# EDGAR Filing Document

**Accession Number:** 0000816153
**File Stem:** 0001999371-26-001871
**Filing Date:** 2026-1
**Character Count:** 307859
**Document Hash:** 49a7ca53a3dd18a7e0be026671746830
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-26-001871.hdr.sgml**: 20260128

**ACCESSION NUMBER**: 0001999371-26-001871

**CONFORMED SUBMISSION TYPE**: POS AMI

**PUBLIC DOCUMENT COUNT**: 4

**FILED AS OF DATE**: 20260128

**DATE AS OF CHANGE**: 20260128

**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:** POS AMI
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05201
- **FILM NUMBER:** 26571805

**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 Capital Management Fund (Series ID: S000051223)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000161463 | Thornburg Capital Management Fund - Class I |  |

Investment Company Act Registration No. 811-05201

As filed with the Securities and Exchange Commission

January 28, 2026

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-1A**

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 ☒

Amendment No. 181 ☒

(Check appropriate box or boxes)

**THORNBURG INVESTMENT TRUST**

(Exact Name of Registrant as Specified in Charter)

**c/o Thornburg Investment Management, Inc.**

**2300 North Ridgetop Road, Santa Fe, NM 87506**

(Address of Principal Executive Offices) (Zip Code)

Registrant's Telephone Number, including Area Code

**(505) 984-0200**

**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**

It is intended that this filing will become effective immediately upon filing in accordance with Section 8 of the Investment Company Act of 1940 and the rules thereunder.

------

Explanatory Note: This Amendment No. 181 to the Registration Statement of Thornburg Investment Trust (the "Trust") on Form N-1A (File No. 811-05201) (the "Registration Statement") has been filed by the Trust pursuant to Section 8(b) of the Investment Company Act of 1940, as amended, in respect of Thornburg Capital Management Fund, a series of the Trust (the "Fund"). No information contained herein is intended to amend or supersede any prior filing relating to any other series of the Trust.

The Fund's shares of beneficial interest are not registered under the Securities Act of 1933, as amended (the "1933 Act") because those shares will be issued by the Trust solely in private placement transactions that do not involve any "public offering" within the meaning of Section 4(2) of the 1933 Act. Shares of the Fund may only be purchased by certain other series of the Trust and by certain other clients of Thornburg Investment Management, Inc. that are "accredited investors" within the meaning of Regulation D under the 1933 Act. This Amendment to the Registration Statement of the Trust does not constitute an offer to sell, or the solicitation of an offer to buy, any shares of beneficial interest of the Fund to the public.

**Thornburg Capital Management Fund (the "Fund")**

 **Prospectus Dated January 28, 2026** 

Note: Responses to Items 1, 2, 3, 4, and 13 of Form N-1A have been omitted pursuant to Paragraph (B)(2)(b) of the General Instructions to Form N-1A.

**Management**

**Investment Advisor:** Thornburg Investment Management, Inc. ("Thornburg")

**Portfolio Managers:**

Lon Erickson, CFA, a managing director of Thornburg, has been one of the persons jointly and primarily responsible for management of the Fund since its inception in 2015.

Christian Hoffmann, CFA, a managing director and head of fixed income of Thornburg, has been one of the persons jointly and primarily responsible for management of the Fund since 2023.

David Musolf, CFA, managing director and manager of liquidity operations of Thornburg, has been one of the portfolio managers jointly and primarily responsible for management of the Fund since 2021.

**Purchase and Sale of Fund Shares**

Shares of the Fund are issued solely in private placement transactions that do not involve any public offering within the meaning of Section 4(2) of the 1933 Act. Investments in the Fund may only be made by investment companies or other persons that are "accredited investors" within the meaning of Regulation D under the 1933 Act ("Accredited Investors").

There is no minimum initial or subsequent investment amount.

Thornburg, acting as agent for those other series of shares of the Trust which may purchase and sell shares of the Fund, will effect all purchases of shares of the Fund on behalf of those other series of the Trust.

**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.

**Financial Intermediary Compensation**

Not applicable.

**Investment Goal, Principal Investment Strategies, Related Risks, and Disclosure of Portfolio Holdings**

**Investment Goal:** The Fund seeks current income consistent with liquidity management and safety of capital. The Trustees of the Trust can change the Fund's investment goal without a shareholder vote.

**Principal Investment Strategies:** Thornburg actively manages the Fund's portfolio in pursuing the Fund's investment goal. While Thornburg follows domestic and international economic developments, outlooks for securities markets, interest rates and inflation, the supply and demand for debt obligations, and other factors, the Fund's investments are determined by individual security analysis. The Fund ordinarily acquires and holds securities for investment rather than for realization of gains by short-term trading on market fluctuations. However, it may dispose of any security prior to its scheduled maturity to enhance income or reduce loss, to change the portfolio's average maturity, or otherwise to respond to current market conditions.

Under normal circumstances, the Fund invests 100% of its net assets, plus the amount of any borrowings for investment purposes, in a portfolio of debt obligations rated by a nationally recognized statistical rating organization at the time of purchase as investment grade or, if unrated, judged to be of comparable quality by Thornburg, and in cash, cash equivalents and cash sweep programs, consistent with the Fund's investment goal. Although the Fund expects to invest principally in obligations which mature in one year or less, there is no limitation on the maturity of any specific security the Fund may purchase. Under normal market conditions, the Fund's principal investments may include: obligations of U.S. and foreign companies, including U.S. and foreign bank obligations such as certificates of deposit, short-term commercial paper, unsecured bank promissory notes, and bankers' acceptances; obligations of the U.S. government, its agencies and instrumentalities; obligations of U.S. states and municipalities and their respective agencies and instrumentalities; obligations of U.S. territories and possessions; obligations of foreign governments and their agencies and instrumentalities; obligations of U.S. and foreign companies; and obligations of "supra-national" entities such as the International Bank for Reconstruction and Development and the International Monetary Fund.

While safety of capital is a goal of the Fund, the Fund does not seek to maintain a constant net asset value.

**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 government agency. Accordingly, the loss of money is a risk of investing in the Fund. The value of the Fund's shares and its dividends may fluctuate 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 Fund is not a money market fund and does not seek to maintain a constant net asset value, and so if your sole objective is preservation of capital, then the Fund may not be suitable for you because its share value will fluctuate, including as interest rates change. 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.

 <u>Credit Risk</u> – All securities owned by the Fund may be subject to default, delays in payment, adverse legislation or other government action, or could be downgraded by ratings agencies, reducing the value of the Fund's shares. Securities backed by the full faith and credit of the U.S. government, such as U.S. Treasury obligations, are commonly regarded as having small exposure to credit risk. Obligations of certain U.S. government agencies, instrumentalities and government sponsored enterprises (sometimes referred to as "agency obligations") are not direct obligations of the United States, may not be backed by the full faith and credit of the U.S. government, and may have a greater exposure to credit risk. Although the U.S. government is required by law to provide credit support for some agency obligations, there is no assurance that the U.S. government would provide financial support for any such obligation on a default by the issuing agency, instrumentality or enterprise in the absence of a legal requirement to do so. As of the date of this Prospectus, securities backed by the U.S. government, and the securities of U.S. government agencies, instrumentalities and enterprises that may be purchased by the Fund are rated "Aaa" by Moody's Investors Services or "AA+" by S&P Global Ratings. Ratings agencies may reduce the ratings of any securities in the future. Obligations of U.S. and foreign companies may be affected by changes in the credit rating or financial condition of the issuing entity, are generally unsecured, and may have a greater exposure to credit risk than government-issued bonds.

