# EDGAR Filing Document

**Accession Number:** 0000816153
**File Stem:** 0001999371-26-000891
**Filing Date:** 2026-1
**Character Count:** 1470206
**Document Hash:** e6eab03abbced00c17f2a483406841d3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-26-000891.hdr.sgml**: 20260114

**ACCESSION NUMBER**: 0001999371-26-000891

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 36

**FILED AS OF DATE**: 20260114

**DATE AS OF CHANGE**: 20260114

**EFFECTIVENESS DATE**: 20260115

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** THORNBURG INVESTMENT TRUST
- **CENTRAL INDEX KEY:** 0000816153

**ORGANIZATION NAME:**
- **EIN:** 061158764
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05201
- **FILM NUMBER:** 26533800

**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
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** THORNBURG INVESTMENT TRUST
- **CENTRAL INDEX KEY:** 0000816153

**ORGANIZATION NAME:**
- **EIN:** 061158764
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-14905
- **FILM NUMBER:** 26533799

**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 Small/Mid Cap Core Fund (Series ID: S000011846)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000032361 | Thornburg Small/Mid Cap Core Fund - Class A  | TVAFX           |
| C000032363 | Thornburg Small/Mid Cap Core Fund - Class C  | TVCFX           |
| C000032364 | Thornburg Small/Mid Cap Core Fund - Class I  | TVIFX           |
| C000032366 | Thornburg Small/Mid Cap Core Fund - Class R5 | TVRRX           |
| C000042669 | Thornburg Small/Mid Cap Core Fund - Class R4 | TVIRX           |
| C000042670 | Thornburg Small/Mid Cap Core Fund - Class R3 | TVRFX           |

### Thornburg Small/Mid Cap Growth Fund (Series ID: S000011850)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000032375 | Thornburg Small/Mid Cap Growth Fund - Class A  | THCGX           |
| C000032376 | Thornburg Small/Mid Cap Growth Fund - Class C  | TCGCX           |
| C000032377 | Thornburg Small/Mid Cap Growth Fund - Class I  | THIGX           |
| C000032379 | Thornburg Small/Mid Cap Growth Fund - Class R5 | THGRX           |
| C000042673 | Thornburg Small/Mid Cap Growth Fund - Class R4 | TCGRX           |
| C000042674 | Thornburg Small/Mid Cap Growth Fund - Class R3 | THCRX           |

?xml version='1.0' encoding='ASCII'?

Securities Act Registration No. 33-14905

Investment Company Act Registration No. 811-05201

**As filed with the Securities and Exchange Commission January 14, 2026**

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549**

**FORM N-1A**

------

**☒ REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933**

☐ Pre-Effective Amendment No.

 **☒** Post-Effective Amendment No. 160

and

**☒ REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940**

☐ Amendment No. 178

**THORNBURG INVESTMENT TRUST**

(Registrant's Exact Name as Specified in its Charter)

**2300 North Ridgetop Road, Santa Fe, New Mexico 87506**

(Address of Principal Executive Offices)

(Number, Street, City, State, Zip Code)

**(505) 984-0200**

(Registrant's Telephone Number, including Area Code)

**Garrett Thornburg**

 **2300 North Ridgetop Road, Santa Fe, New Mexico 87506**

(Name and Address of Agent for Service)

With a copy to:

**Jeremy C. Smith**

 **Ropes & Gray LLP**

 **1211 Avenue of the Americas**

 **New York, New York 10036-8704**

------

**Approximate Date of Proposed Public Offering**: As soon as practicable after the effective date of this Registration Statement.

**It is proposed that this filing will become effective (check appropriate box):**

☐ Immediately upon filing pursuant to paragraph (b)

&nbsp;&nbsp;&nbsp;&nbsp;☒ On
January 15, 2026 pursuant to paragraph (b)

☐ 60 days after filing pursuant to paragraph (a)

☐ On (date) pursuant to paragraph (a)

☐ 75 days after filing pursuant to paragraph (a)(2)

☐ On [date] pursuant to paragraph (a)(2) of Rule 485

**If appropriate, check the following box:** 

☐ This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

This filing relates only to the Thornburg Small/Mid Cap Core Fund and Thornburg Small/Mid Cap Growth Fund, each a series of the Registrant.

**Thornburg investment trust**

Funds Prospectus

**JANUARY 15, 2026**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Thornburg Small/Mid Cap Core Fund**<br> *("Small/Mid Cap Core Fund")*<br>**Class A:** TVAFX<br> **Class C:** TVCFX<br> **Class I:** TVIFX<br>**Thornburg Small/Mid Cap Growth Fund**<br> *("Small/Mid Cap Growth Fund")*<br>**Class A:** THCGX<br> **Class C:** TCGCX<br> **Class I:** THIGX<br>| &nbsp;&nbsp;These securities have not been approved or disapproved by the Securities and Exchange Commission nor has the Securities and Exchange Commission passed upon the accuracy or adequacy of this Prospectus. Any representation to the contrary is a criminal offense. <br>![](smdi001.jpg)<br>|

---

**Table of Contents**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**[Fund Summaries](#smdia001)** | &nbsp;&nbsp;**[Fund Summaries](#smdia001)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Small/Mid Cap Core Fund](#smdia002) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Small/Mid Cap Growth Fund](#smdia003) | 8 |
| &nbsp;&nbsp;**[Additional Information](#smdia004)** | &nbsp;&nbsp;**[Additional Information](#smdia004)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Fund Investment Goals and Strategies, and Risks of Fund Investment Strategies](#smdia005) | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Organization and Management of the Funds](#smdia006) | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Investment Advisory and Administrative Services Fees](#smdia007) | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Pricing Fund Shares](#smdia008) | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Important General Information](#smdia009) | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[The Funds Offer Different Share Classes](#smdia010) | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Information about Class A Shares](#smdia011) | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Information about Class C Shares](#smdia012) | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Information about Class I Shares](#smdia013) | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Adding to Your Account](#smdia014) | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Exchanging Fund Shares](#smdia015) | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Selling Fund Shares](#smdia016) | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Orphaned Accounts](#smdia017) | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Inactive Accounts](#smdia018) | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Excessive Trading](#smdia019) | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Compensation to Financial Intermediaries](#smdia020) | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Dividends and Distributions](#smdia021) | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Taxes](#smdia022) | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#smdia023) | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Appendix A-Sales Charge Waivers Offered by Financial Intermediaries](#smdia024) | A-1 |

---

**Fund Summary**

**Small/Mid Cap Core Fund**

**Investment Goal**

The Fund seeks long-term capital appreciation by investing in equity and debt securities of all types.

The secondary, non-fundamental goal of the Fund is to seek some current income.

**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 $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 32, and "Appendix A - Sales Charge Waivers Offered by Financial Intermediaries," beginning on page A-1, and in the Statement of Additional Information under the caption "Additional Information Respecting Purchase and Redemption of Shares," beginning on page 100.

Shareholder Fees

(fees paid directly from your investment)

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class I** |
| &nbsp;&nbsp;Maximum Sales Charge (Load) Imposed on Purchases <br> *(as a percentage of offering price)* | &nbsp;&nbsp;4.50% |  |  |
| &nbsp;&nbsp;Maximum Deferred Sales Charge (Load) <br> *(as a percentage of redemption proceeds or original purchase price,* <br> *whichever is lower)* | &nbsp;&nbsp;none<sup>(1)</sup> | &nbsp;&nbsp;1.00%<sup>(2)</sup> |  |

---

Annual Fund Operating Expenses

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

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class I** |
| &nbsp;&nbsp;Management Fees | &nbsp;&nbsp;0.87% | &nbsp;&nbsp;0.87% | &nbsp;&nbsp;0.87% |
| &nbsp;&nbsp;Distribution and Service (12b-1) Fees | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;1.00% |  |
| &nbsp;&nbsp;Other Expenses<sup>(3)</sup> | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;1.22% | &nbsp;&nbsp;0.22% |
| &nbsp;&nbsp;Total Annual Fund Operating Expenses | &nbsp;&nbsp;1.37% | &nbsp;&nbsp;3.09% | &nbsp;&nbsp;1.09% |
| &nbsp;&nbsp;Fee Waiver/Expense Reimbursement | &nbsp;&nbsp;- | &nbsp;&nbsp;(1.14)%<sup>(3)</sup> | &nbsp;&nbsp;(0.14)%<sup>(3)</sup> |
| &nbsp;&nbsp;Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement | &nbsp;&nbsp;1.37% | &nbsp;&nbsp;1.95% | &nbsp;&nbsp;0.95% |

---

*(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)* *Imposed only on redemptions of Class C shares within 12 months of purchase.* 

*(3)* *Thornburg Investment Management, Inc. ("Thornburg") has contractually agreed to waive fees and reimburse expenses incurred by the Fund so that actual Class C 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 1.95% and 0.95%, 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 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;**1 Year** | &nbsp;&nbsp;**3 Years** | &nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;Class A Shares | $583 | $864 | $1166 | $2022 |
| &nbsp;&nbsp;Class C Shares | $298 | $847 | $1521 | $3322 |
| &nbsp;&nbsp;Class I Shares | $97 | $333 | $587 | $1316 |

---

You would pay the following expenses if you did not redeem your Class C shares:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;**3 Years** | &nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;Class C Shares | $198 | $847 | $1521 | $3322 |

---

**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 23.05% of the average value of its portfolio.

**Principal Investment Strategies**

Under normal conditions, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in small- and mid-capitalization companies. The Fund currently defines small- and mid-capitalization companies to be those within the market capitalization range comprised by the Russell 2500 Index - Total Return. As of November 30, 2025, the market capitalization range of the Russell 2500 Index - Total Return was approximately $11 million to $44 billion. The Russell 2500 Index - Total Return is completely reconstituted on an annual basis each June by the index provider, which generally results in updates to the capitalization range of the index and to the companies included in the index. The capitalization range of companies in which the Fund invests will in general also change annually to reflect the reconstitution of the index. The Fund may change the definition of what constitutes "small- and mid-capitalization companies" without advance notice to shareholders.

The Fund expects to invest primarily in domestic common stocks. However, the Fund may own foreign common stocks which, in the opinion of the Fund's investment advisor, Thornburg, offer prospects for meeting the Fund's investment goals.

With its core approach to stock selection, the Fund seeks to invest in a broadly diversified portfolio of companies the Fund categorizes as basic values, consistent earners, and emerging franchises, as described in more detail below. The relative proportions of securities invested in each of those categories will vary over time.

Thornburg primarily takes a bottom-up, fundamental view in determining the attractiveness of individual securities and in making investment decisions. Among the specific factors considered by Thornburg in identifying securities for inclusion in the Fund are:

● earnings growth potential

● durable business model

● industry growth potential

● innovation driving the potential to disrupt entrenched competitors

● intrinsic value appreciation potential

● potential size of addressable market

● management strength

● leverage

● return on invested capital

● valuation metrics, including: price/earnings ("PE") ratio; enterprise value/revenue ratio; PE/growth rate ratio, enterprise value/EBITDA *(earnings before interest, taxes, depreciation and amortization)* ratio; and free cash flow yield.

The Fund categorizes its investments in the following three categories:

**Basic Value:** Companies generally operating in mature or cyclical industries and which generally exhibit more economic sensitivity and/or higher volatility in earnings and cash flow.

**Consistent Earner:** Companies which generally exhibit predictable growth and profitability, and consistent cash flow and/or dividends.

**Emerging Franchise:** Companies with the potential to grow at an above average rate because of a product or service that is establishing a new market and/or taking share from existing participants.

Inclusion of any investment in any of the three described categories represents the opinion of Thornburg concerning the characteristics and prospects of the investment. There is no assurance that any company selected for investment will, once categorized in one of the three described investment categories, continue to have the positive characteristics or fulfill the expectations that Thornburg had for the company when it was selected for investment, and any such company may not grow or may decline in earnings and size.

The Fund selects foreign securities issued by companies domiciled in countries whose currencies are freely convertible into U.S. dollars, or in companies in other countries whose business is conducted primarily in U.S. dollars.

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's policy of investing at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in small- and mid-capitalization companies may be changed by the Fund's Trustees without a shareholder vote upon 60 days' notice to shareholders.

**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.

**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.

**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.

**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.

**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.

**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.

**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.

**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.

**Risks Affecting Specific Issuers** - The value of a security may decline in response to developments affecting the specific issuer of the security, 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.

**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, earlier stages of development and lack of well-established businesses, more limited access to markets and financial resources, greater vulnerability to competition and market risks and fluctuations, lack of management depth, increased volatility in share price, and possible difficulties in valuing or selling these investments. Relative to the stocks of large capitalization companies, the stocks of small- and mid-capitalization companies may be thinly traded and sales may result in higher transaction costs. Also, small- and mid-capitalization companies may perform poorly during times of economic stress.

Additional information about Fund investments, investment strategies, and risks of investing in the Fund appears below beginning on page 16 of the Prospectus.

**Past Performance of the Fund**

The following information provides some indication of the risks of investing in the Small/Mid Cap Core 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 have been different in each full year shown. The average annual total return figures compare Class A, Class C and Class I share performance to the Russell 3000 Index - Total Return, a broad-based securities market index that represents the overall applicable market in which the Fund invests, and the Russell 2500 Index-Total Return, 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 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.

Annual Total Returns - Class A Shares

![](smid006.jpg)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Total**<br> **Returns** | &nbsp;&nbsp;**Quarter**<br> **ended** |
| &nbsp;&nbsp;Highest Quarterly Results | &nbsp;&nbsp; 18.89% | &nbsp;&nbsp;6/30/2020 |
| &nbsp;&nbsp;Lowest Quarterly Results | &nbsp;&nbsp;-26.30% | &nbsp;&nbsp;3/31/2020 |

---

The sales charge for Class A shares is not reflected in the returns shown in 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)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Class A Shares** | &nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;Return Before Taxes | &nbsp;&nbsp;-5.39% | &nbsp;&nbsp;3.20% | &nbsp;&nbsp; 7.18% |
| &nbsp;&nbsp;Return After Taxes on Distributions | &nbsp;&nbsp;-5.39% | &nbsp;&nbsp; 1.57% | &nbsp;&nbsp; 6.26% |
| &nbsp;&nbsp;Return After Taxes on Distributions and Sale of Fund Shares | &nbsp;&nbsp; -3.19% | &nbsp;&nbsp; 2.13% | &nbsp;&nbsp; 5.59% |
| &nbsp;&nbsp;Russell 3000 Index-Total Return <br> *(reflects no deduction for fees, expenses, or taxes)* | &nbsp;&nbsp;17.15% | &nbsp;&nbsp;13.15% | &nbsp;&nbsp;14.29% |
| &nbsp;&nbsp;Russell 2500 Index-Total Return <br> *(reflects no deduction for fees, expenses, or taxes)* | &nbsp;&nbsp;11.91% | &nbsp;&nbsp;7.26% | &nbsp;&nbsp;10.40% |
| &nbsp;&nbsp;**Class C Shares** | &nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;Return Before Taxes | &nbsp;&nbsp;-2.86% | &nbsp;&nbsp; 3.18% | &nbsp;&nbsp; 6.75% |
| &nbsp;&nbsp;Russell 3000 Index-Total Return<br> *(reflects no deduction for fees, expenses, or taxes)* | &nbsp;&nbsp;17.15% | &nbsp;&nbsp;13.15% | &nbsp;&nbsp;14.29% |
| &nbsp;&nbsp;Russell 2500 Index-Total Return<br> *(reflects no deduction for fees, expenses, or taxes)* | &nbsp;&nbsp;11.91% | &nbsp;&nbsp;7.26% | &nbsp;&nbsp;10.40% |
| &nbsp;&nbsp;**Class I Shares** | &nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;Return Before Taxes | &nbsp;&nbsp;-0.50% | &nbsp;&nbsp;4.58% | &nbsp;&nbsp; 8.09% |
| &nbsp;&nbsp;Russell 3000 Index-Total Return<br> *(reflects no deduction for fees, expenses, or taxes)* | &nbsp;&nbsp;17.15% | &nbsp;&nbsp;13.15% | &nbsp;&nbsp;14.29% |
| &nbsp;&nbsp;Russell 2500 Index-Total Return<br> *(reflects no deduction for fees, expenses, or taxes)* | &nbsp;&nbsp;11.91% | &nbsp;&nbsp;7.26% | &nbsp;&nbsp;10.40% |

---

*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.*

*The performance information shown above may include gains attributable to the Fund's investments in shares of companies through initial public offerings ("IPOs"). There can be no assurance that the Fund will have continued access to profitable IPOs and, as the Fund's assets grow, the impact of the Fund's investment in IPOs on the performance of the Fund may decline.*

**Management**

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

**Portfolio Managers:**

Steven Klopukh, cfa, a managing director of Thornburg, has been one of the persons jointly and primarily responsible for the day-to-day management of the Fund since 2020.

Tim McCarthy, cfa, a managing director of Thornburg, has been one of the persons jointly and primarily responsible for the day-to-day management of the Fund since 2022.

**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 Funds under certain circumstances.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Minimum Initial Investment** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class I**<br>|
| &nbsp;&nbsp;Investors Purchasing through a Fee-Based Account with a Financial Intermediary | &nbsp;&nbsp;$2500 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; $2500 |
| &nbsp;&nbsp;Individual Retirement Accounts | &nbsp;&nbsp;$2000 | &nbsp;&nbsp;$2000 | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp;All Others | &nbsp;&nbsp;$5000 | &nbsp;&nbsp;$5000 | &nbsp;&nbsp;$2500000 |
| &nbsp;&nbsp;**Minimum Subsequent Investments (all accounts)** | &nbsp;&nbsp;**Class A**<br>| &nbsp;&nbsp;**Class C**<br>| &nbsp;&nbsp;**Class I**<br>|
|  | &nbsp;&nbsp; $100 | &nbsp;&nbsp; $100 | &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 Funds, 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 shareholders will generally be taxable to shareholders as ordinary income or capital gains for federal income tax purposes. Distributions may also be subject to state and local taxes.

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

If you purchase shares of a 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.

**Fund Summary**

**Small/Mid Cap Growth Fund**

**Investment Goal**

The Fund seeks long-term growth of capital by investing in equity securities selected for their growth potential.

**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 $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 32, and "Appendix A - Sales Charge Waivers Offered by Financial Intermediaries," beginning on page A-1, and in the Statement of Additional Information under the caption "Additional Information Respecting Purchase and Redemption of Shares," beginning on page 100.

Shareholder Fees

(fees paid directly from your investment)

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class I** |
| &nbsp;&nbsp;Maximum Sales Charge (Load) Imposed on Purchases <br> *(as a percentage of offering price)* | &nbsp;&nbsp;4.50% |  |  |
| &nbsp;&nbsp;Maximum Deferred Sales Charge (Load) <br> *(as a percentage of redemption proceeds or original purchase price,* <br> *whichever is lower)* | &nbsp;&nbsp;none<sup>(1)</sup> | &nbsp;&nbsp;1.00%<sup>(2)</sup> |  |

---

Annual Fund Operating Expenses

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

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class I** |
| &nbsp;&nbsp;Management Fees | &nbsp;&nbsp;0.87% | &nbsp;&nbsp;0.87% | &nbsp;&nbsp;0.87% |
| &nbsp;&nbsp;Distribution and Service (12b-1) Fees | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;1.00% |  |
| &nbsp;&nbsp;Other Expenses | &nbsp;&nbsp;0.32% | &nbsp;&nbsp;1.47% | &nbsp;&nbsp;0.27% |
| &nbsp;&nbsp;Total Annual Fund Operating Expenses | &nbsp;&nbsp;1.44% | &nbsp;&nbsp;3.34% | &nbsp;&nbsp;1.14% |
| &nbsp;&nbsp;Fee Waiver/Expense Reimbursement | &nbsp;&nbsp;— | &nbsp;&nbsp;(1.39)%<sup>(3)</sup> | &nbsp;&nbsp;(0.19)%<sup>(3)</sup> |
| &nbsp;&nbsp;Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement | &nbsp;&nbsp;1.44% | &nbsp;&nbsp;1.95% | &nbsp;&nbsp;0.95% |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(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.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(2)* *Imposed only on redemptions of Class C shares within 12 months of purchase.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(3)* *Thornburg Investment Management, Inc. ("Thornburg") has contractually agreed to waive fees and reimburse expenses incurred by the Fund so that actual Class C 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 1.95% and 0.95%, 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 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;**1 Year** | &nbsp;&nbsp;**3 Years** | &nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;Class A Shares | $590 | $885 | $1201 | $2097 |
| &nbsp;&nbsp;Class C Shares | $298 | $898 | $1621 | $3537 |
| &nbsp;&nbsp;Class I Shares | $97 | $343 | $609 | $1369 |

---

You would pay the following expenses if you did not redeem your Class C shares:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;**3 Years** | &nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;Class C Shares | &nbsp;&nbsp;$198 | &nbsp;&nbsp;$898 | &nbsp;&nbsp;$1621 | &nbsp;&nbsp;$3537 |

---

**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 34.06% of the average value of its portfolio.

**Principal Investment Strategies**

Under normal conditions, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in small- and mid-capitalization companies and at least 80% of its net assets in growth companies. The Fund currently defines small- and mid-capitalization companies to be those within the market capitalization range comprised by the Russell 2500 Growth Index - Total Return. As of November 30, 2025, the market capitalization range of the Russell 2500 Growth Index - Total Return was approximately $11 million to $44 billion. The Russell 2500 Growth Index - Total Return is completely reconstituted on an annual basis each June by the index provider, which generally results in updates to the capitalization range of the index and to the companies included in the index. The capitalization range of companies in which the Fund invests will in general also change annually to reflect the reconstitution of the index. The Fund may change the definition of what constitutes "small- and mid-capitalization companies" without advance notice to shareholders. The Fund currently considers a company to be a growth company if it meets any of the following criteria:

● It is a constituent of the Russell 2500 Growth Index;

● It has, over the last five years, grown its revenues or earnings per share at an average annual rate which exceeds the median growth rate of revenues or earnings per share, as applicable, for companies in the Russell 2500 Index; or

● It is projected by consensus estimates as compiled by FactSet Research Systems, over the next two years, to grow its revenues or earnings per share at an average annual rate which exceeds the median growth rate of revenues or earnings per share, as applicable, for companies in the Russell 2500 Index.

The Fund expects to invest primarily in domestic common stocks. However, the Fund may own foreign common stocks which, in the opinion of the Fund's investment advisor, Thornburg, offer prospects for meeting the Fund's investment goal.

The Fund seeks to invest in a diversified portfolio of companies the Fund categorizes as consistent growers, disruptors, and emerging franchises, as described in more detail below. The relative proportions of securities invested in each of those categories will vary over time.

Thornburg primarily takes a bottom-up, fundamental view in determining the attractiveness of individual securities and in making investment decisions. Among the specific factors considered by Thornburg in identifying securities for inclusion in the Fund are:

● earnings growth potential

● durable business model

● industry growth potential

● innovation driving the potential to disrupt entrenched competitors

● intrinsic value appreciation potential

● potential size of addressable market

● management strength

● leverage

● return on invested capital

● valuation metrics, including: price/earnings ("PE") ratio; enterprise value/revenue ratio; PE/growth rate ratio, enterprise value/EBITDA *(earnings before interest, taxes, depreciation and amortization)* ratio; and free cash flow yield.

The Fund categorizes its equity investments in the following three categories:

**Consistent Grower:** Companies in this category generally exhibit steady earnings or revenue growth, or both. These companies may have subscription or other recurring revenue profiles. Given their business models, these companies may outperform in weak markets.

**Disruptor:** Companies which are at the early stages of growth; which usually possess highly innovative or differentiated products and services, but which may require substantial additional time or investment to capitalize on market opportunities and achieve profitability.

**Emerging Franchise:** Companies with the potential to grow at an above average rate because of a product or service that is establishing a new market and/or taking share from existing participants.

Inclusion of any investment in any of the three described categories represents the opinion of Thornburg concerning the characteristics and prospects of the investment. There is no assurance that any company selected for investment will, once categorized in one of the three described investment categories, continue to have the positive characteristics or fulfill the expectations that Thornburg had for the company when it was selected for investment, and any such company may not grow or may decline in earnings and size.

In conjunction with individual issuer analysis, Thornburg may identify and invest at times with a greater emphasis in industries or economic sectors it expects to experience growth. The Fund does not have a strategy to invest in particular industry or economic sectors, and its exposures to particular industries or economic sectors are expected to vary over time.

The Fund selects foreign securities issued by companies domiciled in countries whose currencies are freely convertible into U.S. dollars, or in companies in other countries whose business is conducted primarily in U.S. dollars.

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's policy of investing at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in small- and mid-capitalization companies may be changed by the Fund's Trustees without a shareholder vote upon 60 days' notice to shareholders. The Fund's policy of investing at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in growth companies may be changed by the Fund's Trustees without a shareholder vote upon 60 days' notice to shareholders. Additionally, the Fund may change its definition of what constitutes a "growth company" at any time without advance notice to shareholders.

**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.

**Biotechnology Company Risk** - The Fund may invest in biotechnology companies, which may at times be more vulnerable to product obsolescence, failures to develop successful products despite significant investments in research and development, the failure to obtain or maintain intellectual property rights, competition from new and existing market entrants, and product liability claims from consumers. Biotechnology companies may also be adversely affected by changes in government regulations and restrictions. Additionally, biotechnology companies may be more reliant on capital markets to invest in and support their business operations, and biotechnology companies' valuations, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market.

**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.

**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.

**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.

**Growth Company Risk** - Growth company stocks may trade at higher multiples of current earnings than other equity securities and, therefore, may be more sensitive to changes in current or expected earnings than other equity securities and may be more volatile. If growth companies do not increase their earnings at a rate expected by investors, the market price of the stock may decline significantly, even if earnings show an absolute increase. Growth company stocks also typically lack the dividend yield that can cushion stock prices in market downturns. These risks may be more pronounced in companies that are in the earlier stages of their growth cycle.

**Information Technology Securities Risk** - Information technology companies may at times be more vulnerable to product obsolescence caused by rapid technology changes, the failure to obtain or maintain intellectual property rights, the inability to develop new products, competition from new and existing market entrants, and changes in consumer preferences. Information technology stocks may also be more volatile than the overall market.

**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.

**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.

**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.

**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.

**Risks Affecting Specific Issuers** - The value of a security may decline in response to developments affecting the specific issuer of the security, 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.

**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, earlier stages of development and lack of well-established businesses, more limited access to markets and financial resources, greater vulnerability to competition and market risks and fluctuations, lack of management depth, increased volatility in share price, and possible difficulties in valuing or selling these investments. Relative to the stocks of large capitalization companies, the stocks of small- and mid-capitalization companies may be thinly traded and sales may result in higher transaction costs. Also, small- and mid-capitalization companies may perform poorly during times of economic stress.

Additional information about Fund investments, investment strategies, and risks of investing in the Fund appears below beginning on page 16.

**Past Performance of the Fund**

The following information provides some indication of the risks of investing in the Small/Mid Cap Growth 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 have been different in each full year shown. The average annual total return figures compare Class A, Class C and Class I share performance to the Russell 3000 Index - Total Return, a broad-based securities market index that represents the overall applicable market in which the Fund invests, and the Russell 2500 Growth Index-Total Return, 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 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.

Annual Total Returns - Class A Shares

![](smdi003.jpg)

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Total**<br> **Returns** | &nbsp;&nbsp;**Quarter**<br> **ended** |
| &nbsp;&nbsp;Highest Quarterly Results | &nbsp;&nbsp; 30.93% | &nbsp;&nbsp;6/30/2020 |
| &nbsp;&nbsp;Lowest Quarterly Results | &nbsp;&nbsp;-24.94% | &nbsp;&nbsp;6/30/2022 |

---

The sales charge for Class A shares is not reflected in the returns shown in 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)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Class A Shares** | &nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;Return Before Taxes | &nbsp;&nbsp;-0.37% | &nbsp;&nbsp;-2.14% | &nbsp;&nbsp;6.81% |
| &nbsp;&nbsp;Return After Taxes on Distributions | &nbsp;&nbsp;-0.37% | &nbsp;&nbsp; -3.78% | &nbsp;&nbsp; 5.51% |
| &nbsp;&nbsp;Return After Taxes on Distributions and Sale of Fund Shares | &nbsp;&nbsp; -0.22% | &nbsp;&nbsp; -1.52% | &nbsp;&nbsp; 5.49% |
| &nbsp;&nbsp;Russell 3000 Index-Total Return<br> *(reflects no deduction for fees, expenses, or taxes)* | &nbsp;&nbsp;17.15% | &nbsp;&nbsp;13.15% | &nbsp;&nbsp;14.29% |
| &nbsp;&nbsp;Russell 2500 Growth Index-Total Return<br> *(reflects no deduction for fees, expenses, or taxes)* | &nbsp;&nbsp;10.31% | &nbsp;&nbsp;2.98% | &nbsp;&nbsp;10.55% |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Class C Shares** | &nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;Return Before Taxes | &nbsp;&nbsp;2.38% | &nbsp;&nbsp;-2.12% | &nbsp;&nbsp;6.40% |
| &nbsp;&nbsp;Russell 3000 Index-Total Return<br> *(reflects no deduction for fees, expenses, or taxes)* | &nbsp;&nbsp;17.15% | &nbsp;&nbsp;13.15% | &nbsp;&nbsp;14.29% |
| &nbsp;&nbsp;Russell 2500 Growth Index-Total Return<br> *(reflects no deduction for fees, expenses, or taxes)* | &nbsp;&nbsp;10.31% | &nbsp;&nbsp;2.98% | &nbsp;&nbsp;10.55% |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Class I Shares** | &nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;Return Before Taxes | &nbsp;&nbsp;4.82% | &nbsp;&nbsp; -0.79% | &nbsp;&nbsp; 7.74% |
| &nbsp;&nbsp;Russell 3000 Index-Total Return<br> *(reflects no deduction for fees, expenses, or taxes)* | &nbsp;&nbsp;17.15% | &nbsp;&nbsp;13.15% | &nbsp;&nbsp;14.29% |
| &nbsp;&nbsp;Russell 2500 Growth Index-Total Return<br> *(reflects no deduction for fees, expenses, or taxes)* | &nbsp;&nbsp;10.31% | &nbsp;&nbsp;2.98% | &nbsp;&nbsp;10.55% |

---

*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.*

**Management**

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

**Portfolio Managers:** 

Steven Klopukh, cfa, a managing director of Thornburg, has been one of the persons jointly and primarily responsible for the day-to-day management of the Fund since 2020.

Tim McCarthy, cfa, a managing director of Thornburg, has been one of the persons jointly and primarily responsible for the day-to-day management of the Fund since 2020.

**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 Funds under certain circumstances.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Minimum Initial Investment** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class I** |
| &nbsp;&nbsp;Investors Purchasing through a Fee-Based Account with a Financial Intermediary | &nbsp;&nbsp;$2500 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; $2500 |
| &nbsp;&nbsp;Individual Retirement Accounts | &nbsp;&nbsp;$2000 | &nbsp;&nbsp;$2000 | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp;All Others | &nbsp;&nbsp;$5000 | &nbsp;&nbsp;$5000 | &nbsp;&nbsp;$2500000 |

---

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Minimum Subsequent Investments (all accounts)** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class I** |
|  | &nbsp;&nbsp; $100 | &nbsp;&nbsp; $100 | &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 Funds, 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 shareholders will generally be taxable to shareholders as ordinary income or capital gains for federal income tax purposes. Distributions may also be subject to state and local taxes.

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

If you purchase shares of a 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.

Additional Information

**Fund Investment Goals and Strategies, and Risks of Fund Investment Strategies**

Summaries of each Fund's principal investment strategies and principal investment risks are provided at the beginning of this Prospectus. The information below provides more background about some of the investment strategies that each Fund may pursue, including the principal investment strategies described in the first part of this Prospectus, and the risks associated with those investments. Investment strategies which are described below but are not identified as a principal investment strategy for a Fund at the beginning of the Prospectus are not currently considered to be principal investment strategies of the Fund. Investors should note, however, that a Fund's investment profile will vary over time. See "Principal Investment Strategies" below for more information. More detailed information about each Fund's investment strategies and investment risks is available in the Statement of Additional Information ("SAI"). The SAI also contains information about the Funds' policies and procedures with respect to the disclosure of Fund portfolio investments.

Fund Investment Goals

The investment goals for each Fund are stated above in each Fund Summary. The investment goals stated in each Fund Summary are fundamental policies of the relevant Fund, and may not be changed without the approval of that Fund's shareholders. Other investment goals of any of the Funds are not fundamental policies, and may be changed without shareholder approval. A Fund may not achieve its investment goals.

Principal Investment Strategies

A "principal investment strategy" of a Fund is a strategy which Thornburg anticipates may be important in pursuing the Fund's investment objectives, and which Thornburg anticipates may have a significant effect on its performance. Those strategies which are currently considered to be principal investment strategies of each Fund are identified under the caption "Principal Investment Strategies" relating to each Fund in the first part of this Prospectus. It is important to remember, however, that the investment profile of each Fund will vary over time, depending on various factors. Over time, a Fund will invest different proportions of its assets in the investments it is permitted to purchase, and a Fund may not invest at times in each of the investments it is permitted to purchase as a principal strategy.

Under certain circumstances, a Fund is only permitted to invest a certain percentage of its assets in a particular investment strategy. Information about those specific investment limitations is described for each Fund under the caption "Principal Investment Strategies" in the first part of this Prospectus or in the "Investment Limitations" section of the SAI. For purposes of any such limitation, the term "assets" means net assets of the Fund plus the amount of borrowings for investment purposes. In determining whether an investment will be consistent with a specific percentage limitation, the Fund generally determines the value of its assets immediately after, and as a result of, the Fund's acquisition of that investment. In addition, the Fund will review its portfolio at least quarterly to confirm that it remains in compliance with its 80% policy, and if the Fund determines that it is out of compliance with its 80% policy, it will take steps to remedy that noncompliance within the time periods required by applicable rules under the Investment Company Act of 1940 (the "1940 Act").

Investing in Stocks and Other Equity Securities

Equity securities include common stocks, preferred stocks, convertible securities, warrants, sponsored or unsponsored American Depositary Receipts ("ADRs"), European Depositary Receipts ("EDRs"), and Global Depositary Receipts ("GDRs"), partnership interests (including interests in master limited partnerships, private equity firms, and other public and private issuers organized as partnerships), shares in exchange traded funds ("ETFs") and other investment companies, and publicly traded real estate investment trusts. Common stocks, the most familiar type, represent an equity (ownership) interest in a corporation. Other equity securities similarly represent ownership interests in corporations or other entities. See also "Investing in Other Investment Companies," below.

As described in the "Fund Summary" portions of this Prospectus, when the Funds invest in an equity security, Thornburg typically categorizes that security in one of the following categories: Basic Value, Consistent Earner, Emerging Franchise, Growth Industry Leader, Consistent Grower, Emerging Growth, or Disruptor. The issuers of securities categorized by Thornburg as Basic Value generally operate in industries deemed to be mature as they are older, larger industries with slowing rates of growth, or in industries considered cyclical because their performance is generally correlated to economic business cycles. The stock prices of Basic Value securities also tend to be more sensitive to changes in outside factors such as interest rates or inflation, and may exhibit higher volatility in earnings and cash flow versus securities categorized in the other two categories. The issuers of securities categorized by Thornburg as Consistent Earner typically exhibit one or more of the following characteristics: predictable growth; predictable profitability; predictable cash flow; or predictable levels of dividends. Consistent Earner securities also tend to operate in relatively stable industries, and their stock prices tend to be less sensitive to changes in outside factors such as changed in interest rates or inflation. The issuers of securities categorized by Thornburg as Emerging Franchises may operate in industries which are newer or less established that issuers in the other two categories, or may offer a product or service that is relatively new for the industry in which the issuer operates, or for which fewer competing products or services exists. Because they operate in newer industries or are positioned competitively relative to their peers, the issuers of Emerging Franchises securities have the potential to grow at an above average rate through increases in revenues, profits, or cash flows faster than the other categories of issuers. There is no limitation on the percentage of the Fund's assets which shall be invested in equity securities within each of those categories, and the allocation of the Fund's assets across those three categories is expected to vary over time. The issuers of securities categorized by Thornburg as Growth Industry Leader generally often have leadership positions in growing markets. In some cases these companies may have dominant market share. These companies tend to be larger and more established. The issuers of securities categorized by Thornburg as Consistent Grower generally exhibit steady earnings or revenue growth, or both. These companies may have subscription or other recurring revenue profiles. Given their business models, these companies may outperform in weak markets. The issuers of securities categorized by Thornburg as Emerging Growth often address a new market or carve out a niche in an existing market. Companies in this category may experience rapid growth, and tend to be smaller, earlier stage companies. These companies may exhibit high volatility. The issuers of securities categorized by Thornburg as Disruptor companies are generally at the early stages of growth and usually possess highly innovative or differentiated products and services, but they may require substantial additional time or investment to capitalize on market opportunities and achieve profitability.

**●General Risks of Equity Securities -** Although equity markets have a history of long-term growth in value, the values of equity securities fluctuate significantly over short and intermediate time periods, and could fluctuate significantly over longer periods, in response to changes in market conditions, political and economic news, changes in company earnings and dividends, changes in the prospects for company businesses, industry and technological developments, changes in interest rates, and developments affecting specific companies. Thornburg may not correctly identify conditions that adversely affect the broader economy, markets or industries, or adverse conditions affecting specific companies in which the Funds may invest. When equity securities held by a Fund decline in value, the value of the Fund's shares declines. These declines may be significant and there is no assurance that declines in value can be recaptured by future gains in value. From time to time, a Fund may seek to invest in a company's equity securities through an initial public offering ("IPO"). There can be no assurance that a Fund will have continued access to profitable IPOs and, as a Fund's assets grow, the impact of that Fund's investments in IPOs on the performance of the Fund may decline.

**●Market and Economic Risks Affecting Equity Securities -** Some adverse conditions have a broader impact and may affect entire economies, markets or industries. A general decline in economic conditions, in the United States or abroad, or the impacts of government policies or broader financial and market conditions may adversely affect securities valuations of companies in which a Fund has invested, even if the businesses of those companies are not adversely affected. Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth through monetary policies including reduced or increased interest rates, may at times affect the prices of a range of financial assets, which could negatively impact Fund performance. In recent years, the U.S. Federal Reserve has reversed many of its monetary policies, and other central banks could in the future take similar steps. In recent years the U.S. Federal Reserve has increased its policy rate, the overnight Federal Funds rate, and additional future increases are possible. Although the effect that an increase in the Federal Funds rate or the elimination or reduction of other monetary policies may have on financial markets is uncertain, those policy changes may lead to higher interest rates, declines in the prices of financial assets, adverse effects on currency exchange rates, changes in inflation rates, increased market volatility, higher levels of redemptions from certain Funds, or other consequences which may negatively affect global financial markets and the value of the Funds' investments.

All countries are vulnerable economically to the impact of a public health crisis, such as the novel virus known as COVID-19. Such crises may depress consumer demand, disrupt supply chains, slow economic growth, and potentially lead to market closures, travel restrictions, government-imposed shutdowns, and quarantines, all of which could adversely affect the economies of many of the markets in which the Funds invest, and which could in turn lead to declines in the value of the Funds' investments or decrease the liquidity of those investments.

Russia's invasion of Ukraine in February 2022 resulted in market disruptions which have adversely affected, and which may continue to adversely affect, the value of those securities and certain other investments of the Funds. The ongoing conflict has also caused investments in Russia to be subject to increased levels of political, economic, legal, market and currency risks, as well as the risk that further economic sanctions may be imposed by the United States and other countries. The extent and duration of the military action, sanctions imposed and other punitive action taken and resulting future market disruptions in Europe and globally cannot be easily predicted, but could be significant and have a severe adverse effect on Russia and Europe in general, including significant negative impacts on the economy and, thus, could affect the value of a Fund's investments, even beyond any direct exposure that a Fund may have to Russian issuers or the adjoining geographic regions. Furthermore, transactions in certain Russian securities have been, or may in the future be, prohibited, and certain of the Funds' existing investments have or may become illiquid.

**●Risks Affecting Specific Companies -** Other adverse developments may affect only specific companies, even if the overall economy or industry is unaffected. Adverse developments affecting a specific company may include management changes, hostile takeovers, weather or other catastrophe, competition from other firms or products, obsolescence of the company's products, labor difficulties, increases in costs or declines in the prices the company obtains for its services or products and other factors. Any one or more of these adverse conditions may result in significant declines in the value of equity securities held by the Funds, and in some instances, a company in which a Fund has invested could become bankrupt, causing a loss of the Fund's entire investment in the company.

**●Risks of Investing in Small and Mid-Cap Companies -** Smaller, less seasoned companies are generally subject to greater price fluctuations, limited market liquidity, higher transaction costs and generally higher investment risks. Small-capitalization and mid-capitalization companies may have risks resulting from limited product lines, earlier stages of development and lack of well-established businesses, more limited access to markets or financial resources, greater vulnerability to competition and market risks and fluctuations, more limited management expertise and resources, and have more limited financing and capital. There also may be less available information respecting these companies. Also, small- and mid-capitalization companies may perform poorly during times of economic stress.

**●Growth Company Risk** - Growth company stocks may trade at higher multiples of current earnings than other equity securities and, therefore, may be more sensitive to changes in current or expected earnings than other equity securities and may be more volatile, especially during periods of economic uncertainty. Because the prices of many growth stocks are based on future expectations, these stocks tend to be more sensitive than value stocks to bad economic news and negative earnings surprises. If growth companies do not increase their earnings at a rate expected by investors, the market price of the stock may decline significantly, even if earnings show an absolute increase. Growth company stocks also typically lack the dividend yield that can cushion stock prices in market downturns, and their stock prices may be particularly volatile in the event of earnings disappointments or other financial difficulties experienced by the issuer. In addition, the value of growth company stocks held by the Fund may decline when the market does not recognize their growth potential or value, investor demand for such stocks decreases, there is deceleration in the expected growth rate of the companies, or Thornburg's judgment as to the growth potential or value of a growth company stock proves to be wrong. These risks may be more pronounced in companies that are in the earlier stages of their growth cycle.

**●Biotechnology Company Risk -** The success of biotechnology companies in which the Funds may invest may be highly dependent on the development, procurement and/or marketing of drugs. Biotechnology companies may face intense competition and may incur significant costs in researching, developing or procuring new drugs, products or technologies and the related intellectual property rights. The results of such research and expenditures are unpredictable and may not necessarily lead to commercially successful products, or may lead to products that rapidly become obsolete, resulting in a complete loss on the company's investments. Biotechnology companies may also be subject to expenses and losses from insurance costs due to the risk of product liability lawsuits. Biotechnology companies' finances may depend on the development, protection and exploitation of intellectual property rights and other proprietary information and may be adversely affected by the loss or impairment of, or the inability to enforce, such intellectual property rights. In addition, changes in government regulations and restrictions may delay or inhibit the release of new biotechnology products, and there can be no assurance that the necessary approvals will be obtained or maintained. Also, biotechnology companies may be more reliant on capital markets to invest in and support their business operations. Biotechnology companies' valuations, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market, particularly if their products are subject to regulatory approval and/or under regulatory scrutiny.

**●Information Technology Securities Risk -** Because the information technology sector is often subject to rapid and significant changes in technology that are evidenced by the increasing pace of technological upgrades, evolving industry standards, ongoing improvements in the capacity and quality of digital technology, shorter development cycles for new products and enhancements, and developments in emerging wireless transmission technologies, the stock prices of companies in the sector may be more volatile than the overall market. Compared to companies in other sectors, information technology companies may also face more intense competition, be more dependent on consumer and business acceptance and compatibility with other products as new technologies evolve and older products become obsolete, and may be more heavily dependent on intellectual property rights, the impairment or inability to enforce those rights, and regulatory approval for protection of patents. These factors are likely to be even more significant for smaller, less-seasoned information technology companies, which may have more limited personnel, financial resources, and product lines.

**●Risks of Investing in Depositary Receipts -** ADRs, EDRs, and GDRs are certificates evidencing ownership of shares of a foreign-based issuer. These certificates are issued by a bank or similar financial institution and generally trade on an established securities market in the U.S. or elsewhere. An investment in ADRs, EDRs, or GDRs is an alternative to the purchase of the underlying securities in their national markets and 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. Additionally, the bank or other financial institution which issues the depositary receipt may charge the security holder fees for various services, such as forwarding dividend and interest payments. 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 (see "Investing in Foreign Securities and Debt Obligations; Foreign Currency Risks" below).

Certain depositary receipts in which a Fund may invest are unsponsored, meaning that the depositary receipt is created and issued without the participation of the foreign issuer whose stock underlies the depositary receipt. The financial institution that issues an unsponsored depositary receipt may be under no obligation to distribute shareholder communications received from the foreign issuer or to pass through voting rights, and accordingly the holder of an unsponsored depositary receipt may not have as much current information concerning the foreign issuer as the holder of sponsored depositary receipt.

**●Risks of Investing in Publicly Traded Real Estate Investment Trusts ("REITs") -** Publicly traded REITs are pooled investment vehicles in which ownership interests are publicly traded, and which invest in real estate or real estate-related companies. Types of publicly traded REITs in which certain Funds may invest include equity REITs, which own real estate directly, mortgage REITs, which make construction, development, or long-term mortgage loans, and hybrid REITs, which share characteristics of equity REITs and mortgage REITs. Investments in 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). In addition, the value of a Fund's investments in REITs may be affected by the quality and skill of the REIT's manager, the internal expenses of the REIT, and, with regard to REITs issued in the United States, the risks that the REIT will fail to qualify for pass-through of income under the Internal Revenue Code of 1986 without payment of federal income tax by the REIT, or maintain its exemption from registration under the 1940 Act.

**●Limited Number of Portfolio Holdings –** The Funds may invest in the equity securities of fewer issuers than is typical of other equity mutual funds if Thornburg believes that doing so is more likely to assist the Fund in pursuing its investment goals. To the extent a Fund invests its assets in fewer issuers than other mutual funds, the Fund's net asset value may increase or decrease more in response to a change in the value of one of the Fund's portfolio holdings than if the Fund invested in a larger number of issuers.

Investing in Foreign Equity Securities

Investments in foreign equity securities and other investment instruments are subject to the same risks that affect investments in equity securities in the United States. Additionally, foreign investments are subject to other risks which are summarized below.

**●Identifying Foreign Investments -** Investments are considered "foreign" or having been made "outside the United States" if at the time the investment is made by a Fund the issuer of the investment is domiciled outside the United States, or the issuer is determined by Thornburg to be tied economically to a country other than the United States. Thornburg considers the following material factors in determining if an investment is tied economically to one or more countries other than the United States: (i) whether the issuer is included in a benchmark index intended to measure the performance of markets outside the United States (e.g., the MSCI All Country World ex USA Index); (ii) whether the issuer is organized or headquartered in a non-United States country or maintains most of its assets in one or more such countries; (iii) whether the issuer's equity securities are traded principally on a stock exchange of a non-U.S. country; or (iv) whether the issuer derives, or is expected to derive, a majority of its profits, revenues, sales, or income from one or more non-U.S. countries. In addition, the application of these factors is inevitably complex and not precise in certain respects, companies may be economically tied to a number of countries (including the United States), and different persons may evaluate these factors differently and reach different conclusions as to whether or not a given issuer or its securities would be considered foreign or tied economically to countries other than the United States. See also "Developing Country Risk" below for a discussion of factors that Thornburg considers in determining if an investment by the Fund is an investment in a developing country.

**●General Risks Affecting Foreign Investments -** Foreign investments may be subject to greater political risk, including expropriation or nationalization of assets, confiscatory taxation, currency exchange controls, excessive or discriminatory regulations, trade protections, and restrictions on repatriation of assets and earnings to the United States. In some countries, there may be political instability or insufficient governmental supervision of markets, and the legal protections for a Fund's investments could be subject to unfavorable judicial or administrative decisions or changes. Accounting and investment disclosure standards may be different or less reliable. Markets in some countries may be more volatile, and subject to less stringent investor protection and disclosure requirements and it may be difficult to sell securities in those markets. The economies in many countries may be relatively unstable because of dependence on a few industries or economic sectors. Different equity and debt markets may behave differently from each other, and in particular, foreign markets may move in different directions from each other and United States markets.

**●Foreign Currency Risks -** Foreign investments, 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. Fluctuations in currency valuations 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. Thornburg may seek to hedge foreign currency risks, but its hedging strategies may not be successful, or its judgments not to use hedging strategies may not correctly anticipate actual conditions and result in loss or higher costs to a Fund. Furthermore, any hedging strategy that Thornburg pursues, such as the use of currency forward contracts, may involve additional risks.

Investing in Other Investment Companies

Subject to percentage limitations imposed by the 1940 Act, and provided such investments are otherwise consistent with the Fund's investment strategies and limitations, a Fund may invest from time to time in shares of other investment companies, including other open-end mutual funds, closed-end mutual funds, business development companies, and exchange traded funds. Shares in another investment company which are held by a Fund would be subject to the same risks that affect the underlying investments of that other investment company. In addition, because each investment company incurs its own operating expenses, a Fund which invests in another investment company indirectly bears the expenses of that investment company. Those underlying expenses are similar to the expenses paid by other businesses owned by the Funds, are not direct costs paid by Fund shareholders, are not used to calculate a Fund's net asset value, and have no impact on the costs associated with Fund operations.

The Funds may also invest a portion or all of the Fund's daily cash balance in Thornburg Capital Management Fund, a separate series of the Trust (the "Capital Management Fund"). The Capital Management Fund's shares are not publicly available. The Capital Management Fund is not a money market fund, but generally invests in short-term obligations which are determined by Thornburg to be of high quality, with the objective of seeking current income consistent with liquidity management and safety of capital. The Capital Management Fund does not currently pay a separate investment advisory fee or administrative services fee to Thornburg, but Funds which invest in the Capital Management Fund would indirectly bear the other operating expenses of the Capital Management Fund, as described in the preceding paragraph.

Temporary Defensive Positions

For temporary defensive purposes, including when Thornburg determines it is necessary to meet the liquidity needs of the Fund, each Fund may purchase short-term, highly liquid securities including, but not limited to, time certificates of deposit, short-term U.S. government securities, commercial paper, and repurchase agreements. Because such short-term securities tend to generate lower investment returns compared to longer-term investments, investments in these short-term and other securities for temporary periods could reduce a Fund's ability to attain its investment goals.

Redemption Risk

If a significant percentage of a 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. Such redemptions could also have a significant negative impact on the Fund's net asset value and liquidity, and could negatively impact the Fund's ability to implement its investment strategy.

Cybersecurity and Operational Risk

Operational risks arising from, among other problems, human errors, systems and technology disruptions or failures, or cybersecurity incidents may negatively impact the Funds and their service providers as well as the ability of shareholders to transact with the Funds. Cybersecurity incidents may allow an unauthorized party to gain access to Fund assets, shareholder data, or proprietary information, or cause the Funds or their service providers, as well as securities trading venues and their service providers, to suffer data corruption or lose operational functionality. It is not possible for the Funds or their service providers to identify all of the operational risks that may affect the Funds or to develop processes and controls to completely eliminate or mitigate their occurrence or effects. 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. Most issuers in which the Funds invest are heavily dependent on computers for data storage and operations, and require ready access to the internet to conduct their business. Thus, cybersecurity incidents could also affect issuers of securities in which the Funds invest, leading to significant loss of value.

**Organization and Management of the Funds**

Organization of the Funds

Each Fund is a series of Thornburg Investment Trust, a Massachusetts business trust (the "Trust") organized as a diversified, open-end management investment company under a Declaration of Trust. The Trustees are authorized to divide the Trust's shares into additional series and classes.

Investment Advisor

The Funds are managed by Thornburg Investment Management, Inc. ("Thornburg"), a registered investment advisor since 1982. Thornburg performs investment management services for each Fund under the terms of an Investment Advisory Agreement, which specifies that Thornburg will select investments for the Fund, monitor those investments and the markets generally, and perform related services. Thornburg also performs administrative services for each Fund under the terms of an Administrative Services Agreement, which specifies that Thornburg will administer, supervise, perform, or direct certain administrative functions necessary or desirable for the operation of the Funds. The fees that Thornburg is entitled to receive under the Investment Advisory Agreement and Administrative Services Agreement are described below under the heading "Investment Advisory and Administrative Services Fees." Thornburg's services to the Funds are supervised by the Trustees of Thornburg Investment Trust.

Fund Portfolio Managers

Portfolio management at Thornburg is a collaborative process that encourages contributions from across Thornburg's investment team. Some Funds have a single portfolio manager, and other Funds have portfolio managers who work together. For Funds with more than one portfolio manager, the portfolio managers typically act in concert in making investment decisions for the Fund, but any portfolio manager may act alone in making an investment decision. Although each Fund's named portfolio managers are jointly and primarily responsible for day-to-day management of the Fund's portfolio, those portfolio managers may be assisted by other members of Thornburg's investment team, including investment analysts, assistant or associate portfolio managers, and portfolio managers for other Thornburg Funds.

The portfolio manager(s) of each Fund are identified in the following table. Following the table is information about each such portfolio manager's recent business experience. Additional information about portfolio managers, including other accounts they manage, the determination of their compensation, and investments they have in the Funds they manage, is included in the Statement of Additional Information.

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| | |
|:---|:---|
| &nbsp;&nbsp;**FUND NAME** | &nbsp;&nbsp;**PORTFOLIO MANAGERS** |
| &nbsp;&nbsp;Small/Mid Cap Core Fund | &nbsp;&nbsp;Steven Klopukh |
| | &nbsp;&nbsp;Tim McCarthy |
| &nbsp;&nbsp;Small/Mid Cap Growth Fund | &nbsp;&nbsp;Steven Klopukh |
| | &nbsp;&nbsp;Tim McCarthy |

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**Steven Klopukh, cfa,** a managing director of Thornburg, has been a portfolio manager of Small/Mid Cap Core Fund and Small/Mid Cap Growth Fund since 2020. Mr. Klopukh joined Thornburg Investment Management as a portfolio manager in 2020. Prior to joining Thornburg, Mr. Klopukh was a lead portfolio manager of US small- and mid-cap equity strategies at Allianz Global Investors. Mr. Klopukh holds an MBA with honors from the Booth School of Business at University of Chicago and a BS in economics and finance from Fairleigh Dickinson University.

**Tim McCarthy, cfa,** a managing director of Thornburg, has been a portfolio manager of the Small/Mid Cap Growth Fund since 2020 and the Small/Mid Cap Core Fund since 2022. Mr. McCarthy joined Thornburg Investment Management as a portfolio manager in 2020. Prior to joining Thornburg, Mr. McCarthy spent 17 years at Allianz Global Investors, where he was senior portfolio manager and director for the U.S. Small- & Mid-Cap Growth team, a portfolio manager and analyst on the Small-Cap team, and a member of the Quantitative Analytics & Risk Strategy group. His extensive investment-industry experience includes serving as a portfolio product specialist at FactSet Research Systems. Tim holds a BS in business administration with a concentration in finance from the University of Vermont. He is a member of the CFA Society of San Francisco.

**Investment Advisory and Administrative Services Fees** 

Investment Advisory Fees

The following table shows the effective investment advisory fee rate that was paid by each Fund to Thornburg pursuant to the Investment Advisory Agreement during the fiscal year ended September 30, 2025, calculated as a percentage of the Fund's average daily net assets.

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| | |
|:---|:---|
| &nbsp;&nbsp;**FUND NAME** | &nbsp;&nbsp;**EFFECTIVE ADVISORY**<br> **FEE RATE** |
| &nbsp;&nbsp;Small/Mid Cap Core Fund | &nbsp;&nbsp;0.87% |
| &nbsp;&nbsp;Small/Mid Cap Growth Fund | &nbsp;&nbsp;0.87% |

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The investment advisory fee rate for each Fund is a blended rate that is calculated in accordance with the following breakpoint schedules, and which will therefore decrease as the Fund's assets increase and increases as the Fund's assets decrease:

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| | |
|:---|:---|
| &nbsp;&nbsp;**NET ASSETS OF FUND** | &nbsp;&nbsp;**ADVISORY FEE RATE** |
| &nbsp;&nbsp;0 to $500 million | &nbsp;&nbsp;0.875% |
| &nbsp;&nbsp;$500 million to $1 billion | &nbsp;&nbsp;0.825% |
| &nbsp;&nbsp;$1 billion to $1.5 billion | &nbsp;&nbsp;0.775% |
| &nbsp;&nbsp;$1.5 billion to $2 billion | &nbsp;&nbsp;0.725% |
| &nbsp;&nbsp;Over $2 billion | &nbsp;&nbsp;0.675% |

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A discussion regarding the basis for the approval of each Fund's Investment Advisory Agreement by the Trustees for the period ending October 31, 2026 is contained in the Fund's Form N-CSR filing for the fiscal year ended September 30, 2025.

Administrative Services Fees

The administrative services fee payable by each Fund is computed as an annual percentage of the aggregate average daily net assets of all share classes of all of the Funds of the Trust, at a blended rate calculated in accordance with the following breakpoint schedule, and which will therefore decrease as the Trust's assets increase, and increase as the Trust's assets decrease:

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| | |
|:---|:---|
| &nbsp;&nbsp;**Net Assets of the Trust** | &nbsp;&nbsp;**Administrative Services**<br> **Fee Rate** |
| &nbsp;&nbsp;0 to $20 billion | &nbsp;&nbsp;0.100% |
| &nbsp;&nbsp;$20 billion to $40 billion | &nbsp;&nbsp;0.075% |
| &nbsp;&nbsp;$40 billion to $60 billion | &nbsp;&nbsp;0.040% |
| &nbsp;&nbsp;Over $60 billion | &nbsp;&nbsp;0.030% |

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Fee Waivers and Expense Reimbursements

Thornburg may from time to time contractually agree to waive fees or reimburse expenses incurred by a Fund, or by certain classes of shares of a Fund, so that the total annual operating expenses of that Fund or class do not exceed a specified percentage of average daily net assets (an "expense cap"). For additional information about whether your Fund, or any share class thereof, is currently the subject of a contractual fee waiver and expense reimbursement agreement, see the Fund's Annual Fund Operating Expenses table, and the footnotes thereto, in the first part of this Prospectus. Thornburg may recoup fees waived or expenses reimbursed in any fiscal year if, during that same fiscal year, the Fund's total annual operating expenses fall below the expense cap that was in place at the time that those fees or expenses were waived or reimbursed. Thornburg will not recoup fees or expenses as described in the preceding sentence if that recoupment would cause the Fund's total annual operating expenses (after the recoupment is taken into account) to exceed the lesser of: (a) the expense cap that was in place at the time the waiver or reimbursement occurred; or (b) the expense cap that is in place at the time of the recoupment. Fee waivers or reimbursement of expenses for a Fund or class will boost its performance, and recoupment of waivers or reimbursements will reduce its performance.

**Pricing Fund Shares**

The Funds are open for business each day the New York Stock Exchange ("NYSE") is open. On each such day, the Funds normally calculate their net asset values ("NAVs") for each class of shares as of 4:00 p.m. Eastern Time. The Funds will not treat an intraday suspension, disruption or closure in NYSE trading as a closure of the NYSE and will therefore continue to calculate NAVs as of 4:00 p.m. ET on those days. The NAV of each class of shares of a Fund is calculated by adding the value of all of the assets attributable to that class, subtracting the liabilities attributable to that class, and then dividing that result by the number of shares of that class that are outstanding.

For purposes of calculating the NAV of each class of shares of a Fund, the assets attributable to that class are valued each business day in accordance with the Trust's valuation policies and procedures. Pursuant to those policies and procedures, securities and other portfolio investments which are listed or traded on a United States securities exchange are valued at the last reported sale price on the valuation date. Investments listed or traded on an exchange for which there has been no sale that day are valued at the mean between the last reported bid and asked prices on that valuation date. Portfolio investments reported by NASDAQ are valued at the official closing price on the valuation date. If an investment is traded on more than one exchange, the investment is considered traded on the exchange that is normally the primary market for that investment. Securities and other portfolio investments which are listed or traded on exchanges outside the United States are valued at the last price or the closing price of the investment on the exchange that is normally the primary market for the investment, as of the close of the exchange preceding the Fund's valuation date. Foreign investments listed or traded on an exchange for which there has been no sale that day are valued at the mean between the last reported bid and asked prices on that valuation date. Debt obligations held by a Fund have a primary market over the counter and are valued by an independent pricing service approved by Trustees of the Trust. Commercial paper with a remaining maturity of 60 days or less is valued by Thornburg at amortized cost, subject to regular confirmation through the use of valuations obtained from the Fund's custodian or an independent pricing service.

In any case when a market quotation is not readily available for a portfolio investment ordinarily valued by market quotation, valuation of the Funds' portfolio investment securities is performed by Thornburg, which has been designated by the Trustees of the Trust as the Funds' "valuation designee," as that term is defined in rule 2a-5 under the 1940 Act. Thornburg performs this valuation function in accordance with policies and procedures that have been adopted by Thornburg and approved by the Trustees of the Trust (the "Valuation Policy and Procedures").

In its capacity as the Funds' valuation designee, Thornburg makes good faith determinations of the fair value of portfolio securities for which market quotations are not readily available, and otherwise complies with and administers the Valuation Policy and Procedures. Thornburg performs those functions in significant measure through its Valuation and Pricing Committee (the "Committee"), though Thornburg may also obtain the assistance of others, including professional pricing service providers selected and approved by the Committee. In accordance with the Valuation Policy and Procedures, the Committee: assesses and manages the material risks associated with determining the fair value of those Fund investments for which market quotations are not readily available; selects and applies methodologies for determining and calculating such fair values; periodically reviews and tests the appropriateness and accuracy of those methodologies; monitors for circumstances that may necessitate the use of fair value; and approves, monitors, and evaluates pricing services engaged to provide evaluated prices for the Funds' investments. The Committee provides reports on its activities to the Trustees' Audit Committee, which is responsible for overseeing the Committee's and Thornburg's work in discharging the functions under the Valuation Policy and Procedures.

A market quotation is not readily available when the primary market or exchange for the investment is not open for the entire scheduled day of trading. Market quotations for an investment also may not be readily available if developments after the most recent close of the investment's primary exchange or market, but prior to the close of business on any Fund business day, or an unusual event or significant period of time occurring since the availability of a market quotation, create a serious question concerning the reliability of the most recent market quotation available for the investment. In particular, on days when market volatility thresholds established by the Committee are exceeded, foreign equity investments held by a Fund may be valued using alternative methods.

In any case when a pricing service provider fails to provide a valuation for a debt obligation held by a Fund, or where the Committee determines that a valuation obtained from a pricing service is stale, does not reflect material factors affecting the valuation of the investment, is significantly different than the value the Fund is likely to obtain if it sought a bid for the investment, or is otherwise unreliable, the Committee will calculate a fair value for the obligation using alternative methods under Valuation Policy and Procedures.

In instances when the Committee assists in calculating a fair value for a portfolio investment, the Committee seeks to determine the price that the Fund would reasonably expect to receive upon a sale of the investment in an orderly transaction between market participants on the valuation date. The Committee customarily utilizes quotations from securities broker dealers in calculating such valuations, but also may utilize prices obtained from pricing service providers or other methods approved by the Committee. Because fair values calculated by the Committee are estimates, the calculation of a value for an investment may differ from the price that would be realized by the Fund upon a sale of the investment, and the difference could be material to the Fund's financial statements. The calculation of a fair value for an investment may also differ from the prices obtained by other persons (including other mutual funds) for the investment.

When an order to purchase, sell, or exchange Fund shares (together "Transactions") is received in proper form prior to the Funds' close of trading, those shares are priced at that day's NAV. If a Transaction is received after the Funds' close of trading, it will receive the next calculated NAV. "Proper form" means that you have provided sufficient information necessary to process your Transaction as outlined in this Prospectus, including any required signatures, documents, payment, and Medallion Signature Guarantees. If a Transaction is provided to the Funds on your behalf by a financial intermediary that is authorized to receive and transmit such orders, or by an authorized designee of that financial intermediary, then the Transaction will generally be deemed to have been received by the Funds at the time that it was first received in proper form by your intermediary or its designee. If you hold your shares directly with the Funds, instead of through a financial intermediary, Transactions will generally be deemed to have been received by the Fund at the time that it was first received in proper form by the Trust's Transfer Agent.

Transactions must normally be received by the Trust's Transfer Agent, or an approved financial intermediary or their authorized designee prior to the close of regular trading on the NYSE (normally 4:00 p.m. Eastern Time) to be processed at the net asset value calculated on that day. If the NYSE is scheduled to close earlier, or if the NYSE has an unscheduled early closing on a day it has opened for business, the cutoff for Transactions that will receive that day's NAV will correspond to the actual NYSE's closing time.

**Important General Information**

Generally, the Funds are only available for purchase through financial intermediaries that have entered into agreements with the Funds' distributor. However, in certain circumstances, investors may be able to purchase shares directly from the Funds either through a financial intermediary or directly with the Funds' Transfer Agent. These eligible investors may purchase shares directly, by completing and signing an account application and giving it to their financial intermediary or to the Fund's Transfer Agent. If there is no application accompanying this Prospectus, please contact your financial intermediary.

You may purchase additional Fund shares in an existing account through your financial intermediary, or through an account held with the Fund's Transfer Agent, by mailing a check made payable to Thornburg Investment Trust, by bank wire, or, subject to certain limitations, by accessing your account at Thornburg.com. Wiring instructions can be found at Thornburg.com. You may also add to an existing account through the Fund's Automatic Investment Plan (see Adding to Your Account for more information).

Before opening an account to purchase Fund shares, please note the following:

● Shares of the Funds are only available for purchase by those U.S. citizens, resident aliens with a valid U.S. taxpayer identification number ("TIN"), and U.S. entities that have an address in the U.S. or its territories (including U.S. military or diplomatic addresses). All accounts must have and a valid U.S. Social Security Number ("SSN"), employer identification number ("EIN"), or TIN issued by the U.S. Internal Revenue Service.

● Investment minimums may be applicable to the purchase of Fund shares. Information about investment minimums is available for each Fund under the caption "Purchase and Sale of Fund Shares" in the front portion of this Prospectus. Please note that if you purchase your shares through a financial intermediary, the intermediary may impose its own investment minimums.

● Federal law requires us to obtain, verify and record information which identifies each person who opens an account directly with the Funds. When you open an account, you will be asked to supply your name, address, date of birth, Social Security or tax identification number and other information identifying you. Legal entity customers may be asked to provide verification and identification information about their ultimate beneficial owners and control persons of the entity. We are required to reject any new account application if the required information is not provided.

● When you open an account, you will also be asked to certify your TIN and that you are not subject to backup withholding for failing to report income to the IRS. If you violate IRS regulations, the IRS can require your Fund to withhold a portion of your taxable distributions and redemption proceeds. See the SAI for further details about backup withholding.

● Each Fund reserves the right to suspend the offering of shares for a period of time. Each Fund also reserves the right to reject any purchase order or orders.

● Except in limited situations and at the discretion of Thornburg, new accounts for the purchase of shares must be opened through a financial intermediary. If the purchase of shares directly from the Funds is permitted by Thornburg, rather than through your financial intermediary, please note the following:

- All purchases must be made in U.S. dollars and checks must be drawn on U.S. banks.

- The Funds do not accept cash or cash equivalents. For this purpose, cash equivalents include, but are not limited to, money orders, traveler's checks, and credit card checks.

If a check used to purchase Fund shares does not clear the financial institution on which it is drawn, your purchase will be cancelled and you will be responsible for any losses or fees the Fund or its Transfer Agent has incurred.

- A Medallion Signature Guarantee may be required for certain transactions, as described in the respective account application and/or shareholder form.

If you hold shares directly with the Funds, statements and reports you will receive include the following:

● Transaction confirmation statements; you will not receive a separate confirmation statement for recurring transactions such as dividend distributions and transactions from established automatic investment, or systematic withdrawal plans. These types of transactions will be included on your monthly or quarterly account statement.

● Account statements. You will receive a statement on a quarterly basis.; and

● The Funds also provide an annual Prospectus update to all shareholders, along with required financial reports.

All mailed requests should be sent to your financial intermediary or directly to the Fund's Transfer Agent at the address below. The Trust and the Funds do not accept applications, checks or any other type of request by mail. If a mailed request is received at the Trust or Fund, there may be a delay in processing.

Regular mail: Thornburg, P.O. Box 219017, Kansas City, MO 64121

Overnight mail: Thornburg, 801 Pennsylvania Ave, Suite 219017, Kansas City, MO 64105

Please visit Thornburg's website at Thornburg.com for more information or call 1-800-847-0200 to speak to a Thornburg representative Monday through Friday from 9:30 a.m. to 5:30 p.m. Eastern Time.

Shareholders should note that certain methods of contacting Thornburg may be unavailable or delayed following a natural disaster, cybersecurity incident, or other force majeure event.

Purchasing and Holding Shares through a Financial Intermediary

Except in limited situations and at the discretion of Thornburg, you may only purchase your Fund shares through a financial intermediary, such as a securities broker-dealer, a bank, trust company or other financial institution, or an organization that provides recordkeeping services to employer-sponsored retirement plans and employee benefit plans. The intermediary will typically provide a range of services for your convenience, which may include holding Fund shares of record for the investor, issuing account statements, executing transactions, distributing dividends and redemption proceeds, and assisting with tax reporting.

Financial intermediaries that offer shares of the Funds are not agents or otherwise acting on behalf of the Funds, Thornburg, TSL, or the Funds' Transfer Agent, and none of those persons audit the operations of such financial intermediaries. You are responsible for selecting the intermediary, and none of the Funds, Thornburg, TSL, or the Funds' Transfer Agent are responsible for errors or omissions by such financial intermediaries, including failures or delays in crediting the investor for dividends or redemption proceeds, errors in account statements or other reports, errors in executing purchases or sales of shares, delays in reports, electronic hacking or other cyber events affecting your account with an intermediary, or for any loss to you due to a failure or insolvency of the intermediary, the intermediary's loss of property or funds, or other acts or omissions by the intermediary. You should therefore exercise care in selecting a financial intermediary.

If you purchase Fund shares through a financial intermediary, note that the intermediary may impose a charge or fee for that service, the amounts of which may differ depending on the class of shares that you own, the identity of the financial intermediary, how you hold your Fund shares, and other factors. The intermediary may also impose investment minimums, investment limits, or purchase procedures that differ from those described in this Prospectus, or it may waive investment minimums. Please confer with your financial intermediary to discuss those topics.

Financial intermediaries may also receive certain payments from the Funds, Thornburg, or TSL in respect of the purchase and sale of Fund shares and as compensation for shareholder support and account maintenance services. See "Compensation to Financial Intermediaries" below for more information.

**The Funds Offer Different Share Classes**

General Information about Fund Share Classes

The specific share classes offered by each Fund through this Prospectus are described for each Fund in the first part of the Prospectus. Each Fund may also offer one or more other classes of shares that are not offered through this Prospectus. Each of a Fund's shares represents an equal undivided interest in the Fund's assets, and each share class of a Fund has the same investment objective(s) and a common investment portfolio. However, each share class has varying annual expenses and sales charge structures, which will affect performance. If you do not specify a class of shares in your order, your money will be invested in Class A shares of the Fund you purchase.

Financial intermediaries that offer Fund shares to their customers determine which share classes to make available, and are responsible for advising you as to which of those share classes is appropriate for you. Financial intermediaries may receive different compensation for selling different classes of shares. If you are investing in Fund shares through a financial intermediary, you should contact your intermediary to obtain information respecting the different share classes of the Funds.

Certain information about each share class, including a summary of the sales charge and expense structure of each class, is included in the following table. Additional information about each share class, including the circumstances under which the sales charges for a given class may be reduced or waived, is provided after the table under the heading that is specific to each such class, and on the Thornburg website at Thornburg.com. You can also obtain more information about the Fund's shares by contacting Thornburg at 1-800-847-0200.

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| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**CLASS A SHARES** | &nbsp;&nbsp;**CLASS C SHARES** | &nbsp;&nbsp;**CLASS I SHARES** |
| &nbsp;&nbsp;**Front-End Sales Charge** | &nbsp;&nbsp;See "Class A Share Breakpoint Schedule" and "Class A Share Sales Charge Waivers" for more information on front-end loads. |  |  |
| &nbsp;&nbsp;**Contingent Deferred Sales Charge** | &nbsp;&nbsp;None (except in certain cases for purchases of $1 million or more — see "Investors purchasing $1 million or more" under "Class A Sales Charge Waivers" below). | &nbsp;&nbsp;Up to 1.00% on redemptions of shares of the Funds. Applies to redemptions made within 12 months of purchase. |  |
| &nbsp;&nbsp;**Distribution and/or Service (12b-1) Fees** | &nbsp;&nbsp;0.25% for the Funds. | &nbsp;&nbsp;1.00% for the Funds. | &nbsp;&nbsp;None (but see "Other Information" below) |

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| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**CLASS A SHARES** | &nbsp;&nbsp;**CLASS C SHARES** | &nbsp;&nbsp;**CLASS I SHARES** |
| &nbsp;&nbsp;**Automatic Conversion to Another Share Class** | &nbsp;&nbsp;No | &nbsp;&nbsp;Yes, after eight years. See more detail under the caption "Information about Class C Shares." | &nbsp;&nbsp;No |
| &nbsp;&nbsp;**Other Information** | &nbsp;&nbsp;The front-end sales load may be reduced or waived under certain circumstances, as described under the caption "Information about Class A Shares." | &nbsp;&nbsp;The contingent deferred sales charge may be waived under certain circumstances, as described under the caption "Information about Class C Shares." | &nbsp;&nbsp;Higher investment minimums apply to individuals purchasing Class I shares. Class I shares are potentially subject to a 0.25% 12b-1 fee, but the Funds' distributor has advised that it has no current intention to seek any 12b-1 payment from the Class I shares. |

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**Information about Class A Shares**

Class A shares are sold subject to a front-end sales charge. The sales charge is deducted from the offering price when you purchase shares, and the balance is invested at the NAV next determined after your order is received in proper form. The sales charge is shown in the table below. The offering price for a Class A share is the NAV of that share plus the applicable front-end sales charge. The sales charge is not imposed on shares that are purchased with reinvested dividends or other distributions.

Class A shares are also subject to a Rule 12b-1 Service Plan, which allows the Fund to pay TSL, or other persons as designated by TSL, up to 0.25% of the class's average annual net assets each year for expenses incurred by TSL, or by other persons as directed by TSL or the Trust, for shareholder and distribution-related services. Because this fee is paid out of the class's assets on an ongoing basis, over time these fees will increase the cost of your investment.

Class A Shares Total Breakpoint Schedule

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| | | | |
|:---|:---|:---|:---|
|  | **As Percentage of** | **As Percentage of** | &nbsp;&nbsp;**Amount Retained**<br> **by Selling Dealer**<br> **(as a percentage of**<br> **offering price)\*** |
|  | &nbsp;&nbsp;**Offering** <br> **Price** | &nbsp;&nbsp;**Net Asset**<br> **Value** | &nbsp;&nbsp;**Amount Retained**<br> **by Selling Dealer**<br> **(as a percentage of**<br> **offering price)\*** |
| &nbsp;&nbsp;**Small/Mid Cap Core and Small/Mid Cap Growth** | &nbsp;&nbsp;**Small/Mid Cap Core and Small/Mid Cap Growth** | &nbsp;&nbsp;**Small/Mid Cap Core and Small/Mid Cap Growth** | &nbsp;&nbsp;**Small/Mid Cap Core and Small/Mid Cap Growth** |
| &nbsp;&nbsp;Less than $50,000 | &nbsp;&nbsp;4.50% | &nbsp;&nbsp;4.71% | &nbsp;&nbsp;4.00% |
| &nbsp;&nbsp;$50,000 to $99,999.99 | &nbsp;&nbsp;4.00% | &nbsp;&nbsp;4.17% | &nbsp;&nbsp;3.50% |
| &nbsp;&nbsp;$100,000 to $249,999.99 | &nbsp;&nbsp;3.50% | &nbsp;&nbsp;3.63% | &nbsp;&nbsp;3.00% |
| &nbsp;&nbsp;$250,000 to $499,999.99 | &nbsp;&nbsp;3.00% | &nbsp;&nbsp;3.09% | &nbsp;&nbsp;2.50% |
| &nbsp;&nbsp;$500,000 to $999,999.99 | &nbsp;&nbsp;2.00% | &nbsp;&nbsp;2.04% | &nbsp;&nbsp;1.50% |
| &nbsp;&nbsp;$1,000,000 and over\*\* |  |  |  |

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*\** *At certain times, for specific periods, TSL may reallow up to the full sales charge to all dealers who sell Fund shares. These "full reallowances" may be based upon the dealer reaching specific minimum sales goals. TSL will reallow the full sales charge only after notifying all dealers who sell Fund shares. During such periods, dealers may be considered underwriters under securities laws.*

*\*\** *See "Investors purchasing $1 million or more" under "Class A Sales Charge Waivers" for detailed information on A share purchases at or over $1 million.* 

Because the annual fees for Class A shares of each Fund are lower than the fees for Class C shares of the same Fund, any dividends paid by the Fund will be higher for the Class A shares of the Fund than for Class C shares of the same Fund. The deduction of the initial sales charge, however, means that you purchase fewer Class A shares than Class C shares of each Fund for a given amount invested.

If you are among the classes of investors who can buy Class A shares at net asset value or at a reduced sales charge, but you are not eligible to purchase Class I shares, you should consider buying Class A shares. If you are planning a large purchase or purchases under the Letter of Intent or Rights of Accumulation (as described below), you should consider if your overall costs will be lower by buying Class A shares, particularly if you plan to hold your shares for an extended period of time.

Letters of Intent

If you plan to invest a total amount in Class A shares over a period of thirteen months or less that would qualify for a lower sales charge if it were made in a single investment, you may be able to secure a reduced sales charge by signing and submitting a Letter of Intent ("LOI") to your financial intermediary. An LOI is a nonbinding commitment to purchase shares of the Funds within a thirteen-month period. By making this commitment, all Class A share purchases in your qualifying accounts during the thirteen-month period will receive the reduced sales charge.

If you do not meet that goal by the end of the thirteen-month period, you will have to pay the difference between the sales charge you paid and the charge you would have owed without the LOI. This amount can be paid directly to TSL, or covered by redeeming enough Fund shares from your qualifying accounts to make up the difference. Note that Fund shares purchased through the reinvestment of dividends or distributions are not considered in determining whether you have met the goal set in your LOI.

The LOI that you deliver to your financial intermediary must reference all qualifying accounts (as defined below) to which the LOI will apply. If a qualifying account is not referenced in the LOI, the value of the shares in that account will not be considered in determining if you have met your LOI goal. If you die during the thirteen-month period of your LOI your commitment will be deemed to have been met.

Rights of Accumulation

You may qualify for a reduced sales charge under Rights of Accumulation ("RoA") if your current purchase of Class A shares of any of the Funds in this Prospectus, combined with the value of all Thornburg Funds in your qualifying accounts (see below), qualifies for any of the sales charge breakpoints displayed above in the Class A Shares Breakpoint Schedule.

Certain financial intermediaries may have their own procedures for determining whether you are eligible for a reduced sales charge under an LOI or RoA, and in some instances those procedures may differ from the procedures described above. See Appendix A of this Prospectus for more detail, and please contact your financial intermediary to learn more about their LOI and RoA procedures.

Also note that the discounts available through an LOI or ROA will not apply to Fund shares that are held through financial intermediaries other than the financial intermediary through which you are making your current purchase of Fund shares, nor do those discounts apply to Fund shares held in direct accounts or in employer-sponsored retirement plans.

Qualifying Accounts: LOI and ROA

Note that only accounts opened by the same financial intermediary through which you are making your current purchase will be considered for aggregation:

● All accounts held in your name (alone or with other accountholders) with your federal tax identification number;

● Accounts held in your spouse's (or equivalent) name (alone or with other accountholders) and federal tax identification number;

● Accounts for your dependent children or your spouse's dependent children; or

● Trusts for you, your spouse, your children, and /or your spouse's children.

Class A Sales Charge Waivers

Certain investors described below are eligible to purchase Class A shares without a front-end sales charge. You must notify your financial intermediary or the Funds' Transfer Agent of your eligibility in order to qualify for a Class A sales charge waiver.

**Please note that certain financial intermediaries may impose sales charge waivers or discounts that differ from what is described below. Such intermediary-specific sales charge variations are described in Appendix A of this Prospectus. Please contact your financial intermediary prior to your purchase of Class A shares to notify the intermediary of any relationship or other facts that you believe may qualify you for a waiver of the front-end sales load, and to learn more information about the waivers offered by your intermediary.**

● **Reinvestment privileges** - A shareholder who redeems Class A shares of a Fund will pay no sales charge for ninety days for purchases that are reinvested into Class A shares of the same Fund, through the same account, up to the dollar amount redeemed. Note that automatic transactions (including, but not limited to, automatic purchase and systematic withdrawal plans) are not eligible for reinstatement without a sales charge.

● **Employees** of brokerage firms who are members in good standing with the Financial Industry Regulatory Authority ("FINRA"); employees of financial planning firms who place orders for the Fund through a member in good standing with FINRA; the families (spouse or equivalent and dependent children) of both types of employees. Orders must be placed through a FINRA member firm who has signed an agreement with TSL to sell Fund shares.

● **Customers** of bank trust departments, companies with trust powers, investment broker dealers and investment advisors who charge fees for services, including investment broker dealers who utilize wrap fee or similar arrangements. Accounts established through these persons are subject to conditions, fees and restrictions imposed by these persons.

● **Investors purchasing $1 million or more.** There is no sales charge on investments of $1 million or more made by a single purchaser, but a contingent deferred sales charge ("CDSC") may apply for any portion of such an investment which is redeemed within 12 months of purchase where a commission has been paid to the financial intermediaries who placed the investment for a single purchaser. TSL intends to pay commissions to financial intermediaries as follows:

- Up to 1.00% for any portion of the purchases from $1 million to $2 million;

- Up to 0.70% for any portion exceeding $2 million up to $4 million;

- Up to 0.50% for any portion exceeding $4 million; and

- CDSC: up to 1.00% for any portion redeemed within 12 months of purchase.

● **Persons who are determined by the Trustees of the Fund or Thornburg** to have acquired their shares under special circumstances not involving any sales expenses to the Funds or TSL.

● **Purchases placed in Omnibus Accounts** provided that such purchases are made by: (i) investment advisors or financial planners who place trades for their own accounts or the accounts of their clients and who charge a management, consulting or other fee for their services; or (ii) clients of such investment advisors or financial planners who place trades for their own accounts if the accounts are linked to the master account of such investment advisor or financial planner on the books and records of the broker or agent. Investors may be charged a fee if they effect transactions in Fund shares through a broker or agent.

● **Purchases by an employer-sponsored retirement plan**.

● **Purchases placed through self-directed brokerage accounts**, provided that such accounts are held with a financial intermediary that TSL has agreed may offer Class A shares through a load-waived investing platform. Investors may be charged a transaction fee by the intermediary for placing orders through such accounts.

**Information about Class C Shares**

Class C shares are sold at the NAV next determined after your order is received in proper form.

Certain financial intermediaries may have policies to convert shares from Class C to Class A on a similar or lesser schedule than what is described below, however, all shareholders that have held Class C shares for 8 years will be converted to Class A at or before the month following the of the anniversary of the 8th year after they were acquired. Please contact your financial intermediary to learn more information about the conversion schedule offered by your intermediary.

Class C shares held directly by the Fund's transfer agent that have been held for eight years will convert to Class A shares at the close of business on the tenth day (or, if that tenth day is not a business day, then on the next business day) of the month following the month in which the eighth anniversary occurred. The automatic conversion of Class C shares to Class A shares shall not apply to shares held through group retirement plan recordkeeping platforms of certain financial intermediaries who hold such shares with the Fund in an omnibus account and do not track participant level share lot aging to facilitate such a conversion. The conversion of Class C shares to Class A shares will occur without the imposition of any sales charge, fee, or other charge. If you exchange the Class C shares of one Fund for Class C shares of another Fund (see "Exchanging Fund Shares," below), the conversion period will be calculated from the date that you initially purchased your Class C shares, not from the date of your exchange. More information about this automatic conversion feature can be found in the Statement of Additional Information under the caption "Additional Information Respecting Purchase and Redemption of Shares."

Class C shares are subject to a contingent deferred sales charge ("CDSC") if the shares are redeemed within one year of purchase. The CDSC is 1% for the Funds. The CDSC is calculated on the amount of the redemption proceeds for each share, or the original purchase price, whichever is lower. Shares not subject to the CDSC are considered redeemed first. The CDSC is not imposed on shares purchased with reinvested dividends or other distributions.

Class C Shares CDSC Waivers

Certain financial intermediaries may impose CDSC waivers that differ from what is described below. Such intermediary-specific sales charge variations are described in Appendix A of this Prospectus. Contact your financial intermediary prior to your purchase of Class C shares to learn more information about the waivers offered by your intermediary.

If you redeem your shares directly with the Funds, the CDSC on Class C shares will be waived for the types of redemptions described below.

● Redemption upon the death of the account holder;

● Redemption that were purchased through a financial intermediary if the intermediary waived its right to receive a commission from the Fund at the time of purchase;

● Redemption as part of a mandatory distribution from an IRA or other qualified retirement arrangements; and

● Certain redemptions made pursuant to a systematic withdrawal plan (see "Systematic Withdrawal Plan" below).

Additional information about these CDSC waivers is available in the SAI under "Waivers of CDSCs on Redemptions".

Class C shares are subject to a Rule 12b-1 Service Plan which allows the Fund to pay TSL, or other persons as designated by TSL, up to 0.25% of the class's average annual net assets each year for expenses incurred by TSL, or others as directed by TSL or the Trust, for shareholder and distribution-related services. Class C shares are also subject to a Rule 12b-1 Distribution Plan enabling the Fund to pay TSL, or its designees, for the sale and distribution of the Fund's shares and to pay for commissions and other distribution expenses. The 12b-1 Distribution Plan provides for payment of up to 0.75% of the average annual net assets attributable to Class C shares the Funds. Because these fees are paid out of the class's assets on an ongoing basis, over time these fees will increase the cost of your investment and may cost more than paying other types of sales charges.

The Funds will not accept any order for Class C shares that would be eligible for Class A shares without paying a sales charge. The Funds' Transfer Agent may not be able to determine each instance in which this limitation applies because shareholder account information may be maintained by financial intermediaries, and may not be available to the Funds. Investors planning large purchases of Class C shares, or cumulative purchases of Class C shares over time, should consult with their financial intermediary about the higher annual fees for Class C shares and consider if it would be more advantageous to purchase Class A shares under a LOI or RoA.

If your investment horizon is relatively short and you do not qualify to purchase Class I Shares or Class A shares at a reduced sales charge, you may consider purchasing Class C shares.

If you hold your Class C shares directly with the Fund and no longer have a financial intermediary associated with your account, Thornburg, at its discretion, may convert your Class C shares of a Fund to Class I shares of the same Fund. See "Orphaned Accounts" below for more information.

**Information about Class I Shares**

Class I shares are sold with no initial sales charge and no CDSC at the NAV per share next determined after your purchase order is received in proper form. Class I shares are also subject to a Rule 12b-1 Service Plan, which allows the Fund to pay TSL, or other persons designated by TSL for expenses incurred by TSL, or by others directed by TSL or the Trust for shareholder and distribution-related services. The maximum annual payment under the plan is 0.25% of the class's average annual net assets, but TSL has advised that it has no current intention to seek any payment under the plan for Class I shares. Because this fee would be paid out of the class's assets, payment of the fee on an ongoing basis would increase the costs of your investment and might cost more than paying other types of sales charges.

Class I shares of the Funds are available to the following investors:

● Investors who purchase their shares through a fee-based advisory program with a financial intermediary;

● Investors who purchase their shares through a brokerage platform with a financial intermediary that is acting as an agent for the investor, provided that the intermediary has entered into an agreement with TSL that authorizes the intermediary to offer Class I shares within that platform;

● Employer-sponsored retirement plans.

● Investors who satisfy the $2,500,000 investment minimum described in the first part of this Prospectus;

● Employees, officers, trustees and directors of any Fund or Thornburg company, the families of such persons, and trusts established for the benefit of such persons or their families; and

● Investors who are determined under procedures established by the Trustees to have acquired their Class I shares under special circumstances not involving any sales expenses to the Fund or TSL and not expected to involve any administrative services that exceed these customarily provided for other Class I sharholders.

Additionally, at its discretion when Thornburg becomes aware that an account no longer has a financial representative Thornburg may convert shares held in other classes of each Fund to Class I shares. These accounts will not be eligible to acquire additional shares but can continue to hold existing shares, and reinvest distributions, until the shareholder redeems the account. (See the Orphaned Accounts section below for additional information).

As described under "Purchasing and Holding Shares through a Financial Intermediary," investors who purchase Fund shares through a financial intermediary may be charged additional fees by that intermediary. For example, investors that transact in Class I shares through a brokerage platform with an intermediary may be required to pay a commission or other forms of compensation to that intermediary.

Investors who hold Class I shares of the Fund through a fee-based program, but who subsequently become ineligible to participate in the program or withdraw from the program, may be subject to conversion of their Class I shares by their program provider to another class of shares of the Fund having expenses (including Rule 12b-1 fees) that may be higher than the expenses of the Class I shares. Investors should contact their program provider to obtain information about their eligibility for the provider's program and the class of shares they would receive upon such a conversion.

**Adding to Your Account**

Automatic Investment Plan

Investing regularly is a simple way to work towards your financial goals, and you can do so by enrolling in the Fund's Automatic Investment Plan. This plan allows shareholders with existing accounts to schedule a predetermined amount to be withdrawn from their bank account and invested in Fund shares at regular intervals. Please note that automatic investment plans do not guarantee profits or protect against losses in a declining market. Restrictions may apply to retirement accounts. For more information or to set up an automatic investment plan, contact your financial intermediary, visit Thornburg.com or call Thornburg at 1-800-847-0200.

**Exchanging Fund Shares**

Subject to the bullet points below, shareholders are allowed to exchange their shares of a Fund for shares of the same class of another Fund without the imposition of any sales charge, fee, or other charge imposed being either Fund. Additionally, and subject to the bullet points below, shareholders are allowed to exchange their shares of a Fund for a different class of shares of that Fund or another Fund, with the exception of any exchange that would result in the payment of a commission on the purchase side of the exchange. Before exchanging shares, please note the following:

● The Fund you are exchanging into must be qualified for sale in your state.

● You may only exchange between accounts that are registered in the same name, address, and taxpayer identification number.

● Before exchanging into a Fund, read the Prospectus for that Fund.

● Exchanges will be treated as a sale of your shares for tax purposes and, therefore, an exchange may have tax consequences for you. See "Taxes" below for more information.

● Each Fund reserves the right to refuse any exchange, or temporarily or permanently terminate or modify your exchange privilege for any reason, including if, in Thornburg's judgment, the Fund would be unable to invest the money effectively in accordance with its investment objectives and policies, the Fund receives or anticipates simultaneous orders affecting significant portions of the Fund's assets, exchanges appear to coincide with a market timing strategy, or if Thornburg believes the Fund otherwise may be adversely affected. Accounts under common ownership or control, including accounts with the same taxpayer identification number, will be counted together for this purpose.

● Termination of the exchange privilege or refusal of any exchange does not restrict a shareholder's right to redeem shares of any Fund.

● You will not pay a CDSC on the exchange of Class C shares of a Fund for Class C shares of another Fund even if the exchange occurs within 12 months of your purchase of the original shares. A CDSC will apply, however, to any subsequent sale of those Class C shares within 12 months of your original date of purchase, unless you otherwise qualify for a waiver of that CDSC. See "Information on Class C Shares," above, for more information on CDSC waivers.

In addition, and subject to a Fund's right to refuse an exchange for the reasons set forth above, those financial intermediaries with which TSL has an agreement to sell Class C2 shares may under certain circumstances exchange Class C shares of one Fund for Class C2 shares of another Fund, or exchange Class C2 shares of one Fund for Class C shares of another Fund. You will not pay a CDSC on such exchanges, even if the exchange occurs within 12 months of your purchase of the original shares. A CDSC will apply, however, to any subsequent sales of those Class C or Class C2 shares within 12 months of your original date of purchase, unless you otherwise qualify for a waiver of that CDSC.

If you are exchanging your Fund shares through a financial intermediary, note that the intermediary may impose a charge or fee for that service, and may impose other restrictions or apply other procedures to your redemption. Please confer with your financial intermediary to discuss those topics.

**Selling Fund Shares**

General Information about Fund Share Redemptions

You can withdraw money from your Fund account at any time by redeeming some or all of your shares, either by selling them back to the Fund or by selling the shares through your financial intermediary.

Your shares will be redeemed by the Fund at the NAV per share next determined after your order is received in proper form. If the shares that you are redeeming are subject to a contingent deferred sales charge ("CDSC"), the amount of the CDSC will be deducted and the remaining proceeds sent to you. No CDSC is imposed on the amount by which the value of a share may have appreciated. No CDSC is imposed on shares obtained through reinvestment of dividends or capital gains. Shares not subject to a CDSC will be redeemed first. For more information about CDSCs that may be applicable to your shares, see "The Funds Offer Different Share Classes," above.

Payment for redeemed shares normally will be made by the Fund's Transfer Agent as soon as practicable and typically within two business days, and in most cases within seven days, after receipt of a properly executed request for redemption. However, the Fund may hold payment on redemptions until it is reasonably satisfied that any investment previously made by check has been collected, which can take up to 15 business days. Additionally, if you hold your shares directly with the Fund, the Fund's Transfer Agent may temporarily place a hold on the disbursement of redemption proceeds to you if: (a) you are either (i) a natural person age 65 or older, or (ii) a natural person age 18 and older who the Transfer Agent reasonably believes has a mental or physical impairment that renders you unable to protect your own interests; and (b) the Transfer Agent has a reasonable belief that the redemption request is part of a scheme to financially exploit you. No interest is accrued or paid on amounts represented by uncashed distribution or redemption checks.

The Funds may suspend the right of redemption and may postpone payment when the New York Stock Exchange is closed for other than weekends or holidays, or if permitted by rules of the Securities and Exchange Commission during an emergency which makes it impractical for the Funds to dispose of their securities or fairly to determine net asset value, or during any other period specified by the Securities and Exchange Commission in a rule or order for the protection of investors.

Redemption proceeds are normally settled by check or bank transfer. Each Fund generally expects to meet redemption requests out of its holdings of cash, or by selling portfolio investments to generate cash to meet those requests. If considered appropriate by Thornburg, and subject to terms and conditions approved by the Trustees, a Fund may pay redemption proceeds in portfolio securities rather than normal settlement.

Redeeming Shares through a Financial Intermediary

You may sell your Fund shares through a financial intermediary. If you do so, note that the intermediary may impose a charge or fee for that service, and may impose other restrictions or apply other procedures to your redemption. Please confer with your financial intermediary to discuss those topics.

Redeeming Shares Directly with the Fund

You may use any of the following methods to submit a redemption request directly to the Fund rather than through a financial intermediary:

● **Written Instructions.** A form to request a redemption is available on Thornburg.com. You may mail your instructions to the Funds' Transfer Agent at the address listed above under Important General Information. Your instructions should include the information required by the form, including, but not limited to: your name and the account number; the name of the Fund(s) you wish to redeem; the dollar amount or number of shares to be redeemed; a Medallion Signature Guarantee stamp, if required (see "Medallion Signature Guarantee" below for additional information); and your signature (see "Signature Requirements" below for additional information).

● **Telephone and Internet Instructions.** Subject to certain limitations, you may redeem shares by calling 1-800-847-0200 or accessing your account through Thornburg.com. You also have the choice to opt out of these services by marking the opt-out box on your account application. Existing account holders can add or remove these privileges by completing a Telephone/Internet Redemption form, available at Thornburg.com, or by calling the number above. The Funds, Thornburg, TSL, and the Funds' Transfer Agent will not be responsible for confirming the authenticity of instructions provided by telephone or internet, nor for any loss, liability, cost or expense associated with acting upon such telephone or internet instructions, provided that reasonable procedures are followed to identify the caller or the online user. This may include recording of telephone transactions, using multi-factor authentication, sending written confirmation of such transactions to you, and requesting certain information to confirm the identity of the caller at the time of the transaction. We recommend that you verify the accuracy of each telephone and internet transaction immediately after you receive your confirmation statement for that transaction.

If you are redeeming some but not all of your shares, leave at least $1,000 worth of shares in the account to keep it open. Each Fund reserves the right to redeem the shares of any shareholder whose shares have a combined net asset value of less than $1,000. No CDSC will be imposed on such a mandatory redemption. The Fund will notify the shareholder before performing the redemption and allow the shareholder at least 30 days to make an additional investment and increase the account to the stated minimum. A Fund will not redeem an account which falls below the minimum solely due to market fluctuations.

Medallion Signature Guarantees

Certain transaction instructions may involve greater risk. In seeking to protect shareholder assets and the Funds, the Trust may require a Medallion Signature Guarantee (or alternate verification) for any redemption or transaction instruction. It is possible Shareholders may obtain a Medallion Signature Guarantee from a bank, broker-dealer, credit union or other participant in the Securities Transfer Agent Medallion Program ("STAMP"). While in certain circumstances a notarized instruction may be accepted, along with additional verification, a notary public generally does not provide a signature guarantee.

In general, the Trust will request a Medallion Signature Guarantee in the following circumstances:

● any requests to send redemption proceeds to a different address or bank account than what is already established on your account;

● any requests that involve changing ownership or account registration; and

● redemptions above $250,000.

Signature Requirements

The following signature requirements apply to a redemption request that you submit in writing to the Fund's Transfer Agent.

● **Individual, Joint Tenants, Tenants in Common, Sole Proprietor, or General Partner.** Instructions must be signed by all persons required to sign for transactions, exactly as their names appear on the account.

● **UGMA or UTMA.** Instructions must be signed by the custodian exactly as the custodian's name appears on the account.

● **Trust.** Instructions must be signed by the trustee, showing the trustee's capacity.

● **Corporation or Association.** Instructions must be signed by a person authorized to sign on the account. Please include a copy of corporate resolution authorizing the signer to act.

● **IRA or Retirement Account.** Instructions must be signed by shareowner exactly as shareowner's name appears on the account. In certain circumstances a financial representative listed on the account may be permitted to authorize this type of transaction.

● **Coverdell Education Savings Account.** Instructions must be signed by the Responsible Individual exactly as Responsible Individual's name appears on the account. In certain circumstances a financial representative listed on the account may be permitted to authorize this type of transaction.

● **Executor, Administrator, Conservator, or Guardian.** Request should be signed in capacity by Executor, Administrator, Conservator, or Guardian In these circumstances, additional documentation may be required to complete the transaction.

If you are redeeming shares through your financial intermediary, you should contact that intermediary to determine what signature requirements may apply.

Systematic Withdrawal Plan

Systematic withdrawal plans let you set up periodic redemptions from your account. The minimum periodic redemption amount under a systematic withdrawal plan is $50. Because of the sales charge on Class A shares of each Fund, you may not want to set up a systematic withdrawal plan during a period when you are buying Class A shares of the same Fund on a regular basis. If you have at least $10,000 invested in your account at the time you set up a systematic withdrawal plan, the CDSC which would ordinarily be imposed on redemptions of Class C shares from that account within one year of purchase will be waived on redemptions up to 10% of the account value as of the date you set up your systematic withdrawal plan. Please contact your financial intermediary, visit Thornburg.com, or call Thornburg at 1-800-847-0200 for more information about establishing a systematic withdrawal plan.

**Orphaned Accounts**

Unless otherwise permitted, all accounts holding Fund shares must identify a registered broker-dealer or financial intermediary representing the shareholder. If your relationship with the financial intermediary or TSL's relationship with the financial intermediary is terminated, your account will be classified as an "orphaned account." In this case, TSL may, at its sole discretion, take one or more of the following actions:

● Notify you in writing of the change to your account statements and request that you establish a relationship with a new financial intermediary;

● Restrict all trading activity in your account, except for redemptions, until a new financial intermediary is named;

● Redeem the holdings in your accounts and send the proceeds to you; or

● As permitted, convert Class A or Class C, shares in your account to Class I shares of the same fund.

**Inactive Accounts**

Under certain states' laws, the assets within a financial account may be deemed to have been abandoned if the account is inactive for a specified period of time. The factors used to determine whether an account is inactive vary from state to state, but may include lack of interaction with the Funds or the Funds' Transfer Agent, a shareholder's failure to cash a check, update their mailing address, or respond to Fund inquiries within the specified time period. Generally, under these state laws, simply receiving communication from the Funds will not meet the criteria for contact. For this purpose, your last known address of record with the Funds will determine which state has jurisdiction over your account. If the assets within your account are deemed to be abandoned in accordance with the relevant state's laws, the Fund may be legally obligated to transfer those assets to that state's unclaimed property administrator. While Thornburg or the Funds' Transfer Agent will attempt to contact you, you are responsible for ensuring that your account is not "abandoned" for purposes of these state laws, and neither the Fund nor its agents will be liable to you or your representatives for good faith compliance with those laws.

The State of Texas has enacted a law which allows Texas residents to designate a representative who can be contacted if the assets in your Fund account are at risk of being considered abandoned and turned over to the State. The designated representative will not have any rights or access to your mutual fund shares and will only receive notice if your property is deemed abandoned. If you are a resident of Texas and wish to designate such a representative, please complete the Unclaimed Property Designation of Representative form located on the website of the Texas Comptroller of Public Accounts at https://comptroller.texas.gov/programs/claim-it/report/forms/index.php, and return that completed form to the Fund's Transfer Agent at the address identified on the back of this Prospectus.

**Excessive Trading**

Excessive trading of Fund shares in anticipation of short-term fluctuations in the market may make it very difficult to manage a Fund's investments and may hurt Fund performance and longer-term shareholders. When excessive trading occurs, a Fund's longer-term shareholders may experience diminished returns, and the Fund may have to sell portfolio securities or maintain higher cash balances to have the cash necessary to redeem the traders' shares. This can happen at a time when it is not advantageous to sell any securities or maintain cash balances, which may harm a Fund's performance. Additionally, purchases and sales of portfolio securities in response to excessive trading activity may increase a Fund's transaction costs.

Thornburg Investment Trust discourages excessive trading and does not accommodate trading it identifies as excessive. The Trustees have adopted policies and procedures intended to deter excessive trading where it may be potentially harmful to the Fund or its shareholders. Those policies and procedures delegate to Thornburg the task of monitoring trading activity in the Funds to identify excessive trading. In determining whether particular trading activity constitutes excessive trading, Thornburg may consider various factors, including the nature of securities held by a Fund (including whether any significant portion of the Fund's securities is traded on foreign exchanges, is thinly traded or is less liquid), the cash position of the Fund, and the risk to the Fund that frequent traders of its shares may take advantage of fluctuations in the values of the Fund's portfolio securities. There is no assurance that these procedures will be effective in all cases. Additionally, trade monitoring methods are by their nature subjective, and involve the exercise of judgment. Thornburg seeks to make these judgments uniformly and in a manner it believes is consistent with the Funds' investment objectives and the interests of the shareholders who pursue those objectives. These policies and procedures may be changed at any time, without notice.

Purchase orders (including the purchase side of an exchange transaction) may be rejected by any Fund if, in Thornburg's judgment, the Fund would be unable to invest the money effectively in accordance with its investment objectives and policies, the Fund receives or anticipates simultaneous orders affecting significant portions of the Fund's assets, the purchases appear to coincide with a market timing strategy, or if Thornburg believes the Fund otherwise may be adversely affected. Accounts believed by the Funds to be under common ownership or control, including accounts with the same tax identification number, may be counted together for this purpose. The Funds reserve the right to refuse purchase orders or exchanges into any Thornburg Fund by any person (including all participants in a retirement plan or omnibus account when any participants trade excessively).

Many Fund shares are now held through financial intermediaries who hold shares for investors through omnibus accounts or other arrangements where Thornburg cannot identify the investors from the records of the Transfer Agent. Pursuant to applicable rules under the 1940 Act, the Trust, Thornburg or TSL will enter into an agreement with each firm that establishes omnibus accounts through which Fund shares are traded. Under the terms of those agreements, the omnibus accountholder agrees upon request to provide Thornburg with certain information regarding investors who trade in Fund shares through the omnibus account, and to restrict or prohibit further purchases or exchanges of Fund shares by any investor who Thornburg has identified as having engaged in excessive trading activity within the omnibus account. While the receipt of this information may help Thornburg monitor excessive trading activity, there is no assurance that all such activity within an omnibus account will be detected or terminated. The financial intermediaries who hold shares through omnibus accounts may also implement procedures, separate from the procedures that Thornburg implements, to monitor and restrict trading by their customers that the intermediaries perceive to be excessive.

**Compensation to Financial Intermediaries**

Sales charges that are paid to a financial intermediary when you buy or redeem Fund shares, if any, and amounts that could be paid by each Fund in connection with rule 12b-1 plans, if any, are displayed for each Fund under the caption "Fees and Expenses of the Fund" in the front portion of this Prospectus. Additional information about those sales charges and 12b-1 plan payments also appears above under the heading "The Funds Offer Different Share Classes."

Thornburg and TSL may pay amounts from their own resources to financial intermediaries in connection with the financial intermediaries' marketing and promotion of Fund shares. These amounts may be in the form of commissions, finder's fees or similar incentives, "revenue sharing," marketing or advertising support, or payments to assist in transaction processing and administrative support. A financial intermediary may pay additional compensation to its representatives who sell Fund shares or to third party intermediaries with whom the financial intermediary has agreements to sell Fund shares. Thornburg or TSL also may provide non-monetary compensation to financial intermediaries, including travel and lodging in connection with seminars or other educational programs. Because a financial intermediary may have a financial incentive to recommend a particular mutual fund to the intermediary's customers if the intermediary receives payments or other support from that fund's affiliates, investors who hold their Fund shares through a financial intermediary should consult with that intermediary and carefully review any disclosure by that intermediary respecting the intermediary's compensation.

The Funds may pay amounts to financial intermediaries to compensate those intermediaries for shareholder support and account maintenance services that the intermediaries provide to their customers who own Fund shares. The Funds may make such payments to the extent the services provided by these financial intermediaries replace services which would otherwise be provided by the Funds' transfer agent or other persons hired directly by the Funds. The services provided by these financial intermediaries may include account administration, recordkeeping, subaccounting and subtransfer agency, transaction processing, and distribution of Fund prospectuses, shareholder reports and other information. Thornburg also may pay amounts from its own resources to financial intermediaries for those services. In certain circumstances, these amounts will not be paid to financial intermediaries in respect of accounts the value of which has decreased below the applicable account minimum.

In addition to the amounts described above, some financial intermediaries may charge their account holders transaction fees, account or "wrap" fees and other amounts, which the investor can learn about by asking the investor's financial intermediary.

**Dividends and Distributions**

The Funds expect to distribute substantially all of their net investment income and realized net capital gains, if any, to shareholders each year. Net investment income of a Fund primarily consists of stock dividends (if it holds equity securities) and interest received on debt obligations (if it holds debt obligations), reduced by expenses of the Fund. Net capital gains are the gains realized by a Fund upon sales of investments, reduced by losses realized upon sale of investments. The Small/Mid Cap Core Fund typically declares and pays dividends from any net investment income annually, and the Small/Mid Cap Growth Fund is expected to follow the same practice in any periods when it has net investment income. Dividends from net investment income may fluctuate. Each Fund will distribute net realized capital gains, if any, at least annually. Capital gain distributions will normally be declared and payable in November.

Distribution Options

When you open an account, you must specify how you want to receive your distributions. Each Fund offers two options for each type of distribution, which you can change at any time:

**1. Dividends/Capital Gains: Reinvestment Option -** If you select the reinvest option, or you do not indicate a choice on your application, your dividend and/or capital gain distributions, if any, will be automatically invested in additional shares of the Fund at the next determined net asset value. If you do not indicate a choice on your application, you will be assigned this option. You may also instruct the Fund to invest your distributions in the shares of any other available Thornburg Fund.

**2. Dividends/Capital Gains: Cash Option -** If you select the cash option, your dividend and/or capital gain distributions, if any, will be sent via ACH to your designated bank account, or sent to you by check. Checks are normally mailed on the third business day after the end of the period for which the distribution is made.

Shares of any Thornburg Fund purchased through reinvestment of dividend and capital gain distributions are not subject to sales charges or contingent deferred sales charges. No interest is accrued or paid on amounts represented by uncashed distribution checks.

Investors should consider the tax implications of buying shares in a Fund just before a distribution. Unless a Fund accrues dividends daily for each investor, the money a Fund earns from its dividend, interest, capital gains and other income is reflected in the Fund's share price until it distributes the money. At that time the distribution is deducted from the share price. If you buy shares just before a Fund makes a distribution (and, in particular, a capital gains distribution), you will get back some of your money as a taxable distribution.

When a Fund sells a security at a profit it realizes a capital gain. When it sells a security at a loss it realizes a capital loss. Whether you reinvest your capital gain distributions or take them in cash, the distribution is taxable. See "Taxes," below.

To minimize taxable capital gain distributions, each Fund will realize capital losses, if available, when, in the judgment of the portfolio manager, the integrity and income generating aspects of the portfolio would be unaffected by doing so.

**Taxes**

Federal Taxes - In General

Certain general aspects of federal income taxation of shareholders are discussed below. This discussion relates mostly to individual shareholders who hold their Fund shares through taxable accounts. Distributions paid by a Fund to a shareholder who holds their shares through a tax-advantaged arrangement, such as a 401(k) plan or an individual retirement account, are generally not taxable at the time of distribution but may be taxed when the shareholder withdraws monies from that tax-advantaged arrangement. The following is not intended as tax advice and all prospective investors should consult their own tax advisors concerning federal, state and local tax consequences respecting investments in the Funds.

Please note that, in addition to the taxes described below, a 3.8% Medicare contribution tax is imposed on the "net investment income" of individuals, estates, and trusts whose income exceeds certain threshold amounts. Net investment income generally includes for this purpose distributions of income dividends and capital gains paid by the Funds and otherwise includible in adjusted gross income, and capital gains recognized on the sale, redemption or exchange of Fund shares. Prospective investors should confer with their own tax advisors respecting this Medicare contribution tax.

Federal Tax Treatment of Distributions

Distributions to shareholders representing net investment income, income realized upon amortization of market discount on debt obligations, net short-term capital gains, and net gains from certain foreign transactions, if any, generally are taxable to the shareholder as ordinary income, whether received in cash or additional shares. Subject to holding period requirements, the portion of distributions which is "qualified dividend income" because it is attributable to certain corporation dividends is taxed to noncorporate shareholders at reduced rates of federal income tax applicable to long-term capital gains. Distributions of net long-term capital gains, if any, will be treated as long-term capital gains by shareholders regardless of the length of time the shareholder has owned the shares, and whether received as cash or in additional shares. In addition, there is a possibility that some of the distributions of a Fund may be classified as return of capital.

Federal Tax Treatment of Sales or Redemptions of Shares

An investor's redemption of Fund shares, or exchange of shares for shares of another Fund, is generally a taxable transaction for federal income tax purposes, and the shareholder realizes gain or loss in an amount equal to the difference between the shareholder's basis in the shares and the amount received on the redemption or exchange. Applicable law requires Thornburg to provide to both the shareholder and the Internal Revenue Service information about the cost basis and holding period of any Fund shares redeemed or sold in accounts specified by regulations for shares acquired by the shareholder on or after January 1, 2012 ("covered shares"). Information about the cost basis and holding period of covered shares will be reported to the shareholder and the Internal Revenue Service on Form 1099-B, and shareholders will be required to use that information when completing their annual federal income tax returns. Thornburg's default method for calculating cost basis is the Average Cost method. For shareholders who hold their Fund shares through a financial intermediary, the intermediary may select a different default method for calculating cost basis. Shareholders who wish to elect a cost basis method other than the applicable default method should contact Thornburg at 1-800-847-0200 or their financial intermediary for instructions. The cost basis method elected by the shareholder or applied by default may not be changed for any sale or exchange of Fund shares after the settlement date of that sale or exchange. Thornburg offers no tax advice, and shareholders are advised to consult their own tax advisors respecting which cost basis method may be most appropriate for them.

**Financial Highlights**

The financial highlights tables are intended to help you understand each Fund's financial performance for the past five years (or if shorter, the period of the Fund's operations). Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions). Information for all periods through September 30, 2025, for each Fund appears in the financial statements for the Fund, which have been audited by PricewaterhouseCoopers LLP, independent registered public accounting firm.

The report of PricewaterhouseCoopers LLP, together with each Fund's financial statements, is included in each Fund's [Form N-CSR filing](https://www.sec.gov/ix?doc=/Archives/edgar/data/816153/000199937125019191/tbit-ncsr_093025.htm), which is available upon request.

**Thornburg Small/Mid Cap Core Fund**

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** |
| <br>**UNLESS OTHERWISE**<br> **NOTED, PERIODS ARE**<br> **FISCAL YEARS ENDED**<br> **SEPTEMBER 30,** | **NET ASSET**<br> **VALUE,**<br> **BEGINNING**<br> **OF YEAR** | **NET**<br> **INVESTMENT**<br> **INCOME**<br> **(LOSS)+** | **NET REALIZED &**<br> **UNREALIZED**<br> **GAIN (LOSS) ON**<br> **INVESTMENTS** | **TOTAL FROM**<br> **INVESTMENT**<br> **OPERATIONS** | **DIVIDENDS**<br> **FROM NET**<br> **INVESTMENT**<br> **INCOME** | **DIVIDENDS**<br> **FROM NET**<br> **REALIZED**<br> **GAINS** | **DIVIDENDS**<br> **FROM**<br> **RETURN OF**<br> **CAPITAL** | **TOTAL**<br> **DIVIDENDS** | **NET ASSET**<br> **VALUE,**<br> **END OF**<br> **YEAR** |
| **CLASS A SHARES<sup>(d)</sup>** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $77.15 | (0.44) | 2.97 | 2.53 |  |  |  |  | $79.68 |
| &nbsp;&nbsp;&nbsp;2024 | $60.68 | (0.39) | 16.86 | 16.47 |  |  |  |  | $77.15 |
| &nbsp;&nbsp;&nbsp;2023 | $55.35 | (0.24) | 5.60 | 5.36 | (0.03) |  |  | (0.03) | $60.68 |
| &nbsp;&nbsp;&nbsp;2022 | $97.60 | (0.27) | (15.33) | (15.60) | (0.30) | (26.35) |  | (26.65) | $55.35 |
| &nbsp;&nbsp;&nbsp;2021 | $74.81 | (0.05) | 22.84 | 22.79 |  |  |  |  | $97.60 |
| **CLASS C SHARES** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $64.66 | (1.00) | 2.49 | 1.49 |  |  |  |  | $66.15 |
| &nbsp;&nbsp;&nbsp;2024 | $51.36 | (0.88) | 14.18 | 13.30 |  |  |  |  | $64.66 |
| &nbsp;&nbsp;&nbsp;2023 | $47.29 | (0.70) | 4.77 | 4.07 |  |  |  |  | $51.36 |
| &nbsp;&nbsp;&nbsp;2022 | $87.40 | (0.81) | (12.95) | (13.76) |  | (26.35) |  | (26.35) | $47.29 |
| &nbsp;&nbsp;&nbsp;2021 | $67.54 | (0.71) | 20.57 | 19.86 |  |  |  |  | $87.40 |
| **CLASS I SHARES** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $81.16 | (0.12) | 3.14 | 3.02 |  |  |  |  | $84.18 |
| &nbsp;&nbsp;&nbsp;2024 | $63.56 | (0.10) | 17.70 | 17.60 |  |  |  |  | $81.16 |
| &nbsp;&nbsp;&nbsp;2023 | $58.01 | 0.01 | 5.86 | 5.87 | (0.32) |  |  | (0.32) | $63.56 |
| &nbsp;&nbsp;&nbsp;2022 | $100.99 | 0.01 | (16.09) | (16.08) | (0.55) | (26.35) |  | (26.90) | $58.01 |
| &nbsp;&nbsp;&nbsp;2021 | $77.16 | 0.25 | 23.58 | 23.83 |  |  |  |  | $100.99 |

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(a) Net
investment income (loss) includes income from foreign withholding tax claims adjusted for IRS compliance fees and/or tax reclaim
collection fees. Without these proceeds, the Net Investment Income (Loss) ratios would have been as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Class A** | **Class C** | **Class I** |
| 2021 | (0.15)% | (0.95)% | 0.17% |

---

(b) Net
expenses include tax reclaim collection fees that are excluded from the expense limitation agreement. If such expenses and fees
had not occurred, the Expenses After Expense Reductions ratios for 2021 would have been: Class A, 1.16%; Class C, 1.98%; Class
I, 0.84%.

(c) Not
annualized for periods less than one year.

(d) Sales
loads are not reflected in computing total return.

(e) The
Fund modified its strategy in December 2020 and due to the change, the Fund experienced a higher portfolio turnover from higher
purchases and sales.

+ Based on weighted average shares outstanding.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **RATIOS TO AVERAGE NET ASSETS** | **RATIOS TO AVERAGE NET ASSETS** | **RATIOS TO AVERAGE NET ASSETS** | **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** |
| <br>**UNLESS OTHERWISE**<br> **NOTED, PERIODS ARE**<br> **FISCAL YEARS ENDED**<br> **SEPTEMBER 30,** | **NET INVESTMENT**<br> **INCOME (LOSS) (%)<sup>(a)</sup>** | **EXPENSES, AFTER**<br> **EXPENSE**<br> **REDUCTIONS (%)<sup>(b)</sup>** | **EXPENSES,**<br> **BEFORE EXPENSE**<br> **REDUCTIONS (%)** | **TOTAL**<br> **RETURN (%)<sup>(c)</sup>** | **PORTFOLIO**<br> **TURNOVER**<br> **RATE (%)<sup>(c)</sup>** | **NET**<br> **ASSETS**<br> **AT END OF YEAR**<br> **(THOUSANDS)** |
| &nbsp;&nbsp;&nbsp;**CLASS A <br>SHARES<sup>(d)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | (0.56) | 1.37 | 1.37 | 3.28 | 23.05 | $271435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | (0.57) | 1.38 | 1.38 | 27.14 | 32.79 | $306852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | (0.40) | 1.36 | 1.36 | 9.68 | 37.54 | $276512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | (0.38) | 1.31 | 1.37 | (23.16) | 46.19 | $293290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | (0.06) | 1.18 | 1.33 | 30.46 | 135.80 <sup>(e)</sup> | $454488 |
| &nbsp;&nbsp;&nbsp;**CLASS C <br>SHARES** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | (1.53) | 2.34 | 3.09 | 2.30 | 23.05 | $2709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | (1.53) | 2.34 | 2.97 | 25.90 | 32.79 | $3195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | (1.36) | 2.34 | 2.59 | 8.61 | 37.54 | $4520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | (1.31) | 2.22 | 2.34 | (23.86) | 46.19 | $7476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | (0.86) | 2.00 | 2.15 | 29.40 | 135.80 <sup>(e)</sup> | $17364 |
| &nbsp;&nbsp;&nbsp;**CLASS I <br>SHARES** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | (0.14) | 0.95 | 1.09 | 3.72 | 23.05 | $195226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | (0.14) | 0.95 | 1.08 | 27.69 | 32.79 | $232076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 0.01 | 0.95 | 1.08 | 10.13 | 37.54 | $196754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 0.02 | 0.91 | 1.09 | (22.84) | 46.19 | $207251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 0.26 | 0.86 | 1.08 | 30.88 | 135.80 <sup>(e)</sup> | $332235 |

---

**Thornburg Small/Mid Cap Growth Fund**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** |
| <br>**UNLESS OTHERWISE**<br> **NOTED, PERIODS ARE**<br> **FISCAL YEARS ENDED**<br> **SEPTEMBER 30,** | **NET ASSET**<br> **VALUE,**<br> **BEGINNING**<br> **OF YEAR** | **NET**<br> **INVESTMENT**<br> **INCOME**<br> **(LOSS)+** | **NET REALIZED &**<br> **UNREALIZED**<br> **GAIN (LOSS) ON**<br> **INVESTMENTS** | **TOTAL FROM**<br> **INVESTMENT**<br> **OPERATIONS** | **DIVIDENDS**<br> **FROM NET**<br> **INVESTMENT**<br> **INCOME** | **DIVIDENDS**<br> **FROM NET**<br> **REALIZED**<br> **GAINS** | **DIVIDENDS**<br> **FROM**<br> **RETURN OF**<br> **CAPITAL** | **TOTAL**<br> **DIVIDENDS** | **NET ASSET**<br> **VALUE,**<br> **END OF**<br> **YEAR** |
| **CLASS A SHARES<sup>(b)</sup>** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $30.23 | (0.37) | 1.94 | 1.57 |  |  |  |  | $31.80 |
| &nbsp;&nbsp;&nbsp;2024 | $24.28 | (0.31) | 6.26 | 5.95 |  |  |  |  | $30.23 |
| &nbsp;&nbsp;&nbsp;2023 | $21.17 | (0.28) | 3.39 | 3.11 |  |  |  |  | $24.28 |
| &nbsp;&nbsp;&nbsp;2022 | $51.77 | (0.35) | (12.37) | (12.72) |  | (17.88) |  | (17.88) | $21.17 |
| &nbsp;&nbsp;&nbsp;2021 | $48.17 | (0.51) | 7.33 | 6.82 |  | (3.22) |  | (3.22) | $51.77 |
| **CLASS C SHARES** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $21.66 | (0.46) | 1.38 | 0.92 |  |  |  |  | $22.58 |
| &nbsp;&nbsp;&nbsp;2024 | $17.56 | (0.40) | 4.50 | 4.10 |  |  |  |  | $21.66 |
| &nbsp;&nbsp;&nbsp;2023 | $15.45 | (0.36) | 2.47 | 2.11 |  |  |  |  | $17.56 |
| &nbsp;&nbsp;&nbsp;2022 | $42.67 | (0.48) | (8.86) | (9.34) |  | (17.88) |  | (17.88) | $15.45 |
| &nbsp;&nbsp;&nbsp;2021 | $40.53 | (0.75) | 6.11 | 5.36 |  | (3.22) |  | (3.22) | $42.67 |
| **CLASS I SHARES** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $35.08 | (0.26) | 2.26 | 2.00 |  |  |  |  | $37.08 |
| &nbsp;&nbsp;&nbsp;2024 | $28.04 | (0.22) | 7.26 | 7.04 |  |  |  |  | $35.08 |
| &nbsp;&nbsp;&nbsp;2023 | $24.34 | (0.20) | 3.90 | 3.70 |  |  |  |  | $28.04 |
| &nbsp;&nbsp;&nbsp;2022 | $56.75 | (0.26) | (14.27) | (14.53) |  | (17.88) |  | (17.88) | $24.34 |
| &nbsp;&nbsp;&nbsp;2021 | $52.36 | (0.38) | 7.99 | 7.61 |  | (3.22) |  | (3.22) | $56.75 |

---

(a) Not
annualized for periods less than one year.

(b) Sales
loads are not reflected in computing total return.

(c) The
total return based on the NAV which reflects adjustments in accordance with U.S. GAAP is 5.19%

(d) The
Fund modified its strategy in December 2020 and due to the change, the Fund experienced a higher portfolio turnover from higher
purchases and sales.

+ Based on weighted average shares outstanding.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **RATIOS TO AVERAGE NET ASSETS** | **RATIOS TO AVERAGE NET ASSETS** | **RATIOS TO AVERAGE NET ASSETS** | **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** |
| <br>**UNLESS OTHERWISE**<br> **NOTED, PERIODS ARE**<br> **FISCAL YEARS ENDED**<br> **SEPTEMBER 30,** | **NET INVESTMENT**<br> **INCOME (LOSS) (%)** | **EXPENSES, AFTER**<br> **EXPENSE**<br> **REDUCTIONS (%)** | **EXPENSES,**<br> **BEFORE EXPENSE**<br> **REDUCTIONS (%)** | **TOTAL**<br> **RETURN (%)<sup>(a)</sup>** | **PORTFOLIO**<br> **TURNOVER**<br> **RATE (%)<sup>(a)</sup>** | **NET**<br> **ASSETS**<br> **AT END OF YEAR**<br> **(THOUSANDS)** |
| &nbsp;&nbsp;&nbsp;**CLASS A SHARES<sup>(b)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | (1.22) | 1.43 | 1.44 | 5.16 <sup>(c)</sup> | 34.06 | $122351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | (1.16) | 1.42 | 1.42 | 24.51 | 32.58 | $140412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | (1.20) | 1.42 | 1.42 | 14.69 | 45.46 | $132659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | (1.20) | 1.33 | 1.40 | (38.84) | 57.56 | $147493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | (0.99) | 1.16 | 1.31 | 14.69 | 161.43 <sup>(d)</sup> | $340545 |
| &nbsp;&nbsp;&nbsp;**CLASS C SHARES** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | (2.12) | 2.34 | 3.34 | 4.25 | 34.06 | $1861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | (2.08) | 2.34 | 3.12 | 23.35 | 32.58 | $2669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | (2.12) | 2.34 | 2.72 | 13.66 | 45.46 | $3743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | (2.09) | 2.21 | 2.40 | (39.39) | 57.56 | $5596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | (1.76) | 1.94 | 2.09 | 13.80 | 161.43 <sup>(d)</sup> | $23433 |
| &nbsp;&nbsp;&nbsp;**CLASS I SHARES** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | (0.74) | 0.95 | 1.14 | 5.70 | 34.06 | $75295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | (0.69) | 0.95 | 1.08 | 25.11 | 32.58 | $107770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | (0.73) | 0.95 | 1.09 | 15.20 | 45.46 | $110878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | (0.76) | 0.90 | 1.10 | (38.54) | 57.56 | $113478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | (0.67) | 0.84 | 1.04 | 15.04 | 161.43 <sup>(d)</sup> | $274357 |

---

**Appendix A**

**Sales Charge Waivers Offered by Financial Intermediaries**

The availability of certain initial or deferred sales charge waivers and discounts may depend on the particular financial intermediary or type of account through which you purchase or hold Fund shares.

The following discloses the policies and procedures of certain specific intermediaries regarding the availability of front-end sales load waivers or contingent deferred (back-end) sales load ("CDSC") waivers. If you hold your Fund shares through any of the intermediaries named below, you should refer to the policies and procedures referenced below for that intermediary rather than the policies and procedures about sales load waivers that are described elsewhere in the Fund's prospectus or SAI. In all instances, it is the purchaser's responsibility to notify the Fund or the purchaser's financial intermediary at the time of purchase of any relationship or other facts qualifying the purchaser for sales charge waivers or discounts. For waivers and discounts not available through a particular intermediary, shareholders will have to purchase Fund shares directly from the Fund or through another intermediary to receive these waivers or discounts.

**Ameriprise Financial**

Front-end sales charge reductions on Class A shares purchased through Ameriprise Financial

Shareholders purchasing Class A shares of a Fund through an Ameriprise Financial platform or account are eligible only for the following sales charge reductions, which may differ from those disclosed elsewhere in this prospectus or the SAI. Such shareholders can reduce their initial sales charge on the purchase of Class A shares as follows:

*● Transaction size breakpoints, as described in this prospectus or the SAI.*

*● Rights of accumulation (ROA), as described in this prospectus or the SAI*.

*● Letter of intent, as described in this prospectus or the SAI*.

Front-end sales charge waivers on Class A shares purchased through Ameriprise Financial

Shareholders purchasing Class A shares of a Fund through an Ameriprise Financial platform or account are eligible only for the following sales charge waivers, which may differ from those disclosed elsewhere in this prospectus or the SAI. Such shareholders may purchase Class A shares at NAV without payment of a sales charge as follows:

● shares purchased by employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer- sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs or SAR-SEPs.

● shares purchased through reinvestment of capital gains and dividend reinvestment when purchasing shares of the same Fund (but not any other Fund within the same Fund family).

● shares exchanged from Class C shares of the same Fund in the month of or following the seven-year anniversary of the purchase date. To the extent that this prospectus elsewhere provides for a waiver with respect to such shares following a shorter holding period, that waiver will apply to exchanges following such shorter period. To the extent that this prospectus elsewhere provides for a waiver with respect to exchanges of Class C shares for load waived shares, that waiver will also apply to such exchanges.

● shares purchased by employees and registered representatives of Ameriprise Financial or its affiliates and their immediate family members.

● shares purchased by or through qualified accounts (including IRAs, Coverdell Education Savings Accounts, 401(k)s, 403(b) TSCAs subject to ERISA and defined benefit plans) that are held by a covered family member, defined as an Ameriprise Financial advisor and/or the advisor's spouse, advisor's lineal ascendant (mother, father, grandmother, grandfather, great grandmother, great grandfather), advisor's lineal descendant (son, step-son, daughter, step-daughter, grandson, granddaughter, great grandson, great granddaughter) or any spouse of a covered family member who is a lineal descendant.

● shares purchased from the proceeds of redemptions within the same Fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e. Rights of Reinstatement).

CDSC waivers on Class A and C shares purchased through Ameriprise Financial

Fund shares purchased through an Ameriprise Financial platform or account are eligible only for the following CDSC waivers, which may differ from those disclosed elsewhere in this prospectus or the SAI:

● redemptions due to death or disability of the shareholder.

● shares sold as part of a systematic withdrawal plan as described in this prospectus or the SAI.

● redemptions made in connection with a return of excess contributions from an IRA account.

● shares purchased through a Right of Reinstatement (as defined above).

● redemptions made as part of a required minimum distribution for IRA and retirement accounts pursuant to the Internal Revenue Code.

**D.A. Davidson &. Co. ("D.A. Davidson")**

Shareholders purchasing Fund shares including existing Fund shareholders through a D.A. Davidson &. Co. ("D.A. Davidson") platform or account, or through an introducing broker-dealer or independent registered investment advisor for which D.A. Davidson provides trade execution, clearance, and/or custody services, will be eligible for the following sales charge waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this prospectus or the Funds' SAI.

Front-End Sales Charge Waivers on Class A Shares available at D.A. Davidson

● Shares purchased within the same fund family through a systematic reinvestment of capital gains and dividend distributions.

● Employees and registered representatives of D.A. Davidson or its affiliates and their family members as designated by D.A. Davidson.

● Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales charge (known as Rights of Reinstatement).

● A shareholder in the Fund's Class C shares will have their shares converted at net asset value to Class A shares (or the appropriate share class) of the Fund if the shares are no longer subject to a CDSC and the conversion is consistent with D.A. Davidson's policies and procedures.

**CDSC Waivers on Classes A and C shares available at D.A. Davidson**

● Death or disability of the shareholder.

● Shares sold as part of a systematic withdrawal plan as described in this prospectus.

● Return of excess contributions from an IRA Account.

● Shares sold as part of a required minimum distribution for IRA or other qualifying retirement accounts due to the shareholder reaching the qualified age based on applicable IRS regulations.

● Shares acquired through a right of reinstatement.

Front-end sales charge discounts available at D.A. Davidson: breakpoints, rights of accumulation and/or letters of intent

● Breakpoints as described in this prospectus.

● Rights of accumulation which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at D.A. Davidson. Eligible fund family assets not held at D.A. Davidson may be included in the calculation of rights of accumulation only if the shareholder notifies his or her financial advisor about such assets.

● Letters of intent which allow for breakpoint discounts based on anticipated purchases within a fund family, over a 13-month time period. Eligible fund family assets not held at D.A. Davidson may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets.

**Edward D. Jones & Co., L.P. ("Edward Jones")**

*The following information has been provided by Edward Jones:*

**Policies Regarding Transactions Through Edward Jones**

**Effective on or after August 16, 2024, the following information supersedes prior information with respect to transactions and positions held in fund shares through an Edward Jones system. Clients of Edward Jones (also referred to as "shareholders") purchasing fund shares on the Edward Jones commission and fee-based platforms are eligible only for the following sales charge discounts (also referred to as "breakpoints") and waivers, which can differ from discounts and waivers described elsewhere in the mutual fund prospectus or statement of additional information ("SAI") or through another broker-dealer. In all instances, it is the shareholder's responsibility to inform Edward Jones at the time of purchase of any relationship, holdings of the Thornburg Funds, or other facts qualifying the purchaser for discounts or waivers. Edward Jones can ask for documentation of such circumstance. Shareholders should contact Edward Jones if they have questions regarding their eligibility for these discounts and waivers.**

**Breakpoints**

● Breakpoint pricing, otherwise known as volume pricing, at dollar thresholds as described in the prospectus.

**Rights of Accumulation ("ROA")**

● The applicable sales charge on a purchase of Class A shares is determined by taking into account all share classes (except certain money market funds and any assets held in group retirement plans) of Thornburg Funds held by the shareholder or in an account grouped by Edward Jones with other accounts for the purpose of providing certain pricing considerations ("pricing groups"). If grouping assets as a shareholder, this includes all share classes held on the Edward Jones platform and/or held on another platform. The inclusion of eligible fund family assets in the ROA calculation is dependent on the shareholder notifying Edward Jones of such assets at the time of calculation. Money market funds are included only if such shares were sold with a sales charge at the time of purchase or acquired in exchange for shares purchased with a sales charge.

● The employer maintaining a SEP IRA plan and/or SIMPLE IRA plan may elect to establish or change ROA for the IRA accounts associated with the plan to a plan-level grouping as opposed to including all share classes at a shareholder or pricing group level.

● ROA is determined by calculating the higher of cost minus redemptions or market value (current shares x NAV).

**Letter of Intent ("LOI")**

● Through a LOI, shareholders can receive the sales charge and breakpoint discounts for purchases shareholders intend to make over a 13-month period from the date Edward Jones receives the LOI. The LOI is determined by calculating the higher of cost or market value of qualifying holdings at LOI initiation in combination with the value that the shareholder intends to buy over a 13-month period to calculate the front-end sales charge and any breakpoint discounts. Each purchase the shareholder makes during that 13-month period will receive the sales charge and breakpoint discount that applies to the total amount. The inclusion of eligible fund family assets in the LOI calculation is dependent on the shareholder notifying Edward Jones of such assets at the time of calculation. Purchases made before the LOI is received by Edward Jones are not adjusted under the LOI and will not reduce the sales charge previously paid. Sales charges will be adjusted if LOI is not met.

● If the employer maintaining a SEP IRA plan and/or SIMPLE IRA plan has elected to establish or change ROA for the IRA accounts associated with the plan to a plan-level grouping, LOIs will also be at the plan-level and may only be established by the employer.

**Sales Charge Waivers**

● Sales charges are waived for the following shareholders and in the following situations:

● Associates of Edward Jones and its affiliates and other accounts in the same pricing group (as determined by Edward Jones under its policies and procedures) as the associate. This waiver will continue for the remainder of the associate's life if the associate retires from Edward Jones in good-standing and remains in good standing pursuant to Edward Jones' policies and procedures.

● Shares purchased in an Edward Jones fee-based program.

● Shares purchased through reinvestment of capital gains distributions and dividend reinvestment.

● Shares purchased from the proceeds of redeemed shares of the same fund family so long as the following conditions are met: the proceeds are from the sale of shares within 60 days of the purchase, the sale and purchase are made from a share class that charges a front load and one of the following ("Right of Reinstatement"):

º The redemption and repurchase occur in the same account.

º The redemption proceeds are used to process an: IRA contribution, excess contributions, conversion, recharacterizing of contributions, or distribution, and the repurchase is done in an account within the same Edward Jones grouping for ROA.

The Right of Reinstatement excludes systematic or automatic transactions including, but not limited to, purchases made through payroll deductions, liquidations to cover account fees, and reinvestments from non-mutual fund products.

● Shares exchanged into Class A shares from another share class so long as the exchange is into the same fund and was initiated at the discretion of Edward Jones. Edward Jones is responsible for any remaining CDSC due to the fund company, if applicable. Any future purchases are subject to the applicable sales charge as disclosed in the prospectus.

● Exchanges from Class C shares to Class A shares of the same fund, generally, in the 84th month following the anniversary of the purchase date or earlier at the discretion of Edward Jones.

**Contingent Deferred Sales Charge ("CDSC") Waivers**

If the shareholder purchases shares that are subject to a CDSC and those shares are redeemed before the CDSC is expired, the shareholder is responsible to pay the CDSC except in the following conditions:

● The death or disability of the shareholder.

● Systematic withdrawals with up to 10% per year of the account value.

● Return of excess contributions from an Individual Retirement Account (IRA).

● Shares redeemed as part of a required minimum distribution for IRA and retirement accounts if the redemption is taken in or after the year the shareholder reaches qualified age based on applicable IRS regulations.

● Shares redeemed to pay Edward Jones fees or costs in such cases where the transaction is initiated by Edward Jones.

● Shares exchanged in an Edward Jones fee-based program.

● Shares acquired through NAV reinstatement.

● Shares redeemed at the discretion of Edward Jones for Minimum Balances, as described below.

**Other Important Information Regarding Transactions Through Edward Jones** 

**Minimum Purchase Amounts**

● Initial purchase minimum: $250

● Subsequent purchase minimum: none

**Minimum Balances**

● Edward Jones has the right to redeem at its discretion fund holdings with a balance of $250 or less. The following are examples of accounts that are not included in this policy:

º A fee-based account held on an Edward Jones platform

º A 529 account held on an Edward Jones platform

º An account with an active systematic investment plan or LOI

**Exchanging Share Classes**

● At any time it deems necessary, Edward Jones has the authority to exchange at NAV a shareholder's holdings in a fund to Class A shares of the same fund.

**Janney Montgomery Scott LLC**

Shareholders purchasing fund shares through a Janney Montgomery Scott LLC ("Janney") account will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this fund's Prospectus or SAI.

Front-end sales charge waivers on Class A shares available at Janney

● Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family).

● Shares purchased by employees and registered representatives of Janney or its affiliates and their family members as designated by Janney.

● Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within ninety (90) days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e., right of reinstatement).

● Class C shares that are no longer subject to a contingent deferred sales charge and are converted to Class A shares of the same fund pursuant to Janney's policies and procedures.

**Sales charge waivers on Class A and C shares available at Janney**

● Shares sold upon the death or disability of the shareholder.

● Shares sold as part of a systematic withdrawal plan as described in the fund's Prospectus.

● Shares purchased in connection with a return of excess contributions from an IRA account.

● Shares sold as part of a required minimum distribution for IRA and other retirement accounts due to the shareholder reaching age 70½ as described in the fund's Prospectus.

● Shares sold to pay Janney fees but only if the transaction is initiated by Janney.

● Shares acquired through a right of reinstatement.

Front-end load discounts available at Janney: breakpoints, and/or rights of accumulation

● Breakpoints as described in the fund's Prospectus.

● Rights of accumulation ("ROA"), which entitle shareholders to breakpoint discounts, will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at Janney. Eligible fund family assets not held at Janney may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets.

**J.P. Morgan Securities LLC**

If you purchase or hold Fund shares through an applicable J.P. Morgan Securities LLC brokerage account, you will be eligible for the following sales charge waivers (front-end sales charge waivers and contingent deferred sales charge ("CDSC"), or back-end sales charge, waivers), share class conversion policy and discounts, which may differ from those disclosed elsewhere in the Fund's prospectus or Statement of Additional Information ("SAI").

Front-end sales charge waivers on Class A shares available at J.P. Morgan Securities LLC

● Shares exchanged from Class C (i.e., level-load) shares that are no longer subject to a CDSC and are exchanged into Class A shares of the same Fund pursuant to J.P. Morgan Securities LLC's share class exchange policy.

● Qualified employer-sponsored defined contribution and defined benefit retirement plans, nonqualified deferred compensation plans, other employee benefit plans and trusts used to fund those plans. For purposes of this provision, such plans do not include SEP IRAs, SIMPLE IRAs, SAR-SEPs or 501(c)(3) accounts.

● Shares of the Funds purchased through J.P. Morgan Securities LLC Self-Directed Investing accounts.

● Shares purchased through rights of reinstatement.

● Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same Fund (but not any other Fund within the Fund family).

● Shares purchased by employees and registered representatives of J.P. Morgan Securities LLC or its affiliates and their spouse or financial dependent as defined by J.P. Morgan Securities LLC.

Class C to Class A share conversion

● A shareholder in the Fund's Class C shares will have their shares converted by J.P. Morgan Securities LLC to Class A shares (or the appropriate share class) of the same Fund if the shares are no longer subject to a CDSC and the conversion is consistent with J.P. Morgan Securities LLC's policies and procedures.

CDSC waivers on Class A and C shares available at J.P. Morgan Securities LLC

● Shares sold upon the death or disability of the shareholder.

● Shares sold as part of a systematic withdrawal plan as described in the Fund's prospectus.

● Shares purchased in connection with a return of excess contributions from an IRA account.

● Shares sold as part of a required minimum distribution for IRA and retirement accounts pursuant to the Internal Revenue Code.

● Shares acquired through a right of reinstatement.

Front-end load discounts available at J.P. Morgan Securities LLC: breakpoints, rights of accumulation & letters of intent

● Breakpoints as described in the prospectus.

● Rights of Accumulation ("ROA") which entitle shareholders to breakpoint discounts as described in the Fund's prospectus will be automatically calculated based on the aggregated holding of Fund family assets held by accounts within the purchaser's household at J.P. Morgan Securities LLC. Eligible Fund family assets not held at J.P. Morgan Securities LLC (including 529 program holdings, where applicable) may be included in the ROA calculation only if the shareholder notifies their financial advisor about such assets.

● Letters of Intent ("LOI") which allow for breakpoint discounts based on anticipated purchases within the Fund family, through J.P. Morgan Securities LLC, over a 13-month period of time (if applicable).

**Merrill Lynch**

Purchases or sales of front-end (for example, Class A) or level-load (for example, Class C) mutual fund shares through a Merrill platform or account will be eligible only for the following sales load waivers (front-end, contingent deferred, or back-end waivers) and discounts, which differ from those disclosed elsewhere in this Fund's prospectus.

Purchasers will have to buy mutual fund shares directly from the mutual fund company or through another intermediary to be eligible for waivers or discounts not listed below.

It is the client's responsibility to notify Merrill at the time of purchase or sale of any relationship or other facts that qualify the transaction for a waiver or discount. A Merrill representative may ask for reasonable documentation of such facts and Merrill may condition the granting of a waiver or discount on the timely receipt of such documentation.

Additional information on waivers, discounts, and share class exchanges is available in the Merrill Sales Load Waiver and Discounts Supplement (the "Merrill SLWD Supplement") and in the Mutual Fund Investing at Merrill pamphlet at ml.com/funds. Clients are encouraged to review these documents and speak with their financial advisor to determine whether a transaction is eligible for a waiver or discount.

---

| |
|:---|
| &nbsp;&nbsp;**Front-end Load Waivers Available at Merrill** |
| &nbsp;&nbsp;Shares of mutual funds available for purchase by employer-sponsored retirement, deferred compensation, and employee benefit plans (including health savings accounts) and trusts used to fund those plans provided the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan. For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans |
| &nbsp;&nbsp;Shares purchased through a Merrill investment advisory program |
| &nbsp;&nbsp;Brokerage class shares exchanged from advisory class shares due to the holdings moving from a Merrill investment advisory program to a Merrill brokerage account |
| &nbsp;&nbsp;Shares purchased through the Merrill Edge Self-Directed platform |
| &nbsp;&nbsp;Shares purchased through the systematic reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same mutual fund in the same account |
| &nbsp;&nbsp;Shares exchanged from level-load shares to front-end load shares of the same mutual fund in accordance with the description in the Merrill SLWD Supplement |
| &nbsp;&nbsp;Shares purchased by eligible employees of Merrill or its affiliates and their family members who purchase shares in accounts within the employee's Merrill Household (as defined in the Merrill SLWD Supplement) |
| &nbsp;&nbsp;Shares purchased by eligible persons associated with the fund as defined in this prospectus (e.g. the fund's officers or trustees) |
| &nbsp;&nbsp;Shares purchased from the proceeds of a mutual fund redemption in front-end load shares provided (1) the repurchase is in a mutual fund within the same fund family; (2) the repurchase occurs within 90 calendar days from the redemption trade date, and (3) the redemption and purchase occur in the same account (known as Rights of Reinstatement). Automated transactions (i.e. systematic purchases and withdrawals) and purchases made after shares are automatically sold to pay Merrill's account maintenance fees are not eligible for Rights of Reinstatement |

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| |
|:---|
| &nbsp;&nbsp;**Contingent Deferred Sales Charge ("CDSC") Waivers on Front-end, Back-end, and Level Load Shares Available at Merrill** |
| &nbsp;&nbsp;Shares sold due to the client's death or disability (as defined by Internal Revenue Code Section 22(e)<sup>(3)</sup>) |
| &nbsp;&nbsp;Shares sold pursuant to a systematic withdrawal program subject to Merrill's maximum systematic withdrawal limits as described in the Merrill SLWD Supplement |
| &nbsp;&nbsp;Shares sold due to return of excess contributions from an IRA account |
| &nbsp;&nbsp;Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the investor reaching the qualified age based on applicable IRS regulation |
| &nbsp;&nbsp;Front-end or level-load shares held in commission-based, non-taxable retirement brokerage accounts (e.g. traditional, Roth, rollover, SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans) that are transferred to fee-based accounts or platforms and exchanged for a lower cost share class of the same mutual fund |
| &nbsp;&nbsp;**Front-end Load Discounts Available at Merrill: Breakpoints, Rights of Accumulation & Letters of Intent** |
| &nbsp;&nbsp;Breakpoint discounts, as described in this prospectus, where the sales load is at or below the maximum sales load that Merrill permits to be assessed to a front-end load purchase, as described in the Merrill SLWD Supplement |
| &nbsp;&nbsp;Rights of Accumulation (ROA), as described in the Merrill SLWD Supplement, which entitle clients to breakpoint discounts based on the aggregated holdings of mutual fund family assets held in accounts in their Merrill Household<br>On or about May 1, 2026, assets not held at Merrill will no longer be included in the ROA calculation. For more detail on the timing and calculation, please refer to the Merrill SLWD Supplement. |
| &nbsp;&nbsp;Letters of Intent (LOI), which allow for breakpoint discounts on eligible new purchases based on anticipated future eligible purchases within a fund family at Merrill, in accounts within your Merrill Household, as further described in the Merrill SLWD Supplement.<br>On or about May 1, 2026, Merrill will no longer accept new LOIs. For more detail on the timing, please refer to the Merrill SLWD Supplement. |

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**Morgan Stanley Wealth Management**

Shareholders purchasing Fund shares through a Morgan Stanley Wealth Management transactional brokerage account are eligible only for the following front-end sales charge waivers with respect to Class A shares, which may differ from and may be more limited than those disclosed elsewhere in this Fund's Prospectus or SAI.

Front-end Sales Charge Waivers on Class A Shares available at Morgan Stanley Wealth Management

● Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans

● Morgan Stanley employee and employee-related accounts according to Morgan Stanley's account linking rules

● Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the same fund

● Shares purchased through a Morgan Stanley self-directed brokerage account

● Class C (i.e., level-load) and Class C2 shares, as applicable, that are no longer subject to a contingent deferred sales charge and are converted to Class A shares of the same fund pursuant to Morgan Stanley Wealth Management's share class conversion program

● Shares purchased from the proceeds of redemptions within the same fund family, provided (i) the repurchase occurs within 90 days following the redemption, (ii) the redemption and purchase occur in the same account, and (iii) redeemed shares were subject to a front-end or deferred sales charge.

**Oppenheimer & Co. Inc. ("OPCO")**

Shareholders purchasing Fund shares through an OPCO platform or account are eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this prospectus or SAI.

