# EDGAR Filing Document

**Accession Number:** 0000816153
**File Stem:** 0001387131-23-001216
**Filing Date:** 2023-2
**Character Count:** 34341
**Document Hash:** 14b84beba60a4dce9800812e5e32cb81
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001387131-23-001216.hdr.sgml**: 20230201

**ACCESSION NUMBER**: 0001387131-23-001216

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20230201

**DATE AS OF CHANGE**: 20230201

**EFFECTIVENESS DATE**: 20230201

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** THORNBURG INVESTMENT TRUST
- **CENTRAL INDEX KEY:** 0000816153
- **IRS NUMBER:** 061158764
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-14905
- **FILM NUMBER:** 23576237

**BUSINESS ADDRESS:**
- **STREET 1:** 2300 NORTH RIDGETOP ROAD
- **CITY:** SANTA FE
- **STATE:** NM
- **ZIP:** 87506-8361
- **BUSINESS PHONE:** 5059840200

**MAIL ADDRESS:**
- **STREET 1:** 2300 NORTH RIDGETOP ROAD
- **CITY:** SANTA FE
- **STATE:** NM
- **ZIP:** 87506-8361

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** THORNBURG INCOME TRUST
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** LIMITED TERM TRUST
- **DATE OF NAME CHANGE:** 19870816

## Series and Classes Contracts Data

### Thornburg Summit Fund (Series ID: S000064930)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000210187 | Thornburg Summit Fund - Class A | TSAMX           |
| C000210188 | Thornburg Summit Fund - Class I | TSUMX           |

For the Fund's **Prospectus** or **SAI**, visit www.thornburg.com/download

![](sum-497k_020123img001.gif)

## Thornburg Summit Fund Summary Prospectus

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| | |
|:---|:---|
| &nbsp;&nbsp; **February 1, 2023** | &nbsp;&nbsp; **Class A:** TSAMX \| **Class I:** TSUMX |

---

*Before you invest, you may want to review the Fund's Prospectus and Statement of Additional Information (SAI), which contain more information about the Fund and its risks. You can find the Fund's Prospectus, SAI and other information about the Fund online at www.thornburg.com/download. You can also get this information at no cost by calling 800.847.0200 or by sending an e-mail request to info@thornburg.com. The current Prospectus and SAI, dated February 1, 2023, are incorporated by reference into this Summary Prospectus.*

**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 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. 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 147, and "Appendix A – Sales Charge Waivers Offered by Financial Intermediaries," beginning on page 200, and in the Statement of Additional Information under the caption "Additional Information Respecting Purchase and Redemption of Shares," beginning on page 92.

Shareholder Fees

(fees paid directly from your investment)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Class A** | &nbsp;&nbsp;&nbsp; **Class I** |
| &nbsp;&nbsp;&nbsp; Maximum Sales Charge (Load) Imposed on Purchases *<br>(as a percentage of offering price)* | &nbsp;&nbsp;&nbsp; 4.50% |  |
| &nbsp;&nbsp;&nbsp; Maximum Deferred Sales Charge (Load) <br>*(as a percentage of redemption proceeds or original purchase price, whichever is lower)* | &nbsp;&nbsp;&nbsp; none<sup>(1)</sup>  |  |

---

Annual Fund Operating Expenses

(expenses that you pay each year as a percentage of the value of your investment)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Class A** | &nbsp;&nbsp;&nbsp; **Class I** |
| &nbsp;&nbsp;&nbsp; Management Fees | &nbsp;&nbsp;&nbsp; 0.75% | &nbsp;&nbsp;&nbsp; 0.75% |
| &nbsp;&nbsp;&nbsp; Distribution and Service (12b-1) Fees | &nbsp;&nbsp;&nbsp; 0.25% | &nbsp;&nbsp;&nbsp; 0.00% |
| &nbsp;&nbsp;&nbsp; Investment-Related Expenses<sup>(2)</sup>  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend Expenses on Short Sales | &nbsp;&nbsp;&nbsp; 0.00% | &nbsp;&nbsp;&nbsp; 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrowing Costs on Short Sales and Interest Expenses | &nbsp;&nbsp;&nbsp; 0.00% | &nbsp;&nbsp;&nbsp; 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Expenses | &nbsp;&nbsp;&nbsp; 8.32% | &nbsp;&nbsp;&nbsp; 0.47% |
| &nbsp;&nbsp;&nbsp; Acquired Fund Fees and Expenses | &nbsp;&nbsp;&nbsp; 0.03% | &nbsp;&nbsp;&nbsp; 0.03% |
| &nbsp;&nbsp;&nbsp; Total Annual Fund Operating Expenses | &nbsp;&nbsp;&nbsp; 9.35% | &nbsp;&nbsp;&nbsp; 1.25% |
| &nbsp;&nbsp;&nbsp; Fee Waiver/Expense Reimbursement<sup>(3)</sup>  | &nbsp;&nbsp;&nbsp; (8.38)% | &nbsp;&nbsp;&nbsp; (0.53)% |
| &nbsp;&nbsp;&nbsp; Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement | &nbsp;&nbsp;&nbsp; 0.97% | &nbsp;&nbsp;&nbsp; 0.72% |