 <u>Cybersecurity and Operational Risk</u> – 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. Operational risks arising from, among other problems, human errors, systems and technology disruptions or failures, or cybersecurity incidents may negatively impact the Fund and their service providers as well as the ability of shareholders to transact with the Fund. Cybersecurity incidents may allow an unauthorized party to gain access to Fund assets, shareholder data, or proprietary information, or cause the Fund or its 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 Fund or its service providers to identify all of the operational risks that may affect the Fund 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 Fund invests 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 Fund invests, leading to significant loss of value..

 <u>Foreign Government Obligations Risk</u> – Debt obligations may be issued by foreign governments and their agencies and instrumentalities, including the governments of developing countries and "supra-national" entities such as the International Bank for Reconstruction and Development (commonly called the "World Bank"). The Fund's investments in these foreign debt obligations may be denominated in U.S. dollars or in foreign currencies. These securities, even if denominated in U.S. dollars, may be affected significantly by fluctuations in the value of foreign currencies, and the value of these securities in U.S. dollars may decline even if the securities increase in value in their home country. The governmental issuers of these debt obligations may be less willing or able than the U.S. to repay principal and interest when due, and may require that the terms for payment be renegotiated. In some countries there may be political instability or insufficient government supervision of markets, and the legal protections for the Fund's investments could be subject to unfavorable judicial or administrative changes. These risks may be more pronounced for the Fund's investments in debt obligations issued by developing countries.

<u>Foreign Investment Risk</u> – Investments in the debt obligations of foreign issuers may involve risks including adverse fluctuations in currency exchange rates, political instability, adverse governmental actions, confiscations, taxes, or restrictions on currency exchange, difficulties in selling foreign investments, and reduced legal protection. In addition, some foreign government debt obligations may be subject to default, delays in payment, adverse legislation or government action, or could be downgraded by ratings agencies.

<u>Interest Rate Risk</u> – When interest rates increase, the value of the Fund's investments may decline and the Fund's share value may be reduced. This effect is typically more pronounced for obligations having longer maturities. When interest rates decrease, the Fund's dividends may decline. Decreases in market interest rates may also result in prepayments of debt obligations the Fund acquires, requiring the Fund to reinvest at lower interest rates.

<u>Liquidity Risk</u> – Due to lack of demand in the marketplace or other factors, the Fund may not be able to sell some or all of its obligations promptly, or may only be able to sell obligations at less than desired prices.

<u>Management Risk</u> – 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.

<u>Market and Economic Risk</u> – 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. For example, a fall in worldwide demand for U.S. government securities or general economic decline could lower the value of those securities. If a significant portion of the Fund's assets is invested in issuers that are economically exposed to one country, state, territory, or region, such as a particular U.S. territory or possession, the Fund's share value may be more susceptible to the conditions and developments in that country, state, territory, or region, and potentially more volatile than the share value of a more geographically diversified fund. The nature and degree of the risks affecting a given country, state, territory, or region, and the extent of the Fund's exposure to any such country, state, territory, or region, is expected to vary over time.

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. Although the effect that those or potential future changes in monetary policies may have on financial markets is uncertain, such 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 the Fund, or other consequences which may negatively affect global financial markets and the value of the Fund's investments.

All countries are vulnerable economically to the impact of a public health crisis caused by outbreaks of disease, such 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 ongoing military invasion of Ukraine has significantly amplified already existing geopolitical tensions. The United States and many other countries have instituted various economic sanctions against Russia, Russian individuals and entities and Belarus. The extent and duration of the military action, sanctions imposed and other punitive actions taken (including any Russian retaliatory responses to such sanctions and actions), and resulting disruptions in Europe and globally cannot be predicted, but could be significant and have a severe adverse effect on the global economy, securities markets and commodities markets globally, including through global supply chain disruptions, increased inflationary pressures and reduced economic activity. Ongoing conflicts in the Middle East could have similar negative impacts. The possibility of a prolonged conflict and the potential expansion of the conflict in the surrounding areas and the involvement of other nations in such conflict could further destabilize the Middle East region and introduce new uncertainties in global markets.

<u>Prepayment and Extension Risk</u> – When market interest rates decline, certain debt obligations held by the Fund may be repaid more quickly than anticipated, requiring the Fund to reinvest the proceeds of those repayments in obligations which bear a lower interest rate. Conversely, when market interest rates increase, certain debt obligations held by the Fund may be repaid more slowly than anticipated, causing assets of the Fund to remain invested in relatively lower yielding obligations.

<u>U.S. Government Obligations Risk</u> – U.S. government obligations are subject to the same risks affecting other debt obligations. Although securities backed by the full faith credit of the U.S. government are commonly regarded as having relatively less risk of default, it is possible that the U.S. government may be unwilling or unable to repay principal and interest when due and may require that the terms for payment be renegotiated. Further, obligations that are backed by the full faith and credit of the U.S. government remain subject to the other general risks applicable to debt obligations, such as market risks, liquidity risks, and interest rate risks, and may be subject to ratings downgrades. U.S. government obligations also include obligations of U.S. government agencies, instrumentalities, and government-sponsored enterprises, commonly referred to as "agency obligations." Some agency obligations are backed by the full faith and credit of the U.S. government, but other agency obligations have no specific backing or only limited support from the agency's authority to borrow from the U.S. government or the discretionary authority of the Treasury to purchase obligations of the issuing agency.

**Portfolio Holdings Information:** The Statement of Additional Information contains a description of the Fund's policies and procedures with respect to the disclosure of the Fund's portfolio securities.

**Management, Organization and Capital Structure**

**Investment Adviser:** The Fund is managed by Thornburg Investment Management, Inc. ("Thornburg"), 2300 North Ridgetop Road, Santa Fe, New Mexico 87508. Thornburg has been a registered investment advisor since 1982. Thornburg performs investment management services for the Fund under the terms of an Investment Advisory Agreement which specifies that Thornburg will select investments for the Fund, monitor those investments and the market generally, and perform related services. Thornburg's services to the Fund are supervised by the Trustees of the Trust. The Fund does not pay any fee to Thornburg for those investment management and related services. The Fund does, however, pay all other costs and expenses of its operations.

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

**Fund Portfolio Managers:** The people with the most significant responsibility for day-to-day management of the Fund are identified on the first page of this Prospectus under the heading "Portfolio Managers." Portfolio management at Thornburg is a collaborative process that encourages contributions from across Thornburg's investment team. The Fund's 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 the Fund's portfolio managers are primarily responsible for the Fund's portfolio management, 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 following disclosure provides information about the recent business experience of each portfolio manager of the Fund. Additional information about the portfolio managers, including other accounts they manage and the determination of their compensation is included in the Statement of Additional Information.

Lon Erickson, CFA, a managing director of Thornburg, has been one of the portfolio managers jointly and primarily responsible for the day-to-day management of the Fund since its inception. Mr. Erickson joined Thornburg in 2007 and was named a managing director in 2010. Before joining Thornburg, Mr. Erickson worked for nearly 11 years as an analyst for State Farm Insurance in both the Equity and Corporate Bond departments.

