligations, though the Fund may also invest a significant amount of its assets in commodities-related investments, in derivative instruments, in currencies, and in cash or cash equivalents. There are no specific percentage limitations on the amount of the Fund’s portfolio that may be invested in a particular asset class, and the proportions of the Fund’s assets that are invested in the respective asset classes are expected to vary over time and from time to time depending upon Thornburg Investment Management, Inc.’s (“Thornburg”) perceptions of which types of investments represent better values and opportunities to achieve the Fund’s investment goal. With respect to its equity investments, the Fund may invest in any stock or equity security, including common stocks, preferred stocks, convertible securities, warrants, depositary receipts, publicly traded real estate investment trusts, and shares in exchange traded funds. The Fund may invest in companies of any size. The Fund’s portfolio may include investments in United States issuers and the securities of issuers domiciled outside the United States, including developing countries. The relative proportions of the Fund’s U.S. and foreign investments will vary over time depending upon Thornburg’s view of specific investment opportunities and macroeconomic factors. With respect to its fixed income investments, the Fund expects that under normal market conditions its investments will include the following types of obligations, which may be of any quality and of any maturity: •bonds and other debt obligations issued by domestic and foreign companies of any size (including lower-rated “high yield” or “junk” bonds); •mortgage-backed securities and other asset-backed securities; •convertible debt obligations; •obligations issued by foreign governments (including developing countries); •collateralized mortgage obligations (“CMOs”), collateralized debt obligations (“CDOs”), collateralized bond obligations (“CBOs”), and collateralized loan obligations (“CLOs”); •obligations of the U.S. government and its agencies and sponsored enterprises; •zero coupon bonds and “stripped” securities (including both income only and principal only securities); and •taxable municipal obligations and participations in municipal obligations. With respect to its commodities-related investments, the Fund may invest in exchange traded funds or in other, similar investment vehicles that invest in commodities, and the Fund may invest in commodity-linked derivative instruments whose value is based on the value of an underlying commodity or commodity index, such as commodity futures contracts, commodity forward contracts, and commodity options contracts. The Fund may also seek to obtain exposure to the investment returns of commodities markets by investing in equity and debt securities of companies that operate commodities-based businesses. The Fund’s investments are determined by individual issuer and industry analysis. Investment decisions are based on domestic and international economic developments, outlooks for securities markets, interest rates and inflation, the supply and demand for equity and debt securities, and analysis of specific issuers. The Fund ordinarily acquires and holds debt obligations for investment rather than for realization of gains by short-term trading on market fluctuations. However, the Fund may dispose of any such security prior to its scheduled maturity to enhance income or reduce loss or to change the portfolio’s average maturity, and the Fund may dispose of any of its investments if Thornburg has identified a better investment opportunity, in response to changes in the conditions or business of the investment’s issuer or changes in overall market conditions, if Thornburg has a target price for the investment and that target price has been achieved, or if, in Thornburg’s opinion, the investment no longer serves to achieve the Fund’s investment goals. The Fund may also purchase or sell futures contracts or purchase or sell interest rate swaps or credit default swaps to hedge against a decline in the value of the Fund’s other investments, to obtain investment exposure to a particular asset class, or to establish a short position with respect to an investment. Under normal conditions the Fund’s investments are expected to emphasize long positions in equity securities and fixed income obligations, though the Fund may also invest a significant amount of its assets in commodities-related investments, in derivative instruments, in currencies, and in cash or cash equivalents. An investment in the Fund is not a deposit in any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. Accordingly, the loss of money is a risk of investing in the Fund. <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CommoditiesRelatedInvestmentRiskMember_zeR1ETyAhJjb" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left">Commodities-Related Investment Risk – Investments that expose the Fund to the commodities market, such as commodity-linked derivatives instruments or exchange traded funds or other investment vehicles that invest in commodities, may subject the Fund to greater volatility than investments in other securities. The value of a commodity-related investment may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, risks affecting derivatives when used to obtain commodities exposure, or factors affecting a particular industry or commodity. <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConvertibleDebtObligationRiskMember_zmN0OePdTsLa" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left">Convertible Debt Obligation Risk – The market value of a convertible debt obligation may vary with changes in prevailing interest rates and changing evaluations of the ability of the issuer to meet principal and interest payments. The market value of a convertible debt obligation may also vary in accordance with the market value of the underlying stock. As a result, convertible debt obligations