Front-end Sales Load Waivers on Class A Shares available at OPCO

● Employer-sponsored retirement, deferred compensation and employee benefit plans (including health savings accounts) and trusts used to fund those plans, provided that the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan

● Shares purchased by or through a 529 Plan

● Shares purchased through an OPCO affiliated investment advisory program

● Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same Fund (but not any other Fund within the fund family)

● Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Restatement).

● A shareholder in the Fund's Class C shares will have their shares converted at net asset value to Class A shares (or the appropriate share class) of the Fund if the shares are no longer subject to a CDSC and the conversion is in line with the policies and procedures of OPCO

● Employees and registered representatives of OPCO or its affiliates and their family members

● Trustees of Thornburg Investment Trust, and employees of the Fund's investment advisor or any of its affiliates, as described in this prospectus

**CDSC Waivers on A and C Shares available at OPCO**

● Death or disability of the shareholder

● Shares sold as part of a systematic withdrawal plan as described in the Fund's prospectus

● Return of excess contributions from an IRA Account

● Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable IRS regulations

● Shares sold to pay OPCO fees but only if the transaction is initiated by OPCO

● Shares acquired through a right of reinstatement

Front-end load Discounts Available at OPCO: Breakpoints, Rights of Accumulation & Letters of Intent

● Breakpoints as described in this prospectus.

● Rights of Accumulation (ROA) which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at OPCO. Eligible fund family assets not held at OPCO may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets.

**Raymond James & Associates, Inc., Raymond James Financial Services & each entity's affiliates ("Raymond James")**

Shareholders purchasing fund shares through a Raymond James platform or account, or through an introducing broker-dealer or independent registered investment adviser for which Raymond James provides trade execution, clearance, and/or custody services, will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this Prospectus or SAI.

Front-end sales load waivers on Class A shares available at Raymond James

● Shares purchased in an investment advisory program.

● Shares purchased within the same fund family through a systematic reinvestment of capital gains and dividend distributions.

● Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James.

● Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement).

● A shareholder in the Fund's Class C shares will have their shares converted at net asset value to Class A shares (or the appropriate share class) of the Fund if the shares are no longer subject to a CDSC and the conversion is in line with the policies and procedures of Raymond James.

CDSC Waivers on Classes A and C shares available at Raymond James

● Death or disability of the shareholder.

● Shares sold as part of a systematic withdrawal plan as described in the fund's prospectus.

● Return of excess contributions from an IRA Account.

● Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable IRS regulations.

● Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James.

● Shares acquired through a right of reinstatement.

Front-end load discounts available at Raymond James: breakpoints, rights of accumulation, and/or letters of intent

● Breakpoints as described in this prospectus.

● Rights of accumulation which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at Raymond James. Eligible fund family assets not held at Raymond James may be included in the calculation of rights of accumulation calculation only if the shareholder notifies his or her financial advisor about such assets.

● Letters of intent which allow for breakpoint discounts based on anticipated purchases within a fund family, over a 13-month time period. Eligible fund family assets not held at Raymond James may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets.

**Robert W. Baird & Co. Inc. ("Baird")**

Shareholders purchasing fund shares through a Baird platform or account will only be eligible for the following sales charge waivers (front-end sales charge waivers and CDSC waivers) and discounts, which may differ from those disclosed elsewhere in this prospectus or the SAI.

Front-End Sales Charge Waivers on Class A shares Available at Baird

● Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing share of the same Fund.

● Share purchase by employees and registers representatives of Baird or its affiliate and their family members as designated by Baird.

● Shares purchase from the proceeds of redemptions from another Thornburg Fund, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same accounts, and (3) redeemed shares were subject to a front-end or deferred sales charge (known as rights of reinstatement).

● A shareholder in the Fund's Class C shares will have their share converted at net asset value to Class A shares of the Fund if the shares are no longer subject to CDSC and the conversion is in line with the policies and procedures of Baird.

● Employer-sponsored retirement plans or charitable accounts in a transactional brokerage account at Baird, including 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans. For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs or SAR-SEPs.

**CDSC Waivers on Class A and C shares Available at Baird**

● Shares sold due to death or disability of the shareholder.

● Shares sold as part of a systematic withdrawal plan as described in the Fund's Prospectus.

● Shares bought due to returns of excess contributions from an IRA Account.

● Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable IRS regulations.

● Shares sold to pay Baird fees but only if the transaction is initiated by Baird.

● Shares acquired through a right of reinstatement.

Front-End Sales Charge Discounts Available at Baird: Breakpoints and/or Rights of Accumulations

● Breakpoints as described in this prospectus

● Rights of accumulations which entitles shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at Baird. Eligible fund family assets not held at Baird may be included in the rights of accumulations calculation only if the shareholder notifies his or her financial advisor about such assets.

Letters of Intent (LOI) allow for breakpoint discounts based on anticipated purchases within a fund family through Baird, over a 13-month period of time.

**Stifel, Nicolaus & Company, Incorporated ("Stifel")**

Effective February 1, 2026, shareholders purchasing or holding Thornburg Fund shares, including existing fund shareholders, through a Stifel or affiliated platform that provides trade execution, clearance, and/or custody services, will be eligible for the following sales charge load waivers (including front-end sales charge waivers and contingent deferred, or back-end, (CDSC) sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this prospectus or the Fund's SAI.

**CLASS A SHARES**

As described elsewhere in this prospectus, Stifel may receive compensation out of the front-end sales charge if you purchase Class A shares through Stifel.

**Rights of accumulation**

Rights of accumulation (ROA) that entitle shareholders to breakpoint discounts on front-end sales charges will be calculated by Stifel based on the aggregated holding of eligible assets in the Thornburg Funds held by accounts within the purchaser's household at Stifel. Ineligible assets include class A Money Market Funds not assessed a sales charge. Fund Family assets not held at Stifel may be included in the calculation of ROA only if the shareholder notifies his or her financial advisor about such assets.

The employer maintaining a SEP IRA plan and/or SIMPLE IRA plan may elect to establish or change ROA for the IRA accounts associated with the plan to a plan-level grouping as opposed to including all share classes at a shareholder or pricing group level.

**Front-end sales charge waivers on Class A shares available at Stifel**

● Class C shares that have been held for more than seven (7) years may be converted to Class A shares or other front-end share class(es) of the same fund pursuant to Stifel's policies and procedures. To the extent that this prospectus elsewhere provides for a waiver with respect to the exchange or conversion of such shares following a shorter holding period, those provisions shall continue to apply.

● Shares purchased by employees and registered representatives of Stifel or its affiliates and their family members as designated by Stifel.

● Shares purchased in a Stifel fee-based advisory program, often referred to as a "wrap" program.

● Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same or other fund within the Thornburg Funds.

● Shares purchased from the proceeds of redeemed shares of the Thornburg Funds so long as the proceeds are from the sale of shares from an account with the same owner/beneficiary within 90 days of the purchase. For the absence of doubt, automated transactions (i.e. systematic purchases, including salary deferral transactions and withdrawals) and purchases made after shares are sold to cover Stifel Nicolaus' account maintenance fees are not eligible for rights of reinstatement.

● Shares from rollovers into Stifel from retirement plans to IRAs.

● Shares exchanged into Class A shares from another share class so long as the exchange is into the same fund and was initiated at the direction of Stifel. Stifel is responsible for any remaining CDSC due to the fund company, if applicable. Any future purchases are subject to the applicable sales charge as disclosed in this prospectus.

● Purchases of Class 529-A shares through a rollover from another 529 plan.

● Purchases of Class 529-A shares made for reinvestment of refunded amounts.

● Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer sponsored retirement plans do not include SEP IRAs, Simple IRAs or SAR-SEPs.

● Charitable organizations and foundations, notably 501(c)(3) organizations.

**Contingent Deferred Sales Charges Waivers on Class A and C Shares**

● Death or disability of the shareholder or, in the case of 529 plans, the account beneficiary.

● Shares sold as part of a systematic withdrawal plan not to exceed 12% annually.

● Return of excess contributions from an IRA Account.

● Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable IRS regulations.

● Shares acquired through a right of reinstatement.

● Shares sold to pay Stifel fees or costs in such cases where the transaction is initiated by Stifel.

● Shares exchanged or sold in a Stifel fee-based program.

**Share Class Conversions in Advisory Accounts**

● Stifel continually looks to provide our clients with the lowest cost share class available based on account type. Stifel reserves the right to convert shares to the lowest cost share class available at Stifel upon transfer of shares into an advisory program.

**Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC (collectively, "Wells Fargo Advisors")**

Wells Fargo Clearing Services, LLC operates a First Clearing business, but these rules are not intended to include First Clearing firms

Effective April 1, 2026, Clients of Wells Fargo Advisors purchasing fund shares through Wells Fargo Advisors are eligible for the following sales charge discounts (also referred to as "breakpoints") and waivers, which can differ from discounts and waivers described elsewhere in the prospectus or statement of additional information ("SAI"). In all instances, it is the investor's responsibility to inform Wells Fargo Advisors at the time of purchase of any relationship, holdings, or other facts qualifying the investor for discounts or waivers. Wells Fargo Advisors can ask for documentation supporting the qualification.

Wells Fargo Advisors Class A share front-end sales charge waivers information

Wells Fargo Advisors clients purchasing or converting to Class A shares of the fund in a Wells Fargo Advisors brokerage account are entitled to a waiver of the front-end load in the following circumstances:

● Wells Fargo Advisors employee and employee-related accounts according to Wells Fargo Advisor's employee account linking rules. Legacy accounts and positions receiving affiliate discounts prior to the effective date will continue to receive discounts. Going forward employees of affiliate businesses will not be offered NAV.

● Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the same fund.

WellsTrade, the firm's online self-directed brokerage account, generally offers no-load share classes but there could be instances where a Class A share is offered without a front-end sales charge.

Wells Fargo Advisors Class 529-A share front-end sales charge waivers information

Wells Fargo Advisors clients purchasing or converting to Class 529-A shares of the fund through Wells Fargo Advisors transactional brokerage accounts are entitled to a waiver of the front-end load in the following circumstances:

● Shares purchased through a rollover from another 529 plan.

● Recontribution(s) of distributed funds are only allowed during the NAV reinstatement period as dictated by the sponsor's specifications outlined by the plan.

Wells Fargo Advisors is not able to apply the NAV Reinstatement privilege for 529 Plan account purchases placed directly at the fund company. Investors wishing to utilize this privilege outside of Wells Fargo systems will need to do so directly with the Plan or a financial intermediary that supports this feature.

Unless specifically described above, other front-end load waivers are not available on mutual fund purchases through Wells Fargo Advisors.

Wells Fargo Advisors Contingent Deferred Sales Charge information

● Contingent deferred sales charges (CDSC) imposed on fund redemptions will not be rebated based on future purchases.

Wells Fargo Advisors Class A front-end load discounts

Wells Fargo Advisors Clients purchasing Class A shares of the fund through Wells Fargo Advisors brokerage accounts will follow the following aggregation rules for breakpoint discounts:

● Effective April 1, 2026, SEP or SIMPLE IRAs will not be aggregated as a group plan. They will aggregate with the client's personal accounts based on Social Security Number. Previously established SEP and SIMPLE IRAs may still be aggregated as a group plan.

● Effective April 1, 2026, Employer-sponsored retirement plan (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans) accounts will aggregate with other plan accounts under the same Tax ID and will not be aggregated with other retirement plan accounts under a different Tax ID or personal accounts. For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, SIMPLE IRAs, SAR-SEPs or Keogh plans.

● Gift of shares will not be considered when determining breakpoint discounts.

applicable) may be included in the ROA calculation only if the shareholder notifies their financial advisor about such assets.

● Letters of Intent ("LOI") which allow for breakpoint discounts based on anticipated purchases within the Fund family, through J.P. Morgan Securities LLC, over a 13-month period of time (if applicable).

**Merrill Lynch**

Purchases or sales of front-end (for example, Class A) or level-load (for example, Class C) mutual fund shares through a Merrill platform or account will be eligible only for the following sales load waivers (front-end, contingent deferred, or back-end waivers) and discounts, which differ from those disclosed elsewhere in this Fund's prospectus. Purchasers will have to buy mutual fund shares directly from the mutual fund company or through another intermediary to be eligible for waivers or discounts not listed below.

It is the client's responsibility to notify Merrill at the time of purchase or sale of any relationship or other facts that qualify the transaction for a waiver or discount. A Merrill representative may ask for reasonable documentation of such facts and Merrill may condition the granting of a waiver or discount on the timely receipt of such documentation.

Additional information on waivers, discounts, and share class exchanges is available in the Merrill Sales Load Waiver and Discounts Supplement (the "Merrill SLWD Supplement") and in the Mutual Fund Investing at Merrill pamphlet at ml.com/funds. Clients are encouraged to review these documents and speak with their financial advisor to determine whether a transaction is eligible for a waiver or discount.

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| |
|:---|
| &nbsp;&nbsp;**Front-end Load Waivers Available at Merrill** |
| &nbsp;&nbsp;Shares of mutual funds available for purchase by employer-sponsored retirement, deferred compensation, and employee benefit plans (including health savings accounts) and trusts used to fund those plans provided the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan. For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans |
| &nbsp;&nbsp;Shares purchased through a Merrill investment advisory program |
| &nbsp;&nbsp;Brokerage class shares exchanged from advisory class shares due to the holdings moving from a Merrill investment advisory program to a Merrill brokerage account |
| &nbsp;&nbsp;Shares purchased through the Merrill Edge Self-Directed platform |
| &nbsp;&nbsp;Shares purchased through the systematic reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same mutual fund in the same account |
| &nbsp;&nbsp;Shares exchanged from level-load shares to front-end load shares of the same mutual fund in accordance with the description in the Merrill SLWD Supplement |
| &nbsp;&nbsp;Shares purchased by eligible employees of Merrill or its affiliates and their family members who purchase shares in accounts within the employee's Merrill Household (as defined in the Merrill SLWD Supplement) |
| &nbsp;&nbsp;Shares purchased by eligible persons associated with the fund as defined in this prospectus (e.g. the fund's officers or trustees) |
| &nbsp;&nbsp;Shares purchased from the proceeds of a mutual fund redemption in front-end load shares provided (1) the repurchase is in a mutual fund within the same fund family; (2) the repurchase occurs within 90 calendar days from the redemption trade date, and (3) the redemption and purchase occur in the same account (known as Rights of Reinstatement). Automated transactions (i.e. systematic purchases and withdrawals) and purchases made after shares are automatically sold to pay Merrill's account maintenance fees are not eligible for Rights of Reinstatement |

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| |
|:---|
| &nbsp;&nbsp;**Contingent Deferred Sales Charge ("CDSC") Waivers on Front-end, Back-end, and Level Load Shares Available at Merrill** |
| &nbsp;&nbsp;Shares sold due to the client's death or disability (as defined by Internal Revenue Code Section 22(e)<sup>(3)</sup>) |
| &nbsp;&nbsp;Shares sold pursuant to a systematic withdrawal program subject to Merrill's maximum systematic withdrawal limits as described in the Merrill SLWD Supplement |
| &nbsp;&nbsp;Shares sold due to return of excess contributions from an IRA account |
| &nbsp;&nbsp;Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the investor reaching the qualified age based on applicable IRS regulation |
| &nbsp;&nbsp;Front-end or level-load shares held in commission-based, non-taxable retirement brokerage accounts (e.g. traditional, Roth, rollover, SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans) that are transferred to fee-based accounts or platforms and exchanged for a lower cost share class of the same mutual fund |
| &nbsp;&nbsp;**Front-end Load Discounts Available at Merrill: Breakpoints, Rights of Accumulation & Letters of Intent** |
| &nbsp;&nbsp;Breakpoint discounts, as described in this prospectus, where the sales load is at or below the maximum sales load that Merrill permits to be assessed to a front-end load purchase, as described in the Merrill SLWD Supplement |
| &nbsp;&nbsp;Rights of Accumulation (ROA), as described in the Merrill SLWD Supplement, which entitle clients to breakpoint discounts based on the aggregated holdings of mutual fund family assets held in accounts in their Merrill Household<br>On or about May 1, 2026, assets not held at Merrill will no longer be included in the ROA calculation. For more detail on the timing and calculation, please refer to the Merrill SLWD Supplement. |
| &nbsp;&nbsp;Letters of Intent (LOI), which allow for breakpoint discounts on eligible new purchases based on anticipated future eligible purchases within a fund family at Merrill, in accounts within your Merrill Household, as further described in the Merrill SLWD Supplement.<br>On or about May 1, 2026, Merrill will no longer accept new LOIs. For more detail on the timing, please refer to the Merrill SLWD Supplement. |

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**Morgan Stanley Wealth Management**

Shareholders purchasing Fund shares through a Morgan Stanley Wealth Management transactional brokerage account are eligible only for the following front-end sales charge waivers with respect to Class A shares, which may differ from and may be more limited than those disclosed elsewhere in this Fund's Prospectus or SAI.

Front-end Sales Charge Waivers on Class A Shares available at Morgan Stanley Wealth Management

● Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans

● Morgan Stanley employee and employee-related accounts according to Morgan Stanley's account linking rules

● Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the same fund

● Shares purchased through a Morgan Stanley self-directed brokerage account

● Class C (i.e., level-load) and Class C2 shares, as applicable, that are no longer subject to a contingent deferred sales charge and are converted to Class A shares of the same fund pursuant to Morgan Stanley Wealth Management's share class conversion program

● Shares purchased from the proceeds of redemptions within the same fund family, provided (i) the repurchase occurs within 90 days following the redemption, (ii) the redemption and purchase occur in the same account, and (iii) redeemed shares were subject to a front-end or deferred sales charge.

**Oppenheimer & Co. Inc. ("OPCO")**

Shareholders purchasing Fund shares through an OPCO platform or account are eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this prospectus or SAI.

Front-end Sales Load Waivers on Class A Shares available at OPCO

● Employer-sponsored retirement, deferred compensation and employee benefit plans (including health savings accounts) and trusts used to fund those plans, provided that the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan

● Shares purchased by or through a 529 Plan

● Shares purchased through an OPCO affiliated investment advisory program

● Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same Fund (but not any other Fund within the fund family)

● Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Restatement).

● A shareholder in the Fund's Class C shares will have their shares converted at net asset value to Class A shares (or the appropriate share class) of the Fund if the shares are no longer subject to a CDSC and the conversion is in line with the policies and procedures of OPCO

● Employees and registered representatives of OPCO or its affiliates and their family members

● Trustees of Thornburg Investment Trust, and employees of the Fund's investment advisor or any of its affiliates, as described in this prospectus

**CDSC Waivers on A and C Shares available at OPCO**

● Death or disability of the shareholder

● Shares sold as part of a systematic withdrawal plan as described in the Fund's prospectus

● Return of excess contributions from an IRA Account

● Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable IRS regulations

● Shares sold to pay OPCO fees but only if the transaction is initiated by OPCO

● Shares acquired through a right of reinstatement

Front-end load Discounts Available at OPCO: Breakpoints, Rights of Accumulation & Letters of Intent

● Breakpoints as described in this prospectus.

● Rights of Accumulation (ROA) which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at OPCO. Eligible fund family assets not held at OPCO may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets.

**Raymond James & Associates, Inc., Raymond James Financial Services & each entity's affiliates ("Raymond James")**

Shareholders purchasing fund shares through a Raymond James platform or account, or through an introducing broker-dealer or independent registered investment adviser for which Raymond James provides trade execution, clearance, and/or custody services, will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this Prospectus or SAI.

Front-end sales load waivers on Class A shares available at Raymond James

● Shares purchased in an investment advisory program.

● Shares purchased within the same fund family through a systematic reinvestment of capital gains and dividend distributions.

● Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James.

● Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement).

● A shareholder in the Fund's Class C shares will have their shares converted at net asset value to Class A shares (or the appropriate share class) of the Fund if the shares are no longer subject to a CDSC and the conversion is in line with the policies and procedures of Raymond James.

CDSC Waivers on Classes A and C shares available at Raymond James

● Death or disability of the shareholder.

● Shares sold as part of a systematic withdrawal plan as described in the fund's prospectus.

● Return of excess contributions from an IRA Account.

● Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable IRS regulations.

● Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James.

● Shares acquired through a right of reinstatement.

Front-end load discounts available at Raymond James: breakpoints, rights of accumulation, and/or letters of intent

● Breakpoints as described in this prospectus.

● Rights of accumulation which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at Raymond James. Eligible fund family assets not held at Raymond James may be included in the calculation of rights of accumulation calculation only if the shareholder notifies his or her financial advisor about such assets.

● Letters of intent which allow for breakpoint discounts based on anticipated purchases within a fund family, over a 13-month time period. Eligible fund family assets not held at Raymond James may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets.

**Robert W. Baird & Co. Inc. ("Baird")**

Shareholders purchasing fund shares through a Baird platform or account will only be eligible for the following sales charge waivers (front-end sales charge waivers and CDSC waivers) and discounts, which may differ from those disclosed elsewhere in this prospectus or the SAI.

Front-End Sales Charge Waivers on Class A shares Available at Baird

● Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing share of the same Fund.

● Share purchase by employees and registers representatives of Baird or its affiliate and their family members as designated by Baird.

● Shares purchase from the proceeds of redemptions from another Thornburg Fund, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same accounts, and (3) redeemed shares were subject to a front-end or deferred sales charge (known as rights of reinstatement).

● A shareholder in the Fund's Class C shares will have their share converted at net asset value to Class A shares of the Fund if the shares are no longer subject to CDSC and the conversion is in line with the policies and procedures of Baird.

● Employer-sponsored retirement plans or charitable accounts in a transactional brokerage account at Baird, including 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans. For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs or SAR-SEPs.

**CDSC Waivers on Class A and C shares Available at Baird**

● Shares sold due to death or disability of the shareholder.

● Shares sold as part of a systematic withdrawal plan as described in the Fund's Prospectus.

● Shares bought due to returns of excess contributions from an IRA Account.

● Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable IRS regulations.

● Shares sold to pay Baird fees but only if the transaction is initiated by Baird.

● Shares acquired through a right of reinstatement.

Front-End Sales Charge Discounts Available at Baird: Breakpoints and/or Rights of Accumulations

● Breakpoints as described in this prospectus

● Rights of accumulations which entitles shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at Baird. Eligible fund family assets not held at Baird may be included in the rights of accumulations calculation only if the shareholder notifies his or her financial advisor about such assets.

Letters of Intent (LOI) allow for breakpoint discounts based on anticipated purchases within a fund family through Baird, over a 13-month period of time.

**Stifel, Nicolaus & Company, Incorporated ("Stifel")**

Effective February 1, 2026, shareholders purchasing or holding Thornburg Fund shares, including existing fund shareholders, through a Stifel or affiliated platform that provides trade execution, clearance, and/or custody services, will be eligible for the following sales charge load waivers (including front-end sales charge waivers and contingent deferred, or back-end, (CDSC) sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this prospectus or the Fund's SAI.

**CLASS A SHARES**

As described elsewhere in this prospectus, Stifel may receive compensation out of the front-end sales charge if you purchase Class A shares through Stifel.

**Rights of accumulation**

Rights of accumulation (ROA) that entitle shareholders to breakpoint discounts on front-end sales charges will be calculated by Stifel based on the aggregated holding of eligible assets in the Thornburg Funds held by accounts within the purchaser's household at Stifel. Ineligible assets include class A Money Market Funds not assessed a sales charge. Fund Family assets not held at Stifel may be included in the calculation of ROA only if the shareholder notifies his or her financial advisor about such assets.

The employer maintaining a SEP IRA plan and/or SIMPLE IRA plan may elect to establish or change ROA for the IRA accounts associated with the plan to a plan-level grouping as opposed to including all share classes at a shareholder or pricing group level.

**Front-end sales charge waivers on Class A shares available at Stifel**

● Class C shares that have been held for more than seven (7) years may be converted to Class A shares or other front-end share class(es) of the same fund pursuant to Stifel's policies and procedures. To the extent that this prospectus elsewhere provides for a waiver with respect to the exchange or conversion of such shares following a shorter holding period, those provisions shall continue to apply.

● Shares purchased by employees and registered representatives of Stifel or its affiliates and their family members as designated by Stifel.

● Shares purchased in a Stifel fee-based advisory program, often referred to as a "wrap" program.

● Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same or other fund within the Thornburg Funds.

● Shares purchased from the proceeds of redeemed shares of the Thornburg Funds so long as the proceeds are from the sale of shares from an account with the same owner/beneficiary within 90 days of the purchase. For the absence of doubt, automated transactions (i.e. systematic purchases, including salary deferral transactions and withdrawals) and purchases made after shares are sold to cover Stifel Nicolaus' account maintenance fees are not eligible for rights of reinstatement.

● Shares from rollovers into Stifel from retirement plans to IRAs.

● Shares exchanged into Class A shares from another share class so long as the exchange is into the same fund and was initiated at the direction of Stifel. Stifel is responsible for any remaining CDSC due to the fund company, if applicable. Any future purchases are subject to the applicable sales charge as disclosed in this prospectus.

● Purchases of Class 529-A shares through a rollover from another 529 plan.

● Purchases of Class 529-A shares made for reinvestment of refunded amounts.

● Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer sponsored retirement plans do not include SEP IRAs, Simple IRAs or SAR-SEPs.

● Charitable organizations and foundations, notably 501(c)(3) organizations.

**Contingent Deferred Sales Charges Waivers on Class A and C Shares**

● Death or disability of the shareholder or, in the case of 529 plans, the account beneficiary.

● Shares sold as part of a systematic withdrawal plan not to exceed 12% annually.

● Return of excess contributions from an IRA Account.

● Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable IRS regulations.

● Shares acquired through a right of reinstatement.

● Shares sold to pay Stifel fees or costs in such cases where the transaction is initiated by Stifel.

● Shares exchanged or sold in a Stifel fee-based program.

Appendix A

**Share Class Conversions in Advisory Accounts**

● Stifel continually looks to provide our clients with the lowest cost share class available based on account type. Stifel reserves the right to convert shares to the lowest cost share class available at Stifel upon transfer of shares into an advisory program.

**Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC**

 **(collectively, "Wells Fargo Advisors")**

Wells Fargo Clearing Services, LLC operates a First Clearing business, but these rules are not intended to include First Clearing firms

Effective April 1, 2026, Clients of Wells Fargo Advisors purchasing fund shares through Wells Fargo Advisors are eligible for the following sales charge discounts (also referred to as "breakpoints") and waivers, which can differ from discounts and waivers described elsewhere in the prospectus or statement of additional information ("SAI"). In all instances, it is the investor's responsibility to inform Wells Fargo Advisors at the time of purchase of any relationship, holdings, or other facts qualifying the investor for discounts or waivers. Wells Fargo Advisors can ask for documentation supporting the qualification.

Wells Fargo Advisors Class A share front-end sales charge waivers information

Wells Fargo Advisors clients purchasing or converting to Class A shares of the fund in a Wells Fargo Advisors brokerage account are entitled to a waiver of the front-end load in the following circumstances:

● Wells Fargo Advisors employee and employee-related accounts according to Wells Fargo Advisor's employee account linking rules. Legacy accounts and positions receiving affiliate discounts prior to the effective date will continue to receive discounts. Going forward employees of affiliate businesses will not be offered NAV.

● Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the same fund.

WellsTrade, the firm's online self-directed brokerage account, generally offers no-load share classes but there could be instances where a Class A share is offered without a front-end sales charge.

Wells Fargo Advisors Class 529-A share front-end sales charge waivers information

Wells Fargo Advisors clients purchasing or converting to Class 529-A shares of the fund through Wells Fargo Advisors transactional brokerage accounts are entitled to a waiver of the front-end load in the following circumstances:

● Shares purchased through a rollover from another 529 plan.

● Recontribution(s) of distributed funds are only allowed during the NAV reinstatement period as dictated by the sponsor's specifications outlined by the plan.

Wells Fargo Advisors is not able to apply the NAV Reinstatement privilege for 529 Plan account purchases placed directly at the fund company. Investors wishing to utilize this privilege outside of Wells Fargo systems will need to do so directly with the Plan or a financial intermediary that supports this feature.

Unless specifically described above, other front-end load waivers are not available on mutual fund purchases through Wells Fargo Advisors.

Wells Fargo Advisors Contingent Deferred Sales Charge information

● Contingent deferred sales charges (CDSC) imposed on fund redemptions will not be rebated based on future purchases.

Wells Fargo Advisors Class A front-end load discounts

Wells Fargo Advisors Clients purchasing Class A shares of the fund through Wells Fargo Advisors brokerage accounts will follow the following aggregation rules for breakpoint discounts:

● Effective April 1, 2026, SEP or SIMPLE IRAs will not be aggregated as a group plan. They will aggregate with the client's personal accounts based on Social Security Number. Previously established SEP and SIMPLE IRAs may still be aggregated as a group plan.

● Effective April 1, 2026, Employer-sponsored retirement plan (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans) accounts will aggregate with other plan accounts under the same Tax ID and will not be aggregated with other retirement plan accounts under a different Tax ID or personal accounts. For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, SIMPLE IRAs, SAR-SEPs or Keogh plans.

● Gift of shares will not be considered when determining breakpoint discounts.

---

| |
|:---|
| &nbsp;&nbsp;**Front-end Load Waivers Available at Merrill** |
| &nbsp;&nbsp;Shares of mutual funds available for purchase by employer-sponsored retirement, deferred compensation, and employee benefit plans (including health savings accounts) and trusts used to fund those plans provided the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan. For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans |
| &nbsp;&nbsp;Shares purchased through a Merrill investment advisory program |
| &nbsp;&nbsp;Brokerage class shares exchanged from advisory class shares due to the holdings moving from a Merrill investment advisory program to a Merrill brokerage account |
| &nbsp;&nbsp;Shares purchased through the Merrill Edge Self-Directed platform |
| &nbsp;&nbsp;Shares purchased through the systematic reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same mutual fund in the same account |
| &nbsp;&nbsp;Shares exchanged from level-load shares to front-end load shares of the same mutual fund in accordance with the description in the Merrill SLWD Supplement |
| &nbsp;&nbsp;Shares purchased by eligible employees of Merrill or its affiliates and their family members who purchase shares in accounts within the employee's Merrill Household (as defined in the Merrill SLWD Supplement) |
| &nbsp;&nbsp;Shares purchased by eligible persons associated with the fund as defined in this prospectus (e.g. the fund's officers or trustees) |
| &nbsp;&nbsp;Shares purchased from the proceeds of a mutual fund redemption in front-end load shares provided (1) the repurchase is in a mutual fund within the same fund family; (2) the repurchase occurs within 90 calendar days from the redemption trade date, and (3) the redemption and purchase occur in the same account (known as Rights of Reinstatement). Automated transactions (i.e. systematic purchases and withdrawals) and purchases made after shares are automatically sold to pay Merrill's account maintenance fees are not eligible for Rights of Reinstatement |

---

---

| |
|:---|
| &nbsp;&nbsp;**Contingent Deferred Sales Charge ("CDSC") Waivers on Front-end, Back-end, and Level Load Shares Available at Merrill** |
| &nbsp;&nbsp;Shares sold due to the client's death or disability (as defined by Internal Revenue Code Section 22(e)<sup>(3)</sup>) |
| &nbsp;&nbsp;Shares sold pursuant to a systematic withdrawal program subject to Merrill's maximum systematic withdrawal limits as described in the Merrill SLWD Supplement |
| &nbsp;&nbsp;Shares sold due to return of excess contributions from an IRA account |
| &nbsp;&nbsp;Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the investor reaching the qualified age based on applicable IRS regulation |
| &nbsp;&nbsp;Front-end or level-load shares held in commission-based, non-taxable retirement brokerage accounts (e.g. traditional, Roth, rollover, SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans) that are transferred to fee-based accounts or platforms and exchanged for a lower cost share class of the same mutual fund |
| &nbsp;&nbsp;**Front-end Load Discounts Available at Merrill: Breakpoints, Rights of Accumulation & Letters of Intent** |
| &nbsp;&nbsp;Breakpoint discounts, as described in this prospectus, where the sales load is at or below the maximum sales load that Merrill permits to be assessed to a front-end load purchase, as described in the Merrill SLWD Supplement |
| &nbsp;&nbsp;Rights of Accumulation (ROA), as described in the Merrill SLWD Supplement, which entitle clients to breakpoint discounts based on the aggregated holdings of mutual fund family assets held in accounts in their Merrill Household<br>On or about May 1, 2026, assets not held at Merrill will no longer be included in the ROA calculation. For more detail on the timing and calculation, please refer to the Merrill SLWD Supplement. |
| &nbsp;&nbsp;Letters of Intent (LOI), which allow for breakpoint discounts on eligible new purchases based on anticipated future eligible purchases within a fund family at Merrill, in accounts within your Merrill Household, as further described in the Merrill SLWD Supplement.<br>On or about May 1, 2026, Merrill will no longer accept new LOIs. For more detail on the timing, please refer to the Merrill SLWD Supplement. |

---

**Morgan Stanley Wealth Management**

Shareholders purchasing Fund shares through a Morgan Stanley Wealth Management transactional brokerage account are eligible only for the following front-end sales charge waivers with respect to Class A shares, which may differ from and may be more limited than those disclosed elsewhere in this Fund's Prospectus or SAI.

Front-end Sales Charge Waivers on Class A Shares available at Morgan Stanley Wealth Management

● Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans

● Morgan Stanley employee and employee-related accounts according to Morgan Stanley's account linking rules

● Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the same fund

● Shares purchased through a Morgan Stanley self-directed brokerage account

● Class C (i.e., level-load) and Class C2 shares, as applicable, that are no longer subject to a contingent deferred sales charge and are converted to Class A shares of the same fund pursuant to Morgan Stanley Wealth Management's share class conversion program

● Shares purchased from the proceeds of redemptions within the same fund family, provided (i) the repurchase occurs within 90 days following the redemption, (ii) the redemption and purchase occur in the same account, and (iii) redeemed shares were subject to a front-end or deferred sales charge.

Appendix A

**Oppenheimer & Co. Inc. ("OPCO")**

Shareholders purchasing Fund shares through an OPCO platform or account are eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this prospectus or SAI.

Front-end Sales Load Waivers on Class A Shares available at OPCO

● Employer-sponsored retirement, deferred compensation and employee benefit plans (including health savings accounts) and trusts used to fund those plans, provided that the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan

● Shares purchased by or through a 529 Plan

● Shares purchased through an OPCO affiliated investment advisory program

● Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same Fund (but not any other Fund within the fund family)

● Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Restatement).

● A shareholder in the Fund's Class C shares will have their shares converted at net asset value to Class A shares (or the appropriate share class) of the Fund if the shares are no longer subject to a CDSC and the conversion is in line with the policies and procedures of OPCO

● Employees and registered representatives of OPCO or its affiliates and their family members

● Trustees of Thornburg Investment Trust, and employees of the Fund's investment advisor or any of its affiliates, as described in this prospectus

**CDSC Waivers on A and C Shares available at OPCO**

● Death or disability of the shareholder

● Shares sold as part of a systematic withdrawal plan as described in the Fund's prospectus

● Return of excess contributions from an IRA Account

● Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable IRS regulations

● Shares sold to pay OPCO fees but only if the transaction is initiated by OPCO

● Shares acquired through a right of reinstatement

Front-end load Discounts Available at OPCO: Breakpoints, Rights of Accumulation & Letters of Intent

● Breakpoints as described in this prospectus.

● Rights of Accumulation (ROA) which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at OPCO. Eligible fund family assets not held at OPCO may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets.

**Raymond James & Associates, Inc., Raymond James Financial Services & each entity's affiliates ("Raymond James")**

Shareholders purchasing fund shares through a Raymond James platform or account, or through an introducing broker-dealer or independent registered investment adviser for which Raymond James provides trade execution, clearance, and/or custody services, will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this Prospectus or SAI.

Front-end sales load waivers on Class A shares available at Raymond James

● Shares purchased in an investment advisory program.

● Shares purchased within the same fund family through a systematic reinvestment of capital gains and dividend distributions.

● Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James.

● Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement).

● A shareholder in the Fund's Class C shares will have their shares converted at net asset value to Class A shares (or the appropriate share class) of the Fund if the shares are no longer subject to a CDSC and the conversion is in line with the policies and procedures of Raymond James.

CDSC Waivers on Classes A and C shares available at Raymond James

● Death or disability of the shareholder.

● Shares sold as part of a systematic withdrawal plan as described in the fund's prospectus.

● Return of excess contributions from an IRA Account.

● Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable IRS regulations.

● Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James.

● Shares acquired through a right of reinstatement.

Front-end load discounts available at Raymond James: breakpoints, rights of accumulation, and/or letters of intent

● Breakpoints as described in this prospectus.

● Rights of accumulation which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at Raymond James. Eligible fund family assets not held at Raymond James may be included in the calculation of rights of accumulation calculation only if the shareholder notifies his or her financial advisor about such assets.

● Letters of intent which allow for breakpoint discounts based on anticipated purchases within a fund family, over a 13-month time period. Eligible fund family assets not held at Raymond James may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets.

**Robert W. Baird & Co. Inc. ("Baird")**

Shareholders purchasing fund shares through a Baird platform or account will only be eligible for the following sales charge waivers (front-end sales charge waivers and CDSC waivers) and discounts, which may differ from those disclosed elsewhere in this prospectus or the SAI.

Front-End Sales Charge Waivers on Class A shares Available at Baird

● Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing share of the same Fund.

● Share purchase by employees and registers representatives of Baird or its affiliate and their family members as designated by Baird.

Appendix A

● Shares purchase from the proceeds of redemptions from another Thornburg Fund, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same accounts, and (3) redeemed shares were subject to a front-end or deferred sales charge (known as rights of reinstatement).

● A shareholder in the Fund's Class C shares will have their share converted at net asset value to Class A shares of the Fund if the shares are no longer subject to CDSC and the conversion is in line with the policies and procedures of Baird.

● Employer-sponsored retirement plans or charitable accounts in a transactional brokerage account at Baird, including 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans. For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs or SAR-SEPs.

**CDSC Waivers on Class A and C shares Available at Baird**

● Shares sold due to death or disability of the shareholder.

● Shares sold as part of a systematic withdrawal plan as described in the Fund's Prospectus.

● Shares bought due to returns of excess contributions from an IRA Account.

● Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable IRS regulations.

● Shares sold to pay Baird fees but only if the transaction is initiated by Baird.

● Shares acquired through a right of reinstatement.

Front-End Sales Charge Discounts Available at Baird: Breakpoints and/or Rights of Accumulations

● Breakpoints as described in this prospectus

● Rights of accumulations which entitles shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at Baird. Eligible fund family assets not held at Baird may be included in the rights of accumulations calculation only if the shareholder notifies his or her financial advisor about such assets.

Letters of Intent (LOI) allow for breakpoint discounts based on anticipated purchases within a fund family through Baird, over a 13-month period of time.

**Stifel, Nicolaus & Company, Incorporated ("Stifel")**

Effective February 1, 2026, shareholders purchasing or holding Thornburg Fund shares, including existing fund shareholders, through a Stifel or affiliated platform that provides trade execution, clearance, and/or custody services, will be eligible for the following sales charge load waivers (including front-end sales charge waivers and contingent deferred, or back-end, (CDSC) sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this prospectus or the Fund's SAI.

**CLASS A SHARES**

As described elsewhere in this prospectus, Stifel may receive compensation out of the front-end sales charge if you purchase Class A shares through Stifel.

**Rights of accumulation**

Rights of accumulation (ROA) that entitle shareholders to breakpoint discounts on front-end sales charges will be calculated by Stifel based on the aggregated holding of eligible assets in the Thornburg Funds held by accounts within the purchaser's household at Stifel. Ineligible assets include class A Money Market Funds not assessed a sales charge. Fund Family assets not held at Stifel may be included in the calculation of ROA only if the shareholder notifies his or her financial advisor about such assets.

The employer maintaining a SEP IRA plan and/or SIMPLE IRA plan may elect to establish or change ROA for the IRA accounts associated with the plan to a plan-level grouping as opposed to including all share classes at a shareholder or pricing group level.

**Front-end sales charge waivers on Class A shares available at Stifel**

● Class C shares that have been held for more than seven (7) years may be converted to Class A shares or other front-end share class(es) of the same fund pursuant to Stifel's policies and procedures. To the extent that this prospectus elsewhere provides for a waiver with respect to the exchange or conversion of such shares following a shorter holding period, those provisions shall continue to apply.

● Shares purchased by employees and registered representatives of Stifel or its affiliates and their family members as designated by Stifel.

● Shares purchased in a Stifel fee-based advisory program, often referred to as a "wrap" program.

● Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same or other fund within the Thornburg Funds.

● Shares purchased from the proceeds of redeemed shares of the Thornburg Funds so long as the proceeds are from the sale of shares from an account with the same owner/beneficiary within 90 days of the purchase. For the absence of doubt, automated transactions (i.e. systematic purchases, including salary deferral transactions and withdrawals) and purchases made after shares are sold to cover Stifel Nicolaus' account maintenance fees are not eligible for rights of reinstatement.

● Shares from rollovers into Stifel from retirement plans to IRAs.

● Shares exchanged into Class A shares from another share class so long as the exchange is into the same fund and was initiated at the direction of Stifel. Stifel is responsible for any remaining CDSC due to the fund company, if applicable. Any future purchases are subject to the applicable sales charge as disclosed in this prospectus.

● Purchases of Class 529-A shares through a rollover from another 529 plan.

● Purchases of Class 529-A shares made for reinvestment of refunded amounts.

● Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer sponsored retirement plans do not include SEP IRAs, Simple IRAs or SAR-SEPs.

● Charitable organizations and foundations, notably 501(c)(3) organizations.

**Contingent Deferred Sales Charges Waivers on Class A and C Shares**

● Death or disability of the shareholder or, in the case of 529 plans, the account beneficiary.

● Shares sold as part of a systematic withdrawal plan not to exceed 12% annually.

● Return of excess contributions from an IRA Account.

● Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable IRS regulations.

● Shares acquired through a right of reinstatement.

● Shares sold to pay Stifel fees or costs in such cases where the transaction is initiated by Stifel.

● Shares exchanged or sold in a Stifel fee-based program.

Appendix A

**Share Class Conversions in Advisory Accounts**

● Stifel continually looks to provide our clients with the lowest cost share class available based on account type. Stifel reserves the right to convert shares to the lowest cost share class available at Stifel upon transfer of shares into an advisory program.

**Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC (collectively, "Wells Fargo Advisors")**

Wells Fargo Clearing Services, LLC operates a First Clearing business, but these rules are not intended to include First Clearing firms

Effective April 1, 2026, Clients of Wells Fargo Advisors purchasing fund shares through Wells Fargo Advisors are eligible for the following sales charge discounts (also referred to as "breakpoints") and waivers, which can differ from discounts and waivers described elsewhere in the prospectus or statement of additional information ("SAI"). In all instances, it is the investor's responsibility to inform Wells Fargo Advisors at the time of purchase of any relationship, holdings, or other facts qualifying the investor for discounts or waivers. Wells Fargo Advisors can ask for documentation supporting the qualification.

Wells Fargo Advisors Class A share front-end sales charge waivers information

Wells Fargo Advisors clients purchasing or converting to Class A shares of the fund in a Wells Fargo Advisors brokerage account are entitled to a waiver of the front-end load in the following circumstances:

● Wells Fargo Advisors employee and employee-related accounts according to Wells Fargo Advisor's employee account linking rules. Legacy accounts and positions receiving affiliate discounts prior to the effective date will continue to receive discounts. Going forward employees of affiliate businesses will not be offered NAV.

● Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the same fund.

WellsTrade, the firm's online self-directed brokerage account, generally offers no-load share classes but there could be instances where a Class A share is offered without a front-end sales charge.

Wells Fargo Advisors Class 529-A share front-end sales charge waivers information

Wells Fargo Advisors clients purchasing or converting to Class 529-A shares of the fund through Wells Fargo Advisors transactional brokerage accounts are entitled to a waiver of the front-end load in the following circumstances:

● Shares purchased through a rollover from another 529 plan.

● Recontribution(s) of distributed funds are only allowed during the NAV reinstatement period as dictated by the sponsor's specifications outlined by the plan.

Wells Fargo Advisors is not able to apply the NAV Reinstatement privilege for 529 Plan account purchases placed directly at the fund company. Investors wishing to utilize this privilege outside of Wells Fargo systems will need to do so directly with the Plan or a financial intermediary that supports this feature.

Unless specifically described above, other front-end load waivers are not available on mutual fund purchases through Wells Fargo Advisors.

Wells Fargo Advisors Contingent Deferred Sales Charge information

● Contingent deferred sales charges (CDSC) imposed on fund redemptions will not be rebated based on future purchases.

Wells Fargo Advisors Class A front-end load discounts

Wells Fargo Advisors Clients purchasing Class A shares of the fund through Wells Fargo Advisors brokerage accounts will follow the following aggregation rules for breakpoint discounts:

● Effective April 1, 2026, SEP or SIMPLE IRAs will not be aggregated as a group plan. They will aggregate with the client's personal accounts based on Social Security Number. Previously established SEP and SIMPLE IRAs may still be aggregated as a group plan.

● Effective April 1, 2026, Employer-sponsored retirement plan (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans) accounts will aggregate with other plan accounts under the same Tax ID and will not be aggregated with other retirement plan accounts under a different Tax ID or personal accounts. For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, SIMPLE IRAs, SAR-SEPs or Keogh plans.

● Gift of shares will not be considered when determining breakpoint discounts.

**Additional Information**

Investment Advisor

Thornburg Investment Management<sup>®</sup>, Inc.

2300 North Ridgetop Road

Santa Fe, New Mexico 87506

Distributor

Thornburg Securities LLC

2300 North Ridgetop Road

Santa Fe, New Mexico 87506

Custodian

State Street Bank & Trust Co.

2 Avenue De Lafayette

Boston, Massachusetts 02111

Transfer Agent

SS&C GIDS, Inc.

Post Office Box 219017

Kansas City, Missouri 64121-9017

Legal Counsel

Legal matters in connection with the issuance of shares of the Funds are passed upon by Ropes & Gray LLP, 1211 Avenue of the Americas, New York, NY 10036-8704.

Additional information about each Fund's investments is available in the Fund's annual and semi annual reports to shareholders and in Form N-CSR. In each Fund's annual report you will find a discussion of the market conditions and strategies that significantly affected the Fund's performance during its last fiscal year. The Funds' Statement of Additional Information (SAI) also includes additional information about each Fund. The Funds' SAI and the Funds' Annual and Semiannual Reports are available without charge upon request. Shareholders may make inquiries about the Funds, and investors may request copies of the SAI, Annual and Semiannual Reports, and obtain other Fund information, by contacting Thornburg Securities LLC at 2300 North Ridgetop Road, Santa Fe, New Mexico 87506 or by phone at (800) 847-0200. The Funds' current Statement of Additional Information and Annual and Semiannual Reports to Shareholders also may be obtained on the Thornburg Website at Thornburg.com. The Funds' current SAI is incorporated in this Prospectus by reference (legally forms a part of this Prospectus).

Reports and other information about the Funds are also available on the EDGAR Database on the Commission's Internet site at http://www.sec.gov and copies of information may be obtained, upon payment of a duplicating fee, by writing the Commission's Public Reference Section, Washington, D.C. 20549-1520, or by contacting the Commission by e-mail at publicinfo@sec.gov.

No dealer, sales representative or any other person has been authorized to give any information or to make any representation inconsistent with what is contained in this Prospectus and, if given or made, the information or representation must not be relied upon as having been authorized by any Fund or Thornburg Securities LLC. This Prospectus constitutes an offer to sell securities of the Funds only in those states where the Funds' shares have been registered or otherwise qualified for sale. The Funds will not accept applications from persons residing in states where the Funds' shares are not registered or qualified for sale.

Thornburg Securities LLC, Distributor

2300 North Ridgetop Road

Santa Fe, New Mexico 87506

(800) 847-0200

Thornburg.com

Each Fund is a separate series of Thornburg Investment Trust, which files its registration statements and certain other information with the Commission under Investment Company Act of 1940 file number 811-05201.

**Thornburg investment trust**

Funds Prospectus

**JANUARY 15, 2026**

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| | |
|:---|:---|
| &nbsp;&nbsp;**RETIREMENT PLAN SHARES**<br>**Thornburg Small/Mid Cap Core Fund**<br>*("Small/Mid Cap Core Fund")*<br>**Class R3:** TVRFX<br>**Class R4:** TVIRX<br>**Class R5:** TVRRX<br>**Thornburg Small/Mid Cap Growth Fund**<br>*("Small/Mid Cap Growth Fund")*<br>**Class R3:** THCRX<br>**Class R4:** TCGRX<br>**Class R5:** THGRX<br>| These securities have not been approved or disapproved by the Securities and Exchange Commission nor has the Securities and Exchange Commission passed upon the accuracy or adequacy of this Prospectus. Any representation to the contrary is a criminal offense.<br>|
|  | &nbsp;&nbsp; ![](smdi001.jpg) |

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**Table of Contents**

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| | |
|:---|:---|
| **[Fund Summaries](#smdib001)** | **[Fund Summaries](#smdib001)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Small/Mid Cap Core Fund](#smdib002) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Small/Mid Cap Growth Fund](#smdib003) | 7 |
| &nbsp;&nbsp;[**Additional Information**](#smdib004) | &nbsp;&nbsp;[**Additional Information**](#smdib004) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Fund Investment Goals and Strategies, and Risks of Fund Investment Strategies](#smdib005) | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Organization and Management of the Funds](#smdib006) | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Investment Advisory and Administrative Services Fees](#smdib007) | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Pricing Fund Shares](#smdib008) | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Selling Fund Shares](#smdib009) | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Exchanging Fund Shares](#smdib010) | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[The Funds Offer Different Share Classes](#smdib011) | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Other Information about the Funds](#smdib012) | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Dividends and Distributions](#smdib013) | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Taxes](#smdib014) | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#smdib015) | 31 |

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**Fund Summary**

**Small/Mid Cap Core Fund**

**Investment Goal**

The Fund seeks long-term capital appreciation by investing in equity and debt securities of all types.

The secondary, non-fundamental goal of the Fund is to seek some current income.

**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.**

Shareholder Fees

(fees paid directly from your investment)

---

| | | | |
|:---|:---|:---|:---|
|  | **Class R3** | **Class R4** | **Class R5** |
| &nbsp;&nbsp;Maximum Sales Charge (Load) Imposed on Purchases<br> *(as a percentage of offering price)* |  |  |  |
| &nbsp;&nbsp;Maximum Deferred Sales Charge (Load) <br> *(as a percentage of redemption proceeds or original purchase price, whichever is lower)* |  |  |  |

---

Annual Fund Operating Expenses

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Class R3** | **Class R4** | **Class R5** |
| &nbsp;&nbsp;Management Fees | 0.87% | 0.87% | 0.87% |
| &nbsp;&nbsp;Distribution and Service (12b-1) Fees | 0.50% | 0.25% |  |
| &nbsp;&nbsp;Other Expenses | 0.57% | 1.06% | 1.11% |
| &nbsp;&nbsp;Total Annual Fund Operating Expenses | 1.94% | 2.18% | 1.98% |
| &nbsp;&nbsp;Fee Waiver/Expense Reimbursement<sup>(1)</sup> | (0.49)% | (0.98)% | (1.03)% |
| &nbsp;&nbsp;Total Annual Fund Operating Expenses After<br> Fee Waiver/Expense Reimbursement | 1.45% | 1.20% | 0.95% |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(1)* *Thornburg Investment Management, Inc. ("Thornburg") has contractually agreed to waive fees and reimburse expenses incurred by the Fund so that actual Class R3, Class R4 and Class R5 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 1.45%, 1.20%, and 0.95%, respectively. Such waiver with respect to Class R3 expenses is effective February 1, 2026. Until that time, Thornburg has contractually agreed to waive fees and reimburse expenses incurred by the Fund so that actual Class R3 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 1.31%. 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.* 

**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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| &nbsp;&nbsp;Class R3 Shares | $148 | $562 | $1002 | $2225 |
| &nbsp;&nbsp;Class R4 Shares | $122 | $588 | $1080 | $2437 |
| &nbsp;&nbsp;Class R5 Shares | $97 | $521 | $972 | $2223 |

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**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 23.05% of the average value of its portfolio.

**Principal Investment Strategies**

Under normal conditions, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in small- and mid-capitalization companies. The Fund currently defines small- and mid-capitalization companies to be those within the market capitalization range comprised by the Russell 2500 Index - Total Return. As of November 30, 2025, the market capitalization range of the Russell 2500 Index - Total Return was approximately $11 million to $44 billion. The Russell 2500 Index - Total Return is completely reconstituted on an annual basis each June by the index provider, which generally results in updates to the capitalization range of the index and to the companies included in the index. The capitalization range of companies in which the Fund invests will in general also change annually to reflect the reconstitution of the index. The Fund may change the definition of what constitutes "small- and mid-capitalization companies" without advance notice to shareholders.

The Fund expects to invest primarily in domestic common stocks. However, the Fund may own foreign common stocks which, in the opinion of the Fund's investment advisor, Thornburg, offer prospects for meeting the Fund's investment goals.

With its core approach to stock selection, the Fund seeks to invest in a broadly diversified portfolio of companies the Fund categorizes as basic values, consistent earners, and emerging franchises, as described in more detail below. The relative proportions of securities invested in each of those categories will vary over time.

Thornburg primarily takes a bottom-up, fundamental view in determining the attractiveness of individual securities and in making investment decisions. Among the specific factors considered by Thornburg in identifying securities for inclusion in the Fund are:

● earnings growth potential

● durable business model

● industry growth potential

● innovation driving the potential to disrupt entrenched competitors

● intrinsic value appreciation potential

● potential size of addressable market

● management strength

● leverage

● return on invested capital

● valuation metrics, including: price/earnings ("PE") ratio; enterprise value/revenue ratio; PE/growth rate ratio, enterprise value/EBITDA *(earnings before interest, taxes, depreciation and amortization)* ratio; and free cash flow yield.

The Fund categorizes its investments in the following three categories:

**Basic Value:** Companies generally operating in mature or cyclical industries and which generally exhibit more economic sensitivity and/or higher volatility in earnings and cash flow.

**Consistent Earner:** Companies which generally exhibit predictable growth and profitability, and consistent cash flow and/or dividends.

**Emerging Franchise:** Companies with the potential to grow at an above average rate because of a product or service that is establishing a new market and/or taking share from existing participants.

Inclusion of any investment in any of the three described categories represents the opinion of Thornburg concerning the characteristics and prospects of the investment. There is no assurance that any company selected for investment will, once categorized in one of the three described investment categories, continue to have the positive characteristics or fulfill the expectations that Thornburg had for the company when it was selected for investment, and any such company may not grow or may decline in earnings and size.

The Fund selects foreign securities issued by companies domiciled in countries whose currencies are freely convertible into U.S. dollars, or in companies in other countries whose business is conducted primarily in U.S. dollars.

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's policy of investing at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in small- and mid-capitalization companies may be changed by the Fund's Trustees without a shareholder vote upon 60 days' notice to shareholders.

**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.

**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.

**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.

**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.

**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.

**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.

**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.

**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.

**Risks Affecting Specific Issuers** - The value of a security may decline in response to developments affecting the specific issuer of the security, 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.

**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, earlier stages of development and lack of well-established businesses, more limited access to markets and financial resources, greater vulnerability to competition and market risks and fluctuations, lack of management depth, increased volatility in share price, and possible difficulties in valuing or selling these investments. Relative to the stocks of large capitalization companies, the stocks of small- and mid-capitalization companies may be thinly traded and sales may result in higher transaction costs. Also, small- and mid-capitalization companies may perform poorly during times of economic stress.

Additional information about Fund investments, investment strategies, and risks of investing in the Fund appears below beginning on page 14 of the Prospectus.

**Past Performance of the Fund**

The following information provides some indication of the risks of investing in the Small/Mid Cap Core 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 R3 shares have been different in each full year shown. The average annual total return figures compare Class R3, Class R4 and Class R5 share performance to the Russell 3000 Index-Total Return, a broad-based securities market index that represents the overall applicable market in which the Fund invests, and the Russell 2500 Index-Total Return, 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 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.

Annual Total Returns - Class R3 Shares

![](smdi004.jpg)

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| | | |
|:---|:---|:---|
|  | **Total**<br> **Returns** | **Quarter**<br> **ended** |
| &nbsp;&nbsp;Highest Quarterly Results | 18.90% | 6/30/2020 |
| &nbsp;&nbsp;Lowest Quarterly Results | -26.31% | 3/31/2020 |

---

Average Annual Total Returns

(periods ended 12-31-25)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**CLASS R3 SHARES** | **1 YEAR** | **5 YEARS** | **10 YEARS** |
| &nbsp;&nbsp;Return Before Taxes | -0.86% | 4.20% | 7.70% |
| &nbsp;&nbsp;Return After Taxes on Distributions | -0.86% | 2.54% | 6.77% |
| &nbsp;&nbsp;Return After Taxes on Distributions and Sale of Fund Shares | -0.51% | 2.90% | 6.03% |
| &nbsp;&nbsp;Russell 3000 Index-Total Return<br> *(reflects no deduction for fees, expenses, or taxes)* | 17.15% | 13.15% | 14.29% |
| &nbsp;&nbsp;Russell 2500 Index-Total Return<br> *(reflects no deduction for fees, expenses, or taxes)* | 11.91% | 7.26% | 10.40% |

---

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**CLASS R4 SHARES** | **1 YEAR** | **5 YEARS** | **10 YEARS** |
| &nbsp;&nbsp;Return Before Taxes | -0.76% | 4.30% | 7.81% |
| &nbsp;&nbsp;Russell 3000 Index-Total Return<br> *(reflects no deduction for fees, expenses, or taxes)* | 17.15% | 13.15% | 14.29% |
| &nbsp;&nbsp;Russell 2500 Index-Total Return<br> *(reflects no deduction for fees, expenses, or taxes)* | 11.91% | 7.26% | 10.40% |

---

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**CLASS R5 SHARES** | **1 YEAR** | **5 YEARS** | **10 YEARS** |
| &nbsp;&nbsp;Return Before Taxes | -0.50% | 4.57% | 8.09% |
| &nbsp;&nbsp;Russell 3000 Index-Total Return<br> *(reflects no deduction for fees, expenses, or taxes)* | 17.15% | 13.15% | 14.29% |
| &nbsp;&nbsp;Russell 2500 Index-Total Return<br> *(reflects no deduction for fees, expenses, or taxes)* | 11.91% | 7.26% | 10.40% |

---

*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 R3 shares, and after-tax returns for other share classes will vary.*

*The performance information shown above may include gains attributable to the Fund's investments in shares of companies through initial public offerings ("IPOs"). There can be no assurance that the Fund will have continued access to profitable IPOs and, as the Fund's assets grow, the impact of the Fund's investment in IPOs on the performance of the Fund may decline.*

**Management**

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

**Portfolio Managers:**

Steven Klopukh, cfa, a managing director of Thornburg, has been one of the persons jointly and primarily responsible for the day-to-day management of the Fund since 2020.

Tim McCarthy, cfa, a managing director of Thornburg, has been one of the persons jointly and primarily responsible for the day-to-day management of the Fund since 2022.

**Purchase and Sale of Fund Shares** 

Employer-sponsored retirement plans wishing to make shares of the Fund available to plan participants should contact a financial intermediary authorized to sell shares of the Funds. As a participant in an employer-sponsored retirement plan that makes Fund shares available, you may add shares to your account by contacting your plan administrator. Although the Funds do not currently impose any investment minimums on the purchase of shares through an employer-sponsored retirement plan, the plan itself may establish such minimums. Contact your plan administrator for more information.

Please contact your retirement plan administrator if you wish to sell your shares. Your plan administrator will conduct the transaction for you, or provide you with the means to conduct the transaction yourself.

**Tax Information**

Fund distributions to qualified retirement plan accounts, and transactions in Fund shares by those accounts, are not generally subject to current federal income tax under existing federal law. Purchasers are cautioned to seek the advice of their own advisors about the tax consequences of contributions to plan accounts and distributions from plan accounts.

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

If you purchase shares of a 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.

**Fund Summary**

**Small/Mid Cap Growth Fund**

**Investment Goal**

The Fund seeks long-term growth of capital by investing in equity securities selected for their growth potential.

**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.**

Shareholder Fees

(fees paid directly from your investment)

---

| | | | |
|:---|:---|:---|:---|
|  | **Class R3** | **Class R4** | **Class R5** |
| &nbsp;&nbsp;Maximum Sales Charge (Load) Imposed on Purchases<br> *(as a percentage of offering price)* |  |  |  |
| &nbsp;&nbsp;Maximum Deferred Sales Charge (Load)<br> *(as a percentage of redemption proceeds or original purchase price, whichever is lower)* |  |  |  |

---

Annual Fund Operating Expenses

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Class R3** | **Class R4** | **Class R5** |
| &nbsp;&nbsp;Management Fees | 0.87% | 0.87% | 0.87% |
| &nbsp;&nbsp;Distribution and Service (12b-1) Fees | 0.50% | 0.25% |  |
| &nbsp;&nbsp;Other Expenses | 0.62% | 3.59% | 0.71% |
| &nbsp;&nbsp;Total Annual Fund Operating Expenses | 1.99% | 4.71% | 1.58% |
| &nbsp;&nbsp;Fee Waiver/Expense Reimbursement<sup>(1)</sup> | (0.54)% | (3.51)% | (0.63)% |
| &nbsp;&nbsp;Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement | 1.45% | 1.20% | 0.95% |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(1)* *Thornburg Investment Management, Inc. ("Thornburg") has contractually agreed to waive fees and reimburse expenses incurred by the Fund so that actual Class R3, Class R4 and Class R5 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 1.45%, 1.20%, and 0.95%, 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 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| &nbsp;&nbsp;Class R3 Shares | $148 | $572 | $1023 | $2273 |
| &nbsp;&nbsp;Class R4 Shares | $122 | $1103 | $2089 | $4580 |
| &nbsp;&nbsp;Class R5 Shares | $97 | $437 | $801 | $1825 |

---

**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 34.06% of the average value of its portfolio.

**Principal Investment Strategies**

Under normal conditions, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in small- and mid-capitalization companies and at least 80% of its net assets in growth companies. The Fund currently defines small- and mid-capitalization companies to be those within the market capitalization range comprised by the Russell 2500 Growth Index - Total Return. As of November 30, 2025, the market capitalization range of the Russell 2500 Growth Index - Total Return was approximately $11 million to $44 billion. The Russell 2500 Growth Index - Total Return is completely reconstituted on an annual basis each June by the index provider, which generally results in updates to the capitalization range of the index and to the companies included in the index. The capitalization range of companies in which the Fund invests will in general also change annually to reflect the reconstitution of the index. The Fund may change the definition of what constitutes "small- and mid-capitalization companies" without advance notice to shareholders. The Fund currently considers a company to be a growth company if it meets any of the following criteria:

● It is a constituent of the Russell 2500 Growth Index;

● It has, over the last five years, grown its revenues or earnings per share at an average annual rate which exceeds the median growth rate of revenues or earnings per share, as applicable, for companies in the Russell 2500 Index; or

● It is projected by consensus estimates as compiled by FactSet Research Systems, over the next two years, to grow its revenues or earnings per share at an average annual rate which exceeds the median growth rate of revenues or earnings per share, as applicable, for companies in the Russell 2500 Index.

The Fund expects to invest primarily in domestic common stocks. However, the Fund may own foreign common stocks which, in the opinion of the Fund's investment advisor, Thornburg, offer prospects for meeting the Fund's investment goal.

The Fund seeks to invest in a diversified portfolio of companies the Fund categorizes as consistent growers, disruptors, and emerging franchises, as described in more detail below. The relative proportions of securities invested in each of those categories will vary over time.

Thornburg primarily takes a bottom-up, fundamental view in determining the attractiveness of individual securities and in making investment decisions. Among the specific factors considered by Thornburg in identifying securities for inclusion in the Fund are:

● earnings growth potential

● durable business model

● industry growth potential

● innovation driving the potential to disrupt entrenched competitors

● intrinsic value appreciation potential

● potential size of addressable market

● management strength

● leverage

● return on invested capital

● valuation metrics, including: price/earnings ("PE") ratio; enterprise value/revenue ratio; PE/growth rate ratio, enterprise value/EBITDA *(earnings before interest, taxes, depreciation and amortization)* ratio; and free cash flow yield.

The Fund categorizes its equity investments in the following three categories:

**Consistent Grower:** Companies in this category generally exhibit steady earnings or revenue growth, or both. These companies may have subscription or other recurring revenue profiles. Given their business models, these companies may outperform in weak markets.

**Disruptor:** Companies which are at the early stages of growth; which usually possess highly innovative or differentiated products and services, but which may require substantial additional time or investment to capitalize on market opportunities and achieve profitability.

**Emerging Franchise:** Companies with the potential to grow at an above average rate because of a product or service that is establishing a new market and/or taking share from existing participants.

Inclusion of any investment in any of the three described categories represents the opinion of Thornburg concerning the characteristics and prospects of the investment. There is no assurance that any company selected for investment will, once categorized in one of the three described investment categories, continue to have the positive characteristics or fulfill the expectations that Thornburg had for the company when it was selected for investment, and any such company may not grow or may decline in earnings and size.

In conjunction with individual issuer analysis, Thornburg may identify and invest at times with a greater emphasis in industries or economic sectors it expects to experience growth. The Fund does not have a strategy to invest in particular industry or economic sectors, and its exposures to particular industries or economic sectors are expected to vary over time.

The Fund selects foreign securities issued by companies domiciled in countries whose currencies are freely convertible into U.S. dollars, or in companies in other countries whose business is conducted primarily in U.S. dollars.

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's policy of investing at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in small- and mid-capitalization companies may be changed by the Fund's Trustees without a shareholder vote upon 60 days' notice to shareholders. The Fund's policy of investing at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in growth companies may be changed by the Fund's Trustees without a shareholder vote upon 60 days' notice to shareholders.

Additionally, the Fund may change its definition of what constitutes a "growth company" at any time without advance notice to shareholders.

**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.

**Biotechnology Company Risk** - The Fund may invest in biotechnology companies, which may at times be more vulnerable to product obsolescence, failures to develop successful products despite significant investments in research and development, the failure to obtain or maintain intellectual property rights, competition from new and existing market entrants, and product liability claims from consumers. Biotechnology companies may also be adversely affected by changes in government regulations and restrictions. Additionally, biotechnology companies may be more reliant on capital markets to invest in and support their business operations, and biotechnology companies' valuations, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market.

**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.

**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.

**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.

**Growth Company Risk** - Growth company stocks may trade at higher multiples of current earnings than other equity securities and, therefore, may be more sensitive to changes in current or expected earnings than other equity securities and may be more volatile. If growth companies do not increase their earnings at a rate expected by investors, the market price of the stock may decline significantly, even if earnings show an absolute increase. Growth company stocks also typically lack the dividend yield that can cushion stock prices in market downturns. These risks may be more pronounced in companies that are in the earlier stages of their growth cycle.

**Information Technology Securities Risk** - Information technology companies may at times be more vulnerable to product obsolescence caused by rapid technology changes, the failure to obtain or maintain intellectual property rights, the inability to develop new products, competition from new and existing market entrants, and changes in consumer preferences. Information technology stocks may also be more volatile than the overall market.

**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.

**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.

**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.

**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.

**Risks Affecting Specific Issuers** - The value of a security may decline in response to developments affecting the specific issuer of the security, 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.

**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, earlier stages of development and lack of well-established businesses, more limited access to markets and financial resources, greater vulnerability to competition and market risks and fluctuations, lack of management depth, increased volatility in share price, and possible difficulties in valuing or selling these investments. Relative to the stocks of large capitalization companies, the stocks of small- and mid-capitalization companies may be thinly traded and sales may result in higher transaction costs. Also, small- and mid-capitalization companies may perform poorly during times of economic stress.

Additional information about Fund investments, investment strategies, and risks of investing in the Fund appears below beginning on page 14.

**Past Performance of the Fund**

The following information provides some indication of the risks of investing in the Small/Mid Cap Growth 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 R3 shares have been different in each full year shown. The average annual total return figures compare Class R3, Class R4 and Class R5 share performance to the Russell 3000 Index-Total Return, a broad-based securities market index that represents the overall applicable market in which the Fund invests, and the Russell 2500 Growth Index-Total Return, 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 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.

Annual Total Returns - Class R3 Shares

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| | | |
|:---|:---|:---|
|  | **Total**<br> **Returns** | **Quarter**<br> **ended** |
| &nbsp;&nbsp;Highest Quarterly Results | 30.91% | 6/30/2020 |
| &nbsp;&nbsp;Lowest Quarterly Results | -24.91% | 6/30/2022 |

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Average Annual Total Returns

(periods ended 12-31-25)

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**CLASS R3 SHARES** | **1 YEAR** | **5 YEARS** | **10 YEARS** |
| &nbsp;&nbsp;Return Before Taxes | 4.30% | -1.29% | 7.20% |
| &nbsp;&nbsp;Return After Taxes on Distributions | 4.31% | -2.96% | 5.87% |
| &nbsp;&nbsp;Return After Taxes on Distributions and Sale of Fund Shares | 2.55% | -0.88% | 5.82% |
| &nbsp;&nbsp;Russell 3000 Index-Total Return<br> *(reflects no deduction for fees, expenses, or taxes)* | 17.15% | 13.15% | 14.29% |
| &nbsp;&nbsp;Russell 2500 Growth Index-Total Return<br> *(reflects no deduction for fees, expenses, or taxes)* | 10.31% | 2.98% | 10.55% |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**CLASS R4 SHARES** | **1 YEAR** | **5 YEARS** | **10 YEARS** |
| &nbsp;&nbsp;Return Before Taxes | 4.39% | -1.20% | 7.30% |
| &nbsp;&nbsp;Russell 3000 Index-Total Return<br> *(reflects no deduction for fees, expenses, or taxes)* | 17.15% | 13.15% | 14.29% |
| &nbsp;&nbsp;Russell 2500 Growth Index-Total Return<br> *(reflects no deduction for fees, expenses, or taxes)* | 10.31% | 2.98% | 10.55% |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**CLASS R5 SHARES** | **1 YEAR** | **5 YEARS** | **10 YEARS** |
| &nbsp;&nbsp;Return Before Taxes | 4.83% | -0.79% | 7.75% |
| &nbsp;&nbsp;Russell 3000 Index-Total Return<br> *(reflects no deduction for fees, expenses, or taxes)* | 17.15% | 13.15% | 14.29% |
| &nbsp;&nbsp;Russell 2500 Growth Index-Total Return<br> *(reflects no deduction for fees, expenses, or taxes)* | 10.31% | 2.98% | 10.55% |

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*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 R3 shares, and after-tax returns for other share classes will vary.*

**Management**

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

**Portfolio Managers:**

Steven Klopukh, cfa, a managing director of Thornburg, has been one of the persons jointly and primarily responsible for the day-to-day management of the Fund since 2020.

Tim McCarthy, cfa, a managing director of Thornburg, has been one of the persons jointly and primarily responsible for the day-to-day management of the Fund since 2020.

**Purchase and Sale of Fund Shares** 

Employer-sponsored retirement plans wishing to make shares of the Fund available to plan participants should contact a financial intermediary authorized to sell shares of the Funds. As a participant in an employer-sponsored retirement plan that makes Fund shares available, you may add shares to your account by contacting your plan administrator. Although the Funds do not currently impose any investment minimums on the purchase of shares through an employer-sponsored retirement plan, the plan itself may establish such minimums. Contact your plan administrator for more information.

Please contact your retirement plan administrator if you wish to sell your shares. Your plan administrator will conduct the transaction for you, or provide you with the means to conduct the transaction yourself.

**Tax Information**

Fund distributions to qualified retirement plan accounts, and transactions in Fund shares by those accounts, are not generally subject to current federal income tax under existing federal law. Purchasers are cautioned to seek the advice of their own advisors about the tax consequences of contributions to plan accounts and distributions from plan accounts.

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

If you purchase shares of a 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.

**Additional Information**

**Fund Investment Goals and Strategies, and Risks of Fund Investment Strategies**

Summaries of each Fund's principal investment strategies and principal investment risks are provided at the beginning of this Prospectus. The information below provides more background about some of the investment strategies that each Fund may pursue, including the principal investment strategies described in the first part of this Prospectus, and the risks associated with those investments. Investment strategies which are described below but are not identified as a principal investment strategy for a Fund at the beginning of the Prospectus are not currently considered to be principal investment strategies of the Fund. Investors should note, however, that a Fund's investment profile will vary over time. See "Principal Investment Strategies" below for more information. More detailed information about each Fund's investment strategies and investment risks is available in the Statement of Additional Information ("SAI"). The SAI also contains information about the Funds' policies and procedures with respect to the disclosure of Fund portfolio investments.

Fund Investment Goals

The investment goals for each Fund are stated above in each Fund Summary. The investment goals stated in each Fund Summary are fundamental policies of the relevant Fund, and may not be changed without the approval of that Fund's shareholders. Other investment goals of any of the Funds are not fundamental policies, and may be changed without shareholder approval. A Fund may not achieve its investment goals.

Principal Investment Strategies

A "principal investment strategy" of a Fund is a strategy which Thornburg anticipates may be important in pursuing the Fund's investment objectives, and which Thornburg anticipates may have a significant effect on its performance. Those strategies which are currently considered to be principal investment strategies of each Fund are identified under the caption "Principal Investment Strategies" relating to each Fund in the first part of this Prospectus. It is important to remember, however, that the investment profile of each Fund will vary over time, depending on various factors. Over time, a Fund will invest different proportions of its assets in the investments it is permitted to purchase, and a Fund may not invest at times in each of the investments it is permitted to purchase as a principal strategy.

Under certain circumstances, a Fund is only permitted to invest a certain percentage of its assets in a particular investment strategy. Information about those specific investment limitations is described for each Fund under the caption "Principal Investment Strategies" in the first part of this Prospectus or in the "Investment Limitations" section of the SAI. For purposes of any such limitation, the term "assets" means net assets of the Fund plus the amount of borrowings for investment purposes. In determining whether an investment will be consistent with a specific percentage limitation, the Fund generally determines the value of its assets immediately after, and as a result of, the Fund's acquisition of that investment. In addition, the Fund will review its portfolio at least quarterly to confirm that it remains in compliance with its 80% policy, and if the Fund determines that it is out of compliance with its 80% policy, it will take steps to remedy that noncompliance within the time periods required by applicable rules under the Investment Company Act of 1940 (the "1940 Act").

Investing in Stocks and Other Equity Securities

Equity securities include common stocks, preferred stocks, convertible securities, warrants, sponsored or unsponsored American Depositary Receipts ("ADRs"), European Depositary Receipts ("EDRs"), and Global Depositary Receipts ("GDRs"), partnership interests (including interests in master limited partnerships, private equity firms, and other public and private issuers organized as partnerships), shares in exchange traded funds ("ETFs") and other investment companies, and publicly traded real estate investment trusts. Common stocks, the most familiar type, represent an equity (ownership) interest in a corporation. Other equity securities similarly represent ownership interests in corporations or other entities. See also "Investing in Other Investment Companies," below.

As described in the "Fund Summary" portions of this Prospectus, when the Funds invest in an equity security, Thornburg typically categorizes that security in one of the following categories: Basic Value, Consistent Earner, Emerging Franchise, Growth Industry Leader, Consistent Grower, Emerging Growth, or Disruptor. The issuers of securities categorized by Thornburg as Basic Value generally operate in industries deemed to be mature as they are older, larger industries with slowing rates of growth, or in industries considered cyclical because their performance is generally correlated to economic business cycles. The stock prices of Basic Value securities also tend to be more sensitive to changes in outside factors such as interest rates or inflation, and may exhibit higher volatility in earnings and cash flow versus securities categorized in the other two categories. The issuers of securities categorized by Thornburg as Consistent Earner typically exhibit one or more of the following characteristics: predictable growth; predictable profitability; predictable cash flow; or predictable levels of dividends. Consistent Earner securities also tend to operate in relatively stable industries, and their stock prices tend to be less sensitive to changes in outside factors such as changed in interest rates or inflation. The issuers of securities categorized by Thornburg as Emerging Franchises may operate in industries which are newer or less established that issuers in the other two categories, or may offer a product or service that is relatively new for the industry in which the issuer operates, or for which fewer competing products or services exists. Because they operate in newer industries or are positioned competitively relative to their peers, the issuers of Emerging Franchises securities have the potential to grow at an above average rate through increases in revenues, profits, or cash flows faster than the other categories of issuers. There is no limitation on the percentage of the Fund's assets which shall be invested in equity securities within each of those categories, and the allocation of the Fund's assets across those three categories is expected to vary over time. The issuers of securities categorized by Thornburg as Growth Industry Leader generally often have leadership positions in growing markets. In some cases these companies may have dominant market share. These companies tend to be larger and more established. The issuers of securities categorized by Thornburg as Consistent Grower generally exhibit steady earnings or revenue growth, or both. These companies may have subscription or other recurring revenue profiles. Given their business models, these companies may outperform in weak markets. The issuers of securities categorized by Thornburg as Emerging Growth often address a new market or carve out a niche in an existing market. Companies in this category may experience rapid growth, and tend to be smaller, earlier stage companies. These companies may exhibit high volatility. The issuers of securities categorized by Thornburg as Disruptor companies are generally at the early stages of growth and usually possess highly innovative or differentiated products and services, but they may require substantial additional time or investment to capitalize on market opportunities and achieve profitability.

**●General Risks of Equity Securities -** Although equity markets have a history of long-term growth in value, the values of equity securities fluctuate significantly over short and intermediate time periods, and could fluctuate significantly over longer periods, in response to changes in market conditions, political and economic news, changes in company earnings and dividends, changes in the prospects for company businesses, industry and technological developments, changes in interest rates, and developments affecting specific companies. Thornburg may not correctly identify conditions that adversely affect the broader economy, markets or industries, or adverse conditions affecting specific companies in which the Funds may invest. When equity securities held by a Fund decline in value, the value of the Fund's shares declines. These declines may be significant and there is no assurance that declines in value can be recaptured by future gains in value. From time to time, a Fund may seek to invest in a company's equity securities through an initial public offering ("IPO"). There can be no assurance that a Fund will have continued access to profitable IPOs and, as a Fund's assets grow, the impact of that Fund's investments in IPOs on the performance of the Fund may decline.

**●Market and Economic Risks Affecting Equity Securities -** Some adverse conditions have a broader impact and may affect entire economies, markets or industries. A general decline in economic conditions, in the United States or abroad, or the impacts of government policies or broader financial and market conditions may adversely affect securities valuations of companies in which a Fund has invested, even if the businesses of those companies are not adversely affected. Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth through monetary policies including reduced or increased interest rates, may at times affect the prices of a range of financial assets, which could negatively impact Fund performance. In recent years, the U.S. Federal Reserve has reversed many of its monetary policies, and other central banks could in the future take similar steps. In recent years the U.S. Federal Reserve has increased its policy rate, the overnight Federal Funds rate, and additional future increases are possible. Although the effect that an increase in the Federal Funds rate or the elimination or reduction of other monetary policies may have on financial markets is uncertain, those policy changes may lead to higher interest rates, declines in the prices of financial assets, adverse effects on currency exchange rates, changes in inflation rates, increased market volatility, higher levels of redemptions from certain Funds, or other consequences which may negatively affect global financial markets and the value of the Funds' investments.

All countries are vulnerable economically to the impact of a public health crisis, such as the novel virus known as COVID-19. Such crises may depress consumer demand, disrupt supply chains, slow economic growth, and potentially lead to market closures, travel restrictions, government-imposed shutdowns, and quarantines, all of which could adversely affect the economies of many of the markets in which the Funds invest, and which could in turn lead to declines in the value of the Funds' investments or decrease the liquidity of those investments.

Russia's invasion of Ukraine in February 2022 resulted in market disruptions which have adversely affected, and which may continue to adversely affect, the value of those securities and certain other investments of the Funds. The ongoing conflict has also caused investments in Russia to be subject to increased levels of political, economic, legal, market and currency risks, as well as the risk that further economic sanctions may be imposed by the United States and other countries. The extent and duration of the military action, sanctions imposed and other punitive action taken and resulting future market disruptions in Europe and globally cannot be easily predicted, but could be significant and have a severe adverse effect on Russia and Europe in general, including significant negative impacts on the economy and, thus, could affect the value of a Fund's investments, even beyond any direct exposure that a Fund may have to Russian issuers or the adjoining geographic regions. Furthermore, transactions in certain Russian securities have been, or may in the future be, prohibited, and certain of the Funds' existing investments have or may become illiquid.

**●Risks Affecting Specific Companies -** Other adverse developments may affect only specific companies, even if the overall economy or industry is unaffected. Adverse developments affecting a specific company may include management changes, hostile takeovers, weather or other catastrophe, competition from other firms or products, obsolescence of the company's products, labor difficulties, increases in costs or declines in the prices the company obtains for its services or products and other factors. Any one or more of these adverse conditions may result in significant declines in the value of equity securities held by the Funds, and in some instances, a company in which a Fund has invested could become bankrupt, causing a loss of the Fund's entire investment in the company.

**●Risks of Investing in Small and Mid-Cap Companies -** Smaller, less seasoned companies are generally subject to greater price fluctuations, limited market liquidity, higher transaction costs and generally higher investment risks. Small-capitalization and mid-capitalization companies may have risks resulting from limited product lines, earlier stages of development and lack of well-established businesses, more limited access to markets or financial resources, greater vulnerability to competition and market risks and fluctuations, more limited management expertise and resources, and have more limited financing and capital. There also may be less available information respecting these companies. Also, small- and mid-capitalization companies may perform poorly during times of economic stress.

**●Growth Company Risk** - Growth company stocks may trade at higher multiples of current earnings than other equity securities and, therefore, may be more sensitive to changes in current or expected earnings than other equity securities and may be more volatile, especially during periods of economic uncertainty. Because the prices of many growth stocks are based on future expectations, these stocks tend to be more sensitive than value stocks to bad economic news and negative earnings surprises. If growth companies do not increase their earnings at a rate expected by investors, the market price of the stock may decline significantly, even if earnings show an absolute increase. Growth company stocks also typically lack the dividend yield that can cushion stock prices in market downturns, and their stock prices may be particularly volatile in the event of earnings disappointments or other financial difficulties experienced by the issuer. In addition, the value of growth company stocks held by the Fund may decline when the market does not recognize their growth potential or value, investor demand for such stocks decreases, there is deceleration in the expected growth rate of the companies, or Thornburg's judgment as to the growth potential or value of a growth company stock proves to be wrong. These risks may be more pronounced in companies that are in the earlier stages of their growth cycle.

**●Biotechnology Company Risk -** The success of biotechnology companies in which the Funds may invest may be highly dependent on the development, procurement and/or marketing of drugs. Biotechnology companies may face intense competition and may incur significant costs in researching, developing or procuring new drugs, products or technologies and the related intellectual property rights. The results of such research and expenditures are unpredictable and may not necessarily lead to commercially successful products, or may lead to products that rapidly become obsolete, resulting in a complete loss on the company's investments. Biotechnology companies may also be subject to expenses and losses from insurance costs due to the risk of product liability lawsuits. Biotechnology companies' finances may depend on the development, protection and exploitation of intellectual property rights and other proprietary information and may be adversely affected by the loss or impairment of, or the inability to enforce, such intellectual property rights. In addition, changes in government regulations and restrictions may delay or inhibit the release of new biotechnology products, and there can be no assurance that the necessary approvals will be obtained or maintained. Also, biotechnology companies may be more reliant on capital markets to invest in and support their business operations. Biotechnology companies' valuations, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market, particularly if their products are subject to regulatory approval and/or under regulatory scrutiny.

**●Information Technology Securities Risk -** Because the information technology sector is often subject to rapid and significant changes in technology that are evidenced by the increasing pace of technological upgrades, evolving industry standards, ongoing improvements in the capacity and quality of digital technology, shorter development cycles for new products and enhancements, and developments in emerging wireless transmission technologies, the stock prices of companies in the sector may be more volatile than the overall market. Compared to companies in other sectors, information technology companies may also face more intense competition, be more dependent on consumer and business acceptance and compatibility with other products as new technologies evolve and older products become obsolete, and may be more heavily dependent on intellectual property rights, the impairment or inability to enforce those rights, and regulatory approval for protection of patents. These factors are likely to be even more significant for smaller, less-seasoned information technology companies, which may have more limited personnel, financial resources, and product lines.

**●Risks of Investing in Depositary Receipts -** ADRs, EDRs, and GDRs are certificates evidencing ownership of shares of a foreign-based issuer. These certificates are issued by a bank or similar financial institution and generally trade on an established securities market in the U.S. or elsewhere. An investment in ADRs, EDRs, or GDRs is an alternative to the purchase of the underlying securities in their national markets and 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. Additionally, the bank or other financial institution which issues the depositary receipt may charge the security holder fees for various services, such as forwarding dividend and interest payments. 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 (see "Investing in Foreign Securities and Debt Obligations; Foreign Currency Risks" below).

Certain depositary receipts in which a Fund may invest are unsponsored, meaning that the depositary receipt is created and issued without the participation of the foreign issuer whose stock underlies the depositary receipt. The financial institution that issues an unsponsored depositary receipt may be under no obligation to distribute shareholder communications received from the foreign issuer or to pass through voting rights, and accordingly the holder of an unsponsored depositary receipt may not have as much current information concerning the foreign issuer as the holder of sponsored depositary receipt.

**●Risks of Investing in Publicly Traded Real Estate Investment Trusts ("REITs") -** Publicly traded REITs are pooled investment vehicles in which ownership interests are publicly traded, and which invest in real estate or real estate-related companies. Types of publicly traded REITs in which certain Funds may invest include equity REITs, which own real estate directly, mortgage REITs, which make construction, development, or long-term mortgage loans, and hybrid REITs, which share characteristics of equity REITs and mortgage REITs. Investments in 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). In addition, the value of a Fund's investments in REITs may be affected by the quality and skill of the REIT's manager, the internal expenses of the REIT, and, with regard to REITs issued in the United States, the risks that the REIT will fail to qualify for pass-through of income under the Internal Revenue Code of 1986 without payment of federal income tax by the REIT, or maintain its exemption from registration under the 1940 Act.

**●Limited Number of Portfolio Holdings –** The Funds may invest in the equity securities of fewer issuers than is typical of other equity mutual funds if Thornburg believes that doing so is more likely to assist the Fund in pursuing its investment goals. To the extent a Fund invests its assets in fewer issuers than other mutual funds, the Fund's net asset value may increase or decrease more in response to a change in the value of one of the Fund's portfolio holdings than if the Fund invested in a larger number of issuers.

Investing in Foreign Equity Securities

Investments in foreign equity securities and other investment instruments are subject to the same risks that affect investments in equity securities in the United States. Additionally, foreign investments are subject to other risks which are summarized below.

**●Identifying Foreign Investments -** Investments are considered "foreign" or having been made "outside the United States" if at the time the investment is made by a Fund the issuer of the investment is domiciled outside the United States, or the issuer is determined by Thornburg to be tied economically to a country other than the United States. Thornburg considers the following material factors in determining if an investment is tied economically to one or more countries other than the United States: (i) whether the issuer is included in a benchmark index intended to measure the performance of markets outside the United States (e.g., the MSCI All Country World ex USA Index); (ii) whether the issuer is organized or headquartered in a non-United States country or maintains most of its assets in one or more such countries; (iii) whether the issuer's equity securities are traded principally on a stock exchange of a non-U.S. country; or (iv) whether the issuer derives, or is expected to derive, a majority of its profits, revenues, sales, or income from one or more non-U.S. countries. In addition, the application of these factors is inevitably complex and not precise in certain respects, companies may be economically tied to a number of countries (including the United States), and different persons may evaluate these factors differently and reach different conclusions as to whether or not a given issuer or its securities would be considered foreign or tied economically to countries other than the United States. See also "Developing Country Risk" below for a discussion of factors that Thornburg considers in determining if an investment by the Fund is an investment in a developing country.

**●General Risks Affecting Foreign Investments -** Foreign investments may be subject to greater political risk, including expropriation or nationalization of assets, confiscatory taxation, currency exchange controls, excessive or discriminatory regulations, trade protections, and restrictions on repatriation of assets and earnings to the United States. In some countries, there may be political instability or insufficient governmental supervision of markets, and the legal protections for a Fund's investments could be subject to unfavorable judicial or administrative decisions or changes. Accounting and investment disclosure standards may be different or less reliable. Markets in some countries may be more volatile, and subject to less stringent investor protection and disclosure requirements and it may be difficult to sell securities in those markets. The economies in many countries may be relatively unstable because of dependence on a few industries or economic sectors. Different equity and debt markets may behave differently from each other, and in particular, foreign markets may move in different directions from each other and United States markets.

**●Foreign Currency Risks -** Foreign investments, 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. Fluctuations in currency valuations 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. Thornburg may seek to hedge foreign currency risks, but its hedging strategies may not be successful, or its judgments not to use hedging strategies may not correctly anticipate actual conditions and result in loss or higher costs to a Fund. Furthermore, any hedging strategy that Thornburg pursues, such as the use of currency forward contracts, may involve additional risks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investing in Other Investment Companies

Subject to percentage limitations imposed by the 1940 Act, and provided such investments are otherwise consistent with the Fund's investment strategies and limitations, a Fund may invest from time to time in shares of other investment companies, including other open-end mutual funds, closed-end mutual funds, business development companies, and exchange traded funds. Shares in another investment company which are held by a Fund would be subject to the same risks that affect the underlying investments of that other investment company. In addition, because each investment company incurs its own operating expenses, a Fund which invests in another investment company indirectly bears the expenses of that investment company. Those underlying expenses are similar to the expenses paid by other businesses owned by the Funds, are not direct costs paid by Fund shareholders, are not used to calculate a Fund's net asset value, and have no impact on the costs associated with Fund operations.

The Funds may also invest a portion or all of the Fund's daily cash balance in Thornburg Capital Management Fund, a separate series of the Trust (the "Capital Management Fund"). The Capital Management Fund's shares are not publicly available. The Capital Management Fund is not a money market fund, but generally invests in short-term obligations which are determined by Thornburg to be of high quality, with the objective of seeking current income consistent with liquidity management and safety of capital. The Capital Management Fund does not currently pay a separate investment advisory fee or administrative services fee to Thornburg, but Funds which invest in the Capital Management Fund would indirectly bear the other operating expenses of the Capital Management Fund, as described in the preceding paragraph.

Temporary Defensive Positions

For temporary defensive purposes, including when Thornburg determines it is necessary to meet the liquidity needs of the Fund, each Fund may purchase short-term, highly liquid securities including, but not limited to, time certificates of deposit, short-term U.S. government securities, commercial paper, and repurchase agreements. Because such short-term securities tend to generate lower investment returns compared to longer-term investments, investments in these short-term and other securities for temporary periods could reduce a Fund's ability to attain its investment goals.

Redemption Risk

If a significant percentage of a 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. Such redemptions could also have a significant negative impact on the Fund's net asset value and liquidity, and could negatively impact the Fund's ability to implement its investment strategy.

Cybersecurity and Operational Risk

Operational risks arising from, among other problems, human errors, systems and technology disruptions or failures, or cybersecurity incidents may negatively impact the Funds and their service providers as well as the ability of shareholders to transact with the Funds. Cybersecurity incidents may allow an unauthorized party to gain access to Fund assets, shareholder data, or proprietary information, or cause the Funds or their service providers, as well as securities trading venues and their service providers, to suffer data corruption or lose operational functionality. It is not possible for the Funds or their service providers to identify all of the operational risks that may affect the Funds or to develop processes and controls to completely eliminate or mitigate their occurrence or effects. 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. Most issuers in which the Funds invest are heavily dependent on computers for data storage and operations, and require ready access to the internet to conduct their business. Thus, cybersecurity incidents could also affect issuers of securities in which the Funds invest, leading to significant loss of value.

**Organization and Management of the Funds**

Organization of the Funds

Each Fund is a series of Thornburg Investment Trust, a Massachusetts business trust (the "Trust") organized as a diversified, open-end management investment company under a Declaration of Trust. The Trustees are authorized to divide the Trust's shares into additional series and classes.

Investment Advisor

The Funds are managed by Thornburg Investment Management, Inc. ("Thornburg"), a registered investment advisor since 1982. Thornburg performs investment management services for each Fund under the terms of an Investment Advisory Agreement, which specifies that Thornburg will select investments for the Fund, monitor those investments and the markets generally, and perform related services. Thornburg also performs administrative services for each Fund under the terms of an Administrative Services Agreement, which specifies that Thornburg will administer, supervise, perform, or direct certain administrative functions necessary or desirable for the operation of the Funds. The fees that Thornburg is entitled to receive under the Investment Advisory Agreement and Administrative Services Agreement are described below under the heading "Investment Advisory and Administrative Services Fees." Thornburg's services to the Funds are supervised by the Trustees of Thornburg Investment Trust.

Fund Portfolio Managers

Portfolio management at Thornburg is a collaborative process that encourages contributions from across Thornburg's investment team. Some Funds have a single portfolio manager, and other Funds have portfolio managers who work together. For Funds with more than one portfolio manager, the portfolio managers typically act in concert in making investment decisions for the Fund, but any portfolio manager may act alone in making an investment decision. Although each Fund's named portfolio managers are jointly and primarily responsible for day-to-day management of the Fund's portfolio, those portfolio managers may be assisted by other members of Thornburg's investment team, including investment analysts, assistant or associate portfolio managers, and portfolio managers for other Thornburg Funds.

The portfolio manager(s) of each Fund are identified in the following table. Following the table is information about each such portfolio manager's recent business experience. Additional information about portfolio managers, including other accounts they manage, the determination of their compensation, and investments they have in the Funds they manage, is included in the SAI.

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| | |
|:---|:---|
| &nbsp;&nbsp;**Fund Name** | **Portfolio Managers** |
| &nbsp;&nbsp;Small/Mid Cap Core Fund | Steven Klopukh |
|  | Tim McCarthy |
| &nbsp;&nbsp;Small/Mid Cap Growth Fund | Steven Klopukh |
|  | Tim McCarthy |

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**Steven Klopukh, cfa,** a managing director of Thornburg, has been a portfolio manager of Small/Mid Cap Core Fund and Small/Mid Cap Growth Fund since 2020. Mr. Klopukh joined Thornburg Investment Management as a portfolio manager in 2020. Prior to joining Thornburg, Mr. Klopukh was a lead portfolio manager of US small- and mid-cap equity strategies at Allianz Global Investors. Mr. Klopukh holds an MBA with honors from the Booth School of Business at University of Chicago and a BS in economics and finance from Fairleigh Dickinson University.

**Tim McCarthy, cfa,** a managing director of Thornburg, has been a portfolio manager of the Small/Mid Cap Growth Fund since 2020 and the Small/Mid Cap Core Fund since 2022. Mr. McCarthy joined Thornburg Investment Management as a portfolio manager in 2020. Prior to joining Thornburg, Mr. McCarthy spent 17 years at Allianz Global Investors, where he was senior portfolio manager and director for the U.S. Small- & Mid-Cap Growth team, a portfolio manager and analyst on the Small-Cap team, and a member of the Quantitative Analytics & Risk Strategy group. His extensive investment-industry experience includes serving as a portfolio product specialist at FactSet Research Systems. Tim holds a BS in business administration with a concentration in finance from the University of Vermont. He is a member of the CFA Society of San Francisco.

**Investment Advisory and Administrative Services Fees** 

Investment Advisory Fees

The following table shows the effective investment advisory fee rate that was paid by each Fund to Thornburg pursuant to the Investment Advisory Agreement during the fiscal year ended September 30, 2025, calculated as a percentage of the Fund's average daily net assets.

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| | |
|:---|:---|
| &nbsp;&nbsp;**Fund Name** | **Effective Advisory** <br> **Fee Rate** |
| &nbsp;&nbsp;Small/Mid Cap Core Fund | 0.87% |
| &nbsp;&nbsp;Small/Mid Cap Growth Fund | 0.87% |

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The investment advisory fee rate for each Fund is a blended rate that is calculated in accordance with the following breakpoint schedules, and which will therefore decrease as the Fund's assets increase and increases as the Fund's assets decrease:

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| | |
|:---|:---|
| &nbsp;&nbsp;**Net Assets of Fund** | **Advisory Fee Rate** |
| &nbsp;&nbsp;0 to $500 million | 0.875% |
| &nbsp;&nbsp;$500 million to $1 billion | 0.825% |
| &nbsp;&nbsp;$1 billion to $1.5 billion | 0.775% |
| &nbsp;&nbsp;$1.5 billion to $2 billion | 0.725% |
| &nbsp;&nbsp;Over $2 billion | 0.675% |

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A discussion regarding the basis for the approval of each Fund's Investment Advisory Agreement by the Trustees for the period ending October 31, 2026 is contained in the Fund's Form N-CSR filing for the fiscal year ended September 30, 2025.

Administrative Services Fees

The administrative services fee payable by each Fund is computed as an annual percentage of the aggregate average daily net assets of all share classes of all of the Funds of the Trust, at a blended rate calculated in accordance with the following breakpoint schedule, and which will therefore decrease as the Trust's assets increase, and increase as the Trust's assets decrease:

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| | |
|:---|:---|
| &nbsp;&nbsp;**Net Assets of the Trust** | **Administrative Services**<br> **Fee Rate** |
| &nbsp;&nbsp;0 to $20 billion | 0.100% |
| &nbsp;&nbsp;$20 billion to $40 billion | 0.075% |
| &nbsp;&nbsp;$40 billion to $60 billion | 0.040% |
| &nbsp;&nbsp;Over $60 billion | 0.030% |

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Fee Waivers and Expense Reimbursements

Thornburg may from time to time contractually agree to waive fees or reimburse expenses incurred by a Fund, or by certain classes of shares of a Fund, so that the total annual operating expenses of that Fund or class do not exceed a specified percentage of average daily net assets (an "expense cap"). For additional information about whether your Fund, or any share class thereof, is currently the subject of a contractual fee waiver and expense reimbursement agreement, see the Fund's Annual Fund Operating Expenses table, and the footnotes thereto, in the first part of this Prospectus. Thornburg may recoup fees waived or expenses reimbursed in any fiscal year if, during that same fiscal year, the Fund's total annual operating expenses fall below the expense cap that was in place at the time that those fees or expenses were waived or reimbursed. Thornburg will not recoup fees or expenses as described in the preceding sentence if that recoupment would cause the Fund's total annual operating expenses (after the recoupment is taken into account) to exceed the lesser of: (a) the expense cap that was in place at the time the waiver or reimbursement occurred; or (b) the expense cap that is in place at the time of the recoupment. Fee waivers or reimbursement of expenses for a Fund or class will boost its performance, and recoupment of waivers or reimbursements will reduce its performance.

**Pricing Fund Shares**

The Funds are open for business each day the New York Stock Exchange ("NYSE") is open. On each such day, the Funds normally calculate their net asset values ("NAVs") for each class of shares as of 4:00 p.m. Eastern Time. The Funds will not treat an intraday suspension, disruption or closure in NYSE trading as a closure of the NYSE and will therefore continue to calculate NAVs as of 4:00 p.m. ET on those days. The NAV of each class of shares of a Fund is calculated by adding the value of all of the assets attributable to that class, subtracting the liabilities attributable to that class, and then dividing that result by the number of shares of that class that are outstanding.

For purposes of calculating the NAV of each class of shares of a Fund, the assets attributable to that class are valued each business day in accordance with the Trust's valuation policies and procedures. Pursuant to those policies and procedures, securities and other portfolio investments which are listed or traded on a United States securities exchange are valued at the last reported sale price on the valuation date. Investments listed or traded on an exchange for which there has been no sale that day are valued at the mean between the last reported bid and asked prices on that valuation date. Portfolio investments reported by NASDAQ are valued at the official closing price on the valuation date. If an investment is traded on more than one exchange, the investment is considered traded on the exchange that is normally the primary market for that investment. Securities and other portfolio investments which are listed or traded on exchanges outside the United States are valued at the last price or the closing price of the investment on the exchange that is normally the primary market for the investment, as of the close of the exchange preceding the Fund's valuation date. Foreign investments listed or traded on an exchange for which there has been no sale that day are valued at the mean between the last reported bid and asked prices on that valuation date. Debt obligations held by a Fund have a primary market over the counter and are valued by an independent pricing service approved by Trustees of the Trust. Commercial paper with a remaining maturity of 60 days or less is valued by Thornburg at amortized cost, subject to regular confirmation through the use of valuations obtained from the Fund's custodian or an independent pricing service.

In any case when a market quotation is not readily available for a portfolio investment ordinarily valued by market quotation, valuation of the Funds' portfolio investment securities is performed by Thornburg, which has been designated by the Trustees of the Trust as the Funds' "valuation designee," as that term is defined in rule 2a-5 under the 1940 Act. Thornburg performs this valuation function in accordance with policies and procedures that have been adopted by Thornburg and approved by the Trustees of the Trust (the "Valuation Policy and Procedures").

In its capacity as the Funds' valuation designee, Thornburg makes good faith determinations of the fair value of portfolio securities for which market quotations are not readily available, and otherwise complies with and administers the Valuation Policy and Procedures. Thornburg performs those functions in significant measure through its Valuation and Pricing Committee (the "Committee"), though Thornburg may also obtain the assistance of others, including professional pricing service providers selected and approved by the Committee. In accordance with the Valuation Policy and Procedures, the Committee: assesses and manages the material risks associated with determining the fair value of those Fund investments for which market quotations are not readily available; selects and applies methodologies for determining and calculating such fair values; periodically reviews and tests the appropriateness and accuracy of those methodologies; monitors for circumstances that may necessitate the use of fair value; and approves, monitors, and evaluates pricing services engaged to provide evaluated prices for the Funds' investments. The Committee provides reports on its activities to the Trustees' Audit Committee, which is responsible for overseeing the Committee's and Thornburg's work in discharging the functions under the Valuation Policy and Procedures.

A market quotation is not readily available when the primary market or exchange for the investment is not open for the entire scheduled day of trading. Market quotations for an investment also may not be readily available if developments after the most recent close of the investment's primary exchange or market, but prior to the close of business on any Fund business day, or an unusual event or significant period of time occurring since the availability of a market quotation, create a serious question concerning the reliability of the most recent market quotation available for the investment. In particular, on days when market volatility thresholds established by the Committee are exceeded, foreign equity investments held by a Fund may be valued using alternative methods.

In any case when a pricing service provider fails to provide a valuation for a debt obligation held by a Fund, or where the Committee determines that a valuation obtained from a pricing service is stale, does not reflect material factors affecting the valuation of the investment, is significantly different than the value the Fund is likely to obtain if it sought a bid for the investment, or is otherwise unreliable, the Committee will calculate a fair value for the obligation using alternative methods under Valuation Policy and Procedures.

In instances when the Committee assists in calculating a fair value for a portfolio investment, the Committee seeks to determine the price that the Fund would reasonably expect to receive upon a sale of the investment in an orderly transaction between market participants on the valuation date. The Committee customarily utilizes quotations from securities broker dealers in calculating such valuations, but also may utilize prices obtained from pricing service providers or other methods approved by the Committee. Because fair values calculated by the Committee are estimates, the calculation of a value for an investment may differ from the price that would be realized by the Fund upon a sale of the investment, and the difference could be material to the Fund's financial statements. The calculation of a fair value for an investment may also differ from the prices obtained by other persons (including other mutual funds) for the investment.

When an order to purchase, sell, or exchange Fund shares (together "Transactions") is received in proper form prior to the Funds' close of trading, those shares are priced at that day's NAV. If a Transaction is received after the Funds' close of trading, it will receive the next calculated NAV. "Proper form" means that you have provided sufficient information necessary to process your Transaction as outlined in this Prospectus, including any required signatures, documents, payment, and Medallion Signature Guarantees. If a Transaction is provided to the Funds on your behalf by a financial intermediary that is authorized to receive and transmit such orders, or by an authorized designee of that financial intermediary, then the Transaction will generally be deemed to have been received by the Funds at the time that it was first received in proper form by your intermediary or its designee. If you hold your shares directly with the Funds, instead of through a financial intermediary, Transactions will generally be deemed to have been received by the Fund at the time that it was first received in proper form by the Trust's Transfer Agent.

Transactions must normally be received by the Trust's Transfer Agent, or an approved financial intermediary or their authorized designee prior to the close of regular trading on the NYSE (normally 4:00 p.m. Eastern Time) to be processed at the net asset value calculated on that day. If the NYSE is scheduled to close earlier, or if the NYSE has an unscheduled early closing on a day it has opened for business, the cutoff for Transactions that will receive that day's NAV will correspond to the actual NYSE's closing time.

General Information about Fund Share Purchases

Effective February 1, 2026, Class R3, Class R4, and Class R5 shares of each Fund are closed to new investors. Notwithstanding the foregoing, financial intermediaries that had an investment allocation to a Fund's Class R3, Class R4, or Class R5 shares prior to February 1, 2026 may continue to do all of the following on or after that date: (a) purchase, sell, and exchange that class of shares of the Fund; and (b) offer that class of shares of the Fund to clients and plan participants, and allow both existing and new clients and plan participants to purchase, sell, or exchange that class of shares of the Fund. Notwithstanding the foregoing, each Fund also reserves the right in its discretion to accept purchases and exchanges of Class R3, Class R4, and Class R5 shares from certain new investors after February 1, 2026.

Subject to the limitations described in the previous paragraph, Class R3, Class R4 and Class R5 shares are generally only available to employer sponsored retirement plans where the employer, administrator, sponsor, or other related person has entered into an agreement to make those shares available to plan participants, under terms specified from time to time by Thornburg. Retirement plans wishing to make Class R3, Class R4 or Class R5 shares available to plan participants should contact a financial intermediary authorized to sell shares of the Funds.

For this purpose, employer-sponsored retirement plans include: plans that qualify under sections 401(a), 403(b) and 457 of the Internal Revenue Code of 1986, as amended (such as a 401(k) plan, money purchase pension plan, defined benefit plan, Taft-Hartley multi-employer plan, and a multi-participant health savings account).

Employer-sponsored retirement plans do not include: retail non-retirement accounts; individual retirement accounts ("IRAs"); Roth IRAs; SIMPLE IRAs; individual profit sharing plans; individual 403(b) plans; Simplified Employee Pensions ("SEPs"); SAR-SEPs; 529 tuition programs; Coverdell Educational Savings Accounts; individual health savings accounts; individual 401(k) plans; and 401(k) plans that are not administered by a professional plan administrator or where the plan administrator is not set up to administer Class R shares (i.e., small employer 401(k) plans). Accordingly, the foregoing investors are generally not eligible to purchase Class R3, Class R4 or Class R5 shares.

Before opening an account to purchase Fund shares, please note the following:

● Shares of the Funds are only available for purchase by those U.S. citizens, resident aliens, and U.S. entities that have an address in the U.S. or its territories (including U.S. military or diplomatic addresses) and a valid U.S. social security number, employer identification number, or other taxpayer identification number (TIN) issued by the U.S. Internal Revenue Service. Non-U.S. persons who meet the customer identification and verification requirements under the Trust's Anti-Money Laundering Policy may be accepted in the sole discretion of Thornburg.

● You may add to your plan account by contacting your plan administrator.

● Federal law requires us to obtain, verify and record information which identifies each person who opens an account. When you open an account, you will be asked to supply your name, address, date of birth, Social Security or tax

identification number and other information identifying you. Furthermore, legal entity customers may be asked to provide verification and identification information about their ultimate beneficial owners and control persons. We are required to reject any new account application if the required information is not provided.

● A Medallion Signature Guarantee may be required for certain transactions, as described in the respective account application and/or shareholder form.

● Each Fund reserves the right to suspend the offering of shares for a period of time. Each Fund also reserves the right to reject any specific purchase order.

Purchasing and Holding Shares through a Financial Intermediary

Class R3, Class R4, and Class R5 shares are generally only available to employer sponsored retirement plans through a financial intermediary, such as a securities broker-dealer, a bank, trust company or other financial institution that provides recordkeeping services to employer-sponsored retirement plans. The intermediary will typically provide a range of services for the convenience of the plan or the plan participants, which may include holding Fund shares of record for the participants, issuing account statements, executing transactions, distributing dividends and redemption proceeds, and assisting with tax reporting.

Financial intermediaries that offer shares of the Funds are not agents or otherwise acting on behalf of the Funds, Thornburg, Thornburg Securities LLC, the Funds' distributor ("TSL"), or the Funds' Transfer Agent, and none of those persons audit the operations of such financial intermediaries. The plan is responsible for selecting the intermediary, and none of the Funds, Thornburg, TSL, or the Funds' Transfer Agent are responsible for errors or omissions by such financial intermediaries, including failures or delays in crediting the plan or its participants for dividends or redemption proceeds, errors in account statements or other reports, errors in executing purchases or sales of shares, delays in reports, electronic hacking or other cyber events affecting the plan's accounts with an intermediary, or for any loss to the plan or its participants due to a failure or insolvency of the intermediary, the intermediary's loss of property or funds, or other acts or omissions by the intermediary. Plans should therefore exercise care in selecting a financial intermediary.

When Fund shares are purchased through a financial intermediary, note that the intermediary may impose a charge or fee for that service, the amounts of which may differ depending on the class of shares owned, the identity of the financial intermediary, how the Fund shares are held, and other factors. The intermediary may also impose investment minimums, investment limits, or purchase procedures that differ from those described in this Prospectus, or it may waive investment minimums. Please confer with your financial intermediary to discuss those topics.

Financial intermediaries may also receive certain payments from the Funds, Thornburg, or TSL in respect of the purchase and sale of Fund shares and as compensation for shareholder support and account maintenance services. See "Other Information About the Funds; Compensation to Financial Intermediaries" below for more information.

**Selling Fund Shares**

General Information about Fund Share Redemptions

Please contact your retirement plan administrator if you wish to sell shares of any Fund. Your plan administrator will conduct the transaction for you, or provide you with the means to conduct the transaction yourself.

Your shares will be redeemed by the Fund at the NAV per share next determined after your redemption request is received in proper form.

Payment for redeemed shares normally will be made by the Fund's Transfer Agent as soon as practicable and typically within two business days, and in most cases within seven days, after receipt of a properly executed request for redemption. However, the Fund may hold payment on redemptions until it is reasonably satisfied that any investment previously made by check has been collected, which can take up to 15 business days. Additionally, if you hold your shares directly with the Fund, the Fund's Transfer Agent may temporarily place a hold on the disbursement of redemption proceeds to you if: (a) you are either (i) a natural person age 65 or older, or (ii) a natural person age 18 and older who the Transfer Agent reasonably believes has a mental or physical impairment that renders you unable to protect your own interests; and (b) the Transfer Agent has a reasonable belief that the redemption request is part of a scheme to financially exploit you. No interest is accrued or paid on amounts represented by uncashed distribution or redemption checks.

The Funds may suspend the right of redemption and may postpone payment when the New York Stock Exchange is closed for other than weekends or holidays, or if permitted by rules of the Securities and Exchange Commission during an emergency which makes it impractical for the Funds to dispose of their securities or fairly to determine net asset value, or during any other period specified by the Securities and Exchange Commission in a rule or order for the protection of investors.

Redemption proceeds are normally settled by check or bank transfer. Each Fund generally expects to meet redemption requests out of its holdings of cash, or by selling portfolio investments to generate cash to meet those requests. If considered appropriate by Thornburg, and subject to terms and conditions approved by the Trustees, a Fund may pay redemption proceeds in portfolio securities rather than normal settlement.

Note that your financial intermediary may impose a charge or fee for redeeming Fund shares, and may impose other restrictions or apply other procedures to your redemption. Please confer with your financial intermediary to discuss those topics.

Medallion Signature Guarantees

Some redemption requests will require a Medallion Signature Guarantee or other evidence of identity or authority. These requirements are intended to protect you and your Fund from fraud. We will require a Medallion Signature Guarantee or other evidence we specify when certain changes are made to account information, a check is mailed to a different address than shown on our records, a check is requested payable to a third party, redemption proceeds are transferred to another account on our records, or certain other circumstances.

It is possible to obtain a Medallion Signature Guarantee from a bank, broker-dealer, credit union or other participant in the Securities Transfer Agent Medallion Program ("STAMP"). While in certain circumstances a notarized instruction may be accepted, along with additional verification, a notary public generally does not provide a signature guarantee.

**Exchanging Fund Shares**

Shareholders are allowed to exchange their shares of a Fund for shares of the same class of another Fund without the imposition of any sales charge, fee, or other charge imposed being either Fund. Additionally, shareholders are allowed to exchange their shares of a Fund for a different class of shares of that Fund or another Fund, with the exception of any exchange that would result in the payment of a commission on the purchase side of the exchange. You should contact your plan administrator for information about any fees or other requirements that your employer-sponsored retirement plan may impose on such exchanges.

Each Fund reserves the right to refuse any exchange, or temporarily or permanently terminate or modify your exchange privilege for any reason, including if, in Thornburg's judgment, the Fund would be unable to invest the money effectively in accordance with its investment objectives and policies, the Fund receives or anticipates simultaneous orders affecting significant portions of the Fund's assets, exchanges appear to coincide with a market timing strategy, or if Thornburg believes the Fund otherwise may be adversely affected. Accounts under common ownership or control, including accounts with the same taxpayer identification number, will be counted together for this purpose. Termination of the exchange privilege or refusal of any exchange does not restrict a shareholder's right to redeem shares of any Fund.

**The Funds Offer Different Share Classes**

The specific share classes offered by each Fund through this Prospectus are described for each Fund in the first part of the Prospectus. Each Fund may also offer one or more other classes of shares that are not offered through this Prospectus. Each of a Fund's shares represents an equal undivided interest in the Fund's assets, and each share class of a Fund has the same investment objective(s) and a common investment portfolio. However, each share class has varying annual expenses and sales charge structures, which will affect performance.

Financial intermediaries that offer Fund shares to their customers determine which share classes to make available, and are responsible for advising you as to which of those share classes is appropriate for you. Financial intermediaries may receive different compensation for selling different classes of shares. If you are investing in Fund shares through a financial intermediary, you should contact your intermediary to obtain information respecting the different share classes of the Funds. You can also obtain more information about the Fund's shares by contacting TSL at 1-800-847-0200.

No sales charge, contingent deferred sales charge or redemption fee is currently imposed on the purchase or redemption of Class R3, Class R4, or Class R5 shares.

Class R3 and Class R4 shares of a Fund are subject to a Rule 12b-1 Service Plan, which allows the Fund to pay TSL, or other persons as designated by TSL, up to 0.25% of the class's average annual net assets each year for expenses incurred by TSL, or by others as directed by TSL or the Trust for shareholder and distribution-related services. Class R3 shares are also subject to a Rule 12b-1 Distribution Plan providing for payment to TSL or to such other persons as TSL may direct, of up to 0.25% of the class's average annual net assets for the sale and distribution of the Fund's Class R3 shares and to pay for commissions and other distribution expenses. Because these fees are paid out of the class's assets on an ongoing basis, over time these fees will increase the cost of your investment and may cost more than paying other types of sales charges.

Class R5 shares of each Fund are subject to a Rule 12b-1 Service Plan, which allows the Fund to pay TSL or other persons as designated by TSL for expenses incurred by TSL, or by others as directed by TSL or the Trust, for shareholder and distribution-related services.

Thornburg currently has no intention to seek payment under the plan for Class R5 shares. Because this fee would be paid out of the class's assets on an ongoing basis, over time this fee would increase the cost of your investment and may cost more than paying other types of sales charges.

**Other Information about the Funds**

Please contact your plan administrator for information respecting your account. Additionally, please visit Thornburg's website at Thornburg.com for helpful information 24 hours a day. Shareholders should note that certain methods of contacting Thornburg may be unavailable or delayed following a natural disaster, cybersecurity incident, or other force majeure event.

Compensation to Financial Intermediaries

Amounts that could be paid by each Fund to a financial intermediary in connection with rule 12b-1 plans, if any, are displayed for each Fund under the caption "Fees and Expenses of the Fund" in the front portion of this Prospectus. Additional information about those 12b-1 plan payments also appears above under the heading "The Funds Offer Different Share Classes."

With respect to Class R3, Class R4, or Class R5 shares, Thornburg and TSL may pay amounts from their own resources to financial intermediaries in connection with the financial intermediaries' marketing and promotion of those shares of a Fund. These amounts may be in the form of commissions, finder's fees or similar incentives, "revenue sharing," marketing or advertising support, or payments to assist in transaction processing and administrative support. A financial intermediary may pay additional compensation to its representatives who sell Fund shares or to third party intermediaries with whom the financial intermediary has agreements to sell Fund shares. Thornburg or TSL also may provide non-monetary compensation to financial intermediaries, including travel and lodging in connection with seminars or other educational programs. Because a financial intermediary may have a financial incentive to recommend a particular mutual fund to the intermediary's customers if the intermediary receives payments or other support from that fund's affiliates, investors who hold their Fund shares through a financial intermediary should consult with that intermediary and carefully review any disclosure by that intermediary respecting the intermediary's compensation.

With respect to Class R3, Class R4, or Class R5 shares, the Funds may pay amounts to financial intermediaries to compensate those intermediaries for shareholder support and account maintenance services that the intermediaries provide to their customers who own Fund shares. The Funds may make such payments to the extent the services provided by these financial intermediaries replace services which would otherwise be provided by the Funds' transfer agent or other persons hired directly by the Funds. The services provided by these financial intermediaries may include account administration, recordkeeping, subaccounting and subtransfer agency, transaction processing, and distribution of Fund prospectuses, shareholder reports and other information. Thornburg also may pay amounts from its own resources to financial intermediaries for those services. In certain circumstances, these amounts will not be paid to financial intermediaries in respect of accounts the value of which has decreased below the applicable account minimum.

In addition to the amounts described above, some financial intermediaries may charge their account holders transaction fees, account or "wrap" fees and other amounts, which the investor can learn about by asking the investor's financial intermediary.

Inactive Accounts

Under certain states' laws, the assets within a financial account may be deemed to have been abandoned if the account is inactive for a specified period of time. The factors used to determine whether an account is inactive vary from state to state, but may include lack of interaction with the Funds or the Funds' Transfer Agent, a shareholder's failure to cash a check, update their mailing address, or respond to Fund inquiries within the specified time period. Generally, under these state laws, simply receiving communication from the Funds will not meet the criteria for contact. For this purpose, your last known address of record with the Funds will determine which state has jurisdiction over your account. If the assets within your account are deemed to be abandoned in accordance with the relevant state's laws, the Fund may be legally obligated to transfer those assets to that state's unclaimed property administrator. While Thornburg or the Funds' Transfer Agent will attempt to contact you, you are responsible for ensuring that your account is not "abandoned" for purposes of these state laws, and neither the Fund nor its agents will be liable to you or your representatives for good faith compliance with those laws.

The State of Texas has enacted a law which allows Texas residents to designate a representative who can be contacted if the assets in your Fund account are at risk of being considered abandoned and turned over to the State. The designated representative will not have any rights or access to your mutual fund shares and will only receive notice if your property is deemed abandoned. If you are a resident of Texas and wish to designate such a representative, please complete the Unclaimed Property Designation of Representative form located on the website of the Texas Comptroller of Public Accounts at https://comptroller.texas.gov/programs/claim-it/report/ forms/index.php, and return that completed form to the Fund's Transfer Agent at the address on the back of this Prospectus.

Excessive Trading

Excessive trading of Fund shares in anticipation of short-term fluctuations in the market may make it very difficult to manage a Fund's investments and may hurt Fund performance and longer-term shareholders. When excessive trading occurs, a Fund's longer-term shareholders may experience diminished returns, and the Fund may have to sell portfolio securities or maintain higher cash balances to have the cash necessary to redeem the traders' shares. This can happen at a time when it is not advantageous to sell any securities or maintain cash balances, which may harm a Fund's performance. Additionally, purchases and sales of portfolio securities in response to excessive trading activity may increase a Fund's transaction costs.

Thornburg Investment Trust discourages excessive trading and does not accommodate trading it identifies as excessive. The Trustees have adopted policies and procedures intended to deter excessive trading where it may be potentially harmful to the Fund or its shareholders. Those policies and procedures delegate to Thornburg the task of monitoring trading activity in the Funds to identify excessive trading. In determining whether particular trading activity constitutes excessive trading, Thornburg may consider various factors, including the nature of securities held by a Fund (including whether any significant portion of the Fund's securities is traded on foreign exchanges, is thinly traded or is less liquid), the cash position of the Fund, and the risk to the Fund that frequent traders of its shares may take advantage of fluctuations in the values of the Fund's portfolio securities. There is no assurance that these procedures will be effective in all cases. Additionally, trade monitoring methods are by their nature subjective, and involve the exercise of judgment. Thornburg seeks to make these judgments uniformly and in a manner it believes is consistent with the Funds' investment objectives and the interests of the shareholders who pursue those objectives. These policies and procedures may be changed at any time, without notice.

Purchase orders (including the purchase side of an exchange transaction) may be rejected by any Fund if, in Thornburg's judgment, the Fund would be unable to invest the money effectively in accordance with its investment objectives and policies, the Fund receives or anticipates simultaneous orders affecting significant portions of the Fund's assets, the purchases appear to coincide with a market timing strategy, or if Thornburg believes the Fund otherwise may be adversely affected. Accounts believed by the Funds to be under common ownership or control, including accounts with the same tax identification number, may be counted together for this purpose. The Funds reserve the right to refuse purchase orders or exchanges into any Thornburg Fund by any person (including all participants in a retirement plan or omnibus account when any participants trade excessively).

Many Fund shares are now held through financial intermediaries who hold shares for investors through omnibus accounts or other arrangements where Thornburg cannot identify the investors from the records of the Transfer Agent. Pursuant to applicable rules under the 1940 Act, the Trust, Thornburg or TSL will enter into an agreement with each firm that establishes omnibus accounts through which Fund shares are traded. Under the terms of those agreements, the omnibus accountholder agrees upon request to provide Thornburg with certain information regarding investors who trade in Fund shares through the omnibus account, and to restrict or prohibit further purchases or exchanges of Fund shares by any investor who Thornburg has identified as having engaged in excessive trading activity within the omnibus account. While the receipt of this information may help Thornburg monitor excessive trading activity, there is no assurance that all such activity within an omnibus account will be detected or terminated. The financial intermediaries who hold shares through omnibus accounts may also implement procedures, separate from the procedures that Thornburg implements, to monitor and restrict trading by their customers that the intermediaries perceive to be excessive.

**Dividends and Distributions**

The Funds expect to distribute substantially all of their net investment income and realized net capital gains, if any, to shareholders each year. Net investment income of a Fund primarily consists of stock dividends (if it holds equity securities) and interest received on debt obligations (if it holds debt obligations), reduced by expenses of the Fund. Net capital gains are the gains realized by a Fund upon sales of investments, reduced by losses realized upon sale of investments. The Small/Mid Cap Core Fund typically declares and pays dividends from any net investment income annually and the Small/Mid Cap Growth Fund IS expected to follow the same practice in any periods when it has net investment income. Dividends from net investment income may fluctuate. Each Fund will distribute net realized capital gains, if any, at least annually. Capital gain distributions will normally be declared and payable in November.

Dividends

Your dividend distributions, if any, will be automatically invested in additional shares of your Fund at the next determined net asset value.

Capital Gains

Your capital gain distributions, if any, will be automatically reinvested in additional shares of the Fund at the next determined net asset value.

Shares of any Thornburg Fund purchased through reinvestment of dividend and capital gain distributions are not subject to sales charges. No interest is accrued or paid on amounts represented by uncashed redemption or distribution checks.

**Taxes**

Federal Taxes - In General

Certain general aspects of federal income taxation of shareholders are discussed below. Prospective investors should consult their own tax advisors concerning federal, state and local tax consequences respecting investments in the Funds. In particular, purchasers are cautioned to seek the advice of their own advisors respecting the tax consequences of contributions to their plan account, and distributions from their plan account, which are not addressed in this brief discussion.

Federal Tax Treatment of Distributions

Distributions paid by a Fund to a shareholder who holds their shares through a qualified retirement plan account are generally not taxable at the time of distribution but may be taxed when the shareholder withdraws monies from that account.

Distributions to taxable accounts representing net investment income, income realized upon amortization of market discount on debt obligations, net short-term capital gains, and net gains from certain foreign transactions, if any, generally are taxable to the shareholder as ordinary income, whether received in cash or additional shares. Subject to holding period requirements, the portion of distributions which is "qualified dividend income" because it is attributable to certain corporation dividends is taxed to noncorporate shareholders at reduced rates of federal income tax applicable to long-term capital gains. Distributions of net long-term capital gains, if any, will be treated as long-term capital gains regardless of the length of time the shareholder has owned the shares. In addition, there is a possibility that some of the distributions of a Fund may be classified as a return of capital.

Additional Information

A 3.8% Medicare contribution tax is imposed on the "net investment income" of individuals, estates, and trusts whose income exceeds certain threshold amounts. Net investment income generally includes for this purpose distributions of income dividends and capital gains paid by the Funds and otherwise includible in adjusted gross income, and capital gains recognized on the sale, redemption or exchange of Fund shares. Prospective investors should confer with their own tax advisors respecting this Medicare contribution tax.

Federal Tax Treatment of Sales or Redemptions of Shares

An investor's redemption of Fund shares or exchange of shares for shares of another Fund through a qualified retirement plan account is not generally subject to federal income tax under current law unless the transaction results in a distribution to the investor. A taxable shareholder's redemption of Fund shares or exchange of shares for shares of another Fund will be a taxable transaction for federal income tax purposes, and the shareholder will recognize gain or loss in an amount equal to the difference between the shareholder's basis in the shares and the amount received on the redemption or exchange.

**Financial Highlights**

The financial highlights tables are intended to help you understand each Fund's financial performance for the past five years (or if shorter, the period of the Fund's operations). Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions). Information for all periods through September 30, 2025 for each Fund appears in the financial statements for the Fund, which have been audited by PricewaterhouseCoopers LLP, independent registered public accounting firm.

The report of PricewaterhouseCoopers LLP, together with each Fund's financial statements, is included in each Fund's [Form N-CSR filing](https://www.sec.gov/ix?doc=/Archives/edgar/data/816153/000199937125019191/tbit-ncsr_093025.htm), which is available upon request.

**Thornburg Small/Mid Cap Core Fund**

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** |
| <br>**UNLESS OTHERWISE<br> NOTED, PERIODS ARE<br> FISCAL YEARS ENDED<br> SEPTEMBER 30,** | **NET ASSET<br> VALUE,<br> BEGINNING<br> OF YEAR** | **NET<br> INVESTMENT<br> INCOME<br> (LOSS)+** | **NET REALIZED &<br> UNREALIZED<br> GAIN (LOSS) ON<br> INVESTMENTS** | **TOTAL FROM<br> INVESTMENT<br> OPERATIONS** | **DIVIDENDS<br> FROM NET<br> INVESTMENT<br> INCOME** | **DIVIDENDS<br> FROM NET<br> REALIZED<br> GAINS** | **DIVIDENDS<br> FROM<br> RETURN OF<br> CAPITAL** | **TOTAL<br> DIVIDENDS** | **NET ASSET<br> VALUE,<br> END OF<br> YEAR** |
| **CLASS R3 SHARES** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $76.74 | (0.39) | 2.96 | 2.57 |  |  |  |  | $79.31 |
| &nbsp;&nbsp;&nbsp;2024 | $60.32 | (0.34) | 16.76 | 16.42 |  |  |  |  | $76.74 |
| &nbsp;&nbsp;&nbsp;2023 | $55.03 | (0.21) | 5.57 | 5.36 | (0.07) |  |  | (0.07) | $60.32 |
| &nbsp;&nbsp;&nbsp;2022 | $97.10 | (0.25) | (15.21) | (15.46) | (0.26) | (26.35) |  | (26.61) | $55.03 |
| &nbsp;&nbsp;&nbsp;2021 | $74.46 | (0.08) | 22.72 | 22.64 |  |  |  |  | $97.10 |
| **CLASS R4 SHARES** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $78.10 | (0.32) | 3.01 | 2.69 |  |  |  |  | $80.79 |
| &nbsp;&nbsp;&nbsp;2024 | $61.32 | (0.28) | 17.06 | 16.78 |  |  |  |  | $78.10 |
| &nbsp;&nbsp;&nbsp;2023 | $55.96 | (0.15) | 5.65 | 5.50 | (0.14) |  |  | (0.14) | $61.32 |
| &nbsp;&nbsp;&nbsp;2022 | $98.30 | (0.16) | (15.50) | (15.66) | (0.33) | (26.35) |  | (26.68) | $55.96 |
| &nbsp;&nbsp;&nbsp;2021 | $75.30 | 0.01 | 22.99 | 23.00 |  |  |  |  | $98.30 |
| **CLASS R5 SHARES** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $81.01 | (0.11) | 3.13 | 3.02 |  |  |  |  | $84.03 |
| &nbsp;&nbsp;&nbsp;2024 | $63.45 | (0.10) | 17.66 | 17.56 |  |  |  |  | $81.01 |
| &nbsp;&nbsp;&nbsp;2023 | $57.90 | 0.02 | 5.84 | 5.86 | (0.31) |  |  | (0.31) | $63.45 |
| &nbsp;&nbsp;&nbsp;2022 | $100.84 | — <sup>(f)</sup> | (16.04) | (16.04) | (0.55) | (26.35) |  | (26.90) | $57.90 |
| &nbsp;&nbsp;&nbsp;2021 | $77.05 | 0.26 | 23.53 | 23.79 |  |  |  |  | $100.84 |

---

(a) Net
investment income (loss) includes income from foreign withholding tax claims adjusted for IRS compliance fees and/or tax reclaim
collection fees. Without these proceeds, the Net Investment Income (Loss) ratios would have been as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Class R3** | **Class R4** | **Class R5** |
| 2021 | (0.17)% | (0.09)% | 0.18% |

---

(b) Net
expenses include tax reclaim collection fees that are excluded from the expense limitation agreement. If such expenses and fees
had not occurred, the Expenses After Expense Reductions ratios for 2021 would have been: Class R3, 1.20%; Class R4, 1.10%; Class
R5, 0.84%.

(c) Not
annualized for periods less than one year.

(d) The
Fund modified its strategy in December 2020 and due to the change, the Fund experienced a higher portfolio turnover from higher
purchases and sales.

(f) Net
investment income (loss) was less than $0.01 per share.

(g) Net
investment income (loss) was less than 0.01%.

+ Based on weighted average shares outstanding.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **RATIOS TO AVERAGE NET ASSETS** | **RATIOS TO AVERAGE NET ASSETS** | **RATIOS TO AVERAGE NET ASSETS** | **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** |
| <br>**UNLESS OTHERWISE<br> NOTED, PERIODS ARE<br> FISCAL YEARS ENDED<br> SEPTEMBER 30,** | **NET INVESTMENT**<br> **INCOME (LOSS) (%)<sup>(a)</sup>** | **EXPENSES, AFTER**<br> **EXPENSE**<br> **REDUCTIONS (%)<sup>(b)</sup>** | **EXPENSES,<br> BEFORE EXPENSE<br> REDUCTIONS (%)** | **TOTAL**<br> **RETURN (%)<sup>(c)</sup>** | **PORTFOLIO**<br> **TURNOVER**<br> **RATE (%)<sup>(c)</sup>** | **NET<br> ASSETS<br> AT END OF YEAR<br> (THOUSANDS)** |
| &nbsp;&nbsp;&nbsp;**CLASS R3 SHARES** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | (0.50) | 1.31 | 1.94 | 3.35 | 23.05 | $10145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | (0.50) | 1.31 | 1.88 | 27.22 | 32.79 | $12245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | (0.34) | 1.31 | 1.93 | 9.74 | 37.54 | $12641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | (0.35) | 1.27 | 1.87 | (23.11) | 46.19 | $13406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | (0.08) | 1.22 | 1.81 | 30.41 | 135.80 <sup>(d)</sup> | $23594 |
| &nbsp;&nbsp;&nbsp;**CLASS R4 SHARES** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | (0.40) | 1.21 | 2.18 | 3.44 | 23.05 | $2683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | (0.40) | 1.21 | 2.16 | 27.36 | 32.79 | $2723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | (0.24) | 1.21 | 2.30 | 9.83 | 37.54 | $2288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | (0.23) | 1.17 | 2.04 | (23.03) | 46.19 | $2819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 0.01 | 1.12 | 1.78 | 30.54 | 135.80 <sup>(d)</sup> | $4386 |
| &nbsp;&nbsp;&nbsp;**CLASS R5 SHARES** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | (0.14) | 0.95 | 1.98 | 3.73 | 23.05 | $2198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | (0.14) | 0.95 | 1.87 | 27.68 | 32.79 | $2758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 0.03 | 0.95 | 1.75 | 10.13 | 37.54 | $2896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | — <sup>(g)</sup> | 0.90 | 1.64 | (22.83) | 46.19 | $6106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 0.27 | 0.86 | 1.48 | 30.88 | 135.80 <sup>(d)</sup> | $14710 |

---

**Thornburg Small/Mid Cap Growth Fund**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** | **PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)** |
| <br>**UNLESS OTHERWISE**<br> **NOTED, PERIODS ARE**<br> **FISCAL YEARS ENDED**<br> **SEPTEMBER 30,** | **NET ASSET**<br> **VALUE,**<br> **BEGINNING**<br> **OF YEAR** | **NET**<br> **INVESTMENT**<br> **INCOME**<br> **(LOSS)+** | **NET REALIZED &**<br> **UNREALIZED**<br> **GAIN (LOSS) ON**<br> **INVESTMENTS** | **TOTAL FROM**<br> **INVESTMENT**<br> **OPERATIONS** | **DIVIDENDS**<br> **FROM NET**<br> **INVESTMENT**<br> **INCOME** | **DIVIDENDS**<br> **FROM NET**<br> **REALIZED**<br> **GAINS** | **DIVIDENDS**<br> **FROM**<br> **RETURN OF**<br> **CAPITAL** | **TOTAL**<br> **DIVIDENDS** | **NET ASSET**<br> **VALUE,**<br> **END OF**<br> **YEAR** |
| **CLASS R3 SHARES** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $29.60 | (0.37) | 1.90 | 1.53 |  |  |  |  | $31.13 |
| &nbsp;&nbsp;&nbsp;2024 | $23.78 | (0.32) | 6.14 | 5.82 |  |  |  |  | $29.60 |
| &nbsp;&nbsp;&nbsp;2023 | $20.75 | (0.28) | 3.31 | 3.03 |  |  |  |  | $23.78 |
| &nbsp;&nbsp;&nbsp;2022 | $51.09 | (0.36) | (12.10) | (12.46) |  | (17.88) |  | (17.88) | $20.75 |
| &nbsp;&nbsp;&nbsp;2021 | $47.67 | (0.60) | 7.24 | 6.64 |  | (3.22) |  | (3.22) | $51.09 |
| **CLASS R4 SHARES** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $30.36 | (0.35) | 1.95 | 1.60 |  |  |  |  | $31.96 |
| &nbsp;&nbsp;&nbsp;2024 | $24.37 | (0.30) | 6.29 | 5.99 |  |  |  |  | $30.36 |
| &nbsp;&nbsp;&nbsp;2023 | $21.24 | (0.27) | 3.40 | 3.13 |  |  |  |  | $24.37 |
| &nbsp;&nbsp;&nbsp;2022 | $51.86 | (0.34) | (12.40) | (12.74) |  | (17.88) |  | (17.88) | $21.24 |
| &nbsp;&nbsp;&nbsp;2021 | $48.30 | (0.55) | 7.33 | 6.78 |  | (3.22) |  | (3.22) | $51.86 |
| **CLASS R5 SHARES** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $35.02 | (0.26) | 2.25 | 1.99 |  |  |  |  | $37.01 |
| &nbsp;&nbsp;&nbsp;2024 | $27.99 | (0.21) | 7.24 | 7.03 |  |  |  |  | $35.02 |
| &nbsp;&nbsp;&nbsp;2023 | $24.30 | (0.20) | 3.89 | 3.69 |  |  |  |  | $27.99 |
| &nbsp;&nbsp;&nbsp;2022 | $56.68 | (0.26) | (14.24) | (14.50) |  | (17.88) |  | (17.88) | $24.30 |
| &nbsp;&nbsp;&nbsp;2021 | $52.30 | (0.38) | 7.98 | 7.60 |  | (3.22) |  | (3.22) | $56.68 |

---

(a) Not
annualized for periods less than one year.

(b) Sales
loads are not reflected in computing total return.

(c) The
total return based on the NAV which reflects adjustments in accordance with U.S. GAAP is 5.19%

(d) The
Fund modified its strategy in December 2020 and due to the change, the Fund experienced a higher portfolio turnover from higher
purchases and sales.

+ Based on weighted average shares outstanding.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **RATIOS TO AVERAGE NET ASSETS** | **RATIOS TO AVERAGE NET ASSETS** | **RATIOS TO AVERAGE NET ASSETS** | **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** |
| <br>**UNLESS OTHERWISE**<br> **NOTED, PERIODS ARE**<br> **FISCAL YEARS ENDED**<br> **SEPTEMBER 30,** | **NET INVESTMENT**<br> **INCOME (LOSS) (%)** | **EXPENSES, AFTER**<br> **EXPENSE**<br> **REDUCTIONS (%)** | **EXPENSES,**<br> **BEFORE EXPENSE**<br> **REDUCTIONS (%)** | **TOTAL**<br> **RETURN (%)<sup>(a)</sup>** | **PORTFOLIO**<br> **TURNOVER**<br> **RATE (%)<sup>(a)</sup>** | **NET**<br> **ASSETS**<br> **AT END OF YEAR**<br> **(THOUSANDS)** |
| &nbsp;&nbsp;&nbsp;**CLASS R3 SHARES** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | (1.24) | 1.46 | 1.99 | 5.17 | 34.06 | $12213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | (1.19) | 1.46 | 1.88 | 24.47 | 32.58 | $15030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | (1.24) | 1.46 | 1.93 | 14.60 | 45.46 | $13868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | (1.27) | 1.41 | 1.92 | (38.84) | 57.56 | $14115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | (1.17) | 1.35 | 1.79 | 14.45 | 161.43 <sup>(d)</sup> | $26881 |
| &nbsp;&nbsp;&nbsp;**CLASS R4 SHARES** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | (1.15) | 1.36 | 4.71 | 5.27 | 34.06 | $624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | (1.10) | 1.36 | 3.49 | 24.58 | 32.58 | $894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | (1.14) | 1.36 | 3.29 | 14.74 | 45.46 | $861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | (1.18) | 1.31 | 2.97 | (38.79) | 57.56 | $1109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | (1.07) | 1.25 | 2.17 | 14.56 | 161.43 <sup>(d)</sup> | $2076 |
| &nbsp;&nbsp;&nbsp;**CLASS R5 SHARES** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | (0.73) | 0.95 | 1.58 | 5.68 | 34.06 | $7473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | (0.68) | 0.95 | 1.34 | 25.12 | 32.58 | $8837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | (0.73) | 0.95 | 1.55 | 15.19 | 45.46 | $7852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | (0.77) | 0.90 | 1.52 | (38.53) | 57.56 | $9235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | (0.67) | 0.84 | 1.31 | 15.04 | 161.43 <sup>(d)</sup> | $22945 |

---

**Additional Information**

Investment Advisor

Thornburg Investment Management<sup>®</sup>, Inc.

2300 North Ridgetop Road

Santa Fe, New Mexico 87506

Distributor

Thornburg Securities LLC

2300 North Ridgetop Road

Santa Fe, New Mexico 87506

Custodian

State Street Bank & Trust Co.

2 Avenue De Lafayette

Boston, Massachusetts 02111

Transfer Agent

SS&C GIDS, Inc.

Post Office Box 219017

Kansas City, Missouri 64121-9017

Legal Counsel

Legal matters in connection with the issuance of shares of the Funds are passed upon by Ropes & Gray LLP, 1211 Avenue of the Americas, New York, NY 10036-8704.

Additional information about each Fund's investments is available in the Fund's annual and semi annual reports to shareholders and in Form N-CSR. In each Fund's annual report you will find a discussion of the market conditions and strategies that significantly affected the Fund's performance during its last fiscal year. The Funds' Statement of Additional Information (SAI) also includes additional information about each Fund. The Funds' SAI and the Funds' Annual and Semiannual Reports are available without charge upon request. Shareholders may make inquiries about the Funds, and investors may request copies of the SAI, Annual and Semiannual Reports, and obtain other Fund information, by contacting Thornburg Securities LLC at 2300 North Ridgetop Road, Santa Fe, New Mexico 87506 or by phone at (800) 847-0200. The Funds' current Statement of Additional Information and Annual and Semiannual Reports to Shareholders also may be obtained on the Thornburg Website at Thornburg.com. The Funds' current SAI is incorporated in this Prospectus by reference (legally forms a part of this Prospectus).

Reports and other information about the Funds are also available on the EDGAR Database on the Commission's Internet site at http://www.sec.gov and copies of information may be obtained, upon payment of a duplicating fee, by writing the Commission's Public Reference Section, Washington, D.C. 20549-1520, or by contacting the Commission by e-mail at publicinfo@sec.gov.

No dealer, sales representative or any other person has been authorized to give any information or to make any representation inconsistent with what is contained in this Prospectus and, if given or made, the information or representation must not be relied upon as having been authorized by any Fund or Thornburg Securities LLC. This Prospectus constitutes an offer to sell securities of the Funds only in those states where the Funds' shares have been registered or otherwise qualified for sale. The Funds will not accept applications from persons residing in states where the Funds' shares are not registered or qualified for sale.

Thornburg Securities LLC, Distributor

2300 North Ridgetop Road

Santa Fe, New Mexico 87506

(800) 847-0200

Thornburg.com

Each Fund is a separate series of Thornburg Investment Trust, which files its registration statements and certain other information with the Commission under Investment Company Act of 1940 file number 811-05201.TH364

**Thornburg Investment Trust**

**Statement of Additional Information**

**Dated January 15, 2026 for**

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| | | |
|:---|:---|:---|
| **Thornburg Global Opportunities Fund**<br> *("Global Opportunities Fund")*<br> Class A: THOAX<br> Class C: THOCX<br> Class I: THOIX<br> Class R6: THOGX | **Thornburg Investment Income Builder Fund**<br> *("Investment Income Builder Fund")*<br> Class A: TIBAX<br> Class C: TIBCX<br> Class I: TIBIX<br> Class R6: TIBOX | **Thornburg Short Duration Municipal Fund**<br> *("Short Duration Municipal Fund")*<br> Class A: TLMAX<br> Class I: TLMIX |
| **Thornburg International Equity Fund**<br> *("International Equity Fund")*<br> Class A: TGVAX<br> Class C: THGCX<br> Class I: TGVIX<br> Class R6: TGIRX | **Thornburg Summit Fund**<br> *("Summit Fund")*<br> Class A: TSAMX<br> Class I: TSUMX | **Thornburg Limited Term Municipal Fund**<br> *("Limited Term Municipal Fund")*<br> Class A: LTMFX<br> Class C: LTMCX<br> Class C2: LTMQX<br> Class I: LTMIX |
| **Thornburg Better World International Fund**<br> *("Better World International Fund")*<br> Class A: TBWAX<br> Class C: TBWCX<br> Class I: TBWIX | **Thornburg Ultra Short Income Fund**<br> *("Ultra Short Income Fund")*<br> Class A: TLDAX<br> Class I: TLDIX | **Thornburg Intermediate Municipal Fund**<br> *("Intermediate Municipal Fund")*<br> Class A: THIMX<br> Class C: THMCX<br> Class C2: THMQX<br> Class I: THMIX |
| **Thornburg International Growth Fund**<br> *("International Growth Fund")*<br> Class A: TIGAX<br> Class C: TIGCX<br> Class I: TINGX<br> Class R6: THGIX | **Thornburg Limited Term U.S. Government Fund**<br> *("Limited Term U.S. Government Fund")*<br> Class A: LTUSX<br> Class C: LTUCX<br> Class C2: LTUQX<br> Class I: LTUIX | **Thornburg Strategic Municipal Income Fund**<br> *("Strategic Municipal Income Fund")*<br> Class A: TSSAX<br> Class C: TSSCX<br> Class I: TSSIX |
| **Thornburg Developing World Fund**<br> *("Developing World Fund")*<br> Class A: THDAX<br> Class C: THDCX<br> Class I: THDIX<br> Class R6: TDWRX | **Thornburg Limited Term Income Fund**<br> *("Limited Term Income Fund")*<br> Class A: THIFX<br> Class C: THICX<br> Class C2: THIQX<br> Class I: THIIX<br> Class R6: THRLX | **Thornburg California Limited Term Municipal Fund**<br> *("California Limited Term Municipal Fund")*<br> Class A: LTCAX<br> Class C: LTCCX<br> Class C2: LTCQX<br> Class I: LTCIX |
| **Thornburg Small/Mid Cap Core Fund**<br> *("Small/Mid Cap Core Fund")*<br> Class A: TVAFX<br> Class C: TVCFX<br> Class I: TVIFX | **Thornburg Core Plus Bond Fund**<br> *("Core Plus Bond Fund")*<br> Class A: THCAX<br> Class C: THCCX<br> Class I: THCIX<br> Class R6: THCSX | **Thornburg New Mexico Intermediate Municipal Fund**<br> *("New Mexico Intermediate Municipal Fund")*<br> Class A: THNMX<br> Class D: THNDX<br> Class I: THNIX |
| **Thornburg Small/Mid Cap Growth Fund**<br> *("Small/Mid Cap Growth Fund")*<br> Class A: THCGX<br> Class C: TCGCX<br> Class I: THIGX | **Thornburg Strategic Income Fund**<br> *("Strategic Income Fund")*<br> Class A: TSIAX<br> Class C: TSICX<br> Class I: TSIIX | **Thornburg New York Intermediate Municipal Fund**<br> *("New York Intermediate Municipal")*<br> Class A: THNYX<br> Class I: TNYIX |

---

2300 North Ridgetop Road

Santa Fe, New Mexico 87506

This Statement of Additional Information is not a prospectus but should be read in conjunction with the Funds' "Thornburg Funds" Prospectus dated January 15, 2026 (the "Prospectus"). A copy of the Prospectus and the most recent Annual and Semi-Annual Reports for each of the Funds may be obtained at no charge by going to "Literature and Reports" behind the "Resources" tab on the Thornburg website at www.thornburg.com and clicking the appropriate hyperlink to view the current Prospectus or Financial Reports, by telephoning a Fund Support Representative at 1-800-847-0200, or by writing to the distributor of the Funds' shares, Thornburg Securities LLC, at 2300 North Ridgetop Road, Santa Fe, New Mexico 87506. This Statement of Additional Information is incorporated by reference into the Prospectus.

The description of investment policies and limitations that appears in this Statement of Additional Information and the Prospectus does not impose a contractual duty on the Funds or their investment advisor to comply with those policies and limitations, and no express or implied contract is created among a Fund and its shareholders by virtue of those shareholders having made an investment in the Fund or having received this Statement of Additional Information or the Prospectus. Furthermore, while the Trust may enter into contracts with third parties to manage the Funds' assets and provide other services, as described in this Statement of Additional Information and the Prospectus, the Trust and each such third party are the sole intended beneficiaries of those contracts, and the Funds' shareholders are not third party beneficiaries of those contracts.