Christian Hoffmann, CFA, a managing director and head of fixed income of Thornburg, has been one of the portfolio managers jointly and primarily responsible for the day-to-day management of the Fund since 2023. Mr. Hoffmann joined Thornburg in 2012 and was named a managing director in 2017. Mr. Hoffmann holds a BA in economics from New York University. Prior to joining Thornburg, Mr. Hoffmann served as a senior credit analyst with H.I.G. Capital in Miami, Florida, where he specialized in distressed debt investments and credit driven special situations. Mr. Hoffmann began his career in the investment banking division of Lehman Brothers.

David Musolf, CFA, managing director and manager of liquidity operations of Thornburg, has been one of the portfolio managers jointly and primarily responsible for the day-to-day management of the Fund since 2021. He joined the firm as an associate in 2007, became assistant portfolio manager in 2011 and was promoted to portfolio manager and named managing director in 2021. Prior to joining Thornburg, Mr. Musolf worked as a senior credit analyst in the risk detection/high credit line unit of MBNA/Bank of America in Beachwood, Ohio for seven years. Mr. Musolf holds a BA in sociology from Youngstown State University.

**Pricing of Fund Shares**

The Fund is open for business each day the New York Stock Exchange ("NYSE") is open. On each such day, the Fund normally calculates its net asset value ("NAV") as of 4:00 p.m. Eastern Time. The Fund 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 the Fund is calculated by adding the value of all of the Fund's assets, subtracting the Fund's liabilities, and then dividing that result by the number of shares of the Fund that are outstanding. When an investor purchases or sells Fund shares, those shares are priced at the NAV next determined after receipt of the investor's order in proper form by the Fund's transfer agent.

For purposes of calculating the Fund's NAV, the assets of the Fund are valued each business day in accordance with the policies and procedures that have been adopted by Thornburg and approved by the Trustees of the Trust (the "Valuation Policy and Procedures").

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 the Valuation Policy and Procedures and subject to the supervision of the Trustees of the Trust.

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, the Fund values foreign investments listed or traded on an exchange for which there has been no sale that day at the mean between the last reported bid and asked prices on that valuation date; on days when market volatility thresholds established by the Committee are exceeded, foreign equity investments held by the Fund may be valued using alternative methods; and if the Fund holds securities that are primarily listed on foreign exchanges that trade on weekends or other days when the Fund does not price its shares, the net asset value of the Fund's shares may change on days when shareholders will not be able to purchase or redeem the Fund's shares.

Debt obligations held by the Fund have a primary market over the counter and are valued by an independent pricing service approved by the Committee. 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 services.

In any case where a pricing service fails to provide a price for a debt obligation held by the 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 the 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.

**Purchase of Fund Shares**

Shares of the Fund are issued solely in private placement transactions that do not involve any "public offering" within the meaning of Section 4(2) of the 1933 Act. Investments in the Fund may only be made by investment companies or other Accredited Investors.

Thornburg, acting as agent for the other series of shares of the Trust, will effect all purchases of shares of the Fund on behalf of those other series of the Trust or other Accredited Investors.

If the NYSE is closed due to weather or other extenuating circumstances on a day it would typically be open for business, the Fund reserves the right to treat such day as a business day and accept purchase and redemption orders and calculate the Fund's NAV as of the normally scheduled close of regular trading on the NYSE or such other time that the Fund may determine, in accordance with applicable law. The Fund reserves the right to close if the primary trading markets of the Fund's portfolio instruments are closed and the Fund's management believes that there is not an adequate market to meet purchase or redemption orders.

**Selling Fund Shares**

An investor in the Fund may withdraw money from the investor's Fund account at any time by redeeming some or all of the investor's shares in the Fund. Shares will be redeemed by the Fund at the NAV per share next determined after the shareholder's redemption order is received in proper form. See "Pricing of Fund Shares," above.

Thornburg, acting as agent, will effect all redemptions of shares of the Fund on behalf of the Fund's shareholders or other Accredited Investors.

The Fund may hold payment on redemptions until it is reasonably satisfied that investments previously made by check have been collected, which can take up to 15 business days. Payment for shares redeemed normally will be made by mail the next business day, and in most cases within seven days, after receipt of a properly executed request for redemption. The Fund may suspend the right of redemption and may postpone payment when the NYSE is closed for other than weekends or holidays, or if permitted by rules of the U.S. Securities and Exchange Commission during an emergency which makes it impractical for the Fund to dispose of its securities or fairly to determine net asset value, or during any other period specified by the U.S. Securities and Exchange Commission in a rule or order for the protection of investors.

Redemption proceeds are normally paid in cash. The 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, the Fund may pay redemption proceeds in portfolio securities rather than cash.

The Fund does not currently impose any redemption charges.

**Dividends and Distributions**

The Fund expects to distribute substantially all of its net investment income and realized net capital gains, if any, to shareholders each year. The Fund's net investment income will primarily consist of interest received on debt obligations, reduced by expenses of the Fund. Net capital gains are the gains realized by the Fund upon sales of investments, reduced by losses realized upon sale of investments. The Fund will normally declare dividends from its net investment income daily and will normally pay those dividends monthly. The Fund will distribute net realized capital gains, if any, at least annually. Capital gain distributions will normally be declared and payable in November.

Any distributions by the Fund of net investment income and realized net capital gains will be reinvested in additional shares of the Fund at the next determined net asset value, unless the shareholder elects to have the distributions paid in cash. If the shareholder elects the cash distribution option, cash distribution checks are normally mailed on the third business day after the end of the period for which the distribution is made. No interest is accrued or paid on amounts represented by uncashed distribution checks. A shareholder can change its election about the treatment of distributions at any time upon written notice to the Fund.

Investors should consider the tax implications of buying shares in the Fund just before a distribution. The money the Fund earns from its 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 an investor buys shares just before the Fund makes a distribution (and, in particular, a capital gains distribution), the investor will get back some of your money as a taxable distribution.

When the 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 a shareholder reinvests its capital gain distributions or takes them in cash, the distribution is taxable. See "Tax Consequences," below.

To minimize taxable capital gain distributions, the 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.

**Frequent Purchases and Redemptions of Fund Shares**

Because the Fund invests primarily in short-term debt obligations, because currently the Fund's shares are only sold to certain other series of the Trust, and because part of the Fund's investment goal is to manage the liquidity of those other series, the Trustees of the Trust have not adopted policies and procedures intended to deter short-term or excessive trading activity involving shares of the Fund, and the Fund's investment advisor does not monitor or limit that activity. However, since frequent purchases and sales of Fund shares could in certain instances make it difficult to manage the Fund's investments, hurt Fund performance, or cause longer-term shareholders in the Fund to experience diminished returns, the Fund reserves the right to reject or cancel a purchase order for any reason and at any time.

**Tax Consequences**

**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.

**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. 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.

**Federal Tax Treatment of Sales or Redemptions of Shares.** A shareholder's redemption of Fund shares 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 ("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.

**State Taxes.** The laws of the different states and local taxing authorities vary with respect to the taxation of distributions of net investment income and capital gains, and Fund shareholders are advised to consult their own tax advisors in that regard.

**Distribution Arrangements**

No sales charges apply to the purchase of Fund shares. The Fund has not adopted a plan under rule 12b-1 under the Investment Company Act of 1940. The Fund has one class of shares.

**Thornburg Investment Trust**

**Statement of Additional Information**

 **Dated January 28, 2026**

**for**

**Thornburg Capital Management Fund**

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 Prospectus dated January 28, 2026 of Thornburg Capital Management Fund (the "Fund"). A copy of the Prospectus and the most recent Annual and Semi-Annual Report for the Fund may be obtained at no charge by telephoning a Fund Support Representative at 1-800-847-0200. This Statement of Additional Information is incorporated by reference into the Fund's Prospectus.