held by the Fund will tend to perform more like equity securities when the underlying stock price is high (because it is assumed that the Fund will convert the obligation), and more like non-convertible debt obligations when the underlying stock price is low (because it is assumed that the Fund will not convert the obligation). Because its market value can be influenced by several factors, a convertible debt obligation will not be as sensitive to interest rate changes as a similar non-convertible debt obligation, and generally will have less potential for gain or loss than the underlying stock. <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CreditRiskMember_zUEiehsYt8m6" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left">Credit Risk – If debt obligations held by the Fund are downgraded by ratings agencies or go into default, or if management action, legislation or other government action reduces the ability of issuers to pay principal and interest when due, the value of those obligations may decline and the Fund’s share value and any dividends paid by the Fund may be reduced. Because the ability of an issuer of a lower-rated or unrated debt obligation to pay principal and interest when due is typically less certain than for an issuer of a higher-rated debt obligation, lower-rated and unrated debt obligations are generally more vulnerable than higher-rated debt obligations to default, to ratings downgrades, and to liquidity risk. Debt obligations backed by so-called “subprime” mortgages may also be subject to a greater risk of default or downgrade. Debt obligations issued by the U.S. government or its agencies, instrumentalities and government sponsored enterprises are also subject to credit risk. Securities backed by the full faith and credit of the U.S. government, such as U.S. Treasury obligations, are commonly regarded as having small exposure to credit risk. Obligations of certain U.S. agencies, instrumentalities and enterprises (sometimes referred to as “agency obligations”) are not direct obligations of the U.S. government, may not be backed by the full faith and credit of the U.S. government, and may have a greater exposure to credit risk. The inability of an issuer to pay principal and interest on its debt obligations when due, or the downgrading of an issuer’s debt obligations by ratings agencies, may adversely affect the market’s perceptions of the issuer’s financial strength and may therefore result in declines in the issuer’s stock price. <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityAndOperationalRiskMember_zeWVmp2Mm7Ve" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left">Cybersecurity and Operational Risk – Operational failures, cyber-attacks or other disruptions that affect the Fund’s service providers, the Fund’s counterparties, other market participants or the issuers of securities held by the Fund may adversely affect the Fund and its shareholders, including by causing losses for the Fund or impairing Fund operations. The rapid development and increasingly widespread use of artificial intelligence, including machine learning technology and generative artificial intelligence such as ChatGPT, could exacerbate these risks. <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--DepositaryReceiptsRiskMember_zUihX0ESq0a7" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left">Depositary Receipts Risk – An investment in American Depositary Receipts (“ADRs”), European Depositary Receipts (“EDRs”) or Global Depositary Receipts (“GDRs”) is an alternative to the purchase of the underlying securities in their national markets and/or currencies. However, ADRs, EDRs, and GDRs remain subject to many of the risks associated with investing directly in foreign securities, including the political and economic risks associated with the underlying issuer’s country. Certain countries may limit the ability to convert a depositary receipt into the underlying foreign security and vice versa, which may cause the securities of the foreign company to trade at a discount or premium to the market price of the related depositary receipts. Moreover, EDRs and GDRs can involve currency risk since, unlike ADRs, they may not be U.S. dollar denominated. <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zbPVtK19MUwl" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left">Derivatives Risk – The Fund’s investments in futures, interest rate swaps, and credit default swaps involve the risks associated with the securities or other assets underlying those derivatives, including the risk of changes in the value of the underlying assets between the date that the Fund enters into the derivatives transaction and the date that the Fund closes out that transaction. The Fund’s investments in futures, interest rate swaps, and credit default swaps also involve the risk that the other party to the transaction will be unable or unwilling to perform its obligations to the Fund, that the Fund will be unable to sell or close its positions in such derivatives or will be delayed in doing so, and that the Fund will have difficulty valuing such derivatives. <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--DevelopingCountryRiskMember_zLCz8BdBtjP4" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left">Developing Country Risk – The risks which may affect investments in foreign issuers (see “Foreign Investment Risk,” below) may be more pronounced for investments in developing countries because the economies of those countries are usually less diversified, communications, transportation and economic infrastructures are less developed, and developing countries ordinarily have less established legal, political, business and social frameworks. At times the prices of equity securities or debt obligations of a developing country issuer may be extremely volatile. An issuer domiciled in a developed country may be similarly affected by these developing country risks to the extent that the issuer conducts a significant