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| **[ORGANIZATION OF THE FUNDS](#smidc001)** | **1** |
| **[INVESTMENT POLICIES](#smidc002)** | **1** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Investing in Debt Obligations](#smidc003) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Investing in Equity Securities](#smidc004) | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Investing in Foreign Debt Obligations and Foreign Equity Securities](#smidc005) | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Investing in Derivative Instruments](#smidc006) | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Commodities-Related Investments](#smidc007) | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Other Investments, Investment Techniques and Other Risks](#smidc008) | 19 |
| **[Market Indices Information](#smidc009)** | **23** |
| **[COMMODITY EXCHANGE ACT REGISTRATION EXEMPTION](#smidc010)** | **23** |
| **[INVESTMENT LIMITATIONS](#smidc011)** | **23** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Global Opportunities Fund, International Equity Fund, International Growth Fund, Small/Mid Cap Core Fund, Small/Mid Cap Growth Fund, Investment Income Builder Fund, and Strategic Income Fund](#smidc012) | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Better World International Fund](#smidc013) | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Developing World Fund](#smidc014) | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Summit Fund](#smidc015) | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Limited Term U.S. Government Fund](#smidc016) | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Limited Term Income Fund](#smidc017) | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Ultra Short Income Fund](#smidc018) | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Core Plus Bond Fund](#smidc019) | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Short Duration Municipal Fund](#smidc020) | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Limited Term Municipal Fund and California Limited Term Municipal Fund](#smidc021) | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;[New Mexico Intermediate Municipal Fund, New York Intermediate Municipal Fund and Intermediate Municipal Fund](#smidc022) | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Strategic Municipal Income Fund](#smidc023) | 38 |
| **[ADDITIONAL MATTERS RESPECTING TAXES](#smidc024)** | **39** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Elections by the Funds – Subchapter M](#smidc025) | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Backup Withholding](#smidc026) | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Distributions by Investment Companies - In General](#smidc027) | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Municipal Funds-Income Dividends](#smidc028) | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Foreign Currency Transactions](#smidc029) | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Foreign Withholding Taxes](#smidc030) | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Short Sales](#smidc031) | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Redemption or Other Disposition of Shares](#smidc032) | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;[State and Local Taxes](#smidc033) | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Foreign Account Tax Compliance Act](#smidc034) | 42 |
| **[DISTRIBUTIONS AND SHAREHOLDER ACCOUNTS](#smidc035)** | **42** |
| **[INVESTMENT ADVISOR, INVESTMENT ADVISORY AGREEMENTS, & ADMINISTRATIVE SERVICES AGREEMENTS](#smidc036)** | **43** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Investment Advisory Agreement](#smidc037) | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Proxy Voting Policies](#smidc038) | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Administrative Services Agreement](#smidc039) | 45 |
| **[SERVICE AND DISTRIBUTION PLANS](#smidc040)** | **46** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Service Plan - All Classes](#smidc041) | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Class C, Class C2 and Class D Distribution Plans](#smidc042) | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Amounts Paid Under Rule 12b-1 Plans and Agreements](#smidc043) | 46 |
| **[FINANCIAL INTERMEDIARY COMPENSATION](#smidc044)** | **48** |

---

i

---

| | |
|:---|:---|
| **[PORTFOLIO TRANSACTIONS](#smidc045)** | **49** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Portfolio Turnover Rates](#smidc046) | 50 |
| **[DISCLOSURE OF PORTFOLIO SECURITIES HOLDINGS INFORMATION](#smidc047)** | **51** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Selective Disclosure of Nonpublic Holdings Information](#smidc048) | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Making Holdings Information Publicly Available](#smidc049) | 52 |
| **[MANAGEMENT](#smidc050)** | **52** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Additional Information about the Experiences, Qualifications, Attributes and Skills of Each Trustee](#smidc051) | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Structure and Responsibilities of the Board of Trustees](#smidc052) | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Structure and Responsibilities of the Committees of the Trustees](#smidc053) | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Compensation of Trustees](#smidc054) | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Personal Securities Transactions of Personnel](#smidc055) | 64 |
| **[INFORMATION ABOUT PORTFOLIO MANAGERS](#smidc056)** | **64** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Portfolio Manager Compensation](#smidc057) | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Conflicts of Interest](#smidc058) | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Accounts Managed By Portfolio Managers](#smidc059) | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Portfolio Managers' Ownership of Shares in the Funds](#smidc060) | 67 |
| **[PRINCIPAL HOLDERS OF SECURITIES](#smidc061)** | **69** |
| **[NET ASSET VALUE](#smidc062)** | **99** |
| **[DISTRIBUTOR](#smidc063)** | **99** |
| **[ADDITIONAL INFORMATION RESPECTING PURCHASE AND REDEMPTION OF SHARES](#smidc064)** | **100** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Automatic Conversion of Class C and Class C2 Shares to Class A Shares](#smidc065) | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Waivers of CDSCs on Redemptions](#smidc066) | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Share Class Conversion within Certain Intermediary Accounts](#smidc067) | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Moving Between Share Classes](#smidc068) | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Eligibility for Institutional Class and Class R6 Shares](#smidc069) | 101 |
| **[BUSINESS CONTINUITY PLAN](#smidc070)** | **101** |
| **[INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM](#smidc071)** | **101** |
| **[FINANCIAL STATEMENTS](#smidc072)** | **101** |

---

ii

**ORGANIZATION OF THE FUNDS**

Global Opportunities Fund, International Equity Fund, Better World International Fund, International Growth Fund, Developing World Fund, Small/Mid Cap Core Fund, Small/Mid Cap Growth Fund, Investment Income Builder Fund, Summit Fund, Ultra Short Income Fund, Limited Term U.S. Government Fund, Limited Term Income Fund, Core Plus Bond Fund, Strategic Income Fund, Short Duration Municipal Fund, Limited Term Municipal Fund, California Limited Term Municipal Fund, Intermediate Municipal Fund, and Strategic Municipal Income Fund are diversified series, and New Mexico Intermediate Municipal Fund and New York Intermediate Municipal Fund are non-diversified series, of Thornburg Investment Trust, a Massachusetts business trust (the "Trust") organized on June 3, 1987 as a diversified, open-end management investment company under a Declaration of Trust (the "Declaration"). See the disclosure under the heading "Investment Limitations," below, for more information about the diversification policies of each series of the Trust that operates as a diversified series.

The Trust currently has 26 Funds, of which 24 are active and 21 of which are the subject of this Statement of Additional Information. The Trustees are authorized to divide the Trust's shares into additional series and classes.

The assets received for the issue or sale of shares of each Fund and all income, earnings, profits, and proceeds thereof, subject only to the rights of creditors, are specifically allocated to the Fund, and constitute the underlying assets of that Fund. The underlying assets of each Fund are segregated on the books of account, and are charged with the liabilities with respect to that Fund and with a share of the general expense of the Trust. Expenses with respect to the Trust are allocated in proportion to the asset value of the respective series and classes of the Trust except where allocations of direct expense can otherwise be fairly made. The officers of the Trust, subject to the general supervision of the Trustees, determine which expenses are allocable to a given Fund, or generally allocable to all of the series of the Trust (the "Funds"). In the event of the dissolution or liquidation of the Trust, shareholders of each Fund are entitled to receive as a class the underlying assets of that Fund which are available for distribution.

Each of the Funds may in the future, rather than invest in securities generally, seek to achieve its investment objective(s) by pooling its assets with assets of other funds for investment in another investment company having the same investment objective(s) and substantially similar investment policies and restrictions as the Fund. The purpose of such an arrangement is to achieve greater operational efficiencies and to reduce cost. It is expected that any such investment company would be managed by Thornburg Investment Management, Inc. ("Thornburg") in a manner substantially similar to the corresponding Fund. Shareholders of each Fund would receive prior written notice of any such investment, but may not be entitled to vote on the action. Such an investment would be made only if at least a majority of the Trustees of the Fund determined it to be in the best interest of the participating Fund and its shareholders.

The Trust is an entity of the type commonly known as a "Massachusetts business trust." Under Massachusetts law, shareholders of such a trust may, under certain circumstances, be held personally liable for the obligations of the trust. The Declaration of Trust provides that the Trust shall not have any claim against shareholders except for the payment of the purchase price of shares. However, the risk of a shareholder incurring financial loss on account of shareholder liability is limited to circumstances in which a Fund itself would be unable to meet its obligations. Thornburg believes that, in view of the above, the risk of personal liability to shareholders is remote.

Each Fund may hold special shareholder meetings and transmit proxy materials. These meetings may be called to elect or remove Trustees, change fundamental investment policies, or for other purposes. Shareholders not attending these meetings are encouraged to vote by proxy. Each Fund will transmit proxy materials in advance, including a voting card and information about the proposals to be voted on. The number of votes you are entitled to is based upon the number of shares you own. Shares do not have cumulative rights or preemptive rights.

State Street Bank and Trust Company, Boston, Massachusetts, is custodian of the assets of the Funds. The Custodian is responsible for the safekeeping of the Funds' assets and the appointment of subcustodian banks and clearing agencies. The Custodian takes no part in determining the investment policies of the Funds or in deciding which securities are purchased or sold by the Funds.

**INVESTMENT POLICIES**

Information about each Fund's principal investment strategies and the principal risks associated with those investment strategies is provided in the Prospectus. A "principal investment strategy" of a Fund is a strategy which Thornburg anticipates may be important in pursuing the investment objective(s) stated in the Fund's prospectus and which Thornburg anticipates may have a significant effect on the Fund's performance. In general, a security or investment strategy will not be considered a principal strategy of a Fund if it will not represent more than ten percent of a Fund's assets.

The following discussion supplements the information in the Prospectus by providing additional detail about some of the investments that a Fund may make in pursuing that Fund's investment objective(s) and certain risks associated with those investments or to which a Fund may otherwise be subject. Not all of the investments identified below will be used by each Fund at all times.

Under certain circumstances, a Fund is only permitted to invest a certain percentage of its assets in a particular investment strategy. For more information about the specific investment limitations that may be applicable to a Fund, please refer to the Prospectus and to the "Investment Limitations" section of this Statement of Additional Information. For purposes of any such limitation on the percentage of a Fund's assets that could be invested in a particular investment strategy, the term "assets" means net assets of the Fund (determined immediately after and as a result of the Fund's acquisition of a given investment) plus the amount of any borrowings for investment purposes.

Global Opportunities Fund, International Equity Fund, Better World International Fund, International Growth Fund, Developing World Fund, Small/Mid Cap Core Fund, Small/Mid Cap Growth Fund, and Investment Income Builder Fund are sometimes referred to collectively in this Statement of Additional Information as the "Equity Funds." Short Duration Municipal Fund, Limited Term Municipal Fund, Intermediate Municipal Fund, Strategic Municipal Income Fund, California Limited Term Municipal Fund, New Mexico Intermediate Municipal Fund and New York Intermediate Municipal Fund are sometimes referred to collectively in this Statement of Additional Information as the "Municipal Funds." Together with the Municipal Funds, Limited Term U.S. Government Fund, Ultra Short Income Fund, Limited Term Income Fund, Core Plus Bond Fund, and Strategic Income Fund are sometimes referred to collectively in this Statement of Additional Information as the "Fixed Income Funds." The Summit Fund is characterized by Thornburg as a "Multi-Asset Fund."

**Investing in Debt Obligations**

Bonds and other debt obligations are used by issuers to borrow money from investors. The issuer pays the investor a fixed or variable rate of interest, and must repay the amount borrowed at maturity. The values and yields of debt obligations are dependent upon a variety of factors, including the condition of the general market, general market interest rates, the size of a particular debt offering, the maturity of the debt obligations, and the creditworthiness and rating of the issuer. Variations in the value of a debt obligation held in the Fund's portfolio arising from these or other factors will cause changes in the net asset value of the Fund's shares.

The following discussion contains additional detail about debt obligations, including some of the specific types of debt obligations in which a Fund may invest and certain risks associated with those investments. You should read the Prospectus for more information about the characteristics and risks of debt obligations. You should also read "Investing in Foreign Debt Obligations and Foreign Equity Securities" below for information about some of the characteristics and risks of foreign debt obligations.

<u>Bond Ratings</u>

Many bonds and other debt obligations are assigned credit ratings by ratings agencies such as Moody's Investors Service ("Moody's"), S&P Global Ratings ("S&P"), Fitch Ratings Inc. ("Fitch"), and Kroll Bond Rating Agency ("Kroll"). The ratings of any such ratings agency reflects that agency's current opinion as to the creditworthiness of the issuers of the debt obligations which the ratings agency undertakes to rate. In determining credit ratings, ratings agencies evaluate each issuer's capacity and willingness to meet its financial commitments as they come due, and may assess terms, such as collateral security and subordination, which could affect payment in the event of the issuer's default.

While credit ratings may be helpful in evaluating the safety of principal and interest payments under debt obligations, credit ratings do not reflect the risk that market values of debt obligations will fluctuate with changes in interest rates, general economic trends or other factors. Accordingly, even the highest rated debt obligation may experience wide price movements. Credit rating agencies may also fail to change credit ratings in a timely fashion to reflect events occurring subsequent to the initial ratings. Furthermore, it should be emphasized that credit ratings are general and are not absolute standards of quality. Debt obligations with the same maturity, coupon and rating may have different yields, while debt obligations of the same maturity and coupon with different ratings may have the same yield.

In addition to using information provided by ratings agencies, Thornburg will subject each debt obligation under consideration for investment to its own credit analysis in an effort to assess each issuer's financial soundness. This analysis is performed by Thornburg for a particular debt obligation at the time that a Fund purchases that obligation and will be reviewed by Thornburg from time to time thereafter.

Each ratings agency uses its own rating classification system to indicate the credit rating assigned to a particular debt obligation. In general, the ratings agencies classify debt obligations into two categories for purposes of the ratings process – long term and short term. The ratings agencies typically assign short term ratings to debt obligations that are considered short term in the relevant market. In the United States, for example, the ratings agencies deem short term debt obligations to include commercial paper and other obligations with an original maturity of no more than 365 days. The following is a brief description of the applicable ratings symbols and their meanings for each of Moody's, S&P, Fitch, and Kroll.

*Ratings for Long Term Debt Obligations*

---

| | |
|:---|:---|
| **Rating** | **Description**<br> **(descriptions shown generally track language used by Moody's**<br> **though all ratings agencies use similar language for each rating category)** |
| Aaa (Moody's)<br> AAA (S&P, Fitch, and Kroll) | Debt obligations judged to be of the highest quality, with minimal credit risk. The issuer is determined to have an extremely strong capacity to pay principal and interest on the obligation. |
| Aa (Moody's)<br> AA (S&P, Fitch, and Kroll) | Debt obligations judged to be of high quality, with very low credit risk. The issuer is determined to have a very strong capacity to pay principal and interest on the obligation. |
| A (all ratings agencies) | Debt obligations judged to be of upper-medium grade quality, with low credit risk. The issuer is determined to have a strong capacity to pay principal and interest on the obligation. |
| Baa (Moody's)<br> BBB (S&P, Fitch, and Kroll) | Debt obligations judged to be of medium grade quality, with moderate credit risk and certain speculative characteristics. Adverse economic conditions may weaken the ability of the issuer to pay principal and interest on the obligation. This is the last of the ratings categories commonly referred to as "investment grade." |
| Ba (Moody's)<br> BB (S&P, Fitch, and Kroll) | Debt obligations judged to have speculative elements and are subject to substantial credit risk. The issuer may face major ongoing uncertainties, and adverse economic conditions may weaken the ability of the issuer to pay principal and interest on the obligation. This is the first of the ratings categories commonly referred to as "below investment grade," "non-investment grade" or "speculative grade." |
| B (all ratings agencies) | Debt obligations judged to be speculative and subject to high credit risk. Although the issuer currently has the capacity to make principal and interest payments on the obligation, adverse economic conditions will likely impair the ability of the issuer to meet those financial commitments. |
| Caa (Moody's)<br> CCC (S&P, Fitch, and Kroll) | Debt obligations judged to be of poor standing and subject to very high credit risk. Such obligations are currently vulnerable to nonpayment by the issuer, particularly in the event of adverse economic conditions or changing circumstances. |
| Ca (Moody's)<br> CC (S&P, Fitch, and Kroll) | Debt obligations judged to be highly speculative. These obligations are likely in, or very near, default, with some prospect of recovery of principal and interest. |

---

---

| | |
|:---|:---|
| C (all ratings agencies) | Debt obligations that are currently highly vulnerable to nonpayment, debt obligations that permit payment arrearages, or debt obligations of an issuer that is the subject of a<br> bankruptcy petition or similar action but has not yet experienced a payment default. These obligations have little prospect for recovery of principal and interest. |
| RD (Fitch) | Debt obligations for an issuer that, in Fitch's opinion, has experienced an uncured payment default but has not entered into bankruptcy or otherwise ceased business. |
| D (all ratings agencies) | Debt obligations that are currently in payment default. |

---

Moody's may append the numerical modifiers 1, 2 or 3 to any debt obligation rated Aa through Caa to indicate the relative standing of that obligation within its principal rating category. Similarly, S&P may append a "+" or "-" to any debt obligation rated AA through CCC to indicate the relative standing of that obligation within its principal rating category. The foregoing ratings are sometimes presented in parentheses preceded with "Con." (Moody's) or "p" (S&P), indicating that the obligations are rated conditionally/provisionally. Bonds for which the security depends upon the completion of some act or the fulfillment of some condition may be rated in this fashion. The parenthetical rating denotes the probable credit status upon completion of construction or elimination of the basis of the condition.

*Ratings for Short Term Debt Obligations*

---

| | |
|:---|:---|
| **Rating** | **Description** <br> **(descriptions shown generally track language used by Moody's**<br> **though all ratings agencies use similar language for each rating category)** |
| P-1 (Moody's)<br> A-1 (S&P)<br> F1 (Fitch)<br> K1 (Kroll) | Issuer has a superior ability to repay its short term debt obligations. S&P may also designate this type of obligation with a "+" to indicate that the issuer's capacity to repay the obligation is extremely strong. |
| P-2 (Moody's)<br> A-2 (S&P)<br> F2 (Fitch)<br> K2 (Kroll) | Issuer has a strong ability to repay its short term debt obligations, though repayment of these obligations is somewhat more susceptible to adverse economic conditions than obligations in the higher rated category. |
| P-3 (Moody's)<br> A-3 (S&P)<br> F3 (Fitch)<br> K3 (Kroll) | Issuer has an acceptable ability to repay its short term debt obligations. Adverse economic conditions are more likely to weaken the ability of the issuer to meet its financial commitments on these types of obligations. |
| NP (Moody's) | To the extent a short term debt obligation does not fall into one of the three previous categories, Moody's identifies that obligation as NP or Not Prime. |
| B (S&P, Fitch, and Kroll) | The short term debt obligation is judged to have significant speculative characteristics. Although the issuer currently has the capacity to meet financial commitments on these obligations, the issuer faces ongoing uncertainties which could affect the issuer's ability to meet those commitments. S&P may further delineate this ratings category into "B-1," "B-2" or "B-3 to indicate the relative standing of an obligation within the category. |
| C (S&P, Fitch, and Kroll) | The short term debt obligation is currently vulnerable to nonpayment, and the issuer is dependent on favorable economic conditions to continue to meet its commitments on the obligation. |
| RD (Fitch) | The issuer is in default on or more of its financial commitments but continues to meet other financial obligations. |
| D (S&P, Fitch, and Kroll) | The short term debt obligation is in payment default. |

---

*Ratings of Municipal Notes*. In addition to the foregoing, the ratings agencies may separately categorize municipal notes. Municipal notes are debt obligations issued by states, cities and local authorities and which mature in one year or less. As with the ratings systems used for other debt obligations, the rating agencies' categorization of municipal notes reflects a decreasing judgment of the ability of the issuer to meet its financial obligations under the note.

*Dual Ratings.* The rating agencies may assign dual ratings to all long term debt obligations that have a demand or multiple redemption feature. The first rating addresses the likelihood of repayment of principal and interest as due and the second rating addresses only the demand feature. The long term debt rating symbols are used to denote the long term maturity and the short term debt rating symbols are used to denote the put option (for example, "AAA/A-1+"). For certain "demand notes" maturing in 3 years or less, the respective municipal note rating symbols, combined with the short term debt obligation symbols, are used (for example. "SP-1/A-1").

<u>Determining a Portfolio's Average Maturity</u>

As discussed in the Prospectus, several of the Fixed Income Funds seek to reduce changes in the value of their shares by maintaining a portfolio of investments with a certain dollar-weighted average maturity. A debt obligation's maturity generally represents the time remaining until the principal amount of that obligation becomes due and payable.

For purposes of determining an investment's maturity, Thornburg will treat a debt obligation as having a maturity earlier than its stated maturity date if the instrument has technical features (such as put or demand features) or a variable rate of interest which, in the judgment of Thornburg, will result in the instrument being valued in the market as though it has an earlier maturity.

In addition, each Fund may estimate the expected maturities of certain securities it purchases in connection with achieving its investment objectives. Certain obligations, such as United States Treasury Bills and United States Treasury Notes, have stated maturities. However, other obligations a Fund may acquire are interests in pools of mortgages or other loans having varying maturities. Due to prepayments of the underlying mortgage instruments or other loans, such securities do not have a known actual maturity (the stated maturity date of collateralized mortgage obligations is, in effect, the maximum maturity date). In order to determine whether such a security is a suitable and permissible investment for a Fund (and assuming the security otherwise qualifies for purchase by the Fund), the security's remaining term will be deemed equivalent to the estimated average life of the underlying mortgages at the time of purchase of the security by the Fund. Average life will be estimated by a Fund based on Thornburg's evaluation of likely prepayment rates after taking into account current interest rates, current conditions in the relevant housing markets and such other factors as it deems appropriate. There can be no assurance that the average life as estimated will be the actual average life. For example, the mortgage instruments in the pools underlying mortgage-backed securities may have a range of different original maturities. The average life of such a security at the time of purchase by a Fund is likely to be substantially less than the maximum original maturity of the mortgage instruments underlying the security because of prepayments of the mortgage instruments, the passage of time from the issuance of the security until its purchase by a Fund and, in some cases, the wide dispersion of the original maturity dates of the underlying mortgage instruments.

Certain securities which have variable or floating interest rates or demand or put features may be deemed by Thornburg to have remaining actual lives which are less than their stated nominal lives. In addition, certain asset-backed securities which have variable or floating interest rates may be deemed by Thornburg to have remaining lives which are less than the stated maturity dates of the underlying mortgages.

<u>Determining a Debt Obligation's Duration</u>

As described in the Prospectus, each of the Fixed Income Funds may from time to time seek to reduce changes in the value of its shares by maintaining a portfolio of investments with a particular dollar-weighted average duration, or may otherwise monitor a portfolio's duration. Duration is an estimate of the sensitivity of a debt obligation to changes in interest rates, and is consequently a measure of interest rate risk. The duration of a given debt obligation represents an approximation of the expected percentage change in a debt obligation's value in response to a change in interest rates. Duration is commonly expressed as a number of years, and the value of an obligation or a portfolio of obligations with a higher number—a longer duration—will be more volatile in response to changes in interest rates.

Computations of duration for a specific debt obligation or for a portfolio of debt obligations will vary depending upon various factors, including the assumptions employed in performing the computations. Because duration figures are estimates, the actual changes in market values of specific debt obligations or portfolios of obligations may be different from the estimated changes in valuations based upon durations computed for the obligations or portfolios of obligations.

<u>Lower-Quality Debt Obligations</u>

Each of the Funds may purchase debt obligations which are of lower-quality at the time of purchase or which, due to issuer default or credit ratings downgrades, are determined subsequent to purchase to be of lower-quality. Under normal conditions, Ultra Short Income Fund, Core Plus Bond Fund, Short Duration Municipal Fund, Limited Term Municipal Fund, Intermediate Municipal Fund, Strategic Municipal Income Fund, California Limited Term Municipal Fund, New Mexico Intermediate Municipal Fund, and New York Intermediate Municipal Fund each may invest a significant portion (but with respect to the Ultra Short Income Fund less than twenty percent, with respect to Short Duration Municipal Fund, Limited Term Municipal Fund, Intermediate Municipal Fund, California Limited Term Municipal Fund, New Mexico Intermediate Municipal Fund, and New York Intermediate Municipal Fund up to twenty percent, with respect to Core Plus Bond Fund up to twenty five percent, and with respect to the Strategic Municipal Income Fund up to fifty percent) of its portfolio in such lower-quality debt obligations.

For these purposes, "lower-quality" debt obligations include debt obligations rated below Baa by Moody's or BBB by S&P, Fitch or Kroll, and unrated securities judged by Thornburg to be of equivalent quality. Lower-quality debt obligations typically have poor protection with respect to the payment of interest and repayment of principal, and may be in default. These obligations are often considered to be speculative and involve greater risk of loss or price changes due to changes in the issuer's capacity to pay. The market prices of lower-quality debt obligations may fluctuate more than those of higher-quality debt obligations and may decline significantly in periods of general economic difficulty, which may follow periods of rising interest rates.

The market for lower-quality debt obligations may be thinner and less active than that for higher-quality debt obligations, which can adversely affect the prices at which the former are sold. If a Fund experiences unexpected net redemptions, it could be forced to sell lower-quality debt obligations in its portfolio at disadvantageous prices without regard to those obligations' investment merits, which could depress the Fund's net asset value and reduce the Fund's overall investment performance. If market quotations are not available, lower-quality debt obligations will be valued in accordance with procedures established by Thornburg, subject to the oversight of the Trustees, including the use of outside pricing services. Judgment plays a greater role in valuing lower-quality debt obligations than is the case for securities for which more external sources for quotations and last-sale information are available. Adverse publicity and changing investor perceptions may affect the ability of outside pricing services to value lower-quality debt obligations and a Fund's ability to sell these securities. Since the risk of default is higher for lower-quality debt obligations, Thornburg's research and credit analysis are an especially important part of managing securities of this type held by a Fund. In considering investments for a Fund, Thornburg will attempt to identify those issuers of high-yielding securities whose financial condition is adequate to meet future obligations, has improved, or is expected to improve in the future. Thornburg's analysis focuses on relative values based on such factors as interest or dividend coverage, asset coverage, earnings prospects, and the experience and managerial strength of the issuer.

A Fund may choose, for example in the event of a default by the issuer of a debt obligation, at its expense or in conjunction with others, to pursue litigation or otherwise to exercise its rights as a security holder to seek to protect the interests of security holders if it determines this to be in the best interest of the Fund's shareholders.

The Funds may also invest from time to time in unrated obligations, and Strategic Municipal Income Fund may invest a significant portion of its portfolio in municipal obligations that are unrated. Unrated obligations may be less liquid than comparable rated obligations and may be more difficult to value. Moreover, unrated obligations may be more difficult for Thornburg to evaluate and there is the risk that Thornburg may not accurately evaluate an investment's actual credit quality. In particular, an unrated obligation that Thornburg believes is equivalent to an investment grade obligation could ultimately exhibit characteristics associated with lesser rated obligations.

<u>Mortgage-Backed Securities, Mortgage Pass-Through Securities and Asset-Backed Securities</u>

*Mortgage-Backed Securities*. Each of the Funds may invest in mortgage-backed securities, in debt obligations which are secured with collateral consisting of mortgage-backed securities (see "Structured Finance Arrangements - Collateralized Mortgage Obligations" below), and in other types of mortgage-related securities.

Mortgage-backed securities are interests in pools of mortgage loans, including mortgage loans made by savings and loan institutions, mortgage bankers, commercial banks and others. Pools of mortgage loans are assembled as securities for sale to investors by various governmental, government-related and private organizations. A decline in interest rates may lead to a faster rate of repayment of the underlying mortgages, which may expose a Fund to a lower rate of return upon reinvestment of the prepayments. Additionally, the potential for prepayments in a declining interest rate environment might tend to limit to some degree the increase in net asset value of a Fund because the value of some mortgage-backed securities held by a Fund may not appreciate as rapidly as the price of non-callable debt obligations. During periods of increasing interest rates, prepayments likely will be reduced, and the value of the mortgage-backed securities will decline.

Interests in pools of mortgage-backed securities differ from other forms of debt obligations. Whereas other forms of debt obligations normally provide for periodic payment of interest in fixed amounts with principal payments at maturity or specified call dates, mortgage-backed securities provide a monthly payment which consists of both interest and principal payments. In effect, these payments are a "pass-through" of the monthly payments made by the individual borrowers on their mortgage loans, net of any fees paid to the issuer or insurer of such securities. Additional payments are caused by repayments of principal resulting from the sale of the underlying property, or upon refinancing or foreclosure, net of fees or costs which may be incurred. Some mortgage-related securities (such as securities issued by the Government National Mortgage Association) are described as "modified pass-through." These securities entitle the holder to receive all interest and principal payments owed on the mortgage pool, net of certain fees, on the scheduled payment dates regardless of whether or not the mortgagor actually makes the payment.

The principal governmental guarantor of mortgage-related securities is the Government National Mortgage Association ("Ginnie Mae"). Ginnie Mae is a wholly-owned United States Government corporation within the Department of Housing and Urban Development. Ginnie Mae is authorized to guarantee, with the full faith and credit of the United States government, the timely payment of principal and interest on securities issued by institutions approved by Ginnie Mae (such as savings and loan institutions, commercial banks and mortgage bankers) and backed by pools of mortgages insured or guaranteed by the Federal Housing Administration, the U.S. Department of Veteran Affairs or the Farmers Home Administration. These guarantees, however, do not apply to the market value or yield of mortgage-backed securities or to the value of Fund shares. Also, Ginnie Mae securities often are purchased at a premium over the maturity value of the underlying mortgages. This premium is not guaranteed and will be lost if prepayment occurs.

In September 2008, the U.S. Government placed Fannie Mae and Freddie Mac into conservatorship overseen by the Federal Housing Finance Authority. That arrangement is intended to provide additional financial support to Fannie Mae and Freddie Mac. Since 2009, Fannie Mae and Freddie Mac have also each received significant capital support through the purchase of United States Treasury stock, and the United States Treasury has announced its expectation that it would continue providing such support in order to prevent either Fannie Mae or Freddie Mac from having negative net worth. Despite these measures, there can be no assurance that Fannie Mae and Freddie Mac will remain successful in meeting their financial commitments under the debt obligations that they issue or guarantee. There is also an ongoing debate among federal policy makers regarding whether Fannie Mae and Freddie Mac should be nationalized, privatized, restructured, or eliminated altogether.

*Asset-Backed Securities*. Ultra Short Income Fund, Limited Term Income Fund, Core Plus Bond Fund, Strategic Income Fund, each of the Equity Funds, and Summit Fund may invest in asset-backed securities.

The securitization techniques used to develop mortgage-backed securities (see "Mortgage-Backed Securities" and "Mortgage Pass-Through Securities" above) are also applied to a broad range of assets. Through the use of trusts and special purpose corporations, various types of assets, including automobile loans, computer leases and credit card receivables, are securitized in pass-through structures similar to the mortgage pass-through structures described below or in structures similar to the CMO pattern (see "Structured Finance Arrangements -- Collateralized Mortgage Obligations" below). In general, the collateral supporting these securities is of shorter maturity than mortgage loans and is less likely to experience substantial prepayments with interest rate fluctuations.

One example of this type of asset-backed security is a Certificate of Automobile Receivables ("CARS"). CARS represent undivided fractional interests in a trust whose assets consist of a pool of motor vehicle retail installment sales contracts and security interests in the vehicles securing the contracts. Payments of principal and interests on CARS are passed through monthly to certificate holders, and are guaranteed up to certain amounts and for a certain time period by a letter of credit issued by a financial institution unaffiliated with the trustee or originator of the trust. An investor's return on CARS may be affected by early prepayment of principal on the underlying vehicle sales contracts. If the letter of credit is exhausted, the trust may be prevented from realizing the full amount due on a sales contract because of state law requirements and restrictions relating to foreclosure sales of vehicles and the obtaining of deficiency judgments following such sales or because of depreciation, damage or loss of a vehicle, the application of federal and state bankruptcy and insolvency laws, or other factors. As a result, certificate holders may experience delays in payments or losses if the letter of credit is exhausted.

Asset-backed securities may present certain risks that are not presented by mortgage-backed securities. Primarily, these securities may not have the benefit of any security interest in the related assets. Credit card receivables are generally unsecured and the debtors are entitled to the protection of bankruptcy laws and of a number of state and federal consumer credit laws, many of which give such debtors the right to set off certain amounts owed on the credit cards, thereby reducing the balance due. There is the possibility that recoveries on repossessed collateral may not, in some cases, be available to support payments on these securities.

Asset-backed securities are often backed by a pool of assets representing the obligations of a number of different parties. To lessen the effect of failures by obligors on underlying assets to make payments, the securities may contain elements of credit support which fall into two categories: (i) liquidity protection; and (ii) protection against losses resulting from ultimate default by an obligor on the underlying assets. Liquidity protection refers to the provision of advances, generally by the entity administering the pool assets, to ensure that the receipt of payment on the underlying pool occurs in a timely fashion. Protection against losses results from payment of the insurance obligations on at least a portion of the assets in the pool by the issuer or sponsor from third parties, through various means of structuring the transaction or through a combination of such approaches. Each of Ultra Short Income Fund and Limited Term Income Fund, as a possible purchaser of such securities, will not pay any additional or separate fees for credit support. The degree of credit support provided for each issue is generally based on historical information respecting the level of credit risk associated with the underlying assets. Delinquency or loss in excess of that anticipated or failure of the credit support could adversely affect the return on an investment in such a security.

Ultra Short Income Fund, Limited Term Income Fund, Core Plus Bond Fund, Strategic Income Fund, each of the Equity Funds, and Summit Fund may also invest in residual interests in asset-backed securities. In the case of asset-backed securities issued in a pass-through structure, the cash flow generated by the underlying assets is applied to make required payments on the securities and to pay related administrative expenses. The residual in an asset-backed security pass-through structure represents the interest in any excess cash flow remaining after making the foregoing payments. The amount of the residual will depend on, among other things, the characteristics of the underlying assets, the coupon rates on the securities, prevailing interest rates, the amount of administrative expenses and the actual prepayment experience on the underlying assets. Asset-backed security residuals not registered under the Securities Act of 1933 (the "1933 Act") may be subject to certain restrictions on transferability. In addition, there may be no liquid market for such securities.

The availability of asset-backed securities may be affected by legislative or regulatory developments. It is possible that such developments may require a Fund holding these securities to dispose of the securities.

Thornburg expects that governmental, government-related or private entities may create mortgage-backed, mortgage pass-through and asset-backed securities in addition to those described above. If otherwise consistent with a Fund's investment objectives, policies and quality standards, Thornburg may consider investing on behalf of a Fund in such new types of investments.

<u>Municipal Obligations</u>

Each Fund may invest in municipal obligations. In particular, each Municipal Fund's assets will normally consist of (1) municipal obligations or participation interests therein that are rated at the time of purchase within the four highest credit rating grades by Moody's or S&P, (2) municipal obligations or participation interests therein that are not rated by a rating agency, but are issued by obligors that have other comparable debt obligations that are rated within the four highest credit rating grades by Moody's or S&P, or in the case of obligors whose obligations are unrated, are deemed by Thornburg to be comparable with issuers having such debt ratings, and (3) a small amount of cash or equivalents.

Municipal obligations include debt and lease obligations issued by states, cities and local authorities to obtain funds for various public purposes, including the construction of a wide range of public facilities such as airports, bridges, highways, housing, hospitals, mass transportation, schools, streets and water and sewer works. Other public purposes for which municipal obligations may be issued include the refunding of outstanding obligations, the procurement of funds for general operating expenses and the procurement of funds to lend to other public institutions and facilities. In addition, certain types of industrial development bonds are issued by or on behalf of public authorities to obtain funds to provide privately-operated housing facilities, sports facilities, convention or trade show facilities, airport, mass transit, port or parking facilities, air or water pollution control facilities and certain local facilities for water supply, gas, electricity or sewage or solid waste disposal. Municipal obligations have also been issued to finance single-family mortgage loans and to finance student loans. Such obligations are included within the term "municipal obligations" for this discussion if the interest paid thereon is exempt from federal income tax.

Municipal obligations are generally classified as municipal bonds or municipal notes. A municipal bond typically has a maturity of more than one year and is issued by a state, city or local authority to meet longer-term capital needs. The two principal classifications of municipal bonds are "general obligation" and "revenue" bonds. General obligation bonds are secured by the issuer's pledge of its faith, credit and taxing power for the payment of principal and interest. Revenue bonds are payable only from the revenues derived from a particular facility or class of facilities or, in some cases, from the proceeds of a specific revenue source. Industrial development bonds are in most cases revenue bonds and are generally not secured by the pledge of the credit or taxing power of the issuer of such bonds. There are, of course, variations in the security of municipal bonds, both within a particular classification and between classifications, depending on numerous factors. In contrast to municipal bonds, municipal notes typically have a maturity of one year or less and are issued by states, cities and local authorities to provide for short-term capital needs, often as an interim step in anticipation of the municipality receiving future revenue.

At times, a significant portion of a Municipal Fund's assets may be invested in municipal obligations that are related in a manner that they may be affected negatively by specific economic, business, legal or political developments. For example, if a Fund has invested in revenue bonds issued by political subdivisions to finance healthcare facilities, reductions in medical expense reimbursements by private insurers or governmental agencies could have a negative impact on the revenues of those facilities and the ability of those facilities to service the revenue bonds. Similarly, if a Fund has invested in municipal obligations originating in a specific state, then adverse fiscal or economic developments in the state could negatively affect both general obligation and revenue bonds issued by the state and its political subdivisions, agencies and instrumentalities. See also the discussions below entitled "Certain Factors Affecting California Limited Term Municipal Fund," "Certain Factors Affecting New Mexico Intermediate Municipal Fund" and "Certain Factors Affecting New York Intermediate Municipal Fund."

From time to time, proposals have been introduced before Congress for the purpose of restricting or eliminating the federal income tax exemption for interest on municipal securities. Similar proposals may be introduced in the future. These proposals, if enacted, may have the effect of reducing the availability of investments in municipal obligations and may adversely affect the value of a Fund's portfolio. In addition, the Municipal Funds could be compelled to reevaluate their investment objectives and policies and submit possible changes in the structure of the Funds for the approval of their respective shareholders. Although the interest received from municipal securities generally is exempt from regular federal income tax, a Municipal Fund may from time to time invest a portion of its total assets in municipal securities whose income is not exempt from regular federal income tax, and the income on a Municipal Fund's investments in municipal securities may also be subject to the federal alternative minimum tax (See "Additional Matters Respecting Taxes; Municipal Funds - Income Dividends" below for more information).

*Auction Rate Securities*. An auction rate security is a municipal obligation with a long-term nominal maturity for which the interest rate is reset at specific shorter frequencies (typically every seven to 35 days) through an auction process. The auction is a competitive bidding process used to determine interest rates on each auction date. In the auction, broker dealers submit bids to the auction agent on behalf of investors. The winning bid rate is the rate at which the auction clears, meaning the lowest possible interest rate at which the specific issue of municipal obligations can be sold at par. The clearing rate of interest established in the auction is paid on the entire issue of the municipal obligations for the upcoming period to the holders of those obligations. Investors who bid an interest rate above the clearing rate of interest receive no portion of the issue of municipal obligations, while those whose bids were at or below the clearing rate receive the clearing rate for the next period. Although the auction rate process is intended to permit the holders of a given issue of municipal obligations to sell their holdings at par in the auction at specified intervals, there is the risk that an auction will fail due to an insufficient demand for the obligations that are the subject of the auction, preventing the holders of the obligations from disposing of their holdings, potentially for an indeterminate period of time. In addition, auction rate securities may be subject to changes in interest rates, including decreased interest rates, thereby reducing the yields to holders of the obligations.

*Fixed Rate Demand Obligations*. A Fund may purchase fixed rate municipal demand obligations or instruments either in the public market or privately. Such instruments may provide for periodic adjustment of the interest rate paid to the holder. The "demand" feature permits the holder to demand payment of principal and interest prior to the instrument's final stated maturity, either from the issuer or by drawing on a bank letter of credit, a guarantee or insurance issued with respect to the instrument. In some cases these demand instruments may be in the form of units, each of which consists of (i) a municipal obligation and (ii) a separate put option entitling the holder to sell to the issuer of such option the municipal obligation in the unit, or an equal aggregate principal amount of another municipal obligation of the same issuer, issue and maturity as the municipal obligation, at a fixed price on specified dates during the term of the put option. In those cases, each unit taken as a whole will be considered a municipal obligation, based upon an accompanying opinion of counsel. Each Municipal Fund except for Strategic Municipal Income Fund will invest in a fixed rate municipal demand instrument only if the instrument or the associated letter of credit, guarantee or insurance is rated within the three highest grades of a nationally recognized rating agency, or, if unrated, is deemed by Thornburg to be of comparable quality with issues having such debt ratings. The credit quality of such investments will be determined by Thornburg at the time of purchase, and will be reviewed by Thornburg from time to time thereafter. Strategic Municipal Income Fund may invest in fixed rate municipal demand instruments of any credit quality.

 *Floating Rate and Variable Rate Demand Obligations*. Floating rate and variable rate demand notes, obligations or instruments are municipal obligations or participations therein, either publicly underwritten and traded or privately purchased, that provide for a periodic adjustment of the interest rate paid on the instrument and may permit the holder to demand payment of the unpaid principal amount and accrued interest upon not more than seven days' notice either from the issuer or by drawing on a bank letter of credit, a guarantee or insurance issued with respect to such instrument. Such letters of credit, guarantees or insurance will be considered in determining whether a municipal obligation meets the Fund's investment criteria. The issuer of a variable rate demand instrument may have the corresponding right to prepay the principal amount prior to maturity.

*Mortgage-Backed Municipal Obligations*. Some municipal obligations a Fund may purchase are backed by mortgage loans made by financial institutions or governmental agencies to finance single and multi-family housing projects or other real estate-related projects. Repayment of these municipal obligations may be secured by the revenues from a single housing project, or may be secured by a number of housing units. Interests in securities backed by a pool of mortgages on multiple housing units differ from other forms of debt obligation, which normally provide for periodic payment of interest in fixed amounts with principal payments at maturity or specified payment dates. Instead, these securities provide for a periodic (typically monthly) payment which consists of both interest and principal payments. For more information about the characteristics and risks of mortgage-backed securities, see "Mortgage-Backed Securities, Mortgage Pass-Through Securities and Asset-Backed Securities" above.

*Municipal Leases*. A Fund may at times invest in municipal obligations, including lease revenue bonds and certificates of participation, which provide the Fund with a proportionate interest in payments made by the governmental issuer on an underlying municipal lease. Although municipal lease obligations do not constitute general obligations of the governmental issuer for which the issuer's taxing power is pledged, these lease obligations are typically backed by the issuer's covenant to budget for, appropriate and make the payments due on the underlying lease. However, certain municipal lease obligations may include "non-appropriation" clauses, which provide that the governmental issuer has no obligation to make lease payments unless money is appropriated each year for that purpose. While the lease obligation might be secured by the leased property, it might be difficult for a Fund to dispose of the leased property in case of a default by the governmental lessee. In addition, some municipal lease obligations may be less liquid than other debt obligations, making it difficult for a Fund to sell the obligation at an acceptable price. In seeking to reduce the special risks associated with investment by a Fund in municipal lease obligations, Thornburg will consider: (i) whether the underlying lease can be canceled; (ii) whether the nature of the leased equipment or property is such that its ownership or use is deemed essential to a governmental function of the governmental lessee (e.g., the potential for an "event of nonappropriation"); (iii) in cases where the obligation gives a Fund a secured interest in the underlying equipment, whether that equipment has elements of portability or use that enhance its marketability in the event of a default by the governmental lessee; (iv) whether the governmental issuer's general credit is adequate; and (v) such other factors concerning credit quality or the Fund's legal recourse in the event of a default by the governmental issuer as Thornburg may deem relevant. Thornburg will also evaluate the liquidity of each municipal lease obligation upon its acquisition and periodically while it is held based upon various factors, including: (a) the frequency of trades and quotes for the obligation; (b) the number of dealers who will buy or sell the obligation and the potential buyers for the obligation; (c) the willingness of dealers to make a market for the obligation; (d) the nature and timing of marketplace trades; and (e) such other factors concerning the trading market as Thornburg may deem relevant.

*Tender Option Bonds.* Each of the Funds may invest in tender option bonds. Tender option bonds are created when the owner or owners of one or more fixed rate municipal obligations sell or transfer those obligations to a trust that is sponsored by a broker-dealer or other third party. The trust then issues two new securities, each of which represents a beneficial interest in the trust. One of these securities is a short-term, floating-rate security, sometimes referred to as a "senior certificate" or a "floater." The interest rate on the senior certificate is initially set at a level that is lower than the interest rate on the underlying municipal obligation(s), and resets periodically based on the movement of a short-term benchmark interest rate. The senior certificates also have a demand feature which permits the security holder to put the security back to the trust after a specified notice period. In that event the security holder is entitled to receive the principal amount of the senior certificate plus accrued interest. Those amounts are paid by either the sponsor of the trust or by a third party that acts as a liquidity provider for the trust. The other security issued by the trust is a long-term, floating-rate security, sometimes referred to as a "residual interest" or an "inverse floater." The residual interests pay an interest rate equal to the interest that is paid on the underlying municipal obligation(s) less the interest that was paid to the holders of the senior certificates and less any expenses of the trust. Unlike the senior certificates, the residual interest securities do not have a put feature. Upon maturity of the underlying municipal obligation(s) or another event which causes the termination or liquidation of the trust, holders of the senior certificates are generally entitled to receive the principal amount of their security plus a portion of any gains in the market value of the underlying municipal obligations, while holders of the residual interest are generally entitled to receive whatever amounts remain in trust after payment to the senior certificate holders and payment of trust expenses.

The senior certificates are sold to third parties, which may include the Funds, in a private placement transaction. Because the senior certificates have first priority to the cash flows from the underlying municipal obligation(s), and because the holders of senior certificates have a right to put those securities back to the trustee or to a third party liquidity facility, investments in senior securities are generally perceived as involving less interest rate, credit, and market risk than investments in the residual interests. Investors in senior certificates are, however, exposed to the risk that the trust sponsor or third party liquidity facility fails to meet its contractual obligation to buy back the security when the investor exercises its put option.

The residual interests are issued to the person(s) that transferred the municipal obligation(s) to the trust. The residual interest holders also receive the proceeds from the sale of the senior certificates, less certain transaction costs and trustee fees. Risks associated with an investment in residual interests include the risks associated with an investment in the underlying municipal obligations, and the risk that increases in short-term interest rates will increase interest payments to the senior certificate holders and therefore reduce interest payments to the residual interest holders. Investments in residual interests also typically involve leverage, which may magnify an investor's losses.

<u>Structured Finance Arrangements</u>

*Collateralized Mortgage Obligations ("CMOs")*. Limited Term U.S. Government Fund, Ultra Short Income Fund, Limited Term Income Fund, Core Plus Bond Fund, Strategic Income Fund, each of the Equity Funds, and Summit Fund may invest in CMOs.

A CMO is a hybrid between a mortgage-backed bond and a mortgage pass-through security (see discussion of those instruments under "Mortgage-Backed Securities, Mortgage Pass-Through Securities and Asset-Backed Securities" above). Similar to a bond, interest and prepaid principal are paid, in most cases, semiannually. CMOs may be collateralized by whole mortgage loans but are more typically collateralized by portfolios of mortgage pass-through securities guaranteed by Ginnie Mae, Freddie Mac, or Fannie Mae, and their income streams.

CMOs are structured into multiple classes, each bearing a different stated maturity. Actual maturity and average life will depend upon the prepayment experience of the collateral. CMOs provide for a modified form of call protection through a de facto breakdown of the underlying pool of mortgages according to how quickly the loans are repaid. Monthly payment of principal received from the pool of underlying mortgages, including prepayments, is first returned to investors holding the shortest maturity class. Investors holding the longer maturity classes receive principal only after the first class has been retired. An investor is partially guarded against unanticipated early return of principal because of the sequential payments.

In a typical CMO transaction, a corporation issues multiple series, (e.g., A, B, C, Z) of CMO bonds. Proceeds of the offering are used to purchase mortgage pass-through certificates (the "collateral"). The collateral is pledged to a third party trustee as security for the CMO bonds. Principal and interest payments from the collateral are used to pay principal on the CMO bonds in the order A, B, C, Z. The Series A, B, and C bonds all bear current interest. Interest on the Series Z bond is accrued and added to principal and a like amount is paid as principal on the Series A, B, or C bond currently being paid off. Once the Series A, B, and C bonds are paid in full, interest and principal on the Series Z Bond begins to be paid currently. With some CMOs, the issuer serves as a conduit to allow loan originators (primarily builders or savings and loan associations) to borrow against their loan portfolios.

The market for some CMOs may be less liquid than other debt obligations, making it difficult for a Fund to value its investment in the CMO or sell the CMO at an acceptable price.

Limited Term U.S. Government Fund, Ultra Short Income Fund, Limited Term Income Fund, Strategic Income Fund, each of the Equity Funds, and Summit Fund may also invest in CMOs issued by Freddie Mac. Like other CMOs, Freddie Mac CMOs are issued in multiple classes having different maturity dates. Freddie Mac CMOs are secured by the pledge of a pool of conventional mortgage loans purchased by Freddie Mac. Payments of principal and interest on the CMOs are typically made semiannually, as opposed to monthly. The amount of principal payable on each semiannual payment date is determined in accordance with Freddie Mac's mandatory sinking fund schedule, which, in turn, is equal to approximately 100% of the Federal Housing Administration prepayment experience applied to the mortgage collateral pool. All sinking fund payments in the CMOs are allocated to the retirement of the individual classes of bonds in the order of their stated maturities. Payment of principal on the mortgage loans in the collateral pool in excess of the amount of Freddie Mac's minimum sinking fund obligation for any payment date are paid to the holders of the CMOs as additional sinking fund payments. Because of the "pass-through" nature of all principal payments received on the collateral pool in excess of Freddie Mac's minimum sinking fund requirement, the rate at which principal of the CMOs is actually repaid is likely to be such that each class of bonds will be retired in advance of its scheduled date. If collection of principal (including prepayments) on the mortgage loans during any semiannual payment period is not sufficient to meet Freddie Mac's minimum sinking fund obligation on the next sinking fund payment date, Freddie Mac agrees to make up the deficiency from its general funds. Criteria for the mortgage loans in the pool backing the CMOs are identical to those of Freddie Mac PCs. Freddie Mac has the right to substitute collateral in the event of delinquencies or defaults.

*Other Structured Finance Arrangements*. Each of the Equity Funds, Limited Term Income Fund, Ultra Short Income Fund, Core Plus Bond Fund, and Strategic Income Fund may also invest in other types of structured finance arrangements besides CMOs.

Other types of structured finance arrangements that are currently available for investment include collateralized bond obligations ("CBOs"), collateralized loan obligations ("CLOs") and similarly structured securities. A CBO is a trust or other special purpose entity ("SPE") which is typically backed by a diversified pool of fixed income securities (which may include high risk, below investment grade securities). A CLO is a trust or other SPE that is typically collateralized by a pool of loans, which may include, among others, domestic and non-U.S. senior secured loans, senior unstructured loans, and subordinate corporate loans, including loans rated below investment grade or equivalent unrated loans. CMOs, CBOs, CLOs and other similarly structured securities are sometimes referred to generally as collateralized debt obligations ("CDOs").

The cashflows from a CDO's trust or SPE are split into two or more portions, called tranches, varying in risk and yield. The riskiest portion is the "equity" tranche, which bears the first loss from defaults from the bonds or loans in the trust or SPE and serves to protect the other, more senior tranches from defaults (though such protection is not complete). Since it is partially protected from defaults, a senior tranche from a CBO or CLO typically has higher ratings and lower yields than its underlying securities, and may be rated investment grade. Despite the protection from the equity tranche, CBO or CLO tranches can experience substantial losses due to actual defaults, increased sensitivity to defaults due to collateral default and the disappearance of protecting tranches, market anticipation of defaults, and/or investor aversion to CBO or CLO securities as a class. Interest on certain tranches of a CDO may be paid in kind (i.e., in the form of obligations of the same type, rather than cash), which involves continued exposure to default risk with respect to such payments.

Although certain CDOs may receive credit enhancement in the form of a senior-subordinate structure, over-collateralization or bond insurance, such enhancement may not always be present and may fail to protect the Fund against the risk of loss on default of the collateral. Certain CDOs may use derivative contracts, such as credit default swaps, to create "synthetic" exposure to assets rather than holding such assets directly, which entails the risk of derivative instruments described elsewhere in this Statement of Additional Information. See, e.g., "Investing in Derivative Instruments - Swap Agreements, Caps, Floors and Collars" below. CDOs may charge management fees and administrative expenses, which are in addition to those of the Fund. A Fund will not invest in CDOs that are managed by Thornburg or its affiliates.

The risks of investment in a CDO depend largely on the type of collateral securities and the class of the CDO in which a Fund invests. Normally, CBOs, CLOs and other CDOs are privately offered and sold, and thus, are not registered under the securities laws. As a result, investments in CDOs may be characterized by a Fund as illiquid investments. However, an active dealer market may exist for CDOs, which may allow a CDO to qualify for resale to qualified institutional buyers pursuant to Rule 144A under the 1933 Act. In addition to the normal risks associated with fixed income securities described elsewhere in this Statement of Additional Information and the Prospectus (e.g., interest rate risk and credit risk), CDOs carry additional risks including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) the Fund may invest in tranches of CDOs that are subordinate to other tranches; (iv) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results; and (v) the CDO's manager may perform poorly.

<u>U.S. Government Obligations</u>

Each of the Funds may invest in obligations of the U.S. Government.

U.S. Government Obligations include bills, certificates of indebtedness, notes and bonds issued or guaranteed as to principal or interest by the United States or by agencies or authorities controlled or supervised by, and acting as instrumentalities of, the U.S. government and established under the authority granted by Congress, including, but not limited to, Ginnie Mae, the Tennessee Valley Authority, the Bank for Cooperatives, the Farmers Home Administration, Federal Home Loan Banks, Federal Intermediate Credit Banks, Federal Land Banks, Farm Credit Banks and Fannie Mae. Some obligations of U.S. government agencies, authorities and other instrumentalities are supported by the full faith and credit of the U.S. Treasury; others by the right of the issuer to borrow from the Treasury; others only by the credit of the issuing agency, authority or other instrumentality. In the case of securities not backed by the full faith and credit of the United States, the investor must look principally to the agency issuing or guaranteeing the obligation for ultimate repayment, and may not be able to assert a claim against the United States itself in the event the agency or instrumentality does not meet its commitments. All U.S. Government Obligations are subject to the same risks affecting other debt obligations. Even if a U.S. Government Obligation is backed by the full faith and credit of the U.S. Treasury, it is possible that the U.S. government may be unable or unwilling to repay principal and interest when due, and may require that the terms for payment be renegotiated.

One specific type of U.S. Government Obligation is a Treasury Inflation Protected Security ("TIPS"). TIPS are debt obligations issued by the U.S. Treasury which are intended to protect investors from the negative effects of inflation. The principal value of the TIPS is periodically adjusted according to the rate of inflation, as measured by changes in the Consumer Price Index. Interest on TIPS is paid semi-annually as a fixed percentage of the inflation-adjusted principal amount. Typically, the interest rate on TIPS is lower than the interest rate paid on other U.S. Government Obligations of the same maturity.

<u>Zero Coupon Bonds and "Stripped" Securities</u>

Each of the Funds may purchase zero coupon bonds, including stripped securities.

Zero coupon bonds are corporate or government-issued debt obligations which do not require the periodic payment of interest and are issued at a significant discount from face value. The discount approximates the total amount of interest the bonds will accrue and compound over the period until maturity at a rate of interest reflecting the market rate of the obligation at the time of issuance.

Because zero coupon bonds pay no interest and compound semi-annually at the rate fixed at the time of their issuance, their market value is generally more volatile than the market value of comparable, interest-paying bonds, particularly during periods of changing interest rates. A Fund is required to accrue income from zero coupon bonds on a current basis even though it does not receive the income currently in cash, and a Fund is required to distribute that income for each taxable year. To generate the cash necessary to satisfy such distributions, a Fund invested in zero coupon bonds may have to sell portfolio securities that it otherwise might have continued to hold or use cash flows from other sources, including the sale of Fund shares.

**Investing in Equity Securities**

Equity securities represent an ownership interest in the entity issuing the security. Common stocks, the most familiar type of equity security, represent an ownership interest in a corporation. The values of equity securities fluctuate significantly in response to changes in market conditions, political and economic news, changes in company earnings and dividends, changes in the prospects for company businesses, industry and technological developments, changes in interest rates, and developments affecting specific companies. When equity securities held by a Fund decline in value, the value of the Fund's shares declines. These declines may be significant and there is no assurance that declines in value can be recaptured by future gains in value. When equity securities held in short position by a Fund increase in value, the Fund may experience a loss, as described in "Short Sales," below.

The following discussion contains additional detail about equity securities, including some of the specific types of equity securities in which a Fund may invest and certain risks associated with those investments. You should read the Prospectus for more information about the characteristics and risks of equity securities. You should also read "Investing in Foreign Debt Obligations and Foreign Equity Securities" below for information about some of the characteristics and risks of foreign equity securities.

<u>Closed End Funds</u>

Each of the Equity Funds, Summit Fund, Ultra Short Income Fund, Strategic Income Fund, and Strategic Municipal Income Fund may invest in the shares of closed end funds, including closed end funds which have elected to be treated as business development companies under the Investment Company Act of 1940 (the "1940 Act"). Strategic Municipal Income Fund's investment in the shares of closed end funds is limited to those closed end funds that invest in municipal obligations and distribute income that the Fund is permitted to designate as exempt interest dividends.

Closed end funds are investment companies that invest in various securities and other financial assets, and which issue shares that trade on exchanges in a manner similar to the shares of exchange traded funds (see "Exchange Traded Funds" below). The shares of a closed end fund change in value as the values of its component securities and other investments fluctuate with market changes. In contrast to exchange traded funds, however, the trading values of a closed end fund's shares often diverge to a greater extent from the net asset value of the fund's underlying portfolio investments. A closed end fund incurs its own operating expenses, so that if a Fund invests in a closed end fund, shareholders of the Fund bear the closed end fund's expenses in addition to the expenses of the Fund.

<u>Convertible Securities</u>

Each of the Equity Funds, Summit Fund, Limited Term Income, Ultra Short Income Fund, Core Plus Bond Fund, and Strategic Income Fund may invest in convertible debt obligations, and each of the Equity Funds, Summit Fund, and Strategic Income Fund may also invest in convertible preferred equity securities.

Convertible debt obligations may be converted or exchanged within a specified period of time and under certain conditions into a certain amount of common stock of the same or a different issuer. As with non-convertible debt obligations, 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 a Fund will tend to perform more like equity securities when the underlying stock price is high (because it is assumed that a Fund will convert the obligation), and more like non-convertible debt obligations when the underlying stock price is low (because it is assumed that a 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.

As with convertible debt, a convertible preferred equity security may be converted or exchanged within a specified period of time and under certain conditions into a certain amount of common stock. The market value of the convertible preferred equity security typically varies in accordance with the market value of the underlying common stock and, accordingly, is subject to the same risks affecting the underlying common stock.

<u>Exchange Traded Funds</u>

Each of the Equity Funds, Summit Fund, Limited Term Income Fund, Ultra Short Income Fund, Core Plus Bond Fund, Strategic Income Fund, and Strategic Municipal Income Fund and may invest in the shares of exchange traded funds ("ETFs"). Strategic Municipal Income Fund's investment in the shares of ETFs is limited to those ETFs that invest in municipal obligations and distribute income that the Fund is permitted to designate as exempt interest dividends.

ETFs are investment companies that invest in various securities and financial assets. ETFs are created either to provide investment results corresponding to a securities index, or are actively managed in a manner corresponding more closely to a traditional mutual fund. ETFs are typically available to investors as units of beneficial interest in a trust, and are purchased and sold on an exchange in the same way as common stocks. The values of ETF shares increase and decline as the values of the ETF's component securities and other investments fluctuate with the market changes, and usually trade in a relatively narrow range relative to the net asset value of its underlying portfolio investments because the structure of an ETF permits certain major market participants to redeem shares of the ETF for a "basket" of the ETF's underlying investments. Shares in an ETF held by a Fund are consequently subject to the same general market risks that affect the underlying investments by the ETF, except that a Fund's investments in an ETF may not exactly match the performance of any specific index (and may not perform as well as any specific index) because of differences between the ETF's investments and the index or other factors. In addition, each ETF incurs its own operating expenses, so that if a Fund invests in an ETF, shareholders of the Fund bear the ETF's expenses in addition to the expenses of the Fund.

From time to time a Fund may take short positions in leveraged ETFs. Leveraged ETFs are ETFs that use derivative instruments or other investment techniques to try to generate returns that exceed the returns of their underlying portfolio investments. The use of leverage by ETFs tends to exaggerate the effect of any increase or decrease in the value of the ETF's underlying investments and may, therefore, cause the value of the ETF's shares to be more volatile than if the ETF did not use leverage.

<u>Initial Public Offerings</u>

Each of the Equity Funds, Summit Fund and Strategic Income Fund may invest in common stock or other equity securities offered through initial public offerings ("IPOs").

An IPO is an issuer's first offering of equity securities to the public. The issuer of IPO securities may have a limited operating history, and limited information about the issuer may be available to potential purchasers. Accordingly, the market for IPO securities may be more volatile and involve greater risk of loss than investments in the equity securities of more established companies. At times a Fund may sell its investment in IPO securities shortly after the Fund purchased those securities, which may result in increased transaction costs for the Fund. There can be no assurance that a Fund will have access to profitable IPOs and, as the Fund's assets grow, any positive impact of IPO investments on the Fund's performance likely will decline.

<u>Investments in the Equity Securities of Smaller Companies</u>

Smaller, less seasoned companies are generally subject to greater price fluctuations, limited market liquidity, higher transaction costs and generally higher investment risks. Smaller companies may have limited product lines, markets or financial resources, may have more limited management expertise and resources, and have more limited financing and capital. There may be less available information respecting these companies.

<u>Limited Partnership Interests</u>

Each of the Equity Funds, Summit Fund and Strategic Income Fund may invest in interests issued by limited partnerships and master limited partnerships ("MLPs"). MLPs are business enterprises in which ownership interests are publicly traded, and which typically own interests in properties or businesses related to the oil and gas industries, although they may own other types of investments. Ownership interests in limited partnerships other than MLPs may not be publicly traded, which may decrease the liquidity of those investments. Investments in MLPs and other limited partnerships are subject to the risks associated with equity investments generally and to the risks associated with the specific industry or industries in which the partnership operates. Investments in MLPs and other limited partnerships are also subject to certain additional risks when compared to investments in corporations, including certain tax risks, a more limited ability for investors to elect or remove the issuer's management, and more limited voting rights for investors.

<u>Preferred Stock</u>

Each of the Equity Funds, Summit Fund, Limited Term Income Fund, and Strategic Income Fund may invest in preferred stock.

Preferred stock is a class of stock that generally pays dividends at a specified rate and has preference over common stock in the payment of dividends and liquidation. Preferred stock generally does not carry voting rights. Preferred stock dividends are generally fixed in advance, but the issuing company may not be required to pay a dividend if, for example, it lacks the financial ability to do so. Dividends on preferred stock may be cumulative, meaning that, in the event the issuer fails to make one or more dividend payments on the preferred stock, no dividends may be paid on the issuer's common stock until all unpaid preferred stock dividends have been paid. Preferred stock also may be subject to optional or mandatory redemption provisions.

<u>REITs and Other Real Estate-Related Instruments</u>

Each of the Equity Funds, Summit Fund and Strategic Income Fund may invest in real estate investment trusts ("REITS").

REITs are pooled investment vehicles that invest in real estate or real estate-related companies. Types of REITs in which a Fund may invest include equity REITs, which own real estate directly, mortgage REITs, which make construction, development, or long-term mortgage loans, and hybrid REITs, which share characteristics of equity REITs and mortgage REITs. A Fund may also invest in other real estate-related instruments, such as commercial and residential mortgage-backed securities and real estate financings.

Investments in REITs and other real-estate related instruments are subject to risks affecting real estate investments generally, including overbuilding, property obsolescence, casualty to real estate, and changes in real estate values, property taxes and interest rates. In addition, the value of a Fund's investments in REITs may be affected by the quality and skill of the REIT's manager, the internal expenses of the REIT, and, with regard to REITs issued in the United States, the risk that the REIT will fail to qualify for tax-free pass-through of income under the Internal Revenue Code of 1986 and/or maintain exemption from registration under the 1940 Act.

<u>Short Sales</u>

Each of the Equity Funds, Summit Fund and Strategic Income Fund may enter into short sales with respect to an investment that Thornburg believes to be overvalued or to hedge against the Fund's long exposures. A Fund may engage in short selling with respect to any of the securities in which the Fund is permitted to invest, including domestic and foreign equity securities and debt obligations.

In a short sale, the Fund borrows a security from a lender and then sells that borrowed security to another party. In order to complete the short sale, the Fund must return the borrowed security to the lender, which the Fund normally does by purchasing that security on the open market and delivering it to the lender. The Fund will realize a gain if the price of the security declines between the date the Fund borrowed the security and the date the Fund purchased the security to replace the borrowed security. The Fund will incur a loss if the price of the security increases between those dates. The Fund is required to pay to the lender amounts equal to any dividend or interest which accrues on the borrowed security during the period of the loan. The Fund may also be required to pay a premium, fee, or other amount to the lender in exchange for borrowing the security.

Although the Fund hopes to profit from its short sales, short sales may include risks that are different than, and in some respects may exceed, the Fund's long investments. Because there is no limitation on the amount to which the price of a security may increase between the date that the Fund borrows it from the lender and the date that the Fund must purchase the security on the open market to deliver it to the lender, the losses that the Fund incurs from a short sale are potentially limitless. In contrast, the losses that the Fund may realize on its long positions cannot exceed the total amount of the Fund's investments in those positions. The lender in a short sale transaction may have a right to require the Fund to return the borrowed securities earlier than scheduled, in which case the Fund may have to purchase the securities on the open market at a time when the securities' prices are unfavorable. To the extent the Fund is required to deliver collateral to the lender in response to declines in the value of the Fund's short positions, the Fund may have to sell other securities in its portfolio to meet those collateral requirements. Such sales may not be at favorable prices, or may impede the pursuit of the Fund's investment strategy.

When the Fund sells securities short, it may use the proceeds from the sales to purchase long positions in additional securities that it believes will outperform the market or its peers. This strategy may effectively result in the Fund having a leveraged investment portfolio. The use of leverage tends to exaggerate the effect of any increase or decrease in the value of the Fund's underlying investments, and may, therefore, cause the Fund's share price to be more volatile.

Funds may also seek to achieve short exposure to an investment through the use of derivative instruments, which may involve risks different or greater than the risks affecting the investment that the Fund seeks to achieve short exposure to. See "Investing in Derivatives," below.

<u>Warrants and Rights</u>

Subject to certain limitations, as described in "Investment Limitations" below, each of the Equity Funds, Summit Fund, Limited Term Income Fund and Strategic Income Fund may invest in warrants and similar rights. A warrant represents an option to purchase a stated number of shares of common stock of an issuer at a specified price during a specified period of time. The prices of warrants will not always correlate with the prices of the underlying shares of stock. In addition to the risks relating to the underlying stock, the purchase of warrants involves the risk that the effective price paid for the warrant, when added to the subscription price of the underlying stock, will exceed the market price of the underlying stock. Rights represent a preemptive right to purchase additional shares of an issuer's common stock at the time of a new offering of those shares, thereby permitting the rights holder to retain the same ownership percentage after the new offering.

**Investing in Foreign Debt Obligations and Foreign Equity Securities**

Each of the Equity Funds, Summit Fund, Limited Term Income Fund and Strategic Income Fund may make investments in foreign debt obligations or foreign equity securities, and Ultra Short Income Fund and Core Plus Bond Fund may make investments in foreign debt obligations. Global Opportunities Fund, International Equity Fund, Better World International Fund, International Growth Fund, and Developing World Fund invest primarily in foreign securities, and Summit Fund invest in a portfolio of both domestic and foreign securities, and at times the portfolios of other Funds may contain a significant percentage of foreign securities.

A Fund's investment in a foreign debt obligation or foreign equity security typically involves all of the risks inherent in the same type of debt obligation or equity security issued by a domestic issuer. In addition, foreign investments can involve significant risks in addition to the risks inherent in U.S. investments. The following discussion contains additional detail about the types of foreign investments which a Fund may make and certain risks associated with those investments. You should read the Prospectus for more information about these investments and their risks.

<u>Foreign Investments</u>

Foreign investments can involve significant risks in addition to the risks inherent in U.S. investments. The value of securities denominated in or indexed to foreign currencies, and of dividends and interest from such securities, can change significantly when foreign currencies strengthen or weaken relative to the U.S. dollar. Foreign securities markets generally have less trading volume and less liquidity than U.S. markets, and prices on some foreign markets can be highly volatile. Many foreign countries lack uniform accounting and disclosure standards comparable to those applicable to U.S. companies, and it may be more difficult to obtain reliable information regarding an issuer's financial condition and operations. Some foreign countries impose conditions and restrictions on foreigners' ownership of interests in local issuers, including restricting ownership to certain classes of investment in an issuer, which may reduce potential investment returns and impair disposition of those investments. In addition, the costs of foreign investing, including withholding taxes, brokerage commissions, and custodial costs, are generally higher than for U.S. investments.

Foreign markets may offer less protection to investors than U.S. markets. Foreign issuers, brokers, and securities markets may be subject to less government supervision. Foreign securities trading practices, including those involving the release of assets in advance of payment, may involve increased risks in the event of a failed trade or the insolvency of a broker-dealer, and may involve substantial delays. It may also be difficult to enforce legal rights in foreign countries, because of inconsistent legal interpretations or less defined legal and regulatory provisions, or because of corruption or influence on local courts.

Investing abroad also involves different political and economic risks. Foreign investments may be affected by actions of foreign governments adverse to the interests of U.S. investors, including the possibility of expropriation or nationalization of assets, confiscatory taxation, restrictions on U.S. investment or on the ability to repatriate assets or convert currency into U.S. dollars, or other government intervention. There may be a greater possibility of default by foreign governments or foreign government-sponsored enterprises, and securities issued or guaranteed by foreign governments, their agencies, instrumentalities, or political subdivisions, may or may not be supported by the full faith and credit and taxing power of the foreign government. Investments in foreign countries also involve a risk of local political, economic, or social instability, military action or unrest, or adverse diplomatic developments. There is no assurance that Thornburg will be able to anticipate these potential events or counter their effects.

<u>Depositary Receipts</u>

American Depositary Receipts ("ADRs"), European Depositary Receipts ("EDRs") and Global Depositary Receipts ("GDRs") are certificates evidencing ownership of shares of a foreign-based issuer. These certificates are issued by a bank or similar financial institution and generally trade on an established securities market in the U.S. or elsewhere. An investment in ADRs, EDRs or GDRs is an alternative to the purchase of the underlying securities in their national markets and 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. Additionally, the bank or other financial institution which issues the depositary receipt may charge the security holder fees for various services, such as forwarding dividend and interest payments. The Fund's investments in depositary receipts evidencing ownership in shares of a developing country issuer will be deemed to be an investment in that developing country issuer for purposes of the Fund's investment policies and restrictions.

Certain depositary receipts in which a Fund may invest are unsponsored, meaning that the depositary receipt is created and issued without the participation of the foreign issuer whose stock underlies the depositary receipt. The financial institution that issues an unsponsored depositary receipt may be under no obligation to distribute shareholder communications received from the foreign issuer or to pass through voting rights, and accordingly the holder of an unsponsored depositary receipt may not have as much current information concerning the foreign issuer as the holder of sponsored depositary receipt.

<u>Developing Countries</u>

The considerations noted above generally are intensified for investments in developing countries, also known as emerging market countries, potentially including investments in issuers which are not domiciled in a developing country but which have reference to a significant percentage of their business in developing countries. Developing countries may have relatively unstable governments, economies based on only a few industries, and securities markets that trade a small number of securities.

<u>Foreign Currency Transactions</u>

Each of the Equity Funds, Summit Fund, Limited Term Income Fund, Ultra Short Income Fund, Core Plus Bond Fund, and Strategic Income Fund may conduct foreign currency transactions on a spot (i.e., cash) basis or by entering into forward contracts and futures contracts to purchase or sell foreign currencies at a future date and price. Additional detail about foreign currency transactions is provided below in the sections entitled "Investing in Derivative Instruments - Foreign Currency Transactions," "Investing in Derivative Instruments - Futures Contracts - Futures Relating to Foreign Currencies," "Investing in Derivative Instruments - Options - Options Relating to Foreign Currencies," and "Investing in Derivative Instruments - Swap Agreements, Caps, Floors and Collars - Currency Swaps."

**Investing in Derivative Instruments**

A derivative instrument or derivatives transaction is a financial contract the value of which depends on, or is derived from, the value of some other underlying asset, reference rate, or index, such as equity securities, bonds, commodities, currencies, or interest rates. The use of derivative instruments may involve risks different from, or potentially greater than, the risks associated with investing directly in the underlying reference asset. In particular, the use by a Fund of privately negotiated, over-the-counter ("OTC") derivatives contracts exposes the Fund to the risk that the counterparty to the OTC derivatives contract will be unable or unwilling to make timely payments under the contract or otherwise honor its obligations. Although Thornburg intends to monitor the creditworthiness of counterparties, there can be no assurance that a counterparty will meet its obligations, especially during periods of adverse market conditions. The market for certain types of derivative instruments may also be less liquid than the market for the underlying reference asset, making it difficult for a Fund to value its derivative investments or sell those investments at an acceptable price. Derivative instruments may also involve the risk that changes in their value may not correlate perfectly with the assets, rates or indices they are designed to track.

A Fund's investment in derivative instruments may be limited by the requirements of Subchapter M of the Internal Revenue Code for qualification as a regulated investment company. See "Taxes." A Fund's investment in derivative instruments may also be limited to the extent Thornburg intends to continue to claim exclusion from the definition of "commodity pool operator" under the Commodity Exchange Act. See "Commodity Exchange Act Registration Exemption."

The U.S. Securities and Exchange Commission (the "SEC") has adopted rule 18f-4 of the 1940 Act related to the use of derivatives, short sales, reverse repurchase agreements and certain other transactions by registered investment companies, and in connection with the adoption of that rule, the SEC rescinded and withdrew certain previous guidance of the SEC and its staff regarding the use of asset segregation and cover transactions as a means to reduce the potential that a fund's use of derivatives may constitute the issuance of "senior securities" by the fund. Rule 18f-4 requires a fund that enters into derivatives and certain other transactions which create future payment or delivery obligations (except reverse repurchase agreements and similar financing transactions) to be subject to a value-at-risk ("VaR") leverage limit and certain derivatives risk management program and reporting requirements. Generally, these requirements apply unless the fund qualifies as a "limited derivatives user," as defined in the rule. Under rule 18f-4, when a Fund trades reverse repurchase agreements or similar financing transactions it needs to aggregate the amount of indebtedness associated with those investments with the aggregate amount of any other senior securities representing indebtedness when calculating the Fund's asset coverage ratio or treat all such transactions as derivatives transactions. Reverse repurchase agreements or similar financing transactions, including certain tender option bonds, aggregated with other indebtedness do not need to be included in the calculation of whether a fund is a limited derivatives user, but for funds subject to the VaR testing, reverse repurchase agreements and similar financing transactions must be included for purposes of such testing whether treated as derivatives transactions or not.

The Trust has adopted written policies and procedures to manage the derivatives risks of the Funds and comply with the requirements of rule 18f-4. Each Fund is currently classified as a limited derivatives user under rule 18f-4. As a limited derivatives user, each Fund's derivatives exposure, excluding certain currency and interest rate hedging transactions, may not exceed 10% of its net assets. The Funds may exclude from treating as a derivative certain currency or interest rate derivatives that are not used for investment purposes but are instead are entered into and maintained by the fund for hedging purposes; and the notional amounts of such derivatives do not exceed the value of the hedged investments by more than 10%. Each Fund's limit on its derivatives exposure of 10% of its net assets is not fundamental and may be changed by the Fund without a shareholder vote. If a Fund were to no longer be classified as a limited derivatives user, the more extensive requirements of rule 18f-4 which would then apply to the Fund may limit the ability of the Fund to use derivatives and reverse repurchase agreements and similar financing transactions as part of its investment strategies, and may also increase the cost of the Fund's investments and cost of doing business, which could adversely affect investors.

The following discussion contains additional detail about the types of derivative instruments in which a Fund may invest and certain risks associated with those investments. You should also read the Prospectus for more information about derivative instruments and their risks.

<u>Combined Positions</u>

Any Fund which is permitted to purchase or sell forward contracts, futures contracts and options (see "Forward Contracts", "Futures Contracts" and "Options" below) and may also purchase and sell such forward contracts, futures contracts and options in combination with one another in order to adjust the risk and return characteristics of the overall position. For example, a Fund may purchase a put option and write a call option on the same underlying instrument, in order to construct a combined position whose risk and return characteristics are similar to selling a futures contract. Another possible combined position would involve writing a call option at one strike price and buying a call option at a lower price, in order to reduce the risk of the written call option in the event of a substantial price increase. Because combined options positions involve multiple trades, they result in higher transaction costs and may be more difficult to open and close out. A combined transaction will usually contain elements of risk that are present in each of its component transactions. Although combined transactions are normally entered into based on Thornburg's judgment that the combined strategies will reduce risk or otherwise more effectively achieve the desired portfolio management goal, it is possible that the combination will instead increase such risks or hinder achievement of the goal.

<u>Eurodollar Instruments</u>

Each of the Equity Funds, Summit Fund, Limited Term Income Fund, Ultra Short Income Fund, Core Plus Bond Fund, and Strategic Income Fund may make investments in Eurodollar instruments.

Eurodollar instruments are U.S. dollar-denominated futures contracts or options thereon which are linked to a reference rate, although foreign currency-denominated instruments are available from time to time. Eurodollar futures contracts enable purchasers to obtain a fixed rate for the lending of funds and sellers to obtain a fixed rate for borrowings. A Fund might use Eurodollar futures contracts and options thereon to hedge against changes in the applicable reference rate, to which many interest rate swaps and fixed income instruments are linked.

<u>Foreign Currency Transactions</u> 

Each of the Equity Funds, Summit Fund, Limited Term Income Fund, Ultra Short Income Fund, Core Plus Bond Fund, and Strategic Income Fund may conduct foreign currency transactions on a spot (i.e., cash) basis or by entering into forward contracts to purchase or sell foreign currencies at a future date and price.

*Conversions on a Spot Basis*. A Fund may convert currency on a spot basis from time to time. Although foreign exchange dealers generally do not charge a fee for conversion, they do realize a profit based on the difference between the prices at which they are buying and selling various currencies. Thus, a dealer may offer to sell a foreign currency to a Fund at one rate, while offering a lesser rate of exchange should the Fund desire to resell that currency to the dealer.

*Currency Forward Contracts*. A currency forward contract is a privately negotiated obligation to purchase or sell a specific currency at a specific future date, at a price set at the time of the contract. The parties to a forward contract may agree to offset or terminate the contract before its maturity, or may hold the contract to maturity and complete the contemplated currency exchange. A Fund may use currency forward contracts for any purpose consistent with its investment objectives. The following discussion summarizes the principal currency management strategies involving forward contracts that could be used by a Fund. A Fund may also use swap agreements, indexed securities, and options and futures contracts relating to foreign currencies for the same purposes.

In those instances when a Fund enters into a forward currency contract, it typically does so for portfolio hedging purposes. In that regard, a Fund may enter into a forward contract to sell a foreign currency in which certain of its portfolio investments are denominated as a strategy to reduce the risk that a decline in the value of the foreign currency relative to the U.S. dollar will diminish the value of the portfolio investments denominated in that foreign currency. For example, if a Fund owned securities denominated in pounds sterling, it could enter into a forward contract to sell pounds sterling in return for U.S. dollars to hedge against possible declines in the pound's value. Such a hedge, sometimes referred to as a "position hedge," would tend to offset both positive and negative currency fluctuations, but would not offset changes in security values caused by other factors. A Fund could also hedge the position by selling another currency expected to perform similarly to the pound sterling. This type of hedge, sometimes referred to as a "proxy hedge," could offer advantages in terms of cost, yield, or efficiency, but generally would not hedge currency exposure as effectively as a direct hedge into U.S. dollars. Proxy hedges may result in losses if the currency used to hedge does not perform similarly to the currency in which the hedged securities are denominated. A Fund could use a similar hedging strategy in an "indirect hedge" with respect to securities holdings that are denominated in U.S. dollars or another currency, but which conduct a substantial amount of business in a given foreign currency and are consequently exposed to a risk that the value of that foreign currency will decline relative to the U.S. dollar or other currency in which the holding is denominated. The Funds do not enter into hedging transactions in all instances when it might be desirable to do so, and any Fund may be exposed to currency risk some or most of the time without any hedging position for purposes of reducing that risk.

A Fund may also enter into forward contracts to shift investment exposure from one currency into another. This may include shifting exposure from U.S. dollars to a foreign currency, or from one foreign currency to another foreign currency. For example, if a Fund held investments denominated in pounds sterling, the Fund could enter into forward contracts to sell pounds sterling and purchase Swiss francs. This type of strategy, sometimes known as a "cross hedge," will tend to reduce or eliminate exposure to the currency that is sold, and increase exposure to the currency that is purchased, much as if the Fund had sold a security denominated in one currency and purchased an equivalent security denominated in another. Cross-hedges protect against losses resulting from a decline in the hedged currency, but will cause a Fund to assume the risk of fluctuations in the value of the currency it purchases.

In another circumstance, a Fund that has agreed to buy or sell a security denominated in a foreign currency may seek to "lock in" the U.S. dollar price of the security by entering into a forward contract to buy or sell the relevant foreign currency for a fixed amount of U.S. dollars. This technique, sometimes referred to as a "settlement hedge" or "transaction hedge," is intended to protect a Fund against an adverse change in foreign currency values between the date the security is purchased or sold and the date on which payment is made or received. A Fund also may enter into forward contracts to purchase or sell a foreign currency in anticipation of future purchases or sales of securities denominated in foreign currency, even if the specific investments have not yet been selected by Thornburg.

Currency transactions can result in losses to the Fund if the currency being hedged fluctuates in value to a degree or in a direction that is not anticipated. Further, there is the risk that the perceived linkage between various currencies may not be present or may not be present during the particular time that the Fund is engaged in a currency hedging transaction.

Because currency control is of great importance to the issuing governments and influences economic planning and policy, purchases and sales of currency and related instruments can be negatively affected by government exchange controls, blockages, and manipulations or exchange restrictions imposed by governments. Those can result in losses to a Fund if it is unable to deliver or receive currency in settlement of obligations and could also cause hedges it has entered into to be rendered ineffective, resulting in full currency exposure as well as incurring transaction costs. Currency futures are also subject to risks pertaining to futures contracts generally. See "Futures Contracts," below. Options trading on currency futures is subject to market liquidity, and establishing and closing positions may be difficult. Currency exchange rates may fluctuate based on factors extrinsic to the issuing country's own economy.

Successful use of currency management strategies will depend on Thornburg's skill in analyzing and predicting currency values. Currency management strategies may substantially change a Fund's investment exposure to changes in currency exchange rates, and could result in losses to the Fund if currencies do not perform as Thornburg anticipates. For example, if a currency's value rose at a time when Thornburg had hedged a Fund's exposure by selling that currency in exchange for dollars, the Fund would be unable to participate in the currency's appreciation. If Thornburg hedges currency exposure through proxy hedges, a Fund could realize currency losses from the hedge and the security position at the same time if the two currencies do not move in tandem. Similarly, if Thornburg increases the Fund's exposure to a foreign currency, and that currency's value declines, the Fund will realize a loss. There is no assurance that Thornburg's use of currency management strategies will be advantageous to a Fund or that it will hedge at an appropriate time.

<u>Futures Contracts</u>

Each of the Equity Funds, Summit Fund, Limited Term Income Fund, Ultra Short Income Fund, Core Plus Bond Fund, Strategic Income Fund, Short Duration Municipal Fund, and Strategic Municipal Income Fund may purchase or sell futures contracts to hedge against anticipated interest rate, currency or market changes, for duration management or risk management purposes, or to enhance potential income and gains.

When a Fund purchases a futures contract, it agrees to purchase a specified underlying instrument at a specified future date at a specified price. When a Fund sells a futures contract, it agrees to sell the underlying instrument at a specified future date at a specified price. Futures contracts are typically bought and sold on exchanges or boards of trade where the contracts are listed. Some currently available futures contracts are based on specific securities, such as U.S. Treasury bonds or notes, and some are based on indices of securities prices, such as the Standard & Poor's 500 Composite Stock Price Index ("S&P 500"). Futures can be held until their delivery dates, or can be closed out before then if a liquid secondary market is available. The value of a futures contract tends to increase and decrease in tandem with the value of its underlying instrument. Therefore, purchasing futures contracts will tend to increase a Fund's exposure to positive and negative price fluctuations in the underlying instrument, much as if it had purchased the underlying instrument directly. When a Fund sells a futures contract, by contrast, the value of its futures position will tend to move in a direction contrary to the market. Selling futures contracts, therefore will tend to offset both positive and negative market price changes, much as if the underlying instrument had been sold.

Distributions to shareholders associated with income or net gains realized by a Fund from transactions in futures contracts (or options on futures contracts) may be subject to federal income tax.

*Liquidity of Futures Contracts*. Some futures contracts may become illiquid under adverse market conditions, and there is no assurance that a liquid market will exist for any particular futures contract at any particular time. Exchanges and boards of trade may establish daily price fluctuation limits for options and futures contracts, and may halt trading if a contract's price moves upward or downward more than the limit in a given day. On volatile trading days when the price fluctuation limit is reached or a trading halt is imposed, it may not be possible for a Fund to enter into new positions or to close out existing positions. If the market for a contract is not liquid because of price fluctuation limits or otherwise, it could prevent prompt liquidation of unfavorable positions, and potentially could require a Fund to continue to hold a position until expiration regardless of unfavorable changes in its value. In that instance, the Fund's access to other assets that it has deposited to cover its futures positions also could be impaired.

*Margin Payments*. The purchaser or seller of a futures contract is not required to deliver or pay for the underlying instrument unless the contract is held until the delivery date. However, in any instance when a Fund enters into a futures contract, either as purchaser or as seller, the Fund will segregate with its custodian or with a futures commission merchant ("FCM") as initial margin assets sufficient to meet its obligations under the contract. The Fund will also deposit daily "variation margin" payments as required during the term of the contract in order settle the change in the contract's value on a daily basis (a process known as "marking to market"). Segregated assets may consist of cash, cash equivalents, high grade liquid debt obligations, or other assets agreed to by the parties to the futures contract. Initial and variation margin payments do not constitute purchasing securities on margin for purposes of a Fund's investment limitations. In the event of the bankruptcy of a FCM that holds margin on behalf of a Fund, the Fund may be entitled to return of margin owed to it only in proportion to the amount received by the FCM's other customers, potentially resulting in losses to the Fund.

*Correlation of Price Changes*. Because there are a limited number of types of futures contracts, it is likely that the standardized contracts available will not match a Fund's current or anticipated investments exactly. A Fund may invest in futures contracts based on securities with different issuers, maturities, or other characteristics from the securities in which it typically invests, which involves a risk that the futures position will not track the performance of the Fund's other investments. Futures prices can also diverge from the prices of their underlying instruments, even if the underlying instruments match the Fund's investments well. Futures prices are affected by such factors as current and anticipated short-term interest rates, changes in volatility of the underlying instrument, and the time remaining until expiration of the contract, which may not affect security prices the same way. Imperfect correlation may also result from differing levels of demand in futures markets and the securities markets, from structural differences in how futures and securities are traded, or from imposition of daily price fluctuation limits or trading halts. A Fund may purchase or sell futures contracts with a greater or lesser value than the securities it wishes to hedge or intends to purchase in order to attempt to compensate for differences in volatility between the contract and the securities, although this may not be successful in all cases. If price changes in the Fund's futures positions are poorly correlated with its other investments, the positions may fail to produce anticipated gains or result in losses that are not offset by gains in other investments.

*Futures Relating to Foreign Currencies*. Currency futures contracts are similar to forward currency exchange contracts (see "Currency Forward Contracts" above), except that they are traded on exchanges (and have margin requirements) and are standardized as to contract size and delivery date. Most currency futures contracts call for payment or delivery in U.S. dollars.

The uses and risks of currency futures are similar to futures relating to other securities or indices. A Fund may purchase and sell currency futures to increase or decrease its exposure to different foreign currencies. A Fund also may purchase and write currency futures in conjunction with each other or with currency options or forward contracts. Currency futures values can be expected to correlate with exchange rates, but may not reflect other factors that affect the value of the Fund's investments. A currency hedge, for example, should protect a Yen-denominated security from a decline in the Yen, but will not protect the Fund against a price decline resulting from deterioration in the issuer's creditworthiness. Because the value of each Fund's foreign-denominated investments changes in response to many factors other than exchange rates, it may not be possible to match the amount of currency futures to the value of the Fund's investments exactly over time. See "Foreign Currency Transactions" above.

<u>Indexed Securities</u>

Each of the Equity Funds, Summit Fund, Core Plus Bond Fund, and Strategic Income Fund may purchase securities whose prices are indexed to the prices of other securities, securities indices, currencies, precious metals or other commodities or other financial indicators.

Indexed securities typically, but not always, are debt obligations or deposits whose value at maturity or coupon rate is determined by reference to a specific instrument or statistic. Gold-indexed securities, for example, typically provide for a maturity value that depends on the price of gold, resulting in a security whose price tends to rise and fall together with gold prices. Currency indexed securities typically are short-term to intermediate-term debt obligations whose maturity values or interest rates are determined by reference to the values of one or more specified foreign currencies, and may offer higher yields than U.S. dollar-denominated securities of equivalent issuers. Currency-indexed securities may be positively or negatively indexed; that is, their maturity value may increase when the specified currency value increases, resulting in a security that performs similarly to a foreign-denominated instrument, or their maturity value may decline when foreign currencies increases, resulting in a security whose price characteristics are similar to a put on the underlying currency. Currency-indexed securities may also have prices that depend on the values of a number of different foreign currencies relative to each other.

The performance of indexed securities depends to a great extent on the performance of the security, currency or other instrument to which they are indexed, and may also be influenced by interest rate changes in the U.S. and abroad. At the same time, indexed securities are subject to the credit risks associated with the issuer of the security, and their values may decline substantially if the issuer's creditworthiness deteriorates. Recent issuers of indexed securities have included banks, corporations, and certain U.S. government agencies. Indexed securities may be more volatile than their underlying instruments.

<u>Options</u>

Each of the Equity Funds, Summit Fund, Limited Term Income Fund, Ultra Short Income Fund, Core Plus Bond Fund, Strategic Income Fund, and Strategic Municipal Income Fund may purchase or write put and call options to hedge against anticipated interest rate or market changes, for duration management or risk management purposes, or to enhance potential income and gains.

*Purchasing Put and Call Options*. By purchasing a put option, a Fund obtains the right (but not the obligation) to sell the option's underlying instrument at a fixed exercise or "strike" price. In return for this right, a Fund pays the current market price for the option (known as the option premium). Options have various types of underlying instruments, including specific equity securities or debt obligations, indices of securities prices, and futures contracts. A Fund may terminate its position in a put option it has purchased by allowing it to expire or by exercising the option. If the option is allowed to expire, the Fund will lose the entire premium it paid. If a Fund exercises the option, it completes the sale of the underlying instrument at the strike price. A Fund may also terminate a put option position by closing it out in the secondary market at its current price, if a liquid secondary market exists.

The buyer of a typical put option can expect to realize a gain if security prices fall substantially. However, if the underlying instrument's price does not fall enough to offset the cost of purchasing the option, the owner of the put option will experience a loss measured by the premium paid to buy the option, plus related transaction costs.

The features of call options are similar to those of put options, except that the purchaser of a call option obtains the right to purchase, rather than sell, the underlying instrument at the option's strike price. A call buyer typically attempts to participate in potential price increases of the underlying instrument with risk limited to the cost of the option if security prices fall. At the same time, the buyer will experience a loss if the underlying instrument's price does not rise sufficiently to offset the buyer's cost of purchasing the option and transaction costs.

The purchase of options increases a Fund's costs because it must pay premiums to purchase the options, and the exercise of put and call options by a Fund will increase portfolio turnover and associated transaction costs. Because premiums for the purchase of options are typically much smaller than the prices to purchase the underlying instruments, the use of options creates leverage, which might result in a Fund's net asset value being more sensitive to changes in the instruments underlying the options.

An American-style put or call option may be exercised at any time during the option period while a European-style put or call options may be exercised only upon expiration of the option period or during a fixed period prior thereto.

*Writing Put and Call Options*. When a Fund sells or "writes" a put option, it takes the opposite side of the transaction from the option's purchaser. In return for receipt of the premium, a Fund, as writer of such an option, would be obligated to pay the strike price for the option's underlying instrument if the other party to the option chooses to exercise it. When writing an option on a futures contract, a Fund would be required to make margin payments to cover the Fund's potential obligation to pay the strike price if the other party chooses to exercise the option. A Fund may seek to terminate its position in a put option it writes before it is exercised by closing out the option in the secondary market at its then current price. If, however, the secondary market is not sufficiently liquid, the Fund may not be able to close out its position and would, therefore, remain obligated to purchase the underlying instrument at the strike price if the option is exercised. If the price of the underlying instrument rises, the writer of a put ordinarily will profit by the amount of the premium received on writing the option. If the price of the instrument declines, the writer may experience a loss, although the amount of the loss is offset to some degree by the amount of the premium received.

Writing a call option obligates the writer to sell or deliver the option's underlying instrument, in return for the strike price, upon exercise of the option by the holder. The characteristics of writing call options are similar to those of writing put options, except that writing calls generally is a profitable strategy if prices remain the same or decline. Through receipt of the option premium, a Fund as the writer of such an option would seek to mitigate the effects of a decline in the price of the underlying instrument. At the same time, a Fund which writes an option must be prepared to deliver the underlying instrument in return for the strike price, even if the current value of the instrument is higher than the strike price. In that event, a Fund will experience a loss to the extent that the value of the underlying instrument exceeds the total of the strike price and the premium that it received when it wrote the option.

*Exchange-Traded Options*. Options may be traded on exchanges, or may be traded "over-the-counter" (see discussion of "OTC Options" below). Exchange-traded options are issued by a regulated intermediary, which guarantees the performance of the obligations of the parties to such options. With certain exceptions, exchange-traded options generally settle by physical delivery of the underlying security or currency, although in the future cash settlement may become available. Frequently, rather than taking or making delivery of the underlying instrument through the process of exercising the option, exchange-traded options are closed by entering into offsetting purchase or sale transactions that do not result in ownership of the new option.

A Fund's ability to close out its position as a purchaser or seller of an exchange-traded option is dependent, in part, upon the liquidity of the option market. Among the possible reasons for the absence of a liquid option market on an exchange are: (i) insufficient trading interest in certain options; (ii) restrictions on transactions imposed by an exchange; (iii) trading halts, suspensions or other restrictions imposed with respect to particular classes or series of options or underlying securities including reaching daily price limits; (iv) interruption of the normal operations of the exchange; (v) inadequacy of the facilities of an exchange to handle current trading volume; or (vi) a decision by one or more exchanges to discontinue the trading of options (or a particular class or series of options), in which event the relevant market for that option on that exchange would cease to exist, although outstanding options on that exchange would generally continue to be exercisable in accordance with their terms.

The hours of trading for listed options may not coincide with the hours during which the underlying financial instruments are traded. To the extent that the option markets close before the markets for the underlying financial instruments, significant price and rate movements can take place in the underlying markets that cannot be reflected in the option markets.

*OTC Options*. Unlike exchange-traded options, which are standardized with respect to the underlying instrument, expiration date, contract size, and strike price, the terms of over-the-counter options generally are established through negotiation with the other party to the contract. While such arrangements allow greater flexibility to a Fund to tailor an option to its needs, "OTC" options generally involve greater credit risk than exchange-traded options, which are backed by the clearing organization of the exchange where they are traded. Accordingly, Thornburg must assess the creditworthiness of each counterparty or any guarantor or credit enhancement of the counterparty's credit to determine the likelihood that the terms of the OTC option will be satisfied.

The staff of the SEC currently takes the position that OTC options are illiquid, and investments by each Fund in those instruments will be subject to each Fund's limitation on investments in illiquid instruments. See "Illiquid Investments" below.

Limited Term Income Fund will engage in OTC option transactions only with United States government securities dealers recognized by the Federal Reserve Bank in New York as "primary dealers," broker dealers, domestic or foreign banks or other financial institutions which have received a short-term credit rating of "A-1" from Standard & Poor's Corporation or "P-1" from Moody's Investor Services or have been determined by Thornburg to have an equivalent credit rating. Additionally, Limited Term Income Fund will only enter into OTC options that have a buy-back provision permitting the Fund to require the counterparty to buy back the option at a formula price within seven days. Limited Term Income Fund expects generally to enter into OTC options that have cash settlement provisions, although it is not required to do so.

*Liquidity of Options*. Some options become illiquid under adverse market conditions, and there is no assurance a liquid secondary market will exist for any particular options contract at any particular time. Options may have relatively low trading volume and liquidity if their strike prices are not close to the underlying instrument's current price. In addition, exchanges may establish daily price fluctuation limits for options, and may halt trading if a contract's price moves upward or downward more than the limit in a given day. On volatile trading days when the price fluctuation limit is reached or a trading halt is imposed, it may be impossible for a Fund to enter into new positions or close out existing positions. If the secondary market for a contract is not liquid because of price fluctuation limits or otherwise, it could prevent prompt liquidation of unfavorable positions, and potentially could require the Fund to continue to hold a position until delivery or expiration regardless of changes in its value. As a result, the Fund's access to other assets held to cover its options positions could also be impaired.

*Correlation of Price Changes*. Because there are a limited number of types of exchange-traded options, it is likely that the standardized contracts available will not match a Fund's current or anticipated investments exactly. A Fund may invest in options based on securities with different issuers, maturities, or other characteristics from the securities in which it typically invests, which involves a risk that the options position will not track the performance of the Fund's other investments. Options prices can also diverge from the prices of their underlying instruments, even if the underlying instruments match the Fund's investments well. Options prices are affected by such factors as current and anticipated short-term interest rates, changes in volatility of the underlying instrument, and the time remaining until expiration of the contract, which may not affect security prices the same way. Imperfect correlation may also result from differing levels of demand in the options markets and the securities markets, from structural differences in how options and securities are traded, or from imposition of daily price fluctuation limits or trading halts. A Fund may purchase or sell options contracts with a greater or lesser value than the securities it wishes to hedge or intends to purchase in order to attempt to compensate for differences in volatility between the contract and the securities, although this may not be successful in all cases. If price changes in the Fund's options positions are poorly correlated with its other investments, the positions may fail to produce anticipated gains or result in losses that are not offset by gains in other investments.

*Credit Options*. Credit options are options whereby the purchaser has the right, but not the obligation, to enter into a transaction involving either an asset with inherent credit risk or a credit derivative, at terms specified at the inception of the option.

*Options Relating to Foreign Currencies*. The underlying instrument of a currency option may be a foreign currency, which generally is purchased or delivered in exchange for U.S. dollars, or may be a futures contract. The purchaser of a currency call obtains the right to purchase the underlying currency, and the purchaser of a currency put obtains the right to sell the underlying currency.

The uses and risks of currency options are similar to options relating to other securities or indices. A Fund may purchase and write currency options to increase or decrease its exposure to different foreign currencies. A Fund also may purchase and write currency options in conjunction with each other or with currency futures or forward contracts. Currency options values can be expected to correlate with exchange rates, but may not reflect other factors that affect the value of the Fund's investments. A currency hedge, for example, should protect a Yen-denominated security from a decline in the Yen, but will not protect the Fund against a price decline resulting from deterioration in the issuer's creditworthiness. Because the value of each Fund's foreign-denominated investments changes in response to many factors other than exchange rates, it may not be possible to match the amount of currency options to the value of the Fund's investments exactly over time. See "Foreign Currency Transactions" above.

*Options on Futures Contracts*. Options on futures contracts are similar to options on securities, except that an option on a futures contract gives the purchaser the right in return for the premium paid to assume a position in the underlying futures contract. If a Fund exercises an option on a futures contract it will be obligated to deposit initial margin (and potential subsequent variation margin) for the resulting futures position just as it would for any other futures contract position.

*Options on Indices*. Options on securities indices and other financial indices are similar to options on a security or other instrument except that, rather than settling by physical delivery of the underlying instrument, they settle by cash settlement (i.e., an option on an index gives the holder the right to receive, upon exercise of the option, an amount of cash if the closing level of the index upon which the option is based exceeds, in the case of a call, or is less than, in the case of a put, the exercise price of the option except if, in the case of an OTC option, physical delivery is specified). This amount of cash is equal to the excess of the closing price of the index over the exercise price of the option, which also may be multiplied by a formula value. The seller of the option is obligated, in return for the premium received, to make delivery of this amount. The gain or loss on an option on an index depends on price movements in the instruments making up the market, market segment, industry or other composite on which the underlying index is based rather than price movements in individual securities, as is the case with respect to options on securities.

<u>Structured Notes</u>

Each of the Equity Funds, Summit Fund, Limited Term Income Fund, Ultra Short Income Fund, Core Plus Bond Fund, and Strategic Income Fund may invest in structured notes.

Structured notes are derivative debt obligations, the interest rate or principal of which is determined by reference to changes in the value of a specific asset, reference rate or index, or the relative change in two or more reference assets. The interest rate or the principal amount payable upon maturity or redemption may increase or decrease, depending upon changes in the value of the reference asset. The terms of a structured note may provide that, in certain circumstances, no principal is due at maturity and, therefore, may result in a loss of invested capital by a Fund. Structured notes may be indexed positively or negatively, so that appreciation of the reference asset may produce an increase or decrease in the interest rate or value of the principal at maturity. In addition, changes in the interest rate or the value of the principal at maturity may be fixed at a specified multiple of the change in the value of the reference asset, making the value of the note particularly volatile.

Structured notes may entail a greater degree of market risk than other types of debt obligations because the investor bears the risk of the reference asset. As noted above, the value of structured notes also may be more volatile than other debt obligations.

<u>Swap Agreements, Caps, Floors, and Collars</u>

Each of the Equity Funds, Summit Fund, Limited Term Income Fund, Ultra Short Income Fund, Core Plus Bond Fund, Strategic Income Fund, and Strategic Municipal Income Fund may enter into swap agreements and related caps, floors and collars. None of these Funds are limited to any particular form of swap agreement, provided that Thornburg determines that the agreement it is consistent with the Fund's investment objective and policies.

Swap agreements involve the exchange by a Fund and another party of their respective commitments to pay or receive cash flows. Although swaps can take a variety of forms, typically one party pays fixed and receives floating rate payments and the other party receives fixed and pays floating rate payments. Swap agreements can be individually negotiated and structured to include exposure to a variety of different types of investments or market factors. Swap agreements will tend to shift a Fund's investment exposure from one type of investment to another. For example, if a Fund agreed to exchange payments in dollars for payments in foreign currency, the swap agreement would tend to decrease the Fund's exposure to U.S. interest rates and increase its exposure to foreign currency and interest rates. Caps and floors have an effect similar to buying or writing options. Depending on how they are used, swap agreements may increase or decrease the overall volatility of a Fund's investments and its share price and yield. The most significant factor in the performance of swap agreements is the change in the specific interest rate, currency, or other factors that determine the amounts of payments due to and from the Fund. If a swap agreement calls for payments by a Fund, the Fund must be prepared to make such payments when due. In addition, if the counterparty's credit worthiness declined or if the counterparty defaults, the Fund will likely have contractual remedies available to it, but the value of the swap or other agreement would be likely to decline, potentially resulting in losses. Each Fund expects to be able to eliminate its exposure under swap agreements either by assignment or other disposition, or by entering into an offsetting swap agreement with the same party or a similarly creditworthy party.

*Credit Default Swaps*. A credit default swap is a credit derivative in which two parties enter into an agreement to transfer the credit exposure of fixed income securities. The buyer of credit protection (or seller of credit risk) agrees to pay the counterparty a fixed, periodic premium for a specified term. In return, the counterparty agrees to pay a contingent payment to the buyer in the event of an agreed upon credit occurrence which is typically a default by the issuer of a debt obligation.

*Currency Swaps*. A currency swap is an agreement to exchange cash flows on a notional amount of two or more currencies based on the relative value differential among them. Typically, the interest rates that determine the currency swap payments are fixed, although occasionally one or both parties may pay a floating rate of interest. Changes in foreign exchange rates and changes in interest rates may negatively affect the value of a currency swap.

*Equity Swaps*. In a typical equity swap, one party agrees to pay another party the return on a stock, stock index or basket of stocks in exchange for a specified interest rate. By entering into an equity index swap, for example, the index receiver can gain exposure to stocks making up the index of securities without actually purchasing those stocks. Equity index swaps involve not only the risks associated the investment in the securities represented in the index, but also the risk that the performance of such securities, including dividends, will not exceed the return on the interest rate that the Fund is committed to pay to the counterparty.

 *Interest Rate Swaps and Forward Rate Contracts*. Interest rate swaps involve the exchange by the Fund with another party of their respective commitments to pay or receive interest, e.g., an exchange of fixed rate payments for floating rate payments. The Fund may also enter forward rate contracts. Under these contracts, the buyer locks in an interest rate at a future settlement date. If the interest rate on the settlement date exceeds the lock rate, the buyer pays the seller the difference between the two rates. Any such gain received by a Fund would be taxable. If the other party to an interest rate swap or forward rate contract defaults, a Fund's risk of loss consists of the net amount of payments that the Fund is contractually entitled to receive. The net amount of the excess, if any, of the Fund's obligations over its entitlements will be maintained in a segregated account by the Fund's custodian. The Fund will not enter into any interest rate swap or forward rate contract unless the claims-paying ability of the other party thereto is considered satisfactory by Thornburg. If there is a default by the other party to such a transaction, the Fund will have contractual remedies pursuant to the agreements related to the transaction. These instruments are traded in the over-the-counter market.

 

*Total Return Swaps*. A total return swap is a credit derivative in which the buyer receives a periodic return equal to the total economic return of a specified security, securities or index, for a specified period of time. In return, the buyer pays the counterparty a variable stream of payments, typically based upon short-term interest rates, possibly plus or minus an agreed upon spread.

*Caps, Floors and Collars*. The purchase of a cap entitles the purchaser to receive payments on a notional principal amount from the party selling the cap to the extent that a specified index exceeds a predetermined interest rate or amount. For example, an interest rate cap is an agreement between two parties over a specified period of time where one party makes payments to the other party equal to the difference between the current level of an interest rate index and the level of the cap, if the specified interest rate index increases above the level of the cap. The purchase of a floor entitles the purchaser to receive payments on a notional principal amount from the party selling the floor to the extent that a specified index falls below a predetermined interest rate or amount. For example, an interest rate floor is similar except the payments are the difference between the current level of an interest rate index and the level of the floor if the specified interest rate index decreases below the level of the floor. A collar is a combination of a cap and a floor that preserves a certain return within a predetermined range of interest rates or values. For example, an interest rate collar is the simultaneous execution of a cap and floor agreement on a particular interest rate index.

**Commodities-Related Investments**

The Summit Fund may invest in commodities-related investments, including equity and debt securities issued by companies that operate commodities-based businesses, commodity futures contracts or other commodity-linked derivative instruments, and exchange traded funds or other investment vehicles that invest in commodities. The prices of commodities-related investments may move in different directions than investments in other equity and debt securities when the value of those other securities is declining due to adverse economic conditions. As an example, during periods of rising inflation, debt securities have historically tended to decline in value due to the general increase in prevailing interest rates. Conversely, during those same periods of rising inflation, the prices of certain commodities, such as oil and metals, have historically tended to increase. Of course, there cannot be any guarantee that these investments will perform in that manner in the future, and at certain times the price movements of commodities-related investments have been parallel to those of debt and equity securities. Commodities have historically tended to increase and decrease in value during different parts of the business cycle than financial assets. Nevertheless, at various times, commodities prices may move in tandem with the prices of financial assets and thus may not provide overall portfolio diversification benefits. Under favorable economic conditions, the Summit Fund's commodities-related investments may be expected to underperform an investment in traditional securities. Over the long term, the returns on the Summit Fund's commodities-related investments may be expected to exhibit low or negative correlation with stocks and bonds.

Additionally, to the extent the Summit Fund obtains exposure to commodities through the use of commodity futures contracts or other derivatives, those derivatives may involve risks different or greater than the risks affecting the underlying assets. See "Investing in Derivatives," above.

**Other Investments, Investment Techniques and Other Risks**

The following contains additional detail about certain other investments a Fund may make and certain other risks to which a Fund may be subject.

<u>Consideration of Environmental, Social and Governance ("ESG") Characteristics</u>

When evaluating a potential investment opportunity, each of the Funds may consider the issuer's ESG characteristics, however, only the Thornburg Better World International Fund considers the issuer's ESG characteristics as a principal investment strategy. Thornburg defines a significant ESG characteristic as one which may materially affect an issuer's risk and return profile and, accordingly, the issuer's long-term investment performance. In this way, Thornburg's consideration of ESG characteristics is no different than its consideration of more traditional financial metrics or other factors which may affect the risks and returns of a Fund's investments. The specific ESG characteristics which Thornburg determines to be significant will vary over time and among different financial sectors and industries, but will generally include environmental, social capital, human capital, business model and innovation, and leadership and governance characteristics. Examples of potentially significant environmental characteristics include: greenhouse gas emissions; air quality; energy management; water and wastewater management; waste and hazardous materials management; and ecological impacts. Examples of potentially significant social capital characteristics include: human rights and community relations; customer privacy; data security; access & affordability; product quality and safety; customer welfare; and selling practice and product labeling. Examples of potentially significant human capital characteristics include: labor practices; employee health & safety; and employee engagement, diversity and inclusion. Examples of potentially significant business model and innovation characteristics include: product design and lifecycle management; business model resilience; supply chain management; materials sourcing and efficiency; and the physical impacts of climate change. Examples of potentially significant leadership and governance characteristics include: business ethics; competitive behavior; management of the legal and regulatory environment; critical risk management; and systemic risk management.

While Thornburg makes its own judgments about the ESG characteristics of each Fund's investments, Thornburg's approach may be informed by third party data and other research tools, including consideration of the list of material ESG factors established by the Sustainability Accounting Standards Board.

There are no universally agreed upon objective standards for assessing ESG characteristics, and they can vary over different periods and evolve over time. Certain ESG characteristics are subjective and can be difficult to analyze, and the evaluation of ESG characteristics frequently involves assessing various risks relating to the financial stability and sustainability of an investment, and ESG characteristics may not always be reflected in third party data. ESG characteristics may also be difficult to apply consistently across regions, countries, industries, or sectors. Given the absence of generally accepted criteria, investors and others may disagree as what constitutes a significant ESG characteristic, or may otherwise assign a greater or lesser emphasis than Thornburg to a particular ESG characteristic. In addition, there may be situations where Thornburg determines that an issuer has been identified by Thornburg as having both positive and negative ESG characteristics. For example, an issuer may extract or use fossil fuels in a manner which may contribute to negative environmental outcomes, but that same issuer is making investments to prepare for a transition to cleaner sources of energy. In those instances, Thornburg may consider as part of its investment analysis how both the positive and negative ESG characteristics are likely to affect the issuer's long-term investment performance.

<u>Cash Management</u>

Each Fund except Limited Term U.S. Government Fund, Limited Term Municipal Fund, California Limited Term Municipal Fund, New Mexico Intermediate Municipal Fund, New York Intermediate Municipal Fund, and Intermediate Municipal Fund may also invest a portion or all of the Fund's daily cash balance in Thornburg Capital Management Fund, a separate series of the Trust (the "Capital Management Fund"). The Capital Management Fund's shares are not publicly available. The Capital Management Fund is not a money market fund and does not seek to maintain a stable net asset value of $1.00. The Capital Management Fund seeks current income consistent with liquidity management and safety of capital. To pursue that investment objective, the Capital Management Fund invests principally in short-term obligations which are determined by Thornburg to be of high quality including, but not limited to, obligations issued by U.S. and foreign companies, U.S. and foreign banks, U.S. and foreign governments, U.S. agencies, states, and municipalities, and international organizations such as the World Bank and the International Monetary Fund, and repurchase agreements based on those obligations. The Capital Management Fund does not currently pay a separate investment advisory fee or administrative services fee to Thornburg, but Funds which invest in the Capital Management Fund would indirectly bear the other operating expenses of the Capital Management Fund. Those indirect expenses are similar to the expenses paid by other businesses owned by the Funds, are not direct costs paid by Fund shareholders, are not used to calculate a Fund's net asset value, and have no impact on the costs associated with Fund operations.

<u>Certificates of Deposit</u>

Each Fund may under certain circumstances purchase bank certificates of deposit. Each Municipal Fund may invest in certificates of deposit of domestic banks with assets of $1 billion or more as a temporary defensive position (see "Temporary Defensive Positions below). Limited Term U.S. Government Fund may invest up to 20% of its assets in: (i) certificates of deposit maturing in one year or less after the date of acquisition and issued by domestic banks with assets of $1 billion or more; and (ii) certificates of deposit insured as to principal by the Federal Deposit Insurance Corporation. If any certificate of deposit in which Limited Term U.S. Government Fund invests (whether or not insured in whole or in part) is nonnegotiable and matures in more than seven days, the certificate of deposit will be deemed by Limited Term U.S. Government Fund to be illiquid and will, therefore, be subject to the Fund's investment restriction respecting investment in illiquid investments. Limited Term Income Fund may invest in certificates of deposit of domestic and foreign banks with assets of $1 billion or more, including foreign branches of domestic banks. Limited Term Income Fund and Ultra Short Income Fund may also invest in certificates of deposit issued by banks and savings and loan institutions with assets of less than $1 billion, provided that (i) the principal amounts of such certificates of deposit are insured by an agency of the U.S. Government, (ii) at no time will the Fund hold more than $100,000 principal amount of certificates of deposit of any one such bank, and (iii) at the time of acquisition, no more than 10% of the Fund's assets (taken at current value) are invested in certificates of deposit of such banks. Each of the Equity Funds and Strategic Income Fund may invest in certificates of deposit issued by domestic and foreign banks, including foreign branches of domestic banks.

Investments in certificates of deposit issued by foreign banks or foreign branches of domestic banks involves investment risks that are different in some respects from those associated with investment in certificates of deposit issued by domestic banks. (See "Foreign Investments" above).

<u>Cyber Security Risks</u>

As the use of technology has become more prevalent, the Funds and their service providers have become potentially more susceptible to intentional and unintentional cyber events including, but not limited to: computer processing errors; malfunctions, disruptions, or failures in computer systems or other technologies; computer viruses; the theft or corruption of electronic data; unauthorized access to digital systems; and cyber attacks that shut down, disable or otherwise disrupt business operations. These events may adversely affect the Funds or their shareholders, causing disruptions in business operations and potentially resulting in financial losses. For example, a cyber attack against the computer systems of the Funds or their service providers may interfere with the ability to process Fund shareholder transactions or to calculate a Fund's net asset value, impede trading activity by the Funds, result in the release or misappropriation of confidential information about the Funds or their shareholders, or subject the Funds to regulatory fines or penalties and to other, additional costs (including increased costs to remediate the effects of the attack or to develop additional systems to prevent other similar attacks). While the Funds and Thornburg have established procedures and systems to seek to prevent and mitigate the risks associated with cyber events, and while Thornburg seeks to determine that other third party service providers for the Funds have established such procedures and systems, there are inherent limitations in the ability of such procedures and systems to identify all potential cyber events or to completely prevent or mitigate the occurrence or effects of those events. Additionally, cyber events affecting the electronic systems of the Funds' trading counterparties, issuers in which the Funds invest, or securities markets and exchanges may also result in financial losses for the Funds or their shareholders.

<u>Dollar Roll Transactions</u>

Each of the Equity Funds, Summit Fund Limited Term U.S. Government Fund, Limited Term Income Fund, Ultra Short Income Fund, Core Plus Bond Fund, Strategic Income Fund may enter into "dollar roll" transactions.

Dollar roll transactions consist of the sale by a Fund to a bank or broker-dealer (the "counterparty") of Ginnie Mae certificates or other mortgage-backed securities together with a commitment to purchase from the counterparty similar, but not identical, securities at a future date at the same price. The counterparty receives all principal and interest payments, including prepayments, made on the security while it is the holder. The selling Fund receives a fee from the counterparty as consideration for entering into the commitment to purchase. Dollar rolls may be renewed over a period of several months with a new purchase and repurchase price fixed and a cash settlement made at each renewal without physical delivery of securities. Moreover, the transaction may be preceded by a firm commitment agreement pursuant to which a Fund agrees to buy a security on a future date.

Dollar rolls are currently treated for purposes of the 1940 Act as borrowings of the Fund entering into the transaction because they involve the sale of a security coupled with an agreement to repurchase, and are, therefore, deemed by the Trust to be subject to the investment restrictions applicable to any borrowings made by the Fund. Like all borrowings, a dollar roll involves costs to the borrowing Fund. For example, while the borrowing Fund receives a fee as consideration for agreeing to repurchase the security, the Fund forgoes the right to receive all principal and interest payments while the counterparty holds the security. These payments to the counterparty may exceed the fee received by the Fund, thereby effectively charging the Fund interest on its borrowing. Further, although the Fund can estimate the amount of expected principal prepayment over the term of the dollar roll, a variation in the actual amount of prepayment could increase or decrease the cost of the Fund's borrowing.

Dollar rolls involve potential risks of loss to the selling Fund which are different from those related to the securities underlying the transactions. For example, if the counterparty becomes insolvent, the Fund's right to purchase from the counterparty may be restricted. Additionally, the value of such securities may change adversely before a Fund is able to purchase them. Similarly, the selling Fund may be required to purchase securities in connection with a dollar roll at a higher price than may otherwise be available on the open market. Since, as noted above, the counterparty is required to deliver a similar, but not identical security to the Fund, the security which the Fund is required to buy under the dollar roll may be worth less than an identical security. Finally, there can be no assurance that a Fund's use of the cash that it receives from a dollar roll will provide a return that exceeds borrowing costs.

<u>Illiquid Investments</u>

Illiquid investments are investments that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. Under the supervision of the Trustees, Thornburg determines the liquidity of investments by the Funds. In determining the liquidity of the Funds' investments, Thornburg may consider various factors, including (1) the frequency of trades and quotations, (2) the number of dealers and prospective purchasers in the marketplace, (3) dealer undertakings to make a market, (4) the nature of the security (including any demand or lender features), and (5) the nature of the market place for trades (including the ability to assign or offset each Fund's rights and obligations relating to the investment).

Investments currently considered by Thornburg to be illiquid include repurchase agreements not entitling the holder to payment of principal and interest within seven days, over-the-counter options, and municipal lease obligations subject to non-appropriation risk where the underlying lease is not rated (at the time the obligation is purchased by the Fund) within the four highest grades of Moody's or S&P and is not subject to a remarketing agreement (or not currently subject to remarketing, pursuant to the conditions of any such agreement then in effect, with a responsible remarketing party, deemed by Thornburg to be capable of performing its obligations) except that Thornburg also may determine an unrated lease obligation to be readily marketable because it is backed by an irrevocable bank letter of credit or an insurance policy. Based on its ongoing review of the trading markets and other factors affecting the Funds' investments, Thornburg may determine from time to time that other investments are illiquid, including certain types of restricted securities, mortgage-backed securities and asset-backed securities, developing country securities, or derivative instruments. With respect to any over-the-counter options that a Fund writes, all or a portion of the value of the underlying instrument may be illiquid depending on the assets held to cover the option and the nature and terms of any agreement the Fund any have to close out the option before expiration. In the absence of market quotations, illiquid investments are priced at fair value as determined utilizing procedures approved by the Trustees.

Each Fund is limited from investing more than a certain percentage of its net assets in illiquid investments. Please see "Investment Restrictions" below for a discussion of the specific limitations applicable to each Fund's investment in illiquid investment s. If through a change in values, net assets, or other circumstances, a Fund were in a position where the percentage of its portfolio comprised of illiquid investments exceeded that Fund's percentage investment restriction on investment in illiquid investments, the Fund would seek to take appropriate steps to protect liquidity.

<u>Inflation and Deflation</u>

The Summit Fund may be subject to inflation and deflation risk. Inflation risk is the risk that the present value of assets or income of a Fund will be worth less in the future as inflation decreases the present value of money. The Summit Fund's dividend rates or borrowing costs, where applicable, may also increase during periods of inflation. This may further reduce Summit Fund performance. Deflation risk is the risk that prices throughout the economy decline over time creating an economic recession, which could make issuer default more likely and may result in a decline in the value of the Summit Fund's assets. Generally, securities issued in emerging markets are subject to a greater risk of inflationary or deflationary forces, and more developed markets are better able to use monetary policy to normalize markets. If at any time the rate of inflation exceeds Thornburg's expectations, or if for other reasons the Summit Fund's portfolio is unsuccessful in producing a total return that exceeds the rate of inflation, the Summit Fund may not achieve its goal.

<u>Repurchase Agreements</u>

Each Fund may enter into repurchase agreements; provided that no Municipal Fund will enter into a repurchase agreement if, as a result, more than 5% of that Fund's assets would be invested in repurchase agreements.

In a repurchase agreement, a Fund purchases a security and simultaneously commits to resell that security to the seller at an agreed upon price on an agreed upon date within a number of days from the date of purchase. The resale price reflects the purchase price plus an agreed upon incremental amount which is unrelated to the coupon rate or maturity of the purchased security. A repurchase agreement involves the obligation of the seller to pay the agreed upon price, which obligation is in effect secured by the value (at least equal to the amount of the agreed upon resale price and marked to market daily) of the underlying security. The Fund may engage in repurchase agreements with respect to any security in which it is authorized to invest.

A Fund may enter into these arrangements with member banks of the Federal Reserve System or any domestic broker-dealer if the creditworthiness of the bank or broker-dealer has been determined by Thornburg to be satisfactory. These transactions may not provide the Fund with collateral marked-to-market during the term of the commitment.

A repurchase agreement may be viewed as a loan from a Fund to the seller of the security subject to the repurchase agreement. It is not clear whether a court would consider the security purchased by the Fund subject to a repurchase agreement as being owned by the Fund or as being collateral for a loan by the Fund to the seller. In the event of the commencement of bankruptcy or insolvency proceedings with respect to the seller of the security before repurchase of the security under a repurchase agreement, the Fund may encounter delay and incur costs before being able to sell the security. Delays may involve loss of interest or decline in the price of the underlying security. If the court characterized the transaction as a loan and the Fund has not perfected a security interest in the underlying security, the Fund may be required to return the security to the seller's estate and be treated as an unsecured creditor of principal and income involved in the transaction. As with any unsecured debt obligation purchased for the Fund, Thornburg seeks to minimize the risk of loss through repurchase agreements by analyzing the creditworthiness of the obligor, in this case the seller of the security. Apart from the risk of bankruptcy or insolvency proceedings, there is also the risk that the seller may fail to repurchase the security, in which case the Fund may incur a loss if the proceeds to the Fund of the sale to a third party are less than the repurchase price. However, if the market value (including interest) of the security subject to the repurchase agreement becomes less than the repurchase price (including interest), the Fund will direct the seller of the security to deliver additional securities so that the market value (including interest) of all securities subject to the repurchase agreement will equal or exceed the repurchase price. It is possible that the Fund will be unsuccessful in seeking to impose on the seller a contractual obligation to deliver additional securities.

<u>Restricted Securities</u>

Restricted securities generally can be sold in privately negotiated transactions, pursuant to an exemption from registration under the 1933 Act, or in a registered public offering. Where registration is required, a Fund could be obligated to pay all or part of the registration expense and a considerable period may elapse between the time it decides to seek registration and the time it is permitted to sell a security under an effective registration statement. If, during such a period, adverse market conditions were to develop, the Fund might obtain a less favorable price than prevailed when it decided to seek registration of the security. A restricted security may be liquid or illiquid, depending on whether it satisfies relevant liquidity requirements, as determined by Thornburg. See "Illiquid Investments" above.

<u>Reverse Repurchase Agreements</u>

Each of the Equity Funds, Summit Fund, Limited Term U.S. Government Fund, Limited Term Income Fund, Ultra Short Income Fund, Core Plus Bond Fund, Strategic Income Fund, and Strategic Municipal Income Fund may enter into reverse repurchase agreements. Neither Limited Term U.S. Government Fund nor Limited Term Income will enter into a reverse repurchase agreement if, as a result, more than 5% of the Fund's total assets would then be subject to reverse repurchase agreements.

In a reverse repurchase agreement, a Fund sells a portfolio instrument to another party, such as a bank or broker-dealer, in return for cash and agrees to repurchase the instrument at a particular price and time. While a reverse repurchase agreement is outstanding, the Fund will maintain appropriate liquid assets in a segregated custodial account to cover its obligation under the agreement. A Fund will enter into reverse repurchase agreements only with parties whose creditworthiness has been found satisfactory by Thornburg. Such transactions may increase fluctuations in the market value of the Funds' assets and may be viewed as a form of leverage.

<u>Securities Lending</u>

Each of the Equity Funds, Summit Fund, Limited Term U.S. Government Fund, Limited Term Income Fund, Ultra Short Income Fund, Core Plus Bond Fund, and Strategic Income Fund may lend securities to parties such as broker-dealers or institutional investors; provided that no Fund may at any time have securities out on loan representing more than one-third of the Fund's total assets (including the value of all assets received as collateral for such outstanding loans). Securities lending allows a Fund to retain ownership of the securities loaned and, at the same time, to earn additional income. Since there may be delays in the recovery of loaned securities, or even a loss of rights in collateral supplied should the borrower fail financially, loans will be made only to parties deemed by Thornburg to be of good standing. Furthermore, they will only be made if, in Thornburg's judgment, the consideration to be earned from such loans would justify the risk.

Thornburg understands that it is the current view of the SEC Staff that a Fund may engage in loan transactions only under the following conditions: (1) the Fund must receive at least 100% collateral in the form of cash or cash equivalents (e.g., U.S. Treasury bills or notes) from the borrower; (2) the borrower must increase the collateral whenever the market value of the securities loaned (determined on a daily basis) rises above the value of the collateral; (3) after giving notice, the Fund must be able to terminate the loan at any time; (4) the Fund must receive reasonable interest on the loan or a flat fee from the borrower, as well as amounts equivalent to any dividends, interest, or other distributions on the securities loaned and to any increase in market value; (5) the Fund may pay only reasonable custodian fees in connection with the loan; and (6) the Trustees must be able to vote proxies on the securities loaned, either by terminating the loan or by entering into an alternative arrangement with the borrower.

Cash received through loan transactions may be invested in any security in which a Fund is authorized to invest. Investing this cash subjects that investment, as well as the security loaned, to market forces (i.e., capital appreciation or depreciation).

<u>Temporary Defensive Positions</u>

For temporary defensive purposes, including when Thornburg determines it is necessary to meet the liquidity needs of the Fund, each Fund may purchase short-term, highly liquid securities including, but not limited to, time certificates of deposit, short-term U.S. government securities, commercial paper, and repurchase agreements. Because such short-term securities tend to generate lower investment returns compared to longer-term investments, investments in these short-term and other securities for temporary periods could reduce a Fund's ability to attain its investment goals, and in the case of Short Duration Municipal Fund, Limited Term Municipal Fund, California Limited Term Municipal Fund, New Mexico Intermediate Municipal Fund, New York Intermediate Municipal Fund, Intermediate Municipal Fund, and Strategic Municipal Income Fund, could result in current income subject to federal and state income taxes.

<u>When-Issued Securities</u>

Each Fund may purchase securities offered on a "when-issued" or "delayed delivery" basis. When-issued and delayed delivery transactions arise when securities are purchased or sold with payment and delivery beyond the regular settlement date. When-issued transactions normally settle within 30-45 days, though the settlement cycles for some when-issued transactions are longer. On such transactions the payment obligation and the interest rate are fixed at the time the buyer enters into the commitment. The commitment to purchase securities on a when-issued or delayed delivery basis may involve an element of risk because the value of the securities is subject to market fluctuation, no interest accrues to the purchaser prior to settlement of the transaction, and at the time of delivery the market value may be less than the purchase price. Additionally, purchasing securities on a when-issued or delayed delivery basis involves the risks that the security will never be issued or that the other party to the transaction will not meet its obligation, in which events the Fund may lose any gain in that security's price. At the time a Fund makes the commitment to purchase a security on a when-issued or delayed delivery basis, it will record the transaction and reflect the value of the security in determining its net asset value. Pursuant to current SEC guidance, a transaction involving a when-issued security will not be deemed to involve a senior security as long as the Fund intends to settle the transaction physically and the transaction settles within 35 days. While when-issued or delayed delivery securities may be sold prior to the settlement date, it is intended that the Fund will purchase such securities with the purpose of actually acquiring them unless sale appears desirable for investment reasons. If a when-issued security is sold before delivery any gain or loss would not be tax-exempt.

**Market Indices Information**

The benchmark indices described in the Prospectus are products of third party index providers. Data respecting those benchmark indices are the property of those third party providers and have been licensed for use by the Funds. The Funds accept no liability for any errors or omissions relating to the benchmark index data, and the third party providers accept no liability for the use of those data by the Funds. The following additional disclaimers relate to certain of the benchmark indices.

*ICE BofA*

Source ICE Data Indices, LLC ("ICE DATA"), is used with permission. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES AND REPRESENTATIONS, EXPRESS AND/OR IMPLIED, INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM. NEITHER ICE DATA, ITS AFFILIATES NOR THEIR RESPECTIVE THIRD PARTY PROVIDERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DO NOT SPONSOR, ENDORSE, OR RECOMMEND THORNBURG INVESTMENT TRUST OR ANY OF ITS PRODUCTS OR SERVICES.

*MSCI*

Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com).

**COMMODITY EXCHANGE ACT REGISTRATION EXEMPTION**

In connection with its management of the Trust, Thornburg has filed a notice of eligibility for exclusion from the definition of the term "commodity pool operator" in accordance with Rule 4.5 under the U.S. Commodity Exchange Act, as amended (the "CEA") and, therefore, neither Thornburg nor the Trust is currently subject to registration or regulation as a commodity pool operator under the CEA. The U.S. Commodity Futures Trading Commission ("CFTC") recently adopted amendments to Rule 4.5 under the CEA that reduce the ability of certain regulated entities, including registered investment companies and their investment advisors, to claim the exclusion from the definition of the term "commodity pool operator." Among other requirements, the CFTC's amendments impose limitations on the use of certain derivative instruments, including certain types of commodity futures contracts, commodity options contracts, and swaps, by entities seeking to rely on Rule 4.5. Thornburg currently intends to manage the Funds' assets in a manner which is consistent with the limitations imposed by Rule 4.5. To the extent Thornburg or the Funds became no longer eligible to claim an exclusion from the definition of the term "commodity pool operator," then Thornburg or some or all of the Funds may become subject to registration and regulation under the CEA. Such regulation may have an adverse effect on Thornburg's ability to manage the Funds, may impair the ability of the Funds to achieve their investment objective(s), and may result in higher operating expenses for the Funds and reduced investment returns to Fund investors.

**INVESTMENT LIMITATIONS**

The following investment policies and limitations supplement those set forth in the Prospectus. Unless otherwise noted below or in the Prospectus, whenever an investment policy or limitation states a maximum percentage of a Fund's assets that may be invested in any security or other asset, that percentage limitation will be determined immediately after and as a result of the Fund's acquisition of such security or other asset. Accordingly, any subsequent change in values, net assets, or other circumstances will not be considered when determining whether the investment complies with the Fund's investment policies and limitations. For those investment policies and limitations which can only be changed by a majority of a Fund's outstanding voting shares, the term "majority" means the lesser of (i) 67% of the shares of the Fund present in person or by proxy at a meeting of the holders of more than 50% of the Fund's outstanding shares, or (ii) more than 50% of the outstanding shares of the Fund.

**Global Opportunities Fund, International Equity Fund, International Growth Fund, Small/Mid Cap Core Fund, Small/Mid Cap Growth Fund, Investment Income Builder Fund, and Strategic Income Fund**

Thornburg Investment Trust has adopted the following fundamental investment limitations applicable to Global Opportunities Fund, International Equity Fund, International Growth Fund, Small/Mid Cap Core Fund, Small/Mid Cap Growth Fund, Investment Income Builder Fund, and Strategic Income Fund, which may not be changed by any Fund unless approved by a majority of the outstanding shares of that Fund. Global Opportunities Fund, International Equity Fund, International Growth Fund, Small/Mid Cap Core Fund, Small/Mid Cap Growth Fund, Investment Income Builder Fund, and Strategic Income Fund may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; with respect to 75% of the Fund's total assets, purchase the securities of any issuer (other than securities issued or guaranteed by the U.S. government or any of its agencies or instrumentalities) if, as a result, (a) more than 5% of the Fund's total assets would be invested in the securities of that issuer, or (b) the Fund would hold more than 10% of the outstanding voting securities of that issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; issue senior securities, except as permitted under the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; borrow money, except for temporary or emergency purposes or except in connection with reverse repurchase agreements; in an amount not exceeding 33 1/3% of its total assets (including the amount borrowed) less liabilities (other than borrowings). Any borrowings that come to exceed this amount will be reduced within three days (not including Sundays and holidays) to the extent necessary to comply with the 33 1/3 % fundamental investment limitation;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; underwrite any issue of securities (except to the extent that the Fund may be deemed to be an underwriter within the meaning of the 1933 Act in the disposition of restricted securities);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; purchase the securities of any issuer (other than securities issued or guaranteed by the U.S. government or any of its agencies or instrumentalities) if, as a result, more than 25% of the Fund's total assets would be invested in the securities of companies whose principal business activities are in the same industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; purchase or sell real estate unless acquired as a result or ownership of securities or other instruments (but this shall not prevent the Fund from investing in securities or other instruments backed by real estate or securities of companies engaged in the real estate business);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; purchase or sell physical commodities unless acquired as a result of ownership of securities or other instruments (but this shall not prevent the Fund from purchasing or selling options and futures contracts or from investing in securities or other instruments backed by physical commodities); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; lend any security or make any other loan if, as a result, more than 33 1/3% of its total assets would be lent to other parties, but this fundamental investment limitation does not apply to purchases of debt securities or to repurchase agreements.

For the purposes of applying the fundamental investment limitation set forth in paragraph (3) above, any amounts borrowed by a Fund must be from a bank (as defined in Section 2(a)(5) of the 1940 Act). Furthermore, notwithstanding the reference to "emergency purposes" in that paragraph, a Fund may only borrow money in excess of the 33 1/3% borrowing limit for temporary purposes, and such temporary borrowings may not exceed 5% of the value of the total assets of the issuer at the time the loan is made. Each Fund that has engaged in borrowings will determine its compliance with the applicable borrowing limits on an ongoing basis while such borrowings are outstanding.

Each Fund's fundamental investment limitation on investing more than 25% of the Fund's total assets in the same industry, as described in paragraph (5) above, also applies to investments in the same group of industries. In determining whether an issuer should be classified in a particular industry or industry group for purposes of that fundamental investment limitation, Thornburg may rely on its own analysis of the issuer or on available third party industry classifications. When using third-party industry classifications for this purpose, Thornburg currently looks to classifications provided by Bloomberg. The fundamental investment limitation on investing in industries and industry groups does not apply to an investment by the Fund in a particular economic sector, such as the utilities, hospital and healthcare facilities, or industrial development sectors. Additionally, securities of the U.S. Government and its agencies and instrumentalities are not considered to represent industries for this purpose.

For the purposes of applying the fundamental investment limitation set forth in paragraph (6) above, a Fund is permitted to hold real estate if doing so is the result of the Fund's efforts to restructure a bond or other loan obligation that was secured by real estate.

The following investment limitations are not fundamental and may be changed without shareholder approval as to each Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund does not currently intend to sell securities short, unless it owns or has the right to obtain securities equivalent in kind and amount to the securities sold short, and provided that transactions in futures contracts and options are not deemed to constitute selling securities short.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Fund does not currently intend to purchase securities on margin, except that the Fund may obtain such short-term credits as are necessary for the clearance of transactions, and provided that any initial and variation margin payments that the Fund may be required to make in connection with its permitted investment strategies do not constitute the purchase of securities "on margin" for purposes of this limitation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Fund does not currently intend to purchase any security if, as a result, more than 15% of its net assets would be invested in securities that are deemed to be illiquid because they are subject to legal or contractual restrictions on resale or because they cannot be sold or disposed of in the ordinary course of business at approximately the prices at which they are valued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Fund does not currently intend to purchase interests in real estate investment trusts that are not readily marketable or interests in real estate limited partnerships that are not listed on an exchange or traded on the NASDAQ National Market System if, as a result, the sum of such interests and other investments considered illiquid under the limitation in the preceding paragraph would exceed the Fund's limitations on investments in illiquid investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Fund does not currently intend to (a) purchase securities of other investment companies, except in the open market where no commission except the ordinary broker's commission is paid, or (b) purchase or retain securities issued by other open-end investment companies. Limitations (a) and (b) do not apply to the Fund's investments in Thornburg Capital Management Fund or in any other investment company within the same "group of investment companies" (as defined in Section 12(d)(1)(G) of the 1940 Act), provided that any such investments comply with Section 12(d)(1)(G) of the 1940 Act and rules thereunder, or to securities received as dividends, through offers of exchange, or as a result of a reorganization, consolidation, or merger.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Fund does not currently intend to purchase the securities of any issuer (other than securities issued or guaranteed by domestic or foreign governments or political subdivisions thereof) if, as a result, more than 5% of its total assets would be invested in the securities of business enterprises that, including predecessors, have a record of less than three years of continuous operation. The foregoing does not apply to the Fund's investments in Thornburg Capital Management Fund or in any other investment company within the same "group of investment companies" (as defined in Section 12(d)(1)(G) of the 1940 Act); provided that any such investments will comply with Section 12(d)(1)(G) of the 1940 Act and rules thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund does not currently intend to purchase warrants, valued at the lower of cost or market, in excess of 5% of the Fund's net assets. Included in that amount, but not to exceed 2% of the Fund's net assets, may be warrants that are not listed on the New York Stock Exchange or the American Stock exchange. Warrants acquired by the Fund in units or attached to securities are not subject to these restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) &nbsp;&nbsp;&nbsp;&nbsp; The Fund does not currently intend to invest in oil, gas or other mineral exploration or development programs or leases.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ix)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Fund does not currently intend to purchase the securities of any issuer if those officers and Trustees of the trust and those officers and directors of Thornburg who individually own more than 1/2 of 1% of the securities of such issuer together own more than 5% of such issuer's securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; The Fund will not (a) sell futures contracts, purchase put options, or write call options if, as a result, more than 25% of the Fund's total assets would be hedged with futures and options under normal conditions; (b) purchase futures contracts or write put options if, as a result, the Fund's total obligations upon settlement or exercise of purchased futures contracts and written put options would exceed 25% of its total assets; or (c) purchase call options if, as a result, the current value of option premiums for call options purchased by the Fund would exceed 5% of the Fund's total assets. These limitations do not apply to options attached to or acquired or traded together with their underlying securities, and do not apply to securities that incorporate features similar to options.

**Better World International Fund**

Thornburg Investment Trust has adopted the following fundamental investment limitation applicable to Better World International Fund which may not be changed unless approved by a majority of the outstanding shares of the Fund. Better World International Fund may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; with respect to 75% of the Fund's total assets, purchase the securities of any issuer (other than securities issued or guaranteed by the U.S. government or any of its agencies or instrumentalities) if, as a result, (a) more than 5% of the Fund's total assets would be invested in the securities of that issuer, or (b) the Fund would hold more than 10% of the outstanding voting securities of that issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; issue senior securities, except as permitted under the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; borrow money, except for temporary or emergency purposes or except in connection with reverse repurchase agreements; in an amount not exceeding 33 1/3 % of its total assets (including the amount borrowed) less liabilities (other than borrowings). Any borrowings that come to exceed this amount will be reduced within three days (not including Sundays and holidays) to the extent necessary to comply with the 33 1/3 % fundamental investment limitation;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; underwrite any issue of securities (except to the extent that the Fund may be deemed to be an underwriter within the meaning of the 1933 Act in the disposition of restricted securities);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; purchase the securities of any issuer (other than securities issued or guaranteed by the U.S. government or any of its agencies or instrumentalities) if, as a result, more than 25% of the Fund's total assets would be invested in the securities of companies whose principal business activities are in the same industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; purchase or sell real estate unless acquired as a result or ownership of securities or other instruments (but this shall not prevent the Fund from investing in securities or other instruments backed by real estate or securities of companies engaged in the real estate business);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; purchase or sell physical commodities unless acquired as a result of ownership of securities or other instruments (but this shall not prevent the Fund from purchasing or selling options, futures contracts and other derivative instruments or from investing in securities or other instruments backed by physical commodities); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; lend any security or make any other loan if, as a result, more than 33 1/3 % of its total assets would be lent to other parties, but this fundamental investment limitation does not apply to lending of portfolio securities, purchases of debt securities or other instruments, or to repurchase agreements.&nbsp;&nbsp;&nbsp;&nbsp;

For the purposes of applying the fundamental investment limitation set forth in paragraph (3) above, any amounts borrowed by the Fund must be from a bank (as defined in Section 2(a)(5) of the 1940 Act). Furthermore, notwithstanding the reference to "emergency purposes" in that paragraph, the Fund may only borrow money in excess of the 33 1/3% borrowing limit for temporary purposes, and such temporary borrowings may not exceed 5% of the value of the total assets of the issuer at the time the loan is made. If the Fund has engaged in borrowing, it will determine its compliance with the applicable borrowing limits on an ongoing basis while such borrowings are outstanding.

The Fund's fundamental investment limitation on investing more than 25% of the Fund's total assets in the same industry, as described in paragraph (5) above, also applies to investments in the same group of industries. In determining whether an issuer should be classified in a particular industry or industry group for purposes of that fundamental investment limitation, Thornburg may rely on its own analysis of the issuer or on available third party industry classifications. When using third-party industry classifications for this purpose, Thornburg currently looks to classifications provided by Bloomberg. The fundamental investment limitation on investing in industries and industry groups does not apply to an investment by the Fund in a particular economic sector, such as the utilities, hospital and healthcare facilities, or industrial development sectors. Additionally, securities of the U.S. Government and its agencies and instrumentalities are not considered to represent industries for this purpose.

The phrase "other instruments" in the fundamental investment limitation set forth in paragraph (8) above is intended to refer to other financial instruments that the Fund is allowed to invest in consistent with its investment policies. Additionally, notwithstanding the reference to "lending of portfolio securities" in paragraph (8), the Fund will not make loans of securities if the total value of those outstanding loans represents more than 33 1/3% of the Fund's total assets (including the value of all assets received as collateral for such outstanding loans).

For the purposes of applying the fundamental investment limitation set forth in paragraph (6) above, the Fund is permitted to hold real estate if doing so is the result of the Fund's efforts to restructure a bond or other loan obligation that was secured by real estate.

The following investment limitations are not fundamental and may be changed without shareholder approval as to the Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund does not currently intend to sell securities short, unless it owns or has the right to obtain securities equivalent in kind and amount to the securities sold short, and provided that transactions in futures contracts and options are not deemed to constitute selling securities short.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Fund does not currently intend to purchase securities on margin, except that the Fund may obtain such short-term credits as are necessary for the clearance of transactions, and provided that any initial and variation margin payments that the Fund may be required to make in connection with its permitted investment strategies do not constitute the purchase of securities "on margin" for purposes of this limitation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Fund does not currently intend to purchase any security if, as a result, more than 15% of its net assets would be invested in securities that are deemed to be illiquid because they are subject to legal or contractual restrictions on resale or because they cannot be sold or disposed of in the ordinary course of business at approximately the prices at which they are valued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) &nbsp;&nbsp;&nbsp;&nbsp; The Fund will not (a) sell futures contracts, purchase put options, or write call options if, as a result, more than 25% of the Fund's total assets would be hedged with futures and options under normal conditions; (b) purchase futures contracts or write put options if, as a result, the Fund's total obligations upon settlement or exercise of purchased futures contracts and written put options would exceed 25% of its total assets; or (c) purchase call options if, as a result, the current value of option premiums for call options purchased by the Fund would exceed 5% of the Fund's total assets. These limitations do not apply to options attached to or acquired or traded together with their underlying securities, and do not apply to securities that incorporate features similar to options.

**Developing World Fund**

Thornburg Investment Trust has adopted the following fundamental investment limitation applicable to Developing World Fund which may not be changed unless approved by a majority of the outstanding shares of the Fund. Developing World Fund may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; issue senior securities, except as permitted under the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; borrow money, except as permitted under the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; underwrite any issue of securities (except to the extent that the Fund may be deemed to be an underwriter within the meaning of the 1933 Act in the disposition of portfolio securities);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; purchase or sell real estate unless acquired as a result or ownership of securities or other instruments (but this shall not prevent the Fund from investing in securities or other instruments backed by real estate or securities of companies engaged in the real estate business, nor shall it prevent the Fund from holding real estate as a result of the Fund's efforts to restructure a bond or other investment that was backed by real estate);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; purchase or sell physical commodities unless acquired as a result of ownership of securities or other instruments (but this shall not prevent the Fund from purchasing or selling options, futures contracts and other derivative instruments or from investing in securities or other instruments backed by physical commodities);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; lend any security or make any other loan if, as a result, more than 33 1/3% of its total assets would be lent to other parties, but this fundamental investment limitation does not apply to lending of portfolio securities, purchases of debt obligations or other instruments, or to repurchase agreements; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; with respect to 75% of the Fund's total assets, purchase the securities of any issuer (other than securities issued or guaranteed by the U.S. government or any of its agencies or instrumentalities) if, as a result, (a) more than 5% of the Fund's total assets would be invested in the securities of that issuer, or (b) the Fund would hold more than 10% of the outstanding voting securities of that issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; invest more than 25% of its total assets in any one industry.

In connection with the restriction in paragraph (2), above, the 1940 Act currently permits an investment company to borrow money if the borrowings do not exceed one-third of the company's total assets after subtracting liabilities other than the borrowings, and provided that the borrowings are from a bank (as defined in Section 2(a)(5) of the 1940 Act). The 1940 Act also permits an investment company to borrow money in excess of one-third of the company's total assets for temporary purposes, provided that any such temporary borrowings may not exceed 5% of the value of the total assets of the issuer at the time the loan is made. If the Fund has engaged in borrowing, it will determine its compliance with the applicable borrowing limits on an ongoing basis while such borrowings are outstanding.

The phrase "other instruments" in the fundamental investment limitation set forth in paragraph (6) above is intended to refer to other financial instruments that the Fund is allowed to invest in consistent with its investment policies. Additionally, notwithstanding the reference to "lending of portfolio securities" in paragraph (6), the Fund will not make loans of securities if the total value of those outstanding loans represents more than 33 1/3% of the Fund's total assets (including the value of all assets received as collateral for such outstanding loans).

The Fund's fundamental investment limitation on investing more than 25% of the Fund's total assets in the same industry, as described in paragraph (8) above, also applies to investments in the same group of industries. In determining whether an issuer should be classified in a particular industry or industry group for purposes of that fundamental investment limitation, Thornburg may rely on its own analysis of the issuer or on available third party industry classifications. When using third-party industry classifications for this purpose, Thornburg currently looks to classifications provided by Bloomberg. The fundamental investment limitation on investing in industries and industry groups does not apply to an investment by the Fund in a particular economic sector, such as the utilities, hospital and healthcare facilities, or industrial development sectors. Additionally, securities of the U.S. Government and its agencies and instrumentalities are not considered to represent industries for this purpose.