---

*(1) 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.*

*(2) These expenses reflect the expenses the Fund will incur to sell securities short and interest expense on borrowed funds. These expenses are required to be treated as a Fund expense for accounting purposes and are not payable to the Fund's investment advisor.* 

*(3) 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, 12b-1 distribution and service fees, 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, 2024 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.* 

**Example.** 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **1 Year** | &nbsp;&nbsp;&nbsp; **3 Years** | &nbsp;&nbsp;&nbsp; **5 YEARS** | &nbsp;&nbsp;&nbsp; **10 YEARS** |
| &nbsp;&nbsp;&nbsp; Class A Shares | &nbsp;&nbsp;&nbsp; $545 | &nbsp;&nbsp;&nbsp; $2322 | &nbsp;&nbsp;&nbsp; $3949 | &nbsp;&nbsp;&nbsp; $7435 |
| &nbsp;&nbsp;&nbsp; Class I Shares | &nbsp;&nbsp;&nbsp; $74 | &nbsp;&nbsp;&nbsp; $344 | &nbsp;&nbsp;&nbsp; $635 | &nbsp;&nbsp;&nbsp; $1465 |

---

**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 128.69% of the average value of its portfolio.

Thornburg Summit Fund **SUMMARY PROSPECTUS** February 1, 2023

**2**

For the Fund's **Prospectus** or **SAI**, visit www.thornburg.com/download

**Principal Investment Strategies**

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 short positions in equity securities and fixed income obligations, 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's 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.

The Fund's investments may include both long and short positions. A short sale involves the sale by the Fund of a security that the Fund does not own. The Fund borrows the security that it intends to sell from a broker or other institution, and at a later date the Fund completes the short sale by purchasing that same security on the open market and delivering it to the lending institution. The Fund may also seek to achieve short exposure to an investment through the use of derivative instruments, Allocating the Fund's portfolio among long and short positions is intended to permit the Fund to pursue its investment goal with lower volatility relative to broad-based securities market indices. While the Fund expects under normal conditions to invest a larger portion of its portfolio in long positions than short positions, the relative proportions of long and short equity investments will vary, and its short positions may represent a significant portion of the Fund's portfolio during some periods.

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.

**Principal Investment Risks** 

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. The value of the Fund's shares varies from day to day and over time, and when you sell your shares they may be worth less than what you paid for them. The following is a summary of the principal risks of investing in the Fund. The risks are presented in alphabetical order to facilitate readability, and their order does not imply that the realization of one risk is more likely to occur or have a greater adverse impact than another risk. The relative significance of each risk below may change over time.

**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.

**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.

**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.

**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.

**3**

**SUMMARY PROSPECTUS** February 1, 2023 Thornburg Summit Fund

For the Fund's **Prospectus** or **SAI**, visit www.thornburg.com/download

**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.

**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.

**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.

**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.

**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.

**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.

**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.

**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.

**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.

**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.

**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 and legal 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.

**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.

**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).

**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.

**Short Sale Risk** – A short sale involves the sale by the Fund of a security that the Fund has borrowed, but does not own, in anticipation of purchasing that same security at a lower price in the future in order to close the short position. If the value of the borrowed security increases between the date the Fund enters into the short sale and the date that the Fund buys that security to cover its short position, the Fund may experience a loss.

**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.

**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.

Additional information about Fund investments, investment strategies and risks of investing in the Fund appears below beginning on page 118 of the Prospectus.

**Past Performance of the Fund**

The following information provides some indication of the risks of investing in 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 I shares of the Fund have been different in each full year shown. The average annual total return figures compare Class I share performance to the Blended Benchmark, comprised of 60% MSCI All Country World Index, which represents a broad measure of both domestic and foreign equity market performance, and 40% Bloomberg Global Aggregate Bond Index, which provides a broad-based measure of the global investment-grade fixed-rate debt markets. 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, 2022. No performance information for Class A shares is provided because Class A shares have not been in operation for a full calendar year. Updated performance information may be obtained on the Thornburg website at Thornburg.com or by calling 1-800-847-0200.