percentage of its business in developing countries. <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquityRiskMember_z53pduKzh5Te" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left">Equity Risk – The value of the Fund’s equity investments may fluctuate significantly over time in response to factors affecting individual issuers, particular industries, or the market as a whole. Additionally, common stock ranks below preferred stock and debt securities in claims for dividends and for assets of a company in a liquidation or bankruptcy. <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--RisksAffectingSpecificIssuersMember_zNMzkuwLyb86" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left">Risks Affecting Specific Issuers – The value of an equity security or debt obligation may decline in response to developments affecting the specific issuer of the security or obligation, even if the overall industry or economy is unaffected. These developments may include a variety of factors, including but not limited to management issues or other corporate disruption, a decline in revenues or profitability, an increase in costs, or an adverse effect on the issuer’s competitive position. <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignCurrencyRiskMember_zlYAtJr3kBHf" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left">Foreign Currency Risk – Fluctuations in currency exchange rates can adversely affect the value of the Fund’s foreign investments. Such fluctuations may occur for a number of reasons, including market and economic conditions, or a government’s decision to devalue its currency or impose currency controls. <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignGovernmentObligationsRiskMember_zjnYvEy7Kv9d" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left">Foreign Government Obligations Risk – Debt obligations may be issued by foreign governments and their agencies and instrumentalities, including the governments of developing countries and “supra-national” entities such as the International Bank for Reconstruction and Development. The Fund’s investments in these foreign debt obligations may be denominated in U.S. dollars or in foreign currencies. These securities, even if denominated in U.S. dollars, may be affected significantly by fluctuations in the value of foreign currencies, and the value of these securities in U.S. dollars may decline even if the securities increase in value in their home country. The governmental issuers of these debt obligations may be less willing or able than the U.S. to repay principal and interest when due, and they may require that the terms for payment be renegotiated. In some countries there may be political instability or insufficient government supervision of markets, and the legal protections for the Fund’s investments could be subject to unfavorable judicial or administrative changes. These risks may be more pronounced for the Fund’s investments in debt obligations issued by developing countries. <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignInvestmentRiskMember_zRla1GVl8AHh" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left">Foreign Investment Risk – Investments in securities of foreign issuers and in depositary receipts may involve risks including adverse fluctuations in currency exchange rates, political instability, confiscations, taxes or restrictions on currency exchange, difficulty in selling foreign investments, and reduced legal protection. In addition, some foreign government debt obligations may be subject to default, delays in payment, adverse legislation or government action, or could be downgraded by ratings agencies. <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighYieldRiskMember_zFud3r3cjlyk" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left">High Yield Risk – Debt obligations that are rated below investment grade and unrated obligations of similar credit quality (commonly referred to as “junk” or “high yield” bonds) may have a substantial risk of loss. These obligations are generally considered to be speculative with respect to the issuer’s ability to pay interest and principal when due. These obligations may be subject to greater price volatility than investment grade obligations, and their prices may decline significantly in periods of general economic difficulty or in response to adverse publicity, changes in investor perceptions or other factors. These obligations may also be subject to greater liquidity risk. <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--InflationRiskMember_zukb0QdNLtod" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left">Inflation Risk – Although the Fund seeks to generate capital appreciation and current income that exceeds the rate of inflation over a variety of different market environments, there is no guarantee that the Fund will be able to do so at all times. If at any time the rate of inflation exceeds Thornburg’s expectations, or if for other reasons the Fund’s portfolio is unsuccessful in producing a mix of capital appreciation and current income that exceeds the rate of inflation, the Fund may not achieve its goal. <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__us-gaap--InterestRateRiskMember_zNUCj10p17V9" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left">Interest Rate Risk – When interest rates increase, the value of the Fund’s investments in debt obligations may decline and the Fund’s share value may be reduced. This effect is typically more pronounced for intermediate and longer-term debt obligations. This effect is also typically more pronounced for zero coupon bonds and mortgage- and other asset-backed securities, the value of which may fluctuate more significantly in response to interest rate changes. When interest rates decrease, the Fund’s dividends, if any, may decline. <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zI4jHScln2T7" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left">Liquidity Risk – Due to a lack