The following investment limitations are not fundamental and may be changed without shareholder approval; provided that the first investment limitation listed below may only be changed to the extent that the Fund's Trustees provide 60 days' prior written notice of the change to the Fund's shareholders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund will invest at least 80% of its assets (which, for this purpose, refers to the net assets of the Fund plus the amount of any borrowings) in developing country issuers, as defined in the Fund's Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Fund does not currently intend to sell securities short, unless it owns or has the right to obtain securities equivalent in kind and amount to the securities sold short, and provided that transactions in futures contracts and options are not deemed to constitute selling securities short.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Fund does not currently intend to purchase securities on margin, except that the Fund may obtain such short-term credits as are necessary for the clearance of transactions, and provided that any initial and variation margin payments that the Fund may be required to make in connection with its permitted investment strategies do not constitute the purchase of securities "on margin" for purposes of this limitation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Fund does not currently intend to purchase any security if, as a result, more than 15% of its net assets would be invested in securities that are considered by Thornburg to be illiquid because they are subject to legal or contractual restrictions on resale or because they cannot be sold or disposed of in the ordinary course of business at approximately the prices at which they are valued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Fund will not (a) sell futures contracts, purchase put options, or write call options if, as a result, more than 25% of the Fund's total assets would be hedged with futures and options under normal conditions; (b) purchase futures contracts or write put options if, as a result, the Fund's total obligations upon settlement or exercise of purchased futures contracts and written put options would exceed 25% of its total assets; or (c) purchase call options if, as a result, the current value of option premiums for call options purchased by the Fund would exceed 5% of the Fund's total assets. These limitations do not apply to options attached to or acquired or traded together with their underlying securities, and do not apply to securities that incorporate features similar to options.

**Summit Fund**

Thornburg Investment Trust has adopted the following fundamental investment limitation applicable to the Summit Fund which may not be changed unless approved by a majority of the outstanding shares of the Fund. The Summit Fund may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; issue senior securities, except as permitted under the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; borrow money, except for temporary or emergency purposes or except in connection with reverse repurchase agreements; in an amount not exceeding 33 1 /3% of its total assets (including the amount borrowed) less liabilities (other than borrowings). Any borrowings that come to exceed this amount will be reduced within three days (not including Sundays and holidays) to the extent necessary to comply with the 33 1 /3% fundamental investment limitation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; underwrite any issue of securities (except to the extent that the Fund may be deemed to be an underwriter within the meaning of the Securities Act of 1933 in the disposition of restricted securities);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; purchase the securities of any issuer (other than securities issued or guaranteed by the U.S. government or any of its agencies or instrumentalities) if, as a result, more than 25% of the Fund's total assets would be invested in the securities of companies whose principal business activities are in the same industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; purchase or sell real estate unless acquired as a result or ownership of securities or other instruments (but this shall not prevent the Fund from investing in securities or other instruments backed by real estate or securities of companies engaged in the real estate business);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; purchase or sell physical commodities unless acquired as a result of ownership of securities or other instruments (but this shall not prevent the Fund from purchasing or selling options, futures contracts and other derivative instruments or from investing in securities or other instruments backed by physical commodities, or as otherwise permitted by (i) the 1940 Act and the rules and regulations thereunder, as amended from time to time); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; lend any security or make any other loan if, as a result, more than 33 1 /3% of its total assets would be lent to other parties, but this fundamental investment limitation does not apply to lending of portfolio securities, purchases of debt securities or other instruments, or to repurchase agreements.

For the purposes of applying the fundamental investment limitation set forth in paragraph (2) above, any amounts borrowed by the Fund must be from a bank (as defined in Section 2(a)(5) of the 1940 Act). If the Fund has engaged in borrowing, it will determine its compliance with the applicable borrowing limits on an ongoing basis while such borrowings are outstanding.

The phrase "other instruments" in the fundamental investment limitation set forth in paragraph (7) above is intended to refer to other financial instruments that the Fund is allowed to invest in consistent with its investment policies. Additionally, notwithstanding the reference to "lending of portfolio securities" in paragraph (7), the Fund will not make loans of securities if the total value of those outstanding loans represents more than 33 1/3% of the Fund's total assets (including the value of all assets received as collateral for such outstanding loans).

The Fund's fundamental investment limitation on investing more than 25% of the Fund's total assets in the same industry, as described in paragraph (4) above, also applies to investments in the same group of industries. In determining whether an issuer should be classified in a particular industry or industry group for purposes of that fundamental investment limitation, Thornburg may rely on its own analysis of the issuer or on available third party industry classifications. When using third-party industry classifications for this purpose, Thornburg currently looks to classifications provided by Bloomberg. The fundamental investment limitation on investing in industries and industry groups does not apply to an investment by the Fund in a particular economic sector, such as the utilities, hospital and healthcare facilities, or industrial development sectors. Additionally, for purposes of applying the fundamental investment limitation described in paragraph (4) above, issuers of the following securities will not be considered to be members of any industry: securities of the U.S. Government and its agencies and instrumentalities; municipal obligations the income from which is exempt from the regular federal income tax; and repurchase agreements collateralized by such obligations. Notwithstanding the foregoing, to the extent that the income from a municipal obligation is derived from the assets and revenues of non-governmental users, the obligation will be deemed to have been issued from the industry of that non-governmental user. The views and interpretations by the Fund stated in this paragraph may change due to changes in the law or interpretations of the law, including laws pertaining to municipal obligations and the taxability of interest paid on those obligations, and due to other factors.

For the purposes of applying the fundamental investment limitation set forth in paragraph (5) above, the Fund is permitted to hold real estate if doing so is the result of the Fund's efforts to restructure a bond or other loan obligation that was secured by real estate. References above to the 1940 Act and the Securities Act of 1933 include in each case any rules, exemptions or interpretations of those statutes that may be adopted, granted or issued by the SEC.

The following investment limitations are not fundamental and may be changed without shareholder approval as to the Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund does not currently intend to purchase securities on margin, except that the Fund may obtain such short-term credits as are necessary for the clearance of transactions, and provided that the Fund may use margin to the extent necessary to engage in short sales, and provided that any initial and variation margin payments that a Fund may be required to make in connection with its permitted investment strategies do not constitute the purchase of securities "on margin" for purposes of this limitation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Fund does not currently intend to purchase any security if, as a result, more than 15% of its net assets would be invested in securities that are deemed to be illiquid because they are subject to legal or contractual restrictions on resale or because they cannot be sold or disposed of in the ordinary course of business at approximately the prices at which they are valued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Fund will not (a) sell futures contracts, purchase put options, or write call options if, as a result, more than 25% of the Fund's total assets would be hedged with futures and options under normal conditions; (b) purchase futures contracts or write put options if, as a result, the Fund's total obligations upon settlement or exercise of purchased futures contracts and written put options would exceed 25% of its total assets; or (c) purchase call options if, as a result, the current value of option premiums for call options purchased by the Fund would exceed 5% of the Fund's total assets. These limitations do not apply to options attached to or acquired or traded together with their underlying securities, and do not apply to securities that incorporate features similar to options.

**Limited Term U.S. Government Fund**

Thornburg Investment Trust has adopted the following fundamental investment limitations applicable to Limited Term U.S. Government Fund which may not be changed unless approved by a majority of the outstanding shares of the Fund. Limited Term U.S. Government Fund may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invest more than 20% of the Fund's assets in securities other than obligations issued or guaranteed by the United States Government or its agencies, instrumentalities and authorities, or in participations in such obligations or repurchase agreements secured by such obligations, generally described (but not limited) in the Prospectus, and then only in the nongovernmental obligations described in the Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase any security if, as a result, more than 5% of its total assets would be invested in securities of any one issuer, excluding obligations of, or guaranteed by, the United States government, its agencies, instrumentalities and authorities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrow money, except (a) as a temporary measure, and then only in amounts not exceeding 5% of the value of the Fund's total assets or (b) from banks, provided that immediately after any such borrowing all borrowings of the Fund do not exceed 10% of the Fund's total assets. The exceptions to this restriction are not for investment leverage purposes but are solely for extraordinary or emergency purchases or to facilitate management of the Fund's portfolio by enabling the Fund to meet redemption requests when the liquidation of portfolio instruments is deemed to be disadvantageous. The Fund will not purchase securities while borrowings are outstanding. For purposes of this restriction (i) the security arrangements described in restriction (4) below will not be considered as borrowing money, and (ii) reverse repurchase agreements will be considered as borrowing money;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage, pledge or hypothecate any assets except to secure permitted borrowings. Arrangements to segregate assets with the Fund's custodian with respect to when-issued and delayed delivery transactions, and reverse repurchase agreements, and deposits made in connection with futures contracts, will not be considered a mortgage, pledge or hypothecation of assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Underwrite any issue of securities, except to the extent that, in connection with the disposition of portfolio securities, it may be deemed to be an underwriter under federal securities laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase or sell real estate and real estate mortgage loans, but this shall not prevent the Fund from investing in obligations of the U.S. Government or its agencies, relating to real estate mortgages as described generally in the Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase or sell commodities or commodity futures contracts or oil, gas or other mineral exploration or development programs. Investment in futures contracts respecting securities and in options on these futures contracts will not be considered investment in commodity futures contracts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Make loans, except through (a) the purchase of debt obligations in accordance with the Fund's investment objectives and policies; (b) repurchase agreements with banks, brokers, dealers and other financial institutions; and (c) loans of securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase any security on margin, except for such short-term credits as are necessary for the clearance of transactions. For purposes of this restriction, the Fund's entry into futures contracts will not be considered the purchase of securities on margin;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Make short sales of securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invest more than 5% of its total assets in securities of unseasoned issuers which, together with their predecessors, have been in operation for less than three years excluding obligations of, or guaranteed by, the United States government, its agencies, instrumentalities and authorities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invest more than 5% of its total assets in securities which the Fund is restricted from selling to the public without registration under the 1933 Act. The Fund has no present intention to purchase any such restricted securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase securities of any issuer if the purchase at the time thereof would cause more than 10% of the voting securities or more than 10% of any class of securities of any such issuer to be held by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase securities of other investment companies, except in connection with a merger, consolidation, reorganization or acquisition of assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase securities (other than securities of the United States government, its agencies, instrumentalities and authorities) if, as a result, more than 25% of the Fund's total assets would be invested in any one industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase or retain the securities of any issuer other than the securities of the Fund if, to the Fund's knowledge, those officers and Trustees of the Fund, or those officers and directors of Thornburg, who individually own beneficially more than 1/2 of 1% of the outstanding securities of such issuer, together own beneficially more than 5% of such outstanding securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enter into any reverse repurchase agreement if, as a result thereof, more than 5% of its total assets would be subject to its obligations under reverse purchase agreements at any time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase or sell any futures contract if, as a result thereof, the sum of the amount of margin deposits on the Fund's existing futures positions and the amount of premiums paid for related options would exceed 5% of the Fund's total assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchase any put or call option not related to a futures contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase the securities of any issuer if as a result more than 10% of the value of the Fund's net assets would be invested in securities which are considered illiquid because they are subject to legal or contractual restrictions on resale ("restricted securities") or because no market quotations are readily available; or enter into a repurchase agreement maturing in more than seven days, if as a result such repurchase agreements together with restricted securities and securities for which there are no readily available market quotations would constitute more than 10% of the Fund's net assets; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issue senior securities, as defined under the 1940 Act, except that the Fund may enter into repurchase agreements and reverse repurchase agreements, lend its portfolio securities, borrow, and enter into when-issued and delayed delivery transactions as described in the Prospectus or this Statement of Additional Information and as limited by the foregoing investment fundamental investment limitations.

Whenever an investment policy or restriction states a minimum or maximum percentage of the Fund's assets which may be invested in any security or other assets, it is intended that the minimum or maximum percentage limitations will be determined immediately after and as a result of the Fund's acquisition of the security or asset. Accordingly, any later increase or decrease in the relative percentage of value represented by the asset or security resulting from changes in asset values will not be considered a violation of these restrictions.

In applying the percentage restrictions on the Fund's investments described under the caption "Principal Investment Strategies" in the Prospectus, and in applying the fundamental investment limitation described in paragraph (1), above, "assets" is understood to mean net assets plus borrowings for investment purposes.

For the purposes of applying the fundamental investment limitation set forth in paragraph (2) above, any amounts borrowed by the Fund must be from a bank (as defined in Section 2(a)(5) of the 1940 Act). If the Fund has engaged in borrowing, it will determine its compliance with the applicable borrowing limits on an ongoing basis while such borrowings are outstanding.

For the purposes of applying the fundamental investment limitation set forth in paragraph (6) above, the Fund is permitted to hold real estate if doing so is the result of the Fund's efforts to restructure a bond or other loan obligation that was secured by real estate.

For the purposes of applying the fundamental investment limitation set forth in paragraph (9) above, any initial and variation margin payments that a Fund may be required to make in connection with its permitted investment strategies do not constitute the purchase of securities "on margin."

The Fund's fundamental investment limitation on investing more than 25% of the Fund's total assets in the same industry, as described in paragraph (15) above, also applies to investments in the same group of industries. In determining whether an issuer should be classified in a particular industry or industry group for purposes of that fundamental investment limitation, Thornburg may rely on its own analysis of the issuer or on available third party industry classifications. When using third-party industry classifications for this purpose, Thornburg currently looks to classifications provided by Bloomberg. The fundamental investment limitation on investing in industries and industry groups does not apply to an investment by the Fund in a particular economic sector, such as the utilities, hospital and healthcare facilities, or industrial development sectors. Additionally, securities of the U.S. Government and its agencies and instrumentalities are not considered to represent industries for this purpose.

Although the Fund has the right to pledge, mortgage or hypothecate its assets subject to the restrictions described above, in order to comply with certain state statutes on investment restrictions, the Fund will not, as a matter of operating policy (which policy may be changed by the Trustees without shareholder approval), mortgage, pledge or hypothecate its portfolio securities to the extent that at any time the percentage of pledged securities will exceed 10% of its total assets.

**Limited Term Income Fund**

Thornburg Investment Trust has adopted the following fundamental investment limitations applicable to Limited Term Income Fund which may not be changed unless approved by a majority of the outstanding shares of the Fund. Limited Term Income Fund may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; with respect to 75% of its total assets taken at market value, purchase more than 10% of the voting securities of any one issuer or invest more than 5% of the value of its total assets in the securities of any one issuer, except obligations issued or guaranteed by the U.S. Government, its agencies or instrumentalities and except securities of other investment companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; borrow money, except as a temporary measure for extraordinary or emergency purposes or except in connection with reverse repurchase agreements; provided that the Fund maintains asset coverage of 300% for all borrowings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; purchase or sell real estate (except that the Fund may invest in (i) securities of companies which deal in real estate or mortgages, and (ii) securities secured by real estate or interests therein and that the Fund reserves freedom of action to hold and sell real estate acquired as a result of the Fund's ownership of securities) or purchase or sell physical commodities or contracts relating to physical commodities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; act as underwriter of securities issued by others, except to the extent that it may be deemed an underwriter in connection with the disposition of portfolio securities of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; make loans to any other person, except (a) loans of portfolio securities, and (b) to the extent that the entry into repurchase agreements and the purchase of debt securities in accordance with its investment objectives and investment policies may be deemed to be loans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; issue senior securities, except as appropriate to evidence indebtedness which it is permitted to incur, and except for shares of the separate classes of a fund or series of the Trust provided that collateral arrangements with respect to currency-related contracts, futures contracts, options, or other permitted investments, including deposits of initial and variation margin, are not considered to be the issuance of senior securities for purposes of this restriction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; purchase any securities which would cause more than 25% of the market value of its total assets at the time of such purchase to be invested in the securities of one or more issuers having their principal business activities in the same industry, provided that there is no limitation with respect to investments in obligations issued or guaranteed by the U.S. government or its agencies or instrumentalities (for the purposes of this restriction, telephone companies are considered to be in a separate industry from gas and electric public utilities, and wholly-owned finance companies are considered to be in the industry of their parents if their activities are primarily related to financing the activities of the parents).

For the purposes of applying the fundamental investment limitation set forth in paragraph (2) above, any amounts borrowed by the Fund must be from a bank (as defined in Section 2(a)(5) of the 1940 Act). Furthermore, any borrowing that the Fund makes in excess of the 300% asset coverage described in that paragraph can only be for temporary purposes, and such temporary borrowings may not exceed 5% of the value of the total assets of the issuer at the time the loan is made. If the Fund has engaged in borrowing, it will determine its compliance with the applicable borrowing limits on an ongoing basis while such borrowings are outstanding.

For the purposes of applying the fundamental investment limitation set forth in paragraph (3) above, the Fund is permitted to hold real estate if doing so is the result of the Fund's efforts to restructure a bond or other loan obligation that was secured by real estate.

The Fund's fundamental investment limitation on investing more than 25% of the Fund's total assets in the same industry, as described in paragraph (7) above, also applies to investments in the same group of industries. In determining whether an issuer should be classified in a particular industry or industry group for purposes of that fundamental investment limitation, Thornburg may rely on its own analysis of the issuer or on available third party industry classifications. When using third-party industry classifications for this purpose, Thornburg currently looks to classifications provided by Bloomberg. The fundamental investment limitation on investing in industries and industry groups does not apply to an investment by the Fund in a particular economic sector, such as the utilities, hospital and healthcare facilities, or industrial development sectors. Additionally, securities of the U.S. Government and its agencies and instrumentalities are not considered to represent industries for this purpose.

The following investment limitations are not fundamental and may be changed without shareholder approval:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Fund does not currently intend to purchase or retain securities of any open-end investment company, or securities of any closed-end investment company except by purchase in the open market where no commission or profit to a sponsor or dealer results from such purchases, or except when such purchase, though not made in the open market, is part of a plan of merger, consolidation, reorganization or acquisition of assets. The Fund will not acquire any security issued by another investment company (the "acquired company") if the Fund thereby would own (i) more than 3% of the total outstanding voting securities of the acquired company, or (ii) securities issued by the acquired company having an aggregate value exceeding 5% of the Fund's total assets, or (iii) securities issued by investment companies having an aggregate value exceeding 10% of the Fund's total assets. The limitations stated in this subparagraph (a) do not apply to the Fund's investments in Thornburg Capital Management Fund or in any other investment company within the same "group of investment companies" (as defined in Section 12(d)(1)(G) of the 1940 Act); provided that any such investments will comply with Section 12(d)(1)(G) of the 1940 Act and rules thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Fund will not pledge, mortgage or hypothecate its assets in excess, together with permitted borrowings, of 1/3 of its total assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Fund does not currently intend to purchase or retain securities of an issuer any of whose officers, directors, trustees or security holders is an officer or Trustee of the Fund or a member, officer, director or trustee of the investment advisor of the Fund if one or more of such individuals owns beneficially more than one-half of one percent (1/2%) of the outstanding shares or securities or both (taken at market value) of such issuer and such shares or securities together own beneficially more than 5% of such shares or securities or both.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Fund does not currently intend to purchase securities on margin or make short sales, unless, by virtue of its ownership of other securities, it has the right to obtain securities equivalent in kind and amount to the securities sold and, if the right is conditional, the sale is made upon the same conditions, except in connection with arbitrage transactions, and except that the Fund may obtain such short-term credits as may be necessary for the clearance of purchases and sales of securities. Any initial and variation margin payments that the Fund may be required to make in connection with its permitted investment strategies do not constitute the purchase of securities "on margin" for purposes of this limitation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Fund does not currently intend to purchase any security if, as a result, more than 15% of its net assets would be invested in securities that are considered by Thornburg to be illiquid because they are subject to legal or contractual restrictions on resale or because they cannot be sold or disposed of in the ordinary course of business at approximately the prices at which they are valued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund does not currently intend to purchase securities of any issuers with a record of less than three years of continuous operations, including predecessors, except U.S. government securities, securities of such issuers which are rated by at least one nationally recognized statistical rating organization, municipal obligations and obligations issued or guaranteed by any foreign government or its agencies or instrumentalities, if such purchase would cause the investments of the Fund in all such issuers to exceed 5% of the total assets of the Fund taken at market value. The foregoing does not apply to the Fund's investments in Thornburg Capital Management Fund or in any other investment company within the same "group of investment companies" (as defined in Section 12(d) (1)(G) of the 1940 Act); provided that any such investments will comply with Section 12(d)(1)(G) of the 1940 Act and rules thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Fund does not currently intend to purchase more than 10% of the voting securities of any one issuer, except securities issued by the U.S. Government, its agencies or instrumentalities. The foregoing does not apply to the Fund's investments in Thornburg Capital Management Fund or in any other investment company within the same "group of investment companies" (as defined in Section 12(d)(1)(G) of the 1940 Act); provided that any such investments will comply with Section 12(d)(1)(G) of the 1940 Act and rules thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Fund will not buy options on securities or financial instruments, unless the aggregate premiums paid on all such options held by the Fund at any time do not exceed 20% of its net assets; or sell put options in securities if, as a result, the aggregate value of the obligations underlying such put options would exceed 50% of the Fund's net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund will not enter into futures contracts or purchase options thereon unless immediately after the purchase, the value of the aggregate initial margin with respect to all futures contracts entered into on behalf of the Fund and the premiums paid for options on futures contracts does not exceed 5% of the fair market value of the Fund's total assets; provided that in the case of an option that is in-the-money at the time of purchase, the in-the-money amount may be excluded in computing the 5% limit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund does not currently intend to invest more than 5% of its assets in derivative instruments, although this limitation will not apply to investments in derivative instruments made by the Fund for bona fide hedging or risk management purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Fund does not currently intend to invest in oil, gas or other mineral leases, or exploration or development programs (although it may invest in issuers which own or invest in such interests).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund does not currently intend to purchase warrants if as a result warrants taken at the lower of cost or market value would represent more than 5% of the value of the Fund's total net assets or more than 2% of its net assets in warrants that are not listed on the New York or American Stock Exchanges or on an exchange with comparable listing requirements (for this purpose, warrants attached to securities will be deemed to have no value).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Fund will not make securities loans if the value of such securities loaned exceeds 30% of the value of the Fund's total assets at the time any loan is made; all loans of portfolio securities will be fully collateralized and marked to market daily. The Fund has no current intention of making loans of portfolio securities that would amount to greater than 5% of the Fund's total assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Fund does not currently intend to purchase or sell real estate limited partnership interests.

Restrictions with respect to repurchase agreements shall be construed to be for repurchase agreements entered into for the investment of available cash consistent with Limited Term Income Fund's repurchase agreement procedures, not repurchase commitments entered into for general investment purposes.

**Ultra Short Income Fund**

Thornburg Investment Trust has adopted the following fundamental investment limitations applicable to the Ultra Short Income Fund, which may not be changed by the Fund unless approved by a majority of the outstanding shares of that Fund. The Fund may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; with respect to 75% of the Fund's total assets, purchase the securities of any issuer (other than securities issued or guaranteed by the U.S. government or any of its agencies or instrumentalities) if, as a result, (a) more than 5% of the Fund's total assets would be invested in the securities of that issuer, or (b) the Fund would hold more than 10% of the outstanding voting securities of that issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; issue senior securities, except as permitted under the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; borrow money, except for temporary or emergency purposes or except in connection with reverse repurchase agreements; in an amount not exceeding 33 1/3% of its total assets (including the amount borrowed) less liabilities (other than borrowings). Any borrowings that come to exceed this amount will be reduced within three days (not including Sundays and holidays) to the extent necessary to comply with the 33 1/3 % fundamental investment limitation;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; underwrite any issue of securities (except to the extent that the Fund may be deemed to be an underwriter within the meaning of the 1933 Act in the disposition of restricted securities);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; purchase the securities of any issuer (other than securities issued or guaranteed by the U.S. government or any of its agencies or instrumentalities) if, as a result, more than 25% of the Fund's total assets would be invested in the securities of companies whose principal business activities are in the same industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; purchase or sell real estate unless acquired as a result or ownership of securities or other instruments (but this shall not prevent the Fund from investing in securities or other instruments backed by real estate or securities of companies engaged in the real estate business);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; purchase or sell physical commodities unless acquired as a result of ownership of securities or other instruments (but this shall not prevent the Fund from purchasing or selling options and futures contracts or from investing in securities or other instruments backed by physical commodities); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; lend any security or make any other loan if, as a result, more than 33 1/3% of its total assets would be lent to other parties, but this fundamental investment limitation does not apply to purchases of debt securities or to repurchase agreements.

For the purposes of applying the fundamental investment limitation set forth in paragraph (3) above, any amounts borrowed by the Fund must be from a bank (as defined in Section 2(a)(5) of the 1940 Act). Furthermore, notwithstanding the reference to "emergency purposes" in that paragraph, the Fund may only borrow money in excess of the 33 1/3% borrowing limit for temporary purposes, and such temporary borrowings may not exceed 5% of the value of the total assets of the issuer at the time the loan is made. If the Fund has engaged in borrowing, it will determine its compliance with the applicable borrowing limits on an ongoing basis while such borrowings are outstanding.

The Fund's fundamental investment limitation on investing more than 25% of the Fund's total assets in the same industry, as described in paragraph (5) above, also applies to investments in the same group of industries. In determining whether an issuer should be classified in a particular industry or industry group for purposes of that fundamental investment limitation, Thornburg may rely on its own analysis of the issuer or on available third party industry classifications. When using third-party industry classifications for this purpose, Thornburg currently looks to classifications provided by Bloomberg. The fundamental investment limitation on investing in industries and industry groups does not apply to an investment by the Fund in a particular economic sector, such as the utilities, hospital and healthcare facilities, or industrial development sectors. Additionally, securities of the U.S. Government and its agencies and instrumentalities are not considered to represent industries for this purpose.

For the purposes of applying the fundamental investment limitation set forth in paragraph (6) above, a Fund is permitted to hold real estate if doing so is the result of the Fund's efforts to restructure a bond or other loan obligation that was secured by real estate.

The following investment limitations are not fundamental and may be changed without shareholder approval as to the Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund does not currently intend to sell securities short, unless it owns or has the right to obtain securities equivalent in kind and amount to the securities sold short, and provided that any initial and variation margin payments that the Fund may be required to make in connection with its permitted investment strategies do not constitute the purchase of securities "on margin" for purposes of this limitation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Fund does not currently intend to purchase securities on margin, except that the Fund may obtain such short-term credits as are necessary for the clearance of transactions, and provided that margin payments in connection with futures contracts and options on futures contracts shall not constitute purchasing securities on margin.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Fund does not currently intend to purchase any security if, as a result, more than 15% of its net assets would be invested in securities that are deemed to be illiquid because they are subject to legal or contractual restrictions on resale or because they cannot be sold or disposed of in the ordinary course of business at approximately the prices at which they are valued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Fund does not currently intend to (a) purchase securities of other investment companies, except in the open market where no commission except the ordinary broker's commission is paid, or (b) purchase or retain securities issued by other open-end investment companies. Limitations (a) and (b) do not apply to the Fund's investments in Thornburg Capital Management Fund or in any other investment company within the same "group of investment companies" (as defined in Section 12(d)(1)(G) of the 1940 Act), provided that any such investments comply with Section 12(d)(1)(G) of the 1940 Act and rules thereunder, or to securities received as dividends, through offers of exchange, or as a result of a reorganization, consolidation, or merger.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Fund does not currently intend to purchase the securities of any issuer (other than securities issued or guaranteed by domestic or foreign governments or political subdivisions thereof) if, as a result, more than 5% of its total assets would be invested in the securities of business enterprises that, including predecessors, have a record of less than three years of continuous operation. The foregoing does not apply to the Fund's investments in Thornburg Capital Management Fund or in any other investment company within the same "group of investment companies" (as defined in Section 12(d)(1)(G) of the 1940 Act); provided that any such investments will comply with Section 12(d)(1)(G) of the 1940 Act and rules thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Fund does not currently intend to purchase warrants, valued at the lower of cost or market, in excess of 5% of the Fund's net assets. Included in that amount, but not to exceed 2% of the Fund's net assets, may be warrants that are not listed on a national securities exchange. Warrants acquired by the Fund in units or attached to securities are not subject to these restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) &nbsp;&nbsp;&nbsp;&nbsp; The Fund does not currently intend to invest in oil, gas or other mineral exploration or development programs or leases.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) &nbsp;&nbsp;&nbsp;&nbsp; The Fund does not currently intend to purchase the securities of any issuer if those officers and Trustees of the trust and those officers and directors of Thornburg who individually own more than 1/2 of 1% of the securities of such issuer together own more than 5% of such issuer's securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) &nbsp;&nbsp;&nbsp;&nbsp; The Fund will not (a) sell futures contracts, purchase put options, or write call options if, as a result, more than 25% of the Fund's total assets would be hedged with futures and options under normal conditions; (b) purchase futures contracts or write put options if, as a result, the Fund's total obligations upon settlement or exercise of purchased futures contracts and written put options would exceed 25% of its total assets; or (c) purchase call options if, as a result, the current value of option premiums for call options purchased by the Fund would exceed 5% of the Fund's total assets. These limitations do not apply to options attached to or acquired or traded together with their underlying securities, and do not apply to securities that incorporate features similar to options.

**Core Plus Bond Fund**

Thornburg Investment Trust has adopted the following fundamental investment limitations applicable to Core Plus Bond Fund which may not be changed by any Fund unless approved by a majority of the outstanding shares of the Fund. The Fund may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; with respect to 75% of the Fund's total assets, purchase the securities of any issuer (other than securities issued or guaranteed by the U.S. government or any of its agencies or instrumentalities) if, as a result, (a) more than 5% of the Fund's total assets would be invested in the securities of that issuer, or (b) the Fund would hold more than 10% of the outstanding voting securities of that issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; issue senior securities, except as permitted under the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; borrow money, except in an amount not exceeding 33 1/3% of its total assets (including the amount borrowed) less liabilities (other than borrowings). Any borrowings that come to exceed this amount will be reduced within three days (not including Sundays and holidays) to the extent necessary to comply with the 33 1/3 % fundamental investment limitation;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; underwrite any issue of securities (except to the extent that the Fund may be deemed to be an underwriter within the meaning of the 1933 Act in the disposition of restricted securities);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; purchase or sell real estate unless acquired as a result or ownership of securities or other instruments (but this shall not prevent the Fund from investing in securities or other instruments backed by real estate or securities of companies engaged in the real estate business, nor shall it prevent the Fund from holding real estate as a result of the Fund's efforts to restructure a bond or other loan obligation that was secured by real estate);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; purchase or sell physical commodities unless acquired as a result of ownership of securities or other instruments (but this shall not prevent the Fund from purchasing or selling options and futures contracts or from investing in securities or other instruments backed by physical commodities);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; lend any security or make any other loan if, as a result, more than 33 1/3% of its total assets would be lent to other parties, but this fundamental investment limitation does not apply to lending of portfolio securities, purchases of debt obligations or other instruments purchases of debt securities or to repurchase agreements; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; invest more than 25% of its total assets in any one industry.

For the purposes of applying the fundamental investment limitation set forth in paragraph (3) above, any amounts borrowed by the Fund must be from a bank (as defined in Section 2(a)(5) of the 1940 Act). Furthermore, the Fund may only borrow money in excess of the 33 1/3% borrowing limit for temporary purposes, and such temporary borrowings may not exceed 5% of the value of the total assets of the issuer at the time the loan is made. If the Fund has engaged in borrowing, it will determine its compliance with the applicable borrowing limits on an ongoing basis while such borrowings are outstanding.

The phrase "other instruments" in the fundamental investment limitation set forth in paragraph (7) above is intended to refer to other financial instruments that the Fund is allowed to invest in consistent with its investment policies. Additionally, notwithstanding the reference to "lending of portfolio securities" in paragraph (7), the Fund will not make loans of securities if the total value of those outstanding loans represents more than 33 1/3% of the Fund's total assets (including the value of all assets received as collateral for such outstanding loans).

For the purposes of applying the fundamental investment limitation set forth in paragraph (5) above, the Fund is permitted to hold real estate if doing so is the result of the Fund's efforts to restructure a bond or other loan obligation that was secured by real estate.

The Fund's fundamental investment limitation on investing more than 25% of the Fund's total assets in the same industry, as described in paragraph (8) above, also applies to investments in the same group of industries. In determining whether an issuer should be classified in a particular industry or industry group for purposes of that fundamental investment limitation, Thornburg may rely on its own analysis of the issuer or on available third party industry classifications. When using third-party industry classifications for this purpose, Thornburg currently looks to classifications provided by Bloomberg. The fundamental investment limitation on investing in industries and industry groups does not apply to an investment by the Fund in a particular economic sector, such as the utilities, hospital and healthcare facilities, or industrial development sectors. Additionally, securities of the U.S. Government and its agencies and instrumentalities are not considered to represent industries for this purpose. in a particular economic sector, such as the utilities, hospital and healthcare facilities, or industrial development sectors. The views and interpretations by the Fund stated in this paragraph may change due to changes in the law or interpretations of the law, including laws pertaining to municipal obligations and the taxability of interest paid on those obligations, and due to other factors.

The following investment limitations are not fundamental and may be changed without shareholder approval as to the Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund does not currently intend to sell securities short, unless it owns or has the right to obtain securities equivalent in kind and amount to the securities sold short, and provided that transactions in futures contracts and options are not deemed to constitute selling securities short.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Fund does not currently intend to purchase any security if, as a result, more than 15% of its net assets would be invested in investments that are deemed to be illiquid because they are subject to legal or contractual restrictions on resale or because they cannot be sold or disposed of in the ordinary course of business at approximately the prices at which they are valued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Fund will not (a) sell futures contracts, purchase put options, or write call options if, as a result, more than 25% of the Fund's total assets would be hedged with futures and options under normal conditions; (b) purchase futures contracts or write put options if, as a result, the Fund's total obligations upon settlement or exercise of purchased futures contracts and written put options would exceed 25% of its total assets; or (c) purchase call options if, as a result, the current value of option premiums for call options purchased by the Fund would exceed 5% of the Fund's total assets. These limitations do not apply to options attached to or acquired or traded together with their underlying securities, and do not apply to securities that incorporate features similar to options.

**Short Duration Municipal Fund**

Thornburg Investment Trust has adopted the following fundamental investment limitations applicable to the Short Duration Municipal Fund which may not be changed unless approved by a majority of the Fund's outstanding voting securities. The Fund may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invest in securities other than municipal obligations (including participations therein) and temporary investments within the percentage limitations stated in the Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issue senior securities, except as permitted under the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrow money, except as permitted under the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Underwrite any issue of securities (except to the extent that the Fund may be deemed to be an underwriter within the meaning of the 1933 Act in the disposition of restricted securities);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase or sell real estate unless acquired as a result or ownership of securities or other instruments (but this shall not prevent the Fund from investing in securities or other instruments backed by real estate or securities of companies engaged in the real estate business, nor shall it prevent the Fund from holding real estate as a result of the Fund's efforts to restructure a bond or other loan obligation that was secured by real estate);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase or sell physical commodities unless acquired as a result of ownership of securities or other instruments (but this shall not prevent the Fund from purchasing or selling options, futures contracts, or from investing in securities or other instruments backed by physical commodities);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lend any security or make any other loan if, as a result, more than 33 1/3% of its total assets would be lent to other parties, but this fundamental investment limitation does not apply to lending of portfolio securities, purchases of debt obligations or other instruments, or to repurchase agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; With respect to 75% of the Fund's total assets, purchase the securities of any issuer (other than securities issued or guaranteed by the U.S. government or any of its agencies or instrumentalities) if, as a result, (a) more than 5% of the Fund's total assets would be invested in the securities of that issuer, or (b) the Fund would hold more than 10% of the outstanding voting securities of that issuer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invest more than 25% of its total assets in any one industry.

For purposes of the restriction stated in paragraph (1), above, "municipal obligations" are also deemed to include investments in investment companies (such as exchange traded funds and closed end funds) which invest substantially all of their assets in municipal obligations, and other direct and indirect investments in municipal obligations which produce income that the Fund is permitted under the Internal Revenue Code to treat as excludable from gross income for purposes of determining its exempt interest dividends under the Code. Also for purposes of the restriction stated in paragraph (1), above, the Fund's temporary investments may include investments of a portion or all of the Fund's daily cash balances in Thornburg Capital Management Fund or in any other investment company within the same "group of investment companies" (as defined in Section 12(d)(1)(G) of the 1940 Act); provided that any such investments will comply with Section 12(d)(1)(G) of the 1940 Act and rules thereunder.

In connection with restriction stated in paragraph (3), above, the 1940 Act currently permits an investment company to borrow money if the borrowings do not exceed one-third of the company's total assets after subtracting liabilities other than the borrowings, and provided that the borrowings are from a bank (as defined in Section 2(a)(5) of the 1940 Act). The 1940 Act also permits an investment company to borrow money in excess of one-third of the company's total assets for temporary purposes, provided that any such temporary borrowings may not exceed 5% of the value of the total assets of the issuer at the time the loan is made. If the Fund has engaged in borrowing, it will determine its compliance with the applicable borrowing limits on an ongoing basis while such borrowings are outstanding.

The phrase "other instruments" in the fundamental investment limitation set forth in paragraph (7) above is intended to refer to other financial instruments that the Fund is allowed to invest in consistent with its investment policies. Additionally, notwithstanding the reference to "lending of portfolio securities" in paragraph (7), the Fund will not make loans of securities if the total value of those outstanding loans represents more than 33 1/3% of the Fund's total assets (including the value of all assets received as collateral for such outstanding loans).

The Fund's fundamental investment limitation on investing more than 25% of the Fund's total assets in the same industry, as described in paragraph (9) above, also applies to investments in the same group of industries. In determining whether an issuer should be classified in a particular industry or industry group for purposes of that fundamental investment limitation, Thornburg may rely on its own analysis of the issuer or on available third party industry classifications. When using third-party industry classifications for this purpose, Thornburg currently looks to classifications provided by Bloomberg. The fundamental investment limitation on investing in industries and industry groups does not apply to an investment by the Fund in a particular economic sector, such as the utilities, hospital and healthcare facilities, or industrial development sectors. Additionally, for purposes of applying the fundamental investment limitation described in paragraph (9) above, issuers of the following securities will not be considered to be members of any industry: securities of the U.S. Government and its agencies and instrumentalities; municipal obligations the income from which is exempt from the regular federal income tax; and repurchase agreements collateralized by such obligations. Notwithstanding the foregoing, to the extent that the income from a municipal obligation is derived from the assets and revenues of non-governmental users, the obligation will be deemed to have been issued from the industry of that non-governmental user. The views and interpretations by the Fund stated in this paragraph may change due to changes in the law or interpretations of the law, including laws pertaining to municipal obligations and the taxability of interest paid on those obligations, and due to other factors. The views and interpretations by the Fund stated in this paragraph may change due to changes in the law or interpretations of the law, including laws pertaining to municipal obligations and the taxability of interest paid on those obligations, and due to other factors.

The following investment limitations are not fundamental and may be changed without shareholder approval:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund does not currently intend to sell securities short, unless it owns or has the right to obtain securities equivalent in kind and amount to the securities sold short, and provided that transactions in futures contracts and options are not deemed to constitute selling securities short.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Fund does not currently intend to purchase securities on margin, except that the Fund may obtain such short-term credits as are necessary for the clearance of transactions, and provided that any initial and variation margin payments that the Fund may be required to make in connection with its permitted investment strategies do not constitute the purchase of securities "on margin" for purposes of this limitation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Fund does not currently intend to purchase any security if, as a result, more than 15% of its net assets would be invested in securities that are considered by Thornburg to be illiquid because they are subject to legal or contractual restrictions on resale or because they cannot be sold or disposed of in the ordinary course of business at approximately the prices at which they are valued.

**Limited Term Municipal Fund and California Limited Term Municipal Fund**

Thornburg Investment Trust has adopted the following fundamental investment limitations applicable to each of Limited Term Municipal Fund and California Limited Term Municipal Fund which may not be changed by either Fund unless approved by a majority of the outstanding shares of that Fund. Neither Fund may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invest in securities other than municipal obligations (including participations therein) and temporary investments within the percentage limitations specified in the Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase any security if, as a result, more than 5% of its total assets would be invested in securities of any one issuer, excluding obligations of, or guaranteed by, the United States government, its agencies, instrumentalities and authorities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrow money, except for temporary or emergency purposes and not for investment purposes, and then only in an amount not exceeding 5% of the value of the Fund's total assets at the time of borrowing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pledge, mortgage or hypothecate its assets, except to secure borrowings permitted by subparagraph (3) above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issue senior securities as defined in the 1940 Act, except insofar as the Fund may be deemed to have issued a senior security by reason of (a) entering into any repurchase agreement; (b) purchasing any securities on a when-issued or delayed delivery basis; or (c) borrowing money in accordance with the restrictions described above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Underwrite any issue of securities, except to the extent that, in connection with the disposition of portfolio securities, it may be deemed to be an underwriter under the federal securities laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase or sell real estate and real estate mortgage loans, but this shall not prevent the Fund from investing in municipal obligations secured by real estate or interests therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase or sell commodities or commodity futures contracts or oil, gas or other mineral exploration or development programs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Make loans, other than by entering into repurchase agreements and through the purchase of municipal obligations or temporary investments in accordance with its investment objective, policies and limitations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Make short sales of securities or purchase any securities on margin, except for such short-term credits as are necessary for the clearance of transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Write or purchase puts, calls, straddles, spreads or other combinations thereof, except to the extent that securities subject to a demand obligation or to a remarketing agreement may be purchased as set forth in the Prospectus or this Statement of Additional Information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invest more than 5% of its total assets in securities of unseasoned issuers which, together with their predecessors, have been in operation for less than three years excluding (i) obligations of, or guaranteed by, the United States government, its agencies, instrumentalities and authorities and (ii) obligations secured by the pledge of the faith, credit and taxing power of any entity authorized to issue municipal obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invest more than 5% of its total assets in securities which the Fund is restricted from selling to the public without registration under the 1933 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase securities of any issuer if such purchase at the time thereof would cause more than 10% of the voting securities of any such issuer to be held by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase securities of other investment companies, except in connection with a merger, consolidation, reorganization or acquisition of assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase securities (other than securities of the United States government, its agencies, instrumentalities and authorities) if, as a result, more than 25% of the Fund's total assets would be invested in any one industry; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase or retain the securities of any issuer other than the securities of the Fund if, to the Fund's knowledge, those officers and directors of the Fund, or those officers and directors of Thornburg, who individually own beneficially more than 1/2 of 1% of the outstanding securities of such issuer, together own beneficially more than 5% of such outstanding securities.

For the purpose of applying the fundamental investment limitations set forth in paragraphs (2) and (12) above, an issuer shall be deemed a separate issuer when its assets and revenues are separate from other governmental entities and its securities are backed only by its assets and revenues. Similarly, in the case of a nongovernmental user, such as an industrial corporation or a privately owned or operated hospital, if the security is backed only by the assets and revenues of the nongovernmental user, then such nongovernmental user would be deemed to be the sole issuer. Where a security is also guaranteed by the enforceable obligation of another entity it shall also be included in the computation of securities owned that are issued by such other entity. In addition, for purposes of paragraph (2) above, a remarketing party entering into a remarketing agreement with a Fund as described in the Prospectus or this Statement of Additional Information shall not be deemed an "issuer" of a security or a "guarantor" of a Municipal Lease subject to that agreement.

For the purposes of applying the fundamental investment limitation set forth in paragraph (2) above, any amounts borrowed by a Fund must be from a bank (as defined in Section 2(a)(5) of the 1940 Act). Also, notwithstanding the reference to "emergency purposes" in that paragraph, a Fund may only borrow money in accordance with that paragraph for temporary purposes. Each Fund that has engaged in borrowings will determine its compliance with the applicable borrowing limits on an ongoing basis while such borrowings are outstanding.

For the purposes of applying the fundamental investment limitation set forth in paragraph (7) above, a Fund is permitted to hold real estate if doing so is the result of the Fund's efforts to restructure a bond or other loan obligation that was secured by real estate.

For the purposes of applying the fundamental investment limitation set forth in paragraph (10) above, any initial and variation margin payments that a Fund may be required to make in connection with its permitted investment strategies do not constitute the purchase of securities "on margin."

Each Fund's fundamental investment limitation on investing more than 25% of the Fund's total assets in the same industry, as described in paragraph (16) above, also applies to investments in the same group of industries. In determining whether an issuer should be classified in a particular industry or industry group for purposes of that fundamental investment limitation, Thornburg may rely on its own analysis of the issuer or on available third party industry classifications. When using third-party industry classifications for this purpose, Thornburg currently looks to classifications provided by Bloomberg. The fundamental investment limitation on investing in industries and industry groups does not apply to an investment by the Fund in a particular economic sector, such as the utilities, hospital and healthcare facilities, or industrial development sectors. Additionally, for purposes of applying the limitation described in paragraph (16) above, issuers of the following securities will not be considered to be members of any industry: securities of the U.S. Government and its agencies and instrumentalities; municipal obligations the income from which is exempt from the regular federal income tax; and repurchase agreements collateralized by such obligations. Notwithstanding the foregoing, to the extent that the income from a municipal obligation is derived principally from the assets and revenues of non-governmental users, the obligation will be deemed to have been issued from the industry of that non-governmental user. The views and interpretations by the Fund stated in this paragraph may change due to changes in the law or interpretations of the law, including laws pertaining to municipal obligations and the taxability of interest paid on those obligations, and due to other factors.

In addition to the foregoing fundamental investment limitations, a Fund will not enter into a repurchase agreement if, as a result thereof, more than 5% of its net assets would be subject to repurchase agreements.

Although each of these Funds has the right to pledge, mortgage or hypothecate its assets in order to comply with certain state statutes on investment restrictions, a Fund will not, as a matter of operating policy (which policy may be changed by the board of Trustees without shareholder approval), pledge, mortgage or hypothecate its portfolio securities to the extent that at any time the percentage of pledged securities will exceed 10% of its total assets.

In addition, neither of these Funds will purchase the securities of any issuer if as a result more than 15% of the value of the Fund's net assets would be invested in restricted securities, unmarketable securities and other illiquid investments (including repurchase agreements of more than seven days maturity and other securities which are not readily marketable).

In the event the Limited Term Municipal Fund or the California Limited Term Municipal Fund acquires disposable assets as a result of the exercise of a security interest relating to municipal obligations, the Fund will dispose of such assets as promptly as possible.

**New Mexico Intermediate Municipal Fund, New York Intermediate Municipal Fund and Intermediate Municipal Fund**

Thornburg Investment Trust has adopted the following fundamental investment limitations respecting New Mexico Intermediate Municipal Fund, New York Intermediate Municipal Fund and Intermediate Municipal Fund, which may not be changed as to any of these Funds unless approved by a majority of the outstanding shares of the Fund. Unless otherwise specified below as applicable to only one of the Funds, none of New Mexico Intermediate Municipal Fund, New York Intermediate Municipal Fund, and Intermediate Municipal Fund may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invest in securities other than municipal obligations (including participations therein) and temporary investments within the percentage limitations specified in the Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Intermediate Municipal Fund may not purchase any security if, as a result, more than 5% of its total assets would be invested in securities of any one issuer, excluding obligations of, or guaranteed by, the United States government, its agencies, instrumentalities and authorities. Any of the single state Intermediate Funds may invest more than 5% of its portfolio assets in the securities of a single issuer provided that it may not purchase any security (other than securities issued or guaranteed as to principal or interest by the United States or its instrumentalities) if, as a result, more than 5% of the Trust's total assets would be invested in securities of a single issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrow money, except for temporary or emergency purposes and not for investment purposes, and then only in an amount not exceeding 5% of the value of the Fund's total assets at the time of borrowing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pledge, mortgage or hypothecate its assets, except to secure borrowings permitted by subparagraph (3) above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issue senior securities as defined in the 1940 Act, except insofar as the Fund may be deemed to have issued a senior security by reason of (a) entering into any repurchase agreement; (b) purchasing any securities on a when-issued or delayed delivery basis; or (c) borrowing money in accordance with the restrictions described above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Underwrite any issue of securities, except to the extent that, in connection with the disposition of portfolio securities, it may be deemed to be an underwriter under the federal securities laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase or sell real estate and real estate mortgage loans, but this shall not prevent the Funds from investing in municipal obligations secured by real estate or interests therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase or sell commodities or commodity futures contracts or oil, gas or other mineral exploration or development programs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Make loans, other than by entering into repurchase agreements and through the purchase of municipal obligations or temporary investments in accordance with its investment objectives, policies and limitations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Make short sales of securities or purchase any securities on margin, except for such short-term credits as are necessary for the clearance of transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Write or purchase puts, calls, straddles, spreads or other combinations thereof, except to the extent that securities subject to a demand obligation or to a remarketing agreement may be purchased as set forth in the Prospectus or this Statement of Additional Information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invest more than 5% of its total assets in securities of unseasoned issuers which, together with their predecessors, have been in operation for less than three years excluding (i) obligations of, or guaranteed by, the United States government, its agencies, instrumentalities and authorities and (ii) obligations secured by the pledge of the faith, credit and taxing power of any entity authorized to issue municipal obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invest more than 5% of its total assets in securities which the Fund is restricted from selling to the public without registration under the 1933 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase securities of any issuer if such purchase at the time thereof would cause more than 10% of the voting securities of any such issuer to be held by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase securities of other investment companies, except in connection with a merger, consolidation, reorganization or acquisition of assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase securities (other than securities of the United States government, its agencies, instrumentalities and authorities) if, as a result, more than 25% of the Fund's total assets would be invested in any one industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase or retain the securities of any issuer other than the securities issued by the Fund itself if, to the Fund's knowledge, those officers and trustees of the Fund, or those officers and directors of Thornburg, who individually own beneficially more than 1/2 of 1% of the outstanding securities of such issuer, together own beneficially more than 5% of such outstanding securities; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase the securities of any issuer if as a result more than 10% of the value of the Fund's net assets would be invested in restricted securities, unmarketable securities and other illiquid investments (including repurchase agreements of more than seven days maturity and other securities which are not readily marketable).

For the purposes of applying the fundamental investment limitations set forth in paragraphs (2) and (12) above, an issuer shall be deemed a separate issuer when its assets and revenues are separate from other governmental entities and its securities are backed only by its assets and revenues. Similarly, in the case of a nongovernmental user, such as an industrial corporation or a privately owned or operated hospital, if the security is backed only by the assets and revenues of the nongovernmental user, then the nongovernmental user would be deemed to be the sole issuer. Where a security is also guaranteed by the enforceable obligation of another entity it shall also be included in the computation of securities owned that are issued by such other entity. In addition, for purposes of paragraph (2) above, a remarketing party entering into a remarketing agreement with a Fund as described in the Prospectus or in this Statement of Additional Information shall not be deemed an "issuer" of a security or a "guarantor" pursuant to the agreement.

For the purposes of applying the fundamental investment limitation set forth in paragraph (3) above, any amounts borrowed by a Fund must be from a bank (as defined in Section 2(a)(5) of the 1940 Act). Also, notwithstanding the reference to "emergency purposes" in that paragraph, a Fund may only borrow money in accordance with that paragraph for temporary purposes. Each Fund that has engaged in borrowings will determine its compliance with the applicable borrowing limits on an ongoing basis while such borrowings are outstanding.

For the purposes of applying the fundamental investment limitation set forth in paragraph (7) above, a Fund is permitted to hold real estate if doing so is the result of the Fund's efforts to restructure a bond or other loan obligation that was secured by real estate.

For the purposes of applying the fundamental investment limitation set forth in paragraph (10) above, any initial and variation margin payments that a Fund may be required to make in connection with its permitted investment strategies do not constitute the purchase of securities "on margin."

Each Fund's fundamental investment limitation on investing more than 25% of the Fund's total assets in the same industry, as described in paragraph (16) above, also applies to investments in the same group of industries. In determining whether an issuer should be classified in a particular industry or industry group for purposes of that fundamental investment limitation, Thornburg may rely on its own analysis of the issuer or on available third party industry classifications. When using third-party industry classifications for this purpose, Thornburg currently looks to classifications provided by Bloomberg. The fundamental investment limitation on investing in industries and industry groups does not apply to an investment by the Fund in a particular economic sector, such as the utilities, hospital and healthcare facilities, or industrial development sectors. Additionally, for purposes of applying the fundamental investment limitation described in paragraph (16) above, issuers of the following securities will not be considered to be members of any industry: securities of the U.S. Government and its agencies and instrumentalities; municipal obligations the income from which is exempt from the regular federal income tax; and repurchase agreements collateralized by such obligations. Notwithstanding the foregoing, to the extent that the income from a municipal obligation is derived from the assets and revenues of non-governmental users, the obligation will be deemed to have been issued from the industry of that non-governmental user. The views and interpretations by the Fund stated in this paragraph may change due to changes in the law or interpretations of the law, including laws pertaining to municipal obligations and the taxability of interest paid on those obligations, and due to other factors.

In addition to the foregoing fundamental investment limitations a Fund will not enter into a repurchase agreement if, as a result thereof, more than 5% of its net assets would be subject to repurchase agreements.

Although each Fund has the right to pledge, mortgage or hypothecate its assets, each Fund will not, as a matter of operating policy (which policy may be changed by its Trustees without shareholder approval), pledge, mortgage or hypothecate its portfolio securities to the extent that at any time the percentage of pledged securities will exceed 10% of its total assets.

In the event a Fund acquires disposable assets as a result of the exercise of a security interest relating to municipal obligations, it will dispose of such assets as promptly as possible.

**Strategic Municipal Income Fund**

Thornburg Investment Trust has adopted the following fundamental investment limitations applicable to Strategic Municipal Income Fund which may not be changed unless approved by a majority of the Fund's outstanding voting securities. Strategic Municipal Income Fund may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invest in securities other than municipal obligations (including participations therein) and temporary investments within the percentage limitations stated in the Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issue senior securities, except as permitted under the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrow money, except as permitted under the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Underwrite any issue of securities (except to the extent that the Fund may be deemed to be an underwriter within the meaning of the 1933 Act in the disposition of restricted securities);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase or sell real estate unless acquired as a result or ownership of securities or other instruments (but this shall not prevent the Fund from investing in securities or other instruments backed by real estate or securities of companies engaged in the real estate business, nor shall it prevent the Fund from holding real estate as a result of the Fund's efforts to restructure a bond or other loan obligation that was secured by real estate);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase or sell physical commodities unless acquired as a result of ownership of securities or other instruments (but this shall not prevent the Fund from purchasing or selling options, futures contracts, or from investing in securities or other instruments backed by physical commodities);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lend any security or make any other loan if, as a result, more than 33 1/3% of its total assets would be lent to other parties, but this fundamental investment limitation does not apply to lending of portfolio securities, purchases of debt obligations or other instruments, or to repurchase agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; With respect to 75% of the Fund's total assets, purchase the securities of any issuer (other than securities issued or guaranteed by the U.S. government or any of its agencies or instrumentalities) if, as a result, (a) more than 5% of the Fund's total assets would be invested in the securities of that issuer, or (b) the Fund would hold more than 10% of the outstanding voting securities of that issuer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invest more than 25% of its total assets in any one industry.

For purposes of the fundamental investment limitation stated in paragraph (1), above, "municipal obligations" are also deemed to include investments in investment companies (such as exchange traded funds and closed end funds) which invest substantially all of their assets in municipal obligations, and other direct and indirect investments in municipal obligations which produce income that the Fund is permitted under the Internal Revenue Code to treat as excludable from gross income for purposes of determining its exempt interest dividends under the Code. Also for purposes of the restriction stated in number 1, above, the phrase "temporary investments" refers to the "temporary defensive positions" that the Fund may take from time to time (see the discussions under the headings "Temporary Defensive Positions" in the Prospectus and this SAI). Those temporary defensive positions may include investments of a portion or all of the Fund's daily cash balances in Thornburg Capital Management Fund or in any other investment company within the same "group of investment companies" (as defined in Section 12(d)(1)(G) of the 1940 Act); provided that any such investments will comply with Section 12(d)(1)(G) of the 1940 Act and rules thereunder

In connection with fundamental investment limitation stated in paragraph (3), above, the 1940 Act currently permits an investment company to borrow money if the borrowings do not exceed one-third of the company's total assets after subtracting liabilities other than the borrowings, and provided that the borrowings are from a bank (as defined in Section 2(a)(5) of the 1940 Act). The 1940 Act also permits an investment company to borrow money in excess of one-third of the company's total assets for temporary purposes, provided that any such temporary borrowings may not exceed 5% of the value of the total assets of the issuer at the time the loan is made. If the Fund has engaged in borrowing, it will determine its compliance with the applicable borrowing limits on an ongoing basis while such borrowings are outstanding.

The phrase "other instruments" in the fundamental investment limitation set forth in paragraph (7) above is intended to refer to other financial instruments that the Fund is allowed to invest in consistent with its investment policies. Additionally, notwithstanding the reference to "lending of portfolio securities" in paragraph (7), the Fund will not make loans of securities if the total value of those outstanding loans represents more than 33 1/3% of the Fund's total assets (including the value of all assets received as collateral for such outstanding loans).

The Fund's fundamental investment limitation on investing more than 25% of the Fund's total assets in the same industry, as described in paragraph (9) above, also applies to investments in the same group of industries. In determining whether an issuer should be classified in a particular industry or industry group for purposes of that fundamental investment limitation, Thornburg may rely on its own analysis of the issuer or on available third party industry classifications. When using third-party industry classifications for this purpose, Thornburg currently looks to classifications provided by Bloomberg. The fundamental investment limitation on investing in industries and industry groups does not apply to an investment by the Fund in a particular economic sector, such as the utilities, hospital and healthcare facilities, or industrial development sectors. Additionally, for purposes of applying the fundamental investment limitation described in paragraph (9) above, issuers of the following securities will not be considered to be members of any industry: securities of the U.S. Government and its agencies and instrumentalities; municipal obligations the income from which is exempt from the regular federal income tax; and repurchase agreements collateralized by such obligations. Notwithstanding the foregoing, to the extent that the income from a municipal obligation is derived from the assets and revenues of non-governmental users, the obligation will be deemed to have been issued from the industry of that non-governmental user. The views and interpretations by the Fund stated in this paragraph may change due to changes in the law or interpretations of the law, including laws pertaining to municipal obligations and the taxability of interest paid on those obligations, and due to other factors.

The following investment limitations are not fundamental and may be changed without shareholder approval:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund does not currently intend to sell securities short, unless it owns or has the right to obtain securities equivalent in kind and amount to the securities sold short, and provided that transactions in futures contracts and options are not deemed to constitute selling securities short.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Fund does not currently intend to purchase securities on margin, except that the Fund may obtain such short-term credits as are necessary for the clearance of transactions, and provided that any initial and variation margin payments that the Fund may be required to make in connection with its permitted investment strategies do not constitute the purchase of securities "on margin" for purposes of this limitation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Fund does not currently intend to purchase any security if, as a result, more than 15% of its net assets would be invested in securities that are considered by Thornburg to be illiquid because they are subject to legal or contractual restrictions on resale or because they cannot be sold or disposed of in the ordinary course of business at approximately the prices at which they are valued.

**ADDITIONAL MATTERS RESPECTING TAXES**

The following discussion summarizes certain federal tax considerations generally affecting the Funds and shareholders. Certain state tax consequences associated with investments in the Municipal Funds are also summarized below. This discussion does not provide a detailed explanation of all tax consequences, and shareholders are advised to consult their own tax advisors with respect to the particular federal, state, local and foreign tax consequences to them of an investment in the Funds. In particular, this discussion addresses aspects of investment by persons who are not individuals only in a very limited manner.

This discussion is based on the Internal Revenue Code of 1986, as amended (the "Code"), Treasury Regulations issued thereunder, the laws of certain specified states (respecting the Municipal Funds) and judicial and administrative authorities as in effect on the date of this Statement of Additional Information, all of which are subject to changes, which changes may be retroactive.

 **Elections by the Funds – Subchapter M**

Each Fund has elected and intends to qualify for treatment as a regulated investment company under Subchapter M of the Code. In each taxable year when a Fund qualifies for treatment as a regulated investment company, it will not be subject to federal income tax on net investment income and net capital gains which are timely distributed to its shareholders.

If in any year a Fund fails to qualify for the treatment afforded by Subchapter M of the Code, the Fund would be taxed as a corporation on its income. Distributions to the shareholders would be treated as ordinary income to the extent of the Fund's earnings and profits, and would be treated as nontaxable returns of capital to the extent of the shareholders' respective bases in their shares. Further distributions would be treated as amounts received on a sale or exchange or property. In any year a Fund qualifies as a regulated investment company but fails to distribute all of its net investment income and net capital gains, the Fund is subject to taxes on the undistributed portion of its net income and capital gains. Although each Fund intends to distribute all of its net income currently and any capital gains annually, it could have undistributed net income if, for example, expenses of the Fund were reduced or disallowed on audit.

**Backup Withholding**

Each shareholder will be notified annually by their Fund as to the amount and characterization of distributions paid to or reinvested by the shareholder for the preceding taxable year. The Fund may be required to withhold federal income tax from distributions otherwise payable to a shareholder if (i) the shareholder has failed to furnish the Fund with his taxpayer identification number, (ii) the Fund is notified that the shareholder's number is incorrect, (iii) the Internal Revenue Service notifies the Fund that the shareholder has failed properly to report certain income, or (iv) when required to do so, the shareholder fails to certify under penalty of perjury that he is not subject to this withholding. The backup withholding tax rate on distributions is currently 28%.

Certain shareholders specified in the Code are exempt from the backup withholding noted in the preceding paragraph. A Fund may be required to obtain certain information from a shareholder to identify that shareholder's status as a person exempt from backup withholding. Persons exempt from the backup withholding noted in the preceding paragraph may under certain circumstances still be subject to other types of federal income tax withholding. Shareholders should consult their tax advisors for more information.

**Distributions by Investment Companies - In General**

Distributions of investment company taxable income (including net short-term capital gains) are taxable to shareholders as ordinary income. Certain exempt interest dividends are exempt from federal and certain states' income taxes, as described below under "Municipal Funds - Income Dividends." Distributions of investment company taxable income may be eligible for the corporate dividends-received deduction to the extent attributable to a Fund's dividend income from U.S. corporations, and if other applicable requirements are met. However, the alternative minimum tax applicable to corporations may reduce the benefit of the dividends-received deduction. Distributions of net capital gains (the excess of net long-term capital gains over net short-term capital losses) designated by a Fund as capital gain dividends are not eligible for the dividends-received deduction and will generally be taxable to shareholders as long-term capital gains, regardless of the length of time the Fund's shares have been held by a shareholder. Generally, dividends and distributions are taxable to shareholders, whether received in cash or reinvested in shares of a Fund. Any distributions that are not from a Fund's investment company taxable income or net capital gain may be characterized as a return of capital to shareholders or, in some cases, as capital gain. Shareholders will be notified annually as to the federal tax status of dividends and distributions they receive and any tax withheld thereon.

A person seeking to invest in shares of a Fund through a taxable account should consider a Fund's unrealized gains and losses, and any capital loss carryforwards, which are disclosed in the annual and semiannual reports to shareholders issued by the Fund. Embedded, unrealized gains, if realized by the Fund upon a sale or other disposition of the investments to which the gains relate, and not offset by realized losses, result in capital gains distributions to all shareholders, including persons who just purchased Fund shares, which may be subject to income tax. Unrealized losses, if realized by the Fund through sales of investments, and capital loss carryforwards from previously realized losses, may offset gains realized by the Fund on sales of appreciated investments, so offsetting the capital gains distributions that otherwise would be made to shareholders.

Pursuant to the American Taxpayer Relief Act of 2012, the maximum federal tax rate for individual taxpayers on long-term capital gains from sales of securities and on certain qualifying dividends on corporate stock issued by domestic corporations and certain "qualified foreign corporations" is 20%. Qualified foreign corporations are corporations incorporated in a U.S. possession, corporations whose stock is readily tradable on an established securities market in the U.S. and corporations eligible for the benefits of a comprehensive income tax treaty with the United States and which satisfy certain other requirements. Foreign personal holding companies, foreign investment companies and passive foreign investment companies are not treated as qualified foreign corporations. These rates do not apply to corporate taxpayers. Each Fund will separately designate distributions of any qualifying long-term capital gains or qualifying dividends earned by the Fund. A shareholder must also satisfy a 60-day holding period requirement with respect to any distributions of qualifying dividends in order to obtain the benefit of the lower tax rates imposed on those distributions. Distributions attributable to a Fund's income from bonds and other debt obligations, dividends from most foreign companies, and distributions by real estate investment trusts or regulated investment companies will not generally qualify for the lower rates. Some hedging activities may cause a dividend that would otherwise be subject to the lower tax rate applicable to a qualifying dividend to be taxed at the rate of tax applicable to ordinary income.

A Fund's investments in certain derivatives, foreign currency transactions, options, futures contracts, hedging transactions, forward contracts, investments in passive foreign investment companies, and certain other transactions will be subject to special tax rules, the effect of which may be to accelerate income to the Fund, defer Fund losses, convert capital gain into taxable ordinary income or convert short-term capital losses into long-term capital losses. Engaging in swap transactions also may result in distributions of taxable income or gain to shareholders, and also may cause a Fund to currently recognize income with respect to payments to be received in the future. Certain Fund transactions, including investments in derivative instruments, transactions in foreign currencies or foreign currency-denominated instruments, and hedging activities may produce differences between the Fund's book and taxable income, and distributions by the Fund may consequently be treated in some instances as returns of capital.

A Fund's distributions of realized capital gains may be reduced if the Fund has capital loss carryforwards available. A Fund's net capital losses are not deductible against the Fund's net investment income.

Distributions by a Fund result in a reduction in the net asset value of the Fund's shares. Should distributions reduce the net asset value below a shareholder's cost basis, the distribution would nevertheless be taxable to the shareholder as ordinary income or capital gain as described above, even though, from an investment standpoint, it may constitute a partial return of capital. In particular, investors should consider the tax implications of buying shares just prior to a distribution. The price of shares purchased at that time includes the amount of the forthcoming distribution. Persons purchasing just prior to a distribution will then receive a partial return of capital upon the distribution, which will nevertheless be taxable to them.

A 3.8% Medicare contribution tax is imposed on the "net investment income" of individuals, estates, and trusts whose income exceeds certain threshold amounts. Net investment income generally includes for this purpose distributions of income dividends and capital gains paid by the Funds and otherwise includible in adjusted gross income, and capital gains recognized on the sale, redemption or exchange of Fund shares. Shareholders are advised to consult their tax advisors regarding the possible implications of this additional tax on their investment in a Fund.

**Municipal Funds-Income Dividends**

The Municipal Funds each intend to satisfy conditions (including requirements as to the proportion of its assets invested in municipal obligations) which will enable each Fund to designate distributions from the interest income generated by its investments in municipal obligations, which are exempt from federal income tax when received by the Fund, as Exempt Interest Dividends. Shareholders receiving Exempt Interest Dividends will not be subject to federal income tax on the amount of those dividends, except to the extent the alternative minimum tax may apply. Although the interest received from municipal securities generally is exempt from federal income tax, a Municipal Fund may invest a portion of its total assets in municipal securities subject to the federal alternative minimum tax. Accordingly, investment in a Municipal Fund could cause noncorporate shareholders to be subject to (or result in an increased liability under) the federal alternative minimum tax. If this is the case, the Municipal Fund's net after-tax return to you may be lower. A Municipal Fund would be unable to designate Exempt Interest Dividends if, at the close of any quarter of its taxable year, more than 50% of the value of the Fund's total assets consists of assets other than municipal obligations. Additionally, if in any year the Fund qualified as a regulated investment company but failed to distribute all of its net income, the Fund would be taxable on the undistributed portion of its net income. Although each Fund intends to distribute all of its net income currently, it could have undistributed net income if, for example, expenses of the Fund were reduced or disallowed on audit.

Distributions by each Municipal Fund of any net investment income received from municipal obligations whose income is not exempt from regular federal or state taxes, distributions of any net interest income received from non-municipal obligations that the Funds hold as temporary defensive positions, net short-term capital gains realized by the Fund, if any, and realized amounts attributable to market discount on bonds, will be taxable to shareholders for federal income tax purposes as ordinary income whether received in cash or additional shares. Distributions of any net long-term capital gains by a Municipal Fund will be taxable for federal income tax purposes as long-term capital gains, except that gains attributable to market discount on portfolio investments are characterized as ordinary income. Distributions to shareholders will not qualify for the dividends received deduction for corporations.

The exemption from federal income tax for distributions of interest income from municipal obligations which are designated Exempt Interest Dividends will not necessarily result in exemption under the income or other tax laws of any state or local taxing authority.

The exemption from the State of California personal income taxes for distributions of interest income in the California Limited Term Municipal Fund applies only to shareholders who are residents of the State of California, and only to the extent such income qualifies as "exempt-interest dividends" under Section 17145 of the California Revenue and Taxation Code and is not derived from interest on obligations from any state other than from California or its political subdivisions.

Distributions by New Mexico Intermediate Municipal Fund attributable to interest on obligations of the State of New Mexico and its political subdivisions and their agencies (and interest on obligations of certain United States territories and possessions) will not be subject to individual income taxes imposed by the State of New Mexico. Capital gains distributions will be subject to the New Mexico personal income tax.

Distributions by New York Intermediate Municipal Fund attributable to interest on obligations of the State of New York, its agencies and political subdivisions (and interest on obligations of certain United States territories and possessions) is excluded in determining the New York adjusted gross income of individuals residing in New York. These distributions are similarly excludable by individuals residing in New York City for purposes of computing the New York City income tax.

Distributions may be subject to different treatment under the laws of the different states and local taxing authorities. Shareholders should consult their own tax advisors in this regard.

The foregoing is a general and abbreviated summary of selected provisions of the Code and Treasury Regulations presently in effect as they directly govern the taxation of distributions of income dividends by the Municipal Funds, and this summary primarily addresses tax consequences to individual shareholders. For complete provisions, reference should be made to the pertinent Code sections and Treasury Regulations. The Code and Treasury Regulations are subject to change by legislative or administrative action, and any such change may be retroactive with respect to Fund transactions. Shareholders are advised to consult their own tax advisors for more detailed information concerning the federal taxation of the Funds and the income tax consequences to their shareholders.

In the case of certain municipal obligations, federal tax exemption is dependent upon the issuer (and other users) complying with certain ongoing requirements. There can be no assurance that the issuer (and other users) will comply with these requirements, in which event the interest on such municipal obligations could be determined to be taxable, in most cases retroactively from the date of issuance.

**Foreign Currency Transactions**

Under the Code, gains or losses attributable to fluctuations in foreign currency exchange rates which occur between the time a Fund accrues income or other receivable or accrues expenses or other liabilities denominated in a foreign currency and the time a Fund actually collects such receivable or pays such liabilities generally are treated as ordinary income or ordinary loss. Similarly, on disposition of debt obligations denominated in a foreign currency and on disposition of certain financial contracts and options, gains or losses attributable to fluctuations in the value of foreign currency between the date of acquisition of the security or contract and the date of disposition also are treated as ordinary gain or loss. These gains and losses, referred to under the Code as "Section 988" gains and losses, may increase or decrease the amount of a Fund's net investment income to be distributed to its shareholders as ordinary income.

**Foreign Withholding Taxes**

Income received by a Fund from sources within foreign countries may be subject to withholding and other income or similar taxes imposed by such countries. If more than 50% of the value of a Fund's total assets at the close of its taxable year consists of securities of foreign corporations, that Fund will be eligible and may elect to "pass through" to the Fund's shareholders the amount of foreign income and similar taxes paid by that Fund. Pursuant to this election, a shareholder will be required to include in gross income (in addition to taxable dividends actually received) his pro rata share of the foreign taxes paid by a Fund, and will be entitled either to deduct (as an itemized deduction) his pro rata share of foreign income and similar taxes in computing his taxable income or to use it as a foreign tax credit against his U.S. federal income tax liability, subject to limitations. No deduction for foreign taxes may be claimed by a shareholder who does not itemize deductions, but such a shareholder may be eligible to claim the foreign tax credit (see below). Each shareholder will be notified within 60 days after the close of the relevant Fund's taxable year whether the foreign taxes paid by the Fund will "pass through" for that year. Furthermore, the amount of the foreign tax credit that is available may be limited to the extent that dividends from a foreign corporation qualify for the lower tax rate on "qualifying dividends."

Generally, a credit for foreign taxes is subject to the limitations that it may not exceed the shareholder's U.S. tax attributable to his foreign source taxable income. For this purpose, if the pass-through election is made, the source of a Fund's income flows through to its shareholders. With respect to a Fund, gains from the sale of securities will be treated as derived from U.S. sources and certain currency fluctuations gains, including fluctuation gains from foreign currency denominated debt obligations, receivables and payables, will be treated as ordinary income derived from U.S. sources. The limitation on the foreign tax credit is applied separately to foreign source passive income (as defined for purposes of the foreign tax credit), including the foreign source passive income passed through by a Fund. Shareholders may be unable to claim a credit for the full amount of their proportionate share of the foreign taxes paid by a Fund. The foreign tax credit limitation rules do not apply to certain electing individual taxpayers who have limited creditable foreign taxes and no foreign source income other than passive investment-type income. The foreign tax credit is eliminated with respect to foreign taxes withheld on dividends if the dividend-paying shares or the shares of the Fund are not held by the Fund or the shareholders, as the case may be, for periods specified in the Code. If a Fund is not eligible to make the election to "pass through" to its shareholders its foreign taxes, the foreign income taxes it pays generally will reduce investment company taxable income and the distributions by a Fund will be treated as United States source income.

**Short Sales**

If a Fund engages in short selling of securities, the gain or loss on the short sale is generally recognized when the Fund closes the short sale by delivering the borrowed securities to the lender, rather than when the borrowed securities are sold. Short sales may increase the net short-term capital gains realized by a Fund, which would be taxable as ordinary income when distributed to the Fund's shareholders.

**Redemption or Other Disposition of Shares**

Upon the sale or exchange of his shares, a shareholder realizes a taxable gain or loss depending upon his basis in the shares. The gain or loss will be treated as capital gain or loss if the shares are capital assets in the shareholder's hands, which generally may be eligible for reduced federal tax rates, depending on the shareholder's holding period for the shares. Any loss realized on a sale or exchange will be disallowed to the extent that the shares disposed of are replaced (including replacement through the reinvestment of dividends and capital gain distributions in a Fund) within a period of 61 days beginning 30 days before and ending 30 days after the disposition of the shares. In such a case, the basis of the shares acquired will be adjusted to reflect the disallowed loss. Any loss realized by a shareholder on the sale of a Fund's shares held by the shareholder for six months or less will be treated for federal income tax purposes as a long-term capital loss to the extent of any distributions of capital gains dividends received by the shareholder with respect to such shares.

In some cases, shareholders will not be permitted to take sales charges into account for purposes of determining the amount of gain or loss realized on the disposition of their shares. This prohibition generally applies where (1) the shareholder incurs a sales charge in acquiring the shares of a regulated investment company, (2) the shares are disposed of before the 1st day after the date on which they were acquired, and (3) the shareholder subsequently acquires shares of the same or another regulated investment company and the otherwise applicable sales charge is reduced or eliminated under a "reinvestment right" received upon the initial purchase of the shares. In that case, the gain or loss recognized will be determined by excluding from the tax basis of the shares exchanged all or a portion of the sales charge incurred in acquiring those shares. This exclusion applies to the extent that the otherwise applicable sales charge with respect to the newly acquired shares is reduced as a result of having incurred a sales charge initially. Sales charges affected by this rule are treated as if they were incurred with respect to the shares acquired under the reinvestment. This provision may be applied to successive acquisitions of shares.

**State and Local Taxes**

The laws of the several states and local taxing authorities vary with respect to the taxation of distributions, and shareholders of each Fund are advised to consult their own tax advisors in that regard. In particular, investors who are not individuals are advised that the preceding discussion relates primarily to tax consequences affecting individuals, and the tax consequences of an investment by a person which is not an individual may be very different. Each Fund will advise shareholders within 60 days of the end of each calendar year as to the percentage of income derived from each state in which the Fund has any municipal obligations in order to assist shareholders in the preparation of their state and local tax returns.

**Foreign Account Tax Compliance Act**

The Foreign Account Tax Compliance Act ("FATCA") generally requires a Fund to obtain information sufficient to identify the status of each of its shareholders under FATCA, as described more fully below. If a shareholder fails to provide this information or otherwise fails to comply with FATCA, a Fund may be required to withhold under FATCA at a rate of 30% with respect to that shareholder, depending on the type of payment and shareholder account, on certain payments made from the Fund, including distributions characterized by the Fund as capital gain dividends and the proceeds of the sale, redemption or exchange of Fund shares. If a payment by a Fund is subject to FATCA withholding, the Fund or its agent is required to withhold even if such payment would otherwise be exempt from withholding.

Payments to a Fund shareholder will generally not be subject to FATCA withholding, provided the shareholder provides the Fund with such certifications, waivers or other documentation or information as the Fund requires, including, to the extent required, documentation or information respecting such shareholder's direct and indirect owners, to establish the shareholder's FATCA status and otherwise to comply with these rules. In order to avoid withholding, a shareholder that is a "foreign financial institution" ("FFI") must either (i) become a "participating FFI" by entering into a valid U.S. tax compliance agreement with the IRS, (ii) qualify for an exception from the requirement to enter into such an agreement, for example by becoming a "deemed compliant FFI," or (iii) be covered by an applicable intergovernmental agreement between the United States and a non-U.S. government to implement FATCA. In any of these cases, the investing FFI generally will be required to provide a Fund with appropriate identifiers, certifications or documentation concerning its status.

A Fund will disclose the information that it receives from (or concerning) its shareholders to the IRS, non-U.S. taxing authorities or other parties as necessary to comply with FATCA, related intergovernmental agreements or other applicable law or regulation.

Each investor and prospective investor is urged to consult its tax adviser regarding the applicability of FATCA and any other reporting requirements with respect to the investor's own situation.

**DISTRIBUTIONS AND SHAREHOLDER ACCOUNTS**

When an investor or the investor's financial intermediary makes an initial investment in shares of a Fund, the Fund's transfer agent will open an account on the books of the Fund, and the investor or financial intermediary will receive a confirmation of the opening of the account. Thereafter, whenever a transaction, other than the reinvestment of interest income, takes place in the account - such as a purchase of additional shares or redemption of shares or a withdrawal of shares represented by certificates - the investor or the financial intermediary will receive a confirmation statement giving complete details of the transaction. Shareholders also will receive at least quarterly statements setting forth all distributions of income and other transactions in the account during the period and the balance of full and fractional shares. The final statement for the year will provide information for income tax purposes.

Any distributions of investment income, net of expenses, and the annual distributions of net realized capital gains, if any, will be credited to the accounts of shareholders in full and fractional shares of the Fund at net asset value on the payment or distribution date, as the case may be. Upon written notice to the Fund's transfer agent, a shareholder may elect to receive periodic distributions of net investment income in cash. Such an election will remain in effect until changed by written notice to the transfer agent, which change may be made at any time in the sole discretion of the shareholder.

**INVESTMENT ADVISOR, INVESTMENT ADVISORY AGREEMENTS, & ADMINISTRATIVE SERVICES AGREEMENTS**

**Investment Advisory Agreement**

Pursuant to an Investment Advisory Agreement in respect of each Fund, Thornburg Investment Management, Inc. ("Thornburg" or the "advisor"), 2300 North Ridgetop Road, Santa Fe, New Mexico 87506, acts as investment advisor for, and will manage the investment and reinvestment of the assets of, each of the Funds in accordance with the Funds' respective investment objectives and policies, subject to the general supervision and control of the Trustees of Thornburg Investment Trust.

Thornburg is paid a fee by each Fund, in the percentage amounts set forth in the Prospectus.

The fee paid by each Fund is allocated among the different classes of shares offered by the Fund based upon the average daily net assets of each class of shares. All fees and expenses are accrued daily and deducted before payment of dividends. In addition to the fees of Thornburg, each Fund will pay all other costs and expenses of its operations. Each Fund also will bear the expenses of registering and qualifying the Fund and its shares for distribution under federal and state securities laws, including legal fees.

The Trust's Trustees (including a majority of the Trustees who are not "interested persons" within the meaning of the 1940 Act) have approved the Investment Advisory Agreement applicable to each of the Funds, and annually consider the renewal of the agreement applicable to each of the Funds. In connection with their general supervision of Thornburg, and as an important element of their annual consideration of a renewal of the Investment Advisory Agreement applicable to each Fund, the Trustees receive and consider reports from Thornburg throughout the year. These reports address a wide variety of topics, including particularly Thornburg's services to each Fund and its selection of investments of pursuit of each Fund's investment objectives.

The Trustees have considered the responsibilities of mutual fund trustees generally and the Trustees' understandings of shareholders' expectations about the management of the mutual funds in which they have invested. The Trustees have concluded, based upon these discussions and a consideration of applicable law, that the principal obligation of mutual fund trustees is to assess the nature and quality of an investment advisor's services, and to confirm that the advisor actively and competently pursues the mutual fund's objectives. The Trustees have further concluded that while mutual fund trustees should determine that a fund's fees and costs are reasonable in relation to the services rendered and generally in line with those charged by other investment advisors, putting an investment advisory agreement "out to bid" as a matter of course would be inconsistent with shareholder interests and contrary to shareholder expectations when they invested in a fund, and that mutual fund trustees should not do so unless an advisor materially failed to pursue a fund's objectives in accordance with its policies or for other equally important reasons. The Trustees also observed in their deliberations that Thornburg Fund shareholders appear to invest with a long-term perspective, and that in reviewing the Funds' performance, the Trustees should focus on the longer-term perspective rather than current fashions or short-term performance.

The Trust's Trustees most recently determined to renew the Investment Advisory Agreement applicable to each Fund on September 9, 2025.

In anticipation of their recent consideration of the Investment Advisory Agreement's renewal, the independent Trustees met in March 2025 and May 2025 to consider aspects of their annual evaluation of Thornburg's service to the Funds and to each other series of the Trust, to plan the annual evaluation of Thornburg's performance, and to discuss preliminarily the information Thornburg would present to the Trustees for their review. The independent Trustees met in another independent session in July 2025 to further define certain portions of the information to be submitted by Thornburg. The independent Trustees met again in independent session in September 2025 to discuss various matters relating to the consideration of the Investment Advisory Agreement's renewal, including discussions with representatives of a mutual fund analyst firm engaged by the independent Trustees to provide explanations of comparative cost and expense information. In that session the independent Trustees discussed their evaluations of Thornburg's services to the Funds and the Funds' fee and expense levels, investment performance, and other information presented for the Funds, conferred with legal counsel respecting the factors typically considered in evaluating renewal of an advisory agreement, and conferred with representatives of Thornburg to receive explanations of certain aspects of the information they had requested. Representatives of Thornburg subsequently reviewed portions of the information with the Trustees and addressed questions from the Trustees at another session of independent Trustees in September 2025. Following that session, the Trustees met for the purpose of considering renewal of the Investment Advisory Agreement, and the Trustees, including all of the independent Trustees, voted unanimously to renew the Investment Advisory Agreement for an additional term of one year.

A discussion regarding the basis for the approval of each Fund's Investment Advisory Agreement by the Trustees for the period ending October 31, 2026 is contained in the Fund's Form N-CSR filing for the fiscal year ended September 30, 2025.

The Investment Advisory Agreement applicable to each Fund may be terminated by either party, at any time without penalty, upon 60 days' written notice, and will terminate automatically in the event of its assignment. Termination will not affect the right of Thornburg to receive payments on any unpaid balance of the compensation earned prior to termination. The Agreement further provides that in the absence of willful misfeasance, bad faith or gross negligence on the part of Thornburg, or of reckless disregard of its obligations and duties under the Agreement, Thornburg will not be liable for any action or failure to act in accordance with its duties thereunder.

For the three most recent fiscal years with respect to each Fund, Thornburg was entitled to receive the following amounts from each Fund pursuant to the Investment Advisory Agreement applicable to the Fund.

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| | | | |
|:---|:---|:---|:---|
| | **Year Ended** <br> **September 30, 2023** | **Year Ended<br> September 30, 2024** | **Year Ended** <br> **September 30, 2025** |
| Global Opportunities Fund | $8599007 | $9702226 | $10814624 |
| International Equity Fund | $19015895 | $20091491 | $25194396 |
| Better World International Fund | $4879196 | $5502240 | $4908303 |
| International Growth Fund | $7949490 | $7426184 | $10814624 |
| Developing World Fund | $9806233 | $8582976 | $25194396 |
| Small/Mid Cap Core Fund | $4643246 | $4557438 | $10814624 |
| Small/Mid Cap Growth Fund | $2484219 | $2306894 | $25194396 |
| Investment Income Builder Fund | $76344323 | $87822670 | $103793308 |
| Summit Fund | $545720 | $733704 | $747404 |
| Ultra Short Income Fund | $639674 | $661436 | $643761 |
| Limited Term U.S. Government Fund | $747234 | $580040 | $434209 |
| Limited Term Income Fund | $23173375 | $20762105 | $20062184 |
| Core Plus Bond Fund\* | N/A | $370678 | $730142 |
| Strategic Income Fund | $32839049 | $44034571 | $51240397 |
| Short Duration Municipal Fund | $689618 | $500998 | $469385 |
| Limited Term Municipal Fund | $10472320 | $8694995 | $7862751 |
| Intermediate Municipal Fund | $4282063 | $4568045 | $4885969 |
| Strategic Municipal Income Fund | $2280964 | $2306792 | $2677420 |
| California Limited Term Municipal Fund | $1596256 | $1374207 | $1337965 |
| New Mexico Intermediate Municipal Fund | $582650 | $498553 | $448951 |
| New York Intermediate Municipal Fund | $136866 | $125254 | $125486 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\*No information is shown for the Core Plus Bond Fund for the fiscal year ended September 30, 2023 because investment operations for the Fund commenced as of October 2, 2023.

For some or all of the three most recent fiscal years, Thornburg has waived its rights to certain fees which it was otherwise entitled to receive from certain Funds pursuant to the Investment Advisory Agreement applicable to those Funds. The specific amounts waived by Thornburg are as follows:

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| | | | |
|:---|:---|:---|:---|
| | **Year Ended** <br> **September 30, 2023** | **Year Ended** <br> **September 30, 2024** | **Year Ended** <br> **September 30, 2025** |
| Global Opportunities Fund | $382816 | $421427 | $470743 |
| International Equity Fund | $3328062 | $2842124 | $2820695 |
| Better World International Fund | $723624 | $779118 | $738267 |
| International Growth Fund | $82789 | $101674 | $295543 |
| Developing World Fund | $1495345 | $1335363 | $978981 |
| Small/Mid Cap Growth Fund | $0 | $0 | $18218 |
| Summit Fund | $244844 | $300600 | $343385 |
| Ultra Short Income Fund | $53851 | $60729 | $79665 |
| Core Plus Bond Fund\* | N/A | $493474 | $208774 |
| Strategic Income Fund | $2928325 | $2790104 | $2961235 |
| Short Duration Municipal Fund | $0 | $0 | $13027 |
| Intermediate Municipal Fund | $0 | $102141 | $257460 |
| Strategic Municipal Income Fund | $641482 | $659567 | $767363 |
| California Limited Term Municipal Fund | $185376 | $176023 | $195650 |
| New York Intermediate Municipal Fund | $35613 | $45253 | $65929 |

---

\*No waiver information is shown for the Core Plus Bond Fund for the fiscal year ended September 30, 2023 because investment operations for the Fund commenced as of October 2, 2023.

Thornburg may (but is not obligated to) waive its rights to any portion of its fees in the future and may use any portion of its fees for purposes of shareholder and administrative services and distribution of Fund shares.

Garrett Thornburg, Chairman and Trustee of Thornburg Investment Trust, is a director and controlling shareholder of Thornburg, and Brian McMahon, Vice Chairman and Trustee of Thornburg Investment Trust, is also a director of Thornburg. In addition, various individuals who are officers of the Trust also serve as officers of Thornburg, as described below under the caption "Management."

**Proxy Voting Policies**

Thornburg is authorized by the Trust to vote proxies respecting voting securities held by the Funds. In those cases, Thornburg votes proxies in accordance with written Proxy Voting Policies and Procedures (the "Policy") adopted by Thornburg. The Policy states that the objective of voting a security is to enhance the value of the security, or to reduce potential for a decline in the security's value. The Policy prescribes procedures for assembling voting information and applying the informed expertise and judgment of Thornburg on a timely basis in pursuit of this voting objective.

The Policy also prescribes a procedure for voting proxies when a vote presents a conflict between the interests of the Fund and Thornburg. If the vote relates to the election of a director in an uncontested election or ratification or selection of independent accountants, the investment advisor will vote the proxy in accordance with the recommendation of any proxy voting service engaged by Thornburg. If no such recommendation is available, or if the vote involves other matters, Thornburg will refer the vote to the Trust's operations risk oversight committee for direction on the vote or consent to vote on Thornburg's recommendation.

The Policy authorizes Thornburg to utilize various sources of information in considering votes, including the engagement of service providers who provide analysis and information on the subjects of votes and who may recommend voting positions. Thornburg has engaged Institutional Shareholder Services ("ISS") to provide these services to Thornburg in connection with voting proxies for each of the Funds. With respect to the Better World International Fund, Thornburg has directed ISS to make voting recommendations using ISS's Sustainability Proxy Voting Guidelines. ISS states that the Sustainability Proxy Voting Guidelines focus on long term economic value preservation and enhancement through promotion of corporate governance best practices, and represent an approach to corporate governance and proxy voting that aligns with the perspectives of mainstream investors who wish to incorporate environmental, social and governance ("ESG") considerations into their investment decision-making process to a greater extent. Thornburg may or may not accept recommendations from ISS. Thornburg also may decline to vote in various situations, including cases where an issue is not relevant to the Policy's voting objective or where it is not possible to ascertain what effect a vote may have on the value of an investment. Thornburg may not be able to vote proxies in cases where proxy voting materials are not delivered to Thornburg in sufficient time for evaluation and voting.

Information regarding how proxies were voted is available on or before August 31 of each year for the twelve months ending the preceding June 30. This information is available (i) without charge, upon request by calling the Advisor toll-free at 1-800-847-0200, (ii) on the Thornburg website at www.thornburg.com, and (iii) on the Securities and Exchange Commission's website at www.sec.gov.

**Administrative Services Agreement**

Administrative services are provided to the Funds under the Fourth Restated Administrative Services Agreement between the Trust and Thornburg dated September 19, 2023, and the same services, with the same terms and fees for the Funds, were previously provided under the Third Restated Administrative Services Agreement between the Trust and Thornburg dated February 1, 2018 (collectively, the "Administrative Services Agreements") which requires Thornburg to perform certain administrative services and engage in activities beyond those specifically required by the Investment Advisory Agreement, and to provide related services. The activities and services provided by Thornburg under the Administrative Services Agreements include the administration, monitoring, supervision, performance or direction of certain administrative functions necessary or desirable for the operation of the Funds, generally including: monitoring, supervision and direction of fund accounting and administration, tax accounting and reporting, custodial and transfer agent services, account administration, information technology services, legal services, and other services provided by third parties to the Funds; coordination and management of financial audits; monitoring of financial intermediaries in connection with their provision of non-distribution services to the Funds; supervision and direction of and assistance in the preparation of registration statements and other governmental filings, income and other tax returns, and reports and other communications to shareholders; coordination and supervision of certain portfolio valuation functions; monitoring, supervision and conduct of legal compliance functions; providing personnel necessary to furnish the services required by the Administrative Services Agreements together with the office space and other support necessary for those services; and such other services and activities as the parties may agree from time to time.

The Trust pays Thornburg a fee for the services that Thornburg provides pursuant to the Administrative Services Agreements. That fee is computed as an annual percentage of the aggregate average daily net assets of all share classes of all Funds described in this Statement of Additional Information, paid monthly, as follows:

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| | |
|:---|:---|
| **Net Assets** | **Percentage Rate** |
| 0 to $20 billion | 0.100% |
| $20 billion to $40 billion | 0.075% |
| $40 billion to $60 billion | 0.040% |
| Over $60 billion | 0.030% |

---

together with any applicable sales or similar tax.

For the three most recent fiscal years with respect to each Fund, the amounts paid to Thornburg by each Fund under the Administrative Services Agreements were as follows:

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| | | | |
|:---|:---|:---|:---|
| | **Year Ended** <br> **September 30, 2023** | **Year Ended September 30, 2024** | **Year Ended** <br> **September 30, 2025** |
| Global Opportunities Fund | $896223 | $1005286 | $1086169 |
| International Equity Fund | $2162781 | $2268581 | $2805142 |
| Better World International Fund | $443471 | $494639 | $422042 |
| International Growth Fund | $825142 | $757593 | $627726 |
| Developing World Fund | $915547 | $785284 | $493776 |
| Small/Mid Cap Core Fund | $470875 | $454808 | $434723 |
| Small/Mid Cap Growth Fund | $251021 | $229590 | $201606 |
| Investment Income Builder Fund | $9669840 | $11003220 | $12542436 |
| Summit Fund | $64301 | $85127 | $83541 |
| Ultra Short Income Fund | $226180 | $230556 | $215518 |
| Limited Term U.S. Government Fund | $176227 | $134860 | $97163 |
| Limited Term Income Fund | $6486795 | $5627156 | $5198331 |
| Core Plus Bond Fund\* | N/A | $65342 | $124864 |
| Strategic Income Fund | $5251554 | $7120451 | $8056808 |
| Short Duration Municipal Fund | $152451 | $109172 | $98266 |
| Limited Term Municipal Fund | $3035368 | $2303100 | $1904595 |
| Intermediate Municipal Fund | $792130 | $835635 | $865698 |
| Strategic Municipal Income Fund | $268869 | $267881 | $298830 |
| California Limited Term Municipal Fund | $282330 | $239459 | $223979 |
| New Mexico Intermediate Municipal Fund | $103036 | $86908 | $75227 |
| New York Intermediate Municipal Fund | $24204 | $21819 | $21024 |

---

\*No information is shown for the Core Plus Bond Fund for the fiscal year ended September 30, 2023 because investment operations for the Fund commenced as of October 2, 2023.

The agreements applicable to each class may be terminated by either party, at any time without penalty, upon 60 days' written notice, and will terminate automatically upon assignment. Termination will not affect the service provider's right to receive fees earned before termination. The agreements further provide that in the absence of willful misfeasance, bad faith or gross negligence on the part of the service provider, or reckless disregard of its duties thereunder, the provider will not be liable for any action or failure to act in accordance with its duties thereunder.

**SERVICE AND DISTRIBUTION PLANS**

**Service Plan - All Classes**

Each of the Funds has adopted a plan of distribution pursuant to Rule 12b-1 under the 1940 Act ("Service Plan"), which is applicable to Class A shares and, if offered by that Fund, Class B, Class C, Class C2, Class D and Class I shares. The Service Plan authorizes each Fund to pay to pay to the Trust's principal underwriter, Thornburg Securities LLC ("TSL"), or to such persons as TSL may direct, out of the assets of the Fund, an annual amount not exceeding 0.25% of the Fund's average annual assets (not exceeding 0.20% in the case of Class A and Class I shares of Short Duration Municipal Fund and Ultra Short Income Fund), together with any applicable gross receipts tax, sales tax, value added tax, compensating tax or similar exaction imposed by any federal, state or local government, though the aggregate of those taxes shall not exceed 10%. Each Fund has also entered into a distribution agreement with TSL, pursuant to which TSL agrees to provide or obtain from other persons the services described in the Service Plan, and the Fund agrees to pay TSL or other persons as TSL directs for providing or obtaining those services.

Payments by a Fund under the Service Plan and the related distribution agreement with TSL may be made for: (a) expenses incurred by TSL, or by other persons at the request or direction of TSL or the Trust, for the promotion and distribution of the shares of the Fund, including but not limited to, printing of prospectuses and reports used for sales purposes, advertisements, expenses of preparation and printing of sales literature and other distribution-related expenses, and further including any compensation paid to securities dealers and other financial intermediaries which have executed selling agreements with TSL; and (b) expenses incurred by TSL, or by other persons at the request or direction of the Trust or TSL, in connection with the provision of services to the shareholders of the Fund pursuant to selling agreements with TSL or other service agreements or similar arrangements with TSL, Thornburg or the Trust, which services include providing personal services to shareholders and maintaining shareholder accounts, including, but not limited to, administrative, transactional, distribution and redemption, and accounting and reporting services with respect to Fund shareholders and accounts, and providing information to shareholders and responding to shareholder inquiries; and (c) such other services and activities as may from time to time be agreed upon by Trustees of the Trust and TSL. Payments by the Fund pursuant to the Service Plan and the related distribution agreement with TSL shall be in addition to any payments made outside of the Service Plan, as authorized by the Trustees of the Trust as not being primarily intended to result in the sale of Fund shares.

In the two most recent fiscal years, the principal type of activity for which payments were made by the Funds under the Service Plan was compensation to securities broker-dealers, financial institutions and other organizations which render services to the applicable class of shareholders, including distribution, shareholder account services, and administrative services. Reimbursements for expenditures incurred by TSL or by other persons at the request or direction of the Trust or TSL for the printing and distribution of reports and prospectuses for use by potential investors in the Funds, preparing and distributing sales literature, providing advertising and engaging in other promotional activities, and other services were de minimis relative to payments made to broker-dealers, financial institutions and other organizations under the Service Plan. The Service Plan does not provide for accrued but unpaid reimbursements for such expenditures to be carried over and reimbursed in later years. TSL has no current intention to request or receive any payment under the Service Plan in respect of a Fund's Class I shares.

Class R6 shares of the Funds are not subject to any plan pursuant to Rule 12b-1 under the 1940 Act.

**Class C, Class C2 and Class D Distribution Plans**

Each Fund offering Class C shares, Class C2 Shares or Class D shares has adopted a plan of distribution pursuant to Rule 12b-1 under the 1940 Act, applicable only to the Class C or Class C2 or, if applicable, Class D shares of that Fund ("Distribution Plan"). The Distribution Plan authorizes each Fund to pay to TSL, or to such persons as TSL may direct, out of the assets of each share class of the Fund to which the Distribution Plan is applicable, an annual amount of: up to 0.75% of the average daily net assets attributable to Class C shares of Core Plus Bond Fund, Strategic Income Fund and each of the Equity Funds; up to 0.40% of the net assets attributable to Class C2 shares of Limited Term Municipal Fund, Intermediate Municipal Fund, California Limited Term Municipal Fund, Limited Term U.S. Government Fund and Limited Term Income Fund, up to 0.35% of the average daily net assets attributable to Class C shares of each of Intermediate Municipal Fund and Strategic Municipal Income Fund; and up to 0.25% of the net assets attributable to Class C shares of Limited Term Municipal Fund, California Limited Term Municipal Fund, Limited Term U.S. Government Fund and Limited Term Income Fund and Class D shares of New Mexico Intermediate Municipal Fund, together with any applicable gross receipts tax, sales tax, value added tax, compensating tax or similar exaction imposed by any federal, state or local government, though the aggregate of those taxes shall not exceed 10%. Each Fund has also entered into a distribution agreement with TSL, pursuant to which TSL agrees to provide or obtain from other persons the services described in the Distribution Plan, and the Fund agrees to pay TSL or other persons as TSL directs for providing or obtaining those services.

Payments by a Fund under the Distribution Plan and the related distribution agreement with TSL may be made for: (a) compensation and ongoing commissions (including incentive compensation) to securities dealers, financial institutions and other organizations which render distribution and administrative services in connection with the distribution of the share classes of the Funds; (b) the printing and distribution of reports and prospectuses for the use of potential investors; (c) preparing and distributing sales literature; (d) providing advertising and engaging in other promotional activities, including direct mail solicitation, and television, radio newspaper and other media advertisements; and (e) such other services and activities as may from time to time be agreed upon by Trustees of the Trust and TSL. The Trust and TSL are authorized under the Distribution Plan to instruct the Funds' transfer agent or other agents of the Funds to pay these amounts directly to financial services firms or other persons engaged to provide the foregoing services.

**Amounts Paid Under Rule 12b-1 Plans and Agreements**

For each Fund, the following table shows amounts paid by the Fund in each of the last two fiscal years pursuant to the Service Plan adopted by the Fund.

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| | | |
|:---|:---|:---|
| | **Year Ended<br> Sept. 30, 2024** | **Year Ended<br> Sept. 30, 2025** |
| Global Opportunities Fund |  |  |
| Class A | $788149 | $858833 |
| Class C | $79126 | $57486 |
| International Equity Fund |  |  |
| Class A | $998531 | $1066347 |
| Class C | $27003 | $23342 |
| Better World International Fund |  |  |
| Class A | $98371 | $94770 |
| Class C | $15460 | $13057 |
| International Growth Fund |  |  |
| Class A | $229143 | $214016 |
| Class C | $19414 | $12598 |
| Developing World Fund |  |  |
| Class A | $197243 | $176409 |
| Class C | $23321 | $16210 |
| Small/Mid Cap Core Fund |  |  |
| Class A | $723071 | $719059 |
| Class C | $9329 | $7040 |
| Small/Mid Cap Growth Fund |  |  |
| Class A | $338903 | $320291 |
| Class C | $7705 | $5459 |
| Investment Income Builder Fund |  |  |
| Class A | $10466602 | $11679797 |
| Class C | $1241244 | $1307319 |
| Summit Fund |  |  |
| Class A | $22215 | $29043 |
| Ultra Short Income Fund |  |  |
| Class A | $59821 | $66637 |
| Limited Term U.S. Government Fund |  |  |
| Class A | $101160 | $87425 |
| Class C | $7076 | $6000 |
| Class C2 | 786 | $760 |
| Limited Term Income Fund |  |  |
| Class A | $1247882 | $1120801 |
| Class C | $300625 | $231024 |
| Class C2 | 13990 | $12067 |
| Core Plus Bond Fund |  |  |
| Class A | $372 | $776 |
| Class C | $1097 | $2249 |
| Strategic Income Fund |  |  |
| Class A | $735984 | $658240 |
| Class C | $247411 | $253519 |
| Short Duration Municipal Fund |  |  |
| Class A | $16774 | $11537 |
| Limited Term Municipal Fund |  |  |
| Class A | $1425230 | $1226045 |
| Class C | $120839 | $82758 |
| Class C2 | 7389 | $6275 |
| Intermediate Municipal Fund |  |  |
| Class A | $650413 | $604308 |
| Class C | $36454 | $30640 |
| Class C2 | 4192 | $3570 |
| Strategic Municipal Income Fund |  |  |
| Class A | $169230 | $165521 |
| Class C | $12018 | $9380 |
| California Limited Term Municipal Fund |  |  |
| Class A | $155838 | $141661 |
| Class C | $4984 | $2292 |
| Class C2 | $992 | $2535 |
| New Mexico Intermediate Municipal Fund |  |  |
| Class A | $103000 | $84679 |
| Class D | $20099 | $17211 |
| New York Intermediate Municipal Fund |  |  |
| Class A | $32234 | $30038 |

---

For each Fund that offers Class C, Class C2 or D shares, the following table shows amounts paid by the Fund in each of the last two fiscal years pursuant to the Distribution Plan adopted by the Fund.

---

| | | |
|:---|:---|:---|
| | **Year Ended <br> Sept. 30, 2024** | **Year Ended <br> Sept. 30, 2025** |
| Global Opportunities Fund |  |  |
| Class C | $237380 | $172458 |
| International Equity Fund |  |  |
| Class C | $81010 | $70025 |
| Better World International Fund |  |  |
| Class C | $46380 | $39170 |

---

---

| | | |
|:---|:---|:---|
| | **Year Ended <br> Sept. 30, 2024** | **Year Ended <br> Sept. 30, 2025** |
| International Growth Fund |  |  |
| Class C | $58242 | $37793 |
| Developing World Fund |  |  |
| Class C | $69965 | $48630 |
| Small/Mid Cap Core Fund |  |  |
| Class C | $27988 | $21120 |
| Small/Mid Cap Growth Fund |  |  |
| Class C | $23115 | $16377 |
| Investment Income Builder Fund |  |  |
| Class C | $3723733 | $3921956 |
| Limited Term U.S. Government Fund |  |  |
| Class C | $7076 | $6000 |
| Class C2 | 1257 | $1217 |
| Limited Term Income Fund |  |  |
| Class C | $300625 | $231024 |
| Class C2 | $22385 | $19308 |
| Core Plus Bond Fund |  |  |
| Class C | $2590 | $6748 |
| Strategic Income Fund |  |  |
| Class C | $742233 | $760557 |
| Limited Term Municipal Fund |  |  |
| Class C | $120839 | $82758 |
| Class C2 | $11822 | $10040 |
| Intermediate Municipal Fund |  |  |
| Class C | $51035 | $42896 |
| Class C2 | $6708 | $5712 |
| Strategic Municipal Income Fund |  |  |
| Class C | $16825 | $13132 |
| California Limited Term Municipal Fund |  |  |
| Class C | $4983 | $2292 |
| Class C2 | $1588 | $4056 |
| New Mexico Intermediate Municipal Fund |  |  |
| Class D | $20099 | $17211 |

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**FINANCIAL INTERMEDIARY COMPENSATION**

Financial advisors and financial intermediaries who sell shares and hold shares for investors ("intermediaries") charge compensation in connection with the sale of Fund shares and the servicing of shareholder accounts. Intermediaries receiving this compensation may include securities brokers and dealers, registered investment advisors, banks, trust companies, insurance companies, employee benefit plan and retirement plan administrators, and other institutions that have entered into arrangements with Thornburg or TSL under which they are paid compensation for the sale of Fund shares or the servicing of accounts for their customers. Intermediaries may categorize and disclose these payments to their customers and to members of the public differently than the disclosures in the Prospectus and this SAI.

Thornburg or TSL may pay compensation charged by intermediaries out of amounts that Thornburg or TSL receive from the Funds. Examples of such payments include, but are not limited to: (i) share sales commissions and ongoing asset-based compensation paid by Thornburg or TSL out of sales charges received or expected to be received from the Funds; (ii) amounts paid out of the Rule 12b-1 service and distribution fees that TSL receive from the Funds; and (iii) amounts paid by the Funds to compensate intermediaries who perform services, including subaccounting and subtransfer agency services, that would otherwise need to be provided by the Funds' transfer agent or other persons hired directly by the Funds.

To the extent permitted by applicable law, including applicable rules promulgated by the U.S. Securities and Exchange Commission and FINRA, Thornburg or TSL may also compensate intermediaries out of Thornburg's or TSL's own resources. This compensation may be in the form of commissions, finder's fees or similar cash incentives, "revenue sharing," and marketing and advertising support. An intermediary may receive this compensation in addition to the Rule 12b-1 or other compensation that the intermediary receives out of the assets of the Funds. This compensation from Thornburg or TSL may provide an incentive to financial intermediaries to actively market the sale of shares of the Funds or to support the marketing efforts of Thornburg or TSL. Examples of the types of services which an intermediary may provide (or may arrange to have a third party provide) in exchange for receiving this compensation from Thornburg or TSL include, but are not limited to: Fund due diligence and business planning assistance; marketing programs and support; operations and systems support; and training for the intermediary's personnel respecting the Funds and the financial needs of Fund shareholders. Each of Thornburg or TSL may also make payments out of its own resources to compensate an intermediary for costs associated with the intermediary's marketing efforts (including the cost of attendance at training and educational conferences), and for costs associated with the intermediary's shareholder support and account maintenance services for its customers or transaction processing (including the payment of certain ticket charges).

During the fiscal year which ended September 30, 2025, Thornburg or TSL paid amounts from its own resources to the following member firms of FINRA, or to the affiliates of such firms, pursuant to written agreements with such firms:

American Enterprise Investment Services, Inc.

American United Life

Charles Schwab

Citigroup Global Markets Inc.

Citywire

Commonwealth Financial Network

DA Davidson

Envestnet

Financial Data Services, Inc.

Goldman Sachs & Co.

GWFS Empower

International Financial Group

Janney Montgomery

LPL Financial Corporation

Morgan Stanley Smith Barney

National Financial Services, LLC

Principal Life Insurance

Raymond James & Associates, Inc.

RBC Wealth Management

UBS Financial Services, Inc.

Voya Financial Advisors

Wells Fargo Clearing Services, LLC

Each of Thornburg and TSL may also make payments out of its own resources to institutions that are not member firms of FINRA and that are not included among, or affiliated with, the institutions listed above.

**PORTFOLIO TRANSACTIONS**

All orders for the purchase or sale of portfolio securities are placed on behalf of each of the Funds by Thornburg pursuant to its authority under each Fund's investment advisory agreement. Thornburg also is responsible for the placement of transaction orders for other clients for whom it acts as investment advisor.

Thornburg, in effecting purchases and sales of fixed income securities for the account of each of the Funds, places orders in such a manner as, in the opinion of Thornburg, offers the best available price and most favorable execution of each transaction. Portfolio securities normally will be purchased directly from an underwriter or in the over-the-counter market from the principal dealers in such securities, unless it appears that a better price of execution may be obtained elsewhere. Purchases from underwriters will include a commission or concession paid by the issuer to the underwriter, and purchases from dealers will include the spread between the bid and asked price.

Similarly, Thornburg places orders for transactions in equity securities in such a manner as, in the opinion of Thornburg, will offer the best available price and most favorable execution of these transactions. In selecting broker dealers, subject to applicable legal requirements, Thornburg considers various relevant factors, including, but not limited to: the size and type of the transaction; the nature and character of the markets for the security to be purchased or sold; the execution efficiency, settlement capability, and financial condition of the broker-dealer firm; the broker-dealer's execution services rendered on a continuing basis; and the reasonableness of any commissions; and arrangements for payment of Fund expenses. Generally commissions for foreign investments traded will be higher than for U.S. investments and may not be subject to negotiation.

Thornburg may execute a Fund's portfolio transactions with broker-dealers who provide research and brokerage services to Thornburg. Such services may include, but are not limited to, provision of market information relating to the security, economy, industries or specific companies; order execution systems; technical and quantitative information about the markets; and effecting securities transactions and performing functions incidental thereto (such as clearance and settlement). Research and brokerage services include information and analysis provided electronically through online facilities. The receipt of research from broker-dealers who execute transactions on behalf of the Funds may be useful to Thornburg in rendering investment management services to the Funds.

The receipt of such research may not reduce Thornburg's normal independent research activities; however, it may enable Thornburg to avoid the additional expenses that could be incurred if Thornburg tried to develop comparable information through its own efforts.

Thornburg may pay, or be deemed to pay, to broker-dealers who provide research and brokerage services to Thornburg, commission rates higher than might otherwise be obtainable from other broker-dealers. Thornburg does not attempt to assign a specific dollar value to the research provided in connection with trades for client accounts or to allocate the relative cost or benefit of research or brokerage services. The research and brokerage services may benefit client accounts other than the specific client account(s) for which a trade is effected, and some or all of the research or brokerage services received with respect to a specific trade may not be used in connection with the account(s) for which the trade was executed. Some of the described services may be available for purchase by Thornburg on a cash basis.

It is Thornburg's policy, in circumstances where Thornburg receives research or brokerage services from a broker-dealer, to determine in accordance with federal securities laws that: (i) the research or brokerage services are "brokerage or research services" as that term is defined in Section 28(e) of the Securities and Exchange Act of 1934, as amended; (ii) the services provide lawful and appropriate assistance in the performance of Thornburg's investment management decisions; and (iii) the commissions paid are reasonable in relation to the value of the research or brokerage services provided. In circumstances where Thornburg determines that it has received research or brokerage services that fulfill the requirements under Thornburg's policy, Thornburg determines the portion of non-qualifying products or services and pays for those products or services from its own resources.

During some or all of the three most recent fiscal years or periods, brokerage commissions were paid by Global Opportunities Fund, International Equity Fund, Better Word International Fund, International Growth Fund, Developing World Fund, Small/Mid Cap Core Fund, Small/Mid Cap Growth Fund, Investment Income Builder Fund, and Summit Fund. The aggregate commissions paid by each of those Funds during each of the last three fiscal years or periods are as follows:

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| | | | |
|:---|:---|:---|:---|
| | **Year Ended<br> Sept. 30, 2023** | **Year Ended<br> Sept. 30, 2024** | **Year Ended<br> Sept. 30, 2025** |
| Global Opportunities Fund | $447874 | $340085 | $430326 |
| International Equity Fund | $2868565 | $2763568 | $2839163 |
| Better World International Fund | $869049 | $758720 | $496775 |
| International Growth Fund | $922859 | $967056 | $575989 |
| Developing World Fund | $1096150 | $2487726 | $1166727 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended<br> Sept. 30, 2023** | **Year Ended<br> Sept. 30, 2024** | **Year Ended<br> Sept. 30, 2025** |
| Small/Mid Cap Core Fund | $391273 | $308107 | $187398 |
| Small/Mid Cap Growth Fund | $210228 | $153096 | $127345 |
| Investment Income Builder Fund | $6486590 | $6246844 | $8909577 |
| Summit Fund | $59437 | $62208 | $18967 |

---

Increases in brokerage commissions paid by a Fund from year to year are primarily attributable to increases in the number of equity trades placed by the Fund, while decreases in brokerage commissions paid by a Fund from year to year are primarily attributable to decreases in the number of equity trades placed by the Fund. The variance in equity trading activity from year-to-year may reflect a number of factors, including the advisor's identification of investment opportunities for a Fund, the advisor's decision to rebalance a Fund's portfolio in response to actual or anticipated changes in market conditions, equity purchases made in response to shareholder inflows to a Fund, and equity sales made to meet shareholder redemption requests.

Some of the Funds owned during the fiscal year equity or debt securities issued by certain of their regular broker dealers. Those broker dealers and the aggregate dollar value of each such broker dealer's securities held by a Fund on September 30, 2025 are shown below:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Limited Term Income Fund** | **Investment Income Builder Fund** | **Global Opportunities Fund** | **Strategic Income Fund** | **Summit Fund** | **Core Plus Bond Fund** |
| &nbsp;&nbsp;Barclays | $7012040 |  |  |  |  |  |
| &nbsp;&nbsp;BofA/Merrill Lynch | $6093140 |  |  | $4970266 |  |  |
| &nbsp;&nbsp;CitiGroup | $21599979 | $709177150 | $66018746 | $32442802 | $1915711 | $520777 |
| &nbsp;&nbsp;Goldman Sachs | $12728718 |  |  | $3695996 |  |  |
| &nbsp;&nbsp;JP Morgan | $7650672 | $28177677 |  | $5159227 | $761764 |  |
| &nbsp;&nbsp;Morgan Stanley | $7669971 | $2569200 |  | $5712158 |  |  |
| &nbsp;&nbsp;UBS | $6951591 |  |  | $2615267 |  |  |

---

Thornburg may use research services provided by and place portfolio transactions with brokerage firms that have provided assistance in the distribution of shares of the Funds to the extent permitted by law. Thornburg may use research services provided by and place agency transactions with TSL if the commissions are fair, reasonable, and comparable to commissions charged by non-affiliated, qualified brokerage firms for similar services. Thornburg may allocate brokerage transactions to broker-dealers who have entered into arrangements with Thornburg under which the broker-dealer allocates a portion of the commissions paid by the Fund toward payment of the Fund's expenses, such as transfer agent fees or custodian fees. The transaction quality must, however, be comparable to those of other qualified broker-dealers.

Thornburg reserves the right to manage other investment companies and investment accounts for other clients which may have investment objectives similar to those of the Funds. Subject to applicable laws and regulations, Thornburg will attempt to allocate equitably portfolio transactions among the Funds and the portfolios of its other clients purchasing securities whenever decisions are made to purchase or sell securities by a Fund and one or more of such other clients simultaneously. In making such allocations the main factors to be considered will be the respective investment objectives of the Fund and the other clients, the size and nature of investment positions then held by the Fund and the other clients, and the strategy, timing and restrictions applicable respectively to the Fund and the other clients. While this procedure could have a detrimental effect on the price or amount of the securities available to a Fund from time to time, it is the opinion of the Funds' Trustees that the benefits available from Thornburg's organization will outweigh any disadvantage that may arise from exposure to simultaneous transactions.

**Portfolio Turnover Rates**

The Funds' respective portfolio turnover rates for the two most recent fiscal years or periods are as follows:

---

| | | |
|:---|:---|:---|
| | **Year Ended <br> Sept. 30, 2024** | **Year Ended <br> Sept. 30, 2025** |
| Global Opportunities Fund | 14.91% | 15.07% |
| International Equity Fund | 45.47% | 28.49% |
| Better World International Fund | 60.57% | 39.30% |
| International Growth Fund | 44.57% | 28.90% |
| Developing World Fund | 90.88% | 46.93% |
| Small/Mid Cap Core Fund | 32.79% | 23.05% |
| Small/Mid Cap Growth Fund | 32.58% | 34.06% |
| Investment Income Builder Fund | 24.81% | 27.78% |
| Summit Fund | 66.54% | 32.68% |
| Ultra Short Income Fund | 44.59% | 58.28% |
| Limited Term U.S. Government Fund | 32.26% | 22.17% |
| Limited Term Income Fund | 59.42% | 32.96% |
| Core Plus Bond Fund | 73.32% | 32.74% |
| Strategic Income Fund | 60.47% | 30.03% |
| Short Duration Municipal Fund | 60.53% | 54.60% |
| Limited Term Municipal Fund | 39.61% | 31.04% |
| Intermediate Municipal Fund | 29.65% | 53.42% |
| Strategic Municipal Income Fund | 23.43% | 59.01% |
| California Limited Term Municipal Fund | 46.36% | 43.53% |
| New Mexico Intermediate Municipal Fund | 19.49% | 24.59% |
| New York Intermediate Municipal Fund | 20.23% | 40.75% |

---

Variations in a Fund's portfolio turnover rate from year-to-year are generally due to repositioning of the Fund's portfolio in response to changing market conditions.

**DISCLOSURE OF PORTFOLIO SECURITIES HOLDINGS INFORMATION**

The Trustees have adopted policies and procedures respecting and limiting the circumstances under which nonpublic holdings information respecting the Funds' current portfolio holdings information ("Nonpublic Holdings Information") may be disclosed to persons not associated with the Funds, Thornburg, or TSL. Nonpublic Holdings Information means: (a) the portfolio holdings of a Fund to the extent those holdings have not previously been made publicly available by the Trust, Thornburg, or TSL in accordance with the Trust's policies and procedures; and (b) any other information about a Fund's portfolio holdings which the Trust's chief compliance officer (the "Chief Compliance Officer) or the Chief Compliance Officer's designee has determined may present a material risk of exposing a Fund or its shareholders to harm resulting from trading of Fund shares by persons in possession of such information. Nonpublic Holdings Information does not include aggregate, composite, or descriptive information about a Fund's holdings, including, for example and without limitation: (i) descriptions of how a Fund's portfolio is allocated among asset classes, regions, countries, industries or sectors; (ii) the attribution of Fund returns among such asset classes, regions, countries, industries, or sectors; (iii) other aggregated data about a Fund's portfolio such as average or median ratios or market capitalizations; (iv) the volatility characteristics of the Fund or other aggregated risk statistics; and (v) the contribution of particular holdings to a Fund's total return to the extent the holdings of the Fund have already been made publicly available by the Trust, Thornburg, or TSL in accordance with the Trust's policies and procedures.

The objective in adopting these policies and procedures is to reduce the exposure of the Funds and their shareholders to harm resulting from trading of Fund shares by persons in possession of Nonpublic Holdings Information. These policies and procedures are intended to operate in conjunction with Thornburg's policies prohibiting securities transactions using material nonpublic information. Neither the Funds nor Thornburg nor any affiliate thereof receives compensation or other consideration in connection with the disclosure of Nonpublic Holdings Information.

**Selective Disclosure of Nonpublic Holdings Information**

Disclosure of Nonpublic Holdings Information is generally prohibited. However, Nonpublic Holdings Information may be disclosed to specified persons in accordance with the Trust's policy and procedures for the disclosure of such information. Pursuant to the policy and procedures, Nonpublic Holdings Information may be disclosed under certain circumstances to: the Trust's registered independent public accounting firm, independent accounting firms and legal counsel; the Trust's custodian, subcustodians and securities depositories; valuation and pricing services and agents; financial printing services; mutual fund analysts; securities broker dealers in connection with placing a specific trade in a particular portfolio security; financial consultants to the Funds or investment advisor; certain other specified persons; and persons who are not otherwise specified in the policy in connection with a legitimate business purpose of any Fund and with the approval of the Chief Compliance Officer or the Chief Compliance Officer's designee, the Trustees, or the Trustees' Governance and Nominating Committee. In any case where nonpublic portfolio holdings information is disclosed to a third party, Thornburg seeks to confirm that the person to whom the disclosure is made is subject to a contractual provision, professional rule or obligation, or undertaking respecting the maintenance of the confidentiality of the nonpublic information. Nonpublic Holdings Information may also be disclosed to cooperate fully regulatory authorities, subject to laws and regulations respecting disclosure of private or nonpublic information.

As of the date of this Statement of Additional Information, Thornburg has ongoing arrangements that would permit Thornburg to disclose the Nonpublic Holdings Information to the persons noted in the following table. Unless otherwise noted in the table below, there will typically be no lag time between the date of the information and the date on which the information is disclosed.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <br>**Name of Recipient** | <br>**Frequency** | &nbsp;&nbsp;&nbsp;**Time Lag Between Date of Information and Date of Disclosure** |
| &nbsp;&nbsp;Abel Noser Solutions LLC | Daily | None |
| &nbsp;&nbsp;April & Dolan, P.C. | As needed in connections with the legal services provided to the independent Trustees of the Trust | None<br>|
| &nbsp;&nbsp;Archer IMS, LLC | Daily | None |
| &nbsp;&nbsp;Bank of America Merrill Lynch | Daily (Pricing) | None |
| &nbsp;&nbsp;Bloomberg L.P. | Daily (Pricing) | None |
| &nbsp;&nbsp;Clearwater Analytics | Daily | None |
| &nbsp;&nbsp;Donnelley Financial Solutions (DFIN) | Monthly | One month or less, depending on the date of request |
| &nbsp;&nbsp;Empire Valuation Consultants, LLC | Quarterly (Pricing) | None |
| &nbsp;&nbsp;FactSet Research Systems | Daily | None |
| &nbsp;&nbsp;ICE Data Services | Daily (Pricing) | None |
| &nbsp;&nbsp;IHS Markit Ltd. | Daily (Pricing) | None |
| &nbsp;&nbsp;Institutional Shareholder Services, Inc. | Daily | None |
| &nbsp;&nbsp;J.P Morgan Pricing Direct Inc. | Daily (Pricing) | None |
| &nbsp;&nbsp;Morgan Stanley Smith Barney | Weekly | One day |
| &nbsp;&nbsp;PricewaterhouseCoopers LLP | As needed in connection with the audit and tax services provided to the Trust | None |
| &nbsp;&nbsp;Quality EDGAR Solutions, LLC | Monthly | One month or less, depending on the date of request |
| &nbsp;&nbsp;Refinitiv | Daily (Pricing) | None |
| &nbsp;&nbsp;Ropes & Gray | As needed in connection with the legal services provided to the Trust | None<br>|
| &nbsp;&nbsp;State Street Bank and Trust | Daily | None |
| &nbsp;&nbsp;Valuation Research Corporation | Quarterly (Pricing) | None |

---

**Making Holdings Information Publicly Available**

In addition to the ongoing arrangements described above, the Trust's policy and procedures respecting disclosure of portfolio holdings information provide for periodic public disclosure of that, as follows:

● Disclosure of Nonpublic Holdings Information on Thornburg's website at www.thornburg.com. The Trust will typically display each Fund's monthly portfolio holdings approximately 30 days after the end of that calendar month (e.g. June 30 information will be displayed on July 31). This information will remain available on Thornburg's website for six months thereafter.

● Disclosure of portfolio holdings in publicly available reports and filings filed with the U.S. Securities and Exchange Commission on its Electronic Data Gathering, Analysis and Retrieval System (EDGAR).

● Disclosure of portfolio holdings of any Fund in reports and communications mailed and otherwise disseminated to shareholders of the Fund in accordance with the 1940 Act or any regulation thereunder.

In any case where it becomes apparent that Nonpublic Holdings Information has been disclosed other than in accordance with the Trust's policy and procedures, the Chief Compliance Officer shall determine appropriate action to be taken, which may include making a corrective public disclosure of the relevant nonpublic information.

Portfolio holdings information made publicly available in accordance with this section is no longer Nonpublic Holdings Information subject to the disclosure restrictions in the policies and procedures.

**MANAGEMENT**

Each of the Funds is a separate "series" or investment portfolios of the Trust. The names of Trustees and officers of the Funds and their principal occupations and affiliations during the past five years are set forth in the table below. Additional information about the particular experiences, qualifications, attributes and skills of each Trustee appears after the table.

**<u>Interested Trustees</u>**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name, Address<sup>(1)</sup> and Age** | &nbsp;&nbsp;**Term of Office and**<br> **Length of Time Served<sup>(3)</sup>** | &nbsp;&nbsp;**Principal Occupation(s)**<br> **During Past 5 Years** | &nbsp;&nbsp;**Number of Portfolios**<br> **in Fund Complex**<br> **Overseen by Director<sup>(2)</sup>** | &nbsp;&nbsp;**Other Directorships Held by Director During Past Five Years** |
| Garrett Thornburg, 80 &nbsp;&nbsp;Chair of Trustees<sup>(4)</sup> | &nbsp;&nbsp;Trustee Since 1984 | &nbsp;&nbsp;Chair and controlling shareholder of Thornburg Investment Management, Inc. (investment advisor); Chair and controlling shareholder of Thornburg Securities LLC (securities dealer); Chair of the Thornburg Foundation (nonprofit). | &nbsp;&nbsp;30 |  |
| Brian J. McMahon, 70 &nbsp;&nbsp;Vice Chair of Trustees, Member of Governance & Nominating Committee and Operations Risk Oversight Committee<sup>(5)</sup> | &nbsp;&nbsp;Trustee since 2001 | &nbsp;&nbsp;Vice Chair, Chief Investment Strategist, Managing Director, and Portfolio Manager and, until 2016, CEO and President, of Thornburg Investment Management, Inc.; Vice President of Thornburg Securities LLC. | &nbsp;&nbsp;30 |  |

---

**<u>Independent Trustees</u>**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address<sup>(1)</sup> and Age** | &nbsp;&nbsp;**Position(s) Held**<br> **with Trust<sup>(2)</sup>** | &nbsp;&nbsp;**Term of Office and**<br> **Length of Time Served** | &nbsp;&nbsp;**Principal Occupation(s)**<br> **During Past 5 Years** | &nbsp;&nbsp;**Number of Portfolios**<br> **in Fund Complex**<br> **Overseen by Director<sup>(2)</sup>** | &nbsp;&nbsp;**Other Directorships**<br> **Held by Director During**<br> **Past Five Years** |
| Lisa Black, 66 | &nbsp;&nbsp;Trustee, Member of Audit Committee and Operations Risk Oversight Committee | &nbsp;&nbsp;Trustee since 2023 | &nbsp;&nbsp;Until 2019, Senior Managing Director, Chief Investment Officer and Head, Taxable Fixed Income, Nuveen LLC, New York, NY; Managing Director, TIAA-CREF, New York, NY (1996-2012). | &nbsp;&nbsp;30 |  |
| Sally Corning, 65 | &nbsp;&nbsp;Trustee, Member of Audit Committee and Governance & Nominating Committee | &nbsp;&nbsp;Trustee since 2012 | &nbsp;&nbsp;Partner in Sun Mountain Capital, Santa Fe, NM (private equity firm with investment programs encompassing venture capital, mezzanine debt, and growth equity). | &nbsp;&nbsp;30 |  |
| David L. Gardner, 63 | &nbsp;&nbsp;Trustee, Chair of Governance & Nominating Committee, and Member of Operations Risk Oversight Committee | &nbsp;&nbsp;Trustee since 2015 | &nbsp;&nbsp;Until 2012, head of EMEA (Europe, Middle East and Africa) Sales for iShares of Blackrock, Inc., EMEA Executive Committee Member and EMEA Operating Committee Member at Blackrock, Inc. | &nbsp;&nbsp;30 |  |
| Patrick J. Talamantes, 61 | &nbsp;&nbsp;Trustee, Chair of Audit Committee | &nbsp;&nbsp;Trustee since 2019 | &nbsp;&nbsp;President of Talamantes Strategies, a management consulting firm, since 2018. Until 2017, President and Chief Executive Officer of The McClatchy Company, Sacramento, CA (news and media company). | &nbsp;&nbsp;30 |  |
| Owen D. Van Essen, 72 | &nbsp;&nbsp;Lead Independent Trustee, Member of Operations Risk Oversight Committee and Governance & Nominating Committee | &nbsp;&nbsp;Trustee since 2004 | &nbsp;&nbsp;Until 2024, President of Dirks, Van Essen & April, Santa Fe, New Mexico (newspaper mergers and acquisitions). | &nbsp;&nbsp;30 |  |
| James W. Weyhrauch, 66 | &nbsp;&nbsp;Trustee, Chair of Operations Risk Oversight Committee, and Member of Audit Committee | &nbsp;&nbsp;Trustee since 1996 | &nbsp;&nbsp;Real estate broker, Corcoran Plaza Properties, Santa Fe, NM; General Partner, Investments of Genext LLC (a family investment partnership); until 2019, Vice Chairman of Nambé LLC, Santa Fe, NM (manufacturing and design company). | &nbsp;&nbsp;30 |  |

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**<u>Officers of the Fund (who are not Trustees)</u><sup>(6)</sup>**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address<sup>(1)</sup> and Age** | &nbsp;&nbsp;**Position(s) Held**<br> **with Trust<sup>(2)</sup>** | &nbsp;&nbsp;**Term of Office and**<br> **Length of Time Served** | &nbsp;&nbsp;**Principal Occupation(s)**<br> **During Past 5 Years** | &nbsp;&nbsp;**Number of Portfolios**<br> **in Fund Complex**<br> **Overseen<sup>(2)</sup>** | &nbsp;&nbsp;**Other Directorships**<br> **Held During**<br> **Past Five Years** |
| Nimish Bhatt, 62 | &nbsp;&nbsp;President; Principal Executive Officer | &nbsp;&nbsp;President and Principal Executive Officer since 2023, Chief Financial Officer 2019-2023, Treasurer 2016-2019, Secretary 2018-2019<sup>(6)</sup> | &nbsp;&nbsp;Chief Financial Officer and Treasurer of Thornburg Investment Management, Inc. since 2016; Treasurer (since 2016) and Secretary (2018-2023) of Thornburg Securities LLC; Senior Vice President (2004-2016), Chief Financial Officer (2011-2016), and Head of Fund Administration (2011-2016) of Calamos Asset Management, Inc., Calamos Investments LLC, Calamos Advisors LLC, and Calamos Wealth Management; Director of Calamos Global Funds plc (2007-2016). | &nbsp;&nbsp;Not applicable | &nbsp;&nbsp;Not applicable |
| Geoff Black, 64 | &nbsp;&nbsp;Secretary | &nbsp;&nbsp;Secretary since 2024<sup>(6)</sup> | &nbsp;&nbsp;Director of Fund Operations of Thornburg Investment Management, Inc since 2024; Director, Transfer Agent Services at Russell Investments (2010-2024). | &nbsp;&nbsp;Not applicable | &nbsp;&nbsp;Not applicable |
| Matt Burdett, 56 | &nbsp;&nbsp;Vice President | &nbsp;&nbsp;Vice President since 2024 | &nbsp;&nbsp;Head of Equities since 2024, Portfolio Manager and Managing Director since 2018, and Associate Portfolio Manager from 2015-2018, of Thornburg Investment Management, Inc. | &nbsp;&nbsp;Not applicable | &nbsp;&nbsp;Not applicable |
| Amy Callow, 48 | &nbsp;&nbsp;Assistant Secretary | &nbsp;&nbsp;Assistant Secretary since 2025 | &nbsp;&nbsp;General Counsel, Chief Administrative Officer and Managing Director of Thornburg Investment Management, Inc. since 2022; Associate General Counsel and Global Corporate Secretary of Barings LLC (2017-2022), Senior Corporate Counsel, Ingersoll Rand (2015-2017), Associate at McGuireWoods LLP (2012-2014), Associate at Cleary Gottlieb Steen & Hamilton LLP (2007-2012) | &nbsp;&nbsp;Not applicable | &nbsp;&nbsp;Not applicable |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address<sup>(1)</sup> and Age** | &nbsp;&nbsp;**Position(s) Held**<br> **with Trust<sup>(2)</sup>** | &nbsp;&nbsp;**Term of Office and**<br> **Length of Time Served** | &nbsp;&nbsp;**Principal Occupation(s)**<br> **During Past 5 Years** | &nbsp;&nbsp;**Number of Portfolios**<br> **in Fund Complex**<br> **Overseen<sup>(2)</sup>** | &nbsp;&nbsp;**Other Directorships**<br> **Held During**<br> **Past Five Years** |
| Steve Fleischer, 59 | &nbsp;&nbsp;Assistant Secretary | &nbsp;&nbsp;Assistant Secretary since 2025 | &nbsp;&nbsp;Deputy General Counsel at Thornburg Investment Management, Inc. since 2024; Managing Director and Associate General Counsel of PWP Agility, an outsourced chief investment officer business (2015-2024); Vice President and Senior Counsel, Janus Capital Management (2013-2015); Senior Counsel, Marsico Capital Management (2007-2013) | &nbsp;&nbsp;Not applicable | &nbsp;&nbsp;Not applicable |
| Christian Hoffmann, 44 | &nbsp;&nbsp;Vice President | &nbsp;&nbsp;Vice President 2018-2021 and since 2024 | &nbsp;&nbsp;Head of Fixed Income since 2024, Portfolio Manager and Managing Director since 2018, and Associate Portfolio Manager from 2014-2018, of Thornburg Investment Management, Inc. | &nbsp;&nbsp;Not applicable | &nbsp;&nbsp;Not applicable |
| Curtis Holloway, 58 | &nbsp;&nbsp;Treasurer; Chief Financial Officer | &nbsp;&nbsp;Chief Financial Officer since 2023, Secretary in 2024, and Treasurer since 2019<sup>(6)</sup> | &nbsp;&nbsp;Director of Finance since 2021 and Director of Fund Administration since 2019 of Thornburg Investment Management, Inc.; Senior Vice President, Head of Fund Administration (2017-2019) and Vice President, Fund Administration (2010-2017) of Calamos Investments, and Chief Financial Officer (2017-2019) and Treasurer (2010-2019) of Calamos Funds. | &nbsp;&nbsp;Not applicable | &nbsp;&nbsp;Not applicable |
| Ponn Lithiluxa, 55 | &nbsp;&nbsp;Assistant Treasurer | &nbsp;&nbsp;Assistant Treasurer since 2020; Vice President 2017-2020 | &nbsp;&nbsp;Managing Director since 2023, Manager, Tax & Fund Administration of Thornburg Investment Management, Inc.; Senior Vice President, Citi Fund Services, Inc. from 2014-2017; Vice President, Citi Fund Services, Inc. from 2007-2014. | &nbsp;&nbsp;Not applicable | &nbsp;&nbsp;Not applicable |
| Christopher Luckham, 49 | &nbsp;&nbsp;Assistant Treasurer | &nbsp;&nbsp;Assistant Treasurer since 2022 | &nbsp;&nbsp;Senior Manager, Fund Administration of Thornburg Investment Management, Inc. since 2010. | &nbsp;&nbsp;Not applicable | &nbsp;&nbsp;Not applicable |
| Gladys Xiques, 52 | &nbsp;&nbsp;Global Chief Compliance Officer | &nbsp;&nbsp;Global Chief Compliance Officer since 2025 | &nbsp;&nbsp;Global Chief Compliance Officer of Thornburg Investment Management, Inc. (since 2025) and Chief Compliance Officer of Thornburg Investment Trust (since 2025) and Thornburg ETF Trust (since 2025); Global Chief Compliance Officer of TCW Group from 2021-2025; | &nbsp;&nbsp;Not applicable | &nbsp;&nbsp;Not applicable |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Each
 person's address is 2300 North Ridgetop Road, Santa Fe, New Mexico 87506.

&nbsp;&nbsp;&nbsp;&nbsp;(2) The
 Trust is organized as a Massachusetts business trust, and currently comprises a complex of 26 separate investment "Funds"
 or "series." Thornburg Investment Management, Inc. is the investment advisor to, and manages, the 26 Funds of
 the Trust. Each Trustee oversees the 26 Funds of the Trust. The term "Fund Complex" as used includes those 26
 Funds and also includes Thornburg ETF Trust, a separate registered investment company comprised of four series of shares.

&nbsp;&nbsp;&nbsp;&nbsp;(3) The
 Bylaws of the Trust currently require that each Independent Trustee shall retire by the end of the calendar year during which
 the Trustee reached the age of 75 years. Otherwise each Trustee serves in office until the election and qualification of a
 successor or until the Trustee sooner dies, resigns, retires or is removed.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Mr.
 Thornburg is considered an "interested" Trustee under the Investment Company Act of 1940 because he is a director
 and controlling shareholder of Thornburg Investment Management, Inc. the investment advisor to the 26 active Funds of the
 Trust, and is the sole director and controlling shareholder of Thornburg Securities LLC, the distributor of shares of the
 Trust.

&nbsp;&nbsp;&nbsp;&nbsp;(5) Mr.
 McMahon is considered an "interested" Trustee under the Investment Company Act of 1940 because he is a director
 and the chief investment strategist of Thornburg Investment Management, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;(6) Pursuant
 to the Bylaws of the Trust, the President, the Treasurer, the Secretary, and such other officers, if any, as the Trustees
 may, in their discretion, from time to time elect, shall each be elected by the Trustees to serve until his or her successor
 is elected or qualified, or until he or she sooner dies, resigns, is removed or becomes disqualified. Each officer shall hold
 office at the pleasure of the Board

**Additional Information about the Experiences, Qualifications, Attributes and Skills of Each Trustee**

The following disclosure is intended to provide additional information about the particular experiences, qualifications, attributes and skills of each Trustee of the Trust. The Trustees believe that each Trustee is qualified to serve on the board of Trustees in view of (i) the particular experiences, qualifications, attributes and skills of that Trustee, as summarized below and in the table above, and (ii) the actual service and commitment of each Trustee during his or her tenure with the Trust, including the demonstrated ability of each Trustee to exercise effective business judgment in the performance of his or her duties.

Interested Trustees

*Garrett Thornburg*, Chairman of Trustees since 1984. Garrett Thornburg is the chairman of Trustees for Thornburg Investment Trust. Mr. Thornburg founded Thornburg Investment Management, Inc. in 1982, Thornburg Securities LLC (formerly known as Thornburg Securities Corporation) in 1984, and Thornburg Investment Trust in 1984. Before forming Thornburg, Mr. Thornburg was a limited partner of Bear Stearns & Co. and a founding member of that firm's public finance department. He also was chief financial officer of New York State's Urban Development Corporation, and served as financial advisor to the State of New Mexico's Board of Finance. He is a member of the Board of Governors of the Investment Company Institute and serves on the Board of Directors of the New Mexico School for the Arts – Art Institute. He is also the President of the Thornburg Foundation, and former recipient of the Philanthropist of the Year award from the Journal Santa Fe. He is a former board member of the National Dance Institute of New Mexico, the Santa Fe Institute and the Santa Fe Community Foundation. Mr. Thornburg received his BA from Williams College and his MBA from Harvard University.

*Brian J. McMahon*, Trustee since 2001, member of Governance & Nominating Committee and Operations Risk Oversight Committee. Brian McMahon is the vice chairman of Thornburg Investment Trust and a managing director, and the chief investment officer of Thornburg Investment Management, Inc. Joining Thornburg in 1984, Mr. McMahon participated in organizing and managing each Fund of the Trust, served as Thornburg's president from 1997 until 2016, as its chief executive officer from 2008 until 2016, as its chief; investment officer from 2016 until 2019, and, as chief investment strategist, he currently serves as a key voice for the investment team and Thornburg clients. Before joining Thornburg, Mr. McMahon held various corporate finance positions at Norwest Bank. Mr. McMahon received his BA in Economics and Russian Studies from the University of Virginia and his MBA from the Amos Tuck School at Dartmouth College.

Independent Trustees

*Lisa Black,* Trustee since 2023, member of Audit Committee and Operations Risk Oversight Committee. Lisa Black is a retired executive and Chartered Financial Analyst with over 30 years in the investment management industry. Ms. Black brings extensive investment strategy and risk management experience having overseen fixed income assets as well as launching and managing mutual funds at TIAA-CREF and Nuveen, a wholly owned subsidiary of TIAA, one of the world's largest asset managers. Ms. Black has served on the boards of private and nonprofit organizations, including TIAA Life Company and University Liggett School, and is a current member of the board and chair of the audit & risk committee of Smith College. Ms. Black holds a bachelor's degree in Economics from Smith College and an MBA from the University of Michigan Ross School of Business.

*Sally Corning*, Trustee since 2012, member of Audit Committee and Governance & Nominating Committee. Sally Corning is a founding partner of Santa Fe, New Mexico based private equity firm, Sun Mountain Capital. Prior to forming Sun Mountain, Ms. Corning spent 15 years working in private equity and investment banking for Credit Suisse, Morgan Stanley and Dean Witter Reynolds. In addition to sitting on the corporate boards of certain of the private portfolio companies that Sun Mountain Capital has invested in, Ms. Corning has served on the boards of several nonprofit organizations, including the Santa Fe Preparatory School, the Santa Fe Community Foundation, the Santa Fe Mountain Center, and the Westside YMCA in New York City, and is a current member of the board and the finance committee of Excellent Schools New Mexico. Ms. Corning holds a bachelor's degree in Finance from Georgetown University and an MBA from Columbia University's Graduate School of Business.

*David L. Gardner*, Trustee since 2015, Chair of Governance & Nominating Committee and member of Operations Risk Oversight Committee. David Gardner is a retired executive from the global asset management industry, most notably as an original team member of iShares ETFs. Mr. Gardner has over 25 years of experience in the global asset management industry and has worked extensively in the US, Asia and Europe. Prior to joining iShares Mr. Gardner worked for US based asset management firms in distribution management capacities. Mr. Gardner holds a BA in Economics from Eastern Illinois University and a CIMA Certification from Wharton School and Investment Management Consultants Associations.

*Patrick J. Talamantes*, Trustee since 2019, Chair of Audit Committee. Patrick Talamantes is President of Talamantes Strategies, a management consulting firm. Mr. Talamantes is a former executive from the news and media industry, most recently having served as Chief Executive Officer, and prior to that Chief Financial Officer, of The McClatchy Company, a publicly traded local news organization in various local markets across the U.S. Mr. Talamantes has over 30 years of experience in corporate finance and banking, having served as Chief Financial Officer of Sinclair Broadcast Group, Inc., Treasurer of River City Broadcasting, LP, and Vice President of Chemical Banking Corporation. Mr. Talamantes has board experience through his service on the boards of various McClatchy investees. He has also served as a past chair of the Greater Sacramento Economic Council, a private-public partnership led by area CEOs to develop an advanced economy; and served on the board of Recruitology, an HR technology startup in the recruitment space. In addition, Mr. Talamantes serves on the board of the Breakthrough Collaborative, a non-profit that seeks to improve education equity in 24 cities across the U.S. Mr. Talamantes has also been a director of The Associated Press and the News Media Alliance. Mr. Talamantes received his A.B. in Economics from Stanford University and his MBA from The Wharton School of the University of Pennsylvania.

*Owen D. Van Essen*, Trustee since 2004, Lead Independent Trustee and member of Governance & Nominating Committee and Operations Risk Oversight Committee. Owen Van Essen was, until 2024, the president of Dirks, Van Essen & April LLC, Santa Fe, New Mexico, which acts as a broker, appraiser and consultant to the newspaper publishing industry. Before joining the firm, he was general manager and business manager of the Worthington Daily Globe, Worthington, Minnesota. Mr. Van Essen has served with numerous community, educational, professional and charitable organizations, including most recently the St. Michaels High School Foundation and the Santa Fe Preparatory School. He received his BA in Business Administration from Dordt College, Iowa.

*James W. Weyhrauch*, Trustee since 1996, Chair of Operations Risk Oversight Committee and member of Audit Committee. James Weyhrauch is a real estate broker in Santa Fe, New Mexico. Until 2019, he was is the vice chairman of the board of directors, and was from 1997-2000 president and from 2000-2004 chief executive officer, of Nambe LLC, a Santa Fe, New Mexico manufacturer of tabletop and giftware products; and since 2015 has served as General Partner, Investments of Genext LLC, a family investment partnership. Mr. Weyhrauch also has extensive experience with other privately held enterprises, and a background in sales and marketing. He participates in a variety of community and charitable organizations, including the Santa Fe Chamber of Commerce, the Santa Fe Preparatory School and Junior Achievement. Mr. Weyhrauch received his BA in Finance from Southern Methodist University.

**Structure and Responsibilities of the Board of Trustees**

The board of Trustees is currently comprised of eight Trustees, two of whom are "interested persons" of the Funds (as the term "interested" is defined in the 1940 Act) and six of whom are not interested persons of the Funds. Garrett Thornburg currently serves as the chairman of the board of Trustees, and Owen Van Essen currently serves as the lead independent Trustee. The lead independent Trustee is a spokesman for and leader of the independent Trustees, and in that role the lead independent Trustee performs a variety of functions, including: presiding at all sessions of the independent Trustees and, in consultation with legal counsel, preparing the agenda for each session of independent Trustees and coordinating and directing the preparation and delivery of materials and presentations appropriate for each session; in consultation with the Trust's chairman, president, fund accounting and legal counsel, preparing the draft agenda for each general meeting of Trustees; acting as a liaison between the independent Trustees and senior management of the advisor respecting communications on certain topics; coordinating with and directing legal counsel in the acquisition, preparation and development of information for review and consideration of continuation of contracts with the advisor and affiliates; and performing such other functions as the independent Trustees may request from time to time. The Trustees have also established three standing committees, the Audit Committee, the Governance and Nominating Committee, and the Operations Risk Oversight Committee, each of which is discussed in more detail below under the section entitled "Structure and Responsibilities of the Committees of the Trustees." The Trustees may form other committees when deemed appropriate.

The Trustees review the leadership structure of the board of Trustees and the performance of the Trustees on an annual basis. The Trustees currently believe that the leadership structure of the board of Trustees is appropriate, in light of the characteristics of the Trust and each of the Funds, to enable the Trustees to oversee the Trust and its service providers. The Trustees have considered the number of Funds in the Trust, and the similarities and differences among the investment objectives and strategies of those Funds, and have determined that the board of Trustees contains a sufficient number of Trustees, and a sufficient percentage of independent Trustees, to discharge the Trustees' oversight function. The Trustees believe that Mr. Thornburg's long tenure as a Trustee of the Trust, his ongoing association with the Trust's advisor and the fact that that association allows Mr. Thornburg to interact routinely with members of the advisor's staff, and his familiarity with the Trust's business and affairs and with events impacting the investment management industry more broadly, enable Mr. Thornburg to serve as an effective chairman of the board of Trustees. The Trustees believe that Mr. Van Essen's long tenure as a Trustee of the Trust, his business and other professional experience, and his familiarity with the Trust's business and affairs and with events impacting the investment management industry more broadly, enable Mr. Van Essen to serve as an effective lead independent Trustee The Trustees also believe that the scope of each committee's activities and the composition of each committee is currently appropriate, and that the committee structure allows the Trustees to allocate responsibility for various topics among the board and its committees in a manner which facilitates the oversight of the Trust and its service providers.