Shares of the Fund are issued solely in private placement transactions that do not involve any public offering within the meaning of Section 4(2) of the Securities Act of 1933 (the "1933 Act"). Investments in the Fund may only be made by investment companies or other persons that are "accredited investors" within the meaning of Regulation D under the 1933 Act ("Accredited Investors").

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [ORGANIZATION OF THE FUND](#thornburgposamia001) | 3 |
| [INVESTMENT POLICIES](#thornburgposamia002) | 3 |
| [Investing in Debt Obligations](#thornburgposamia003) | 3 |
| [Investing in Foreign Debt Obligations](#thornburgposamia004) | 12 |
| [Investing in Derivative Instruments](#thornburgposamia005) | 13 |
| [Other Investments, Investment Techniques and Other Risks](#thornburgposamia006) | 18 |
| [COMMODITY EXCHANGE ACT REGISTRATION EXEMPTION](#thornburgposamia007) | 22 |
| [INVESTMENT LIMITATIONS](#thornburgposamia008) | 22 |
| [ADDITIONAL MATTERS RESPECTING TAXES](#thornburgposamia009) | 24 |
| [Elections by the Fund – Subchapter M](#thornburgposamia010) | 24 |
| [Distributions by Investment Companies – In General](#thornburgposamia011) | 24 |
| [Foreign Currency Transactions](#thornburgposamia012) | 24 |
| [Redemption or Other Disposition of Shares](#thornburgposamia013) | 25 |
| [State and Local Taxes](#thornburgposamia014) | 25 |
| [Foreign Account Tax Compliance Act](#thornburgposamia015) | 25 |
| [DISTRIBUTIONS AND SHAREHOLDER ACCOUNTS](#thornburgposamia016) | 25 |
| [INVESTMENT ADVISOR, INVESTMENT ADVISORY AGREEMENTS, AND ADMINISTRATIVE SERVICES AGREEMENTS](#thornburgposamia017) | 25 |
| [Investment Advisory Agreement](#thornburgposamia018) | 25 |
| [Proxy Voting Policies](#thornburgposamia019) | 26 |
| [Administrative Services](#thornburgposamia020) | 27 |
| [PORTFOLIO TRANSACTIONS](#thornburgposamia021) | 27 |
| [Portfolio Turnover Rates](#thornburgposamia022) | 28 |
| [DISCLOSURE OF PORTFOLIO SECURITIES HOLDINGS INFORMATION](#thornburgposamia023) | 28 |
| [Selective Disclosure of Nonpublic Holdings Information](#thornburgposamia024) | 28 |
| [Making Holdings Information Publicly Available](#thornburgposamia025) | 29 |
| [MANAGEMENT](#thornburgposamia026) | 30 |
| [Additional Information about the Experiences, Qualifications, Attributes and Skills of Each Trustee](#thornburgposamia027) | 35 |
| [Structure and Responsibilities of the Board of Trustees](#thornburgposamia028) | 36 |
| [Structure and Responsibilities of the Committees of the Trustees](#thornburgposamia029) | 37 |
| [Compensation of Trustees](#thornburgposamia030) | 38 |
| [Certain Ownership Interests of Trustees](#thornburgposamia031) | 39 |

---

---

| | |
|:---|:---|
| [Personal Securities Transactions of Personnel](#thornburgposamia032) | 39 |
| [INFORMATION ABOUT PORTFOLIO MANAGERS](#thornburgposamia033) | 39 |
| [Portfolio Manager Compensation](#thornburgposamia034) | 39 |
| [Conflicts of Interest](#thornburgposamia035) | 40 |
| [Portfolio Managers' Ownership of Shares in the Fund](#thornburgposamia036) | 40 |
| [PRINCIPAL HOLDERS OF SECURITIES](#thornburgposamia037) | 41 |
| [NET ASSET VALUE](#thornburgposamia038) | 41 |
| [DISTRIBUTOR](#thornburgposamia039) | 41 |
| [ADDITIONAL INFORMATION RESPECTING PURCHASE AND REDEMPTION OF SHARES](#thornburgposamia040) | 41 |
| [BUSINESS CONTINUITY PLAN](#thornburgposamia041) | 41 |
| [INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM](#thornburgposamia042) | 42 |
| [FINANCIAL STATEMENTS](#thornburgposamia043) | 42 |

---

ii

**ORGANIZATION OF THE FUND**

The Fund is a diversified series of Thornburg Investment Trust, a Massachusetts business trust (the "Trust"), which was 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 Fund's diversification policy. The Trust currently has 25 other series, which are active and described in other prospectuses issued by the Trust. The Trustees are authorized to divide the Trust's shares into additional series and classes.

Shares of the Fund are issued solely in private placement transactions that do not involve any public offering within the meaning of Section 4(2) of the 1933 Act. Investments in the Fund may only be made by investment companies or other persons that are Accredited Investors.

The assets received for the issue or sale of shares of the 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 the Fund. The underlying assets of the Fund are segregated on the books of account, and are charged with the liabilities with respect to the 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 the 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 the Fund are entitled to receive the underlying assets of the Fund which are available for distribution.

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 the 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.

State Street Bank and Trust Company, Boston, Massachusetts, is custodian of the assets of the Fund. The Custodian is responsible for the safekeeping of the Fund's assets and the appointment of subcustodian banks and clearing agencies. The Custodian takes no part in determining the investment policies of the Fund or in deciding which securities are purchased or sold by the Fund.

**INVESTMENT POLICIES**

Information about the Fund's principal investment strategies and the principal risks associated with those investment strategies is provided in the Prospectus. A "principal investment strategy" of the Fund is a strategy which Thornburg anticipates may be important in pursuing the investment objective(s) stated in the Prospectus and which Thornburg anticipates may have a significant effect on the Fund's performance.

The following discussion supplements the information in the Prospectus by providing additional detail about some of the investments that the Fund may make in pursuing its investment objective, and certain risks associated with those investments or to which the Fund may be subject. Not all of the investments identified below will be used by the Fund at all times.

Under certain circumstances, the 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 the 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 the 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.

**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. Some debt obligations have interest rates that are fixed over the life of the obligation. Other debt obligations, commonly referred to as "floating rate" obligations, have interest rates that reset periodically prior to maturity based on a specific index or reference rate, such as the Secured Overnight Financing Rate (SOFR). Investments in floating rate obligations include the risk that the obligation's interest rate may reset to a lower level of interest during the period of the Fund's investment.

The following discussion contains additional detail about debt obligations, including some of the specific types of debt obligations in which the 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" below for information about some of the characteristics and risks of foreign debt obligations in which the Fund may invest.

