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Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">The Fund seeks long-term capital appreciation by investing in equity and debt securities of all types from issuers around the world.</span></p> Fees and Expenses of the Fund <p id="xdx_A89_eoef--ExpenseNarrativeTextBlock_z8JTGLjj5eQ8" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</b> <span id="xdx_900_eoef--ExpenseBreakpointDiscounts_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000012859Member_zxogSOINpZp6">You may qualify for discounts from the sales charges applicable to Class A shares if you or other qualifying account holders invest, or agree to invest in the future, at least $<span id="xdx_902_eoef--ExpenseBreakpointMinimumInvestmentRequiredAmount_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000012859Member_zVPpmemX6Oi5">50,000</span> in the Thornburg Funds.</span> More information about this and other discounts and sales charge waivers is available from your financial intermediary, in the Prospectus under the captions “Class A Sales Charge Waivers,” beginning on page 154, and “Appendix A – Sales Charge Waivers Offered by Financial Intermediaries,” beginning on page 208, and in the Statement of Additional Information under the caption “Additional Information Respecting Purchase and Redemption of Shares,” beginning on page 94.</span></p> You may qualify for discounts from the sales charges applicable to Class A shares if you or other qualifying account holders invest, or agree to invest in the future, at least $50,000 in the Thornburg Funds. 50000 Shareholder Fees (fees paid directly from your investment) <div id="xdx_A81_eoef--ShareholderFeesTableTextBlock_ztB1RYFSDyff" style="-sec-ix-redline: true"></div> <table id="xdx_A53_dU_zx3s3db54ZR7" style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 289.79pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b> </b></span></p> </td> <td id="xdx_49F_20260128__20260128__oef--ClassAxis__custom--C000034775Member_zlWZ2eG53Qfg" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class A</b></span></p> </td> <td id="xdx_496_20260128__20260128__oef--ClassAxis__custom--C000034776Member_zjFbEa659Am2" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class C</b></span></p> </td> <td id="xdx_498_20260128__20260128__oef--ClassAxis__custom--C000034777Member_z2f4YtYgu546" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class I</b></span></p> </td> <td id="xdx_49D_20260128__20260128__oef--ClassAxis__custom--C000177480Member_zinrQmaJAsIf" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>CLASS R6</b></span></p> </td> </tr> <tr id="xdx_40C_eoef--MaximumSalesChargeImposedOnPurchasesOverOfferingPrice_dpn_zCkGRWs1qDFe" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Maximum Sales Charge (Load) Imposed on Purchases <br/></span><span style="text-transform: none; font-style: italic"><i>(as a percentage of offering price)</i></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">4.50%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">none</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">none</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">none</span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Maximum Deferred Sales Charge (Load) <br/></span><span style="text-transform: none; font-style: italic"><i>(as a percentage of redemption proceeds or original purchase price, whichever is lower)</i></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_906_eoef--MaximumDeferredSalesChargeOverOther_dpn_c20260128__20260128__oef--ClassAxis__custom--C000034775Member_fMQ_____zKRm3TEmYuo4" title="Maximum Deferred Sales Charge (Load) (as a percentage of redemption proceeds or original purchase price, whichever is lower)">none</span></span><sup style="text-transform: none; font-size: 7pt; line-height: 7pt">(1)</sup><span style="text-transform: none"> </span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_906_eoef--MaximumDeferredSalesChargeOverOther_dpn_c20260128__20260128__oef--ClassAxis__custom--C000034776Member_fMg_____zRSrHHBftWQ2">1.00%</span></span><sup style="text-transform: none; font-size: 7pt; line-height: 7pt">(2)</sup><span style="text-transform: none"> </span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_908_eoef--MaximumDeferredSalesChargeOverOther_dpn_c20260128__20260128__oef--ClassAxis__custom--C000034777Member_zkpD4bByJb86">none</span></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_902_eoef--MaximumDeferredSalesChargeOverOther_dpn_c20260128__20260128__oef--ClassAxis__custom--C000177480Member_z3nvs4jtnf93">none</span></span></p> </td> </tr> </table> 0.0450 0 0 0 0 0.0100 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A8E_eoef--AnnualFundOperatingExpensesTableTextBlock_zoAEi9Eru0k9" style="-sec-ix-redline: true"></div> <table id="xdx_A5C_dU_zGNOmazWUrvg" style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 289.79pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b> </b></span></p> </td> <td id="xdx_498_20260128__20260128__oef--ClassAxis__custom--C000034775Member_z89VIYrXgPCd" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class A</b></span></p> </td> <td id="xdx_49D_20260128__20260128__oef--ClassAxis__custom--C000034776Member_zrT90IrhauYg" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class C</b></span></p> </td> <td id="xdx_49E_20260128__20260128__oef--ClassAxis__custom--C000034777Member_z9XycJ5AccVb" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class I</b></span></p> </td> <td id="xdx_495_20260128__20260128__oef--ClassAxis__custom--C000177480Member_zoabtv1sOO53" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>CLASS R6</b></span></p> </td> </tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zXIi6RCiLF09" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Management Fees</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.83%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.83%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.83%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.83%</span></p> </td> </tr> <tr id="xdx_403_eoef--DistributionAndService12b1FeesOverAssets_dpn_zoZLspAYlt4d" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Distribution and Service (12b-1) Fees</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.25%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.00%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">none</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">none</span></p> </td> </tr> <tr id="xdx_405_eoef--OtherExpensesOverAssets_dpn_zD5Ap8kBxiSb" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Other Expenses</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.25%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.33%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.24%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.17%</span></p> </td> </tr> <tr id="xdx_407_eoef--ExpensesOverAssets_dpn_zzhElKYhW6Ba" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Total Annual Fund Operating Expenses</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.33%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">2.16%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.07%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.00%</span></p> </td> </tr> <tr id="xdx_404_eoef--FeeWaiverOrReimbursementOverAssets_dpn_zz4POENVWq3c" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Fee Waiver/Expense Reimbursement</span><sup id="xdx_F4B_zXbGc4TtzvHh" style="text-transform: none; font-size: 7pt; line-height: 7pt">(3)</sup></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span style="-sec-ix-hidden: xdx2ixbrl0056">—</span></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span style="-sec-ix-hidden: xdx2ixbrl0057">—</span></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 12pt 3pt 11pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">(0.08)%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 12pt 3pt 11pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">(0.11)%</span></p> </td> </tr> <tr id="xdx_40C_eoef--NetExpensesOverAssets_dpn_zXpcAHhJf4D" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Total Annual Fund Operating Expenses After <br/>Fee Waiver/Expense Reimbursement</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.33%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">2.16%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.99%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.89%</span></p> </td> </tr> </table> 0.0083 0.0083 0.0083 0.0083 0.0025 0.0100 0 0 0.0025 0.0033 0.0024 0.0017 0.0133 0.0216 0.0107 0.0100 -0.0008 -0.0011 0.0133 0.0216 0.0099 0.0089 <div id="xdx_A88_eoef--ExpenseFootnotesTextBlock_zHOPXPI6b6od"></div> <table cellpadding="0" cellspacing="0" style="font: italic 8pt/9pt Arial, sans-serif; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right"><span style="text-transform: none"><i id="xdx_F0D_z3ORJIwp5gLe">(1)</i></span></td> <td style="width: 5pt"></td> <td style="text-align: justify"><span style="text-transform: none"><i id="xdx_F11_z7tzrX6VO0se">Up to a 1.00% contingent deferred sales charge (CDSC) is imposed on redemptions of any part or all of a purchase of $1 million or more within 12 months of purchase.</i></span></td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: italic 8pt/9pt Arial, sans-serif; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right"><span style="text-transform: none"><i id="xdx_F06_zJEFjykCEyI6">(2)</i></span></td> <td style="width: 5pt"></td> <td style="text-align: justify"><span style="text-transform: none"><i id="xdx_F17_zkzA9HdLSxk6">Imposed only on redemptions of Class C shares within 12 months of purchase.</i></span></td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: italic 8pt/9pt Arial, sans-serif; -sec-ix-redline: true; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right"><span style="text-transform: none"><i id="xdx_F0E_zVkcHjEyb1Ng">(3)</i></span></td> <td style="width: 5pt"></td> <td style="text-align: justify"><span style="text-transform: none"><i id="xdx_F16_zriTFQr5B81">Thornburg Investment Management, Inc. (“Thornburg”) has contractually agreed to waive fees and reimburse expenses incurred by the Fund so that actual Class I and Class R6 expenses (excluding taxes, interest expenses, acquired fund fees and expenses, brokerage commissions, borrowing costs, expenses relating to short sales, and unusual expenses such as contingency fees or litigation costs) do not exceed 0.99% and 0.89%, 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 <span id="xdx_906_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260128__20260128__oef--ClassAxis__custom--C000034777Member_zLvDgOIcEh5j"><span id="xdx_90F_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260128__20260128__oef--ClassAxis__custom--C000177480Member_zbBs4ln1BrMf">February 1, 2027</span></span>, 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.</i></span></td> </tr> </table> February 1, 2027 February 1, 2027 Example. <p id="xdx_A81_eoef--ExpenseExampleNarrativeTextBlock_zUasXNJoY711" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">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:</span></p> <div id="xdx_A8B_eoef--ExpenseExampleWithRedemptionTableTextBlock_zXisqAlJGsr8" style="-sec-ix-redline: true"></div> <table id="xdx_A51_dU_z7SANRngyta6" style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 289.79pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b> </b></span></p> </td> <td id="xdx_48D_eoef--ExpenseExampleYear01_zO93OJhENAv" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>1 Year</b></span></p> </td> <td id="xdx_48A_eoef--ExpenseExampleYear03_zd5LtlJwThVa" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>3 Years</b></span></p> </td> <td id="xdx_481_eoef--ExpenseExampleYear05_zkUBPZMeDYX3" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>5 Years</b></span></p> </td> <td id="xdx_483_eoef--ExpenseExampleYear10_zrfthixKvYd2" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>10 Years</b></span></p> </td> </tr> <tr id="xdx_41E_20260128__20260128__oef--ClassAxis__custom--C000034775Member_zKVwwaxzMcFe" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Class A Shares</span></p> </td> <td style="border-width: 0pt; padding: 2.75pt 0pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">$579</span></p> </td> <td style="border-width: 0pt; padding: 2.75pt 0pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">$852</span></p> </td> <td style="border-width: 0pt; padding: 2.75pt 0pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">$1,146</span></p> </td> <td style="border-width: 0pt; padding: 2.75pt 0pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">$1,979</span></p> </td> </tr> <tr id="xdx_411_20260128__20260128__oef--ClassAxis__custom--C000034776Member_z3gZ0p0XSaob" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Class C Shares</span></p> </td> <td style="border-width: 0pt; padding: 2.75pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">$319</span></p> </td> <td style="border-width: 0pt; padding: 2.75pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">$676</span></p> </td> <td style="border-width: 0pt; padding: 2.75pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">$1,159</span></p> </td> <td style="border-width: 0pt; padding: 2.75pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">$2,493</span></p> </td> </tr> <tr id="xdx_417_20260128__20260128__oef--ClassAxis__custom--C000034777Member_z8SNli1OKI98" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Class I Shares</span></p> </td> <td style="border-width: 0pt; padding: 2.75pt 0pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">$101</span></p> </td> <td style="border-width: 0pt; padding: 2.75pt 0pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">$332</span></p> </td> <td style="border-width: 0pt; padding: 2.75pt 0pt 2.75pt 8pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">$582</span></p> </td> <td style="border-width: 0pt; padding: 2.75pt 0pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">$1,298</span></p> </td> </tr> <tr id="xdx_41B_20260128__20260128__oef--ClassAxis__custom--C000177480Member_zDLKNE91fmEa" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Class R6 Shares</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.75pt 0pt 2.75pt 5pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">$91</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.75pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">$307</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.75pt 0pt 2.75pt 8pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">$542</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.75pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">$1,215</span></p> </td> </tr> </table> 579 852 1146 1979 319 676 1159 2493 101 332 582 1298 91 307 542 1215 You would pay the following expenses if you did not redeem your Class C shares: <div id="xdx_A80_eoef--ExpenseExampleNoRedemptionTableTextBlock_zCFotY3RvIxg" style="-sec-ix-redline: true"></div> <table id="xdx_A57_zsKGMPf7Aiu3" style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse" summary="xdx: Disclosure - Expense Example, No Redemption"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 289.79pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b> </b></span></p> </td> <td id="xdx_48D_eoef--ExpenseExampleNoRedemptionYear01_zO93OJhENAv" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>1 Year</b></span></p> </td> <td id="xdx_48F_eoef--ExpenseExampleNoRedemptionYear03_zQdnpAHOv7w8" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>3 Years</b></span></p> </td> <td id="xdx_481_eoef--ExpenseExampleNoRedemptionYear05_zs27rqoLlqqh" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>5 Years</b></span></p> </td> <td id="xdx_485_eoef--ExpenseExampleNoRedemptionYear10_z7I6uObLqxwd" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>10 Years</b></span></p> </td> </tr> <tr id="xdx_414_20260128__20260128__oef--ClassAxis__custom--C000034776Member_zgjR96HtsL31" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Class C Shares</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.75pt 0pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">$219</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.75pt 0pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">$676</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.75pt 0pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">$1,159</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.75pt 0pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">$2,493</span></p> </td> </tr> </table> 219 676 1159 2493 Portfolio Turnover. <p id="xdx_A8E_eoef--PortfolioTurnoverTextBlock_zYxmNFf8zKVc" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">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 <span id="xdx_90A_eoef--PortfolioTurnoverRate_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000012859Member_zrqZlOmkfh39">15.07%</span> of the average value of its portfolio.</span></p> 0.1507 Principal Investment Strategies <p id="xdx_A88_eoef--StrategyNarrativeTextBlock_zpK0Ar0qvz2d" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">The Fund pursues its investment goal by investing primarily in a broad range of equity securities, including common stocks, preferred stocks and publicly traded real estate investment trusts. The Fund may invest in any stock or other equity security which its investment advisor, Thornburg Investment Management, Inc. (“Thornburg”), believes may assist the Fund in pursuing its goal, including smaller companies with market capitalizations less than $500 million.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">The Fund portfolio includes investments in both domestic securities and securities of issuers domiciled in or economically tied to countries outside the United States, including developing countries. Relative proportions of each will vary from time to time, depending upon Thornburg’s view of specific investment opportunities and macro-economic factors. <span id="xdx_908_eoef--StrategyPortfolioConcentration_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000012859Member_zLFbako8NHXl">Under normal market conditions, the Fund invests a significant portion of its assets in issuers domiciled in or economically tied to countries outside the United States.</span></span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">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 securities, and analysis of specific issuers. </span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">The Fund may sell an investment if Thornburg has identified a better investment opportunity, in response to changes in the conditions or business of the investment’s issuer or changes in overall market conditions, if Thornburg has a target price for the investment and that target price has been achieved, or if, in Thornburg’s opinion, the investment no longer serves to achieve the Fund’s investment goals.</span></p> Under normal market conditions, the Fund invests a significant portion of its assets in issuers domiciled in or economically tied to countries outside the United States. An investment in the Fund is not a deposit in any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. Accordingly, the loss of money is a risk of investing in the Fund. <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__us-gaap--CreditRiskMember_z5xVPbx6k0v1" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 7pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Credit Risk </b>– The inability of an issuer to pay principal and interest on its debt obligations when due, or the downgrading of an issuer’s debt obligations by ratings agencies, may adversely affect the market’s perceptions of the issuer’s financial strength and may therefore result in declines in the issuer’s stock price.</span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityAndOperationalRiskMember_zst9JzUXLjwj" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 7pt; -sec-ix-redline: true; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Cybersecurity and </b><b>Operational Risk </b>– Operational failures, cyber-attacks or other disruptions that affect the Fund’s service providers, the Fund’s counterparties, other market participants or the issuers of securities held by the Fund may adversely affect the Fund and its shareholders, including by causing losses for the Fund or impairing Fund operations. The rapid development and increasingly widespread use of artificial intelligence, including machine learning technology and generative artificial intelligence such as ChatGPT, could exacerbate these risks.</span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--DevelopingCountryRiskMember_zLZ6f5xZqVv9" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 7pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Developing Country Risk </b>– The risks which may affect investments in foreign issuers (see “Foreign Investment Risk,” below) may be more pronounced for investments in developing countries because the economies of those countries are usually less diversified, communications, transportation and economic infrastructures are less developed, and developing countries ordinarily have less established legal, political, business and social frameworks. At times the prices of equity securities 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.</span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquityRiskMember_zGoIxsnE6bC6" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 7pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Equity Risk </b>– The value of the Fund’s equity investments may fluctuate significantly over time in response to factors affecting individual issuers, particular industries, or the market as a whole. Additionally, common stock ranks below preferred stock and debt securities in claims for dividends and for assets of a company in a liquidation or bankruptcy.</span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignCurrencyRiskMember_zMB0fi0Q2AA8" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 7pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Foreign Currency Risk </b>– 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.</span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignInvestmentRiskMember_zZFDafwpXON3" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 7pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Foreign Investment Risk </b>– Investments in securities of foreign issuers may involve risks including adverse fluctuations in currency exchange rates, political instability, confiscations, taxes or restrictions on currency exchange, difficulty in selling foreign investments, and reduced legal protection.</span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zP8zJf3bVbId" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 7pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Liquidity Risk </b>– 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. This risk may be more pronounced for the Fund’s investments in developing countries.</span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zzINbIezxoZe" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 7pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Management</b><b> Risk </b>– 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.</span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndEconomicRiskMember_z59V7SoL1Rg6" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 7pt; -sec-ix-redline: true; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Market and Economic Risk </b>– The value of the Fund’s investments may decline and its share value may be reduced due to changes in general economic and market conditions. The value of a security may change in response to developments affecting entire economies, markets or industries, including changes in interest rates, political, legal, and technological developments, and general market volatility.</span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--RealEstateRiskMember_zgDvwWJIFwTi" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 7pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Real Estate Risk </b>– The Fund’s investments in publicly traded real estate investment trusts (“REITs”) are subject to risks affecting real estate investments generally (including market conditions, competition, property obsolescence, changes in interest rates and casualty to real estate), as well as risks specifically affecting REITs (the quality and skill of REIT management and the internal expenses of the REIT).</span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--RedemptionRiskMember_zEQyZnUQYmoa" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Redemption Risk </b>– 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.</span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--RisksAffectingSpecificCountriesOrRegionsMember_zPYrP8foIU1k" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Risks Affecting Specific Countries or Regions </b>– If a significant portion of the Fund’s assets is invested in issuers that are economically exposed to one country or region, the Fund’s share value may be more susceptible to the conditions and developments in that country or region, and potentially more volatile than the share value of a more geographically diversified fund. A specific country or region could also be adversely affected by conditions or developments arising in other countries. For example, the U.S. government could take actions to prohibit or restrict individuals or companies within the U.S. from purchasing or holding the shares of issuers in another country, which may limit the Fund’s ability to invest in that country or cause the Fund to have to sell investments in that country at less than desired prices. The nature and degree of the risks affecting a given country or region, and the extent of the Fund’s exposure to any such country or region, is expected to vary over time.</span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--RisksAffectingSpecificIssuersMember_zuKOTYNeW9r8" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Risks Affecting Specific Issuers </b>– The value of a security may decline in response to developments affecting the specific issuer of the security, even if the overall industry or economy is unaffected. These developments may include a variety of factors, including but not limited to management issues or other corporate disruption, a decline in revenues or profitability, an increase in costs, or an adverse effect on the issuer’s competitive position.</span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallAndMidCapCompanyRiskMember_zNZEYbvgmHQa" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Small and Mid-Cap Company </b><b>Risk </b>– 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.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Additional information about Fund investments, investment strategies and risks of investing in the Fund appears beginning on page 125 of the Prospectus.</span></p> Past Performance of the Fund <p id="xdx_A89_eoef--PerformanceNarrativeTextBlock_zdzisW00SErg" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><span id="xdx_90E_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000012859Member_zXTSWNhga3x1">The following information provides some indication of the risks of investing in the Global Opportunities Fund by showing how the Fund’s investment results vary from year to year.</span> The bar chart shows how the annual total returns for Class A shares have been different in each full year shown. The average annual total return figures compare Class A, Class C, Class I and Class R6 share performance to the MSCI All Country World Net Total Return USD Index, a broad-based securities market index that represents the overall applicable market in which the Fund invests. The index is not actively managed and is not available for direct investment. The bar charts and performance tables assume reinvestment of dividends and distributions. <span id="xdx_908_eoef--PerformancePastDoesNotIndicateFuture_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000012859Member_z06CzhpxOjY7">Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> The performance information shown is as of the calendar year ended December 31, 2025. Updated performance information may be obtained on the Thornburg website at <span id="xdx_905_eoef--PerformanceAvailabilityWebSiteAddress_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000012859Member_zuRYsPexSHQd">Thornburg.com</span> or by calling <span id="xdx_90A_eoef--PerformanceAvailabilityPhone_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000012859Member_zQaRpbBvvlLc">1-800-847-0200</span>.</span></p> The following information provides some indication of the risks of investing in the Global Opportunities Fund by showing how the Fund’s investment results vary from year to year. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Thornburg.com 1-800-847-0200 Annual Total Returns – Class A Shares <div id="xdx_A84_eoef--BarChartTableTextBlock_zC3W2saUhVS5"></div> <table border="0" cellpadding="0" cellspacing="0" id="xdx_A57_dU_zySX3o1hEaFh" style="width: 100%; border-collapse: collapse; font-size: 8pt" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none; width: 19%"> </td> <td id="xdx_484_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000034775Member_z1dbXKUOfkif" style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none"></td></tr> <tr id="xdx_41A_20160101__20161231_zNjOGq1D3kTe" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; display: none">2016</td> <td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none">3.64%</td></tr> <tr id="xdx_418_20170101__20171231_zeQZNfiu8X5i" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; display: none">2017</td> <td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none">21.64%</td></tr> <tr id="xdx_415_20180101__20181231_znY53XuqB4me" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; display: none">2018</td> <td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none">-20.92%</td></tr> <tr id="xdx_41A_20190101__20191231_zXEIgcNYtFLg" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; display: none">2019</td> <td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none">28.35%</td></tr> <tr id="xdx_41F_20200101__20201231_z1DdUluJ5C5" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; display: none">2020</td> <td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none">22.32%</td></tr> <tr id="xdx_414_20210101__20211231_zH2KapTB8Tcc" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; display: none">2021</td> <td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none">14.42%</td></tr> <tr id="xdx_41E_20220101__20221231_zyYnXdRt3f5j" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; display: none">2022</td> <td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none">-10.35%</td></tr> <tr id="xdx_413_20230101__20231231_zEhs88Glb7Ra" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; display: none">2023</td> <td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none">15.91%</td></tr> <tr id="xdx_414_20240101__20241231_zUKhkfJtlQj9" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; display: none">2024</td> <td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none">12.67%</td></tr> <tr id="xdx_418_20250101__20251231_zXeq49218er8" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; display: none">2015</td> <td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none">40.70%</td></tr> </table> <div style="font: 12pt/normal Times New Roman, Times, serif; margin: 24pt 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"> <div style="border-width: 0pt; padding: 0pt; overflow: hidden; display: inline-block; width: 617.83pt; height: 183.79pt; text-align: left"> <img alt="" src="retailproimg002.gif" style="vertical-align: top; margin-left: 0pt; width: 617.55pt; margin-top: 0pt; height: 182.85pt"/> </div> </div> 0.0364 0.2164 -0.2092 0.2835 0.2232 0.1442 -0.1035 0.1591 0.1267 0.4070 <p id="xdx_A81_eoef--BarChartClosingTextBlock_ztjNyO2W2I69" style="font: 12pt Arial, sans-serif; margin: 24pt 0pt; color: #000000; text-indent: 0pt"></p> <table style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 455.4pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b> </b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Total<br/>Returns</b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Quarter<br/>ended</b></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><span id="xdx_904_eoef--HighestQuarterlyReturnLabel_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000012859Member_zQqzK89jous6">Highest Quarterly Results</span></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_903_eoef--BarChartHighestQuarterlyReturn_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000012859Member_zPe0b4vR8qe">21.72%</span></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_906_eoef--BarChartHighestQuarterlyReturnDate_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000012859Member_zv5H2WeWU4Gd">6/30/2020</span></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><span id="xdx_90B_eoef--LowestQuarterlyReturnLabel_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000012859Member_zQoClsA0IYu7">Lowest Quarterly Results</span></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt 3pt 3pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_908_eoef--BarChartLowestQuarterlyReturn_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000012859Member_zu70liyw50m6">-24.82%</span></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_908_eoef--BarChartLowestQuarterlyReturnDate_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000012859Member_zMcBhKModWih">3/31/2020</span></span></p> </td> </tr> </table> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><span id="xdx_909_eoef--BarChartDoesNotReflectSalesLoads_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000012859Member_zQ6TNzOhkISi">The sales charge for Class A shares is not reflected in the returns shown on the bar chart, and the returns would be less if the charge was taken into account.</span></span></p> Highest Quarterly Results 0.2172 2020-06-30 Lowest Quarterly Results -0.2482 2020-03-31 The sales charge for Class A shares is not reflected in the returns shown on the bar chart, and the returns would be less if the charge was taken into account. Average Annual Total Returns (periods ended 12-31-25) <div id="xdx_A81_eoef--PerformanceTableTextBlock_zRbrxx3N0ko4" style="-sec-ix-redline: true"></div> <table id="xdx_A5C_dU_zPQ8hsHSPTFf" style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 372.59pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b>Class A Shares</b></span></p> </td> <td id="xdx_49F_20250101__20251231_zujg1xE4Drld" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>1 Year</b></span></p> </td> <td id="xdx_496_20210101__20251231_zlJkShT68W6h" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>5 Years</b></span></p> </td> <td id="xdx_495_20160101__20251231_z1K3d8LkIQ72" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>10 Years</b></span></p> </td> </tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dpn_hoef--ClassAxis__custom--C000034775Member_z953d7lAhJPb" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Return Before Taxes</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">34.36%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">12.47%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">10.92%</span></p> </td> </tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dpn_hoef--ClassAxis__custom--C000034775Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zgY7qtSPhhz4" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Return After Taxes on Distributions</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">32.12%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">10.36%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt 3pt 11pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">9.47%</span></p> </td> </tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dpn_hoef--ClassAxis__custom--C000034775Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zANMxnBi94Ed" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Return After Taxes on Distributions and Sale of Fund Shares</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">21.37%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt 3pt 11pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">9.17%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt 3pt 11pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">8.41%</span></p> </td> </tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dpn_hoef--PerformanceMeasureAxis__custom--MSCIAllCountryWorldNetTotalReturnUSDIndexMember_zu5uxNOpWl9" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">MSCI All Country World Net Total Return USD Index <br/></span><span style="text-transform: none; font-style: italic"><i><span id="xdx_90A_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000012859Member_zAkXrclnQalh">(reflects no deduction for fees, expenses, or U.S. taxes)</span></i></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">22.34%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">11.19%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">11.72%</span></p> </td> </tr> </table> <div style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-align: left"> <table style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 372.59pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b>Class C Shares</b></span></p> </td> <td id="xdx_49F_20250101__20251231_zujg1xE4Erld" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>1 Year</b></span></p> </td> <td id="xdx_496_20210101__20251231_zlJkShT68X6h" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>5 Years</b></span></p> </td> <td id="xdx_495_20160101__20251231_z1K3d8LkIQ22" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>10 Years</b></span></p> </td> </tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dpn_hoef--ClassAxis__custom--C000034776Member_zT8dMpsYweu4" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Return Before Taxes</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">38.53%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">12.60%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">10.57%</span></p> </td> </tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dpn_hoef--PerformanceMeasureAxis__custom--MSCIAllCountryWorldNetTotalReturnUSDIndexMember_zsLZao3XNHAh" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">MSCI All Country World Net Total Return USD Index <br/></span><span style="text-transform: none; font-style: italic"><i><span id="xdx_908_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000012859Member_zCvaU0Wy2aGe">(reflects no deduction for fees, expenses, or U.S. taxes)</span></i></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">22.34%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">11.19%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">11.72%</span></p> </td> </tr> </table> </div> <div style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-align: left"> <table style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 372.59pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b>Class I Shares</b></span></p> </td> <td id="xdx_49F_20250101__20251231_zxjg1xE4Drld" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>1 Year</b></span></p> </td> <td id="xdx_496_20210101__20251231_z3JkShT68W6h" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>5 Years</b></span></p> </td> <td id="xdx_495_20160101__20251231_z1K3d9LkIQ72" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>10 Years</b></span></p> </td> </tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dpn_hoef--ClassAxis__custom--C000034777Member_z7YoFM7Tcj5" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Return Before Taxes</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">41.08%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">13.86%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">11.77%</span></p> </td> </tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dpn_hoef--PerformanceMeasureAxis__custom--MSCIAllCountryWorldNetTotalReturnUSDIndexMember_ztvAvIYFeKt1" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">MSCI All Country World Net Total Return USD Index<br/></span><span style="text-transform: none; font-style: italic"><i><span id="xdx_904_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000012859Member_zCWcwQaAvNAi">(reflects no deduction for fees, expenses, or U.S. taxes)</span></i></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">22.34%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">11.19%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">11.72%</span></p> </td> </tr> </table> </div> <div style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-align: left"> <table style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 372.59pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b>Class R6 Shares</b></span></p> </td> <td id="xdx_49F_20250101__20251231_zujg1xE1Drld" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>1 Year</b></span></p> </td> <td id="xdx_496_20210101__20251231_zlJkShT68W9h" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>5 Years</b></span></p> </td> <td id="xdx_49A_20170410__20251231_zjrQWkXZOaA" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Since Inception<br/>(<span id="xdx_901_eoef--PerfInceptionDate_dd_c20170410__20251231__oef--ClassAxis__custom--C000177480Member_z72QR0wTrQs2">4-10-17</span>)</b></span></p> </td> </tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dpn_hoef--ClassAxis__custom--C000177480Member_zc3le8LXJiP4" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Return Before Taxes</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">41.31%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">14.02%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">12.27%</span></p> </td> </tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dpn_hoef--PerformanceMeasureAxis__custom--MSCIAllCountryWorldNetTotalReturnUSDIndexMember_zVtGNMxZRMl3" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">MSCI All Country World Net Total Return USD Index<br/></span><span style="text-transform: none; font-style: italic"><i><span id="xdx_905_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000012859Member_zyaUxC3Fx5Bb">(reflects no deduction for fees, expenses, or U.S. taxes)</span></i></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">22.34%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">11.19%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">11.74%</span></p> </td> </tr> </table> </div> 0.3436 0.1247 0.1092 0.3212 0.1036 0.0947 0.2137 0.0917 0.0841 (reflects no deduction for fees, expenses, or U.S. taxes) 0.2234 0.1119 0.1172 0.3853 0.1260 0.1057 (reflects no deduction for fees, expenses, or U.S. taxes) 0.2234 0.1119 0.1172 0.4108 0.1386 0.1177 (reflects no deduction for fees, expenses, or U.S. taxes) 0.2234 0.1119 0.1172 2017-04-10 0.4131 0.1402 0.1227 (reflects no deduction for fees, expenses, or U.S. taxes) 0.2234 0.1119 0.1174 <p id="xdx_A80_eoef--PerformanceTableClosingTextBlock_z8yUfwSPZv36" style="font: italic 8pt/9pt Arial, sans-serif; margin: 0pt 0pt 4pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; font-style: italic"><i><span id="xdx_902_eoef--PerformanceTableUsesHighestFederalRate_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000012859Member_zNRcYnURci56">After-tax returns are calculated using the highest historical individual federal marginal income tax rates, and do not reflect state or local income taxes.</span> <span id="xdx_905_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000012859Member_ziOKzydRZSVi">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.</span> <span id="xdx_90C_eoef--PerformanceTableOneClassOfAfterTaxShown_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000012859Member_zKHJoJzCuyWh">The after-tax returns shown relate only to Class A shares, and after-tax returns for other share classes will vary.</span></i></span></p> After-tax returns are calculated using the highest historical individual federal marginal income tax rates, and do not reflect state or local income taxes. Actual after-tax returns depend on an investor’s own tax situation and may differ from the returns shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The after-tax returns shown relate only to Class A shares, and after-tax returns for other share classes will vary. International Equity Fund Investment Goal <p id="xdx_A89_eoef--ObjectivePrimaryTextBlock_zsQCuIzlxUzc" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">The Fund seeks long-term capital appreciation by investing in equity and debt securities of all types.</span></p> <p id="xdx_A89_eoef--ObjectiveSecondaryTextBlock_zHk187MNC0M6" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">The secondary, non-fundamental goal of the Fund is to seek some current income. </span></p> Fees and Expenses of the Fund <p id="xdx_A8D_eoef--ExpenseNarrativeTextBlock_zIheLS7s19dk" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </b><span id="xdx_909_eoef--ExpenseBreakpointDiscounts_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000011849Member_zhiBsLBcLnOa">You may qualify for discounts from the sales charges applicable to Class A shares if you or other qualifying account holders invest, or agree to invest in the future, at least $<span id="xdx_906_eoef--ExpenseBreakpointMinimumInvestmentRequiredAmount_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000011849Member_zHsBGTdjbLt7">50,000</span> in the Thornburg Funds.</span> More information about this and other discounts and sales charge waivers is available from your financial intermediary, in the Prospectus under the captions “Class A Sales Charge Waivers,” beginning on page 154, and “Appendix A – Sales Charge Waivers Offered by Financial Intermediaries,” beginning on page 208, and in the Statement of Additional Information under the caption “Additional Information Respecting Purchase and Redemption of Shares,” beginning on page 94.</span></p> You may qualify for discounts from the sales charges applicable to Class A shares if you or other qualifying account holders invest, or agree to invest in the future, at least $50,000 in the Thornburg Funds. 50000 Shareholder Fees (fees paid directly from your investment) <div id="xdx_A84_eoef--ShareholderFeesTableTextBlock_zbC9qOPya7Uc" style="-sec-ix-redline: true"></div> <table id="xdx_A5D_dU_z0zfrcrFeVDh" style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 289.79pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b> </b></span></p> </td> <td id="xdx_49D_20260128__20260128__oef--ClassAxis__custom--C000032369Member_zohmc2U60W64" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class A</b></span></p> </td> <td id="xdx_493_20260128__20260128__oef--ClassAxis__custom--C000032371Member_zVQKqh2Ubyn8" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class C</b></span></p> </td> <td id="xdx_491_20260128__20260128__oef--ClassAxis__custom--C000032372Member_zHtZURXJ2RC9" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class I</b></span></p> </td> <td id="xdx_492_20260128__20260128__oef--ClassAxis__custom--C000113849Member_zfBlj3inNjXf" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class R6</b></span></p> </td> </tr> <tr id="xdx_402_eoef--MaximumSalesChargeImposedOnPurchasesOverOfferingPrice_dpn_zlPOr8ZJI7M6" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Maximum Sales Charge (Load) Imposed on Purchases <br/></span><span style="text-transform: none; font-style: italic"><i>(as a percentage of offering price)</i></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">4.50%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">none</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">none</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">none</span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Maximum Deferred Sales Charge (Load) <br/></span><span style="text-transform: none; font-style: italic"><i>(as a percentage of redemption proceeds or original purchase price, whichever is lower)</i></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_907_eoef--MaximumDeferredSalesChargeOverOther_dpn_c20260128__20260128__oef--ClassAxis__custom--C000032369Member_fMQ_____zPmFTo4r814i" title="Maximum Deferred Sales Charge (Load) (as a percentage of redemption proceeds or original purchase price, whichever is lower)">none</span></span><sup style="text-transform: none; font-size: 7pt; line-height: 7pt">(1)</sup><span style="text-transform: none"> </span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_906_eoef--MaximumDeferredSalesChargeOverOther_dpn_c20260128__20260128__oef--ClassAxis__custom--C000032371Member_fMg_____zEBbxRd8obDg">1.00%</span></span><sup style="text-transform: none; font-size: 7pt; line-height: 7pt">(2)</sup><span style="text-transform: none"> </span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_90F_eoef--MaximumDeferredSalesChargeOverOther_dpn_c20260128__20260128__oef--ClassAxis__custom--C000032372Member_znrNz6kr4UQe">none</span></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_906_eoef--MaximumDeferredSalesChargeOverOther_dpn_c20260128__20260128__oef--ClassAxis__custom--C000113849Member_zGvD4XLfnva7">none</span></span></p> </td> </tr> </table> 0.0450 0 0 0 0 0.0100 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A87_eoef--AnnualFundOperatingExpensesTableTextBlock_z2GIhxDKF0h6" style="-sec-ix-redline: true"></div> <table id="xdx_A56_dU_ztrs4NkIxUvi" style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 289.79pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b> </b></span></p> </td> <td id="xdx_498_20260128__20260128__oef--ClassAxis__custom--C000032369Member_zY9KkxZOHEv9" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class A</b></span></p> </td> <td id="xdx_494_20260128__20260128__oef--ClassAxis__custom--C000032371Member_zbsZMTN3tXfi" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class C</b></span></p> </td> <td id="xdx_49D_20260128__20260128__oef--ClassAxis__custom--C000032372Member_zxJRYRhM0X7d" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class I</b></span></p> </td> <td id="xdx_494_20260128__20260128__oef--ClassAxis__custom--C000113849Member_zPRbgrN83tV5" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class R6</b></span></p> </td> </tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zz3JSKDkVGBg" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Management Fees</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.75%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.75%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.75%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.75%</span></p> </td> </tr> <tr id="xdx_403_eoef--DistributionAndService12b1FeesOverAssets_dpn_zTNODPs8tzQl" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Distribution and Service (12b-1) Fees</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.25%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.00%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">none</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">none</span></p> </td> </tr> <tr id="xdx_405_eoef--OtherExpensesOverAssets_dpn_zweleQbr2Td5" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Other Expenses</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.24%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.39%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.21%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.13%</span></p> </td> </tr> <tr id="xdx_407_eoef--ExpensesOverAssets_dpn_zWAvYnBVNey4" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Total Annual Fund Operating Expenses</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.24%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">2.14%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.96%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.88%</span></p> </td> </tr> <tr id="xdx_404_eoef--FeeWaiverOrReimbursementOverAssets_dpn_z9p8pDhP5HIl" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Fee Waiver/Expense Reimbursement</span><sup id="xdx_F4A_zgQ6DPimJRF5" style="text-transform: none; font-size: 7pt; line-height: 7pt">(3)</sup></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">(0.09)%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">(0.24)%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt 3pt 11pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">(0.06)%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt 3pt 11pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">(0.16)%</span></p> </td> </tr> <tr id="xdx_40C_eoef--NetExpensesOverAssets_dpn_zHjzXKSAr0Ch" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Total Annual Fund Operating Expenses After <br/>Fee Waiver/Expense Reimbursement</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.15%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.90%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.90%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.72%</span></p> </td> </tr> </table> 0.0075 0.0075 0.0075 0.0075 0.0025 0.0100 0 0 0.0024 0.0039 0.0021 0.0013 0.0124 0.0214 0.0096 0.0088 -0.0009 -0.0024 -0.0006 -0.0016 0.0115 0.0190 0.0090 0.0072 <div id="xdx_A88_eoef--ExpenseFootnotesTextBlock_zVOPXPI6b6od"></div> <table cellpadding="0" cellspacing="0" style="font: italic 8pt/9pt Arial, sans-serif; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right"><span style="text-transform: none"><i id="xdx_F01_zEZxgJy3Vz8d">(1)</i></span></td> <td style="width: 5pt"></td> <td style="text-align: justify"><span style="text-transform: none"><i id="xdx_F1F_zQXYAhrkPprg">Up to a 1.00% contingent deferred sales charge (CDSC) is imposed on redemptions of any part or all of a purchase of $1 million or more within 12 months of purchase.</i></span></td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: italic 8pt/9pt Arial, sans-serif; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right"><span style="text-transform: none"><i id="xdx_F03_z93ZvBIQMoBd">(2)</i></span></td> <td style="width: 5pt"></td> <td style="text-align: justify"><span style="text-transform: none"><i id="xdx_F13_zvXG6ccGiMd3">Imposed only on redemptions of Class C shares within 12 months of purchase.</i></span></td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: italic 8pt/9pt Arial, sans-serif; -sec-ix-redline: true; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right"><span style="text-transform: none"><i id="xdx_F0C_zejl0Pchzieb">(3)</i></span></td> <td style="width: 5pt"></td> <td style="text-align: justify"><span style="text-transform: none"><i id="xdx_F15_zvQgb6vW8k72">Thornburg Investment Management, Inc. (“Thornburg”) has contractually agreed to waive fees and reimburse expenses incurred by the Fund so that actual Class A, Class C, Class I and Class R6 expenses (excluding taxes, interest expenses, acquired fund fees and expenses, brokerage commissions, borrowing costs, expenses relating to short sales, and unusual expenses such as contingency fees or litigation costs) do not exceed 1.15%, 1.90%, 0.90% and 0.72%, 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 <span id="xdx_903_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260128__20260128__oef--ClassAxis__custom--C000032369Member_zOj6kNOntY8l"><span id="xdx_90A_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260128__20260128__oef--ClassAxis__custom--C000032371Member_zmEdYd3Axkx4"><span id="xdx_904_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260128__20260128__oef--ClassAxis__custom--C000032372Member_za9eOrC8VMSb"><span id="xdx_905_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260128__20260128__oef--ClassAxis__custom--C000113849Member_zYb6Js7xlVH3">February 1, 2027</span></span></span></span>, 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.</i></span></td> </tr> </table> February 1, 2027 February 1, 2027 February 1, 2027 February 1, 2027 Example. <p id="xdx_A82_eoef--ExpenseExampleNarrativeTextBlock_zq8vkRdjLE3d" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 7pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 7pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">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:</span></p> <div id="xdx_A8C_eoef--ExpenseExampleWithRedemptionTableTextBlock_zcB0lThp55le" style="-sec-ix-redline: true"></div> <table id="xdx_A54_dU_ztULCkBtgv92" style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 7pt; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 289.79pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b> </b></span></p> </td> <td id="xdx_48F_eoef--ExpenseExampleYear01_z1x0tPZeZ56l" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>1 Year</b></span></p> </td> <td id="xdx_485_eoef--ExpenseExampleYear03_zEFXq3Pgg4Hc" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>3 Years</b></span></p> </td> <td id="xdx_480_eoef--ExpenseExampleYear05_z1x6M7gIAURj" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>5 Years</b></span></p> </td> <td id="xdx_485_eoef--ExpenseExampleYear10_zhFiJNplqFn" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>10 Years</b></span></p> </td> </tr> <tr id="xdx_41C_20260128__20260128__oef--ClassAxis__custom--C000032369Member_zsQFEuqY0W27" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Class A Shares</span></p> </td> <td style="border-width: 0pt; padding: 2.75pt 26pt 2.75pt 0pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$562</span></p> </td> <td style="border-width: 0pt; padding: 2.75pt 26pt 2.75pt 0pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$817</span></p> </td> <td style="border-width: 0pt; padding: 2.75pt 26pt 2.75pt 0pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$1,092</span></p> </td> <td style="border-width: 0pt; padding: 2.75pt 26pt 2.75pt 0pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$1,875</span></p> </td> </tr> <tr id="xdx_417_20260128__20260128__oef--ClassAxis__custom--C000032371Member_zesZVnRnFUle" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Class C Shares</span></p> </td> <td style="border-width: 0pt; padding: 2.75pt 26pt 2.75pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$293</span></p> </td> <td style="border-width: 0pt; padding: 2.75pt 26pt 2.75pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$647</span></p> </td> <td style="border-width: 0pt; padding: 2.75pt 26pt 2.75pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$1,127</span></p> </td> <td style="border-width: 0pt; padding: 2.75pt 26pt 2.75pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$2,454</span></p> </td> </tr> <tr id="xdx_41F_20260128__20260128__oef--ClassAxis__custom--C000032372Member_zf9uaXjuZNOh" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Class I Shares</span></p> </td> <td style="border-width: 0pt; padding: 2.75pt 26pt 2.75pt 0pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$92</span></p> </td> <td style="border-width: 0pt; padding: 2.75pt 26pt 2.75pt 0pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$300</span></p> </td> <td style="border-width: 0pt; padding: 2.75pt 26pt 2.75pt 0pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$525</span></p> </td> <td style="border-width: 0pt; padding: 2.75pt 26pt 2.75pt 0pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$1,173</span></p> </td> </tr> <tr id="xdx_417_20260128__20260128__oef--ClassAxis__custom--C000113849Member_zCsZHfhhaKu" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Class R6 Shares</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.75pt 26pt 2.75pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$74</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.75pt 26pt 2.75pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$265</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.75pt 26pt 2.75pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$472</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.75pt 26pt 2.75pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$1,070</span></p> </td> </tr> </table> 562 817 1092 1875 293 647 1127 2454 92 300 525 1173 74 265 472 1070 You would pay the following expenses if you did not redeem your Class C shares: <div id="xdx_A80_eoef--ExpenseExampleNoRedemptionTableTextBlock_zDFotY3RvIxg" style="-sec-ix-redline: true"></div> <table id="xdx_A5E_zTHe9n6hVZ79" style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 7pt; border-collapse: collapse" summary="xdx: Disclosure - Expense Example, No Redemption"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 289.79pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b> </b></span></p> </td> <td id="xdx_48F_eoef--ExpenseExampleNoRedemptionYear01_z1x0tPZeZ58l" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>1 Year</b></span></p> </td> <td id="xdx_485_eoef--ExpenseExampleNoRedemptionYear03_zEFXq3Pgg4Oc" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>3 Years</b></span></p> </td> <td id="xdx_480_eoef--ExpenseExampleNoRedemptionYear05_z1x6M7gIAULj" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>5 Years</b></span></p> </td> <td id="xdx_485_eoef--ExpenseExampleNoRedemptionYear10_zhFiJNplqPn" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>10 Years</b></span></p> </td> </tr> <tr id="xdx_41A_20260128__20260128__oef--ClassAxis__custom--C000032371Member_zhdacTV1JWag" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Class C Shares</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.75pt 0pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">$193</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.75pt 0pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">$647</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.75pt 0pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">$1,127</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.75pt 0pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">$2,454</span></p> </td> </tr> </table> 193 647 1127 2454 Portfolio Turnover. <p id="xdx_A8E_eoef--PortfolioTurnoverTextBlock_zRCTi1YrCra7" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 7pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">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 <span id="xdx_90D_eoef--PortfolioTurnoverRate_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000011849Member_zgzmpf3Q3JDf">28.49%</span> of the average value of its portfolio.</span></p> 0.2849 Principal Investment Strategies <p id="xdx_A86_eoef--StrategyNarrativeTextBlock_gRBSNTB-TOL_zJrHnbYRIgGa" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">The Fund invests primarily in common stocks of non-U.S. companies and in depositary receipts associated with such stocks. The Fund may invest in developing countries. <span id="xdx_90A_eoef--StrategyPortfolioConcentration_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000011849Member_zHZV60HhOxjd">Under normal conditions, the Fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in common stocks or depositary receipts.</span> </span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 7pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">The Fund’s investment advisor, Thornburg Investment Management, Inc. (“Thornburg”), intends to invest on an opportunistic basis where the Fund’s portfolio managers believe intrinsic value is not recognized by the marketplace. The Fund seeks to identify value in a broad or different context by investing in a diversified portfolio of stocks the Fund categorizes as basic values, consistent earners, and emerging franchises, when the portfolio managers believe these issues are value priced. The relative proportions of securities invested in each of those categories will vary over time. The Fund seeks to invest in promising companies, and may invest in stocks that reflect unfavorable market perceptions of the company or industry fundamentals. The Fund may invest in companies of any size, but invests primarily in the large and middle capitalization range of publicly traded companies. </span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">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 securities, and analysis of specific issuers.