The Trustees are responsible for the general supervision of the Funds, including the supervision of Thornburg, which provides day-to-day management of the Funds under the terms of the Investment Advisory Agreement and Administrative Services Agreement. As part of their annual review of the leadership structure of the board of Trustees, described above, the Trustees consider whether the structure of the board and its committees continues to permit the Trustees to effectively exercise their oversight function. In that regard, the Trustees typically consider, among other factors: the number of Trustees and each Trustee's qualifications, experience and skills; the frequency with which the Trustees and their committees confer with representatives of Thornburg and the Trust's other service providers; the number of Funds and the ability of the Trustees to devote sufficient time and attention to matters specific to each Fund; the role of the Funds' chief compliance officer and the opportunity for the Trustees to interact with the chief compliance officer; and the composition of each committee of the Trustees and the scope of the responsibilities delegated to those committees.

The Funds are subject to a number of risks, including investment, compliance, operational and valuation risks. On a day-to-day basis, risk management is the responsibility of Thornburg and the Funds' other service providers. Risk oversight also comprises part of the Trustees' general oversight function. The Trustees and their committees seek to monitor risks to the Funds by meeting no less frequently than quarterly (and in practice, more often) with senior officers of the Trust, members of the Funds' portfolio management teams, the Funds' chief compliance officer and the Funds' legal counsel, and by receiving periodic reports from the Funds' independent registered public accounting firm and other service providers to the Funds. The Trust's Operations Risk Oversight Committee assists the Trustees in reviewing and evaluating the identification, analysis and management of operations risk by Thornburg and other significant service providers to the Trust. The duties of the Operations Risk Oversight Committee are described in more detail below under the section entitled "Structure and Responsibilities of the Committees of the Trustees." The Trustees have also adopted various written policies and procedures designed to address particular risks to the Funds, including the detection and prevention of violations of federal securities laws. At least annually, the Trustees receive a report from the Funds' chief compliance officer respecting the effectiveness of those policies and procedures. Notwithstanding the foregoing, the Trustees acknowledge that it is not possible to identify all of the risks that may affect the Funds or to develop processes and controls to eliminate or mitigate the occurrence or effects of certain risks on the Funds. Furthermore, some risks may simply be beyond the control of the Funds or their service providers. The Trustees may, at any time and in their sole discretion, change the manner in which they supervise risk.

**Structure and Responsibilities of the Committees of the Trustees**

The Trustees have an Audit Committee, which is comprised of four Trustees who are not interested persons, Patrick J. Talamantes (chair), Lisa Black, Sally Corning, and James W. Weyhrauch. The Audit Committee discharges its duties in accordance with an Audit Committee Charter, which provides that the committee will, among other functions: (i) evaluate the independence, performance and qualifications of the Trust's independent accountants; (ii) receive and review reports from the independent accountants respecting the planning, scope and staffing of audits of the Funds' financial statements, the accountants' independence, the accountants' internal quality control procedures, all accounting policies and procedures identified by the accountants as critical to the preparation of the Funds' annual financial statements, all non-audit services provided by the auditors for the Funds, and any material issues in any peer review, governmental investigation, or otherwise respecting any audit conducted by the accountants; (iii) receive and review results of audits of the Funds' financial statements with the independent accountants, including any deficiencies, uncorrected misstatements, or similar matters identified by the accountants during such an audit, any material alternative accounting treatments that the accountants discussed with the Funds' management during the audit, and any disagreements between the accountants and management respecting financial reporting matters; (iv) perform the applicable duties imposed on a mutual fund's governing board by the Investment Company Act of 1940, and by regulations and guidance thereunder, with respect to oversight of portfolio pricing and valuation; (v) receive and review the Funds' annual audited financial statements and semi-annual unaudited financial statements; (vi) receive and review communications from management, and at least annually from the independent accountants, respecting matters arising in connection with periodic certifications under Form N-CSR; (vii) receive and review complaints from any source regarding accounting, internal accounting controls, financial reporting or disclosure, and audit matters relating to the Trust; (viii) require the Trust's legal counsel to report to the committee any matter which may have a significant effect on a Fund's financial statements; (ix) receive and review any report made to the committee in accordance with any compliance policy or procedure subject to the oversight of the committee, and receive and review reports from the chief compliance officer on matters relating to the committee's responsibilities; (x) receive and review reports from management's mutual fund administration department to evaluate the functioning of that department; (xi) to the extent the Audit Committee determines that it may be necessary or appropriate to the functions of the committee, receive and review reports from representatives of other significant service providers to the Trust to evaluate the services delivered by those providers; and (xii) such other matters assigned by the Trustees to the committee. The Audit Committee is also responsible for the selection of the independent accountants that audit the Funds' annual financial statements. The Audit Committee held four meetings in the Trust's fiscal year ended September 30, 2025.

The Trustees have a Governance and Nominating Committee, which is comprised of four Trustees, David Gardner (chair), Brian J. McMahon, Sally Corning, and Owen D. Van Essen. Mr. Gardner, Ms. Corning and Mr. Van Essen are not interested persons. Mr. McMahon is an interested person because he is a director and an officer of the Funds' investment advisor, but is prohibited from participating in the selection or nomination of individuals to serve as independent Trustees of the Trust. The Governance and Nominating Committee discharges its duties in accordance with a Governance and Nominating Committee Charter, which provides that the committee will: (i) conduct evaluations of the performance of the Trustees and their committees in accordance with the Trust's Corporate Governance Procedures and Guidelines (the "Governance Procedures"); (ii) select and nominate individuals for election as Trustees of the Trust who are not "interested persons" of the Trust as that term is defined in the 1940 Act; and (iii) perform the additional functions specified in the Governance Procedures and such other functions assigned by the Trustees to the committee from time to time. The committee is authorized to consider for nomination as candidates to serve as Trustees individuals recommended by shareholders in accordance with the Trust's Procedure for Shareholder Communications to Trustees. In accordance with that Procedure for Shareholder Communications to Trustees, shareholders may recommend candidates to serve as Trustees by sending their recommendations to any one or more of the Trustees by United States. Mail or courier delivery at the address of the Trust's investment advisor. The Governance and Nominating Committee held two meetings in the Trust's fiscal year ended September 30, 2025.

The Trustees have an Operations Risk Oversight Committee, which is comprised of five Trustees, James W. Weyhrauch (chair), Lisa Black, David L. Gardner, Brian J. McMahon, and Owen D. Van Essen. Mr. Weyhrauch, Ms. Black, Mr. Gardner, and Mr. Van Essen are not interested persons. As noted above, Mr. McMahon is an interested person because he is a director and an officer of the Funds' investment advisor. The Operations Risk Oversight Committee discharges its duties in accordance with an Operations Risk Oversight Committee Charter, which provides that the committee will: (i) receive and review, preliminary to its presentation to the Trustees, the annual report of the Trust's chief compliance officer respecting the Trust's compliance policies and procedures; (ii) receive and review reports from Thornburg respecting trade execution and the use of client commissions; (iii) receive and review reports from Thornburg respecting its administration of the investment advisor's policy on voting proxies; (iv) receive and review reports from Thornburg respecting the Funds' account service arrangements; (v) receive each report submitted by Thornburg or counsel which is required to be submitted to the committee by a policy or procedure of the Trust or Thornburg; (vi) receive and review reports submitted by the chief compliance officer or counsel with respect to any compliance policy or procedure subject to the oversight of the committee that relates to (A) any revision to such a policy or procedure identified by the chief compliance officer or counsel as potentially material, (B) any violation of such a policy or procedure identified as potentially material, and (C) any error or exception in the administration of such a policy or procedure identified as potentially material; (vii) receive and review reports submitted by Thornburg respecting the Trust's transfer agent, firms providing shareholder services, custodians, records storage providers, business continuity and disaster recovery contractors, and other significant service providers to evaluate the services delivered by those providers; (viii) receive and review reports submitted by Thornburg respecting computer systems and software, electronic communications systems and other technological systems and developments pertaining to the operations of the Trust; (ix) receive and review any changes to contracts with the providers referenced in the preceding two items which are submitted to the committee for review, to the extent such changes would materially affect the scope of the services that those providers deliver to the Trust; (x) confer with Thornburg respecting liability insurance and fidelity bond coverage for the Trust and the Trustees, at the time of proposed renewals of those policies, and make recommendations respecting coverage to the Trustees; (xi) receive and review, to the extent applicable to the Trust, reports submitted by Thornburg relating to Thornburg's committee and staff assigned to risk identification, analysis and management; (xii) receive and review reports submitted by Thornburg relating liquidity, cybersecurity, derivatives transactions, and anti-money laundering compliance; and (xiii) such other matters assigned by the Trustees to the committee. The Operations Risk Oversight Committee held three meetings in the Trust's fiscal year ended September 30, 2025.

**Compensation of Trustees**

The officers and Trustees affiliated with Thornburg serve without any compensation from the Trust. Each Trustee who is not an interested person of the Trust and Thornburg ETF Trust (together, the "Trusts," or the "Fund Complex") who is not an interested person of such Trusts, as that term is defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended (each, an "Independent Trustee") is compensated for their service with an annual retainer of $290,000, payable quarterly. Twelve percent (12%) of each quarterly payment must be invested by the Independent Trustee in one or more of series of the Trust and is subject to an undertaking by the Independent Trustee to retain the shares during the Independent Trustee's tenure. In addition, each independent Trustee is compensated $20,000 for each joint meeting of the Boards of Trustees of the Trusts attended by the Independent Trustee in person, or video conference, or by telephone. General meetings of Trustees on two or more successive days will be considered one meeting for this purpose. If an Independent Trustee attends a separate meeting of the Board of Trustees of either the Trust or Thornburg ETF Trust that is not held within one day before or after any session of a general meeting of either Board of Trustees, then the $20,000 fee will be paid only by or on behalf of either the Trust or Thornburg ETF Trust, as applicable.

Each Independent Trustee is also compensated $7,000 for each joint session of the Independent Trustees attended by the Independent Trustee in excess of five such sessions in any calendar year. Notwithstanding the preceding sentence, a session of Independent Trustees will not be considered separately compensable if held within one day before or after any session of a general meeting of Trustees. If an Independent Trustee attends a separate session of the Independent Trustees of either the Trust or Thornburg ETF Trust, then the $7,000 fee will be paid only by or on behalf of either the Trust or Thornburg ETF Trust, as applicable.

The lead Independent Trustee and the chair of each standing committee of the Trusts receive additional annual compensation, payable in quarterly installments. The individual who serves as lead Independent Trustee receives an additional annual compensation of $50,000, the chair of the Audit Committee receives an additional annual compensation of $20,000, and the chair of the Governance and Nominating Committee and the chair of the Operations Risk Oversight Committee each receive an additional annual compensation of $15,000.

Each Independent Trustee is compensated $3,500 for each session with a Trust service provider, except that if the Independent Trustee is required to travel away from home for the session or sessions, the Independent Trustee is compensated $7,000 for each session of one or two days and $3,500 for each additional day on which a session is conducted.

Independent Trustees are not separately compensated for days spent attending continuing education programs, or for time spent traveling to meetings, continuing education programs or sessions with service providers, apart from the compensation stated in the preceding paragraphs.

Each Independent Trustee receives reimbursement for travel and certain out-of-pocket expenses incurred by the Independent Trustee in connection with attending meetings, including attendance at any seminar or educational program relating to the Independent Trustee's service for the Trusts. Independent Trustees may also be reimbursed applicable gross receipts tax on the compensation paid to the Independent Trustee for their service to the Trusts. The Trusts do not pay retirement or pension benefits.

The Trust paid fees to the Trustees during the fiscal year ended September 30, 2025 as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Trustee** | **Aggregate Compensation**<br> **from Trust** | **Pension or Retirement Benefits Accrued as Part of Expenses** | **Estimated Annual Benefits Upon Retirement** | **Total Compensation from Trust and Fund Complex Paid to Trustee** |
| **Interested Trustees** | **Interested Trustees** | **Interested Trustees** | **Interested Trustees** | **Interested Trustees** |
| Garrett Thornburg | $0 | $0 | $0 | $0 |
| Brian J. McMahon | $0 | $0 | $0 | $0 |
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
| Lisa Black | $367615 | $0 | $0 | $389000 |
| Sally Corning | $367615 | $0 | $0 | $389000 |
| Susan H. Dubin\* | $77500 | $0 | $0 | $77500 |
| David L. Gardner | $382615 | $0 | $0 | $404000 |
| Patrick J. Talamantes | $387615 | $0 | $0 | $409000 |
| Owen D. Van Essen | $417615 | $0 | $0 | $439000 |
| James W. Weyhrauch | $382615 | $0 | $0 | $404000 |

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\*Ms. Dubin concluded her service as an independent Trustee of the Trust effective December 31, 2024.

**Certain Ownership Interests of Trustees**

The following table shows the dollar range of the shares owned beneficially by each Trustee as of December 31, 2025 in each Fund described in this Statement of Additional Information. The dollar range shown in the fourth column reflects the aggregate amount of each Trustee's beneficial ownership in all registered investment companies within the investment company complex that are overseen by the Trustee.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Name of Trustee** | &nbsp;&nbsp;&nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Dollar Range of Equity Securities in**<br> **the Funds** | &nbsp;&nbsp;&nbsp;&nbsp;**Aggregate Dollar Range of Beneficial Ownership in All**<br> **Registered Investment**<br> **Companies Overseen by the Trustee in the Family of**<br> **Investment Companies as of December 31, 2025**  |
| &nbsp;&nbsp;&nbsp;&nbsp;Garrett Thornburg | &nbsp;&nbsp;&nbsp;&nbsp;Global Opportunities Fund | &nbsp;&nbsp;Over $100,000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;International Equity Fund | &nbsp;&nbsp;Over $100,000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Better World International Fund | &nbsp;&nbsp;Over $100,000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;International Growth Fund | &nbsp;&nbsp;Over $100,000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Developing World Fund | &nbsp;&nbsp;$1-$10000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Small/Mid Cap Core Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Small/Mid Cap Growth Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Investment Income Builder Fund | &nbsp;&nbsp;Over $100,000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Summit Fund | &nbsp;&nbsp;Over $100,000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Ultra Short Income Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Limited Term U.S. Government Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Limited Term Income Fund | &nbsp;&nbsp;Over $100,000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Core Plus Bond Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Strategic Income Fund | &nbsp;&nbsp;Over $100,000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Short Duration Municipal Fund | &nbsp;&nbsp;Over $100,000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Limited Term Municipal Fund | &nbsp;&nbsp;Over $100,000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Intermediate Municipal Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Strategic Municipal Income Fund | &nbsp;&nbsp;Over $100,000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Limited Term California Fund |  |  |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Name of Trustee** | &nbsp;&nbsp;&nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Dollar Range of Equity Securities in**<br> **the Funds** | &nbsp;&nbsp;&nbsp;&nbsp;**Aggregate Dollar Range of Beneficial Ownership in All**<br> **Registered Investment**<br> **Companies Overseen by the Trustee in the Family of**<br> **Investment Companies as of December 31, 2025**  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Intermediate New Mexico Fund | &nbsp;&nbsp;Over $100,000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Intermediate New York Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Total Holdings |  | &nbsp;&nbsp;Over $100,000 |
| Brian J. McMahon | &nbsp;&nbsp;&nbsp;&nbsp;Global Opportunities Fund | &nbsp;&nbsp;Over $100,000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;International Equity Fund | &nbsp;&nbsp;Over $100,000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Better World International Fund | &nbsp;&nbsp;Over $100,000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;International Growth Fund | &nbsp;&nbsp;Over $100,000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Developing World Fund | &nbsp;&nbsp;Over $100,000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Small/Mid Cap Core Fund | &nbsp;&nbsp;Over $100,000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Small/Mid Cap Growth | &nbsp;&nbsp;Over $100,000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Investment Income Builder Fund | &nbsp;&nbsp;Over $100,000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Summit Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Ultra Short Income Fund | &nbsp;&nbsp;Over $100,000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Limited Term U.S. Government Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Limited Term Income Fund | &nbsp;&nbsp;Over $100,000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Core Plus Bond Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Strategic Income Fund | &nbsp;&nbsp;Over $100,000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Short Duration Municipal Fund | &nbsp;&nbsp;Over $100,000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Limited Term Municipal Fund | &nbsp;&nbsp;Over $100,000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Intermediate Municipal Fund | &nbsp;&nbsp;Over $100,000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Strategic Municipal Income Fund | &nbsp;&nbsp;Over $100,000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Limited Term California Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Intermediate New Mexico Fund | &nbsp;&nbsp;Over $100,000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Intermediate New York Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Total Holdings |  | &nbsp;&nbsp;Over $100,000 |
| Lisa Black | &nbsp;&nbsp;&nbsp;&nbsp;Global Opportunities Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;International Equity Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Better World International Fund | &nbsp;&nbsp;&nbsp;Over $100,000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;International Growth Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Developing World Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Small/Mid Cap Core Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Small/Mid Cap Growth Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Investment Income Builder Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Summit Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Ultra Short Income Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Limited Term U.S. Government Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Limited Term Income Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Core Plus Bond Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Strategic Income Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Short Duration Municipal Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Limited Term Municipal Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Intermediate Municipal Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Strategic Municipal Income Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Limited Term California Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Intermediate New Mexico Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Intermediate New York Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Total Holdings |  | &nbsp;&nbsp;Over $100,000 |
| Sally Corning | &nbsp;&nbsp;&nbsp;&nbsp;Global Opportunities Fund | &nbsp;&nbsp;&nbsp;Over $100,000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;International Equity Fund | &nbsp;&nbsp;&nbsp;Over $100,000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Better World International Fund | &nbsp;&nbsp;&nbsp;Over $100,000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;International Growth Fund | &nbsp;&nbsp;&nbsp;$50001 - $100000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Developing World Fund | &nbsp;&nbsp;&nbsp;Over $100,000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Small/Mid Cap Core Fund | &nbsp;&nbsp;&nbsp;Over $100,000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Small/Mid Cap Growth Fund | &nbsp;&nbsp;&nbsp;Over $100,000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Investment Income Builder Fund | &nbsp;&nbsp;&nbsp;$50001 - $100000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Summit Fund | &nbsp;&nbsp;&nbsp;Over $100,000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Ultra Short Income Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Limited Term U.S. Government Fund | &nbsp;&nbsp;&nbsp;$10001-$50000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Limited Term Income Fund | &nbsp;&nbsp;&nbsp;$10001-$50000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Core Plus Bond Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Strategic Income Fund | &nbsp;&nbsp;&nbsp;Over $100,000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Short Duration Municipal Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Limited Term Municipal Fund | &nbsp;&nbsp;&nbsp;$10001-$50000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Intermediate Municipal Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Strategic Municipal Income Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Limited Term California Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Intermediate New Mexico Fund |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Name of Trustee** | &nbsp;&nbsp;&nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Dollar Range of Equity Securities in**<br> **the Funds** | &nbsp;&nbsp;&nbsp;&nbsp;**Aggregate Dollar Range of Beneficial Ownership in All**<br> **Registered Investment**<br> **Companies Overseen by the Trustee in the Family of**<br> **Investment Companies as of December 31, 2025**  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Intermediate New York Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Total Holdings |  | &nbsp;&nbsp;Over $100,000 |
| David L. Gardner | &nbsp;&nbsp;&nbsp;&nbsp;Global Opportunities Fund | &nbsp;&nbsp;Over $100,000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;International Equity Fund | &nbsp;&nbsp;Over $100,000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Better World International Fund | &nbsp;&nbsp;Over $100,000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;International Growth Fund | &nbsp;&nbsp;$50001 - $100000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Developing World Fund | &nbsp;&nbsp;Over $100,000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Small/Mid Cap Core Fund | &nbsp;&nbsp;Over $100,000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Small/Mid Cap Growth Fund | &nbsp;&nbsp;Over $100,000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Investment Income Builder Fund | &nbsp;&nbsp;$50001 - $100000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Summit Fund | &nbsp;&nbsp;Over $100,000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Ultra Short Income Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Limited Term U.S. Government Fund | &nbsp;&nbsp;$10001-$50000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Limited Term Income Fund | &nbsp;&nbsp;$10001-$50000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Core Plus Bond Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Strategic Income Fund | &nbsp;&nbsp;Over $100,000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Short Duration Municipal Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Limited Term Municipal Fund | &nbsp;&nbsp;$10001-$50000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Intermediate Municipal Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Strategic Municipal Income Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Limited Term California Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Intermediate New Mexico Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Intermediate New York Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Total Holdings |  | &nbsp;&nbsp;Over $100,000 |
| Patrick J. Talamantes | &nbsp;&nbsp;&nbsp;&nbsp;Global Opportunities Fund | &nbsp;&nbsp;$10001-$50000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;International Equity Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Better World International Fund | &nbsp;&nbsp;$10001-$50000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;International Growth Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Developing World Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Small/Mid Cap Core Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Small/Mid Cap Growth Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Investment Income Builder Fund | &nbsp;&nbsp;Over $100,000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Summit Fund | &nbsp;&nbsp;Over $100,000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Ultra Short Income Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Limited Term U.S. Government Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Limited Term Income Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Core Plus Bond Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Strategic Income | &nbsp;&nbsp;$10001-$50000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Short Duration Municipal Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Limited Term Municipal Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Intermediate Municipal Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Strategic Municipal Income Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Limited Term California Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Intermediate New Mexico Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Intermediate New York Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Total Holdings |  | &nbsp;&nbsp;Over $100,000 |
| Owen Van Essen | &nbsp;&nbsp;&nbsp;&nbsp;Global Opportunities Fund | &nbsp;&nbsp;Over $100,000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;International Equity Fund | &nbsp;&nbsp;Over $100,000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Better World International Fund | &nbsp;&nbsp;Over $100,000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;International Growth Fund | &nbsp;&nbsp;Over $100,000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Developing World Fund | &nbsp;&nbsp;Over $100,000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Small/Mid Cap Core Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Small/Mid Cap Growth Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Investment Income Builder Fund | &nbsp;&nbsp;Over $100,000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Summit Fund | &nbsp;&nbsp;Over $100,000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Ultra Short Income Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Limited Term U.S. Government Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Limited Term Income Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Core Plus Bond Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Strategic Income Fund | &nbsp;&nbsp;Over $100,000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Short Duration Municipal Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Limited Term Municipal Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Intermediate Municipal Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Strategic Municipal Income Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Limited Term California Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Intermediate New Mexico Fund | &nbsp;&nbsp;Over $100,000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Intermediate New York Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Total Holdings |  | &nbsp;&nbsp;Over $100,000 |
| James W. Weyhrauch | &nbsp;&nbsp;&nbsp;&nbsp;Global Opportunities Fund | &nbsp;&nbsp;Over $100,000 |  |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Name of Trustee** | &nbsp;&nbsp;&nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Dollar Range of Equity Securities in**<br> **the Funds** | &nbsp;&nbsp;&nbsp;&nbsp;**Aggregate Dollar Range of Beneficial Ownership in All**<br> **Registered Investment**<br> **Companies Overseen by the Trustee in the Family of**<br> **Investment Companies as of December 31, 2025**  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;International Equity Fund | &nbsp;&nbsp;Over $100,000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Better World International Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;International Growth Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Developing World Fund | &nbsp;&nbsp;Over $100,000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Small/Mid Cap Core Fund | &nbsp;&nbsp;$10001-$50000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Small/Mid Cap Growth Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Investment Income Builder Fund | &nbsp;&nbsp;Over $100,000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Summit Fund | &nbsp;&nbsp;Over $100,000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Ultra Short Income Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Limited Term U.S. Government Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Limited Term Income Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Core Plus Bond Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Strategic Income Fund | &nbsp;&nbsp;Over $100,000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Short Duration Municipal Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Limited Term Municipal Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Intermediate Municipal Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Strategic Municipal Income Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Limited Term California Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Intermediate New Mexico Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Intermediate New York Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Total Holdings |  | &nbsp;&nbsp;Over $100,000 |

---

**Personal Securities Transactions of Personnel**

The Trust, the investment advisor to the Trust, and the distributor for the advisor and the Trust, each have adopted a code of ethics under Rule 17j-1 of the 1940 Act. Specified personnel of the Trust, investment advisor and distributor, including individuals engaged in investment management activities and others are permitted under the codes of make personal investments in securities, including securities that may be purchased or held by the Funds. Certain investments are prohibited or restricted as to timing, and personnel subject to the codes must report their investment activities to a compliance officer.

**INFORMATION ABOUT PORTFOLIO MANAGERS**

Displayed below is additional information about the portfolio managers identified in the Prospectus.

**Portfolio Manager Compensation**

The compensation of each portfolio manager includes an annual salary, annual bonus, and company-wide profit sharing. Each manager currently named in the Prospectus also owns equity shares in the investment advisor, Thornburg. Both the salary and bonus are reviewed approximately annually for comparability with salaries of other portfolio managers in the industry, using survey data obtained from compensation consultants. The annual bonus is subjective. Criteria that are considered in formulating the bonus include, but are not limited to, the following: revenues available to pay compensation of the manager and all other expenses related to supporting the accounts managed by the manager, including the Trust; multiple year historical total return of accounts managed by the manager, including the Trust, relative to market performance and similar investment companies; single year historical total return of accounts managed by the manager, including the Trust, relative to market performance and similar investment companies; the degree of sensitivity of the manager to potential tax liabilities created for account holders in generating returns, relative to overall return. There is no material difference in the method used to calculate the manager's compensation with respect to the Trust and other accounts managed by the manager, except that certain accounts managed by the manager may have no income or capital gains tax considerations. To the extent that the manager realizes benefits from capital appreciation and dividends paid to shareholders of Thornburg, such benefits accrue from the overall financial performance of Thornburg.

**Conflicts of Interest**

Most investment advisors and their portfolio managers manage investments for multiple clients, including mutual funds, private accounts, and retirement plans. In any case where a portfolio manager manages the investments of two or more accounts, there is a possibility that conflicts of interest could arise between the manager's management of a Fund's investments and the manager's management of other accounts. These conflicts could include:

● Allocating a favorable investment opportunity to one account but not another.

● Directing one account to buy a security before purchases through other accounts increase the price of the security in the marketplace.

● Giving substantially inconsistent investment directions at the same time to similar accounts, so as to benefit one account over another.

● Obtaining services from brokers conducting trades for one account, which are used to benefit another account.

The Trust's investment advisor, Thornburg, has informed the Trust that it has considered the likelihood that any material conflicts of interest could arise between a manager's management of the Funds' investments and the manager's management of other accounts. Thornburg has also informed the Trust that it has not identified any such conflicts that may arise, and has concluded that it has implemented policies and procedures to identify and resolve any such conflict if it did arise.

**Accounts Managed By Portfolio Managers**

Set out below for each portfolio manager named in the Prospectus is information respecting the accounts managed by the manager. Except as otherwise noted below, the information presented is current as of September 30, 2025. The information includes the Fund or Funds as to which each individual is a portfolio manager. Except as noted below, as of September 30, 2025 the advisory fee for each of the accounts was not based on the investment performance of the account.

Set out below for each portfolio manager named in the Prospectus is information respecting the accounts managed by the manager. Except as otherwise noted below, the information presented is current as of September 30, 2025. The information includes the Fund or Funds as to which each individual is a portfolio manager. Except as noted below, as of September 30, 2025 the advisory fee for each of the accounts was not based on the investment performance of the account.

**<u>Nick Anderson</u>**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Type of Account** | &nbsp;&nbsp;**Number of**<br> **Accounts Managed** | &nbsp;&nbsp;**Total** <br> **Assets Managed** |
| &nbsp;&nbsp;Registered Investment Companies: | &nbsp;&nbsp;2 | &nbsp;&nbsp;$728997899.03 |
| &nbsp;&nbsp;Other Pooled Investment Vehicles: | &nbsp;&nbsp;1 | &nbsp;&nbsp;$3229753.04 |
| &nbsp;&nbsp;Other Accounts: | &nbsp;&nbsp;9 | &nbsp;&nbsp;$3349901.46 |

---

**<u>David Ashley</u>**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Type of Account** | &nbsp;&nbsp;**Number of**<br> **Accounts Managed** | &nbsp;&nbsp;**Total** <br> **Assets Managed** |
| &nbsp;&nbsp;Registered Investment Companies: | &nbsp;&nbsp;8 | &nbsp;&nbsp;$4167343375.74 |
| &nbsp;&nbsp;Other Pooled Investment Vehicles: | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Other Accounts: | &nbsp;&nbsp;398 | &nbsp;&nbsp;$1429916476.59 |

---

**<u>Neal BasuMullick</u>**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Type of Account** | &nbsp;&nbsp;**Number of**<br> **Accounts Managed** | &nbsp;&nbsp;**Total** <br> **Assets Managed** |
| &nbsp;&nbsp;Registered Investment Companies: | &nbsp;&nbsp;1 | &nbsp;&nbsp;$96454521.26 |
| &nbsp;&nbsp;Other Pooled Investment Vehicles: | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;Other Accounts: | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 |

---

**<u>Matt Burdett</u>**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Type of Account** | &nbsp;&nbsp;**Number of**<br> **Accounts Managed** | &nbsp;&nbsp;**Total** <br> **Assets Managed** |
| &nbsp;&nbsp;Registered Investment Companies: | &nbsp;&nbsp;4 | &nbsp;&nbsp;$23022417041.39 |
| &nbsp;&nbsp;Other Pooled Investment Vehicles: | &nbsp;&nbsp;4 | &nbsp;&nbsp;$278612439.38 |
| &nbsp;&nbsp;Other Accounts: | &nbsp;&nbsp;46 | &nbsp;&nbsp;$132511766.82 |

---

**<u>Brian Burrell</u>**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Type of Account** | &nbsp;&nbsp;**Number of**<br> **Accounts Managed** | &nbsp;&nbsp;**Total** <br> **Assets Managed** |
| &nbsp;&nbsp;Registered Investment Companies: | &nbsp;&nbsp;1 | &nbsp;&nbsp;$508499876.74 |
| &nbsp;&nbsp;Other Pooled Investment Vehicles: | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Other Accounts: | &nbsp;&nbsp;2 | &nbsp;&nbsp;$1103875.17 |

---

**<u>Pablo Echavarria</u>**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Type of Account** | &nbsp;&nbsp;**Number of**<br> **Accounts Managed** | &nbsp;&nbsp;**Total** <br> **Assets Managed** |
| &nbsp;&nbsp;Registered Investment Companies: | &nbsp;&nbsp;2 | &nbsp;&nbsp;$589595841.39 |
| &nbsp;&nbsp;Other Pooled Investment Vehicles: | &nbsp;&nbsp;2 | &nbsp;&nbsp;$2593.08 |
| &nbsp;&nbsp;Other Accounts: | &nbsp;&nbsp;78 | &nbsp;&nbsp;$18668327.00 |

---

**<u>Lon Erickson</u>**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Type of Account** | &nbsp;&nbsp;**Number of**<br> **Accounts Managed** | &nbsp;&nbsp;**Total** <br> **Assets Managed** |
| &nbsp;&nbsp;Registered Investment Companies: | &nbsp;&nbsp;11 | &nbsp;&nbsp;$20446155142.85 |
| &nbsp;&nbsp;Other Pooled Investment Vehicles: | &nbsp;&nbsp;3 | &nbsp;&nbsp;$168907241.41 |
| &nbsp;&nbsp;Other Accounts: | &nbsp;&nbsp;26 | &nbsp;&nbsp;$273565701.66 |

---

**<u>Ali Hassan</u>** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Type of Account** | &nbsp;&nbsp;**Number of**<br> **Accounts Managed** | &nbsp;&nbsp;**Total** <br> **Assets Managed** |
| &nbsp;&nbsp;Registered Investment Companies: | &nbsp;&nbsp;2 | &nbsp;&nbsp;$10245659819.89 |
| &nbsp;&nbsp;Other Pooled Investment Vehicles: | &nbsp;&nbsp;2 | &nbsp;&nbsp;$96232329.94 |
| &nbsp;&nbsp;Other Accounts: | &nbsp;&nbsp;3 | &nbsp;&nbsp;$8242623.88 |

---

**<u>Christian Hoffmann</u>**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Type of Account** | &nbsp;&nbsp;**Number of**<br> **Accounts Managed** | &nbsp;&nbsp;**Total** <br> **Assets Managed** |
| &nbsp;&nbsp;Registered Investment Companies: | &nbsp;&nbsp;12 | &nbsp;&nbsp;$38741338428.08 |
| &nbsp;&nbsp;Other Pooled Investment Vehicles: | &nbsp;&nbsp;4 | &nbsp;&nbsp;$353903605.14 |
| &nbsp;&nbsp;Other Accounts: | &nbsp;&nbsp;26 | &nbsp;&nbsp;$278081821.43 |

---

**<u>Steven Klopukh</u>**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Type of Account** | &nbsp;&nbsp;**Number of**<br> **Accounts Managed** | &nbsp;&nbsp;**Total** <br> **Assets Managed** |
| &nbsp;&nbsp;Registered Investment Companies: | &nbsp;&nbsp;2 | &nbsp;&nbsp;$705990296.02 |
| &nbsp;&nbsp;Other Pooled Investment Vehicles: | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Other Accounts: | &nbsp;&nbsp;10 | &nbsp;&nbsp;$22426068.00 |

---

**<u>Eve Lando</u>**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Type of Account** | &nbsp;&nbsp;**Number of**<br> **Accounts Managed** | &nbsp;&nbsp;**Total** <br> **Assets Managed** |
| &nbsp;&nbsp;Registered Investment Companies: | &nbsp;&nbsp;8 | &nbsp;&nbsp;$4167343375.74 |
| &nbsp;&nbsp;Other Pooled Investment Vehicles: | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Other Accounts: | &nbsp;&nbsp;398 | &nbsp;&nbsp;$1429916476.59 |

---

**Craig Mauermann**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Type of Account** | &nbsp;&nbsp;**Number of**<br> **Accounts Managed** | &nbsp;&nbsp;**Total** <br> **Assets Managed** |
| &nbsp;&nbsp;Registered Investment Companies: | &nbsp;&nbsp;8 | &nbsp;&nbsp;$4167343375.74 |
| &nbsp;&nbsp;Other Pooled Investment Vehicles: | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Other Accounts: | &nbsp;&nbsp;398 | &nbsp;&nbsp;$1429916476.59 |

---

**<u>Tim McCarthy</u>**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Type of Account** | &nbsp;&nbsp;**Number of**<br> **Accounts Managed** | &nbsp;&nbsp;**Total** <br> **Assets Managed** |
| &nbsp;&nbsp;Registered Investment Companies: | &nbsp;&nbsp;2 | &nbsp;&nbsp;$705990296.02 |
| &nbsp;&nbsp;Other Pooled Investment Vehicles: | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Other Accounts: | &nbsp;&nbsp;10 | &nbsp;&nbsp;$22426068.00 |

---

**<u>Brian J. McMahon</u>**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Type of Account** | &nbsp;&nbsp;**Number of**<br> **Accounts Managed** | &nbsp;&nbsp;**Total** <br> **Assets Managed** |
| &nbsp;&nbsp;Registered Investment Companies: | &nbsp;&nbsp;2 | &nbsp;&nbsp;$19236882300.83 |
| &nbsp;&nbsp;Other Pooled Investment Vehicles: | &nbsp;&nbsp;4 | &nbsp;&nbsp;$289293120.81 |
| &nbsp;&nbsp;Other Accounts: | &nbsp;&nbsp;5 | &nbsp;&nbsp;$605934332.55 |

---

**<u>Miguel Oleaga</u>**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Type of Account** | &nbsp;&nbsp;**Number of**<br> **Accounts Managed** | &nbsp;&nbsp;**Total** <br> **Assets Managed** |
| &nbsp;&nbsp;Registered Investment Companies: | &nbsp;&nbsp;1 | &nbsp;&nbsp;$1525137341.76 |
| &nbsp;&nbsp;Other Pooled Investment Vehicles: | &nbsp;&nbsp;3 | &nbsp;&nbsp;$104296757.08 |
| &nbsp;&nbsp;Other Accounts: | &nbsp;&nbsp;3 | &nbsp;&nbsp;$572961627.73 |

---

**<u>Sean Sun</u>**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Type of Account** | &nbsp;&nbsp;**Number of**<br> **Accounts Managed** | &nbsp;&nbsp;**Total** <br> **Assets Managed** |
| &nbsp;&nbsp;Registered Investment Companies: | &nbsp;&nbsp;2 | &nbsp;&nbsp;$728997899.03 |
| &nbsp;&nbsp;Other Pooled Investment Vehicles: | &nbsp;&nbsp;1 | &nbsp;&nbsp;$3229753.04 |
| &nbsp;&nbsp;Other Accounts: | &nbsp;&nbsp;9 | &nbsp;&nbsp;$3349901.46 |

---

**<u>Lei Wang</u>**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Type of Account** | &nbsp;&nbsp;**Number of**<br> **Accounts Managed** | &nbsp;&nbsp;**Total** <br> **Assets Managed** |
| &nbsp;&nbsp;Registered Investment Companies: | &nbsp;&nbsp;3 | &nbsp;&nbsp;$5139279111.64 |
| &nbsp;&nbsp;Other Pooled Investment Vehicles: | &nbsp;&nbsp;3 | &nbsp;&nbsp;$93616075.65 |
| &nbsp;&nbsp;Other Accounts: | &nbsp;&nbsp;46 | &nbsp;&nbsp;$100642937.17 |

---

**<u>Di Zhou</u>**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Type of Account** | &nbsp;&nbsp;**Number of**<br> **Accounts Managed** | &nbsp;&nbsp;**Total** <br> **Assets Managed** |
| &nbsp;&nbsp;Registered Investment Companies: | &nbsp;&nbsp;2 | &nbsp;&nbsp;$589595841.39 |
| &nbsp;&nbsp;Other Pooled Investment Vehicles: | &nbsp;&nbsp;2 | &nbsp;&nbsp;$2593.08 |
| &nbsp;&nbsp;Other Accounts: | &nbsp;&nbsp;78 | &nbsp;&nbsp;$18668327.00 |

---

**Portfolio Managers' Ownership of Shares in the Funds**

Displayed below for each of the portfolio managers named in the Prospectus is the dollar range of the individual's beneficial ownership of shares in the Fund or Funds as to which the individual is a manager. Except as otherwise noted below, the information presented is current as of September 30, 2025. In each case, the dollar range listed may include shares owned by the portfolio manager through the manager's self-directed account in Thornburg's retirement plan. In addition to the holdings noted below, each of the portfolio managers is a participant in Thornburg's profit sharing plan, which invests in shares of each of the Funds.

---

| | |
|:---|:---|
| **Portfolio Manager**<br> **and Fund Name** | **Dollar Range of** <br> **Beneficial Ownership** |
| Nick Anderson |  |
| International Growth Fund | $100001–$500000 |
| David Ashley |  |
| Short Duration Municipal Fund |  |
| Limited Term Municipal Fund | Over $1,000,000 |
| Intermediate Municipal Fund | Over $1,000,000 |
| Strategic Municipal Income Fund | $100001 – $500000 |
| California Limited Term Municipal Fund |  |
| New Mexico Intermediate Municipal Fund |  |
| New York Intermediate Municipal Fund |  |
| Neal BasuMullick |  |
| Summit Fund | $10001-$50000 |
| Matt Burdett |  |
| Investment Income Builder Fund | Over $1,000,000 |
| International Equity Fund | $500001-$1000000 |
| Brian Burrell |  |
| Better World International Fund | $50001-100000 |
| Pablo Echavarria<br> Developing World Fund<br>Lon Erickson | $100001-$500000<br>|
| Limited Term U.S. Government Fund | $10001 - $50000 |
| Ultra Short Income Fund | Over $1,000,000 |
| Limited Term Income Fund | $100001-$500000 |
| Strategic Income Fund | $100001-$500000 |
| Core Plus Bond Fund | $10001–$50000 |
| Ali Hassan |  |
| Strategic Income Fund | $100001–$500000 |
| Christian Hoffmann |  |
| Investment Income Builder Fund | $100001–$500000 |
| Limited Term U.S. Government Fund | $100001–$500000 |
| Ultra Short Income Fund | $100001–$500000 |
| Limited Term Income Fund | $500001–$1000000 |
| Strategic Income Fund | $500001–$1000000 |
| Core Plus Bond Fund | $100001–$500000 |
| Steven Klopukh |  |
| Small/Mid Cap Core Fund | &nbsp;&nbsp;&nbsp;&nbsp;$100001–$500000 |
| Small/Mid Cap Growth Fund | $100001–$500000 |
| Eve Lando |  |
| Short Duration Municipal Fund |  |
| Limited Term Municipal Fund | $50001–$100000 |
| Intermediate Municipal Fund | $50001–$100000 |
| Strategic Municipal Income Fund | $50001–$100000 |
| California Limited Term Municipal Fund |  |
| New Mexico Intermediate Municipal Fund |  |

---

---

| | |
|:---|:---|
| **Portfolio Manager**<br> **and Fund Name** | **Dollar Range of** <br> **Beneficial Ownership** |
| New York Intermediate Municipal Fund |  |
| Craig Mauermann |  |
| Short Duration Municipal Fund | $10001 - $50000 |
| Limited Term Municipal Fund | $10001 - $50000 |
| Intermediate Municipal Fund | $50001-100000 |
| Strategic Municipal Income Fund | $50001-100000 |
| California Limited Term Municipal Fund |  |
| New Mexico Intermediate Municipal Fund |  |
| New York Intermediate Municipal Fund |  |
| Tim McCarthy |  |
| Small/Mid Cap Core Fund | $100001 – $500000 |
| Small/Mid Cap Growth Fund | $100001 – $500000 |
| Brian J. McMahon |  |
| Income Builder Fund | over $1,000,000 |
| Global Opportunities Fund | over $1,000,000 |
| Miguel Oleaga |  |
| Global Opportunities Fund | over $1,000,000 |
| Sean Sun |  |
| International Growth Fund | over $1,000,000 |
| Lei Wang |  |
| International Equity Fund | over $1,000,000 |
| Better World International Fund | $1–$10000 |
| Di Zhou |  |
| Developing World Fund | &nbsp;&nbsp;&nbsp;&nbsp;$100001–$500000 |

---

**PRINCIPAL HOLDERS OF SECURITIES**

**Global Opportunities Fund**

As of December 31, 2025, the officers and Trustees of Thornburg Investment Trust, as a group, held approximately 2.68% of the Class I shares of the Fund and approximately 84.22% of the Class R6 shares of the Fund, and held less than 1% of the Class A or Class C shares of the Fund. As of December 31, 2025, Garrett Thornburg, 2300 North Ridgetop Road, Santa Fe, New Mexico 87506-8361, owned beneficially, either directly or through revocable trusts or other structures, approximately 83.31% of the Fund's Class R6 shares. Shareholders that beneficially own more than 25% of the voting securities of a class of a Fund could control the outcome of proposals presented to shareholders of that class for approval. As of December 31, 2025, the following persons were known to have held or record or beneficially 5% or more of Class A, Class C, Class I, or Class R6 shares of the Fund:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**<u>Fund</u>** | &nbsp;&nbsp;**<u>Class of Shares</u>** | &nbsp;&nbsp;**<u>Shareholder</u>** | &nbsp;&nbsp;**% of Total**<br> **<u>Shares of Class</u>** |
| &nbsp;&nbsp;Global Opportunities Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;MORGAN STANLEY SMITH BARNEY LLC<br> FOR THE EXCLUSIVE BENEFIT OF ITS CUSTOMERS<br> 1 NEW YORK PLZ FL 12<br> NEW YORK NY 10004-1965 | &nbsp;&nbsp;13.27% |
| &nbsp;&nbsp;Global Opportunities Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;NFS LLC<br> FEBO OUR CUSTOMERS<br> ATTN MUTUAL FUNDS DEPT 4TH FL<br> 499 WASHINGTON BLVD<br> JERSEY CITY NJ 07310-1995 | &nbsp;&nbsp;11.94% |
| &nbsp;&nbsp;Global Opportunities Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;WELLS FARGO CLEARING SERVICES LLC<br> SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER <br> 2801 MARKET ST <br> SAINT LOUIS MO 63103-2523  | &nbsp;&nbsp;10.54% |
| &nbsp;&nbsp;Global Opportunities Fund | &nbsp;&nbsp;Class A | &nbsp;&nbsp;CHARLES SCHWAB & CO INC <br> SPECIAL CUSTODY ACCT FOR EXCLUSIVE<br> BENEFIT OF CUSTOMERS REINVEST ACCT<br> ATTN MUTUAL FUNDS DEPARTMENT <br> 211 MAIN ST<br> SAN FRANCISCO CA 94105-1901 | &nbsp;&nbsp;8.25% |
| &nbsp;&nbsp;Global Opportunities Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;LPL FINANCIAL<br> OMNIBUS CUSTOMER ACCOUNT<br> ATTN MUTUAL FUND TRADING<br> 4707 EXECUTIVE DR<br> SAN DIEGO CA 92121-3091  | &nbsp;&nbsp;8.19% |
| &nbsp;&nbsp;Global Opportunities Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;RAYMOND JAMES OMNIBUS FOR MUTUAL FUNDS<br> HOUSE ACCT FIRM 92500015 <br> ATTN COURTNEY WALLER <br> 880 CARILLON PKWY <br> ST PETERSBURG FL 33716-1100 | &nbsp;&nbsp;7.01% |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**<u>Fund</u>** | &nbsp;&nbsp;**<u>Class of Shares</u>** | &nbsp;&nbsp;**<u>Shareholder</u>** | &nbsp;&nbsp;**% of Total**<br> **<u>Shares of Class</u>** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Global Opportunities Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;CHARLES SCHWAB & CO INC <br> SPECIAL CUSTODY A/C FBO CUSTOMERS<br> ATTN MUTUAL FUNDS <br> 211 MAIN STREET<br> SAN FRANCISCO CA 94105-1901  | &nbsp;&nbsp;6.07% |
| &nbsp;&nbsp;Global Opportunities Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;PERSHING LLC <br> 1 PERSHING PLAZA<br> JERSEY CITY NJ 07399-0002 | &nbsp;&nbsp;5.60% |
| &nbsp;&nbsp;Global Opportunities Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;MLPF&S FOR THE SOLE BENEFIT<br> OF ITS CUSTOMERS<br> ATTN FUND ADMINISTRATION 97HP7 <br> 4800 DEER LAKE DR E FL 2<br> JACKSONVILLE FL 32246-6484  | &nbsp;&nbsp;5.58% |
| &nbsp;&nbsp;Global Opportunities Fund | &nbsp;&nbsp;Class C<br> shares | &nbsp;&nbsp;LPL FINANCIAL<br> OMNIBUS CUSTOMER ACCOUNT<br> ATTN MUTUAL FUND TRADING<br> 4707 EXECUTIVE DR<br> SAN DIEGO CA 92121-3091  | &nbsp;&nbsp;29.30% |
| &nbsp;&nbsp;Global Opportunities Fund | &nbsp;&nbsp;Class C<br> shares | &nbsp;&nbsp;WELLS FARGO CLEARING SERVICES LLC<br> SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER <br> 2801 MARKET ST <br> SAINT LOUIS MO 63103-2523  | &nbsp;&nbsp;19.59% |
| &nbsp;&nbsp;Global Opportunities Fund | &nbsp;&nbsp;Class C<br> shares | &nbsp;&nbsp;MORGAN STANLEY SMITH BARNEY LLC<br> FOR THE EXCLUSIVE BENE OF ITS CUST<br> 1 NEW YORK PLZ FL 12<br> NEW YORK NY 10004-1965  | &nbsp;&nbsp;12.12% |
| &nbsp;&nbsp;Global Opportunities Fund | &nbsp;&nbsp;Class C<br> shares | &nbsp;&nbsp;PERSHING LLC <br> 1 PERSHING PLAZA<br> JERSEY CITY NJ 07399-0002 | &nbsp;&nbsp;11.10% |
| &nbsp;&nbsp;Global Opportunities Fund | &nbsp;&nbsp;Class C<br> shares | &nbsp;&nbsp;RAYMOND JAMES<br> OMNIBUS FOR MUTUAL FUNDS<br> HOUSE ACCT FIRM 92500015 <br> ATTN COURTNEY WALLER <br> 880 CARILLON PKWY <br> ST PETERSBURG FL 33716-1100 | &nbsp;&nbsp;7.63% |
| &nbsp;&nbsp;Global Opportunities Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;LPL FINANCIAL<br> OMNIBUS CUSTOMER ACCOUNT<br> ATTN MUTUAL FUND TRADING<br> 4707 EXECUTIVE DR<br> SAN DIEGO CA 92121-3091  | &nbsp;&nbsp;18.14% |
| &nbsp;&nbsp;Global Opportunities Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;MORGAN STANLEY SMITH BARNEY LLC<br> FOR THE EXCLUSIVE BENE OF ITS CUST<br> 1 NEW YORK PLZ FL 12<br> NEW YORK NY 10004-1965 | &nbsp;&nbsp;15.52% |
| &nbsp;&nbsp;Global Opportunities Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;NFS LLC<br> FEBO OUR CUSTOMERS<br> ATTN MUTUAL FUNDS DEPT 4TH FL <br> 499 WASHINGTON BLVD <br> JERSEY CITY NJ 07310-1995 | &nbsp;&nbsp;13.60% |
| &nbsp;&nbsp;Global Opportunities Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;PERSHING LLC <br> 1 PERSHING PLAZA<br> JERSEY CITY NJ 07399-0002 | &nbsp;&nbsp;7.52% |
| &nbsp;&nbsp;Global Opportunities Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;CHARLES SCHWAB & CO INC <br> SPECIAL CUSTODY ACCT FOR EXCLUSIVE<br> BENEFIT OF CUSTOMERS REINVEST ACCT<br> ATTN MUTUAL FUNDS DEPARTMENT <br> 211 MAIN ST<br> SAN FRANCISCO CA 94105-1901 | &nbsp;&nbsp;6.93% |
| &nbsp;&nbsp;Global Opportunities Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;RAYMOND JAMES<br> OMNIBUS FOR MUTUAL FUNDS<br> HOUSE ACCT FIRM 92500015 <br> ATTN COURTNEY WALLER <br> 880 CARILLON PKWY <br> ST PETERSBURG FL 33716-1100 | &nbsp;&nbsp;6.82% |
| &nbsp;&nbsp;Global Opportunities Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;WELLS FARGO CLEARING SERVICES LLC<br> SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER <br> 2801 MARKET ST <br> SAINT LOUIS MO 63103-2523  | &nbsp;&nbsp;6.61% |
| &nbsp;&nbsp;Global Opportunities Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;CHARLES SCHWAB & CO INC <br> SPECIAL CUSTODY A/C FBO CUSTOMERS<br> ATTN MUTUAL FUNDS <br> 211 MAIN STREET<br> SAN FRANCISCO CA 94105-1901 | &nbsp;&nbsp;5.49% |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**<u>Fund</u>** | &nbsp;&nbsp;**<u>Class of Shares</u>** | &nbsp;&nbsp;**<u>Shareholder</u>** | &nbsp;&nbsp;**% of Total**<br> **<u>Shares of Class</u>** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Global Opportunities Fund | &nbsp;&nbsp;Class R6 shares | &nbsp;&nbsp;GARRETT THORNBURG<br> REVOCABLE LIVING TRUST DTD 07-27-90<br> 2300 N RIDGETOP RD<br> SANTA FE NM 87506-8361 | &nbsp;&nbsp;22.73% |
| &nbsp;&nbsp;Global Opportunities Fund | &nbsp;&nbsp;Class R6 shares | &nbsp;&nbsp;THORNBURG FOUNDATION<br> 2300 N RIDGETOP RD<br> SANTA FE NM 87506-8361 | &nbsp;&nbsp;20.14% |
| &nbsp;&nbsp;Global Opportunities Fund | &nbsp;&nbsp;Class R6 shares | &nbsp;&nbsp;PECOS RIVER MANAGEMENT INC TTEE<br> UA DTD 12/27/2000<br> OPPENHEIMER DESCENDANTS TRUST<br> PO BOX 2554<br> JACKSON WY 83001-2554 | &nbsp;&nbsp;12.60% |
| &nbsp;&nbsp;Global Opportunities Fund | &nbsp;&nbsp;Class R6 shares | &nbsp;&nbsp;PECOS RIVER MANAGEMENT INC TTEE<br> UA DTD 12/24/1994<br> THORNBURG DESCENDANTS TRUST<br> PO BOX 2554<br> JACKSON WY 83001-2554  | &nbsp;&nbsp;12.37% |
| &nbsp;&nbsp;Global Opportunities Fund | &nbsp;&nbsp;Class R6 shares | &nbsp;&nbsp;LLOYD J THORNBURG<br> REVOCABLE TRUST UA DTD 05/14/2019<br> C/O THORNBURG INVESTMENT MANAGEMENT INC<br> 2300 N RIDGETOP RD<br> SANTA FE NM 87506-8361  | &nbsp;&nbsp;7.51% |

---

**International Equity Fund**

As of December 31, 2025, the officers and Trustees of Thornburg Investment Trust, as a group, held approximately 12.22% of the Class R6 shares of the Fund, and held less than 1% of the Class A, Class C, or Class I shares of the Fund. As of December 31, 2025, the following persons were known to have held of record or beneficially 5% or more of the Fund's Class A, Class C, Class I, or Class R6 shares:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>Fund</u>** | &nbsp;&nbsp;**<u>Class of Shares</u>** | &nbsp;&nbsp;**<u>Shareholder</u>** | &nbsp;&nbsp;**% of Total**<br> **<u>Shares of Class</u>** |
| &nbsp;&nbsp;International Equity Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;MORGAN STANLEY SMITH BARNEY LLC<br> FOR THE EXCLUSIVE BENE OF ITS CUST<br> 1 NEW YORK PLZ FL 12<br> NEW YORK NY 10004-1965 | &nbsp;&nbsp;23.40% |
| &nbsp;&nbsp;International Equity Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;NFS LLC<br> FEBO OUR CUSTOMERS<br> ATTN MUTUAL FUNDS DEPT 4TH FL <br> 499 WASHINGTON BLVD <br> JERSEY CITY NJ 07310-1995 | &nbsp;&nbsp;10.49% |
| &nbsp;&nbsp;International Equity Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;CHARLES SCHWAB & CO INC <br> SPECIAL CUSTODY ACCT FOR EXCLUSIVE<br> BENEFIT OF CUSTOMERS REINVEST ACCT<br> ATTN MUTUAL FUNDS DEPARTMENT <br> 211 MAIN ST<br> SAN FRANCISCO CA 94105-1901 | &nbsp;&nbsp;8.94% |
| &nbsp;&nbsp;International Equity Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;MLPF&S FOR THE SOLE BENEFIT<br> OF ITS CUSTOMERS<br> ATTN FUND ADMINISTRATION 97HP7 <br> 4800 DEER LAKE DR E FL 2<br> JACKSONVILLE FL 32246-6484  | &nbsp;&nbsp;7.79% |
| &nbsp;&nbsp;International Equity Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;PERSHING LLC <br> 1 PERSHING PLAZA<br> JERSEY CITY NJ 07399-0002 | &nbsp;&nbsp;6.80% |
| &nbsp;&nbsp;International Equity Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;WELLS FARGO CLEARING SERVICES LLC<br> SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER <br> 2801 MARKET ST <br> SAINT LOUIS MO 63103-2523  | &nbsp;&nbsp;6.43% |
| &nbsp;&nbsp;International Equity Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;UBS WM USA<br> SPEC CUSTODY ACCT EXCEL BEN<br> CUSTOMERS OF UBS FINANCIAL SERVICES INC<br> 1000 HARBOR BLVD 5TH FL<br> WEEHAWKEN NJ 07086-6761 | &nbsp;&nbsp;6.15% |
| &nbsp;&nbsp;International Equity Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;RAYMOND JAMES<br> OMNIBUS FOR MUTUAL FUNDS<br> HOUSE ACCT FIRM 92500015 <br> ATTN COURTNEY WALLER <br> 880 CARILLON PKWY <br> ST PETERSBURG FL 33716-1100 | &nbsp;&nbsp;5.75% |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**<u>Fund</u>** | &nbsp;&nbsp;**<u>Class of Shares</u>** | &nbsp;&nbsp;**<u>Shareholder</u>** | &nbsp;&nbsp;**% of Total**<br> **<u>Shares of Class</u>** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;International Equity Fund | &nbsp;&nbsp;Class C<br> shares | &nbsp;&nbsp;MORGAN STANLEY SMITH BARNEY LLC<br> FOR THE EXCLUSIVE BENE OF ITS CUST<br> 1 NEW YORK PLZ FL 12<br> NEW YORK NY 10004-1965 | &nbsp;&nbsp;30.59% |
| &nbsp;&nbsp;International Equity Fund | &nbsp;&nbsp;Class C<br> shares | &nbsp;&nbsp;LPL FINANCIAL<br> OMNIBUS CUSTOMER ACCOUNT<br> ATTN MUTUAL FUND TRADING<br> 4707 EXECUTIVE DR<br> SAN DIEGO CA 92121-3091  | &nbsp;&nbsp;13.22% |
| &nbsp;&nbsp;International Equity Fund | &nbsp;&nbsp;Class C<br> shares | &nbsp;&nbsp;CHARLES SCHWAB & CO INC <br> SPECIAL CUSTODY A/C FBO CUSTOMERS<br> ATTN MUTUAL FUNDS <br> 211 MAIN STREET<br> SAN FRANCISCO CA 94105-1901 | &nbsp;&nbsp;10.23% |
| &nbsp;&nbsp;International Equity Fund | &nbsp;&nbsp;Class C<br> shares | &nbsp;&nbsp;WELLS FARGO CLEARING SERVICES LLC<br> SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER <br> 2801 MARKET ST <br> SAINT LOUIS MO 63103-2523 | &nbsp;&nbsp;9.24% |
| &nbsp;&nbsp;International Equity Fund | &nbsp;&nbsp;Class C<br> shares | &nbsp;&nbsp;PERSHING LLC <br> 1 PERSHING PLAZA<br> JERSEY CITY NJ 07399-0002 | &nbsp;&nbsp;8.62% |
| &nbsp;&nbsp;International Equity Fund | &nbsp;&nbsp;Class C<br> shares | &nbsp;&nbsp;RAYMOND JAMES<br> OMNIBUS FOR MUTUAL FUNDS<br> HOUSE ACCT FIRM 92500015 <br> ATTN COURTNEY WALLER <br> 880 CARILLON PKWY <br> ST PETERSBURG FL 33716-1100 | &nbsp;&nbsp;8.29% |
| &nbsp;&nbsp;International Equity Fund | &nbsp;&nbsp;Class C<br> shares | &nbsp;&nbsp;NFS LLC<br> FEBO OUR CUSTOMERS<br> ATTN MUTUAL FUNDS DEPT 4TH FL <br> 499 WASHINGTON BLVD <br> JERSEY CITY NJ 07310-1995 | &nbsp;&nbsp;5.39% |
| &nbsp;&nbsp;International Equity Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;MORGAN STANLEY SMITH BARNEY LLC<br> FOR THE EXCLUSIVE BENE OF ITS CUST<br> 1 NEW YORK PLZ FL 12<br> NEW YORK NY 10004-1965 | &nbsp;&nbsp;16.33% |
| &nbsp;&nbsp;International Equity Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;NFS LLC<br> FEBO OUR CUSTOMERS<br> ATTN MUTUAL FUNDS DEPT 4TH FL <br> 499 WASHINGTON BLVD <br> JERSEY CITY NJ 07310-1995 | &nbsp;&nbsp;14.41% |
| &nbsp;&nbsp;International Equity Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;CHARLES SCHWAB & CO INC <br> SPECIAL CUSTODY ACCT FOR EXCLUSIVE<br> BENEFIT OF CUSTOMERS REINVEST ACCT<br> ATTN MUTUAL FUNDS DEPARTMENT <br> 211 MAIN ST<br> SAN FRANCISCO CA 94105-1901 | &nbsp;&nbsp;10.11% |
| &nbsp;&nbsp;International Equity Fund | &nbsp;&nbsp;Class I shares | &nbsp;&nbsp;PERSHING LLC <br> 1 PERSHING PLAZA<br> JERSEY CITY NJ 07399-0002 | &nbsp;&nbsp;8.44% |
| &nbsp;&nbsp;International Equity Fund | &nbsp;&nbsp;Class I shares | &nbsp;&nbsp;LPL FINANCIAL<br> OMNIBUS CUSTOMER ACCOUNT<br> ATTN MUTUAL FUND TRADING<br> 4707 EXECUTIVE DR<br> SAN DIEGO CA 92121-3091 | &nbsp;&nbsp;8.34% |
| &nbsp;&nbsp;International Equity Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;UBS WM USA<br> SPEC CUSTODY ACCT EXCEL BEN<br> CUSTOMERS OF UBS FINANCIAL SERVICES INC<br> 1000 HARBOR BLVD 5TH FL<br> WEEHAWKEN NJ 07086-6761 | &nbsp;&nbsp;8.21% |
| &nbsp;&nbsp;International Equity Fund | &nbsp;&nbsp;Class I shares | &nbsp;&nbsp;AMERICAN ENTERPRISE INVESTMENT SVC FBO # 41999970 <br> 707 2ND AVE S <br> MINNEAPOLIS MN 55402-2405 | &nbsp;&nbsp;5.94% |
| &nbsp;&nbsp;International Equity Fund | &nbsp;&nbsp;Class R6<br> shares | &nbsp;&nbsp;EMPOWER TRUST<br> FBO EMPLOYEE BENEFITS CLIENTS 401K<br> 8515 E ORCHARD RD 2T2<br> GREENWOOD VILLAGE CO 80111-5002 | &nbsp;&nbsp;13.56% |
| &nbsp;&nbsp;International Equity Fund | &nbsp;&nbsp;Class R6<br> shares | &nbsp;&nbsp;DCGT<br> AS TTEE AND/OR CUST FBO PLIC VARIOUS RETIREMENT PLANS OMNIBUS<br> ATTN NPIO TRADE DESK<br> 711 HIGH ST<br> DES MOINES IA 50392-0001 | &nbsp;&nbsp;7.12% |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**<u>Fund</u>** | &nbsp;&nbsp;**<u>Class of Shares</u>** | &nbsp;&nbsp;**<u>Shareholder</u>** | &nbsp;&nbsp;**% of Total**<br> **<u>Shares of Class</u>** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;International Equity Fund | &nbsp;&nbsp;Class R6<br> shares | &nbsp;&nbsp;MLPF&S FOR THE SOLE BENEFIT<br> OF ITS CUSTOMERS<br> ATTN FUND ADMINISTRATION 97HP7 <br> 4800 DEER LAKE DR E FL 2<br> JACKSONVILLE FL 32246-6484 | &nbsp;&nbsp;6.81% |
| &nbsp;&nbsp;International Equity Fund | &nbsp;&nbsp;Class R6<br> shares | &nbsp;&nbsp;CHARLES SCHWAB & CO INC <br> SPECIAL CUSTODY ACCT FOR EXCLUSIVE<br> BENEFIT OF CUSTOMERS REINVEST ACCT<br> ATTN MUTUAL FUNDS DEPARTMENT <br> 211 MAIN ST<br> SAN FRANCISCO CA 94105-1901 | &nbsp;&nbsp;6.21% |
| &nbsp;&nbsp;International Equity Fund | &nbsp;&nbsp;Class R6<br> shares | &nbsp;&nbsp;NATIONAL FINANCIAL SERVICES LLC<br> 499 WASHINGTON BLVD<br> JERSEY CITY NJ 07310-1995 | &nbsp;&nbsp;5.99% |

---

**Better World International Fund**

As of December 31, 2025, the officers and Trustees of Thornburg Investment Trust, as a group, held approximately 12.36% of the Class I shares of the Fund, and held less than 1% of the Class A and Class C shares of the Fund. As of December 31, 2025, the following persons were known to have held of record or beneficially 5% or more of the Fund's Class C or Class I shares:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**<u>Fund</u>** | &nbsp;&nbsp;**<u>Class of Shares</u>** | &nbsp;&nbsp;**<u>Shareholder</u>** | &nbsp;&nbsp;**% of Total**<br> **<u>Shares of Class</u>** |
| &nbsp;&nbsp;Better World International Fund | &nbsp;&nbsp;Class A shares | &nbsp;&nbsp;CHARLES SCHWAB & CO INC <br> SPECIAL CUSTODY ACCT FOR EXCLUSIVE BENEFIT OF CUSTOMERS REINVEST ACCT ATTN MUTUAL FUNDS DEPARTMENT <br> 211 MAIN ST <br> SAN FRANCISCO CA 94105-1901  | &nbsp;&nbsp;19.58% |
| &nbsp;&nbsp;Better World International Fund | &nbsp;&nbsp;Class A shares | &nbsp;&nbsp;PERSHING LLC<br> 1 PERSHING PLAZA<br> JERSEY CITY NJ 07399-0002 | &nbsp;&nbsp;15.05% |
| &nbsp;&nbsp;Better World International Fund | &nbsp;&nbsp;Class A shares | &nbsp;&nbsp;NFS LLC<br> FEBO OUR CUSTOMERS<br> ATTN MUTUAL FUNDS DEPT 4TH FL <br> 499 WASHINGTON BLVD <br> JERSEY CITY NJ 07310-1995 | &nbsp;&nbsp;12.04% |
| &nbsp;&nbsp;Better World International Fund | &nbsp;&nbsp;Class C<br> shares | &nbsp;&nbsp;NFS LLC<br> FEBO OUR CUSTOMERS<br> ATTN MUTUAL FUNDS DEPT 4TH FL <br> 499 WASHINGTON BLVD <br> JERSEY CITY NJ 07310-1995 | &nbsp;&nbsp;32.36% |
| &nbsp;&nbsp;Better World International Fund | &nbsp;&nbsp;Class C<br> shares | &nbsp;&nbsp;MORGAN STANLEY SMITH BARNEY LLC<br> FOR THE EXCLUSIVE BENE OF ITS CUST<br> 1 NEW YORK PLZ FL 12<br> NEW YORK NY 10004-1965 | &nbsp;&nbsp;16.18% |
| &nbsp;&nbsp;Better World International Fund | &nbsp;&nbsp;Class C<br> shares | &nbsp;&nbsp;RAYMOND JAMES<br> OMNIBUS FOR MUTUAL FUNDS<br> HOUSE ACCT FIRM 92500015 <br> ATTN COURTNEY WALLER <br> 880 CARILLON PKWY <br> ST PETERSBURG FL 33716-1100 | &nbsp;&nbsp;13.91% |
| &nbsp;&nbsp;Better World International Fund | &nbsp;&nbsp;Class C<br> shares | &nbsp;&nbsp;CHARLES SCHWAB & CO INC<br> SPECIAL CUSTODY A/C FBO CUSTOMERS ATTN MUTUAL FUNDS <br> 211 MAIN STREET <br> SAN FRANCISCO CA 94105-1901 | &nbsp;&nbsp;9.84% |
| &nbsp;&nbsp;Better World International Fund | &nbsp;&nbsp;Class C shares | &nbsp;&nbsp;LPL FINANCIAL<br> OMNIBUS CUSTOMER ACCOUNT<br> ATTN MUTUAL FUND TRADING<br> 4707 EXECUTIVE DR<br> SAN DIEGO CA 92121-3091  | &nbsp;&nbsp;9.84% |
| &nbsp;&nbsp;Better World International Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;NFS LLC<br> FEBO OUR CUSTOMERS<br> ATTN MUTUAL FUNDS DEPT 4TH FL <br> 499 WASHINGTON BLVD <br> JERSEY CITY NJ 07310-1995 | &nbsp;&nbsp;14.42% |
| &nbsp;&nbsp;Better World International Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;CHARLES SCHWAB & CO INC <br> SPECIAL CUSTODY ACCT FOR EXCLUSIVE BENEFIT OF CUSTOMERS REINVEST ACCT ATTN MUTUAL FUNDS DEPARTMENT <br> 211 MAIN ST <br> SAN FRANCISCO CA 94105-1901  | &nbsp;&nbsp;13.20% |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**<u>Fund</u>** | &nbsp;&nbsp;**<u>Class of Shares</u>** | &nbsp;&nbsp;**<u>Shareholder</u>** | &nbsp;&nbsp;**% of Total**<br> **<u>Shares of Class</u>** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Better World International Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;PERSHING LLC<br> 1 PERSHING PLAZA<br> JERSEY CITY NJ 07399-0002 | &nbsp;&nbsp;11.37% |
| &nbsp;&nbsp;Better World International Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;UBS WM USA <br> SPEC CUSTODY ACCT BEN CUSTOMERS OF UBS FINANCIAL SERVICES INC <br> 1000 HARBOR BLVD 5TH FL <br> WEEHAWKEN NJ 07086-6761 | &nbsp;&nbsp;9.63% |
| &nbsp;&nbsp;Better World International Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;LPL FINANCIAL<br> OMNIBUS CUSTOMER ACCOUNT<br> ATTN MUTUAL FUND TRADING<br> 4707 EXECUTIVE DR<br> SAN DIEGO CA 92121-3091  | &nbsp;&nbsp;8.25% |

---

**International Growth Fund**

As of December 31, 2025, the officers and Trustees of Thornburg Investment Trust, as a group, held approximately 45.77% of the Class R6 shares of the Fund, and held less than 1% of the Class A, Class C, or Class I shares of the Fund. As of December 31, 2025, Garrett Thornburg, 2300 North Ridgetop Road, Santa Fe, New Mexico 87506-8361, owned beneficially, either directly or through revocable trusts or other structures, approximately 45.72% of the Fund's Class R6 shares. Shareholders that beneficially own more than 25% of the voting securities of a class of a Fund could control the outcome of proposals presented to shareholders of that class for approval. As of December 31, 2025, the following persons were known to have held of record or beneficially 5% or more of the Fund's Class A, Class C, Class I, or Class R6 shares:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**<u>Fund</u>** | &nbsp;&nbsp;**<u>Class of Shares</u>** | &nbsp;&nbsp;**<u>Shareholder</u>** | &nbsp;&nbsp;**% of Total**<br> **<u>Shares of Class</u>** |
| &nbsp;&nbsp;International Growth Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;MORGAN STANLEY SMITH BARNEY LLC<br> FOR THE EXCLUSIVE BENE OF ITS CUST <br> 1 NEW YORK PLZ FL 12<br> NEW YORK NY 10004-1965 | &nbsp;&nbsp;24.83% |
| &nbsp;&nbsp;International Growth Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;MLPF&S FOR THE SOLE BENEFIT OF ITS CUSTOMERS <br> ATTN FUND ADMINISTRATION 97HP7 <br> 4800 DEER LAKE DR E FL 2<br> JACKSONVILLE FL 32246-6484  | &nbsp;&nbsp;19.61% |
| &nbsp;&nbsp;International Growth Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;NFS LLC<br> FEBO OUR CUSTOMERS<br> ATTN MUTUAL FUNDS DEPT 4TH FL <br> 499 WASHINGTON BLVD <br> JERSEY CITY NJ 07310-1995 | &nbsp;&nbsp;8.01% |
| &nbsp;&nbsp;International Growth Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;WELLS FARGO CLEARING SERVICES LLC<br> SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER <br> 2801 MARKET ST <br> SAINT LOUIS MO 63103-2523 | &nbsp;&nbsp;6.27% |
| &nbsp;&nbsp;International Growth Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;RAYMOND JAMES<br> OMNIBUS FOR MUTUAL FUNDS<br> HOUSE ACCT FIRM 92500015 <br> ATTN COURTNEY WALLER <br> 880 CARILLON PKWY <br> ST PETERSBURG FL 33716-1100  | &nbsp;&nbsp;5.45% |
| &nbsp;&nbsp;International Growth Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;CHARLES SCHWAB & CO INC <br> SPECIAL CUSTODY ACCT FOR EXCLUSIVE BENEFIT OF CUSTOMERS REINVEST ACCT ATTN MUTUAL FUNDS DEPARTMENT <br> 211 MAIN ST <br> SAN FRANCISCO CA 94105-1901 | &nbsp;&nbsp;5.33% |
| &nbsp;&nbsp;International Growth Fund | &nbsp;&nbsp;Class C<br> shares | &nbsp;&nbsp;MORGAN STANLEY SMITH BARNEY LLC<br> FOR THE EXCLUSIVE BENE OF ITS CUST <br> 1 NEW YORK PLZ FL 12<br> NEW YORK NY 10004-1965 | &nbsp;&nbsp;21.30% |
| &nbsp;&nbsp;International Growth Fund | &nbsp;&nbsp;Class C<br> shares | &nbsp;&nbsp;WELLS FARGO CLEARING SERVICES LLC<br> SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER<br> 2801 MARKET ST<br> SAINT LOUIS, MO 63103-2523 | &nbsp;&nbsp;20.09% |
| &nbsp;&nbsp;International Growth Fund | &nbsp;&nbsp;Class C<br> shares | &nbsp;&nbsp;RAYMOND JAMES<br> OMNIBUS FOR MUTUAL FUNDS<br> HOUSE ACCT FIRM 92500015 <br> ATTN COURTNEY WALLER <br> 880 CARILLON PKWY <br> ST PETERSBURG FL 33716-1100 | &nbsp;&nbsp;19.25% |
| &nbsp;&nbsp;International Growth Fund | &nbsp;&nbsp;Class C<br> shares | &nbsp;&nbsp;PERSHING LLC<br> 1 PERSHING PLAZA<br> JERSEY CITY NJ 07399-0002  | &nbsp;&nbsp;10.56% |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**<u>Fund</u>** | &nbsp;&nbsp;**<u>Class of Shares</u>** | &nbsp;&nbsp;**<u>Shareholder</u>** | &nbsp;&nbsp;**% of Total**<br> **<u>Shares of Class</u>** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;International Growth Fund | &nbsp;&nbsp;Class C<br> shares | &nbsp;&nbsp;LPL FINANCIAL<br> OMNIBUS CUSTOMER ACCOUNT<br> ATTN MUTUAL FUND TRADING<br> 4707 EXECUTIVE DR<br> SAN DIEGO CA 92121-3091  | &nbsp;&nbsp;6.91% |
| &nbsp;&nbsp;International Growth Fund | &nbsp;&nbsp;Class C<br> shares | &nbsp;&nbsp;CHARLES SCHWAB & CO INC<br> SPECIAL CUSTODY A/C FBO CUSTOMERS ATTN MUTUAL FUNDS <br> 211 MAIN STREET <br> SAN FRANCISCO CA 94105-1901 | &nbsp;&nbsp;5.26% |
| &nbsp;&nbsp;International Growth Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;MORGAN STANLEY SMITH BARNEY LLC<br> FOR THE EXCLUSIVE BENE OF ITS CUST <br> 1 NEW YORK PLZ FL 12<br> NEW YORK NY 10004-1965 | &nbsp;&nbsp;62.50% |
| &nbsp;&nbsp;International Growth Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;UBS WM USA <br> SPEC CUSTODY ACCT BEN CUSTOMERS OF UBS FINANCIAL SERVICES INC <br> 1000 HARBOR BLVD 5TH FL <br> WEEHAWKEN NJ 07086-6761 | &nbsp;&nbsp;7.05% |
| &nbsp;&nbsp;International Growth Fund | &nbsp;&nbsp;Class R6<br> shares | &nbsp;&nbsp;NATIONAL FINANCIAL SERVICES LLC<br> 499 WASHINGTON BLVD<br> JERSEY CITY NJ 07310-1995 | &nbsp;&nbsp;36.11% |
| &nbsp;&nbsp;International Growth Fund | &nbsp;&nbsp;Class R6<br> shares | &nbsp;&nbsp;GARRETT THORNBURG<br> REVOCABLE LIVING TRUST DTD 07-27-90<br> 2300 N RIDGETOP RD<br> SANTA FE NM 87506-8361 | &nbsp;&nbsp;14.90% |
| &nbsp;&nbsp;International Growth Fund | &nbsp;&nbsp;Class R6<br> shares | &nbsp;&nbsp;PECOS RIVER MANAGEMENT INC TTEE<br> UA DTD 12/27/2000<br> OPPENHEIMER DESCENDANTS TRUST<br> PO BOX 2554<br> JACKSON WY 83001-2554  | &nbsp;&nbsp;7.66% |
| &nbsp;&nbsp;International Growth Fund | &nbsp;&nbsp;Class R6<br> shares | &nbsp;&nbsp;THORNBURG FOUNDATION<br> 2300 N RIDGETOP RD<br> SANTA FE NM 87506-8361 | &nbsp;&nbsp;7.64% |
| &nbsp;&nbsp;International Growth Fund | &nbsp;&nbsp;Class R6<br> shares | &nbsp;&nbsp;PECOS RIVER MANAGEMENT INC TTEE<br> UA DTD 12/24/1994<br> THORNBURG DESCENDANTS TRUST<br> PO BOX 2554<br> JACKSON WY 83001-2554  | &nbsp;&nbsp;7.45% |
| &nbsp;&nbsp;International Growth Fund | &nbsp;&nbsp;Class R6<br> shares | &nbsp;&nbsp;LLOYD J THORNBURG<br> REVOCABLE TRUST UA DTD 05/14/2019<br> C/O THORNBURG INVESTMENT MANAGEMENT INC<br> 2300 N RIDGETOP RD<br> SANTA FE NM 87506-8361  | &nbsp;&nbsp;7.02% |

---

**Developing World Fund**

As of December 31, 2025, the officers and Trustees of Thornburg Investment Trust, as a group, held approximately 27.58% of the Class R6 shares of the Fund, and held less than 1% of the Class A, Class C, or Class I shares of the Fund. As of December 31, 2025, Garrett Thornburg, 2300 North Ridgetop Road, Santa Fe, New Mexico 87506-8361, owned beneficially, either directly or through revocable trusts or other structures, approximately 26.73% of the Fund's Class R6 shares. Shareholders that beneficially own more than 25% of the voting securities of a class of a Fund could control the outcome of proposals presented to shareholders of that class for approval. As of December 31, 2025, the following persons were known to have held or record or beneficially 5% or more of Class A, Class C, Class I, or Class R6 shares of the Fund:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>Fund</u>** | &nbsp;&nbsp;**<u>Class of Shares</u>** | &nbsp;&nbsp;**<u>Shareholder</u>** | &nbsp;&nbsp;**% of Total**<br> **<u>Shares of Class</u>** |
| &nbsp;&nbsp;Developing World Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;MORGAN STANLEY SMITH BARNEY LLC<br> FOR THE EXCLUSIVE BENE OF ITS CUST <br> 1 NEW YORK PLZ FL 12<br> NEW YORK NY 10004-1965 | &nbsp;&nbsp;29.52% |
| &nbsp;&nbsp;Developing World Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;WELLS FARGO CLEARING SERVICES LLC<br> SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER<br> 2801 MARKET ST<br> SAINT LOUIS, MO 63103-2523 | &nbsp;&nbsp;13.88% |
| &nbsp;&nbsp;Developing World Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;NFS LLC<br> FEBO OUR CUSTOMERS<br> ATTN MUTUAL FUNDS DEPT 4TH FL <br> 499 WASHINGTON BLVD <br> JERSEY CITY NJ 07310-1995 | &nbsp;&nbsp;8.52% |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**<u>Fund</u>** | &nbsp;&nbsp;**<u>Class of Shares</u>** | &nbsp;&nbsp;**<u>Shareholder</u>** | &nbsp;&nbsp;**% of Total**<br> **<u>Shares of Class</u>** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Developing World Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;RAYMOND JAMES<br> OMNIBUS FOR MUTUAL FUNDS<br> HOUSE ACCT FIRM 92500015 <br> ATTN COURTNEY WALLER <br> 880 CARILLON PKWY <br> ST PETERSBURG FL 33716-1100 | &nbsp;&nbsp;6.69% |
| &nbsp;&nbsp;Developing World Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;UBS WM USA <br> SPEC CUSTODY ACCT BEN CUSTOMERS OF UBS FINANCIAL SERVICES INC <br> 1000 HARBOR BLVD 5TH FL <br> WEEHAWKEN NJ 07086-6761 | &nbsp;&nbsp;6.34% |
| &nbsp;&nbsp;Developing World Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;PERSHING LLC<br> 1 PERSHING PLAZA<br> JERSEY CITY NJ 07399-0002  | &nbsp;&nbsp;5.64% |
| &nbsp;&nbsp;Developing World Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;LPL FINANCIAL<br> OMNIBUS CUSTOMER ACCOUNT<br> ATTN MUTUAL FUND TRADING<br> 4707 EXECUTIVE DR<br> SAN DIEGO CA 92121-3091  | &nbsp;&nbsp;5.62% |
| &nbsp;&nbsp;Developing World Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;CHARLES SCHWAB & CO INC<br> SPECIAL CUSTODY A/C FBO CUSTOMERS ATTN MUTUAL FUNDS <br> 211 MAIN STREET <br> SAN FRANCISCO CA 94105-1901  | &nbsp;&nbsp;5.09% |
| &nbsp;&nbsp;Developing World Fund | &nbsp;&nbsp;Class C<br> shares | &nbsp;&nbsp;WELLS FARGO CLEARING SERVICES LLC<br> SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER<br> 2801 MARKET ST<br> SAINT LOUIS, MO 63103-2523 | &nbsp;&nbsp;40.60% |
| &nbsp;&nbsp;Developing World Fund | &nbsp;&nbsp;Class C<br> shares | &nbsp;&nbsp;MORGAN STANLEY SMITH BARNEY LLC<br> FOR THE EXCLUSIVE BENE OF ITS CUST <br> 1 NEW YORK PLZ FL 12<br> NEW YORK NY 10004-1965 | &nbsp;&nbsp;38.16% |
| &nbsp;&nbsp;Developing World Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;MORGAN STANLEY SMITH BARNEY LLC<br> FOR THE EXCLUSIVE BENE OF ITS CUST <br> 1 NEW YORK PLZ FL 12<br> NEW YORK NY 10004-1965 | &nbsp;&nbsp;32.47% |
| &nbsp;&nbsp;Developing World Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;NFS LLC<br> FEBO OUR CUSTOMERS<br> ATTN MUTUAL FUNDS DEPT 4TH FL <br> 499 WASHINGTON BLVD <br> JERSEY CITY NJ 07310-1995 | &nbsp;&nbsp;16.52% |
| &nbsp;&nbsp;Developing World Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;CHARLES SCHWAB & CO INC <br> SPECIAL CUSTODY ACCT FOR EXCLUSIVE BENEFIT OF CUSTOMERS REINVEST ACCT ATTN MUTUAL FUNDS DEPARTMENT <br> 211 MAIN ST <br> SAN FRANCISCO CA 94105-1901 | &nbsp;&nbsp;15.80% |
| &nbsp;&nbsp;Developing World Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;WELLS FARGO CLEARING SERVICES LLC<br> SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER<br> 2801 MARKET ST<br> SAINT LOUIS, MO 63103-2523 | &nbsp;&nbsp;14.55% |
| &nbsp;&nbsp;Developing World Fund | &nbsp;&nbsp;Class R6 shares | &nbsp;&nbsp;THORNBURG FOUNDATION<br> 2300 N RIDGETOP RD<br> SANTA FE NM 87506-8361 | &nbsp;&nbsp;17.01% |
| &nbsp;&nbsp;Developing World Fund | &nbsp;&nbsp;Class R6 shares | &nbsp;&nbsp;CHARLES SCHWAB & CO INC <br> SPECIAL CUSTODY ACCT FOR EXCLUSIVE BENEFIT OF CUSTOMERS REINVEST ACCT ATTN MUTUAL FUNDS DEPARTMENT <br> 211 MAIN ST <br> SAN FRANCISCO CA 94105-1901 | &nbsp;&nbsp;15.39% |
| &nbsp;&nbsp;Developing World Fund | &nbsp;&nbsp;Class R6 shares | &nbsp;&nbsp;LLOYD J THORNBURG<br> REVOCABLE TRUST UA DTD 05/14/2019<br> C/O THORNBURG INVESTMENT MANAGEMENT INC<br> 2300 N RIDGETOP RD<br> SANTA FE NM 87506-8361 | &nbsp;&nbsp;8.40% |
| &nbsp;&nbsp;Developing World Fund | &nbsp;&nbsp;Class R6 shares | &nbsp;&nbsp;NATIONAL FINANCIAL SERVICES LLC<br> 499 WASHINGTON BLVD<br> JERSEY CITY NJ 07310-1995 | &nbsp;&nbsp;7.70% |
| &nbsp;&nbsp;Developing World Fund | &nbsp;&nbsp;Class R6 shares | &nbsp;&nbsp;EMPOWER TRUST<br> FBO EMPLOYEE BENEFITS CLIENTS 401K<br> 8515 E ORCHARD RD 2T2<br> GREENWOOD VILLAGE CO 80111-5002 | &nbsp;&nbsp;7.46% |

---

**Small/Mid Cap Core Fund**

As of December 31, 2025, the officers and Trustees of Thornburg Investment Trust, as a group, held approximately 8.43% of the Class I shares of the Fund, and held less than 1% of the Class A and Class C shares of the Fund. As of December 31, 2025, the following persons were known to have held of record or beneficially 5% or more of the Fund's Class A, Class C or Class I shares:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**<u>Fund</u>** | &nbsp;&nbsp;**<u>Class of Shares</u>** | &nbsp;&nbsp;**<u>Shareholder</u>** | &nbsp;&nbsp;**% of Total**<br> **<u>Shares of Class</u>** |
| &nbsp;&nbsp;Small/Mid Cap Core Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;NFS LLC<br> FEBO OUR CUSTOMERS<br> ATTN MUTUAL FUNDS DEPT 4TH FL <br> 499 WASHINGTON BLVD <br> JERSEY CITY NJ 07310-1995 | &nbsp;&nbsp;13.64% |
| &nbsp;&nbsp;Small/Mid Cap Core Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;RAYMOND JAMES<br> OMNIBUS FOR MUTUAL FUNDS<br> HOUSE ACCT FIRM 92500015 <br> ATTN COURTNEY WALLER <br> 880 CARILLON PKWY <br> ST PETERSBURG FL 33716-1100 | &nbsp;&nbsp;11.04% |
| &nbsp;&nbsp;Small/Mid Cap Core Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;PERSHING LLC<br> 1 PERSHING PLAZA<br> JERSEY CITY NJ 07399-0002  | &nbsp;&nbsp;9.85% |
| &nbsp;&nbsp;Small/Mid Cap Core Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;WELLS FARGO CLEARING SERVICES LLC<br> SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER<br> 2801 MARKET ST<br> SAINT LOUIS, MO 63103-2523 | &nbsp;&nbsp;7.82% |
| &nbsp;&nbsp;Small/Mid Cap Core Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;LPL FINANCIAL<br> OMNIBUS CUSTOMER ACCOUNT<br> ATTN MUTUAL FUND TRADING<br> 4707 EXECUTIVE DR<br> SAN DIEGO CA 92121-3091 | &nbsp;&nbsp;7.62% |
| &nbsp;&nbsp;Small/Mid Cap Core Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;CHARLES SCHWAB & CO INC <br> SPECIAL CUSTODY ACCT FOR EXCLUSIVE BENEFIT OF CUSTOMERS REINVEST ACCT ATTN MUTUAL FUNDS DEPARTMENT <br> 211 MAIN ST <br> SAN FRANCISCO CA 94105-1901 | &nbsp;&nbsp;7.53% |
| &nbsp;&nbsp;Small/Mid Cap Core Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;MORGAN STANLEY SMITH BARNEY LLC<br> FOR THE EXCLUSIVE BENE OF ITS CUST <br> 1 NEW YORK PLZ FL 12<br> NEW YORK NY 10004-1965 | &nbsp;&nbsp;6.44% |
| &nbsp;&nbsp;Small/Mid Cap Core Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;CHARLES SCHWAB & CO INC <br> ATTN MUTUAL FUNDS <br> 211 MAIN STREET<br> SAN FRANCISCO CA 94105-1901 | &nbsp;&nbsp;5.58% |
| &nbsp;&nbsp;Small/Mid Cap Core Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;RBC CAPITAL MARKETS LLC<br> MUTUAL FUND OMNIBUS PROCESSING<br> OMNIBUS <br> ATTN MUTUAL FUND OPS MANAGER<br> 250 NICOLLET MALL STE 1400<br> MINNEAPOLIS MN 55401-7582  | &nbsp;&nbsp;5.20% |
| &nbsp;&nbsp;Small/Mid Cap Core Fund | &nbsp;&nbsp;Class C<br> shares | &nbsp;&nbsp;LPL FINANCIAL<br> OMNIBUS CUSTOMER ACCOUNT<br> ATTN MUTUAL FUND TRADING<br> 4707 EXECUTIVE DR<br> SAN DIEGO CA 92121-3091 | &nbsp;&nbsp;44.20% |
| &nbsp;&nbsp;Small/Mid Cap Core Fund | &nbsp;&nbsp;Class C<br> shares | &nbsp;&nbsp;CHARLES SCHWAB & CO INC <br> ATTN MUTUAL FUNDS <br> 211 MAIN STREET<br> SAN FRANCISCO CA 94105-1901 | &nbsp;&nbsp;11.66% |
| &nbsp;&nbsp;Small/Mid Cap Core Fund | &nbsp;&nbsp;Class C<br> shares | &nbsp;&nbsp;NFS LLC<br> FEBO OUR CUSTOMERS<br> ATTN MUTUAL FUNDS DEPT 4TH FL <br> 499 WASHINGTON BLVD <br> JERSEY CITY NJ 07310-1995 | &nbsp;&nbsp;7.54% |
| &nbsp;&nbsp;Small/Mid Cap Core Fund | &nbsp;&nbsp;Class C<br> shares | &nbsp;&nbsp;WELLS FARGO CLEARING SERVICES LLC<br> SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER<br> 2801 MARKET ST<br> SAINT LOUIS, MO 63103-2523 | &nbsp;&nbsp;7.05% |
| &nbsp;&nbsp;Small/Mid Cap Core Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;CHARLES SCHWAB & CO INC <br> SPECIAL CUSTODY ACCT FOR EXCLUSIVE BENEFIT OF CUSTOMERS REINVEST ACCT ATTN MUTUAL FUNDS DEPARTMENT <br> 211 MAIN ST <br> SAN FRANCISCO CA 94105-1901 | &nbsp;&nbsp;13.09% |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**<u>Fund</u>** | &nbsp;&nbsp;**<u>Class of Shares</u>** | &nbsp;&nbsp;**<u>Shareholder</u>** | &nbsp;&nbsp;**% of Total**<br> **<u>Shares of Class</u>** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Small/Mid Cap Core Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;LPL FINANCIAL<br> OMNIBUS CUSTOMER ACCOUNT<br> ATTN MUTUAL FUND TRADING<br> 4707 EXECUTIVE DR<br> SAN DIEGO CA 92121-3091 | &nbsp;&nbsp;12.72% |
| &nbsp;&nbsp;Small/Mid Cap Core Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;NFS LLC<br> FEBO OUR CUSTOMERS<br> ATTN MUTUAL FUNDS DEPT 4TH FL <br> 499 WASHINGTON BLVD <br> JERSEY CITY NJ 07310-1995 | &nbsp;&nbsp;10.85% |
| &nbsp;&nbsp;Small/Mid Cap Core Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;RAYMOND JAMES<br> OMNIBUS FOR MUTUAL FUNDS<br> HOUSE ACCT FIRM 92500015 <br> ATTN COURTNEY WALLER <br> 880 CARILLON PKWY <br> ST PETERSBURG FL 33716-1100 | &nbsp;&nbsp;7.81% |

---

**Small/Mid Cap Growth Fund**

As of December 31, 2025, the officers and Trustees of Thornburg Investment Trust, as a group, held approximately 7.36% of the Class I shares of the Fund, and held less than 1% of the Class A and Class C shares of the Fund. As of December 31, 2025, the following persons were known to have held of record or beneficially 5% or more of the Fund's Class A, Class C or Class I shares:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**<u>Fund</u>** | &nbsp;&nbsp;**<u>Class of Shares</u>** | &nbsp;&nbsp;**<u>Shareholder</u>** | &nbsp;&nbsp;**% of Total**<br> **<u>Shares of Class</u>** |
| &nbsp;&nbsp;Small/Mid Cap Growth Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;PERSHING LLC<br> 1 PERSHING PLAZA<br> JERSEY CITY NJ 07399-0002 | &nbsp;&nbsp;10.96% |
| &nbsp;&nbsp;Small/Mid Cap Growth Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;MORGAN STANLEY SMITH BARNEY LLC<br> FOR THE EXCLUSIVE BENE OF ITS CUST <br> 1 NEW YORK PLZ FL 12<br> NEW YORK NY 10004-1965 | &nbsp;&nbsp;11.97% |
| &nbsp;&nbsp;Small/Mid Cap Growth Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;NFS LLC<br> FEBO OUR CUSTOMERS<br> ATTN MUTUAL FUNDS DEPT 4TH FL <br> 499 WASHINGTON BLVD <br> JERSEY CITY NJ 07310-1995 | &nbsp;&nbsp;9.96% |
| &nbsp;&nbsp;Small/Mid Cap Growth Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;RAYMOND JAMES<br> OMNIBUS FOR MUTUAL FUNDS<br> HOUSE ACCT FIRM 92500015 <br> ATTN COURTNEY WALLER <br> 880 CARILLON PKWY <br> ST PETERSBURG FL 33716-1100 | &nbsp;&nbsp;9.06% |
| &nbsp;&nbsp;Small/Mid Cap Growth Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;WELLS FARGO CLEARING SERVICES LLC<br> SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER<br> 2801 MARKET ST<br> SAINT LOUIS, MO 63103-2523 | &nbsp;&nbsp;7.99% |
| &nbsp;&nbsp;Small/Mid Cap Growth Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;LPL FINANCIAL<br> OMNIBUS CUSTOMER ACCOUNT<br> ATTN MUTUAL FUND TRADING<br> 4707 EXECUTIVE DR<br> SAN DIEGO CA 92121-3091 | &nbsp;&nbsp;6.36% |
| &nbsp;&nbsp;Small/Mid Cap Growth Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;CHARLES SCHWAB & CO INC <br> SPECIAL CUSTODY ACCT FOR EXCLUSIVE BENEFIT OF CUSTOMERS REINVEST ACCT ATTN MUTUAL FUNDS DEPARTMENT <br> 211 MAIN ST <br> SAN FRANCISCO CA 94105-1901 | &nbsp;&nbsp;5.38% |
| &nbsp;&nbsp;Small/Mid Cap Growth Fund | &nbsp;&nbsp;Class C<br> shares | &nbsp;&nbsp;CHARLES SCHWAB & CO INC <br> ATTN MUTUAL FUNDS <br> 211 MAIN STREET<br> SAN FRANCISCO CA 94105-1901 | &nbsp;&nbsp;24.58% |
| &nbsp;&nbsp;Small/Mid Cap Growth Fund | &nbsp;&nbsp;Class C<br> shares | &nbsp;&nbsp;RAYMOND JAMES<br> OMNIBUS FOR MUTUAL FUNDS<br> HOUSE ACCT FIRM 92500015 <br> ATTN COURTNEY WALLER <br> 880 CARILLON PKWY <br> ST PETERSBURG FL 33716-1100 | &nbsp;&nbsp;24.20% |
| &nbsp;&nbsp;Small/Mid Cap Growth Fund | &nbsp;&nbsp;Class C<br> shares | &nbsp;&nbsp;PERSHING LLC<br> 1 PERSHING PLAZA<br> JERSEY CITY NJ 07399-0002 | &nbsp;&nbsp;21.64% |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**<u>Fund</u>** | &nbsp;&nbsp;**<u>Class of Shares</u>** | &nbsp;&nbsp;**<u>Shareholder</u>** | &nbsp;&nbsp;**% of Total**<br> **<u>Shares of Class</u>** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Small/Mid Cap Growth Fund | &nbsp;&nbsp;Class C<br> shares | &nbsp;&nbsp;WELLS FARGO CLEARING SERVICES LLC<br> SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER<br> 2801 MARKET ST<br> SAINT LOUIS, MO 63103-2523 | &nbsp;&nbsp;6.61% |
| &nbsp;&nbsp;Small/Mid Cap Growth Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;RAYMOND JAMES<br> OMNIBUS FOR MUTUAL FUNDS<br> HOUSE ACCT FIRM 92500015 <br> ATTN COURTNEY WALLER <br> 880 CARILLON PKWY <br> ST PETERSBURG FL 33716-1100 | &nbsp;&nbsp;11.31% |
| &nbsp;&nbsp;Small/Mid Cap Growth Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;CHARLES SCHWAB & CO INC <br> SPECIAL CUSTODY ACCT FOR EXCLUSIVE BENEFIT OF CUSTOMERS REINVEST ACCT ATTN MUTUAL FUNDS DEPARTMENT <br> 211 MAIN ST <br> SAN FRANCISCO CA 94105-1901 | &nbsp;&nbsp;7.09% |
| &nbsp;&nbsp;Small/Mid Cap Growth Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;UBS WM USA <br> SPEC CUSTODY ACCT BEN CUSTOMERS OF UBS FINANCIAL SERVICES INC <br> 1000 HARBOR BLVD 5TH FL <br> WEEHAWKEN NJ 07086-6761 | &nbsp;&nbsp;9.99% |
| &nbsp;&nbsp;Small/Mid Cap Growth Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;PERSHING LLC<br> 1 PERSHING PLAZA<br> JERSEY CITY NJ 07399-0002 | &nbsp;&nbsp;9.08% |
| &nbsp;&nbsp;Small/Mid Cap Growth Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;NFS LLC<br> FEBO OUR CUSTOMERS<br> ATTN MUTUAL FUNDS DEPT 4TH FL <br> 499 WASHINGTON BLVD <br> JERSEY CITY NJ 07310-1995 | &nbsp;&nbsp;9.50% |
| &nbsp;&nbsp;Small/Mid Cap Growth Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;MORGAN STANLEY SMITH BARNEY LLC<br> FOR THE EXCLUSIVE BENE OF ITS CUST <br> 1 NEW YORK PLZ FL 12<br> NEW YORK NY 10004-1965 | &nbsp;&nbsp;9.18% |
| &nbsp;&nbsp;Small/Mid Cap Growth Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;LLOYD J.THORNBURG, TRUSTEE OF LLOYD J. THORNBURG REVOCABLE TRUST<br> C/O THORNBURG INVESTMENT MANAGEMENT<br> 2300 N. RIDGETOP ROAD<br> SANTA FE, NM 87506 | &nbsp;&nbsp;6.53% |
| &nbsp;&nbsp;Small/Mid Cap Growth Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;WILLIAM V FRIES & ELINOR HAMILL FRIES, TRUSTEES OF FRIES ASSET MANAGEMENT TRUST<br> C/O THORNBURG INVESTMENT MANAGEMENT<br> 2300 N. RIDGETOP ROAD<br> SANTA FE, NM 87506 | &nbsp;&nbsp;6.35% |
| &nbsp;&nbsp;Small/Mid Cap Growth Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;TODD C. FRIES & DANA F. BUSH, TRUSTEES OF FRIES GRANDCHILDREN'S TRUST C/O THORNBURG INVESTMENT MANAGEMENT<br> 2300 N. RIDGETOP ROAD<br> SANTA FE, NM 87506 | &nbsp;&nbsp;5.34% |

---

**Investment Income Builder Fund**

As of December 31, 2025, the officers and Trustees of Thornburg Investment Trust, as a group, held approximately 1.61% of the Class I shares of the Fund and approximately 53.36% of the Class R6 shares of the Fund, and held than 1% of the Class A or Class C shares of the Fund. As of December 31, 2025, Garrett Thornburg, 2300 North Ridgetop Road, Santa Fe, New Mexico 87506-8361, owned beneficially, either directly or through revocable trusts or other structures, approximately 50.58% of the Fund's Class R6 shares. Shareholders that beneficially own more than 25% of the voting securities of a class of a Fund could control the outcome of proposals presented to shareholders of that class for approval. As of December 31, 2025, the following persons were known to have held of record or beneficially 5% or more of Class A, Class C, Class I, or Class R6 shares:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>Fund</u>** | &nbsp;&nbsp;**<u>Class of Shares</u>** | &nbsp;&nbsp;**<u>Shareholder</u>** | &nbsp;&nbsp;**% of Total**<br> **<u>Shares of Class</u>** |
| &nbsp;&nbsp;Investment Income Builder Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;WELLS FARGO CLEARING SERVICES LLC<br> SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER<br> 2801 MARKET ST<br> SAINT LOUIS, MO 63103-2523 | &nbsp;&nbsp;15.86% |
| &nbsp;&nbsp;Investment Income Builder Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;MORGAN STANLEY SMITH BARNEY LLC<br> FOR THE EXCLUSIVE BENE OF ITS CUST <br> 1 NEW YORK PLZ FL 12<br> NEW YORK NY 10004-1965 | &nbsp;&nbsp;15.11% |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**<u>Fund</u>** | &nbsp;&nbsp;**<u>Class of Shares</u>** | &nbsp;&nbsp;**<u>Shareholder</u>** | &nbsp;&nbsp;**% of Total**<br> **<u>Shares of Class</u>** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Investment Income Builder Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;CHARLES SCHWAB & CO INC <br> ATTN MUTUAL FUNDS <br> 211 MAIN STREET<br> SAN FRANCISCO CA 94105-1901 | &nbsp;&nbsp;10.85% |
| &nbsp;&nbsp;Investment Income Builder Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;RAYMOND JAMES<br> OMNIBUS FOR MUTUAL FUNDS<br> HOUSE ACCT FIRM 92500015 <br> ATTN COURTNEY WALLER <br> 880 CARILLON PKWY <br> ST PETERSBURG FL 33716-1100 | &nbsp;&nbsp;10.32% |
| &nbsp;&nbsp;Investment Income Builder Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;PERSHING LLC<br> 1 PERSHING PLAZA<br> JERSEY CITY NJ 07399-0002 | &nbsp;&nbsp;6.81% |
| &nbsp;&nbsp;Investment Income Builder Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;NFS LLC<br> FEBO OUR CUSTOMERS<br> ATTN MUTUAL FUNDS DEPT 4TH FL <br> 499 WASHINGTON BLVD <br> JERSEY CITY NJ 07310-1995 | &nbsp;&nbsp;6.58% |
| &nbsp;&nbsp;Investment Income Builder Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;MLPF&S FOR THE SOLE BENEFIT OF ITS CUSTOMERS <br> ATTN FUND ADMINISTRATION 97HP7 <br> 4800 DEER LAKE DR E FL 2<br> JACKSONVILLE FL 32246-6484  | &nbsp;&nbsp;6.48% |
| &nbsp;&nbsp;Investment Income Builder Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;LPL FINANCIAL<br> OMNIBUS CUSTOMER ACCOUNT<br> ATTN MUTUAL FUND TRADING<br> 4707 EXECUTIVE DR<br> SAN DIEGO CA 92121-3091 | &nbsp;&nbsp;5.31% |
| &nbsp;&nbsp;Investment Income Builder Fund | &nbsp;&nbsp;Class C<br> shares | &nbsp;&nbsp;WELLS FARGO CLEARING SERVICES LLC<br> SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER<br> 2801 MARKET ST<br> SAINT LOUIS, MO 63103-2523 | &nbsp;&nbsp;26.21% |
| &nbsp;&nbsp;Investment Income Builder Fund | &nbsp;&nbsp;Class C<br> shares | &nbsp;&nbsp;MORGAN STANLEY SMITH BARNEY LLC<br> FOR THE EXCLUSIVE BENE OF ITS CUST <br> 1 NEW YORK PLZ FL 12<br> NEW YORK NY 10004-1965 | &nbsp;&nbsp;15.65% |
| &nbsp;&nbsp;Investment Income Builder Fund | &nbsp;&nbsp;Class C<br> shares | &nbsp;&nbsp;CHARLES SCHWAB & CO INC <br> ATTN MUTUAL FUNDS <br> 211 MAIN STREET<br> SAN FRANCISCO CA 94105-1901 | &nbsp;&nbsp;14.75% |
| &nbsp;&nbsp;Investment Income Builder Fund | &nbsp;&nbsp;Class C<br> shares | &nbsp;&nbsp;RAYMOND JAMES<br> OMNIBUS FOR MUTUAL FUNDS<br> HOUSE ACCT FIRM 92500015 <br> ATTN COURTNEY WALLER <br> 880 CARILLON PKWY <br> ST PETERSBURG FL 33716-1100 | &nbsp;&nbsp;13.56% |
| &nbsp;&nbsp;Investment Income Builder Fund | &nbsp;&nbsp;Class C<br> shares | &nbsp;&nbsp;LPL FINANCIAL<br> OMNIBUS CUSTOMER ACCOUNT<br> ATTN MUTUAL FUND TRADING<br> 4707 EXECUTIVE DR<br> SAN DIEGO CA 92121-3091 | &nbsp;&nbsp;7.30% |
| &nbsp;&nbsp;Investment Income Builder Fund | &nbsp;&nbsp;Class C<br> shares | &nbsp;&nbsp;NFS LLC<br> FEBO OUR CUSTOMERS<br> ATTN MUTUAL FUNDS DEPT 4TH FL <br> 499 WASHINGTON BLVD <br> JERSEY CITY NJ 07310-1995 | &nbsp;&nbsp;5.61% |
| &nbsp;&nbsp;Investment Income Builder Fund | &nbsp;&nbsp;Class C<br> shares | &nbsp;&nbsp;PERSHING LLC<br> 1 PERSHING PLAZA<br> JERSEY CITY NJ 07399-0002 | &nbsp;&nbsp;5.29% |
| &nbsp;&nbsp;Investment Income Builder Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;MORGAN STANLEY SMITH BARNEY LLC<br> FOR THE EXCLUSIVE BENE OF ITS CUST <br> 1 NEW YORK PLZ FL 12<br> NEW YORK NY 10004-1965 | &nbsp;&nbsp;14.18% |
| &nbsp;&nbsp;Investment Income Builder Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;NFS LLC<br> FEBO OUR CUSTOMERS<br> ATTN MUTUAL FUNDS DEPT 4TH FL <br> 499 WASHINGTON BLVD <br> JERSEY CITY NJ 07310-1995 | &nbsp;&nbsp;13.13% |
| &nbsp;&nbsp;Investment Income Builder Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;RAYMOND JAMES<br> OMNIBUS FOR MUTUAL FUNDS<br> HOUSE ACCT FIRM 92500015 <br> ATTN COURTNEY WALLER <br> 880 CARILLON PKWY <br> ST PETERSBURG FL 33716-1100 | &nbsp;&nbsp;11.49% |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**<u>Fund</u>** | &nbsp;&nbsp;**<u>Class of Shares</u>** | &nbsp;&nbsp;**<u>Shareholder</u>** | &nbsp;&nbsp;**% of Total**<br> **<u>Shares of Class</u>** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Investment Income Builder Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;WELLS FARGO CLEARING SERVICES LLC<br> SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER<br> 2801 MARKET ST<br> SAINT LOUIS, MO 63103-2523 | &nbsp;&nbsp;11.38% |
| &nbsp;&nbsp;Investment Income Builder Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;LPL FINANCIAL<br> OMNIBUS CUSTOMER ACCOUNT<br> ATTN MUTUAL FUND TRADING<br> 4707 EXECUTIVE DR<br> SAN DIEGO CA 92121-3091 | &nbsp;&nbsp;8.19% |
| &nbsp;&nbsp;Investment Income Builder Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;CHARLES SCHWAB & CO INC <br> SPECIAL CUSTODY ACCT FOR EXCLUSIVE BENEFIT OF CUSTOMERS REINVEST ACCT ATTN MUTUAL FUNDS DEPARTMENT <br> 211 MAIN ST <br> SAN FRANCISCO CA 94105-1901 | &nbsp;&nbsp;7.38% |
| &nbsp;&nbsp;Investment Income Builder Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;CHARLES SCHWAB & CO INC<br> SPECIAL CUSTODY A/C FBO CUSTOMERS<br> ATTN MUTUAL FUNDS <br> 211 MAIN STREET<br> SAN FRANCISCO CA 94105-1901  | &nbsp;&nbsp;6.54% |
| &nbsp;&nbsp;Investment Income Builder Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;UBS WM USA <br> SPEC CUSTODY ACCT BEN CUSTOMERS OF UBS FINANCIAL SERVICES INC <br> 1000 HARBOR BLVD 5TH FL <br> WEEHAWKEN NJ 07086-6761 | &nbsp;&nbsp;6.03% |
| &nbsp;&nbsp;Investment Income Builder Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;MLPF&S FOR THE SOLE BENEFIT<br> OF ITS CUSTOMERS<br> ATTN FUND ADMINISTRATION 97HP7 <br> 4800 DEER LAKE DR E FL 2<br> JACKSONVILLE FL 32246-6484  | &nbsp;&nbsp;5.69% |
| &nbsp;&nbsp;Investment Income Builder Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;PERSHING LLC<br> 1 PERSHING PLAZA<br> JERSEY CITY NJ 07399-0002 | &nbsp;&nbsp;5.50% |
| &nbsp;&nbsp;Investment Income Builder Fund | &nbsp;&nbsp;Class R6 shares | &nbsp;&nbsp;GARRETT THORNBURG<br> REVOCABLE LIVING TRUST DTD 07-27-90<br> 2300 N RIDGETOP RD<br> SANTA FE NM 87506-8361 | &nbsp;&nbsp;16.14% |
| &nbsp;&nbsp;Investment Income Builder Fund | &nbsp;&nbsp;Class R6 shares | &nbsp;&nbsp;CHARLES SCHWAB & CO INC <br> SPECIAL CUSTODY ACCT FOR EXCLUSIVE BENEFIT OF CUSTOMERS REINVEST ACCT ATTN MUTUAL FUNDS DEPARTMENT <br> 211 MAIN ST <br> SAN FRANCISCO CA 94105-1901 | &nbsp;&nbsp;11.69% |
| &nbsp;&nbsp;Investment Income Builder Fund | &nbsp;&nbsp;Class R6 shares | &nbsp;&nbsp;PECOS RIVER MANAGEMENT INC TTEE<br> UA DTD 12/27/2000<br> OPPENHEIMER DESCENDANTS TRUST<br> PO BOX 2554<br> JACKSON WY 83001-2554  | &nbsp;&nbsp;10.15% |
| &nbsp;&nbsp;Investment Income Builder Fund | &nbsp;&nbsp;Class R6 shares | &nbsp;&nbsp;PECOS RIVER MANAGEMENT INC TTEE<br> UA DTD 12/24/1994<br> THORNBURG DESCENDANTS TRUST<br> PO BOX 2554<br> JACKSON WY 83001-2554  | &nbsp;&nbsp;9.68% |
| &nbsp;&nbsp;Investment Income Builder Fund | &nbsp;&nbsp;Class R6 shares | &nbsp;&nbsp;THORNBURG FOUNDATION<br> 2300 N RIDGETOP RD<br> SANTA FE NM 87506-8361 | &nbsp;&nbsp;7.91% |
| &nbsp;&nbsp;Investment Income Builder Fund | &nbsp;&nbsp;Class R6 shares | &nbsp;&nbsp;JP MORGAN SECURITIES LLC<br> OMNIBUS ACCOUNT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS<br> 4 CHASE METROTECH CTR<br> BROOKLYN NY 11245 | &nbsp;&nbsp;5.73% |

---

**Summit Fund**

As of December 31, 2025, the officers and Trustees of Thornburg Investment Trust, as a group, held approximately 66.13% of the Class I shares of the Fund and held than 1% of the Class A shares of the Fund. As of December 31, 2025, Garrett Thornburg, 2300 North Ridgetop Road, Santa Fe, New Mexico 87506-8361, owned beneficially, either directly or through revocable trusts or other structures, approximately 65.652% of the Fund's Class R6 shares. Shareholders that beneficially own more than 25% of the voting securities of a class of a Fund could control the outcome of proposals presented to shareholders of that class for approval. As of December 31, 2025, the following persons were known to have held of record or beneficially 5% or more of the Fund's Class A or Class I shares:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**<u>Fund</u>** | &nbsp;&nbsp;**<u>Class of Shares</u>** | &nbsp;&nbsp;**<u>Shareholder</u>** | &nbsp;&nbsp;**% of Total**<br> **<u>Shares of Class</u>** |
| &nbsp;&nbsp;Summit Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;PERSHING LLC<br> 1 PERSHING PLAZA<br> JERSEY CITY NJ 07399-0002 | &nbsp;&nbsp;32.74% |
| &nbsp;&nbsp;Summit Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;NFS LLC<br> FEBO OUR CUSTOMERS<br> ATTN MUTUAL FUNDS DEPT 4TH FL <br> 499 WASHINGTON BLVD <br> JERSEY CITY NJ 07310-1995 | &nbsp;&nbsp;31.04% |
| &nbsp;&nbsp;Summit Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;CHARLES SCHWAB & CO INC <br> SPECIAL CUSTODY ACCT FOR EXCLUSIVE BENEFIT OF CUSTOMERS REINVEST ACCT ATTN MUTUAL FUNDS DEPARTMENT <br> 211 MAIN ST <br> SAN FRANCISCO CA 94105-1901 | &nbsp;&nbsp;21.68% |
| &nbsp;&nbsp;Summit Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;LPL FINANCIAL<br> OMNIBUS CUSTOMER ACCOUNT<br> ATTN MUTUAL FUND TRADING<br> 4707 EXECUTIVE DR<br> SAN DIEGO CA 92121-3091 | &nbsp;&nbsp;8.09% |
| &nbsp;&nbsp;Summit Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;GARRETT THORNBURG<br> REVOCABLE LIVING TRUST DTD 07-27-90<br> 2300 N RIDGETOP RD<br> SANTA FE NM 87506-8361  | &nbsp;&nbsp;18.83% |
| &nbsp;&nbsp;Summit Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;NFS LLC<br> FEBO OUR CUSTOMERS<br> ATTN MUTUAL FUNDS DEPT 4TH FL <br> 499 WASHINGTON BLVD <br> JERSEY CITY NJ 07310-1995 | &nbsp;&nbsp;13.99% |
| &nbsp;&nbsp;Summit Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;PECOS RIVER MANAGEMENT INC TTEE<br> UA DTD 12/27/2000<br> OPPENHEIMER DESCENDANTS TRUST<br> PO BOX 2554<br> JACKSON WY 83001-2554  | &nbsp;&nbsp;11.81% |
| &nbsp;&nbsp;Summit Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;THORNBURG FOUNDATION<br> 2300 N RIDGETOP RD<br> SANTA FE NM 87506-8361 | &nbsp;&nbsp;10.72% |
| &nbsp;&nbsp;Summit Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;PECOS RIVER MANAGEMENT INC TTEE<br> UA DTD 12/24/1994<br> THORNBURG DESCENDANTS TRUST<br> PO BOX 2554<br> JACKSON WY 83001-2554  | &nbsp;&nbsp;9.15% |
| &nbsp;&nbsp;Summit Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;LLOYD J THORNBURG<br> REVOCABLE TRUST UA DTD 05/14/2019<br> C/O THORNBURG INVESTMENT MANAGEMENT INC<br> 2300 N RIDGETOP RD<br> SANTA FE NM 87506-8361  | &nbsp;&nbsp;8.32% |
| &nbsp;&nbsp;Summit Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;PERSHING LLC<br> 1 PERSHING PLAZA<br> JERSEY CITY NJ 07399-0002 | &nbsp;&nbsp;6.63% |

---

**Ultra Short Income Fund**

As of December 31, 2025, the officers and Trustees of Thornburg Investment Trust, as a group, held less than 1% of the Class A or Class I shares of the Fund. As of December 31, 2025, the following persons were known to have held of record or beneficially 5% or more of the Fund's Class A or Class I shares:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**<u>Fund</u>** | &nbsp;&nbsp;**<u>Class of Shares</u>** | &nbsp;&nbsp;**<u>Shareholder</u>** | &nbsp;&nbsp;**% of Total**<br> **<u>Shares of Class</u>** |
| &nbsp;&nbsp;Ultra Short Income Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;CHARLES SCHWAB & CO INC <br> SPECIAL CUSTODY ACCT FOR EXCLUSIVE BENEFIT OF CUSTOMERS REINVEST ACCT ATTN MUTUAL FUNDS DEPARTMENT <br> 211 MAIN ST <br> SAN FRANCISCO CA 94105-1901 | &nbsp;&nbsp;63.46% |
| &nbsp;&nbsp;Ultra Short Income Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;NFS LLC<br> FEBO OUR CUSTOMERS<br> ATTN MUTUAL FUNDS DEPT 4TH FL <br> 499 WASHINGTON BLVD <br> JERSEY CITY NJ 07310-1995 | &nbsp;&nbsp;14.59% |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**<u>Fund</u>** | &nbsp;&nbsp;**<u>Class of Shares</u>** | &nbsp;&nbsp;**<u>Shareholder</u>** | &nbsp;&nbsp;**% of Total**<br> **<u>Shares of Class</u>** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Ultra Short Income Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;CHARLES SCHWAB & CO INC <br> SPECIAL CUSTODY ACCT FOR EXCLUSIVE BENEFIT OF CUSTOMERS REINVEST ACCT ATTN MUTUAL FUNDS DEPARTMENT <br> 211 MAIN ST <br> SAN FRANCISCO CA 94105-1901 | &nbsp;&nbsp;21.77% |
| &nbsp;&nbsp;Ultra Short Income Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;NFS LLC<br> FEBO OUR CUSTOMERS<br> ATTN MUTUAL FUNDS DEPT 4TH FL <br> 499 WASHINGTON BLVD <br> JERSEY CITY NJ 07310-1995 | &nbsp;&nbsp;16.86% |
| &nbsp;&nbsp;Ultra Short Income Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;LPL FINANCIAL<br> OMNIBUS CUSTOMER ACCOUNT<br> ATTN MUTUAL FUND TRADING<br> 4707 EXECUTIVE DR<br> SAN DIEGO CA 92121-3091 | &nbsp;&nbsp;15.33% |
| &nbsp;&nbsp;Ultra Short Income Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;RBC CAPITAL MARKETS LLC<br> MUTUAL FUND OMNIBUS PROCESSING<br> OMNIBUS <br> ATTN MUTUAL FUND OPS MANAGER<br> 250 NICOLLET MALL STE 1400<br> MINNEAPOLIS MN 55401-7582  | &nbsp;&nbsp;11.19% |
| &nbsp;&nbsp;Ultra Short Income Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;RAYMOND JAMES<br> OMNIBUS FOR MUTUAL FUNDS<br> HOUSE ACCT FIRM 92500015 <br> ATTN COURTNEY WALLER <br> 880 CARILLON PKWY <br> ST PETERSBURG FL 33716-1100 | &nbsp;&nbsp;9.62% |
| &nbsp;&nbsp;Ultra Short Income Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;EDWARD JONES & CO<br> FOR THE BENEFIT OF CUSTOMERS<br> 12555 MANCHESTER RD<br> SAINT LOUIS MO 63131-3710  | &nbsp;&nbsp;7.84% |
| &nbsp;&nbsp;Ultra Short Income Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;PERSHING LLC<br> 1 PERSHING PLAZA<br> JERSEY CITY NJ 07399-0002 | &nbsp;&nbsp;7.75% |

---

**Limited Term U.S. Government Fund**

As of December 31, 2025, the officers and Trustees of Thornburg Investment Trust, as a group, held approximately 8.13% of the Class I shares of the Fund, and held less than 1% of the Class A, Class C or Class C2 shares of the Fund. As of December 31, 2025, the following persons were known to have held of record or beneficially 5% or more of the Fund's Class A, Class C, Class C2 or Class I shares:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**<u>Fund</u>** | &nbsp;&nbsp;**<u>Class of Shares</u>** | &nbsp;&nbsp;**<u>Shareholder</u>** | &nbsp;&nbsp;**% of Total**<br> **<u>Shares of Class</u>** |
| &nbsp;&nbsp;Limited Term U.S. Government Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;NFS LLC<br> FEBO OUR CUSTOMERS<br> ATTN MUTUAL FUNDS DEPT 4TH FL <br> 499 WASHINGTON BLVD <br> JERSEY CITY NJ 07310-1995 | &nbsp;&nbsp;18.69% |
| &nbsp;&nbsp;Limited Term U.S. Government Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;CHARLES SCHWAB & CO INC <br> ATTN MUTUAL FUNDS <br> 211 MAIN STREET<br> SAN FRANCISCO CA 94105-1901 | &nbsp;&nbsp;15.52% |
| &nbsp;&nbsp;Limited Term U.S. Government Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;WELLS FARGO CLEARING SERVICES LLC<br> SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER<br> 2801 MARKET ST<br> SAINT LOUIS, MO 63103-2523 | &nbsp;&nbsp;9.95% |
| &nbsp;&nbsp;Limited Term U.S. Government Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;RAYMOND JAMES<br> OMNIBUS FOR MUTUAL FUNDS<br> HOUSE ACCT FIRM 92500015 <br> ATTN COURTNEY WALLER <br> 880 CARILLON PKWY <br> ST PETERSBURG FL 33716-1100 | &nbsp;&nbsp;9.82% |
| &nbsp;&nbsp;Limited Term U.S. Government Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;MORGAN STANLEY SMITH BARNEY LLC<br> FOR THE EXCLUSIVE BENE OF ITS CUST <br> 1 NEW YORK PLZ FL 12<br> NEW YORK NY 10004-1965 | &nbsp;&nbsp;8.14% |
| &nbsp;&nbsp;Limited Term U.S. Government Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;PERSHING LLC<br> 1 PERSHING PLAZA<br> JERSEY CITY NJ 07399-0002 | &nbsp;&nbsp;6.24% |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**<u>Fund</u>** | &nbsp;&nbsp;**<u>Class of Shares</u>** | &nbsp;&nbsp;**<u>Shareholder</u>** | &nbsp;&nbsp;**% of Total**<br> **<u>Shares of Class</u>** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Limited Term U.S. Government Fund | &nbsp;&nbsp;Class C<br> shares | &nbsp;&nbsp;RAYMOND JAMES<br> OMNIBUS FOR MUTUAL FUNDS<br> HOUSE ACCT FIRM 92500015 <br> ATTN COURTNEY WALLER <br> 880 CARILLON PKWY <br> ST PETERSBURG FL 33716-1100 | &nbsp;&nbsp;30.87% |
| &nbsp;&nbsp;Limited Term U.S. Government Fund | &nbsp;&nbsp;Class C<br> shares | &nbsp;&nbsp;WELLS FARGO CLEARING SERVICES LLC<br> SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER<br> 2801 MARKET ST<br> SAINT LOUIS, MO 63103-2523 | &nbsp;&nbsp;29.70% |
| &nbsp;&nbsp;Limited Term U.S. Government Fund | &nbsp;&nbsp;Class C<br> shares | &nbsp;&nbsp;NFS LLC<br> FEBO OUR CUSTOMERS<br> ATTN MUTUAL FUNDS DEPT 4TH FL <br> 499 WASHINGTON BLVD <br> JERSEY CITY NJ 07310-1995 | &nbsp;&nbsp;10.54% |
| &nbsp;&nbsp;Limited Term U.S. Government Fund | &nbsp;&nbsp;Class C<br> shares | &nbsp;&nbsp;AMERICAN ENTERPRISE INVESTMENT SVC FBO # 41999970 <br> 707 2ND AVE S <br> MINNEAPOLIS MN 55402-2405  | &nbsp;&nbsp;9.19% |
| &nbsp;&nbsp;Limited Term U.S. Government Fund | &nbsp;&nbsp;Class C shares | &nbsp;&nbsp;LPL FINANCIAL<br> OMNIBUS CUSTOMER ACCOUNT<br> ATTN MUTUAL FUND TRADING<br> 4707 EXECUTIVE DR<br> SAN DIEGO CA 92121-3091 | &nbsp;&nbsp;6.65% |
| &nbsp;&nbsp;Limited Term U.S. Government Fund | &nbsp;&nbsp;Class C<br> shares | &nbsp;&nbsp;PERSHING LLC<br> 1 PERSHING PLAZA<br> JERSEY CITY NJ 07399-0002 | &nbsp;&nbsp;6.06% |
| &nbsp;&nbsp;Limited Term U.S. Government Fund | &nbsp;&nbsp;Class C2<br> shares | &nbsp;&nbsp;MORGAN STANLEY SMITH BARNEY LLC<br> FOR THE EXCLUSIVE BENE OF ITS CUST <br> 1 NEW YORK PLZ FL 12<br> NEW YORK NY 10004-1965 | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;Limited Term U.S. Government Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;NFS LLC<br> FEBO OUR CUSTOMERS<br> ATTN MUTUAL FUNDS DEPT 4TH FL <br> 499 WASHINGTON BLVD <br> JERSEY CITY NJ 07310-1995 | &nbsp;&nbsp;31.04% |
| &nbsp;&nbsp;Limited Term U.S. Government Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;CHARLES SCHWAB & CO INC <br> SPECIAL CUSTODY ACCT FOR EXCLUSIVE BENEFIT OF CUSTOMERS REINVEST ACCT ATTN MUTUAL FUNDS DEPARTMENT <br> 211 MAIN ST <br> SAN FRANCISCO CA 94105-1901 | &nbsp;&nbsp;9.49% |
| &nbsp;&nbsp;Limited Term U.S. Government Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;WELLS FARGO CLEARING SERVICES LLC<br> SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER<br> 2801 MARKET ST<br> SAINT LOUIS, MO 63103-2523 | &nbsp;&nbsp;9.10% |
| &nbsp;&nbsp;Limited Term U.S. Government Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;MORGAN STANLEY SMITH BARNEY LLC<br> FOR THE EXCLUSIVE BENE OF ITS CUST <br> 1 NEW YORK PLZ FL 12<br> NEW YORK NY 10004-1965 | &nbsp;&nbsp;8.66% |
| &nbsp;&nbsp;Limited Term U.S. Government Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;THORNBURG FOUNDATION<br> 2300 N RIDGETOP RD<br> SANTA FE NM 87506-8361 | &nbsp;&nbsp;7.95% |
| &nbsp;&nbsp;Limited Term U.S. Government Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;AMERICAN ENTERPRISE INVESTMENT SVC FBO # 41999970 <br> 707 2ND AVE S <br> MINNEAPOLIS MN 55402-2405  | &nbsp;&nbsp;5.36% |
| &nbsp;&nbsp;Limited Term U.S. Government Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;CHARLES SCHWAB & CO INC <br> ATTN MUTUAL FUNDS <br> 211 MAIN STREET<br> SAN FRANCISCO CA 94105-1901 | &nbsp;&nbsp;5.02% |

---

**Limited Term Income Fund**

As of December 31, 2025, the officers and Trustees of Thornburg Investment Trust, as a group, held approximately 6.18% of the Class R6 shares of the Fund, and held less than 1% of the Class A, Class C, Class C2, or Class I shares of the Fund. As of December 31, 2025, the following persons were known to have held of record or beneficially 5% or more of the Fund's Class A, Class C, Class C2, Class I, or Class R6 shares:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**<u>Fund</u>** | &nbsp;&nbsp;**<u>Class of Shares</u>** | &nbsp;&nbsp;**<u>Shareholder</u>** | &nbsp;&nbsp;**% of Total**<br> **<u>Shares of Class</u>** |
| &nbsp;&nbsp;Limited Term Income Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;MLPF&S FOR THE SOLE BENEFIT<br> OF ITS CUSTOMERS<br> ATTN FUND ADMINISTRATION 97BW4 <br> 4800 DEER LAKE DR E FL 2<br> JACKSONVILLE FL 32246-6484  | &nbsp;&nbsp;13.08% |
| &nbsp;&nbsp;Limited Term Income Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;WELLS FARGO CLEARING SERVICES LLC<br> SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER<br> 2801 MARKET ST<br> SAINT LOUIS, MO 63103-2523 | &nbsp;&nbsp;12.51% |
| &nbsp;&nbsp;Limited Term Income Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;CHARLES SCHWAB & CO INC <br> SPECIAL CUSTODY ACCT FOR EXCLUSIVE BENEFIT OF CUSTOMERS REINVEST ACCT ATTN MUTUAL FUNDS DEPARTMENT <br> 211 MAIN ST <br> SAN FRANCISCO CA 94105-1901 | &nbsp;&nbsp;11.79% |
| &nbsp;&nbsp;Limited Term Income Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;PERSHING LLC<br> 1 PERSHING PLAZA<br> JERSEY CITY NJ 07399-0002 | &nbsp;&nbsp;11.61% |
| &nbsp;&nbsp;Limited Term Income Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;NFS LLC<br> FEBO OUR CUSTOMERS<br> ATTN MUTUAL FUNDS DEPT 4TH FL <br> 499 WASHINGTON BLVD <br> JERSEY CITY NJ 07310-1995 | &nbsp;&nbsp;8.81% |
| &nbsp;&nbsp;Limited Term Income Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;MORGAN STANLEY SMITH BARNEY LLC<br> FOR THE EXCLUSIVE BENE OF ITS CUST <br> 1 NEW YORK PLZ FL 12<br> NEW YORK NY 10004-1965 | &nbsp;&nbsp;8.07% |
| &nbsp;&nbsp;Limited Term Income Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;RAYMOND JAMES<br> OMNIBUS FOR MUTUAL FUNDS<br> HOUSE ACCT FIRM 92500015 <br> ATTN COURTNEY WALLER <br> 880 CARILLON PKWY <br> ST PETERSBURG FL 33716-1100 | &nbsp;&nbsp;6.46% |
| &nbsp;&nbsp;Limited Term Income Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;UBS WM USA<br> SPEC CUSTODY ACCT EXCEL BEN<br> CUSTOMERS OF UBS FINANCIAL SERVICES INC<br> 1000 HARBOR BLVD 5TH FL<br> WEEHAWKEN NJ 07086-6761 | &nbsp;&nbsp;5.60% |
| &nbsp;&nbsp;Limited Term Income Fund | &nbsp;&nbsp;Class A shares | &nbsp;&nbsp;LPL FINANCIAL<br> OMNIBUS CUSTOMER ACCOUNT<br> ATTN MUTUAL FUND TRADING<br> 4707 EXECUTIVE DR<br> SAN DIEGO CA 92121-3091 | &nbsp;&nbsp;5.22% |
| &nbsp;&nbsp;Limited Term Income Fund | &nbsp;&nbsp;Class C<br> shares | &nbsp;&nbsp;WELLS FARGO CLEARING SERVICES LLC<br> SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER<br> 2801 MARKET ST<br> SAINT LOUIS, MO 63103-2523 | &nbsp;&nbsp;34.88% |
| &nbsp;&nbsp;Limited Term Income Fund | &nbsp;&nbsp;Class C<br> shares | &nbsp;&nbsp;RAYMOND JAMES<br> OMNIBUS FOR MUTUAL FUNDS<br> HOUSE ACCT FIRM 92500015 <br> ATTN COURTNEY WALLER <br> 880 CARILLON PKWY <br> ST PETERSBURG FL 33716-1100 | &nbsp;&nbsp;14.75% |
| &nbsp;&nbsp;Limited Term Income Fund | &nbsp;&nbsp;Class C<br> shares | &nbsp;&nbsp;CHARLES SCHWAB & CO INC <br> ATTN MUTUAL FUNDS <br> 211 MAIN STREET<br> SAN FRANCISCO CA 94105-1901 | &nbsp;&nbsp;9.98% |
| &nbsp;&nbsp;Limited Term Income Fund | &nbsp;&nbsp;Class C<br> shares | &nbsp;&nbsp;LPL FINANCIAL<br> OMNIBUS CUSTOMER ACCOUNT<br> ATTN MUTUAL FUND TRADING<br> 4707 EXECUTIVE DR<br> SAN DIEGO CA 92121-3091 | &nbsp;&nbsp;7.54% |
| &nbsp;&nbsp;Limited Term Income Fund | &nbsp;&nbsp;Class C<br> shares | &nbsp;&nbsp;NFS LLC<br> FEBO OUR CUSTOMERS<br> ATTN MUTUAL FUNDS DEPT 4TH FL <br> 499 WASHINGTON BLVD <br> JERSEY CITY NJ 07310-1995 | &nbsp;&nbsp;5.94% |
| &nbsp;&nbsp;Limited Term Income Fund | &nbsp;&nbsp;Class C<br> shares | &nbsp;&nbsp;PERSHING LLC<br> 1 PERSHING PLAZA<br> JERSEY CITY NJ 07399-0002 | &nbsp;&nbsp;5.93% |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**<u>Fund</u>** | &nbsp;&nbsp;**<u>Class of Shares</u>** | &nbsp;&nbsp;**<u>Shareholder</u>** | &nbsp;&nbsp;**% of Total**<br> **<u>Shares of Class</u>** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Limited Term Income Fund | &nbsp;&nbsp;Class C<br> shares | &nbsp;&nbsp;MORGAN STANLEY SMITH BARNEY LLC<br> FOR THE EXCLUSIVE BENE OF ITS CUST <br> 1 NEW YORK PLZ FL 12<br> NEW YORK NY 10004-1965 | &nbsp;&nbsp;5.33% |
| &nbsp;&nbsp;Limited Term Income Fund | &nbsp;&nbsp;Class C<br> shares | &nbsp;&nbsp;AMERICAN ENTERPRISE INVESTMENT SVC FBO # 41999970 <br> 707 2ND AVE S <br> MINNEAPOLIS MN 55402-2405  | &nbsp;&nbsp;5.17% |
| &nbsp;&nbsp;Limited Term Income Fund | &nbsp;&nbsp;Class C<br> shares | &nbsp;&nbsp;MLPF&S FOR THE SOLE BENEFIT<br> OF ITS CUSTOMERS<br> ATTN FUND ADMINISTRATION 97HP8 <br> 4800 DEER LAKE DR E FL 2<br> JACKSONVILLE FL 32246-6484  | &nbsp;&nbsp;5.10% |
| &nbsp;&nbsp;Limited Term Income Fund | &nbsp;&nbsp;Class C2<br> shares | &nbsp;&nbsp;MORGAN STANLEY SMITH BARNEY LLC<br> FOR THE EXCLUSIVE BENE OF ITS CUST <br> 1 NEW YORK PLZ FL 12<br> NEW YORK NY 10004-1965 | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;Limited Term Income Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;NFS LLC<br> FEBO OUR CUSTOMERS<br> ATTN MUTUAL FUNDS DEPT 4TH FL <br> 499 WASHINGTON BLVD <br> JERSEY CITY NJ 07310-1995 | &nbsp;&nbsp;16.71% |
| &nbsp;&nbsp;Limited Term Income Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;CHARLES SCHWAB & CO INC <br> SPECIAL CUSTODY ACCT FOR EXCLUSIVE BENEFIT OF CUSTOMERS REINVEST ACCT ATTN MUTUAL FUNDS DEPARTMENT <br> 211 MAIN ST <br> SAN FRANCISCO CA 94105-1901 | &nbsp;&nbsp;14.09% |
| &nbsp;&nbsp;Limited Term Income Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;PERSHING LLC<br> 1 PERSHING PLAZA<br> JERSEY CITY NJ 07399-0002 | &nbsp;&nbsp;10.84% |
| &nbsp;&nbsp;Limited Term Income Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;CHARLES SCHWAB & CO INC <br> SPECIAL CUSTODY A/C FBO CUSTOMERS<br> ATTN MUTUAL FUNDS <br> 211 MAIN STREET<br> SAN FRANCISCO CA 94105-1901  | &nbsp;&nbsp;10.82% |
| &nbsp;&nbsp;Limited Term Income Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;MORGAN STANLEY SMITH BARNEY LLC<br> FOR THE EXCLUSIVE BENE OF ITS CUST <br> 1 NEW YORK PLZ FL 12<br> NEW YORK NY 10004-1965 | &nbsp;&nbsp;8.61% |
| &nbsp;&nbsp;Limited Term Income Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;RAYMOND JAMES<br> OMNIBUS FOR MUTUAL FUNDS<br> HOUSE ACCT FIRM 92500015 <br> ATTN COURTNEY WALLER <br> 880 CARILLON PKWY <br> ST PETERSBURG FL 33716-1100 | &nbsp;&nbsp;6.63% |
| &nbsp;&nbsp;Limited Term Income Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;MLPF&S FOR THE SOLE BENEFIT<br> OF ITS CUSTOMERS<br> ATTN FUND ADMINISTRATION 97L25 <br> 4800 DEER LAKE DR E FL 2<br> JACKSONVILLE FL 32246-6484  | &nbsp;&nbsp;6.46% |
| &nbsp;&nbsp;Limited Term Income Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;WELLS FARGO CLEARING SERVICES LLC<br> SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER<br> 2801 MARKET ST<br> SAINT LOUIS, MO 63103-2523 | &nbsp;&nbsp;6.34% |
| &nbsp;&nbsp;Limited Term Income Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;LPL FINANCIAL<br> OMNIBUS CUSTOMER ACCOUNT<br> ATTN MUTUAL FUND TRADING<br> 4707 EXECUTIVE DR<br> SAN DIEGO CA 92121-3091 | &nbsp;&nbsp;5.83% |
| &nbsp;&nbsp;Limited Term Income Fund | &nbsp;&nbsp;Class R6 shares | &nbsp;&nbsp;INSURANCE COMPANY SEPARATE ACCOUNT<br> AMERICAN UNITED LIFE AUL<br> AMERICAN UNIT INVESTMENT TRUST<br> ATTN: SEPARATE ACCOUNTS <br> PO BOX 368 <br> INDIANAPOLIS IN 46206-0368 | &nbsp;&nbsp;16.96% |
| &nbsp;&nbsp;Limited Term Income Fund | &nbsp;&nbsp;Class R6 shares | &nbsp;&nbsp;NATIONAL FINANCIAL SERVICES LLC<br> 499 WASHINGTON BLVD<br> JERSEY CITY NJ 07310-1995 | &nbsp;&nbsp;13.71% |
| &nbsp;&nbsp;Limited Term Income Fund | &nbsp;&nbsp;Class R6 shares | &nbsp;&nbsp;DCGT<br> AS TTEE AND/OR CUST FBO PLIC VARIOUS RETIREMENT PLANS OMNIBUS<br> ATTN NPIO TRADE DESK <br> 711 HIGH ST<br> DES MOINES IA 50392-0001 | &nbsp;&nbsp;11.08% |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**<u>Fund</u>** | &nbsp;&nbsp;**<u>Class of Shares</u>** | &nbsp;&nbsp;**<u>Shareholder</u>** | &nbsp;&nbsp;**% of Total**<br> **<u>Shares of Class</u>** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Limited Term Income Fund | &nbsp;&nbsp;Class R6 shares | &nbsp;&nbsp;JP MORGAN SECURITIES LLC<br> OMNIBUS ACCOUNT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS<br> 4 CHASE METROTECH CTR<br> BROOKLYN NY 11245 | &nbsp;&nbsp;8.38% |
| &nbsp;&nbsp;Limited Term Income Fund | &nbsp;&nbsp;Class R6 shares | &nbsp;&nbsp;PRINCIPAL LIFE INSURANCE COMPANY<br> CUSTODIAN FRBO PFG OMNIBUS WRAPPER AND CUSTOM FUNDS<br> ATTN: PLIC PROXY COORDINATOR<br> 711 HIGH ST<br> DES MOINES IA 50392-0001 | &nbsp;&nbsp;6.03% |

---

**Core Plus Bond Fund**

As of December 31, 2025, the officers and Trustees of Thornburg Investment Trust, as a group, held less than 1% of the Class A, Class C, Class I, or Class R6 shares of the Fund. As of December 31, 2025, the following persons were known to have held of record or beneficially 5% or more of the Fund's Class A, Class C, Class I, or Class R6 shares:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**<u>Fund</u>** | &nbsp;&nbsp;**<u>Class of Shares</u>** | &nbsp;&nbsp;**<u>Shareholder</u>** | &nbsp;&nbsp;**% of Total**<br> **<u>Shares of Class</u>** |
| &nbsp;&nbsp;Core Plus Bond Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;NFS LLC<br> FEBO OUR CUSTOMERS<br> ATTN MUTUAL FUNDS DEPT 4TH FL <br> 499 WASHINGTON BLVD <br> JERSEY CITY NJ 07310-1995 | &nbsp;&nbsp;53.34% |
| &nbsp;&nbsp;Core Plus Bond Fund | &nbsp;&nbsp;Class A shares | &nbsp;&nbsp;LPL FINANCIAL<br> OMNIBUS CUSTOMER ACCOUNT<br> ATTN MUTUAL FUND TRADING<br> 4707 EXECUTIVE DR<br> SAN DIEGO CA 92121-3091 | &nbsp;&nbsp;16.60% |
| &nbsp;&nbsp;Core Plus Bond Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;PERSHING LLC<br> 1 PERSHING PLAZA<br> JERSEY CITY NJ 07399-0002 | &nbsp;&nbsp;15.22% |
| &nbsp;&nbsp;Core Plus Bond Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;CHARLES SCHWAB & CO INC <br> SPECIAL CUSTODY ACCT FOR EXCLUSIVE BENEFIT OF CUSTOMERS REINVEST ACCT ATTN MUTUAL FUNDS DEPARTMENT <br> 211 MAIN ST <br> SAN FRANCISCO CA 94105-1901 | &nbsp;&nbsp;14.25% |
| &nbsp;&nbsp;Core Plus Bond Fund | &nbsp;&nbsp;Class C<br> shares | &nbsp;&nbsp;PERSHING LLC<br> 1 PERSHING PLAZA<br> JERSEY CITY NJ 07399-0002 | &nbsp;&nbsp;69.84% |
| &nbsp;&nbsp;Core Plus Bond Fund | &nbsp;&nbsp;Class C<br> shares | &nbsp;&nbsp;LPL FINANCIAL<br> OMNIBUS CUSTOMER ACCOUNT<br> ATTN MUTUAL FUND TRADING<br> 4707 EXECUTIVE DR<br> SAN DIEGO CA 92121-3091 | &nbsp;&nbsp;18.37% |
| &nbsp;&nbsp;Core Plus Bond Fund | &nbsp;&nbsp;Class C<br> shares | &nbsp;&nbsp;THORNBURG INVESTMENT MANAGEMENT INC<br> ATTN CORPORATE ACCOUNTING<br> 2300 N RIDGETOP RD<br> SANTA FE NM 87506-8361 | &nbsp;&nbsp;11.16% |
| &nbsp;&nbsp;Core Plus Bond Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;NFS LLC<br> FEBO OUR CUSTOMERS<br> ATTN MUTUAL FUNDS DEPT 4TH FL <br> 499 WASHINGTON BLVD <br> JERSEY CITY NJ 07310-1995 | &nbsp;&nbsp;38.26% |
| &nbsp;&nbsp;Core Plus Bond Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;CHARLES SCHWAB & CO INC <br> SPECIAL CUSTODY ACCT FOR EXCLUSIVE BENEFIT OF CUSTOMERS REINVEST ACCT ATTN MUTUAL FUNDS DEPARTMENT <br> 211 MAIN ST <br> SAN FRANCISCO CA 94105-1901 | &nbsp;&nbsp;33.73% |
| &nbsp;&nbsp;Core Plus Bond Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;RBC CAPITAL MARKETS LLC<br> MUTUAL FUND OMNIBUS PROCESSING<br> OMNIBUS <br> ATTN MUTUAL FUND OPS MANAGER<br> 250 NICOLLET MALL STE 1400<br> MINNEAPOLIS MN 55401-7582  | &nbsp;&nbsp;26.84% |
| &nbsp;&nbsp;Core Plus Bond Fund | &nbsp;&nbsp;Class R6 shares | &nbsp;&nbsp;JEFFREY A. KLINGELHOFER<br> C/O THORNBURG INVESTMENT MANAGEMENT<br> 2300 N. RIDGETOP ROAD<br> SANTA FE, NM 87506-8361 | &nbsp;&nbsp;56.69% |
| &nbsp;&nbsp;Core Plus Bond Fund | &nbsp;&nbsp;Class R6 shares | &nbsp;&nbsp;THORNBURG INVESTMENT MANAGEMENT<br> ATTN CORPORATE ACCOUNTING<br> 2300 N. RIDGETOP ROAD<br> SANTA FE, NM 87506-8361 | &nbsp;&nbsp;43.23% |