of demand in the marketplace or other factors, the Fund may not be able to sell some or all of the investments promptly, or may only be able to sell investments at less than desired prices. This risk may be more pronounced for the Fund’s investments in developing countries. Additionally, the market for lower-rated and unrated debt obligations (including particularly “junk” or “high yield” bonds) and debt obligations backed by so-called “subprime” mortgages may be less liquid than the market for other obligations, making it difficult for the Fund to value its investment in a lower-rated or unrated obligation or to sell the investment in a timely manner or at an acceptable price. <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zMn6dR1NKedk" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left">Management Risk – The Fund is an actively managed portfolio, and the value of the Fund may be reduced or the Fund may otherwise be unsuccessful in pursuing its investment goal if Thornburg pursues unsuccessful investments or fails to correctly identify risks affecting the broad economy or specific issuers in which the Fund invests. <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndEconomicRiskMember_zKWszJyRpOl7" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left">Market and Economic Risk – The value of the Fund’s investments may decline and its share value may be reduced due to changes in general economic and market conditions. The value of a security may change in response to developments affecting entire economies, markets or industries, including changes in interest rates, political and legal developments, and general market volatility. This effect is typically more pronounced for lower-rated and unrated debt obligations (including particularly “junk” or “high yield” bonds), the value of which may fluctuate more significantly in response to poor economic growth or other changes in market conditions, political, economic, legal, and technological developments. Additionally, because the Fund has to accrue income on zero coupon bonds on a current basis even though the Fund does not receive the income from those bonds currently in cash, zero coupon bonds subject the Fund to the risk of having to generate cash from other sources (including through the sale of portfolio securities) in order to make required distributions of the income accrued from its investments in zero coupon bonds. <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--PrepaymentAndExtensionRiskMember_zQyzk1neYcnh" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left">Prepayment and Extension Risk – When market interest rates decline, certain debt obligations held by the Fund may be repaid more quickly than anticipated, requiring the Fund to reinvest the proceeds of those repayments in obligations which bear a lower interest rate. Conversely, when market interest rates increase, certain debt obligations held by the Fund may be repaid more slowly than anticipated, causing assets of the Fund to remain invested in relatively lower yielding obligations. These risks may be more pronounced for the Fund’s investments in mortgage-backed and asset-backed securities. <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--RealEstateRiskMember_zeNFDyWRZLNa" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left">Real Estate Risk – The Fund’s investments in publicly traded real estate investment trusts (“REITs”) are subject to risks affecting real estate investments generally (including market conditions, competition, property obsolescence, changes in interest rates and casualty to real estate), as well as risks specifically affecting REITs (the quality and skill of REIT management and the internal expenses of the REIT). <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--RedemptionRiskMember_z5ZRm0Qv9SQg" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left">Redemption Risk – If a significant percentage of the Fund’s shares is owned or controlled by a single shareholder, the Fund is subject to the risk that a redemption by that shareholder of all or a large portion of its shares may require the Fund to sell securities at less than desired prices, and the Fund’s remaining shareholders may also incur additional transaction costs or adverse tax consequences from such trading activity. <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallAndMidCapCompanyRiskMember_zDbrLPgLGuFa" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left">Small and Mid-Cap Company Risk – Investments in small capitalization companies and mid-capitalization companies may involve additional risks, which may be relatively higher with smaller companies. These additional risks may result from limited product lines, more limited access to markets and financial resources, greater vulnerability to competition and changes in markets, lack of management depth, increased volatility in share price, and possible difficulty in valuing or selling these investments. <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--StructuredProductsRiskMember_zdc45pR3pOWf" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left">Structured Products Risk – Investments in securities that are backed by, or represent interests in, an underlying pool of securities or other assets, including investments in mortgage- and asset-backed securities and in CMOs, CDOs and CLOS, involve risks associated with the underlying assets (e.g., the risks of default by mortgagors whose mortgages are included in a mortgage-backed security or CMO), and may also involve different or greater risks, including the risk that distributions from the underlying assets will be inadequate to make interest or other payments to the Fund, the risk that the issuer of the securities will fail to administer the underlying assets properly or become insolvent, prepayment and extension risk, and the risk that the securities will be less liquid than other Fund