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">The Fund categorizes its equity investments in the following three categories:</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Basic Value: Companies generally operating in mature or cyclical industries and which generally exhibit more economic sensitivity </b><b>and/or</b><b> higher volatility in earnings and </b><b>cash flow.</b></span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Consistent Earner: Companies which generally exhibit predictable growth, profitability, cash flow </b><b>and/or dividends.</b></span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Emerging Franchise: Companies with the potential to grow at an above average rate because of a product or service that is establishing a new market and/or taking share from </b><b>existing participants.</b></span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Inclusion of any investment in any of the three described categories represents the opinion of Thornburg concerning the characteristics and prospects of the investment. There is no assurance that any company selected for investment will, once</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">categorized in one of the three described investment categories, continue to have the positive characteristics or fulfill the expectations that Thornburg had for the company when it was selected for investment, and any such company may not grow or may decline in earnings and size. </span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">The Fund may sell an investment if Thornburg has identified a better investment opportunity, in response to changes in the conditions or business of the investment’s issuer or changes in overall market conditions, if Thornburg has a target price for the investment and that target price has been achieved, or if, in Thornburg’s opinion, the investment no longer serves to achieve the Fund’s investment goals.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">The Fund’s policy of investing at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in common stocks or depositary receipts may be changed by the Fund’s Trustees without a shareholder vote upon 60 days’ notice to shareholders.</span></p> Under normal conditions, the Fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in common stocks or depositary receipts. An investment in the Fund is not a deposit in any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. Accordingly, the loss of money is a risk of investing in the Fund. <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__us-gaap--CreditRiskMember_zEU1PWGjDktk" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Credit Risk </b>– The inability of an issuer to pay principal and interest on its debt obligations when due, or the downgrading of an issuer’s debt obligations by ratings agencies, may adversely affect the market’s perceptions of the issuer’s financial strength and may therefore result in declines in the issuer’s stock price.</span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityAndOperationalRiskMember_zcpnGO9bFrG8" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; -sec-ix-redline: true; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Cybersecurity and </b><b>Operational Risk </b>– Operational failures, cyber-attacks or other disruptions that affect the Fund’s service providers, the Fund’s counterparties, other market participants or the issuers of securities held by the Fund may adversely affect the Fund and its shareholders, including by causing losses for the Fund or impairing Fund operations. The rapid development and increasingly widespread use of artificial intelligence, including machine learning technology and generative artificial intelligence such as ChatGPT, could exacerbate these risks.</span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--DepositaryReceiptsRiskMember_zKS9N00gogga" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Depositary Receipts Risk </b>– An investment in American Depositary Receipts (“ADRs”), European Depositary Receipts (“EDRs”) or Global Depositary Receipts (“GDRs”) is an alternative to the purchase of the underlying securities in their national markets and/or currencies. However, ADRs, EDRs, and GDRs remain subject to many of the risks associated with investing directly in foreign securities, including the political and economic risks associated with the underlying issuer’s country. Certain countries may limit the ability to convert a depositary receipt into the underlying foreign security and vice versa, which may cause the securities of the foreign company to trade at a discount or premium to the market price of the related depositary receipts. Moreover, EDRs and GDRs can involve currency risk since, unlike ADRs, they may not be U.S. dollar denominated.</span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--DevelopingCountryRiskMember_zzDXjrQoA7Na" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Developing Country Risk </b>– The risks which may affect investments in foreign issuers (see “Foreign Investment Risk,” below) may be more pronounced for investments in developing countries because the economies of those countries are usually less diversified, communications, transportation and economic infrastructures are less developed, and developing countries ordinarily have less established legal, political, business and social frameworks. At times the prices of equity securities 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.</span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquityRiskMember_zPCAZzkwWNE6" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Equity Risk </b>– The value of the Fund’s equity investments may fluctuate significantly over time in response to factors affecting individual issuers, particular industries, or the market as a whole. Additionally, common stock ranks below preferred stock and debt securities in claims for dividends and for assets of a company in a liquidation or bankruptcy.</span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignCurrencyRiskMember_zhG1EWbwTpRj" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Foreign Currency Risk </b>– 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.</span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignInvestmentRiskMember_z7rRRhYQSPq3" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Foreign Investment Risk </b>– Investments in securities of foreign issuers may involve risks including adverse fluctuations in currency exchange rates, political instability, confiscations, taxes or restrictions on currency exchange, difficulty in selling foreign investments, and reduced legal protection.</span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zv6c59YsFige" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Liquidity Risk </b>– 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.</span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zjwGRrIFp3aa" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Management Risk </b>– 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.</span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndEconomicRiskMember_znSOOgAqfHg5" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; -sec-ix-redline: true; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Market and</b><b> Economic Risk </b>– The value of the Fund’s investments may decline and its share value may be reduced due to changes in general economic and market conditions. The value of a security may change in response to developments affecting entire economies, markets or industries, including changes in interest rates, political, legal, and technological developments, and general market volatility.</span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--RedemptionRiskMember_zajtrsDkrejj" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Redemption </b><b>Risk </b>– 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.</span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--RisksAffectingSpecificCountriesOrRegionsMember_zvUgpfs5ZOr6" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Risks Affecting Specific Countries or Regions </b>– If a significant portion of the Fund’s assets is invested in issuers that are economically exposed to one country or region, the Fund’s share value may be more susceptible to the conditions and developments in that country or region, and potentially more volatile than the share value of a more geographically diversified fund. A specific country or region could also be adversely affected by conditions or developments arising in other countries. For example, the U.S. government could take actions to prohibit or restrict individuals or companies within the U.S. from purchasing or holding the shares of issuers in another country, which may limit the Fund’s ability to invest in that country or cause the Fund to have to sell investments in that country at less than desired prices. The nature and degree of the risks affecting a given country or region, and the extent of the Fund’s exposure to any such country or region, is expected to vary over time.</span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--RisksAffectingSpecificIssuersMember_zA1DGmApdXQ5" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Risks Affecting Specific Issuers </b>– The value of a security may decline in response to developments affecting the specific issuer of the security, even if the overall industry or economy is unaffected. These developments may include a variety of factors, including but not limited to management issues or other corporate disruption, a decline in revenues or profitability, an increase in costs, or an adverse effect on the issuer’s competitive position.</span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallAndMidCapCompanyRiskMember_zesLD7ZhAwo1" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Small and</b><b> Mid-Cap Company Risk </b>– 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.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Additional information about Fund investments, investment strategies, and risks of investing in the Fund appears below beginning on page 125 of the Prospectus.</span></p> Past Performance of the Fund <p id="xdx_A8D_eoef--PerformanceNarrativeTextBlock_zWH0rPKW7fl2" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><span id="xdx_90E_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000011849Member_zsK6pVXQMAz4">The following information provides some indication of the risks of investing in the International Equity Fund by showing how the Fund’s investment results vary from year to year.</span> The bar chart shows how the annual total returns for Class A shares have been different in each full year shown. The average annual total return figures compare Class A, Class C, Class I and Class R6 share performance to the MSCI All Country World ex USA Net Total Return USD Index, a broad-based securities market index that represents the overall applicable market in which the Fund invests. The index is not actively managed and is not available for direct investment. The bar charts and performance tables assume reinvestment of dividends and distributions. <span id="xdx_908_eoef--PerformancePastDoesNotIndicateFuture_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000011849Member_zEYUOUasORH7">Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> The performance information shown is as of the calendar year ended December 31, 2025. Updated performance information may be obtained on the Thornburg website at <span id="xdx_904_eoef--PerformanceAvailabilityWebSiteAddress_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000011849Member_zOBniFWmKElh">Thornburg.com</span> or by calling <span id="xdx_901_eoef--PerformanceAvailabilityPhone_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000011849Member_zmveyq7DoBEe">1-800-847-0200</span>.</span></p> The following information provides some indication of the risks of investing in the International Equity Fund by showing how the Fund’s investment results vary from year to year. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Thornburg.com 1-800-847-0200 Annual Total Returns – Class A Shares <div id="xdx_A88_eoef--BarChartTableTextBlock_zEaSD0xJkYai"></div> <table border="0" cellpadding="0" cellspacing="0" id="xdx_A58_dU_zMXITj08khb" style="width: 100%; border-collapse: collapse; font-size: 8pt" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none; width: 19%"> </td> <td id="xdx_48A_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000032369Member_zuBj8oLNqm29" style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none; width: 81%"> </td></tr> <tr id="xdx_417_20160101__20161231_zPmP42jz8znc" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; display: none">2016</td> <td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none">-2.74%</td></tr> <tr id="xdx_418_20170101__20171231_zL8xoltzSrk4" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; display: none">2017</td> <td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none">24.98%</td></tr> <tr id="xdx_415_20180101__20181231_zH9rCwOCod4a" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; display: none">2018</td> <td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none">-20.05%</td></tr> <tr id="xdx_41A_20190101__20191231_zd27RdaKEsF1" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; display: none">2019</td> <td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none">28.66%</td></tr> <tr id="xdx_41F_20200101__20201231_zF9DMk6sYVca" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; display: none">2020</td> <td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none">22.36%</td></tr> <tr id="xdx_414_20210101__20211231_zbA58L0EBS2" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; display: none">2021</td> <td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none">7.26%</td></tr> <tr id="xdx_41E_20220101__20221231_zFZAvjyU2vg2" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; display: none">2022</td> <td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none">-17.01%</td></tr> <tr id="xdx_413_20230101__20231231_zmIYnKmOdaah" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; display: none">2023</td> <td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none">15.77%</td></tr> <tr id="xdx_414_20240101__20241231_zLs38iBoIZNc" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; display: none">2024</td> <td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none">11.24%</td></tr> <tr id="xdx_418_20250101__20251231_zjTKhEgLDtP9" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; display: none">2025</td> <td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none">33.83%</td></tr> </table> <div style="font: 12pt/normal Times New Roman, Times, serif; margin: 12pt 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"> <div style="border-width: 0pt; padding: 0pt; overflow: hidden; display: inline-block; width: 618.11pt; height: 183.79pt; text-align: left"> <img alt="" src="retailproimg003.gif" style="vertical-align: top; margin-left: 0pt; width: 617.55pt; margin-top: 0pt; height: 182.85pt"/> </div> </div> -0.0274 0.2498 -0.2005 0.2866 0.2236 0.0726 -0.1701 0.1577 0.1124 0.3383 <p id="xdx_A84_eoef--BarChartClosingTextBlock_zOXbVAm5Zc58" style="font: 12pt Arial, sans-serif; margin: 12pt 0pt; color: #000000; text-indent: 0pt"><span> </span></p> <table style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 455.4pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b> </b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Total<br/>Returns</b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Quarter<br/>ended</b></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><span id="xdx_90E_eoef--HighestQuarterlyReturnLabel_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000011849Member_zsrgqELjJIgk">Highest Quarterly Results</span></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_906_eoef--BarChartHighestQuarterlyReturn_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000011849Member_zpKlLkxeRd54">18.62%</span></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_908_eoef--BarChartHighestQuarterlyReturnDate_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000011849Member_zr0TRUrYQTVk">12/31/2022</span></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><span id="xdx_905_eoef--LowestQuarterlyReturnLabel_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000011849Member_zn3AOVAYvh11">Lowest Quarterly Results</span></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt 3pt 3pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_907_eoef--BarChartLowestQuarterlyReturn_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000011849Member_zulIsINczGz3">-19.54%</span></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_909_eoef--BarChartLowestQuarterlyReturnDate_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000011849Member_zjvzPnFP1Zt2">3/31/2020</span></span></p> </td> </tr> </table> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><span id="xdx_909_eoef--BarChartDoesNotReflectSalesLoads_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000011849Member_za10mitFJ4R4">The sales charge for Class A shares is not reflected in the returns shown in the bar chart above, and the returns would be less if the charge was taken into account.</span></span></p> Highest Quarterly Results 0.1862 2022-12-31 Lowest Quarterly Results -0.1954 2020-03-31 The sales charge for Class A shares is not reflected in the returns shown in the bar chart above, and the returns would be less if the charge was taken into account. Average Annual Total Returns (periods ended 12-31-25) <div id="xdx_A8C_eoef--PerformanceTableTextBlock_gRBPTTB-NNDKKHS_zq1YslhgkTai" style="-sec-ix-redline: true"></div> <table id="xdx_A55_zx20fOmmZBEg" style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 372.59pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b>Class A Shares</b></span></p> </td> <td id="xdx_49E_20250101__20251231_zFly1sYMyoEa" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>1 Year</b></span></p> </td> <td id="xdx_496_20210101__20251231_zCVTW4j526ca" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>5 Years</b></span></p> </td> <td id="xdx_49F_20160101__20251231_zkRws68Kaop7" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>10 Years</b></span></p> </td> </tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dpn_hoef--ClassAxis__custom--C000032369Member_zo8Vfom202Z5" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Return Before Taxes</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">27.79%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">7.94%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">8.40%</span></p> </td> </tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dpn_hoef--ClassAxis__custom--C000032369Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zokch6IzdaVf" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Return After Taxes on Distributions</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">26.43%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">6.14%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">6.61%</span></p> </td> </tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dpn_hoef--ClassAxis__custom--C000032369Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zvI12Xn54vg5" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Return After Taxes on Distributions and Sale of Fund Shares</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">16.91%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">5.54%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">6.05%</span></p> </td> </tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dpn_hoef--PerformanceMeasureAxis__custom--MSCIAllCountryWorldexUSANetTotalReturnUSDIndexMember_zeB6D8b8VC85" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">MSCI All Country World ex USA Net Total Return USD Index<br/></span><span style="text-transform: none; font-style: italic"><i><span id="xdx_90D_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000011849Member_z02AzHfDlZx5">(reflects no deduction for fees, expenses, or U.S. taxes)</span></i></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">32.39%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">7.91%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">8.41%</span></p> </td> </tr> </table> <div style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-align: left"> <table style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 372.59pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b>Class C Shares</b></span></p> </td> <td id="xdx_49E_20250101__20251231_zFly1sZMyoEa" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>1 Year</b></span></p> </td> <td id="xdx_496_20210101__20251231_zCVTW4j526xa" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>5 Years</b></span></p> </td> <td id="xdx_49F_20160101__20251231_zeRws68Kaop7" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>10 Years</b></span></p> </td> </tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dpn_hoef--ClassAxis__custom--C000032371Member_zp0RaFjxXeNj" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Return Before Taxes</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">31.63%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">8.04%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">8.06%</span></p> </td> </tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dpn_hoef--PerformanceMeasureAxis__custom--MSCIAllCountryWorldexUSANetTotalReturnUSDIndexMember_zSJgcEzdqklf" style="min-height: 28.42pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">MSCI All Country World ex USA Net Total Return USD Index<br/></span><span style="text-transform: none; font-style: italic"><i><span id="xdx_90C_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000011849Member_z2xhwlmcdIWl">(reflects no deduction for fees, expenses, or U.S. taxes)</span></i></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">32.39%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">7.91%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">8.41%</span></p> </td> </tr> </table> </div> <table style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 372.59pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b>Class I Shares</b></span></p> </td> <td id="xdx_49E_20250101__20251231_zFly1sYMyrEa" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>1 Year</b></span></p> </td> <td id="xdx_496_20210101__20251231_zCVTW4j523ca" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>5 Years</b></span></p> </td> <td id="xdx_49F_20160101__20251231_zkRws68Kaop1" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>10 Years</b></span></p> </td> </tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dpn_hoef--ClassAxis__custom--C000032372Member_zulqoZSDXZVa" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Return Before Taxes</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">34.21%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">9.26%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">9.25%</span></p> </td> </tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dpn_hoef--PerformanceMeasureAxis__custom--MSCIAllCountryWorldexUSANetTotalReturnUSDIndexMember_zRpOMEi1LtXi" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">MSCI All Country World ex USA Net Total Return USD Index<br/></span><span style="text-transform: none; font-style: italic"><i><span id="xdx_906_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000011849Member_zpPSQLgFZZ11">(reflects no deduction for fees, expenses, or U.S. taxes)</span></i></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">32.39%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">7.91%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">8.41%</span></p> </td> </tr> </table> <table style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 372.59pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b>Class R6 Shares</b></span></p> </td> <td id="xdx_49E_20250101__20251231_zFly1sDMyoEa" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>1 Year</b></span></p> </td> <td id="xdx_496_20210101__20251231_zCZTW4j526ca" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>5 Years</b></span></p> </td> <td id="xdx_49F_20160101__20251231_zkTws68Kaop7" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>10 Years</b></span></p> </td> </tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dpn_hoef--ClassAxis__custom--C000113849Member_zFBk1eJUdYnd" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Return Before Taxes</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">34.41%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">9.45%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">9.43%</span></p> </td> </tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dpn_hoef--PerformanceMeasureAxis__custom--MSCIAllCountryWorldexUSANetTotalReturnUSDIndexMember_zpRFw1hEmHib" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">MSCI All Country World ex USA Net Total Return USD Index<br/></span><span style="text-transform: none; font-style: italic"><i><span id="xdx_903_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000011849Member_z0OoV2MQoX11">(reflects no deduction for fees, expenses, or U.S. taxes)</span></i></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">32.39%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">7.91%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">8.41%</span></p> </td> </tr> </table> 0.2779 0.0794 0.0840 0.2643 0.0614 0.0661 0.1691 0.0554 0.0605 (reflects no deduction for fees, expenses, or U.S. taxes) 0.3239 0.0791 0.0841 0.3163 0.0804 0.0806 (reflects no deduction for fees, expenses, or U.S. taxes) 0.3239 0.0791 0.0841 0.3421 0.0926 0.0925 (reflects no deduction for fees, expenses, or U.S. taxes) 0.3239 0.0791 0.0841 0.3441 0.0945 0.0943 (reflects no deduction for fees, expenses, or U.S. taxes) 0.3239 0.0791 0.0841 <p id="xdx_A8C_eoef--PerformanceTableClosingTextBlock_z7l6Jk4PfXu2" style="font: italic 8pt/9pt Arial, sans-serif; margin: 0pt 0pt 4pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; font-style: italic"><i><span id="xdx_901_eoef--PerformanceTableUsesHighestFederalRate_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000011849Member_zyikieNo3IY">After-tax returns are calculated using the highest historical individual federal marginal income tax rates, and do not reflect state or local income taxes.</span> <span id="xdx_90B_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000011849Member_z6VStAUDU0J8">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.</span> <span id="xdx_90E_eoef--PerformanceTableOneClassOfAfterTaxShown_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000011849Member_zTjptE86LWZg">The after-tax returns shown relate only to Class A shares, and after-tax returns for other share classes will vary.</span></i></span></p> After-tax returns are calculated using the highest historical individual federal marginal income tax rates, and do not reflect state or local income taxes. Actual after-tax returns depend on an investor’s own tax situation and may differ from the returns shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The after-tax returns shown relate only to Class A shares, and after-tax returns for other share classes will vary. Better World International Fund Investment Goal <p id="xdx_A86_eoef--ObjectivePrimaryTextBlock_zsGOEQ27XV5b" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">The Fund seeks long-term capital appreciation. </span></p> Fees and Expenses of the Fund <p id="xdx_A80_eoef--ExpenseNarrativeTextBlock_zxoD0TAyz0ql" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </b><span id="xdx_90A_eoef--ExpenseBreakpointDiscounts_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000050704Member_zU4DkUIINzkl">You may qualify for discounts from the sales charges applicable to Class A shares if you or other qualifying account holders invest, or agree to invest in the future, at least $<span id="xdx_906_eoef--ExpenseBreakpointMinimumInvestmentRequiredAmount_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000050704Member_z1GvQ5Zuz9Gd">50,000</span> in the Thornburg Funds.</span> More information about this and other discounts and sales charge waivers is available from your financial intermediary, in the Prospectus under the captions “Class A Sales Charge Waivers,” beginning on page 154, and “Appendix A – Sales Charge Waivers Offered by Financial Intermediaries,” beginning on page 208, and in the Statement of Additional Information under the caption “Additional Information Respecting Purchase and Redemption of Shares,” beginning on page 94.</span></p> You may qualify for discounts from the sales charges applicable to Class A shares if you or other qualifying account holders invest, or agree to invest in the future, at least $50,000 in the Thornburg Funds. 50000 Shareholder Fees (fees paid directly from your investment) <div id="xdx_A8F_eoef--ShareholderFeesTableTextBlock_z8dpTYv5bLfj"></div> <table id="xdx_A5A_dU_z5GqvAHz80Fg" style="table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 372.59pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b> </b></span></p> </td> <td id="xdx_499_20260128__20260128__oef--ClassAxis__custom--C000160136Member_zSNz3ofDfhS5" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class A</b></span></p> </td> <td id="xdx_490_20260128__20260128__oef--ClassAxis__custom--C000160137Member_zBqLdz3AXqSh" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class C</b></span></p> </td> <td id="xdx_49F_20260128__20260128__oef--ClassAxis__custom--C000160138Member_zZt07DRL4g48" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class I</b></span></p> </td> </tr> <tr id="xdx_403_eoef--MaximumSalesChargeImposedOnPurchasesOverOfferingPrice_dpn_z8T7R1uxQOk5" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Maximum Sales Charge (Load) Imposed on Purchases <br/></span><span style="text-transform: none; font-style: italic"><i>(as a percentage of offering price)</i></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">4.50%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">none</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">none</span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Maximum Deferred Sales Charge (Load) <br/></span><span style="text-transform: none; font-style: italic"><i>(as a percentage of redemption proceeds or original purchase price, <br/>whichever is lower)</i></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_90A_eoef--MaximumDeferredSalesChargeOverOther_dpn_c20260128__20260128__oef--ClassAxis__custom--C000160136Member_fMQ_____zsFysoKjNcZ6" title="Maximum Deferred Sales Charge (Load) (as a percentage of redemption proceeds or original purchase price, whichever is lower)">none</span></span><sup style="text-transform: none; font-size: 7pt; line-height: 7pt">(1)</sup><span style="text-transform: none"> </span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_90C_eoef--MaximumDeferredSalesChargeOverOther_dpn_c20260128__20260128__oef--ClassAxis__custom--C000160137Member_fMg_____zjRNDTGjWk1k">1.00%</span></span><sup style="text-transform: none; font-size: 7pt; line-height: 7pt">(2)</sup><span style="text-transform: none"> </span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_909_eoef--MaximumDeferredSalesChargeOverOther_dpn_c20260128__20260128__oef--ClassAxis__custom--C000160138Member_zkTPftJjBBK9">none</span></span></p> </td> </tr> </table> 0.0450 0 0 0 0.0100 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A87_eoef--AnnualFundOperatingExpensesTableTextBlock_zzaM2Wd5xYje" style="-sec-ix-redline: true"></div> <table id="xdx_A53_dU_zrVgSSd7uso3" style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 372.59pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b> </b></span></p> </td> <td id="xdx_493_20260128__20260128__oef--ClassAxis__custom--C000160136Member_znQR0XJnWgH7" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class A</b></span></p> </td> <td id="xdx_491_20260128__20260128__oef--ClassAxis__custom--C000160137Member_z1lnfk2AY1Kk" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class C</b></span></p> </td> <td id="xdx_496_20260128__20260128__oef--ClassAxis__custom--C000160138Member_zRVrJdUXWwij" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class I</b></span></p> </td> </tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zn0qKm1FxUhc" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Management Fees</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.97%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.97%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.97%</span></p> </td> </tr> <tr id="xdx_403_eoef--DistributionAndService12b1FeesOverAssets_dpn_zAC4KpXVVvV2" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Distribution and Service (12b-1) Fees</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.25%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.00%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">none</span></p> </td> </tr> <tr id="xdx_405_eoef--OtherExpensesOverAssets_dpn_zzeDV9sPAuC" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Other Expenses</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.34%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.65%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.27%</span></p> </td> </tr> <tr id="xdx_407_eoef--ExpensesOverAssets_dpn_zEqSLRdN0Jn3" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Total Annual Fund Operating Expenses</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.56%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">2.62%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.24%</span></p> </td> </tr> <tr id="xdx_404_eoef--FeeWaiverOrReimbursementOverAssets_dpn_zMYF73OWz9xg" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Fee Waiver/Expense Reimbursement</span><sup id="xdx_F48_zKcjU4KTa8ek" style="text-transform: none; font-size: 7pt; line-height: 7pt">(3)</sup></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">(0.14)%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 0.5pt 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">(0.67)%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 0.5pt 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">(0.34)%</span></p> </td> </tr> <tr id="xdx_40C_eoef--NetExpensesOverAssets_dpn_z3p0ZI0a9nOc" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.42%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.95%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.90%</span></p> </td> </tr> </table> 0.0097 0.0097 0.0097 0.0025 0.0100 0 0.0034 0.0065 0.0027 0.0156 0.0262 0.0124 -0.0014 -0.0067 -0.0034 0.0142 0.0195 0.0090 <div id="xdx_A88_eoef--ExpenseFootnotesTextBlock_zHOPXPI6b7od"></div> <table cellpadding="0" cellspacing="0" style="font: italic 8pt/9pt Arial, sans-serif; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right"><span style="text-transform: none"><i id="xdx_F06_zlDvKDdL3ZIh">(1)</i></span></td> <td style="width: 5pt"></td> <td style="text-align: justify"><span style="text-transform: none"><i id="xdx_F1B_zVBREhm5I7Fc">Up to a 1.00% contingent deferred sales charge (CDSC) is imposed on redemptions of any part or all of a purchase of $1 million or more within 12 months of purchase.</i></span></td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: italic 8pt/9pt Arial, sans-serif; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right"><span style="text-transform: none"><i id="xdx_F06_zkyrhcIJIeDc">(2)</i></span></td> <td style="width: 5pt"></td> <td style="text-align: justify"><span style="text-transform: none"><i id="xdx_F12_zOkEv33Pqkpk">Imposed only on redemptions of Class C shares within 12 months of purchase.</i></span></td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: italic 8pt/9pt Arial, sans-serif; -sec-ix-redline: true; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right"><span style="text-transform: none"><i id="xdx_F02_zt6Q2UdDMan5">(3)</i></span></td> <td style="width: 5pt"></td> <td style="text-align: justify"><span style="text-transform: none"><i id="xdx_F13_zDju9d7hKMU7">Thornburg Investment Management, Inc. (“Thornburg”) has contractually agreed to waive fees and reimburse expenses incurred by the Fund so that actual Class A, Class C and Class I expenses (excluding taxes, interest expenses, acquired fund fees and expenses, brokerage commissions, borrowing costs, expenses relating to short sales, and unusual expenses such as contingency fees or litigation costs) do not exceed 1.42%, 1.95% and 0.90%, 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 <span id="xdx_909_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260128__20260128__oef--ClassAxis__custom--C000160136Member_zrMZPwUdFGHd"><span id="xdx_90B_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260128__20260128__oef--ClassAxis__custom--C000160137Member_zDHeC6Wj8Yh7"><span id="xdx_90E_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260128__20260128__oef--ClassAxis__custom--C000160138Member_zLJj5wQQXFy6">February 1, 2027</span></span></span>, 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.</i></span></td> </tr> </table> February 1, 2027 February 1, 2027 February 1, 2027 Example. <p id="xdx_A89_eoef--ExpenseExampleNarrativeTextBlock_zTnqoQ975a29" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">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:</span></p> <div id="xdx_A85_eoef--ExpenseExampleWithRedemptionTableTextBlock_z7Bp60BMlk89" style="-sec-ix-redline: true"></div> <table id="xdx_A51_dU_zNlXkRWWpPPk" style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 6pt; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 289.79pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.75pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b> </b></span></p> </td> <td id="xdx_486_eoef--ExpenseExampleYear01_zM0jd255M1I1" style="border-width: 0pt; padding: 2.75pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>1 Year</b></span></p> </td> <td id="xdx_489_eoef--ExpenseExampleYear03_zOz3WpBCDz7f" style="border-width: 0pt; padding: 2.75pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>3 Years</b></span></p> </td> <td id="xdx_480_eoef--ExpenseExampleYear05_zljK7CGbovj8" style="border-width: 0pt; padding: 2.75pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>5 Years</b></span></p> </td> <td id="xdx_489_eoef--ExpenseExampleYear10_zAUDZed82My3" style="border-width: 0pt; padding: 2.75pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>10 Years</b></span></p> </td> </tr> <tr id="xdx_412_20260128__20260128__oef--ClassAxis__custom--C000160136Member_zg22xY87MJxl" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Class A Shares</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 26pt 2.5pt 0pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$588</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 26pt 2.5pt 0pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$907</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 26pt 2.5pt 0pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$1,249</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 26pt 2.5pt 0pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$2,212</span></p> </td> </tr> <tr id="xdx_416_20260128__20260128__oef--ClassAxis__custom--C000160137Member_zBNWmkAX32ci" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.5pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Class C Shares</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 26pt 2.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$298</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 26pt 2.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$751</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 26pt 2.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$1,330</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 26pt 2.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$2,904</span></p> </td> </tr> <tr id="xdx_415_20260128__20260128__oef--ClassAxis__custom--C000160138Member_zSXrPVkjWOc5" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Class I Shares</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 26pt 2.5pt 0pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$92</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 26pt 2.5pt 0pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$360</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 26pt 2.5pt 0pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$648</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 26pt 2.5pt 0pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$1,470</span></p> </td> </tr> </table> 588 907 1249 2212 298 751 1330 2904 92 360 648 1470 You would pay the following expenses if you did not redeem your Class C shares: <div id="xdx_A80_eoef--ExpenseExampleNoRedemptionTableTextBlock_zDFotY6RvIxg" style="-sec-ix-redline: true"></div> <table style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 6pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 289.79pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.75pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b> </b></span></p> </td> <td id="xdx_486_eoef--ExpenseExampleNoRedemptionYear01_zM0jd255M1I1" style="border-width: 0pt; padding: 2.75pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>1 Year</b></span></p> </td> <td id="xdx_489_eoef--ExpenseExampleNoRedemptionYear03_zOz3WpBCDz7f" style="border-width: 0pt; padding: 2.75pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>3 Years</b></span></p> </td> <td id="xdx_480_eoef--ExpenseExampleNoRedemptionYear05_zljK7CGbovj8" style="border-width: 0pt; padding: 2.75pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>5 Years</b></span></p> </td> <td id="xdx_489_eoef--ExpenseExampleNoRedemptionYear10_zAUDZed82My3" style="border-width: 0pt; padding: 2.75pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>10 Years</b></span></p> </td> </tr> <tr id="xdx_41E_20260128__20260128__oef--ClassAxis__custom--C000160137Member_zjegov0dJHGc" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Class C Shares</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 0pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">$198</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 0pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">$751</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 0pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">$1,330</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 0pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">$2,904</span></p> </td> </tr> </table> 198 751 1330 2904 Portfolio Turnover. <p id="xdx_A80_eoef--PortfolioTurnoverTextBlock_zPZ5HkWpQTB" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">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 <span id="xdx_901_eoef--PortfolioTurnoverRate_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000050704Member_zVfLKYdT7T5a">39.30%</span> of the average value of its portfolio.</span></p> 0.3930 Principal Investment Strategies <p id="xdx_A8E_eoef--StrategyNarrativeTextBlock_gRBSNTB-SWIDZ_z3bupnD2U6" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">The Fund pursues its investment goal by investing primarily in a broad range of foreign equity securities or depositary receipts of foreign equity securities. <span id="xdx_909_eoef--StrategyPortfolioConcentration_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000050704Member_zuZquZ9hAvMb">Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in issuers that the Fund’s investment advisor,</span> Thornburg Investment Management, Inc. (‘Thornburg’), has determined exhibit one or more significant and positive environmental, social and governance (“ESG”) characteristics. For this purpose, Thornburg considers an ESG factor to be significant if it is likely to materially affect the issuer’s risk and return profile and, accordingly, the issuer’s long-term investment performance. </span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">The Fund may invest in any stock or other equity security which Thornburg believes may assist the Fund in pursuing its goal, including common stocks, preferred stocks and publicly traded real estate investment trusts. The Fund may invest in companies of any size, but invests primarily in the large and middle capitalization range of publicly traded companies. The Fund may also invest in developing country companies.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Thornburg intends to invest on an opportunistic basis where the Fund’s portfolio managers believe intrinsic value is not recognized by the marketplace. The Fund seeks to identify value in a broad or different context by investing in a diversified portfolio of stocks the Fund categorizes as basic values, consistent earners, and emerging franchises, when the portfolio managers believe these issues are value priced. The relative proportions of securities invested in each of those categories will vary over time. </span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">The Fund categorizes its equity investments in the following three categories:</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Basic Value: Companies generally operating in mature or cyclical industries and which generally exhibit more economic sensitivity </b><b>and/or</b><b> higher volatility in earnings and </b><b>cash flow.</b></span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Consistent Earner: Companies which generally exhibit predictable growth, profitability, cash flow </b><b>and/or dividends.</b></span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Emerging Franchise: Companies with the potential to grow at an above average rate because of a product or service that is establishing a new market and/or taking share from </b><b>existing participants.</b></span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Inclusion of any investment in any of the three described categories represents the opinion of Thornburg concerning the characteristics and prospects of the investment. There is no assurance that any company selected for investment will, once categorized in one of the three described investment categories, continue to have the positive characteristics or fulfill the expectations that Thornburg had for the company when it was selected for investment, and any such company may not grow or may decline in earnings and size.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 5pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">The Fund’s investments are determined by individual issuer and industry analysis. Investment decisions also include consideration of domestic and international economic developments, outlooks for securities markets, interest rates and inflation, and the supply and demand for securities. The Fund seeks to invest in companies which in Thornburg’s view are trading at discount to their intrinsic value and also demonstrate one or more significant positive ESG characteristics. Through Thornburg’s fundamental research process, Thornburg evaluates each potential investment based on a variety of factors, including traditional investment criteria such as the company’s ability to effectively allocate capital, willingness to pay dividends and repurchase shares, ability to sustain a competitive advantage, and ability to grow its core business. As part of its research process for the Fund’s investments, Thornburg also assesses each issuer’s ESG characteristics, focusing on those ESG characteristics which Thornburg believes are significant insofar as they are expected to materially affect the issuer’s investment performance. The specific ESG characteristics which Thornburg determines to be significant will vary over time and among different financial sectors and industries, but will generally include the following: </span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 0pt 13.8pt; text-transform: none; color: #000000; text-indent: -13.8pt; text-align: left"><span style="width: 13.79pt; text-indent: 0; display: inline-block"><span style="text-transform: none">•</span></span><span style="text-transform: none">Environmental characteristics, such as an issuer’s emissions and energy management practices; </span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 0pt 13.8pt; text-transform: none; color: #000000; text-indent: -13.8pt; text-align: left"><span style="width: 13.79pt; text-indent: 0; display: inline-block"><span style="text-transform: none">•</span></span><span style="text-transform: none">Social capital characteristics, such as an issuer’s data security and privacy practices;</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 0pt 13.8pt; text-transform: none; color: #000000; text-indent: -13.8pt; text-align: left"><span style="width: 13.79pt; text-indent: 0; display: inline-block"><span style="text-transform: none">•</span></span><span style="text-transform: none">Human capital characteristics, such as an issuer’s labor practices; </span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 0pt 13.8pt; text-transform: none; color: #000000; text-indent: -13.8pt; text-align: left"><span style="width: 13.79pt; text-indent: 0; display: inline-block"><span style="text-transform: none">•</span></span><span style="text-transform: none">Business model and innovation characteristics, such as an issuer’s supply chain management practices; and</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 7pt 13.8pt; text-transform: none; color: #000000; text-indent: -13.8pt; text-align: left"><span style="width: 13.79pt; text-indent: 0; display: inline-block"><span style="text-transform: none">•</span></span><span style="text-transform: none">Leadership and governance characteristics, such as an issuer’s practices toward managing legal and regulatory risks. </span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">While Thornburg makes its own judgments about the ESG characteristics of each investment, Thornburg’s approach may be informed by third party data and other research tools, including consideration of the list of material ESG factors established by the Sustainability Accounting Standards Board. </span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Market observers differ in their perspectives and understanding of the importance of ESG factors to investment decisions. In its evaluation of potential investments, Thornburg may identify as significant certain ESG characteristics that are different from the characteristics that other investors may consider significant. Thornburg consequently may not consider the same ESG characteristics that other investors might consider in evaluating a potential investment. Similarly, Thornburg may assess the significance of ESG characteristics differently than some other investors, assigning either greater or lesser emphasis to a characteristic than another investor might assign. </span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">The Fund’s policy of investing at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in issuers that exhibit one or more significant and positive ESG characteristics may be changed by the Fund’s Trustees without a shareholder vote upon 60 days’ notice to shareholders.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">The Fund may sell an investment if Thornburg has identified a better investment opportunity, in response to changes in the conditions or business of the investment’s issuer or changes in overall market conditions, if Thornburg has a target price for the investment and that target price has been achieved, or if, in Thornburg’s opinion, the investment no longer serves to achieve the Fund’s investment goals.</span></p> Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in issuers that the Fund’s investment advisor, An investment in the Fund is not a deposit in any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. Accordingly, the loss of money is a risk of investing in the Fund. <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__us-gaap--CreditRiskMember_zkjOUlsFLQz1" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Credit Risk </b>– The inability of an issuer to pay principal and interest on its debt obligations when due, or the downgrading of an issuer’s debt obligations by ratings agencies, may adversely affect the market’s perceptions of the issuer’s financial strength and may therefore result in declines in the issuer’s stock price.</span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityAndOperationalRiskMember_zmk7XRHPQzQa" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; -sec-ix-redline: true; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Cybersecurity and </b><b>Operational Risk </b>– Operational failures, cyber-attacks or other disruptions that affect the Fund’s service providers, the Fund’s counterparties, other market participants or the issuers of securities held by the Fund may adversely affect the Fund and its shareholders, including by causing losses for the Fund or impairing Fund operations. The rapid development and increasingly widespread use of artificial intelligence, including machine learning technology and generative artificial intelligence such as ChatGPT, could exacerbate these risks.</span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--DepositaryReceiptsRiskMember_z20ya2N0lGed" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Depositary Receipts Risk </b>– An investment in American Depositary Receipts (“ADRs”), European Depositary Receipts (“EDRs”) or Global Depositary Receipts (“GDRs”) is an alternative to the purchase of the underlying securities in their national markets and/or currencies. However, ADRs, EDRs, and GDRs remain subject to many of the risks associated with investing directly in foreign securities, including the political and economic risks associated with the underlying issuer’s country. Certain countries may limit the ability to convert a depositary receipt into the underlying foreign security and vice versa, which may cause the securities of the foreign company to trade at a discount or premium to the market price of the related depositary receipts. Moreover, EDRs and GDRs can involve currency risk since, unlike ADRs, they may not be U.S. dollar denominated.</span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--DevelopingCountryRiskMember_zJHInizPYPXa" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Developing Country Risk </b>– The risks which may affect investments in foreign issuers (see “Foreign Investment Risk,” below) may be more pronounced for investments in developing countries because the economies of those countries are usually less diversified, communications, transportation and economic infrastructures are less developed, and developing countries ordinarily have less established legal, political, business and social frameworks. At times the prices of equity securities 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.</span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquityRiskMember_zbxRXx872xsh" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 5pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Equity Risk </b>– The value of the Fund’s equity investments may fluctuate significantly over time in response to factors affecting individual issuers, particular industries, or the market as a whole. Additionally, common stock ranks below preferred stock and debt securities in claims for dividends and for assets of a company in a liquidation or bankruptcy.</span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--ESGInvestingRiskMember_zwPX3l6hICRk" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 5pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>ESG Investing Risk </b>– Thornburg’s assessments of company ESG characteristics may result in decisions not to purchase, or to sell, investments which are otherwise consistent with the Fund’s investment goal and subsequently produce attractive investment performance, and Thornburg’s assessments of these characteristics may at times reduce the Fund’s exposure to market sectors or types of investments that produce positive investment performance. The application of ESG principles and the perceptions of the commitment of a given company to ESG principles vary among investors, analysts and other market observers. Consequently, Thornburg’s assessments respecting the ESG characteristics associated with any company may differ from the perceptions of other persons, including other mutual funds. Additionally, it may be difficult in certain instances for Thornburg to evaluate correctly a company’s commitment to positive ESG practices, and a failure to do so may result in investment in companies with practices that are not consistent with the Fund’s aspirations.</span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignCurrencyRiskMember_zOMPuAxBe1Xe" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 5pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Foreign Currency Risk </b>– 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.</span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignInvestmentRiskMember_zLD6lKjbBSta" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 5pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Foreign Investment Risk </b>– Investments in securities of foreign issuers may involve risks including adverse fluctuations in currency exchange rates, political instability, confiscations, taxes or restrictions on currency exchange, difficulty in selling foreign investments, and reduced legal protection.</span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_z9jwj0vJAzid" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 5pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Liquidity Risk </b>– 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. This risk may be more pronounced for the Fund’s investments in developing countries.</span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zp903xF035Fd" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 5pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Management</b><b> Risk </b>– 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.</span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndEconomicRiskMember_z2p9ixzmOcX4" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 5pt; -sec-ix-redline: true; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Market and Economic Risk </b>– The value of the Fund’s investments may decline and its share value may be reduced due to changes in general economic and market conditions. The value of a security may change in response to developments affecting entire economies, markets or industries, including changes in interest rates, political, legal, and technological developments, and general market volatility.</span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--RealEstateRiskMember_z9dS7no5grqf" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 5pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Real Estate Risk </b>– The Fund’s investments in publicly traded real estate investment trusts (“REITs”) are subject to risks affecting real estate investments generally (including market conditions, competition, property obsolescence, changes in interest rates and casualty to real estate), as well as risks specifically affecting REITs (the quality and skill of REIT management and the internal expenses of the REIT). </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--RedemptionRiskMember_zXN4DHWbYlAk" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 5pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Redemption Risk </b>– 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.</span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--RisksAffectingSpecificCountriesOrRegionsMember_zYwJmYvsrA2f" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 5pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Risks Affecting Specific Countries </b><b>or Regions </b>– If a significant portion of the Fund’s assets is invested in issuers that are economically exposed to one country or region, the Fund’s share value may be more susceptible to the conditions and developments in that country or region, and potentially more volatile than the share value of a more geographically diversified fund. A specific country or region could also be adversely affected by conditions or developments arising in other countries. For example, the U.S. government could take actions to prohibit or restrict individuals or companies within the U.S. from purchasing or holding the shares of issuers in another country, which may limit the Fund’s ability to invest in that country or cause the Fund to have to sell investments in that country at less than desired prices. The nature and degree of the risks affecting a given country or region, and the extent of the Fund’s exposure to any such country or region, is expected to vary over time.</span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--RisksAffectingSpecificIssuersMember_zTveCz4qj3Zb" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 5pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Risks Affecting Specific Issuers </b>– The value of a security may decline in response to developments affecting the specific issuer of the security, even if the overall industry or economy is unaffected. These developments may include a variety of factors, including but not limited to management issues or other corporate disruption, a decline in revenues or profitability, an increase in costs, or an adverse effect on the issuer’s competitive position.</span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallAndMidCapCompanyRiskMember_zAO7167zbTib" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 5pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Small </b><b>and Mid-Cap Company Risk </b>– 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.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 5pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Additional information about Fund investments, investment strategies and risks of investing in the Fund appears beginning on page 125 of the Prospectus.</span></p> Past Performance of the Fund <p id="xdx_A83_eoef--PerformanceNarrativeTextBlock_zYCzbrjxc2D3" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 5pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><span id="xdx_902_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000050704Member_z22mZdcR1Nmc">The following information provides some indication of the risks of investing in the Better World International Fund by showing how the Fund’s investment results vary from year to year.</span> The bar chart shows how the annual total returns for Class A shares have been different in each full year shown. The average annual total return figures compare Class A, Class C and Class I share performance to the MSCI All Country World ex USA Net Total Return USD Index, a broad-based securities market index that represents the overall applicable market in which the Fund invests. The index is not actively managed and is not available for direct investment. The bar charts and performance tables assume reinvestment of dividends and distributions. <span id="xdx_90F_eoef--PerformancePastDoesNotIndicateFuture_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000050704Member_zVnj1MuQoQO2">Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> The performance information shown is as of the calendar year ended December 31, 2025. Updated performance information may be obtained on the Thornburg website at <span id="xdx_90F_eoef--PerformanceAvailabilityWebSiteAddress_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000050704Member_zvWoTiYHJA15">Thornburg.com</span> or by calling <span id="xdx_903_eoef--PerformanceAvailabilityPhone_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000050704Member_zH8a1mqY5l8g">1-800-847-0200</span>.