# EDGAR Filing Document

**Accession Number:** 0000816153
**File Stem:** 0001387131-23-001213
**Filing Date:** 2023-2
**Character Count:** 28022
**Document Hash:** 0b8f93d80a786cd3c4ec24944c424d5a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001387131-23-001213.hdr.sgml**: 20230201

**ACCESSION NUMBER**: 0001387131-23-001213

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20230201

**DATE AS OF CHANGE**: 20230201

**EFFECTIVENESS DATE**: 20230201

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-14905
- **FILM NUMBER:** 23576229

**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 Strategic Income Fund (Series ID: S000020097)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000113850 | Thornburg Strategic Income Fund - Class R3 | TSIRX           |
| C000113851 | Thornburg Strategic Income Fund - Class R5 | TSRRX           |
| C000136850 | Thornburg Strategic Income Fund - Class R4 | TSRIX           |
| C000177481 | Thornburg Strategic Income Fund - Class R6 | TSRSX           |

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

![](sir-497k_020123img001.gif)

## Thornburg Strategic Income Fund Summary Prospectus

---

| | |
|:---|:---|
| &nbsp;&nbsp; **February 1, 2023** | &nbsp;&nbsp; **Class R3:** TSIRX \| **Class R4:** TSRIX \| **Class R5:** TSRRX \| **Class R6:** TSRSX |

---

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

**Investment Goal**

The Fund's primary investment goal is to seek a high level of current income. The Fund's secondary investment goal is some long-term capital appreciation.

**Fees and Expenses of the Fund**

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.

Shareholder Fees

(fees paid directly from your investment)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Class R3** | &nbsp;&nbsp; **Class R4** | &nbsp;&nbsp; **Class R5** | &nbsp;&nbsp; **Class R6** |
| &nbsp;&nbsp; Maximum Sales Charge (Load) Imposed on Purchases <br>*(as a percentage of offering price)* |  |  |  |  |
| &nbsp;&nbsp; Maximum Deferred Sales Charge (Load) <br>*(as a percentage of redemption proceeds or original purchase price, whichever is lower)* |  |  |  |  |

---

Annual Fund Operating Expenses

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Class R3** | &nbsp;&nbsp; **Class R4** | &nbsp;&nbsp; **Class R5** | &nbsp;&nbsp; **Class R6** |
| &nbsp;&nbsp; Management Fees | &nbsp;&nbsp; 0.57% | &nbsp;&nbsp; 0.57% | &nbsp;&nbsp; 0.57% | &nbsp;&nbsp; 0.57% |
| &nbsp;&nbsp; Distribution and Service (12b-1) Fees | &nbsp;&nbsp; 0.50% | &nbsp;&nbsp; 0.25% |  |  |
| &nbsp;&nbsp; Other Expenses | &nbsp;&nbsp; 2.89% | &nbsp;&nbsp; 1.62% | &nbsp;&nbsp; 0.39% | &nbsp;&nbsp; 0.15% |
| &nbsp;&nbsp; Total Annual Fund Operating Expenses | &nbsp;&nbsp; 3.96% | &nbsp;&nbsp; 2.44% | &nbsp;&nbsp; 0.96% | &nbsp;&nbsp; 0.72% |
| &nbsp;&nbsp; Fee Waiver/Expense Reimbursement<sup>(1)</sup> | &nbsp;&nbsp; (2.71)% | &nbsp;&nbsp; (1.19)% | &nbsp;&nbsp; (0.36)% | &nbsp;&nbsp; (0.19)% |
| &nbsp;&nbsp; Total Annual Fund Operating Expenses After<br>Fee Waiver/Expense Reimbursement | &nbsp;&nbsp; 1.25% | &nbsp;&nbsp; 1.25% | &nbsp;&nbsp; 0.60% | &nbsp;&nbsp; 0.53% |

---

*(1) Thornburg Investment Management, Inc. ("Thornburg") has contractually agreed to waive fees and reimburse expenses incurred by the Fund so that actual Class R3, Class R4, Class R5 and Class R6 expenses (excluding taxes, interest expenses, 12b-1 distribution and service fees, acquired fund fees and expenses, brokerage commissions, borrowing costs, expenses relating to short sales, and unusual expenses such as contingency fees or litigation costs) do not exceed 1.25%, 1.25%, 0.60%, and 0.53%, respectively. The agreement to waive fees and reimburse expenses may be terminated by the Fund's Trustees at any time, but may not be terminated by Thornburg before February 1, 2024, unless Thornburg ceases to be the investment advisor of the Fund prior to that date. Thornburg may recoup amounts waived or reimbursed during the Fund's fiscal year if actual expenses fall below the expense cap during that same fiscal year.*