<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 opinions 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 the 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*

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| | |
|:---|:---|
| &nbsp;&nbsp; <u>Rating</u> | &nbsp;&nbsp; <u>Description</u> |
|  | &nbsp;&nbsp; **(descriptions shown generally track language used by Moody's though all ratings agencies use similar language for each rating category)** <br>|
| &nbsp;&nbsp; Aaa (Moody's) <br>AAA (S&P, Fitch, and Kroll)  | &nbsp;&nbsp; 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.  |
| &nbsp;&nbsp; Aa (Moody's) <br>AA (S&P, Fitch, and Kroll)  | &nbsp;&nbsp; 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. <br>|
| &nbsp;&nbsp; A (all ratings agencies) | &nbsp;&nbsp; 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. <br>|
| &nbsp;&nbsp; Baa (Moody's) <br>BBB (S&P, Fitch, and Kroll)  | &nbsp;&nbsp; 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." <br>|
| &nbsp;&nbsp; Ba (Moody's) <br>BB (S&P, Fitch, and Kroll)  | &nbsp;&nbsp; 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." <br>|

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; <u>Rating</u> | &nbsp;&nbsp; <u>Description</u> |
| &nbsp;&nbsp; B (all ratings agencies) | &nbsp;&nbsp; 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. |
| &nbsp;&nbsp; Caa (Moody's) <br>CCC (S&P, Fitch, and Kroll)  | &nbsp;&nbsp; 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. <br>|
| &nbsp;&nbsp; Ca (Moody's) <br>CC (S&P)  | &nbsp;&nbsp; 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.  |
| &nbsp;&nbsp; C (all ratings agencies) | &nbsp;&nbsp; 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. <br>|
| &nbsp;&nbsp; RD (Fitch) | &nbsp;&nbsp; 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 |
| &nbsp;&nbsp; D (all ratings agencies) | &nbsp;&nbsp; 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*

---

| | |
|:---|:---|
| &nbsp;&nbsp; <u>Rating</u> | &nbsp;&nbsp; <u>Description</u> |
|  | &nbsp;&nbsp; **(descriptions shown generally track language used by Moody's though all ratings agencies use similar language for each rating category)** <br>|
| &nbsp;&nbsp; P-1 (Moody's) <br>A-1 (S&P) <br>F1 (Fitch) <br>K1 (Kroll)  | &nbsp;&nbsp; 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. <br>|
| &nbsp;&nbsp; P-2 (Moody's) <br>A-2 (S&P) <br>F2 (Fitch) <br>K2 (Kroll)  | &nbsp;&nbsp; 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. <br>|

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; <u>Rating</u> | &nbsp;&nbsp; <u>Description</u> |
| &nbsp;&nbsp; P-3 (Moody's) <br>A-3 (S&P) <br>F3 (Fitch) <br>K3 (Kroll)  | &nbsp;&nbsp; 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. <br>|
| &nbsp;&nbsp; NP (Moody's) | &nbsp;&nbsp; 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. <br>|
| &nbsp;&nbsp; B (S&P, Fitch, and Kroll) | &nbsp;&nbsp; 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. |
| &nbsp;&nbsp; C (S&P, Fitch, and Kroll) | &nbsp;&nbsp; The short term debt obligation is currently vulnerable to nonpayment, and the issues is dependent on favorable economic conditions to continue to meet its commitments on the obligation. <br>|
| &nbsp;&nbsp; RD (Fitch | &nbsp;&nbsp; The issuer is in default on or more of its financial commitments but continues to meet other financial obligations. |
| &nbsp;&nbsp; D (S&P, Fitch, and Kroll) | &nbsp;&nbsp; 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>Lower-Quality Debt Obligations</u>

The Fund may at times hold debt obligations which are determined to be of lower-quality due to issuer default or credit ratings downgrades subsequent to purchase.

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, which are sometimes referred to as "junk" or "high yield" bonds, 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 the 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 the 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 if held by the Fund. The 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 Fund 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.

<u>Mortgage-Backed Securities, Mortgage Pass-Through Securities and Asset-Backed Securities</u>

*Mortgage-Backed Securities.* The 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. See "Municipal Obligations – Mortgage-Backed Municipal Obligations," below, for additional discussion of mortgage-backed municipal obligations in which the Fund may invest.

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 the 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 the Fund because the value of some mortgage-backed securities held by the 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.* The 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. The Low Duration 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.

The 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 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 the Fund to dispose of any investment it makes in these 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 the Fund's investment objective, policies and quality standards, Thornburg may consider investing on behalf of the Fund in such new types of investments.

<u>Municipal Obligations</u>

The 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.

At times, a significant portion of the 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 the 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 the 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.

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 the Fund's portfolio. Although the interest received from municipal securities generally is exempt from regular federal income tax, the 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 the Fund's investments in municipal securities may also be subject to the federal alternative minimum tax. Accordingly, investment in the 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.* The 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 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.

*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 the 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.* The 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 the 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 the Fund to sell the obligation at an acceptable price. In seeking to reduce the risks associated with investment by the 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 the 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.

<u>Structured Finance Arrangements</u>

*Collateralized Mortgage Obligations ("CMOs").* The 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 the Fund to value its investment in the CMO or sell the CMO at an acceptable price.

The 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 Participation Certificates. Freddie Mac has the right to substitute collateral in the event of delinquencies or defaults.

*Other Structured Finance Arrangements.* The 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 cash flows 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. The 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 the 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 the 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>

The Fund 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>

The Fund 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. The 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 the Fund is required to distribute that income for each taxable year. To generate the cash necessary to satisfy such distributions, the 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 Foreign Debt Obligations**

The Fund may make investments in foreign debt obligations.

The Fund's investment in a foreign debt obligation 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 the 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>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.

**Investing in Derivative Instruments**

A derivative instrument or derivative 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 the 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 the 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.

The 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." The 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 the 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 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 Fund and comply with the requirements of rule 18f-4. The Fund is currently classified as a limited derivatives user under rule 18f-4. As a limited derivatives user, the Fund's derivatives exposure, excluding certain currency and interest rate hedging transactions, may not exceed 10% of its net assets. The Fund 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%. The 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 the 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 the Fund may invest and certain risks associated with those investments.

<u>Combined Positions</u>

The Fund may also purchase and sell 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, the 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 would normally be 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>

The 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. 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.

<u>Futures Contracts</u>

The 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 the Fund purchases a futures contract, it agrees to purchase a specified underlying instrument at a specified future date at a specified price. When the 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 the Fund's exposure to positive and negative price fluctuations in the underlying instrument, much as if it had purchased the underlying instrument directly. When the 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 the 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 the 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 the 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 the 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 the Fund's investment limitations. In the event of the bankruptcy of a FCM that holds margin on behalf of the 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 the Fund's current or anticipated investments exactly. The 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. The 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. The Fund may purchase and sell currency futures to increase or decrease its exposure to different foreign currencies. The 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 the 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>Options</u>

The 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, the 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, the Fund pays the current market price for the option (known as the option premium). Options have various types of underlying instruments, including debt obligations and futures contracts. The 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 the Fund exercises the option, it completes the sale of the underlying instrument at the strike price. The 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 the Fund's costs because it must pay premiums to purchase the options, and the exercise of put and call options by the 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 the 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. If the 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, the 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, the 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. The 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, the 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, the Fund 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, the 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.

The 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 the 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 would assess the creditworthiness of each counterparty or any guarantor or credit enhancement of the counterparty's credit with the objective of determining 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 the Fund in those instruments will be subject to the Fund's limitation on investments in illiquid instruments. See "Illiquid Investments" below.

The 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, the 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. The 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 the 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 the Fund's current or anticipated investments exactly. The 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. The 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. The Fund may purchase and write currency options to increase or decrease its exposure to different foreign currencies. The 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 the 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 the 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>

The 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 the 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>

The Fund may enter into swap agreements and related caps, floors and collars. The Fund is not limited to any particular form of swap agreement, provided that Thornburg determines that the agreement is consistent with the Fund's investment objective and policies.

Swap agreements involve the exchange by the 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 the Fund's investment exposure from one type of investment to another. For example, if the 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 the 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 parties to the agreements. If a swap agreement calls for payments by the 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. The 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.