</span></p> The following information provides some indication of the risks of investing in the Better World International Fund by showing how the Fund’s investment results vary from year to year. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Thornburg.com 1-800-847-0200 Annual Total Returns – Class A Shares <div id="xdx_A80_eoef--BarChartTableTextBlock_ze8Uw1ykPOT8"></div> <table border="0" cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zkDcniO2mJyh" style="width: 100%; border-collapse: collapse; font-size: 8pt" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; display: none; width: 21%"> </td> <td id="xdx_48D_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000160136Member_zFSzvDk8lyQj" style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none; width: 79%"> </td></tr> <tr id="xdx_417_20160101__20161231_zXP37Nd77Znf" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; display: none">2016</td> <td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none">6.76%</td></tr> <tr id="xdx_418_20170101__20171231_zkk0Sa2wzdQ5" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; display: none">2017</td> <td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none">21.88%</td></tr> <tr id="xdx_415_20180101__20181231_z3NRBZ0P7xId" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; display: none">2018</td> <td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none">-14.28%</td></tr> <tr id="xdx_41A_20190101__20191231_zuwza9I73kzb" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; display: none">2019</td> <td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none">23.72%</td></tr> <tr id="xdx_41F_20200101__20201231_zi9tUaABkKm1" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; display: none">2020</td> <td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none">25.85%</td></tr> <tr id="xdx_414_20210101__20211231_zxUTLCwcbVl8" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; display: none">2021</td> <td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none">-18.48%</td></tr> <tr id="xdx_41E_20220101__20221231_zIpwOc0heYFj" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; display: none">2022</td> <td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none">20.39%</td></tr> <tr id="xdx_413_20230101__20231231_zAav4rPRtRja" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; display: none">2023</td> <td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none">12.13%</td></tr> <tr id="xdx_414_20240101__20241231_zkaXaRSDtfea" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; display: none">2024</td> <td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none">6.53%</td></tr> <tr id="xdx_418_20250101__20251231_zAhTwM0z24yf" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; display: none">2025</td> <td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none">23.54%</td></tr> </table> <div style="font: 12pt/normal Times New Roman, Times, serif; margin: 15pt 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"> <div style="border-width: 0pt; padding: 0pt; overflow: hidden; display: inline-block; width: 621pt; height: 259.82pt; text-align: left"> <img alt="" src="retailproimg004.gif" style="vertical-align: top; margin-left: 3.44pt; width: 611.8pt; margin-top: 0pt; height: 258.75pt"/></div> <div style="border-width: 0pt; padding: 0pt; overflow: hidden; display: inline-block; width: 621pt; height: 259.82pt; text-align: left"> </div> </div> 0.0676 0.2188 -0.1428 0.2372 0.2585 -0.1848 0.2039 0.1213 0.0653 0.2354 <div id="xdx_A82_eoef--BarChartClosingTextBlock_z1fUlhveBMml"></div> <table style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 455.4pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b> </b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Total<br/>Returns</b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Quarter<br/>ended</b></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><span id="xdx_901_eoef--HighestQuarterlyReturnLabel_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000050704Member_zoWA5flf99xb">Highest Quarterly Results</span></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_906_eoef--BarChartHighestQuarterlyReturn_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000050704Member_zzbDx0I2uKA9">22.85%</span></span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_90B_eoef--BarChartHighestQuarterlyReturnDate_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000050704Member_zUYF5dAOpnwd">6/30/2020</span></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><span id="xdx_902_eoef--LowestQuarterlyReturnLabel_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000050704Member_zixqaRqlM4K2">Lowest Quarterly Results</span></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt 3pt 3pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_90F_eoef--BarChartLowestQuarterlyReturn_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000050704Member_zI8JYv12rwZ9">-19.58%</span></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_904_eoef--BarChartLowestQuarterlyReturnDate_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000050704Member_zHXBrUENK2Wk">3/31/2020</span></span></p> </td> </tr> </table> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><span id="xdx_908_eoef--BarChartDoesNotReflectSalesLoads_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000050704Member_zWmeCo6wLX6c">The sales charge for Class A shares is not reflected in the returns shown on the bar chart, and the returns would be less if the charge was taken into account.</span></span></p> Highest Quarterly Results 0.2285 2020-06-30 Lowest Quarterly Results -0.1958 2020-03-31 The sales charge for Class A shares is not reflected in the returns shown on the bar chart, and the returns would be less if the charge was taken into account. Average Annual Total Returns (periods ended 12-31-25) <div id="xdx_A8C_eoef--PerformanceTableTextBlock_zMkWR6OtuO25" style="-sec-ix-redline: true"></div> <table id="xdx_A55_dU_zE7zyjaKXsKa" style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 372.59pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b>Class A Shares</b></span></p> </td> <td id="xdx_49E_20250101__20251231_zIMLHtEECwA6" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>1 Year</b></span></p> </td> <td id="xdx_496_20210101__20251231_zrk0eFlDQWeg" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>5 YEARS</b></span></p> </td> <td id="xdx_49F_20160101__20251231_zr8EJrEeLdi3" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>10 Years</b></span></p> </td> </tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dpn_hoef--ClassAxis__custom--C000160136Member_z8CFIGC6YmB1" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Return Before Taxes</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">17.99%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">6.70%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">9.15%</span></p> </td> </tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dpn_hoef--ClassAxis__custom--C000160136Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zfZKt1onu8cf" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Return After Taxes on Distributions</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">17.48%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">5.46%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">7.75%</span></p> </td> </tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dpn_hoef--ClassAxis__custom--C000160136Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zcfjMqIJlJWe" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Return After Taxes on Distributions and Sale of Fund Shares</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">10.65%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">4.75%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">6.75%</span></p> </td> </tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dpn_hoef--PerformanceMeasureAxis__custom--MSCIAllCountryWorldexUSANetTotalReturnUSDIndexMember_zQxunvtjLw7j" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">MSCI All Country World ex USA Net Total Return USD Index<br/></span><span style="text-transform: none; font-style: italic"><i><span id="xdx_902_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000050704Member_zNvwSd3ajpSd">(reflects no deduction for fees, expenses, or U.S. taxes)</span></i></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">32.39%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">7.91%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">8.41%</span></p> </td> </tr> </table> <div style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-align: left"> <table style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 372.59pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b>Class C Shares</b></span></p> </td> <td id="xdx_49E_20250101__20251231_zIMLHtEECxA6" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>1 Year</b></span></p> </td> <td id="xdx_496_20210101__20251231_zrk0eFlDQWex" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>5 YEARS</b></span></p> </td> <td id="xdx_49F_20160101__20251231_zr8EJxEeLdi3" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>10 Years</b></span></p> </td> </tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dpn_hoef--ClassAxis__custom--C000160137Member_z6t0u5TtInSj" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Return Before Taxes</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">21.61%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">6.87%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">8.94%</span></p> </td> </tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dpn_hoef--PerformanceMeasureAxis__custom--MSCIAllCountryWorldexUSANetTotalReturnUSDIndexMember_zDDdjVX9wX4b" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">MSCI All Country World ex USA Net Total Return USD Index<br/></span><span style="text-transform: none; font-style: italic"><i><span id="xdx_902_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000050704Member_zcGD7UvLzVQ2">(reflects no deduction for fees, expenses, or U.S. taxes)</span></i></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">32.39%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">7.91%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">8.41%</span></p> </td> </tr> </table> </div> <div style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 5pt; text-transform: none; color: #000000; text-align: left"> <table style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 5pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 372.59pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b>Class I Shares</b></span></p> </td> <td id="xdx_49E_20250101__20251231_zIMLHtEECwB6" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>1 Year</b></span></p> </td> <td id="xdx_496_20210101__20251231_zrk0eFlDNWeg" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>5 YEARS</b></span></p> </td> <td id="xdx_49F_20160101__20251231_zr2EJrEeLdi3" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>10 Years</b></span></p> </td> </tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dpn_hoef--ClassAxis__custom--C000160138Member_zJWSDcT2b1E5" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Return Before Taxes</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">24.24%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">8.26%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 4pt 3pt 1pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">10.37%</span></p> </td> </tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dpn_hoef--PerformanceMeasureAxis__custom--MSCIAllCountryWorldexUSANetTotalReturnUSDIndexMember_zAI4kMFiO4jc" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">MSCI All Country World ex USA Net Total Return USD Index<br/></span><span style="text-transform: none; font-style: italic"><i><span id="xdx_901_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000050704Member_zgo35up1LZIk">(reflects no deduction for fees, expenses, or U.S. taxes)</span></i></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">32.39%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">7.91%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 4pt 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">8.41%</span></p> </td> </tr> </table> </div> 0.1799 0.0670 0.0915 0.1748 0.0546 0.0775 0.1065 0.0475 0.0675 (reflects no deduction for fees, expenses, or U.S. taxes) 0.3239 0.0791 0.0841 0.2161 0.0687 0.0894 (reflects no deduction for fees, expenses, or U.S. taxes) 0.3239 0.0791 0.0841 0.2424 0.0826 0.1037 (reflects no deduction for fees, expenses, or U.S. taxes) 0.3239 0.0791 0.0841 <p id="xdx_A80_eoef--PerformanceTableClosingTextBlock_z0ET7SU8yga5" style="font: italic 8pt/9pt Arial, sans-serif; margin: 0pt 0pt 4pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; font-style: italic"><i><span id="xdx_902_eoef--PerformanceTableUsesHighestFederalRate_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000050704Member_z2VJ55IzRQc5">After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect state or local income taxes.</span> <span id="xdx_908_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000050704Member_zDB1t9fOVc17">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.</span> <span id="xdx_90A_eoef--PerformanceTableOneClassOfAfterTaxShown_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000050704Member_zBXyKhmZYBjf">The after-tax returns shown relate only to Class A shares, and after-tax returns for other share classes will vary.</span></i></span></p> <p style="font: italic 8pt/9pt Arial, sans-serif; margin: 0pt 0pt 4pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; font-style: italic"><i>The performance information shown above may include gains attributable to the Fund’s investments in shares of companies through initial public offerings (“IPOs”). There can be no assurance that the Fund will have continued access to profitable IPOs and, as the Fund’s assets grow, the impact of the Fund’s investment in IPOs on the performance of the Fund may decline.</i></span></p> After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect state or local income taxes. Actual after-tax returns depend on an investor’s own tax situation and may differ from the returns shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The after-tax returns shown relate only to Class A shares, and after-tax returns for other share classes will vary. International Growth Fund Investment Goal <p id="xdx_A86_eoef--ObjectivePrimaryTextBlock_zwNgxHNJB3si" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">The Fund seeks long-term growth of capital by investing in equity securities selected for their growth potential. </span></p> Fees and Expenses of the Fund <p id="xdx_A8D_eoef--ExpenseNarrativeTextBlock_zWj8yT9hOht3" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </b><span id="xdx_909_eoef--ExpenseBreakpointDiscounts_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000015648Member_zosQezQuRFNf">You may qualify for discounts from the sales charges applicable to Class A shares if you or other qualifying account holders invest, or agree to invest in the future, at least $<span id="xdx_909_eoef--ExpenseBreakpointMinimumInvestmentRequiredAmount_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000015648Member_ziX3NEsfwQG4">50,000</span> in the Thornburg Funds.</span> More information about this and other discounts and sales charge waivers is available from your financial intermediary, in the Prospectus under the captions “Class A Sales Charge Waivers,” beginning on page 154, and “Appendix A – Sales Charge Waivers Offered by Financial Intermediaries,” beginning on page 208, and in the Statement of Additional Information under the caption “Additional Information Respecting Purchase and Redemption of Shares,” beginning on page 94.</span></p> You may qualify for discounts from the sales charges applicable to Class A shares if you or other qualifying account holders invest, or agree to invest in the future, at least $50,000 in the Thornburg Funds. 50000 Shareholder Fees (fees paid directly from your investment) <div id="xdx_A8A_eoef--ShareholderFeesTableTextBlock_zKmgdM4pNuSl" style="-sec-ix-redline: true"></div> <table id="xdx_A52_dU_zONgFShLCiR4" style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 289.79pt"> </td> <td id="xdx_492_20260128__20260128__oef--ClassAxis__custom--C000042664Member_zGdvAEV6kWL8" style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td id="xdx_49A_20260128__20260128__oef--ClassAxis__custom--C000042665Member_zg8RnFndWo5h" style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td id="xdx_494_20260128__20260128__oef--ClassAxis__custom--C000042663Member_zElJuY7a4pnc" style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td id="xdx_497_20260128__20260128__oef--ClassAxis__custom--C000123223Member_zCUubknOGbKe" style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b> </b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class A</b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class C</b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class I</b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class R6</b></span></p> </td> </tr> <tr id="xdx_407_eoef--MaximumSalesChargeImposedOnPurchasesOverOfferingPrice_dpn_zEnD3Sder1p9" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Maximum Sales Charge (Load) Imposed on Purchases <br/></span><span style="text-transform: none; font-style: italic"><i>(as a percentage of offering price)</i></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">4.50%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">none</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">none</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">none</span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Maximum Deferred Sales Charge (Load) <br/></span><span style="text-transform: none; font-style: italic"><i>(as a percentage of redemption proceeds or original purchase price, whichever is lower)</i></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_903_eoef--MaximumDeferredSalesChargeOverOther_dpn_c20260128__20260128__oef--ClassAxis__custom--C000042664Member_fMQ_____zpiPkQw5094g" title="Maximum Deferred Sales Charge (Load) (as a percentage of redemption proceeds or original purchase price, whichever is lower)">none</span></span><sup style="text-transform: none; font-size: 7pt; line-height: 7pt">(1)</sup><span style="text-transform: none"> </span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_90E_eoef--MaximumDeferredSalesChargeOverOther_dpn_c20260128__20260128__oef--ClassAxis__custom--C000042665Member_fMg_____zA2YFGDOH155">1.00%</span></span><sup style="text-transform: none; font-size: 7pt; line-height: 7pt">(2)</sup><span style="text-transform: none"> </span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_906_eoef--MaximumDeferredSalesChargeOverOther_dpn_c20260128__20260128__oef--ClassAxis__custom--C000042663Member_zi5SJ0PWXgnc">none</span></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_904_eoef--MaximumDeferredSalesChargeOverOther_dpn_c20260128__20260128__oef--ClassAxis__custom--C000123223Member_zClvKQFeb2Ce">none</span></span></p> </td> </tr> </table> 0.0450 0 0 0 0 0.0100 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A89_eoef--AnnualFundOperatingExpensesTableTextBlock_zsJnUQw4bUf6" style="-sec-ix-redline: true"></div> <table id="xdx_A56_dU_zwI1aPIiyoz8" style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 289.79pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b> </b></span></p> </td> <td id="xdx_49F_20260128__20260128__oef--ClassAxis__custom--C000042664Member_zvQlLlxbG8bg" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class A</b></span></p> </td> <td id="xdx_490_20260128__20260128__oef--ClassAxis__custom--C000042665Member_z7KLRbAE0n87" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class C</b></span></p> </td> <td id="xdx_49C_20260128__20260128__oef--ClassAxis__custom--C000042663Member_zPyQPoEDxKG7" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class I</b></span></p> </td> <td id="xdx_496_20260128__20260128__oef--ClassAxis__custom--C000123223Member_zxOlc5RsB7f5" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class R6</b></span></p> </td> </tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zoMVoV7IWjG9" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Management Fees</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.86%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.86%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.86%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.86%</span></p> </td> </tr> <tr id="xdx_403_eoef--DistributionAndService12b1FeesOverAssets_dpn_zzY7ZkP9UXoi" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Distribution and Service (12b-1) Fees</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.25%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.00%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">none</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">none</span></p> </td> </tr> <tr id="xdx_405_eoef--OtherExpensesOverAssets_dpn_zrLvNO9aaja7" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Other Expenses</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.29%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.73%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.24%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.18%</span></p> </td> </tr> <tr id="xdx_407_eoef--ExpensesOverAssets_dpn_z7M7FN4uS5Ae" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Total Annual Fund Operating Expenses</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.40%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">2.59%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.10%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.04%</span></p> </td> </tr> <tr id="xdx_404_eoef--FeeWaiverOrReimbursementOverAssets_dpn_zrtivnuk7w67" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Fee Waiver/Expense Reimbursement</span><sup id="xdx_F49_zW7gYBvqRNEj" style="text-transform: none; font-size: 7pt; line-height: 7pt">(3)</sup></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span style="-sec-ix-hidden: xdx2ixbrl0585">—</span></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">(0.21)%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">(0.11)%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">(0.13)%</span></p> </td> </tr> <tr id="xdx_40C_eoef--NetExpensesOverAssets_dpn_zNKtKl6vwsgf" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.40%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">2.38%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.99%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.91%</span></p> </td> </tr> </table> 0.0086 0.0086 0.0086 0.0086 0.0025 0.0100 0 0 0.0029 0.0073 0.0024 0.0018 0.0140 0.0259 0.0110 0.0104 -0.0021 -0.0011 -0.0013 0.0140 0.0238 0.0099 0.0091 <div id="xdx_A88_eoef--ExpenseFootnotesTextBlock_zAOPXPI6b6od"></div> <table cellpadding="0" cellspacing="0" style="font: italic 8pt/9pt Arial, sans-serif; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right"><span style="text-transform: none"><i id="xdx_F05_zZbcqPOpSNsh">(1)</i></span></td> <td style="width: 5pt"></td> <td style="text-align: justify"><span style="text-transform: none"><i id="xdx_F1C_z2f4Z3FHGAr1">Up to a 1.00% contingent deferred sales charge (CDSC) is imposed on redemptions of any part or all of a purchase of $1 million or more within 12 months of purchase.</i></span></td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: italic 8pt/9pt Arial, sans-serif; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right"><span style="text-transform: none"><i id="xdx_F0B_zf2B7hqs3DTd">(2)</i></span></td> <td style="width: 5pt"></td> <td style="text-align: justify"><span style="text-transform: none"><i id="xdx_F1F_zYEzZkwn0zoh">Imposed only on redemptions of Class C shares within 12 months of purchase.</i></span></td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: italic 8pt/9pt Arial, sans-serif; -sec-ix-redline: true; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right"><span style="text-transform: none"><i id="xdx_F00_zGy894RMCao3">(3)</i></span></td> <td style="width: 5pt"></td> <td style="text-align: justify"><span style="text-transform: none"><i id="xdx_F18_zXJhOpPu1HJj">Thornburg Investment Management, Inc. (“Thornburg”) has contractually agreed to waive fees and reimburse expenses incurred by the Fund so that actual Class C, Class I and Class R6 expenses (excluding taxes, interest expenses, acquired fund fees and expenses, brokerage commissions, borrowing costs, expenses relating to short sales, and unusual expenses such as contingency fees or litigation costs) do not exceed 2.38%, 0.99% and 0.91%, 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 <span id="xdx_90B_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260128__20260128__oef--ClassAxis__custom--C000042664Member_zH2Mj5mVIGH4"><span id="xdx_90F_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260128__20260128__oef--ClassAxis__custom--C000042665Member_zkMNu9g3Weec"><span id="xdx_90B_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260128__20260128__oef--ClassAxis__custom--C000042663Member_zAdjkU82xIm5"><span id="xdx_903_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260128__20260128__oef--ClassAxis__custom--C000123223Member_zCGCh0Be32pf">February 1, 2027</span></span></span></span>, unless Thornburg ceases to be the investment advisor of the Fund prior to that date. Thornburg may recoup amounts waived or reimbursed during the Fund’s fiscal year if, after taking the recoupment into account, the Fund’s actual expenses fall below the expense cap during that same fiscal year.</i></span></td> </tr> </table> February 1, 2027 February 1, 2027 February 1, 2027 February 1, 2027 Example. <p id="xdx_A8C_eoef--ExpenseExampleNarrativeTextBlock_zhAaw1Epuwk7" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">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:</span></p> <div id="xdx_A84_eoef--ExpenseExampleWithRedemptionTableTextBlock_z78FelE1IUwc" style="-sec-ix-redline: true"></div> <table id="xdx_A5E_dU_zDlxeiKRBaUk" style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 289.79pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b> </b></span></p> </td> <td id="xdx_485_eoef--ExpenseExampleYear01_zkxEGIqF1q7h" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>1 Year</b></span></p> </td> <td id="xdx_48B_eoef--ExpenseExampleYear03_zRO4c6WdG3B7" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>3 Years</b></span></p> </td> <td id="xdx_48F_eoef--ExpenseExampleYear05_zq4aODPRbNM3" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>5 Years</b></span></p> </td> <td id="xdx_488_eoef--ExpenseExampleYear10_zqzypyGi6d1e" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>10 Years</b></span></p> </td> </tr> <tr id="xdx_41F_20260128__20260128__oef--ClassAxis__custom--C000042664Member_zys7YH3Ypes1" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Class A Shares</span></p> </td> <td style="border-width: 0pt; padding: 2.75pt 26pt 2.75pt 0pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$586</span></p> </td> <td style="border-width: 0pt; padding: 2.75pt 26pt 2.75pt 0pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$873</span></p> </td> <td style="border-width: 0pt; padding: 2.75pt 26pt 2.75pt 0pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$1,181</span></p> </td> <td style="border-width: 0pt; padding: 2.75pt 26pt 2.75pt 0pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$2,054</span></p> </td> </tr> <tr id="xdx_41B_20260128__20260128__oef--ClassAxis__custom--C000042665Member_zNcpUBgkr2xj" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Class C Shares</span></p> </td> <td style="border-width: 0pt; padding: 2.75pt 26pt 2.75pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$341</span></p> </td> <td style="border-width: 0pt; padding: 2.75pt 26pt 2.75pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$786</span></p> </td> <td style="border-width: 0pt; padding: 2.75pt 26pt 2.75pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$1,357</span></p> </td> <td style="border-width: 0pt; padding: 2.75pt 26pt 2.75pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$2,909</span></p> </td> </tr> <tr id="xdx_412_20260128__20260128__oef--ClassAxis__custom--C000042663Member_zNKlFYvIQAKh" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Class I Shares</span></p> </td> <td style="border-width: 0pt; padding: 2.75pt 26pt 2.75pt 0pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$101</span></p> </td> <td style="border-width: 0pt; padding: 2.75pt 26pt 2.75pt 0pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$339</span></p> </td> <td style="border-width: 0pt; padding: 2.75pt 26pt 2.75pt 0pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$596</span></p> </td> <td style="border-width: 0pt; padding: 2.75pt 26pt 2.75pt 0pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$1,330</span></p> </td> </tr> <tr id="xdx_411_20260128__20260128__oef--ClassAxis__custom--C000123223Member_zvkIXxCcDEP6" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Class R6 Shares</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.75pt 26pt 2.75pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$93</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.75pt 26pt 2.75pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$318</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.75pt 26pt 2.75pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$561</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.75pt 26pt 2.75pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$1,259</span></p> </td> </tr> </table> 586 873 1181 2054 341 786 1357 2909 101 339 596 1330 93 318 561 1259 You would pay the following expenses if you did not redeem your Class C shares: <div id="xdx_A80_eoef--ExpenseExampleNoRedemptionTableTextBlock_zCFotY4RvIxg" style="-sec-ix-redline: true"></div> <table style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 289.79pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b> </b></span></p> </td> <td id="xdx_485_eoef--ExpenseExampleNoRedemptionYear01_zkxEGIqF1q7h" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>1 Year</b></span></p> </td> <td id="xdx_48B_eoef--ExpenseExampleNoRedemptionYear03_zRO4c6WdG3B7" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>3 Years</b></span></p> </td> <td id="xdx_48F_eoef--ExpenseExampleNoRedemptionYear05_zq4aODPRbNM3" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>5 Years</b></span></p> </td> <td id="xdx_488_eoef--ExpenseExampleNoRedemptionYear10_zqzypyGi6d1e" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>10 Years</b></span></p> </td> </tr> <tr id="xdx_413_20260128__20260128__oef--ClassAxis__custom--C000042665Member_zrSGZf8p8sm9" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Class C Shares</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.75pt 0pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">$241</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.75pt 0pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">$786</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.75pt 0pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">$1,357</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.75pt 0pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">$2,909</span></p> </td> </tr> </table> 241 786 1357 2909 Portfolio Turnover. <p id="xdx_A88_eoef--PortfolioTurnoverTextBlock_zsiyzFKGxdn7" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">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 <span id="xdx_900_eoef--PortfolioTurnoverRate_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000015648Member_zmv3DAvdKNX2">28.90%</span> of the average value of its portfolio.</span></p> 0.2890 Principal Investment Strategies <p id="xdx_A8C_eoef--StrategyNarrativeTextBlock_gRBSNTB-TOE_zafhYl8eS4D4" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><span id="xdx_90B_eoef--StrategyPortfolioConcentration_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000015648Member_zfWPqWJlrM71">Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in growth companies and invests at least 75% of its net assets, plus the amount of any borrowings for investment purposes, in foreign securities or depositary receipts of foreign securities.</span> For this purpose, the Fund currently considers a company to be a growth company if it meets any of the following criteria:</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 0pt 13.8pt; text-transform: none; color: #000000; text-indent: -13.8pt; text-align: left"><span style="width: 13.79pt; text-indent: 0; display: inline-block"><span style="text-transform: none">•</span></span><span style="text-transform: none">It is a constituent of the MSCI All Country World Growth Index; or</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 0pt 13.8pt; text-transform: none; color: #000000; text-indent: -13.8pt; text-align: left"><span style="width: 13.79pt; text-indent: 0; display: inline-block"><span style="text-transform: none">•</span></span><span style="text-transform: none">It has, over the last five years, grown its revenues or earnings per share at an average annual rate which exceeds the median growth rate of revenues or earnings per share, as applicable, for companies in the MSCI All Country World ex-U.S. Index; or</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt 13.8pt; text-transform: none; color: #000000; text-indent: -13.8pt; text-align: left"><span style="width: 13.79pt; text-indent: 0; display: inline-block"><span style="text-transform: none">•</span></span><span style="text-transform: none">It is projected by consensus estimates as compiled by FactSet Research Systems (“FactSet”), over the next two years, to grow its revenues or earnings per share at an average annual rate which exceeds the median growth rate of revenues or earnings per share, as applicable, for companies in the MSCI All Country World ex-U.S. Index. FactSet has no affiliation with the Fund or its investment advisor.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">While the Fund expects to invest primarily in foreign equity securities (primarily common stocks), the Fund may own a variety of securities, including domestic equity securities. The Fund may invest in developing countries. </span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">The Fund’s investment advisor, Thornburg Investment Management, Inc. (“Thornburg”) intends to invest in companies that it believes will have growing revenues and earnings. The Fund can invest in companies of any size, from larger, well-established companies to smaller, emerging growth companies.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">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 securities, and analysis of specific issuers.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">The Fund typically makes equity investments in the following three types of companies:</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Growth Industry Leader:</b> Companies in this category often have leadership positions in growing markets. In some cases these companies may have dominant market share. These companies tend to be larger and more established.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Consistent Grower: Companies in this category generally exhibit steady earnings or revenue growth, or both. These companies may have subscription or other recurring revenue profiles. Given their business models, these companies may outperform in </b><b>weak markets.</b></span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 7pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Emerging Growth: Companies often addressing a new market or carving out a niche in an existing market. Companies in this category may experience rapid growth, and tend to be smaller, earlier stage companies. These companies may exhibit </b><b>high volatility.</b></span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 7pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Inclusion of any investment in any of the three described categories represents the opinion of Thornburg concerning the characteristics and prospects of the investment. There is no assurance that any company selected for investment will, once categorized in one of the three described investment categories, continue to have the positive characteristics or fulfill the expectations that Thornburg had for the company when it was selected for investment, and any such company may not grow or may decline in earnings and size. </span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 7pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">In conjunction with individual issuer analysis, Thornburg may identify and invest at times with a greater emphasis in industries or economic sectors it expects to experience growth. The Fund does not have a strategy to invest in particular industry or economic sectors, and its exposures to particular industries or economic sectors are expected to vary over time. Investment decisions are also based on domestic and international economic developments, outlooks for securities markets, interest rates and inflation, and the supply and demand for securities.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 7pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">The Fund may sell an investment if Thornburg has identified a better investment opportunity, in response to changes in the conditions or business of the investment’s issuer or changes in overall market conditions, if Thornburg has a target price for the investment and that target price has been achieved, or if, in Thornburg’s opinion, the investment no longer serves to achieve the Fund’s investment goals.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 7pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">The Fund’s policy of investing at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in growth companies may be changed by the Fund’s Trustees without a shareholder vote upon 60 days’ notice to shareholders. Additionally, the Fund may change its definition of what constitutes a “growth company” at any time without advance notice to shareholders.</span></p> Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in growth companies and invests at least 75% of its net assets, plus the amount of any borrowings for investment purposes, in foreign securities or depositary receipts of foreign securities. An investment in the Fund is not a deposit in any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. Accordingly, the loss of money is a risk of investing in the Fund. <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__us-gaap--CreditRiskMember_zqW5NYIXL476" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Credit Risk </b>– The inability of an issuer to pay principal and interest on its debt obligations when due, or the downgrading of an issuer’s debt obligations by ratings agencies, may adversely affect the market’s perceptions of the issuer’s financial strength and may therefore result in declines in the issuer’s stock price.</span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityAndOperationalRiskMember_zSEJlWAxbJzj" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; -sec-ix-redline: true; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Cybersecurity and </b><b>Operational Risk </b>– Operational failures, cyber-attacks or other disruptions that affect the Fund’s service providers, the Fund’s counterparties, other market participants or the issuers of securities held by the Fund may adversely affect the Fund and its shareholders, including by causing losses for the Fund or impairing Fund operations. The rapid development and increasingly widespread use of artificial intelligence, including machine learning technology and generative artificial intelligence such as ChatGPT, could exacerbate these risks.</span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--DepositaryReceiptsRiskMember_zBic2HW9c7v1" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Depositary Receipts Risk </b>– An investment in American Depositary Receipts (“ADRs”), European Depositary Receipts (“EDRs”) or Global Depositary Receipts (“GDRs”) is an alternative to the purchase of the underlying securities in their national markets and/or currencies. However, ADRs, EDRs, and GDRs remain subject to many of the risks associated with investing directly in foreign securities, including the political and economic risks associated with the underlying issuer’s country. Certain countries may limit the ability to convert a depositary receipt into the underlying foreign security and vice versa, which may cause the securities of the foreign company to trade at a discount or premium to the market price of the related depositary receipts. Moreover, EDRs and GDRs can involve currency risk since, unlike ADRs, they may not be U.S. dollar denominated.</span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--DevelopingCountryRiskMember_zvghE3apVOYk" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 5.5pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Developing Country Risk </b>– The risks which may affect investments in foreign issuers (see “Foreign Investment Risk,” below) may be more pronounced for investments in developing countries because the economies of those countries are usually less diversified, communications, transportation and economic infrastructures are less developed, and developing countries ordinarily have less established legal, political, business and social frameworks. At times the prices of equity securities 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.</span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquityRiskMember_zYcWLDg2EnZ7" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 5.5pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Equity Risk </b>– The value of the Fund’s equity investments may fluctuate significantly over time in response to factors affecting individual issuers, particular industries, or the market as a whole. Additionally, common stock ranks below preferred stock and debt securities in claims for dividends and for assets of a company in a liquidation or bankruptcy.</span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignCurrencyRiskMember_zw6zceNGyFvc" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 5.5pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Foreign Currency Risk </b>– 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.</span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignInvestmentRiskMember_zFkGAIZXkpM6" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 5.5pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Foreign Investment Risk </b>– Investments in securities of foreign issuers may involve risks including adverse fluctuations in currency exchange rates, political instability, confiscations, taxes or restrictions on currency exchange, difficulty in selling foreign investments, and reduced legal protection.</span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--GrowthCompanyRiskMember_zRRTJnZtxZ04" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 5.5pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Growth Company Risk </b>– Growth company stocks may trade at higher multiples of current earnings than other equity securities and, therefore, may be more sensitive to changes in current or expected earnings than other equity securities and may be more volatile. If growth companies do not increase their earnings at a rate expected by investors, the market price of the stock may decline significantly, even if earnings show an absolute increase. Growth company stocks also typically lack the dividend yield that can cushion stock prices in market downturns. These risks may be more pronounced in companies that are in the earlier stages of their growth cycle.</span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--InformationTechnologySecuritiesRiskMember_zjc62zwhH5Ei" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Information Technology Securities Risk </b>– Information technology companies may at times be more vulnerable to product obsolescence caused by rapid technology changes, the failure to obtain or maintain intellectual property rights, the inability to develop new products, competition from new and existing market entrants, and changes in consumer preferences. Information technology stocks may also be more volatile than the overall market.</span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zOEEXFEG228c" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 5.5pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Liquidity Risk </b>– 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. This risk may be more pronounced for the Fund’s investments in developing countries.</span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zUUTwXFYDNz3" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 5.5pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Management Risk </b>– 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.</span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndEconomicRiskMember_zhjCkGL8LEza" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 5.5pt; -sec-ix-redline: true; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Market and Economic Risk </b>– The value of the Fund’s investments may decline and its share value may be reduced due to changes in general economic and market conditions. The value of a security may change in response to developments affecting entire economies, markets or industries, including changes in interest rates, political, legal, and technological developments, and general market volatility.</span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--RedemptionRiskMember_zGzKbUS8jw9c" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 5.5pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Redemption Risk </b>– 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.</span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--RisksAffectingSpecificCountriesOrRegionsMember_zykVLQPM1tw9" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 5.5pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Risks Affecting Specific Countries or Regions </b>– If a significant portion of the Fund’s assets is invested in issuers that are economically exposed to one country or region, the Fund’s share value may be more susceptible to the conditions and developments in that country or region, and potentially more volatile than the share value of a more geographically diversified fund. A specific country or region could also be adversely affected by conditions or developments arising in other countries. For example, the U.S. government could take actions to prohibit or restrict individuals or companies within the U.S. from purchasing or holding the shares of issuers in another country, which may limit the Fund’s ability to invest in that country or cause the Fund to have to sell investments in that country at less than desired prices. The nature and degree of the risks affecting a given country or region, and the extent of the Fund’s exposure to any such country or region, is expected to vary over time.</span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--RisksAffectingSpecificIssuersMember_zn9TEYN6Bjie" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 5.5pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Risks Affecting Specific Issuers </b>– The value of a security may decline in response to developments affecting the specific issuer of the security, even if the overall industry or economy is unaffected. These developments may include a variety of factors, including but not limited to management issues or other corporate disruption, a decline in revenues or profitability, an increase in costs, or an adverse effect on the issuer’s competitive position.</span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallAndMidCapCompanyRiskMember_zP4icmKs1s98" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Small and Mid-Cap Company Risk </b>– Investments in small-capitalization companies and mid-capitalization companies, including smaller, earlier stage companies, may involve additional risks. These risks 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.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Additional information about Fund investments, investment strategies, and risks of investing in the Fund appears below beginning on page 125 of the Prospectus.</span></p> Past Performance of the Fund <p id="xdx_A8C_eoef--PerformanceNarrativeTextBlock_zMADyuRiQTqe" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><span id="xdx_907_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000015648Member_z8O77SPUXoz5">The following information provides some indication of the risks of investing in the International Growth Fund by showing how the Fund’s investment results vary from year to year.</span> The bar chart shows how the annual total returns for Class A shares vary in each full year shown. The average annual total return figures compare Class A, Class C, Class I and Class R6 share performance to the MSCI All Country World ex USA Net Total Return, a broad-based securities market index that represents the overall applicable market in which the Fund invests, and the MSCI All Country World ex USA Growth Net Total Return USD Index, an additional index that represents the market sectors which Thornburg believes are more representative of the Fund’s investment universe. These indexes are not actively managed and are not available for direct investment. The bar charts and performance tables assume reinvestment of dividends and distributions. <span id="xdx_905_eoef--PerformancePastDoesNotIndicateFuture_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000015648Member_zaJzanWzKN41">Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> The performance information shown below is as of the calendar year ended December 31, 2025. Updated performance information may be obtained on the Thornburg website at <span id="xdx_90F_eoef--PerformanceAvailabilityWebSiteAddress_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000015648Member_zK7EVvaoLyca">Thornburg.com</span> or by calling <span id="xdx_901_eoef--PerformanceAvailabilityPhone_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000015648Member_zv1y9gaD5bDa">1-800-847-0200</span>.</span></p> The following information provides some indication of the risks of investing in the International Growth Fund by showing how the Fund’s investment results vary from year to year. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Thornburg.com 1-800-847-0200 Annual Total Returns – Class A Shares <div id="xdx_A8A_eoef--BarChartTableTextBlock_zoshmkO7eXX1"></div> <table border="0" cellpadding="0" cellspacing="0" id="xdx_A51_dU_zZt1xF76aX67" style="width: 100%; border-collapse: collapse; font-size: 8pt" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; width: 20%; display: none"> </td> <td id="xdx_48D_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000042664Member_zyVV85GB7ba" style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; width: 80%; display: none"> </td></tr> <tr id="xdx_417_20160101__20161231_zw2csUpuBvz3" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; display: none">2016</td> <td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none">-5.05%</td></tr> <tr id="xdx_418_20170101__20171231_z7cUyeo0rfbf" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; display: none">2017</td> <td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none">34.33%</td></tr> <tr id="xdx_415_20180101__20181231_zjeGcQjCcbL5" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; display: none">2018</td> <td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none">-17.01%</td></tr> <tr id="xdx_41A_20190101__20191231_zJosAwEULzJ1" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; display: none">2019</td> <td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none">25.87%</td></tr> <tr id="xdx_41F_20200101__20201231_zmUWwcAC9xa7" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; display: none">2020</td> <td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none">33.94%</td></tr> <tr id="xdx_414_20210101__20211231_ztms7TmWQAGg" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; display: none">2021</td> <td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none">-4.46%</td></tr> <tr id="xdx_41E_20220101__20221231_z5UDsw29Ize6" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; display: none">2022</td> <td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none">-26.33%</td></tr> <tr id="xdx_413_20230101__20231231_zMdlOGd4ute2" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; display: none">2023</td> <td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none">17.96%</td></tr> <tr id="xdx_414_20240101__20241231_zh3c25kqRmJ8" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; display: none">2024</td> <td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none">2.04%</td></tr> <tr id="xdx_418_20250101__20251231_zWP1NZvkcm66" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; display: none">2025</td> <td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none">10.24%</td></tr> </table> <div style="font: 12pt/normal Times New Roman, Times, serif; margin: 24pt 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"> <div style="border-width: 0pt; padding: 0pt; overflow: hidden; display: inline-block; width: 617.6pt; height: 183.79pt; text-align: left"> <img alt="" src="retailproimg005.gif" style="vertical-align: top; margin-left: 0pt; width: 617.55pt; margin-top: 0pt; height: 182.85pt"/> </div> </div> -0.0505 0.3433 -0.1701 0.2587 0.3394 -0.0446 -0.2633 0.1796 0.0204 0.1024 <div id="xdx_A8A_eoef--BarChartClosingTextBlock_zeMSAQrb3kd9"></div> <table style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 455.4pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b> </b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Total<br/>Returns</b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Quarter<br/>ended</b></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><span id="xdx_903_eoef--HighestQuarterlyReturnLabel_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000015648Member_zmlPEptFlZxh">Highest Quarterly Results</span></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_909_eoef--BarChartHighestQuarterlyReturn_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000015648Member_zsGWZebGc6B4">25.93%</span></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_90D_eoef--BarChartHighestQuarterlyReturnDate_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000015648Member_z4Si2hZK7qLd">6/30/2020</span></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><span id="xdx_908_eoef--LowestQuarterlyReturnLabel_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000015648Member_zK6AcjYOQIbl">Lowest Quarterly Results</span></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt 3pt 3pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_904_eoef--BarChartLowestQuarterlyReturn_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000015648Member_zpLnYvfhxl36">-17.74%</span></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_90C_eoef--BarChartLowestQuarterlyReturnDate_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000015648Member_zKIyxLhDrDof">12/31/2018</span></span></p> </td> </tr> </table> Highest Quarterly Results 0.2593 2020-06-30 Lowest Quarterly Results -0.1774 2018-12-31 Average Annual Total Returns (periods ended 12-31-25) <div id="xdx_A87_eoef--PerformanceTableTextBlock_zDPdMojr2bo5" style="-sec-ix-redline: true"></div> <table id="xdx_A5E_dU_zV1LrWwCA8l3" style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 372.59pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b>Class A Shares</b></span></p> </td> <td id="xdx_49E_20250101__20251231_zIMLVtEECwA6" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>1 Year</b></span></p> </td> <td id="xdx_496_20210101__20251231_zrk0eFlDGWeg" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>5 Years</b></span></p> </td> <td id="xdx_49F_20160101__20251231_zr8RJrEeLdi3" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>10 years</b></span></p> </td> </tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dpn_hoef--ClassAxis__custom--C000042664Member_z30bCoR4AQOb" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Return Before Taxes</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt 3pt 11pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">5.30%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt 3pt 3pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">-2.26%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">4.76%</span></p> </td> </tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dpn_hoef--ClassAxis__custom--C000042664Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_z2AdvYjQaZd1" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Return After Taxes on Distributions</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt 3pt 11pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">5.05%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt 3pt 3pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">-3.01%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">4.11%</span></p> </td> </tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dpn_hoef--ClassAxis__custom--C000042664Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_z0XSsAgbnJX7" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Return After Taxes on Distributions and Sale of Fund Shares</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt 3pt 11pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">3.29%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt 3pt 3pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">-1.74%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">3.70%</span></p> </td> </tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dpn_hoef--PerformanceMeasureAxis__custom--MSCIAllCountryWorldExUSANetTotalReturnMember_zdeUXT9BTnM5" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">MSCI All Country World ex USA Net Total Return <br/></span><span style="text-transform: none; font-style: italic"><i><span id="xdx_908_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000015648Member_zZp5QFtvdh03">(reflects no deduction for fees, expenses, or U.S. taxes)</span></i></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">32.39%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">7.91%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">8.41%</span></p> </td> </tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dpn_hoef--PerformanceMeasureAxis__custom--MSCIAllCountryWorldexUSAGrowthNetTotalReturnUSDIndexMember_zWZ1OKEALnI9" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">MSCI All Country World ex USA Growth Net Total Return USD Index <br/></span><span style="text-transform: none; font-style: italic"><i><span id="xdx_905_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000015648Member_zbewruxi6ZCd">(reflects no deduction for fees, expenses, or U.S. taxes)</span></i></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">25.65%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">4.01%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">7.92%</span></p> </td> </tr> </table> <div style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-align: left"> <table style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 372.59pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b>Class C Shares</b></span></p> </td> <td id="xdx_49E_20250101__20251231_zIBLHtEECwA6" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>1 Year</b></span></p> </td> <td id="xdx_496_20210101__20251231_zrk0eFlCQWeg" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>5 Years</b></span></p> </td> <td id="xdx_49F_20160101__20251231_zr8EJgEeLdi3" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>10 years</b></span></p> </td> </tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dpn_hoef--ClassAxis__custom--C000042665Member_zQOaeZsHWiQ7" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Return Before Taxes</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt 3pt 11pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">8.13%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt 3pt 3pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">-2.27%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">4.35%</span></p> </td> </tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dpn_hoef--PerformanceMeasureAxis__custom--MSCIAllCountryWorldExUSANetTotalReturnMember_zPaQJtSa7jPb" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">MSCI All Country World ex USA Net Total Return <br/></span><span style="text-transform: none; font-style: italic"><i><span id="xdx_902_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000015648Member_zX0GyOY8LXo3">(reflects no deduction for fees, expenses, or U.S. taxes)</span></i></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">32.39%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">7.91%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">8.41%</span></p> </td> </tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dpn_hoef--PerformanceMeasureAxis__custom--MSCIAllCountryWorldexUSAGrowthNetTotalReturnUSDIndexMember_zOnMZXSaNxIi" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">MSCI All Country World ex USA Growth Net Total Return USD Index <br/></span><span style="text-transform: none; font-style: italic"><i><span id="xdx_903_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000015648Member_zwl23zaVN0h6">(reflects no deduction for fees, expenses, or U.S. taxes)</span></i></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">25.65%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">4.01%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">7.92%</span></p> </td> </tr> </table> </div> <div style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-align: left"> <table style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 372.59pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b>Class I Shares</b></span></p> </td> <td id="xdx_49E_20250101__20251231_zIMLHtEFCwA6" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>1 Year</b></span></p> </td> <td id="xdx_496_20210101__20251231_zrk0eFlDQWfg" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>5 Years</b></span></p> </td> <td id="xdx_49F_20160101__20251231_zv8EJrEeLdi3" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>10 years</b></span></p> </td> </tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dpn_hoef--ClassAxis__custom--C000042663Member_zwSx7IwWAfNc" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Return Before Taxes</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">10.64%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt 3pt 3pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">-1.00%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">5.62%</span></p> </td> </tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dpn_hoef--PerformanceMeasureAxis__custom--MSCIAllCountryWorldExUSANetTotalReturnMember_z23khHOvTCFd" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">MSCI All Country World ex USA Net Total Return<br/></span><span style="text-transform: none; font-style: italic"><i><span id="xdx_90D_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000015648Member_zmqxPYykC8Ql">(reflects no deduction for fees, expenses, or U.S. taxes)</span></i></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">32.39%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">7.91%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">8.41%</span></p> </td> </tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dpn_hoef--PerformanceMeasureAxis__custom--MSCIAllCountryWorldexUSAGrowthNetTotalReturnUSDIndexMember_z9LrjKwfRcxe" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">MSCI All Country World ex USA Growth Net Total Return USD Index<br/></span><span style="text-transform: none; font-style: italic"><i><span id="xdx_90B_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000015648Member_zvxop0PDkbxe">(reflects no deduction for fees, expenses, or U.S. taxes)</span></i></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">25.65%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">4.01%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">7.92%</span></p> </td> </tr> </table> </div> <div style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-align: left"> <table style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 372.59pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b>Class R6 Shares</b></span></p> </td> <td id="xdx_49E_20250101__20251231_zIMLHtEECqA6" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>1 Year</b></span></p> </td> <td id="xdx_496_20210101__20251231_zrk0eFlDQWqg" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>5 Years</b></span></p> </td> <td id="xdx_49F_20160101__20251231_zr8EJqEeLdi3" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>10 years</b></span></p> </td> </tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dpn_hoef--ClassAxis__custom--C000123223Member_zevyYLZcFV03" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Return Before Taxes</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">10.76%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt 3pt 3pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">-0.90%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">5.72%</span></p> </td> </tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dpn_hoef--PerformanceMeasureAxis__custom--MSCIAllCountryWorldExUSANetTotalReturnMember_zsUqHcw7XKTc" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">MSCI All Country World ex USA Net Total Return<br/></span><span style="text-transform: none; font-style: italic"><i><span id="xdx_906_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000015648Member_zRtHtxRi6MS">(reflects no deduction for fees, expenses, or U.S. taxes)</span></i></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">32.39%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">7.91%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">8.41%</span></p> </td> </tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dpn_hoef--PerformanceMeasureAxis__custom--MSCIAllCountryWorldexUSAGrowthNetTotalReturnUSDIndexMember_zIGBEMri1yhi" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">MSCI All Country World ex USA Growth Net Total Return USD Index<br/></span><span style="text-transform: none; font-style: italic"><i><span id="xdx_909_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000015648Member_zhfuqLsGROi1">(reflects no deduction for fees, expenses, or U.S. taxes)</span></i></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">25.65%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">4.01%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">7.92%</span></p> </td> </tr> </table> </div> 0.0530 -0.0226 0.0476 0.0505 -0.0301 0.0411 0.0329 -0.0174 0.0370 (reflects no deduction for fees, expenses, or U.S. taxes) 0.3239 0.0791 0.0841 (reflects no deduction for fees, expenses, or U.S. taxes) 0.2565 0.0401 0.0792 0.0813 -0.0227 0.0435 (reflects no deduction for fees, expenses, or U.S. taxes) 0.3239 0.0791 0.0841 (reflects no deduction for fees, expenses, or U.S. taxes) 0.2565 0.0401 0.0792 0.1064 -0.0100 0.0562 (reflects no deduction for fees, expenses, or U.S. taxes) 0.3239 0.0791 0.0841 (reflects no deduction for fees, expenses, or U.S. taxes) 0.2565 0.0401 0.0792 0.1076 -0.0090 0.0572 (reflects no deduction for fees, expenses, or U.S. taxes) 0.3239 0.0791 0.0841 (reflects no deduction for fees, expenses, or U.S. taxes) 0.2565 0.0401 0.0792 <p id="xdx_A84_eoef--PerformanceTableClosingTextBlock_zLIWnRpNVgGc" style="font: italic 8pt/9pt Arial, sans-serif; margin: 0pt 0pt 4pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; font-style: italic"><i><span id="xdx_90E_eoef--PerformanceTableUsesHighestFederalRate_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000015648Member_z2iHydNaNUf6">After-tax returns are calculated using the highest historical individual federal marginal income tax rates, and do not reflect state or local income taxes.