**Example**. This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year, dividends and distributions are reinvested, and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions (and giving effect to fee waivers and expense reimbursements in the first year), your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **1 Year** | &nbsp;&nbsp; **3 Years** | &nbsp;&nbsp; **5 Years** | &nbsp;&nbsp; **10 Years** |
| &nbsp;&nbsp; Class R3 Shares | &nbsp;&nbsp; $127  | &nbsp;&nbsp; $958 | &nbsp;&nbsp; $1805 | &nbsp;&nbsp; $4003 |
| &nbsp;&nbsp; Class R4 Shares | &nbsp;&nbsp; $127  | &nbsp;&nbsp; $647 | &nbsp;&nbsp; $1193 | &nbsp;&nbsp; $2686 |
| &nbsp;&nbsp; Class R5 Shares | &nbsp;&nbsp; $61  | &nbsp;&nbsp; $270 | &nbsp;&nbsp; $496 | &nbsp;&nbsp; $1145 |
| &nbsp;&nbsp; Class R6 Shares | &nbsp;&nbsp; $54  | &nbsp;&nbsp; $211 | &nbsp;&nbsp; $382 | &nbsp;&nbsp; $877 |

---

**Portfolio Turnover**. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over") its portfolio. A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 27.19% of the average value of its portfolio.

Thornburg Strategic Income Fund **SUMMARY PROSPECTUS** February 1, 2023

**2**

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

**Principal Investment Strategies**

The Fund pursues its investment goals by investing in a broad range of income-producing investments from throughout the world, primarily including debt obligations. The Fund expects, under normal conditions, to invest a majority of its assets in the debt obligations described below.

The Fund may invest in debt obligations of any kind, of any quality, and of any maturity. The Fund expects, under normal conditions, to select a majority of its investments from among the following types of debt obligations:

• bonds and other debt obligations issued by domestic and foreign companies of any size (including lower-rated "high yield" or "junk" bonds)

• mortgage-backed securities and other asset-backed securities, including commercial mortgage-backed securities

• convertible debt obligations

• obligations issued by foreign governments (including developing countries)

• collateralized mortgage obligations ("CMOs"), collateralized debt obligations ("CDOs"), collateralized bond obligations ("CBOs"), and collateralized loan obligations ("CLOs")

• obligations of the U.S. government and its agencies and sponsored enterprises

• structured notes

• zero coupon bonds and "stripped" securities

• taxable municipal obligations and participations in municipal obligations

The Fund's investments are determined by individual issuer and industry analysis. Investment decisions are based on domestic and international economic developments, outlooks for securities markets, interest rates and inflation, the supply and demand for debt securities, and analysis of specific issuers.

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 sell an investment prior to its scheduled maturity date to enhance income or reduce loss, to change the portfolio's average duration or average maturity, to pursue other investment opportunities, in response to changes in the conditions or business of the investment's issuer or changes in overall market conditions, or if, in Thornburg's opinion, the investment no longer serves to achieve the Fund's investment goals. The objective of preserving capital may prevent the Fund from obtaining the highest yields available.

**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 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. Please note that because the Fund's objective is to provide high current income, the Fund invests with an emphasis on income, rather than stability of net asset value.

**Credit Risk** – If obligations held by the Fund are downgraded by ratings agencies or go into default, or if management action, legislation or other government action reduces the ability of issuers to pay principal and interest when due, the value of those obligations may decline and the Fund's share value and the dividends paid by the Fund may be reduced. Because the ability of an issuer of a lower-rated or unrated obligation to pay principal and interest when due is typically less certain than for an issuer of a higher-rated obligation, lower-rated and unrated obligations are generally more vulnerable than higher- rated obligations to default, to ratings downgrades, and to liquidity risk. Debt obligations backed by so-called "subprime" mortgages may also be subject to a greater risk of default or downgrade. Debt obligations issued by the U.S. government or its agencies, instrumentalities and government sponsored enterprises are also subject to credit risk. Securities backed by the full faith and credit of the U.S. government, such as U.S. Treasury obligations, are commonly regarded as having small exposure to credit risk. Obligations of certain U.S. agencies, instrumentalities and enterprises (sometimes referred to as "agency obligations") are not direct obligations of the U.S. government, may not be backed by the full faith and credit of the U.S. government, and may have a greater exposure to credit risk.