C*urrency 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 the Fund would be taxable. If the other party to an interest rate swap or forward rate contract defaults, the 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 discussion contains additional detail about certain other investments a Fund may make and certain other risks to which a Fund may be subject.

<u>Certificates of Deposit</u>

The Fund may under certain circumstances purchase bank certificates of deposit, including certificates of deposit of domestic and foreign banks, and foreign branches of domestic banks.

Investments in certificates of deposit issued by foreign banks or foreign branches of domestic banks involve 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>Cash and Cash Equivalents</u>

The Fund may hold uninvested cash or may invest it in cash equivalents such as money market instruments that include bankers' acceptances and short-term commercial paper, interests in short-term investment funds, or shares of money market or short-term bond funds. To the extent that the Fund invests in a money market fund or short-term bond funds, the Fund will indirectly bear a proportionate share of such fund's expenses, in addition to the operating expenses of the Fund, which are borne directly by Fund shareholders.

<u>Cash Sweep Service Program</u>

At times, the Fund may invest cash in an insured cash sweep service program whereby a customer's cash is allocated among one or more FDIC-insured member banks in amounts that do not exceed the FDIC standard maximum deposit insurance amount (currently $250,000) at any one bank and placed in either demand deposit accounts or money market deposit accounts, such that the cash is FDIC-insured across the various member banks.

<u>Closed End Funds</u>

The Fund may invest in the shares of closed end funds.

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 the 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>Consideration of Environmental, Social and Governance ("ESG") Factors</u>

While the Fund does not seek to invest specifically in issuers that demonstrate positive ESG characteristics, ESG factors may be considered as part of the advisor's extensive fundamental research into each issuer. Specifically, the advisor may consider an issuer's ESG characteristics to determine whether such characteristics are likely to impact the issuer's overall economic prospects. In this way, the advisor's consideration of ESG factors is no different than its consideration of more traditional financial metrics or other factors which may affect an issuer's risks and returns.

There are no universally agreed upon objective standards for assessing ESG factors, and they can vary over different periods and evolve over time. ESG factors tend to have many subjective characteristics and can be difficult to analyze, and frequently involve 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. They may also be difficult to apply consistently across regions, countries, industries or sectors. As a result, and because of differences in investment strategies, the ESG factors that the Fund views as relevant to an issuer's risks and returns may differ from the ESG factors that another fund views as relevant to an issuer's risks and returns. In addition, investors and others may disagree as what constitutes an ESG factor given the absence of generally accepted criteria. 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>Convertible Securities</u>

The Fund may invest in convertible debt obligations.

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 the Fund will tend to perform more like equity securities when the underlying stock price is high (because it is assumed that the Fund will convert the obligation), and more like non- convertible debt obligations when the underlying stock price is low (because it is assumed that the Fund will not convert the obligation). Because its market value can be influenced by several factors, a convertible debt obligation will not be as sensitive to interest rate changes as a similar non-convertible debt obligation, and generally will have less potential for gain or loss than the underlying stock.

<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 misappropriate 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>

The Fund may enter into "dollar roll" transactions.

Dollar roll transactions consist of the sale by the 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 the 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 limitations applicable to any borrowings made by the Fund. Like all borrowings, a dollar roll involves costs to the Fund. For example, while the 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 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 the 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 the 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 Fund. In determining the liquidity of the Fund's 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 the 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 Fund's 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 the 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.

The Fund is limited from investing more than a certain percentage of its net assets in illiquid investments. Please see "Investment Limitations" below for a discussion of the specific limitations applicable to the Fund's investment in illiquid investments. If through a change in values, net assets, or other circumstances, the Fund were in a position where the percentage of its portfolio comprised of illiquid investments exceeded that Fund's percentage investment limitation on investment in illiquid investments, the Fund would seek to take appropriate steps to protect liquidity.

<u>Repurchase Agreements</u>

The Fund may enter into repurchase agreements. In a repurchase agreement, the 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.

The 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 the 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, the 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>

The Fund may enter into reverse repurchase agreements. The Fund will not 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, the 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. The 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 Fund's assets and may be viewed as a form of leverage.

<u>Securities Lending</u>

The Fund may lend securities to parties such as broker-dealers or institutional investors; provided that the Fund may not 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 the 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 the 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; 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 the 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>When-Issued Securities</u>

The 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 the 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.

**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 Fund's assets in a manner which is consistent with the limitations imposed by Rule 4.5. To the extent Thornburg or the Fund became no longer eligible to claim an exclusion from the definition of the term "commodity pool operator," then Thornburg or the Fund may become subject to registration and regulation under the CEA. Such regulation may have an adverse effect on Thornburg's ability to manage the Fund, may impair the ability of the Fund to achieve its investment objective, and may result in higher operating expenses for the Fund 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 the 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 the 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.

Thornburg Investment Trust has adopted the following fundamental investment limitations applicable to the 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;(1) issue senior securities, except as permitted under the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;(2) 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;(3) 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;(4) 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;(5) 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;(6) 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;

&nbsp;&nbsp;&nbsp;&nbsp;(7) purchase securities of any registered open-end investment company or registered unit investment
trust in reliance on Section 12(d)(1)(F) or 12(d)(1)(G) of the Investment Company Act of 1940, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;(8) 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;(9) 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.

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, 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 borrowings 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.

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. Additionally, for purposes of applying the fundamental investment limitation described in paragraph (8) 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; except as set forth in the following sentence, 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 solely 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 fundamental investment limitation described in paragraph (8) above only applies to investments in a particular industry and groups of industries, and would 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. 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;(i) 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;(ii) 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;(iii) 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 the Fund reasonably expects such securities 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.

&nbsp;&nbsp;&nbsp;&nbsp;(iv) 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.

**ADDITIONAL MATTERS RESPECTING TAXES**

The following discussion summarizes certain federal and state tax considerations generally affecting the Fund and shareholders. 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 Fund.

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 Fund – Subchapter M**

The Fund expects to elect and intends to qualify for treatment as a regulated investment company under Subchapter M of the Code. In each taxable year when the 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 the 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 the 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 the 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.

**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 the Fund's dividend income from U.S. corporations, and if other applicable requirements are met. The alternative minimum tax applicable to corporations may reduce the benefit of the dividends-received deduction. However, the Fund is not expected to realize any significant corporate dividend income. Distributions of net capital gains (the excess of net long-term capital gains over net short-term capital losses) designated by the 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 the Fund. Any distributions that are not from the 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.

The 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 the 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.

The 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. The Fund's net capital losses are not deductible against the Fund's net investment income.

Distributions by the 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. The price of shares purchased just prior to a distribution 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.

**Foreign Currency Transactions**

Under the Code, gains or losses attributable to fluctuations in foreign currency exchange rates which occur between the time the Fund accrues income or other receivable or accrues expenses or other liabilities denominated in a foreign currency and the time the 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 the Fund's net investment income to be distributed to its shareholders as ordinary income.

**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 the 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 the 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.

**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 the Fund are advised to consult their own tax advisors in that regard. The 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 the 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, the 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 the 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 under the rules applicable to nonresident alien individuals and foreign entities.

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 the Fund with appropriate identifiers, certifications or documentation concerning its status.

The 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 the 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, AND ADMINISTRATIVE SERVICES AGREEMENTS**

**Investment Advisory Agreement**

Pursuant to an Investment Advisory Agreement in respect of the 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, the Fund in accordance with the Fund's investment objective and policies, subject to the general supervision and control of the Trustees of Thornburg Investment Trust.