</span> <span id="xdx_908_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000015648Member_zg7AHLLb2dY1">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.</span> <span id="xdx_905_eoef--PerformanceTableOneClassOfAfterTaxShown_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000015648Member_zBQ9uqDhoqm5">The after-tax returns shown relate only to Class A shares, and after-tax returns for other share classes will vary.</span></i></span></p> After-tax returns are calculated using the highest historical individual federal marginal income tax rates, and do not reflect state or local income taxes. Actual after-tax returns depend on an investor’s own tax situation and may differ from the returns shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The after-tax returns shown relate only to Class A shares, and after-tax returns for other share classes will vary. Developing World Fund Investment Goal <p id="xdx_A85_eoef--ObjectivePrimaryTextBlock_z3V1BV9Z3eo1" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">The Fund’s primary investment goal is long-term capital appreciation. </span></p> Fees and Expenses of the Fund <p id="xdx_A89_eoef--ExpenseNarrativeTextBlock_zo2viR253JFd" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </b><span id="xdx_90C_eoef--ExpenseBreakpointDiscounts_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000027135Member_zSYAMUmRCz62">You may qualify for discounts from the sales charge applicable to Class A shares if you or other qualifying account holders invest, or agree to invest in the future, at least <span id="xdx_90B_eoef--ExpenseBreakpointMinimumInvestmentRequiredAmount_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000027135Member_zx32a9tHsPbl">$50,000</span> in the Thornburg Funds.</span> More information about this and other discounts and sales charge waivers is available from your financial intermediary, in the Prospectus under the captions “Class A Sales Charge Waivers,” beginning on page 154, and “Appendix A – Sales Charge Waivers Offered by Financial Intermediaries,” beginning on page 208, and in the Statement of Additional Information under the caption “Additional Information Respecting Purchase and Redemption of Shares,” beginning on page 94.</span></p> You may qualify for discounts from the sales charge applicable to Class A shares if you or other qualifying account holders invest, or agree to invest in the future, at least $50,000 in the Thornburg Funds. 50000 Shareholder Fees (fees paid directly from your investment) <div id="xdx_A80_eoef--ShareholderFeesTableTextBlock_zAacD4dLZuw1" style="-sec-ix-redline: true"></div> <table id="xdx_A56_dU_zjBYhdbXweYj" style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 289.79pt"> </td> <td id="xdx_49D_20260128__20260128__oef--ClassAxis__custom--C000081859Member_zP2uq6VW5eNe" style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td id="xdx_49C_20260128__20260128__oef--ClassAxis__custom--C000081860Member_zYO3i3z3nyob" style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td id="xdx_491_20260128__20260128__oef--ClassAxis__custom--C000081861Member_zMnOIhm5RVXa" style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td id="xdx_49B_20260128__20260128__oef--ClassAxis__custom--C000123225Member_zCY0IG9O4Lkh" style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b> </b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class A</b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class C</b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class I</b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class R6</b></span></p> </td> </tr> <tr id="xdx_408_eoef--MaximumSalesChargeImposedOnPurchasesOverOfferingPrice_dpn_zufvJfGXOyD1" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Maximum Sales Charge (Load) Imposed on Purchases <br/></span><span style="text-transform: none; font-style: italic"><i>(as a percentage of offering price)</i></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">4.50%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">none</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">none</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">none</span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Maximum Deferred Sales Charge (Load) <br/></span><span style="text-transform: none; font-style: italic"><i>(as a percentage of redemption proceeds or original purchase price, whichever is lower)</i></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_903_eoef--MaximumDeferredSalesChargeOverOther_dpn_c20260128__20260128__oef--ClassAxis__custom--C000081859Member_fKDEp_zrIoMFQubs97" title="Maximum Deferred Sales Charge (Load) (as a percentage of redemption proceeds or original purchase price, whichever is lower)">none</span></span><sup style="text-transform: none; font-size: 7pt; line-height: 7pt">(1)</sup><span style="text-transform: none"> </span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_904_eoef--MaximumDeferredSalesChargeOverOther_dpn_c20260128__20260128__oef--ClassAxis__custom--C000081860Member_fKDIp_zmgadfiKIaL9">1.00%</span></span><sup style="text-transform: none; font-size: 7pt; line-height: 7pt">(</sup><sup style="text-transform: none; font-size: 7pt; line-height: 7pt">2)</sup><span style="text-transform: none"> </span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_90A_eoef--MaximumDeferredSalesChargeOverOther_dpn_c20260128__20260128__oef--ClassAxis__custom--C000081861Member_zTL7Looo0rqd">none</span></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_900_eoef--MaximumDeferredSalesChargeOverOther_dpn_c20260128__20260128__oef--ClassAxis__custom--C000123225Member_znYdeDzCaNs3">none</span></span></p> </td> </tr> </table> 0.0450 0 0 0 0 0.0100 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A83_eoef--AnnualFundOperatingExpensesTableTextBlock_zzLsHb5Rxeqa" style="-sec-ix-redline: true"></div> <table id="xdx_A50_dU_zsQbqxyzw9G" style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 289.79pt"> </td> <td id="xdx_496_20260128__20260128__oef--ClassAxis__custom--C000081859Member_z8ZCGZAqUy7e" style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td id="xdx_493_20260128__20260128__oef--ClassAxis__custom--C000081860Member_z34QmJlyC8oa" style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td id="xdx_492_20260128__20260128__oef--ClassAxis__custom--C000081861Member_zpQ9ldLbUeLd" style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td id="xdx_49C_20260128__20260128__oef--ClassAxis__custom--C000123225Member_z5VzKGQF0Rp2" style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b> </b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class A</b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class C</b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class I</b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class R6</b></span></p> </td> </tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zUbrAvyERKri" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Management Fees</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.97%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.97%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.97%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.97%</span></p> </td> </tr> <tr id="xdx_406_eoef--DistributionAndService12b1FeesOverAssets_dpn_z5QojXPO2m38" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Distribution and Service (12b-1) Fees</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.25%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.00%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">none</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">none</span></p> </td> </tr> <tr id="xdx_40A_eoef--OtherExpensesOverAssets_dpn_zEqUMgcERhd4" style="min-height: 18.42pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Other Expenses</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.39%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.74%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.37%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.30%</span></p> </td> </tr> <tr id="xdx_407_eoef--ExpensesOverAssets_dpn_zs0mQqmC6C4i" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Total Annual Fund Operating Expenses</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.61%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">2.71%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.34%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.27%</span></p> </td> </tr> <tr id="xdx_407_eoef--FeeWaiverOrReimbursementOverAssets_dpn_zWkvc1AZkwb" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Fee Waiver/Expense Reimbursement</span><sup id="xdx_F44_zp40d1T5vyD6" style="text-transform: none; font-size: 7pt; line-height: 7pt">(3)</sup></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">(0.16)%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">(0.38)%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">(0.30)%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">(0.33)%</span></p> </td> </tr> <tr id="xdx_405_eoef--NetExpensesOverAssets_dpn_zB6oiiYoli1k" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement</span><sup style="text-transform: none; font-size: 7pt; line-height: 7pt"> </sup></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.45%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">2.33%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.04%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.94%</span></p> </td> </tr> </table> 0.0097 0.0097 0.0097 0.0097 0.0025 0.0100 0 0 0.0039 0.0074 0.0037 0.0030 0.0161 0.0271 0.0134 0.0127 -0.0016 -0.0038 -0.0030 -0.0033 0.0145 0.0233 0.0104 0.0094 <div id="xdx_A88_eoef--ExpenseFootnotesTextBlock_zBOPXPI6b6od"></div> <table cellpadding="0" cellspacing="0" style="font: italic 8pt/9pt Arial, sans-serif; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right"><span style="text-transform: none"><i id="xdx_F03_zFg88kGsvSs9">(1)</i></span></td> <td style="width: 5pt"></td> <td style="text-align: justify"><span style="text-transform: none"><i id="xdx_F1A_zelNDHmgCxgc">Up to a 1.00% contingent deferred sales charge (CDSC) is imposed on redemptions of any part or all of a purchase of $1 million or more within 12 months of purchase.</i></span></td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: italic 8pt/9pt Arial, sans-serif; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right"><span style="text-transform: none"><i id="xdx_F0E_zGjRua6yhkdd">(2)</i></span></td> <td style="width: 5pt"></td> <td style="text-align: justify"><span style="text-transform: none"><i id="xdx_F12_zc8QIznr5u85">Imposed only on redemptions of Class C shares within 12 months of purchase.</i></span></td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: italic 8pt/9pt Arial, sans-serif; -sec-ix-redline: true; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right"><span style="text-transform: none"><i id="xdx_F0A_zTWtujRcdfDf">(3)</i></span></td> <td style="width: 5pt"></td> <td style="text-align: justify"><span style="text-transform: none"><i id="xdx_F1F_zzJwJXwZvOW5">Thornburg Investment Management, Inc. (“Thornburg”) has contractually agreed to waive fees and reimburse expenses incurred by the Fund so that actual Class A, Class C, Class I and Class R6 expenses (excluding taxes, interest expenses, acquired fund fees and expenses, brokerage commissions, borrowing costs, expenses relating to short sales, and unusual expenses such as contingency fees or litigation costs) do not exceed 1.45%, 2.33%, 1.04% and 0.94%, 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 <span id="xdx_90A_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260128__20260128__oef--ClassAxis__custom--C000081859Member_zYDYOsGMbn4d"><span id="xdx_903_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260128__20260128__oef--ClassAxis__custom--C000081860Member_zHVkEZi2l0Od"><span id="xdx_909_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260128__20260128__oef--ClassAxis__custom--C000081861Member_zxU0Sncew3Xi"><span id="xdx_90F_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260128__20260128__oef--ClassAxis__custom--C000123225Member_zBlAXeNNShva">February 1, 2027</span></span></span></span>, 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.</i></span></td> </tr> </table> February 1, 2027 February 1, 2027 February 1, 2027 February 1, 2027 Example. <p id="xdx_A8C_eoef--ExpenseExampleNarrativeTextBlock_zP4IwUFe6lka" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 7pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 7pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">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:</span></p> <div id="xdx_A84_eoef--ExpenseExampleWithRedemptionTableTextBlock_z1SbJscXR6k2" style="-sec-ix-redline: true"></div> <table id="xdx_A5A_dU_zquUgzeqwDU4" style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 289.79pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b> </b></span></p> </td> <td id="xdx_483_eoef--ExpenseExampleYear01_zKlDFSinXTb5" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>1 Year</b></span></p> </td> <td id="xdx_480_eoef--ExpenseExampleYear03_ztkZF9haX4fk" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>3 Years</b></span></p> </td> <td id="xdx_48F_eoef--ExpenseExampleYear05_zg35G3YAEZj2" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>5 Years</b></span></p> </td> <td id="xdx_48B_eoef--ExpenseExampleYear10_zO0U7WlvPcz6" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>10 Years</b></span></p> </td> </tr> <tr id="xdx_410_20260128__20260128__oef--ClassAxis__custom--C000081859Member_zSOtBMcOkof8" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Class A Shares</span></p> </td> <td style="border-width: 0pt; padding: 2.75pt 26pt 2.75pt 0pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$591</span></p> </td> <td style="border-width: 0pt; padding: 2.75pt 26pt 2.75pt 0pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$920</span></p> </td> <td style="border-width: 0pt; padding: 2.75pt 26pt 2.75pt 0pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$1,272</span></p> </td> <td style="border-width: 0pt; padding: 2.75pt 26pt 2.75pt 0pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$2,262</span></p> </td> </tr> <tr id="xdx_416_20260128__20260128__oef--ClassAxis__custom--C000081860Member_zeuuO7l4ipY7" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Class C Shares</span></p> </td> <td style="border-width: 0pt; padding: 2.75pt 26pt 2.75pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$336</span></p> </td> <td style="border-width: 0pt; padding: 2.75pt 26pt 2.75pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$805</span></p> </td> <td style="border-width: 0pt; padding: 2.75pt 26pt 2.75pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$1,401</span></p> </td> <td style="border-width: 0pt; padding: 2.75pt 26pt 2.75pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$3,014</span></p> </td> </tr> <tr id="xdx_417_20260128__20260128__oef--ClassAxis__custom--C000081861Member_zcij8LcJkD5f" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Class I Shares</span></p> </td> <td style="border-width: 0pt; padding: 2.75pt 26pt 2.75pt 0pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$106</span></p> </td> <td style="border-width: 0pt; padding: 2.75pt 26pt 2.75pt 0pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$395</span></p> </td> <td style="border-width: 0pt; padding: 2.75pt 26pt 2.75pt 0pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$705</span></p> </td> <td style="border-width: 0pt; padding: 2.75pt 26pt 2.75pt 0pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$1,587</span></p> </td> </tr> <tr id="xdx_418_20260128__20260128__oef--ClassAxis__custom--C000123225Member_zdTrjv2C0mO9" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Class R6 Shares</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.75pt 26pt 2.75pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$96</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.75pt 26pt 2.75pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$370</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.75pt 26pt 2.75pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$665</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.75pt 26pt 2.75pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$1,505</span></p> </td> </tr> </table> 591 920 1272 2262 336 805 1401 3014 106 395 705 1587 96 370 665 1505 You would pay the following expenses if you did not redeem your Class C shares: <div id="xdx_A80_eoef--ExpenseExampleNoRedemptionTableTextBlock_zCFotY9RvIxg"></div> <table style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 289.79pt"> </td> <td id="xdx_48A_eoef--ExpenseExampleNoRedemptionYear01_zG9fhoF0fLAd" style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td id="xdx_48A_eoef--ExpenseExampleNoRedemptionYear03_zqzgFLn59QL" style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td id="xdx_48E_eoef--ExpenseExampleNoRedemptionYear05_zNvRQW7nWV23" style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td id="xdx_483_eoef--ExpenseExampleNoRedemptionYear10_zLjRKltZ4Jme" style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b> </b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>1 Year</b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>3 Years</b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>5 Years</b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>10 Years</b></span></p> </td> </tr> <tr id="xdx_41F_20260128__20260128__oef--ClassAxis__custom--C000081860Member_zIfJhmC4X0Uj" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Class C Shares</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.75pt 0pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">$236</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.75pt 0pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">$805</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.75pt 0pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">$1,401</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.75pt 0pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">$3,014</span></p> </td> </tr> </table> 236 805 1401 3014 Portfolio Turnover. <p id="xdx_A8E_eoef--PortfolioTurnoverTextBlock_zAiKDedo3qxh" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">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 <span id="xdx_906_eoef--PortfolioTurnoverRate_dp_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000027135Member_zqUblMp0wGwc">46.93</span>% of the average value of its portfolio.</span></p> 0.4693 Principal Investment Strategies <p id="xdx_A81_eoef--StrategyNarrativeTextBlock_gRBSNTB-CTZIXV_ztZkzIioRL3c" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><span id="xdx_900_eoef--StrategyPortfolioConcentration_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000027135Member_zflM62bsBCF7">Under normal market conditions, the Fund pursues its objective by investing at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities of issuers which Thornburg views as having substantial economic ties to one or more developing countries.</span> Developing countries are considered by Thornburg generally to be those countries which are not included in the MSCI World Index. The material factors that Thornburg considers when determining whether an issuer has substantial economic ties to a developing country include whether the issuer:</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 0pt 13.8pt; text-transform: none; color: #000000; text-indent: -13.8pt; text-align: left"><span style="width: 13.79pt; text-indent: 0; display: inline-block"><span style="text-transform: none">•</span></span><span style="text-transform: none">is included in the MSCI Emerging Markets Index;</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 0pt 13.8pt; text-transform: none; color: #000000; text-indent: -13.8pt; text-align: left"><span style="width: 13.79pt; text-indent: 0; display: inline-block"><span style="text-transform: none">•</span></span><span style="text-transform: none">is organized or headquartered in an developing country, or maintains most of its assets in one or more such countries;</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 0pt 13.8pt; text-transform: none; color: #000000; text-indent: -13.8pt; text-align: left"><span style="width: 13.79pt; text-indent: 0; display: inline-block"><span style="text-transform: none">•</span></span><span style="text-transform: none">has equity securities that are traded principally on a stock exchange of a developing country; or</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt 13.8pt; text-transform: none; color: #000000; text-indent: -13.8pt; text-align: left"><span style="width: 13.79pt; text-indent: 0; display: inline-block"><span style="text-transform: none">•</span></span><span style="text-transform: none">derives, or is expected to derive, a majority of its profits, revenues, sales, or income from one or more developing countries.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">The Fund may invest in issuers of any size of capitalization, including small companies, and expects that under normal conditions its assets will be invested in issuers domiciled in or tied economically to a variety of different developing countries.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">The Fund’s policy of investing at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in developing country issuers may be changed by the Fund’s Trustees without a shareholder vote upon 60 days’ notice to shareholders. </span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Among the specific factors considered in identifying securities for inclusion in the Fund are domestic and international economic developments, outlooks for securities markets, the supply and demand for equity securities, and analysis of specific issuers. The Fund typically makes its equity investments in the following three types of issuers:</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Basic Value: Companies generally operating in mature or cyclical industries and which generally exhibit more economic sensitivity and/or higher volatility in earnings and </b><b>cash flow.</b></span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Consistent Earner: Companies which generally exhibit predictable growth, profitability, cash flow </b><b>and/or dividends.</b></span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Emerging Franchise: Companies with the potential to grow at an above average rate because of a product or service that is establishing a new market and/or taking share from </b><b>existing participants.</b></span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Inclusion of any investment in any of the three described categories represents the opinion of Thornburg concerning the characteristics and prospects of the investment. There is no assurance that any company selected for investment will, once categorized in one of the three described investment categories, continue to have the positive characteristics or fulfill the expectations that Thornburg had for the company when it was selected for investment, and any such company may not grow or may decline in earnings and size.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">The Fund may sell an investment if Thornburg has identified a better investment opportunity, in response to changes in the conditions or business of the investment’s issuer or changes in overall market conditions, if Thornburg has a target price for the investment and that target price has been achieved, or if, in Thornburg’s opinion, the investment no longer serves to achieve the Fund’s investment goals.</span></p> Under normal market conditions, the Fund pursues its objective by investing at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities of issuers which Thornburg views as having substantial economic ties to one or more developing countries. An investment in the Fund is not a deposit in any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. Accordingly, the loss of money is a risk of investing in the Fund. <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CreditRiskMember_zznGfc3zLOUe" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Credit Risk </b>– The inability of an issuer to pay principal and interest on its debt obligations when due, or the downgrading of an issuer’s debt obligations by ratings agencies, may adversely affect the market’s perceptions of the issuer’s financial strength and may therefore result in declines in the issuer’s stock price.</span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityAndOperationalRiskMember_zWmV1wFxX86a" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; -sec-ix-redline: true; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Cybersecurity and </b><b>Operational Risk </b>– Operational failures, cyber-attacks or other disruptions that affect the Fund’s service providers, the Fund’s counterparties, other market participants or the issuers of securities held by the Fund may adversely affect the Fund and its shareholders, including by causing losses for the Fund or impairing Fund operations. The rapid development and increasingly widespread use of artificial intelligence, including machine learning technology and generative artificial intelligence such as ChatGPT, could exacerbate these risks.</span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--DevelopingCountryRiskMember_zImWIM3ZTsO8" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Developing Country Risk </b>– The risks which may affect investments in foreign issuers (see “Foreign Investment Risk,” below) may be more pronounced for investments in developing countries because the economies of those countries are usually less diversified, communications, transportation and economic infrastructures are less developed, and developing countries ordinarily have less established legal, political, business and social frameworks. At times the prices of equity securities 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.</span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquityRiskMember_zo7brATWv9d9" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Equity Risk </b>– The value of the Fund’s equity investments may fluctuate significantly over time in response to factors affecting individual issuers, particular industries, or the market as a whole. Additionally, common stock ranks below preferred stock and debt securities in claims for dividends and for assets of a company in a liquidation or bankruptcy.</span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignCurrencyRiskMember_z2jjqL6NbPA2" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Foreign Currency Risk </b>– 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.</span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignInvestmentRiskMember_zgqwGQenBtQ3" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Foreign Investment Risk </b>– Investments in securities of foreign issuers may involve risks including adverse fluctuations in currency exchange rates, political instability, confiscations, taxes or restrictions on currency exchange, difficulty in selling foreign investments, and reduced legal protections.</span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zIXO2QJ6biNi" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Liquidity Risk </b>– 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. This risk may be more pronounced for the Fund’s investments in developing countries.</span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zU1SytlNCgLh" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Management</b><b> Risk </b>– 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.</span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndEconomicRiskMember_z4H3CGwaQ9s6" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; -sec-ix-redline: true; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Market and Economic Risk </b>– The value of the Fund’s investments may decline and its share value may be reduced due to changes in general economic and market conditions. The value of a security may change in response to developments affecting entire economies, markets or industries, including changes in interest rates, political, legal, and technological developments, and general market volatility. These risks may be more pronounced for the Fund’s investments in developing countries.</span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--RedemptionRiskMember_zqr1S2NqPYR8" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Redemption Risk </b>– 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.</span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--RisksAffectingSpecificCountriesOrRegionsMember_zk3vblXWAhP5" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Risks Affecting Specific Countries or Regions </b>– If a significant portion of the Fund’s assets is invested in issuers that are economically exposed to one country or region, the Fund’s share value may be more susceptible to the conditions and developments in that country or region, and potentially more volatile than the share value of a more geographically diversified fund. A specific country or region could also be adversely affected by conditions or developments arising in other countries. For example, the U.S. government could take actions to prohibit or restrict individuals or companies within the U.S. from purchasing or holding the shares of issuers in another country, which may limit the Fund’s ability to invest in that country or cause the Fund to have to sell investments in that country at less than desired prices. The nature and degree of the risks affecting a given country or region, and the extent of the Fund’s exposure to any such country or region, is expected to vary over time.</span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--RisksAffectingSpecificIssuersMember_zKw2Xnpopmx8" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Risks Affecting Specific Issuers </b>– The value of an equity security may decline in response to developments affecting the specific issuer of the security or obligation, even if the overall industry or economy is unaffected. These developments may include a variety of factors, including but not limited to management issues or other corporate disruption, a decline in revenues or profitability, an increase in costs, or an adverse effect on the issuer’s competitive position.</span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallAndMidCapCompanyRiskMember_zIIY3Vkp12Vk" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Small and Mid-Cap Company</b><b> Risk </b>– 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.</span></p> Past Performance of the Fund <p id="xdx_A8D_eoef--PerformanceNarrativeTextBlock_zBIEo7rLlO4l" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><span id="xdx_907_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000027135Member_z8ReSWUxm14">The following information provides some indication of the risks of investing in the Developing World Fund by showing how the Fund’s investment results vary from year to year.</span> The bar chart shows how the annual total returns for Class A shares have been different in each full year shown. The average annual total return figures compare Class A, Class C, Class I and Class R6 share performance to the MSCI Emerging Markets Net Total Return USD Index, a broad-based securities market index that represents the overall applicable market in which the Fund invests. The index is not actively managed and is not available for direct investment. The bar charts and performance tables assume reinvestment of dividends and distributions. <span id="xdx_906_eoef--PerformancePastDoesNotIndicateFuture_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000027135Member_zvtdkYoDzSR4">Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> The performance information shown is as of the calendar year ended December 31, 2025. Updated performance information may be obtained on the Thornburg website at <span id="xdx_90F_eoef--PerformanceAvailabilityWebSiteAddress_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000027135Member_zvEssYfZsCxj">Thornburg.com</span> or by calling <span id="xdx_908_eoef--PerformanceAvailabilityPhone_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000027135Member_z0v4GfdbcY49">1-800-847-0200</span>.</span></p> The following information provides some indication of the risks of investing in the Developing World Fund by showing how the Fund’s investment results vary from year to year. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Thornburg.com 1-800-847-0200 Annual Total Returns – Class A Shares <div id="xdx_A8F_eoef--BarChartTableTextBlock_zGStNAn6BBdj"></div> <table border="0" cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zU9wY22YNp0c" style="width: 100%; border-collapse: collapse; font-size: 8pt" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; width: 22%; display: none"> </td> <td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; width: 78%; display: none"> </td></tr> <tr style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; display: none">2016</td> <td id="xdx_989_eoef--AnnlRtrPct_dp_c20160101__20161231__oef--ClassAxis__custom--C000081859Member_zUj2OXf5PLcf" style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none">2.55%</td></tr> <tr style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; display: none">2017</td> <td id="xdx_982_eoef--AnnlRtrPct_dp_c20170101__20171231__oef--ClassAxis__custom--C000081859Member_zoRI42RqVWRl" style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none">35.31%</td></tr> <tr style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; display: none">2018</td> <td id="xdx_98E_eoef--AnnlRtrPct_dp_c20180101__20181231__oef--ClassAxis__custom--C000081859Member_zz3tGs3q7UGe" style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none">-15.18%</td></tr> <tr style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; display: none">2019</td> <td id="xdx_982_eoef--AnnlRtrPct_dp_c20190101__20191231__oef--ClassAxis__custom--C000081859Member_zX4e3rjEWfCd" style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none">29.03%</td></tr> <tr style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; display: none">2020</td> <td id="xdx_988_eoef--AnnlRtrPct_dp_c20200101__20201231__oef--ClassAxis__custom--C000081859Member_zmZFVJtMQ88c" style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none">22.66%</td></tr> <tr style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; display: none">2021</td> <td id="xdx_984_eoef--AnnlRtrPct_dp_c20210101__20211231__oef--ClassAxis__custom--C000081859Member_zGPdnJl5vSg5" style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none">-3.01%</td></tr> <tr style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; display: none">2022</td> <td id="xdx_983_eoef--AnnlRtrPct_dp_c20220101__20221231__oef--ClassAxis__custom--C000081859Member_zibHf5AU22w1" style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none">-25.78%</td></tr> <tr style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; display: none">2023</td> <td id="xdx_984_eoef--AnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000081859Member_zmtxZeeaOxt3" style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none">6.13%</td></tr> <tr style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; display: none">2024</td> <td id="xdx_98C_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000081859Member_zNdXOekMCyg1" style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none">5.30%</td></tr> <tr style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; display: none">2025</td> <td id="xdx_98C_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000081859Member_z29x0dFpeqpd" style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none">27.31%</td></tr> </table> <div style="font: 12pt/normal Times New Roman, Times, serif; margin: 24pt 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"> <div style="border-width: 0pt; padding: 0pt; overflow: hidden; display: inline-block; width: 618.43pt; height: 183.79pt; text-align: left"> <img alt="" src="retailproimg006.gif" style="vertical-align: top; margin-left: 0pt; width: 616.4pt; margin-top: 0pt; height: 182.85pt"/> </div> </div> 0.0255 0.3531 -0.1518 0.2903 0.2266 -0.0301 -0.2578 0.0613 0.0530 0.2731 <div id="xdx_A8B_eoef--BarChartClosingTextBlock_zcSTmNIFDlOc"></div> <table style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 455.4pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b> </b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Total<br/>Returns</b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Quarter<br/>ended</b></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><span id="xdx_906_eoef--HighestQuarterlyReturnLabel_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000027135Member_z7fCJPWvKpH7">Highest Quarterly Results</span></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_907_eoef--BarChartHighestQuarterlyReturn_dp_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000027135Member_zqrbLmD5DoK9">21.64</span>%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_906_eoef--BarChartHighestQuarterlyReturnDate_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000027135Member_zsM7IgAcvLka">12/31/2020</span></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><span id="xdx_900_eoef--LowestQuarterlyReturnLabel_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000027135Member_zEDTtH4VwQh2">Lowest Quarterly Results</span></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt 3pt 3pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_903_eoef--BarChartLowestQuarterlyReturn_dp_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000027135Member_zgHEfuPrPfgl">-24.81</span>%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_904_eoef--BarChartLowestQuarterlyReturnDate_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000027135Member_zIaHFxK5aTU4">3/31/2020</span></span></p> </td> </tr> </table> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><span id="xdx_902_eoef--BarChartDoesNotReflectSalesLoads_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000027135Member_zvWTMHVvsUci">The sales charge for Class A shares is not reflected in the returns shown on the bar chart, and the returns would be less if the charge was taken into account.</span></span></p> Highest Quarterly Results 0.2164 2020-12-31 Lowest Quarterly Results -0.2481 2020-03-31 The sales charge for Class A shares is not reflected in the returns shown on the bar chart, and the returns would be less if the charge was taken into account. Average Annual Total Returns (periods ended 12-31-25) <div id="xdx_A81_eoef--PerformanceTableTextBlock_gRBPTTB-OMIF_zEj9QGFVlKi8"></div> <table id="xdx_A53_z9yxlwycydQ1" style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 372.59pt"> </td> <td id="xdx_494_20250101__20251231_ztIpaL0x3cHi" style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td id="xdx_492_20210101__20251231_zxGu8RikFnxk" style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td id="xdx_494_20160101__20251231_zaWnjUJSBIGf" style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b>Class A Shares</b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>1 Year</b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>5 Years</b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>10 YEARS</b></span></p> </td> </tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000081859Member_z5g7mZn3IBSg" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Return Before Taxes</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">21.58%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt 3pt 3pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">-0.44%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">6.19%</span></p> </td> </tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000081859Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zsmoqgfhfLMk" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Return After Taxes on Distributions</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">20.00%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt 3pt 3pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">-1.14%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">5.70%</span></p> </td> </tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000081859Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_z4EVsJ01vXH3" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Return After Taxes on Distributions and Sale of Fund Shares</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">12.75%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt 3pt 3pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">-0.66%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">4.72%</span></p> </td> </tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MSCIEmergingMarketsNetTotalReturnUSDIndexMember_zDbCBR23Htj" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">MSCI Emerging Markets Net Total Return USD Index<br/></span><span style="text-transform: none; font-style: italic"><i><span id="xdx_906_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000027135Member_zKh4JgsYOrEc">(reflects no deduction for fees, expenses, or U.S. taxes)</span></i></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">33.57%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">4.20%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">8.42%</span></p> </td> </tr> </table> <div style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-align: left"> <table style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 372.59pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b>Class C Shares</b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>1 Year</b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>5 Years</b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>10 YEARS</b></span></p> </td> </tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000081860Member_z9px8UxhMuNh" style="min-height: 18.42pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Return Before Taxes</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">25.21%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt 3pt 3pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">-0.35%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">5.83%</span></p> </td> </tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MSCIEmergingMarketsNetTotalReturnUSDIndexMember_z8yFEThxa9qb" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">MSCI Emerging Markets Net Total Return USD Index<br/></span><span style="text-transform: none; font-style: italic"><i><span id="xdx_902_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000027135Member_zoWPW9jTDAi">(reflects no deduction for fees, expenses, or U.S. taxes)</span></i></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">33.57%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">4.20%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">8.42%</span></p> </td> </tr> </table> </div> <table style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 372.59pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b>Class I Shares</b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>1 Year</b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>5 Years</b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>10 YEARS</b></span></p> </td> </tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000081861Member_z0p99VLjC8Oc" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Return Before Taxes</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">27.82%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.89%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">7.11%</span></p> </td> </tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MSCIEmergingMarketsNetTotalReturnUSDIndexMember_ztAO3Y2MRDS5" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">MSCI Emerging Markets Net Total Return USD Index <br/></span><span style="text-transform: none; font-style: italic"><i><span id="xdx_902_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000027135Member_zX9RPOddbxxh">(reflects no deduction for fees, expenses, or U.S. taxes)</span></i></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">33.57%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">4.20%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">8.42%</span></p> </td> </tr> </table> <table style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 372.59pt"> </td> <td id="xdx_496_20250101__20251231_zrNCaN6uu7we" style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td id="xdx_49C_20210101__20251231_zNtItfBbcBRd" style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td id="xdx_49A_20160101__20251231_zM29M4wECWgk" style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b>Class R6 Shares</b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>1 Year</b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>5 Years</b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>10 YEARS</b></span></p> </td> </tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000123225Member_zj3jV0qFtMv2" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Return Before Taxes</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">27.97%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.99%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">7.20%</span></p> </td> </tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MSCIEmergingMarketsNetTotalReturnUSDIndexMember_z7tNXlufuVB7" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">MSCI Emerging Markets Net Total Return USD Index <br/></span><span style="text-transform: none; font-style: italic"><i><span id="xdx_90B_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000027135Member_zuACFEEtpl1h">(reflects no deduction for fees, expenses, or U.S. taxes)</span></i></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">33.57%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">4.20%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">8.42%</span></p> </td> </tr> </table> 0.2158 -0.0044 0.0619 0.2000 -0.0114 0.0570 0.1275 -0.0066 0.0472 (reflects no deduction for fees, expenses, or U.S. taxes) 0.3357 0.0420 0.0842 0.2521 -0.0035 0.0583 (reflects no deduction for fees, expenses, or U.S. taxes) 0.3357 0.0420 0.0842 0.2782 0.0089 0.0711 (reflects no deduction for fees, expenses, or U.S. taxes) 0.3357 0.0420 0.0842 0.2797 0.0099 0.0720 (reflects no deduction for fees, expenses, or U.S. taxes) 0.3357 0.0420 0.0842 <p id="xdx_A80_eoef--PerformanceTableClosingTextBlock_zBmcNsGROUk9" style="font: italic 8pt/9pt Arial, sans-serif; margin: 0pt 0pt 4pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; font-style: italic"><i><span id="xdx_90B_eoef--PerformanceTableUsesHighestFederalRate_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000027135Member_zRratOgKRHXe">After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect state or local income taxes.</span> <span id="xdx_905_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000027135Member_z4LIKAZh8zUl">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.</span> <span id="xdx_90D_eoef--PerformanceTableOneClassOfAfterTaxShown_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000027135Member_zi5Cdz3onXrh">The after-tax returns shown relate only to Class A shares, and after-tax returns for other share classes will vary.</span></i></span></p> After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect state or local income taxes. Actual after-tax returns depend on an investor’s own tax situation and may differ from the returns shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The after-tax returns shown relate only to Class A shares, and after-tax returns for other share classes will vary. Investment Income Builder Fund Investment Goal <p id="xdx_A8A_eoef--ObjectivePrimaryTextBlock_z6u3PyRMY8T7" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 7pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">The Fund’s primary investment goal is to provide a level of current income which exceeds the average yield on U.S. stocks generally, and which will generally grow, subject to periodic fluctuations, over the years on a per share basis.</span></p> <p id="xdx_A87_eoef--ObjectiveSecondaryTextBlock_zJfv4TZBawo6" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 7pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">The Fund’s secondary investment goal is long-term capital appreciation.</span></p> Fees and Expenses of the Fund <p id="xdx_A84_eoef--ExpenseNarrativeTextBlock_zCmCQW2x4iJ8" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 7pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </b><span id="xdx_905_eoef--ExpenseBreakpointDiscounts_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000011851Member_zsjHi3v11Cpd">You may qualify for discounts from the sales charges applicable to Class A shares if you or other qualifying account holders invest, or agree to invest in the future, at least <span id="xdx_904_eoef--ExpenseBreakpointMinimumInvestmentRequiredAmount_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000011851Member_zP9Lif0qx2Ph">$50,000</span> in the Thornburg Funds.</span> More information about this and other discounts and sales charge waivers is available from your financial intermediary, in the Prospectus under the captions “Class A Sales Charge Waivers,” beginning on page 154, and “Appendix A – Sales Charge Waivers Offered by Financial Intermediaries,” beginning on page 208, and in the Statement of Additional Information under the caption “Additional Information Respecting Purchase and Redemption of Shares,” beginning on page 94.</span></p> You may qualify for discounts from the sales charges applicable to Class A shares if you or other qualifying account holders invest, or agree to invest in the future, at least $50,000 in the Thornburg Funds. 50000 Shareholder Fees (fees paid directly from your investment) <div id="xdx_A87_eoef--ShareholderFeesTableTextBlock_z5Xkmi2tjrT6" style="-sec-ix-redline: true"></div> <table id="xdx_A5A_dU_zb7bZC9Rzshe" style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 289.79pt"> </td> <td id="xdx_499_20260128__20260128__oef--ClassAxis__custom--C000032380Member_zbZemtC8rUU4" style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td id="xdx_49B_20260128__20260128__oef--ClassAxis__custom--C000032381Member_zxnaWWY8fYv5" style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td id="xdx_49B_20260128__20260128__oef--ClassAxis__custom--C000032382Member_zFoyXxw9Xqch" style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td id="xdx_495_20260128__20260128__oef--ClassAxis__custom--C000177479Member_zD4i5InQVkn5" style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.5pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b> </b></span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class A</b></span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class C</b></span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class I</b></span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class R6</b></span></p> </td> </tr> <tr id="xdx_405_eoef--MaximumSalesChargeImposedOnPurchasesOverOfferingPrice_dpn_znyS9xgxkZll" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Maximum Sales Charge (Load) Imposed on Purchases <br/></span><span style="text-transform: none; font-style: italic"><i>(as a percentage of offering price)</i></span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">4.50%</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">none</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">none</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">none</span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Maximum Deferred Sales Charge (Load) <br/></span><span style="text-transform: none; font-style: italic"><i>(as a percentage of redemption proceeds or original purchase price, whichever is lower)</i></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_904_eoef--MaximumDeferredSalesChargeOverOther_dpn_c20260128__20260128__oef--ClassAxis__custom--C000032380Member_fMQ_____zKfhqRC1iBp3" title="Maximum Deferred Sales Charge (Load) (as a percentage of redemption proceeds or original purchase price, whichever is lower)">none</span></span><sup style="text-transform: none; font-size: 7pt; line-height: 7pt">(1)</sup><span style="text-transform: none"> </span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_900_eoef--MaximumDeferredSalesChargeOverOther_dpn_c20260128__20260128__oef--ClassAxis__custom--C000032381Member_fMg_____z0Rp2bi1wkwh">1.00%</span></span><sup style="text-transform: none; font-size: 7pt; line-height: 7pt">(2)</sup><span style="text-transform: none"> </span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_904_eoef--MaximumDeferredSalesChargeOverOther_dpn_c20260128__20260128__oef--ClassAxis__custom--C000032382Member_zERdkqFlkOI9">none</span></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_90D_eoef--MaximumDeferredSalesChargeOverOther_dpn_c20260128__20260128__oef--ClassAxis__custom--C000177479Member_zeiSRVuHhHl3">none</span></span></p> </td> </tr> </table> 0.0450 0 0 0 0 0.0100 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A8D_eoef--AnnualFundOperatingExpensesTableTextBlock_za6wx3GZ5szh" style="-sec-ix-redline: true"></div> <table id="xdx_A57_dU_zsigJCRK0u6k" style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 289.79pt"> </td> <td id="xdx_498_20260128__20260128__oef--ClassAxis__custom--C000032380Member_zbKEBV1OWEJe" style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td id="xdx_492_20260128__20260128__oef--ClassAxis__custom--C000032381Member_zeip9jC69a75" style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td id="xdx_494_20260128__20260128__oef--ClassAxis__custom--C000032382Member_zNWEbowMmTw3" style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td id="xdx_49E_20260128__20260128__oef--ClassAxis__custom--C000177479Member_zmr6s6xVwfab" style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.5pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b> </b></span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class A</b></span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class C</b></span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class I</b></span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class R6</b></span></p> </td> </tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zqzIKPVCr3S4" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Management Fees</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.69%</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.69%</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.69%</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.69%</span></p> </td> </tr> <tr id="xdx_406_eoef--DistributionAndService12b1FeesOverAssets_dpn_zdqELkt9DZsl" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.5pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Distribution and Service (12b-1) Fees</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.25%</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.00%</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">none</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">none</span></p> </td> </tr> <tr id="xdx_40A_eoef--OtherExpensesOverAssets_dpn_zQOqanj8vwx7" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Other Expenses</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.18%</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.18%</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.19%</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.13%</span></p> </td> </tr> <tr id="xdx_408_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zUzu698M4s6h" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.5pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Acquired Fund Fees and Expenses</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.03%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.03%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.03%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.03%</span></p> </td> </tr> <tr id="xdx_407_eoef--ExpensesOverAssets_dpn_z2sCU30CCrxa" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Total Annual Fund Operating Expenses</span><sup id="xdx_F4E_z3koufzvJIpf" style="text-transform: none; font-size: 7pt; line-height: 7pt">(3)</sup><span style="text-transform: none"> </span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.15%</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.90%</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.91%</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.85%</span></p> </td> </tr> <tr id="xdx_402_eoef--FeeWaiverOrReimbursementOverAssets_dpn_zLk4WLDrAM2h" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.5pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Fee Waiver/Expense Reimbursement</span><sup id="xdx_F45_zg8LTOCBu1qe" style="text-transform: none; font-size: 7pt; line-height: 7pt">(4)</sup></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span style="-sec-ix-hidden: xdx2ixbrl0979">—</span></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span style="-sec-ix-hidden: xdx2ixbrl0980">—</span></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span style="-sec-ix-hidden: xdx2ixbrl0981">—</span></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">(0.02)%</span></p> </td> </tr> <tr id="xdx_402_eoef--NetExpensesOverAssets_dpn_zJjw3PAw0TLj" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Total Annual Fund Operating Expenses After<br/>Fee Waiver/Expense Reimbursement</span><sup id="xdx_F45_zkIyG21E86f5" style="text-transform: none; font-size: 7pt; line-height: 7pt">(3)</sup></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.15%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.90%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.91%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.83%</span></p> </td> </tr> </table> 0.0069 0.0069 0.0069 0.0069 0.0025 0.0100 0 0 0.0018 0.0018 0.0019 0.0013 0.0003 0.0003 0.0003 0.0003 0.0115 0.0190 0.0091 0.0085 -0.0002 0.0115 0.0190 0.0091 0.0083 <div id="xdx_A88_eoef--ExpenseFootnotesTextBlock_zDOPXPI6b6od"></div> <table cellpadding="0" cellspacing="0" style="font: italic 8pt/9pt Arial, sans-serif; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right"><span style="text-transform: none"><i id="xdx_F0E_zsmuLZdooAH8">(1)</i></span></td> <td style="width: 5pt"></td> <td style="text-align: justify"><span style="text-transform: none"><i id="xdx_F17_zFIrXJl1ujQ1">Up to a 1.00% contingent deferred sales charge (CDSC) is imposed on redemptions of any part or all of a purchase of $1 million or more within 12 months of purchase.</i></span></td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: italic 8pt/9pt Arial, sans-serif; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right"><span style="text-transform: none"><i id="xdx_F09_z54LJRXARYn1">(2)</i></span></td> <td style="width: 5pt"></td> <td style="text-align: justify"><span style="text-transform: none"><i id="xdx_F1D_zJsoDCzPr5mk">Imposed only on redemptions of Class C shares within 12 months of purchase.