Thornburg Summit Fund **SUMMARY PROSPECTUS** February 1, 2023

**4**

For the Fund's **Prospectus** or **SAI**, visit www.thornburg.com/download

2/1/23<br>TH4388

Annual Total Returns – Class I Shares

![](sum-497k_020123img002.gif)

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Total<br>Returns** | &nbsp;&nbsp;&nbsp; **Quarter<br>ended** |
| &nbsp;&nbsp;&nbsp; Highest Quarterly Results | &nbsp;&nbsp; 17.10 | &nbsp;&nbsp;&nbsp; 6/30/2020 |
| &nbsp;&nbsp;&nbsp; Lowest Quarterly Results | &nbsp;&nbsp;&nbsp; -9.50 | &nbsp;&nbsp;&nbsp; 6/30/2022 |

---

Average Annual Total Returns

(periods ended 12-31-22)

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class I Shares** | &nbsp;&nbsp;&nbsp; **1 Year** | &nbsp;&nbsp;&nbsp; **Since<br>inception<br>(03-01-19)** |
| &nbsp;&nbsp;&nbsp; Return Before Taxes | &nbsp;&nbsp;&nbsp; -9.78 | &nbsp;&nbsp; 10.18 |
| &nbsp;&nbsp;&nbsp; Return After Taxes on Distributions | &nbsp;&nbsp;&nbsp; -10.71 | &nbsp;&nbsp; 7.27 |
| &nbsp;&nbsp;&nbsp; Return After Taxes on Distributions and Sale of Fund Shares | &nbsp;&nbsp;&nbsp; -5.79 | &nbsp;&nbsp; 6.87 |
| &nbsp;&nbsp;&nbsp; Blended Index<br>*(reflects no deduction for fees, expenses, or taxes)* | &nbsp;&nbsp;&nbsp; -17.33 | &nbsp;&nbsp; 3.39 |

---

*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.* 

**Management**

**Investment Advisor:** Thornburg Investment Management, Inc.

**Portfolio Managers:** 

Ben Kirby, cfa, a managing director and co-head of investments of Thornburg, has been one of the persons jointly and primarily responsible for management of the Fund since its inception.

Jeff Klingelhofer, cfa, a managing director and co-head of investments of Thornburg, has been one of the persons jointly and primarily responsible for management of the Fund since its inception.

**Purchase and Sale of Fund Shares**

The minimum amounts for an initial investment in Fund shares and for subsequent investments in Fund shares are shown below. If you purchase your shares through a financial intermediary, the intermediary may impose its own minimum investment requirements. The minimums shown below may also be reduced or waived by the Fund under certain circumstances.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **MINIMUM INITIAL INVESTMENT** | &nbsp;&nbsp;&nbsp; **CLASS A** | &nbsp;&nbsp;&nbsp; **CLASS I** |
| &nbsp;&nbsp;&nbsp; Investors Purchasing through a Fee-Based Account with a Financial Intermediary | &nbsp;&nbsp;&nbsp; $2500 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2500 |
| &nbsp;&nbsp;&nbsp; Individual Retirement Accounts | &nbsp;&nbsp;&nbsp; $2000 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A |
| &nbsp;&nbsp;&nbsp; All Others | &nbsp;&nbsp;&nbsp; $5000 | &nbsp;&nbsp;&nbsp; $2500000 |
| &nbsp;&nbsp;&nbsp; **MINIMUM SUBSEQUENT INVESTMENTS (ALL ACCOUNTS)** | &nbsp;&nbsp;&nbsp; **CLASS A** | &nbsp;&nbsp;&nbsp; **CLASS I** |
|  | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;$100 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $100 |

---

The Fund's shares are redeemable on any business day. If you hold your Fund shares through a financial intermediary, you should contact your intermediary to redeem shares. If you hold your shares directly with the Fund, you may redeem shares at any time by mail (c/o the Fund's Transfer Agent, SS&C GIDS, Inc., at P.O. Box 219017, Kansas City, Missouri 64121-9017) or by telephone (1-800-847-0200).

**Tax Information**

Distributions to a shareholder will generally be taxable to the shareholder as ordinary income or capital gains for federal income tax purposes. Distributions may also be subject to state and local taxes. See "Taxes" on page 158 of the Prospectus.

**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund, its investment advisor and/or its distributor may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.