investments. <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentObligationsRiskMember_z4FhDyvyS8oj" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left">U.S. Government Obligations Risk – U.S. government obligations are subject to the same risks affecting other debt obligations. Although securities backed by the full faith credit of the U.S. government are commonly regarded as having relatively less risk of default, it is possible that the U.S. government may be unwilling or unable to repay principal and interest when due and may require that the terms for payment be renegotiated. Further obligations that are backed by the full faith and credit of the U.S. government remain subject to the other general risks applicable to debt obligations, such as market risks, liquidity risks, and interest rate risks, and may be subject to ratings downgrades. U.S. government obligations also include obligations of U.S. government agencies, instrumentalities, and government-sponsored enterprises, commonly referred to as “agency obligations.” Some agency obligations are backed by the full faith and credit of the U.S. government, but other agency obligations have no specific backing or only limited support from the agency’s authority to borrow from the U.S. government or the discretionary authority of the Treasury to purchase obligations of the issuing agency. <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--ZeroCouponBondsAndStrippedSecuritiesRiskMember_zypuKFSen8Y8" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left">Zero Coupon Bonds and Stripped Securities Risk – Zero coupon bonds are corporate or government-issued debt obligations that do not provide for periodic or “coupon” payments of interest, and that are issued at a substantial discount to their face value. The buyer of a zero coupon bond realizes a stated rate of return determined by the gradual accretion in the value of the security. A “stripped” security is a debt obligation that has been transformed into a zero coupon bond by creating a separate, new security comprised of the separate income component of the debt obligation (commonly referred to as an “income only” or “I/O” security) or the separate principal component of the debt obligation (commonly referred to as a “principal only” or “P/O” security). Because zero coupon bonds do not provide for periodic payments of interest, their value is generally more volatile than the value of a comparable, interest-paying bond. The Fund may also have to recognize income on the bond and make distributions to shareholders before it has received any cash payments on the bond. To generate the cash necessary to satisfy such distributions, the Fund may have to sell portfolio securities that it otherwise might have continued to hold or use cash flows from other sources, including the proceeds from the sale of Fund shares. Additional information about Fund investments, investment strategies and risks of investing in the Fund appears below beginning on page 125 of the Prospectus. Past Performance of the Fund <span id="xdx_900_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260820__20260820__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000064930Member_zEahDL9spGX">The following information provides some indication of the risks of investing in the Summit Fund by showing how the Fund’s investment results vary from year to year. The bar chart shows how the annual total returns for Class A shares of the Fund for each full year shown. The average annual total return figures compare Class A and Class I share performance to the MSCI All Country World Net Total Return USD Index and the Bloomberg Global-Aggregate Total Return Index Value Unhedged USD, each a broad-based securities market index that represents the overall applicable market in which the Fund invests, and a Blended Benchmark, comprised of 60% MSCI All Country World Net Total Return USD Index and 40% Bloomberg Global-Aggregate Total Return Index Value Unhedged USD, an additional index that represents the market sectors which Thornburg believes are more representative of the Fund’s investment universe. These indexes are not actively managed and are not available for direct investment. The bar charts and performance tables assume reinvestment of dividends and distributions. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. The performance information shown is as of the calendar year ended December 31, 2025. Updated performance information may be obtained on the Thornburg website at Thornburg.com or by calling 1-800-847-0200. The following information provides some indication of the risks of investing in the Summit Fund by showing how the Fund’s investment results vary from year to year. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Thornburg.com 1-800-847-0200 Annual Total Returns – Class A Shares <div id="xdx_A83_eoef--BarChartTableTextBlock_zb7rD4LbqScl"></div> <table border="0" cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zdx82YO1vTT" style="width: 100%; border-collapse: collapse; font-size: 8pt" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; width: 22%; display: none"> </td> <td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; width: 78%; display: none"> </td></tr> <tr style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; display: none">2023</td> <td id="xdx_98E_eoef--AnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000210187Member_zucgfgfVmnj1" style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none">12.49%</td></tr> <tr style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; display: none">2024</td> <td id="xdx_982_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000210187Member_zuK9h41LV8xb" style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none">11.15%</td></tr> <tr style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; display: none">2025</td> <td id="xdx_98E_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000210187Member_z0eE1O9t7T36" style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none">20.34%</td></tr> </table> <div