</i></span></td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: italic 8pt/9pt Arial, sans-serif; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right"><span style="text-transform: none"><i id="xdx_F01_zHwjE29hXouc">(3)</i></span></td> <td style="width: 5pt"></td> <td style="text-align: justify"><span style="text-transform: none"><i id="xdx_F1F_z3y21vBJVpy7"><span id="xdx_90E_eoef--ExpensesNotCorrelatedToRatioDueToAcquiredFundFees_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000011851Member_zAq9SRGPi4a5">The Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement do not match the Ratios to Average Net Assets shown in the Financial Highlights section of the Prospectus, which reflect the operating expenses of the Fund and do not include acquired fund fees and expenses (‘AFFE’). AFFE are expenses incurred indirectly by other investment companies in which the Fund holds shares, are not direct costs paid by Fund shareholders, and are not used to calculate the Fund’s net asset value.</span></i></span></td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: italic 8pt/9pt Arial, sans-serif; -sec-ix-redline: true; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right"><span style="text-transform: none"><i id="xdx_F0D_zbBeacVvs7Ze">(4)</i></span></td> <td style="width: 5pt"></td> <td style="text-align: justify"><span style="text-transform: none"><i id="xdx_F16_zvJp31aAmt16">Thornburg Investment Management, Inc. (“Thornburg”) has contractually agreed to waive fees and reimburse expenses incurred by the Fund so that actual Class R6 expenses (excluding taxes, interest expenses, acquired fund fees and expenses, brokerage commissions, borrowing costs, expenses relating to short sales, and unusual expenses such as contingency fees or litigation costs) do not exceed 0.80%. The agreement to waive fees and reimburse expenses may be terminated by the Fund’s Trustees at any time, but may not be terminated by Thornburg before <span id="xdx_901_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260128__20260128__oef--ClassAxis__custom--C000177479Member_z0Icnhi8nrTg">February 1, 2027</span>, 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.</i></span></td> </tr> </table> The Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement do not match the Ratios to Average Net Assets shown in the Financial Highlights section of the Prospectus, which reflect the operating expenses of the Fund and do not include acquired fund fees and expenses (‘AFFE’). AFFE are expenses incurred indirectly by other investment companies in which the Fund holds shares, are not direct costs paid by Fund shareholders, and are not used to calculate the Fund’s net asset value. February 1, 2027 Example. <p id="xdx_A89_eoef--ExpenseExampleNarrativeTextBlock_ztNZwxzHkhkg" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">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:</span></p> <div id="xdx_A87_eoef--ExpenseExampleWithRedemptionTableTextBlock_z7DHgDRvzFSf" style="-sec-ix-redline: true"></div> <table id="xdx_A5C_dU_zAlXUbsvsAWf" style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 289.79pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b> </b></span></p> </td> <td id="xdx_48B_eoef--ExpenseExampleYear01_zKsWl9YUQYCa" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>1 Year</b></span></p> </td> <td id="xdx_482_eoef--ExpenseExampleYear03_zoLzAxWgmHY7" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>3 Years</b></span></p> </td> <td id="xdx_482_eoef--ExpenseExampleYear05_zjQK0b4fVzcd" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>5 Years</b></span></p> </td> <td id="xdx_485_eoef--ExpenseExampleYear10_z0Fy8LFqdRQ3" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>10 Years</b></span></p> </td> </tr> <tr id="xdx_41C_20260128__20260128__oef--ClassAxis__custom--C000032380Member_zxTZhkqnjS61" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Class A Shares</span></p> </td> <td style="border-width: 0pt; padding: 2.75pt 27pt 2.75pt 0pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$562</span></p> </td> <td style="border-width: 0pt; padding: 2.75pt 27pt 2.75pt 0pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$799</span></p> </td> <td style="border-width: 0pt; padding: 2.75pt 27pt 2.75pt 0pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$1,054</span></p> </td> <td style="border-width: 0pt; padding: 2.75pt 27pt 2.75pt 0pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$1,785</span></p> </td> </tr> <tr id="xdx_41B_20260128__20260128__oef--ClassAxis__custom--C000032381Member_zBdnuO9jqlpe" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Class C Shares</span></p> </td> <td style="border-width: 0pt; padding: 2.75pt 27pt 2.75pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$293</span></p> </td> <td style="border-width: 0pt; padding: 2.75pt 27pt 2.75pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$597</span></p> </td> <td style="border-width: 0pt; padding: 2.75pt 27pt 2.75pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$1,026</span></p> </td> <td style="border-width: 0pt; padding: 2.75pt 27pt 2.75pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$2,222</span></p> </td> </tr> <tr id="xdx_411_20260128__20260128__oef--ClassAxis__custom--C000032382Member_zckfo84SCDX4" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Class I Shares</span></p> </td> <td style="border-width: 0pt; padding: 2.75pt 27pt 2.75pt 0pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$93</span></p> </td> <td style="border-width: 0pt; padding: 2.75pt 27pt 2.75pt 0pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$290</span></p> </td> <td style="border-width: 0pt; padding: 2.75pt 27pt 2.75pt 0pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$504</span></p> </td> <td style="border-width: 0pt; padding: 2.75pt 27pt 2.75pt 0pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$1,120</span></p> </td> </tr> <tr id="xdx_41E_20260128__20260128__oef--ClassAxis__custom--C000177479Member_zme0zjAmfPh9" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Class R6 Shares</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.75pt 27pt 2.75pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$85</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.75pt 27pt 2.75pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$269</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.75pt 27pt 2.75pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$469</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.75pt 27pt 2.75pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$1,047</span></p> </td> </tr> </table> 562 799 1054 1785 293 597 1026 2222 93 290 504 1120 85 269 469 1047 You would pay the following expenses if you did not redeem your Class C shares: <div id="xdx_A80_eoef--ExpenseExampleNoRedemptionTableTextBlock_zCFotY3RvIzg"></div> <table id="xdx_A53_zsL9y2avnggg" style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse" summary="xdx: Disclosure - Expense Example, No Redemption"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 289.79pt"> </td> <td id="xdx_481_eoef--ExpenseExampleNoRedemptionYear01_dn_zYZYmOvFjwo1" style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td id="xdx_48F_eoef--ExpenseExampleNoRedemptionYear03_dn_zWVyBeccmkvf" style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td id="xdx_480_eoef--ExpenseExampleNoRedemptionYear05_dn_zwMKbLkSBIQ4" style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td id="xdx_48E_eoef--ExpenseExampleNoRedemptionYear10_dn_zfEXiJcJ9Mll" style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b> </b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>1 Year</b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>3 Years</b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>5 Years</b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>10 Years</b></span></p> </td> </tr> <tr id="xdx_41E_20260128__20260128__oef--ClassAxis__custom--C000032381Member_zYkXiT8fsFZb" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Class C Shares</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.75pt 27pt 2.75pt 0pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$193</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.75pt 27pt 2.75pt 0pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$597</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.75pt 27pt 2.75pt 0pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$1,026</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.75pt 27pt 2.75pt 0pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$2,222</span></p> </td> </tr> </table> 193 597 1026 2222 Portfolio Turnover. <p id="xdx_A8B_eoef--PortfolioTurnoverTextBlock_zbvY70fTU4T9" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">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 <span id="xdx_900_eoef--PortfolioTurnoverRate_dp_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000011851Member_z3xsr3tfRDdh">27.78</span>% of the average value of its portfolio.</span></p> 0.2778 Principal Investment Strategies <p id="xdx_A83_eoef--StrategyNarrativeTextBlock_gRBSNTB-VOAANX_zUnIlLLP2sf3" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">The Fund pursues its investment goals by investing in a broad range of income producing securities, primarily including stocks and bonds, as described below. <span id="xdx_902_eoef--StrategyPortfolioConcentration_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000011851Member_zKVBLRRAnX4k">The Fund will under normal conditions invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in income-producing securities, and at least 50% of its net assets, plus the amount of any borrowings for investment purposes, in common stocks. </span></span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">The Fund may invest in any stock or other equity security which the Fund’s investment advisor, Thornburg Investment Management, Inc. (“Thornburg”), believes may assist the Fund in pursuing its investment goals (including smaller companies with market capitalization of less than $500 million and companies in developing countries), including preferred stock and publicly traded real estate investment trusts. The Fund expects that equity investments in the Fund’s portfolio normally will be weighted in favor of companies which pay dividends or other current income.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">The Fund may invest in debt obligations of any kind, including corporate bonds and other obligations, mortgage- and other asset-backed securities and government obligations. The Fund may purchase debt obligations of any maturity and of any credit quality, including “high yield” or “junk” bonds. There is no minimum credit quality or rating of debt obligation the Fund may purchase. The Fund also may invest in debt obligations which have a combination of equity and debt characteristics, such as convertible bonds.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">The Fund may invest a significant portion of its assets in securities of issuers domiciled in or economically tied to countries outside the United States, including developing countries.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 4pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; line-height: 12pt">The Fund’s investments are determined by individual issuer and industry analysis. Investment decisions are based on domestic and international economic developments, outlooks for securities markets, interest rates and inflation, the supply and demand for debt and equity securities, and analysis of specific issuers. The Fund ordinarily acquires and holds debt obligations for investment rather than for realization of gains by short-term trading on market fluctuations. However, the Fund may dispose of any such security prior to its scheduled maturity to enhance income or reduce loss, to change the portfolio’s average maturity, or otherwise to respond to </span><span style="text-transform: none; line-height: 12pt">market conditions.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 4pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; line-height: 12pt">The Fund may sell an investment if Thornburg has identified a better investment opportunity, in response to changes in the conditions or business of the investment’s issuer or changes in overall market conditions, if Thornburg has a target price for the investment and that target price has been achieved, or if, in Thornburg’s opinion, the investment no longer serves to achieve the Fund’s </span><span style="text-transform: none; line-height: 12pt">investment goals.</span></p> The Fund will under normal conditions invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in income-producing securities, and at least 50% of its net assets, plus the amount of any borrowings for investment purposes, in common stocks. An investment in the Fund is not a deposit in any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Accordingly, the loss of money is a risk of investing in the Fund. <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConvertibleDebtObligationRiskMember_zwYko6AQ0WU9" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Convertible Debt Obligation Risk </b>– 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.</span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CreditRiskMember_zULt9qw5hBT5" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 4.5pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; line-height: 12pt"><b>Credit Risk </b></span><span style="text-transform: none; line-height: 12pt">– If debt obligations held by the Fund are downgraded by ratings agencies or go into default, or if management action, legislation or other government action reduces the ability of issuers to pay principal and interest when due, the value of those obligations may decline and the Fund’s share value and the dividends paid by the Fund may be reduced. Because the ability of an issuer of a lower-rated or unrated obligation to pay principal and interest when due is typically less certain than for an issuer of a higher-rated obligation, lower-rated and unrated obligations are generally more vulnerable than higher-rated obligations to default, to ratings downgrades, and to liquidity risk. The inability of an issuer to pay principal and interest on its debt obligations when due, or the downgrading of an issuer’s debt obligations by ratings agencies, may adversely affect the market’s perceptions of the issuer’s financial strength and may therefore result in declines in the issuer’s </span><span style="text-transform: none; line-height: 12pt">stock price.</span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityAndOperationalRiskMember_zDqhpZ27XJG3" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 4.5pt; -sec-ix-redline: true; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; line-height: 12pt"><b>Cybersecurity and Operational Risk </b></span><span style="text-transform: none; line-height: 12pt">– 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.</span><span style="text-transform: none; line-height: 12pt"> 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.</span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--DevelopingCountryRiskMember_zwQdBixLjhi2" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 4.5pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; line-height: 12pt"><b>Developing Country Risk </b></span><span style="text-transform: none; line-height: 12pt">– The risks which may affect investments in foreign issuers (see “Foreign Investment Risk,” below) may be more pronounced for investments in developing countries because the economies of those countries are usually less diversified, communications, transportation and economic infrastructures are less developed, and developing countries ordinarily have less established legal, political, business and social frameworks. At times the prices of equity securities or debt obligations of a developing country issuer may be extremely volatile. An issuer domiciled in a developed country may be similarly affected by these developing country risks to the extent that the issuer conducts its business in </span><span style="text-transform: none; line-height: 12pt">developing countries.</span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquityRiskMember_zZicpENzlhGl" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 4.5pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; line-height: 12pt"><b>Equity Risk </b></span><span style="text-transform: none; line-height: 12pt">– The value of the Fund’s equity investments may fluctuate significantly over time in response to factors affecting individual issuers, particular industries, or the market as a whole. Additionally, common stock ranks below preferred stock and debt securities in claims for dividends and for assets of a company in a liquidation </span><span style="text-transform: none; line-height: 12pt">or bankruptcy.</span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignCurrencyRiskMember_zyAAUVoWb2C" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 4.5pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; line-height: 12pt"><b>Foreign Currency Risk </b></span><span style="text-transform: none; line-height: 12pt">– 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 </span><span style="text-transform: none; line-height: 12pt">currency controls.</span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignGovernmentObligationsRiskMember_gRBRTB-PSBU_zfkSR1NSjfF3" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Foreign Government Obligations Risk </b>– Debt obligations may be issued by foreign governments and their agencies and instrumentalities, including the governments of developing countries and “supra-national” entities such as the International Bank for Reconstruction and Development. The Fund’s investments in these foreign debt obligations may be denominated in U.S. dollars or in foreign currencies. These securities, even if denominated in U.S. dollars, may be affected significantly by fluctuations in the value of foreign currencies, and the value of these securities in U.S. dollars may decline even if the securities increase in value in their home country. The governmental issuers of these debt obligations may be less willing or able than the U.S. to repay principal and interest when due, and they may require that the terms for payment be renegotiated. In some</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">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.</span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignInvestmentRiskMember_zOUn4DhIFOwj" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 4.5pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; line-height: 12pt"><b>Foreign Investment Risk </b></span><span style="text-transform: none; line-height: 12pt">– Investments in securities of foreign issuers may involve risks including adverse fluctuations in currency exchange rates, political instability, confiscations, taxes or restrictions on currency exchange, difficulty in selling foreign investments, and reduced legal protection. In addition, some foreign government debt obligations may be subject to default, delays in payment, adverse legislation or government action, or could be downgraded by </span><span style="text-transform: none; line-height: 12pt">ratings agencies.</span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighYieldRiskMember_zkkJmM6j5lhg" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 4.5pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; line-height: 12pt"><b>High Yield Risk </b></span><span style="text-transform: none; line-height: 12pt">– 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 </span><span style="text-transform: none; line-height: 12pt">liquidity risk.</span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--InterestRateRiskMember_zDgtvgzNWiFb" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 4pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; line-height: 12pt"><b>Interest Rate Risk </b></span><span style="text-transform: none; line-height: 12pt">– When interest rates increase, the value of the Fund’s investments in debt obligations may decline and the Fund’s share value may be reduced. This effect is typically more pronounced for intermediate and longer-term obligations. This effect is also typically more pronounced for mortgage- and other asset-backed securities, the value of which may fluctuate more significantly in response to interest rate changes. When interest rates decrease, the Fund’</span><span style="text-transform: none; line-height: 12pt">s dividends </span><span style="text-transform: none; line-height: 12pt">may decline.</span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zQrmCKrGhAbj" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 5pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; line-height: 12pt"><b>Liquidity Risk </b></span><span style="text-transform: none; line-height: 12pt">– 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 </span><span style="text-transform: none; line-height: 12pt">desired prices.</span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zlnjBdeukj0h" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 5pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; line-height: 12pt"><b>Management Risk </b></span><span style="text-transform: none; line-height: 12pt">– 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 </span><span style="text-transform: none; line-height: 12pt">Fund invests.</span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndEconomicRiskMember_zgXlLyOcMGj1" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 5pt; -sec-ix-redline: true; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; line-height: 12pt"><b>Market and Economic Risk </b></span><span style="text-transform: none; line-height: 12pt">– The value of the Fund’s investments may decline and its share value may be reduced due to changes in general economic and market conditions. The value of a security may change in response to developments affecting entire economies, markets or industries, including changes in interest rates, political</span><span style="text-transform: none; line-height: 12pt">,</span><span style="text-transform: none; line-height: 12pt"> </span><span style="text-transform: none; line-height: 12pt">legal</span><span style="text-transform: none; line-height: 12pt">, </span><span style="text-transform: none; line-height: 12pt">and</span><span style="text-transform: none; line-height: 12pt"> technological</span><span style="text-transform: none; line-height: 12pt"> developments, and general </span><span style="text-transform: none; line-height: 12pt">market volatility.</span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--PrepaymentAndExtensionRiskMember_zpzQrE8c0NX3" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 5pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; line-height: 12pt"><b>Prepayment and Extension Risk </b></span><span style="text-transform: none; line-height: 12pt">– When market interest rates decline, certain debt obligations held by the Fund may be repaid more quickly than anticipated, requiring the Fund to reinve</span><span style="text-transform: none; line-height: 12pt">st 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 </span><span style="text-transform: none; line-height: 12pt">asset-backed securities.</span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--RealEstateRiskMember_zFBgVcPniaTh" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 5pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; line-height: 12pt"><b>Real Estate Risk </b></span><span style="text-transform: none; line-height: 12pt">– The Fund’s investments in publicly traded real estate investment trusts (“REITs”) are subject to risks affecting real estate investments generally (including market conditions, competition, property obsolescence, changes in interest rates and casualty to real estate), as well as risks specifically affecting REITs (the quality and skill of REIT management and the internal expenses of </span><span style="text-transform: none; line-height: 12pt">the REIT).</span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--RedemptionRiskMember_zvwF7jjhvMBi" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 5pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; line-height: 12pt"><b>Redemption Risk </b></span><span style="text-transform: none; line-height: 12pt">– 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 </span><span style="text-transform: none; line-height: 12pt">trading activity.</span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--RisksAffectingSpecificCountriesOrRegionsMember_z8w1OWStPsE5" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 5pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; line-height: 12pt"><b>Risks Affecting Specific Countries or Regions </b></span><span style="text-transform: none; line-height: 12pt">– If a significant portion of the Fund’s assets is invested in issuers that are economically exposed to one country or region, the Fund’s share value may be more susceptible to the conditions and developments in that country or region, and potentially more volatile than the share value of a more geographically diversified fund. A specific country or region could also be adversely affected by conditions or developments arising in other countries. For example, the U.S. government could take actions to prohibit or restrict individuals or companies within the U.S. from purchasing or holding the shares of issuers in another country, which may limit the Fund’s ability to invest in that country or cause the Fund to have to sell investments in that country at less than desired prices. The nature and degree of the risks affecting a given country or region, and the extent of the Fund’s exposure to any such country or region, is expected to vary </span><span style="text-transform: none; line-height: 12pt">over time.</span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--RisksAffectingSpecificIssuersMember_z7vu953BgLx1" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 5pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; line-height: 12pt"><b>Risks Affecting Specific Issuers </b></span><span style="text-transform: none; line-height: 12pt">– The value of an equity security or debt obligation may decline in response to developments affecting the specific issuer of the security or obligation, even if the overall industry or economy is unaffected. These developments may include a variety of factors, including but not limited to management issues or other corporate disruption, a decline in revenues or profitability, an increase in costs, or an adverse effect on the issuer’s </span><span style="text-transform: none; line-height: 12pt">competitive position.</span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallAndMidCapCompanyRiskMember_z8FiaHqwrKT4" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 5pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; line-height: 12pt"><b>Small and Mid-Cap Company Risk </b></span><span style="text-transform: none; line-height: 12pt">– Investments in small-capitalization companies and mid-capitalization companies may involve additional risks, which may be relatively higher with smaller companies. These additional risks may result from limited product lines, more limited access to markets and financial resources, greater vulnerability to competition and changes in markets, lack of management depth, increased volatility in share price, and possible difficulty in valuing or selling </span><span style="text-transform: none; line-height: 12pt">these investments.</span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentObligationsRiskMember_zS7QoWBsz873" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>U.S. Government Obligations Risk </b>– 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.</span></p> Past Performance of the Fund <p id="xdx_A83_eoef--PerformanceNarrativeTextBlock_zSdqMZ3t6Lyg" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; line-height: 12.3pt"><span id="xdx_903_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000011851Member_zLS2Vkb5YJFh">The following information provides some indication of the risks of investing in the Investment Income Builder Fund by showing how the Fund’s investment results vary from year to year.</span> The bar chart shows how the annual total returns for Class A shares vary in each full year shown. The average annual total return figures compare Class A, Class C, Class I and Class R6 share performance to the MSCI World Net Total Return USD Index and the Bloomberg U.S. Aggregate Total Return Index Value USD, each a broad-based securities market index that represents the overall applicable market in which the Fund invests, and a Blended Benchmark, comprised of 25% Bloomberg U.S. Aggregate Bond Total Return Value USD, and 75% MSCI World Net Total Return USD Index, an additional benchmark that represents the market sectors which Thornburg believes are more representative of the Fund’s investment universe. These indexes are not actively managed and are not available for direct investment. The bar charts and performance tables assume reinvestment of dividends and distributions. <span id="xdx_903_eoef--PerformancePastDoesNotIndicateFuture_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000011851Member_zeyi7zyQ6LG7">Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> The performance information shown below is as of the calendar year ended December 31, 2025. Updated performance information may be obtained on the Thornburg website at <span id="xdx_907_eoef--PerformanceAvailabilityWebSiteAddress_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000011851Member_zOOEMeAfiWS8">Thornburg.com</span> or by </span><span style="text-transform: none; line-height: 12.3pt">calling <span id="xdx_906_eoef--PerformanceAvailabilityPhone_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000011851Member_zDFKKa5V12Wk">1-800-847-0200</span>.</span></p> The following information provides some indication of the risks of investing in the Investment Income Builder Fund by showing how the Fund’s investment results vary from year to year. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Thornburg.com 1-800-847-0200 Annual Total Returns – Class A Shares <div id="xdx_A81_eoef--BarChartTableTextBlock_zNq5UPsiZ5vj"></div> <table border="0" cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zrn1OuZOiL48" style="width: 100%; border-collapse: collapse; font-size: 8pt" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; width: 21%; display: none"> </td> <td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; width: 79%; display: none"> </td></tr> <tr style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; display: none">2016</td> <td id="xdx_98D_eoef--AnnlRtrPct_dp_c20160101__20161231__oef--ClassAxis__custom--C000032380Member_z2mUqC00X9Af" style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none">9.50%</td></tr> <tr style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; display: none">2017</td> <td id="xdx_98B_eoef--AnnlRtrPct_dp_c20170101__20171231__oef--ClassAxis__custom--C000032380Member_zLIENRpAxG32" style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none">14.78%</td></tr> <tr style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; display: none">2018</td> <td id="xdx_983_eoef--AnnlRtrPct_dp_c20180101__20181231__oef--ClassAxis__custom--C000032380Member_zdHMT7X78y69" style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none">-4.62%</td></tr> <tr style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; display: none">2019</td> <td id="xdx_985_eoef--AnnlRtrPct_dp_c20190101__20191231__oef--ClassAxis__custom--C000032380Member_zVSV8tJmfbj4" style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none">17.66%</td></tr> <tr style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; display: none">2020</td> <td id="xdx_980_eoef--AnnlRtrPct_dp_c20200101__20201231__oef--ClassAxis__custom--C000032380Member_z1bmtj0MkNM8" style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none">-0.65%</td></tr> <tr style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; display: none">2021</td> <td id="xdx_988_eoef--AnnlRtrPct_dp_c20210101__20211231__oef--ClassAxis__custom--C000032380Member_z3aIczlWXJ3k" style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none">20.02%</td></tr> <tr style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; display: none">2022</td> <td id="xdx_985_eoef--AnnlRtrPct_dp_c20220101__20221231__oef--ClassAxis__custom--C000032380Member_zvRxTPlL9jT4" style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none">-8.27%</td></tr> <tr style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; display: none">2023</td> <td id="xdx_98E_eoef--AnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000032380Member_zFgtao6pU0X8" style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none">17.90%</td></tr> <tr style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; display: none">2024</td> <td id="xdx_982_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000032380Member_zK0ADIQiJ2cg" style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none">13.13%</td></tr> <tr style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; display: none">2025</td> <td id="xdx_98E_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000032380Member_z4zsHTr0XAHh" style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none">36.55%</td></tr> </table> <div style="font: 12pt/normal Times New Roman, Times, serif; margin: 12pt 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"> <div style="border-width: 0pt; padding: 0pt; overflow: hidden; display: inline-block; width: 618.75pt; height: 183.79pt; text-align: left"> <img alt="" src="retailproimg007.gif" style="vertical-align: top; margin-left: 0pt; width: 618.69pt; margin-top: 0pt; height: 182.85pt"/> </div> </div> 0.0950 0.1478 -0.0462 0.1766 -0.0065 0.2002 -0.0827 0.1790 0.1313 0.3655 <div id="xdx_A8E_eoef--BarChartClosingTextBlock_gRBBCCTB-MESVS_zXf9FDnenAb3"></div> <table style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 455.4pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b> </b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Total<br/>Returns</b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Quarter<br/>ended</b></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><span id="xdx_904_eoef--HighestQuarterlyReturnLabel_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000011851Member_zGAx1hYFqJyj">Highest Quarterly Results</span></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_901_eoef--BarChartHighestQuarterlyReturn_dp_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000011851Member_z1PlRJLiV81k">15.96</span>%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_902_eoef--BarChartHighestQuarterlyReturnDate_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000011851Member_zIo0UeQG8Zw6">12/31/2020</span></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><span id="xdx_90D_eoef--LowestQuarterlyReturnLabel_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000011851Member_zDW7YJr4wYyb">Lowest Quarterly Results</span></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt 3pt 3pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_903_eoef--BarChartLowestQuarterlyReturn_dp_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000011851Member_zli6mfBuLnE3">-25.98</span>%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_902_eoef--BarChartLowestQuarterlyReturnDate_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000011851Member_zsYZYkPy5Cr5">3/31/2020</span></span></p> </td> </tr> </table> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><span id="xdx_90B_eoef--BarChartDoesNotReflectSalesLoads_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000011851Member_zEDzcX6kZmB1">The sales charge for Class A shares is not reflected in the returns shown on the bar chart, and the returns would be less if the charge was taken into account.</span></span></p> Highest Quarterly Results 0.1596 2020-12-31 Lowest Quarterly Results -0.2598 2020-03-31 The sales charge for Class A shares is not reflected in the returns shown on the bar chart, and the returns would be less if the charge was taken into account. Average Annual Total Returns (periods ended 12-31-25) <div id="xdx_A8C_eoef--PerformanceTableTextBlock_zcyKPokONTG8" style="-sec-ix-redline: true"></div> <table id="xdx_A5A_dU_za9QpT37EFxl" style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 372.59pt"> </td> <td id="xdx_499_20250101__20251231_zWOkCF1Fs42i" style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td id="xdx_496_20210101__20251231_zkKDYfCjfKd2" style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td id="xdx_49E_20160101__20251231_ziCOi0Gj6rr3" style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b>Class A Shares</b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>1 Year</b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>5 Years</b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>10 Years</b></span></p> </td> </tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000032380Member_znqlbhiphpu4" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Return Before Taxes</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">30.38%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">13.87%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">10.38%</span></p> </td> </tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000032380Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zlzMLXqFfid" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Return After Taxes on Distributions</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">27.72%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">11.54%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt 3pt 11pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">8.26%</span></p> </td> </tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000032380Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_ztTla4SZ0Bdj" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Return After Taxes on Distributions and Sale of Fund Shares</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">18.28%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt 3pt 11pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">9.86%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt 3pt 11pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">7.27%</span></p> </td> </tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MSCIWorldNetTotalReturnUSDIndexMember_zRXBPtVxN0He" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">MSCI World Net Total Return USD Index<br/></span><span style="text-transform: none; font-style: italic"><i><span id="xdx_90C_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000011851Member_z5XtCM2zjtqk">(reflects no deduction for fees, expenses, or U.S. taxes)</span></i></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">21.09%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">12.15%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">12.17%</span></p> </td> </tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateTotalReturnIndexValueUSDMember_zZPjYfhhYwpj" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Bloomberg U.S. Aggregate Total Return Index Value USD<br/></span><span style="text-transform: none; font-style: italic"><i><span id="xdx_907_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000011851Member_z7V0wVdCUAhc">(reflects no deduction for fees, expenses, or U.S. taxes)</span></i></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt 3pt 11pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">7.30%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt 3pt 8pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">-0.36%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt 3pt 11pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">2.01%</span></p> </td> </tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BlendedIndexMember_zhfBvB3XgeGd" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Blended Index <br/></span><span style="text-transform: none; font-style: italic"><i><span id="xdx_90F_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000011851Member_zGCCKUdFviE8">(reflects no deduction for fees, expenses, or U.S. taxes)</span></i></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">17.60%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt 3pt 11pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">9.01%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt 3pt 11pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">9.73%</span></p> </td> </tr> </table> <div style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-align: left"> <table style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 372.59pt"> </td> <td id="xdx_499_20250101__20251231_zAl2b3ngyCMd" style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td id="xdx_496_20210101__20251231_zBz4MaCBi8B4" style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td id="xdx_49E_20160101__20251231_zoivfh2g7zTl" style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b>Class C Shares</b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>1 Year</b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>5 Years</b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>10 Years</b></span></p> </td> </tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000032381Member_zOIJDeyciNUf" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Return Before Taxes</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">34.66%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">14.09%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">10.07%</span></p> </td> </tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MSCIWorldNetTotalReturnUSDIndexMember_zN4Uei2Bf2q7" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">MSCI World Net Total Return USD Index<br/></span><span style="text-transform: none; font-style: italic"><i><span id="xdx_902_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000011851Member_zKYzPEhVnFvk">(reflects no deduction for fees, expenses, or U.S. taxes)</span></i></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">21.09%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">12.15%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">12.17%</span></p> </td> </tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateTotalReturnIndexValueUSDMember_zSPoKNVjanhh" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Bloomberg U.S. Aggregate Total Return Index Value USD<br/></span><span style="text-transform: none; font-style: italic"><i><span id="xdx_900_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000011851Member_zR6Z4iNUfq0d">(reflects no deduction for fees, expenses, or U.S. taxes)</span></i></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt 3pt 11pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">7.30%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt 3pt 8pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">-0.36%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt 3pt 11pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">2.01%</span></p> </td> </tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BlendedIndexMember_z60GOG9I4fVe" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Blended Index <br/></span><span style="text-transform: none; font-style: italic"><i><span id="xdx_90C_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000011851Member_zPgvXbff0zB6">(reflects no deduction for fees, expenses, or U.S. taxes)</span></i></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">17.60%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt 3pt 11pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">9.01%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt 3pt 11pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">9.73%</span></p> </td> </tr> </table> </div> <div style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-align: left"> <table style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 372.59pt"> </td> <td id="xdx_499_20250101__20251231_zIB4hDiKfWv1" style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td id="xdx_496_20210101__20251231_zU5yWsVYhdyb" style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td id="xdx_49E_20160101__20251231_zaTYgO1GncB6" style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b>Class I Shares</b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>1 Year</b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>5 Years</b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>10 Years</b></span></p> </td> </tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000032382Member_zgChdCri0g9" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Return Before Taxes</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">36.93%</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">15.21%</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">11.17%</span></p> </td> </tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MSCIWorldNetTotalReturnUSDIndexMember_z7VxcpXGOjS2" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.5pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">MSCI World Net Total Return USD Index<br/></span><span style="text-transform: none; font-style: italic"><i><span id="xdx_90E_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000011851Member_z44ffbrlz336">(reflects no deduction for fees, expenses, or U.S. taxes)</span></i></span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">21.09%</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">12.15%</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">12.17%</span></p> </td> </tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateTotalReturnIndexValueUSDMember_zcfLtSomCgK7" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Bloomberg U.S. Aggregate Total Return Index Value USD<br/></span><span style="text-transform: none; font-style: italic"><i><span id="xdx_90F_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000011851Member_zXQxEw2ZamT">(reflects no deduction for fees, expenses, or U.S. taxes)</span></i></span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt 2.5pt 11pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">7.30%</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt 2.5pt 8pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">-0.36%</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt 2.5pt 11pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">2.01%</span></p> </td> </tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BlendedIndexMember_ziVIo0R2u8Qa" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Blended Index <br/></span><span style="text-transform: none; font-style: italic"><i><span id="xdx_904_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000011851Member_zsF9NtdgNiI4">(reflects no deduction for fees, expenses, or U.S. taxes)</span></i></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">17.60%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt 2.5pt 11pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">9.01%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt 2.5pt 11pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">9.73%</span></p> </td> </tr> </table> </div> <div style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-align: left"> <table style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 372.59pt"> </td> <td id="xdx_499_20250101__20251231_zoGw4vJCJkWd" style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td id="xdx_496_20210101__20251231_zbKWM0EmmK4" style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td id="xdx_49F_20170410__20251231_zWq7kuMFQzHe" style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b>Class R6 Shares</b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>1 Year</b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>5 Years</b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>SINCE INCEPTION (<span id="xdx_90D_eoef--PerfInceptionDate_c20170410__20251231__oef--ClassAxis__custom--C000177479Member_z7FnNKPwcfO7">4/10/17</span>)</b></span></p> </td> </tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000177479Member_zAb9wJbBC8ca" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Return Before Taxes</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">37.01%</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">15.30%</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">11.35%</span></p> </td> </tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MSCIWorldNetTotalReturnUSDIndexMember_zsz0agbGlA02" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.5pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">MSCI World Net Total Return USD Index<br/></span><span style="text-transform: none; font-style: italic"><i><span id="xdx_904_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000011851Member_zkJo4JWzcwti">(reflects no deduction for fees, expenses, or U.S. taxes)</span></i></span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">21.09%</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">12.15%</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">12.36%</span></p> </td> </tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateTotalReturnIndexValueUSDMember_zaziDggq9eY7" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Bloomberg U.S. Aggregate Total Return Index Value USD<br/></span><span style="text-transform: none; font-style: italic"><i><span id="xdx_908_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000011851Member_zz9I10Gz6Rp8">(reflects no deduction for fees, expenses, or U.S. taxes)</span></i></span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt 2.5pt 11pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">7.30%</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt 2.5pt 8pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">-0.36%</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt 2.5pt 11pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.88%</span></p> </td> </tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BlendedIndexMember_zkFBxdhQV678" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Blended Index <br/></span><span style="text-transform: none; font-style: italic"><i><span id="xdx_906_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000011851Member_zVaVtXNQ4HEg">(reflects no deduction for fees, expenses, or U.S. taxes)</span></i></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">17.60%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt 2.5pt 11pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">9.01%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt 2.5pt 11pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">9.85%</span></p> </td> </tr> </table> </div> 0.3038 0.1387 0.1038 0.2772 0.1154 0.0826 0.1828 0.0986 0.0727 (reflects no deduction for fees, expenses, or U.S. taxes) 0.2109 0.1215 0.1217 (reflects no deduction for fees, expenses, or U.S. taxes) 0.0730 -0.0036 0.0201 (reflects no deduction for fees, expenses, or U.S. taxes) 0.1760 0.0901 0.0973 0.3466 0.1409 0.1007 (reflects no deduction for fees, expenses, or U.S. taxes) 0.2109 0.1215 0.1217 (reflects no deduction for fees, expenses, or U.S. taxes) 0.0730 -0.0036 0.0201 (reflects no deduction for fees, expenses, or U.S. taxes) 0.1760 0.0901 0.0973 0.3693 0.1521 0.1117 (reflects no deduction for fees, expenses, or U.S. taxes) 0.2109 0.1215 0.1217 (reflects no deduction for fees, expenses, or U.S. taxes) 0.0730 -0.0036 0.0201 (reflects no deduction for fees, expenses, or U.S. taxes) 0.1760 0.0901 0.0973 2017-04-10 0.3701 0.1530 0.1135 (reflects no deduction for fees, expenses, or U.S. taxes) 0.2109 0.1215 0.1236 (reflects no deduction for fees, expenses, or U.S. taxes) 0.0730 -0.0036 0.0188 (reflects no deduction for fees, expenses, or U.S. taxes) 0.1760 0.0901 0.0985 <p id="xdx_A86_eoef--PerformanceTableClosingTextBlock_zN6XKBeab8d3" style="font: italic 8pt/9pt Arial, sans-serif; margin: 0pt 0pt 4pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; font-style: italic"><i><span id="xdx_903_eoef--PerformanceTableUsesHighestFederalRate_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000011851Member_z4FALKftf3Cj">After-tax returns are calculated using the highest historical individual federal marginal income tax rates, and do not reflect state or local income taxes.</span> <span id="xdx_90D_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000011851Member_zUvGhmE73qA3">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.</span> <span id="xdx_900_eoef--PerformanceTableOneClassOfAfterTaxShown_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000011851Member_zZreNeX1SsA7">The after-tax returns shown relate only to Class A shares, and after-tax returns for other share classes will vary.</span></i></span></p> After-tax returns are calculated using the highest historical individual federal marginal income tax rates, and do not reflect state or local income taxes. Actual after-tax returns depend on an investor’s own tax situation and may differ from the returns shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The after-tax returns shown relate only to Class A shares, and after-tax returns for other share classes will vary. Summit Fund Investment Goal <p id="xdx_A81_eoef--ObjectivePrimaryTextBlock_zFBy8NyOvHr1" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 7pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">The Fund seeks to grow real wealth over time.</span></p> Fees and Expenses of the Fund <p id="xdx_A88_eoef--ExpenseNarrativeTextBlock_zpI2l2XK1pqf" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 7pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </b><span id="xdx_905_eoef--ExpenseBreakpointDiscounts_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000064930Member_zWG4tHI9V8Wb">You may qualify for discounts from the sales charges applicable to Class A shares if you or other qualifying account holders invest, or agree to invest in the future, at least $<span id="xdx_905_eoef--ExpenseBreakpointMinimumInvestmentRequiredAmount_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000064930Member_zfs18y8VQj7e">50,000</span> in the Thornburg Funds.</span> More information about this and other discounts and sales charge waivers is available from your financial intermediary, in the Prospectus under the captions “Class A Sales Charge Waivers,” beginning on page 154, and “Appendix A – Sales Charge Waivers Offered by Financial Intermediaries,” beginning on page 208, and in the Statement of Additional Information under the caption “Additional Information Respecting Purchase and Redemption of Shares,” beginning on page 94.</span></p> You may qualify for discounts from the sales charges applicable to Class A shares if you or other qualifying account holders invest, or agree to invest in the future, at least $50,000 in the Thornburg Funds. 50000 Shareholder Fees (fees paid directly from your investment) <div id="xdx_A8B_eoef--ShareholderFeesTableTextBlock_zLAoHRKBxYS4"></div> <table style="table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 455.4pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> </table> <table id="xdx_A59_dU_zGFmHwbsZLRk" style="table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.5pt 6pt; vertical-align: bottom; border-collapse: collapse; width: 455.4pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b> </b></span></p> </td> <td id="xdx_495_20260128__20260128__oef--ClassAxis__custom--C000210187Member_ziIYoripLMdb" style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class A</b></span></p> </td> <td id="xdx_490_20260128__20260128__oef--ClassAxis__custom--C000210188Member_zlY6idX58d19" style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class I</b></span></p> </td> </tr> <tr id="xdx_408_eoef--MaximumSalesChargeImposedOnPurchasesOverOfferingPrice_dpn_zJhwfbyWDiOa" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Maximum Sales Charge (Load) Imposed on Purchases</span><span style="text-transform: none; font-style: italic"><i> <br/>(as a percentage of offering price)</i></span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">4.50%</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">none</span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Maximum Deferred Sales Charge (Load) <br/></span><span style="text-transform: none; font-style: italic"><i>(as a percentage of redemption proceeds or original purchase price, whichever is lower)</i></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_902_eoef--MaximumDeferredSalesChargeOverOther_dpn_c20260128__20260128__oef--ClassAxis__custom--C000210187Member_fKDEp_z2LY5R4d8n2b" title="Maximum Deferred Sales Charge (Load) (as a percentage of redemption proceeds or original purchase price, whichever is lower)">none</span></span><sup style="text-transform: none; font-size: 7pt; line-height: 7pt">(1)</sup><span style="text-transform: none"> </span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_90F_eoef--MaximumDeferredSalesChargeOverOther_dpn_c20260128__20260128__oef--ClassAxis__custom--C000210188Member_zaPE1atiY3Vc">none</span></span></p> </td> </tr> </table> 0.0450 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A87_eoef--AnnualFundOperatingExpensesTableTextBlock_zwLKlfQdsdch" style="-sec-ix-redline: true"></div> <table style="-sec-ix-redline: true; table-layout: fixed; width: 619.84pt; margin-top: 0pt; margin-bottom: 6pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 454.24pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> </table> <table id="xdx_A50_dU_zBZqP26tUKb5" style="-sec-ix-redline: true; table-layout: fixed; width: 619.84pt; margin-top: 0pt; margin-bottom: 6pt; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.5pt 6pt; vertical-align: bottom; border-collapse: collapse; width: 454.24pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b> </b></span></p> </td> <td id="xdx_498_20260128__20260128__oef--ClassAxis__custom--C000210187Member_ztnaTI5XvDM5" style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class A</b></span></p> </td> <td id="xdx_495_20260128__20260128__oef--ClassAxis__custom--C000210188Member_zGQIAIYn2hl7" style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class I</b></span></p> </td> </tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zaOubHBk19ag" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Management Fees</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.75%</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.75%</span></p> </td> </tr> <tr id="xdx_406_eoef--DistributionAndService12b1FeesOverAssets_dpn_zVOE3cYVnpG1" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.5pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Distribution and Service (12b-1) Fees</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.25%</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.00%</span></p> </td> </tr> <tr id="xdx_40A_eoef--OtherExpensesOverAssets_dpn_z2bZQ8KIBGQ3" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Other Expenses</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.82%</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.45%</span></p> </td> </tr> <tr id="xdx_408_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zkUhfQaKoqJ5" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.5pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Acquired Fund Fees and Expenses</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.01%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.01%</span></p> </td> </tr> <tr id="xdx_407_eoef--ExpensesOverAssets_dpn_z9AtLnYfNV2h" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Total Annual Fund Operating Expenses</span><sup style="text-transform: none; font-size: 7pt; line-height: 7pt">(</sup><sup id="xdx_F43_zN093K107Sz2" style="text-transform: none; font-size: 7pt; line-height: 7pt">2</sup><sup style="text-transform: none; font-size: 7pt; line-height: 7pt">)</sup><span style="text-transform: none"> </span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.83%</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.21%</span></p> </td> </tr> <tr id="xdx_402_eoef--FeeWaiverOrReimbursementOverAssets_dpn_zeYFr6BXiwq3" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.5pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Fee Waiver/Expense Reimbursement</span><sup style="text-transform: none; font-size: 7pt; line-height: 7pt">(</sup><sup id="xdx_F44_zJyO4jP7gtFk" style="text-transform: none; font-size: 7pt; line-height: 7pt">3</sup><sup style="text-transform: none; font-size: 7pt; line-height: 7pt">)</sup><span style="text-transform: none"> </span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">(0.88)%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">(0.51)%</span></p> </td> </tr> <tr id="xdx_402_eoef--NetExpensesOverAssets_dpn_zlnmnivG0IL1" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement</span><sup style="text-transform: none; font-size: 7pt; line-height: 7pt">(</sup><sup id="xdx_F4B_zLV69A0KP2R3" style="text-transform: none; font-size: 7pt; line-height: 7pt">2</sup><sup style="text-transform: none; font-size: 7pt; line-height: 7pt">)</sup><span style="text-transform: none"> </span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.95%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.70%</span></p> </td> </tr> </table> 0.0075 0.0075 0.0025 0.0000 0.0082 0.0045 0.0001 0.0001 0.0183 0.0121 -0.0088 -0.0051 0.0095 0.0070 <div id="xdx_A88_eoef--ExpenseFootnotesTextBlock_zFOPXPI6b6od"></div> <table cellpadding="0" cellspacing="0" style="font: italic 8pt/9pt Arial, sans-serif; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right"><span style="text-transform: none"><i id="xdx_F0F_z4d3D8EZnzT2">(1)</i></span></td> <td style="width: 5pt"></td> <td style="text-align: justify"><span style="text-transform: none"><i id="xdx_F14_zLGGesic6CZ1">Up to a 1.00% contingent deferred sales charge (CDSC) is imposed on redemptions of any part or all of a purchase of $1 million or more within 12 months of purchase.</i></span></td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: italic 8pt/9pt Arial, sans-serif; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right"><span style="text-transform: none"><i id="xdx_F07_z3ZDIQD9wUg2">(2)</i></span></td> <td style="width: 5pt"></td> <td style="text-align: justify"><span style="text-transform: none"><i id="xdx_F1A_zh9XFwCLwol1"><span id="xdx_900_eoef--ExpensesNotCorrelatedToRatioDueToAcquiredFundFees_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000064930Member_zhIsikDM4WAi">The Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement do not match the Ratios to Average Net Assets shown in the Financial Highlights section of the Prospectus, which reflect the operating expenses of the Fund and do not include acquired fund fees and expenses (‘AFFE’). AFFE are expenses incurred indirectly by other investment companies in which the Fund holds shares, are not direct costs paid by Fund shareholders, and are not used to calculate the Fund’s net asset value.</span></i></span></td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: italic 8pt/9pt Arial, sans-serif; -sec-ix-redline: true; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right"><span style="text-transform: none"><i id="xdx_F0F_z2e7T22WuHS6">(3)</i></span></td> <td style="width: 5pt"></td> <td style="text-align: justify"><span style="text-transform: none"><i id="xdx_F17_zBOmOZX9n688">Thornburg Investment Management, Inc. (“Thornburg”) has contractually agreed to waive fees and reimburse expenses incurred by the Fund so that actual Class A and Class I expenses (excluding taxes, interest expenses, acquired fund fees and expenses, brokerage commissions, borrowing costs, expenses relating to short sales, and unusual expenses such as contingency fees or litigation costs) do not exceed 0.94% and 0.69%, respectively. The agreement to waive fees and reimburse expenses may be terminated by the Fund’s Trustees at any time, but may not be terminated by Thornburg before <span id="xdx_906_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260128__20260128__oef--ClassAxis__custom--C000210187Member_zDIGwojjce5c"><span id="xdx_908_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260128__20260128__oef--ClassAxis__custom--C000210188Member_zIbBv0xqporl">February 1, 2027</span></span>, unless Thornburg ceases to be the investment advisor of the Fund prior to that date. Thornburg may recoup amounts waived or reimbursed during the Fund’s fiscal year if, after taking the recoupment into account, the Fund’s actual expenses fall below the expense cap during that same fiscal year.