The Fund does not pay any fee to Thornburg for Thornburg's investment management and related services. The Fund does, however pay all other costs and expenses of its operations. Such costs and expenses are accrued daily and deducted before payment of dividends.

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 the Fund, and will annually consider the renewal of the agreement applicable to the Fund. 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 the Fund, the Trustees will request and consider reports from Thornburg throughout the year. These reports are expected to address a wide variety of topics, including particularly Thornburg's services to the Fund and its selection of investments of pursuit of the Fund's investment objective.

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 Fund's performance, the Trustees should focus on the longer-term perspective rather than current fashions or short-term performance.

The Trust's Trustees determined to renew the Investment Advisory Agreement for the 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 2024 to consider aspects of their annual evaluation of Thornburg's service to all of the Funds 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. In that session the independent Trustees discussed their evaluations of Thornburg's services to the Fund and the Fund's fee and expense levels, investment performance, and other information presented, 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 a another session of the 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 the 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 the 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. 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.

Garrett Thornburg, Chairman and Trustee of Thornburg Investment Trust, is also 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**

The Fund ordinarily will not invest in equities or other voting securities. To the extent the Fund does hold voting securities, however, Thornburg is authorized by the Trust to vote proxies respecting those securities. 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 the Fund. Thornburg 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, on the Thornburg website at www.thornburg.com, and (iii) on the Securities and Exchange Commission's website at www.sec.gov.

**Administrative Services**

Thornburg has also been authorized by the Trust to perform certain administrative services on behalf of the Fund including, to the extent applicable, supervision and direction of shareholder communications, assistance and review in preparation of reports and other communications to shareholders, administration of shareholder assistance, supervision and review of bookkeeping, clerical, shareholder and account administration and accounting functions, supervision or conduct of related regulatory compliance and legal affairs, and review and administration of functions delivered by outside service providers to or for the shareholders of the Fund, and such other related or similar administrative functions as the Trust and Thornburg may from time to time agree.

The Fund does not pay any fee to Thornburg for Thornburg's administrative services, and those services are not provided pursuant to a separate contract with Thornburg. The Fund does, however pay all other costs and expenses of its operations. Such costs and expenses are accrued daily and deducted before payment of dividends.

**PORTFOLIO TRANSACTIONS**

All orders for the purchase or sale of portfolio securities are placed on behalf of the Fund by Thornburg pursuant to its authority under the 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 the Fund, 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 the 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 Fund may be useful to Thornburg in rendering investment management services to the Fund or to other clients, including Funds of the Trust. 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.

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 Fund to the extent permitted by law. Thornburg may use research services provided by and place agency transactions with the Trust's distributor 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 Fund. Subject to applicable laws and regulations, Thornburg will attempt to allocate equitably portfolio transactions among the Funds of the Trust and the portfolios of its other clients purchasing securities whenever decisions are made to purchase or sell securities by the Fund and one or more of such other Funds or 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 the Fund from time to time, it is the opinion of the Fund's 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 Fund's portfolio turnover rate for its fiscal period from October 1, 2024 through September 30, 2025 was 0.00% because the Fund had no long term investment transactions during that period.

**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 Fund's 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 the Fund to the extent those holdings have not previously been made publicly available by the Trust, Adviser, or TSL in accordance with the Trust's policies and procedures; and (b) any other information about the 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 the 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 the Fund's holdings, including, for example and without limitation: (i) descriptions of how the 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 the 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 the 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 Fund and its 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 Fund 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 Fund 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.

---

| | | |
|:---|:---|:---|
| **Name of Recipient** <br>| **Frequency** <br>| &nbsp;&nbsp;&nbsp; **Time Lag Between Date of Information and Date of Disclosure** |
| Abel Noser Solutions LLC | Daily | None |
| April & Dolan, P.C. | As needed in connection with the legal services provided to the independent Trustees of the Trust | |
| Archer IMS, LLC | Daily | None |
| Bank of America Merrill Lynch | Daily (Pricing) | None |
| Bloomberg L.P. | Daily (Pricing) | None |
| Clearwater Analytics | Daily | None |
| Donnelley Financial Solutions (DFIN) | Monthly | One month or less, depending on the date of request |
| Empire Valuation Consultants, LLC | Quarterly (Pricing) | None |
| FactSet Research Systems | Daily | None |
| ICE Data Services | Daily (Pricing) | None |
| IHS Markit Ltd. | Daily (Pricing) | None |
| Institutional Shareholder Services, Inc. | Daily | None |
| J.P Morgan Pricing Direct Inc. | Daily (Pricing) | None |
| Morgan Stanley Smith Barney | Weekly | One day |
| PricewaterhouseCoopers LLP | As needed in connection with the audit and tax services provided to the Trust | None |
| Quality EDGAR Solutions, LLC | Monthly | One month or less, depending on the date of request |
| Refinitiv | Daily (Pricing) | None |
| Ropes & Gray | As needed in connection with the legal services provided to the Trust | |
| State Street Bank and Trust | Daily | None |
| 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**

The Fund is a separate "series" or investment portfolio of Thornburg Investment Trust. The names of the Trustees and officers of the Fund 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> <br>| &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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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &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, 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, 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, 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 |
| &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; **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; 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. <br>| &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; 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 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; 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; 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; **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** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| 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 |

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&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.

<u>Interested Trustees</u>

*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 and 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 and as its chief executive officer from 2008 until 2016, and, as chief investment officer, he currently oversees Thornburg's investment activities for the Funds and other 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.

<u>Independent Trustees</u>

*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, member 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, Murray & 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 Fund (as the term "interested" is defined in the 1940 Act) and six of whom are not interested persons of the Fund. 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 Fund, including the supervision of Thornburg, which provides day-to-day management of the Fund under the terms of the Investment Advisory Agreement and Administrative Services Agreements. 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 in the Trust and the ability of the Trustees to devote sufficient time and attention to matters specific to each Fund; the role of the Fund's 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 Fund is 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 Fund's 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 Fund by meeting no less frequently than quarterly (and in practice, more often) with senior officers of the Trust, members of the Fund's portfolio management teams, the Fund's chief compliance officer and the Fund's legal counsel, and by receiving periodic reports from the Fund's independent registered public accounting firm and other service providers to the Fund. 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 Fund, including the detection and prevention of violations of federal securities laws. At least annually, the Trustees receive a report from the Fund's 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 Fund or to develop processes and controls to eliminate or mitigate the occurrence or effects of certain risks on the Fund. Furthermore, some risks may simply be beyond the control of the Fund 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 Fund's 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 Fund's annual financial statements, all non-audit services provided by the auditors for the Fund, 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 Fund's 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 Fund's 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 Fund's 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 the 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 Fund's 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 Fund's 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, Owen D. Van Essen, and Brian J. McMahon. Ms. Black, Mr. Gardner, Mr. Van Essen, and Mr. Weyhrauch 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, to the extent applicable to the Trust, 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** <br> &nbsp;&nbsp;&nbsp;&nbsp;**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 aggregate dollar range of shares owned beneficially by each Trustee in the Fund as of December 31, 2025. Because the Fund's shares are currently only available to the other series of shares of the Trust or other persons that are Accredited Investors, none of the Trustees own any shares of the Fund. The dollar range shown in the third 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; **Name of Trustee** | &nbsp;&nbsp; **Dollar Range of Equity Securities in the Fund** | &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; Garrett Thornburg | &nbsp;&nbsp; N/A | &nbsp;&nbsp; over $100,000 |
| &nbsp;&nbsp; Brian J. McMahon | &nbsp;&nbsp; N/A | &nbsp;&nbsp; over $100,000 |
| &nbsp;&nbsp; Lisa Black | &nbsp;&nbsp; N/A | &nbsp;&nbsp; over $100,001 |
| &nbsp;&nbsp; Sally Corning | &nbsp;&nbsp; N/A | &nbsp;&nbsp; over $100,000 |
| &nbsp;&nbsp; David L. Gardner | &nbsp;&nbsp; N/A | &nbsp;&nbsp; over $100,000 |
| &nbsp;&nbsp; Patrick J. Talamantes | &nbsp;&nbsp; N/A | &nbsp;&nbsp; over $100,000 |
| &nbsp;&nbsp; Owen Van Essen | &nbsp;&nbsp; N/A | &nbsp;&nbsp; over $100,000 |
| &nbsp;&nbsp; James W. Weyhrauch | &nbsp;&nbsp; N/A | &nbsp;&nbsp; over $100,000 |