**Cybersecurity and Operational Risk** – Operational failures, cyber-attacks or other disruptions that affect the Fund's service providers, the Fund's counterparties, other market participants or the issuers of securities held by the Fund may adversely affect the Fund and its shareholders, including by causing losses for the Fund or impairing Fund operations.

**Developing Country Risk** – The risks which may affect investments in foreign issuers (see "Foreign Investment Risk," below) may be more pronounced for investments in developing countries because the economies of those countries are usually less diversified, communications, transportation and economic infrastructures are less developed, and developing countries ordinarily have less established legal, political, business and social frameworks. At times the prices of debt obligations of a developing country issuer may be extremely volatile. An issuer domiciled in a developed country may be similarly affected by these developing country risks to the extent that the issuer conducts its business in developing countries.

**Foreign Currency Risk** – Fluctuations in currency exchange rates can adversely affect the value of the Fund's foreign investments. Such fluctuations may occur for a number of reasons, including market and economic conditions, or a government's decision to devalue its currency or impose currency controls.

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

**High Yield Risk** – Debt obligations that are rated below investment grade and unrated obligations of similar credit quality (commonly referred to as "junk" or "high yield" bonds) may have a substantial risk of loss. These obligations are generally considered to be speculative with respect to the issuer's ability to pay interest and principal when due. These obligations may be subject to greater price volatility than investment grade obligations, and their prices may decline significantly in periods of general economic difficulty or in response to adverse publicity, changes in investor perceptions or other factors. These obligations may also be subject to greater liquidity risk.

**Interest Rate Risk** – 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 intermediate and longer-term obligations. This effect is also typically more pronounced for mortgage- and other asset-backed securities, the value of which may fluctuate more significantly in response to interest rate changes. When interest rates decrease, the Fund's dividends may decline.

**Liquidity Risk** – Due to a lack of demand in the marketplace or other factors, the Fund may not be able to sell some or all of its investments promptly, or may only be able to sell investments at less than desired prices. The market for lower-rated and unrated debt obligations (including particularly "junk" or "high yield" bonds) and debt obligations backed by so-called "subprime" mortgages may be less liquid than the market for other obligations, making it difficult for the Fund to value its investment in a lower-rated or unrated obligation or to sell the investment in a timely manner or at an acceptable price.

**Management Risk** – The Fund is an actively managed portfolio, and the value of the Fund may be reduced if Thornburg pursues unsuccessful investments or fails to correctly identify risks affecting the broad economy or specific issuers in which the Fund invests.

**3**

**SUMMARY PROSPECTUS** February 1, 2023 Thornburg Strategic Income Fund

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

**Market and Economic Risk** – The value of the Fund's investments may decline and its share value may be reduced due to changes in general economic and market conditions. This effect is typically more pronounced for lower-rated and unrated debt obligations (including particularly "junk" or "high yield" bonds), the value of which may fluctuate more significantly in response to poor economic growth or other changes in market conditions, political, economic and legal developments. The market value of any zero coupon bonds or "stripped" securities that the Fund may purchase will typically be more volatile than the value of a comparable, interest-paying bond. Additionally, zero coupon bonds and "stripped" securities are subject to the risk that the Fund may have to recognize income on its investment and make distributions to shareholders before it has received any cash payments on its investment.

**Prepayment and Extension Risk** – When market interest rates decline, certain debt obligations held by the Fund may be repaid more quickly than anticipated, requiring the Fund to reinvest the proceeds of those repayments in obligations which bear a lower interest rate. Conversely, when market interest rates increase, certain debt obligations held by the Fund may be repaid more slowly than anticipated, causing assets of the Fund to remain invested in relatively lower yielding obligations. These risks may be more pronounced for the Fund's investments in mortgage-backed and asset-backed securities.

**Redemption Risk** – If a significant percentage of the Fund's shares is owned or controlled by a single shareholder, the Fund is subject to the risk that a redemption by that shareholder of all or a large portion of its shares may require the Fund to sell securities at less than desired prices, and the Fund's remaining shareholders may also incur additional transaction costs or adverse tax consequences from such trading activity.