style="font: 12pt/normal Times New Roman, Times, serif; margin: 24pt 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"> <div style="border-width: 0pt; padding: 0pt; overflow: hidden; display: inline-block; width: 617.64pt; height: 181.22pt; text-align: left"> <img alt="" src="retailproimg008.gif" style="vertical-align: top; margin-left: 0pt; width: 617.55pt; margin-top: 2.3pt; height: 177.1pt"/> </div> </div> 0.1249 0.1115 0.2034 <div id="xdx_A8F_eoef--BarChartClosingTextBlock_z00SSenLleBi"></div> <table style="table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse; width: 455.4pt"> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> Total Returns </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> Quarter ended </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> Highest Quarterly Results </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> 7.58% </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> 12/31/2023 </td> </tr> <tr style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> Lowest Quarterly Results </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt 2.5pt 3pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> -9.62% </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 6/30/2022 </td> </tr> </table> Highest Quarterly Results 0.0758 2023-12-31 Lowest Quarterly Results -0.0962 2022-06-30 Average Annual Total Returns (periods ended 12-31-25) <div id="xdx_A8A_eoef--PerformanceTableTextBlock_zuAEUcA9Nqt8"></div> <table id="xdx_A54_zWdLTtNbP4m1" style="table-layout: fixed; width: 621pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse; width: 455.4pt"> Class A Shares </td> <td id="xdx_499_20250101__20251231_zAi8gUvqdu5i" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> 1 Year </td> <td id="xdx_495_20220126__20251231_zPUNGY7ncX17" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> Since inception (1-26-22) </td> </tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000210187Member_zJaCvecCCRX" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> Return Before Taxes </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> 14.88% </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> 7.80% </td> </tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000210187Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zPQoFGLTnuB3" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.5pt 6pt; vertical-align: bottom; border-collapse: collapse"> Return After Taxes on Distributions </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; vertical-align: bottom; border-collapse: collapse"> 12.67% </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; vertical-align: bottom; border-collapse: collapse"> 6.33% </td> </tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000210187Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zTUTcv3CWyt4" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> Return After Taxes on Distributions and Sale of Fund Shares </td> <td style="border-width: 0pt; padding: 2.5pt 6pt 2.5pt 11pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> 9.32% </td> <td style="border-width: 0pt; padding: 2.5pt 6pt 2.5pt 11pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> 5.48% </td> </tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MSCIAllCountryWorldNetTotalReturnUSDIndexMember_z2DaqfR4zPEl" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.5pt 6pt; vertical-align: bottom; border-collapse: collapse"> MSCI All Country World Net Total Return USD Index (reflects no deduction for fees, expenses, or taxes) </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; vertical-align: bottom; border-collapse: collapse"> 22.34% </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; vertical-align: bottom; border-collapse: collapse"> 11.67% </td> </tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergGlobalAggregateTotalReturnIndexValueUnhedgedUSDMember_z8uOV6P5buG4" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> Bloomberg Global-Aggregate Total Return Index Value Unhedged USD (reflects no deduction for fees, expenses, or taxes) </td> <td style="border-width: 0pt; padding: 2.5pt 6pt 2.5pt 11pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> 8.17% </td> <td style="border-width: 0pt; padding: 2.5pt 6pt 2.5pt 8pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> -1.12% </td> </tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BlendedIndex1Member_z4fWREZ63dAb" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> Blended Index (reflects no deduction for fees, expenses, or U.S. taxes) </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 16.60% </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt 2.5pt 11pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 6.51% </td> </tr> </table> <table style="table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 372.59pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> </table> <table style="table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse; width: 372.59pt"> Class I Shares </td> <td id="xdx_499_20250101__20251231_zIn1GpKWNzgk" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> 1 Year </td> <td id="xdx_496_20210101__20251231_zdzU2lHo5k8f" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> 5 Years </td> <td id="xdx_490_20190301__20251231_zARgWtxWXlAc" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> Since inception (03-01-19) </td> </tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000210188Member_zejNRlIPesP4" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> Return Before Taxes </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> 20.53% </td> <td style="border-width: 0pt; padding: 2.5pt 6pt 2.5pt 11pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> 9.41% </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> 12.21% </td> </tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MSCIAllCountryWorldNetTotalReturnUSDIndexMember_zMsdxj7bYy43" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.5pt 6pt; vertical-align: bottom; border-collapse: collapse"> MSCI All Country World Net Total Return USD Index (reflects no deduction for fees, expenses, or taxes) </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; vertical-align: bottom; border-collapse: collapse"> 22.34% </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; vertical-align: bottom; border-collapse: collapse"> 11.19% </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; vertical-align: bottom; border-collapse: collapse"> 12.58% </td> </tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergGlobalAggregateTotalReturnIndexValueUnhedgedUSDMember_zJMfQY6oOmh1" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> Bloomberg Global-Aggregate Total Return Index Value Unhedged USD (reflects no deduction for fees, expenses, or taxes) </td> <td style="border-width: 0pt; padding: 2.5pt 6pt 2.5pt 11pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> 8.17% </td> <td style="border-width: 0pt; padding: 2.5pt 6pt 2.5pt 8pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> -2.15% </td> <td style="border-width: 0pt; padding: 2.5pt 6pt 2.5pt 11pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> 0.57% </td> </tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BlendedIndex1Member_zNM8NBN1H2Ok" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> Blended Index (reflects no deduction for fees, expenses, or taxes) </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 16.60% </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt 2.5pt 11pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 5.79% </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt 2.5pt 11pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> 7.84% </td> </tr> </table> 2022-01-26 0.1488 0.0780 0.1267 0.0633 0.0932 0.0548 (reflects no deduction for fees, expenses, or taxes) 0.2234 0.1167 (reflects no deduction for fees, expenses, or taxes) 0.0817 -0.0112 0.1660 0.0651 2019-03-01 0.2053 0.0941 0.1221 (reflects no deduction for fees, expenses, or taxes) 0.2234 0.1119 0.1258 (reflects no deduction for fees, expenses, or taxes) 0.0817 -0.0215 0.0057 (reflects no deduction for fees, expenses, or taxes) 0.1660 0.0579 0.0784 <p id="xdx_A86_eoef--PerformanceTableClosingTextBlock_zkOId0Infgy5" style="font: italic 8pt/9pt Arial, sans-serif; margin: 0pt 0pt 4pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left">After-tax returns are calculated using the highest historical individual federal marginal income tax rates, and do not reflect state or local income taxes. Actual after-tax returns depend on an investor’s own tax situation and may differ from the returns shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are calculated using the highest historical individual federal marginal income tax rates, and do not reflect state or local income taxes. Actual after-tax returns depend on an investor’s own tax situation and may differ from the returns shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Up to a 1.00% contingent deferred sales charge (CDSC) is imposed on redemptions of any part or all of a purchase of $1 million or more within 12 months of purchase. Imposed only on redemptions of Class C shares within 12 months of purchase. The Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement do not match the Ratios to Average Net Assets shown in the Financial Highlights section of the Prospectus, which reflect the operating expenses of the Fund and do not include acquired fund fees and expenses (‘AFFE’). AFFE are expenses incurred indirectly by other investment companies in which the Fund holds shares, are not direct costs paid by Fund shareholders, and are not used to calculate the Fund’s net asset value. Thornburg Investment Management, Inc. (“Thornburg”) has contractually agreed to waive fees and reimburse expenses incurred by the Fund so that actual Class R6 expenses (excluding taxes, interest expenses, acquired fund fees and expenses, brokerage commissions, borrowing costs, expenses relating to short sales, and unusual expenses such as contingency fees or litigation costs) do not exceed 0.80%. The agreement to waive fees and reimburse expenses may be terminated by the Fund’s Trustees at any time, but may not be terminated by Thornburg before February 1, 2027, unless Thornburg ceases to be the investment advisor of the Fund prior to that date. Thornburg may recoup amounts waived or reimbursed during the Fund’s fiscal year if actual expenses fall below the expense cap during that same fiscal year. Up to a 1.00% contingent deferred sales charge (CDSC) is imposed on redemptions of any part or all of a purchase of $1 million or more within 12 months of purchase. The Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement do not match the Ratios to Average Net Assets shown in the Financial Highlights section of the Prospectus, which reflect the operating expenses of the Fund and do not include acquired fund fees and expenses (‘AFFE’). AFFE are expenses incurred indirectly by other investment companies in which the Fund holds shares, are not direct costs paid by Fund shareholders, and are not used to calculate the Fund’s net asset value. Thornburg Investment Management, Inc. (“Thornburg”) has contractually agreed to waive fees and reimburse expenses incurred by the Fund so that actual Class A and Class I expenses (excluding taxes, interest expenses, acquired fund fees and expenses, brokerage commissions, borrowing costs, expenses relating to short sales, and unusual expenses such as contingency fees or litigation costs) do not exceed 0.94% and 0.69%, respectively. The agreement to waive fees and reimburse expenses may be terminated by the Fund’s Trustees at any time, but may not be terminated by Thornburg before February 1, 2027, unless Thornburg ceases to be the investment advisor of the Fund prior to that date. Thornburg may recoup amounts waived or reimbursed during the Fund’s fiscal year if, after taking the recoupment into account, the Fund’s actual expenses fall below the expense cap during that same fiscal year.