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**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 Fund. 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 the Fund's investments and the manager's management of other accounts. These conflicts could include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Allocating a favorable investment opportunity to one account but not another.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Directing one account to buy a security before purchases through other accounts increase the
price of the security in the marketplace.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Giving substantially inconsistent investment directions at the same time to similar accounts,
so as to benefit one account over another.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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 Fund's 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. 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. As of September 30, 2025 the advisory fee for each of the accounts was not based on the investment performance of the account.

**<u>Lon Erickson</u>**

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| | | |
|:---|:---|:---|
| &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>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>David Musolf</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; $3450806276 |
| &nbsp;&nbsp; Other Pooled Investment Vehicles: | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp; Other Accounts: | &nbsp;&nbsp; 1 | &nbsp;&nbsp; $33143668 |

---

**Portfolio Managers' Ownership of Shares in the Fund**

Because the Fund's shares are currently only available to the other series of shares of the Trust or other Accredited Investors, none of the Fund's portfolio managers own any shares of the Fund. The portfolio managers' ownership of shares of the other Funds that they manage are described in the statements of additional information that are applicable to those other Funds.

**PRINCIPAL HOLDERS OF SECURITIES**

As of December 31, 2025, the following other series of the Trust were the record owners of more 5% or more of the Fund's issued and outstanding shares.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **<u>Name and Address</u>** | &nbsp;&nbsp; **<u>Percent Owned</u>** |
| &nbsp;&nbsp; Thornburg Investment Income Builder Fund <br>c/o Thornburg Investment Management, Inc. <br>2300 N. Ridgetop Road <br>Santa Fe, New Mexico 87506  | &nbsp;&nbsp; 51.07% |
| &nbsp;&nbsp; Thornburg Strategic Income Fund <br>c/o Thornburg Investment Management, Inc. <br>2300 N. Ridgetop Road <br>Santa Fe, New Mexico 87506  | &nbsp;&nbsp; 17.47% |
| &nbsp;&nbsp; Thornburg International Equity Fund <br>c/o Thornburg Investment Management, Inc. <br>2300 N. Ridgetop Road <br>Santa Fe, New Mexico 87506  | &nbsp;&nbsp; 13.06% |
| &nbsp;&nbsp; Thornburg Limited Term Income Fund <br>c/o Thornburg Investment Management, Inc. <br>2300 N. Ridgetop Road <br>Santa Fe, New Mexico 87506  | &nbsp;&nbsp; 12.98% |

---

**NET ASSET VALUE**

The Fund will calculate its net asset value at least once daily 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 the 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**

Because the Fund's shares are issued solely in private placement transactions that do not involve any public offering within the meaning of Section 4(2) of the 1933 Act, the Trust has not engaged a firm to act as underwriter for the Fund, and the Fund has no selling expenses.

**ADDITIONAL INFORMATION RESPECTING PURCHASE AND REDEMPTION OF SHARES**

Shares of the Fund are issued solely in private placement transactions that do not involve any public offering within the meaning of Section 4(2) of the 1933 Act. Investments in the Fund may only be made by investment companies or other persons that Accredited Investors within the meaning of Regulation D under the 1933 Act. The Fund only has one class of shares, and shareholders incur no sales charges for purchasing and redeeming shares of the Fund.

Redemption proceeds are normally paid in cash. The 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, the Fund may pay redemption proceeds in portfolio securities rather than cash.

The Fund has elected to pay in cash all requests for redemption by any shareholder. The Fund 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 the 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 the 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 has 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 has 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 Fund.

 **FINANCIAL STATEMENTS** 

Additional information about the 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/Archives/edgar/data/816153/000199937125019191/tbit-ncsr_093025.htm). In the 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 the 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.](https://www.sec.gov/Archives/edgar/data/816153/000138713118006761/ex99-a31.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, incorpated 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., dated December 30, 2025, 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., incorporated by reference from Registrant's post-effective amendment no. 160 to its Registration Statement on Form N-1A, filed January 14, 2026.](http://www.sec.gov/Archives/edgar/data/816153/000199937126000891/ex99-h3.htm)

&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, incorporated by reference from Registrant's post-effective amendment no. 160 to its Registration Statement on Form N-1A, filed January 14, 2026.](http://www.sec.gov/Archives/edgar/data/816153/000199937126000891/ex99-h14.htm)

(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, incorporated 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) (1) [Consent of independent registered public accounting firm, filed herewith.](ex99-j1.htm)

(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) 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) 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) 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) 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) The address of each of the officers of TSL is 2300 North Ridgetop Road, Santa Fe, New Mexico 87506.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Name | &nbsp;&nbsp;Positions and Offices with TSL | &nbsp;&nbsp;Positions and Offices with Registrant |
| &nbsp;&nbsp;Jesse Brownell | &nbsp;&nbsp;President | &nbsp;&nbsp;None |
| &nbsp;&nbsp;Nimish Bhatt | &nbsp;&nbsp;Principal Financial Officer and Treasurer | &nbsp;&nbsp;President |
| &nbsp;&nbsp;Curtis Holloway | &nbsp;&nbsp;Principal Operations Officer | &nbsp;&nbsp;Chief Financial Officer; Treasurer |
| &nbsp;&nbsp;Amy Callow | &nbsp;&nbsp;Secretary | &nbsp;&nbsp;None |
| &nbsp;&nbsp;Brian McMahon | &nbsp;&nbsp;Vice President | &nbsp;&nbsp;Trustee; Vice Chairman |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 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 Investment Company Act of 1940, the Registrant 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 28, 2026.

**THORNBURG INVESTMENT TRUST**

Registrant

---

| | |
|:---|:---|
| By: | /s/ Nimish S. Bhatt |
|  | Nimish S. Bhatt, President |

---

Date: January 28, 2026

**INDEX TO EXHIBITS**

(j)(1) [Consent of independent registered public accounting firm.](ex99-j1.htm) <br>

## Ex-99.(J)(1)

[Thornburg Investment Trust POS AMI](thornburg_posami-012826.htm)

**Exhibit 99.(j)(1)**![](ex99j1001.jpg)

<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, which appears in Thornburg Capital Management Fund's Certified Shareholder Report on Form N-CSR for the year ended September 30, 2025. We also consent to the reference to us under the heading "Independent Registered Public Accounting Firm" in such Registration Statement.

/s/ PricewaterhouseCoopers LLP

New York, NY

January 28, 2026