**Risks Affecting Specific Issuers** – The value of a debt obligation may decline in response to developments affecting the specific issuer of the obligation or security, even if the overall industry or economy is unaffected. These developments may include a variety of factors, including but not limited to management issues or other corporate disruption, a decline in revenues or profitability, an increase in costs, or an adverse effect on the issuer's competitive position.

**Small and Mid-Cap Company Risk** – Investments in small-capitalization companies and mid-capitalization companies may involve additional risks, which may be relatively higher with smaller companies. These additional risks may result from limited product lines, more limited access to markets and financial resources, greater vulnerability to competition and changes in markets, lack of management depth, increased volatility in share price, and possible difficulties in valuing or selling these investments.

**Structured Products Risk** – Investments in securities that are backed by, or represent interests in, an underlying pool of securities or other assets, including investments in mortgage- and asset-backed securities and in collateralized mortgage obligations and collateralized debt obligations, involve the risks associated with the underlying assets (e.g., the risk of default by mortgagors whose mortgages are included in a mortgage-backed security or collateralized mortgage obligation), and may also involve different or greater risks, including the risk that distributions from the underlying assets will be inadequate to make interest or other payments to the Fund, the risk that the issuer of the securities will fail to administer the underlying assets properly or become insolvent, and the risk that the securities will be less liquid than other Fund investments.

Additional information about Fund investments, investment strategies and risks of investing in the Fund appears below beginning on page 61 of the Prospectus.

**Past Performance of the Fund**

The following information provides some indication of the risks of investing in Strategic Income Fund by showing how the Fund's investment results vary from year to year. The bar chart shows the annual total return for Class R3 shares in the one full year shown. The average annual total return figures compare Class R3, Class R4, Class R5 and Class R6 share performance to the Bloomberg U.S. Universal Total Return Index Value Unhedged, a broad measure of market performance, and to a Blended Benchmark comprised of 80% Bloomberg U.S. Aggregate Bond Total Return Value USD, which represents a broad measure of bond market performance, and 20% MSCI World Net Total Return USD Index, which represents a broad measure of equity market performance in developed markets. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. The performance information shown below is as of the calendar year ended December 31, 2022. Updated performance information may be obtained on the Thornburg website at Thornburg.com or by calling 1-800-847-0200.

Annual Total Returns – Class R3 Shares

![](sir-497k_020123img002.gif)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Total<br>Returns** | &nbsp;&nbsp; **Quarter<br>ended** |
| &nbsp;&nbsp; Highest Quarterly Results | &nbsp;&nbsp; 7.85 | &nbsp;&nbsp; 6/30/2020 |
| &nbsp;&nbsp; Lowest Quarterly Results | &nbsp;&nbsp; -5.71 | &nbsp;&nbsp; 3/31/2020 |

---

Average Annual Total Returns

(periods ended 12-31-22)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Class R3 Shares** | &nbsp;&nbsp; **1 Year** | &nbsp;&nbsp; **5 years** | &nbsp;&nbsp; **10 YEARS** |
| &nbsp;&nbsp; Return Before Taxes | &nbsp;&nbsp; -6.81 | &nbsp;&nbsp; 1.91 | &nbsp;&nbsp; 3.37 |
| &nbsp;&nbsp; Return After Taxes on Distributions | &nbsp;&nbsp; -7.96 | &nbsp;&nbsp; 0.61 | &nbsp;&nbsp; 1.66 |
| &nbsp;&nbsp; Return After Taxes on Distributions and Sale of Fund Shares | &nbsp;&nbsp; -4.02 | &nbsp;&nbsp; 0.92 | &nbsp;&nbsp; 1.84 |
| &nbsp;&nbsp; Bloomberg U.S. Universal Total Return Index Value Unhedged<br>*(reflects no deduction for fees, expenses, or taxes)* | &nbsp;&nbsp; -12.99 | &nbsp;&nbsp; 0.18 | &nbsp;&nbsp; 1.33 |
| &nbsp;&nbsp; Blended Benchmark<br>*(reflects no deduction for fees, expenses, or U.S. taxes)* | &nbsp;&nbsp; -13.87 | &nbsp;&nbsp; 1.45 | &nbsp;&nbsp; 2.73 |