</i></span></td> </tr> </table> The Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement do not match the Ratios to Average Net Assets shown in the Financial Highlights section of the Prospectus, which reflect the operating expenses of the Fund and do not include acquired fund fees and expenses (‘AFFE’). AFFE are expenses incurred indirectly by other investment companies in which the Fund holds shares, are not direct costs paid by Fund shareholders, and are not used to calculate the Fund’s net asset value. February 1, 2027 February 1, 2027 Example. <p id="xdx_A80_eoef--ExpenseExampleNarrativeTextBlock_zVWA3VIqece9" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">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:</span></p> <div id="xdx_A89_eoef--ExpenseExampleWithRedemptionTableTextBlock_zhSAw86T2swi" style="-sec-ix-redline: true"></div> <table id="xdx_A5D_dU_zwkMKblq139b" style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 289.79pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b> </b></span></p> </td> <td id="xdx_48B_eoef--ExpenseExampleYear01_zyHC2HaWQUc4" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>1 Year</b></span></p> </td> <td id="xdx_48A_eoef--ExpenseExampleYear03_zBNxSgl96cOf" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>3 Years</b></span></p> </td> <td id="xdx_48C_eoef--ExpenseExampleYear05_zyp6TOVDX343" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>5 YEARS</b></span></p> </td> <td id="xdx_48C_eoef--ExpenseExampleYear10_zPKhcBnUdruj" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>10 YEARS</b></span></p> </td> </tr> <tr id="xdx_41D_20260128__20260128__oef--ClassAxis__custom--C000210187Member_zM2Fw1Ugihj9" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Class A Shares</span></p> </td> <td style="border-width: 0pt; padding: 2.75pt 27pt 2.75pt 0pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$543</span></p> </td> <td style="border-width: 0pt; padding: 2.75pt 27pt 2.75pt 0pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$918</span></p> </td> <td style="border-width: 0pt; padding: 2.75pt 24pt 2.75pt 0pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$1,317</span></p> </td> <td style="border-width: 0pt; padding: 2.75pt 24pt 2.75pt 0pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$2,432</span></p> </td> </tr> <tr id="xdx_416_20260128__20260128__oef--ClassAxis__custom--C000210188Member_zrbbfKKcHlBg" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Class I Shares</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.75pt 27pt 2.75pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$72</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.75pt 27pt 2.75pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$334</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.75pt 24pt 2.75pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$616</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.75pt 24pt 2.75pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$1,421</span></p> </td> </tr> </table> 543 918 1317 2432 72 334 616 1421 Portfolio Turnover. <p id="xdx_A88_eoef--PortfolioTurnoverTextBlock_zyfpAhVwkYw3" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">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 <span id="xdx_90C_eoef--PortfolioTurnoverRate_dp_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000064930Member_zat2gDqvMrX">32.68</span>% of the average value of its portfolio.</span></p> 0.3268 Principal Investment Strategies <p id="xdx_A83_eoef--StrategyNarrativeTextBlock_gRBSNTB-OTCN_zjbkwyKngp96" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">The Fund seeks to grow real wealth over time. “Real wealth” for this purpose is a mix of capital appreciation and current income that is intended to exceed the rate of inflation. While the Fund seeks to achieve its goal over a variety of different market environments by selecting investments from a range of asset classes, the value of an investment in the Fund will fluctuate and the Fund may not achieve its goal in every environment or in all environments. <span id="xdx_905_eoef--StrategyPortfolioConcentration_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000064930Member_zIXvsGNpxH07">Under normal conditions the Fund’s investments are expected to emphasize long positions in equity securities and fixed income obligations, though the Fund may also invest a significant amount of its assets in commodities-related investments, in derivative instruments, in currencies, and in cash or cash equivalents.</span> There are no specific percentage limitations on the amount of the Fund’s portfolio that may be invested in a particular asset class, and the proportions of the Fund’s assets that are invested in the respective asset classes are expected to vary over time and from time to time depending upon Thornburg Investment Management, Inc.’s (“Thornburg”) perceptions of which types of investments represent better values and opportunities to achieve the Fund’s investment goal.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">With respect to its equity investments, the Fund may invest in any stock or equity security, including common stocks, preferred stocks, convertible securities, warrants, depositary receipts, publicly traded real estate investment trusts, and shares in exchange traded funds. The Fund may invest in companies of any size. The Fund’s portfolio may include investments in United States issuers and the securities of issuers domiciled outside the United States, including developing countries. The relative proportions of the Fund’s U.S. and foreign investments will vary over time depending upon Thornburg’s view of specific investment opportunities and macroeconomic factors. </span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">With respect to its fixed income investments, the Fund expects that under normal market conditions its investments will include the following types of obligations, which may be of any quality and of any maturity:</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 0pt 13.8pt; text-transform: none; color: #000000; text-indent: -13.8pt; text-align: left"><span style="width: 13.79pt; text-indent: 0; display: inline-block"><span style="text-transform: none">•</span></span><span style="text-transform: none">bonds and other debt obligations issued by domestic and foreign companies of any size (including lower-rated “high yield” or “junk” bonds);</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 0pt 13.8pt; text-transform: none; color: #000000; text-indent: -13.8pt; text-align: left"><span style="width: 13.79pt; text-indent: 0; display: inline-block"><span style="text-transform: none">•</span></span><span style="text-transform: none">mortgage-backed securities and other asset-backed securities;</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 0pt 13.8pt; text-transform: none; color: #000000; text-indent: -13.8pt; text-align: left"><span style="width: 13.79pt; text-indent: 0; display: inline-block"><span style="text-transform: none">•</span></span><span style="text-transform: none">convertible debt obligations;</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 0pt 13.8pt; text-transform: none; color: #000000; text-indent: -13.8pt; text-align: left"><span style="width: 13.79pt; text-indent: 0; display: inline-block"><span style="text-transform: none">•</span></span><span style="text-transform: none">obligations issued by foreign governments (including developing countries);</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 0pt 13.8pt; text-transform: none; color: #000000; text-indent: -13.8pt; text-align: left"><span style="width: 13.79pt; text-indent: 0; display: inline-block"><span style="text-transform: none">•</span></span><span style="text-transform: none">collateralized mortgage obligations (“CMOs”), collateralized debt obligations (“CDOs”), collateralized bond obligations (“CBOs”), and collateralized loan obligations (“CLOs”); </span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 0pt 13.8pt; text-transform: none; color: #000000; text-indent: -13.8pt; text-align: left"><span style="width: 13.79pt; text-indent: 0; display: inline-block"><span style="text-transform: none">•</span></span><span style="text-transform: none">obligations of the U.S. government and its agencies and sponsored enterprises;</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 0pt 13.8pt; text-transform: none; color: #000000; text-indent: -13.8pt; text-align: left"><span style="width: 13.79pt; text-indent: 0; display: inline-block"><span style="text-transform: none">•</span></span><span style="text-transform: none">zero coupon bonds and “stripped” securities (including both income only and principal only securities); and</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt 13.8pt; text-transform: none; color: #000000; text-indent: -13.8pt; text-align: left"><span style="width: 13.79pt; text-indent: 0; display: inline-block"><span style="text-transform: none">•</span></span><span style="text-transform: none">taxable municipal obligations and participations in municipal obligations.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">With respect to its commodities-related investments, the Fund may invest in exchange traded funds or in other, similar investment vehicles that invest in commodities, and the Fund may invest in commodity-linked derivative instruments whose</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">value is based on the value of an underlying commodity or commodity index, such as commodity futures contracts, commodity forward contracts, and commodity options contracts. The Fund may also seek to obtain exposure to the investment returns of commodities markets by investing in equity and debt securities of companies that operate commodities-based businesses. </span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">The Fund’s investments are determined by individual issuer and industry analysis. Investment decisions are based on domestic and international economic developments, outlooks for securities markets, interest rates and inflation, the supply and demand for equity and debt securities, and analysis of specific issuers. The Fund ordinarily acquires and holds debt obligations for investment rather than for realization of gains by short-term trading on market fluctuations. However, the Fund may dispose of any such security prior to its scheduled maturity to enhance income or reduce loss or to change the portfolio’s average maturity, and the Fund may dispose of any of its investments if Thornburg has identified a better investment opportunity, in response to changes in the conditions or business of the investment’s issuer or changes in overall market conditions, if Thornburg has a target price for the investment and that target price has been achieved, or if, in Thornburg’s opinion, the investment no longer serves to achieve the Fund’s investment goals.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">The Fund may also purchase or sell futures contracts or purchase or sell interest rate swaps or credit default swaps to hedge against a decline in the value of the Fund’s other investments, to obtain investment exposure to a particular asset class, or to establish a short position with respect to an investment.</span><span id="retailproa773"></span></p> Under normal conditions the Fund’s investments are expected to emphasize long positions in equity securities and fixed income obligations, though the Fund may also invest a significant amount of its assets in commodities-related investments, in derivative instruments, in currencies, and in cash or cash equivalents. An investment in the Fund is not a deposit in any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. Accordingly, the loss of money is a risk of investing in the Fund. <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CommoditiesRelatedInvestmentRiskMember_zeR1ETyAhJjb" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Commodities-Related Investment Risk </b>– Investments that expose the Fund to the commodities market, such as commodity-linked derivatives instruments or exchange traded funds or other investment vehicles that invest in commodities, may subject the Fund to greater volatility than investments in other securities. The value of a commodity-related investment may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, risks affecting derivatives when used to obtain commodities exposure, or factors affecting a particular industry or commodity.</span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConvertibleDebtObligationRiskMember_zmN0OePdTsLa" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Convertible Debt Obligation Risk </b>– 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.</span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CreditRiskMember_zUEiehsYt8m6" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Credit Risk </b>– If debt obligations held by the Fund are downgraded by ratings agencies or go into default, or if management action, legislation or other government action reduces the ability of issuers to pay principal and interest when due, the value of those obligations may decline and the Fund’s share value and any dividends paid by the Fund may be reduced. Because the ability of an issuer of a lower-rated or unrated debt obligation to pay principal and interest when due is typically less certain than for an issuer of a higher-rated debt obligation, lower-rated and unrated debt obligations are generally more vulnerable than higher-rated debt obligations to default, to ratings downgrades, and to liquidity risk. Debt obligations backed by so-called “subprime” mortgages may also be subject to a greater risk of default or downgrade. Debt obligations issued by the U.S. government or its agencies, instrumentalities and government sponsored enterprises are also subject to credit risk. Securities backed by the full faith and credit of the U.S. government, such as U.S. Treasury obligations, are commonly regarded as having small exposure to credit risk. Obligations of certain U.S. agencies, instrumentalities and enterprises (sometimes referred to as “agency obligations”) are not direct obligations of the U.S. government, may not be backed by the full faith and credit of the U.S. government, and may have a greater exposure to credit risk. The inability of an issuer to pay principal and interest on its debt obligations when due, or the downgrading of an issuer’s debt obligations by ratings agencies, may adversely affect the market’s perceptions of the issuer’s financial strength and may therefore result in declines in the issuer’s stock price.</span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityAndOperationalRiskMember_zeWVmp2Mm7Ve" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; -sec-ix-redline: true; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Cybersecurity and Operational Risk </b>– Operational failures, cyber-attacks or other disruptions that affect the Fund’s service providers, the Fund’s counterparties, other market participants or the issuers of securities held by the Fund may adversely affect the Fund and its shareholders, including by causing losses for the Fund or impairing Fund operations. The rapid development and increasingly widespread use of artificial intelligence, including machine learning technology and generative artificial intelligence such as ChatGPT, could exacerbate these risks.</span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--DepositaryReceiptsRiskMember_zUihX0ESq0a7" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Depositary Receipts Risk </b>– An investment in American Depositary Receipts (“ADRs”), European Depositary Receipts (“EDRs”) or Global Depositary Receipts (“GDRs”) is an alternative to the purchase of the underlying securities in their national markets and/or currencies. However, ADRs, EDRs, and GDRs remain subject to many of the risks associated with investing directly in foreign securities, including the political and economic risks associated with the underlying issuer’s country. Certain countries may limit the ability to convert a depositary receipt into the underlying foreign security and vice versa, which may cause the securities of the foreign company to trade at a discount or premium to the market price of the related depositary receipts. Moreover, EDRs and GDRs can involve currency risk since, unlike ADRs, they may not be U.S. dollar denominated.</span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zbPVtK19MUwl" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Derivatives Risk </b>– The Fund’s investments in futures, interest rate swaps, and credit default swaps involve the risks associated with the securities or other assets underlying those derivatives, including the risk of changes in the value of the underlying assets between the date that the Fund enters into the derivatives transaction and the date that the Fund closes out that transaction. The Fund’s investments in futures, interest rate swaps, and credit default swaps also involve the risk that the other party to the transaction will be unable or unwilling to perform its obligations to the Fund, that the Fund will be unable to sell or close its positions in such derivatives or will be delayed in doing so, and that the Fund will have difficulty valuing such derivatives.</span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--DevelopingCountryRiskMember_zLCz8BdBtjP4" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Developing Country Risk </b>– The risks which may affect investments in foreign issuers (see “Foreign Investment Risk,” below) may be more pronounced for investments in developing countries because the economies of those countries are usually less diversified, communications, transportation and economic infrastructures are less developed, and developing countries ordinarily have less established legal, political, business and social frameworks. At times the prices of equity securities or debt obligations of a developing country issuer may be extremely volatile. An issuer domiciled in a developed country may be similarly affected by these developing country risks to the extent that the issuer conducts a significant percentage of its business in developing countries.</span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquityRiskMember_z53pduKzh5Te" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Equity Risk </b>– The value of the Fund’s equity investments may fluctuate significantly over time in response to factors affecting individual issuers, particular industries, or the market as a whole. Additionally, common stock ranks below preferred stock and debt securities in claims for dividends and for assets of a company in a liquidation or bankruptcy.</span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--RisksAffectingSpecificIssuersMember_zNMzkuwLyb86" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Risks Affecting Specific Issuers </b>– The value of an equity security or debt obligation may decline in response to developments affecting the specific issuer of the security or obligation, even if the overall industry or economy is unaffected. These developments may include a variety of factors, including but not limited to management issues or other corporate disruption, a decline in revenues or profitability, an increase in costs, or an adverse effect on the issuer’s competitive position.</span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignCurrencyRiskMember_zlYAtJr3kBHf" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Foreign Currency Risk </b>– 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.</span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignGovernmentObligationsRiskMember_zjnYvEy7Kv9d" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Foreign Government Obligations Risk </b>– Debt obligations may be issued by foreign governments and their agencies and instrumentalities, including the governments of developing countries and “supra-national” entities such as the International Bank for Reconstruction and Development. The Fund’s investments in these foreign debt obligations may be denominated in U.S. dollars or in foreign currencies. These securities, even if denominated in U.S. dollars, may be affected significantly by fluctuations in the value of foreign currencies, and the value of these securities in U.S. dollars may decline even if the securities increase in value in their home country. The governmental issuers of these debt obligations may be less willing or able than the U.S. to repay principal and interest when due, and they may require that the terms for payment be renegotiated. In some countries there may be political instability or insufficient government supervision of markets, and the legal protections for the Fund’s investments could be subject to unfavorable judicial or administrative changes. These risks may be more pronounced for the Fund’s investments in debt obligations issued by developing countries.</span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignInvestmentRiskMember_zRla1GVl8AHh" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Foreign Investment Risk </b>– Investments in securities of foreign issuers and in depositary receipts may involve risks including adverse fluctuations in currency exchange rates, political instability, confiscations, taxes or restrictions on currency exchange, difficulty in selling foreign investments, and reduced legal protection. In addition, some foreign government debt obligations may be subject to default, delays in payment, adverse legislation or government action, or could be downgraded by ratings agencies.</span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighYieldRiskMember_zFud3r3cjlyk" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>High Yield Risk </b>– 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.</span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--InflationRiskMember_zukb0QdNLtod" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Inflation Risk </b>– Although the Fund seeks to generate capital appreciation and current income that exceeds the rate of inflation over a variety of different market environments, there is no guarantee that the Fund will be able to do so at all times. If at any time the rate of inflation exceeds Thornburg’s expectations, or if for other reasons the Fund’s portfolio is unsuccessful in producing a mix of capital appreciation and current income that exceeds the rate of inflation, the Fund may not achieve its goal.</span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__us-gaap--InterestRateRiskMember_zNUCj10p17V9" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Interest Rate Risk </b>– When interest rates increase, the value of the Fund’s investments in debt obligations may decline and the Fund’s share value may be reduced. This effect is typically more pronounced for intermediate and longer-term debt obligations. This effect is also typically more pronounced for zero coupon bonds and mortgage- and other asset-backed securities, the value of which may fluctuate more significantly in response to interest rate changes. When interest rates decrease, the Fund’s dividends, if any, may decline.</span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zI4jHScln2T7" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Liquidity Risk </b>– Due to a lack of demand in the marketplace or other factors, the Fund may not be able to sell some or all of the investments promptly, or may only be able to sell investments at less than desired prices. This risk may be more pronounced for the Fund’s investments in developing countries. Additionally, the market for lower-rated and unrated debt obligations (including particularly “junk” or “high yield” bonds) and debt obligations backed by so-called “subprime” mortgages may be less liquid than the market for other obligations, making it difficult for the Fund to value its investment in a lower-rated or unrated obligation or to sell the investment in a timely manner or at an acceptable price.</span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zMn6dR1NKedk" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Management Risk</b><b> </b>– The Fund is an actively managed portfolio, and the value of the Fund may be reduced or the Fund may otherwise be unsuccessful in pursuing its investment goal if Thornburg pursues unsuccessful investments or fails to correctly identify risks affecting the broad economy or specific issuers in which the Fund invests.</span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndEconomicRiskMember_zKWszJyRpOl7" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; -sec-ix-redline: true; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Market and Economic Risk </b>– The value of the Fund’s investments may decline and its share value may be reduced due to changes in general economic and market conditions. The value of a security may change in response to developments affecting entire economies, markets or industries, including changes in interest rates, political and legal developments, and general market volatility. This effect is typically more pronounced for lower-rated and unrated debt obligations (including particularly “junk” or “high yield” bonds), the value of which may fluctuate more significantly in response to poor economic growth or other changes in market conditions, political, economic, legal, and technological developments. Additionally, because the Fund has to accrue income on zero coupon bonds on a current basis even though the Fund does not receive the income from those bonds currently in cash, zero coupon bonds subject the Fund to the risk of having to generate cash from other sources (including through the sale of portfolio securities) in order to make required distributions of the income accrued from its investments in zero coupon bonds.</span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--PrepaymentAndExtensionRiskMember_zQyzk1neYcnh" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Prepayment and Extension Risk </b>– 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.</span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--RealEstateRiskMember_zeNFDyWRZLNa" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Real Estate Risk </b>– The Fund’s investments in publicly traded real estate investment trusts (“REITs”) are subject to risks affecting real estate investments generally (including market conditions, competition, property obsolescence, changes in interest rates and casualty to real estate), as well as risks specifically affecting REITs (the quality and skill of REIT management and the internal expenses of the REIT).</span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--RedemptionRiskMember_z5ZRm0Qv9SQg" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Redemption Risk</b><b> </b>– 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.</span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallAndMidCapCompanyRiskMember_zDbrLPgLGuFa" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Small and Mid-Cap Company Risk </b>– Investments in small capitalization companies and mid-capitalization companies may involve additional risks, which may be relatively higher with smaller companies. These additional risks may result from limited product lines, more limited access to markets and financial resources, greater vulnerability to competition and changes in markets, lack of management depth, increased volatility in share price, and possible difficulty in valuing or selling these investments.</span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--StructuredProductsRiskMember_zdc45pR3pOWf" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Structured Products Risk </b>– Investments in securities that are backed by, or represent interests in, an underlying pool of securities or other assets, including investments in mortgage- and asset-backed securities and in CMOs, CDOs and CLOS, involve risks associated with the underlying assets (e.g., the risks of default by mortgagors whose mortgages are included in a mortgage-backed security or CMO), and may also involve different or greater risks, including the risk that distributions from the underlying assets will be inadequate to make interest or other payments to the Fund, the risk that the issuer of the securities will fail to administer the underlying assets properly or become insolvent, prepayment and extension risk, and the risk that the securities will be less liquid than other Fund investments.</span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentObligationsRiskMember_z4FhDyvyS8oj" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>U.S. Government Obligations Risk </b>– 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.</span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--ZeroCouponBondsAndStrippedSecuritiesRiskMember_zypuKFSen8Y8" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Zero Coupon Bonds and Stripped Securities Risk </b>– Zero coupon bonds are corporate or government-issued debt obligations that do not provide for periodic or “coupon” payments of interest, and that are issued at a substantial discount to their face value. The buyer of a zero coupon bond realizes a stated rate of return determined by the gradual accretion in the value of the security. A “stripped” security is a debt obligation that has been transformed into a zero coupon bond by creating a separate, new security comprised of the separate income component of the debt obligation (commonly referred to as an “income only” or “I/O” security) or the separate principal component of the debt obligation (commonly referred to as a “principal only” or “P/O” security). Because zero coupon bonds do not provide for periodic payments of interest, their value is generally more volatile than the value of a comparable, interest-paying bond. The Fund may also have to recognize income on the bond and make distributions to shareholders before it has received any cash payments on the bond. To generate the cash necessary to satisfy such distributions, the Fund may have to sell portfolio securities that it otherwise might have continued to hold or use cash flows from other sources, including the proceeds from the sale of Fund shares.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Additional information about Fund investments, investment strategies and risks of investing in the Fund appears below beginning on page 125 of the Prospectus.</span></p> Past Performance of the Fund <p id="xdx_A8D_eoef--PerformanceNarrativeTextBlock_zsAD3Aavrg2c" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><span id="xdx_908_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000064930Member_zgcwJtnWk00f">The following information provides some indication of the risks of investing in the Summit Fund by showing how the Fund’s investment results vary from year to year.</span> The bar chart shows how the annual total returns for Class A shares of the Fund for each full year shown. The average annual total return figures compare Class A and Class I share performance to the MSCI All Country World Net Total Return USD Index and the Bloomberg Global-Aggregate Total Return Index Value Unhedged USD, each a broad-based securities market index that represents the overall applicable market in which the Fund invests, and a Blended Benchmark, comprised of 60% MSCI All Country World Index and 40% Bloomberg Global Aggregate Bond Index, an additional index that represents the market sectors which Thornburg believes are more representative of the Fund’s investment universe. These indexes are not actively managed and are not available for direct investment. The bar charts and performance tables assume reinvestment of dividends and distributions. <span id="xdx_909_eoef--PerformancePastDoesNotIndicateFuture_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000064930Member_zi1urusWIQr9">Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> The performance information shown is as of the calendar year ended December 31, 2025. Updated performance information may be obtained on the Thornburg website at <span id="xdx_90D_eoef--PerformanceAvailabilityWebSiteAddress_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000064930Member_z4xxJA3GsvJk">Thornburg.com</span> or by calling <span id="xdx_905_eoef--PerformanceAvailabilityPhone_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000064930Member_zyt7KgZu9S88">1-800-847-0200</span>.</span></p> The following information provides some indication of the risks of investing in the Summit Fund by showing how the Fund’s investment results vary from year to year. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Thornburg.com 1-800-847-0200 Annual Total Returns – Class A Shares <div id="xdx_A83_eoef--BarChartTableTextBlock_zb7rD4LbqScl"></div> <table border="0" cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zdx82YO1vTT" style="-sec-ix-redline: true; width: 100%; border-collapse: collapse; font-size: 8pt" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; width: 22%; display: none"> </td> <td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; width: 78%; display: none"> </td></tr> <tr style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; display: none">2023</td> <td id="xdx_98E_eoef--AnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000210187Member_zucgfgfVmnj1" style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none">12.49%</td></tr> <tr style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; display: none">2024</td> <td id="xdx_982_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000210187Member_zuK9h41LV8xb" style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none">11.15%</td></tr> <tr style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; display: none">2025</td> <td id="xdx_98E_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000210187Member_z0eE1O9t7T36" style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none">20.34%</td></tr> </table> <div style="font: 12pt/normal Times New Roman, Times, serif; margin: 24pt 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"> <div style="border-width: 0pt; padding: 0pt; overflow: hidden; display: inline-block; width: 617.64pt; height: 181.22pt; text-align: left"> <img alt="" src="retailproimg008.gif" style="vertical-align: top; margin-left: 0pt; width: 617.55pt; margin-top: 2.3pt; height: 177.1pt"/> </div> </div> 0.1249 0.1115 0.2034 <div id="xdx_A8F_eoef--BarChartClosingTextBlock_z00SSenLleBi"></div> <table style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse; width: 455.4pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b> </b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Total<br/>Returns</b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Quarter<br/>ended</b></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><span id="xdx_90A_eoef--HighestQuarterlyReturnLabel_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000064930Member_zX6j9zK4Zgcg">Highest Quarterly Results</span></span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_908_eoef--BarChartHighestQuarterlyReturn_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000064930Member_zY334Xv6Q6Ce">7.58%</span></span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_90A_eoef--BarChartHighestQuarterlyReturnDate_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000064930Member_z6zCOBRdhHHc">12/31/2023</span></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><span id="xdx_904_eoef--LowestQuarterlyReturnLabel_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000064930Member_zMlxeYAWff2">Lowest Quarterly Results</span></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt 2.5pt 3pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_900_eoef--BarChartLowestQuarterlyReturn_dp_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000064930Member_zDJzEXKOiOcd">-9.62</span>%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_909_eoef--BarChartLowestQuarterlyReturnDate_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000064930Member_zYw1MjKAPbg">6/30/2022</span></span></p> </td> </tr> </table> Highest Quarterly Results 0.0758 2023-12-31 Lowest Quarterly Results -0.0962 2022-06-30 Average Annual Total Returns (periods ended 12-31-25) <div id="xdx_A8A_eoef--PerformanceTableTextBlock_zuAEUcA9Nqt8"></div> <table id="xdx_A54_zWdLTtNbP4m1" style="-sec-ix-redline: true; table-layout: fixed; width: 621pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse; width: 455.4pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b>Class A Shares</b></span></p> </td> <td id="xdx_499_20250101__20251231_zAi8gUvqdu5i" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>1 Year</b></span></p> </td> <td id="xdx_495_20220126__20251231_zPUNGY7ncX17" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Since<br/>inception<br/>(<span id="xdx_90C_eoef--PerfInceptionDate_c20220126__20251231__oef--ClassAxis__custom--C000210187Member_z0WWz3yvJbZg">1-26-22</span>)</b></span></p> </td> </tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000210187Member_zJaCvecCCRX" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Return Before Taxes</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">14.88%</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">7.80%</span></p> </td> </tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000210187Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zPQoFGLTnuB3" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.5pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Return After Taxes on Distributions</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">12.67%</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">6.33%</span></p> </td> </tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000210187Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zTUTcv3CWyt4" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Return After Taxes on Distributions and Sale of Fund Shares</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt 2.5pt 11pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">9.32%</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt 2.5pt 11pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">5.48%</span></p> </td> </tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MSCIAllCountryWorldNetTotalReturnUSDIndexMember_z2DaqfR4zPEl" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.5pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">MSCI All Country World Net Total Return USD Index<br/></span><span style="text-transform: none; font-style: italic"><i><span id="xdx_906_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000064930Member_z5KH4kPTpEO4">(reflects no deduction for fees, expenses, or taxes)</span></i></span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">22.34%</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">11.67%</span></p> </td> </tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergGlobalAggregateTotalReturnIndexValueUnhedgedUSDMember_z8uOV6P5buG4" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Bloomberg Global-Aggregate Total Return Index Value Unhedged USD<br/></span><span style="text-transform: none; font-style: italic"><i><span id="xdx_907_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000064930Member_zCQH8jVsK8F2">(reflects no deduction for fees, expenses, or taxes)</span></i></span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt 2.5pt 11pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">8.17%</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt 2.5pt 8pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">-1.12%</span></p> </td> </tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BlendedIndex1Member_z4fWREZ63dAb" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Blended Index <br/></span><span style="text-transform: none; font-style: italic"><i>(reflects no deduction for fees, expenses, or U.S. taxes)</i></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">16.60%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt 2.5pt 11pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">6.51%</span></p> </td> </tr> </table> <table style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 372.59pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> </table> <table style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse; width: 372.59pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b>Class I Shares</b></span></p> </td> <td id="xdx_499_20250101__20251231_zIn1GpKWNzgk" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>1 Year</b></span></p> </td> <td id="xdx_496_20210101__20251231_zdzU2lHo5k8f" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>5 Years</b></span></p> </td> <td id="xdx_490_20190301__20251231_zARgWtxWXlAc" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Since<br/>inception<br/>(<span id="xdx_901_eoef--PerfInceptionDate_c20190301__20251231__oef--ClassAxis__custom--C000210188Member_zlEPxoktxkX4">03-01-19</span>)</b></span></p> </td> </tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000210188Member_zejNRlIPesP4" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Return Before Taxes</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">20.53%</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt 2.5pt 11pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">9.41%</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">12.21%</span></p> </td> </tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MSCIAllCountryWorldNetTotalReturnUSDIndexMember_zMsdxj7bYy43" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.5pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">MSCI All Country World Net Total Return USD Index<br/></span><span style="text-transform: none; font-style: italic"><i><span id="xdx_903_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000064930Member_zNEAM9GGosA3">(reflects no deduction for fees, expenses, or taxes)</span></i></span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">22.34%</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">11.19%</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">12.58%</span></p> </td> </tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergGlobalAggregateTotalReturnIndexValueUnhedgedUSDMember_zJMfQY6oOmh1" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Bloomberg Global-Aggregate Total Return Index Value Unhedged USD<br/></span><span style="text-transform: none; font-style: italic"><i><span id="xdx_902_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000064930Member_zCgFYbbcRVW8">(reflects no deduction for fees, expenses, or taxes)</span></i></span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt 2.5pt 11pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">8.17%</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt 2.5pt 8pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">-2.15%</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt 2.5pt 11pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.57%</span></p> </td> </tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BlendedIndex1Member_zNM8NBN1H2Ok" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Blended Index<br/></span><span style="text-transform: none; font-style: italic"><i><span id="xdx_905_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000064930Member_zrF7HI2eaii1">(reflects no deduction for fees, expenses, or taxes)</span></i></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">16.60%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt 2.5pt 11pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">5.79%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt 2.5pt 11pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">7.84%</span></p> </td> </tr> </table> 2022-01-26 0.1488 0.0780 0.1267 0.0633 0.0932 0.0548 (reflects no deduction for fees, expenses, or taxes) 0.2234 0.1167 (reflects no deduction for fees, expenses, or taxes) 0.0817 -0.0112 0.1660 0.0651 2019-03-01 0.2053 0.0941 0.1221 (reflects no deduction for fees, expenses, or taxes) 0.2234 0.1119 0.1258 (reflects no deduction for fees, expenses, or taxes) 0.0817 -0.0215 0.0057 (reflects no deduction for fees, expenses, or taxes) 0.1660 0.0579 0.0784 <p id="xdx_A86_eoef--PerformanceTableClosingTextBlock_zkOId0Infgy5" style="font: italic 8pt/9pt Arial, sans-serif; margin: 0pt 0pt 4pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; font-style: italic"><i><span id="xdx_90E_eoef--PerformanceTableUsesHighestFederalRate_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000064930Member_ziXQkP1AzHFk">After-tax returns are calculated using the highest historical individual federal marginal income tax rates, and do not reflect state or local income taxes.</span> <span id="xdx_90F_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000064930Member_z5YbEFENtboi">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.</span> </i></span></p> 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. Ultra Short Income Fund Investment Goal <p id="xdx_A80_eoef--ObjectivePrimaryTextBlock_zBKv7FoCZgN9" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">The Fund seeks current income, consistent with preservation of capital. </span></p> Fees and Expenses of the Fund <p id="xdx_A8D_eoef--ExpenseNarrativeTextBlock_zsaalI5c7A89" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </b><span id="xdx_90C_eoef--ExpenseBreakpointDiscounts_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000043670Member_zQiowmkGsv6a">You may qualify for discounts from the sales charges applicable to Class A shares if you or other qualifying account holders invest, or agree to invest in the future, at least $<span id="xdx_901_eoef--ExpenseBreakpointMinimumInvestmentRequiredAmount_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000043670Member_zyMU9jwD8Rt8">50,000</span> in the Thornburg Funds.</span> More information about this and other discounts and sales charge waivers is available from your financial intermediary, in the Prospectus under the captions “Class A Sales Charge Waivers,” beginning on page 154, and “Appendix A – Sales Charge Waivers Offered by Financial Intermediaries,” beginning on page 208, and in the Statement of Additional Information under the caption “Additional Information Respecting Purchase and Redemption of Shares,” beginning on page 94.</span></p> You may qualify for discounts from the sales charges applicable to Class A shares if you or other qualifying account holders invest, or agree to invest in the future, at least $50,000 in the Thornburg Funds. 50000 Shareholder Fees (fees paid directly from your investment) <div id="xdx_A80_eoef--ShareholderFeesTableTextBlock_zMjvC5tGbxld"></div> <table id="xdx_A50_dU_zoEByDlGwok1" style="table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 455.4pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> </table> <table style="table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse; width: 455.4pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b> </b></span></p> </td> <td id="xdx_496_20260128__20260128__oef--ClassAxis__custom--C000135385Member_zQL9gMzr9qR7" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class A</b></span></p> </td> <td id="xdx_494_20260128__20260128__oef--ClassAxis__custom--C000135386Member_zsEtpC4HCzOa" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class I</b></span></p> </td> </tr> <tr id="xdx_40B_eoef--MaximumSalesChargeImposedOnPurchasesOverOfferingPrice_dpn_zsXYjYleem03" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Maximum Sales Charge (Load) Imposed on Purchases <br/></span><span style="text-transform: none; font-style: italic"><i>(as a percentage of offering price)</i></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">2.25%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">none</span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Maximum Deferred Sales Charge (Load) <br/></span><span style="text-transform: none; font-style: italic"><i>(as a percentage of redemption proceeds or original purchase price, whichever is lower)</i></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_905_eoef--MaximumDeferredSalesChargeOverOther_dpn_c20260128__20260128__oef--ClassAxis__custom--C000135385Member_fKDEp_zGrFMNpSSPKc" title="Maximum Deferred Sales Charge (Load) (as a percentage of redemption proceeds or original purchase price, whichever is lower)">none</span></span><sup style="text-transform: none; font-size: 7pt; line-height: 7pt">(1)</sup><span style="text-transform: none"> </span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_908_eoef--MaximumDeferredSalesChargeOverOther_dpn_c20260128__20260128__oef--ClassAxis__custom--C000135386Member_zWmvetAUSunl">none</span></span></p> </td> </tr> </table> 0.0225 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A85_eoef--AnnualFundOperatingExpensesTableTextBlock_znAo92kb1oW6" style="-sec-ix-redline: true"></div> <table style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 455.4pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> </table> <table id="xdx_A56_dU_zDAMApQ6cyG9" style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse; width: 455.4pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b> </b></span></p> </td> <td id="xdx_49C_20260128__20260128__oef--ClassAxis__custom--C000135385Member_zUiaze3VMl79" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class A</b></span></p> </td> <td id="xdx_497_20260128__20260128__oef--ClassAxis__custom--C000135386Member_zrlrrbbF20zh" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class I</b></span></p> </td> </tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zEbVkvK9gm1a" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Management Fees</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.25%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.25%</span></p> </td> </tr> <tr id="xdx_406_eoef--DistributionAndService12b1FeesOverAssets_dpn_zSEHoeByOoja" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Distribution and Service (12b-1) Fees</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.20%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">none</span></p> </td> </tr> <tr id="xdx_40A_eoef--OtherExpensesOverAssets_dpn_zBb6WwMd0Lnc" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Other Expenses</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.41%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.29%</span></p> </td> </tr> <tr id="xdx_407_eoef--ExpensesOverAssets_dpn_zEh2Bnysnyb2" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Total Annual Fund Operating Expenses</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.86%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.54%</span></p> </td> </tr> <tr id="xdx_402_eoef--FeeWaiverOrReimbursementOverAssets_dpn_zdIRbXruWlKf" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Fee Waiver/Expense Reimbursement</span><sup style="text-transform: none; font-size: 7pt; line-height: 7pt">(</sup><sup id="xdx_F43_zDaSYTDBS6j6" style="text-transform: none; font-size: 7pt; line-height: 7pt">2)</sup><span style="text-transform: none"> </span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">(0.26)%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">(0.19)%</span></p> </td> </tr> <tr id="xdx_402_eoef--NetExpensesOverAssets_dpn_zyhBAwYWfQ07" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.60%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.35%</span></p> </td> </tr> </table> 0.0025 0.0025 0.0020 0 0.0041 0.0029 0.0086 0.0054 -0.0026 -0.0019 0.0060 0.0035 <div id="xdx_A88_eoef--ExpenseFootnotesTextBlock_zGOPXPI6b6od"></div> <table cellpadding="0" cellspacing="0" style="font: italic 8pt/9pt Arial, sans-serif; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right"><span style="text-transform: none"><i id="xdx_F08_z9Akdhmw6Z2e">(1)</i></span></td> <td style="width: 5pt"></td> <td style="text-align: justify"><span style="text-transform: none"><i id="xdx_F1C_zzGRaMCUNXej">Up to a 0.50% contingent deferred sales charge (CDSC) is imposed on redemptions of any part or all of a purchase of $1 million or more within 12 months of purchase.</i></span></td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: italic 8pt/9pt Arial, sans-serif; -sec-ix-redline: true; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right"><span style="text-transform: none"><i id="xdx_F0F_zdKSOICaLSbk">(2)</i></span></td> <td style="width: 5pt"></td> <td style="text-align: justify"><span style="text-transform: none"><i id="xdx_F19_zV4Uf2yd8xT5">Thornburg Investment Management, Inc. (“Thornburg”) has contractually agreed to waive fees and reimburse expenses incurred by the Fund so that actual Class A and Class I expenses (excluding taxes, interest expenses, acquired fund fees and expenses, brokerage commissions, borrowing costs, expenses relating to short sales, and unusual expenses such as contingency fees or litigation costs) do not exceed 0.60% and 0.35%, 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 <span id="xdx_90B_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260128__20260128__oef--ClassAxis__custom--C000135385Member_zcIeiHWSrvT5"><span id="xdx_903_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260128__20260128__oef--ClassAxis__custom--C000135386Member_z8ynkYAzAMCd">February 1, 2027</span></span>, 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.</i></span></td> </tr> </table> February 1, 2027 February 1, 2027 Example. <p id="xdx_A88_eoef--ExpenseExampleNarrativeTextBlock_zN54BhIa7Kmi" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 7pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 7pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">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:</span></p> <div id="xdx_A80_eoef--ExpenseExampleWithRedemptionTableTextBlock_zbGA37OX7Xmj"></div> <table id="xdx_A5F_dU_zGMx34TVegwi" style="table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 289.79pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b> </b></span></p> </td> <td id="xdx_481_eoef--ExpenseExampleYear01_zmevjx1oaEAa" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>1 Year</b></span></p> </td> <td id="xdx_485_eoef--ExpenseExampleYear03_zveB8iiOyckj" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>3 Years</b></span></p> </td> <td id="xdx_48F_eoef--ExpenseExampleYear05_zdzLq49okZo8" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>5 Years</b></span></p> </td> <td id="xdx_482_eoef--ExpenseExampleYear10_ztBlTdBH9KUa" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>10 Years</b></span></p> </td> </tr> <tr id="xdx_419_20260128__20260128__oef--ClassAxis__custom--C000135385Member_zNRu2VqbF159" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Class A Shares</span></p> </td> <td style="border-width: 0pt; padding: 2.75pt 25pt 2.75pt 0pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$285</span></p> </td> <td style="border-width: 0pt; padding: 2.75pt 25pt 2.75pt 0pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$468</span></p> </td> <td style="border-width: 0pt; padding: 2.75pt 25pt 2.75pt 0pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$666</span></p> </td> <td style="border-width: 0pt; padding: 2.75pt 25pt 2.75pt 0pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$1,238</span></p> </td> </tr> <tr id="xdx_41F_20260128__20260128__oef--ClassAxis__custom--C000135386Member_z69MlDhQxTU4" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Class I Shares</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.75pt 25pt 2.75pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$36</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.75pt 25pt 2.75pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$154</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.75pt 25pt 2.75pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$283</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.75pt 25pt 2.75pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$659</span></p> </td> </tr> </table> 285 468 666 1238 36 154 283 659 Portfolio Turnover. <p id="xdx_A8D_eoef--PortfolioTurnoverTextBlock_znaJC5w397G4" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 7pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">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 <span id="xdx_905_eoef--PortfolioTurnoverRate_dp_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000043670Member_z3DfN7fWCxEh">58.28</span>% of the average value of its portfolio.</span></p> 0.5828 Principal Investment Strategies <p id="xdx_A8F_eoef--StrategyNarrativeTextBlock_gRBSNTB-LLKN_zRaAUpxQ8qgh" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Thornburg Investment Management Inc. (“Thornburg”) actively manages the Fund’s holdings 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 duration or average maturity, or to otherwise respond to current market conditions.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><span id="xdx_905_eoef--StrategyPortfolioConcentration_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000043670Member_z4YG0WYX0ZOi">Under normal conditions, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in (i) obligations of the U.S. government, its agencies and instrumentalities, and (ii) debt obligations rated at the time of purchase in one of the four highest ratings of S&amp;P Global Ratings (AAA, AA, A, or BBB) or Moody’s Investors Services, Inc. (Aaa, Aa, A, or Baa) or, if no credit rating is available, judged to be of comparable quality by Thornburg.</span> The Fund may purchase corporate debt, municipal securities, and short-term commercial paper and bankers’ acceptances, and the Fund may also purchase securities backed by an underlying pool of debt obligations, including mortgage-backed securities, asset-backed securities, collateralized mortgage obligations, and collateralized debt obligations (sometimes referred to collectively as “structured products”). The Fund may purchase foreign securities of the same types and quality as the domestic securities it purchases when Thornburg anticipates foreign securities offer more investment potential. The Fund may invest in debt obligations which are rated by S&amp;P Global Ratings or Moody’s Investors Services, Inc. at the time of purchase as below investment grade (commonly referred to as “junk” or “high yield” bonds) or, if no credit rating is available, are judged to be of comparable quality by Thornburg, but such investments will be less than 20% of the Fund’s net assets under normal conditions.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Because the magnitude of changes in the value of interest-bearing obligations is greater for obligations with longer durations given an equivalent change in interest rates, the Fund seeks to reduce changes in its share value compared to longer duration fixed income portfolios by maintaining a portfolio of investments with a dollar-weighted average duration of normally no more than one half (0.5) of a year. Duration is a measure of estimated sensitivity to interest rate changes, and a debt obligation or a portfolio of obligations with a higher duration will typically be more sensitive to interest rate changes than an obligation or a portfolio with a lower duration. Duration is commonly expressed as a number, which is the expected percentage change in an obligation’s price upon a 1% change in interest rates. For example, an obligation with a duration of 0.5 would be expected to change in price by approximately 0.5% in response to a 1% change in interest rates. There is no limitation on the duration or maturity of any specific security the Fund may purchase, and the Fund may sell any security before it matures. The Fund also attempts to reduce changes in share value through credit analysis, selection, and diversification.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 7pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">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.</span></p> Under normal conditions, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in (i) obligations of the U.S. government, its agencies and instrumentalities, and (ii) debt obligations rated at the time of purchase in one of the four highest ratings of S&P Global Ratings (AAA, AA, A, or BBB) or Moody’s Investors Services, Inc. (Aaa, Aa, A, or Baa) or, if no credit rating is available, judged to be of comparable quality by Thornburg. An investment in the Fund is not a deposit in any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Accordingly, the loss of money is a risk of investing in the Fund. <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CreditRiskMember_zYMx2maEtqSi" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Credit Risk </b>– 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&amp;P Global Ratings. Ratings agencies may reduce the ratings of any securities in the future.</span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityAndOperationalRiskMember_zzgGHAaRmOs8" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; -sec-ix-redline: true; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Cybersecurity and Operational Risk </b>– Operational failures, cyber-attacks or other disruptions that affect the Fund’s service providers, the Fund’s counterparties, other market participants or the issuers of securities held by the Fund may adversely affect the Fund and its shareholders, including by causing losses for the Fund or impairing Fund operations. The rapid development and increasingly widespread use of artificial intelligence, including machine learning technology and generative artificial intelligence such as ChatGPT, could exacerbate these risks.</span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignGovernmentObligationsRiskMember_zCye6BK2XWsk" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Foreign Government Obligations Risk </b>– Debt obligations may be issued by foreign governments and their agencies and instrumentalities, including the governments of developing countries and “supra-national” entities such as the International Bank for Reconstruction and Development. The Fund’s investments in these foreign debt obligations may be denominated in U.S. dollars or in foreign currencies. These securities, even if denominated in U.S. dollars, may be affected significantly by fluctuations in the value of foreign currencies, and the value of these securities in U.S. dollars may decline even if the securities increase in value in their home country. The governmental issuers of these debt obligations may be less willing or able than the U.S. to repay principal and interest when due, and they may require that the terms for payment be renegotiated. In some countries there may be political instability or insufficient government supervision of markets, and the legal protections for the Fund’s investments could be subject to unfavorable judicial or administrative changes. These risks may be more pronounced for the Fund’s investments in debt obligations issued by developing countries.</span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignInvestmentRiskMember_zZnvdeLxcanc" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Foreign Investment Risk</b><b> </b>– 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. These risks may be more pronounced for investments in developing countries. 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.</span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighYieldRiskMember_zceZEqcYQny5" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 7pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>High Yield Risk </b>– 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.