---

**Strategic Income Fund**

As of December 31, 2025, the officers and Trustees of Thornburg Investment Trust, as a group, held approximately 6.34% of the Class R6 shares of the Fund, and held less than 1% of the Class A, Class C, or Class I shares of the Fund. As of December 31, 2025, the following persons were known to have held of record or beneficially 5% or more of the Fund's Class A, Class C, Class I, or Class R6 shares:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**<u>Fund</u>** | &nbsp;&nbsp;**<u>Class of Shares</u>** | &nbsp;&nbsp;**<u>Shareholder</u>** | &nbsp;&nbsp;**% of Total**<br> **<u>Shares of Class</u>** |
| &nbsp;&nbsp;Strategic Income Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;RAYMOND JAMES<br> OMNIBUS FOR MUTUAL FUNDS<br> HOUSE ACCT FIRM 92500015 <br> ATTN COURTNEY WALLER <br> 880 CARILLON PKWY <br> ST PETERSBURG FL 33716-1100 | &nbsp;&nbsp;14.22% |
| &nbsp;&nbsp;Strategic Income Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;MORGAN STANLEY SMITH BARNEY LLC<br> FOR THE EXCLUSIVE BENE OF ITS CUST <br> 1 NEW YORK PLZ FL 12<br> NEW YORK NY 10004-1965 | &nbsp;&nbsp;13.13% |
| &nbsp;&nbsp;Strategic Income Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;CHARLES SCHWAB & CO INC <br> SPECIAL CUSTODY ACCT FOR EXCLUSIVE BENEFIT OF CUSTOMERS REINVEST ACCT ATTN MUTUAL FUNDS DEPARTMENT <br> 211 MAIN ST <br> SAN FRANCISCO CA 94105-1901 | &nbsp;&nbsp;12.25% |
| &nbsp;&nbsp;Strategic Income Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;WELLS FARGO CLEARING SERVICES LLC<br> SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER<br> 2801 MARKET ST<br> SAINT LOUIS, MO 63103-2523 | &nbsp;&nbsp;12.00% |
| &nbsp;&nbsp;Strategic Income Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;PERSHING LLC<br> 1 PERSHING PLAZA<br> JERSEY CITY NJ 07399-0002 | &nbsp;&nbsp;8.44% |
| &nbsp;&nbsp;Strategic Income Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;NFS LLC<br> FEBO OUR CUSTOMERS<br> ATTN MUTUAL FUNDS DEPT 4TH FL <br> 499 WASHINGTON BLVD <br> JERSEY CITY NJ 07310-1995 | &nbsp;&nbsp;7.52% |
| &nbsp;&nbsp;Strategic Income Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;LPL FINANCIAL<br> OMNIBUS CUSTOMER ACCOUNT<br> ATTN MUTUAL FUND TRADING<br> 4707 EXECUTIVE DR<br> SAN DIEGO CA 92121-3091 | &nbsp;&nbsp;6.94% |
| &nbsp;&nbsp;Strategic Income Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;MLPF&S FOR THE SOLE BENEFIT<br> OF ITS CUSTOMERS<br> ATTN FUND ADMINISTRATION 97HP7 <br> 4800 DEER LAKE DR E FL 2<br> JACKSONVILLE FL 32246-6484  | &nbsp;&nbsp;6.48% |
| &nbsp;&nbsp;Strategic Income Fund | &nbsp;&nbsp;Class C<br> shares | &nbsp;&nbsp;WELLS FARGO CLEARING SERVICES LLC<br> SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER<br> 2801 MARKET ST<br> SAINT LOUIS, MO 63103-2523 | &nbsp;&nbsp;28.65% |
| &nbsp;&nbsp;Strategic Income Fund | &nbsp;&nbsp;Class C<br> shares | &nbsp;&nbsp;RAYMOND JAMES<br> OMNIBUS FOR MUTUAL FUNDS<br> HOUSE ACCT FIRM 92500015 <br> ATTN COURTNEY WALLER <br> 880 CARILLON PKWY <br> ST PETERSBURG FL 33716-1100 | &nbsp;&nbsp;21.91% |
| &nbsp;&nbsp;Strategic Income Fund | &nbsp;&nbsp;Class C<br> shares | &nbsp;&nbsp;MORGAN STANLEY SMITH BARNEY LLC<br> FOR THE EXCLUSIVE BENE OF ITS CUST <br> 1 NEW YORK PLZ FL 12<br> NEW YORK NY 10004-1965 | &nbsp;&nbsp;21.56% |
| &nbsp;&nbsp;Strategic Income Fund | &nbsp;&nbsp;Class C<br> shares | &nbsp;&nbsp;CHARLES SCHWAB & CO INC <br> ATTN MUTUAL FUNDS <br> 211 MAIN STREET<br> SAN FRANCISCO CA 94105-1901 | &nbsp;&nbsp;6.40% |
| &nbsp;&nbsp;Strategic Income Fund | &nbsp;&nbsp;Class C<br> shares | &nbsp;&nbsp;PERSHING LLC<br> 1 PERSHING PLAZA<br> JERSEY CITY NJ 07399-0002 | &nbsp;&nbsp;5.83% |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**<u>Fund</u>** | &nbsp;&nbsp;**<u>Class of Shares</u>** | &nbsp;&nbsp;**<u>Shareholder</u>** | &nbsp;&nbsp;**% of Total**<br> **<u>Shares of Class</u>** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Strategic Income Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;NFS LLC<br> FEBO OUR CUSTOMERS<br> ATTN MUTUAL FUNDS DEPT 4TH FL <br> 499 WASHINGTON BLVD <br> JERSEY CITY NJ 07310-1995 | &nbsp;&nbsp;18.92% |
| &nbsp;&nbsp;Strategic Income Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;MORGAN STANLEY SMITH BARNEY LLC<br> FOR THE EXCLUSIVE BENE OF ITS CUST <br> 1 NEW YORK PLZ FL 12<br> NEW YORK NY 10004-1965 | &nbsp;&nbsp;10.31% |
| &nbsp;&nbsp;Strategic Income Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;LPL FINANCIAL<br> OMNIBUS CUSTOMER ACCOUNT<br> ATTN MUTUAL FUND TRADING<br> 4707 EXECUTIVE DR<br> SAN DIEGO CA 92121-3091 | &nbsp;&nbsp;10.19% |
| &nbsp;&nbsp;Strategic Income Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;CHARLES SCHWAB & CO INC <br> SPECIAL CUSTODY ACCT FOR EXCLUSIVE BENEFIT OF CUSTOMERS REINVEST ACCT ATTN MUTUAL FUNDS DEPARTMENT <br> 211 MAIN ST <br> SAN FRANCISCO CA 94105-1901 | &nbsp;&nbsp;9.13% |
| &nbsp;&nbsp;Strategic Income Fund | &nbsp;&nbsp;Class I<br> Shares | &nbsp;&nbsp;AMERICAN ENTERPRISE INVESTMENT SVC FBO # 41999970 <br> 707 2ND AVE S <br> MINNEAPOLIS MN 55402-2405  | &nbsp;&nbsp;8.87% |
| &nbsp;&nbsp;Strategic Income Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;RAYMOND JAMES<br> OMNIBUS FOR MUTUAL FUNDS<br> HOUSE ACCT FIRM 92500015 <br> ATTN COURTNEY WALLER <br> 880 CARILLON PKWY <br> ST PETERSBURG FL 33716-1100 | &nbsp;&nbsp;8.73% |
| &nbsp;&nbsp;Strategic Income Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;WELLS FARGO CLEARING SERVICES LLC<br> SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER<br> 2801 MARKET ST<br> SAINT LOUIS, MO 63103-2523 | &nbsp;&nbsp;7.45% |
| &nbsp;&nbsp;Strategic Income Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;PERSHING LLC<br> 1 PERSHING PLAZA<br> JERSEY CITY NJ 07399-0002 | &nbsp;&nbsp;5.83% |
| &nbsp;&nbsp;Strategic Income Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;MLPF&S FOR THE SOLE BENEFIT<br> OF ITS CUSTOMERS<br> ATTN FUND ADMINISTRATION 97HP7 <br> 4800 DEER LAKE DR E FL 2<br> JACKSONVILLE FL 32246-6484  | &nbsp;&nbsp;5.69% |
| &nbsp;&nbsp;Strategic Income Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;UBS WM USA<br> SPEC CUSTODY ACCT EXCEL BEN<br> CUSTOMERS OF UBS FINANCIAL SERVICES INC<br> 1000 HARBOR BLVD 5TH FL<br> WEEHAWKEN NJ 07086-6761 | &nbsp;&nbsp;5.04% |
| &nbsp;&nbsp;Strategic Income Fund | &nbsp;&nbsp;Class R6 shares | &nbsp;&nbsp;MLPF&S FOR THE SOLE BENEFIT<br> OF ITS CUSTOMERS<br> ATTN FUND ADMINISTRATION 97L25 <br> 4800 DEER LAKE DR E FL 2<br> JACKSONVILLE FL 32246-6484 | &nbsp;&nbsp;12.90% |
| &nbsp;&nbsp;Strategic Income Fund | &nbsp;&nbsp;Class R6 shares | &nbsp;&nbsp;DCGT<br> AS TTEE AND/OR CUST FBO PLIC VARIOUS RETIREMENT PLANS OMNIBUS<br> ATTN NPIO TRADE DESK<br> 711 HIGH ST<br> DES MOINES IA 50392-0001 | &nbsp;&nbsp;9.54% |
| &nbsp;&nbsp;Strategic Income Fund | &nbsp;&nbsp;Class R6 shares | &nbsp;&nbsp;INSURANCE COMPANY SEPARATE ACCOUNT<br> AMERICAN UNITED LIFE AUL<br> AMERICAN UNIT INVESTMENT TRUST<br> ATTN: SEPARATE ACCOUNTS <br> PO BOX 368 <br> INDIANAPOLIS IN 46206-0368 | &nbsp;&nbsp;8.46% |
| &nbsp;&nbsp;Strategic Income Fund | &nbsp;&nbsp;Class R6 shares | &nbsp;&nbsp;NATIONAL FINANCIAL SERVICES LLC<br> 499 WASHINGTON BLVD<br> JERSEY CITY NJ 07310-1995 | &nbsp;&nbsp;6.57% |
| &nbsp;&nbsp;Strategic Income Fund | &nbsp;&nbsp;Class R6 shares | &nbsp;&nbsp;JOHN HANCOCK TRUST COMPANY LLC<br> 200 BERKELEY ST, STE 7<br> BOSTON MA 02116-5038 | &nbsp;&nbsp;5.93% |
| &nbsp;&nbsp;Strategic Income Fund | &nbsp;&nbsp;Class R6 shares | &nbsp;&nbsp;EMPOWER TRUST<br> FBO EMPLOYEE BENEFITS CLIENTS 401K<br> 8515 E ORCHARD RD 2T2<br> GREENWOOD VILLAGE CO 80111-5002 | &nbsp;&nbsp;5.82% |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**<u>Fund</u>** | &nbsp;&nbsp;**<u>Class of Shares</u>** | &nbsp;&nbsp;**<u>Shareholder</u>** | &nbsp;&nbsp;**% of Total**<br> **<u>Shares of Class</u>** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Strategic Income Fund | &nbsp;&nbsp;Class R6 shares | &nbsp;&nbsp;THORNBURG FOUNDATION<br> 2300 N RIDGETOP RD<br> SANTA FE NM 87506-8361 | &nbsp;&nbsp;5.39% |
| &nbsp;&nbsp;Strategic Income Fund | &nbsp;&nbsp;Class R6 shares | &nbsp;&nbsp;CHARLES SCHWAB & CO INC <br> SPECIAL CUSTODY ACCT FOR EXCLUSIVE BENEFIT OF CUSTOMERS REINVEST ACCT ATTN MUTUAL FUNDS DEPARTMENT <br> 211 MAIN ST <br> SAN FRANCISCO CA 94105-1901 | &nbsp;&nbsp;5.34% |

---

**Short Duration Municipal Fund**

As of December 31, 2025, the officers and Trustees of Thornburg Investment Trust, as a group, held approximately 78.89% of the Class I shares of the Fund, and held less than 1% of the Class A shares of the Fund. As of December 31, 2025, Garrett Thornburg, 2300 North Ridgetop Road, Santa Fe, New Mexico 87506-8361, owned beneficially, either directly or through revocable trusts or other structures, approximately 78.61% of the Fund's Class I shares. Shareholders that beneficially own more than 25% of the voting securities of a class of a Fund could control the outcome of proposals presented to shareholders of that class for approval. As of December 31, 2025, the following persons were known to have held of record or beneficially 5% or more of the Fund's Class A or Class I shares:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**<u>Fund</u>** | &nbsp;&nbsp;**<u>Class of Shares</u>** | &nbsp;&nbsp;**<u>Shareholder</u>** | &nbsp;&nbsp;**% of Total**<br> **<u>Shares of Class</u>** |
| &nbsp;&nbsp;Short Duration Municipal Fund | &nbsp;&nbsp;Class A shares | &nbsp;&nbsp;PERSHING LLC<br> 1 PERSHING PLAZA<br> JERSEY CITY NJ 07399-0002 | &nbsp;&nbsp;34.44% |
| &nbsp;&nbsp;Short Duration Municipal Fund | &nbsp;&nbsp;Class A shares | &nbsp;&nbsp;NFS LLC<br> FEBO OUR CUSTOMERS<br> ATTN MUTUAL FUNDS DEPT 4TH FL <br> 499 WASHINGTON BLVD <br> JERSEY CITY NJ 07310-1995 | &nbsp;&nbsp;29.18% |
| &nbsp;&nbsp;Short Duration Municipal Fund | &nbsp;&nbsp;Class A shares | &nbsp;&nbsp;RAYMOND JAMES<br> OMNIBUS FOR MUTUAL FUNDS<br> HOUSE ACCT FIRM 92500015 <br> ATTN COURTNEY WALLER <br> 880 CARILLON PKWY <br> ST PETERSBURG FL 33716-1100 | &nbsp;&nbsp;24.17% |
| &nbsp;&nbsp;Short Duration Municipal Fund | &nbsp;&nbsp;Class I shares | &nbsp;&nbsp;GARRETT THORNBURG<br> REVOCABLE LIVING TRUST DTD 07-27-90<br> 2300 N RIDGETOP RD<br> SANTA FE NM 87506-8361  | &nbsp;&nbsp;41.74% |
| &nbsp;&nbsp;Short Duration Municipal Fund | &nbsp;&nbsp;Class I shares | &nbsp;&nbsp;CHARLES SCHWAB & CO INC <br> SPECIAL CUSTODY ACCT FOR EXCLUSIVE BENEFIT OF CUSTOMERS REINVEST ACCT ATTN MUTUAL FUNDS DEPARTMENT <br> 211 MAIN ST <br> SAN FRANCISCO CA 94105-1901 | &nbsp;&nbsp;20.06% |
| &nbsp;&nbsp;Short Duration Municipal Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;WELLS FARGO CLEARING SERVICES LLC<br> SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER<br> 2801 MARKET ST<br> SAINT LOUIS, MO 63103-2523 | &nbsp;&nbsp;10.40% |
| &nbsp;&nbsp;Short Duration Municipal Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;PECOS RIVER MANAGEMENT INC TTEE<br> UA DTD 12/27/2000<br> OPPENHEIMER DESCENDANTS TRUST<br> PO BOX 2554<br> JACKSON WY 83001-2554  | &nbsp;&nbsp;8.03% |
| &nbsp;&nbsp;Short Duration Municipal Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;PECOS RIVER MANAGEMENT INC TTEE<br> UA DTD 12/24/1994<br> THORNBURG DESCENDANTS TRUST<br> PO BOX 2554<br> JACKSON WY 83001-2554 | &nbsp;&nbsp;6.26% |

---

**Limited Term Municipal Fund**

As of December 31, 2025, the officers and Trustees of Thornburg Investment Trust, as a group, held approximately 9.29% of the Class I shares of the Fund, and held less than 1% of the Class A, Class C or Class C2 shares of the Fund. As of December 31, 2025, the following persons were known to have held of record or beneficially 5% or more of the Fund's Class A, Class C, Class C2 or Class I shares:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**<u>Fund</u>** | &nbsp;&nbsp;**<u>Class of Shares</u>** | &nbsp;&nbsp;**<u>Shareholder</u>** | &nbsp;&nbsp;**% of Total**<br> **<u>Shares of Class</u>** |
| &nbsp;&nbsp;Limited Term Municipal Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;WELLS FARGO CLEARING SERVICES LLC<br> SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER<br> 2801 MARKET ST<br> SAINT LOUIS, MO 63103-2523 | &nbsp;&nbsp;15.14% |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**<u>Fund</u>** | &nbsp;&nbsp;**<u>Class of Shares</u>** | &nbsp;&nbsp;**<u>Shareholder</u>** | &nbsp;&nbsp;**% of Total**<br> **<u>Shares of Class</u>** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Limited Term Municipal Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;MORGAN STANLEY SMITH BARNEY LLC<br> FOR THE EXCLUSIVE BENE OF ITS CUST <br> 1 NEW YORK PLZ FL 12<br> NEW YORK NY 10004-1965 | &nbsp;&nbsp;11.55% |
| &nbsp;&nbsp;Limited Term Municipal Fund<br>| &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;NFS LLC<br> FEBO OUR CUSTOMERS<br> ATTN MUTUAL FUNDS DEPT 4TH FL <br> 499 WASHINGTON BLVD <br> JERSEY CITY NJ 07310-1995 | &nbsp;&nbsp;10.50% |
| &nbsp;&nbsp;Limited Term Municipal Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;PERSHING LLC<br> 1 PERSHING PLAZA<br> JERSEY CITY NJ 07399-0002 | &nbsp;&nbsp;9.80% |
| &nbsp;&nbsp;Limited Term Municipal Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;RAYMOND JAMES<br> OMNIBUS FOR MUTUAL FUNDS<br> HOUSE ACCT FIRM 92500015 <br> ATTN COURTNEY WALLER <br> 880 CARILLON PKWY <br> ST PETERSBURG FL 33716-1100 | &nbsp;&nbsp;9.36% |
| &nbsp;&nbsp;Limited Term Municipal Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;MLPF&S FOR THE SOLE BENEFIT<br> OF ITS CUSTOMERS<br> ATTN FUND ADMINISTRATION 973S8 <br> 4800 DEER LAKE DR E FL 2<br> JACKSONVILLE FL 32246-6484  | &nbsp;&nbsp;6.57% |
| &nbsp;&nbsp;Limited Term Municipal Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;CHARLES SCHWAB & CO INC <br> ATTN MUTUAL FUNDS <br> 211 MAIN STREET<br> SAN FRANCISCO CA 94105-1901 | &nbsp;&nbsp;6.44% |
| &nbsp;&nbsp;Limited Term Municipal Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;CHARLES SCHWAB & CO INC <br> SPECIAL CUSTODY ACCT FEB OF CUSTOMERS REINVEST ACCT<br> ATTN MUTUAL FUNDS DEPARTMENT <br> 211 MAIN ST <br> SAN FRANCISCO CA 94105-1901 | &nbsp;&nbsp;6.10% |
| &nbsp;&nbsp;Limited Term Municipal Fund | &nbsp;&nbsp;Class C<br> shares | &nbsp;&nbsp;WELLS FARGO CLEARING SERVICES LLC<br> SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER<br> 2801 MARKET ST<br> SAINT LOUIS, MO 63103-2523 | &nbsp;&nbsp;34.82% |
| &nbsp;&nbsp;Limited Term Municipal Fund | &nbsp;&nbsp;Class C<br> shares | &nbsp;&nbsp;RAYMOND JAMES<br> OMNIBUS FOR MUTUAL FUNDS<br> HOUSE ACCT FIRM 92500015 <br> ATTN COURTNEY WALLER <br> 880 CARILLON PKWY <br> ST PETERSBURG FL 33716-1100 | &nbsp;&nbsp;17.03% |
| &nbsp;&nbsp;Limited Term Municipal Fund | &nbsp;&nbsp;Class C<br> shares | &nbsp;&nbsp;MORGAN STANLEY SMITH BARNEY LLC<br> FOR THE EXCLUSIVE BENE OF ITS CUST <br> 1 NEW YORK PLZ FL 12<br> NEW YORK NY 10004-1965 | &nbsp;&nbsp;6.81% |
| &nbsp;&nbsp;Limited Term Municipal Fund | &nbsp;&nbsp;Class C<br> shares | &nbsp;&nbsp;NFS LLC<br> FEBO OUR CUSTOMERS<br> ATTN MUTUAL FUNDS DEPT 4TH FL <br> 499 WASHINGTON BLVD <br> JERSEY CITY NJ 07310-1995 | &nbsp;&nbsp;11.04% |
| &nbsp;&nbsp;Limited Term Municipal Fund | &nbsp;&nbsp;Class C<br> shares | &nbsp;&nbsp;CHARLES SCHWAB & CO INC <br> ATTN MUTUAL FUNDS <br> 211 MAIN STREET<br> SAN FRANCISCO CA 94105-1901 | &nbsp;&nbsp;6.79% |
| &nbsp;&nbsp;Limited Term Municipal Fund | &nbsp;&nbsp;Class C<br> shares | &nbsp;&nbsp;LPL FINANCIAL<br> OMNIBUS CUSTOMER ACCOUNT<br> ATTN MUTUAL FUND TRADING<br> 4707 EXECUTIVE DR<br> SAN DIEGO CA 92121-3091 | &nbsp;&nbsp;5.14% |
| &nbsp;&nbsp;Limited Term Municipal Fund | &nbsp;&nbsp;Class C2<br> shares | &nbsp;&nbsp;MORGAN STANLEY SMITH BARNEY LLC<br> FOR THE EXCLUSIVE BENE OF ITS CUST <br> 1 NEW YORK PLZ FL 12<br> NEW YORK NY 10004-1965 | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;Limited Term Municipal Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;CHARLES SCHWAB & CO INC <br> SPECIAL CUSTODY ACCT FEB OF CUSTOMERS REINVEST ACCT<br> ATTN MUTUAL FUNDS DEPARTMENT <br> 211 MAIN ST <br> SAN FRANCISCO CA 94105-1901 | &nbsp;&nbsp;19.20% |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**<u>Fund</u>** | &nbsp;&nbsp;**<u>Class of Shares</u>** | &nbsp;&nbsp;**<u>Shareholder</u>** | &nbsp;&nbsp;**% of Total**<br> **<u>Shares of Class</u>** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Limited Term Municipal Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;NFS LLC<br> FEBO OUR CUSTOMERS<br> ATTN MUTUAL FUNDS DEPT 4TH FL <br> 499 WASHINGTON BLVD <br> JERSEY CITY NJ 07310-1995 | &nbsp;&nbsp;12.02% |
| &nbsp;&nbsp;Limited Term Municipal Fund | &nbsp;&nbsp;Class I<br> Shares | &nbsp;&nbsp;CHARLES SCHWAB & CO INC <br> SPECIAL CUSTODY ACCT FEB OF CUSTOMERS REINVEST ACCT<br> ATTN MUTUAL FUNDS DEPARTMENT <br> 211 MAIN ST <br> SAN FRANCISCO CA 94105-1901 | &nbsp;&nbsp;8.93% |
| &nbsp;&nbsp;Limited Term Municipal Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;MORGAN STANLEY SMITH BARNEY LLC<br> FOR THE EXCLUSIVE BENE OF ITS CUST <br> 1 NEW YORK PLZ FL 12<br> NEW YORK NY 10004-1965 | &nbsp;&nbsp;7.60% |
| &nbsp;&nbsp;Limited Term Municipal Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;UBS WM USA<br> SPEC CUSTODY ACCT EXCEL BEN<br> CUSTOMERS OF UBS FINANCIAL SERVICES INC<br> 1000 HARBOR BLVD 5TH FL<br> WEEHAWKEN NJ 07086-6761 | &nbsp;&nbsp;7.57% |
| &nbsp;&nbsp;Limited Term Municipal Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;GARRETT THORNBURG<br> REVOCABLE LIVING TRUST DTD 07-27-90<br> 2300 N RIDGETOP RD<br> SANTA FE NM 87506-8361  | &nbsp;&nbsp;6.65% |
| &nbsp;&nbsp;Limited Term Municipal Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;PERSHING LLC<br> 1 PERSHING PLAZA<br> JERSEY CITY NJ 07399-0002 | &nbsp;&nbsp;5.55% |
| &nbsp;&nbsp;Limited Term Municipal Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;RAYMOND JAMES<br> OMNIBUS FOR MUTUAL FUNDS<br> HOUSE ACCT FIRM 92500015 <br> ATTN COURTNEY WALLER <br> 880 CARILLON PKWY <br> ST PETERSBURG FL 33716-1100 | &nbsp;&nbsp;5.50% |
| &nbsp;&nbsp;Limited Term Municipal Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;LPL FINANCIAL<br> OMNIBUS CUSTOMER ACCOUNT<br> ATTN MUTUAL FUND TRADING<br> 4707 EXECUTIVE DR<br> SAN DIEGO CA 92121-3091 | &nbsp;&nbsp;5.43% |
| &nbsp;&nbsp;Limited Term Municipal Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;WELLS FARGO CLEARING SERVICES LLC<br> SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER<br> 2801 MARKET ST<br> SAINT LOUIS, MO 63103-2523 | &nbsp;&nbsp;5.29% |

---

**Intermediate Municipal Fund**

As of December 31, 2025, the officers and Trustees of Thornburg Investment Trust, as a group, held less than 1% of the Class A, Class C, Class C2 or Class I shares of the Fund. As of December 31, 2025, the following persons were known to have held of record or beneficially 5% or more of the Fund's Class A, Class C, Class C2 or Class I shares:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**<u>Fund</u>** | &nbsp;&nbsp;**<u>Class of Shares</u>** | &nbsp;&nbsp;**<u>Shareholder</u>** | &nbsp;&nbsp;**% of Total**<br> **<u>Shares of Class</u>** |
| &nbsp;&nbsp;Intermediate Municipal Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;PERSHING LLC<br> 1 PERSHING PLAZA<br> JERSEY CITY NJ 07399-0002 | &nbsp;&nbsp;15.67% |
| &nbsp;&nbsp;Intermediate Municipal Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;RAYMOND JAMES<br> OMNIBUS FOR MUTUAL FUNDS<br> HOUSE ACCT FIRM 92500015 <br> ATTN COURTNEY WALLER <br> 880 CARILLON PKWY <br> ST PETERSBURG FL 33716-1100 | &nbsp;&nbsp;15.21% |
| &nbsp;&nbsp;Intermediate Municipal Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;WELLS FARGO CLEARING SERVICES LLC<br> SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER<br> 2801 MARKET ST<br> SAINT LOUIS, MO 63103-2523 | &nbsp;&nbsp;11.44% |
| &nbsp;&nbsp;Intermediate Municipal Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;NFS LLC<br> FEBO OUR CUSTOMERS<br> ATTN MUTUAL FUNDS DEPT 4TH FL <br> 499 WASHINGTON BLVD <br> JERSEY CITY NJ 07310-1995 | &nbsp;&nbsp;10.69% |
| &nbsp;&nbsp;Intermediate Municipal Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;MORGAN STANLEY SMITH BARNEY LLC<br> FOR THE EXCLUSIVE BENE OF ITS CUST <br> 1 NEW YORK PLZ FL 12<br> NEW YORK NY 10004-1965 | &nbsp;&nbsp;8.77% |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**<u>Fund</u>** | &nbsp;&nbsp;**<u>Class of Shares</u>** | &nbsp;&nbsp;**<u>Shareholder</u>** | &nbsp;&nbsp;**% of Total**<br> **<u>Shares of Class</u>** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Intermediate Municipal Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;MLPF&S FOR THE SOLE BENEFIT<br> OF ITS CUSTOMERS<br> ATTN FUND ADMINISTRATION 97BW2 <br> 4800 DEER LAKE DR E FL 2<br> JACKSONVILLE FL 32246-6484  | &nbsp;&nbsp;8.01% |
| &nbsp;&nbsp;Intermediate Municipal Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;CHARLES SCHWAB & CO INC <br> SPECIAL CUSTODY ACCT FEB OF CUSTOMERS REINVEST ACCT<br> ATTN MUTUAL FUNDS DEPARTMENT <br> 211 MAIN ST <br> SAN FRANCISCO CA 94105-1901 | &nbsp;&nbsp;6.24% |
| &nbsp;&nbsp;Intermediate Municipal Fund | &nbsp;&nbsp;Class C<br> shares | &nbsp;&nbsp;RAYMOND JAMES<br> OMNIBUS FOR MUTUAL FUNDS<br> HOUSE ACCT FIRM 92500015 <br> ATTN COURTNEY WALLER <br> 880 CARILLON PKWY <br> ST PETERSBURG FL 33716-1100 | &nbsp;&nbsp;31.55% |
| &nbsp;&nbsp;Intermediate Municipal Fund | &nbsp;&nbsp;Class C<br> shares | &nbsp;&nbsp;WELLS FARGO CLEARING SERVICES LLC<br> SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER<br> 2801 MARKET ST<br> SAINT LOUIS, MO 63103-2523 | &nbsp;&nbsp;25.25% |
| &nbsp;&nbsp;Intermediate Municipal Fund | &nbsp;&nbsp;Class C<br> shares | &nbsp;&nbsp;CHARLES SCHWAB & CO INC <br> ATTN MUTUAL FUNDS <br> 211 MAIN STREET<br> SAN FRANCISCO CA 94105-1901 | &nbsp;&nbsp;8.29% |
| &nbsp;&nbsp;Intermediate Municipal Fund | &nbsp;&nbsp;Class C<br> shares | &nbsp;&nbsp;PERSHING LLC<br> 1 PERSHING PLAZA<br> JERSEY CITY NJ 07399-0002 | &nbsp;&nbsp;7.95% |
| &nbsp;&nbsp;Intermediate Municipal Fund | &nbsp;&nbsp;Class C<br> shares | &nbsp;&nbsp;AMERICAN ENTERPRISE INVESTMENT SVC FBO # 41999970 <br> 707 2ND AVE S <br> MINNEAPOLIS MN 55402-2405  | &nbsp;&nbsp;7.56% |
| &nbsp;&nbsp;Intermediate Municipal Fund | &nbsp;&nbsp;Class C<br> shares | &nbsp;&nbsp;MLPF&S FOR THE SOLE BENEFIT<br> OF ITS CUSTOMERS<br> ATTN FUND ADMINISTRATION 97BW2 <br> 4800 DEER LAKE DR E FL 2<br> JACKSONVILLE FL 32246-6484  | &nbsp;&nbsp;6.20% |
| &nbsp;&nbsp;Intermediate Municipal Fund | &nbsp;&nbsp;Class C2<br> shares | &nbsp;&nbsp;MORGAN STANLEY SMITH BARNEY LLC<br> FOR THE EXCLUSIVE BENE OF ITS CUST <br> 1 NEW YORK PLZ FL 12<br> NEW YORK NY 10004-1965 | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;Intermediate Municipal Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;CHARLES SCHWAB & CO INC <br> SPECIAL CUSTODY ACCT FEB OF CUSTOMERS REINVEST ACCT<br> ATTN MUTUAL FUNDS DEPARTMENT <br> 211 MAIN ST <br> SAN FRANCISCO CA 94105-1901 | &nbsp;&nbsp;16.48% |
| &nbsp;&nbsp;Intermediate Municipal Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;MLPF&S FOR THE SOLE BENEFIT<br> OF ITS CUSTOMERS<br> ATTN FUND ADMINISTRATION 97L27 <br> 4800 DEER LAKE DR E FL 2<br> JACKSONVILLE FL 32246-6484  | &nbsp;&nbsp;15.13% |
| &nbsp;&nbsp;Intermediate Municipal Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;RBC CAPITAL MARKETS LLC<br> MUTUAL FUND OMNIBUS PROCESSING<br> OMNIBUS <br> ATTN MUTUAL FUND OPS MANAGER<br> 250 NICOLLET MALL STE 1400<br> MINNEAPOLIS MN 55401-7582  | &nbsp;&nbsp;12.11% |
| &nbsp;&nbsp;Intermediate Municipal Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;NFS LLC<br> FEBO OUR CUSTOMERS<br> ATTN MUTUAL FUNDS DEPT 4TH FL <br> 499 WASHINGTON BLVD <br> JERSEY CITY NJ 07310-1995 | &nbsp;&nbsp;9.29% |
| &nbsp;&nbsp;Intermediate Municipal Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;RAYMOND JAMES<br> OMNIBUS FOR MUTUAL FUNDS<br> HOUSE ACCT FIRM 92500015 <br> ATTN COURTNEY WALLER <br> 880 CARILLON PKWY <br> ST PETERSBURG FL 33716-1100 | &nbsp;&nbsp;8.88% |
| &nbsp;&nbsp;Intermediate Municipal Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;MORGAN STANLEY SMITH BARNEY LLC<br> FOR THE EXCLUSIVE BENE OF ITS CUST <br> 1 NEW YORK PLZ FL 12<br> NEW YORK NY 10004-1965 | &nbsp;&nbsp;8.70% |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**<u>Fund</u>** | &nbsp;&nbsp;**<u>Class of Shares</u>** | &nbsp;&nbsp;**<u>Shareholder</u>** | &nbsp;&nbsp;**% of Total**<br> **<u>Shares of Class</u>** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Intermediate Municipal Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;PERSHING LLC<br> 1 PERSHING PLAZA<br> JERSEY CITY NJ 07399-0002 | &nbsp;&nbsp;6.04% |
| &nbsp;&nbsp;Intermediate Municipal Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;AMERICAN ENTERPRISE INVESTMENT SVC FBO # 41999970 <br> 707 2ND AVE S <br> MINNEAPOLIS MN 55402-2405  | &nbsp;&nbsp;5.78% |
| &nbsp;&nbsp;Intermediate Municipal Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;UBS WM USA<br> SPEC CUSTODY ACCT EXCEL BEN<br> CUSTOMERS OF UBS FINANCIAL SERVICES INC<br> 1000 HARBOR BLVD 5TH FL<br> WEEHAWKEN NJ 07086-6761  | &nbsp;&nbsp;5.66% |

---

**Strategic Municipal Income Fund** 

As of December 31, 2025, the officers and Trustees of Thornburg Investment Trust, as a group, held approximately 10.41% of the Class I shares of the Fund, and held less than 1% of the Class A or Class C shares of the Fund. As of December 31, 2025, the following persons were known to have held of record or beneficially 5% or more of the Fund's Class A, Class C or Class I shares:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**<u>Fund</u>** | &nbsp;&nbsp;**<u>Class of Shares</u>** | &nbsp;&nbsp;**<u>Shareholder</u>** | &nbsp;&nbsp;**% of Total**<br> **<u>Shares of Class</u>** |
| &nbsp;&nbsp;Strategic Municipal Income Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;PERSHING LLC<br> 1 PERSHING PLAZA<br> JERSEY CITY NJ 07399-0002 | &nbsp;&nbsp;21.90% |
| &nbsp;&nbsp;Strategic Municipal Income Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;NFS LLC<br> FEBO OUR CUSTOMERS<br> ATTN MUTUAL FUNDS DEPT 4TH FL <br> 499 WASHINGTON BLVD <br> JERSEY CITY NJ 07310-1995 | &nbsp;&nbsp;12.62% |
| &nbsp;&nbsp;Strategic Municipal Income Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;RBC CAPITAL MARKETS LLC<br> MUTUAL FUND OMNIBUS PROCESSING<br> OMNIBUS <br> ATTN MUTUAL FUND OPS MANAGER<br> 250 NICOLLET MALL STE 1400<br> MINNEAPOLIS MN 55401-7582  | &nbsp;&nbsp;12.48% |
| &nbsp;&nbsp;Strategic Municipal Income Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;RAYMOND JAMES<br> OMNIBUS FOR MUTUAL FUNDS<br> HOUSE ACCT FIRM 92500015 <br> ATTN COURTNEY WALLER <br> 880 CARILLON PKWY <br> ST PETERSBURG FL 33716-1100 | &nbsp;&nbsp;11.49% |
| &nbsp;&nbsp;Strategic Municipal Income Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;WELLS FARGO CLEARING SERVICES LLC<br> SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER<br> 2801 MARKET ST<br> SAINT LOUIS, MO 63103-2523 | &nbsp;&nbsp;11.18% |
| &nbsp;&nbsp;Strategic Municipal Income Fund | &nbsp;&nbsp;Class C<br> shares | &nbsp;&nbsp;RAYMOND JAMES<br> OMNIBUS FOR MUTUAL FUNDS<br> HOUSE ACCT FIRM 92500015 <br> ATTN COURTNEY WALLER <br> 880 CARILLON PKWY <br> ST PETERSBURG FL 33716-1100 | &nbsp;&nbsp;37.92% |
| &nbsp;&nbsp;Strategic Municipal Income Fund | &nbsp;&nbsp;Class C<br> shares | &nbsp;&nbsp;WELLS FARGO CLEARING SERVICES LLC<br> SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER<br> 2801 MARKET ST<br> SAINT LOUIS, MO 63103-2523 | &nbsp;&nbsp;25.76% |
| &nbsp;&nbsp;Strategic Municipal Income Fund | &nbsp;&nbsp;Class C<br> shares | &nbsp;&nbsp;PERSHING LLC<br> 1 PERSHING PLAZA<br> JERSEY CITY NJ 07399-0002 | &nbsp;&nbsp;15.28% |
| &nbsp;&nbsp;Strategic Municipal Income Fund | &nbsp;&nbsp;Class C<br> shares | &nbsp;&nbsp;LPL FINANCIAL<br> OMNIBUS CUSTOMER ACCOUNT<br> ATTN MUTUAL FUND TRADING<br> 4707 EXECUTIVE DR<br> SAN DIEGO CA 92121-3091 | &nbsp;&nbsp;10.71% |
| &nbsp;&nbsp;Strategic Municipal Income Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;NFS LLC<br> FEBO OUR CUSTOMERS<br> ATTN MUTUAL FUNDS DEPT 4TH FL <br> 499 WASHINGTON BLVD <br> JERSEY CITY NJ 07310-1995 | &nbsp;&nbsp;31.04% |
| &nbsp;&nbsp;Strategic Municipal Income Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;PERSHING LLC<br> 1 PERSHING PLAZA<br> JERSEY CITY NJ 07399-0002 | &nbsp;&nbsp;16.08% |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**<u>Fund</u>** | &nbsp;&nbsp;**<u>Class of Shares</u>** | &nbsp;&nbsp;**<u>Shareholder</u>** | &nbsp;&nbsp;**% of Total**<br> **<u>Shares of Class</u>** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Strategic Municipal Income Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;LPL FINANCIAL<br> OMNIBUS CUSTOMER ACCOUNT<br> ATTN MUTUAL FUND TRADING<br> 4707 EXECUTIVE DR<br> SAN DIEGO CA 92121-3091 | &nbsp;&nbsp;14.50% |
| &nbsp;&nbsp;Strategic Municipal Income Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;CHARLES SCHWAB & CO INC <br> SPECIAL CUSTODY ACCT FEB OF CUSTOMERS REINVEST ACCT<br> ATTN MUTUAL FUNDS DEPARTMENT <br> 211 MAIN ST <br> SAN FRANCISCO CA 94105-1901 | &nbsp;&nbsp;6.38% |
| &nbsp;&nbsp;Strategic Municipal Income Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;RAYMOND JAMES<br> OMNIBUS FOR MUTUAL FUNDS<br> HOUSE ACCT FIRM 92500015 <br> ATTN COURTNEY WALLER <br> 880 CARILLON PKWY <br> ST PETERSBURG FL 33716-1100 | &nbsp;&nbsp;5.34% |

---

**California Limited Term Municipal Fund**

As of December 31, 2025, the officers and Trustees of Thornburg Investment Trust, as a group, held less than 1% of the Class A, Class C, Class C2 or Class I shares of the Fund. As of December 31, 2025, the following persons were known to have held of record or beneficially 5% or more of the Fund's Class A, Class C, Class C2 or Class I shares:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**<u>Fund</u>** | &nbsp;&nbsp;**<u>Class of Shares</u>** | &nbsp;&nbsp;**<u>Shareholder</u>** | &nbsp;&nbsp;**% of Total**<br> **<u>Shares of Class</u>** |
| &nbsp;&nbsp;California Limited Term Municipal Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;UBS WM USA<br> SPEC CUSTODY ACCT EXCEL BEN<br> CUSTOMERS OF UBS FINANCIAL SERVICES INC<br> 1000 HARBOR BLVD 5TH FL<br> WEEHAWKEN NJ 07086-6761 | &nbsp;&nbsp;31.82% |
| &nbsp;&nbsp;California Limited Term Municipal Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;WELLS FARGO CLEARING SERVICES LLC<br> SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER<br> 2801 MARKET ST<br> SAINT LOUIS, MO 63103-2523 | &nbsp;&nbsp;17.60% |
| &nbsp;&nbsp;California Limited Term Municipal Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;MLPF&S FOR THE SOLE BENEFIT<br> OF ITS CUSTOMERS<br> ATTN FUND ADMINISTRATION 97AK2 <br> 4800 DEER LAKE DR E FL 2<br> JACKSONVILLE FL 32246-6484  | &nbsp;&nbsp;12.52% |
| &nbsp;&nbsp;California Limited Term Municipal Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;CHARLES SCHWAB & CO INC <br> SPECIAL CUSTODY ACCT FEB OF CUSTOMERS REINVEST ACCT<br> ATTN MUTUAL FUNDS DEPARTMENT <br> 211 MAIN ST <br> SAN FRANCISCO CA 94105-1901 | &nbsp;&nbsp;5.67% |
| &nbsp;&nbsp;California Limited Term Municipal Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;MORGAN STANLEY SMITH BARNEY LLC<br> FOR THE EXCLUSIVE BENE OF ITS CUST <br> 1 NEW YORK PLZ FL 12<br> NEW YORK NY 10004-1965 | &nbsp;&nbsp;5.52% |
| &nbsp;&nbsp;California Limited Term Municipal Fund | &nbsp;&nbsp;Class C<br> shares | &nbsp;&nbsp;MLPF&S FOR THE SOLE BENEFIT<br> OF ITS CUSTOMERS<br> ATTN FUND ADMINISTRATION 97HP8 <br> 4800 DEER LAKE DR E FL 2<br> JACKSONVILLE FL 32246-6484  | &nbsp;&nbsp;34.57% |
| &nbsp;&nbsp;California Limited Term Municipal Fund | &nbsp;&nbsp;Class C<br> shares | &nbsp;&nbsp;LPL FINANCIAL<br> OMNIBUS CUSTOMER ACCOUNT<br> ATTN MUTUAL FUND TRADING<br> 4707 EXECUTIVE DR<br> SAN DIEGO CA 92121-3091 | &nbsp;&nbsp;14.70% |
| &nbsp;&nbsp;California Limited Term Municipal Fund | &nbsp;&nbsp;Class C<br> shares | &nbsp;&nbsp;AMERICAN ENTERPRISE INVESTMENT SVC FBO # 41999970 <br> 707 2ND AVE S <br> MINNEAPOLIS MN 55402-2405  | &nbsp;&nbsp;12.16% |
| &nbsp;&nbsp;California Limited Term Municipal Fund | &nbsp;&nbsp;Class C<br> shares | &nbsp;&nbsp;PERSHING LLC<br> 1 PERSHING PLAZA<br> JERSEY CITY NJ 07399-0002 | &nbsp;&nbsp;11.62% |
| &nbsp;&nbsp;California Limited Term Municipal Fund | &nbsp;&nbsp;Class C<br> shares | &nbsp;&nbsp;NFS LLC<br> FEBO OUR CUSTOMERS<br> ATTN MUTUAL FUNDS DEPT 4TH FL <br> 499 WASHINGTON BLVD <br> JERSEY CITY NJ 07310-1995 | &nbsp;&nbsp;10.21% |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**<u>Fund</u>** | &nbsp;&nbsp;**<u>Class of Shares</u>** | &nbsp;&nbsp;**<u>Shareholder</u>** | &nbsp;&nbsp;**% of Total**<br> **<u>Shares of Class</u>** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;California Limited Term Municipal Fund | &nbsp;&nbsp;Class C<br> shares | &nbsp;&nbsp;WELLS FARGO CLEARING SERVICES LLC<br> SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER<br> 2801 MARKET ST<br> SAINT LOUIS, MO 63103-2523 | &nbsp;&nbsp;6.58% |
| &nbsp;&nbsp;California Limited Term Municipal Fund | &nbsp;&nbsp;Class C2<br> shares | &nbsp;&nbsp;MORGAN STANLEY SMITH BARNEY LLC<br> FOR THE EXCLUSIVE BENE OF ITS CUST <br> 1 NEW YORK PLZ FL 12<br> NEW YORK NY 10004-1965 | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;California Limited Term Municipal Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;LPL FINANCIAL<br> OMNIBUS CUSTOMER ACCOUNT<br> ATTN MUTUAL FUND TRADING<br> 4707 EXECUTIVE DR<br> SAN DIEGO CA 92121-3091 | &nbsp;&nbsp;18.39% |
| &nbsp;&nbsp;California Limited Term Municipal Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;CHARLES SCHWAB & CO INC <br> SPECIAL CUSTODY ACCT FEB OF CUSTOMERS REINVEST ACCT<br> ATTN MUTUAL FUNDS DEPARTMENT <br> 211 MAIN ST <br> SAN FRANCISCO CA 94105-1901 | &nbsp;&nbsp;17.29% |
| &nbsp;&nbsp;California Limited Term Municipal Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;WELLS FARGO CLEARING SERVICES LLC<br> SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER<br> 2801 MARKET ST<br> SAINT LOUIS, MO 63103-2523 | &nbsp;&nbsp;16.63% |
| &nbsp;&nbsp;California Limited Term Municipal Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;MORGAN STANLEY SMITH BARNEY LLC<br> FOR THE EXCLUSIVE BENE OF ITS CUST <br> 1 NEW YORK PLZ FL 12<br> NEW YORK NY 10004-1965 | &nbsp;&nbsp;11.47% |
| &nbsp;&nbsp;California Limited Term Municipal Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;MLPF&S FOR THE SOLE BENEFIT<br> OF ITS CUSTOMERS<br> ATTN FUND ADMINISTRATION 97L26 <br> 4800 DEER LAKE DR E FL 2<br> JACKSONVILLE FL 32246-6484  | &nbsp;&nbsp;10.40% |
| &nbsp;&nbsp;California Limited Term Municipal Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;UBS WM USA<br> SPEC CUSTODY ACCT EXCEL BEN<br> CUSTOMERS OF UBS FINANCIAL SERVICES INC<br> 1000 HARBOR BLVD 5TH FL<br> WEEHAWKEN NJ 07086-6761 | &nbsp;&nbsp;9.75% |
| &nbsp;&nbsp;California Limited Term Municipal Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;NFS LLC<br> FEBO OUR CUSTOMERS<br> ATTN MUTUAL FUNDS DEPT 4TH FL <br> 499 WASHINGTON BLVD <br> JERSEY CITY NJ 07310-1995 | &nbsp;&nbsp;5.86% |

---

**New Mexico Intermediate Municipal Fund**

As of December 31, 2025, the officers and Trustees of Thornburg Investment Trust, as a group, held approximately 38.23% of the Class I shares of the Fund, and held less than 1% of the Class A or Class D shares of the Fund. As of December 31, 2025, Garrett Thornburg, 2300 North Ridgetop Road, Santa Fe, New Mexico 87506-8361, owned beneficially, either directly or through revocable trusts or other structures, approximately 34.63% of the Fund's Class R6 shares. Shareholders that beneficially own more than 25% of the voting securities of a class of a Fund could control the outcome of proposals presented to shareholders of that class for approval. As of December 31, 2025, the following persons were known to have held of record or beneficially 5% or more of the Fund's Class A, Class D or Class I shares:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**<u>Fund</u>** | &nbsp;&nbsp;**<u>Class of Shares</u>** | &nbsp;&nbsp;**<u>Shareholder</u>** | &nbsp;&nbsp;**% of Total**<br> **<u>Shares of Class</u>** |
| &nbsp;&nbsp;New Mexico Intermediate Municipal Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;EDWARD JONES & CO<br> FOR THE BENEFIT OF CUSTOMERS<br> 12555 MANCHESTER RD<br> SAINT LOUIS MO 63131-3710  | &nbsp;&nbsp;19.18% |
| &nbsp;&nbsp;New Mexico Intermediate Municipal Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;MORGAN STANLEY SMITH BARNEY LLC<br> FOR THE EXCLUSIVE BENE OF ITS CUST <br> 1 NEW YORK PLZ FL 12<br> NEW YORK NY 10004-1965 | &nbsp;&nbsp;13.81% |
| &nbsp;&nbsp;New Mexico Intermediate Municipal Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;LPL FINANCIAL<br> OMNIBUS CUSTOMER ACCOUNT<br> ATTN MUTUAL FUND TRADING<br> 4707 EXECUTIVE DR<br> SAN DIEGO CA 92121-3091 | &nbsp;&nbsp;11.51% |
| &nbsp;&nbsp;New Mexico Intermediate Municipal Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;PERSHING LLC<br> 1 PERSHING PLAZA<br> JERSEY CITY NJ 07399-0002 | &nbsp;&nbsp;8.13% |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**<u>Fund</u>** | &nbsp;&nbsp;**<u>Class of Shares</u>** | &nbsp;&nbsp;**<u>Shareholder</u>** | &nbsp;&nbsp;**% of Total**<br> **<u>Shares of Class</u>** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;New Mexico Intermediate Municipal Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;NFS LLC<br> FEBO OUR CUSTOMERS<br> ATTN MUTUAL FUNDS DEPT 4TH FL <br> 499 WASHINGTON BLVD <br> JERSEY CITY NJ 07310-1995 | &nbsp;&nbsp;6.68% |
| &nbsp;&nbsp;New Mexico Intermediate Municipal Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;CHARLES SCHWAB & CO INC <br> SPECIAL CUSTODY ACCT FEB OF CUSTOMERS REINVEST ACCT<br> ATTN MUTUAL FUNDS DEPARTMENT <br> 211 MAIN ST <br> SAN FRANCISCO CA 94105-1901 | &nbsp;&nbsp;6.55% |
| &nbsp;&nbsp;New Mexico Intermediate Municipal Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;RAYMOND JAMES<br> OMNIBUS FOR MUTUAL FUNDS<br> HOUSE ACCT FIRM 92500015 <br> ATTN COURTNEY WALLER <br> 880 CARILLON PKWY <br> ST PETERSBURG FL 33716-1100 | &nbsp;&nbsp;6.06% |
| &nbsp;&nbsp;New Mexico Intermediate Municipal Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;MLPF&S FOR THE SOLE BENEFIT<br> OF ITS CUSTOMERS<br> ATTN FUND ADMINISTRATION 979F6 <br> 4800 DEER LAKE DR E FL 2<br> JACKSONVILLE FL 32246-6484  | &nbsp;&nbsp;5.93% |
| &nbsp;&nbsp;New Mexico Intermediate Municipal Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;CHARLES SCHWAB & CO INC <br> ATTN MUTUAL FUNDS <br> 211 MAIN STREET<br> SAN FRANCISCO CA 94105-1901 | &nbsp;&nbsp;5.68% |
| &nbsp;&nbsp;New Mexico Intermediate Municipal Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;WELLS FARGO CLEARING SERVICES LLC<br> SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER<br> 2801 MARKET ST<br> SAINT LOUIS, MO 63103-2523 | &nbsp;&nbsp;5.52% |
| &nbsp;&nbsp;New Mexico Intermediate Municipal Fund | &nbsp;&nbsp;Class D<br> shares | &nbsp;&nbsp;WELLS FARGO CLEARING SERVICES LLC<br> SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER<br> 2801 MARKET ST<br> SAINT LOUIS, MO 63103-2523 | &nbsp;&nbsp;32.85% |
| &nbsp;&nbsp;New Mexico Intermediate Municipal Fund | &nbsp;&nbsp;Class D<br> shares | &nbsp;&nbsp;RELIANCE TRUST CO<br> FBO HUNTINGTON NATIONAL BANK<br> PO BOX 570788 <br> ATLANTA GA 30357-3114 | &nbsp;&nbsp;17.92% |
| &nbsp;&nbsp;New Mexico Intermediate Municipal Fund | &nbsp;&nbsp;Class D<br> shares | &nbsp;&nbsp;EDWARD JONES & CO<br> FOR THE BENEFIT OF CUSTOMERS<br> 12555 MANCHESTER RD<br> SAINT LOUIS MO 63131-3710  | &nbsp;&nbsp;10.70% |
| &nbsp;&nbsp;New Mexico Intermediate Municipal Fund | &nbsp;&nbsp;Class D<br> shares | &nbsp;&nbsp;UBS WM USA<br> SPEC CUSTODY ACCT EXCEL BEN<br> CUSTOMERS OF UBS FINANCIAL SERVICES INC<br> 1000 HARBOR BLVD 5TH FL<br> WEEHAWKEN NJ 07086-6761 | &nbsp;&nbsp;9.39% |
| &nbsp;&nbsp;New Mexico Intermediate Municipal Fund | &nbsp;&nbsp;Class D<br> shares | &nbsp;&nbsp;PERSHING LLC<br> 1 PERSHING PLAZA<br> JERSEY CITY NJ 07399-0002 | &nbsp;&nbsp;5.23% |
| &nbsp;&nbsp;New Mexico Intermediate Municipal Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;GARRETT THORNBURG<br> REVOCABLE LIVING TRUST DTD 07-27-90<br> 2300 N RIDGETOP RD<br> SANTA FE NM 87506-8361  | &nbsp;&nbsp;34.60% |
| &nbsp;&nbsp;New Mexico Intermediate Municipal Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;MORGAN STANLEY SMITH BARNEY LLC<br> FOR THE EXCLUSIVE BENE OF ITS CUST <br> 1 NEW YORK PLZ FL 12<br> NEW YORK NY 10004-1965 | &nbsp;&nbsp;12.55% |
| &nbsp;&nbsp;New Mexico Intermediate Municipal Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;RAYMOND JAMES<br> OMNIBUS FOR MUTUAL FUNDS<br> HOUSE ACCT FIRM 92500015 <br> ATTN COURTNEY WALLER <br> 880 CARILLON PKWY <br> ST PETERSBURG FL 33716-1100 | &nbsp;&nbsp;7.21% |
| &nbsp;&nbsp;New Mexico Intermediate Municipal Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;CHARLES SCHWAB & CO INC <br> SPECIAL CUSTODY ACCT FEB OF CUSTOMERS REINVEST ACCT<br> ATTN MUTUAL FUNDS DEPARTMENT <br> 211 MAIN ST <br> SAN FRANCISCO CA 94105-1901 | &nbsp;&nbsp;6.00% |

---

**New York Intermediate Municipal Fund**

As of December 31, 2025, the officers and Trustees of Thornburg Investment Trust, as a group, held less than 1% of the Class A or Class I shares of the Fund. As of December 31, 2025, the following persons were known to have held of record or beneficially 5% or more of the Fund's Class A or Class I shares:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**<u>Fund</u>** | &nbsp;&nbsp;**<u>Class of Shares</u>** | &nbsp;&nbsp;**<u>Shareholder</u>** | &nbsp;&nbsp;**% of Total**<br> **<u>Shares of Class</u>** |
| &nbsp;&nbsp;New York Intermediate Municipal Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;LPL FINANCIAL<br> OMNIBUS CUSTOMER ACCOUNT<br> ATTN MUTUAL FUND TRADING<br> 4707 EXECUTIVE DR<br> SAN DIEGO CA 92121-3091 | &nbsp;&nbsp;24.85% |
| &nbsp;&nbsp;New York Intermediate Municipal Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;PERSHING LLC<br> 1 PERSHING PLAZA<br> JERSEY CITY NJ 07399-0002 | &nbsp;&nbsp;10.95% |
| &nbsp;&nbsp;New York Intermediate Municipal Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;MLPF&S FOR THE SOLE BENEFIT<br> OF ITS CUSTOMERS<br> ATTN FUND ADMINISTRATION 97SB1 <br> 4800 DEER LAKE DR E FL 2<br> JACKSONVILLE FL 32246-6484  | &nbsp;&nbsp;9.31% |
| &nbsp;&nbsp;New York Intermediate Municipal Fund | &nbsp;&nbsp;Class A<br> shares | &nbsp;&nbsp;WELLS FARGO CLEARING SERVICES LLC<br> SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER<br> 2801 MARKET ST<br> SAINT LOUIS, MO 63103-2523 | &nbsp;&nbsp;6.62% |
| &nbsp;&nbsp;New York Intermediate Municipal Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;LPL FINANCIAL<br> OMNIBUS CUSTOMER ACCOUNT<br> ATTN MUTUAL FUND TRADING<br> 4707 EXECUTIVE DR<br> SAN DIEGO CA 92121-3091 | &nbsp;&nbsp;27.39% |
| &nbsp;&nbsp;New York Intermediate Municipal Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;PERSHING LLC<br> 1 PERSHING PLAZA<br> JERSEY CITY NJ 07399-0002 | &nbsp;&nbsp;17.14% |
| &nbsp;&nbsp;New York Intermediate Municipal Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;NFS LLC<br> FEBO OUR CUSTOMERS<br> ATTN MUTUAL FUNDS DEPT 4TH FL <br> 499 WASHINGTON BLVD <br> JERSEY CITY NJ 07310-1995 | &nbsp;&nbsp;14.96% |
| &nbsp;&nbsp;New York Intermediate Municipal Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;CHARLES SCHWAB & CO INC <br> SPECIAL CUSTODY ACCT FEB OF CUSTOMERS REINVEST ACCT<br> ATTN MUTUAL FUNDS DEPARTMENT <br> 211 MAIN ST <br> SAN FRANCISCO CA 94105-1901 | &nbsp;&nbsp;11.05% |
| &nbsp;&nbsp;New York Intermediate Municipal Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;MLPF&S FOR THE SOLE BENEFIT<br> OF ITS CUSTOMERS<br> ATTN FUND ADMINISTRATION 97HP7 <br> 4800 DEER LAKE DR E FL 2<br> JACKSONVILLE FL 32246-6484  | &nbsp;&nbsp;8.55% |
| &nbsp;&nbsp;New York Intermediate Municipal Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;UBS WM USA<br> SPEC CUSTODY ACCT EXCEL BEN<br> CUSTOMERS OF UBS FINANCIAL SERVICES INC<br> 1000 HARBOR BLVD 5TH FL<br> WEEHAWKEN NJ 07086-6761 | &nbsp;&nbsp;7.48% |
| &nbsp;&nbsp;New York Intermediate Municipal Fund | &nbsp;&nbsp;Class I<br> shares | &nbsp;&nbsp;MICHAEL B JEFFERS TTEE<br> MICHAEL B JEFFERS TRUST<br> C/O THORNBURG INVESTMENT MANAGEMENT INC<br> 2300 N RIDGETOP RD<br> SANTA FE NM 87506-8361 | &nbsp;&nbsp;7.02% |

---

**NET ASSET VALUE**

Each Fund will calculate its net asset value as of 4:00 p.m. Eastern Time on days when the New York Stock Exchange is open for trading, and more frequently if deemed desirable by the Fund. Net asset value will not be calculated on New Year's Day, Washington's Birthday (on the third Monday in February), Good Friday, Memorial Day (on the last Monday in May), Independence Day, Labor Day, Thanksgiving Day, Christmas Day, on the preceding Friday if any of the foregoing holidays falls on a Saturday, and on the following Monday if any of the foregoing holidays falls on a Sunday. Under the 1940 Act, net asset value must be computed at least once daily on each day (i) in which there is a sufficient degree of trading in a Fund's portfolio securities that the current net asset value of its shares might be materially affected by changes in the value of such securities and (ii) on which an order for purchase or redemption of its shares is received.

**DISTRIBUTOR**

Pursuant to a Distribution Agreement with Thornburg Investment Trust, Thornburg Securities LLC ("TSL") acts as principal underwriter of each of the Funds. The Funds do not bear selling expenses except (i) those involved in registering its shares with the Securities and Exchange Commission and qualifying them or the Fund with state regulatory authorities, and (ii) expenses paid under the Service Plans and Distribution Plans which might be considered selling expenses. Terms of continuation, termination and assignment under the Distribution Agreement are identical to those described above with regard to the Investment Advisory Agreements, except that termination other than upon assignment requires six months' notice.

Garrett Thornburg, Chairman and Trustee of Thornburg Investment Trust, is also director and controlling stockholder of TSL.

The following table shows the commissions and other compensation received by TSL from each of the Funds for the fiscal year or period ended September 30, 2025, except for amounts paid under Rule 12b-1 plans, which are described above under the caption "Service and Distribution Plans."

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Aggregate Underwriting Commissions** | **Net Underwriting Discounts and Commissions Paid to TSL** | **Compensation on Redemptions and Repurchases** | **Brokerage Commissions** | **Other Compensation** |
| Global Opportunities Fund | $28615 | $9695 | $1009 | -0- | -0- |
| International Equity Fund | $44373 | $16625 | $1750 | -0- | -0- |
| Better World International Fund | $5914 | $1134 | $377 | -0- | -0- |
| International Growth Fund | $202179 | $1075 | $172 | -0- | -0- |
| Developing World Fund | $5406 | $897 | $182 | -0- | -0- |
| Small/Mid Cap Core Fund | $128757 | $6749 | $137 | -0- | -0- |
| Small/Mid Cap Growth Fund | $16589 | $2893 | $53 | -0- | -0- |
| Investment Income Builder Fund | $31683 | $384851 | $31287 | -0- | -0- |
| Summit Fund | $101137 | $296 | N/A | -0- | -0- |
| Ultra Short Income Fund | $2574065 | $898 | N/A | -0- | -0- |
| Limited Term U.S. Government Fund | $3133 | $119 | $226 | -0- | -0- |
| Limited Term Income Fund | $42941 | $4762 | $1049 | -0- | -0- |
| Core Plus Bond Fund | $0 | $624 | $0 | -0- | -0- |
| Strategic Income Fund | $3325 | $25250 | $5896 | -0- | -0- |
| Short Duration Municipal Fund | $20990 | $0 | N/A | -0- | -0- |
| Limited Term Municipal Fund | $234532 | $2698 | $490 | -0- | -0- |
| Intermediate Municipal Fund | $9125 | $1762 | $1061 | -0- | -0- |
| Strategic Municipal Income Fund | $5721 | $760 | $0 | -0- | -0- |
| California Limited Term Municipal Fund | $8430 | $258 | $195 | -0- | -0- |
| Intermediate New Mexico Fund | $20279 | $97 | N/A | -0- | -0- |
| New York Intermediate Municipal Fund | $55730 | $739 | N/A | -0- | -0- |

---

**ADDITIONAL INFORMATION RESPECTING PURCHASE AND REDEMPTION OF SHARES**

Shares of the Funds are qualified for sale under the laws of every state or territory of the United States, except that the Shares of California Limited Term Municipal Fund, New Mexico Intermediate Municipal Fund and New York Intermediate Municipal Fund are only qualified for sale in California, New Mexico, and New York, respectively.

To the extent consistent with state and federal law, Redemption proceeds are normally paid in cash. Each Fund generally expects to meet redemption requests out of its holdings of cash, or by selling portfolio investments to generate cash to meet those requests. If considered appropriate by Thornburg, and subject to terms and conditions approved by the Trustees, a Fund may pay redemption proceeds in portfolio securities rather than cash.

The Funds have elected to pay in cash all requests for redemption by any shareholder. They may, however, limit such cash in respect to each shareholder during any 90-day period to the lesser of $250,000 or 1% of the net asset value of a Fund at the beginning of such period. This election has been made pursuant to Rule 18f-1 under the 1940 Act and is irrevocable while the Rule is in effect unless the Securities and Exchange Commission, by order, permits its withdrawal. If a Fund redeems shares by distributing portfolio securities, the shareholder would be subject to the risk of a subsequent adverse change in the market value of those securities, the brokerage and related costs of selling the securities, and the possibility that there is not a liquid market for some or all of the distributed securities.

Certain purchases of $1 million or more qualify for purchase without a sales charge, and Thornburg or TSL may pay compensation to financial advisors who place orders of $1 million or more, as more specifically described in the Funds' Prospectus. However, to the extent shares of a fund purchased pursuant to this exception to the ordinary sales charge on Class A shares are held for more than 12 months but are redeemed less than 18 months after purchase, no compensation will be paid to financial advisors under this program for reinvestment otherwise qualifies for the exception to the sales charge for purchases of $1 million or more. Thornburg and TSL reserve the right to make judgments respecting these payments of compensation in reinvestment of redemption proceeds, in their reasonable discretion.

**Automatic Conversion of Class C and Class C2 Shares to Class A Shares**

Class C shares of each Fund that have been held for eight years or more as of October 10, 2020 will convert to Class A shares of that same Fund at the close of business on that day. Thereafter, Class C and Class C2 shares of each Fund that have been held for eight years will convert to Class A shares of that Fund at the close of business on the tenth day (or, if that tenth day is not a business day, then on the next business day) of the month following the month in which the eighth anniversary occurred. For example, all Class C shares that have been held for eight years as of a date in November 2020 would convert to Class A shares at the close of business on December 10, 2020. The conversion of Class C or Class C2 shares to Class A shares will occur without the imposition of any sales charge, fee, or other charge. If you exchange the Class C shares of one Fund for Class C shares of another Fund or the Class C2 shares of one Fund for Class C2 shares of another Fund, the conversion period will be calculated from the date that you initially purchased your Class C or Class C2 shares, as applicable, not from the date of your exchange. If your account holds any Class C or Class C2 shares of a Fund that were purchased through the reinvestment of dividends or capital gain distributions ("distributed shares"), then each time your Class C or Class C2 shares are converted into Class A shares in accordance with the foregoing schedule, the Fund will also convert a pro rata portion of your distributed shares. Although the conversion of Class C or Class C2 shares to Class A shares is not expected to be a taxable event for federal income tax purposes based upon current guidance from the Internal Revenue Service, you should consult your tax advisor concerning the possible tax consequences of the conversion. If you hold your Class C or Class C2 shares through a financial intermediary, it is the responsibility of the financial intermediary to ensure that you are credited with the proper holding period for your Class C or Class C2 shares. The automatic conversion of Class C or Class C2 shares to Class A shares shall not apply to shares held through group retirement plan recordkeeping platforms of certain financial intermediaries who hold such shares with the Fund in an omnibus account and do not track participant level share lot aging to facilitate such a conversion.

**Waivers of CDSCs on Redemptions**

The contingent deferred sales charge (CDSC) imposed on certain redemptions of Class A shares, and on redemptions Class C and Class C2 shares, will be waived in the event of the death of the shareholder (including a registered joint owner) occurring after the purchase of the shares redeemed. The CDSC imposed on redemptions Class C and Class C2 shares also will be waived for redemptions resulting from minimum required distributions made in connection with an IRA, Keogh Plan or a custodial account under Section 403(b) of the Code, or other qualified retirement plan, following attainment of Required Minimum Distribution age.

**Share Class Conversion within Certain Intermediary Accounts**

Some shareholders may hold shares of the Funds through fee-based programs, often referred to as "wrap accounts," that are managed by investment dealers, financial advisors or other investment professionals (each, a "wrap account intermediary"). A wrap account intermediary may impose eligibility requirements on a shareholder's participation in the fee-based program and ownership of shares through the program which are additional to the ownership requirements described in the applicable Prospectus. Under the terms of its fee-based program, a wrap account intermediary may also be permitted to effect a conversion (sometimes referred to as an "in-kind exchange") of a shareholder's shares in a Fund, including those shares purchased by the shareholder during the shareholder's participation in the program, to a different class of shares of that Fund in situations when the shareholder no longer meets the wrap account intermediary's stated eligibility requirements for the ownership of the class of shares that the shareholder initially purchased. For example, the terms of its fee-based program may permit a wrap account intermediary to effect this type of conversion when a shareholder moves his position in a class of shares of the Funds out of the program that offered that class of shares and into a program or account through which the wrap account intermediary only offers a different class or classes of shares of the Funds. Under other circumstances, a financial intermediary may effect this type of conversion with respect to new clients who held one class of shares of a Fund before becoming a client of the intermediary, and who are eligible for a wrap account through which the intermediary offers a different class of shares of the same Fund. Any such conversion by a wrap account intermediary will be made in accordance with the applicable Prospectuses of the Funds, and will be made without the imposition by the Funds of any sales load, fee or other charge. The class of shares that a shareholder owns after the conversion may bear higher fees and expenses than the class of shares that the shareholder initially purchased.

If you own shares of the Funds through a fee-based program, you should consult with your wrap account intermediary to determine whether there are any additional eligibility requirements that the wrap account intermediary imposes on your participation in their program and your ownership of the Funds' shares through the program, and whether the wrap account intermediary prescribes any circumstances which may result in the type of share class conversion described herein.

Shares of one class of a Fund that are held through a broker-dealer or other financial intermediary may also be converted to shares of another class of that Fund under certain other circumstances, subject to TSL's discretion and with TSL's prior approval.

**Moving Between Share Classes**

Thornburg believes, based upon current interpretations of law, that a shareholder's exchange of shares of one class of a Fund for shares of a different class of the same Fund may, under certain circumstances, not result in the realization of gain or loss for federal income tax purposes. To determine whether you may be eligible for this type of tax-favored exchange, please contact Thornburg before redeeming your existing shares. You should also consult your own tax advisors with respect to the particular federal, state, local and foreign tax consequences of an exchange of shares.

Even if an exchange does not result in the realization of gain or loss for federal income tax purposes, any sales charges that you paid or that are payable on the shares you originally held (including any contingent deferred sales charges incurred upon redemption) will not be credited back to your account.

**Eligibility for Institutional Class and Class R6 Shares**

As described in the Prospectus, employees, officers, trustees, and directors of any Fund or Thornburg company, as well as the families of such persons and any trust established for the benefit of such persons or their families, are eligible to purchase Class I or Class R6 shares provided that those shares are held in an account direct with TSL. In addition, pursuant to procedures adopted by the Trustees of Thornburg Investment Trust, the advisor is authorized to make Class I or Class R6 shares of the Funds available to certain categories of investors upon a determination by the advisor that the sale of Class I or Class R6 shares to that investor will not involve any sales expense to the Funds or to TSL, and is not expected to involve administrative services by the Fund or the advisor significantly exceeding the administrative services that are customarily provided to accounts that own Class I or Class R6 shares.

**BUSINESS CONTINUITY PLAN**

Thornburg and TSL have each adopted a business continuity plan that seeks to anticipate significant business disruptions to its operations, including disruptions to the securities markets due to terrorist attack. In accordance with this plan, Thornburg and TSL have each identified and made provision to recover all the critical systems required to protect its customers in the event of a significant business disruption.

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

PricewaterhouseCoopers LLP, whose principal business address is 300 Madison Avenue, New York, New York 10017, is the independent registered public accounting firm for the Funds.

**FINANCIAL STATEMENTS**

Additional information about each Fund's investments is available in the Fund's annual and semi-annual reports to shareholders and in [Form N-CSR](https://www.sec.gov/ix?doc=/Archives/edgar/data/816153/000199937125019191/tbit-ncsr_093025.htm). In each Fund's annual report, you will find a discussion of the market conditions and strategies that significantly affected the Fund's performance during its last fiscal year. In Form N-CSR, you will find the Fund's audited financial statements for its initial annual period. The audited financial statements and accompanying independent registered public accounting firm's report for Thornburg Small/Mid Cap Core Fund and Thornburg Small/Mid Cap Growth Fund for the fiscal year ended September 30, 2025, as filed on Form N-CSR, are incorporated by reference.

**Thornburg Investment Trust**

 **Statement of Additional Information**

 **Dated January 15, 2026 for**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Thornburg Global Opportunities Fund** | &nbsp;&nbsp;&nbsp;**Thornburg Small/Mid Cap Growth Fund** |
| &nbsp;&nbsp;&nbsp;*("Global Opportunities Fund")* | &nbsp;&nbsp;&nbsp;*("Small/Mid Cap Growth Fund")* |
| &nbsp;&nbsp;&nbsp;Class R3: THORX | &nbsp;&nbsp;&nbsp;Class R3: THCRX |
| &nbsp;&nbsp;&nbsp;Class R4: THOVX | &nbsp;&nbsp;&nbsp;Class R4: TCGRX |
| &nbsp;&nbsp;&nbsp;Class R5: THOFX | &nbsp;&nbsp;&nbsp;Class R5: THGRX |
| &nbsp;&nbsp;&nbsp;**Thornburg International Equity Fund** | &nbsp;&nbsp;&nbsp;**Thornburg Investment Income Builder Fund** |
| &nbsp;&nbsp;&nbsp;*("International Equity Fund")* | &nbsp;&nbsp;&nbsp;*("Investment Income Builder Fund")* |
| &nbsp;&nbsp;&nbsp;Class R3: TGVRX | &nbsp;&nbsp;&nbsp;Class R3: TIBRX |
| &nbsp;&nbsp;&nbsp;Class R4: THVRX | &nbsp;&nbsp;&nbsp;Class R4: TIBGX |
| &nbsp;&nbsp;&nbsp;Class R5: TIVRX | &nbsp;&nbsp;&nbsp;Class R5: TIBMX |
| &nbsp;&nbsp;&nbsp;**Thornburg International Growth Fund** | &nbsp;&nbsp;&nbsp;**Thornburg Limited Term U.S. Government Fund** |
| &nbsp;&nbsp;&nbsp;*("International Growth Fund")* | &nbsp;&nbsp;&nbsp;*("Limited Term U.S. Government Fund")* |
| &nbsp;&nbsp;&nbsp;Class R3: TIGVX | &nbsp;&nbsp;&nbsp;Class R3: LTURX |
| &nbsp;&nbsp;&nbsp;Class R4: TINVX | &nbsp;&nbsp;&nbsp;Class R4: LTUGX |
| &nbsp;&nbsp;&nbsp;Class R5: TINFX | &nbsp;&nbsp;&nbsp;Class R5: LTGRX |
| &nbsp;&nbsp;&nbsp;**Thornburg Developing World Fund** | &nbsp;&nbsp;&nbsp;**Thornburg Limited Term Income Fund** |
| &nbsp;&nbsp;&nbsp;*("Developing World Fund")* | &nbsp;&nbsp;&nbsp;*("Limited Term Income Fund")* |
| &nbsp;&nbsp;&nbsp;Class R5: THDRX | &nbsp;&nbsp;&nbsp;Class R3: THIRX |
|  | &nbsp;&nbsp;&nbsp;Class R4: THRIX |
| &nbsp;&nbsp;&nbsp;**Thornburg Small/Cap Core Fund** | &nbsp;&nbsp;&nbsp;Class R5: THRRX |
| &nbsp;&nbsp;&nbsp;*("Small/Mid Cap Core Fund")* |  |
| &nbsp;&nbsp;&nbsp;Class R3: TVRFX | &nbsp;&nbsp;&nbsp;**Thornburg Strategic Income Fund** |
| &nbsp;&nbsp;&nbsp;Class R4: TVIRX | &nbsp;&nbsp;&nbsp;*("Strategic Income Fund")* |
| &nbsp;&nbsp;&nbsp;Class R5: TVRRX | &nbsp;&nbsp;&nbsp;Class R3: TSIRX |
|  | &nbsp;&nbsp;&nbsp;Class R4: TSRIX |
|  | &nbsp;&nbsp;&nbsp;Class R5: TSRRX |

---

2300 North Ridgetop Road

Santa Fe, New Mexico 87506

This Statement of Additional Information is not a prospectus but should be read in conjunction with the Funds' "Thornburg Retirement Plan Shares" Prospectus dated January 15, 2026 (the "Prospectus"). A copy of the Prospectus and the most recent Annual and Semiannual Reports for each of the Funds may be obtained at no charge by contacting the administrator of your retirement plan, by telephoning a Fund Support Representative at 1-800-847-0200 or by writing to the distributor of the Funds' shares, Thornburg Securities LLC, at 2300 North Ridgetop Road, Santa Fe, New Mexico 87506. This Statement of Additional Information is incorporated by reference into the Prospectus.

The description of investment policies and limitations that appears in this Statement of Additional Information and the Prospectus does not impose a contractual duty on the Funds or their investment advisor to comply with those policies and limitations, and no express or implied contract is created among a Fund and its shareholders by virtue of those shareholders having made an investment in the Fund or having received this Statement of Additional Information or the Prospectus. Furthermore, while the Trust may enter into contracts with third parties to manage the Funds' assets and provide other services, as described in this Statement of Additional Information and the Prospectus, the Trust and each such third party are the sole intended beneficiaries of those contracts, and the Funds' shareholders are not third party beneficiaries of those contracts.

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| **[ORGANIZATION OF THE FUNDS](#smidd001)** | **1** |
| **[INVESTMENT POLICIES](#smidd002)** | **1** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Investing in Debt Obligations](#smidd003) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Investing in Equity Securities](#smidd004) | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Investing in Foreign Debt Obligations and Foreign Equity Securities](#smidd005) | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Investing in Derivative Instruments](#smidd006) | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Other Investments, Investment Techniques and Other Risks](#smidd007) | 24 |
| **[Market Indices Information](#smidd008)** | **28** |
| **[COMMODITY EXCHANGE ACT REGISTRATION EXEMPTION](#smidd009)** | **29** |
| **[INVESTMENT LIMITATIONS](#smidd010)** | **29** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Global Opportunities Fund, International Equity Fund, International Growth Fund, Small/Mid Cap Core Fund, Small/Mid Cap Growth Fund, Investment Income Builder Fund, and Strategic Income Fund](#smidd011) | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Developing World Fund](#smidd012) | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Limited Term U.S. Government Fund](#smidd013) | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Limited Term Income Fund](#smidd014) | 35 |
| **[ADDITIONAL MATTERS RESPECTING TAXES](#smidd015)** | **37** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Elections by the Funds – Subchapter M](#smidd016) | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Backup Withholding](#smidd017) | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Distributions by Investment Companies - In General](#smidd018) | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Foreign Currency Transactions](#smidd019) | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Foreign Withholding Taxes](#smidd020) | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Short Sales](#smidd021) | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Redemption or Other Disposition of Shares](#smidd022) | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;[State and Local Taxes](#smidd023) | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Foreign Account Tax Compliance Act](#smidd024) | 40 |
| **[DISTRIBUTIONS AND SHAREHOLDER ACCOUNTS](#smidd025)** | **40** |
| &nbsp;&nbsp;&nbsp;**[INVESTMENT ADVISOR, INVESTMENT ADVISORY AGREEMENTS, & ADMINISTRATIVE SERVICES AGREEMENTS](#smidd026)** | **41** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Investment Advisory Agreement](#smidd027) | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Proxy Voting Policies](#smidd028) | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Administrative Services Agreement](#smidd029) | 43 |
| **[SERVICE AND DISTRIBUTION PLANS](#smidd030)** | **44** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Service Plan](#smidd031) | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Class R3 Distribution Plan](#smidd032) | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Amounts Paid Under Rule 12b-1 Plans and Agreements](#smidd033) | 45 |
| **[FINANCIAL INTERMEDIARY COMPENSATION](#smidd034)** | **46** |
| **[PORTFOLIO TRANSACTIONS](#smidd035)** | **47** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Portfolio Turnover Rates](#smidd036) | 48 |
| **[DISCLOSURE OF PORTFOLIO SECURITIES HOLDINGS INFORMATION](#smidd037)** | **49** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Selective Disclosure of Nonpublic Holdings Information](#smidd038) | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Making Holdings Information Publicly Available](#smidd039) | 50 |
| **[MANAGEMENT](#smidd040)** | **50** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Additional Information about the Experiences, Qualifications, Attributes and Skills of Each Trustee](#smidd041) | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Structure and Responsibilities of the Board of Trustees](#smidd042) | 57 |

---

i

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;[Structure and Responsibilities of the Committees of the Trustees](#smidd043) | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Compensation of Trustees](#smidd044) | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Certain Ownership Interests of Trustees](#smidd045) | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Personal Securities Transactions of Personnel](#smidd046) | 62 |
| **[INFORMATION ABOUT PORTFOLIO MANAGERS](#smidd047)** | **63** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Portfolio Manager Compensation](#smidd048) | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Conflicts of Interest](#smidd049) | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Accounts Managed By Portfolio Managers](#smidd050) | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Portfolio Managers' Ownership of Shares in the Funds](#smidd051) | 65 |
| **[PRINCIPAL HOLDERS OF SECURITIES](#smidd052)** | **67** |
| **[NET ASSET VALUE](#smidd053)** | **67** |
| **[DISTRIBUTOR](#smidd054)** | **67** |
| **[ADDITIONAL INFORMATION RESPECTING PURCHASE AND REDEMPTION OF SHARES](#smidd055)** | **67** |
| **[BUSINESS CONTINUITY PLAN](#smidd056)** | **67** |
| **[INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM](#smidd057)** | **67** |
| **[FINANCIAL STATEMENTS](#smidd058)** | **68** |

---

ii

**ORGANIZATION OF THE FUNDS**

Global Opportunities Fund, International Equity Fund, International Growth Fund, Developing World Fund, Small/Mid Cap Core Fund, Small/Mid Cap Growth Fund, Investment Income Builder Fund, Limited Term U.S. Government Fund, Limited Term Income Fund, and Strategic Income Fund are diversified series of Thornburg Investment Trust, a Massachusetts business trust (the "Trust") organized on June 3, 1987 as a diversified, open-end management investment company under a Declaration of Trust (the "Declaration"). See the disclosure under the heading "Investment Limitations," below, for more information about the diversification policies of each series of the Trust that operates as a diversified series.

The Trust currently has 26 Funds, of which 24 are active and 10 of which are the subject of this Statement of Additional Information. The Trustees are authorized to divide the Trust's shares into additional series and classes.

The assets received for the issue or sale of shares of each Fund and all income, earnings, profits, and proceeds thereof, subject only to the rights of creditors, are specifically allocated to the Fund, and constitute the underlying assets of that Fund. The underlying assets of each Fund are segregated on the books of account, and are charged with the liabilities with respect to that Fund and with a share of the general expense of the Trust. Expenses with respect to the Trust are allocated in proportion to the asset value of the respective series and classes of the Trust except where allocations of direct expense can otherwise be fairly made. The officers of the Trust, subject to the general supervision of the Trustees, determine which expenses are allocable to a given Fund, or generally allocable to all of the series of the Trust (the "Funds"). In the event of the dissolution or liquidation of the Trust, shareholders of each Fund are entitled to receive as a class the underlying assets of that Fund which are available for distribution.

Each of the Funds may in the future, rather than invest in securities generally, seek to achieve its investment objective(s) by pooling its assets with assets of other funds for investment in another investment company having the same investment objective(s) and substantially similar investment policies and restrictions as the Fund. The purpose of such an arrangement is to achieve greater operational efficiencies and to reduce cost. It is expected that any such investment company would be managed by Thornburg Investment Management, Inc. ("Thornburg") in a manner substantially similar to the corresponding Fund. Shareholders of each Fund would receive prior written notice of any such investment, but may not be entitled to vote on the action. Such an investment would be made only if at least a majority of the Trustees of the Fund determined it to be in the best interest of the participating Fund and its shareholders.

The Trust is an entity of the type commonly known as a "Massachusetts business trust." Under Massachusetts law, shareholders of such a trust may, under certain circumstances, be held personally liable for the obligations of the trust. The Declaration of Trust provides that the Trust shall not have any claim against shareholders except for the payment of the purchase price of shares. However, the risk of a shareholder incurring financial loss on account of shareholder liability is limited to circumstances in which a Fund itself would be unable to meet its obligations. Thornburg believes that, in view of the above, the risk of personal liability to shareholders is remote.

Each Fund may hold special shareholder meetings and transmit proxy materials. These meetings may be called to elect or remove Trustees, change fundamental investment policies, or for other purposes. Shareholders not attending these meetings are encouraged to vote by proxy. Each Fund will transmit proxy materials in advance, including a voting card and information about the proposals to be voted on. The number of votes you are entitled to is based upon the number of shares you own. Shares do not have cumulative rights or preemptive rights.

State Street Bank and Trust Company, Boston, Massachusetts, is custodian of the assets of the Funds. The Custodian is responsible for the safekeeping of the Funds' assets and the appointment of subcustodian banks and clearing agencies. The Custodian takes no part in determining the investment policies of the Funds or in deciding which securities are purchased or sold by the Funds.

 **INVESTMENT POLICIES**

Information about each Fund's principal investment strategies and the principal risks associated with those investment strategies is provided in the Prospectus. A "principal investment strategy" of a Fund is a strategy which Thornburg anticipates may be important in pursuing the investment objective(s) stated in the Fund's prospectus and which Thornburg anticipates may have a significant effect on the Fund's performance. In general, a security or investment strategy will not be considered a principal strategy of a Fund if it will not represent more than ten percent of a Fund's assets.

The following discussion supplements the information in the Prospectus by providing additional detail about some of the investments that a Fund may make in pursuing that Fund's investment objective(s) and certain risks associated with those investments or to which a Fund may otherwise be subject. Not all of the investments identified below will be used by each Fund at all times.

Under certain circumstances, a Fund is only permitted to invest a certain percentage of its assets in a particular investment strategy. For more information about the specific investment limitations that may be applicable to a Fund, please refer to the Prospectus and to the "Investment Limitations" section of this Statement of Additional Information. For purposes of any such limitation on the percentage of a Fund's assets that could be invested in a particular investment strategy, the term "assets" means net assets of the Fund (determined immediately after and as a result of the Fund's acquisition of a given investment) plus the amount of any borrowings for investment purposes.

Global Opportunities Fund, International Equity Fund, International Growth Fund, Developing World Fund, Small/Mid Cap Core Fund, Small/Mid Cap Growth Fund, and Investment Income Builder Fund are sometimes referred to collectively in this Statement of Additional Information as the "Equity Funds." Limited Term U.S. Government Fund, Limited Term Income Fund, and Strategic Income Fund are sometimes referred to collectively in this Statement of Additional Information as the "Fixed Income Funds."

**Investing in Debt Obligations**

Bonds and other debt obligations are used by issuers to borrow money from investors. The issuer pays the investor a fixed or variable rate of interest, and must repay the amount borrowed at maturity. The values and yields of debt obligations are dependent upon a variety of factors, including the condition of the general market, general market interest rates, the size of a particular debt offering, the maturity of the debt obligations, and the creditworthiness and rating of the issuer. Variations in the value of a debt obligation held in the Fund's portfolio arising from these or other factors will cause changes in the net asset value of the Fund's shares.

The following discussion contains additional detail about debt obligations, including some of the specific types of debt obligations in which a Fund may invest and certain risks associated with those investments. You should read the Prospectus for more information about the characteristics and risks of debt obligations. You should also read "Investing in Foreign Debt Obligations and Foreign Equity Securities" below for information about some of the characteristics and risks of foreign debt obligations.

Bond Ratings

Many bonds and other debt obligations are assigned credit ratings by ratings agencies such as Moody's Investors Service ("Moody's"), S&P Global Ratings ("S&P"), Fitch Ratings Inc. ("Fitch"), and Kroll Bond Rating Agency ("Kroll"). The ratings of any such ratings agency reflects that agency's current opinion as to the creditworthiness of the issuers of the debt obligations which the ratings agency undertakes to rate. In determining credit ratings, ratings agencies evaluate each issuer's capacity and willingness to meet its financial commitments as they come due, and may assess terms, such as collateral security and subordination, which could affect payment in the event of the issuer's default.

While credit ratings may be helpful in evaluating the safety of principal and interest payments under debt obligations, credit ratings do not reflect the risk that market values of debt obligations will fluctuate with changes in interest rates, general economic trends or other factors. Accordingly, even the highest rated debt obligation may experience wide price movements. Credit rating agencies may also fail to change credit ratings in a timely fashion to reflect events occurring subsequent to the initial ratings. Furthermore, it should be emphasized that credit ratings are general and are not absolute standards of quality. Debt obligations with the same maturity, coupon and rating may have different yields, while debt obligations of the same maturity and coupon with different ratings may have the same yield.

In addition to using information provided by ratings agencies, Thornburg will subject each debt obligation under consideration for investment to its own credit analysis in an effort to assess each issuer's financial soundness. This analysis is performed by Thornburg for a particular debt obligation at the time that a Fund purchases that obligation and will be reviewed by Thornburg from time to time thereafter.

Each ratings agency uses its own rating classification system to indicate the credit rating assigned to a particular debt obligation. In general, the ratings agencies classify debt obligations into two categories for purposes of the ratings process – long term and short term. The ratings agencies typically assign short term ratings to debt obligations that are considered short term in the relevant market. In the United States, for example, the ratings agencies deem short term debt obligations to include commercial paper and other obligations with an original maturity of no more than 365 days. The following is a brief description of the applicable ratings symbols and their meanings for each of Moody's, S&P, Fitch, and Kroll.

*Ratings for Long Term Debt Obligations*

---

| | |
|:---|:---|
| **Rating** | **Description**<br> **(descriptions shown generally track language used by Moody's**<br> **though all ratings agencies use similar language for each rating category)** |
| Aaa (Moody's)<br> AAA (S&P, Fitch, and Kroll) | Debt obligations judged to be of the highest quality, with minimal credit risk. The issuer is determined to have an extremely strong capacity to pay principal and interest on the obligation. |
| Aa (Moody's)<br> AA (S&P, Fitch, and Kroll) | Debt obligations judged to be of high quality, with very low credit risk. The issuer is determined to have a very strong capacity to pay principal and interest on the obligation. |
| A (all ratings agencies) | Debt obligations judged to be of upper-medium grade quality, with low credit risk. The issuer is determined to have a strong capacity to pay principal and interest on the obligation. |
| Baa (Moody's)<br> BBB (S&P, Fitch, and Kroll) | Debt obligations judged to be of medium grade quality, with moderate credit risk and certain speculative characteristics. Adverse economic conditions may weaken the ability of the issuer to pay principal and interest on the obligation. This is the last of the ratings categories commonly referred to as "investment grade." |
| Ba (Moody's)<br> BB (S&P, Fitch, and Kroll) | Debt obligations judged to have speculative elements and are subject to substantial credit risk. The issuer may face major ongoing uncertainties, and adverse economic conditions may weaken the ability of the issuer to pay principal and interest on the obligation. This is the first of the ratings categories commonly referred to as "below investment grade," "non-investment grade" or "speculative grade." |
| B (all ratings agencies) | Debt obligations judged to be speculative and subject to high credit risk. Although the issuer currently has the capacity to make principal and interest payments on the obligation, adverse economic conditions will likely impair the ability of the issuer to meet those financial commitments. |
| Caa (Moody's)<br> CCC (S&P, Fitch, and Kroll) | Debt obligations judged to be of poor standing and subject to very high credit risk. Such obligations are currently vulnerable to nonpayment by the issuer, particularly in the event of adverse economic conditions or changing circumstances. |
| Ca (Moody's)<br> CC (S&P, Fitch, and Kroll) | Debt obligations judged to be highly speculative. These obligations are likely in, or very near, default, with some prospect of recovery of principal and interest. |
| C (all ratings agencies) | Debt obligations that are currently highly vulnerable to nonpayment, debt obligations that permit payment arrearages, or debt obligations of an issuer that is the subject of a bankruptcy petition or similar action but has not yet experienced a payment default. These obligations have little prospect for recovery of principal and interest. |
| RD (Fitch) | Debt obligations for an issuer that, in Fitch's opinion, has experienced an uncured payment default but has not entered into bankruptcy or otherwise ceased business. |
| D (all ratings agencies) | Debt obligations that are currently in payment default. |

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Moody's may append the numerical modifiers 1, 2 or 3 to any debt obligation rated Aa through Caa to indicate the relative standing of that obligation within its principal rating category. Similarly, S&P may append a "+" or "-" to any debt obligation rated AA through CCC to indicate the relative standing of that obligation within its principal rating category. The foregoing ratings are sometimes presented in parentheses preceded with "Con." (Moody's) or "p" (S&P), indicating that the obligations are rated conditionally/provisionally. Bonds for which the security depends upon the completion of some act or the fulfillment of some condition may be rated in this fashion. The parenthetical rating denotes the probable credit status upon completion of construction or elimination of the basis of the condition.

*Ratings for Short Term Debt Obligations*

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|:---|:---|
| **Rating** | **Description**<br> **(descriptions shown generally track language used by Moody's**<br> **though all ratings agencies use similar language for each rating category)** |
| P-1 (Moody's)<br> A-1 (S&P)<br> F1 (Fitch)<br> K1 (Kroll) | Issuer has a superior ability to repay its short term debt obligations. S&P may also designate this type of obligation with a "+" to indicate that the issuer's capacity to repay the obligation is extremely strong. |
| P-2 (Moody's) <br> A-2 (S&P)<br> F2 (Fitch)<br> K2 (Kroll) | Issuer has a strong ability to repay its short term debt obligations, though repayment of these obligations is somewhat more susceptible to adverse economic conditions than obligations in the higher rated category. |
| P-3 (Moody's)<br> A-3 (S&P)<br> F3 (Fitch)<br> K3 (Kroll) | Issuer has an acceptable ability to repay its short term debt obligations. Adverse economic conditions are more likely to weaken the ability of the issuer to meet its financial commitments on these types of obligations. |
| NP (Moody's) | To the extent a short term debt obligation does not fall into one of the three previous categories, Moody's identifies that obligation as NP or Not Prime. |
| B (S&P, Fitch, and Kroll) | The short term debt obligation is judged to have significant speculative characteristics. Although the issuer currently has the capacity to meet financial commitments on these obligations, the issuer faces ongoing uncertainties which could affect the issuer's ability to meet those commitments. S&P may further delineate this ratings category into "B-1," "B-2" or "B-3 to indicate the relative standing of an obligation within the category. |
| C (S&P, Fitch, and Kroll) | The short term debt obligation is currently vulnerable to nonpayment, and the issuer is dependent on favorable economic conditions to continue to meet its commitments on the obligation. |
| RD (Fitch) | The issuer is in default on or more of its financial commitments but continues to meet other financial obligations. |
| D (S&P, Fitch, and Kroll) | The short term debt obligation is in payment default. |

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*Ratings of Municipal Notes*. In addition to the foregoing, the ratings agencies may separately categorize municipal notes. Municipal notes are debt obligations issued by states, cities and local authorities and which mature in one year or less. As with the ratings systems used for other debt obligations, the rating agencies' categorization of municipal notes reflects a decreasing judgment of the ability of the issuer to meet its financial obligations under the note.

*Dual Ratings.* The rating agencies may assign dual ratings to all long term debt obligations that have a demand or multiple redemption feature. The first rating addresses the likelihood of repayment of principal and interest as due and the second rating addresses only the demand feature. The long term debt rating symbols are used to denote the long term maturity and the short term debt rating symbols are used to denote the put option (for example, "AAA/A-1+"). For certain "demand notes" maturing in 3 years or less, the respective municipal note rating symbols, combined with the short term debt obligation symbols, are used (for example. "SP-1/A-1").

Determining a Portfolio's Average Maturity

As discussed in the Prospectus, Limited Term U.S. Government Fund and Limited Term Income Fund seek to reduce changes in the value of their shares by maintaining a portfolio of investments with a certain dollar-weighted average maturity. A debt obligation's maturity generally represents the time remaining until the principal amount of that obligation becomes due and payable.

For purposes of determining an investment's maturity, Thornburg will treat a debt obligation as having a maturity earlier than its stated maturity date if the instrument has technical features (such as put or demand features) or a variable rate of interest which, in the judgment of Thornburg, will result in the instrument being valued in the market as though it has an earlier maturity.

In addition, each Fund may estimate the expected maturities of certain securities it purchases in connection with achieving its investment objectives. Certain obligations, such as United States Treasury Bills and United States Treasury Notes, have stated maturities. However, other obligations a Fund may acquire are interests in pools of mortgages or other loans having varying maturities. Due to prepayments of the underlying mortgage instruments or other loans, such securities do not have a known actual maturity (the stated maturity date of collateralized mortgage obligations is, in effect, the maximum maturity date). In order to determine whether such a security is a suitable and permissible investment for a Fund (and assuming the security otherwise qualifies for purchase by the Fund), the security's remaining term will be deemed equivalent to the estimated average life of the underlying mortgages at the time of purchase of the security by the Fund. Average life will be estimated by a Fund based on Thornburg's evaluation of likely prepayment rates after taking into account current interest rates, current conditions in the relevant housing markets and such other factors as it deems appropriate. There can be no assurance that the average life as estimated will be the actual average life. For example, the mortgage instruments in the pools underlying mortgage-backed securities may have a range of different original maturities. The average life of such a security at the time of purchase by a Fund is likely to be substantially less than the maximum original maturity of the mortgage instruments underlying the security because of prepayments of the mortgage instruments, the passage of time from the issuance of the security until its purchase by a Fund and, in some cases, the wide dispersion of the original maturity dates of the underlying mortgage instruments.

Certain securities which have variable or floating interest rates or demand or put features may be deemed by Thornburg to have remaining actual lives which are less than their stated nominal lives. In addition, certain asset-backed securities which have variable or floating interest rates may be deemed by Thornburg to have remaining lives which are less than the stated maturity dates of the underlying mortgages.

Determining a Debt Obligation's Duration

As described in the Prospectus, each of the Fixed Income Funds may from time to time seek to reduce changes in the value of its shares by maintaining a portfolio of investments with a particular dollar-weighted average duration, or may otherwise monitor a portfolio's average duration. Duration is an estimate of the sensitivity of a debt obligation to changes in interest rates, and is consequently a measure of interest rate risk. The duration of a given debt obligation represents an approximation of the expected percentage change in a debt obligation's value in response to a change in interest rates. Duration is commonly expressed as a number of years, and the value of an obligation or a portfolio of obligations with a higher number—a longer duration—will be more volatile in response to changes in interest rates.

Computations of duration for a specific debt obligation or for a portfolio of debt obligations will vary depending upon various factors, including the assumptions employed in performing the computations. Because duration figures are estimates, the actual changes in market values of specific debt obligations or portfolios of obligations may be different from the estimated changes in valuations based upon durations computed for the obligations or portfolios of obligations.

Lower-Quality Debt Obligations

Each of the Funds may purchase debt obligations which are of lower-quality at the time of purchase or which, due to issuer default or credit ratings downgrades, are determined subsequent to purchase to be of lower-quality.

For these purposes, "lower-quality" debt obligations include debt obligations rated below Baa by Moody's or BBB by S&P, Fitch or Kroll, and unrated securities judged by Thornburg to be of equivalent quality. Lower-quality debt obligations typically have poor protection with respect to the payment of interest and repayment of principal, and may be in default. These obligations are often considered to be speculative and involve greater risk of loss or price changes due to changes in the issuer's capacity to pay. The market prices of lower-quality debt obligations may fluctuate more than those of higher-quality debt obligations and may decline significantly in periods of general economic difficulty, which may follow periods of rising interest rates.

The market for lower-quality debt obligations may be thinner and less active than that for higher-quality debt obligations, which can adversely affect the prices at which the former are sold. If a Fund experiences unexpected net redemptions, it could be forced to sell lower-quality debt obligations in its portfolio at disadvantageous prices without regard to those obligations' investment merits, which could depress the Fund's net asset value and reduce the Fund's overall investment performance. If market quotations are not available, lower-quality debt obligations will be valued in accordance with procedures established by Thornburg, subject to the oversight of the Trustees, including the use of outside pricing services. Judgment plays a greater role in valuing lower-quality debt obligations than is the case for securities for which more external sources for quotations and last-sale information are available. Adverse publicity and changing investor perceptions may affect the ability of outside pricing services to value lower-quality debt obligations and a Fund's ability to sell these securities. Since the risk of default is higher for lower-quality debt obligations, Thornburg's research and credit analysis are an especially important part of managing securities of this type held by a Fund. In considering investments for a Fund, Thornburg will attempt to identify those issuers of high-yielding securities whose financial condition is adequate to meet future obligations, has improved, or is expected to improve in the future. Thornburg's analysis focuses on relative values based on such factors as interest or dividend coverage, asset coverage, earnings prospects, and the experience and managerial strength of the issuer.

A Fund may choose, for example in the event of a default by the issuer of a debt obligation, at its expense or in conjunction with others, to pursue litigation or otherwise to exercise its rights as a security holder to seek to protect the interests of security holders if it determines this to be in the best interest of the Fund's shareholders.

The Funds may also invest from time to time in unrated obligations. Unrated obligations may be less liquid than comparable rated obligations and may be more difficult to value. Moreover, unrated obligations may be more difficult for Thornburg to evaluate and there is the risk that Thornburg may not accurately evaluate an investment's actual credit quality. In particular, an unrated obligation that Thornburg believes is equivalent to an investment grade obligation could ultimately exhibit characteristics associated with lesser rated obligations.

Mortgage-Backed Securities, Mortgage Pass-Through Securities and Asset-Backed Securities

*Mortgage-Backed Securities*. Each Fund may invest in mortgage-backed securities, in debt obligations which are secured with collateral consisting of mortgage-backed securities (see "Structured Finance Arrangements - Collateralized Mortgage Obligations" below), and in other types of mortgage-related securities.

Mortgage-backed securities are interests in pools of mortgage loans, including mortgage loans made by savings and loan institutions, mortgage bankers, commercial banks and others. Pools of mortgage loans are assembled as securities for sale to investors by various governmental, government-related and private organizations. A decline in interest rates may lead to a faster rate of repayment of the underlying mortgages, which may expose a Fund to a lower rate of return upon reinvestment of the prepayments. Additionally, the potential for prepayments in a declining interest rate environment might tend to limit to some degree the increase in net asset value of a Fund because the value of some mortgage-backed securities held by a Fund may not appreciate as rapidly as the price of non-callable debt obligations. During periods of increasing interest rates, prepayments likely will be reduced, and the value of the mortgage-backed securities will decline.

Interests in pools of mortgage-backed securities differ from other forms of debt obligations. Whereas other forms of debt obligations normally provide for periodic payment of interest in fixed amounts with principal payments at maturity or specified call dates, mortgage-backed securities provide a monthly payment which consists of both interest and principal payments. In effect, these payments are a "pass-through" of the monthly payments made by the individual borrowers on their mortgage loans, net of any fees paid to the issuer or insurer of such securities. Additional payments are caused by repayments of principal resulting from the sale of the underlying property, or upon refinancing or foreclosure, net of fees or costs which may be incurred. Some mortgage-related securities (such as securities issued by the Government National Mortgage Association) are described as "modified pass-through." These securities entitle the holder to receive all interest and principal payments owed on the mortgage pool, net of certain fees, on the scheduled payment dates regardless of whether or not the mortgagor actually makes the payment.

The principal governmental guarantor of mortgage-related securities is the Government National Mortgage Association ("Ginnie Mae"). Ginnie Mae is a wholly-owned United States Government corporation within the Department of Housing and Urban Development. Ginnie Mae is authorized to guarantee, with the full faith and credit of the United States government, the timely payment of principal and interest on securities issued by institutions approved by Ginnie Mae (such as savings and loan institutions, commercial banks and mortgage bankers) and backed by pools of mortgages insured or guaranteed by the Federal Housing Administration, the U.S. Department of Veteran Affairs or the Farmers Home Administration. These guarantees, however, do not apply to the market value or yield of mortgage-backed securities or to the value of Fund shares. Also, Ginnie Mae securities often are purchased at a premium over the maturity value of the underlying mortgages. This premium is not guaranteed and will be lost if prepayment occurs.

In September 2008, the U.S. Government placed Fannie Mae and Freddie Mac into conservatorship overseen by the Federal Housing Finance Authority. That arrangement is intended to provide additional financial support to Fannie Mae and Freddie Mac. Since 2009, Fannie Mae and Freddie Mac have also each received significant capital support through the purchase of United States Treasury stock, and the United States Treasury has announced its expectation that it would continue providing such support in order to prevent either Fannie Mae or Freddie Mac from having negative net worth. Despite these measures, there can be no assurance that Fannie Mae and Freddie Mac will remain successful in meeting their financial commitments under the debt obligations that they issue or guarantee. There is also an ongoing debate among federal policy makers regarding whether Fannie Mae and Freddie Mac should be nationalized, privatized, restructured, or eliminated altogether.

*Asset-Backed Securities*. Limited Term Income Fund, Strategic Income Fund and each of the Equity Funds may invest in asset-backed securities.

The securitization techniques used to develop mortgage-backed securities (see "Mortgage-Backed Securities" and "Mortgage Pass-Through Securities" above) are also applied to a broad range of assets. Through the use of trusts and special purpose corporations, various types of assets, including automobile loans, computer leases and credit card receivables, are securitized in pass-through structures similar to the mortgage pass-through structures described below or in structures similar to the CMO pattern (see "Structured Finance Arrangements -- Collateralized Mortgage Obligations" below). In general, the collateral supporting these securities is of shorter maturity than mortgage loans and is less likely to experience substantial prepayments with interest rate fluctuations.

One example of this type of asset-backed security is a Certificate of Automobile Receivables ("CARS"). CARS represent undivided fractional interests in a trust whose assets consist of a pool of motor vehicle retail installment sales contracts and security interests in the vehicles securing the contracts. Payments of principal and interests on CARS are passed through monthly to certificate holders, and are guaranteed up to certain amounts and for a certain time period by a letter of credit issued by a financial institution unaffiliated with the trustee or originator of the trust. An investor's return on CARS may be affected by early prepayment of principal on the underlying vehicle sales contracts. If the letter of credit is exhausted, the trust may be prevented from realizing the full amount due on a sales contract because of state law requirements and restrictions relating to foreclosure sales of vehicles and the obtaining of deficiency judgments following such sales or because of depreciation, damage or loss of a vehicle, the application of federal and state bankruptcy and insolvency laws, or other factors. As a result, certificate holders may experience delays in payments or losses if the letter of credit is exhausted.

Asset-backed securities may present certain risks that are not presented by mortgage-backed securities. Primarily, these securities may not have the benefit of any security interest in the related assets. Credit card receivables are generally unsecured and the debtors are entitled to the protection of bankruptcy laws and of a number of state and federal consumer credit laws, many of which give such debtors the right to set off certain amounts owed on the credit cards, thereby reducing the balance due. There is the possibility that recoveries on repossessed collateral may not, in some cases, be available to support payments on these securities.

Asset-backed securities are often backed by a pool of assets representing the obligations of a number of different parties. To lessen the effect of failures by obligors on underlying assets to make payments, the securities may contain elements of credit support which fall into two categories: (i) liquidity protection; and (ii) protection against losses resulting from ultimate default by an obligor on the underlying assets. Liquidity protection refers to the provision of advances, generally by the entity administering the pool assets, to ensure that the receipt of payment on the underlying pool occurs in a timely fashion. Protection against losses results from payment of the insurance obligations on at least a portion of the assets in the pool by the issuer or sponsor from third parties, through various means of structuring the transaction or through a combination of such approaches. Limited Term Income Fund, as a possible purchaser of such securities, will not pay any additional or separate fees for credit support. The degree of credit support provided for each issue is generally based on historical information respecting the level of credit risk associated with the underlying assets. Delinquency or loss in excess of that anticipated or failure of the credit support could adversely affect the return on an investment in such a security.

Limited Term Income Fund, Strategic Income Fund and each of the Equity Funds may also invest in residual interests in asset-backed securities. In the case of asset-backed securities issued in a pass-through structure, the cash flow generated by the underlying assets is applied to make required payments on the securities and to pay related administrative expenses. The residual in an asset-backed security pass-through structure represents the interest in any excess cash flow remaining after making the foregoing payments. The amount of the residual will depend on, among other things, the characteristics of the underlying assets, the coupon rates on the securities, prevailing interest rates, the amount of administrative expenses and the actual prepayment experience on the underlying assets. Asset-backed security residuals not registered under the Securities Act of 1933 (the "1933 Act") may be subject to certain restrictions on transferability. In addition, there may be no liquid market for such securities.

The availability of asset-backed securities may be affected by legislative or regulatory developments. It is possible that such developments may require a Fund holding these securities to dispose of the securities.

Thornburg expects that governmental, government-related or private entities may create mortgage-backed, mortgage pass-through and asset-backed securities in addition to those described above. If otherwise consistent with a Fund's investment objectives, policies and quality standards, Thornburg may consider investing on behalf of a Fund in such new types of investments.

Municipal Obligations

Each Fund may invest in municipal obligations.

Municipal obligations include debt and lease obligations issued by states, cities and local authorities to obtain funds for various public purposes, including the construction of a wide range of public facilities such as airports, bridges, highways, housing, hospitals, mass transportation, schools, streets and water and sewer works. Other public purposes for which municipal obligations may be issued include the refunding of outstanding obligations, the procurement of funds for general operating expenses and the procurement of funds to lend to other public institutions and facilities. In addition, certain types of industrial development bonds are issued by or on behalf of public authorities to obtain funds to provide privately-operated housing facilities, sports facilities, convention or trade show facilities, airport, mass transit, port or parking facilities, air or water pollution control facilities and certain local facilities for water supply, gas, electricity or sewage or solid waste disposal. Municipal obligations have also been issued to finance single-family mortgage loans and to finance student loans. Such obligations are included within the term "municipal obligations" for this discussion if the interest paid thereon is exempt from federal income tax.

Municipal obligations are generally classified as municipal bonds or municipal notes. A municipal bond typically has a maturity of more than one year and is issued by a state, city or local authority to meet longer-term capital needs. The two principal classifications of municipal bonds are "general obligation" and "revenue" bonds. General obligation bonds are secured by the issuer's pledge of its faith, credit and taxing power for the payment of principal and interest. Revenue bonds are payable only from the revenues derived from a particular facility or class of facilities or, in some cases, from the proceeds of a specific revenue source. Industrial development bonds are in most cases revenue bonds and are generally not secured by the pledge of the credit or taxing power of the issuer of such bonds. There are, of course, variations in the security of municipal bonds, both within a particular classification and between classifications, depending on numerous factors. In contrast to municipal bonds, municipal notes typically have a maturity of one year or less and are issued by states, cities and local authorities to provide for short-term capital needs, often as an interim step in anticipation of the municipality receiving future revenue.

From time to time, proposals have been introduced before Congress for the purpose of restricting or eliminating the federal income tax exemption for interest on municipal securities. Similar proposals may be introduced in the future. These proposals, if enacted, may have the effect of reducing the availability of investments in municipal obligations and may adversely affect the value of a Fund's portfolio. Although the interest received from municipal securities generally is exempt from regular federal income tax, a Fund may from time to time invest a portion of its total assets in municipal securities whose income is not exempt from regular federal income tax, and the income on a Fund's investments in municipal securities may also be subject to the federal alternative minimum tax. Accordingly, investment in a Fund could cause noncorporate shareholders to be subject to (or result in an increased liability under) the federal alternative minimum tax. If this is the case, the Fund's net after-tax return to you may be lower.

*Auction Rate Securities*. An auction rate security is a municipal obligation with a long-term nominal maturity for which the interest rate is reset at specific shorter frequencies (typically every seven to 35 days) through an auction process. The auction is a competitive bidding process used to determine interest rates on each auction date. In the auction, broker dealers submit bids to the auction agent on behalf of investors. The winning bid rate is the rate at which the auction clears, meaning the lowest possible interest rate at which the specific issue of municipal obligations can be sold at par. The clearing rate of interest established in the auction is paid on the entire issue of the municipal obligations for the upcoming period to the holders of those obligations. Investors who bid an interest rate above the clearing rate of interest receive no portion of the issue of municipal obligations, while those whose bids were at or below the clearing rate receive the clearing rate for the next period. Although the auction rate process is intended to permit the holders of a given issue of municipal obligations to sell their holdings at par in the auction at specified intervals, there is the risk that an auction will fail due to an insufficient demand for the obligations that are the subject of the auction, preventing the holders of the obligations from disposing of their holdings, potentially for an indeterminate period of time. In addition, auction rate securities may be subject to changes in interest rates, including decreased interest rates, thereby reducing the yields to holders of the obligations.

*Fixed Rate Demand Obligations*. A Fund may purchase fixed rate municipal demand obligations or instruments either in the public market or privately. Such instruments may provide for periodic adjustment of the interest rate paid to the holder. The "demand" feature permits the holder to demand payment of principal and interest prior to the instrument's final stated maturity, either from the issuer or by drawing on a bank letter of credit, a guarantee or insurance issued with respect to the instrument. In some cases these demand instruments may be in the form of units, each of which consists of (i) a municipal obligation and (ii) a separate put option entitling the holder to sell to the issuer of such option the municipal obligation in the unit, or an equal aggregate principal amount of another municipal obligation of the same issuer, issue and maturity as the municipal obligation, at a fixed price on specified dates during the term of the put option. In those cases, each unit taken as a whole will be considered a municipal obligation, based upon an accompanying opinion of counsel. The credit quality of such investments will be determined by Thornburg at the time of purchase, and will be reviewed by Thornburg from time to time thereafter.

*Floating Rate and Variable Rate Demand Obligations*. Floating rate and variable rate demand notes, obligations or instruments are municipal obligations or participations therein, either publicly underwritten and traded or privately purchased, that provide for a periodic adjustment of the interest rate paid on the instrument and may permit the holder to demand payment of the unpaid principal amount and accrued interest upon not more than seven days' notice either from the issuer or by drawing on a bank letter of credit, a guarantee or insurance issued with respect to such instrument. Such letters of credit, guarantees or insurance will be considered in determining whether a municipal obligation meets the Fund's investment criteria. The issuer of a variable rate demand instrument may have the corresponding right to prepay the principal amount prior to maturity.

*Mortgage-Backed Municipal Obligations*. Some municipal obligations a Fund may purchase are backed by mortgage loans made by financial institutions or governmental agencies to finance single and multi-family housing projects or other real estate-related projects. Repayment of these municipal obligations may be secured by the revenues from a single housing project, or may be secured by a number of housing units. Interests in securities backed by a pool of mortgages on multiple housing units differ from other forms of debt obligation, which normally provide for periodic payment of interest in fixed amounts with principal payments at maturity or specified payment dates. Instead, these securities provide for a periodic (typically monthly) payment which consists of both interest and principal payments. For more information about the characteristics and risks of mortgage-backed securities, see "Mortgage-Backed Securities, Mortgage Pass-Through Securities and Asset-Backed Securities" above.

*Municipal Leases*. A Fund may at times invest in municipal obligations, including lease revenue bonds and certificates of participation, which provide the Fund with a proportionate interest in payments made by the governmental issuer on an underlying municipal lease. Although municipal lease obligations do not constitute general obligations of the governmental issuer for which the issuer's taxing power is pledged, these lease obligations are typically backed by the issuer's covenant to budget for, appropriate and make the payments due on the underlying lease. However, certain municipal lease obligations may include "non-appropriation" clauses, which provide that the governmental issuer has no obligation to make lease payments unless money is appropriated each year for that purpose. While the lease obligation might be secured by the leased property, it might be difficult for a Fund to dispose of the leased property in case of a default by the governmental lessee. In addition, some municipal lease obligations may be less liquid than other debt obligations, making it difficult for a Fund to sell the obligation at an acceptable price. In seeking to reduce the special risks associated with investment by a Fund in municipal lease obligations, Thornburg will consider: (i) whether the underlying lease can be canceled; (ii) whether the nature of the leased equipment or property is such that its ownership or use is deemed essential to a governmental function of the governmental lessee (e.g., the potential for an "event of nonappropriation"); (iii) in cases where the obligation gives a Fund a secured interest in the underlying equipment, whether that equipment has elements of portability or use that enhance its marketability in the event of a default by the governmental lessee; (iv) whether the governmental issuer's general credit is adequate; and (v) such other factors concerning credit quality or the Fund's legal recourse in the event of a default by the governmental issuer as Thornburg may deem relevant. Thornburg will also evaluate the liquidity of each municipal lease obligation upon its acquisition and periodically while it is held based upon various factors, including: (a) the frequency of trades and quotes for the obligation; (b) the number of dealers who will buy or sell the obligation and the potential buyers for the obligation; (c) the willingness of dealers to make a market for the obligation; (d) the nature and timing of marketplace trades; and (e) such other factors concerning the trading market as Thornburg may deem relevant.

*Tender Option Bonds.* Each of the Funds may invest in tender option bonds. Tender option bonds are created when the owner or owners of one or more fixed rate municipal obligations sell or transfer those obligations to a trust that is sponsored by a broker- dealer or other third party. The trust then issues two new securities, each of which represents a beneficial interest in the trust. One of these securities is a short-term, floating-rate security, sometimes referred to as a "senior certificate" or a "floater." The interest rate on the senior certificate is initially set at a level that is lower than the interest rate on the underlying municipal obligation(s), and resets periodically based on the movement of a short-term benchmark interest rate. The senior certificates also have a demand feature which permits the security holder to put the security back to the trust after a specified notice period. In that event the security holder is entitled to receive the principal amount of the senior certificate plus accrued interest. Those amounts are paid by either the sponsor of the trust or by a third party that acts as a liquidity provider for the trust. The other security issued by the trust is a long-term, floating-rate security, sometimes referred to as a "residual interest" or an "inverse floater." The residual interests pay an interest rate equal to the interest that is paid on the underlying municipal obligation(s) less the interest that was paid to the holders of the senior certificates and less any expenses of the trust. Unlike the senior certificates, the residual interest securities do not have a put feature. Upon maturity of the underlying municipal obligation(s) or another event which causes the termination or liquidation of the trust, holders of the senior certificates are generally entitled to receive the principal amount of their security plus a portion of any gains in the market value of the underlying municipal obligations, while holders of the residual interest are generally entitled to receive whatever amounts remain in trust after payment to the senior certificate holders and payment of trust expenses.

The senior certificates are sold to third parties, which may include the Funds, in a private placement transaction. Because the senior certificates have first priority to the cash flows from the underlying municipal obligation(s), and because the holders of senior certificates have a right to put those securities back to the trustee or to a third party liquidity facility, investments in senior securities are generally perceived as involving less interest rate, credit, and market risk than investments in the residual interests. Investors in senior certificates are, however, exposed to the risk that the trust sponsor or third party liquidity facility fails to meet its contractual obligation to buy back the security when the investor exercises its put option.

The residual interests are issued to the person(s) that transferred the municipal obligation(s) to the trust. The residual interest holders also receive the proceeds from the sale of the senior certificates, less certain transaction costs and trustee fees. Risks associated with an investment in residual interests include the risks associated with an investment in the underlying municipal obligations, and the risk that increases in short-term interest rates will increase interest payments to the senior certificate holders and therefore reduce interest payments to the residual interest holders. Investments in residual interests also typically involve leverage, which may magnify an investor's losses.

Structured Finance Arrangements

*Collateralized Mortgage Obligations ("CMOs")*. Each Fund may invest in CMOs.

A CMO is a hybrid between a mortgage-backed bond and a mortgage pass-through security (see discussion of those instruments under "Mortgage-Backed Securities, Mortgage Pass-Through Securities and Asset-Backed Securities" above). Similar to a bond, interest and prepaid principal are paid, in most cases, semiannually. CMOs may be collateralized by whole mortgage loans but are more typically collateralized by portfolios of mortgage pass-through securities guaranteed by Ginnie Mae, Freddie Mac, or Fannie Mae, and their income streams.

CMOs are structured into multiple classes, each bearing a different stated maturity. Actual maturity and average life will depend upon the prepayment experience of the collateral. CMOs provide for a modified form of call protection through a de facto breakdown of the underlying pool of mortgages according to how quickly the loans are repaid. Monthly payment of principal received from the pool of underlying mortgages, including prepayments, is first returned to investors holding the shortest maturity class. Investors holding the longer maturity classes receive principal only after the first class has been retired. An investor is partially guarded against unanticipated early return of principal because of the sequential payments.

In a typical CMO transaction, a corporation issues multiple series, (e.g., A, B, C, Z) of CMO bonds. Proceeds of the offering are used to purchase mortgage pass-through certificates (the "collateral"). The collateral is pledged to a third party trustee as security for the CMO bonds. Principal and interest payments from the collateral are used to pay principal on the CMO bonds in the order A, B, C, Z. The Series A, B, and C bonds all bear current interest. Interest on the Series Z bond is accrued and added to principal and a like amount is paid as principal on the Series A, B, or C bond currently being paid off. Once the Series A, B, and C bonds are paid in full, interest and principal on the Series Z Bond begins to be paid currently. With some CMOs, the issuer serves as a conduit to allow loan originators (primarily builders or savings and loan associations) to borrow against their loan portfolios.

The market for some CMOs may be less liquid than other debt obligations, making it difficult for a Fund to value its investment in the CMO or sell the CMO at an acceptable price.

Each Fund may also invest in CMOs issued by Freddie Mac. Like other CMOs, Freddie Mac CMOs are issued in multiple classes having different maturity dates. Freddie Mac CMOs are secured by the pledge of a pool of conventional mortgage loans purchased by Freddie Mac. Payments of principal and interest on the CMOs are typically made semiannually, as opposed to monthly. The amount of principal payable on each semiannual payment date is determined in accordance with Freddie Mac's mandatory sinking fund schedule, which, in turn, is equal to approximately 100% of the Federal Housing Administration prepayment experience applied to the mortgage collateral pool. All sinking fund payments in the CMOs are allocated to the retirement of the individual classes of bonds in the order of their stated maturities. Payment of principal on the mortgage loans in the collateral pool in excess of the amount of Freddie Mac's minimum sinking fund obligation for any payment date are paid to the holders of the CMOs as additional sinking fund payments. Because of the "pass-through" nature of all principal payments received on the collateral pool in excess of Freddie Mac's minimum sinking fund requirement, the rate at which principal of the CMOs is actually repaid is likely to be such that each class of bonds will be retired in advance of its scheduled date. If collection of principal (including prepayments) on the mortgage loans during any semiannual payment period is not sufficient to meet Freddie Mac's minimum sinking fund obligation on the next sinking fund payment date, Freddie Mac agrees to make up the deficiency from its general funds. Criteria for the mortgage loans in the pool backing the CMOs are identical to those of Freddie Mac PCs. Freddie Mac has the right to substitute collateral in the event of delinquencies or defaults.

*Other Structured Finance Arrangements*. Each of the Equity Funds, Limited Term Income Fund, Core Plus Bond Fund, and Strategic Income Fund may also invest in other types of structured finance arrangements besides CMOs.

Other types of structured finance arrangements that are currently available for investment include collateralized bond obligations ("CBOs"), collateralized loan obligations ("CLOs") and similarly structured securities. A CBO is a trust or other special purpose entity ("SPE") which is typically backed by a diversified pool of fixed income securities (which may include high risk, below investment grade securities). A CLO is a trust or other SPE that is typically collateralized by a pool of loans, which may include, among others, domestic and non-U.S. senior secured loans, senior unstructured loans, and subordinate corporate loans, including loans rated below investment grade or equivalent unrated loans. CMOs, CBOs, CLOs and other similarly structured securities are sometimes referred to generally as collateralized debt obligations ("CDOs").

The cashflows from a CDO's trust or SPE are split into two or more portions, called tranches, varying in risk and yield. The riskiest portion is the "equity" tranche, which bears the first loss from defaults from the bonds or loans in the trust or SPE and serves to protect the other, more senior tranches from defaults (though such protection is not complete). Since it is partially protected from defaults, a senior tranche from a CBO or CLO typically has higher ratings and lower yields than its underlying securities, and may be rated investment grade. Despite the protection from the equity tranche, CBO or CLO tranches can experience substantial losses due to actual defaults, increased sensitivity to defaults due to collateral default and the disappearance of protecting tranches, market anticipation of defaults, and/or investor aversion to CBO or CLO securities as a class. Interest on certain tranches of a CDO may be paid in kind (i.e., in the form of obligations of the same type, rather than cash), which involves continued exposure to default risk with respect to such payments.

Although certain CDOs may receive credit enhancement in the form of a senior-subordinate structure, over-collateralization or bond insurance, such enhancement may not always be present and may fail to protect the Fund against the risk of loss on default of the collateral. Certain CDOs may use derivative contracts, such as credit default swaps, to create "synthetic" exposure to assets rather than holding such assets directly, which entails the risk of derivative instruments described elsewhere in this Statement of Additional Information. See, e.g., "Investing in Derivative Instruments - Swap Agreements, Caps, Floors and Collars" below. CDOs may charge management fees and administrative expenses, which are in addition to those of the Fund. A Fund will not invest in CDOs that are managed by Thornburg or its affiliates.

The risks of investment in a CDO depend largely on the type of collateral securities and the class of the CDO in which a Fund invests. Normally, CBOs, CLOs and other CDOs are privately offered and sold, and thus, are not registered under the securities laws. As a result, investments in CDOs may be characterized by a Fund as illiquid investments. However, an active dealer market may exist for CDOs, which may allow a CDO to qualify for resale to qualified institutional buyers pursuant to Rule 144A under the 1933 Act. In addition to the normal risks associated with fixed income securities described elsewhere in this Statement of Additional Information and the Prospectus (e.g., interest rate risk and credit risk), CDOs carry additional risks including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the qualify of the collateral may decline in value or default; (iii) the Fund may invest in tranches of CDOs that are subordinate to other tranches; (iv) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results; and (v) the CDO's manager may perform poorly.

U.S. Government Obligations

Each of the Funds may invest in obligations of the U.S. Government.

U.S. Government Obligations include bills, certificates of indebtedness, notes and bonds issued or guaranteed as to principal or interest by the United States or by agencies or authorities controlled or supervised by and acting as instrumentalities of the U.S. government and established under the authority granted by Congress, including, but not limited to, Ginnie Mae, the Tennessee Valley Authority, the Bank for Cooperatives, the Farmers Home Administration, Federal Home Loan Banks, Federal Intermediate Credit Banks, Federal Land Banks, Farm Credit Banks and Fannie Mae. Some obligations of U.S. government agencies, authorities and other instrumentalities are supported by the full faith and credit of the U.S. Treasury; others by the right of the issuer to borrow from the Treasury; others only by the credit of the issuing agency, authority or other instrumentality. In the case of securities not backed by the full faith and credit of the United States, the investor must look principally to the agency issuing or guaranteeing the obligation for ultimate repayment, and may not be able to assert a claim against the United States itself in the event the agency or instrumentality does not meet its commitments. All U.S. Government Obligations are subject to the same risks affecting other debt obligations. Even if a U.S. Government Obligation is backed by the full faith and credit of the U.S. Treasury, it is possible that the U.S. government may be unable or unwilling to repay principal and interest when due, and may require that the terms for payment be renegotiated.

One specific type of U.S. Government Obligation is a Treasury Inflation Protected Security ("TIPS"). TIPS are debt obligations issued by the U.S. Treasury which are intended to protect investors from the negative effects of inflation. The principal value of the TIPS is periodically adjusted according to the rate of inflation, as measured by changes in the Consumer Price Index. Interest on TIPS is paid semi-annually as a fixed percentage of the inflation-adjusted principal amount. Typically, the interest rate on TIPS is lower than the interest rate paid on other U.S. Government Obligations of the same maturity.

Zero Coupon Bonds and "Stripped" Securities

Each of the Funds may purchase zero coupon bonds, including stripped securities.

Zero coupon bonds are corporate or government-issued debt obligations which do not require the periodic payment of interest and are issued at a significant discount from face value. The discount approximates the total amount of interest the bonds will accrue and compound over the period until maturity at a rate of interest reflecting the market rate of the obligation at the time of issuance.

Because zero coupon bonds pay no interest and compound semi-annually at the rate fixed at the time of their issuance, their market value is generally more volatile than the market value of comparable, interest-paying bonds, particularly during periods of changing interest rates. A Fund is required to accrue income from zero coupon bonds on a current basis even though it does not receive the income currently in cash, and a Fund is required to distribute that income for each taxable year. To generate the cash necessary to satisfy such distributions, a Fund invested in zero coupon bonds may have to sell portfolio securities that it otherwise might have continued to hold or use cash flows from other sources, including the sale of Fund shares.

**Investing in Equity Securities**

Equity securities represent an ownership interest in the entity issuing the security. Common stocks, the most familiar type of equity security, represent an ownership interest in a corporation. The values of equity securities fluctuate significantly in response to changes in market conditions, political and economic news, changes in company earnings and dividends, changes in the prospects for company businesses, industry and technological developments, changes in interest rates, and developments affecting specific companies. When equity securities held by a Fund decline in value, the value of the Fund's shares declines. These declines may be significant and there is no assurance that declines in value can be recaptured by future gains in value. When equity securities held in short positions by a Fund increase in value, the Fund may experience a loss, as described in "Short Sales," below.

The following discussion contains additional detail about equity securities, including some of the specific types of equity securities in which a Fund may invest and certain risks associated with those investments. You should read the Prospectus for more information about the characteristics and risks of equity securities. You should also read "Investing in Foreign Debt Obligations and Foreign Equity Securities" below for information about some of the characteristics and risks of foreign equity securities.

Closed End Funds

Each of the Equity Funds and Strategic Income Fund may invest in the shares of closed end funds, including closed end funds which have elected to be treated as business development companies under the Investment Company Act of 1940 (the "1940 Act").

Closed end funds are investment companies that invest in various securities and other financial assets, and which issue shares that trade on exchanges in a manner similar to the shares of exchange traded funds (see "Exchange Traded Funds" below). The shares of a closed end fund change in value as the values of its component securities and other investments fluctuate with market changes. In contrast to exchange traded funds, however, the trading values of a closed end fund's shares often diverge to a greater extent from the net asset value of the fund's underlying portfolio investments. A closed end fund incurs its own operating expenses, so that if a Fund invests in a closed end fund, shareholders of the Fund bear the closed end fund's expenses in addition to the expenses of the Fund.

Convertible Securities

Each of the Equity Funds, Limited Term Income Fund, and Strategic Income Fund may invest in convertible debt obligations, and each of the Equity Funds and Strategic Income Fund may also invest in convertible preferred equity securities.

Convertible debt obligations may be converted or exchanged within a specified period of time and under certain conditions into a certain amount of common stock of the same or a different issuer. As with non-convertible debt obligations, 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 a Fund will tend to perform more like equity securities when the underlying stock price is high (because it is assumed that a Fund will convert the obligation), and more like non-convertible debt obligations when the underlying stock price is low (because it is assumed that a 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.

As with convertible debt, a convertible preferred equity security may be converted or exchanged within a specified period of time and under certain conditions into a certain amount of common stock. The market value of the convertible preferred equity security typically varies in accordance with the market value of the underlying common stock and, accordingly, is subject to the same risks affecting the underlying common stock.

Exchange Traded Funds

Each of the Equity Funds and Strategic Income Fund may invest in the shares of exchange traded funds ("ETFs").

ETFs are investment companies that invest in various securities and financial assets. ETFs are created either to provide investment results corresponding to a securities index, or are actively managed in a manner corresponding more closely to a traditional mutual fund. ETFs are typically available to investors as units of beneficial interest in a trust, and are purchased and sold on an exchange in the same way as common stocks. The values of ETF shares increase and decline as the values of the ETF's component securities and other investments fluctuate with the market changes, and usually trade in a relatively narrow range relative to the net asset value of its underlying portfolio investments because the structure of an ETF permits certain major market participants to redeem shares of the ETF for a "basket" of the ETF's underlying investments. Shares in an ETF held by a Fund are consequently subject to the same general market risks that affect the underlying investments by the ETF, except that a Fund's investments in an ETF may not exactly match the performance of any specific index (and may not perform as well as any specific index) because of differences between the ETF's investments and the index or other factors. In addition, each ETF incurs its own operating expenses, so that if a Fund invests in an ETF, shareholders of the Fund bear the ETF's expenses in addition to the expenses of the Fund.

From time to time a Fund may take short positions in leveraged ETFs. Leveraged ETFs are ETFs that use derivative instruments or other investment techniques to try to generate returns that exceed the returns of their underlying portfolio investments. The use of leverage by ETFs tends to exaggerate the effect of any increase or decrease in the value of the ETF's underlying investments and may, therefore, cause the value of the ETF's shares to be more volatile than if the ETF did not use leverage.

Initial Public Offerings

Each of the Equity Funds and Strategic Income Fund may invest in common stock or other equity securities offered through initial public offerings ("IPOs").

An IPO is an issuer's first offering of equity securities to the public. The issuer of IPO securities may have a limited operating history, and limited information about the issuer may be available to potential purchasers. Accordingly, the market for IPO securities may be more volatile and involve greater risk of loss than investments in the equity securities of more established companies. At times a Fund may sell its investment in IPO securities shortly after the Fund purchased those securities, which may result in increased transaction costs for the Fund. There can be no assurance that a Fund will have access to profitable IPOs and, as the Fund's assets grow, any positive impact of IPO investments on the Fund's performance likely will decline.

Investments in the Equity Securities of Smaller Companies

Smaller, less seasoned companies are generally subject to greater price fluctuations, limited market liquidity, higher transaction costs and generally higher investment risks. Smaller companies may have limited product lines, markets or financial resources, may have more limited management expertise and resources, and have more limited financing and capital. There may be less available information respecting these companies.

Limited Partnership Interests

Each of the Equity Funds and Strategic Income Fund may invest in interests issued by limited partnerships and master limited partnerships ("MLPs"). MLPs are business enterprises in which ownership interests are publicly traded, and which typically own interests in properties or businesses related to the oil and gas industries, although they may own other types of investments. Ownership interests in limited partnerships other than MLPs may not be publicly traded, which may decrease the liquidity of those investments. Investments in MLPs and other limited partnerships are subject to the risks associated with equity investments generally and to the risks associated with the specific industry or industries in which the partnership operates. Investments in MLPs and other limited partnerships are also subject to certain additional risks when compared to investments in corporations, including certain tax risks, a more limited ability for investors to elect or remove the issuer's management, and more limited voting rights for investors.

Preferred Stock

Each of the Equity Funds, Limited Term Income Fund, and Strategic Income Fund may invest in preferred stock.

Preferred stock is a class of stock that generally pays dividends at a specified rate and has preference over common stock in the payment of dividends and liquidation. Preferred stock generally does not carry voting rights. Preferred stock dividends are generally fixed in advance, but the issuing company may not be required to pay a dividend if, for example, it lacks the financial ability to do so. Dividends on preferred stock may be cumulative, meaning that, in the event the issuer fails to make one or more dividend payments on the preferred stock, no dividends may be paid on the issuer's common stock until all unpaid preferred stock dividends have been paid. Preferred stock also may be subject to optional or mandatory redemption provisions.

REITs and Other Real Estate-Related Instruments

Each of the Equity Funds and Strategic Income Fund may invest in real estate investment trusts ("REITS").

REITs are pooled investment vehicles that invest in real estate or real estate-related companies. Types of REITs in which a Fund may invest include equity REITs, which own real estate directly, mortgage REITs, which make construction, development, or long-term mortgage loans, and hybrid REITs, which share characteristics of equity REITs and mortgage REITs. A Fund may also invest in other real estate-related instruments, such as commercial and residential mortgage-backed securities and real estate financings.

Investments in REITs and other real-estate related instruments are subject to risks affecting real estate investments generally, including overbuilding, property obsolescence, casualty to real estate, and changes in real estate values, property taxes and interest rates. In addition, the value of a Fund's investments in REITs may be affected by the quality and skill of the REIT's manager, the internal expenses of the REIT, and, with regard to REITs issued in the United States, the risk that the REIT will fail to qualify for tax-free pass-through of income under the Internal Revenue Code of 1986 and/or maintain exemption from registration under the 1940 Act.

Short Sales

Each of the Equity Funds and Strategic Income Fund may enter into short sales with respect to an investment that Thornburg believes to be overvalued or to hedge against the Fund's long exposures. The Fund may engage in short selling with respect to any of the securities in which the Fund is permitted to invest, including domestic and foreign equity securities and debt obligations.

In a short sale, the Fund borrows a security from a lender and then sells that borrowed security to another party. In order to complete the short sale, the Fund must return the borrowed security to the lender, which the Fund normally does by purchasing that security on the open market and delivering it to the lender. The Fund will realize a gain if the price of the security declines between the date the Fund borrowed the security and the date the Fund purchased the security to replace the borrowed security. The Fund will incur a loss if the price of the security increases between those dates. The Fund is required to pay to the lender amounts equal to any dividend or interest which accrues on the borrowed security during the period of the loan. The Fund may also be required to pay a premium, fee, or other amount to the lender in exchange for borrowing the security.

Although the Fund hopes to profit from its short sales, short sales may include risks that are different than, and in some respects may exceed, the Fund's long investments. Because there is no limitation on the amount to which the price of a security may increase between the date that the Fund borrows it from the lender and the date that the Fund must purchase the security on the open market to deliver it to the lender, the losses that the Fund incurs from a short sale are potentially limitless. In contrast, the losses that the Fund may realize on its long positions cannot exceed the total amount of the Fund's investments in those positions. The lender in a short sale transaction may have a right to require the Fund to return the borrowed securities earlier than scheduled, in which case the Fund may have to purchase the securities on the open market at a time when the securities' prices are unfavorable. To the extent the Fund is required to deliver collateral to the lender in response to declines in the value of the Fund's short positions, the Fund may have to sell other securities in its portfolio to meet those collateral requirements. Such sales may not be at favorable prices, or may impede the pursuit of the Fund's investment strategy.

When the Fund sells securities short, it may use the proceeds from the sales to purchase long positions in additional securities that it believes will outperform the market or its peers. This strategy may effectively result in the Fund having a leveraged investment portfolio. The use of leverage tends to exaggerate the effect of any increase or decrease in the value of the Fund's underlying investments, and may, therefore, cause the Fund's share price to be more volatile.

Funds may also seek to achieve short exposure to an investment through the use of derivative instruments, which may involve risks different or greater than the risks affecting the investment that the Fund seeks to achieve short exposure to. See "Investing in Derivatives," below.

Warrants and Rights

Subject to certain limitations, as described in "Investment Limitations" below, each of the Equity Funds, Limited Term Income Fund and Strategic Income Fund may invest in warrants and similar rights. A warrant represents an option to purchase a stated number of shares of common stock of an issuer at a specified price during a specified period of time. The prices of warrants will not always correlate with the prices of the underlying shares of stock. In addition to the risks relating to the underlying stock, the purchase of warrants involves the risk that the effective price paid for the warrant, when added to the subscription price of the underlying stock, will exceed the market price of the underlying stock. Rights represent a preemptive right to purchase additional shares of an issuer's common stock at the time of a new offering of those shares, thereby permitting the rights holder to retain the same ownership percentage after the new offering.

**Investing in Foreign Debt Obligations and Foreign Equity Securities**

Each of the Equity Funds, Limited Term Income Fund and Strategic Income Fund may make investments in foreign debt obligations or foreign equity securities. International Equity Fund, International Growth Fund, and Developing World Fund invest primarily in foreign securities, Global Opportunities Fund invests in a portfolio of both domestic and foreign securities, and at times the portfolios of other Funds may contain a significant percentage of foreign securities.

A Fund's investment in a foreign debt obligation or foreign equity security typically involves all of the risks inherent in the same type of debt obligation or equity security issued by a domestic issuer. In addition, foreign investments can involve significant risks in addition to the risks inherent in U.S. investments. The following discussion contains additional detail about the types of foreign investments which a Fund may make and certain risks associated with those investments. You should read the Prospectus for more information about these investments and their risks.

Foreign Investments

Foreign investments can involve significant risks in addition to the risks inherent in U.S. investments. The value of securities denominated in or indexed to foreign currencies, and of dividends and interest from such securities, can change significantly when foreign currencies strengthen or weaken relative to the U.S. dollar. Foreign securities markets generally have less trading volume and less liquidity than U.S. markets, and prices on some foreign markets can be highly volatile. Many foreign countries lack uniform accounting and disclosure standards comparable to those applicable to U.S. companies, and it may be more difficult to obtain reliable information regarding an issuer's financial condition and operations. Some foreign countries impose conditions and restrictions on foreigners' ownership of interests in local issuers, including restricting ownership to certain classes of investment in an issuer, which may reduce potential investment returns and impair disposition of those investments. In addition, the costs of foreign investing, including withholding taxes, brokerage commissions, and custodial costs, are generally higher than for U.S. investments.

Foreign markets may offer less protection to investors than U.S. markets. Foreign issuers, brokers, and securities markets may be subject to less government supervision. Foreign securities trading practices, including those involving the release of assets in advance of payment, may involve increased risks in the event of a failed trade or the insolvency of a broker-dealer, and may involve substantial delays. It may also be difficult to enforce legal rights in foreign countries, because of inconsistent legal interpretations or less defined legal and regulatory provisions, or because of corruption or influence on local courts.

Investing abroad also involves different political and economic risks. Foreign investments may be affected by actions of foreign governments adverse to the interests of U.S. investors, including the possibility of expropriation or nationalization of assets, confiscatory taxation, restrictions on U.S. investment or on the ability to repatriate assets or convert currency into U.S. dollars, or other government intervention. There may be a greater possibility of default by foreign governments or foreign government-sponsored enterprises, and securities issued or guaranteed by foreign governments, their agencies, instrumentalities, or political subdivisions, may or may not be supported by the full faith and credit and taxing power of the foreign government. Investments in foreign countries also involve a risk of local political, economic, or social instability, military action or unrest, or adverse diplomatic developments. There is no assurance that Thornburg will be able to anticipate these potential events or counter their effects.

Depositary Receipts

American Depositary Receipts ("ADRs"), European Depositary Receipts ("EDRs") and Global Depositary Receipts ("GDRs") are certificates evidencing ownership of shares of a foreign-based issuer. These certificates are issued by a bank or similar financial institution and generally trade on an established securities market in the U.S. or elsewhere. An investment in ADRs, EDRs or GDRs is an alternative to the purchase of the underlying securities in their national markets and 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. Additionally, the bank or other financial institution which issues the depositary receipt may charge the security holder fees for various services, such as forwarding dividend and interest payments. The Fund's investments in depositary receipts evidencing ownership in shares of a developing country issuer will be deemed to be an investment in that developing country issuer for purposes of the Fund's investment policies and restrictions.

Developing Countries

The considerations noted above generally are intensified for investments in developing countries, also known as emerging market countries, potentially including investments in issuers which are not domiciled in a developing country but which have reference to a significant percentage of their business in developing countries. Developing countries may have relatively unstable governments, economies based on only a few industries, and securities markets that trade a small number of securities.

Foreign Currency Transactions

Each of the Equity Funds, Limited Term Income Fund, and Strategic Income Fund may conduct foreign currency transactions on a spot (i.e., cash) basis or by entering into forward contracts and futures contracts to purchase or sell foreign currencies at a future date and price. Additional detail about foreign currency transactions is provided below in the sections entitled "Investing in Derivative Instruments - Foreign Currency Transactions," "Investing in Derivative Instruments - Futures Contracts - Futures Relating to Foreign Currencies," "Investing in Derivative Instruments - Options - Options Relating to Foreign Currencies," and "Investing in Derivative Instruments - Swap Agreements, Caps, Floors and Collars - Currency Swaps."

**Investing in Derivative Instruments**

A derivative instrument or derivatives transaction is a financial contract the value of which depends on, or is derived from, the value of some other underlying asset, reference rate, or index, such as equity securities, bonds, commodities, currencies, or interest rates. The use of derivative instruments may involve risks different from, or potentially greater than, the risks associated with investing directly in the underlying reference asset. In particular, the use by a Fund of privately negotiated, over-the-counter ("OTC") derivatives contracts exposes the Fund to the risk that the counterparty to the OTC derivatives contract will be unable or unwilling to make timely payments under the contract or otherwise honor its obligations. Although Thornburg intends to monitor the creditworthiness of counterparties, there can be no assurance that a counterparty will meet its obligations, especially during periods of adverse market conditions. The market for certain types of derivative instruments may also be less liquid than the market for the underlying reference asset, making it difficult for a Fund to value its derivative investments or sell those investments at an acceptable price. Derivative instruments may also involve the risk that changes in their value may not correlate perfectly with the assets, rates or indices they are designed to track.

A Fund's investment in derivative instruments may be limited by the requirements of Subchapter M of the Internal Revenue Code for qualification as a regulated investment company. See "Taxes." A Fund's investment in derivative instruments may also be limited to the extent Thornburg intends to continue to claim exclusion from the definition of "commodity pool operator" under the Commodity Exchange Act. See "Commodity Exchange Act Registration Exemption."

The U.S. Securities and Exchange Commission (the "SEC") has adopted rule 18f-4 of the 1940 Act related to the use of derivatives, short sales, reverse repurchase agreements and certain other transactions by registered investment companies, and in connection with the adoption of that rule, the SEC rescinded and withdrew certain previous guidance of the SEC and its staff regarding the use of asset segregation and cover transactions as a means to reduce the potential that a fund's use of derivatives may constitute the issuance of "senior securities" by the fund. Rule 18f-4 requires a fund that enters into derivatives and certain other transactions which create future payment or delivery obligations (except reverse repurchase agreements and similar financing transactions) to be subject to a value-at-risk ("VaR") leverage limit and certain derivatives risk management program and reporting requirements. Generally, these requirements apply unless the fund qualifies as a "limited derivatives user," as defined in the rule. Under rule 18f-4, when a Fund trades reverse repurchase agreements or similar financing transactions it needs to aggregate the amount of indebtedness associated with those investments with the aggregate amount of any other senior securities representing indebtedness when calculating the Fund's asset coverage ratio or treat all such transactions as derivatives transactions. Reverse repurchase agreements or similar financing transactions, including certain tender option bonds, aggregated with other indebtedness do not need to be included in the calculation of whether a fund is a limited derivatives user, but for funds subject to the VaR testing, reverse repurchase agreements and similar financing transactions must be included for purposes of such testing whether treated as derivatives transactions or not.

The Trust has adopted written policies and procedures to manage the derivatives risks of the Funds and comply with the requirements of rule 18f-4. Each Fund is currently classified as a limited derivatives user under rule 18f-4. As a limited derivatives user, each Fund's derivatives exposure, excluding certain currency and interest rate hedging transactions, may not exceed 10% of its net assets. The Funds may exclude from treating as a derivative certain currency or interest rate derivatives that are not used for investment purposes but are instead are entered into and maintained by the fund for hedging purposes; and the notional amounts of such derivatives do not exceed the value of the hedged investments by more than 10%. Each Fund's limit on its derivatives exposure of 10% of its net assets is not fundamental and may be changed by the Fund without a shareholder vote. If a Fund were to no longer be classified as a limited derivatives user, the more extensive requirements of rule 18f-4 which would then apply to the Fund may limit the ability of the Fund to use derivatives and reverse repurchase agreements and similar financing transactions as part of its investment strategies, and may also increase the cost of the Fund's investments and cost of doing business, which could adversely affect investors.

The following discussion contains additional detail about the types of derivative instruments in which a Fund may invest and certain risks associated with those investments. You should also read the Prospectus for more information about derivative instruments and their risks.

Combined Positions

Any Fund which is permitted to purchase or sell forward contracts, futures contracts and options (see "Forward Contracts", "Futures Contracts" and "Options" below) may also purchase and sell such forward contracts, futures contracts and options in combination with one another in order to adjust the risk and return characteristics of the overall position. For example, a Fund may purchase a put option and write a call option on the same underlying instrument, in order to construct a combined position whose risk and return characteristics are similar to selling a futures contract. Another possible combined position would involve writing a call option at one strike price and buying a call option at a lower price, in order to reduce the risk of the written call option in the event of a substantial price increase. Because combined options positions involve multiple trades, they result in higher transaction costs and may be more difficult to open and close out. A combined transaction will usually contain elements of risk that are present in each of its component transactions. Although combined transactions are normally entered into based on Thornburg's judgment that the combined strategies will reduce risk or otherwise more effectively achieve the desired portfolio management goal, it is possible that the combination will instead increase such risks or hinder achievement of the goal.

Eurodollar Instruments

Each of the Equity Funds, Limited Term Income Fund, and Strategic Income Fund may make investments in Euro dollar instruments.

Eurodollar instruments are U.S. dollar-denominated futures contracts or options thereon which are linked to a reference rate, although foreign currency-denominated instruments are available from time to time. Eurodollar futures contracts enable purchasers to obtain a fixed rate for the lending of funds and sellers to obtain a fixed rate for borrowings. The Fund might use Eurodollar futures contracts and options thereon to hedge against changes in the applicable reference rate, to which many interest rate swaps and fixed income instruments are linked.

Foreign Currency Transactions

Limited Term Income Fund, Strategic Income Fund and each of the Equity Funds may conduct foreign currency transactions on a spot (*i.e.*, cash) basis or by entering into forward contracts to purchase or sell foreign currencies at a future date and price.

*Conversions on a Spot Basis*. A Fund may convert currency on a spot basis from time to time. Although foreign exchange dealers generally do not charge a fee for conversion, they do realize a profit based on the difference between the prices at which they are buying and selling various currencies. Thus, a dealer may offer to sell a foreign currency to a Fund at one rate, while offering a lesser rate of exchange should the Fund desire to resell that currency to the dealer.

*Currency Forward Contracts*. A currency forward contract is a privately negotiated obligation to purchase or sell a specific currency at a future date, which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. The parties to a forward contract may agree to offset or terminate the contract before its maturity, or may hold the contract to maturity and complete the contemplated currency exchange. A Fund may use currency forward contracts for any purpose consistent with its investment objectives. The following discussion summarizes the principal currency management strategies involving forward contracts that could be used by a Fund. A Fund may also use swap agreements, indexed securities, and options and futures contracts relating to foreign currencies for the same purposes.

In those instances when a Fund enters into a forward currency contract, it typically does so for portfolio hedging purposes. In that regard, a Fund may enter into a forward contract to sell a foreign currency in which certain of its portfolio investments are denominated as a strategy to reduce the risk that a decline in the value of the foreign currency relative to the U.S. dollar will diminish the value of the portfolio investments denominated in that foreign currency. For example, if a Fund owned securities denominated in pounds sterling, it could enter into a forward contract to sell pounds sterling in return for U.S. dollars to hedge against possible declines in the pound's value. Such a hedge, sometimes referred to as a "position hedge," would tend to offset both positive and negative currency fluctuations, but would not offset changes in security values caused by other factors. A Fund could also hedge the position by selling another currency expected to perform similarly to the pound sterling. This type of hedge, sometimes referred to as a "proxy hedge," could offer advantages in terms of cost, yield, or efficiency, but generally would not hedge currency exposure as effectively as a simple hedge into U.S. dollars. Proxy hedges may result in losses if the currency used to hedge does not perform similarly to the currency in which the hedged securities are denominated. A Fund could use a similar hedging strategy in an "indirect hedge" with respect to securities holdings that are denominated in U.S. dollars or another currency, but which do a substantial amount of business in a given foreign currency and are consequently exposed to a risk that the value of that foreign currency will decline relative to the U.S. dollar or other currency in which the holding is denominated. The Funds do not enter into hedging transactions in all instances when it might be desirable to do so, and any Fund may be exposed to currency risk some or most of the time without any hedging position for purposes of reducing that risk.

A Fund may also enter into forward contracts to shift investment exposure from one currency into another. This may include shifting exposure from U.S. dollars to a foreign currency, or from one foreign currency to another foreign currency. For example, if a Fund held investments denominated in pounds sterling, the Fund could enter into forward contracts to sell pounds sterling and purchase Swiss francs. This type of strategy, sometimes known as a "cross hedge," will tend to reduce or eliminate exposure to the currency that is sold, and increase exposure to the currency that is purchased, much as if the Fund had sold a security denominated in one currency and purchased an equivalent security denominated in another. Cross-hedges protect against losses resulting from a decline in the hedged currency, but will cause a Fund to assume the risk of fluctuations in the value of the currency it purchases.

In another circumstance, a Fund that has agreed to buy or sell a security denominated in a foreign currency may seek to "lock in" the U.S. dollar price of the security by entering into a forward contract to buy or sell the relevant foreign currency for a fixed amount of U.S. dollars. This technique, sometimes referred to as a "settlement hedge" or "transaction hedge," is intended to protect a Fund against an adverse change in foreign currency values between the date the security is purchased or sold and the date on which payment is made or received. A Fund also may enter into forward contracts to purchase or sell a foreign currency in anticipation of future purchases or sales of securities denominated in foreign currency, even if the specific investments have not yet been selected by Thornburg.

Currency transactions can result in losses to the Fund if the currency being hedged fluctuates in value to a degree or in a direction that is not anticipated. Further, there is the risk that the perceived linkage between various currencies may not be present or may not be present during the particular time that the Fund is engaged in a currency hedging transaction.