---

Thornburg Strategic Income Fund **SUMMARY PROSPECTUS** February 1, 2023

**4**

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

2/1/23<br>TH2550

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Class R4 Shares** | &nbsp;&nbsp; **1 Year** | &nbsp;&nbsp; **5 YearS** | &nbsp;&nbsp; **Since<br>Inception<br>(2-1-14)** |
| &nbsp;&nbsp; Return Before Taxes | &nbsp;&nbsp; -6.80 | &nbsp;&nbsp; 1.91 | &nbsp;&nbsp; 2.59 |
| &nbsp;&nbsp; Bloomberg U.S. Universal Total Return Index Value Unhedged<br>*(reflects no deduction for fees, expenses, or taxes)* | &nbsp;&nbsp; -12.99 | &nbsp;&nbsp; 0.18 | &nbsp;&nbsp; 1.50 |
| &nbsp;&nbsp; Blended Benchmark<br>*(reflects no deduction for fees, expenses, or U.S. taxes)* | &nbsp;&nbsp; -13.87 | &nbsp;&nbsp; 1.45 | &nbsp;&nbsp; 2.65 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Class R5 Shares** | &nbsp;&nbsp; **1 Year** | &nbsp;&nbsp; **5 years** | &nbsp;&nbsp; **10 YEARS** |
| &nbsp;&nbsp; Return Before Taxes | &nbsp;&nbsp; -6.21 | &nbsp;&nbsp; 2.56 | &nbsp;&nbsp; 3.85 |
| &nbsp;&nbsp; Bloomberg U.S. Universal Total Return Index Value Unhedged<br>*(reflects no deduction for fees, expenses, or taxes)* | &nbsp;&nbsp; -12.99 | &nbsp;&nbsp; 0.18 | &nbsp;&nbsp; 1.33 |
| &nbsp;&nbsp; Blended Benchmark<br>*(reflects no deduction for fees, expenses, or U.S. taxes)* | &nbsp;&nbsp; -13.87 | &nbsp;&nbsp; 1.45 | &nbsp;&nbsp; 2.73 |

---

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Class R6 Shares** | &nbsp;&nbsp; **1 YEAR** | &nbsp;&nbsp; **5 years** | &nbsp;&nbsp; **Since<br>Inception<br>(4-10-17)** |
| &nbsp;&nbsp; Return Before Taxes | &nbsp;&nbsp; -6.11 | &nbsp;&nbsp; 2.62 | &nbsp;&nbsp; 3.09 |
| &nbsp;&nbsp; Bloomberg U.S. Universal Total Return Index Value Unhedged<br>*(reflects no deduction for fees, expenses, or taxes)* | &nbsp;&nbsp; -12.99 | &nbsp;&nbsp; 0.18 | &nbsp;&nbsp; 0.62 |
| &nbsp;&nbsp; Blended Benchmark<br>*(reflects no deduction for fees, expenses, or U.S. taxes)* | &nbsp;&nbsp; -13.87 | &nbsp;&nbsp; 1.45 | &nbsp;&nbsp; 2.12 |

---

*After-tax returns are calculated using the highest historical individual federal marginal income tax rates, and do not reflect state or local income taxes. Actual after-tax returns depend on an investor's own tax situation and may differ from the returns shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The after-tax returns shown relate only to Class R3 shares, and after-tax returns for other share classes will vary.*

**Management**

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

**Portfolio Managers:** 

Jason Brady, cfa, the president of the Trust and the chief executive officer, president, and a managing director of Thornburg, has been one of the persons jointly and primarily responsible for management of the Fund since 2007.

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

Ali Hassan, cfa, frm, a managing director of Thornburg, has been one of the persons jointly and primarily responsible for management of the Fund since 2021.

Christian Hoffmann, cfa, a managing director of Thornburg, has been one of the persons jointly and primarily responsible for management of the Fund since 2018.

Jeff Klingelhofer, cfa, a managing director and co-head of investments of Thornburg, has been one of the persons jointly and primarily responsible for management of the Fund since 2015.

**Purchase and Sale of Fund Shares** 

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

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

**Tax Information**

Fund distributions to qualified retirement plan accounts, and transactions in Fund shares by those accounts, are not generally subject to current federal income tax under existing federal law. Please see "Taxes" on page 84 of the Prospectus for additional information. Purchasers are cautioned to seek the advice of their own advisors about the tax consequences of contributions to plan accounts and distributions from plan accounts.

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

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