</span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__us-gaap--InterestRateRiskMember_zQOW7ydLsGOh" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 7pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Interest Rate Risk</b><b> </b>– 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. When interest rates decrease, the Fund’s dividends may decline.</span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zWYhnWyawYT9" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 7pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Liquidity Risk </b>– Due to lack of demand in the marketplace or other factors, the Fund may not be able to sell promptly some or all of the obligations that it holds, or may only be able to sell obligations at less than desired prices.</span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zCOll6UK7Kz2" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 7pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Management Risk </b>– 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.</span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndEconomicRiskMember_zEWA3yFZiYyc" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 7pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Market and Economic Risk </b>– 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.</span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--PrepaymentAndExtensionRiskMember_zxu0Oy3TbY52" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 7pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Prepayment and Extension Risk </b>– 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.</span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--RedemptionRiskMember_zGporrsu0Iw7" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 7pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Redemption Risk </b>– 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.</span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--RisksAffectingSpecificIssuersMember_zAJj9dpczysi" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 7pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Risks Affecting Specific Issuers </b>– The value of a debt obligation may decline in response to developments affecting the specific issuer of the obligation, even if other issuers or the overall economy are 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.</span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--StructuredProductsRiskMember_z8YqfpOsv3ud" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 7pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Structured Products Risk </b>– 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 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.</span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentObligationsRiskMember_gRBRTB-WJMJR_zVsqK05qNZgd" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>U.S. Government Obligations Risk </b>– 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.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 7pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Additional information about Fund investments, investment strategies and risks of investing in the Fund appears beginning on page 125 of the Prospectus.</span></p> Past Performance of the Fund <p id="xdx_A80_eoef--PerformanceNarrativeTextBlock_zFFm4scNuHM1" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 7pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><span id="xdx_907_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000043670Member_zXbP8zTPuP42">The following information provides some indication of the risks of investing in the Ultra Short Income Fund by showing how the Fund’s investment results vary from year to year.</span> The bar chart shows how the annual total returns for Class A shares have been different in each full year shown. The average annual total return figures compare Class A and Class I share performance to the Bloomberg U.S. Aggregate Total Return Index Value USD, a broad-based securities market index that represents the overall applicable market in which the Fund invests, and the ICE BofA U.S. Treasury Bill Index, an additional index that represents the market sectors which Thornburg believes are more representative of the Fund’s investment universe. These indexes are not actively managed and are not available for direct investment. The bar charts and performance tables assume reinvestment of dividends and distributions. <span id="xdx_902_eoef--PerformancePastDoesNotIndicateFuture_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000043670Member_zempBQW1Zyu6">Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> The performance information shown is as of the calendar year ended December 31, 2025. Updated performance information may be obtained on the Thornburg website at <span id="xdx_900_eoef--PerformanceAvailabilityWebSiteAddress_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000043670Member_zq0TiFFsVVcb">Thornburg.com</span> or by calling <span id="xdx_90C_eoef--PerformanceAvailabilityPhone_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000043670Member_zmXN8y0aOK52">1-800-847-0200</span>. </span></p> The following information provides some indication of the risks of investing in the Ultra Short Income Fund by showing how the Fund’s investment results vary from year to year. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Thornburg.com 1-800-847-0200 Annual Total Returns – Class A Shares <div id="xdx_A80_eoef--BarChartTableTextBlock_zBX8efMhLBh9"></div> <table border="0" cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zBDrnM1pHXT3" style="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top"> <td style="text-align: left; width: 20%; display: none"> </td> <td style="text-align: left; width: 80%; display: none"> </td></tr> <tr style="vertical-align: top"> <td style="text-align: left; display: none">2016</td> <td id="xdx_98D_eoef--AnnlRtrPct_dp_c20160101__20161231__oef--ClassAxis__custom--C000135385Member_z6gmzY95YFSa" style="text-align: left; display: none">1.69%</td></tr> <tr style="vertical-align: top"> <td style="text-align: left; display: none">2017</td> <td id="xdx_98B_eoef--AnnlRtrPct_dp_c20170101__20171231__oef--ClassAxis__custom--C000135385Member_zCgNM0Zr3Qtc" style="text-align: left; display: none">1.31%</td></tr> <tr style="vertical-align: top"> <td style="text-align: left; display: none">2018</td> <td id="xdx_983_eoef--AnnlRtrPct_dp_c20180101__20181231__oef--ClassAxis__custom--C000135385Member_zUMeCUcHgNz2" style="text-align: left; display: none">1.41%</td></tr> <tr style="vertical-align: top"> <td style="text-align: left; display: none">2019</td> <td id="xdx_985_eoef--AnnlRtrPct_dp_c20190101__20191231__oef--ClassAxis__custom--C000135385Member_zj34L1XtRYQg" style="text-align: left; display: none">3.74%</td></tr> <tr style="vertical-align: top"> <td style="text-align: left; display: none">2020</td> <td id="xdx_980_eoef--AnnlRtrPct_dp_c20200101__20201231__oef--ClassAxis__custom--C000135385Member_zIy7ECELK7bi" style="text-align: left; display: none">3.05%</td></tr> <tr style="vertical-align: top"> <td style="text-align: left; display: none">2021</td> <td id="xdx_988_eoef--AnnlRtrPct_dp_c20210101__20211231__oef--ClassAxis__custom--C000135385Member_zSsyyr4vONG3" style="text-align: left; display: none">0.12%</td></tr> <tr style="vertical-align: top"> <td style="text-align: left; display: none">2022</td> <td id="xdx_985_eoef--AnnlRtrPct_dp_c20220101__20221231__oef--ClassAxis__custom--C000135385Member_zw967yudKZfe" style="text-align: left; display: none">0.02%</td></tr> <tr style="vertical-align: top"> <td style="text-align: left; display: none">2023</td> <td id="xdx_98E_eoef--AnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000135385Member_z8QetnZMcrqa" style="text-align: left; display: none">5.57%</td></tr> <tr style="vertical-align: top"> <td style="text-align: left; display: none">2024</td> <td id="xdx_982_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000135385Member_zlocKr45MCag" style="text-align: left; display: none">5.65%</td></tr> <tr style="vertical-align: top"> <td style="text-align: left; display: none">2025</td> <td id="xdx_98E_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000135385Member_z0KWoBc7cyH9" style="text-align: left; display: none">4.61%</td></tr> </table> <div style="font: 12pt/normal Times New Roman, Times, serif; margin: 19pt 0pt 22pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"> <div style="border-width: 0pt; padding: 0pt; overflow: hidden; display: inline-block; width: 617.61pt; height: 183.79pt; text-align: left"> <img alt="" src="retailproimg009.gif" style="vertical-align: top; margin-left: 0pt; width: 616.4pt; margin-top: 0pt; height: 182.85pt"/> </div> </div> 0.0169 0.0131 0.0141 0.0374 0.0305 0.0012 0.0002 0.0557 0.0565 0.0461 <div id="xdx_A8D_eoef--BarChartClosingTextBlock_zmJZcia5QjSk"></div> <table style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 6pt; border-collapse: collapse"> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse; width: 455.4pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b> </b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Total<br/>Returns</b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Quarter<br/>ended</b></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><span id="xdx_904_eoef--HighestQuarterlyReturnLabel_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000043670Member_zpCL4oUFyN44">Highest Quarterly Results</span></span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_90A_eoef--BarChartHighestQuarterlyReturn_dp_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000043670Member_zt3YlPmHE3K8">3.80</span>%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_903_eoef--BarChartHighestQuarterlyReturnDate_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000043670Member_zt1vPgilhgka">6/30/2020</span></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><span id="xdx_90F_eoef--LowestQuarterlyReturnLabel_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000043670Member_zSN59W3Gmhwd">Lowest Quarterly Results</span></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt 2.5pt 3pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_902_eoef--BarChartLowestQuarterlyReturn_dp_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000043670Member_zU47ECF2xg79">-1.66</span>%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_902_eoef--BarChartLowestQuarterlyReturnDate_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000043670Member_zj9gLOpeDJ4e">3/31/2020</span></span></p> </td> </tr> </table> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 7pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><span id="xdx_908_eoef--BarChartDoesNotReflectSalesLoads_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000043670Member_zdo8gxkh3ZD3">The sales charge for Class A shares is not reflected in the returns shown in the bar chart above, and the returns would be less if the charge was taken into account.</span></span></p> Highest Quarterly Results 0.0380 2020-06-30 Lowest Quarterly Results -0.0166 2020-03-31 The sales charge for Class A shares is not reflected in the returns shown in the bar chart above, and the returns would be less if the charge was taken into account. Average Annual Total Returns (periods ended 12-31-25) <div id="xdx_A8A_eoef--PerformanceTableTextBlock_gRBPTTB-NVTV_zSISqirXERzj"></div> <table id="xdx_A51_zxfMLM9i6Fji" style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 6pt; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse; width: 372.59pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b>Class A Shares</b></span></p> </td> <td id="xdx_499_20250101__20251231_zyjAs5xrzSj8" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>1 Year</b></span></p> </td> <td id="xdx_496_20210101__20251231_zVv4LmXizAl2" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>5 YEARS</b></span></p> </td> <td id="xdx_49E_20160101__20251231_zwOWLINP1ohf" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>10 YEARS</b></span></p> </td> </tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000135385Member_zABjRjYOG454" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Return Before Taxes</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">2.27%</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">2.69%</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">2.54%</span></p> </td> </tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000135385Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zpcLmgcnzL08" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Return After Taxes on Distributions</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.34%</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.17%</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.40%</span></p> </td> </tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000135385Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zuXZESX3zOob" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Return After Taxes on Distributions and Sale of Fund Shares</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.32%</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.39%</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.45%</span></p> </td> </tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateTotalReturnIndexValueUSDMember_zF5gvEawwFsi" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Bloomberg U.S. Aggregate Total Return Index Value USD<br/></span><span style="text-transform: none; font-style: italic"><i><span id="xdx_908_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000043670Member_zX6xg18YXrc5">(reflects no deduction for fees, expenses, or taxes)</span></i></span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">7.30%</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt 2.5pt 3pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">-0.36%</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">2.01%</span></p> </td> </tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--ICEBofAUSTreasuryBillIndexMember_zerfyH1tWrEb" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 0pt 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">ICE BofA U.S. Treasury Bill Index<br/></span><span style="text-transform: none; font-style: italic"><i><span id="xdx_90E_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000043670Member_zNvHNcQo2FCl">(reflects no deduction for fees, expenses, or taxes)</span></i></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">4.30%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">3.19%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">2.21%</span></p> </td> </tr> </table> <div></div> <table style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 6pt; border-collapse: collapse"> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse; width: 372.59pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b>Class I Shares</b></span></p> </td> <td id="xdx_499_20250101__20251231_zWY1LDiag3y5" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>1 Year</b></span></p> </td> <td id="xdx_496_20210101__20251231_zNIMFnP1f2x7" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>5 YEARS</b></span></p> </td> <td id="xdx_49E_20160101__20251231_z6laFdVH8s6f" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>10 YEARS</b></span></p> </td> </tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000135386Member_zjuDoCYk8jj4" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Return Before Taxes</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">4.82%</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">3.35%</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">2.88%</span></p> </td> </tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateTotalReturnIndexValueUSDMember_zl3LglPo67Ud" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Bloomberg U.S. Aggregate Total Return Index Value USD<br/></span><span style="text-transform: none; font-style: italic"><i><span id="xdx_909_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000043670Member_zE3OZ8z8iy0d">(reflects no deduction for fees, expenses, or taxes)</span></i></span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">7.30%</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt 2.5pt 3pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">-0.36%</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">2.01%</span></p> </td> </tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--ICEBofAUSTreasuryBillIndexMember_z9Z1J8KdbMe4" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 0pt 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">ICE BofA U.S. Treasury Bill Index<br/></span><span style="text-transform: none; font-style: italic"><i><span id="xdx_902_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000043670Member_zW2vrjRpm4f8">(reflects no deduction for fees, expenses, or taxes)</span></i></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">4.30%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">3.19%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">2.21%</span></p> </td> </tr> </table> 0.0227 0.0269 0.0254 0.0034 0.0117 0.0140 0.0132 0.0139 0.0145 (reflects no deduction for fees, expenses, or taxes) 0.0730 -0.0036 0.0201 (reflects no deduction for fees, expenses, or taxes) 0.0430 0.0319 0.0221 0.0482 0.0335 0.0288 (reflects no deduction for fees, expenses, or taxes) 0.0730 -0.0036 0.0201 (reflects no deduction for fees, expenses, or taxes) 0.0430 0.0319 0.0221 <p id="xdx_A88_eoef--PerformanceTableClosingTextBlock_zvWLjwHHOYl7" style="font: italic 8pt/9pt Arial, sans-serif; margin: 0pt 0pt 4pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; font-style: italic"><i><span id="xdx_90B_eoef--PerformanceTableUsesHighestFederalRate_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000043670Member_zHid625nrIfi">After-tax returns are calculated using the highest historical individual federal marginal income tax rates, and do not reflect state or local income taxes.</span> <span id="xdx_901_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000043670Member_z3QAOpxnlEX3">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.</span> <span id="xdx_90C_eoef--PerformanceTableOneClassOfAfterTaxShown_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000043670Member_zP9NulROvrDj">The after-tax returns shown relate only to Class A shares, and after-tax returns for other share classes will vary.</span></i></span></p> After-tax returns are calculated using the highest historical individual federal marginal income tax rates, and do not reflect state or local income taxes. Actual after-tax returns depend on an investor’s own tax situation, and may differ from the returns shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The after-tax returns shown relate only to Class A shares, and after-tax returns for other share classes will vary. Limited Term U.S. Government Fund Investment Goal <p id="xdx_A82_eoef--ObjectivePrimaryTextBlock_zHu5hJKI2sG6" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">The primary goal of Limited Term U.S. Government Fund is to provide as high a level of current income as is consistent, in the view of the Fund’s investment advisor, with safety of capital.</span></p> <p id="xdx_A85_eoef--ObjectiveSecondaryTextBlock_zyrOuYWVhGUe" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">As a secondary goal, the Fund seeks to reduce changes in its share price compared to longer term portfolios.</span></p> Fees and Expenses of the Fund <p id="xdx_A8C_eoef--ExpenseNarrativeTextBlock_zxPHqhOe6BN4" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </b><span id="xdx_906_eoef--ExpenseBreakpointDiscounts_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000011842Member_znXmvzPD6sc2">You may qualify for discounts from the sales charges applicable to Class A shares if you or other qualifying account holders invest, or agree to invest in the future, at least $<span id="xdx_90F_eoef--ExpenseBreakpointMinimumInvestmentRequiredAmount_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000011842Member_zYxnXxUdPOGc">50,000</span> in the Thornburg Funds.</span> More information about this and other discounts and sales charge waivers is available from your financial intermediary, in the Prospectus under the captions “Class A Sales Charge Waivers,” beginning on page 154, and “Appendix A – Sales Charge Waivers Offered by Financial Intermediaries,” beginning on page 208, and in the Statement of Additional Information under the caption “Additional Information Respecting Purchase and Redemption of Shares,” beginning on page 94.</span></p> You may qualify for discounts from the sales charges applicable to Class A shares if you or other qualifying account holders invest, or agree to invest in the future, at least $50,000 in the Thornburg Funds. 50000 Shareholder Fees (fees paid directly from your investment) <div id="xdx_A8A_eoef--ShareholderFeesTableTextBlock_z1QRQWSXMga1"></div> <table id="xdx_A54_dU_zAQXvYonaVfl" style="table-layout: fixed; width: 621pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 345pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 69pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 69pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 69pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 69pt"> </td> </tr> </table> <table style="table-layout: fixed; width: 621pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse; width: 345pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b> </b></span></p> </td> <td id="xdx_497_20260128__20260128__oef--ClassAxis__custom--C000032347Member_zoXTE88nkYa" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 69pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class A</b></span></p> </td> <td id="xdx_492_20260128__20260128__oef--ClassAxis__custom--C000032349Member_zxq3TtQLDmIj" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 69pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class C</b></span></p> </td> <td id="xdx_49A_20260128__20260128__oef--ClassAxis__custom--C000222323Member_zpQGVgerN65h" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 69pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class C2</b></span></p> </td> <td id="xdx_49E_20260128__20260128__oef--ClassAxis__custom--C000032350Member_zVu2sV17FILh" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 69pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class I</b></span></p> </td> </tr> <tr id="xdx_401_eoef--MaximumSalesChargeImposedOnPurchasesOverOfferingPrice_dpn_zmtB9vSnO7S3" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Maximum Sales Charge (Load) Imposed on Purchases <br/></span><span style="text-transform: none; font-style: italic"><i>(as a percentage of offering price)</i></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">2.25%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">none</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">none</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">none</span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Maximum Deferred Sales Charge (Load) <br/></span><span style="text-transform: none; font-style: italic"><i>(as a percentage of redemption proceeds or original purchase price, <br/>whichever is lower)</i></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_90E_eoef--MaximumDeferredSalesChargeOverOther_dpn_c20260128__20260128__oef--ClassAxis__custom--C000032347Member_fKDEp_zOcYcJZQQQTf">none</span></span><sup style="text-transform: none; font-size: 7pt; line-height: 7pt">(1)</sup><span style="text-transform: none"> </span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_902_eoef--MaximumDeferredSalesChargeOverOther_dpn_c20260128__20260128__oef--ClassAxis__custom--C000032349Member_fKDIp_zI2kEQJJtL5a">0.50</span>%</span><sup style="text-transform: none; font-size: 7pt; line-height: 7pt">(2)</sup><span style="text-transform: none"> </span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_90F_eoef--MaximumDeferredSalesChargeOverOther_dpn_c20260128__20260128__oef--ClassAxis__custom--C000222323Member_fKDIp_z058JWmrL353">0.65</span>%</span><sup style="text-transform: none; font-size: 7pt; line-height: 7pt">(2)</sup><span style="text-transform: none"> </span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_901_eoef--MaximumDeferredSalesChargeOverOther_dpn_c20260128__20260128__oef--ClassAxis__custom--C000032350Member_zImTWdi3Esxg">none</span></span></p> </td> </tr> </table> 0.0225 0 0 0 0 0.0050 0.0065 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A88_eoef--AnnualFundOperatingExpensesTableTextBlock_zaEwyvjttnf" style="-sec-ix-redline: true"></div> <table style="-sec-ix-redline: true; table-layout: fixed; width: 621pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 345pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 69pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 69pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 69pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 69pt"> </td> </tr> </table> <table id="xdx_A59_dU_zk77GbW6Ugy4" style="-sec-ix-redline: true; table-layout: fixed; width: 621pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse; width: 345pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b> </b></span></p> </td> <td id="xdx_497_20260128__20260128__oef--ClassAxis__custom--C000032347Member_zIi1ikPNy866" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 69pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class A</b></span></p> </td> <td id="xdx_499_20260128__20260128__oef--ClassAxis__custom--C000032349Member_zEAAgVRQz6B8" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 69pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class C</b></span></p> </td> <td id="xdx_497_20260128__20260128__oef--ClassAxis__custom--C000222323Member_zsstVDmat4ig" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 69pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class C2</b></span></p> </td> <td id="xdx_499_20260128__20260128__oef--ClassAxis__custom--C000032350Member_zRRiIGWO2wE9" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 69pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class I</b></span></p> </td> </tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zFAG0XZe1Moa" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Management Fees</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.37%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.37%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.37%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.37%</span></p> </td> </tr> <tr id="xdx_403_eoef--DistributionAndService12b1FeesOverAssets_dpn_zix86H4KNTk1" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Distribution and Service (12b-1) Fees</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.25%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.50%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.65%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">none</span></p> </td> </tr> <tr id="xdx_405_eoef--OtherExpensesOverAssets_dpn_zt1sTRqvzKwg" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Other Expenses</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.43%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.11%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">2.50%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.33%</span></p> </td> </tr> <tr id="xdx_407_eoef--ExpensesOverAssets_dpn_z4KSlKTyqKXj" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Total Annual Fund Operating Expenses</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.05%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.98%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">3.52%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.70%</span></p> </td> </tr> <tr id="xdx_404_eoef--FeeWaiverOrReimbursementOverAssets_dpn_zjiUT6TBOfUa" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Fee Waiver/Expense Reimbursement</span><sup id="xdx_F40_zKH78kDgtwib" style="text-transform: none; font-size: 7pt; line-height: 7pt">(3)</sup></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt 3pt 9pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">(0.13)%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">(0.81)%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">(2.20)%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">(0.03)%</span></p> </td> </tr> <tr id="xdx_40C_eoef--NetExpensesOverAssets_dpn_zEUqdNmjgJka" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Total Annual Fund Operating Expenses After <br/>Fee Waiver/Expense Reimbursement</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.92%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.17%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.32%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.67%</span></p> </td> </tr> </table> 0.0037 0.0037 0.0037 0.0037 0.0025 0.0050 0.0065 0 0.0043 0.0111 0.0250 0.0033 0.0105 0.0198 0.0352 0.0070 -0.0013 -0.0081 -0.0220 -0.0003 0.0092 0.0117 0.0132 0.0067 <div id="xdx_A88_eoef--ExpenseFootnotesTextBlock_zIOPXPI6b6od"></div> <table cellpadding="0" cellspacing="0" style="font: italic 8pt/9pt Arial, sans-serif; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right"><span style="text-transform: none"><i id="xdx_F00_zPMjhay8ssT5">(1)</i></span></td> <td style="width: 5pt"></td> <td style="text-align: justify"><span style="text-transform: none"><i id="xdx_F1A_zKFPdhjJftuc">Up to a 0.50% contingent deferred sales charge (CDSC) is imposed on redemptions of any part or all of a purchase of $1 million or more within 12 months of purchase.</i></span></td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: italic 8pt/9pt Arial, sans-serif; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right"><span style="text-transform: none"><i id="xdx_F0B_zZv6luu3wJS6">(2)</i></span></td> <td style="width: 5pt"></td> <td style="text-align: justify"><span style="text-transform: none"><i id="xdx_F16_zUie17No0WFi">Imposed only on redemptions of Class C and Class C2 shares within 12 months of purchase.</i></span></td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: italic 8pt/9pt Arial, sans-serif; -sec-ix-redline: true; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right"><span style="text-transform: none"><i id="xdx_F0A_zKOOdh13XnYd">(3)</i></span></td> <td style="width: 5pt"></td> <td style="text-align: justify"><span style="text-transform: none"><i id="xdx_F12_zGFMs31ANfP7">Thornburg Investment Management, Inc. (“Thornburg”) has contractually agreed to waive fees and reimburse expenses incurred by the Fund so that actual Class A, Class C, Class C2 and Class I expenses (excluding taxes, interest expenses, acquired fund fees and expenses, brokerage commissions, borrowing costs, expenses relating to short sales, and unusual expenses such as contingency fees or litigation costs) do not exceed 0.92%, 1.17%, 1.32% and 0.67% 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 <span id="xdx_90A_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_dd_c20260128__20260128__oef--ClassAxis__custom--C000032347Member_zLK9mxWAadC3"><span id="xdx_90F_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_dd_c20260128__20260128__oef--ClassAxis__custom--C000032349Member_zaYLjjn4wcr1"><span id="xdx_907_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_dd_c20260128__20260128__oef--ClassAxis__custom--C000222323Member_zgVHNPye8Lhj"><span id="xdx_903_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_dd_c20260128__20260128__oef--ClassAxis__custom--C000032350Member_zCVBTrFgZYb">February 1, 2027</span></span></span></span>, 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.</i></span></td> </tr> </table> February 1, 2027 February 1, 2027 February 1, 2027 February 1, 2027 Example. <p id="xdx_A8F_eoef--ExpenseExampleNarrativeTextBlock_zgaZPckxXvn7" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">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:</span></p> <div id="xdx_A80_eoef--ExpenseExampleWithRedemptionTableTextBlock_zJTIuuW4qKtk" style="-sec-ix-redline: true"></div> <table id="xdx_A54_dU_zHYzoCtdtIO2" style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 289.79pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b> </b></span></p> </td> <td id="xdx_481_eoef--ExpenseExampleYear01_zNjR9ft0QYs3" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>1 Year</b></span></p> </td> <td id="xdx_486_eoef--ExpenseExampleYear03_zDWlDse0DWek" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>3 Years</b></span></p> </td> <td id="xdx_48D_eoef--ExpenseExampleYear05_zJ2NGsCI2gnc" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>5 Years</b></span></p> </td> <td id="xdx_484_eoef--ExpenseExampleYear10_zIe7EWA0Gby7" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>10 Years</b></span></p> </td> </tr> <tr id="xdx_410_20260128__20260128__oef--ClassAxis__custom--C000032347Member_zCOjSlAnjOSe" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Class A Shares</span></p> </td> <td style="border-width: 0pt; padding: 3pt 26pt 3pt 0pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$317</span></p> </td> <td style="border-width: 0pt; padding: 3pt 26pt 3pt 0pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$539</span></p> </td> <td style="border-width: 0pt; padding: 3pt 26pt 3pt 0pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$779</span></p> </td> <td style="border-width: 0pt; padding: 3pt 26pt 3pt 0pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$1,467</span></p> </td> </tr> <tr id="xdx_41B_20260128__20260128__oef--ClassAxis__custom--C000032349Member_z2my1GP0ohUe" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Class C Shares</span></p> </td> <td style="border-width: 0pt; padding: 3pt 26pt 3pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$169</span></p> </td> <td style="border-width: 0pt; padding: 3pt 26pt 3pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$543</span></p> </td> <td style="border-width: 0pt; padding: 3pt 26pt 3pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$993</span></p> </td> <td style="border-width: 0pt; padding: 3pt 26pt 3pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$2,241</span></p> </td> </tr> <tr id="xdx_410_20260128__20260128__oef--ClassAxis__custom--C000222323Member_zuFeuji8F4k9" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Class C2 Shares</span></p> </td> <td style="border-width: 0pt; padding: 3pt 26pt 3pt 0pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$199</span></p> </td> <td style="border-width: 0pt; padding: 3pt 26pt 3pt 0pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$875</span></p> </td> <td style="border-width: 0pt; padding: 3pt 26pt 3pt 0pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$1,638</span></p> </td> <td style="border-width: 0pt; padding: 3pt 26pt 3pt 0pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$3,646</span></p> </td> </tr> <tr id="xdx_41A_20260128__20260128__oef--ClassAxis__custom--C000032350Member_zNR7BorYCUo9" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Class I Shares</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 26pt 3pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$68</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 26pt 3pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$221</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 26pt 3pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$387</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 26pt 3pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$868</span></p> </td> </tr> </table> 317 539 779 1467 169 543 993 2241 199 875 1638 3646 68 221 387 868 You would pay the following expenses if you did not redeem your Class C shares: <div id="xdx_A8C_eoef--ExpenseExampleNoRedemptionTableTextBlock_z7DhM4DDwFY7"></div> <table style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse; width: 289.79pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b> </b></span></p> </td> <td id="xdx_489_eoef--ExpenseExampleNoRedemptionYear01_z4fT4KzhyV1k" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>1 Year</b></span></p> </td> <td id="xdx_482_eoef--ExpenseExampleNoRedemptionYear03_zKO8ual9kxx2" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>3 Years</b></span></p> </td> <td id="xdx_48D_eoef--ExpenseExampleNoRedemptionYear05_z1VlwOgbk3sj" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>5 Years</b></span></p> </td> <td id="xdx_48A_eoef--ExpenseExampleNoRedemptionYear10_zvt67Ms9UETj" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>10 Years</b></span></p> </td> </tr> <tr id="xdx_41F_20260128__20260128__oef--ClassAxis__custom--C000032349Member_z9eWVfzTnZXh" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Class C Shares</span></p> </td> <td style="border-width: 0pt; padding: 3pt 27pt 3pt 0pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$119</span></p> </td> <td style="border-width: 0pt; padding: 3pt 27pt 3pt 0pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$543</span></p> </td> <td style="border-width: 0pt; padding: 3pt 27pt 3pt 0pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$993</span></p> </td> <td style="border-width: 0pt; padding: 3pt 27pt 3pt 0pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$2,241</span></p> </td> </tr> <tr id="xdx_41D_20260128__20260128__oef--ClassAxis__custom--C000222323Member_zYmTnSwtknHe" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Class C2 Shares</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 27pt 3pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$134</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 27pt 3pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$875</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 27pt 3pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$1,638</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 27pt 3pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$3,646</span></p> </td> </tr> </table> 119 543 993 2241 134 875 1638 3646 Portfolio Turnover. <p id="xdx_A83_eoef--PortfolioTurnoverTextBlock_zvnyysZRGihl" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">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 <span id="xdx_903_eoef--PortfolioTurnoverRate_dp_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000011842Member_zZmcfU3bUn77">22.17</span>% of the average value of its portfolio.</span></p> 0.2217 Principal Investment Strategies <p id="xdx_A8A_eoef--StrategyNarrativeTextBlock_gRBSNTB-DC_ztdA1QelXVn3" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Thornburg Investment Management, Inc. (“Thornburg”) actively manages the Fund’s portfolio in pursuing the Fund’s investment goals. 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 before its scheduled maturity to enhance income or reduce loss, to change the portfolio’s average maturity, or to otherwise respond to market conditions.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><span id="xdx_906_eoef--StrategyPortfolioConcentration_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000011842Member_z2HzxIv7IHqd">Limited Term U.S. Government Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in U.S. Government Securities.</span> For this purpose, “U.S. Government Securities” means:</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt 13.8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Securities backed by the full faith and credit of the U.S. government, including direct obligations of the U.S. Treasury (such as U.S. Treasury Bonds) and obligations of U.S. government agencies and instrumentalities which are guaranteed by the U.S. Treasury (such as “Ginnie Mae” mortgage-backed certificates issued by the Government National Mortgage Association).</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt 13.8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Securities issued or guaranteed by U.S. government agencies, instrumentalities or sponsored enterprises, but which are not backed by the full faith and credit of the U.S. government. These securities include mortgage-backed certificates, collateralized mortgage obligations (“CMOs”), and debentures issued by “Freddie Mac” (Federal Home Loan Mortgage Corporation) and “Fannie Mae” (Federal National Mortgage Association).</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">U.S. Government Securities include for this purpose repurchase agreements secured by the securities described above, and participations having economic characteristics similar to those securities. “Participations” are undivided interests in pools of securities where the underlying credit support passes through to the participants.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 7pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Because the magnitude of changes in the value of interest-bearing obligations is greater for obligations with longer terms given an equivalent change in interest rates, the Fund seeks to reduce changes in its share value by maintaining a portfolio of investments with a dollar-weighted average maturity or expected life of normally less than five years. There is no limitation on the maturity of any specific security the Fund may purchase, and the Fund may sell any security before it matures. The Fund also attempts to reduce changes in share value through credit analysis, selection and diversification.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 7pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">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.</span></p> Limited Term U.S. Government Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in U.S. Government Securities. An investment in the Fund is not a deposit in any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Accordingly, the loss of money is a risk of investing in the Fund. <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__us-gaap--CreditRiskMember_zr8EdfOBu8J4" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Credit Risk </b>– 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 full faith and credit of the U.S. government, and securities of U.S. government agencies, instrumentalities and enterprises which may be purchased by the Fund are rated “Aaa” by Moody’s Investors Services or “AA+” by S&amp;P Global Ratings. Ratings agencies may reduce the ratings of any securities in the future. </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityAndOperationalRiskMember_zeF1SSTmLVzl" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; -sec-ix-redline: true; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Cybersecurity and Operational Risk </b>– Operational failures, cyber-attacks or other disruptions that affect the Fund’s service providers, the Fund’s counterparties, other market participants or the issuers of securities held by the Fund may adversely affect the Fund and its shareholders, including by causing losses for the Fund or impairing Fund operations. The rapid development and increasingly widespread use of artificial intelligence, including machine learning technology and generative artificial intelligence such as ChatGPT, could exacerbate these risks.</span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__us-gaap--InterestRateRiskMember_znzDvQT6fiKb" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Interest Rate Risk </b>– 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 the Fund’s investment in mortgage-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.</span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zLlNPmvAELGf" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Liquidity Risk </b>– Due to a lack of demand in the marketplace or other factors, the Fund may not be able to sell promptly some or all of the obligations that it holds, or may only be able to sell obligations at less than desired prices.</span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zlk6KFZRPei1" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Management Risk </b>– 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.</span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndEconomicRiskMember_zGvnKhNES19g" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Market and Economic Risk </b>– 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.</span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--PrepaymentAndExtensionRiskMember_zGrSbGDMjYv2" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Prepayment and Extension Risk </b>– 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 securities.</span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--RedemptionRiskMember_zPBCLSUJGp5a" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Redemption Risk </b>– 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.</span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--StructuredProductsRiskMember_ztp4lsvmEbRa" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Structured Products Risk </b>– Investments in securities that are backed by, or represent interests in, an underlying pool of securities or other assets, including investments in mortgage-backed securities and in CMOs, 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 CMO), and may also involve different or greater risks, including the risk that distributions from the underlying assets will be inadequate to make interest or other payments to the Fund, the risk that the issuer of the securities will fail to administer the underlying assets properly or become insolvent, and the risk that the securities will be less liquid than other Fund investments.</span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentObligationsRiskMember_zOdKwd69GnO8" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>U.S. Government Obligations Risk </b>– 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.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Additional information about Fund investments, investment strategies, and risks of investing in the Fund appears below beginning on page 125 of the Prospectus.</span></p> Past Performance of the Fund <p id="xdx_A84_eoef--PerformanceNarrativeTextBlock_zWjnMzV77Dt8" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><span id="xdx_902_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000011842Member_zE7KXvAvQi5g">The following information provides some indication of the risks of investing in the Limited Term U.S. Government Fund by showing how the Fund’s investment results vary from year to year.</span> The bar chart shows how the annual total returns for Class A shares have been different in each full year shown. The average annual total return figures compare Class A, Class C, Class C2 and Class I share performance to the Bloomberg U.S. Aggregate Total Return Index Value USD, a broad-based securities market index that represents the overall applicable market in which the Fund invests, and the Bloomberg U.S. Government Intermediate Total Return Index Value Unhedged, an additional benchmark that represents the market sectors which Thornburg believes are more representative of the Fund’s investment universe. These indexes are not actively managed and are not available for direct investment. The bar charts and performance tables assume reinvestment of dividends and distributions. <span id="xdx_90A_eoef--PerformancePastDoesNotIndicateFuture_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000011842Member_zi9qzX0OWHT9">Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> The performance information shown below is as of the calendar year ended December 31, 2025. Updated performance information may be obtained on the Thornburg website at <span id="xdx_90E_eoef--PerformanceAvailabilityWebSiteAddress_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000011842Member_zlZs040zyr72">Thornburg.com</span> or by calling <span id="xdx_90A_eoef--PerformanceAvailabilityPhone_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000012859Member_zePqf10QBtr2">1-800-847-0200</span>.</span></p> The following information provides some indication of the risks of investing in the Limited Term U.S. Government Fund by showing how the Fund’s investment results vary from year to year. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Thornburg.com 1-800-847-0200 Annual Total Returns – Class A Shares <div id="xdx_A88_eoef--BarChartTableTextBlock_zIkrydOgFvAi"></div> <table border="0" cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zcDSRfsiuUrf" style="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top"> <td style="text-align: left; width: 19%; display: none"> </td> <td id="xdx_48B_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000032347Member_zNszYijspIl7" style="text-align: left; width: 81%; display: none"> </td></tr> <tr id="xdx_417_20160101__20161231_zKk5EOKhO2ig" style="vertical-align: top"> <td style="text-align: left; display: none">2016</td> <td style="text-align: left; display: none">0.90%</td></tr> <tr id="xdx_418_20170101__20171231_zoAaoexRFTSf" style="vertical-align: top"> <td style="text-align: left; display: none">2017</td> <td style="text-align: left; display: none">0.60%</td></tr> <tr id="xdx_415_20180101__20181231_z5XpVCKwius5" style="vertical-align: top"> <td style="text-align: left; display: none">2018</td> <td style="text-align: left; display: none">0.83%</td></tr> <tr id="xdx_41A_20190101__20191231_zWnWYIDBoxV3" style="vertical-align: top"> <td style="text-align: left; display: none">2019</td> <td style="text-align: left; display: none">3.61%</td></tr> <tr id="xdx_41F_20200101__20201231_z29AX5AZvcQi" style="vertical-align: top"> <td style="text-align: left; display: none">2020</td> <td style="text-align: left; display: none">3.77%</td></tr> <tr id="xdx_414_20210101__20211231_z37dbPrdbHxh" style="vertical-align: top"> <td style="text-align: left; display: none">2021</td> <td style="text-align: left; display: none">-1.83%</td></tr> <tr id="xdx_41E_20220101__20221231_zNUE7M6Au6Og" style="vertical-align: top"> <td style="text-align: left; display: none">2022</td> <td style="text-align: left; display: none">-7.97%</td></tr> <tr id="xdx_413_20230101__20231231_zC4Ib3syUqo5" style="vertical-align: top"> <td style="text-align: left; display: none">2023</td> <td style="text-align: left; display: none">3.85%</td></tr> <tr id="xdx_414_20240101__20241231_z9pEROBtasGf" style="vertical-align: top"> <td style="text-align: left; display: none">2024</td> <td style="text-align: left; display: none">2.40%</td></tr> <tr id="xdx_418_20250101__20251231_zgKi0HQIyaY2" style="vertical-align: top"> <td style="text-align: left; display: none">2025</td> <td style="text-align: left; display: none">6.39%</td></tr> </table> <div style="font: 12pt/normal Times New Roman, Times, serif; margin: 18pt 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"> <div style="border-width: 0pt; padding: 0pt; overflow: hidden; display: inline-block; width: 621pt; height: 225.12pt; text-align: left"> <img alt="" src="retailproimg010.gif" style="vertical-align: top; margin-left: 0pt; width: 618.69pt; margin-top: 0pt; height: 224.24pt"/> </div> </div> 0.0090 0.0060 0.0083 0.0361 0.0377 -0.0183 -0.0797 0.0385 0.0240 0.0639 <div id="xdx_A88_eoef--BarChartClosingTextBlock_zanizyNqKRBb"></div> <table style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse; width: 455.4pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b> </b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Total<br/>Returns</b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Quarter<br/>ended</b></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><span id="xdx_908_eoef--HighestQuarterlyReturnLabel_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000011842Member_znhFVLhBgBu1">Highest Quarterly Results</span></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_90F_eoef--BarChartHighestQuarterlyReturn_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000011842Member_zGlAOaGyooXa">4.26%</span></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_90E_eoef--BarChartHighestQuarterlyReturnDate_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000011842Member_zoP8oHDyL4Oe">9/30/2024</span></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><span id="xdx_90C_eoef--LowestQuarterlyReturnLabel_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000011842Member_z9V6h6edpdZ7">Lowest Quarterly Results</span></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_904_eoef--BarChartLowestQuarterlyReturn_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000011842Member_zDO36Wu3JqVf">-3.63%</span></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_90C_eoef--BarChartLowestQuarterlyReturnDate_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000011842Member_z3rxlxHYTJk1">3/31/2022</span></span></p> </td> </tr> </table> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><span id="xdx_900_eoef--BarChartDoesNotReflectSalesLoads_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000011842Member_zEfVicvZfbM3">The sales charge for Class A shares is not reflected in the returns shown in the bar chart above, and the returns would be less if the charge was taken into account.</span></span></p> Highest Quarterly Results 0.0426 2024-09-30 Lowest Quarterly Results -0.0363 2022-03-31 The sales charge for Class A shares is not reflected in the returns shown in the bar chart above, and the returns would be less if the charge was taken into account. Average Annual Total Returns (periods ended 12-31-25) <div id="xdx_A88_eoef--PerformanceTableTextBlock_gRBPTTB-HBY_z7vlNdZFfnB5" style="-sec-ix-redline: true"></div> <table style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="min-height: 18.4pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse; width: 372.59pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b>CLASS A SHARES</b></span></p> </td> <td id="xdx_49C_20250101__20251231_zBjwoYsDyDwd" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>1 YEAR</b></span></p> </td> <td id="xdx_496_20210101__20251231_zZGORYOIY6f8" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>5 YEARS</b></span></p> </td> <td id="xdx_49F_20160101__20251231_zh1jfJI8GeBh" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>10 YEARS</b></span></p> </td> </tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dpn_hoef--ClassAxis__custom--C000032347Member_z9euZLaQ4eri" style="min-height: 18.4pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Return Before Taxes</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">4.02%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt 3pt 3pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">-0.02%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.03%</span></p> </td> </tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dpn_hoef--ClassAxis__custom--C000032347Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_z5ZOHg1dZEhi" style="min-height: 18.4pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Return After Taxes on Distributions</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">2.88%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt 3pt 3pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">-0.88%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.27%</span></p> </td> </tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dpn_hoef--ClassAxis__custom--C000032347Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zOyqTuQBOVRg" style="min-height: 18.4pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Return After Taxes on Distributions and Sale of Fund Shares</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">2.36%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt 3pt 3pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">-0.39%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.45%</span></p> </td> </tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dpn_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateTotalReturnIndexValueUSDMember_zLCvaiE5oJti" style="min-height: 28.4pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Bloomberg U.S. Aggregate Total Return Index Value USD<br/></span><span style="text-transform: none; font-style: italic"><i><span id="xdx_905_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000011842Member_zCsCyHqwWDyb">(reflects no deduction for fees, expenses, or taxes)</span></i></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">7.30%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt 3pt 3pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">-0.36%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">2.01%</span></p> </td> </tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dpn_hoef--PerformanceMeasureAxis__custom--BloombergUSGovernmentIntermediateTotalReturnIndexValueUnhedgedMember_zU9dLNJeo3wk" style="min-height: 27.9pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Bloomberg U.S. Government Intermediate Total Return Index Value Unhedged<br/></span><span style="text-transform: none; font-style: italic"><i><span id="xdx_90D_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000011842Member_zv8wRc7bk8Ye">(reflects no deduction for fees, expenses, or taxes)</span></i></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">6.50%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.64%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.76%</span></p> </td> </tr> </table> <table style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 372.59pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> </table> <table style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="min-height: 18.4pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse; width: 372.59pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b>CLASS C SHARES</b></span></p> </td> <td id="xdx_49C_20250101__20251231_zl0WTgbLq2D4" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>1 YEAR</b></span></p> </td> <td id="xdx_496_20210101__20251231_z3fibzOrt215" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>5 YEARS</b></span></p> </td> <td id="xdx_49F_20160101__20251231_zeOMI6cw0cc5" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>10</b></span><span style="text-transform: uppercase"><b> YEARS</b></span></p> </td> </tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dpn_hoef--ClassAxis__custom--C000032349Member_zKPSZGewk3Gb" style="min-height: 18.4pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Return Before Taxes</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">5.69%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.14%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.88%</span></p> </td> </tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dpn_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateTotalReturnIndexValueUSDMember_zxsgcRJbCjRi" style="min-height: 28.4pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Bloomberg U.S. Aggregate Total Return Index Value USD<br/></span><span style="text-transform: none; font-style: italic"><i><span id="xdx_909_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000011842Member_zuEctFDJsic4">(reflects no deduction for fees, expenses, or taxes)</span></i></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">7.30%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt 3pt 3pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">-0.36%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">2.01%</span></p> </td> </tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dpn_hoef--PerformanceMeasureAxis__custom--BloombergUSGovernmentIntermediateTotalReturnIndexValueUnhedgedMember_zGOxsvhg8e2i" style="min-height: 27.9pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Bloomberg U.S. Government Intermediate Total Return Index Value Unhedged<br/></span><span style="text-transform: none; font-style: italic"><i><span id="xdx_90C_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000011842Member_zRcsAJuD6L2h">(reflects no deduction for fees, expenses, or taxes)</span></i></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">6.50%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.64%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.76%</span></p> </td> </tr> </table> <table style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="min-height: 43.4pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse; width: 372.59pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b>CLASS</b></span><span style="text-transform: uppercase"><b> C2 SHARES</b></span></p> </td> <td id="xdx_49C_20250101__20251231_z3pzBcq21n55" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>1 YEAR</b></span></p> </td> <td id="xdx_496_20210101__20251231_zP9QxYeIVoSk" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>5 YEARS</b></span></p> </td> <td id="xdx_496_20201001__20251231_zReKRD5Xayqk" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>SINCE INCEPTION (<span id="xdx_90B_eoef--PerfInceptionDate_c20201001__20251231__oef--ClassAxis__custom--C000222323Member_z79b7leKgRu2">10-01-20</span>)</b></span></p> </td> </tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dpn_hoef--ClassAxis__custom--C000222323Member_zNUJ0KLzdUn5" style="min-height: 18.4pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Return Before Taxes</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">5.54%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.16%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.14%</span></p> </td> </tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dpn_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateTotalReturnIndexValueUSDMember_zwXhN2pPjyAe" style="min-height: 28.4pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Bloomberg U.S. Aggregate Total Return Index Value USD<br/></span><span style="text-transform: none; font-style: italic"><i><span id="xdx_903_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000011842Member_zKhMMgEwtW5b">(reflects no deduction for fees, expenses, or taxes)</span></i></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">7.30%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt 3pt 3pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">-0.36%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt 3pt 3pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">-0.22%</span></p> </td> </tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dpn_hoef--PerformanceMeasureAxis__custom--BloombergUSGovernmentIntermediateTotalReturnIndexValueUnhedgedMember_z4KpBMF3IF13" style="min-height: 27.9pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Bloomberg U.S. Government Intermediate Total Return Index Value Unhedged<br/></span><span style="text-transform: none; font-style: italic"><i><span id="xdx_902_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000011842Member_z2duAlURX2wb">(reflects no deduction for fees, expenses, or taxes)</span></i></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">6.50%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.64%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.56%</span></p> </td> </tr> </table> 0.0402 -0.0002 0.0103 0.0288 -0.0088 0.0027 0.0236 -0.0039 0.0045 (reflects no deduction for fees, expenses, or taxes) 0.0730 -0.0036 0.0201 (reflects no deduction for fees, expenses, or taxes) 0.0650 0.0064 0.0176 0.0569 0.0014 0.0088 (reflects no deduction for fees, expenses, or taxes) 0.0730 -0.0036 0.0201 (reflects no deduction for fees, expenses, or taxes) 0.0650 0.0064 0.0176 2020-10-01 0.0554 0.0016 0.0014 (reflects no deduction for fees, expenses, or taxes) 0.0730 -0.0036 -0.0022 (reflects no deduction for fees, expenses, or taxes) 0.0650 0.0064 0.0056 0.0682 0.0074 0.0150 (reflects no deduction for fees, expenses, or taxes) 0.0730 -0.0036 0.0201 (reflects no deduction for fees, expenses, or taxes) 0.0650 0.0064 0.0176 <p id="xdx_A89_eoef--PerformanceTableClosingTextBlock_zksvw6S37ekd" style="font: italic 8pt/9pt Arial, sans-serif; margin: 0pt 0pt 4pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; font-style: italic"><i><span id="xdx_90D_eoef--PerformanceTableUsesHighestFederalRate_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000011842Member_zO3wrGmVs7mg">After-tax returns are calculated using the highest historical individual federal marginal income tax rates, and do not reflect state or local income taxes.</span> <span id="xdx_908_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000011842Member_zbQnBBPIAAd8">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.