Because currency control is of great importance to the issuing governments and influences economic planning and policy, purchases and sales of currency and related instruments can be negatively affected by government exchange controls, blockages, and manipulations or exchange restrictions imposed by governments. Those can result in losses to a Fund if it is unable to deliver or receive currency in settlement of obligations and could also cause hedges it has entered into to be rendered ineffective, resulting in full currency exposure as well as incurring transaction costs. Currency futures are also subject to risks pertaining to futures contracts generally. See "Futures Contracts," below. Options trading on currency futures is subject to market liquidity, and establishing and closing positions may be difficult. Currency exchange rates may fluctuate based on factors extrinsic to the issuing country's own economy.

Successful use of currency management strategies will depend on Thornburg's skill in analyzing and predicting currency values. Currency management strategies may substantially change a Fund's investment exposure to changes in currency exchange rates, and could result in losses to the Fund if currencies do not perform as Thornburg anticipates. For example, if a currency's value rose at a time when Thornburg had hedged a Fund's exposure by selling that currency in exchange for dollars, the Fund would be unable to participate in the currency's appreciation. If Thornburg hedges currency exposure through proxy hedges, a Fund could realize currency losses from the hedge and the security position at the same time if the two currencies do not move in tandem. Similarly, if Thornburg increases the Fund's exposure to a foreign currency, and that currency's value declines, the Fund will realize a loss. There is no assurance that Thornburg's use of currency management strategies will be advantageous to a Fund or that it will hedge at an appropriate time.

Futures Contracts

Each of the Equity Funds, Limited Term Income Fund, and Strategic Income Fund may purchase or sell futures contracts to hedge against anticipated interest rate, currency or market changes, for duration management or risk management purposes, or to enhance potential income and gains.

When a Fund purchases a futures contract, it agrees to purchase a specified underlying instrument at a specified future date at a specified price. When a Fund sells a futures contract, it agrees to sell the underlying instrument at a specified future date at a specified price. Futures contracts are typically bought and sold on exchanges or boards of trade where the contracts are listed. Some currently available futures contracts are based on specific securities, such as U.S. Treasury bonds or notes, and some are based on indices of securities prices, such as the Standard & Poor's 500 Composite Stock Price Index ("S&P 500"). Futures can be held until their delivery dates, or can be closed out before then if a liquid secondary market is available. The value of a futures contract tends to increase and decrease in tandem with the value of its underlying instrument. Therefore, purchasing futures contracts will tend to increase a Fund's exposure to positive and negative price fluctuations in the underlying instrument, much as if it had purchased the underlying instrument directly. When a Fund sells a futures contract, by contrast, the value of its futures position will tend to move in a direction contrary to the market. Selling futures contracts, therefore will tend to offset both positive and negative market price changes, much as if the underlying instrument had been sold.

Distributions to shareholders associated with income or net gains realized by a Fund from transactions in futures contracts (or options on futures contracts) may be subject to federal income tax.

*Liquidity of Futures Contracts*. Some futures contracts may become illiquid under adverse market conditions, and there is no assurance that a liquid market will exist for any particular futures contract at any particular time. Exchanges and boards of trade may establish daily price fluctuation limits for options and futures contracts, and may halt trading if a contract's price moves upward or downward more than the limit in a given day. On volatile trading days when the price fluctuation limit is reached or a trading halt is imposed, it may not be possible for a Fund to enter into new positions or to close out existing positions. If the market for a contract is not liquid because of price fluctuation limits or otherwise, it could prevent prompt liquidation of unfavorable positions, and potentially could require a Fund to continue to hold a position until expiration regardless of unfavorable changes in its value. In that instance, the Fund's access to other assets that it has deposited to cover its futures positions also could be impaired.

*Margin Payments*. The purchaser or seller of a futures contract is not required to deliver or pay for the underlying instrument unless the contract is held until the delivery date. However, in any instance when a Fund enters into a futures contract, either as purchaser or as seller, the Fund will segregate with its custodian or with a futures commission merchant ("FCM") as initial margin assets sufficient to meet its obligations under the contract. The Fund will also deposit daily "variation margin" payments as required during the term of the contract in order settle the change in the contract's value on a daily basis (a process known as "marking to market"). Segregated assets may consist of cash, cash equivalents or high grade liquid debt obligations, or other assets agreed to by the parties to the futures contract. Initial and variation margin payments do not constitute purchasing securities on margin for purposes of a Fund's investment limitations. In the event of the bankruptcy of a FCM that holds margin on behalf of a Fund, the Fund may be entitled to return of margin owed to it only in proportion to the amount received by the FCM's other customers, potentially resulting in losses to the Fund.

*Correlation of Price Changes*. Because there are a limited number of types of futures contracts, it is likely that the standardized contracts available will not match a Fund's current or anticipated investments exactly. A Fund may invest in futures contracts based on securities with different issuers, maturities, or other characteristics from the securities in which it typically invests, which involves a risk that the futures position will not track the performance of the Fund's other investments. Futures prices can also diverge from the prices of their underlying instruments, even if the underlying instruments match the Fund's investments well. Futures prices are affected by such factors as current and anticipated short-term interest rates, changes in volatility of the underlying instrument, and the time remaining until expiration of the contract, which may not affect security prices the same way. Imperfect correlation may also result from differing levels of demand in futures markets and the securities markets, from structural differences in how futures and securities are traded, or from imposition of daily price fluctuation limits or trading halts. A Fund may purchase or sell futures contracts with a greater or lesser value than the securities it wishes to hedge or intends to purchase in order to attempt to compensate for differences in volatility between the contract and the securities, although this may not be successful in all cases. If price changes in the Fund's futures positions are poorly correlated with its other investments, the positions may fail to produce anticipated gains or result in losses that are not offset by gains in other investments.

*Futures Relating to Foreign Currencies*. Currency futures contracts are similar to forward currency exchange contracts (see "Currency Forward Contracts" above), except that they are traded on exchanges (and have margin requirements) and are standardized as to contract size and delivery date. Most currency futures contracts call for payment or delivery in U.S. dollars.

The uses and risks of currency futures are similar to futures relating to other securities or indices. A Fund may purchase and sell currency futures to increase or decrease its exposure to different foreign currencies. A Fund also may purchase and write currency futures in conjunction with each other or with currency options or forward contracts. Currency futures values can be expected to correlate with exchange rates, but may not reflect other factors that affect the value of the Fund's investments. A currency hedge, for example, should protect a Yen-denominated security from a decline in the Yen, but will not protect the Fund against a price decline resulting from deterioration in the issuer's creditworthiness. Because the value of each Fund's foreign-denominated investments changes in response to many factors other than exchange rates, it may not be possible to match the amount of currency futures to the value of the Fund's investments exactly over time. See "Foreign Currency Transactions" above.

Indexed Securities

Each of the Equity Funds and Strategic Income Fund may purchase securities whose prices are indexed to the prices of other securities, securities indices, currencies, precious metals or other commodities or other financial indicators.

Indexed securities typically, but not always, are debt obligations or deposits whose value at maturity or coupon rate is determined by reference to a specific instrument or statistic. Gold-indexed securities, for example, typically provide for a maturity value that depends on the price of gold, resulting in a security whose price tends to rise and fall together with gold prices. Currency indexed securities typically are short-term to intermediate-term debt obligations whose maturity values or interest rates are determined by reference to the values of one or more specified foreign currencies, and may offer higher yields than U.S. dollar-denominated securities of equivalent issuers. Currency-indexed securities may be positively or negatively indexed; that is, their maturity value may increase when the specified currency value increases, resulting in a security that performs similarly to a foreign-denominated instrument, or their maturity value may decline when foreign currencies increases, resulting in a security whose price characteristics are similar to a put on the underlying currency. Currency-indexed securities may also have prices that depend on the values of a number of different foreign currencies relative to each other.

The performance of indexed securities depends to a great extent on the performance of the security, currency or other instrument to which they are indexed, and may also be influenced by interest rate changes in the U.S. and abroad. At the same time, indexed securities are subject to the credit risks associated with the issuer of the security, and their values may decline substantially if the issuer's creditworthiness deteriorates. Recent issuers of indexed securities have included banks, corporations, and certain U.S. government agencies. Indexed securities may be more volatile than their underlying instruments.

Options

Each of the Equity Funds, Limited Term Income Fund, and Strategic Income Fund may purchase or write put and call options to hedge against anticipated interest rate or market changes, for duration management or risk management purposes, or to enhance potential income and gains.

*Purchasing Put and Call Options*. By purchasing a put option, a Fund obtains the right (but not the obligation) to sell the option's underlying instrument at a fixed exercise or "strike" price. In return for this right, a Fund pays the current market price for the option (known as the option premium). Options have various types of underlying instruments, including specific equity securities or debt obligations, indices of securities prices, and futures contracts. A Fund may terminate its position in a put option it has purchased by allowing it to expire or by exercising the option. If the option is allowed to expire, the Fund will lose the entire premium it paid. If a Fund exercises the option, it completes the sale of the underlying instrument at the strike price. A Fund may also terminate a put option position by closing it out in the secondary market at its current price, if a liquid secondary market exists.

The buyer of a typical put option can expect to realize a gain if security prices fall substantially. However, if the underlying instrument's price does not fall enough to offset the cost of purchasing the option, the owner of the put option will experience a loss measured by the premium paid to buy the option, plus related transaction costs.

The features of call options are similar to those of put options, except that the purchaser of a call option obtains the right to purchase, rather than sell, the underlying instrument at the option's strike price. A call buyer typically attempts to participate in potential price increases of the underlying instrument with risk limited to the cost of the option if security prices fall. At the same time, the buyer will experience a loss if the underlying instrument's price does not rise sufficiently to offset the buyer's cost of purchasing the option and transaction costs.

The purchase of options increases a Fund's costs because it must pay premiums to purchase the options, and the exercise of put and call options by a Fund will increase portfolio turnover and associated transaction costs. Because premiums for the purchase of options are typically much smaller than the prices to purchase the underlying instruments, the use of options creates leverage, which might result in a Fund's net asset value being more sensitive to changes in the instruments underlying the options.

An American-style put or call option may be exercised at any time during the option period while a European-style put or call options may be exercised only upon expiration of the option period or during a fixed period prior thereto.

*Writing Put and Call Options*. When a Fund sells or "writes" a put option, it takes the opposite side of the transaction from the option's purchaser. In return for receipt of the premium, a Fund, as writer of such an option, would be obligated to pay the strike price for the option's underlying instrument if the other party to the option chooses to exercise it. When writing an option on a futures contract, a Fund would be required to make margin payments to cover the Fund's potential obligation to pay the strike price if the other party chooses to exercise the option. A Fund may seek to terminate its position in a put option it writes before it is exercised by closing out the option in the secondary market at its then current price. If, however, the secondary market is not sufficiently liquid, the Fund may not be able to close out its position and would, therefore, remain obligated to purchase the underlying instrument at the strike price if the option is exercised. If the price of the underlying instrument rises, the writer of a put ordinarily will profit by the amount of the premium received on writing the option. If the price of the instrument declines, the writer may experience a loss, although the amount of the loss is offset to some degree by the amount of the premium received.

Writing a call option obligates the writer to sell or deliver the option's underlying instrument, in return for the strike price, upon exercise of the option by the holder. The characteristics of writing call options are similar to those of writing put options, except that writing calls generally is a profitable strategy if prices remain the same or decline. Through receipt of the option premium, a Fund as the writer of such an option would seek to mitigate the effects of a decline in the price of the underlying instrument. At the same time, a Fund which writes an option must be prepared to deliver the underlying instrument in return for the strike price, even if the current value of the instrument is higher than the strike price. In that event, a Fund will experience a loss to the extent that the value of the underlying instrument exceeds the total of the strike price and the premium that it received when it wrote the option.

*Exchange-Traded Options*. Options may be traded on exchanges, or may be traded "over-the-counter" (see discussion of "OTC Options" below). Exchange-traded options are issued by a regulated intermediary, which guarantees the performance of the obligations of the parties to such options. With certain exceptions, exchange-traded options generally settle by physical delivery of the underlying security or currency, although in the future cash settlement may become available. Frequently, rather than taking or making delivery of the underlying instrument through the process of exercising the option, exchange-traded options are closed by entering into offsetting purchase or sale transactions that do not result in ownership of the new option.

A Fund's ability to close out its position as a purchaser or seller of an exchange-traded option is dependent, in part, upon the liquidity of the option market. Among the possible reasons for the absence of a liquid option market on an exchange are: (i) insufficient trading interest in certain options; (ii) restrictions on transactions imposed by an exchange; (iii) trading halts, suspensions or other restrictions imposed with respect to particular classes or series of options or underlying securities including reaching daily price limits; (iv) interruption of the normal operations of the exchange; (v) inadequacy of the facilities of an exchange to handle current trading volume; or (vi) a decision by one or more exchanges to discontinue the trading of options (or a particular class or series of options), in which event the relevant market for that option on that exchange would cease to exist, although outstanding options on that exchange would generally continue to be exercisable in accordance with their terms.

The hours of trading for listed options may not coincide with the hours during which the underlying financial instruments are traded. To the extent that the option markets close before the markets for the underlying financial instruments, significant price and rate movements can take place in the underlying markets that cannot be reflected in the option markets.

*OTC Options*. Unlike exchange-traded options, which are standardized with respect to the underlying instrument, expiration date, contract size, and strike price, the terms of over-the-counter options generally are established through negotiation with the other party to the contract. While such arrangements allow greater flexibility to a Fund to tailor an option to its needs, "OTC" options generally involve greater credit risk than exchange-traded options, which are backed by the clearing organization of the exchange where they are traded. Accordingly, Thornburg must assess the creditworthiness of each counterparty or any guarantor or credit enhancement of the counterparty's credit to determine the likelihood that the terms of the OTC option will be satisfied.

The staff of the SEC currently takes the position that OTC options are illiquid, and investments by each Fund in those instruments will be subject to each Fund's limitation on investments in illiquid instruments. See "Illiquid Investments" below.

Limited Term Income Fund will engage in OTC option transactions only with United States government securities dealers recognized by the Federal Reserve Bank in New York as "primary dealers," broker dealers, domestic or foreign banks or other financial institutions which have received a short-term credit rating of "A-1" from Standard & Poor's Corporation or "P-1" from Moody's Investor Services or have been determined by Thornburg to have an equivalent credit rating. Additionally, Limited Term Income Fund will only enter into OTC options that have a buy-back provision permitting the Fund to require the counterparty to buy back the option at a formula price within seven days. Limited Term Income Fund expects generally to enter into OTC options that have cash settlement provisions, although it is not required to do so.

*Liquidity of Options*. Some options become illiquid under adverse market conditions, and there is no assurance a liquid secondary market will exist for any particular options contract at any particular time. Options may have relatively low trading volume and liquidity if their strike prices are not close to the underlying instrument's current price. In addition, exchanges may establish daily price fluctuation limits for options, and may halt trading if a contract's price moves upward or downward more than the limit in a given day. On volatile trading days when the price fluctuation limit is reached or a trading halt is imposed, it may be impossible for a Fund to enter into new positions or close out existing positions. If the secondary market for a contract is not liquid because of price fluctuation limits or otherwise, it could prevent prompt liquidation of unfavorable positions, and potentially could require the Fund to continue to hold a position until delivery or expiration regardless of changes in its value. As a result, the Fund's access to other assets held to cover its options positions could also be impaired.

*Correlation of Price Changes*. Because there are a limited number of types of exchange-traded options, it is likely that the standardized contracts available will not match a Fund's current or anticipated investments exactly. A Fund may invest in options based on securities with different issuers, maturities, or other characteristics from the securities in which it typically invests, which involves a risk that the options position will not track the performance of the Fund's other investments. Options prices can also diverge from the prices of their underlying instruments, even if the underlying instruments match the Fund's investments well. Options prices are affected by such factors as current and anticipated short-term interest rates, changes in volatility of the underlying instrument, and the time remaining until expiration of the contract, which may not affect security prices the same way. Imperfect correlation may also result from differing levels of demand in the options markets and the securities markets, from structural differences in how options and securities are traded, or from imposition of daily price fluctuation limits or trading halts. A Fund may purchase or sell options contracts with a greater or lesser value than the securities it wishes to hedge or intends to purchase in order to attempt to compensate for differences in volatility between the contract and the securities, although this may not be successful in all cases. If price changes in the Fund's options positions are poorly correlated with its other investments, the positions may fail to produce anticipated gains or result in losses that are not offset by gains in other investments.

*Credit Options*. Credit options are options whereby the purchaser has the right, but not the obligation, to enter into a transaction involving either an asset with inherent credit risk or a credit derivative, at terms specified at the inception of the option.

*Options Relating to Foreign Currencies*. The underlying instrument of a currency option may be a foreign currency, which generally is purchased or delivered in exchange for U.S. dollars, or may be a futures contract. The purchaser of a currency call obtains the right to purchase the underlying currency, and the purchaser of a currency put obtains the right to sell the underlying currency.

The uses and risks of currency options are similar to options relating to other securities or indices. A Fund may purchase and write currency options to increase or decrease its exposure to different foreign currencies. A Fund also may purchase and write currency options in conjunction with each other or with currency futures or forward contracts. Currency options values can be expected to correlate with exchange rates, but may not reflect other factors that affect the value of the Fund's investments. A currency hedge, for example, should protect a Yen-denominated security from a decline in the Yen, but will not protect the Fund against a price decline resulting from deterioration in the issuer's creditworthiness. Because the value of each Fund's foreign-denominated investments changes in response to many factors other than exchange rates, it may not be possible to match the amount of currency options to the value of the Fund's investments exactly over time. See "Foreign Currency Transactions" above.

*Options on Futures Contracts*. Options on futures contracts are similar to options on securities, except that an option on a futures contract gives the purchaser the right in return for the premium paid to assume a position in the underlying futures contract. If a Fund exercises an option on a futures contract it will be obligated to deposit initial margin (and potential subsequent variation margin) for the resulting futures position just as it would for any other futures contract position.

*Options on Indices*. Options on securities indices and other financial indices are similar to options on a security or other instrument except that, rather than settling by physical delivery of the underlying instrument, they settle by cash settlement (i.e., an option on an index gives the holder the right to receive, upon exercise of the option, an amount of cash if the closing level of the index upon which the option is based exceeds, in the case of a call, or is less than, in the case of a put, the exercise price of the option except if, in the case of an OTC option, physical delivery is specified). This amount of cash is equal to the excess of the closing price of the index over the exercise price of the option, which also may be multiplied by a formula value. The seller of the option is obligated, in return for the premium received, to make delivery of this amount. The gain or loss on an option on an index depends on price movements in the instruments making up the market, market segment, industry or other composite on which the underlying index is based rather than price movements in individual securities, as is the case with respect to options on securities.

Structured Notes

Each of the Equity Funds, Limited Term Income Fund, and Strategic Income Fund may invest in structured notes.

Structured notes are derivative debt obligations, the interest rate or principal of which is determined by reference to changes in the value of a specific asset, reference rate or index, or the relative change in two or more reference assets. The interest rate or the principal amount payable upon maturity or redemption may increase or decrease, depending upon changes in the value of the reference asset. The terms of a structured note may provide that, in certain circumstances, no principal is due at maturity and, therefore, may result in a loss of invested capital by a Fund. Structured notes may be indexed positively or negatively, so that appreciation of the reference asset may produce an increase or decrease in the interest rate or value of the principal at maturity. In addition, changes in the interest rate or the value of the principal at maturity may be fixed at a specified multiple of the change in the value of the reference asset, making the value of the note particularly volatile.

Structured notes may entail a greater degree of market risk than other types of debt obligations because the investor bears the risk of the reference asset. As noted above, the value of structured notes also may be more volatile than other debt obligations.

Swap Agreements, Caps, Floors, and Collars

Each of the Equity Funds, Limited Term Income Fund, and Strategic Income Fund may enter into swap agreements and related caps, floors and collars. None of these Funds are limited to any particular form of swap agreement, provided that Thornburg determines that the agreement it is consistent with the Fund's investment objective and policies.

Swap agreements involve the exchange by a Fund and another party of their respective commitments to pay or receive cash flows. Although swaps can take a variety of forms, typically one party pays fixed and receives floating rate payments and the other party receives fixed and pays floating rate payments. Swap agreements can be individually negotiated and structured to include exposure to a variety of different types of investments or market factors. Swap agreements will tend to shift a Fund's investment exposure from one type of investment to another. For example, if a Fund agreed to exchange payments in dollars for payments in foreign currency, the swap agreement would tend to decrease the Fund's exposure to U.S. interest rates and increase its exposure to foreign currency and interest rates. Caps and floors have an effect similar to buying or writing options. Depending on how they are used, swap agreements may increase or decrease the overall volatility of a Fund's investments and its share price and yield. The most significant factor in the performance of swap agreements is the change in the specific interest rate, currency, or other factors that determine the amounts of payments due to and from the Fund. If a swap agreement calls for payments by a Fund, the Fund must be prepared to make such payments when due. In addition, if the counterparty's credit worthiness declined or if the counterparty defaults, the Fund will likely have contractual remedies available to it, but the value of the swap or other agreement would be likely to decline, potentially resulting in losses. Each Fund expects to be able to eliminate its exposure under swap agreements either by assignment or other disposition, or by entering into an offsetting swap agreement with the same party or a similarly creditworthy party.

*Credit Default Swaps*. A credit default swap is a credit derivative in which two parties enter into an agreement to transfer the credit exposure of fixed income securities. The buyer of credit protection (or seller of credit risk) agrees to pay the counterparty a fixed, periodic premium for a specified term. In return, the counterparty agrees to pay a contingent payment to the buyer in the event of an agreed upon credit occurrence which is typically a default by the issuer of a debt obligation.

*Currency Swaps*. A currency swap is an agreement to exchange cash flows on a notional amount of two or more currencies based on the relative value differential among them. Typically, the interest rates that determine the currency swap payments are fixed, although occasionally one or both parties may pay a floating rate of interest. Changes in foreign exchange rates and changes in interest rates may negatively affect the value of a currency swap.

*Equity Swaps*. In a typical equity swap, one party agrees to pay another party the return on a stock, stock index or basket of stocks in exchange for a specified interest rate. By entering into an equity index swap, for example, the index receiver can gain exposure to stocks making up the index of securities without actually purchasing those stocks. Equity index swaps involve not only the risks associated the investment in the securities represented in the index, but also the risk that the performance of such securities, including dividends, will not exceed the return on the interest rate that the Fund is committed to pay to the counterparty.

*Interest Rate Swaps and Forward Rate Contracts*. Interest rate swaps involve the exchange by the Fund with another party of their respective commitments to pay or receive interest, e.g., an exchange of fixed rate payments for floating rate payments. The Fund may also enter forward rate contracts. Under these contracts, the buyer locks in an interest rate at a future settlement date. If the interest rate on the settlement date exceeds the lock rate, the buyer pays the seller the difference between the two rates. Any such gain received by a Fund would be taxable. If the other party to an interest rate swap or forward rate contract defaults, a Fund's risk of loss consists of the net amount of payments that the Fund is contractually entitled to receive. The net amount of the excess, if any, of the Fund's obligations over its entitlements will be maintained in a segregated account by the Fund's custodian. The Fund will not enter into any interest rate swap or forward rate contract unless the claims-paying ability of the other party thereto is considered satisfactory by Thornburg. If there is a default by the other party to such a transaction, the Fund will have contractual remedies pursuant to the agreements related to the transaction. These instruments are traded in the over-the-counter market.

*Total Return Swaps*. A total return swap is a credit derivative in which the buyer receives a periodic return equal to the total economic return of a specified security, securities or index, for a specified period of time. In return, the buyer pays the counterparty a variable stream of payments, typically based upon short-term interest rates, possibly plus or minus an agreed upon spread.

 *Caps, Floors and Collars*. The purchase of a cap entitles the purchaser to receive payments on a notional principal amount from the party selling the cap to the extent that a specified index exceeds a predetermined interest rate or amount. For example, an interest rate cap is an agreement between two parties over a specified period of time where one party makes payments to the other party equal to the difference between the current level of an interest rate index and the level of the cap, if the specified interest rate index increases above the level of the cap. The purchase of a floor entitles the purchaser to receive payments on a notional principal amount from the party selling the floor to the extent that a specified index falls below a predetermined interest rate or amount. For example, an interest rate floor is similar except the payments are the difference between the current level of an interest rate index and the level of the floor if the specified interest rate index decreases below the level of the floor. A collar is a combination of a cap and a floor that preserves a certain return within a predetermined range of interest rates or values. For example, an interest rate collar is the simultaneous execution of a cap and floor agreement on a particular interest rate index.

**Other Investments, Investment Techniques and Other Risks**

The following contains additional detail about certain other investments a Fund may make and certain other risks to which a Fund may be subject.

Consideration of Environmental, Social and Governance ("ESG") Characteristics

When evaluating a potential investment opportunity, each of the Funds may consider the issuer's ESG characteristics. Thornburg defines a significant ESG characteristic as one which may materially affect an issuer's risk and return profile and, accordingly, the issuer's long-term investment performance. In this way, Thornburg's consideration of ESG characteristics is no different than its consideration of more traditional financial metrics or other factors which may affect the risks and returns of a Fund's investments. The specific ESG characteristics which Thornburg determines to be significant will vary over time and among different financial sectors and industries, but will generally include environmental, social capital, human capital, business model and innovation, and leadership and governance characteristics. Examples of potentially significant environmental characteristics include: greenhouse gas emissions; air quality; energy management; water and wastewater management; waste and hazardous materials management; and ecological impacts. Examples of potentially significant social capital characteristics include: human rights and community relations; customer privacy; data security; access & affordability; product quality and safety; customer welfare; and selling practice and product labeling. Examples of potentially significant human capital characteristics include: labor practices; employee health & safety; and employee engagement, diversity and inclusion. Examples of potentially significant business model and innovation characteristics include: product design and lifecycle management; business model resilience; supply chain management; materials sourcing and efficiency; and the physical impacts of climate change. Examples of potentially significant leadership and governance characteristics include: business ethics; competitive behavior; management of the legal and regulatory environment; critical risk management; and systemic risk management.

While Thornburg makes its own judgments about the ESG characteristics of each Fund's investments, Thornburg's approach may be informed by third party data and other research tools, including consideration of the list of material ESG factors established by the Sustainability Accounting Standards Board.

There are no universally agreed upon objective standards for assessing ESG characteristics, and they can vary over different periods and evolve over time. Certain ESG characteristics are subjective and can be difficult to analyze, and the evaluation of ESG characteristics frequently involves assessing various risks relating to the financial stability and sustainability of an investment, and ESG characteristics may not always be reflected in third party data. ESG characteristics may also be difficult to apply consistently across regions, countries, industries, or sectors. Given the absence of generally accepted criteria, investors and others may disagree as what constitutes a significant ESG characteristic, or may otherwise assign a greater or lesser emphasis than Thornburg to a particular ESG characteristic. In addition, there may be situations where Thornburg determines that an issuer has been identified by Thornburg as having both positive and negative ESG characteristics. For example, an issuer may extract or use fossil fuels in a manner which may contribute to negative environmental outcomes, but that same issuer is making investments to prepare for a transition to cleaner sources of energy. In those instances, Thornburg may consider as part of its investment analysis how both the positive and negative ESG characteristics are likely to affect the issuer's long-term investment performance.

Cash Management

Each Fund except Limited Term U.S. Government Fund may also invest a portion or all of the Fund's daily cash balance in Thornburg Capital Management Fund, a separate series of the Trust (the "Capital Management Fund"). The Capital Management Fund's shares are not publicly available. The Capital Management Fund is not a money market fund and does not seek to maintain a stable net asset value of $1.00. The Capital Management Fund seeks current income consistent with liquidity management and safety of capital. To pursue that investment objective, the Capital Management Fund invests principally in short-term obligations which are determined by Thornburg to be of high quality including, but not limited to, obligations issued by U.S. and foreign companies, U.S. and foreign banks, U.S. and foreign governments, U.S. agencies, states, and municipalities, and international organizations such as the World Bank and the International Monetary Fund, and repurchase agreements based on those obligations. The Capital Management Fund does not currently pay a separate investment advisory fee or administrative services fee to Thornburg, but Funds which invest in the Capital Management Fund would indirectly bear the other operating expenses of the Capital Management Fund. Those indirect expenses are similar to the expenses paid by other businesses owned by the Funds, are not direct costs paid by Fund shareholders, are not used to calculate a Fund's net asset value, and have no impact on the costs associated with Fund operations.

Certificates of Deposit

Each Fund may under certain circumstances purchase bank certificates of deposit. Limited Term U.S. Government Fund may invest up to 20% of its assets in: (i) certificates of deposit maturing in one year or less after the date of acquisition and issued by domestic banks with assets of $1 billion or more; and (ii) certificates of deposit insured as to principal by the Federal Deposit Insurance Corporation. If any certificate of deposit in which Limited Term U.S. Government Fund invests (whether or not insured in whole or in part) is nonnegotiable and matures in more than seven days, the certificate of deposit will be deemed by Limited Term U.S. Government Fund to be illiquid and will, therefore, be subject to the Fund's investment restriction respecting investment in illiquid investments. Limited Term Income Fund may invest in certificates of deposit of domestic and foreign banks with assets of $1 billion or more, including foreign branches of domestic banks. Limited Term Income Fund may also invest in certificates of deposit issued by banks and savings and loan institutions with assets of less than $1 billion, provided that (i) the principal amounts of such certificates of deposit are insured by an agency of the U.S. Government, (ii) at no time will the Fund hold more than $100,000 principal amount of certificates of deposit of any one such bank, and (iii) at the time of acquisition, no more than 10% of the Fund's assets (taken at current value) are invested in certificates of deposit of such banks. Strategic Income Fund and each of the Equity Funds may invest in certificates of deposit issued by domestic and foreign banks, including foreign branches of domestic banks.

Investments in certificates of deposit issued by foreign banks or foreign branches of domestic banks involves investment risks that are different in some respects from those associated with investment in certificates of deposit issued by domestic banks. (See "Foreign Investments" above).

Cyber Security Risks

As the use of technology has become more prevalent, the Funds and their service providers have become potentially more susceptible to intentional and unintentional cyber events including, but not limited to: computer processing errors; malfunctions, disruptions, or failures in computer systems or other technologies; computer viruses; the theft or corruption of electronic data; unauthorized access to digital systems; and cyber attacks that shut down, disable or otherwise disrupt business operations. These events may adversely affect the Funds or their shareholders, causing disruptions in business operations and potentially resulting in financial losses. For example, a cyber attack against the computer systems of the Funds or their service providers may interfere with the ability to process Fund shareholder transactions or to calculate a Fund's net asset value, impede trading activity by the Funds, result in the release or misappropriation of confidential information about the Funds or their shareholders, or subject the Funds to regulatory fines or penalties and to other, additional costs (including increased costs to remediate the effects of the attack or to develop additional systems to prevent other similar attacks). While the Funds and Thornburg have established procedures and systems to seek to prevent and mitigate the risks associated with cyber events, and while Thornburg seeks to determine that other third party service providers for the Funds have established such procedures and systems, there are inherent limitations in the ability of such procedures and systems to identify all potential cyber events or to completely prevent or mitigate the occurrence or effects of those events. Additionally, cyber events affecting the electronic systems of the Funds' trading counterparties, issuers in which the Funds invest, or securities markets and exchanges may also result in financial losses for the Funds or their shareholders.

Dollar Roll Transactions

Each Fund may enter into "dollar roll" transactions.

Dollar roll transactions consist of the sale by a Fund to a bank or broker-dealer (the "counterparty") of Ginnie Mae certificates or other mortgage-backed securities together with a commitment to purchase from the counterparty similar, but not identical, securities at a future date at the same price. The counterparty receives all principal and interest payments, including prepayments, made on the security while it is the holder. The selling Fund receives a fee from the counterparty as consideration for entering into the commitment to purchase. Dollar rolls may be renewed over a period of several months with a new purchase and repurchase price fixed and a cash settlement made at each renewal without physical delivery of securities. Moreover, the transaction may be preceded by a firm commitment agreement pursuant to which a Fund agrees to buy a security on a future date.

Dollar rolls are currently treated for purposes of the 1940 Act as borrowings of the Fund entering into the transaction because they involve the sale of a security coupled with an agreement to repurchase, and are, therefore, deemed by the Trust to be subject to the investment restrictions applicable to any borrowings made by the Fund. Like all borrowings, a dollar roll involves costs to the borrowing Fund. For example, while the borrowing Fund receives a fee as consideration for agreeing to repurchase the security, the Fund forgoes the right to receive all principal and interest payments while the counterparty holds the security. These payments to the counterparty may exceed the fee received by the Fund, thereby effectively charging the Fund interest on its borrowing. Further, although the Fund can estimate the amount of expected principal prepayment over the term of the dollar roll, a variation in the actual amount of prepayment could increase or decrease the cost of the Fund's borrowing.

Dollar rolls involve potential risks of loss to the selling Fund which are different from those related to the securities underlying the transactions. For example, if the counterparty becomes insolvent, the Fund's right to purchase from the counterparty may be restricted. Additionally, the value of such securities may change adversely before a Fund is able to purchase them. Similarly, the selling Fund may be required to purchase securities in connection with a dollar roll at a higher price than may otherwise be available on the open market. Since, as noted above, the counterparty is required to deliver a similar, but not identical security to the Fund, the security which the Fund is required to buy under the dollar roll may be worth less than an identical security. Finally, there can be no assurance that a Fund's use of the cash that it receives from a dollar roll will provide a return that exceeds borrowing costs.

Illiquid Investments

Illiquid investments are investments that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment.. Under the supervision of the Trustees, Thornburg determines the liquidity of investments by the Funds. In determining the liquidity of the Funds' investments, Thornburg may consider various factors, including (1) the frequency of trades and quotations, (2) the number of dealers and prospective purchasers in the marketplace, (3) dealer undertakings to make a market, (4) the nature of the security (including any demand or lender features), and (5) the nature of the market place for trades (including the ability to assign or offset each Fund's rights and obligations relating to the investment).

Investments currently considered by Thornburg to be illiquid include repurchase agreements not entitling the holder to payment of principal and interest within seven days, over-the-counter options, and municipal lease obligations subject to non-appropriation risk where the underlying lease is not rated (at the time the obligation is purchased by the Fund) within the four highest grades of Moody's or S&P and is not subject to a remarketing agreement (or not currently subject to remarketing, pursuant to the conditions of any such agreement then in effect, with a responsible remarketing party, deemed by Thornburg to be capable of performing its obligations) except that Thornburg also may determine an unrated lease obligation to be readily marketable because it is backed by an irrevocable bank letter of credit or an insurance policy. Based on its ongoing review of the trading markets and other factors affecting the Funds' investments, Thornburg may determine from time to time that other investments are illiquid, including certain types of restricted securities, mortgage-backed securities and asset-backed securities, developing country securities, or derivative instruments. With respect to any over-the-counter options that a Fund writes, all or a portion of the value of the underlying instrument may be illiquid depending on the assets held to cover the option and the nature and terms of any agreement the Fund any have to close out the option before expiration. In the absence of market quotations, illiquid investments are priced at fair value as determined utilizing procedures approved by the Trustees.

Each Fund is limited from investing more than a certain percentage of its net assets in illiquid investments. Please see "Investment Restrictions" below for a discussion of the specific limitations applicable to each Fund's investment in illiquid investment s. If through a change in values, net assets, or other circumstances, a Fund were in a position where the percentage of its portfolio comprised of illiquid investments exceeded that Fund's percentage investment restriction on investment in illiquid investments, the Fund would seek to take appropriate steps to protect liquidity.

Repurchase Agreements

Each Fund may enter into repurchase agreements.

In a repurchase agreement, a Fund purchases a security and simultaneously commits to resell that security to the seller at an agreed upon price on an agreed upon date within a number of days from the date of purchase. The resale price reflects the purchase price plus an agreed upon incremental amount which is unrelated to the coupon rate or maturity of the purchased security. A repurchase agreement involves the obligation of the seller to pay the agreed upon price, which obligation is in effect secured by the value (at least equal to the amount of the agreed upon resale price and marked to market daily) of the underlying security. The Fund may engage in repurchase agreements with respect to any security in which it is authorized to invest.

A Fund may enter into these arrangements with member banks of the Federal Reserve System or any domestic broker-dealer if the creditworthiness of the bank or broker-dealer has been determined by Thornburg to be satisfactory. These transactions may not provide the Fund with collateral marked-to-market during the term of the commitment.

A repurchase agreement may be viewed as a loan from a Fund to the seller of the security subject to the repurchase agreement. It is not clear whether a court would consider the security purchased by the Fund subject to a repurchase agreement as being owned by the Fund or as being collateral for a loan by the Fund to the seller. In the event of the commencement of bankruptcy or insolvency proceedings with respect to the seller of the security before repurchase of the security under a repurchase agreement, the Fund may encounter delay and incur costs before being able to sell the security. Delays may involve loss of interest or decline in the price of the underlying security. If the court characterized the transaction as a loan and the Fund has not perfected a security interest in the underlying security, the Fund may be required to return the security to the seller's estate and be treated as an unsecured creditor of principal and income involved in the transaction. As with any unsecured debt obligation purchased for the Fund, Thornburg seeks to minimize the risk of loss through repurchase agreements by analyzing the creditworthiness of the obligor, in this case the seller of the security. Apart from the risk of bankruptcy or insolvency proceedings, there is also the risk that the seller may fail to repurchase the security, in which case the Fund may incur a loss if the proceeds to the Fund of the sale to a third party are less than the repurchase price. However, if the market value (including interest) of the security subject to the repurchase agreement becomes less than the repurchase price (including interest), the Fund will direct the seller of the security to deliver additional securities so that the market value (including interest) of all securities subject to the repurchase agreement will equal or exceed the repurchase price. It is possible that the Fund will be unsuccessful in seeking to impose on the seller a contractual obligation to deliver additional securities.

Restricted Securities

Restricted securities generally can be sold in privately negotiated transactions, pursuant to an exemption from registration under the 1933 Act, or in a registered public offering. Where registration is required, a Fund could be obligated to pay all or part of the registration expense and a considerable period may elapse between the time it decides to seek registration and the time it is permitted to sell a security under an effective registration statement. If, during such a period, adverse market conditions were to develop, the Fund might obtain a less favorable price than prevailed when it decided to seek registration of the security. A restricted security may be liquid or illiquid, depending on whether it satisfies relevant liquidity requirements, as determined by Thornburg. See "Illiquid Investments" above.

Reverse Repurchase Agreements

Each Fund may enter into reverse repurchase agreements. Neither Limited Term U.S. Government Fund nor Income will enter into a reverse repurchase agreement if, as a result, more than 5% of the Fund's total assets would then be subject to reverse repurchase agreements.

In a reverse repurchase agreement, a Fund sells a portfolio instrument to another party, such as a bank or broker-dealer, in return for cash and agrees to repurchase the instrument at a particular price and time. While a reverse repurchase agreement is outstanding, the Fund will maintain appropriate liquid assets in a segregated custodial account to cover its obligation under the agreement. A Fund will enter into reverse repurchase agreements only with parties whose creditworthiness has been found satisfactory by Thornburg. Such transactions may increase fluctuations in the market value of the Funds' assets and may be viewed as a form of leverage.

Securities Lending

Each Fund may lend securities to parties such as broker-dealers or institutional investors; provided that no Fund may at any time have securities out on loan representing more than one-third of the Fund's total assets (including the value of all assets received as collateral for such outstanding loans). Securities lending allows a Fund to retain ownership of the securities loaned and, at the same time, to earn additional income. Since there may be delays in the recovery of loaned securities, or even a loss of rights in collateral supplied should the borrower fail financially, loans will be made only to parties deemed by Thornburg to be of good standing. Furthermore, they will only be made if, in Thornburg's judgment, the consideration to be earned from such loans would justify the risk.

Thornburg understands that it is the current view of the SEC Staff that a Fund may engage in loan transactions only under the following conditions: (1) the Fund must receive at least 100% collateral in the form of cash or cash equivalents (e.g., U.S. Treasury bills or notes) from the borrower; (2) the borrower must increase the collateral whenever the market value of the securities loaned (determined on a daily basis) rises above the value of the collateral; (3) after giving notice, the Fund must be able to terminate the loan at any time; (4) the Fund must receive reasonable interest on the loan or a flat fee from the borrower, as well as amounts equivalent to any dividends, interest, or other distributions on the securities loaned and to any increase in market value; (5) the Fund may pay only reasonable custodian fees in connection with the loan; and (6) the Trustees must be able to vote proxies on the securities loaned, either by terminating the loan or by entering into an alternative arrangement with the borrower.

Cash received through loan transactions may be invested in any security in which a Fund is authorized to invest. Investing this cash subjects that investment, as well as the security loaned, to market forces (i.e., capital appreciation or depreciation).

Temporary Defensive Positions

For temporary defensive purposes, including when Thornburg determines it is necessary to meet the liquidity needs of the Fund, each Fund may purchase short-term, highly liquid securities including, but not limited to, time certificates of deposit, short-term U.S. government securities, commercial paper, and repurchase agreements. Because such short-term securities tend to generate lower investment returns compared to longer-term investments, investments in these short-term and other securities for temporary periods could reduce a Fund's ability to attain its investment goals.

When-Issued Securities

Each Fund may purchase securities offered on a "when-issued" or "delayed delivery" basis. When-issued and delayed delivery transactions arise when securities are purchased or sold with payment and delivery beyond the regular settlement date. When-issued transactions normally settle within 30-45 days, though the settlement cycles for some when-issued transactions are longer. On such transactions the payment obligation and the interest rate are fixed at the time the buyer enters into the commitment. The commitment to purchase securities on a when-issued or delayed delivery basis may involve an element of risk because the value of the securities is subject to market fluctuation, no interest accrues to the purchaser prior to settlement of the transaction, and at the time of delivery the market value may be less than the purchase price. Additionally, purchasing securities on a when-issued or delayed delivery basis involves the risks that the security will never be issued or that the other party to the transaction will not meet its obligation, in which events the Fund may lose any gain in that security's price. At the time a Fund makes the commitment to purchase a security on a when-issued or delayed delivery basis, it will record the transaction and reflect the value of the security in determining its net asset value. Pursuant to current SEC guidance, a transaction involving a when-issued security will not be deemed to involve a senior security as long as the Fund intends to settle the transaction physically and the transaction settles within 35 days. While when-issued or delayed delivery securities may be sold prior to the settlement date, it is intended that the Fund will purchase such securities with the purpose of actually acquiring them unless sale appears desirable for investment reasons. If a when-issued security is sold before delivery any gain or loss would not be tax-exempt.

**Market Indices Information**

The benchmark indices described in the Prospectus are products of third party index providers. Data respecting those benchmark indices are the property of those third party providers and have been licensed for use by the Funds. The Funds accept no liability for any errors or omissions relating to the benchmark index data, and the third party providers accept no liability for the use of those data by the Funds. The following additional disclaimers relate to certain of the benchmark indices.

*ICE BofA*

Source ICE Data Indices, LLC ("ICE DATA"), is used with permission. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES AND REPRESENTATIONS, EXPRESS AND/OR IMPLIED, INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM. NEITHER ICE DATA, ITS AFFILIATES NOR THEIR RESPECTIVE THIRD PARTY PROVIDERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DO NOT SPONSOR, ENDORSE, OR RECOMMEND THORNBURG INVESTMENT TRUST OR ANY OF ITS PRODUCTS OR SERVICES.

*MSCI*

Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com).

**COMMODITY EXCHANGE ACT REGISTRATION EXEMPTION**

In connection with its management of the Trust, Thornburg has filed a notice of eligibility for exclusion from the definition of the term "commodity pool operator" in accordance with Rule 4.5 under the U.S. Commodity Exchange Act, as amended (the "CEA") and, therefore, neither Thornburg nor the Trust is currently subject to registration or regulation as a commodity pool operator under the CEA. The U.S. Commodity Futures Trading Commission ("CFTC") recently adopted amendments to Rule 4.5 under the CEA that reduce the ability of certain regulated entities, including registered investment companies and their investment advisors, to claim the exclusion from the definition of the term "commodity pool operator." Among other requirements, the CFTC's amendments impose limitations on the use of certain derivative instruments, including certain types of commodity futures contracts, commodity options contracts, and swaps, by entities seeking to rely on Rule 4.5. Thornburg currently intends to manage the Funds' assets in a manner which is consistent with the limitations imposed by Rule 4.5. To the extent Thornburg or the Funds became no longer eligible to claim an exclusion from the definition of the term "commodity pool operator," then Thornburg or some or all of the Funds may become subject to registration and regulation under the CEA. Such regulation may have an adverse effect on Thornburg's ability to manage the Funds, may impair the ability of the Funds to achieve their investment objective(s), and may result in higher operating expenses for the Funds and reduced investment returns to Fund investors.

**INVESTMENT LIMITATIONS**

The following investment policies and limitations supplement those set forth in the Prospectus. Unless otherwise noted below or in the Prospectus, whenever an investment policy or limitation states a maximum percentage of a Fund's assets that may be invested in any security or other asset, that percentage limitation will be determined immediately after and as a result of the Fund's acquisition of such security or other asset. Accordingly, any subsequent change in values, net assets, or other circumstances will not be considered when determining whether the investment complies with the Fund's investment policies and limitations. For those investment policies and limitations which can only be changed by a majority of a Fund's outstanding voting shares, the term "majority" means the lesser of (i) 67% of the shares of the Fund present in person or by proxy at a meeting of the holders of more than 50% of the Fund's outstanding shares, or (ii) more than 50% of the outstanding shares of the Fund.

**Global Opportunities Fund, International Equity Fund, International Growth Fund, Small/Mid Cap Core Fund, Small/Mid Cap Growth Fund, Investment Income Builder Fund, and Strategic Income Fund**

Thornburg Investment Trust has adopted the following fundamental investment limitations applicable to Global Opportunities Fund, International Equity Fund, International Growth Fund, Small/Mid Cap Core Fund, Small/Mid Cap Growth Fund, Income Builder Fund, and Strategic Income Fund, which may not be changed by any Fund unless approved by a majority of the outstanding shares of that Fund. Strategic Income Fund, Small/Mid Cap Core Fund, International Equity Fund, Small/Mid Cap Growth Fund, International Growth Fund, Investment Income Builder Fund, or Global Opportunities Fund may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp; with respect to 75% of the Fund's total assets, purchase the securities of any issuer (other than securities issued or guaranteed by the U.S. government or any of its agencies or instrumentalities) if, as a result, (a) more than 5% of the Fund's total assets would be invested in the securities of that issuer, or (b) the Fund would hold more than 10% of the outstanding voting securities of that issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;issue senior securities, except as permitted under the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) &nbsp;&nbsp;&nbsp;&nbsp; borrow money, except for temporary or emergency purposes or except in connection with reverse repurchase agreements; in an amount not exceeding 33 1/3% of its total assets (including the amount borrowed) less liabilities (other than borrowings). Any borrowings that come to exceed this amount will be reduced within three days (not including Sundays and holidays) to the extent necessary to comply with the 33 1/ % fundamental investment limitation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp; underwrite any issue of securities (except to the extent that the Fund may be deemed to be an underwriter within the meaning of the 1933 Act in the disposition of restricted securities);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;&nbsp;&nbsp;&nbsp; purchase the securities of any issuer (other than securities issued or guaranteed by the U.S. government or any of its agencies or instrumentalities) if, as a result, more than 25% of the Fund's total assets would be invested in the securities of companies whose principal business activities are in the same industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)&nbsp;&nbsp;&nbsp;&nbsp; purchase or sell real estate unless acquired as a result or ownership of securities or other instruments (but this shall not prevent the Fund from investing in securities or other instruments backed by real estate or securities of companies engaged in the real estate business);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)&nbsp;&nbsp;&nbsp;&nbsp; purchase or sell physical commodities unless acquired as a result of ownership of securities or other instruments (but this shall not prevent the Fund from purchasing or selling options and futures contracts or from investing in securities or other instruments backed by physical commodities); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8)&nbsp;&nbsp;&nbsp;&nbsp; lend any security or make any other loan if, as a result, more than 33 1/3% of its total assets would be lent to other parties, but this fundamental investment limitation does not apply to purchases of debt securities or to repurchase agreements.

For the purposes of applying the fundamental investment limitation set forth in paragraph (3) above, any amounts borrowed by a Fund must be from a bank (as defined in Section 2(a)(5) of the 1940 Act). Furthermore, notwithstanding the reference to "emergency purposes" in that paragraph, a Fund may only borrow money in excess of the 33 1/3% borrowing limit for temporary purposes, and such temporary borrowings may not exceed 5% of the value of the total assets of the issuer at the time the loan is made. Each Fund that has engaged in borrowings will determine its compliance with the applicable borrowing limits on an ongoing basis while such borrowings are outstanding.

Each Fund's fundamental investment limitation on investing more than 25% of the Fund's total assets in the same industry, as described in paragraph (5) above, also applies to investments in the same group of industries. In determining whether an issuer should be classified in a particular industry or industry group for purposes of that fundamental investment limitation, Thornburg may rely on its own analysis of the issuer or on available third party industry classifications. When using third-party industry classifications for this purpose, Thornburg currently looks to classifications provided by Bloomberg. The fundamental investment limitation on investing in industries and industry groups does not apply to an investment by the Fund in a particular economic sector, such as the utilities, hospital and healthcare facilities, or industrial development sectors. Additionally, securities of the U.S. Government and its agencies and instrumentalities are not considered to represent industries for this purpose.

For the purposes of applying the fundamental investment limitation set forth in paragraph (6) above, a Fund is permitted to hold real estate if doing so is the result of the Fund's efforts to restructure a bond or other loan obligation that was secured by real estate.

The following investment limitations are not fundamental and may be changed without shareholder approval as to each Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Fund does not currently intend to sell securities short, unless it owns or has the right to obtain securities equivalent in kind and amount to the securities sold short, and provided that transactions in futures contracts and options are not deemed to constitute selling securities short.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund does not currently intend to purchase securities on margin, except that the Fund may obtain such short-term credits as are necessary for the clearance of transactions, and provided that any initial and variation margin payments that the Fund may be required to make in connection with its permitted investment strategies do not constitute the purchase of securities "on margin" for purposes of this limitation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp; The Fund does not currently intend to purchase any security if, as a result, more than 15% of its net assets would be invested in securities that are deemed to be illiquid because they are subject to legal or contractual restrictions on resale or because they cannot be sold or disposed of in the ordinary course of business at approximately the prices at which they are valued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp; The Fund does not currently intend to purchase interests in real estate investment trusts that are not readily marketable or interests in real estate limited partnerships that are not listed on an exchange or traded on the NASDAQ National Market System if, as a result, the sum of such interests and other investments considered illiquid under the limitation in the preceding paragraph would exceed the Fund's limitations on investments in illiquid investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund does not currently intend to (a) purchase securities of other investment companies, except in the open market where no commission except the ordinary broker's commission is paid, or (b) purchase or retain securities issued by other open-end investment companies. Limitations (a) and (b) do not apply to the Fund's investments in Thornburg Capital Management Fund or in any other investment company within the same "group of investment companies" (as defined in Section 12(d)(1)(G) of the 1940 Act), provided that any such investments comply with Section 12(d)(1)(G) of the 1940 Act and rules thereunder, or to securities received as dividends, through offers of exchange, or as a result of a reorganization, consolidation, or merger.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp; The Fund does not currently intend to purchase the securities of any issuer (other than securities issued or guaranteed by domestic or foreign governments or political subdivisions thereof) if, as a result, more than 5% of its total assets would be invested in the securities of business enterprises that, including predecessors, have a record of less than three years of continuous operation. The foregoing does not apply to the Fund's investments in Thornburg Capital Management Fund or in any other investment company within the same "group of investment companies" (as defined in Section 12(d)(1)(G) of the 1940 Act); provided that any such investments will comply with Section 12(d)(1)(G) of the 1940 Act and rules thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;&nbsp;&nbsp; The Fund does not currently intend to purchase warrants, valued at the lower of cost or market, in excess of 5% of the Fund's net assets. Included in that amount, but not to exceed 2% of the Fund's net assets, may be warrants that are not listed on the New York Stock Exchange or the American Stock exchange. Warrants acquired by the Fund in units or attached to securities are not subject to these restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)&nbsp;&nbsp;&nbsp;&nbsp; The Fund does not currently intend to invest in oil, gas or other mineral exploration or development programs or leases.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund does not currently intend to purchase the securities of any issuer if those officers and Trustees of the trust and those officers and directors of Thornburg who individually own more than 1/2 of 1% of the securities of such issuer together own more than 5% of such issuer's securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) &nbsp;&nbsp;&nbsp;&nbsp;The Fund will not (a) sell futures contracts, purchase put options, or write call options if, as a result, more than 25% of the Fund's total assets would be hedged with futures and options under normal conditions; (b) purchase futures contracts or write put options if, as a result, the Fund's total obligations upon settlement or exercise of purchased futures contracts and written put options would exceed 25% of its total assets; or (c) purchase call options if, as a result, the current value of option premiums for call options purchased by the Fund would exceed 5% of the Fund's total assets. These limitations do not apply to options attached to or acquired or traded together with their underlying securities, and do not apply to securities that incorporate features similar to options.

**Developing World Fund**

Thornburg Investment Trust has adopted the following fundamental investment limitations applicable to Developing World Fund which may not be changed unless approved by a majority of the outstanding shares of the Fund. Developing World Fund may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;issue senior securities, except as permitted under the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) &nbsp;&nbsp;&nbsp;&nbsp; borrow money, except as permitted under the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;underwrite any issue of securities (except to the extent that the Fund may be deemed to be an underwriter within the meaning of the 1933 Act in the disposition of portfolio securities);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;purchase or sell real estate unless acquired as a result or ownership of securities or other instruments (but this shall not prevent the Fund from investing in securities or other instruments backed by real estate or securities of companies engaged in the real estate business, nor shall it prevent the Fund from holding real estate as a result of the Fund's efforts to restructure a bond or other investment that was backed by real estate);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;purchase or sell physical commodities unless acquired as a result of ownership of securities or other instruments (but this shall not prevent the Fund from purchasing or selling options, futures contracts and other derivative instruments or from investing in securities or other instruments backed by physical commodities);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;lend any security or make any other loan if, as a result, more than 33 1/3% of its total assets would be lent to other parties, but this fundamental investment limitation does not apply to lending of portfolio securities, purchases of debt obligations or other instruments, or to repurchase agreements; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;with respect to 75% of the Fund's total assets, purchase the securities of any issuer (other than securities issued or guaranteed by the U.S. government or any of its agencies or instrumentalities) if, as a result, (a) more than 5% of the Fund's total assets would be invested in the securities of that issuer, or (b) the Fund would hold more than 10% of the outstanding voting securities of that issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;invest more than 25% of its total assets in any one industry.

In connection with the fundamental investment limitation in paragraph (2), above, the 1940 Act currently permits an investment company to borrow money if the borrowings do not exceed one-third of the company's total assets after subtracting liabilities other than the borrowings, and provided that the borrowings are from a bank (as defined in Section 2(a)(5) of the 1940 Act). The 1940 Act also permits an investment company to borrow money in excess of one-third of the company's total assets for temporary purposes, provided that any such temporary borrowings may not exceed 5% of the value of the total assets of the issuer at the time the loan is made. If the Fund has engaged in borrowing, it will determine its compliance with the applicable borrowing limits on an ongoing basis while such borrowings are outstanding.

The phrase "other instruments" in the fundamental investment limitation set forth in paragraph (6) above is intended to refer to other financial instruments that the Fund is allowed to invest in consistent with its investment policies. Additionally, notwithstanding the reference to "lending of portfolio securities" in paragraph (6), the Fund will not make loans of securities if the total value of those outstanding loans represents more than 33 1/3% of the Fund's total assets (including the value of all assets received as collateral for such outstanding loans).

The Fund's fundamental investment limitation on investing more than 25% of the Fund's total assets in the same industry, as described in paragraph (8) above, also applies to investments in the same group of industries. In determining whether an issuer should be classified in a particular industry or industry group for purposes of that fundamental investment limitation, Thornburg may rely on its own analysis of the issuer or on available third party industry classifications. When using third-party industry classifications for this purpose, Thornburg currently looks to classifications provided by Bloomberg. The fundamental investment limitation on investing in industries and industry groups does not apply to an investment by the Fund in a particular economic sector, such as the utilities, hospital and healthcare facilities, or industrial development sectors. Additionally, securities of the U.S. Government and its agencies and instrumentalities are not considered to represent industries for this purpose.

The following investment limitations are not fundamental and may be changed without shareholder approval; provided that the first investment limitation listed below may only be changed to the extent that the Fund's Trustees provide 60 days' prior written notice of the change to the Fund's shareholders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Fund will invest at least 80% of its assets (which, for this purpose, refers to the net assets of the Fund plus the amount of any borrowings) in developing country issuers, as defined in the Fund's Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund does not currently intend to sell securities short, unless it owns or has the right to obtain securities equivalent in kind and amount to the securities sold short, and provided that transactions in futures contracts and options are not deemed to constitute selling securities short.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp; The Fund does not currently intend to purchase securities on margin, except that the Fund may obtain such short-term credits as are necessary for the clearance of transactions, and provided that any initial and variation margin payments that the Fund may be required to make in connection with its permitted investment strategies do not constitute the purchase of securities "on margin" for purposes of this limitation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp; The Fund does not currently intend to purchase any security if, as a result, more than 15% of its net assets would be invested in securities that are considered by Thornburg to be illiquid because they are subject to legal or contractual restrictions on resale or because they cannot be sold or disposed of in the ordinary course of business at approximately the prices at which they are valued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund will not (a) sell futures contracts, purchase put options, or write call options if, as a result, more than 25% of the Fund's total assets would be hedged with futures and options under normal conditions; (b) purchase futures contracts or write put options if, as a result, the Fund's total obligations upon settlement or exercise of purchased futures contracts and written put options would exceed 25% of its total assets; or (c) purchase call options if, as a result, the current value of option premiums for call options purchased by the Fund would exceed 5% of the Fund's total assets. These limitations do not apply to options attached to or acquired or traded together with their underlying securities, and do not apply to securities that incorporate features similar to options.

**Limited Term U.S. Government Fund**

Thornburg Investment Trust has adopted the following fundamental investment limitations applicable to Limited Term U.S. Government Fund which may not be changed unless approved by a majority of the outstanding shares of the Fund. Limited Term U.S. Government Fund may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp; Invest more than 20% of the Fund's assets in securities other than obligations issued or guaranteed by the United States Government or its agencies, instrumentalities and authorities, or in participations in such obligations or repurchase agreements secured by such obligations, generally described (but not limited) in the Prospectus, and then only in the nongovernmental obligations described in the Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchase any security if, as a result, more than 5% of its total assets would be invested in securities of any one issuer, excluding obligations of, or guaranteed by, the United States government, its agencies, instrumentalities and authorities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp; Borrow money, except (a) as a temporary measure, and then only in amounts not exceeding 5% of the value of the Fund's total assets or (b) from banks, provided that immediately after any such borrowing all borrowings of the Fund do not exceed 10% of the Fund's total assets. The exceptions to this restriction are not for investment leverage purposes but are solely for extraordinary or emergency purchases or to facilitate management of the Fund's portfolio by enabling the Fund to meet redemption requests when the liquidation of portfolio instruments is deemed to be disadvantageous. The Fund will not purchase securities while borrowings are outstanding. For purposes of this restriction (i) the security arrangements described in restriction (4) below will not be considered as borrowing money, and (ii) reverse repurchase agreements will be considered as borrowing money;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp; Mortgage, pledge or hypothecate any assets except to secure permitted borrowings. Arrangements to segregate assets with the Fund's custodian with respect to when-issued and delayed delivery transactions, and reverse repurchase agreements, and deposits made in connection with futures contracts, will not be considered a mortgage, pledge or hypothecation of assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;&nbsp;&nbsp;&nbsp; Underwrite any issue of securities, except to the extent that, in connection with the disposition of portfolio securities, it may be deemed to be an underwriter under federal securities laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)&nbsp;&nbsp;&nbsp;&nbsp; Purchase or sell real estate and real estate mortgage loans, but this shall not prevent the Fund from investing in obligations of the U.S. Government or its agencies, relating to real estate mortgages as described generally in the Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)&nbsp;&nbsp;&nbsp;&nbsp; Purchase or sell commodities or commodity futures contracts or oil, gas or other mineral exploration or development programs. Investment in futures contracts respecting securities and in options on these futures contracts will not be considered investment in commodity futures contracts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8)&nbsp;&nbsp;&nbsp;&nbsp; Make loans, except through (a) the purchase of debt obligations in accordance with the Fund's investment objectives and policies; (b) repurchase agreements with banks, brokers, dealers and other financial institutions; and (c) loans of securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9)&nbsp;&nbsp;&nbsp;&nbsp; Purchase any security on margin, except for such short-term credits as are necessary for the clearance of transactions. For purposes of this restriction, the Fund's entry into futures contracts will not be considered the purchase of securities on margin;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) &nbsp;&nbsp;&nbsp;&nbsp; Make short sales of securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11)&nbsp;&nbsp;&nbsp;&nbsp; Invest more than 5% of its total assets in securities of unseasoned issuers which, together with their predecessors, have been in operation for less than three years excluding obligations of, or guaranteed by, the United States government, its agencies, instrumentalities and authorities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12)&nbsp;&nbsp;&nbsp;&nbsp; Invest more than 5% of its total assets in securities which the Fund is restricted from selling to the public without registration under the 1933 Act. The Fund has no present intention to purchase any such restricted securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13)&nbsp;&nbsp;&nbsp;&nbsp; Purchase securities of any issuer if the purchase at the time thereof would cause more than 10% of the voting securities or more than 10% of any class of securities of any such issuer to be held by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14)&nbsp;&nbsp;&nbsp;&nbsp; Purchase securities of other investment companies, except in connection with a merger, consolidation, reorganization or acquisition of assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15)&nbsp;&nbsp;&nbsp;&nbsp; Purchase securities (other than securities of the United States government, its agencies, instrumentalities and authorities) if, as a result, more than 25% of the Fund's total assets would be invested in any one industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16)&nbsp;&nbsp;&nbsp;&nbsp; Purchase or retain the securities of any issuer other than the securities of the Fund if, to the Fund's knowledge, those officers and Trustees of the Fund, or those officers and directors of Thornburg, who individually own beneficially more than 1/2 of 1% of the outstanding securities of such issuer, together own beneficially more than 5% of such outstanding securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17)&nbsp;&nbsp;&nbsp;&nbsp; Enter into any reverse repurchase agreement if, as a result thereof, more than 5% of its total assets would be subject to its obligations under reverse purchase agreements at any time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18)&nbsp;&nbsp;&nbsp;&nbsp; Purchase or sell any futures contract if, as a result thereof, the sum of the amount of margin deposits on the Fund's existing futures positions and the amount of premiums paid for related options would exceed 5% of the Fund's total assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) &nbsp;&nbsp;&nbsp;&nbsp; Purchase any put or call option not related to a futures contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20)&nbsp;&nbsp;&nbsp;&nbsp; Purchase the securities of any issuer if as a result more than 10% of the value of the Fund's net assets would be invested in securities which are considered illiquid because they are subject to legal or contractual restrictions on resale ("restricted securities") or because no market quotations are readily available; or enter into a repurchase agreement maturing in more than seven days, if as a result such repurchase agreements together with restricted securities and securities for which there are no readily available market quotations would constitute more than 10% of the Fund's net assets; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21)&nbsp;&nbsp;&nbsp;&nbsp; Issue senior securities, as defined under the 1940 Act, except that the Fund may enter into repurchase agreements and reverse repurchase agreements, lend its portfolio securities, borrow, and enter into when-issued and delayed delivery transactions as described in the Prospectus or this Statement of Additional Information and as limited by the foregoing investment fundamental investment limitations.

Whenever an investment policy or restriction states a minimum or maximum percentage of the Limited Term U.S. Government Fund's assets which may be invested in any security or other assets, it is intended that the minimum or maximum percentage limitations will be determined immediately after and as a result of the Fund's acquisition of the security or asset. Accordingly, any later increase or decrease in the relative percentage of value represented by the asset or security resulting from changes in asset values will not be considered a violation of these restrictions.

In applying the percentage restrictions on the Limited Term U.S. Government Fund's investments described under the caption "Principal Investment Strategies" in the Fund's Prospectuses, and in applying the restriction described in paragraph (1), above, "assets" is understood to mean net assets plus borrowings for investment purposes.

For the purposes of applying the fundamental investment limitation set forth in paragraph (2) above, any amounts borrowed by the Fund must be from a bank (as defined in Section 2(a)(5) of the 1940 Act). If the Fund has engaged in borrowing, it will determine its compliance with the applicable borrowing limits on an ongoing basis while such borrowings are outstanding.

For the purposes of applying the fundamental investment limitation set forth in paragraph (6) above, the Fund is permitted to hold real estate if doing so is the result of the Fund's efforts to restructure a bond or other loan obligation that was secured by real estate.

For the purposes of applying the fundamental investment limitation set forth in paragraph (9) above, any initial and variation margin payments that a Fund may be required to make in connection with its permitted investment strategies do not constitute the purchase of securities "on margin."

The Fund's fundamental investment limitation on investing more than 25% of the Fund's total assets in the same industry, as described in paragraph (15) above, also applies to investments in the same group of industries. In determining whether an issuer should be classified in a particular industry or industry group for purposes of that fundamental investment limitation, Thornburg may rely on its own analysis of the issuer or on available third party industry classifications. When using third-party industry classifications for this purpose, Thornburg currently looks to classifications provided by Bloomberg. The fundamental investment limitation on investing in industries and industry groups does not apply to an investment by the Fund in a particular economic sector, such as the utilities, hospital and healthcare facilities, or industrial development sectors. Additionally, securities of the U.S. Government and its agencies and instrumentalities are not considered to represent industries for this purpose.

Although the Fund has the right to pledge, mortgage or hypothecate its assets subject to the fundamental investment limitations described above, in order to comply with certain state statutes on investment restrictions, the Fund will not, as a matter of operating policy (which policy may be changed by the Trustees without shareholder approval), mortgage, pledge or hypothecate its portfolio securities to the extent that at any time the percentage of pledged securities will exceed 10% of its total assets.

**Limited Term Income Fund**

Thornburg Investment Trust has adopted the following fundamental investment limitations applicable to Limited Term Income Fund which may not be changed unless approved by a majority of the outstanding shares of the Fund. Limited Term Income Fund may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp; with respect to 75% of its total assets taken at market value, purchase more than 10% of the voting securities of any one issuer or invest more than 5% of the value of its total assets in the securities of any one issuer, except obligations issued or guaranteed by the U.S. Government, its agencies or instrumentalities and except securities of other investment companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp; borrow money, except as a temporary measure for extraordinary or emergency purposes or except in connection with reverse repurchase agreements; provided that the Fund maintains asset coverage of 300% for all borrowings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp; purchase or sell real estate (except that the Fund may invest in (i) securities of companies which deal in real estate or mortgages, and (ii) securities secured by real estate or interests therein and that the Fund reserves freedom of action to hold and sell real estate acquired as a result of the Fund's ownership of securities) or purchase or sell physical commodities or contracts relating to physical commodities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp; act as underwriter of securities issued by others, except to the extent that it may be deemed an underwriter in connection with the disposition of portfolio securities of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;&nbsp;&nbsp;&nbsp; make loans to any other person, except (a) loans of portfolio securities, and (b) to the extent that the entry into repurchase agreements and the purchase of debt securities in accordance with its investment objectives and investment policies may be deemed to be loans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)&nbsp;&nbsp;&nbsp;&nbsp; issue senior securities, except as appropriate to evidence indebtedness which it is permitted to incur, and except for shares of the separate classes of a fund or series of the Trust provided that collateral arrangements with respect to currency-related contracts, futures contracts, options, or other permitted investments, including deposits of initial and variation margin, are not considered to be the issuance of senior securities for purposes of this restriction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)&nbsp;&nbsp;&nbsp;&nbsp; purchase any securities which would cause more than 25% of the market value of its total assets at the time of such purchase to be invested in the securities of one or more issuers having their principal business activities in the same industry, provided that there is no limitation with respect to investments in obligations issued or guaranteed by the U.S. government or its agencies or instrumentalities (for the purposes of this restriction, telephone companies are considered to be in a separate industry from gas and electric public utilities, and wholly-owned finance companies are considered to be in the industry of their parents if their activities are primarily related to financing the activities of the parents).

For the purposes of applying the fundamental investment limitation set forth in paragraph (2) above, any amounts borrowed by the Fund must be from a bank (as defined in Section 2(a)(5) of the 1940 Act). Furthermore, any borrowing that the Fund makes in excess of the 300% asset coverage described in that paragraph can only be for temporary purposes, and such temporary borrowings may not exceed 5% of the value of the total assets of the issuer at the time the loan is made. If the Fund has engaged in borrowing, it will determine its compliance with the applicable borrowing limits on an ongoing basis while such borrowings are outstanding.

For the purposes of applying the fundamental investment limitation set forth in paragraph (3) above, the Fund is permitted to hold real estate if doing so is the result of the Fund's efforts to restructure a bond or other loan obligation that was secured by real estate.

The Fund's fundamental investment limitation on investing more than 25% of the Fund's total assets in the same industry, as described in paragraph (7) above, also applies to investments in the same group of industries. In determining whether an issuer should be classified in a particular industry or industry group for purposes of that fundamental investment limitation, Thornburg may rely on its own analysis of the issuer or on available third party industry classifications. When using third-party industry classifications for this purpose, Thornburg currently looks to classifications provided by Bloomberg. The fundamental investment limitation on investing in industries and industry groups does not apply to an investment by the Fund in a particular economic sector, such as the utilities, hospital and healthcare facilities, or industrial development sectors. Additionally, securities of the U.S. Government and its agencies and instrumentalities are not considered to represent industries for this purpose.

The following investment limitations are not fundamental and may be changed without shareholder approval:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund does not currently intend to purchase or retain securities of any open-end investment company, or securities of any closed-end investment company except by purchase in the open market where no commission or profit to a sponsor or dealer results from such purchases, or except when such purchase, though not made in the open market, is part of a plan of merger, consolidation, reorganization or acquisition of assets. The Fund will not acquire any security issued by another investment company (the "acquired company") if the Fund thereby would own (i) more than 3% of the total outstanding voting securities of the acquired company, or (ii) securities issued by the acquired company having an aggregate value exceeding 5% of the Fund's total assets, or (iii) securities issued by investment companies having an aggregate value exceeding 10% of the Fund's total assets. The limitations stated in this subparagraph (a) do not apply to the Fund's investments in Thornburg Capital Management Fund or in any other investment company within the same "group of investment companies" (as defined in Section 12(d)(1)(G) of the 1940 Act); provided that any such investments will comply with Section 12(d)(1)(G) of the 1940 Act and rules thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; The Fund will not pledge, mortgage or hypothecate its assets in excess, together with permitted borrowings, of 1/3 of its total assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund does not currently intend to purchase or retain securities of an issuer any of whose officers, directors, trustees or security holders is an officer or Trustee of the Fund or a member, officer, director or trustee of the investment advisor of the Fund if one or more of such individuals owns beneficially more than one-half of one percent (1/2%) of the outstanding shares or securities or both (taken at market value) of such issuer and such shares or securities together own beneficially more than 5% of such shares or securities or both.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund does not currently intend to purchase securities on margin or make short sales, unless, by virtue of its ownership of other securities, it has the right to obtain securities equivalent in kind and amount to the securities sold and, if the right is conditional, the sale is made upon the same conditions, except in connection with arbitrage transactions, and except that the Fund may obtain such short-term credits as may be necessary for the clearance of purchases and sales of securities. Any initial and variation margin payments that the Fund may be required to make in connection with its permitted investment strategies do not constitute the purchase of securities "on margin" for purposes of this limitation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund does not currently intend to purchase any security if, as a result, more than 15% of its net assets would be invested in securities that are considered by Thornburg to be illiquid because they are subject to legal or contractual restrictions on resale or because they cannot be sold or disposed of in the ordinary course of business at approximately the prices at which they are valued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Fund does not currently intend to purchase securities of any issuers with a record of less than three years of continuous operations, including predecessors, except U.S. government securities, securities of such issuers which are rated by at least one nationally recognized statistical rating organization, municipal obligations and obligations issued or guaranteed by any foreign government or its agencies or instrumentalities, if such purchase would cause the investments of the Fund in all such issuers to exceed 5% of the total assets of the Fund taken at market value. The foregoing does not apply to the Fund's investments in Thornburg Capital Management Fund or in any other investment company within the same "group of investment companies" (as defined in Section 12(d) (1)(G) of the 1940 Act); provided that any such investments will comply with Section 12(d)(1)(G) of the 1940 Act and rules thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund does not currently intend to purchase more than 10% of the voting securities of any one issuer, except securities issued by the U.S. Government, its agencies or instrumentalities. The foregoing does not apply to the Fund's investments in Thornburg Capital Management Fund or in any other investment company within the same "group of investment companies" (as defined in Section 12(d)(1)(G) of the 1940 Act); provided that any such investments will comply with Section 12(d)(1)(G) of the 1940 Act and rules thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund will not buy options on securities or financial instruments, unless the aggregate premiums paid on all such options held by the Fund at any time do not exceed 20% of its net assets; or sell put options in securities if, as a result, the aggregate value of the obligations underlying such put options would exceed 50% of the Fund's net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Fund will not enter into futures contracts or purchase options thereon unless immediately after the purchase, the value of the aggregate initial margin with respect to all futures contracts entered into on behalf of the Fund and the premiums paid for options on futures contracts does not exceed 5% of the fair market value of the Fund's total assets; provided that in the case of an option that is in-the-money at the time of purchase, the in-the-money amount may be excluded in computing the 5% limit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Fund does not currently intend to invest more than 5% of its assets in derivative instruments, although this limitation will not apply to investments in derivative instruments made by the Fund for bona fide hedging or risk management purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund does not currently intend to invest in oil, gas or other mineral leases, or exploration or development programs (although it may invest in issuers which own or invest in such interests).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Fund does not currently intend to purchase warrants if as a result warrants taken at the lower of cost or market value would represent more than 5% of the value of the Fund's total net assets or more than 2% of its net assets in warrants that are not listed on the New York or American Stock Exchanges or on an exchange with comparable listing requirements (for this purpose, warrants attached to securities will be deemed to have no value).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp; The Fund will not make securities loans if the value of such securities loaned exceeds 30% of the value of the Fund's total assets at the time any loan is made; all loans of portfolio securities will be fully collateralized and marked to market daily. The Fund has no current intention of making loans of portfolio securities that would amount to greater than 5% of the Fund's total assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) &nbsp;&nbsp;&nbsp;&nbsp; The Fund does not currently intend to purchase or sell real estate limited partnership interests.

Restrictions with respect to repurchase agreements shall be construed to be for repurchase agreements entered into for the investment of available cash consistent with Limited Term Income Fund's repurchase agreement procedures, not repurchase commitments entered into for general investment purposes.

**ADDITIONAL MATTERS RESPECTING TAXES**

The following discussion summarizes certain federal tax considerations generally affecting the Funds and shareholders and is primarily relevant to shareholders which are subject to federal income tax. This discussion does not provide a detailed explanation of all tax consequences, and shareholders are advised to consult their own tax advisors with respect to the particular federal, state, local and foreign tax consequences to them of an investment in the Funds. In particular, this discussion addresses aspects of investment by persons who are not individuals only in a very limited manner. Further, this discussion does not address the tax aspects associated with contributions to, and withdrawals from, qualified retirement plans or similar programs.

This discussion is based on the Internal Revenue Code of 1986, as amended (the "Code"), Treasury Regulations issued thereunder, and judicial and administrative authorities as in effect on the date of this Statement of Additional Information, all of which are subject to changes, which changes may be retroactive.

**Elections by the Funds – Subchapter M**

Each Fund has elected and intends to qualify for treatment as a regulated investment company under Subchapter M of the Code. In each taxable year when a Fund qualifies for treatment as a regulated investment company, it will not be subject to federal income tax on net investment income and net capital gains which are timely distributed to its shareholders.

If in any year a Fund fails to qualify for the treatment afforded by Subchapter M of the Code, the Fund would be taxed as a corporation on its income. Distributions to the shareholders would be treated as ordinary income to the extent of the Fund's earnings and profits, and would be treated as nontaxable returns of capital to the extent of the shareholders' respective bases in their shares. Further distributions would be treated as amounts received on a sale or exchange or property. In any year a Fund qualifies as a regulated investment company but fails to distribute all of its net investment income and net capital gains, the Fund would be subject to taxes on the undistributed portion of its net income and capital gains. Although each Fund intends to distribute all of its net income currently and any capital gains annually, it could have undistributed net income if, for example, expenses of the Fund were reduced or disallowed on audit.

**Backup Withholding**

Each shareholder will be notified annually by their Fund as to the amount and characterization of distributions paid to or reinvested by the shareholder for the preceding taxable year. The Fund may be required to withhold federal income tax from distributions otherwise payable to a shareholder if (i) the shareholder has failed to furnish the Fund with his taxpayer identification number, (ii) the Fund is notified that the shareholder's number is incorrect, (iii) the Internal Revenue Service notifies the Fund that the shareholder has failed properly to report certain income, or (iv) when required to do so, the shareholder fails to certify under penalty of perjury that he is not subject to this withholding. The backup withholding tax rate on distributions is currently 28%.

Certain shareholders specified in the Code are exempt from the backup withholding noted in the preceding paragraph. A Fund may be required to obtain certain information from a shareholder to identify that shareholder's status as a person exempt from backup withholding. Persons exempt from the backup withholding noted in the preceding paragraph may under certain circumstances still be subject to other types of federal income tax withholding. Shareholders should consult their tax advisors for more information.

**Distributions by Investment Companies - In General**

Distributions of investment company taxable income (including net short-term capital gains) are taxable to shareholders as ordinary income. Distributions of investment company taxable income may be eligible for the corporate dividends-received deduction to the extent attributable to a Fund's dividend income from U.S. corporations, and if other applicable requirements are met. However, the alternative minimum tax applicable to corporations may reduce the benefit of the dividends-received deduction. Distributions of net capital gains (the excess of net long-term capital gains over net short-term capital losses) designated by a Fund as capital gain dividends are not eligible for the dividends-received deduction and will generally be taxable to shareholders as long-term capital gains, regardless of the length of time the Fund's shares have been held by a shareholder. Generally, dividends and distributions are taxable to shareholders, whether received in cash or reinvested in shares of a Fund. Any distributions that are not from a Fund's investment company taxable income or net capital gain may be characterized as a return of capital to shareholders or, in some cases, as capital gain. Shareholders will be notified annually as to the federal tax status of dividends and distributions they receive and any tax withheld thereon.

A person seeking to invest in shares of a Fund through a taxable account should consider a Fund's unrealized gains and losses, and any capital loss carryforwards, which are disclosed in the annual and semiannual reports to shareholders issued by the Fund. Embedded, unrealized gains, if realized by the Fund upon a sale or other disposition of the investments to which the gains relate, and not offset by realized losses, result in capital gains distributions to all shareholders, including persons who just purchased Fund shares, which may be subject to income tax. Unrealized losses, if realized by the Fund through sales of investments, and capital loss carryforwards from previously realized losses, may offset gains realized by the Fund on sales of appreciated investments, so offsetting the capital gains distributions that otherwise would be made to shareholders.

Pursuant to the American Taxpayer Relief Act of 2012, the maximum federal tax rate for individual taxpayers on long-term capital gains from sales of securities, and on certain qualifying dividends on corporate stock issued by domestic corporations and certain "qualified foreign corporations," is 20%. Qualified foreign corporations are corporations incorporated in a U.S. possession, corporations whose stock is readily tradable on an established securities market in the U.S. and corporations eligible for the benefits of a comprehensive income tax treaty with the United States and which satisfy certain other requirements. Foreign personal holding companies, foreign investment companies and passive foreign investment companies are not treated as qualified foreign corporations. These rates do not apply to corporate taxpayers. Each Fund will separately designate distributions of any qualifying long-term capital gains or qualifying dividends earned by the Fund. A shareholder must also satisfy a 60-day holding period requirement with respect to any distributions of qualifying dividends in order to obtain the benefit of the lower tax rates imposed on those distributions. Distributions attributable to a Fund's income from bonds and other debt obligations, dividends from most foreign companies, and distributions by real estate investment trusts or regulated investment companies will not generally qualify for the lower rates. Some hedging activities may cause a dividend that would otherwise be subject to the lower tax rate applicable to a qualifying dividend to be taxed at the rate of tax applicable to ordinary income.

A Fund's investments in certain derivatives, foreign currency transactions, options, futures contracts, hedging transactions, forward contracts, investments in passive foreign investment companies, and certain other transactions will be subject to special tax rules, the effect of which may be to accelerate income to the Fund, defer Fund losses, convert capital gain into taxable ordinary income or convert short-term capital losses into long-term capital losses. Engaging in swap transactions also may result in distributions of taxable income or gain to shareholders, and also may cause a Fund to currently recognize income with respect to payments to be received in the future. Certain Fund transactions, including investments in derivative instruments, transactions in foreign currencies or foreign currency-denominated instruments, and hedging activities may produce differences between the Fund's book and taxable income, and distributions by the Fund may consequently be treated in some instances as returns of capital.

A Fund's distributions of realized capital gains may be reduced if the Fund has capital loss carryforwards available. Other regulations or circumstances may limit or reduce the use of net capital loss carryforwards. A Fund's net capital losses are not deductible against the Fund's net investment income.

Distributions by a Fund result in a reduction in the net asset value of the Fund's shares. Should distributions reduce the net asset value below a shareholder's cost basis, the distribution would nevertheless be taxable to the shareholder as ordinary income or capital gain as described above, even though, from an investment standpoint, it may constitute a partial return of capital. In particular, investors should consider the tax implications of buying shares just prior to a distribution. The price of shares purchased at that time includes the amount of the forthcoming distribution. Persons purchasing just prior to a distribution will then receive a partial return of capital upon the distribution, which will nevertheless be taxable to them.

A 3.8% Medicare contribution tax is imposed on the "net investment income" of individuals, estates, and trusts whose income exceeds certain threshold amounts. Net investment income generally includes for this purpose distributions of income dividends and capital gains paid by the Funds and otherwise includible in adjusted gross income, and capital gains recognized on the sale, redemption or exchange of Fund shares. Shareholders are advised to consult their tax advisors regarding the possible implications of this additional tax on their investment in a Fund.

**Foreign Currency Transactions**

Under the Code, gains or losses attributable to fluctuations in foreign currency exchange rates which occur between the time a Fund accrues income or other receivable or accrues expenses or other liabilities denominated in a foreign currency and the time a Fund actually collects such receivable or pays such liabilities generally are treated as ordinary income or ordinary loss. Similarly, on disposition of debt obligations denominated in a foreign currency and on disposition of certain financial contracts and options, gains or losses attributable to fluctuations in the value of foreign currency between the date of acquisition of the security or contract and the date of disposition also are treated as ordinary gain or loss. These gains and losses, referred to under the Code as "Section 988" gains and losses, may increase or decrease the amount of a Fund's net investment income to be distributed to its shareholders as ordinary income.

**Foreign Withholding Taxes**

Income received by a Fund from sources within foreign countries may be subject to withholding and other income or similar taxes imposed by such countries. If more than 50% of the value of a Fund's total assets at the close of its taxable year consists of securities of foreign corporations, that Fund will be eligible and may elect to "pass through" to the Fund's shareholders the amount of foreign income and similar taxes paid by that Fund. Pursuant to this election, a shareholder will be required to include in gross income (in addition to taxable dividends actually received) his pro rata share of the foreign taxes paid by a Fund, and will be entitled either to deduct (as an itemized deduction) his pro rata share of foreign income and similar taxes in computing his taxable income or to use it as a foreign tax credit against his U.S. federal income tax liability, subject to limitations. No deduction for foreign taxes may be claimed by a shareholder who does not itemize deductions, but such a shareholder may be eligible to claim the foreign tax credit (see below). Each shareholder will be notified within 60 days after the close of the relevant Fund's taxable year whether the foreign taxes paid by the Fund will "pass through" for that year. Furthermore, the amount of the foreign tax credit that is available may be limited to the extent that dividends from a foreign corporation qualify for the lower tax rate on "qualifying dividends."

Generally, a credit for foreign taxes is subject to the limitations that it may not exceed the shareholder's U.S. tax attributable to his foreign source taxable income. For this purpose, if the pass-through election is made, the source of a Fund's income flows through to its shareholders. With respect to a Fund, gains from the sale of securities will be treated as derived from U.S. sources and certain currency fluctuations gains, including fluctuation gains from foreign currency denominated debt obligations, receivables and payables, will be treated as ordinary income derived from U.S. sources. The limitation on the foreign tax credit is applied separately to foreign source passive income (as defined for purposes of the foreign tax credit), including the foreign source passive income passed through by a Fund. Shareholders may be unable to claim a credit for the full amount of their proportionate share of the foreign taxes paid by a Fund. The foreign tax credit limitation rules do not apply to certain electing individual taxpayers who have limited creditable foreign taxes and no foreign source income other than passive investment-type income. The foreign tax credit is eliminated with respect to foreign taxes withheld on dividends if the dividend-paying shares or the shares of the Fund are not held by the Fund or the shareholders, as the case may be, for periods specified in the Code. If a Fund is not eligible to make the election to "pass through" to its shareholders its foreign taxes, the foreign income taxes it pays generally will reduce the Fund's investment company taxable income and the distributions by a Fund will be treated as United States source income.

**Short Sales**

If a Fund engages in short selling of securities, the gain or loss on the short sale is generally recognized when the Fund closes the short sale by delivering the borrowed securities to the lender, rather than when the borrowed securities are sold. Short sales may increase the net short-term capital gains realized by a Fund, which would be taxable as ordinary income when distributed to the Fund's shareholders.

**Redemption or Other Disposition of Shares**

Upon the sale or exchange of his shares, a shareholder realizes a taxable gain or loss depending upon his basis in the shares. The gain or loss will be treated as capital gain or loss if the shares are capital assets in the shareholder's hands, which generally may be eligible for reduced federal tax rates, depending on the shareholder's holding period for the shares. Any loss realized on a sale or exchange will be disallowed to the extent that the shares disposed of are replaced (including replacement through the reinvestment of dividends and capital gain distributions in a Fund) within a period of 61 days beginning 30 days before and ending 30 days after the disposition of the shares. In such a case, the basis of the shares acquired will be adjusted to reflect the disallowed loss. Any loss realized by a shareholder on the sale of a Fund's shares held by the shareholder for six months or less will be treated for federal income tax purposes as a long-term capital loss to the extent of any distributions of capital gains dividends received by the shareholder with respect to such shares.

In some cases, shareholders will not be permitted to take sales charges into account for purposes of determining the amount of gain or loss realized on the disposition of their shares. This prohibition generally applies where (1) the shareholder incurs a sales charge in acquiring the shares of a regulated investment company, (2) the shares are disposed of before the 91st day after the date on which they were acquired, and (3) the shareholder subsequently acquires shares of the same or another regulated investment company and the otherwise applicable sales charge is reduced or eliminated under a "reinvestment right" received upon the initial purchase of the shares. In that case, the gain or loss recognized will be determined by excluding from the tax basis of the shares exchanged all or a portion of the sales charge incurred in acquiring those shares. This exclusion applies to the extent that the otherwise applicable sales charge with respect to the newly acquired shares is reduced as a result of having incurred a sales charge initially. Sales charges affected by this rule are treated as if they were incurred with respect to the shares acquired under the reinvestment. This provision may be applied to successive acquisitions of shares.

**State and Local Taxes**

The laws of the several states and local taxing authorities vary with respect to the taxation of distributions, and shareholders of each Fund are advised to consult their own tax advisors in that regard. In particular, investors who are not individuals are advised that the preceding discussion relates primarily to tax consequences affecting individuals, and the tax consequences of an investment by a person which is not an individual may be very different.

**Foreign Account Tax Compliance Act**

The Foreign Account Tax Compliance Act ("FATCA") generally requires a Fund to obtain information sufficient to identify the status of each of its shareholders under FATCA, as described more fully below. If a shareholder fails to provide this information or otherwise fails to comply with FATCA, a Fund may be required to withhold under FATCA at a rate of 30% with respect to that shareholder, depending on the type of payment and shareholder account, on certain payments made from the Fund, including distributions characterized by the Fund as capital gain dividends and the proceeds of the sale, redemption or exchange of Fund shares. If a payment by a Fund is subject to FATCA withholding, the Fund or its agent is required to withhold even if such payment would otherwise be exempt from withholding.

Payments to a Fund shareholder will generally not be subject to FATCA withholding, provided the shareholder provides the Fund with such certifications, waivers or other documentation or information as the Fund requires, including, to the extent required, documentation or information respecting such shareholder's direct and indirect owners, to establish the shareholder's FATCA status and otherwise to comply with these rules. In order to avoid withholding, a shareholder that is a "foreign financial institution" ("FFI") must either (i) become a "participating FFI" by entering into a valid U.S. tax compliance agreement with the IRS, (ii) qualify for an exception from the requirement to enter into such an agreement, for example by becoming a "deemed compliant FFI," or (iii) be covered by an applicable intergovernmental agreement between the United States and a non-U.S. government to implement FATCA. In any of these cases, the investing FFI generally will be required to provide a Fund with appropriate identifiers, certifications or documentation concerning its status.

A Fund will disclose the information that it receives from (or concerning) its shareholders to the IRS, non-U.S. taxing authorities or other parties as necessary to comply with FATCA, related intergovernmental agreements or other applicable law or regulation.

Each investor and prospective investor is urged to consult its tax adviser regarding the applicability of FATCA and any other reporting requirements with respect to the investor's own situation.

**DISTRIBUTIONS AND SHAREHOLDER ACCOUNTS**

Any distributions of investment income, net of expenses, and the annual distributions of net realized capital gains, if any, will be credited to the accounts of shareholders in full and fractional shares of the Fund at net asset value on the payment or distribution date, as the case may be.

**INVESTMENT ADVISOR, INVESTMENT ADVISORY AGREEMENTS, & ADMINISTRATIVE SERVICES AGREEMENTS**

**Investment Advisory Agreement**

Pursuant to an Investment Advisory Agreement in respect of each Fund, Thornburg Investment Management, Inc. ("Thornburg" or the "advisor"), 2300 North Ridgetop Road, Santa Fe, New Mexico 87506, acts as investment advisor for, and will manage the investment and reinvestment of the assets of, each of the Funds in accordance with the Funds' respective investment objectives and policies, subject to the general supervision and control of the Trustees of Thornburg Investment Trust.

Thornburg is paid a fee by each Fund, in the percentage amounts set forth in the Prospectus.

The fee paid by each Fund is allocated among the different classes of shares offered by the Fund based upon the average daily net assets of each class of shares. All fees and expenses are accrued daily and deducted before payment of dividends. In addition to the fees of Thornburg, each Fund will pay all other costs and expenses of its operations. Each Fund also will bear the expenses of registering and qualifying the Fund and its shares for distribution under federal and state securities laws, including legal fees.

The Trust's Trustees (including a majority of the Trustees who are not "interested persons" within the meaning of the 1940 Act) have approved the Investment Advisory Agreement applicable to each of the Funds, and annually consider the renewal of the agreement applicable to each of the Funds. In connection with their general supervision of Thornburg, and as an important element of their annual consideration of a renewal of the Investment Advisory Agreement applicable to each Fund, the Trustees receive and consider reports from Thornburg throughout the year. These reports address a wide variety of topics, including particularly Thornburg's services to each Fund and its selection of investments of pursuit of each Fund's investment objectives.

The Trustees have considered the responsibilities of mutual fund trustees generally and the Trustees' understandings of shareholders' expectations about the management of the mutual funds in which they have invested. The Trustees have concluded, based upon these discussions and a consideration of applicable law, that the principal obligation of mutual fund trustees is to assess the nature and quality of an investment advisor's services, and to confirm that the advisor actively and competently pursues the mutual fund's objectives. The Trustees have further concluded that while mutual fund trustees should determine that a fund's fees and costs are reasonable in relation to the services rendered and generally in line with those charged by other investment advisors, putting an investment advisory agreement "out to bid" as a matter of course would be inconsistent with shareholder interests and contrary to shareholder expectations when they invested in a fund, and that mutual fund trustees should not do so unless an advisor materially failed to pursue a fund's objectives in accordance with its policies or for other equally important reasons. The Trustees also observed in their deliberations that Thornburg Fund shareholders appear to invest with a long-term perspective, and that in reviewing the Funds' performance, the Trustees should focus on the longer-term perspective rather than current fashions or short-term performance.

The Trust's Trustees most recently determined to renew the Investment Advisory Agreement applicable to each Fund on September 9, 2025.

In anticipation of their recent consideration of the Investment Advisory Agreement's renewal, the independent Trustees met in March 2025 and May 2025 to consider aspects of their annual evaluation of Thornburg's service to the Funds and to each other series of the Trust, to plan the annual evaluation of Thornburg's performance, and to discuss preliminarily the information Thornburg would present to the Trustees for their review. The independent Trustees met in another independent session in July 2025 to further define certain portions of the information to be submitted by Thornburg. The independent Trustees met again in independent session in September 2025 to discuss various matters relating to the consideration of the Investment Advisory Agreement's renewal, including discussions with representatives of a mutual fund analyst firm engaged by the independent Trustees to provide explanations of comparative cost and expense information. In that session the independent Trustees discussed their evaluations of Thornburg's services to the Funds and the Funds' fee and expense levels, investment performance, and other information presented for the Funds, conferred with legal counsel respecting the factors typically considered in evaluating renewal of an advisory agreement, and conferred with representatives of Thornburg to receive explanations of certain aspects of the information they had requested. Representatives of Thornburg subsequently reviewed portions of the information with the Trustees and addressed questions from the Trustees at another session of independent Trustees in September 2025. Following that session, the Trustees met for the purpose of considering renewal of the Investment Advisory Agreement, and the Trustees, including all of the independent Trustees, voted unanimously to renew the Investment Advisory Agreement for an additional term of one year.

A discussion regarding the basis for the approval of each Fund's Investment Advisory Agreement by the Trustees for the period ending October 31, 2026 is contained in the Fund's Form N-CSR filing for the fiscal year ended September 30, 2025.

The Investment Advisory Agreement applicable to each Fund may be terminated by either party, at any time without penalty, upon 60 days' written notice, and will terminate automatically in the event of its assignment. Termination will not affect the right of Thornburg to receive payments on any unpaid balance of the compensation earned prior to termination. The Agreement further provides that in the absence of willful misfeasance, bad faith or gross negligence on the part of Thornburg, or of reckless disregard of its obligations and duties under the Agreement, Thornburg will not be liable for any action or failure to act in accordance with its duties thereunder.

For the three most recent fiscal years with respect to each Fund, Thornburg was entitled to receive the following amounts from each Fund pursuant to the Investment Advisory Agreement applicable to the Fund.

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended <br> September 30, 2023** | **Year Ended <br> September 30, 2024** | &nbsp;&nbsp;&nbsp;**Year Ended <br> September 30, 2025** |
| Global Opportunities Fund | $8599007 | $9702226 | $10814624 |
| International Equity Fund | $19015895 | $20091491 | $25194396 |
| International Growth Fund | $7949490 | $7426184 | $10814624 |
| Developing World Fund | $9806233 | $8582976 | $25194396 |
| Small/Mid Cap Core Fund | $4643246 | $4557438 | $10814624 |
| Small/Mid Cap Growth Fund | $2484219 | $2306894 | $25194396 |
| Investment Income Builder Fund | $76344323 | $87822670 | $103793308 |
| Limited Term U.S. Government Fund | $747234 | $580040 | $434209 |
| Limited Term Income Fund | $23173375 | $20762105 | $20062184 |
| Strategic Income Fund | $32839049 | $44034571 | $51240397 |

---

For some or all of the three most recent fiscal years, Thornburg has waived its rights to certain fees which it was otherwise entitled to receive from certain Funds pursuant to the Investment Advisory Agreement applicable to those Funds. The specific amounts waived by Thornburg are as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended <br> September 30, 2023** | **Year Ended <br> September 30, 2024** | &nbsp;&nbsp;&nbsp;**Year Ended <br> September 30, 2025** |
| Global Opportunities Fund | $382816 | $421427 | $470743 |
| International Equity Fund | $3328062 | $2842124 | $2820695 |
| International Growth Fund | $82789 | $101674 | $295543 |
| Developing World Fund | $1495345 | $1335363 | $978981 |
| Small/Mid Cap Growth Fund | $0 | $0 | $18218 |
| Strategic Income Fund | $2928325 | $2790104 | $2961235 |

---

Thornburg may (but is not obligated to) waive its rights to any portion of its fees in the future, and may use any portion of its fees for purposes of shareholder and administrative services and distribution of Fund shares.

Garrett Thornburg, Chairman and Trustee of Thornburg Investment Trust, is a director and controlling shareholder of Thornburg, and Brian McMahon, Vice Chairman and Trustee of Thornburg Investment Trust, is also a director of Thornburg. In addition, various individuals who are officers of the Trust also serve as officers of Thornburg, as described below under the caption "Management."

**Proxy Voting Policies**

Thornburg is authorized by the Trust to vote proxies respecting voting securities held by the Funds. In those cases, Thornburg votes proxies in accordance with written Proxy Voting Policies and Procedures (the "Policy") adopted by Thornburg. The Policy states that the objective of voting a security is to enhance the value of the security, or to reduce potential for a decline in the security's value. The Policy prescribes procedures for assembling voting information and applying the informed expertise and judgment of Thornburg on a timely basis in pursuit of this voting objective.

The Policy also prescribes a procedure for voting proxies when a vote presents a conflict between the interests of the Fund and Thornburg. If the vote relates to the election of a director in an uncontested election or ratification or selection of independent accountants, the investment advisor will vote the proxy in accordance with the recommendation of any proxy voting service engaged by Thornburg. If no such recommendation is available, or if the vote involves other matters, Thornburg will refer the vote to the Trust's operations risk oversight committee for direction on the vote or consent to vote on Thornburg's recommendation.

The Policy authorizes Thornburg to utilize various sources of information in considering votes, including the engagement of service providers who provide analysis and information on the subjects of votes and who may recommend voting positions. Thornburg has engaged Institutional Shareholder Services ("ISS") to provide these services to Thornburg in connection with voting proxies for each of the Funds. Thornburg may or may not accept recommendations from ISS. Thornburg also may decline to vote in various situations, including cases where an issue is not relevant to the Policy's voting objective or where it is not possible to ascertain what effect a vote may have on the value of an investment. Thornburg may not be able to vote proxies in cases where proxy voting materials are not delivered to Thornburg in sufficient time for evaluation and voting.

Information regarding how proxies were voted is available on or before August 31 of each year for the twelve months ending the preceding June 30. This information is available (i) without charge, upon request by calling the Advisor toll-free at 1-800-847-0200, (ii) on the Thornburg website at www.thornburg.com, and (iii) on the Securities and Exchange Commission's website at www.sec.gov.

**Administrative Services Agreement**

Administrative services are provided to the Funds under the Fourth Restated Administrative Services Agreement between the Trust and Thornburg dated September 19, 2023, and the same services, with the same terms and fees for the Funds, were previously provided under the Third Restated Administrative Services Agreement between the Trust and Thornburg dated February 1, 2018 (collectively, the "Administrative Services Agreements") which requires Thornburg to perform certain administrative services and engage in activities beyond those specifically required by the Investment Advisory Agreement, and to provide related services. The activities and services provided by Thornburg under the Administrative Services Agreements include the administration, monitoring, supervision, performance or direction of certain administrative functions necessary or desirable for the operation of the Funds, generally including: monitoring, supervision and direction of fund accounting and administration, tax accounting and reporting, custodial and transfer agent services, account administration, information technology services, legal services, and other services provided by third parties to the Funds; coordination and management of financial audits; monitoring of financial intermediaries in connection with their provision of non-distribution services to the Funds; supervision and direction of and assistance in the preparation of registration statements and other governmental filings, income and other tax returns, and reports and other communications to shareholders; coordination and supervision of certain portfolio valuation functions; monitoring, supervision and conduct of legal compliance functions; providing personnel necessary to furnish the services required by the Administrative Services Agreements together with the office space and other support necessary for those services; and such other services and activities as the parties may agree from time to time.

The Trust pays Thornburg a fee for the services that Thornburg provides pursuant to the Administrative Services Agreements. That fee is computed as an annual percentage of the aggregate average daily net assets of all share classes of all Funds described in this Statement of Additional Information, paid monthly, as follows:

---

| | |
|:---|:---|
| **Net Assets** | **Percentage Rate** |
| 0 to $20 billion | 0.100% |
| $20 billion to $40 billion | 0.075% |
| $40 billion to $60 billion | 0.040% |
| Over $60 billion | 0.030% |

---

together with any applicable sales or similar tax.

For the three most recent fiscal years with respect to each Fund, the amounts paid to Thornburg by each Fund under the Administrative Services Agreements were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended** <br> **September 30, 2023** | **Year Ended <br> September 30, 2024** | **Year Ended**<br> **September 30, 2025** |
| Global Opportunities Fund | $896223 | $1005286 | $1086169 |
| International Equity Fund | $2162781 | $2268581 | $2805142 |
| International Growth Fund | $825142 | $757593 | $627726 |
| Developing World Fund | $915547 | $785284 | $493776 |
| Small/Mid Cap Core Fund | $470875 | $454808 | $434723 |
| Small/Mid Cap Growth Fund | $251021 | $229590 | $201606 |
| Investment Income Builder Fund | $9669840 | $11003220 | $12542436 |
| Limited Term U.S. Government Fund | $176227 | $134860 | $97163 |
| Limited Term Income Fund | $6486795 | $5627156 | $5198331 |
| Strategic Income Fund | $5251554 | $7120451 | $8056808 |

---

The agreements applicable to each class may be terminated by either party, at any time without penalty, upon 60 days' written notice, and will terminate automatically upon assignment. Termination will not affect the service provider's right to receive fees earned before termination. The agreements further provide that in the absence of willful misfeasance, bad faith or gross negligence on the part of the service provider, or reckless disregard of its duties thereunder, the provider will not be liable for any action or failure to act in accordance with its duties thereunder.

**SERVICE AND DISTRIBUTION PLANS**

**Service Plan**

Each of the Funds has adopted a plan of distribution pursuant to Rule 12b-1 under the 1940 Act ("Service Plan"), which is applicable to Class R3, Class R4 and Class R5 shares of the Fund. The Service Plan authorizes each Fund to pay to the Trust's principal underwriter, Thornburg Securities LLC ("TSL"), or to such persons as TSL may direct, out of the assets of the Fund, an annual amount not exceeding 0.25% of the Fund's assets, together with any applicable gross receipts tax, sales tax, value added tax, compensating tax or similar exaction imposed by any federal, state or local government, though the aggregate of those taxes shall not exceed 10%. Each Fund has also entered into a distribution agreement with TSL, pursuant to which TSL agrees to provide or obtain from other persons the services described in the Service Plan, and the Fund agrees to pay TSL or other persons as TSL directs for providing or obtaining those services.

Payments by a Fund under the Service Plan and the related distribution agreement with TSL may be made for: (a) expenses incurred by TSL, or by other persons at the request or direction of TSL or the Trust, for the promotion and distribution of the shares of the Fund, including but not limited to, printing of prospectuses and reports used for sales purposes, advertisements, expenses of preparation and printing of sales literature and other distribution-related expenses, and further including any compensation paid to securities dealers and other financial intermediaries which have executed selling agreements with TSL; and (b) expenses incurred by TSL, or by other persons at the request or direction of the Trust or TSL, in connection with the provision of services to the shareholders of the Fund pursuant to selling agreements with TSL or other service agreements or similar arrangements with TSL, Thornburg or the Trust, which services include providing personal services to shareholders and maintaining shareholder accounts, including, but not limited to, administrative, transactional, distribution and redemption, and accounting and reporting services with respect to Fund shareholders and accounts, and providing information to shareholders and responding to shareholder inquiries; and (c) such other services and activities as may from time to time be agreed upon by Trustees of the Trust and TSL. Payments by the Fund pursuant to the Service Plan and the related distribution agreement with TSL shall be in addition to any payments made outside of the Service Plan, as authorized by the Trustees of the Trust as not being primarily intended to result in the sale of Fund shares.

In the two most recent fiscal years, the principal type of activity for which payments were made by the Funds under the Service Plan was compensation to securities broker-dealers, financial institutions and other organizations which render services to the applicable class of shareholders, including distribution, shareholder account services, and administrative services. Reimbursements for expenditures incurred by TSL or by other persons at the request or direction of the Trust or TSL for the printing and distribution of reports and prospectuses for use by potential investors in the Funds, preparing and distributing sales literature, providing advertising and engaging in other promotional activities, and other services were de minimis relative to payments made to broker-dealers, financial institutions and other organizations under the Service Plan. The Service Plan does not provide for accrued but unpaid reimbursements for such expenditures to be carried over and reimbursed in later years. TSL has no current intention to request or receive any payment under the Service Plan in respect of a Fund's Class R5 shares.

**Class R3 Distribution Plan**

Each Fund offering Class R3 shares has adopted a plan of distribution pursuant to Rule 12b-1 under the 1940 Act, applicable only to the Class R3 shares of that Fund ("Distribution Plan"). The Distribution Plan authorizes each Fund to pay to TSL, or to such persons as TSL may direct, out of the assets of each share class of the Fund to which the Distribution Plan is applicable, an annual amount of 0.25% of the average daily net assets attributable to the Fund's Class R3 shares, together with any applicable gross receipts tax, sales tax, value added tax, compensating tax or similar exaction imposed by any federal, state or local government, though the aggregate of those taxes shall not exceed 10%. Each Fund has also entered into a distribution agreement with TSL, pursuant to which TSL agrees to provide or obtain from other persons the services described in the Distribution Plan, and the Fund agrees to pay TSL or other persons as TSL directs for providing or obtaining those services.

Payments by a Fund under the Distribution Plan and the related distribution agreement with TSL may be made for: (a) compensation and ongoing commissions (including incentive compensation) to securities dealers, financial institutions and other organizations which render distribution and administrative services in connection with the distribution of the share classes of the Funds; (b) the printing and distribution of reports and prospectuses for the use of potential investors; (c) preparing and distributing sales literature; (d) providing advertising and engaging in other promotional activities, including direct mail solicitation, and television, radio newspaper and other media advertisements; and (e) such other services and activities as may from time to time be agreed upon by Trustees of the Trust and TSL. The Trust and TSL are authorized under the Distribution Plan to instruct the Funds' transfer agent or other agents of the Funds to pay these amounts directly to financial services firms or other persons engaged to provide the foregoing services.

**Amounts Paid Under Rule 12b-1 Plans and Agreements**

For each Fund, the following table shows amounts paid by the Fund in each of the last two fiscal years pursuant to the Service Plan adopted by the Fund.

---

| | | |
|:---|:---|:---|
| | **Year Ended**<br> **September 30, 2024** | **Year Ended <br> September 30, 2025** |
| Global Opportunities Fund |  |  |
| Class R3 | $6788 | $7128 |
| Class R4 | $12278 | $13470 |
| International Equity Fund |  |  |
| Class R3 | $296648 | $319235 |
| Class R4 | $221983 | $244895 |
| International Growth Fund |  |  |
| Class R3 | $12160 | $10287 |
| Class R4 | $17804 | $16592 |
| Small/Mid Cap Core Fund |  |  |
| Class R3 | $30923 | $27739 |
| Class R4 | $6201 | $6698 |
| Small/Mid Cap Growth Fund |  |  |
| Class R3 | $36138 | $32202 |
| Class R4 | $2123 | $1630 |
| Investment Income Builder Fund |  |  |
| Class R3 | $51863 | $55240 |
| Class R4 | $29005 | $32831 |
| Limited Term U.S. Government Fund |  |  |
| Class R3 | $6481 | $6302 |
| Class R4 | $2504 | $3413 |
| Limited Term Income Fund |  |  |
| Class R3 | $94535 | $83704 |
| Class R4 | $41940 | $35791 |
| Strategic Income Fund |  |  |
| Class R3 | $2261 | $2877 |
| Class R4 | $7098 | $5307 |

---

For each Fund that offers Class R3 shares, the following table shows amounts paid by the Fund in each of the last two fiscal years pursuant to the Distribution Plan adopted by the Fund:

---

| | | |
|:---|:---|:---|
| | **Year Ended**<br> **September 30, 2024** | **Year Ended <br> September 30, 2025** |
| Global Opportunities Fund |  |  |
| Class R3 | $6788 | $7128 |
| International Equity Fund |  |  |
| Class R3 | $296648 | $319235 |
| International Growth Fund |  |  |
| Class R3 | $12160 | $10287 |
| Small/Mid Cap Core Fund |  |  |
| Class R3 | $30923 | $27739 |
| Small/Mid Cap Growth Fund |  |  |
| Class R3 | $36138 | $32202 |
| Investment Income Builder Fund |  |  |
| Class R3 | $51863 | $55240 |
| Limited Term U.S. Government Fund |  |  |
| Class R3 | $6481 | $6302 |
| Limited Term Income Fund |  |  |
| Class R3 | $94535 | $83704 |
| Strategic Income Fund |  |  |
| Class R3 | $2261 | $2877 |

---

**FINANCIAL INTERMEDIARY COMPENSATION**

Financial advisors and financial intermediaries who sell shares and hold shares for investors ("intermediaries") charge compensation in connection with the sale of Fund shares and the servicing of shareholder accounts. Intermediaries receiving this compensation may include securities brokers and dealers, registered investment advisors, banks, trust companies, insurance companies, employee benefit plan and retirement plan administrators, and other institutions that have entered into arrangements with Thornburg or TSL under which they are paid compensation for the sale of Fund shares or the servicing of accounts for their customers. Intermediaries may categorize and disclose these payments to their customers and to members of the public differently than the disclosures in the Prospectus and this SAI.

Thornburg or TSL may pay compensation charged by intermediaries out of amounts that Thornburg or TSL receive from the Funds. Examples of such payments include, but are not limited to: (i) share sales commissions and ongoing asset-based compensation paid by Thornburg or TSL out of sales charges received or expected to be received from the Funds; (ii) amounts paid out of the Rule 12b-1 service and distribution fees that TSL receive from the Funds; and (iii) amounts paid by the Funds to compensate intermediaries who perform services, including subaccounting and subtransfer agency services, that would otherwise need to be provided by the Funds' transfer agent or other persons hired directly by the Funds.

To the extent permitted by applicable law, including applicable rules promulgated by the U.S. Securities and Exchange Commission and FINRA, Thornburg or TSL may also compensate intermediaries out of Thornburg's or TSL's own resources. This compensation may be in the form of commissions, finder's fees or similar cash incentives, "revenue sharing," and marketing and advertising support. An intermediary may receive this compensation in addition to the Rule 12b-1 or other compensation that the intermediary receives out of the assets of the Funds. This compensation from Thornburg or TSL may provide an incentive to financial intermediaries to actively market the sale of shares of the Funds or to support the marketing efforts of Thornburg or TSL. Examples of the types of services which an intermediary may provide (or may arrange to have a third party provide) in exchange for receiving this compensation from Thornburg or TSL include, but are not limited to: Fund due diligence and business planning assistance; marketing programs and support; operations and systems support; and training for the intermediary's personnel respecting the Funds and the financial needs of Fund shareholders. Each of Thornburg or TSL may also make payments out of its own resources to compensate an intermediary for costs associated with the intermediary's marketing efforts (including the cost of attendance at training and educational conferences), and for costs associated with the intermediary's shareholder support and account maintenance services for its customers or transaction processing (including the payment of certain ticket charges).

During the fiscal year which ended September 30, 2025, Thornburg or TSL paid amounts from its own resources to the following member firms of FINRA, or to the affiliates of such firms, pursuant to written agreements with such firms:

American Enterprise Investment Services, Inc.

American United Life

Charles Schwab

Citigroup Global Markets Inc.

Citywire

Commonwealth Financial Network

DA Davidson

Envestnet

Financial Data Services, Inc.

Goldman Sachs & Co.

GWFS Empower

International Financial Group

Janney Montgomery

LPL Financial Corporation

Morgan Stanley Smith Barney

National Financial Services, LLC

Principal Life Insurance

Raymond James & Associates, Inc.

RBC Wealth Management

UBS Financial Services, Inc.

Voya Financial Advisors

Wells Fargo Clearing Services, LLC

Each of Thornburg and TSL may also make payments out of its own resources to institutions that are not member firms of FINRA and that are not included among, or affiliated with, the institutions listed above.

**PORTFOLIO TRANSACTIONS**

All orders for the purchase or sale of portfolio securities are placed on behalf of each of the Funds by Thornburg pursuant to its authority under each Fund's investment advisory agreement. Thornburg also is responsible for the placement of transaction orders for other clients for whom it acts as investment advisor.

Thornburg, in effecting purchases and sales of fixed income securities for the account of each of the Funds, places orders in such a manner as, in the opinion of Thornburg, offers the best available price and most favorable execution of each transaction. Portfolio securities normally will be purchased directly from an underwriter or in the over-the-counter market from the principal dealers in such securities, unless it appears that a better price of execution may be obtained elsewhere. Purchases from underwriters will include a commission or concession paid by the issuer to the underwriter, and purchases from dealers will include the spread between the bid and asked price.

Similarly, Thornburg places orders for transactions in equity securities in such a manner as, in the opinion of Thornburg, will offer the best available price and most favorable execution of these transactions. In selecting broker dealers, subject to applicable legal requirements, Thornburg considers various relevant factors, including, but not limited to: the size and type of the transaction; the nature and character of the markets for the security to be purchased or sold; the execution efficiency, settlement capability, and financial condition of the broker-dealer firm; the broker-dealer's execution services rendered on a continuing basis; and the reasonableness of any commissions; and arrangements for payment of Fund expenses. Generally commissions for foreign investments traded will be higher than for U.S. investments and may not be subject to negotiation.

Thornburg may execute a Fund's portfolio transactions with broker-dealers who provide research and brokerage services to Thornburg. Such services may include, but are not limited to, provision of market information relating to the security, economy, industries or specific companies; order execution systems; technical and quantitative information about the markets; and effecting securities transactions and performing functions incidental thereto (such as clearance and settlement). Research and brokerage services include information and analysis provided electronically through online facilities. The receipt of research from broker-dealers who execute transactions on behalf of the Funds may be useful to Thornburg in rendering investment management services to the Funds. The receipt of such research may not reduce Thornburg's normal independent research activities; however, it may enable Thornburg to avoid the additional expenses that could be incurred if Thornburg tried to develop comparable information through its own efforts.

Thornburg may pay, or be deemed to pay, to broker-dealers who provide research and brokerage services to Thornburg, commission rates higher than might otherwise be obtainable from other broker-dealers. Thornburg does not attempt to assign a specific dollar value to the research provided in connection with trades for client accounts or to allocate the relative cost or benefit of research or brokerage services. The research and brokerage services may benefit client accounts other than the specific client account(s) for which a trade is effected, and some or all of the research or brokerage services received with respect to a specific trade may not be used in connection with the account(s) for which the trade was executed. Some of the described services may be available for purchase by Thornburg on a cash basis.

It is Thornburg's policy, in circumstances where Thornburg receives research or brokerage services from a broker-dealer, to determine in accordance with federal securities laws that: (i) the research or brokerage services are "brokerage or research services" as that term is defined in Section 28(e) of the Securities and Exchange Act of 1934, as amended; (ii) the services provide lawful and appropriate assistance in the performance of Thornburg's investment management decisions; and (iii) the commissions paid are reasonable in relation to the value of the research or brokerage services provided. In circumstances where Thornburg determines that it has received research or brokerage services that fulfill the requirements under Thornburg's policy, Thornburg determines the portion of non-qualifying products or services and pays for those products or services from its own resources.

During some or all of the three most recent fiscal years brokerage commissions were paid by Global Opportunities Fund, International Equity Fund, International Growth Fund, Developing World Fund, Small/Mid Cap Core Fund, Small/Mid Cap Growth Fund, and Investment Income Builder Fund. The aggregate commissions paid by each of those Funds during each of the last three fiscal years are as follows:

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| | | | |
|:---|:---|:---|:---|
| | **Year Ended**<br> **Sept. 30, 2023** | **Year Ended**<br> **Sept. 30, 2024** | **Year Ended**<br> **Sept. 30, 2025** |
| Global Opportunities Fund | $447874 | $340085 | $430326 |
| International Equity Fund | $2868565 | $2763568 | $2839163 |
| International Growth Fund | $922859 | $967056 | $575989 |
| Developing World Fund | $1096150 | $2487726 | $1166727 |
| Small/Mid Cap Core Fund | $391273 | $308107 | $187398 |
| Small/Mid Cap Growth Fund | $210228 | $153096 | $127345 |
| Investment Income Builder Fund | $6486590 | $6246844 | $8909577 |

---

Increases in brokerage commissions paid by a Fund from year to year are primarily attributable to increases in the number of equity trades placed by the Fund, while decreases in brokerage commissions paid by a Fund from year to year are primarily attributable to decreases in the number of equity trades placed by the Fund. The variance in equity trading activity from year-to-year may reflect a number of factors, including the advisor's identification of investment opportunities for a Fund, the advisor's decision to rebalance a Fund's portfolio in response to actual or anticipated changes in market conditions, equity purchases made in response to shareholder inflows to a Fund, and equity sales made to meet shareholder redemption requests.

Some of the Funds owned during the fiscal year equity or debt securities issued by certain of their regular broker dealers. Those broker dealers and the aggregate dollar value of each such broker dealer's securities held by a Fund on September 30, 2025 are shown below:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Limited Term <br>Income Fund** | &nbsp;&nbsp;**Investment Income <br>Builder Fund** | &nbsp;&nbsp;**Global <br>Opportunities Fund** | &nbsp;&nbsp;**Strategic <br>Income Fund** |
| &nbsp;&nbsp;BofA/Merrill Lynch | &nbsp;&nbsp;$6093140 |  |  | &nbsp;&nbsp;$4970266 |
| &nbsp;&nbsp;CitiGroup | &nbsp;&nbsp;$21599979 | &nbsp;&nbsp;$709177150 | &nbsp;&nbsp;$66018746 | &nbsp;&nbsp;$32442802 |
| &nbsp;&nbsp;Goldman Sachs | &nbsp;&nbsp;$12728718 |  |  | &nbsp;&nbsp;$3695996 |
| &nbsp;&nbsp;JP Morgan | &nbsp;&nbsp;$7650672 | &nbsp;&nbsp;$28177677 |  | &nbsp;&nbsp;$5159227 |
| &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;$7669971 | &nbsp;&nbsp;$2569200 |  | &nbsp;&nbsp;$5712158 |
| &nbsp;&nbsp;UBS | &nbsp;&nbsp;$6951591 |  |  | &nbsp;&nbsp;$2615267 |

---

Thornburg may use research services provided by and place portfolio transactions with brokerage firms that have provided assistance in the distribution of shares of the Funds to the extent permitted by law. Thornburg may use research services provided by and place agency transactions with TSL if the commissions are fair, reasonable, and comparable to commissions charged by non-affiliated, qualified brokerage firms for similar services. Thornburg may allocate brokerage transactions to broker-dealers who have entered into arrangements with Thornburg under which the broker-dealer allocates a portion of the commissions paid by the Fund toward payment of the Fund's expenses, such as transfer agent fees or custodian fees. The transaction quality must, however, be comparable to those of other qualified broker-dealers.

Thornburg reserves the right to manage other investment companies and investment accounts for other clients which may have investment objectives similar to those of the Funds. Subject to applicable laws and regulations, Thornburg will attempt to allocate equitably portfolio transactions among the Funds and the portfolios of its other clients purchasing securities whenever decisions are made to purchase or sell securities by a Fund and one or more of such other clients simultaneously. In making such allocations the main factors to be considered will be the respective investment objectives of the Fund and the other clients, the size and nature of investment positions then held by the Fund and the other clients, and the strategy, timing and restrictions applicable respectively to the Fund and the other clients. While this procedure could have a detrimental effect on the price or amount of the securities available to a Fund from time to time, it is the opinion of the Funds' Trustees that the benefits available from Thornburg's organization will outweigh any disadvantage that may arise from exposure to simultaneous transactions.

**Portfolio Turnover Rates**

The Funds' respective portfolio turnover rates for the two most recent fiscal years are as follows:

---

| | | |
|:---|:---|:---|
| | **Year Ended** <br> **Sept. 30, 2024** | **Year Ended** <br> **Sept. 30, 2025** |
| Global Opportunities Fund | 14.91% | 15.07% |
| International Equity Fund | 45.47% | 28.49% |
| International Growth Fund | 44.57% | 28.90% |
| Developing World Fund | 90.88% | 46.93% |
| Small/Mid Cap Core Fund | 32.79% | 23.05% |

---

---

| | | |
|:---|:---|:---|
| | **Year Ended** <br> **Sept. 30, 2024** | **Year Ended** <br> **Sept. 30, 2025** |
| Small/Mid Cap Growth Fund | 32.58% | 34.06% |
| Investment Income Builder Fund | 24.81% | 27.78% |
| Limited Term U.S. Government Fund | 32.26% | 22.17% |
| Limited Term Income Fund | 59.42% | 32.96% |
| Strategic Income Fund | 60.47% | 30.03% |

---

Variations in a Fund's portfolio turnover rate from year-to-year are generally due to repositioning of the Fund's portfolio in response to changing market conditions.

**DISCLOSURE OF PORTFOLIO SECURITIES HOLDINGS INFORMATION**

The Trustees have adopted policies and procedures respecting and limiting the circumstances under which nonpublic holdings information respecting the Funds' current portfolio holdings information ("Nonpublic Holdings Information") may be disclosed to persons not associated with the Funds, Thornburg, or TSL. Nonpublic Holdings Information means (a) the portfolio holdings of a Fund to the extent those holdings have not previously been made publicly available by the Trust, Thornburg, or TSL in accordance with the Trust's policies and procedures; and (b) any other information about a Fund's portfolio holdings which the Trust's chief compliance officer (the "Chief Compliance Officer) or the Chief Compliance Officer's designee has determined may present a material risk of exposing a Fund or its shareholders to harm resulting from trading of Fund shares by persons in possession of such information. Nonpublic Holdings Information does not include aggregate, composite, or descriptive information about a Fund's holdings, including, for example and without limitation: (i) descriptions of how a Fund's portfolio is allocated among asset classes, regions, countries, industries or sectors; (ii) the attribution of Fund returns among such asset classes, regions, countries, industries, or sectors; (iii) other aggregated data about a Fund's portfolio such as average or median ratios or market capitalizations; (iv) the volatility characteristics of the Fund or other aggregated risk statistics; and (v) the contribution of particular holdings to a Fund's total return to the extent the holdings of the Fund have already been made publicly available by the Trust, Thornburg, or TSL in accordance with the Trust's policies and procedures.

The objective in adopting these policies and procedures is to reduce the exposure of the Funds and their shareholders to harm resulting from trading of Fund shares by persons in possession of Nonpublic Holdings Information. These policies and procedures are intended to operate in conjunction with Thornburg's policies prohibiting securities transactions using material nonpublic information. Neither the Funds nor Thornburg nor any affiliate thereof receives compensation or other consideration in connection with the disclosure of Nonpublic Holdings Information.

**Selective Disclosure of Nonpublic Holdings Information**

Disclosure of Nonpublic Holdings Information is generally prohibited. However, Nonpublic Holdings Information may be disclosed to specified persons in accordance with the Trust's policy and procedures for the disclosure of such information. Pursuant to the policy and procedures, Nonpublic Holdings Information may be disclosed under certain circumstances to: the Trust's registered independent public accounting firm, independent accounting firms and legal counsel; the Trust's custodian, subcustodians and securities depositories; valuation and pricing services and agents; financial printing services; mutual fund analysts; securities broker dealers in connection with placing a specific trade in a particular portfolio security; financial consultants to the Funds or investment advisor; certain other specified persons; and persons who are not otherwise specified in the policy in connection with a legitimate business purpose of any Fund and with the approval of the Chief Compliance Officer or the Chief Compliance Officer's designee, the Trustees, or the Trustees' Governance and Nominating Committee. In any case where nonpublic portfolio holdings information is disclosed to a third party, Thornburg seeks to confirm that the person to whom the disclosure is made is subject to a contractual provision, professional rule or obligation, or undertaking respecting the maintenance of the confidentiality of the nonpublic information. Nonpublic Holdings Information may also be disclosed to cooperate fully regulatory authorities, subject to laws and regulations respecting disclosure of private or nonpublic information.

As of the date of this Statement of Additional Information, Thornburg has ongoing arrangements that would permit Thornburg to disclose the Nonpublic Holdings Information to the persons noted in the following table. Unless otherwise noted in the table below, there will typically be no lag time between the date of the information and the date on which the information is disclosed.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name of Recipient** | **Frequency** | &nbsp;&nbsp;&nbsp;**Time Lag Between Date of Information and Date of Disclosure** |
| &nbsp;&nbsp;&nbsp;Abel Noser Solutions LLC | Daily | None |
| &nbsp;&nbsp;&nbsp;April & Dolan, P.C. | As needed in connections with the legal services provided to the independent Trustees of the Trust | None |
| &nbsp;&nbsp;&nbsp;Archer IMS, LLC | Daily | None |
| &nbsp;&nbsp;&nbsp;Bank of America Merrill Lynch | Daily (Pricing) | None |
| &nbsp;&nbsp;&nbsp;Bloomberg L.P. | Daily (Pricing) | None |
| &nbsp;&nbsp;&nbsp;Clearwater Analytics | Daily | None |
| &nbsp;&nbsp;&nbsp;Donnelley Financial Solutions (DFIN) | Monthly | One month or less, depending on the date of request |
| &nbsp;&nbsp;&nbsp;Empire Valuation Consultants, LLC | Quarterly (Pricing) | None |
| &nbsp;&nbsp;&nbsp;FactSet Research Systems | Daily | None |
| &nbsp;&nbsp;&nbsp;ICE Data Services | Daily (Pricing) | None |
| &nbsp;&nbsp;&nbsp;IHS Markit Ltd. | Daily (Pricing) | None |
| &nbsp;&nbsp;&nbsp;Institutional Shareholder Services, Inc. | Daily | None |
| &nbsp;&nbsp;&nbsp;J.P Morgan Pricing Direct Inc. | Daily (Pricing) | None |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Smith Barney | Weekly | One day |
| &nbsp;&nbsp;&nbsp;PricewaterhouseCoopers LLP | As needed in connection with the audit and tax services provided to the Trust | None |
| &nbsp;&nbsp;&nbsp;Quality EDGAR Solutions, LLC | Monthly | One month or less, depending on the date of request |
| &nbsp;&nbsp;&nbsp;Refinitiv | Daily (Pricing) | None |
| &nbsp;&nbsp;&nbsp;Ropes & Gray | As needed in connection with the legal services provided to the Trust | None |
| &nbsp;&nbsp;&nbsp;State Street Bank and Trust | Daily | None |
| &nbsp;&nbsp;&nbsp;Valuation Research Corporation | Quarterly (Pricing) | None |

---

**Making Holdings Information Publicly Available**

In addition to the ongoing arrangements described above, the Trust's policy and procedures respecting disclosure of portfolio holdings information provide for periodic public disclosure of that, as follows:

● Disclosure of Nonpublic Holdings Information on Thornburg's website at www.thornburg.com. The Trust will typically display each Fund's monthly portfolio holdings approximately 30 days after the end of that calendar month (e.g. June 30 information will be displayed on July 31). This information will remain available on Thornburg's website for six months thereafter.

● Disclosure of portfolio holdings in publicly available reports and filings filed with the U.S. Securities and Exchange Commission on its Electronic Data Gathering, Analysis and Retrieval System (EDGAR).

● Disclosure of portfolio holdings of any Fund in reports and communications mailed and otherwise disseminated to shareholders of the Fund in accordance with the 1940 Act or any regulation thereunder.

In any case where it becomes apparent that Nonpublic Holdings Information has been disclosed other than in accordance with the Trust's policy and procedures, the Chief Compliance Officer shall determine appropriate action to be taken, which may include making a corrective public disclosure of the relevant nonpublic information.

Portfolio holdings information made publicly available in accordance with this section is no longer Nonpublic Holdings Information subject to the disclosure restrictions in the policies and procedures.

**MANAGEMENT**

Each of the Funds is a separate "series" or investment portfolios of the Trust. The names of Trustees and officers of the Funds and their principal occupations and affiliations during the past five years are set forth in the table below. Additional information about the particular experiences, qualifications, attributes and skills of each Trustee appears after the table.

**<u>Interested Trustees</u>**

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name, Address<sup>(1)</sup> and Age** | &nbsp;&nbsp;**Term of Office and**<br> **Length of Time Served<sup>(3)</sup>** | &nbsp;&nbsp;**Principal Occupation(s)**<br> **During Past 5 Years** | &nbsp;&nbsp;**Number of Portfolios**<br> **in Fund Complex**<br> **Overseen by Director<sup>(2)</sup>** | &nbsp;&nbsp;**Other Directorships Held by Director During Past Five Years** |
| &nbsp;&nbsp;Garrett Thornburg, 80 &nbsp;&nbsp;Chair of Trustees<sup>(4)</sup> | &nbsp;&nbsp;Trustee Since 1984 | &nbsp;&nbsp;Chair and controlling shareholder of Thornburg Investment Management, Inc. (investment advisor); Chair and controlling shareholder of Thornburg Securities LLC (securities dealer); Chair of the Thornburg Foundation (nonprofit). | &nbsp;&nbsp;30 |  |
| &nbsp;&nbsp;Brian J. McMahon, 70 &nbsp;&nbsp;Vice Chair of Trustees, Member of Governance & Nominating Committee and Operations Risk Oversight Committee<sup>(5)</sup> | &nbsp;&nbsp;Trustee since 2001 | &nbsp;&nbsp;Vice Chair, Chief Investment Strategist, Managing Director, and Portfolio Manager and, until 2016, CEO and President, of Thornburg Investment Management, Inc.; Vice President of Thornburg Securities LLC. | &nbsp;&nbsp;30 |  |

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**<u>Independent Trustees</u>**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Name, Address<sup>(1)</sup> and Age** | &nbsp;&nbsp;**Position(s) Held**<br> **with Trust<sup>(2)</sup>** | &nbsp;&nbsp;**Term of Office and**<br> **Length of Time Served** | &nbsp;&nbsp;**Principal Occupation(s)**<br> **During Past 5 Years** | &nbsp;&nbsp;**Number of Portfolios**<br> **in Fund Complex**<br> **Overseen by Director<sup>(2)</sup>** | &nbsp;&nbsp;**Other Directorships**<br> **Held by Director During**<br> **Past Five Years** |
| &nbsp;&nbsp;Lisa Black,<br> 66 | &nbsp;&nbsp;Trustee, Member of Audit Committee and Operations Risk Oversight Committee | &nbsp;&nbsp;Trustee since 2023 | &nbsp;&nbsp;Until 2019, Senior Managing Director, Chief Investment Officer and Head, Taxable Fixed Income, Nuveen LLC, New York, NY; Managing Director, TIAA-CREF, New York, NY (1996-2012). | &nbsp;&nbsp;30 |  |
| &nbsp;&nbsp;Sally Corning,<br> 65 | &nbsp;&nbsp;Trustee, Member of Audit Committee and Governance & Nominating Committee | &nbsp;&nbsp;Trustee since 2012 | &nbsp;&nbsp;Partner in Sun Mountain Capital, Santa Fe, NM (private equity firm with investment programs encompassing venture capital, mezzanine debt, and growth equity). | &nbsp;&nbsp;30 |  |
| &nbsp;&nbsp;David L. Gardner, 63 | &nbsp;&nbsp;Trustee, Chair of Governance & Nominating Committee, and Member of Operations Risk Oversight Committee | &nbsp;&nbsp;Trustee since 2015 | &nbsp;&nbsp;Until 2012, head of EMEA (Europe, Middle East and Africa) Sales for iShares of Blackrock, Inc., EMEA Executive Committee Member and EMEA Operating Committee Member at Blackrock, Inc. | &nbsp;&nbsp;30 |  |
| &nbsp;&nbsp;Patrick J. Talamantes, 61 | &nbsp;&nbsp;Trustee, Chair of Audit Committee | &nbsp;&nbsp;Trustee since 2019 | &nbsp;&nbsp;President of Talamantes Strategies, a management consulting firm, since 2018. Until 2017, President and Chief Executive Officer of The McClatchy Company, Sacramento, CA (news and media company). | &nbsp;&nbsp;30 |  |
| &nbsp;&nbsp;Owen D. Van Essen, 72 | &nbsp;&nbsp;Lead Independent Trustee, Member of Operations Risk Oversight Committee and Governance & Nominating Committee | &nbsp;&nbsp;Trustee since 2004 | &nbsp;&nbsp;Until 2024, President of Dirks, Van Essen & April, Santa Fe, New Mexico (newspaper mergers and acquisitions). | &nbsp;&nbsp;30 |  |
| &nbsp;&nbsp;James W. Weyhrauch, 66 | &nbsp;&nbsp;Trustee, Chair of Operations Risk Oversight Committee, and Member of Audit Committee | &nbsp;&nbsp;Trustee since 1996 | &nbsp;&nbsp;Real estate broker, Corcoran Plaza Properties, Santa Fe, NM; General Partner, Investments of Genext LLC (a family investment partnership); until 2019, Vice Chairman of Nambé LLC, Santa Fe, NM (manufacturing and design company). | &nbsp;&nbsp;30 |  |

---

**<u>Officers of the Fund (who are not Trustees)</u><sup>(6)</sup>**

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name, Address<sup>(1)</sup> and Age** | &nbsp;&nbsp;**Position(s) Held**<br> **with Trust<sup>(2)</sup>** | &nbsp;&nbsp;**Principal Occupation(s)**<br> **During Past 5 Years** | &nbsp;&nbsp;**Number of Portfolios**<br> **in Fund Complex**<br> **Overseen<sup>(2)</sup>** | &nbsp;&nbsp;**Other Directorships**<br> **Held During**<br> **Past Five Years** |
| &nbsp;&nbsp;Nimish Bhatt,<br> 62 | &nbsp;&nbsp;President; Principal Executive Officer &nbsp;&nbsp;President and Principal Executive Officer since 2023, Chief Financial Officer 2019-2023, Treasurer 2016-2019, Secretary 2018-2019<sup>(6)</sup> | &nbsp;&nbsp;Chief Financial Officer and Treasurer of Thornburg Investment Management, Inc. since 2016; Treasurer (since 2016) and Secretary (2018-2023) of Thornburg Securities LLC; Senior Vice President (2004-2016), Chief Financial Officer (2011-2016), and Head of Fund Administration (2011-2016) of Calamos Asset Management, Inc., Calamos Investments LLC, Calamos Advisors LLC, and Calamos Wealth Management; Director of Calamos Global Funds plc (2007-2016). | &nbsp;&nbsp;Not applicable | &nbsp;&nbsp;Not applicable |

---

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name, Address<sup>(1)</sup> and Age** | &nbsp;&nbsp;**Position(s) Held**<br> **with Trust<sup>(2)</sup>** | &nbsp;&nbsp;**Term of Office and**<br> **Length of Time Served** | &nbsp;&nbsp;**Principal Occupation(s)**<br> **During Past 5 Years** | &nbsp;&nbsp;**Number of Portfolios**<br> **in Fund Complex**<br> **Overseen<sup>(2)</sup>** | &nbsp;&nbsp;**Other Directorships**<br> **Held During**<br> **Past Five Years** |
| &nbsp;&nbsp;Geoff Black, 64 | &nbsp;&nbsp;Secretary | &nbsp;&nbsp;Secretary since 2024<sup>(6)</sup> | &nbsp;&nbsp;Director of Fund Operations of Thornburg Investment Management, Inc since 2024; Director, Transfer Agent Services at Russell Investments (2010-2024). | &nbsp;&nbsp;Not applicable | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;Matt Burdett, 56 | &nbsp;&nbsp;Vice President | &nbsp;&nbsp;Vice President since 2024 | &nbsp;&nbsp;Head of Equities since 2024, Portfolio Manager and Managing Director since 2018, and Associate Portfolio Manager from 2015-2018, of Thornburg Investment Management, Inc. | &nbsp;&nbsp;Not applicable | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;Amy Callow, 48 | &nbsp;&nbsp;Assistant Secretary | &nbsp;&nbsp;Assistant Secretary since 2025 | &nbsp;&nbsp;General Counsel, Chief Administrative Officer and Managing Director of Thornburg Investment Management, Inc. since 2022; Associate General Counsel and Global Corporate Secretary of Barings LLC (2017-2022), Senior Corporate Counsel, Ingersoll Rand (2015-2017), Associate at McGuireWoods LLP (2012-2014), Associate at Cleary Gottlieb Steen & Hamilton LLP (2007-2012) | &nbsp;&nbsp;Not applicable | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;Steve Fleischer, 59 | &nbsp;&nbsp;Assistant Secretary | &nbsp;&nbsp;Assistant Secretary since 2025 | &nbsp;&nbsp;Deputy General Counsel at Thornburg Investment Management, Inc. since 2024; Managing Director and Associate General Counsel of PWP Agility, an outsourced chief investment officer business (2015-2024); Vice President and Senior Counsel, Janus Capital Management (2013-2015); Senior Counsel, Marsico Capital Management (2007-2013) | &nbsp;&nbsp;Not applicable | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;Christian Hoffmann, 44 | &nbsp;&nbsp;Vice President | &nbsp;&nbsp;Vice President 2018-2021 and since 2024 | &nbsp;&nbsp;Head of Fixed Income since 2024, Portfolio Manager and Managing Director since 2018, and Associate Portfolio Manager from 2014-2018, of Thornburg Investment Management, Inc. | &nbsp;&nbsp;Not applicable | &nbsp;&nbsp;Not applicable |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name, Address<sup>(1)</sup> and Age** | &nbsp;&nbsp;**Position(s) Held**<br> **with Trust<sup>(2)</sup>** | &nbsp;&nbsp;**Term of Office and**<br> **Length of Time Served** | &nbsp;&nbsp;**Principal Occupation(s)**<br> **During Past 5 Years** | &nbsp;&nbsp;**Number of Portfolios**<br> **in Fund Complex**<br> **Overseen<sup>(2)</sup>** | &nbsp;&nbsp;**Other Directorships**<br> **Held During**<br> **Past Five Years** |
| &nbsp;&nbsp;Curtis Holloway,<br> 58 | &nbsp;&nbsp;Treasurer; Chief Financial Officer | &nbsp;&nbsp;Chief Financial Officer since 2023, Secretary in 2024, and Treasurer since 2019<sup>(6)</sup> | &nbsp;&nbsp;Director of Finance since 2021 and Director of Fund Administration since 2019 of Thornburg Investment Management, Inc.; Senior Vice President, Head of Fund Administration (2017-2019) and Vice President, Fund Administration (2010-2017) of Calamos Investments, and Chief Financial Officer (2017-2019) and Treasurer (2010-2019) of Calamos Funds. | &nbsp;&nbsp;Not applicable | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;Ponn Lithiluxa,<br> 55 | &nbsp;&nbsp;Assistant Treasurer | &nbsp;&nbsp;Assistant Treasurer since 2020; Vice President 2017-2020 | &nbsp;&nbsp;Managing Director since 2023, Manager, Tax & Fund Administration of Thornburg Investment Management, Inc.; Senior Vice President, Citi Fund Services, Inc. from 2014-2017; Vice President, Citi Fund Services, Inc. from 2007-2014. | &nbsp;&nbsp;Not applicable | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;Christopher Luckham,<br> 49 | &nbsp;&nbsp;Assistant Treasurer | &nbsp;&nbsp;Assistant Treasurer since 2022 | &nbsp;&nbsp;Senior Manager, Fund Administration of Thornburg Investment Management, Inc. since 2010. | &nbsp;&nbsp;Not applicable | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;Gladys Xiques,<br> 52 | &nbsp;&nbsp;Global Chief Compliance Officer | &nbsp;&nbsp;Global Chief Compliance Officer since 2025 | &nbsp;&nbsp;Global Chief Compliance Officer of Thornburg Investment Management, Inc. (since 2025) and Chief Compliance Officer of Thornburg Investment Trust (since 2025) and Thornburg ETF Trust (since 2025); Global Chief Compliance Officer of TCW Group from 2021-2025; | &nbsp;&nbsp;Not applicable | &nbsp;&nbsp;Not applicable |

---

(1) Each person's
 address is 2300 North Ridgetop Road, Santa Fe, New Mexico 87506.

(2) The Trust is organized
 as a Massachusetts business trust, and currently comprises a complex of 26 separate investment "Funds" or "series."
 Thornburg Investment Management, Inc. is the investment advisor to, and manages, the 26 Funds of the Trust. Each Trustee oversees
 the 26 Funds of the Trust. The term "Fund Complex" as used includes those 26 Funds and also includes Thornburg ETF Trust,
 a separate registered investment company comprised of four series of shares.

(3) The Bylaws of the Trust
 currently require that each Independent Trustee shall retire by the end of the calendar year during which the Trustee reached the
 age of 75 years. Otherwise each Trustee serves in office until the election and qualification of a successor or until the Trustee
 sooner dies, resigns, retires or is removed.

(4) Mr. Thornburg is considered
 an "interested" Trustee under the Investment Company Act of 1940 because he is a director and controlling shareholder
 of Thornburg Investment Management, Inc. the investment advisor to the 26 active Funds of the Trust, and is the sole director and
 controlling shareholder of Thornburg Securities LLC, the distributor of shares of the Trust.

(5) Mr. McMahon is considered
 an "interested" Trustee under the Investment Company Act of 1940 because he is a director and the chief investment strategist
 of Thornburg Investment Management, Inc.

(6) Pursuant to the Bylaws
 of the Trust, the President, the Treasurer, the Secretary, and such other officers, if any, as the Trustees may, in their discretion,
 from time to time elect, shall each be elected by the Trustees to serve until his or her successor is elected or qualified, or until
 he or she sooner dies, resigns, is removed or becomes disqualified. Each officer shall hold office at the pleasure of the Board

**Additional Information about the Experiences, Qualifications, Attributes and Skills of Each Trustee**

The following disclosure is intended to provide additional information about the particular experiences, qualifications, attributes and skills of each Trustee of the Trust. The Trustees believe that each Trustee is qualified to serve on the board of Trustees in view of (i) the particular experiences, qualifications, attributes and skills of that Trustee, as summarized below and in the table above, and (ii) the actual service and commitment of each Trustee during his or her tenure with the Trust, including the demonstrated ability of each Trustee to exercise effective business judgment in the performance of his or her duties.

Interested Trustees

*Garrett Thornburg*, Chairman of Trustees since 1984. Garrett Thornburg is the chairman of Trustees for Thornburg Investment Trust. Mr. Thornburg founded Thornburg Investment Management, Inc. in 1982, Thornburg Securities LLC (formerly known as Thornburg Securities Corporation) in 1984, and Thornburg Investment Trust in 1984. Before forming Thornburg, Mr. Thornburg was a limited partner of Bear Stearns & Co. and a founding member of that firm's public finance department. He also was chief financial officer of New York State's Urban Development Corporation, and served as financial advisor to the State of New Mexico's Board of Finance. He is a member of the Board of Governors of the Investment Company Institute and serves on the Board of Directors of the New Mexico School for the Arts – Art Institute. He is also the President of the Thornburg Foundation, and former recipient of the Philanthropist of the Year award from the Journal Santa Fe. He is a former board member of the National Dance Institute of New Mexico, the Santa Fe Institute and the Santa Fe Community Foundation. Mr. Thornburg received his BA from Williams College and his MBA from Harvard University.

*Brian J. McMahon*, Trustee since 2001, member of Governance & Nominating Committee and Operations Risk Oversight Committee. Brian McMahon is the vice chairman of Thornburg Investment Trust and a managing director, and the chief investment strategist of Thornburg Investment Management, Inc. Joining Thornburg in 1984, Mr. McMahon participated in organizing and managing each Fund of the Trust, served as Thornburg's president from 1997 until 2016, as its chief executive officer from 2008 until 2016, as its chief investment officer from 2016 until 2019, and, as chief investment strategist, he currently serves as a key voice for the investment team and Thornburg clients. Before joining Thornburg, Mr. McMahon held various corporate finance positions at Norwest Bank. Mr. McMahon received his BA in Economics and Russian Studies from the University of Virginia and his MBA from the Amos Tuck School at Dartmouth College.

Independent Trustees

*Lisa Black,* Trustee since 2023, member of Audit Committee and Operations Risk Oversight Committee. Lisa Black is a retired executive and Chartered Financial Analyst with over 30 years in the investment management industry. Ms. Black brings extensive investment strategy and risk management experience having overseen fixed income assets as well as launching and managing mutual funds at TIAA-CREF and Nuveen, a wholly owned subsidiary of TIAA, one of the world's largest asset managers. Ms. Black has served on the boards of private and nonprofit organizations, including TIAA Life Company and University Liggett School, and is a current member of the board and chair of the audit & risk committee of Smith College. Ms. Black holds a bachelor's degree in Economics from Smith College and an MBA from the University of Michigan Ross School of Business.

*Sally Corning*, Trustee since 2012, member of Audit Committee and Governance & Nominating Committee. Sally Corning is a founding partner of Santa Fe, New Mexico based private equity firm, Sun Mountain Capital. Prior to forming Sun Mountain, Ms. Corning spent 15 years working in private equity and investment banking for Credit Suisse, Morgan Stanley and Dean Witter Reynolds. In addition to sitting on the corporate boards of certain of the private portfolio companies that Sun Mountain Capital has invested in, Ms. Corning has served on the boards of several nonprofit organizations, including the Santa Fe Preparatory School, the Santa Fe Community Foundation, the Santa Fe Mountain Center, and the Westside YMCA in New York City, and is a current member of the board and the finance committee of Excellent Schools New Mexico. Ms. Corning holds a bachelor's degree in Finance from Georgetown University and an MBA from Columbia University's Graduate School of Business.

*David L. Gardner*, Trustee since 2015, Chair of Governance & Nominating Committee and member of Operations Risk Oversight Committee. David Gardner is a retired executive from the global asset management industry, most notably as an original team member of iShares ETFs. Mr. Gardner has over 25 years of experience in the global asset management industry and has worked extensively in the US, Asia and Europe. Prior to joining iShares Mr. Gardner worked for US based asset management firms in distribution management capacities. Mr. Gardner holds a BA in Economics from Eastern Illinois University and a CIMA Certification from Wharton School and Investment Management Consultants Associations.

*Patrick J. Talamantes*, Trustee since 2019, Chair of Audit Committee. Patrick Talamantes is President of Talamantes Strategies, a management consulting firm. Mr. Talamantes is a former executive from the news and media industry, most recently having served as Chief Executive Officer, and prior to that Chief Financial Officer, of The McClatchy Company, a publicly traded local news organization in various local markets across the U.S. Mr. Talamantes has over 30 years of experience in corporate finance and banking, having served as Chief Financial Officer of Sinclair Broadcast Group, Inc., Treasurer of River City Broadcasting, LP, and Vice President of Chemical Banking Corporation. Mr. Talamantes has board experience through his service on the boards of various McClatchy investees. He has also served as a past chair of the Greater Sacramento Economic Council, a private-public partnership led by area CEOs to develop an advanced economy; and served on the board of Recruitology, an HR technology startup in the recruitment space. In addition, Mr. Talamantes serves on the board of the Breakthrough Collaborative, a non-profit that seeks to improve education equity in 24 cities across the U.S. Mr. Talamantes has also been a director of The Associated Press and the News Media Alliance. Mr. Talamantes received his A.B. in Economics from Stanford University and his MBA from The Wharton School of the University of Pennsylvania.

*Owen D. Van Essen*, Trustee since 2004, Lead Independent Trustee and member of Governance & Nominating Committee and Operations Risk Oversight Committee. Owen Van Essen was, until 2024, the president of Dirks, Van Essen & April LLC, Santa Fe, New Mexico, which acts as a broker, appraiser and consultant to the newspaper publishing industry. Before joining the firm, he was general manager and business manager of the Worthington Daily Globe, Worthington, Minnesota. Mr. Van Essen has served with numerous community, educational, professional and charitable organizations, including most recently the St. Michaels High School Foundation and the Santa Fe Preparatory School. He received his BA in Business Administration from Dordt College, Iowa.

*James W. Weyhrauch*, Trustee since 1996, Chair of Operations Risk Oversight Committee and member of Audit Committee. James Weyhrauch is a real estate broker in Santa Fe, New Mexico. Until 2019, he was the vice chairman of the board of directors, and was from 1997-2000 president and from 2000-2004 chief executive officer, of Nambe LLC, a Santa Fe, New Mexico manufacturer of tabletop and giftware products; and since 2015 has served as General Partner, Investments of Genext LLC, a family investment partnership. Mr. Weyhrauch also has extensive experience with other privately held enterprises, and a background in sales and marketing. He participates in a variety of community and charitable organizations, including the Santa Fe Chamber of Commerce, the Santa Fe Preparatory School and Junior Achievement. Mr. Weyhrauch received his BA in Finance from Southern Methodist University.

**Structure and Responsibilities of the Board of Trustees**

The board of Trustees is currently comprised of eight Trustees, two of whom are "interested persons" of the Funds (as the term "interested" is defined in the 1940 Act) and six of whom are not interested persons of the Funds. Garrett Thornburg currently serves as the chairman of the board of Trustees, and Owen Van Essen currently serves as the lead independent Trustee. The lead independent Trustee is a spokesman for and leader of the independent Trustees, and in that role the lead independent Trustee performs a variety of functions, including: presiding at all sessions of the independent Trustees and, in consultation with legal counsel, preparing the agenda for each session of independent Trustees and coordinating and directing the preparation and delivery of materials and presentations appropriate for each session; in consultation with the Trust's chairman, president, fund accounting and legal counsel, preparing the draft agenda for each general meeting of Trustees; acting as a liaison between the independent Trustees and senior management of the advisor respecting communications on certain topics; coordinating with and directing legal counsel in the acquisition, preparation and development of information for review and consideration of continuation of contracts with the advisor and affiliates; and performing such other functions as the independent Trustees may request from time to time. The Trustees have also established three standing committees, the Audit Committee, the Governance and Nominating Committee, and the Operations Risk Oversight Committee, each of which is discussed in more detail below under the section entitled "Structure and Responsibilities of the Committees of the Trustees." The Trustees may form other committees when deemed appropriate.

The Trustees review the leadership structure of the board of Trustees and the performance of the Trustees on an annual basis. The Trustees currently believe that the leadership structure of the board of Trustees is appropriate, in light of the characteristics of the Trust and each of the Funds, to enable the Trustees to oversee the Trust and its service providers. The Trustees have considered the number of Funds in the Trust, and the similarities and differences among the investment objectives and strategies of those Funds, and have determined that the board of Trustees contains a sufficient number of Trustees, and a sufficient percentage of independent Trustees, to discharge the Trustees' oversight function. The Trustees believe that Mr. Thornburg's long tenure as a Trustee of the Trust, his ongoing association with the Trust's advisor and the fact that that association allows Mr. Thornburg to interact routinely with members of the advisor's staff, and his familiarity with the Trust's business and affairs and with events impacting the investment management industry more broadly, enable Mr. Thornburg to serve as an effective chairman of the board of Trustees. The Trustees believe that Mr. Van Essen's long tenure as a Trustee of the Trust, his business and other professional experience, and his familiarity with the Trust's business and affairs and with events impacting the investment management industry more broadly, enable Mr. Van Essen to serve as an effective lead independent Trustee The Trustees also believe that the scope of each committee's activities and the composition of each committee is currently appropriate, and that the committee structure allows the Trustees to allocate responsibility for various topics among the board and its committees in a manner which facilitates the oversight of the Trust and its service providers.

The Trustees are responsible for the general supervision of the Funds, including the supervision of Thornburg, which provides day-to-day management of the Funds under the terms of the Investment Advisory Agreement and Administrative Services Agreement. As part of their annual review of the leadership structure of the board of Trustees, described above, the Trustees consider whether the structure of the board and its committees continues to permit the Trustees to effectively exercise their oversight function. In that regard, the Trustees typically consider, among other factors: the number of Trustees and each Trustee's qualifications, experience and skills; the frequency with which the Trustees and their committees confer with representatives of Thornburg and the Trust's other service providers; the number of Funds and the ability of the Trustees to devote sufficient time and attention to matters specific to each Fund; the role of the Funds' chief compliance officer and the opportunity for the Trustees to interact with the chief compliance officer; and the composition of each committee of the Trustees and the scope of the responsibilities delegated to those committees.

The Funds are subject to a number of risks, including investment, compliance, operational and valuation risks. On a day-to-day basis, risk management is the responsibility of Thornburg and the Funds' other service providers. Risk oversight also comprises part of the Trustees' general oversight function. The Trustees and their committees seek to monitor risks to the Funds by meeting no less frequently than quarterly (and in practice, more often) with senior officers of the Trust, members of the Funds' portfolio management teams, the Funds' chief compliance officer and the Funds' legal counsel, and by receiving periodic reports from the Funds' independent registered public accounting firm and other service providers to the Funds. The Trust's Operations Risk Oversight Committee assists the Trustees in reviewing and evaluating the identification, analysis and management of operations risk by Thornburg and other significant service providers to the Trust. The duties of the Operations Risk Oversight Committee are described in more detail below under the section entitled "Structure and Responsibilities of the Committees of the Trustees." The Trustees have also adopted various written policies and procedures designed to address particular risks to the Funds, including the detection and prevention of violations of federal securities laws. At least annually, the Trustees receive a report from the Funds' chief compliance officer respecting the effectiveness of those policies and procedures. Notwithstanding the foregoing, the Trustees acknowledge that it is not possible to identify all of the risks that may affect the Funds or to develop processes and controls to eliminate or mitigate the occurrence or effects of certain risks on the Funds. Furthermore, some risks may simply be beyond the control of the Funds or their service providers. The Trustees may, at any time and in their sole discretion, change the manner in which they supervise risk.

**Structure and Responsibilities of the Committees of the Trustees**

The Trustees have an Audit Committee, which is comprised of four Trustees who are not interested persons, Patrick J. Talamantes (chair), Lisa Black, Sally Corning, and James W. Weyhrauch. The Audit Committee discharges its duties in accordance with an Audit Committee Charter, which provides that the committee will, among other functions: (i) evaluate the independence, performance and qualifications of the Trust's independent accountants; (ii) receive and review reports from the independent accountants respecting the planning, scope and staffing of audits of the Funds' financial statements, the accountants' independence, the accountants' internal quality control procedures, all accounting policies and procedures identified by the accountants as critical to the preparation of the Funds' annual financial statements, all non-audit services provided by the auditors for the Funds, and any material issues in any peer review, governmental investigation, or otherwise respecting any audit conducted by the accountants; (iii) receive and review results of audits of the Funds' financial statements with the independent accountants, including any deficiencies, uncorrected misstatements, or similar matters identified by the accountants during such an audit, any material alternative accounting treatments that the accountants discussed with the Funds' management during the audit, and any disagreements between the accountants and management respecting financial reporting matters; (iv) perform the applicable duties imposed on a mutual fund's governing board by the Investment Company Act of 1940, and by regulations and guidance thereunder, with respect to oversight of portfolio pricing and valuation; (v) receive and review the Funds' annual audited financial statements and semi-annual unaudited financial statements; (vi) receive and review communications from management, and at least annually from the independent accountants, respecting matters arising in connection with periodic certifications under Form N-CSR; (vii) receive and review complaints from any source regarding accounting, internal accounting controls, financial reporting or disclosure, and audit matters relating to the Trust; (viii) require the Trust's legal counsel to report to the committee any matter which may have a significant effect on a Fund's financial statements; (ix) receive and review any report made to the committee in accordance with any compliance policy or procedure subject to the oversight of the committee, and receive and review reports from the chief compliance officer on matters relating to the committee's responsibilities; (x) receive and review reports from management's mutual fund administration department to evaluate the functioning of that department; (xi) to the extent the Audit Committee determines that it may be necessary or appropriate to the functions of the committee, receive and review reports from representatives of other significant service providers to the Trust to evaluate the services delivered by those providers; and (xii) such other matters assigned by the Trustees to the committee. The Audit Committee is also responsible for the selection of the independent accountants that audit the Funds' annual financial statements. The Audit Committee held four meetings in the Trust's fiscal year ended September 30, 2025.

The Trustees have a Governance and Nominating Committee, which is comprised of four Trustees, David Gardner (chair), Brian J. McMahon, Sally Corning, and Owen D. Van Essen. Mr. Gardner, Ms. Corning and Mr. Van Essen are not interested persons. Mr. McMahon is an interested person because he is a director and an officer of the Funds' investment advisor, but is prohibited from participating in the selection or nomination of individuals to serve as independent Trustees of the Trust. The Governance and Nominating Committee discharges its duties in accordance with a Governance and Nominating Committee Charter, which provides that the committee will: (i) conduct evaluations of the performance of the Trustees and their committees in accordance with the Trust's Corporate Governance Procedures and Guidelines (the "Governance Procedures"); (ii) select and nominate individuals for election as Trustees of the Trust who are not "interested persons" of the Trust as that term is defined in the 1940 Act; and (iii) perform the additional functions specified in the Governance Procedures and such other functions assigned by the Trustees to the committee from time to time. The committee is authorized to consider for nomination as candidates to serve as Trustees individuals recommended by shareholders in accordance with the Trust's Procedure for Shareholder Communications to Trustees. In accordance with that Procedure for Shareholder Communications to Trustees, shareholders may recommend candidates to serve as Trustees by sending their recommendations to any one or more of the Trustees by United States. Mail or courier delivery at the address of the Trust's investment advisor. The Governance and Nominating Committee held two meetings in the Trust's fiscal year ended September 30, 2025.

The Trustees have an Operations Risk Oversight Committee, which is comprised of five Trustees, James W. Weyhrauch (chair), Lisa Black, David L. Gardner, Brian J. McMahon, and Owen D. Van Essen. Mr. Weyhrauch, Ms. Black, Mr. Gardner, and Mr. Van Essen are not interested persons. As noted above, Mr. McMahon is an interested person because he is a director and an officer of the Funds' investment advisor. The Operations Risk Oversight Committee discharges its duties in accordance with an Operations Risk Oversight Committee Charter, which provides that the committee will: (i) receive and review, preliminary to its presentation to the Trustees, the annual report of the Trust's chief compliance officer respecting the Trust's compliance policies and procedures; (ii) receive and review reports from Thornburg respecting trade execution and the use of client commissions; (iii) receive and review reports from Thornburg respecting its administration of the investment advisor's policy on voting proxies; (iv) receive and review reports from Thornburg respecting the Funds' account service arrangements; (v) receive each report submitted by Thornburg or counsel which is required to be submitted to the committee by a policy or procedure of the Trust or Thornburg; (vi) receive and review reports submitted by the chief compliance officer or counsel with respect to any compliance policy or procedure subject to the oversight of the committee that relates to (A) any revision to such a policy or procedure identified by the chief compliance officer or counsel as potentially material, (B) any violation of such a policy or procedure identified as potentially material, and (C) any error or exception in the administration of such a policy or procedure identified as potentially material; (vii) receive and review reports submitted by Thornburg respecting the Trust's transfer agent, firms providing shareholder services, custodians, records storage providers, business continuity and disaster recovery contractors, and other significant service providers to evaluate the services delivered by those providers; (viii) receive and review reports submitted by Thornburg respecting computer systems and software, electronic communications systems and other technological systems and developments pertaining to the operations of the Trust; (ix) receive and review any changes to contracts with the providers referenced in the preceding two items which are submitted to the committee for review, to the extent such changes would materially affect the scope of the services that those providers deliver to the Trust; (x) confer with Thornburg respecting liability insurance and fidelity bond coverage for the Trust and the Trustees, at the time of proposed renewals of those policies, and make recommendations respecting coverage to the Trustees; (xi) receive and review reports submitted by Thornburg relating to Thornburg's committee and staff assigned to risk identification, analysis and management; (xii) receive and review reports submitted by Thornburg relating liquidity, cybersecurity, derivatives transactions, and anti-money laundering compliance; and (xiii) such other matters assigned by the Trustees to the committee. The Operations Risk Oversight Committee held three meetings in the Trust's fiscal year ended September 30, 2025.

**Compensation of Trustees**

The officers and Trustees affiliated with Thornburg serve without any compensation from the Trust. Each Trustee who is not an interested person of the Trust and Thornburg ETF Trust (together, the "Trusts," or the "Fund Complex") who is not an interested person of such Trusts, as that term is defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended (each, an "Independent Trustee") is compensated for their service with an annual retainer of $290,000, payable quarterly. Twelve percent (12%) of each quarterly payment must be invested by the Independent Trustee in one or more of series of the Trust and is subject to an undertaking by the Independent Trustee to retain the shares during the Independent Trustee's tenure. In addition, each independent Trustee is compensated $20,000 for each joint meeting of the Boards of Trustees of the Trusts attended by the Independent Trustee in person, or video conference, or by telephone. General meetings of Trustees on two or more successive days will be considered one meeting for this purpose. If an Independent Trustee attends a separate meeting of the Board of Trustees of either the Trust or Thornburg ETF Trust that is not held within one day before or after any session of a general meeting of either Board of Trustees, then the $20,000 fee will be paid only by or on behalf of either the Trust or Thornburg ETF Trust, as applicable.

Each Independent Trustee is also compensated $7,000 for each joint session of the Independent Trustees attended by the Independent Trustee in excess of five such sessions in any calendar year. Notwithstanding the preceding sentence, a session of Independent Trustees will not be considered separately compensable if held within one day before or after any session of a general meeting of Trustees. If an Independent Trustee attends a separate session of the Independent Trustees of either the Trust or Thornburg ETF Trust, then the $7,000 fee will be paid only by or on behalf of either the Trust or Thornburg ETF Trust, as applicable.

The lead Independent Trustee and the chair of each standing committee of the Trusts receive additional annual compensation, payable in quarterly installments. The individual who serves as lead Independent Trustee receives an additional annual compensation of $50,000, the chair of the Audit Committee receives an additional annual compensation of $20,000, and the chair of the Governance and Nominating Committee and the chair of the Operations Risk Oversight Committee each receive an additional annual compensation of $15,000.

Each Independent Trustee is compensated $3,500 for each session with a Trust service provider, except that if the Independent Trustee is required to travel away from home for the session or sessions, the Independent Trustee is compensated $7,000 for each session of one or two days and $3,500 for each additional day on which a session is conducted.

Independent Trustees are not separately compensated for days spent attending continuing education programs, or for time spent traveling to meetings, continuing education programs or sessions with service providers, apart from the compensation stated in the preceding paragraphs.

Each Independent Trustee receives reimbursement for travel and certain out-of-pocket expenses incurred by the Independent Trustee in connection with attending meetings, including attendance at any seminar or educational program relating to the Independent Trustee's service for the Trusts. Independent Trustees may also be reimbursed applicable gross receipts tax on the compensation paid to the Independent Trustee for their service to the Trusts. The Trusts do not pay retirement or pension benefits.

The Trust paid fees to the Trustees during the fiscal year ended September 30, 2025 as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Trustee** | **Aggregate Compensation**<br> **from Trust** | **Pension or Retirement Benefits Accrued as Part of Expenses** | **Estimated Annual Benefits Upon Retirement** | **Total Compensation from Trust and Fund Complex Paid to Trustee** |
| **Interested Trustees** | **Interested Trustees** | **Interested Trustees** | **Interested Trustees** | **Interested Trustees** |
| Garrett Thornburg | $0 | $0 | $0 | $0 |
| Brian J. McMahon | $0 | $0 | $0 | $0 |
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
| Lisa Black | $367615 | $0 | $0 | $389000 |
| Sally Corning | $367615 | $0 | $0 | $389000 |
| Susan H. Dubin\* | $77500 | $0 | $0 | $77500 |
| David L. Gardner | $382615 | $0 | $0 | $404000 |
| Patrick J. Talamantes | $387615 | $0 | $0 | $409000 |
| Owen D. Van Essen | $417615 | $0 | $0 | $439000 |
| James W. Weyhrauch | $382615 | $0 | $0 | $404000 |

---

\*Ms. Dubin concluded her service as an independent Trustee of the Trust effective December 31, 2024.

**Certain Ownership Interests of Trustees**

The following table shows the dollar range of the shares owned beneficially by each Trustee as of December 31, 2025 in each Fund described in this Statement of Additional Information. The dollar range shown in the fourth column reflects the aggregate amount of each Trustee's beneficial ownership in all registered investment companies within the investment company complex that are overseen by the Trustee.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Name of Trustee** | &nbsp;&nbsp;&nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Dollar Range of Equity Securities in**<br> **the Funds** | &nbsp;&nbsp;&nbsp;&nbsp;**Aggregate Dollar Range of Beneficial Ownership in All**<br> **Registered Investment**<br> **Companies Overseen**<br> **by the Trustee in the Family of Investment Companies as of December 31, 2025** |
| &nbsp;&nbsp;&nbsp;&nbsp;Garrett Thornburg | &nbsp;&nbsp;&nbsp;&nbsp;Global Opportunities Fund | &nbsp;&nbsp;Over $100,000 |  |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Name of Trustee** | &nbsp;&nbsp;&nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Dollar Range of Equity Securities in**<br> **the Funds** | &nbsp;&nbsp;&nbsp;&nbsp;**Aggregate Dollar Range of Beneficial Ownership in All**<br> **Registered Investment**<br> **Companies Overseen**<br> **by the Trustee in the Family of Investment Companies as of December 31, 2025** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;International Equity Fund | &nbsp;&nbsp;Over $100,000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;International Growth Fund | &nbsp;&nbsp;Over $100,000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Developing World Fund | &nbsp;&nbsp;$1-$10000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Small/Mid Cap Core Fund | &nbsp;&nbsp;Over $100,000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Small/Mid Cap Growth Fund | &nbsp;&nbsp;Over $100,000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Investment Income Builder Fund | &nbsp;&nbsp;Over $100,000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Limited Term U.S. Government Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Limited Term Income Fund | &nbsp;&nbsp;Over $100,000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Strategic Income Fund | &nbsp;&nbsp;Over $100,000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Total Holdings |  | &nbsp;&nbsp;Over $100,000 |
| Brian J. McMahon | &nbsp;&nbsp;&nbsp;&nbsp;Global Opportunities Fund | &nbsp;&nbsp;Over $100,000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;International Equity Fund | &nbsp;&nbsp;Over $100,000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;International Growth Fund | &nbsp;&nbsp;Over $100,000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Developing World Fund | &nbsp;&nbsp;Over $100,000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Small/Mid Cap Core Fund | &nbsp;&nbsp;Over $100,000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Small/Mid Cap Growth | &nbsp;&nbsp;Over $100,000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Investment Income Builder Fund | &nbsp;&nbsp;Over $100,000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Limited Term U.S. Government Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Limited Term Income | &nbsp;&nbsp;Over $100,000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Strategic Income Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Total Holdings |  | &nbsp;&nbsp;Over $100,000 |
| Lisa Black | &nbsp;&nbsp;&nbsp;&nbsp;Global Opportunities Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;International Equity Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;International Growth Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Developing World Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Small/Mid Cap Core Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Small/Mid Cap Growth Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Investment Income Builder Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Limited Term U.S. Government Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Limited Term Income Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Strategic Income Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Total Holdings |  | &nbsp;&nbsp;Over $100,000 |
| Sally Corning | &nbsp;&nbsp;&nbsp;&nbsp;Global Opportunities Fund | &nbsp;&nbsp;Over $100,000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;International Equity Fund | &nbsp;&nbsp;Over $100,000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;International Growth Fund | &nbsp;&nbsp;$50001 - $100000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Developing World Fund | &nbsp;&nbsp;Over $100,000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Small/Mid Cap Core Fund | &nbsp;&nbsp;Over $100,000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Small/Mid Cap Growth Fund | &nbsp;&nbsp;Over $100,000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Investment Income Builder Fund | &nbsp;&nbsp;$50001 - $100000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Limited Term U.S. Government Fund | &nbsp;&nbsp;$10001-$50000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Limited Term Income Fund | &nbsp;&nbsp;$10001-$50000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Strategic Income Fund | &nbsp;&nbsp;Over $100,000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Total Holdings |  | &nbsp;&nbsp;Over $100,000 |
| David L. Gardner | &nbsp;&nbsp;&nbsp;&nbsp;Global Opportunities Fund | &nbsp;&nbsp;Over $100,000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;International Equity Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;International Growth Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Developing World Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Small/Mid Cap Core Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Small/Mid Cap Growth Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Investment Income Builder Fund |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Name of Trustee** | &nbsp;&nbsp;&nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Dollar Range of Equity Securities in**<br> **the Funds** | &nbsp;&nbsp;&nbsp;&nbsp;**Aggregate Dollar Range of Beneficial Ownership in All**<br> **Registered Investment**<br> **Companies Overseen**<br> **by the Trustee in the Family of Investment Companies as of December 31, 2025** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Limited Term U.S. Government Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Limited Term Income Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Strategic Income Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Total Holdings |  | &nbsp;&nbsp;Over $100,000 |
| Patrick J. Talamantes | &nbsp;&nbsp;&nbsp;&nbsp;Global Opportunities Fund | &nbsp;&nbsp;$10001-$50000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;International Equity Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;International Growth Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Developing World Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Small/Mid Cap Core Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Small/Mid Cap Growth Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Investment Income Builder Fund | &nbsp;&nbsp;Over $100,000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Limited Term U.S. Government Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Limited Term Income Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Strategic Income | &nbsp;&nbsp;$10001-$50000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Total Holdings |  | &nbsp;&nbsp;Over $100,000 |
| Owen Van Essen | &nbsp;&nbsp;&nbsp;&nbsp;Global Opportunities Fund | &nbsp;&nbsp;Over $100,000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;International Equity Fund | &nbsp;&nbsp;Over $100,000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;International Growth Fund | &nbsp;&nbsp;Over $100,000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Developing World Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Small/Mid Cap Core Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Small/Mid Cap Growth Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Investment Income Builder Fund | &nbsp;&nbsp;Over $100,000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Limited Term U.S. Government Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Limited Term Income Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Strategic Income Fund | &nbsp;&nbsp;Over $100,000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Total Holdings |  | &nbsp;&nbsp;Over $100,000 |
| James W. Weyhrauch | &nbsp;&nbsp;&nbsp;&nbsp;Global Opportunities Fund | &nbsp;&nbsp;Over $100,000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;International Equity Fund | &nbsp;&nbsp;Over $100,000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;International Growth Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Developing World Fund | &nbsp;&nbsp;Over $100,000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Small/Mid Cap Core Fund | &nbsp;&nbsp;$10001-$50000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Small/Mid Cap Growth Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Investment Income Builder Fund | &nbsp;&nbsp;Over $100,000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Limited Term U.S. Government Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Limited Term Income Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Coreg Plus Bond Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Strategic Income Fund | &nbsp;&nbsp;Over $100,000 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Total Holdings |  | &nbsp;&nbsp;Over $100,000 |

---

**Personal Securities Transactions of Personnel**

The Trust, the investment advisor to the Trust, and the distributor for advisor and the Trust, each have adopted a code of ethics under Rule 17j-1 of the 1940 Act. Specified personnel of the Trust, investment advisor and distributor, including individuals engaged in investment management activities and others are permitted under the codes of make personal investments in securities, including securities that may be purchased or held by the Funds. Certain investments are prohibited or restricted as to timing, and personnel subject to the codes must report their investment activities to a compliance officer.

**INFORMATION ABOUT PORTFOLIO MANAGERS**

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Displayed below is additional information about the portfolio managers identified in the Prospectus.

**Portfolio Manager Compensation**

The compensation of each portfolio and co-portfolio manager includes an annual salary, annual bonus, and company-wide profit sharing. Each manager currently named in the Prospectus also owns equity shares in the investment advisor, Thornburg. Both the salary and bonus are reviewed approximately annually for comparability with salaries of other portfolio managers in the industry, using survey data obtained from compensation consultants. The annual bonus is subjective. Criteria that are considered in formulating the bonus include, but are not limited to, the following: revenues available to pay compensation of the manager and all other expenses related to supporting the accounts managed by the manager, including the Trust; multiple year historical total return of accounts managed by the manager, including the Trust, relative to market performance and similar investment companies; single year historical total return of accounts managed by the manager, including the Trust, relative to market performance and similar investment companies; the degree of sensitivity of the manager to potential tax liabilities created for account holders in generating returns, relative to overall return. There is no material difference in the method used to calculate the manager's compensation with respect to the Trust and other accounts managed by the manager, except that certain accounts managed by the manager may have no income or capital gains tax considerations. To the extent that the manager realizes benefits from capital appreciation and dividends paid to shareholders of Thornburg, such benefits accrue from the overall financial performance of Thornburg.

**Conflicts of Interest**

Most investment advisors and their portfolio managers manage investments for multiple clients, including mutual funds, private accounts, and retirement plans. In any case where a portfolio or co-portfolio manager manages the investments of two or more accounts, there is a possibility that conflicts of interest could arise between the manager's management of a Fund's investments and the manager's management of other accounts. These conflicts could include:

● Allocating a favorable investment opportunity to one account but not another.

● Directing one account to buy a security before purchases through other accounts increase the price of the security in the marketplace.

● Giving substantially inconsistent investment directions at the same time to similar accounts, so as to benefit one account over another.

● Obtaining services from brokers conducting trades for one account, which are used to benefit another account.

The Trust's investment advisor, Thornburg, has informed the Trust that it has considered the likelihood that any material conflicts of interest could arise between a manager's management of the Funds' investments and the manager's management of other accounts. Thornburg has also informed the Trust that it has not identified any such conflicts that may arise, and has concluded that it has implemented policies and procedures to identify and resolve any such conflict if it did arise.

**Accounts Managed By Portfolio Managers**

Set out below for each portfolio manager named in the Prospectus is information respecting the accounts managed by the manager. Except as otherwise noted below, the information presented is current as of September 30, 2025. The information includes the Fund or Funds as to which each individual is a portfolio manager. Except as noted below, as of September 30, 2025 the advisory fee for each of the accounts was not based on the investment performance of the account.

**<u>Nick Anderson</u>**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Type of Account** | &nbsp;&nbsp;**Number of**<br> **Accounts Managed** | &nbsp;&nbsp;**Total** <br> **Assets Managed** |
| &nbsp;&nbsp;Registered Investment Companies: | &nbsp;&nbsp;2 | &nbsp;&nbsp;$728997899.03 |
| &nbsp;&nbsp;Other Pooled Investment Vehicles: | &nbsp;&nbsp;1 | &nbsp;&nbsp;$3229753.04 |
| &nbsp;&nbsp;Other Accounts: | &nbsp;&nbsp;9 | &nbsp;&nbsp;$3349901.46 |

---

**<u>Matt Burdett</u>**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Type of Account** | &nbsp;&nbsp;**Number of**<br> **Accounts Managed** | &nbsp;&nbsp;**Total** <br> **Assets Managed** |
| &nbsp;&nbsp;Registered Investment Companies: | &nbsp;&nbsp;4 | &nbsp;&nbsp;$23022417041.39 |
| &nbsp;&nbsp;Other Pooled Investment Vehicles: | &nbsp;&nbsp;4 | &nbsp;&nbsp;$278612439.38 |
| &nbsp;&nbsp;Other Accounts: | &nbsp;&nbsp;46 | &nbsp;&nbsp;$132511766.82 |

---

**<u>Pablo Echavarria</u>**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Type of Account** | &nbsp;&nbsp;**Number of**<br> **Accounts Managed** | &nbsp;&nbsp;**Total** <br> **Assets Managed** |
| &nbsp;&nbsp;Registered Investment Companies: | &nbsp;&nbsp;2 | &nbsp;&nbsp;$589595841.39 |
| &nbsp;&nbsp;Other Pooled Investment Vehicles: | &nbsp;&nbsp;2 | &nbsp;&nbsp;$2593.08 |
| &nbsp;&nbsp;Other Accounts: | &nbsp;&nbsp;78 | &nbsp;&nbsp;$18668327.00 |

---

**<u>Lon Erickson</u>**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Type of Account** | &nbsp;&nbsp;**Number of**<br> **Accounts Managed** | &nbsp;&nbsp;**Total** <br> **Assets Managed** |
| &nbsp;&nbsp;Registered Investment Companies: | &nbsp;&nbsp;11 | &nbsp;&nbsp;$20446155142.85 |
| &nbsp;&nbsp;Other Pooled Investment Vehicles: | &nbsp;&nbsp;3 | &nbsp;&nbsp;$168907241.41 |
| &nbsp;&nbsp;Other Accounts: | &nbsp;&nbsp;26 | &nbsp;&nbsp;$273565701.66 |

---

**<u>Ali Hassan</u>** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Type of Account** | &nbsp;&nbsp;**Number of**<br> **Accounts Managed** | &nbsp;&nbsp;**Total** <br> **Assets Managed** |
| &nbsp;&nbsp;Registered Investment Companies: | &nbsp;&nbsp;2 | &nbsp;&nbsp;$10245659819.89 |
| &nbsp;&nbsp;Other Pooled Investment Vehicles: | &nbsp;&nbsp;2 | &nbsp;&nbsp;$96232329.94 |
| &nbsp;&nbsp;Other Accounts: | &nbsp;&nbsp;3 | &nbsp;&nbsp;$8242623.88 |

---

**<u>Christian Hoffmann</u>**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Type of Account** | &nbsp;&nbsp;**Number of**<br> **Accounts Managed** | &nbsp;&nbsp;**Total** <br> **Assets Managed** |
| &nbsp;&nbsp;Registered Investment Companies: | &nbsp;&nbsp;12 | &nbsp;&nbsp;$38741338428.08 |
| &nbsp;&nbsp;Other Pooled Investment Vehicles: | &nbsp;&nbsp;4 | &nbsp;&nbsp;$353903605.14 |
| &nbsp;&nbsp;Other Accounts: | &nbsp;&nbsp;26 | &nbsp;&nbsp;$278081821.43 |

---

**<u>Steven Klopukh</u>**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Type of Account** | &nbsp;&nbsp;**Number of**<br> **Accounts Managed** | &nbsp;&nbsp;**Total** <br> **Assets Managed** |
| &nbsp;&nbsp;Registered Investment Companies: | &nbsp;&nbsp;2 | &nbsp;&nbsp;$705990296.02 |
| &nbsp;&nbsp;Other Pooled Investment Vehicles: | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Other Accounts: | &nbsp;&nbsp;10 | &nbsp;&nbsp;$22426068.00 |

---

**<u>Tim McCarthy</u>**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Type of Account** | &nbsp;&nbsp;**Number of**<br> **Accounts Managed** | &nbsp;&nbsp;**Total** <br> **Assets Managed** |
| &nbsp;&nbsp;Registered Investment Companies: | &nbsp;&nbsp;2 | &nbsp;&nbsp;$705990296.02 |
| &nbsp;&nbsp;Other Pooled Investment Vehicles: | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Other Accounts: | &nbsp;&nbsp;10 | &nbsp;&nbsp;$22426068.00 |

---

**<u>Brian J. McMahon</u>**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Type of Account** | &nbsp;&nbsp;**Number of**<br> **Accounts Managed** | &nbsp;&nbsp;**Total** <br> **Assets Managed** |
| &nbsp;&nbsp;Registered Investment Companies: | &nbsp;&nbsp;2 | &nbsp;&nbsp;$19236882300.83 |
| &nbsp;&nbsp;Other Pooled Investment Vehicles: | &nbsp;&nbsp;4 | &nbsp;&nbsp;$289293120.81 |
| &nbsp;&nbsp;Other Accounts: | &nbsp;&nbsp;5 | &nbsp;&nbsp;$605934332.55 |

---

**<u>Miguel Oleaga</u>**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Type of Account** | &nbsp;&nbsp;**Number of**<br> **Accounts Managed** | &nbsp;&nbsp;**Total** <br> **Assets Managed** |
| &nbsp;&nbsp;Registered Investment Companies: | &nbsp;&nbsp;1 | &nbsp;&nbsp;$1525137341.76 |
| &nbsp;&nbsp;Other Pooled Investment Vehicles: | &nbsp;&nbsp;3 | &nbsp;&nbsp;$104296757.08 |
| &nbsp;&nbsp;Other Accounts: | &nbsp;&nbsp;3 | &nbsp;&nbsp;$572961627.73 |

---

**<u>Sean Sun</u>**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Type of Account** | &nbsp;&nbsp;**Number of**<br> **Accounts Managed** | &nbsp;&nbsp;**Total** <br> **Assets Managed** |
| &nbsp;&nbsp;Registered Investment Companies: | &nbsp;&nbsp;2 | &nbsp;&nbsp;$728997899.03 |
| &nbsp;&nbsp;Other Pooled Investment Vehicles: | &nbsp;&nbsp;1 | &nbsp;&nbsp;$3229753.04 |
| &nbsp;&nbsp;Other Accounts: | &nbsp;&nbsp;9 | &nbsp;&nbsp;$3349901.46 |

---

**<u>Lei Wang</u>**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Type of Account** | &nbsp;&nbsp;**Number of**<br> **Accounts Managed** | &nbsp;&nbsp;**Total** <br> **Assets Managed** |
| &nbsp;&nbsp;Registered Investment Companies: | &nbsp;&nbsp;3 | &nbsp;&nbsp;$5139279111.64 |
| &nbsp;&nbsp;Other Pooled Investment Vehicles: | &nbsp;&nbsp;3 | &nbsp;&nbsp;$93616075.65 |
| &nbsp;&nbsp;Other Accounts: | &nbsp;&nbsp;46 | &nbsp;&nbsp;$100642937.17 |

---

**<u>Di Zhou</u>**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Type of Account** | &nbsp;&nbsp;**Number of**<br> **Accounts Managed** | &nbsp;&nbsp;**Total** <br> **Assets Managed** |
| &nbsp;&nbsp;Registered Investment Companies: | &nbsp;&nbsp;2 | &nbsp;&nbsp;$589595841.39 |
| &nbsp;&nbsp;Other Pooled Investment Vehicles: | &nbsp;&nbsp;2 | &nbsp;&nbsp;$2593.08 |
| &nbsp;&nbsp;Other Accounts: | &nbsp;&nbsp;78 | &nbsp;&nbsp;$18668327.00 |

---

**Portfolio Managers' Ownership of Shares in the Funds**

Displayed below for each of the portfolio managers named in the Prospectus is the dollar range of the individual's beneficial ownership of shares in the Fund or Funds as to which the individual is a manager. Except as otherwise noted below, the information presented is current as of September 30, 2025. In each case, the dollar range listed may include shares owned by the portfolio manager through the manager's self-directed account in Thornburg's retirement plan. In addition to the holdings noted below, each of the portfolio managers is a participant in Thornburg's profit sharing plan, which invests in shares of each of the Funds.

---

| | |
|:---|:---|
| **Portfolio Manager**<br> **and Fund Name** | **Dollar Range of** <br> **Beneficial Ownership** |
| Nick Anderson |  |
| International Growth Fund | $100001–$500000 |
| Matt Burdett |  |
| Investment Income Builder Fund | Over $1,000,000 |
| International Equity Fund | $500001-$1000000 |

---

---

| | |
|:---|:---|
| **Portfolio Manager**<br> **and Fund Name** | **Dollar Range of** <br> **Beneficial Ownership** |
| Pablo Echavarria<br> Developing World Fund | $100001-$500000<br>|
| Lon Erickson |  |
| Limited Term U.S. Government Fund | $10001 - $50000 |
| Limited Term Income Fund | $100001-$500000 |
| Strategic Income Fund | $100001-$500000 |
| Ali Hassan |  |
| Strategic Income Fund | $100001–$500000 |
| Christian Hoffmann |  |
| Investment Income Builder Fund | $100001–$500000 |
| Limited Term U.S. Government Fund | $100001–$500000 |
| Limited Term Income Fund | $500001–$1000000 |
| Strategic Income Fund | $500001–$1000000 |
| Steven Klopukh |  |
| Small/Mid Cap Core Fund | &nbsp;&nbsp;&nbsp;&nbsp;$100001–$500000 |
| Small/Mid Cap Growth Fund | $100001–$500000 |
| Tim McCarthy |  |
| Small/Mid Cap Core Fund | $100001–$500000 |
| Small/Mid Cap Growth Fund | $100001–$500000 |
| Brian J. McMahon |  |
| Income Builder Fund | over $1,000,000 |
| Global Opportunities Fund | over $1,000,000 |
| Miguel Oleaga |  |
| Global Opportunities Fund | over $1,000,000 |
| Sean Sun |  |
| International Growth Fund | over $1,000,000 |
| Lei Wang |  |
| International Equity Fund | over $1,000,000 |
| Di Zhou |  |
| Developing World Fund | $100001–$500000 |

---

**PRINCIPAL HOLDERS OF SECURITIES**

**Global Opportunities Fund**

As of December 31, 2025, the officers and Trustees of the Trust, as a group, held less than one percent of the Class R3, Class R4 or Class R5 shares of the Fund. As of December 31, 2025, the following persons were known to have held of record or beneficially 5% or more of the Fund's Class R3, Class R4, or Class R5 shares:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**<u>Fund</u>** | &nbsp;&nbsp;**<u>Class of Shares</u>** | &nbsp;&nbsp;**<u>Shareholder</u>** | &nbsp;&nbsp;**% of Total**<br> **<u>Shares of Class</u>** |
| &nbsp;&nbsp;Global Opportunities Fund | &nbsp;&nbsp;Class R3<br> shares | &nbsp;&nbsp;EMPOWER TRUST<br> FBO EMPLOYEE BENEFITS CLIENTS 401K<br> 8515 E ORCHARD RD 2T2<br> GREENWOOD VILLAGE CO 80111-5002  | &nbsp;&nbsp;48.86% |
| &nbsp;&nbsp;Global Opportunities Fund | &nbsp;&nbsp;Class R3<br> shares | &nbsp;&nbsp;STATE STREET BANK & TRUST<br> AS TTEE AND/OR CUST FBO<br> ADP ACCESS PRODUCT<br> 1 LINCOLN ST<br> BOSTON MA 02111-2900  | &nbsp;&nbsp;11.34% |
| &nbsp;&nbsp;Global Opportunities Fund | &nbsp;&nbsp;Class R3<br> shares | &nbsp;&nbsp;MATRIX TRUST COMPANY<br> CUST. FBO BRIDGES-LAW-FIRM 401(K) PLAN<br> 717 17TH STREET SUITE 1300<br> DENVER CO 80202-3304 | &nbsp;&nbsp;10.60% |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**<u>Fund</u>** | &nbsp;&nbsp;**<u>Class of Shares</u>** | &nbsp;&nbsp;**<u>Shareholder</u>** | &nbsp;&nbsp;**% of Total**<br> **<u>Shares of Class</u>** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Global Opportunities Fund | &nbsp;&nbsp;Class R3<br> shares | &nbsp;&nbsp;MATRIX TRUST COMPANY<br> AS AGENT FOR ADVISOR TRUST, INC<br> MIDDLETOWN SPRINKLER CO <br> 717 17TH STREET, SUITE 1300<br> DENVER CO 80202-3304 | &nbsp;&nbsp;9.79% |
| &nbsp;&nbsp;Global Opportunities Fund | &nbsp;&nbsp;Class R3<br> shares | &nbsp;&nbsp;MATC FBO PERSHING LLC FBO WINOLA INDUSTRIAL INC. 401K PLAN<br> 1251 WATERFRONT PLACE, SUITE 525 <br> PITTSBURGH PA 15222-4228  | &nbsp;&nbsp;5.61% |
| &nbsp;&nbsp;Global Opportunities Fund | &nbsp;&nbsp;Class R4<br> shares | &nbsp;&nbsp;EMPOWER TRUST<br> RECORDKEEPING FOR EMPLOYEE BENEFITS<br> 8515 E ORCHARD RD 2T2<br> GREENWOOD VILLAGE CO 80111-5002  | &nbsp;&nbsp;32.80% |
| &nbsp;&nbsp;Global Opportunities Fund | &nbsp;&nbsp;Class R4<br> shares | &nbsp;&nbsp;MLPF&S FOR THE SOLE BENEFIT<br> OF ITS CUSTOMERS<br> ATTN FUND ADMINISTRATION 97HP7 <br> 4800 DEER LAKE DR E FL 2<br> JACKSONVILLE FL 32246-6484  | &nbsp;&nbsp;29.34% |
| &nbsp;&nbsp;Global Opportunities Fund | &nbsp;&nbsp;Class R5<br> shares | &nbsp;&nbsp;JOHN HANCOCK LIFE INSURANCE COMPANY<br> (USA)<br> ATTN: JHRPS TRADING OPS ST6<br> 200 BERKELEY ST<br> BOSTON MA 02116-5023  | &nbsp;&nbsp;31.32% |
| &nbsp;&nbsp;Global Opportunities Fund | &nbsp;&nbsp;Class R5<br> shares | &nbsp;&nbsp;MLPF&S FOR THE SOLE BENEFIT<br> OF ITS CUSTOMERS<br> ATTN FUND ADMINISTRATION 97HP7 <br> 4800 DEER LAKE DR E FL 2<br> JACKSONVILLE FL 32246-6484  | &nbsp;&nbsp;13.25% |
| &nbsp;&nbsp;Global Opportunities Fund | &nbsp;&nbsp;Class R5<br> shares | &nbsp;&nbsp;TIAA TRUST, N.A.<br> AS CUST/TTEE OF RETIREMENT PLANS<br> RECORD KEPT BY TIAA<br> ATTN: FUND OPERATIONS<br> 8500 ANDREW CARNEGIE BLVD<br> CHARLOTTE NC 28262-8500  | &nbsp;&nbsp;16.54% |
| &nbsp;&nbsp;Global Opportunities Fund | &nbsp;&nbsp;Class R5<br> shares | &nbsp;&nbsp;NATIONWIDE TRUST COMPANY FSB <br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029 <br> COLUMBUS OH 43218-2029  | &nbsp;&nbsp;10.67% |

---

**International Equity Fund**

As of December 31, 2025, the officers and Trustees of the Trust, as a group, held approximately 11% of the Class R6 shares of the Fund, and held less than 1% of the Class R3, Class R4 or Class R5 shares of the Fund. As of December 31, 2025, the following persons were known to have held of record or beneficially 5% or more of the Fund's Class R3, Class R4, or Class R5 shares:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**<u>Fund</u>** | &nbsp;&nbsp;**<u>Class of Shares</u>** | &nbsp;&nbsp;**<u>Shareholder</u>** | &nbsp;&nbsp;**% of Total**<br> **<u>Shares of Class</u>** |
| &nbsp;&nbsp;International Equity Fund | &nbsp;&nbsp;Class R3<br> shares | &nbsp;&nbsp;DAVID TENBROECK<br> MARK STROGOFF<br> HARTFORD INSURANCE CO<br> SEPARATE ACCOUNT 401(K) PLAN<br> PO BOX 2999<br> HARTFORD CT 06104-2999 | &nbsp;&nbsp;24.61% |
| &nbsp;&nbsp;International Equity Fund | &nbsp;&nbsp;Class R3<br> shares | &nbsp;&nbsp;NATIONAL FINANCIAL SERVICES LLC<br> 499 WASHINGTON BLVD<br> JERSEY CITY NJ 07310-1995 | &nbsp;&nbsp;16.46% |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**<u>Fund</u>** | &nbsp;&nbsp;**<u>Class of Shares</u>** | &nbsp;&nbsp;**<u>Shareholder</u>** | &nbsp;&nbsp;**% of Total**<br> **<u>Shares of Class</u>** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;International Equity Fund | &nbsp;&nbsp;Class R3<br> shares | &nbsp;&nbsp;STATE STREET BANK & TRUST<br> AS TTEE AND/OR CUST<br> FBO ADP ACCESS PRODUCT<br> 1 LINCOLN ST <br> BOSTON MA 02111-2900 | &nbsp;&nbsp;9.12% |
| &nbsp;&nbsp;International Equity Fund | &nbsp;&nbsp;Class R4<br> shares | &nbsp;&nbsp;MLPF&S FOR THE SOLE BENEFIT<br> OF ITS CUSTOMERS <br> ATTN FUND ADMINISTRATION 97HP7 <br> 4800 DEER LAKE DR E FL 2<br> JACKSONVILLE FL 32246-6484  | &nbsp;&nbsp;20.96% |
| &nbsp;&nbsp;International Equity Fund | &nbsp;&nbsp;Class R4<br> shares | &nbsp;&nbsp;NATIONAL FINANCIAL SERVICES LLC<br> 499 WASHINGTON BLVD<br> JERSEY CITY NJ 07310-1995 | &nbsp;&nbsp;16.94% |
| &nbsp;&nbsp;International Equity Fund | &nbsp;&nbsp;Class R4<br> shares | &nbsp;&nbsp;VRSCO FBO AIGFSB<br> CUST TTEE FBO<br> STATE UNIV SYSTEM OF FLORIDA 403B<br> 2929 ALLEN PKWY STE A6-20<br> HOUSTON TX 77019-7100  | &nbsp;&nbsp;11.95% |
| &nbsp;&nbsp;International Equity Fund | &nbsp;&nbsp;Class R4<br> shares | &nbsp;&nbsp;STATE STREET BANK & TRUST<br> AS TTEE AND/OR CUST<br> FBO ADP ACCESS PRODUCT<br> 1 LINCOLN ST <br> BOSTON MA 02111-2900 | &nbsp;&nbsp;6.27% |
| &nbsp;&nbsp;International Equity Fund | &nbsp;&nbsp;Class R4<br> shares | &nbsp;&nbsp;NATIONAL FINANCIAL SERVICES LLC<br> 499 WASHINGTON BLVD<br> JERSEY CITY NJ 07310-1995 | &nbsp;&nbsp;6.00% |
| &nbsp;&nbsp;International Equity Fund | &nbsp;&nbsp;Class R4<br> shares | &nbsp;&nbsp;DAVID TENBROECK<br> MARK STROGOFF<br> HARTFORD INSURANCE CO<br> SEPARATE ACCOUNT 401(K) PLAN<br> PO BOX 2999<br> HARTFORD CT 06104-2999 | &nbsp;&nbsp;5.49% |
| &nbsp;&nbsp;International Equity Fund | &nbsp;&nbsp;Class R5<br> shares | &nbsp;&nbsp;NATIONAL FINANCIAL SERVICES LLC<br> 499 WASHINGTON BLVD<br> JERSEY CITY NJ 07310-1995 | &nbsp;&nbsp;21.70% |
| &nbsp;&nbsp;International Equity Fund | &nbsp;&nbsp;Class R5<br> shares | &nbsp;&nbsp;MASSACHUSETTS MUTUAL INSURANCE COMPANY<br> 1295 STATE STREET MIP M200-INVST <br> SPRINGFIELD MA 01111-0001 | &nbsp;&nbsp;15.25% |
| &nbsp;&nbsp;International Equity Fund | &nbsp;&nbsp;Class R5<br> shares | &nbsp;&nbsp;INSURANCE COMPANY SEPARATE ACCOUNT<br> AMERICAN UNITED LIFE AUL<br> GROUP RETIREMENT ANNUITY<br> SEPARATE ACCOUNT II<br> PO BOX 368<br> INDIANAPOLIS IN 46206-0368 | &nbsp;&nbsp;13.97% |
| &nbsp;&nbsp;International Equity Fund | &nbsp;&nbsp;Class R5<br> shares | &nbsp;&nbsp;NATIONAL FINANCIAL SERVICES LLC<br> 499 WASHINGTON BLVD<br> JERSEY CITY NJ 07310-1995 | &nbsp;&nbsp;13.08% |
| &nbsp;&nbsp;International Equity Fund | &nbsp;&nbsp;Class R5<br> shares | &nbsp;&nbsp;CHARLES SCHWAB & CO INC <br> SPECIAL CUSTODY ACCT FOR EXCLUSIVE BENEFIT OF CUSTOMERS REINVEST ACCT ATTN MUTUAL FUNDS DEPARTMENT <br> 211 MAIN ST <br> SAN FRANCISCO CA 94105-1901 | &nbsp;&nbsp;5.61% |

---

**International Growth Fund**

As of December 31, 2025, the officers and Trustees of the Trust, as a group, held less than one percent of the Class R3, Class R4, or Class R5 shares of the Fund. As of December 31, 2025, the following persons were known to have held of record or beneficially 5% or more of the Fund's Class R3, Class R4, or Class R5 shares:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**<u>Fund</u>** | &nbsp;&nbsp;**<u>Class of Shares</u>** | &nbsp;&nbsp;**<u>Shareholder</u>** | &nbsp;&nbsp;**% of Total**<br> **<u>Shares of Class</u>** |
| &nbsp;&nbsp;International Growth Fund | &nbsp;&nbsp;Class R3<br> shares | &nbsp;&nbsp;DCGT<br> AS TTEE AND/OR CUST FBO PLIC VARIOUS RETIREMENT PLANS OMNIBUS<br> ATTN NPIO TRADE DESK<br> 711 HIGH ST<br> DES MOINES IA 50392-0001 | &nbsp;&nbsp;28.33% |
| &nbsp;&nbsp;International Growth Fund | &nbsp;&nbsp;Class R3<br> shares | &nbsp;&nbsp;ASCENSUS TRUST COMPANY FBO<br> THREE WAY CHEVROLET CO.<br> 401(K) PLAN 216238<br> P.O. BOX 10758 <br> FARGO ND 58106-0758  | &nbsp;&nbsp;13.98% |
| &nbsp;&nbsp;International Growth Fund | &nbsp;&nbsp;Class R3<br> shares | &nbsp;&nbsp;MATRIX TRUST COMPANY<br> CUST FBO LIOKAREAS CONSTRUCTION CO. <br> 717 17TH ST STE 1300<br> DENVER CO 80202-3304  | &nbsp;&nbsp;9.95% |
| &nbsp;&nbsp;International Growth Fund | &nbsp;&nbsp;Class R3<br> shares | &nbsp;&nbsp;STATE STREET BANK & TRUST<br> AS TTEE AND/OR CUST<br> FBO ADP ACCESS PRODUCT<br> 1 LINCOLN ST <br> BOSTON MA 02111-2900 | &nbsp;&nbsp;8.06% |
| &nbsp;&nbsp;International Growth Fund | &nbsp;&nbsp;Class R4<br> shares | &nbsp;&nbsp;MLPF&S FOR THE SOLE BENEFIT<br> OF ITS CUSTOMERS <br> ATTN FUND ADMINISTRATION 97HP7 <br> 4800 DEER LAKE DR E FL 2<br> JACKSONVILLE FL 32246-6484  | &nbsp;&nbsp;45.05% |
| &nbsp;&nbsp;International Growth Fund | &nbsp;&nbsp;Class R4<br> shares | &nbsp;&nbsp;STATE STREET BANK & TRUST<br> AS TTEE AND/OR CUST<br> FBO ADP ACCESS PRODUCT<br> 1 LINCOLN ST <br> BOSTON MA 02111-2900 | &nbsp;&nbsp;30.07% |
| &nbsp;&nbsp;International Growth Fund | &nbsp;&nbsp;Class R5<br> shares | &nbsp;&nbsp;ASCENSUS TRUST COMPANY FBO<br> HANOVER COMPANY 401(K) PLAN 214159<br> P.O. BOX 10758 <br> FARGO ND 58106-0758  | &nbsp;&nbsp;18.61% |
| &nbsp;&nbsp;International Growth Fund | &nbsp;&nbsp;Class R5<br> shares | &nbsp;&nbsp;EMPOWER TRUST<br> FBO EMPOWER BENEFIT GRANDFATHERED PLAN<br> 8515 E ORCHARD RD 2T2<br> GREENWOOD VILLAGE CO 80111-5002  | &nbsp;&nbsp;17.84% |
| &nbsp;&nbsp;International Growth Fund | &nbsp;&nbsp;Class R5<br> shares | &nbsp;&nbsp;RELIANCE TRUST COMPANY<br> TTEE FBO BASYS INC<br> 3700 KOPPERS ST STE 400<br> BALTIMORE MD 21227-1019  | &nbsp;&nbsp;12.62% |
| &nbsp;&nbsp;International Growth Fund | &nbsp;&nbsp;Class R5<br> shares | &nbsp;&nbsp;ASCENSUS TRUST COMPANY<br> FBO HUNGRY HOWIE'S DISTRIBUTING, INC. 4<br> 217707&nbsp;&nbsp;&nbsp;&nbsp; <br> P.O. BOX 10758 <br> FARGO ND 58106-0758  | &nbsp;&nbsp;8.02% |
| &nbsp;&nbsp;International Growth Fund | &nbsp;&nbsp;Class R5<br> shares | &nbsp;&nbsp;FIIOC<br> FBO RIVER RECYCLING INDUSTRIES INC<br> SHELL SANDS INC 401K PLAN<br> 100 MAGELLAN WAY (KWIC)<br> COVINGTON KY 41015-1987  | &nbsp;&nbsp;7.17% |

---

**Developing World Fund**

As of December 31, 2025, the officers and Trustees of the Trust, as a group, held less than one percent of the Class R5 shares of the Fund. As of December 31, 2025, the following persons were known to have held of record or beneficially 5% or more of the Fund's Class R5 shares:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**<u>Fund</u>** | &nbsp;&nbsp;**<u>Class of Shares</u>** | &nbsp;&nbsp;**<u>Shareholder</u>** | &nbsp;&nbsp;**% of Total**<br> **<u>Shares of Class</u>** |
| &nbsp;&nbsp;Developing World Fund | &nbsp;&nbsp;Class R5<br> shares | &nbsp;&nbsp;EMPOWER TRUST<br> FBO EMPLOYEE BENEFITS CLIENTS 401K<br> 8515 E ORCHARD RD 2T2<br> GREENWOOD VILLAGE CO 80111-5002  | &nbsp;&nbsp;26.01% |
| &nbsp;&nbsp;Developing World Fund | &nbsp;&nbsp;Class R5<br> shares | &nbsp;&nbsp;FIIOC<br> FBO MONOSOL 401K PROFIT SHARING PLAN <br> 100 MAGELLAN WAY<br> COVINGTON KY 41015-1987  | &nbsp;&nbsp;11.08% |
| &nbsp;&nbsp;Developing World Fund | &nbsp;&nbsp;Class R5<br> shares | &nbsp;&nbsp;CHARLES SCHWAB & CO INC <br> SPECIAL CUSTODY ACCT FOR EXCLUSIVE BENEFIT OF CUSTOMERS REINVEST ACCT ATTN MUTUAL FUNDS DEPARTMENT <br> 211 MAIN ST <br> SAN FRANCISCO CA 94105-1901 | &nbsp;&nbsp;14.98% |
| &nbsp;&nbsp;Developing World Fund | &nbsp;&nbsp;Class R5<br> shares | &nbsp;&nbsp;DOTERRA INTERNATIONAL<br> FBO NQ DEFERRED COMP OF DOTERRA<br> ATTN PLAN TRUSTEE<br> 3889 SOUTH 1300 WEST<br> PLEASANT GRV UT 84062 | &nbsp;&nbsp;10.22% |
| &nbsp;&nbsp;Developing World Fund | &nbsp;&nbsp;Class R5<br> shares | &nbsp;&nbsp;STATE STREET BANK & TRUST<br> AS TTEE AND/OR CUST<br> FBO ADP ACCESS PRODUCT<br> 1 LINCOLN ST <br> BOSTON MA 02111-2900 | &nbsp;&nbsp;10.05% |
| &nbsp;&nbsp;Developing World Fund | &nbsp;&nbsp;Class R5<br> shares | &nbsp;&nbsp;EMPOWER TRUST<br> FBO CERTAIN RETIREMENT PLANS<br> 8515 E ORCHARD RD 2T2<br> GREENWOOD VILLAGE CO 80111-5002 | &nbsp;&nbsp;7.62% |
| &nbsp;&nbsp;Developing World Fund | &nbsp;&nbsp;Class R5<br> shares | &nbsp;&nbsp;EMPOWER TRUST<br> FBO VARIOUS FASCORE LLC RECORDKEPT PLAN<br> 8515 E ORCHARD RD 2T2<br> GREENWOOD VILLAGE CO 80111-5002 | &nbsp;&nbsp;5.37% |

---

**Small/Mid Cap Core Fund**

As of December 31, 2025, the officers and Trustees of Thornburg Investment Trust, as a group, held less than 1% of the Class R3, Class R4 or Class R5 shares of the Fund. As of December 31, 2025, the following persons were known to have held of record or beneficially 5% or more of the Fund's Class R3, Class R4, or Class R5 shares:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**<u>Fund</u>** | &nbsp;&nbsp;**<u>Class of Shares</u>** | &nbsp;&nbsp;**<u>Shareholder</u>** | &nbsp;&nbsp;**% of Total**<br> **<u>Shares of Class</u>** |
| &nbsp;&nbsp;Small/Mid Cap Core Fund | &nbsp;&nbsp;Class R3<br> shares | &nbsp;&nbsp;DAVID TENBROECK<br> MARK STROGOFF<br> HARTFORD INSURANCE CO<br> SEPARATE ACCOUNT 401(K) PLAN<br> PO BOX 2999<br> HARTFORD CT 06104-2999 | &nbsp;&nbsp;34.09% |
| &nbsp;&nbsp;Small/Mid Cap Core Fund | &nbsp;&nbsp;Class R3<br> shares | &nbsp;&nbsp;STATE STREET BANK & TRUST<br> AS TTEE AND/OR CUST<br> FBO ADP ACCESS PRODUCT<br> 1 LINCOLN ST <br> BOSTON MA 02111-2900 | &nbsp;&nbsp;19.01% |
| &nbsp;&nbsp;Small/Mid Cap Core Fund | &nbsp;&nbsp;Class R3<br> shares | &nbsp;&nbsp;NATIONAL FINANCIAL SERVICES LLC<br> 499 WASHINGTON BLVD<br> JERSEY CITY NJ 07310-1995 | &nbsp;&nbsp;11.29% |
| &nbsp;&nbsp;Small/Mid Cap Core Fund | &nbsp;&nbsp;Class R3<br> shares | &nbsp;&nbsp;MASSACHUSETTS MUTUAL LIFE INSURANCE<br> 1295 STATE ST MIP M200-INVST<br> SPRINGFIELD MA 01111-0001 | &nbsp;&nbsp;6.08% |
| &nbsp;&nbsp;Small/Mid Cap Core Fund | &nbsp;&nbsp;Class R4<br> shares | &nbsp;&nbsp;STATE STREET BANK & TRUST<br> AS TTEE AND/OR CUST<br> FBO ADP ACCESS PRODUCT<br> 1 LINCOLN ST <br> BOSTON MA 02111-2900 | &nbsp;&nbsp;79.44% |
| &nbsp;&nbsp;Small/Mid Cap Core Fund | &nbsp;&nbsp;Class R5<br> shares | &nbsp;&nbsp;MASSACHUSETTS MUTUAL LIFE INSURANCE<br> 1295 STATE ST MIP M200-INVST<br> SPRINGFIELD MA 01111-0001 | &nbsp;&nbsp;70.40% |
| &nbsp;&nbsp;Small/Mid Cap Core Fund | &nbsp;&nbsp;Class R5<br> shares | &nbsp;&nbsp;NATIONAL FINANCIAL SERVICES LLC<br> 499 WASHINGTON BLVD<br> JERSEY CITY NJ 07310-1995 | &nbsp;&nbsp;10.84% |
| &nbsp;&nbsp;Small/Mid Cap Core Fund | &nbsp;&nbsp;Class R5<br> shares | &nbsp;&nbsp;MID ATLANTIC TRUST COMPANY FBO FINANCIAL SERVICES HOLDINGS 401K<br> 1251 WATERFRONT PL STE 525<br> PITTSBURGH PA 15222-4228 | &nbsp;&nbsp;8.27% |

---

**Small/Mid Cap Growth Fund**

As of December 31, 2025, the officers and Trustees of Thornburg Investment Trust, as a group, held less than 1% of the Class R3, Class R4 or Class R5 shares of the Fund. As of December 31, 2024, the following persons were known to have held of record or beneficially 5% or more of the Fund's Class R3, Class R4, or Class R5 shares:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**<u>Fund</u>** | &nbsp;&nbsp;**<u>Class of Shares</u>** | &nbsp;&nbsp;**<u>Shareholder</u>** | &nbsp;&nbsp;**% of Total**<br> **<u>Shares of Class</u>** |
| &nbsp;&nbsp;Small/Mid Cap Growth Fund | &nbsp;&nbsp;Class R3<br> shares | &nbsp;&nbsp;DAVID TENBROECK<br> MARK STROGOFF<br> HARTFORD INSURANCE CO<br> SEPARATE ACCOUNT 401(K) PLAN<br> PO BOX 2999<br> HARTFORD CT 06104-2999 | &nbsp;&nbsp;28.92% |
| &nbsp;&nbsp;Small/Mid Cap Growth Fund | &nbsp;&nbsp;Class R3<br> shares | &nbsp;&nbsp;EMPOWER TRUST<br> FBO EMPOWER BENEFIT GRANDFATHERED PLAN<br> 8515 E ORCHARD RD 2T2<br> GREENWOOD VILLAGE CO 80111-5002  | &nbsp;&nbsp;11.63% |
| &nbsp;&nbsp;Small/Mid Cap Growth Fund | &nbsp;&nbsp;Class R3<br> shares | &nbsp;&nbsp;MATRIX TRUST COMPANY<br> TRUSTEE FBO TRAILS WEST MANUFACTURING OF IDAHO<br> 717 17TH STREET SUITE 1300<br> DENVER CO 80202-3304  | &nbsp;&nbsp;10.15% |
| &nbsp;&nbsp;Small/Mid Cap Growth Fund | &nbsp;&nbsp;Class R3<br> shares | &nbsp;&nbsp;ASCENSUS TRUST COMPANY<br> FBO AG RISK SOLUTIONS RETIREMENT PLAN 83806 <br> PO BOX 10758<br> FARGO ND 58106-0758  | &nbsp;&nbsp;8.77% |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**<u>Fund</u>** | &nbsp;&nbsp;**<u>Class of Shares</u>** | &nbsp;&nbsp;**<u>Shareholder</u>** | &nbsp;&nbsp;**% of Total**<br> **<u>Shares of Class</u>** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Small/Mid Cap Growth Fund | &nbsp;&nbsp;Class R3<br> shares | &nbsp;&nbsp;INSURANCE COMPANY SEPARATE ACCOUNT<br> AMERICAN UNITED LIFE AUL<br> GROUP RETIREMENT ANNUITY<br> SEPARATE ACCOUNT II<br> PO BOX 368<br> INDIANAPOLIS IN 46206-0368 | &nbsp;&nbsp;5.75% |
| &nbsp;&nbsp;Small/Mid Cap Growth Fund | &nbsp;&nbsp;Class R4<br> shares | &nbsp;&nbsp;DAVID TENBROECK<br> MARK STROGOFF<br> HARTFORD INSURANCE CO<br> SEPARATE ACCOUNT 401(K) PLAN<br> PO BOX 2999<br> HARTFORD CT 06104-2999 | &nbsp;&nbsp;63.10% |
| &nbsp;&nbsp;Small/Mid Cap Growth Fund | &nbsp;&nbsp;Class R4<br> shares | &nbsp;&nbsp;MLPF&S FOR THE SOLE BENEFIT<br> OF ITS CUSTOMERS <br> ATTN FUND ADMINISTRATION 97HP7 <br> 4800 DEER LAKE DR E FL 2<br> JACKSONVILLE FL 32246-6484  | &nbsp;&nbsp;25.00% |
| &nbsp;&nbsp;Small/Mid Cap Growth Fund | &nbsp;&nbsp;Class R4<br> shares | &nbsp;&nbsp;EMPOWER TRUST<br> FBO EMPOWER BENEFIT PLANS<br> 8515 E ORCHARD RD 2T2<br> GREENWOOD VILLAGE CO 80111-5002  | &nbsp;&nbsp;7.32% |
| &nbsp;&nbsp;Small/Mid Cap Growth Fund | &nbsp;&nbsp;Class R5<br> shares | &nbsp;&nbsp;NATIONAL FINANCIAL SERVICES LLC<br> 499 WASHINGTON BLVD<br> JERSEY CITY NJ 07310-1995 | &nbsp;&nbsp;37.70% |
| &nbsp;&nbsp;Small/Mid Cap Growth Fund | &nbsp;&nbsp;Class R5<br> shares | &nbsp;&nbsp;NATIONWIDE TRUST COMPANY FSB <br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029 <br> COLUMBUS OH 43218-2029 | &nbsp;&nbsp;15.27% |
| &nbsp;&nbsp;Small/Mid Cap Growth Fund | &nbsp;&nbsp;Class R5<br> shares | &nbsp;&nbsp;INSURANCE COMPANY SEPARATE ACCOUNT<br> AMERICAN UNITED LIFE AUL<br> GROUP RETIREMENT ANNUITY<br> SEPARATE ACCOUNT II<br> PO BOX 368<br> INDIANAPOLIS IN 46206-0368 | &nbsp;&nbsp;12.75% |
| &nbsp;&nbsp;Small/Mid Cap Growth Fund | &nbsp;&nbsp;Class R5<br> shares | &nbsp;&nbsp;INSURANCE COMPANY SEPARATE ACCOUNT<br> AMERICAN UNITED LIFE AUL<br> AMERICAN UNIT INVESTMENT TRUST<br> ATTN: SEPARATE ACCOUNTS <br> PO BOX 368 <br> INDIANAPOLIS IN 46206-0368 | &nbsp;&nbsp;7.70% |
| &nbsp;&nbsp;Small/Mid Cap Growth Fund | &nbsp;&nbsp;Class R5<br> shares | &nbsp;&nbsp;MATRIX TRUST COMPANY CUST.<br> FBO EDMOND DOOR & PLYWOOD, INC. 401(K)<br> 717 17TH STREET SUITE 1300<br> DENVER CO 80202-3304  | &nbsp;&nbsp;6.38% |
| &nbsp;&nbsp;Small/Mid Cap Growth Fund | &nbsp;&nbsp;Class R5<br> shares | &nbsp;&nbsp;MASSACHUSETTS MUTUAL INSURANCE COMPANY<br> 1295 STATE ST MIP M200-INVST <br> SPRINGFIELD MA 01111-0001 | &nbsp;&nbsp;5.80% |

---

**Investment Income Builder Fund**

As of December 31, 2025, the officers and Trustees of the Trust, as a group, held less than one percent of the Class R3, Class R4, or Class R5 shares of the Fund. As of December 31, 2025, the following persons were known to have held of record or beneficially 5% or more of the Fund's Class R3, Class R4, Class R5, or Class R6 shares:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**<u>Fund</u>** | &nbsp;&nbsp;**<u>Class of Shares</u>** | &nbsp;&nbsp;**<u>Shareholder</u>** | &nbsp;&nbsp;**% of Total**<br> **<u>Shares of Class</u>** |
| &nbsp;&nbsp;Investment Income Builder Fund | &nbsp;&nbsp;Class R3<br> shares | &nbsp;&nbsp;MORGAN STANLEY SMITH BARNEY LLC<br> FOR THE EXCLUSIVE BENE OF ITS CUST <br> 1 NEW YORK PLZ FL 12<br> NEW YORK NY 10004-1965 | &nbsp;&nbsp;25.86% |
| &nbsp;&nbsp;Investment Income Builder Fund | &nbsp;&nbsp;Class R3<br> shares | &nbsp;&nbsp;STATE STREET BANK & TRUST<br> AS TTEE AND/OR CUST<br> FBO ADP ACCESS PRODUCT<br> 1 LINCOLN ST <br> BOSTON MA 02111-2900 | &nbsp;&nbsp;17.32% |
| &nbsp;&nbsp;Investment Income Builder Fund | &nbsp;&nbsp;Class R3<br> shares | &nbsp;&nbsp;NATIONAL FINANCIAL SERVICES LLC<br> 499 WASHINGTON BLVD<br> JERSEY CITY NJ 07310-1995 | &nbsp;&nbsp;13.57% |
| &nbsp;&nbsp;Investment Income Builder Fund | &nbsp;&nbsp;Class R4<br> shares | &nbsp;&nbsp;STATE STREET BANK & TRUST<br> AS TTEE AND/OR CUST<br> FBO ADP ACCESS PRODUCT<br> 1 LINCOLN ST <br> BOSTON MA 02111-2900 | &nbsp;&nbsp;30.49% |
| &nbsp;&nbsp;Investment Income Builder Fund | &nbsp;&nbsp;Class R4<br> shares | &nbsp;&nbsp;MLPF&S FOR THE SOLE BENEFIT<br> OF ITS CUSTOMERS <br> ATTN FUND ADMINISTRATION 97HP7 <br> 4800 DEER LAKE DR E FL 2<br> JACKSONVILLE FL 32246-6484  | &nbsp;&nbsp;21.43% |
| &nbsp;&nbsp;Investment Income Builder Fund | &nbsp;&nbsp;Class R4<br> shares | &nbsp;&nbsp;MATRIX TRUST COMPANY<br> CUST. FBO MILE HIGH BEVERAGES, INC. 401(K) PR<br> 717 17TH STREET SUITE 1300<br> DENVER CO 80202-3304  | &nbsp;&nbsp;14.82% |
| &nbsp;&nbsp;Investment Income Builder Fund | &nbsp;&nbsp;Class R4<br> shares | &nbsp;&nbsp;MICHAEL KAMINSKI TTEE<br> VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY 401(K) PLAN <br> 1 ORANGE WAY<br> WINDSOR CT 06095-4773 | &nbsp;&nbsp;8.29% |
| &nbsp;&nbsp;Investment Income Builder Fund | &nbsp;&nbsp;Class R5<br> shares | &nbsp;&nbsp;STATE STREET BANK & TRUST<br> AS TTEE AND/OR CUST<br> FBO ADP ACCESS PRODUCT<br> 1 LINCOLN ST <br> BOSTON MA 02111-2900 | &nbsp;&nbsp;12.64% |
| &nbsp;&nbsp;Investment Income Builder Fund | &nbsp;&nbsp;Class R5<br> shares | &nbsp;&nbsp;EMPOWER TRUST<br> FBO EMPLOYEE BENEFITS CLIENTS 401K<br> 8515 E ORCHARD RD 2T2<br> GREENWOOD VILLAGE CO 80111-5002  | &nbsp;&nbsp;11.69% |
| &nbsp;&nbsp;Investment Income Builder Fund | &nbsp;&nbsp;Class R5<br> shares | &nbsp;&nbsp;NATIONAL FINANCIAL SERVICES LLC<br> 499 WASHINGTON BLVD<br> JERSEY CITY NJ 07310-1995 | &nbsp;&nbsp;10.79% |
| &nbsp;&nbsp;Investment Income Builder Fund | &nbsp;&nbsp;Class R5<br> shares | &nbsp;&nbsp;CHARLES SCHWAB & CO INC <br> SPECIAL CUSTODY ACCT FOR EXCLUSIVE BENEFIT OF CUSTOMERS REINVEST ACCT ATTN MUTUAL FUNDS DEPARTMENT <br> 211 MAIN ST <br> SAN FRANCISCO CA 94105-1901 | &nbsp;&nbsp;7.04% |
| &nbsp;&nbsp;Investment Income Builder Fund | &nbsp;&nbsp;Class R5<br> shares | &nbsp;&nbsp;NATIONWIDE TRUST COMPANY FSB <br> C/O IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029 <br> COLUMBUS OH 43218-2029 | &nbsp;&nbsp;6.35% |
| &nbsp;&nbsp;Investment Income Builder Fund | &nbsp;&nbsp;Class R5<br> shares | &nbsp;&nbsp;MLPF&S FOR THE SOLE BENEFIT<br> OF ITS CUSTOMERS <br> ATTN FUND ADMINISTRATION 97HP7 <br> 4800 DEER LAKE DR E FL 2<br> JACKSONVILLE FL 32246-6484 | &nbsp;&nbsp;6.31% |
| &nbsp;&nbsp;Investment Income Builder Fund | &nbsp;&nbsp;Class R5<br> shares | &nbsp;&nbsp;NATIONAL FINANCIAL SERVICES LLC<br> 499 WASHINGTON BLVD<br> JERSEY CITY NJ 07310-1995 | &nbsp;&nbsp;6.15% |
| &nbsp;&nbsp;Investment Income Builder Fund | &nbsp;&nbsp;Class R5<br> shares | &nbsp;&nbsp;MINNESOTA LIFE INSURANCE COMPANY<br> 400 ROBERT STREET NORTH<br> SAINT PAUL MN 55101-2037 | &nbsp;&nbsp;5.71% |

---

**Limited Term U.S. Government Fund**

As of December 31, 2025, the officers and Trustees of Thornburg Investment Trust, as a group, held less than 1% of the Class R3, Class R4, or Class R5 shares of the Fund. As of December 31, 2025, the following persons were known to have held of record or beneficially 5% or more of the Fund's Class R3, Class R4, or Class R5 shares:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**<u>Fund</u>** | &nbsp;&nbsp;**<u>Class of Shares</u>** | &nbsp;&nbsp;**<u>Shareholder</u>** | &nbsp;&nbsp;**% of Total**<br> **<u>Shares of Class</u>** |
| &nbsp;&nbsp;Limited Term U.S. Government Fund | &nbsp;&nbsp;Class R3<br> shares | &nbsp;&nbsp;STATE STREET BANK & TRUST<br> AS TTEE AND/OR CUST<br> FBO ADP ACCESS PRODUCT<br> 1 LINCOLN ST <br> BOSTON MA 02111-2900 | &nbsp;&nbsp;53.59% |
| &nbsp;&nbsp;Limited Term U.S. Government Fund | &nbsp;&nbsp;Class R3<br> shares | &nbsp;&nbsp;RELIANCE TRUST CO<br> FBO MASSMUTUAL VARIOUS NON QUALIFIED R<br> PO BOX 78446<br> ATLANTA GA 30357 | &nbsp;&nbsp;14.60% |
| &nbsp;&nbsp;Limited Term U.S. Government Fund | &nbsp;&nbsp;Class R3<br> shares | &nbsp;&nbsp;MID ATLANTIC TRUST COMPANY<br> FBO GOETZ INC 401(K) PLAN<br> 1251 WATERFRONT PL STE 525<br> PITTSBURGH PA 15222-4228 | &nbsp;&nbsp;8.18% |
| &nbsp;&nbsp;Limited Term U.S. Government Fund | &nbsp;&nbsp;Class R4<br> shares | &nbsp;&nbsp;STATE STREET BANK & TRUST<br> AS TTEE AND/OR CUST<br> FBO ADP ACCESS PRODUCT<br> 1 LINCOLN ST <br> BOSTON MA 02111-2900 | &nbsp;&nbsp;70.81% |
| &nbsp;&nbsp;Limited Term U.S. Government Fund | &nbsp;&nbsp;Class R4<br> Shares | &nbsp;&nbsp;FIIOC<br> FBO SCHOLES DERMATOLOGY PROFIT SHARING PLAN<br> 100 MAGELLAN WAY<br> COVINGTON KY 41015-1987  | &nbsp;&nbsp;17.20% |
| &nbsp;&nbsp;Limited Term U.S. Government Fund | &nbsp;&nbsp;Class R4<br> shares | &nbsp;&nbsp;FIIOC<br> FBO POLY-MED INC 401K<br> 100 MAGELLAN WAY <br> COVINGTON KY 41015-1987 | &nbsp;&nbsp;11.90% |
| &nbsp;&nbsp;Limited Term U.S. Government Fund | &nbsp;&nbsp;Class R5<br> shares | &nbsp;&nbsp;MID ATLANTIC TRUST COMPANY FBO<br> T&R OIL 401(K) PROFIT SHARING PLAN<br> 1251 WATERFRONT PLACE, SUITE 525<br> PITTSBURGH PA 15222-4228 | &nbsp;&nbsp;40.98% |
| &nbsp;&nbsp;Limited Term U.S. Government Fund | &nbsp;&nbsp;Class R5<br> shares | &nbsp;&nbsp;EMPOWER TRUST<br> FBO EMPLOYEE BENEFITS CLIENTS 401K<br> 8515 E ORCHARD RD 2T2<br> GREENWOOD VILLAGE CO 80111-5002  | &nbsp;&nbsp;14.03% |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**<u>Fund</u>** | &nbsp;&nbsp;**<u>Class of Shares</u>** | &nbsp;&nbsp;**<u>Shareholder</u>** | &nbsp;&nbsp;**% of Total**<br> **<u>Shares of Class</u>** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Limited Term U.S. Government Fund | &nbsp;&nbsp;Class R5<br> shares | &nbsp;&nbsp;MATRIX TRUST COMPANY CUST<br> FBO LYNDEX-NIKKEN INC PSP <br> 717 17TH ST STE 1300<br> DENVER CO 80202-3304 | &nbsp;&nbsp;10.98% |
| &nbsp;&nbsp;Limited Term U.S. Government Fund | &nbsp;&nbsp;Class R5<br> shares | &nbsp;&nbsp;MID ATLANTIC TRUST COMPANY<br> FBO HAYWORTH-MILLER FUNERAL HOME 401(K)<br> 1251 WATERFRONT PL STE 525<br> PITTSBURGH PA 15222-4228 | &nbsp;&nbsp;9.04% |
| &nbsp;&nbsp;Limited Term U.S. Government Fund | &nbsp;&nbsp;Class R5<br> shares | &nbsp;&nbsp;MID ATLANTIC TRUST COMPANY<br> FBO AUSDAL FINANCIAL PARTNERS INC 401(K)<br> 1251 WATERFRONT PLACE, SUITE 525PITTSBURGH PA 15222-4228  | &nbsp;&nbsp;5.78% |
| &nbsp;&nbsp;Limited Term U.S. Government Fund | &nbsp;&nbsp;Class R5<br> shares | &nbsp;&nbsp;MID ATLANTIC TRUST COMPANY<br> FBO AI-TEK INSTRUMENTS LLC<br> 401(K) PROFIT<br> 1251 WATERFRONT PLACE, SUITE 525<br> PITTSBURGH PA 15222-4228  | &nbsp;&nbsp;5.41% |

---

**Limited Term Income Fund**

As of December 31, 2025, the officers and Trustees of Thornburg Investment Trust, as a group, as a group, held less than 1% of the Class R3, Class R4, or Class R5 shares of the Fund. As of December 31, 2025, the following persons were known to have held of record or beneficially 5% or more of the Fund's Class R3, Class R4, or Class R5 shares:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**<u>Fund</u>** | &nbsp;&nbsp;**<u>Class of Shares</u>** | &nbsp;&nbsp;**<u>Shareholder</u>** | &nbsp;&nbsp;**% of Total**<br> **<u>Shares of Class</u>** |
| &nbsp;&nbsp;Limited Term Income Fund | &nbsp;&nbsp;Class R3<br> shares | &nbsp;&nbsp;STATE STREET BANK & TRUST<br> AS TTEE AND/OR CUST<br> FBO ADP ACCESS PRODUCT<br> 1 LINCOLN ST <br> BOSTON MA 02111-2900 | &nbsp;&nbsp;20.43% |
| &nbsp;&nbsp;Limited Term Income Fund | &nbsp;&nbsp;Class R3<br> shares | &nbsp;&nbsp;CHARLES SCHWAB & CO INC <br> SPECIAL CUSTODY ACCT FOR EXCLUSIVE BENEFIT OF CUSTOMERS REINVEST ACCT ATTN MUTUAL FUNDS DEPARTMENT <br> 211 MAIN ST <br> SAN FRANCISCO CA 94105-1901 | &nbsp;&nbsp;18.05% |
| &nbsp;&nbsp;Limited Term Income Fund | &nbsp;&nbsp;Class R3<br> shares | &nbsp;&nbsp;INSURANCE COMPANY SEPARATE ACCOUNT<br> AMERICAN UNITED LIFE AUL <br> GROUP RETIREMENT ANNUITY<br> SEPARATE ACCOUNT II<br> PO BOX 368<br> INDIANAPOLIS IN 46206-0368 | &nbsp;&nbsp;16.12% |
| &nbsp;&nbsp;Limited Term Income Fund | &nbsp;&nbsp;Class R3<br> shares | &nbsp;&nbsp;DCGT<br> AS TTEE AND/OR CUST FBO PLIC VARIOUS RETIREMENT PLANS OMNIBUS<br> ATTN NPIO TRADE DESK <br> 711 HIGH ST<br> DES MOINES IA 50392-0001 | &nbsp;&nbsp;7.80% |
| &nbsp;&nbsp;Limited Term Income Fund | &nbsp;&nbsp;Class R4<br> shares | &nbsp;&nbsp;MLPF&S FOR THE SOLE BENEFIT<br> OF ITS CUSTOMERS <br> ATTN FUND ADMINISTRATION 97HP7 <br> 4800 DEER LAKE DR E FL 2<br> JACKSONVILLE FL 32246-6484  | &nbsp;&nbsp;83.45% |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**<u>Fund</u>** | &nbsp;&nbsp;**<u>Class of Shares</u>** | &nbsp;&nbsp;**<u>Shareholder</u>** | &nbsp;&nbsp;**% of Total**<br> **<u>Shares of Class</u>** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Limited Term Income Fund | &nbsp;&nbsp;Class R4<br> Shares | &nbsp;&nbsp;STATE STREET BANK & TRUST<br> AS TTEE AND/OR CUST<br> FBO ADP ACCESS PRODUCT<br> 1 LINCOLN ST <br> BOSTON MA 02111-2900 | &nbsp;&nbsp;6.43% |
| &nbsp;&nbsp;Limited Term Income Fund | &nbsp;&nbsp;Class R5<br> shares | &nbsp;&nbsp;PRINCIPAL TRUST COMPANY <br> FBO ARCTIC SLOPE REG CORP DEF COMP ATTN PLAN TRUSTEE PLAN 11<br> 1013 CENTRE RD<br> WILMINGTON DE 19805-1265  | &nbsp;&nbsp;15.95% |
| &nbsp;&nbsp;Limited Term Income Fund | &nbsp;&nbsp;Class R5<br> shares | &nbsp;&nbsp;INSURANCE COMPANY SEPARATE ACCOUNT<br> AMERICAN UNITED LIFE AUL <br> GROUP RETIREMENT ANNUITY<br> SEPARATE ACCOUNT II<br> PO BOX 368<br> INDIANAPOLIS IN 46206-0368 | &nbsp;&nbsp;15.44% |
| &nbsp;&nbsp;Limited Term Income Fund | &nbsp;&nbsp;Class R5<br> shares | &nbsp;&nbsp;JOHN HANCOCK LIFE INSURANCE COMPANY (USA)<br> ATTN: JHRPS TRADING OPS ST6<br> 200 BERKELEY ST<br> BOSTON MA 02116-5023  | &nbsp;&nbsp;13.48% |
| &nbsp;&nbsp;Limited Term Income Fund | &nbsp;&nbsp;Class R5<br> shares | &nbsp;&nbsp;CHARLES SCHWAB & CO INC <br> SPECIAL CUSTODY ACCT FOR EXCLUSIVE BENEFIT OF CUSTOMERS REINVEST ACCT ATTN MUTUAL FUNDS DEPARTMENT <br> 211 MAIN ST <br> SAN FRANCISCO CA 94105-1901 | &nbsp;&nbsp;9.63% |
| &nbsp;&nbsp;Limited Term Income Fund | &nbsp;&nbsp;Class R5<br> shares | &nbsp;&nbsp;NATIONAL FINANCIAL SERVICES LLC<br> 499 WASHINGTON BLVD<br> JERSEY CITY NJ 07310-1995 | &nbsp;&nbsp;7.33% |

---

**Strategic Income Fund**

As of December 31, 2025, the officers and Trustees of Thornburg Investment Trust, as a group, held less than 1% of the Class R3, Class R4 or Class R5 shares of the Fund. As of December 31, 2025, the following persons were known to have held of record or beneficially 5% or more of the Fund's Class R3, Class R4, or Class R5 shares:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**<u>Fund</u>** | &nbsp;&nbsp;**<u>Class of Shares</u>** | &nbsp;&nbsp;**<u>Shareholder</u>** | &nbsp;&nbsp;**% of Total**<br> **<u>Shares of Class</u>** |
| &nbsp;&nbsp;Strategic Income Fund | &nbsp;&nbsp;Class R3<br> shares | &nbsp;&nbsp;RAYMOND JAMES<br> OMNIBUS FOR MUTUAL FUNDS<br> HOUSE ACCT FIRM 92500015 <br> ATTN COURTNEY WALLER <br> 880 CARILLON PKWY <br> ST PETERSBURG FL 33716-1100 | &nbsp;&nbsp;27.45% |
| &nbsp;&nbsp;Strategic Income Fund | &nbsp;&nbsp;Class R3<br> shares | &nbsp;&nbsp;STATE STREET BANK & TRUST<br> AS TTEE AND/OR CUST<br> FBO ADP ACCESS PRODUCT<br> 1 LINCOLN ST <br> BOSTON MA 02111-2900 | &nbsp;&nbsp;15.76% |
| &nbsp;&nbsp;Strategic Income Fund | &nbsp;&nbsp;Class R3<br> shares | &nbsp;&nbsp;FIIOC<br> FBO KENNETH T WASHKO DDS 401K PLAN <br> 100 MAGELLAN WAY<br> COVINGTON KY 41015-1987  | &nbsp;&nbsp;13.53% |
| &nbsp;&nbsp;Strategic Income Fund | &nbsp;&nbsp;Class R3<br> shares | &nbsp;&nbsp;RELIANCE TRUST COMPANY<br> FBO RETIREMENT PLANS SERVICED BY METLIF<br> C/O FASCORE LLC<br> 8515 E ORCHARD RD # 2T2<br> GREENWOOD VLG CO 80111-5002  | &nbsp;&nbsp;12.86% |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**<u>Fund</u>** | &nbsp;&nbsp;**<u>Class of Shares</u>** | &nbsp;&nbsp;**<u>Shareholder</u>** | &nbsp;&nbsp;**% of Total**<br> **<u>Shares of Class</u>** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Strategic Income Fund | &nbsp;&nbsp;Class R3<br> shares | &nbsp;&nbsp;MATRIX TRUST COMPANY<br> CUST FBO MCCRORY & WILLIAMS INC<br> 717 17TH ST STE 1300<br> DENVER CO 80202-3304 | &nbsp;&nbsp;7.75% |
| &nbsp;&nbsp;Strategic Income Fund | &nbsp;&nbsp;Class R3<br> shares | &nbsp;&nbsp;MID ATLANTIC TRUST COMPANY<br> FBO BONETTI KOZERSKI ARCHITECTURE D.P.C<br> 1251 WATERFRONT PLACE, SUITE 525<br> PITTSBURGH PA 15222-4228  | &nbsp;&nbsp;5.97% |
| &nbsp;&nbsp;Strategic Income Fund | &nbsp;&nbsp;Class R3<br> shares | &nbsp;&nbsp;MATRIX TRUST COMPANY<br> AS AGENT FOR ADVISOR TRUST INC<br> GRAND RAPIDS ISD 318 403(B) PLAN<br> 717 17TH ST STE 1300 <br> DENVER CO 80202-3304 | &nbsp;&nbsp;5.63% |
| &nbsp;&nbsp;Strategic Income Fund | &nbsp;&nbsp;Class R3<br> Shares | &nbsp;&nbsp;MORGAN STANLEY SMITH BARNEY LLC<br> FOR THE EXCLUSIVE BENE OF ITS CUST <br> 1 NEW YORK PLZ FL 12<br> NEW YORK NY 10004-1965 | &nbsp;&nbsp;5.11% |
| &nbsp;&nbsp;Strategic Income Fund | &nbsp;&nbsp;Class R4<br> shares | &nbsp;&nbsp;MICHAEL KAMINSKI TTEE<br> VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY 401(K) PLAN<br> 1 ORANGE WAY<br> WINDSOR CT 06095-4773  | &nbsp;&nbsp;24.20% |
| &nbsp;&nbsp;Strategic Income Fund | &nbsp;&nbsp;Class R4<br> shares | &nbsp;&nbsp;ASCENSUS TRUST COMPANY<br> FBO MULTIMARINE SERVICES, INC. 401(K)<br> PLAN 590573<br> PO BOX 10577 FARGO ND 58106-0577  | &nbsp;&nbsp;24.48% |
| &nbsp;&nbsp;Strategic Income Fund | &nbsp;&nbsp;Class R4<br> shares | &nbsp;&nbsp;ASCENSUS TRUST COMPANY<br> FBO T & B SPORTS EMPLOYEE PROFIT SHARING 217375<br> PO BOX 10758<br> FARGO ND 58106-0758  | &nbsp;&nbsp;16.57% |
| &nbsp;&nbsp;Strategic Income Fund | &nbsp;&nbsp;Class R4<br> shares | &nbsp;&nbsp;FIIOC<br> FBO DELPHINUS ENGINEERING, INC. 401(K) PROFIT SHARING PLAN<br> 100 MAGELLAN WAY # KW1C<br> COVINGTON KY 41015-1987  | &nbsp;&nbsp;9.57% |
| &nbsp;&nbsp;Strategic Income Fund | &nbsp;&nbsp;Class R4<br> shares | &nbsp;&nbsp;STATE STREET BANK & TRUST<br> AS TTEE AND/OR CUST<br> FBO ADP ACCESS PRODUCT<br> 1 LINCOLN ST <br> BOSTON MA 02111-2900 | &nbsp;&nbsp;8.38% |
| &nbsp;&nbsp;Strategic Income Fund | &nbsp;&nbsp;Class R4<br> shares | &nbsp;&nbsp;MATRIX TRUST COMPANY<br> CUST FBO T E M GROUP INC<br> 717 17TH ST STE 1300<br> DENVER CO 80202-3304 | &nbsp;&nbsp;7.15% |
| &nbsp;&nbsp;Strategic Income Fund | &nbsp;&nbsp;Class R4<br> shares | &nbsp;&nbsp;MLPF&S FOR THE SOLE BENEFIT<br> OF ITS CUSTOMERS <br> ATTN FUND ADMINISTRATION 97HP7 <br> 4800 DEER LAKE DR E FL 2<br> JACKSONVILLE FL 32246-6484  | &nbsp;&nbsp;5.34% |
| &nbsp;&nbsp;Strategic Income Fund | &nbsp;&nbsp;Class R5<br> shares | &nbsp;&nbsp;MINNESOTA LIFE INSURANCE COMPANY<br> 400 ROBERT ST N STE A<br> SAINT PAUL MN 55101-2099  | &nbsp;&nbsp;79.20% |

---

**NET ASSET VALUE**

Each Fund will calculate its net asset value as of 4:00 p.m. Eastern Time on days when the New York Stock Exchange is open for trading, and more frequently if deemed desirable by the Fund. Net asset value will not be calculated on New Year's Day, Washington's Birthday (on the third Monday in February), Good Friday, Memorial Day (on the last Monday in May), Juneteenth, Independence Day, Labor Day, Thanksgiving Day, Christmas Day, on the preceding Friday if any of the foregoing holidays falls on a Saturday, and on the following Monday if any of the foregoing holidays falls on a Sunday. Under the 1940 Act, net asset value must be computed at least once daily on each day (i) in which there is a sufficient degree of trading in a Fund's portfolio securities that the current net asset value of its shares might be materially affected by changes in the value of such securities and (ii) on which an order for purchase or redemption of its shares is received.

**DISTRIBUTOR**

Pursuant to a Distribution Agreement with Thornburg Investment Trust, Thornburg Securities LLC ("TSL") acts as principal underwriter of each of the Funds. The Funds do not bear selling expenses except (i) those involved in registering its shares with the Securities and Exchange Commission and qualifying them or the Fund with state regulatory authorities, and (ii) expenses paid under the Service Plans and Distribution Plans which might be considered selling expenses. Terms of continuation, termination and assignment under the Distribution Agreement are identical to those described above with regard to the Investment Advisory Agreements, except that termination other than upon assignment requires six months' notice.

Garrett Thornburg, Chairman and Trustee of Thornburg Investment Trust, is also director and controlling stockholder of TSL.

**ADDITIONAL INFORMATION RESPECTING PURCHASE AND REDEMPTION OF SHARES**

Shares of the Funds are qualified for sale under the laws of every state or territory of the United States.

Redemption proceeds are normally paid in cash. Each Fund generally expects to meet redemption requests out of its holdings of cash, or by selling portfolio investments to generate cash to meet those requests. If considered appropriate by Thornburg, and subject to terms and conditions approved by the Trustees, a Fund may pay redemption proceeds in portfolio securities rather than cash.

The Funds have elected to pay in cash all requests for redemption by any shareholder. They may, however, limit such cash in respect to each shareholder during any 90-day period to the lesser of $250,000 or 1% of the net asset value of a Fund at the beginning of such period. This election has been made pursuant to Rule 18f-1 under the 1940 Act and is irrevocable while the Rule is in effect unless the Securities and Exchange Commission, by order, permits its withdrawal. If a Fund redeems shares by distributing portfolio securities, the shareholder would be subject to the risk of a subsequent adverse change in the market value of those securities, the brokerage and related costs of selling the securities, and the possibility that there is not a liquid market for some or all of the distributed securities.

**BUSINESS CONTINUITY PLAN**

Thornburg and TSL have each adopted a business continuity plan that seeks to anticipate significant business disruptions to its operations, including disruptions to the securities markets due to terrorist attack. In accordance with this plan, Thornburg and TSL have each identified and made provision to recover all the critical systems required to protect its customers in the event of a significant business disruption.

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

PricewaterhouseCoopers LLP, whose principal business address is 300 Madison Avenue, New York, New York 10017, is the independent registered public accounting firm for the Funds.

**FINANCIAL STATEMENTS**

Additional information about each Fund's investments is available in the Fund's annual and semi-annual reports to shareholders and in [Form N-CSR](https://www.sec.gov/ix?doc=/Archives/edgar/data/816153/000199937125019191/tbit-ncsr_093025.htm). In each Fund's annual report, you will find a discussion of the market conditions and strategies that significantly affected the Fund's performance during its last fiscal year. In Form N-CSR, you will find the Fund's audited financial statements for its initial annual period. The audited financial statements and accompanying independent registered public accounting firm's report for Thornburg Small/Mid Cap Core Fund and Thornburg Small/Mid Cap Growth Fund for the fiscal year ended September 30, 2025, as filed on Form N-CSR, are incorporated by reference.

**PART C**

**OTHER INFORMATION**

Item 28. <u>Exhibits</u>

(a) (1) Limited Term Trust, Agreement and Declaration of Trust, June 3, 1987, incorporated by reference from Registrant's Registration
Statement on Form N-1A, filed June 12, 1987.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) First Amendment and Supplement to Agreement and Declaration of Trust, August 11, 1987, incorporated
by reference from Registrant's pre-effective amendment no. 1 to its Registration Statement on Form N-1A, filed October 28,
1987. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Second Amendment and Supplement to Agreement and Declaration of Trust, October 28, 1987, incorporated
by reference from Registrant's post-effective amendment no. 1 to its Registration Statement on Form N-1A, filed March 3,
1988. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Third, Fourth, Fifth, Sixth and Seventh Amendments to Agreement and Declaration of Trust, incorporated
by reference from Registrant's post-effective amendment no. 13 to its Registration Statement on Form N-1A, filed December
3, 1993.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Amended and Restated Designation of Series, incorporated by reference from Registrant's post-effective
amendment no. 17 to its Registration Statement on Form N-1A, filed July 27, 1994.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Ninth Amendment and Supplement to Agreement and Declaration of Trust, incorporated by reference
from Registrant's post-effective amendment no. 20 to its Registration Statement on Form N-1A, filed on July 5, 1995.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Corrected Tenth Amendment and Supplement to Agreement and Declaration of Trust, incorporated by
reference from Registrant's post-effective amendment no. 22 to its Registration Statement on Form N-1A, filed October 2,
1995. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) [First Supplement to Amended and Restated Designation of Series, incorporated by reference from Registrant's post-effective amendment no. 26 to its Registration Statement on Form N-1A, filed May 6, 1996.](http://www.sec.gov/Archives/edgar/data/816153/0000816153-96-000009.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) [Eleventh and Twelfth Amendments and Supplements to Agreement and Declaration of Trust, incorporated by reference from Registrant's post-effective amendment no. 29 to its Registration Statement on Form N-1A, filed March 14, 1997.](http://www.sec.gov/Archives/edgar/data/816153/0000816153-97-000003.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) [Thirteenth Amendment and Supplement to Agreement and Declaration of Trust, incorporated by reference from Registrant's post-effective amendment no. 33 to its Registration Statement on Form N-1A, filed March 10, 1998.](http://www.sec.gov/Archives/edgar/data/816153/0000816153-98-000009.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) [Fourteenth Amendment and Supplement to Agreement and Declaration of Trust, incorporated by reference from Registrant's post-effective amendment no. 43 to its Registration Statement on Form N-1A, filed October 13, 2000](http://www.sec.gov/Archives/edgar/data/816153/000081615300000101/0000816153-00-000101-0001.txt) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) [Fifteenth Amendment and Supplement to Agreement and Declaration of Trust, incorporated by reference from Registrant's post-effective amendment no. 44 to its Registration Statement on Form N-1A, filed January 29, 2001](http://www.sec.gov/Archives/edgar/data/816153/000081615301500006/titreg.txt) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) [Sixteenth and Seventeenth Amendments and Supplements to Agreement and Declaration of Trust, incorporated by reference from Registrant's post-effective amendment no. 51 to its Registration Statement on Form N-1A, filed October 17, 2002.](http://www.sec.gov/Archives/edgar/data/816153/000081615302000043/titapos.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) [Second Supplement to Amended and Restated Designation of Series (as corrected), incorporated by reference from Registrant's post-effective amendment no. 54 to its Registration Statement on Form N-1A, filed on June 27, 2003.](http://www.sec.gov/Archives/edgar/data/816153/000081615303000040/tit485bposii.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) [Eighteenth Amendment and Supplement to Agreement and Declaration of Trust, incorporated by reference from Registrant's post-effective amendment No. 5 to its Registration Statement on Form N-1A, filed on December 31, 2003.](http://www.sec.gov/Archives/edgar/data/816153/000081615303000066/tit485apos.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) [Nineteenth Amendment and Supplement to Agreement and Declaration of Trust, incorporated by reference from Registrant's post-effective amendment No. 64 to its Registration Statement on Form N-1A, filed on May 12, 2006.](http://www.sec.gov/Archives/edgar/data/816153/000081615306000075/globopps.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) [Third Supplement to Amended and Restated Designation of Series, incorporated by reference from Registrant's post-effective amendment no. 64 to its Registration Statement on Form N-1A, filed on May 12, 2006.](http://www.sec.gov/Archives/edgar/data/816153/000081615306000075/globopps.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) [Twentieth Amendment and Supplement to Agreement and Declaration of Trust, incorporated by reference from Registrant's post-effective amendment no. 119 to its Registration Statement on Form N-1A, filed on January 30, 2018.](http://www.sec.gov/Archives/edgar/data/816153/000138713118000320/ex99-a18.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) [Fourth Supplement to Amended and Restated Designation of Series, incorporated by reference from Registrant's post-effective amendment no. 66 to its Registration Statement on Form N-1A, filed on January 24, 2007.](http://www.sec.gov/Archives/edgar/data/816153/000081615307000005/pos.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) [Twenty-First Amendment and Supplement to Agreement and Declaration of Trust, incorporated by reference from Registrant's post-effective amendment no. 119 to its Registration Statement on Form N-1A, filed on January 30, 2018.](http://www.sec.gov/Archives/edgar/data/816153/000138713118000320/ex99-a20.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21) [Twenty-Second Amendment and Supplement to Agreement and Declaration of Trust, incorporated by reference from Registrant's post-effective amendment no. 70 to its Registration Statement on Form N-1A, filed on November 26, 2008.](http://www.sec.gov/Archives/edgar/data/816153/000081615308000025/reg.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22) [Twenty-Third Amendment and Supplement to Agreement and Declaration of Trust, incorporated by reference from Registrant's post-effective amendment no. 119 to its Registration Statement on Form N-1A, filed on January 30, 2018.](http://www.sec.gov/Archives/edgar/data/816153/000138713118000320/ex99-a22.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23) [Twenty-Fourth Amendment and Supplement to Agreement and Declaration of Trust, incorporated by reference from Registrant's post-effective amendment no. 73 to its Registration Statement on Form N-1A, filed on October 2, 2009.](http://www.sec.gov/Archives/edgar/data/816153/000081615309000024/txt.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24) [Twenty-Fifth Amendment and Supplement to Agreement and Declaration of Trust, incorporated by reference from Registrant's post-effective amendment no. 88 to its Registration Statement on Form N-1A, filed on October 15, 2013.](http://www.sec.gov/Archives/edgar/data/816153/000119312513399200/d607009dex99a24.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25) [Twenty-Sixth Amendment and Supplement to Agreement and Declaration of Trust, incorporated by reference from Registrant's post-effective amendment no. 90 to its Registration Statement on Form N-1A, filed on December 26, 2013.](http://www.sec.gov/Archives/edgar/data/816153/000119312513484481/d607009dex99a25.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26) [Twenty-Seventh Amendment and Supplement to Agreement and Declaration of Trust, incorporated by reference from Registrant's post-effective amendment no. 95 to its Registration Statement on Form N-1A, filed January 29, 2015.](http://www.sec.gov/Archives/edgar/data/816153/000119312515026867/d819451dex99a26.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27) [Twenty-Eighth Amendment and Supplement to Agreement and Declaration of Trust, incorporated by reference from Registrant's post-effective amendment no. 99 to its Registration Statement on Form N-1A, filed July 15, 2015.](http://www.sec.gov/Archives/edgar/data/816153/000119312515253572/d942089dex99a27.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28) [Twenty-Ninth Amendment and Supplement to Agreement and Declaration of Trust, incorporated by reference from Registrant's post-effective amendment no. 119 to its Registration Statement on Form N-1A, filed on January 30, 2018.](http://www.sec.gov/Archives/edgar/data/816153/000138713118000320/ex99-a28.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29) [Thirtieth Amendment and Supplement to Agreement and Declaration of Trust, incorporated by reference from Registrant's post-effective amendment no. 119 to its Registration Statement on Form N-1A, filed on January 30, 2018.](http://www.sec.gov/Archives/edgar/data/816153/000138713118000320/ex99-a29.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30) [Thirty-First Amendment and Supplement to Agreement and Declaration of Trust, incorporated by reference from Registrant's post-effective amendment no. 105 to its Registration Statemenet on Form N-1A, filed October 14, 2016.](http://www.sec.gov/Archives/edgar/data/816153/000119312516738455/d254854dex99a30.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31) [Thirty-Second Amendment and Supplement to Agreement and Declaration of Trust, incorporated by reference from Registrant's post-effective amendment no. 124 to its Registration Statement on Form N-1A, filed on December 14, 2018.](http://www.sec.gov/Archives/edgar/data/816153/000138713118006761/ex99-a31.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32) [Thirty-Third Amendment and Supplement to Agreement and Declaration of Trust, incorporated by reference from Registrant's post-effective amendment no. 124 to its Registration Statement on Form N-1A, filed on December 14, 2018.](http://www.sec.gov/Archives/edgar/data/816153/000138713119002093/ex99-a32.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33) [Thirty-Fourth Amendment and Supplement to Agreement and Declaration of Trust, incorporated by reference from Registrant's post-effective amendment no. 130 to its Registration Statement on Form N-1A, filed on November 29, 2019.](http://www.sec.gov/Archives/edgar/data/816153/000138713119009260/ex99-a33.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34) [Thirty-Fifth Amendment and Supplement to Agreement and Declaration of Trust, incorporated by reference from Registrant's post-effective amendment no. 133 to its Registration Statement on Form N-1A, filed on July 31, 2020](http://www.sec.gov/Archives/edgar/data/816153/000138713120006911/ex99-a34.htm) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35) [Seventh Supplement to Amended and Restated Designation of Series, incorporated by reference from Registrant's post-effective amendment no. 135 to its Registration Statement on Form N-1A, filed on September 29, 2020](http://www.sec.gov/Archives/edgar/data/816153/000138713120008564/ex99-a35.htm) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36) [Thirty-Sixth Amendment and Supplement to Agreement and Declaration of Trust, incorporated by reference from Registrant's post-effective amendment no. 136 to its Registration Statement on Form N-1A, filed on October 19, 2020](http://www.sec.gov/Archives/edgar/data/816153/000138713120009076/ex99-a36.htm) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37) [Thirty-Seventh Amendment and Supplement to Agreement and Declaration of Trust, incorporated by reference from Registrant's post-effective amendment no. 135 to its Registration Statement on Form N-1A, filed on September 29, 2020](http://www.sec.gov/Archives/edgar/data/816153/000138713120008564/ex99-a36.htm) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38) [Thirty-Eighth Amendment and Supplement to Agreement and Declaration of Trust, incorporated by reference from Registrant's post-effective amendment no. 140 to its Registration Statement on Form N-1A, filed December 17, 2020.](http://www.sec.gov/Archives/edgar/data/816153/000138713120011218/ex99-a38.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39) [Thirty-Ninth Amendment and Supplement to Agreement and Declaration of Trust, incorporated by reference from Registrant's post-effective amendment no. 149 to its Registration Statement on Form N-1A, filed March 31, 2023](http://www.sec.gov/Archives/edgar/data/816153/000138713123004305/ex99-a39.htm) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40) [Fortieth Amendment and Supplement to Agreement and Declaration of Trust, incorporated by reference from Registrant's post-effective amendment no. 151 to its Registration Statement on Form N-1A, filed September 29, 2023](http://www.sec.gov/Archives/edgar/data/816153/000138713123011810/ex99-a40.htm) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41) [Forty-First Amendment and Supplement to Agreement and Declaration of Trust, incorporated by reference from Registrant's post-effective amendment no. 156 to its Registration Statement on Form N-1A, filed January 10, 2025](http://www.sec.gov/Archives/edgar/data/816153/000183988225001533/ex99-a41.htm) .

(b) [By-laws of Thornburg Investment Trust (December 12, 2023), incorporated by reference from Registrant's post-effective amendment no. 153 to its Registration Statement on Form N-1A, filed on January 29, 2024](http://www.sec.gov/Archives/edgar/data/816153/000199937124001120/ex-99b.htm) .

(c) None.

(d) (1) [Third Amended and Restated Investment Advisory Agreement, incorporated by reference from Registrant's post-effective amendment no. 155 to its Registration Statement on Form N-1A, filed November 29, 2024.](http://www.sec.gov/Archives/edgar/data/816153/000183988224042404/ex99-d1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [First Amendment and Supplement to Third Amended and Restated Investment Advisory Agreement, incorporated by reference from Registrant's post-effective amendment no. 158 to its Registration Statement on Form N-1A, filed March 25, 2025.](http://www.sec.gov/Archives/edgar/data/816153/000199937125003097/ex99-d2.htm)

(e) (1) [Second Restated Distribution Agreement, incorporated by reference from Registrant's post-effective amendment no. 107 to its Registration Statement on Form N-1A, filed December 28, 2016.](http://www.sec.gov/Archives/edgar/data/816153/000119312516805434/d315616dex99e.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [Second Supplement and Amendment to Second Restated Distribution Agreement, incorporated by reference from Registrant's post-effective amendment no. 128 to its Registration Statement on Form N-1A, filed February 28, 2019.](http://www.sec.gov/Archives/edgar/data/816153/000138713119001586/ex99-e2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) [Third Supplement and Amendment to Second Restated Distribution Agreement, incorporated by reference from Registrants's post-effective amendment no. 149 to its Registration Statement on Form N-1A, filed March 31, 2023](http://www.sec.gov/Archives/edgar/data/816153/000138713123004305/ex99-e3.htm) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) [Fourth Supplement and Amendment to Second Restated Distribution Agreement, incorporated by reference from Registrant's post-effective amendment no. 151 to its Registration Statement on Form N-1A, filed September 29, 2023](http://www.sec.gov/Archives/edgar/data/816153/000138713123011810/ex99-e4.htm) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) [Fifth Supplement and Amendment to Second Restated Distribution Agreement, incorporated by reference from Registrant's post-effective amendment no. 158 to its Registration Statement on Form N-1A, filed March 25, 2025.](http://www.sec.gov/Archives/edgar/data/816153/000199937125003097/ex99-e5.htm)

(f) None.

(g) (1) [Master Custodian Agreement between Registrant and State Street Bank and Trust Company, incorporated by reference from Registrant's post-effective amendment no. 122 to its Registration Statement on Form N-1A, filed June 13, 2018.](http://www.sec.gov/Archives/edgar/data/816153/000138713118002678/ex99-g.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [First Amendment to Master Custodian Agreement between Registrant and State Street Bank and Trust Company, incorporated by reference from Registrant's post-effective amendment no. 153 to its Registration Statement on Form N-1A, filed on January 29, 2024](http://www.sec.gov/Archives/edgar/data/816153/000199937124001120/ex-99g2.htm) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) [Second Amendment to Master Custodian Agreement between Registrant and State Street Bank and Trust Company, incorporated by reference from Registrant's post-effective amendment no. 143 to its Registration Statement on Form N-1A, filed on January 28, 2021](http://www.sec.gov/Archives/edgar/data/816153/000138713121001381/ex99-g2.htm) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) [Third Amendment to Master Custodian Agreement between Registrant and State Street Bank and Trust Company, incorporated by reference from Registrant's post-effective amendment no. 153 to its Registration Statement on Form N-1A, filed on January 29, 2024](http://www.sec.gov/Archives/edgar/data/816153/000199937124001120/ex-99g4.htm) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) [Amendment to Master Custodian Agreement Fee Schedule between Registrant and State Street Bank and Trust Company, incorporated by reference from Registrant's post-effective amendment no. 143 to its Registration Statement on Form N-1A, filed on January 28, 2021.](http://www.sec.gov/Archives/edgar/data/816153/000138713121001381/ex99-g3.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) [Fourth Amendment to Master Custodian Agreement between Registrant and State Street Bank and Trust Company, incorporated by reference from Registrant's post-effective amendment no. 158 to its Registration Statement on Form N-1A, filed March 25, 2025.](http://www.sec.gov/Archives/edgar/data/816153/000199937125003097/ex99-g6.htm)

(h) (1) Form of Transfer Agency Agreement between Registrant and State Street Bank and Trust Company, incorporated by reference from Registrant's
post-effective amendment no. 1 to its Registration Statement on Form N-1A as filed on October 28, 1987.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [Amendment to Transfer Agency Agreement between Registrant and SS&C GIDS, Inc., incorporated by reference from Registrant's post-effective amendment no. 157 to its Registration Statement on Form N-1A, filed January 28, 2025.](http://www.sec.gov/Archives/edgar/data/816153/000138713120000589/ex99-h2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) [Amendment to Transfer Agency Agreement between Registrant and SS&C GIDS, Inc., dated December 30, 2025](ex99-h3.htm) , filed herewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Form of Subscription to Shares by Thornburg Management Company, Inc., incorporated by reference
from Registrant's post-effective amendment No. 10 to its Registration Statement on Form N-1A as filed on July 23, 1992.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) [Fourth Restated Administrative Services Agreement between Registrant and Thornburg Investment Management, Inc., incorporated by reference from Registrant's post-effective amendment no. 151 to its Registration Statement on Form N-1A, filed September 29, 2023](http://www.sec.gov/Archives/edgar/data/816153/000138713123011810/ex99-h4.htm) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) [First Amendment and Supplement to Fourth Restated Administrative Services Agreement between Registrant and Thornburg Investment Management, Inc., incorporated by reference from Registrant's post-effective amendment no. 158 to its Registration Statement on Form N-1A, filed March 25, 2025.](http://www.sec.gov/Archives/edgar/data/816153/000199937125003097/ex99-h5.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) [Second Amendment and Supplement to Fourth Restated Administrative Services Agreement between Registrant and Thornburg Investment Management, Inc., incorporated by reference from Registrant's post-effective amendment no. 158 to its Registration Statement on Form N-1A, filed March 25, 2025.](http://www.sec.gov/Archives/edgar/data/816153/000199937125003097/ex99-h6.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) [Fund Accounting and Support Services Agreement between Registrant and State Street Bank and Trust Company, incorporated by reference from Registrant's post-effective amendment no. 122 to its Registration Statement on Form N-1A, filed June 13, 2018 .](http://www.sec.gov/Archives/edgar/data/816153/000138713118002678/ex99-h7.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) [Amendment to Fund Accounting and Support Services Agreement between Registrant and State Street Bank and Trust Company, incorporated by reference from Registrant's post-effective amendment no. 143 to its Registration Statement on Form N-1A, filed on January 28, 2021.](http://www.sec.gov/Archives/edgar/data/816153/000138713121001381/ex99-h8.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) [Amendment to Fund Accounting and Support Services Agreement between Registrant and State Street Bank and Trust Company, incorporated by reference from Registrant's post-effective amendment no. 146 to its Registration Statement on Form N-1A, filed on November 29, 2022.](http://www.sec.gov/Archives/edgar/data/816153/000138713122011956/ex99-h9.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) [Third Amendment to Fund Accounting and Support Services Agreement between Registrant and State Street Bank and Trust Company, incorporated by reference from Registrant's post-effective amendment no. 153 to its Registration Statement on Form N-1A, filed on January 29, 2024](http://www.sec.gov/Archives/edgar/data/816153/000199937124001120/ex-99h8.htm) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) [Amendment to Fee Schedule for Fund Accounting and Support Services Agreement between Registrant and State Street Bank and Trust Company, incorporated by reference from Registrant's post-effective amendment no. 146 to its Registration Statement on Form N-1A, filed on November 29, 2022.](http://www.sec.gov/Archives/edgar/data/816153/000138713122011956/ex99-h10.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) [Fourth Amendment to Fund Account and Support Services Agreement between Registrant and State Street Bank and Trust Company, incorporated by reference from Registrant's post-effective amendment no. 158 to its Registration Statement on Form N-1A, filed March 25, 2025.](http://www.sec.gov/Archives/edgar/data/816153/000199937125003097/ex99-h12.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) [Agreement to Waive Fees and Reimburse Expenses among Thornburg Investment Management, Inc. and Thornburg Investment Trust](ex99-h14.htm) , filed herewith.

(i) (1) [Opinion of counsel as to legality of new shares, incorporated by reference from Registrant's post-effective amendment no. 65 to its Registration Statement on Form N-1A, filed on November 16, 2006.](http://www.sec.gov/Archives/edgar/data/816153/000081615306000107/pos.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [Opinion of counsel as to legality of new shares of Thornburg Capital Management Fund, incorproated by reference from Registrant's post-effective amendment no. 102 to its Registration Statement on Form N-1A, filed on July 31, 2015.](http://www.sec.gov/Archives/edgar/data/816153/000119312515272350/d26971dex99j2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) [Opinion of counsel as to legality of new shares of Thornburg Long/Short Equity Fund, incorproated by reference from Registrant's post-effective amendment no. 105 to its Registration Statement on Form N-1A, filed on October 14, 2016, in which the opinion of counsel was identified as Exhibit (j)(2).](http://www.sec.gov/Archives/edgar/data/816153/000119312516738455/d254854dex99j2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) [Opinion of counsel as to legality of new shares of Thornburg Summit Fund, incorporated by reference from Registrant's post-effective amendment no. 124 to its Registration Statement on Form N-1A, filed on December 14, 2018.](http://www.sec.gov/Archives/edgar/data/816153/000138713118006761/ex99-i4.htm)

(j) [Consent of independent registered public accounting firm](ex99-j.htm) ,
filed herewith.

(k) None.

(l) None.

(m) (1) [Second Restated Plan of Distribution Pursuant to Rule 12b-1 (Second Restated Service Plan), incorporated by reference from Registrant's post-effective amendment no. 107 to its Registration Statement on Form N-1A, filed December 28, 2016.](http://www.sec.gov/Archives/edgar/data/816153/000119312516805434/d315616dex99m1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [Second Supplement to Second Restated Plan of Distribution Pursuant to Rule 12b-1 (Second Restated Service Plan), incorporated by reference from Registrant's post-effective amendment no. 128 to its Registration Statement on Form N-1A, filed February 28, 2019.](http://www.sec.gov/Archives/edgar/data/816153/000138713119001586/ex99-e2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) [Third Supplement to Second Restated Plan of Distribution Pursuant to Rule 12b-1 (Second Restated Service Plan), incorporated by reference from Registrant's post-effective amendment no. 135 to its Registration Statement on Form N-1A, filed on September 29, 2020](http://www.sec.gov/Archives/edgar/data/816153/000138713120008564/ex99-m3.htm) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) [Fourth Supplement to Second Restated Plan of Distribution Pursuant to Rule 12b-1 (Second Restated Service Plan), incorporated by reference from Registrant's post-effective amendment no. 151 to its Registration Statement on Form N-1A, filed September 29, 2023](http://www.sec.gov/Archives/edgar/data/816153/000138713123011810/ex99-m4.htm) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) [Second Restated Plan of Distribution Pursuant to Rule 12b-1 (Second Restated Distribution Plan), incorporated by reference from Registrant's post-effective amendment no. 107 to its Registration Statement on Form N-1A, filed December 28, 2016.](http://www.sec.gov/Archives/edgar/data/816153/000119312516805434/d315616dex99m2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) [First Supplement to Second Restated Plan of Distribution Pursuant to Rule 12b-1 (Second Restated Distribution Plan), incorporated by reference from Registrant's post-effective amendment no. 135 to its Registration Statement on Form N-1A, filed on September 29, 2020](http://www.sec.gov/Archives/edgar/data/816153/000138713120008564/ex99-m5.htm) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) [Second Supplement to Second Restated Plan of Distribution Pursuant to Rule 12b-1 (Second Restated Distribution Plan), incorporated by reference from Registrant's post-effective amendment no. 151 to its Registration Statement on Form N-1A, filed September 29, 2023](http://www.sec.gov/Archives/edgar/data/816153/000138713123011810/ex99-m7.htm) .

(n) [Thornburg Investment Trust Amended and Restated Plan for Multiple Class Distribution, incorporated by reference from Registrant's post-effective amendment no. 158 to its Registration Statement on Form N-1A, filed March 25, 2025.](http://www.sec.gov/Archives/edgar/data/816153/000199937125003097/ex99-n.htm)

(o) Reserved

(p) (1) [Personal Securities Transactions Policy of Thornburg Investment Management, Inc., Thornburg Investment Trust, Thornburg ETF Trust, and Thornburg Securities LLC, incorporated by reference from Registrant's post-effective amendment no. 158 to its Registration Statement on Form N-1A, filed March 25, 2025.](http://www.sec.gov/Archives/edgar/data/816153/000199937125003097/ex99-p1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [Thornburg Investment Trust and Thornburg ETF Trust Code of Business Conduct and Ethics, incorporated by reference from Registrant's post-effective amendment no. 158 to its Registration Statement on Form N-1A, filed March 25, 2025.](http://www.sec.gov/Archives/edgar/data/816153/000199937125003097/ex99-p2.htm)

(q) (1) [Power of Attorney of Brian J. McMahon, incorporated by reference from Registrant's post-effective amendment no. 146 to its Registration Statement on Form N-1A, filed on November 29, 2022.](http://www.sec.gov/Archives/edgar/data/816153/000138713122011956/ex99-q2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [Power of Attorney of Garrett Thornburg, incorporated by reference from Registrant's post-effective amendment no. 146 to its Registration Statement on Form N-1A, filed on November 29, 2022.](http://www.sec.gov/Archives/edgar/data/816153/000138713122011956/ex99-q3.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) [Power of Attorney of Owen D. Van Essen, incorporated by reference from Registrant's post-effective amendment no. 146 to its Registration Statement on Form N-1A, filed on November 29, 2022.](http://www.sec.gov/Archives/edgar/data/816153/000138713122011956/ex99-q4.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) [Power of Attorney of James W. Weyhrauch, incorporated by reference from Registrant's post-effective amendment no. 146 to its Registration Statement on Form N-1A, filed on November 29, 2022.](http://www.sec.gov/Archives/edgar/data/816153/000138713122011956/ex99-q5.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) [Power of Attorney of Sally Corning, incorporated by reference from Registrant's post-effective amendment no. 146 to its Registration Statement on Form N-1A, filed on November 29, 2022.](http://www.sec.gov/Archives/edgar/data/816153/000138713122011956/ex99-q6.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) [Power of Attorney of David L. Gardner, incorporated by reference from Registrant's post-effective amendment no. 146 to its Registration Statement on Form N-1A, filed on November 29, 2022.](http://www.sec.gov/Archives/edgar/data/816153/000138713122011956/ex99-q8.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) [Power of Attorney of Nimish Bhatt, incorporated by reference from Registrant's post-effective amendment no. 146 to its Registration Statement on Form N-1A, filed on November 29, 2022](http://www.sec.gov/Archives/edgar/data/816153/000138713122011956/ex99-q9.htm) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) [Power of Attorney of Patrick J. Talamantes, incorporated by reference from Registrant's post-effective amendment no. 146 to its Registration Statement on Form N-1A, filed on November 29, 2022](http://www.sec.gov/Archives/edgar/data/816153/000138713122011956/ex99-q10.htm) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) [Power of Attorney of Curtis Holloway, incorporated by reference from Registrant's post-effective amendment no. 151 to its Registration Statement on Form N-1A, filed September 29, 2023](http://www.sec.gov/Archives/edgar/data/816153/000138713123011810/ex99-q10.htm) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) [Power of Attorney of Lisa Black, incorporated by reference from Registrant's post-effective amendment no. 152 to its Registration Statement on Form N-1A, filed November 29, 2023](http://www.sec.gov/Archives/edgar/data/816153/000199937123000642/ex99-q11.htm) .

Item 29. <u>Persons Controlled By or Under Common Control With Registrant.</u>

Not applicable.

Item 30. <u>Indemnification.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp; Section 10.2 of Thornburg Investment Trust's Agreement and Declaration of Trust generally provides that each of the Trust's officers and Trustees will be indemnified by the Trust against liability and expenses in connection with his having been a Trustee or officer unless it is determined that the individual is liable by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his office, or if the individual did not act in good faith in the reasonable belief that the action was in the Trust's best interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp; Section 8 of the Trust's Second Restated Distribution Agreement generally provides that the Trust will indemnify Thornburg Securities LLC (formerly known as Thornburg Securities Corporation prior to its 2023 reorganization into Thornburg Securities LLC) ("TSL"), its officers and directors, and its controlling persons against liabilities and expenses incurred because of any alleged untrue statement of material fact contained in the Registration Statement, Prospectus or annual or interim reports to shareholders, or any alleged omission to state a material fact required to be stated therein, or necessary to make the statements therein, not misleading, except where (i) the untrue statement or omission arises from information furnished by TSL, or (ii) to the extent the prospective indemnitee is an officer, trustee or controlling person of the Trust, the indemnification is against public policy as expressed in the 1933 Act, or (iii) the liability or expense arises from TSL's willful misfeasance, bad faith, gross negligence, reckless performance of duties, or reckless disregard of its obligations and duties under the Distribution Agreement. Further, TSL agrees to indemnify the Trust, its officers and trustees, and its controlling persons in certain circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp; The Trustees and officers of the Trust are insured under the terms of a directors and officers liability insurance policy (the "Trust's policy"). In addition, the directors and officers of Thornburg Investment Management, Inc. ("Thornburg") and Thornburg Securities LLC ("TSL") are insured under the terms of a directors and officers liability insurance policy ("Thornburg's policy"). Under each of the Trust's policy and Thornburg's policy, the persons to whom insurance is provided are referred to as "insureds." These policies cover amounts, up to the relevant limits of liability, which an insured becomes legally obligated to pay by reason of any error, misstatement, misleading statement, act, omission, neglect, or breach of duty committed, attempted or allegedly committed or attempted in the performance of the insured's duties as a director, Trustee or officer (such acts collectively referred to as "Wrongful Acts"). The Trust's policy and Thornburg's policy also cover the Trust and Thornburg, respectively, to the extent that such entity indemnifies its directors, Trustees or officers for amounts which those individuals have become legally obligated to pay by reason of a Wrongful Act. The coverage under both the Trust's policy and Thornburg's policy excludes, among other things, amounts that an insured becomes legally obligated to pay by reason of conduct which constitutes a deliberately fraudulent act or omission or a willful violation of any statute or regulation.

The Trust has also entered into a separate indemnification agreement with each Trustee of the Trust. Pursuant to that agreement, the Trust, in respect of the appropriate Fund, has agreed to indemnify each Trustee and to the fullest extent permitted by law against all judgments, fines, penalties, amounts paid or payable in settlement and other liabilities arising from, and against all expenses incurred or paid in connection with, any proceeding in which the Trustee becomes involved as a party or otherwise by virtue of his having been a Trustee, or in any other capacity in which he serves or has served the Trust.

The application of the foregoing provisions and agreements is limited by the following undertaking set forth in the rules promulgated by the Securities and Exchange Commission:

Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to Trustees, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policies expressed in such Act and that if a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a Trustee, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such Trustee, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in such Act and will be governed by the final adjudication of such issue.

Item 31. <u>Business and Other Connections of the Investment Adviser.</u>

See "MANAGEMENT" in the Statement of Additional Information.

Item 32. <u>Principal Underwriters.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; The principal underwriter for the Registrant is Thornburg Securities LLC ("TSL"). TSL is registered as a broker-dealer under the Securities Exchange Act of 1934 and is a member of the Financial Industry Regulatory Authority. TSL was formed for the primary purpose of distributing the shares of the Registrant's series and other registered investment companies sponsored by its affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; The address of each of the officers of TSL is 2300 North Ridgetop Road, Santa Fe, New Mexico 87506.

---

| | | |
|:---|:---|:---|
| **Name** | **Positions and Offices with TSL** | **Positions and Offices with Registrant** |
| Jesse Brownell | President | None |
| Nimish Bhatt | Principal Financial Officer and Treasurer | President |
| Curtis Holloway | Principal Operations Officer | Chief Financial Officer; Treasurer |
| Amy Callow | Secretary | None |
| Brian McMahon | Vice President | Trustee; Vice Chairman |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

Item 33. <u>Location of Accounts and Records.</u>

All accounts, books and other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940 and the rules thereunder are maintained at the offices of the Trust's Custodian (State Street Bank and Trust Company at 1176 Heritage Drive, Quincy, MA 02171), Distributor (Thornburg Securities LLC at 2300 N. Ridgetop Rd, Santa Fe, NM 87506), Adviser (Thornburg Investment Management, Inc. at 2300 N. Ridgetop Rd, Santa Fe, NM 87506), and Counsel to the Trust (Ropes & Gray LLP, 1211 Avenue of the Americas, New York, NY 10036) and Counsel to the Independent Trustees of the Trust (April & Dolan, P.C. at 460 St. Michael's Drive, Suite 603, Santa Fe, NM 87505).

Item 34. <u>Management Services.</u>

None.

Item 35. <u>Undertakings.</u>

None

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets all of the requirements for effectiveness of this registration statement under Rule 485(b) under the Securities Act of 1933 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereto duly authorized, in the City of Santa Fe and State of New Mexico on January 14, 2026.

---

| | |
|:---|:---|
| **THORNBURG INVESTMENT TRUST** | **THORNBURG INVESTMENT TRUST** |
| By | /s/ Nimish S. Bhatt |
|  | Nimish S. Bhatt, President |

---

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed below by the following persons in the capacities and on the date indicated.

---

| |
|:---|
| /s/ Nimish S. Bhatt |
| Nimish S. Bhatt, President and principal executive officer |
| \* |
| Curtis Holloway, Chief Financial Officer and Treasurer |
| \* |
| Garrett Thornburg, Trustee and Chair |
| \* |
| Lisa Black, Trustee |
| \* |
| Sally Corning, Trustee |
| \* |
| David L. Gardner, Trustee |
| \* |
| Brian J. McMahon, Trustee and Vice Chair |
| \* |
| Patrick J. Talamantes, Trustee |
| \* |
| Owen D. Van Essen, Trustee |
| \* |
| James W. Weyhrauch, Trustee |

---

---

| | |
|:---|:---|
| \* By:&nbsp;&nbsp;&nbsp;&nbsp; | /s/ Nimish S. Bhatt |
|  | Nimish S. Bhatt |
|  | Attorney-in-Fact |
| Date: | January 14, 2026<br>|

---

**INDEX TO EXHIBITS**

[(h)(3)](ex99-h3.htm) [Amendment to Transfer Agency Agreement between Registrant and SS&C GIDS, Inc., dated December 30, 2025.](ex99-h3.htm)

[(h)(14)](ex99-h14.htm) [Agreement to Waive Fees and Reimburse Expenses among Thornburg Investment Management, Inc. and Thornburg Investment Trust.](ex99-h14.htm)

[(j)](ex99-j.htm) [Consent of independent registered public accounting firm.](ex99-j.htm)

## Ex-99.(H)(3)

**Exhibit 99(h)(3)**

**AMENDMENT TO THE TRANSFER AGENCY AND SERVICE AGREEMENT**

This Amendment ("Amendment") is made as of Dec 30, 2025 (the "Amendment Effective Date"), by and between Thornburg Investment Trust ("Trust"), and SS&C GIDS, Inc. ("SS&C"), and amends and modifies certain terms and conditions of the Agreement (as defined below). Capitalized terms used herein but not otherwise defined shall have the meaning ascribed to them in the Agreement.

**WHEREAS**, Trust and SS&C entered into a certain Transfer Agency and Service Agreement, dated November 5, 1987, as amended from time to time (as amended, the "Agreement"); and

**WHEREAS**, in accordance with <u>Article 9 (Amendment)</u> of the Agreement, the parties wish to further amend certain provisions of the Agreement as set forth below.

**NOW, THEREFORE,** in consideration of the mutual covenants and promises herein contained the sufficiency of which is acknowledged by the parties, the parties hereto agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Section 1.02</u>. Section 1.02(b) shall be amended by the addition of
a subsection (iii) as follows:

"(iii) as mutually agreed upon by the parties as to the service scope and fees, SS&C shall carry out certain information requests, analyses and reporting services in support of the Trust's obligations under Rule 22c-2(a)(2). The parties will agree to such services and terms as stated in the attached appendix ("Appendix B" entitled "Omnibus Transparency Services") that may be changed from time to time subject to mutual written agreement between the parties."

&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Schedule 2.01 – Fee Schedule</u>. Schedule 2.01 shall be amended
by the addition of the following under the category, "Regulatory and Compliance Fees", as follows:

"<u>22c-2 Fees</u>

---

| | |
|:---|:---|
| Base Fee: | $50,000/year |

---

Accountlet Fees:

---

| | |
|:---|:---|
| 0-500000 | $0.000/accountlet |

---

---

| | |
|:---|:---|
| 500001-1000000 | $0.08/accountlet |

---

---

| | |
|:---|:---|
| >1,000,000 | $0.03/accountlet |

---

Investigation Fees:

---

| | |
|:---|:---|
| 0-50 | $0.00/investigation |

---

---

| | |
|:---|:---|
| >50 | $25.00/investigation" |

---

&nbsp;&nbsp;&nbsp;&nbsp;3. This Amendment may be executed in one or more counterparts (including facsimile
and .pdf counterparts), each of which are deemed an original and all of which, when taken together and delivered shall constitute
one and the same instrument.

***(signatures on following page)***

**IN WITNESS WHEREOF**, the parties hereto have caused this Amendment to be executed by a duly authorized officer as of the date and year first written above.

---

| | |
|:---|:---|
| **THORNBURG INVESTMENT TRUST** | **THORNBURG INVESTMENT TRUST** |
| By: | /s/ Geoffrey E. Black |
| Name: | Geoffrey E. Black |
| Title: | Secretary |
| **SS&C GIDS, INC.** | **SS&C GIDS, INC.** |
| By: | /s/ Nicholas Wright |
| Name: | Nicholas Wright |
| Title: | Authorized Representative |

---

**APPENDIX B**

**OMNIBUS TRANSPARENCY SERVICES**

A. The Trust shall provide the following information to SS&C:

&nbsp;&nbsp;&nbsp;&nbsp;1. The name and contact information for the financial intermediary, with which the Trust have a "shareholder
information agreement" (under which the financial intermediary agrees to provide, at the Trust's request, identity
and transaction information about shareholders who hold their shares through an account with the financial intermediary (an "accountlet")),
that is to receive an information request;

&nbsp;&nbsp;&nbsp;&nbsp;2. The Trust to be included, along with each Trust's frequency trading policy, under surveillance
for the financial intermediary;

&nbsp;&nbsp;&nbsp;&nbsp;3. The frequency of supplemental data requests from SS&C;

&nbsp;&nbsp;&nbsp;&nbsp;4. The duration of supplemental data requests (e.g. 60 days, 90 days); and

&nbsp;&nbsp;&nbsp;&nbsp;5. The expected turnaround time for a response from the financial intermediary to an information request
(including requests for supplemental data)

B. Upon receipt of the foregoing information, the Trust hereby authorizes and instructs SS&C to
perform the following services:

&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Financial Intermediary Surveillance Schedules.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;(a) Create a system profile and infrastructure based upon parameters set by the Trust to establish
and maintain financial intermediary surveillance schedules and communication protocol/links.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Initiate information requests to the financial intermediaries.

&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Data Management Monitoring</u> 

&nbsp;&nbsp;&nbsp;&nbsp;(a) Monitor status of information requests until all supplemental data is received.

&nbsp;&nbsp;&nbsp;&nbsp;(b) If a Financial Intermediary does not respond to a second request from SS&C, SS&C shall
notify the Trust for the Trust to follow-up with the financial intermediary.

&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Customized Reporting for Market Timing Analysis</u> 

&nbsp;&nbsp;&nbsp;&nbsp;(a) Run information received from the financial intermediaries through TA2000 System functionalities.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Generate exception reports using parameters provided by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Daily Exception Analysis of Market Timing Policies for Supplemental Data Provided</u> 

&nbsp;&nbsp;&nbsp;&nbsp;(a) Review daily short-term trader exceptions, daily excessive trader exceptions, and daily supplemental
data reconciliation exceptions.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Analyze Financial Intermediary supplemental data (items), which are identified as "Potential
Violations" based on parameters established by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Confirm exception trades and if necessary, request additional information regarding Potential Violations.

&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Communication and Resolution of Market Timing Exceptions</u> 

&nbsp;&nbsp;&nbsp;&nbsp;(a) Communicate results of analysis to the Trust or upon request of the Trust directly to the financial
intermediary.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Unless otherwise requested by the Trust and as applicable, instruct the financial intermediary
to (i) restrict trading on the accountlet, (ii) cancel a trade, or (iii) prohibit future purchases or exchanges.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Update AWD work object with comments detailing resolution.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Keep a detailed record of all data exceptions and inquires with regards to potential violations.

&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Management Reporting</u> 

&nbsp;&nbsp;&nbsp;&nbsp;(a) Provide periodic reports, in accordance with agreed upon frequency and content parameters, to the
Trust. As reasonably requested by the Trust, SS&C shall furnish ad hoc reports to the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Support Due Diligence Programs</u> 

&nbsp;&nbsp;&nbsp;&nbsp;(a) Update system watch list with pertinent information on trade violators.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Maintain a detailed audit trail of all accounts that are blocked and reason for doing so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Limitations of Liability under Appendix B.</u> Notwithstanding anything in the Agreement to the contrary, for purposes of the services rendered under this Appendix B, the maximum amount of cumulative liability of SS&C to Customer and for losses arising out of the subject matter of, or in any way related to, this Appendix B shall not exceed the fees paid by Customer to SS&C under this Appendix B for the most recent 12 months immediately preceding the date of the event giving rise to the Claim.

## Ex-99.(H)(14)

**Exhibit 99(h)(14)**

**AGREEMENT TO WAIVE FEES AND REIMBURSE EXPENSES**

**OF CERTAIN FUNDS OF THORNBURG INVESTMENT TRUST**

**THORNBURG INVESTMENT MANAGEMENT, INC.**

2300 North Ridgetop Road

Santa Fe, New Mexico 87506

Thornburg Investment Trust

c/o Thornburg Investment Management, Inc.

2300 North Ridgetop Road

Santa Fe, New Mexico 87506

Ladies and Gentlemen:

We, the undersigned, hereby confirm our agreement with you as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. You have employed Thornburg Investment Management, Inc. to manage the investment and reinvestment of the assets of your respective series and to perform related functions (the "Funds").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. For good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, and in order to reduce certain Fund and class expenses otherwise borne by shareholders of certain classes of shares of the Funds, we agree (for the periods and subject to the terms hereinafter specified) to waive or reduce all or a portion of the advisory fee and administrative services fee payable to us by the specific Funds and classes of shares identified in <u>Schedule A</u> to this Agreement, and/or to bear all or a portion of the expenses set forth in the fee and expense tables of the relevant Funds' current prospectuses under the line item labeled "Other Expenses," which fees and expenses are otherwise allocable to the Funds and classes of shares identified in <u>Schedule A</u>, to the extent necessary to reduce the annualized operating expenses of those classes of shares (excluding the expenses described in the first sentence of paragraph 3 below) to the percentage rates reflected in <u>Schedule A</u>. With respect to the Thornburg Strategic Municipal Income Fund and the Thornburg Strategic Income Fund, we undertake to implement the reductions to annualized operating expenses necessary to reach the percentage rates reflected in <u>Schedule A</u> in part or in whole by waiving the advisory fee level charged to those two Funds to the levels shown in <u>Schedule B</u> under the column labeled "After Waiver." For purposes of this Agreement, expenses allocable to each class of shares and the expense ratios for each such class shall be determined at the times and in accordance with the Funds' usual and customary method of accounting for preparation of their semiannual and annual reports to shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Notwithstanding the foregoing, we do not agree to waive, reduce or bear any of the following expenses to the extent they are incurred by a Fund: taxes; interest expenses; brokerage commissions; expenses said to have been incurred indirectly by other investment companies in which the Funds invest, including any such expenses which are or should be identified in the fee and expense tables of the relevant Funds' current prospectuses under the line item labeled "Acquired Fund Fees and Expenses;" expenses incurred by a Fund in respect of its short sale transactions, such as dividends and interest paid by the Fund in respect of securities that are borrowed in the short sale; and extraordinary expenses such as litigation costs or any contingency fees paid to third party vendors out of the proceeds of tax reclaims recovered by a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. For each Fund and class of shares identified in <u>Schedule A</u>, the fee waivers and expense reimbursements described herein shall commence effective February 1, 2026 or on such other date as indicated in Schedule A. We agree to continue the fee waivers and expense reimbursements described herein for each specific Fund and class of shares identified in <u>Schedule A</u> through January 31, 2027, the date on which we cease to offer that Fund or class of shares, or the date upon which we cease to be the investment adviser of the Funds, whichever occurs sooner; *provided, however*, that the fee waivers and expense reimbursements for the Thornburg Emerging Markets Managed Account Fund, Thornburg High Income Bond Managed Account Fund, Thornburg Investment Grade Bond Managed Account Fund, and Thornburg Municipal Managed Account Fund will continue for as long as each such Fund remains in operations or the date upon which the Advisor ceases to be the investment advisor for such Fund, whichever occurs sooner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. We retain the right as to any share class, within any fiscal year, to recover fees waived and expenses reimbursed in respect of any Fund or class of shares of a Fund in any fiscal year if, during that same fiscal year, the Fund's or share class's total annual operating expenses fall below the expense rate cap for the share class stated in <u>Schedule A</u>. Notwithstanding the foregoing, we will not recover fees waived and expenses reimbursed as described in the preceding sentence if that recoupment would cause the applicable Fund's or share class's total annual operating expenses (after the recoupment is taken into account) to exceed the lesser of: (a) the expense rate cap that was in place at the time the waiver or reimbursement occurred; or (b) the expense rate cap that is in place at the time of the recoupment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. This Agreement may not be transferred, assigned, sold or in any manner hypothecated or pledged by either party and this Agreement shall terminate automatically in the event of any such transfer, assignment, sale, hypothecation or pledge. You understand that this Agreement may be terminated at any time as to any one or more Funds or classes of shares by our Trustees. The terms "transfer," "assignment" and "sale" as used in this paragraph shall have the meanings ascribed thereto by governing law and in applicable rules or regulations of the U.S. Securities and Exchange Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. This Agreement applies only to the Funds and classes of shares specified in <u>Schedule A</u>. This Agreement will in all events apply separately to each Fund and class of shares to which it relates and will be severable in all respects. Consequently, this Agreement may be modified, continued or terminated as to any Fund or class or shares without affecting any other Fund or class of shares. A determination by any court or agency having jurisdiction that any provision of this Agreement is invalid or unenforceable will not affect the validity of the other provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. This Agreement supersedes and replaces all previous agreements to waive fees and reimburse expenses of the Funds of the Trust.

If the foregoing is in accordance with your understanding, you will kindly so indicate by signing and returning to us the enclosed copy hereof.

---

| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| THORNBURG INVESTMENT MANAGEMENT, INC. | THORNBURG INVESTMENT MANAGEMENT, INC. |
| By: | ![](ex99h14001.jpg) |

---

---

| | |
|:---|:---|
| ACCEPTED: <u>December 19</u>, 20<u>25</u> | ACCEPTED: <u>December 19</u>, 20<u>25</u> |
| THORNBURG INVESTMENT TRUST | THORNBURG INVESTMENT TRUST |
| By: | ![](ex99h14002.jpg) |

---

Agreement to Waive Fees and Reimburse Expenses

**SCHEDULE A**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | Class A<br> Shares | Class C/D<br> Shares | Class C2<br> Shares | Class<br> I/SMA<br> Shares | Class R3<br> Shares | Class R4<br> Shares | Class R5<br> Shares | Class R6<br> Shares |
| &nbsp;&nbsp;Thornburg Short Duration Municipal Fund | 0.70% |  |  | 0.50% |  |  |  |  |
| &nbsp;&nbsp;Thornburg Limited Term Municipal Fund |  |  | 1.32% |  |  |  |  |  |
| &nbsp;&nbsp;Thornburg Intermediate Municipal Fund | 0.73% | 1.08% | 1.13% | 0.48% |  |  |  |  |
| &nbsp;&nbsp;Thornburg Strategic Municipal Income Fund | 0.75% | 1.10% |  | 0.50% |  |  |  |  |
| &nbsp;&nbsp;Thornburg California Limited Term Municipal Fund | 0.74% | 0.99% | 1.14% | 0.49% |  |  |  |  |
| &nbsp;&nbsp;Thornburg New Mexico Intermediate Municipal Fund | 0.92% | 1.17% |  | 0.67% |  |  |  |  |
| &nbsp;&nbsp;Thornburg New York Intermediate Municipal Fund | 0.92% |  |  | 0.67% |  |  |  |  |
| &nbsp;&nbsp;Thornburg Municipal Managed Account Fund |  |  |  | 0.00% |  |  |  |  |
| &nbsp;&nbsp;Thornburg Limited Term U.S. Government Fund | 0.92% | 1.17% | 1.32% | 0.67% | 1.17% | 0.92% | 0.67% |  |
| &nbsp;&nbsp;Thornburg Ultra Short Income Fund | 0.60% |  |  | 0.35% |  |  |  |  |
| &nbsp;&nbsp;Thornburg Limited Term Income Fund |  | 0.99% | 1.14% | 0.49% | 0.99% | 0.74% | 0.49% | 0.42% |
| &nbsp;&nbsp;Thornburg Strategic Income Fund |  |  |  | 0.60% | 1.25% | 1.25% | 0.60% | 0.53% |
| &nbsp;&nbsp;Thornburg Core Plus Bond Fund | 0.75% | 1.50% |  | 0.50% |  |  |  | 0.50% |
| &nbsp;&nbsp;Thornburg High Income Bond Managed Account Fund |  |  |  | 0.00% |  |  |  |  |
| &nbsp;&nbsp;Thornburg Investment Grade Bond Managed Account |  |  |  | 0.00% |  |  |  |  |
| &nbsp;&nbsp;Thornburg Small/Mid Cap Core Fund\* |  | 1.95% |  | 0.95% | 1.45% | 1.20% | 0.95% |  |
| &nbsp;&nbsp;Thornburg International Equity Fund | 1.15% | 1.90% |  | 0.90% | 1.40% | 1.15% | 0.90% | 0.72% |
| &nbsp;&nbsp;Thornburg Small/Mid Cap Growth Fund\* |  | 1.95% |  | 0.95% | 1.45% | 1.20% | 0.95% |  |
| &nbsp;&nbsp;Thornburg International Growth Fund |  | 2.38% |  | 0.99% | 1.49% | 1.24% | 0.99% | 0.91% |
| &nbsp;&nbsp;Thornburg Investment Income Builder Fund |  |  |  |  | 1.49% | 1.24% | 0.99% | 0.80% |
| &nbsp;&nbsp;Thornburg Global Opportunities Fund |  |  |  | 0.99% | 1.49% | 1.24% | 0.99% | 0.89% |
| &nbsp;&nbsp;Thornburg Developing World Fund | 1.45% | 2.33% |  | 1.04% |  |  | 1.04% | 0.94% |
| &nbsp;&nbsp;Thornburg Better World International Fund | 1.42% | 1.95% |  | 0.90% |  |  |  |  |
| &nbsp;&nbsp;Thornburg Summit Fund | 0.94% |  |  | 0.69% |  |  |  |  |
| &nbsp;&nbsp;Thornburg Emerging Markets Managed Account Fund |  |  |  | 0.00% |  |  |  |  |

---

\* For Thornburg Small/Mid Cap Core Fund, the fee waiver and expense reimbursement for each class of shares other than Class R3 shares shall commence effective January 15, 2026. For Thornburg Small/Mid Cap Growth Fund, the fee waiver and expense reimbursement for each class of shares shall commence January 15, 2026.

Agreement to Waive Fees and Reimburse Expenses

**SCHEDULE B**

<u>Advisory Fee Rates for Thornburg Strategic Municipal Income Fund and Thornburg Strategic Income Fund, Before and After Waiver</u>

---

| | | | |
|:---|:---|:---|:---|
| <u>Before Waiver</u> | <u>Before Waiver</u> | <u>After Waiver</u> | <u>After Waiver</u> |
| <u>Net Assets of Fund</u> | <u>Advisory Fee Rate</u> | <u>Net Assets of Fund</u> | <u>Advisory Fee Rate</u> |
| 0 to $500 million | 0.750% | 0 to $500 million | 0.600% |
| $500 million to $1 billion | 0.675% | $500 million to $1 billion | 0.600% |
| $1 billion to $1.5 billion | 0.625% | $1 billion to $1.5 billion | 0.500% |
| $1.5 billion to $2 billion | 0.575% | $1.5 billion to $2 billion | 0.500% |
| Over $2 billion | 0.500% | Over $2 billion | 0.500% |

---

Agreement to Waive Fees and Reimburse Expenses

## Ex-99.(J)

**Exhibit 99(j)**

<u>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>

We hereby consent to the incorporation by reference in this Registration Statement on Form N-1A of Thornburg Investment Trust of our report dated November 17, 2025, relating to the financial statements and financial highlights of Thornburg Small/Mid Cap Core Fund and Thornburg Small/Mid Cap Growth Fund, which appears in Thornburg Investment Trust's Certified Shareholder Report on Form N-CSR for the year ended September 30, 2025. We also consent to the references to us under the headings "Independent Registered Public Accounting Firm" and "Financial Highlights" in such Registration Statement.

/s/ PricewaterhouseCoopers LLP

New York, New York

January 14, 2026