</span> <span id="xdx_909_eoef--PerformanceTableOneClassOfAfterTaxShown_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000011842Member_z9zNyeReo3hf">The after-tax returns shown relate only to Class A shares, and after-tax returns for other share classes will vary.</span></i></span></p> After-tax returns are calculated using the highest historical individual federal marginal income tax rates, and do not reflect state or local income taxes. Actual after-tax returns depend on an investor’s own tax situation and may differ from the returns shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The after-tax returns shown relate only to Class A shares, and after-tax returns for other share classes will vary. Limited Term Income Fund Investment Goal <p id="xdx_A82_eoef--ObjectivePrimaryTextBlock_zzwxMsE2Hvei" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">The primary goal of Limited Term Income Fund is to provide as high a level of current income as is consistent, in the view of the Fund’s investment advisor, with safety of capital.</span></p> <p id="xdx_A8C_eoef--ObjectiveSecondaryTextBlock_zkX1cbhonm26" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">As a secondary goal, the Fund seeks to reduce changes in its share prices compared to longer term portfolios.</span></p> Fees and Expenses of the Fund <p id="xdx_A84_eoef--ExpenseNarrativeTextBlock_zaEvjsteJNY6" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </b><span id="xdx_90B_eoef--ExpenseBreakpointDiscounts_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000011845Member_zRuQfJpVvXK1">You may qualify for discounts from the sales charges applicable to Class A shares if you or other qualifying account holders invest, or agree to invest in the future, at least $<span id="xdx_901_eoef--ExpenseBreakpointMinimumInvestmentRequiredAmount_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000011845Member_zujbBLpMgwJa">50,000</span> in the Thornburg Funds.</span> More information about this and other discounts and sales charge waivers is available from your financial intermediary, in the Prospectus under the captions “Class A Sales Charge Waivers,” beginning on page 154, and “Appendix A – Sales Charge Waivers Offered by Financial Intermediaries,” beginning on page 208, and in the Statement of Additional Information under the caption “Additional Information Respecting Purchase and Redemption of Shares,” beginning on page 94.</span></p> You may qualify for discounts from the sales charges applicable to Class A shares if you or other qualifying account holders invest, or agree to invest in the future, at least $50,000 in the Thornburg Funds. 50000 Shareholder Fees (fees paid directly from your investment) <div id="xdx_A8E_eoef--ShareholderFeesTableTextBlock_zP0N5EB0dFXj" style="-sec-ix-redline: true"></div> <table id="xdx_A54_dU_zceXac6mXTVc" style="-sec-ix-redline: true; table-layout: fixed; width: 621pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 276pt"> </td> <td id="xdx_49B_20260128__20260128__oef--ClassAxis__custom--C000032357Member_z9jwdLysrsNf" style="border-width: 0; margin: 0; padding: 0; width: 69pt"> </td> <td id="xdx_496_20260128__20260128__oef--ClassAxis__custom--C000032358Member_zKbaV4mr8hl7" style="border-width: 0; margin: 0; padding: 0; width: 69pt"> </td> <td id="xdx_491_20260128__20260128__oef--ClassAxis__custom--C000222325Member_z6xcu64F9Zt2" style="border-width: 0; margin: 0; padding: 0; width: 69pt"> </td> <td id="xdx_491_20260128__20260128__oef--ClassAxis__custom--C000032359Member_zKY4SSqrgbq4" style="border-width: 0; margin: 0; padding: 0; width: 69pt"> </td> <td id="xdx_49D_20260128__20260128__oef--ClassAxis__custom--C000177478Member_zbKwMys3cxQ8" style="border-width: 0; margin: 0; padding: 0; width: 69pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b> </b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class A</b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class C</b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class C2</b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class I</b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class R6</b></span></p> </td> </tr> <tr id="xdx_406_eoef--MaximumSalesChargeImposedOnPurchasesOverOfferingPrice_dpn_z9EOu6s6AgQ9" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Maximum Sales Charge (Load) Imposed on Purchases <br/></span><span style="text-transform: none; font-style: italic"><i>(as a percentage of offering price)</i></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">2.25%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">none</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">none</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">none</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">none</span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Maximum Deferred Sales Charge (Load) <br/></span><span style="text-transform: none; font-style: italic"><i>(as a percentage of redemption proceeds or original purchase price, whichever is lower)</i></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_90B_eoef--MaximumDeferredSalesChargeOverOther_dpn_c20260128__20260128__oef--ClassAxis__custom--C000032357Member_fKDEp_zu1t31TiDxve">none</span></span><sup style="text-transform: none; font-size: 7pt; line-height: 7pt">(1)</sup><span style="text-transform: none"> </span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_902_eoef--MaximumDeferredSalesChargeOverOther_dpn_c20260128__20260128__oef--ClassAxis__custom--C000032358Member_fKDIp_zZorEh16zWEj">0.50</span>%</span><sup style="text-transform: none; font-size: 7pt; line-height: 7pt">(2)</sup><span style="text-transform: none"> </span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_903_eoef--MaximumDeferredSalesChargeOverOther_dpn_c20260128__20260128__oef--ClassAxis__custom--C000222325Member_fKDIp_zwLABMZBWc63">0.65</span>%</span><sup style="text-transform: none; font-size: 7pt; line-height: 7pt">(2)</sup><span style="text-transform: none"> </span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_90B_eoef--MaximumDeferredSalesChargeOverOther_dpn_c20260128__20260128__oef--ClassAxis__custom--C000032359Member_zTwRobTp7Ys">none</span></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_907_eoef--MaximumDeferredSalesChargeOverOther_dpn_c20260128__20260128__oef--ClassAxis__custom--C000177478Member_zYsjR29xBYee">none</span></span></p> </td> </tr> </table> 0.0225 0 0 0 0 0 0.0050 0.0065 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A80_eoef--AnnualFundOperatingExpensesTableTextBlock_zEzlymNXuema" style="-sec-ix-redline: true"></div> <table id="xdx_A59_dU_zGnecD7JDSLf" style="-sec-ix-redline: true; table-layout: fixed; width: 621pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 276pt"> </td> <td id="xdx_499_20260128__20260128__oef--ClassAxis__custom--C000032357Member_zXHxBnR7MpEg" style="border-width: 0; margin: 0; padding: 0; width: 69pt"> </td> <td id="xdx_490_20260128__20260128__oef--ClassAxis__custom--C000032358Member_zEdpenZOAPvi" style="border-width: 0; margin: 0; padding: 0; width: 69pt"> </td> <td id="xdx_49F_20260128__20260128__oef--ClassAxis__custom--C000222325Member_zrqxkwC9iXV4" style="border-width: 0; margin: 0; padding: 0; width: 69pt"> </td> <td id="xdx_493_20260128__20260128__oef--ClassAxis__custom--C000032359Member_zbXgJsxl2dgh" style="border-width: 0; margin: 0; padding: 0; width: 69pt"> </td> <td id="xdx_49E_20260128__20260128__oef--ClassAxis__custom--C000177478Member_zTg7UMme1qf7" style="border-width: 0; margin: 0; padding: 0; width: 69pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b> </b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class A</b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class C</b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class c2</b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class I</b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class R6</b></span></p> </td> </tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zipepTrCOo12" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Management Fees</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.32%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.32%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.32%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.32%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.32%</span></p> </td> </tr> <tr id="xdx_403_eoef--DistributionAndService12b1FeesOverAssets_dpn_zJzZcAglPpv4" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Distribution and Service (12b-1) Fees</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.25%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.50%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.65%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">none</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">none</span></p> </td> </tr> <tr id="xdx_405_eoef--OtherExpensesOverAssets_dpn_z3w2sqh89o6d" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Other Expenses</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.20%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.19%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.52%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.21%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.15%</span></p> </td> </tr> <tr id="xdx_407_eoef--ExpensesOverAssets_dpn_zoi03DyLoQr5" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Total Annual Fund Operating Expenses</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.77%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.01%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.49%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.53%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.47%</span></p> </td> </tr> <tr id="xdx_404_eoef--FeeWaiverOrReimbursementOverAssets_dpn_z4IjnOcKE8Lb" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Fee Waiver/Expense Reimbursement</span><sup style="text-transform: none; font-size: 7pt; line-height: 7pt">(</sup><sup id="xdx_F49_zZuwd5KsC2Q8" style="text-transform: none; font-size: 7pt; line-height: 7pt">3</sup><sup style="text-transform: none; font-size: 7pt; line-height: 7pt">)</sup><span style="text-transform: none"> </span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span style="-sec-ix-hidden: xdx2ixbrl1723">—</span></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">(0.02)%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">(0.35)%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt 3pt 8pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">(0.04)%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt 3pt 8pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">(0.05)%</span></p> </td> </tr> <tr id="xdx_40C_eoef--NetExpensesOverAssets_dpn_zGlPxGC6Vtde" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.77%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.99%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.14%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.49%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.42%</span></p> </td> </tr> </table> 0.0032 0.0032 0.0032 0.0032 0.0032 0.0025 0.0050 0.0065 0 0 0.0020 0.0019 0.0052 0.0021 0.0015 0.0077 0.0101 0.0149 0.0053 0.0047 -0.0002 -0.0035 -0.0004 -0.0005 0.0077 0.0099 0.0114 0.0049 0.0042 <div id="xdx_A88_eoef--ExpenseFootnotesTextBlock_zZOPXPI6b6od"></div> <table cellpadding="0" cellspacing="0" style="font: italic 8pt/9pt Arial, sans-serif; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right"><span style="text-transform: none"><i id="xdx_F0D_zcGlETHxd7O1">(1)</i></span></td> <td style="width: 5pt"></td> <td style="text-align: justify"><span style="text-transform: none"><i id="xdx_F10_zkgONWMsVe03">Up to a 0.50% contingent deferred sales charge (CDSC) is imposed on redemptions of any part or all of a purchase of $1 million or more within 12 months of purchase.</i></span></td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: italic 8pt/9pt Arial, sans-serif; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right"><span style="text-transform: none"><i id="xdx_F0B_zwtN6NiVOYJk">(2)</i></span></td> <td style="width: 5pt"></td> <td style="text-align: justify"><span style="text-transform: none"><i id="xdx_F17_zmb9yO0tOUid">Imposed only on redemptions of Class C and Class C2 shares within 12 months of purchase.</i></span></td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: italic 8pt/9pt Arial, sans-serif; -sec-ix-redline: true; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right"><span style="text-transform: none"><i id="xdx_F09_zazsemquUenb">(3)</i></span></td> <td style="width: 5pt"></td> <td style="text-align: justify"><span style="text-transform: none"><i id="xdx_F1D_zxbYsKoJKLC4">Thornburg Investment Management, Inc. (“Thornburg”) has contractually agreed to waive fees and reimburse expenses incurred by the Fund so that actual Class C, Class C2, Class I and Class R6 expenses (excluding taxes, interest expenses, acquired fund fees and expenses, brokerage commissions, borrowing costs, expenses relating to short sales, and unusual expenses such as contingency fees or litigation costs) do not exceed 0.99%, 1.14%, 0.49%, and 0.42%, 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 <span id="xdx_900_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260128__20260128__oef--ClassAxis__custom--C000032357Member_zEqcn6KsaI3b"><span id="xdx_90D_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260128__20260128__oef--ClassAxis__custom--C000032358Member_zdzkLfXhAbj9"><span id="xdx_909_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260128__20260128__oef--ClassAxis__custom--C000222325Member_z2HXP8xjd9B3"><span id="xdx_907_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260128__20260128__oef--ClassAxis__custom--C000032359Member_z7QctdwwCE07"><span id="xdx_90F_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260128__20260128__oef--ClassAxis__custom--C000177478Member_zChewlzfNR86">February 1, 2027</span></span></span></span></span>, 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.</i></span></td> </tr> </table> February 1, 2027 February 1, 2027 February 1, 2027 February 1, 2027 February 1, 2027 Example. <p id="xdx_A8A_eoef--ExpenseExampleNarrativeTextBlock_z1fJMidhYSU9" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 5pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">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:</span></p> <div id="xdx_A85_eoef--ExpenseExampleWithRedemptionTableTextBlock_z0czdyUpBZAa" style="-sec-ix-redline: true"></div> <table id="xdx_A51_dU_z8SQtrfT6pH8" style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 6pt; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 289.79pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b> </b></span></p> </td> <td id="xdx_483_eoef--ExpenseExampleYear01_zENrKaReevjc" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>1 Year</b></span></p> </td> <td id="xdx_48C_eoef--ExpenseExampleYear03_zkJJBc3dfG1d" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>3 Years</b></span></p> </td> <td id="xdx_486_eoef--ExpenseExampleYear05_zijpa412XEI3" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>5 Years</b></span></p> </td> <td id="xdx_48C_eoef--ExpenseExampleYear10_z39WbYx9bH73" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>10 Years</b></span></p> </td> </tr> <tr id="xdx_41A_20260128__20260128__oef--ClassAxis__custom--C000032357Member_zNWbswjiIzU8" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Class A Shares</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">$302</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">$465</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">$643</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">$1,158</span></p> </td> </tr> <tr id="xdx_410_20260128__20260128__oef--ClassAxis__custom--C000032358Member_zQylPVN3HXql" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Class C Shares</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">$151</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">$320</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">$556</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">$1,234</span></p> </td> </tr> <tr id="xdx_417_20260128__20260128__oef--ClassAxis__custom--C000222325Member_zrUORrloEi1a" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Class C2 Shares</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">$181</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">$437</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">$780</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">$1,750</span></p> </td> </tr> <tr id="xdx_417_20260128__20260128__oef--ClassAxis__custom--C000032359Member_zEelLjaO7KEa" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Class I Shares</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">$50</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">$166</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">$292</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt 3pt 13.5pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">$661</span></p> </td> </tr> <tr id="xdx_418_20260128__20260128__oef--ClassAxis__custom--C000177478Member_zkJ8TBMJlQgd" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Class R6 Shares</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">$43</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">$146</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">$258</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt 3pt 13.5pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">$587</span></p> </td> </tr> </table> 302 465 643 1158 151 320 556 1234 181 437 780 1750 50 166 292 661 43 146 258 587 You would pay the following expenses if you did not redeem your Class C shares: <div id="xdx_A87_eoef--ExpenseExampleNoRedemptionTableTextBlock_zM12Sp9CerE9"></div> <table id="xdx_A51_zuqz8EFtCQM" style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 5pt; border-collapse: collapse" summary="xdx: Disclosure - Expense Example, No Redemption"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 289.79pt"> </td> <td id="xdx_484_eoef--ExpenseExampleNoRedemptionYear01_zq5PgLz28Xih" style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td id="xdx_480_eoef--ExpenseExampleNoRedemptionYear03_zeqNDMyLhqc5" style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td id="xdx_48A_eoef--ExpenseExampleNoRedemptionYear05_ztOxeC6wIgeh" style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td id="xdx_483_eoef--ExpenseExampleNoRedemptionYear10_zgz4gWzdgLre" style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b> </b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>1 Year</b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>3 Years</b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>5 Years</b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>10 Years</b></span></p> </td> </tr> <tr id="xdx_411_20260128__20260128__oef--ClassAxis__custom--C000032358Member_zQOdCkdo3FDe" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Class C Shares</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">$101</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">$320</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">$556</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">$1,234</span></p> </td> </tr> <tr id="xdx_416_20260128__20260128__oef--ClassAxis__custom--C000222325Member_zKqGgH7OgHwi" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Class C2 Shares</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">$116</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">$437</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">$780</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">$1,750</span></p> </td> </tr> </table> 101 320 556 1234 116 437 780 1750 Portfolio Turnover. <p id="xdx_A89_eoef--PortfolioTurnoverTextBlock_zfBM9NG4ZNK8" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">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 <span id="xdx_903_eoef--PortfolioTurnoverRate_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000011845Member_zyCjZfIWgikf">32.96</span>% of the average value of its portfolio.</span></p> 32.96 Principal Investment Strategies <p id="xdx_A8D_eoef--StrategyNarrativeTextBlock_gRBSNTB-VVIJD_zBH91uQMSNPa" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 5pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; line-height: 12pt">Thornburg Investment Management, Inc. (“Thornburg”) actively manages the Fund’s portfolio in pursuing the Fund’s investment goals. 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 to otherwise respond to current </span><span style="text-transform: none; line-height: 12pt">market conditions.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 5pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; line-height: 12pt"><span id="xdx_90D_eoef--StrategyPortfolioConcentration_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000011845Member_z3j05KwP9o2h">The Fund invests at least 65% of its net assets, plus the amount of any borrowings for investment purposes, in (i) obligations of the U.S. government, its agencies and instrumentalities, and (ii) debt obligations rated at the time of purchase in one of the three highest principal long term rating categories of S&amp;P Global Ratings (AAA, AA or A) or Moody’s Investors Services, Inc. (Aaa, Aa or A), or the equivalent three highest short term ratings of those ratings agencies, or, if no credit rating is available, judged to be of comparable quality as determined by Thornburg.</span> The Fund will not invest in any debt obligation rated at the time of purchase lower than BBB by S&amp;P, Baa by Moody’s, of the equivalent short term ratings of those ratings agencies, or, if no credit rating is available, judged to be of comparable quality as determined by Thornburg. The Fund may purchase corporate debt obligations, municipal securities, and commercial paper and bankers’ acceptances, and the Fund may also purchase securities backed by an underlying pool of debt obligations, including mortgage-backed securities, asset-backed securities, collateralized mortgage obligations, and collateralized debt obligations (sometimes referred to collectively as “structured products”). The Fund may purchase foreign securities of the same types and quality as the domestic securities it purchases when Thornburg believes these investments are consistent with the </span><span style="text-transform: none; line-height: 12pt">Fund’s objectives. </span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; line-height: 12pt">Because the magnitude of changes in the value of interest-bearing obligations is greater for obligations with longer terms given an equivalent change in interest rates, the Fund seeks to reduce changes in its share value by maintaining a portfolio of investments with a dollar-weighted average maturity or expected life of normally less than five years. As a result, the Fund also maintains a portfolio of investments having a dollar-weighted average effective duration of normally no more than five years. Duration is a measure of estimated sensitivity to interest rate changes. A portfolio with a longer average effective duration will typically </span><span style="text-transform: none; line-height: 12pt">be more</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; line-height: 12pt">sensitive to interest rate changes than a portfolio with a shorter average effective duration. Duration is commonly expressed as a number, which is the expected percentage change in an obligation’s price upon a 1% change in interest rates. For example, an obligation with a duration of 5 would be expected to change in price by approximately 5% in response to a 1% change in interest rates. During temporary periods the Fund’s portfolio maturity and average effective duration may be reduced for defensive purposes. There is no limitation on the maturity of any specific security the Fund may purchase, and the Fund may sell any security before it matures. The Fund also attempts to reduce changes in share value through credit analysis, selection </span><span style="text-transform: none; line-height: 12pt">and diversification.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; line-height: 12pt">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 r</span><span style="text-transform: none; line-height: 12pt">esponse 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 </span><span style="text-transform: none; line-height: 12pt">yields available.</span></p> The Fund invests at least 65% of its net assets, plus the amount of any borrowings for investment purposes, in (i) obligations of the U.S. government, its agencies and instrumentalities, and (ii) debt obligations rated at the time of purchase in one of the three highest principal long term rating categories of S&P Global Ratings (AAA, AA or A) or Moody’s Investors Services, Inc. (Aaa, Aa or A), or the equivalent three highest short term ratings of those ratings agencies, or, if no credit rating is available, judged to be of comparable quality as determined by Thornburg. An investment in the Fund is not a deposit in any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Accordingly, the loss of money is a risk of investing in the Fund. <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__us-gaap--CreditRiskMember_zDPzPxnGY1eg" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; line-height: 12pt"><b>Credit Risk </b></span><span style="text-transform: none; line-height: 12pt">– All securities owned by the Fund </span><span style="text-transform: none; line-height: 12pt">may be subject to default, delays in payment, adverse legislation </span><span style="text-transform: none; line-height: 12pt">or other government action, or could be downgraded by ratings </span><span style="text-transform: none; line-height: 12pt">agencies, reducing the value of the Fund’s shares. Securities </span><span style="text-transform: none; line-height: 12pt">backed by the full faith and credit of the U.S.</span><span style="text-transform: none; line-height: 12pt"> government, such as U.S. Treasury obligations, are commonly regarded </span><span style="text-transform: none; line-height: 12pt">as having small exposure to credit risk. Obligations of certain</span><span style="text-transform: none; line-height: 12pt"> U.S. government agencies, instrumentalities and government sponsored enterprises (sometimes referr</span><span style="text-transform: none; line-height: 12pt">ed to as “agency obligations”) are not direct obligations of</span><span style="text-transform: none; line-height: 12pt"> the United States, may not be backed by the full</span><span style="text-transform: none; line-height: 12pt"> faith and credit of the U.S. government, and may </span><span style="text-transform: none; line-height: 12pt">have a greater exposure to credit risk. Although the U.S.</span><span style="text-transform: none; line-height: 12pt"> government is required by law to provide credit </span><span style="text-transform: none; line-height: 12pt">support for some agency obligations, there is no assurance that </span><span style="text-transform: none; line-height: 12pt">the U.S. government would provide financial support for any such</span><span style="text-transform: none; line-height: 12pt"> obligation on a default by the issuing agency, instrumentality </span><span style="text-transform: none; line-height: 12pt">or enterprise in the absence of a legal requirement to </span><span style="text-transform: none; line-height: 12pt">do so. As of the date of this Prospectus, securities</span><span style="text-transform: none; line-height: 12pt"> backed by the full faith and credit of the </span><span style="text-transform: none; line-height: 12pt">U.S. government, and securities of U.S. government agencies, instrumentalities and </span><span style="text-transform: none; line-height: 12pt">enterprises which may be purchased by the Fund, are rated “Aaa”</span><span style="text-transform: none; line-height: 12pt"> by Moody’s Investors Services or “AA+” by S&amp;P Global</span><span style="text-transform: none; line-height: 12pt"> Ratings. Ratings agencies may reduce the ratings of any securities</span><span style="text-transform: none; line-height: 12pt"> in the future. Lower-rated or unrated obligations in which </span><span style="text-transform: none; line-height: 12pt">the Fund is permitted to invest may have, or may </span><span style="text-transform: none; line-height: 12pt">be perceived to have, greater risk of default and </span><span style="text-transform: none; line-height: 12pt">ratings </span><span style="text-transform: none; line-height: 12pt">downgrades.</span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityAndOperationalRiskMember_zhkieu8VM8X1" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; -sec-ix-redline: true; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; line-height: 12pt"><b>Cybersecurity and Operational Risk </b></span><span style="text-transform: none; line-height: 12pt">– Operational failures, cyber-attacks or </span><span style="text-transform: none; line-height: 12pt">other disruptions that affect the Fund’s service providers, </span><span style="text-transform: none; line-height: 12pt">the Fund’s counterparties, other market participants or the issuers </span><span style="text-transform: none; line-height: 12pt">of securities held by the Fund may adversely affect the</span><span style="text-transform: none; line-height: 12pt"> Fund and its shareholders, including by causing losses for the</span><span style="text-transform: none; line-height: 12pt"> Fund or impairing Fund operations.</span><span style="text-transform: none; line-height: 12pt"> 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.</span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignGovernmentObligationsRiskMember_zft43Pwkbric" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Foreign Government Obligations Risk </b>– Debt obligations may be issued by foreign governments and their agencies and instrumentalities, including the governments of developing countries and “supra-national” entities such as the International Bank for Reconstruction and Development. The Fund’s investments in these foreign debt obligations may be denominated in U.S. dollars or in foreign currencies. These securities, even if denominated in U.S. dollars, may be affected significantly by fluctuations in the value of foreign currencies, and the value of these securities in U.S. dollars may decline even if the securities increase in value in their home country. The governmental issuers of these debt obligations may be less willing or able than the U.S. to repay principal and interest when due, and they may require that the terms for payment be renegotiated. In some countries there may be political instability or insufficient government supervision of markets, and the legal protections for the Fund’s investments could be subject to unfavorable judicial or administrative changes. These risks may be more pronounced for the Fund’s investments in debt obligations issued by developing countries.</span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignInvestmentRiskMember_zwVMqVJOUKYi" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; line-height: 12pt"><b>Foreign Investment Risk </b></span><span style="text-transform: none; line-height: 12pt">– 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. These risks may be more pronounced for investments in developing countries. 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 </span><span style="text-transform: none; line-height: 12pt">ratings agencies.</span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__us-gaap--InterestRateRiskMember_zvfzstGfakfe" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; line-height: 12pt"><b>Interest Rate Risk </b></span><span style="text-transform: none; line-height: 12pt">– </span><span style="text-transform: none; line-height: 12pt">When interest rates increase, the value of the Fund’s </span><span style="text-transform: none; line-height: 12pt">investments may decline and the Fund’s share value may </span><span style="text-transform: none; line-height: 12pt">be reduced. This effect is typically more pronounced for intermediate</span><span style="text-transform: none; line-height: 12pt"> and longer-term obligations. This effect is also typically more </span><span style="text-transform: none; line-height: 12pt">pronounced for the Fund’s investment in mortgage- and other</span><span style="text-transform: none; line-height: 12pt"> asset-backed securities, the value of which may fluctuate more significant </span><span style="text-transform: none; line-height: 12pt">in response to interest rate changes. When interest rates decrease,</span><span style="text-transform: none; line-height: 12pt"> the Fund’s dividends </span><span style="text-transform: none; line-height: 12pt">may decline.</span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zJXulCc3R4fa" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; line-height: 12pt"><b>Liquidity Risk </b></span><span style="text-transform: none; line-height: 12pt">– Due to a lack of demand in the marketplace or other factors, the Fund may not be able to sell promptly some or all of the obligations that it holds, or may only be able to sell obligations at less than </span><span style="text-transform: none; line-height: 12pt">desired prices.</span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zInGmudZsyX2" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 5pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; line-height: 12pt"><b>Management Risk </b></span><span style="text-transform: none; line-height: 12pt">– </span><span style="text-transform: none; line-height: 12pt">The Fund is an actively managed portfolio, and the value </span><span style="text-transform: none; line-height: 12pt">of the Fund may be reduced if Thornburg pursues unsuccessful</span><span style="text-transform: none; line-height: 12pt"> investments or fails to correctly identify risks affecting the </span><span style="text-transform: none; line-height: 12pt">broad economy or specific issuers in which the </span><span style="text-transform: none; line-height: 12pt">Fund invests.</span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndEconomicRiskMember_zagKnbsyoD4g" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 5pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; line-height: 12pt"><b>Market</b></span><span style="text-transform: none; line-height: 12pt"><b> and Economic Risk </b></span><span style="text-transform: none; line-height: 12pt">– The value of the Fund’s</span><span style="text-transform: none; line-height: 12pt"> investments may decline and its share value may be r</span><span style="text-transform: none; line-height: 12pt">educed due to changes in general economic and market conditions. </span><span style="text-transform: none; line-height: 12pt">For example, a fall in worldwide demand for U.S. government </span><span style="text-transform: none; line-height: 12pt">securities or general economic decline could lower the value of </span><span style="text-transform: none; line-height: 12pt">those securities.</span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--PrepaymentAndExtensionRiskMember_zRDN2IzXEvvk" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 5pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; line-height: 12pt"><b>Prepayment and Extension Risk </b></span><span style="text-transform: none; line-height: 12pt">– When market interest rates</span><span style="text-transform: none; line-height: 12pt"> decline, certain debt obligations held by the Fund may be</span><span style="text-transform: none; line-height: 12pt"> repaid more quickly than anticipated, requiring the Fund to </span><span style="text-transform: none; line-height: 12pt">reinvest the proceeds of those repayments in obligations which bear </span><span style="text-transform: none; line-height: 12pt">a lower interest rate. Conversely, when market interest rates increase,</span><span style="text-transform: none; line-height: 12pt"> certain debt obligations held by the Fund may be </span><span style="text-transform: none; line-height: 12pt">repaid more slowly than anticipated, causing assets of the Fund</span><span style="text-transform: none; line-height: 12pt"> to remain invested in relatively lower yielding obligations. These risks</span><span style="text-transform: none; line-height: 12pt"> may be more pronounced for the Fund’s investments </span><span style="text-transform: none; line-height: 12pt">in mortgage-backed and </span><span style="text-transform: none; line-height: 12pt">asset-backed securities.</span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--RedemptionRiskMember_z7Ab4o2qcaac" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 5pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; line-height: 12pt"><b>Redemption Risk </b></span><span style="text-transform: none; line-height: 12pt">– If a significant</span><span style="text-transform: none; line-height: 12pt"> percentage of the Fund’s shares is owned or contr</span><span style="text-transform: none; line-height: 12pt">olled by a single shareholder, the Fund is subject to</span><span style="text-transform: none; line-height: 12pt"> the risk that a redemption by that shareholder of </span><span style="text-transform: none; line-height: 12pt">all or a large portion of its shares may require </span><span style="text-transform: none; line-height: 12pt">the Fund to sell securities at less than desired prices,</span><span style="text-transform: none; line-height: 12pt"> and the Fund’s remaining shareholders may also incur additional</span><span style="text-transform: none; line-height: 12pt"> transaction costs or adverse tax consequences from such </span><span style="text-transform: none; line-height: 12pt">trading </span><span style="text-transform: none; line-height: 12pt">activity.</span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--RisksAffectingSpecificIssuersMember_zXcM1f8FLNXa" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 5pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; line-height: 12pt"><b>Risks Affecting Specific Issuers </b></span><span style="text-transform: none; line-height: 12pt">– The value of a </span><span style="text-transform: none; line-height: 12pt">debt obligation may decline in response</span><span style="text-transform: none; line-height: 12pt"> to developments affecting the specific issuer of the obligation, even if other issuers or the overall economy are 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 </span><span style="text-transform: none; line-height: 12pt">competitive position.</span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--StructuredProductsRiskMember_zudAmHA923Kk" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 5pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; line-height: 12pt"><b>Structured Products Risk </b></span><span style="text-transform: none; line-height: 12pt">– 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 </span><span style="text-transform: none; line-height: 12pt">Fund investments.</span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentObligationsRiskMember_zjjU76QT5aM1" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>U.S. Government Obligations Risk </b>– 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.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 5pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; line-height: 12pt">Additional information about Fund investments, investment strategies, and risks of investing in the Fund appears below beginning on page 125</span><span style="text-transform: none; line-height: 12pt"> of </span><span style="text-transform: none; line-height: 12pt">the Prospectus.</span></p> Past Performance of the Fund <p id="xdx_A85_eoef--PerformanceNarrativeTextBlock_zbHCaM4w1VYa" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; line-height: 12pt"><span id="xdx_904_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000011845Member_zr7NgILahWXg">The following information provides some indication of the risks of investing in the Limited Term Income Fund by showing how the Fund’s investment results vary from year to year.</span> The bar chart shows how the annual total returns for Class A shares have been different in each full year shown. The average annual total return figures compare Class A, Class C, Class C2, Class I, and Class R6 share performance to the Bloomberg U.S. Aggregate Total Return Index Value USD, a broad-based securities market index that represents the overall applicable market in which the Fund invests, and the Bloomberg Intermediate U.S. Government/ Credit Total Return Index Value Unhedged, an additional benchmark that represents the market sectors which Thornburg believes are more representative of the Fund’s investment universe. These indexes are not actively managed and are not available for direct investment. The bar charts and performance tables assume reinvestment of dividends and distributions. <span id="xdx_907_eoef--PerformancePastDoesNotIndicateFuture_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000011845Member_z7acuoi4bqii">Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> The performance information shown below is as of the calendar year ended December 31, 2025. Updated performance information may be obtained on the Thornburg website at <span id="xdx_905_eoef--PerformanceAvailabilityWebSiteAddress_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000011845Member_zznx21Qpoe6">Thornburg.com</span> or by </span><span style="text-transform: none; line-height: 12pt">calling <span id="xdx_905_eoef--PerformanceAvailabilityPhone_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000011845Member_zp50uC1OyTvc">1-800-847-0200</span>.</span></p> The following information provides some indication of the risks of investing in the Limited Term Income Fund by showing how the Fund’s investment results vary from year to year. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Thornburg.com 1-800-847-0200 Annual Total Returns – Class A Shares <div id="xdx_A8E_eoef--BarChartTableTextBlock_zDLdfPPhd2Bk"></div> <table border="0" cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zYUhHNtc1yEj" style="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: top"> <td style="text-align: left; width: 21%; display: none"> </td> <td id="xdx_48C_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000032357Member_z3UoPSM0M5ib" style="text-align: left; width: 79%; display: none"> </td></tr> <tr id="xdx_417_20160101__20161231_zJTbAsojzHX7" style="vertical-align: top"> <td style="text-align: left; display: none">2016</td> <td style="text-align: left; display: none">3.12%</td></tr> <tr id="xdx_418_20170101__20171231_zvxFzuqz4Ysl" style="vertical-align: top"> <td style="text-align: left; display: none">2017</td> <td style="text-align: left; display: none">2.27%</td></tr> <tr id="xdx_415_20180101__20181231_zGWgpnWCyqt5" style="vertical-align: top"> <td style="text-align: left; display: none">2018</td> <td style="text-align: left; display: none">0.99%</td></tr> <tr id="xdx_41A_20190101__20191231_zNLzuUMZCfS3" style="vertical-align: top"> <td style="text-align: left; display: none">2019</td> <td style="text-align: left; display: none">5.37%</td></tr> <tr id="xdx_41F_20200101__20201231_zcq4xQHNjce6" style="vertical-align: top"> <td style="text-align: left; display: none">2020</td> <td style="text-align: left; display: none">7.37%</td></tr> <tr id="xdx_414_20210101__20211231_zE59eK11Gmb5" style="vertical-align: top"> <td style="text-align: left; display: none">2021</td> <td style="text-align: left; display: none">-1.07%</td></tr> <tr id="xdx_41E_20220101__20221231_z6U2boVfr8Nl" style="vertical-align: top"> <td style="text-align: left; display: none">2022</td> <td style="text-align: left; display: none">-7.33%</td></tr> <tr id="xdx_413_20230101__20231231_zi9F6L4mJzd7" style="vertical-align: top"> <td style="text-align: left; display: none">2023</td> <td style="text-align: left; display: none">6.27%</td></tr> <tr id="xdx_414_20240101__20241231_z2pkVWD7O9yh" style="vertical-align: top"> <td style="text-align: left; display: none">2024</td> <td style="text-align: left; display: none">4.34%</td></tr> <tr id="xdx_418_20250101__20251231_z89BLjUmsnZ2" style="vertical-align: top"> <td style="text-align: left; display: none">2025</td> <td style="text-align: left; display: none">6.80%</td></tr> </table> <div style="font: 12pt/normal Times New Roman, Times, serif; margin: 5pt 0pt 17pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"> <div style="border-width: 0pt; padding: 0pt; overflow: hidden; display: inline-block; width: 617.69pt; height: 183.79pt; text-align: left"> <img alt="" src="retailproimg011.gif" style="vertical-align: top; margin-left: 46pt; width: 523.25pt; margin-top: 0pt; height: 182.85pt"/> </div> </div> 0.0312 0.0227 0.0099 0.0537 0.0737 -0.0107 -0.0733 0.0627 0.0434 0.0680 <div id="xdx_A8C_eoef--BarChartClosingTextBlock_ztEWDlJLWiH3"></div> <div style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 5pt; text-transform: none; color: #000000; text-align: left"> <table style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 5pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 455.4pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b> </b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Total<br/>Returns</b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Quarter<br/>ended</b></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><span id="xdx_90B_eoef--HighestQuarterlyReturnLabel_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000011845Member_zaJIa6geWLH5">Highest Quarterly Results</span></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_904_eoef--BarChartHighestQuarterlyReturn_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000011845Member_zr7eNOplLhki">5.71%</span></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_90B_eoef--BarChartHighestQuarterlyReturnDate_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000011845Member_zoOyuOXKpiU2">6/30/2020</span></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><span id="xdx_906_eoef--LowestQuarterlyReturnLabel_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000011845Member_zsba2wtQa00c">Lowest Quarterly Results</span></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt 3pt 3pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_90B_eoef--BarChartLowestQuarterlyReturn_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000011845Member_zn1qWlbXMK65">-3.89%</span></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_901_eoef--BarChartLowestQuarterlyReturnDate_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000011845Member_zNkHVj7ViqOd">3/31/2022</span></span></p> </td> </tr> </table> </div> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 7pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><span id="xdx_904_eoef--BarChartDoesNotReflectSalesLoads_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000011845Member_zcyhTZZ8lDu5">The sales charge for Class A shares is not reflected in the returns shown in the bar chart above and the returns would be less if the charge was taken into account.</span></span></p> Highest Quarterly Results 0.0571 2020-06-30 Lowest Quarterly Results -0.0389 2022-03-31 The sales charge for Class A shares is not reflected in the returns shown in the bar chart above and the returns would be less if the charge was taken into account. Average Annual Total Returns (periods ended 12-31-25) <div id="xdx_A89_eoef--PerformanceTableTextBlock_gRBPTTB-CNRE_zHRcvQJHkS92"></div> <table style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 382.94pt"> </td> <td id="xdx_49E_20250101__20251231_zfHVpck77Tl8" style="border-width: 0; margin: 0; padding: 0; width: 79.35pt"> </td> <td id="xdx_496_20210101__20251231_zbmOwz3EYHY6" style="border-width: 0; margin: 0; padding: 0; width: 79.35pt"> </td> <td id="xdx_49F_20160101__20251231_zXBRV76DxzXk" style="border-width: 0; margin: 0; padding: 0; width: 79.35pt"> </td> </tr> <tr style="min-height: 18.4pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b>CLASS A SHARES</b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>1 YEAR</b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>5 YEARS</b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>10 YEARS</b></span></p> </td> </tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dpn_hoef--ClassAxis__custom--C000032357Member_zs9UNhkvevB3" style="min-height: 16.4pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Return Before Taxes</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">4.37%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.20%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">2.57%</span></p> </td> </tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dpn_hoef--ClassAxis__custom--C000032357Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zhwFD1oRZVC3" style="min-height: 16.4pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Return After Taxes on Distributions</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">2.76%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.04%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.47%</span></p> </td> </tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dpn_hoef--ClassAxis__custom--C000032357Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_ztfXQjQ3XLta" style="min-height: 16.4pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Return After Taxes on Distributions and Sale of Fund Shares</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">2.56%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.40%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.49%</span></p> </td> </tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dpn_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateTotalReturnIndexValueUSDMember_zeUv7XrmwwF5" style="min-height: 26.4pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Bloomberg U.S. Aggregate Total Return Index Value USD<br/></span><span style="text-transform: none; font-style: italic"><i><span id="xdx_900_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000011845Member_zUcZTUadN4W1">(reflects no deduction for fees, expenses, or taxes)</span></i></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">7.30%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt 3pt 3pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">-0.36%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">2.01%</span></p> </td> </tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dpn_hoef--PerformanceMeasureAxis__custom--BloombergIntermediateUSGovernmentCreditTotalReturnIndexValueUnhedgedMember_zvCAZrlepiXh" style="min-height: 25.9pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Bloomberg Intermediate U.S. Government/Credit Total Return Index Value Unhedged<br/></span><span style="text-transform: none; font-style: italic"><i><span id="xdx_902_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000011845Member_zf0rdhUWBFk">(reflects no deduction for fees, expenses, or taxes)</span></i></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">6.97%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.96%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">2.29%</span></p> </td> </tr> </table> <div></div> <table style="-sec-ix-redline: true; table-layout: fixed; width: 621pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 382.95pt"> </td> <td id="xdx_49E_20250101__20251231_zbbK9T3sDAD5" style="border-width: 0; margin: 0; padding: 0; width: 79.35pt"> </td> <td id="xdx_496_20210101__20251231_zaQt8dEu3EU2" style="border-width: 0; margin: 0; padding: 0; width: 79.35pt"> </td> <td id="xdx_49F_20160101__20251231_zxKbLHxX4JIh" style="border-width: 0; margin: 0; padding: 0; width: 79.35pt"> </td> </tr> <tr style="min-height: 18.4pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b>CLASS </b></span><span style="text-transform: uppercase"><b>C SHARES</b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>1 YEAR</b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>5 YEARS</b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>10 YEARS</b></span></p> </td> </tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dpn_hoef--ClassAxis__custom--C000032358Member_zVXGHGbLLNJd" style="min-height: 18.4pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Return Before Taxes</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">6.05%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.42%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">2.50%</span></p> </td> </tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dpn_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateTotalReturnIndexValueUSDMember_zTQapxPj42L4" style="min-height: 28.4pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Bloomberg U.S. Aggregate Total Return Index Value USD<br/></span><span style="text-transform: none; font-style: italic"><i><span id="xdx_90A_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000011845Member_zawJgJw3aBt3">(reflects no deduction for fees, expenses, or taxes)</span></i></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">7.30%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt 3pt 3pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">-0.36%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">2.01%</span></p> </td> </tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dpn_hoef--PerformanceMeasureAxis__custom--BloombergIntermediateUSGovernmentCreditTotalReturnIndexValueUnhedgedMember_zZLE9wjsdRf8" style="min-height: 27.9pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Bloomberg Intermediate U.S. Government/Credit Total Return Index Value Unhedged<br/></span><span style="text-transform: none; font-style: italic"><i><span id="xdx_904_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000011845Member_zOMFuBkPDcwi">(reflects no deduction for fees, expenses, or taxes)</span></i></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">6.97%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.96%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">2.29%</span></p> </td> </tr> </table> 0.0437 0.0120 0.0257 0.0276 0.0004 0.0147 0.0256 0.0040 0.0149 (reflects no deduction for fees, expenses, or taxes) 0.0730 -0.0036 0.0201 (reflects no deduction for fees, expenses, or taxes) 0.0697 0.0096 0.0229 0.0605 0.0142 0.0250 (reflects no deduction for fees, expenses, or taxes) 0.0730 -0.0036 0.0201 (reflects no deduction for fees, expenses, or taxes) 0.0697 0.0096 0.0229 2020-10-01 0.0557 0.0118 0.0127 (reflects no deduction for fees, expenses, or taxes) 0.0730 -0.0036 -0.0022 (reflects no deduction for fees, expenses, or taxes) 0.0697 0.0096 0.0100 0.0701 0.0194 0.0303 (reflects no deduction for fees, expenses, or taxes) 0.0730 -0.0036 0.0201 (reflects no deduction for fees, expenses, or taxes) 0.0697 0.0096 0.0229 2017-04-10 0.0708 0.0200 0.0309 (reflects no deduction for fees, expenses, or taxes) 0.0730 -0.0036 0.0188 (reflects no deduction for fees, expenses, or taxes) 0.0697 0.0096 0.0227 <p id="xdx_A8F_eoef--PerformanceTableClosingTextBlock_zcev2UNm4pAd" style="font: italic 8pt/9pt Arial, sans-serif; margin: 0pt 0pt 4pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; font-style: italic"><i><span id="xdx_908_eoef--PerformanceTableUsesHighestFederalRate_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000011845Member_zUqC5A8oPJL6">After-tax returns are calculated using the highest historical individual federal marginal income tax rates, and do not reflect state or local income taxes.</span> <span id="xdx_907_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000011845Member_zArixHUGdf99">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.</span> <span id="xdx_903_eoef--PerformanceTableOneClassOfAfterTaxShown_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000011845Member_z5tPQEeNOEf2">The after-tax returns shown relate only to Class A shares, and after-tax returns for other share classes will vary.</span></i></span></p> After-tax returns are calculated using the highest historical individual federal marginal income tax rates, and do not reflect state or local income taxes. Actual after-tax returns depend on an investor’s own tax situation and may differ from the returns shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The after-tax returns shown relate only to Class A shares, and after-tax returns for other share classes will vary. Core Plus Bond Fund Investment Goal <p id="xdx_A86_eoef--ObjectivePrimaryTextBlock_zmsjDwZpC4Bg" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">The Fund seeks to maximize total return, consistent with the long-term preservation of capital.</span></p> Fees and Expenses of the Fund <p id="xdx_A81_eoef--ExpenseNarrativeTextBlock_zb1VMqdvzzKf" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </b><span id="xdx_906_eoef--ExpenseBreakpointDiscounts_dpn_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000082059Member_zuecmosmGoQl">You may qualify for discounts from the sales charges applicable to Class A shares if you or other qualifying account holders invest, or agree to invest in the future, at least $<span id="xdx_909_eoef--ExpenseBreakpointMinimumInvestmentRequiredAmount_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000082059Member_zNsN7cXznBUe">50,000</span> in the Thornburg Funds.</span> More information about this and other discounts and sales charge waivers is available from your financial intermediary, in this Prospectus under the captions “Class A Sales Charge Waivers,” beginning on page 159, and “Appendix A – Sales Charge Waivers Offered by Financial Intermediaries,” beginning on page 212, and in the Statement of Additional Information under the caption “Additional Information Respecting Purchase and Redemption of Shares,” beginning on page 94.</span></p> You may qualify for discounts from the sales charges applicable to Class A shares if you or other qualifying account holders invest, or agree to invest in the future, at least $50,000 in the Thornburg Funds. 50000 Shareholder Fees (fees paid directly from your investment) <div id="xdx_A8B_eoef--ShareholderFeesTableTextBlock_zRE9zKIt8sLa" style="-sec-ix-redline: true"></div> <table id="xdx_A54_dU_zUBEw5CExlWe" style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 289.79pt"> </td> <td id="xdx_491_20260128__20260128__oef--ClassAxis__custom--C000245318Member_zTZJo1Q7OUP" style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td id="xdx_49E_20260128__20260128__oef--ClassAxis__custom--C000245320Member_zUcGWO11Da61" style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td id="xdx_49D_20260128__20260128__oef--ClassAxis__custom--C000245319Member_zN7jPnFPpLD3" style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td id="xdx_496_20260128__20260128__oef--ClassAxis__custom--C000245315Member_zLTbeyC45J5g" style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> <tr style="min-height: 11.7pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b> </b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class A</b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class C</b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class I</b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class R6</b></span></p> </td> </tr> <tr id="xdx_40C_eoef--MaximumSalesChargeImposedOnPurchasesOverOfferingPrice_dpn_zgxhSrGkHeag" style="min-height: 30.25pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Maximum Sales Charge (Load) Imposed on Purchases <br/></span><span style="text-transform: none; font-style: italic"><i>(as a percentage of offering price)</i></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">4.50%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">none</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">none</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">none</span></p> </td> </tr> <tr style="min-height: 28.8pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Maximum Deferred Sales Charge (Load) <br/></span><span style="text-transform: none; font-style: italic"><i>(as a percentage of redemption proceeds or original purchase price, whichever is lower)</i></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_901_eoef--MaximumDeferredSalesChargeOverOther_dpn_c20260128__20260128__oef--ClassAxis__custom--C000245318Member_fKDEp_zosgxydpFFPd">none</span></span><sup style="text-transform: none; font-size: 7pt; line-height: 7pt">(1)</sup><span style="text-transform: none"> </span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_905_eoef--MaximumDeferredSalesChargeOverOther_dpn_c20260128__20260128__oef--ClassAxis__custom--C000245320Member_fKDIp_z5qF16Cwlmz5">1.00</span>%</span><sup style="text-transform: none; font-size: 7pt; line-height: 7pt">(2)</sup><span style="text-transform: none"> </span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_900_eoef--MaximumDeferredSalesChargeOverOther_dpn_c20260128__20260128__oef--ClassAxis__custom--C000245319Member_zjJ17MklckDi">none</span></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_909_eoef--MaximumDeferredSalesChargeOverOther_dpn_c20260128__20260128__oef--ClassAxis__custom--C000245315Member_zEMNIrmcLm78">none</span></span></p> </td> </tr> </table> 0.0450 0 0 0 0 0.0100 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A82_eoef--AnnualFundOperatingExpensesTableTextBlock_z8IzmCUvIG7g" style="-sec-ix-redline: true"></div> <table id="xdx_A54_dU_ziJwSpMZ0uOd" style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 289.79pt"> </td> <td id="xdx_49A_20260128__20260128__oef--ClassAxis__custom--C000245318Member_z5wAFHVf519g" style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td id="xdx_49E_20260128__20260128__oef--ClassAxis__custom--C000245320Member_zOzjViYKIif7" style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td id="xdx_497_20260128__20260128__oef--ClassAxis__custom--C000245319Member_zEi7MUtTjpi5" style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td id="xdx_492_20260128__20260128__oef--ClassAxis__custom--C000245315Member_zXBTnS62msQ3" style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> <tr style="min-height: 11.7pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b> </b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class A</b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class C</b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class I</b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class R6</b></span></p> </td> </tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zP4iHdcak2D4" style="min-height: 13.5pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Management Fees</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.49%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.49%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.49%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.49%</span></p> </td> </tr> <tr id="xdx_403_eoef--DistributionAndService12b1FeesOverAssets_dpn_zfIQjEjdSmR4" style="min-height: 13.5pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Distribution and Service (12b-1) Fees</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.25%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.00%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt 3pt 3pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">none</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt 3pt 3pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">none</span></p> </td> </tr> <tr id="xdx_405_eoef--OtherExpensesOverAssets_dpn_zMvwPNng1GCh" style="min-height: 13.5pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Other Expenses</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">15.72%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">2.12%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.35%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">4.88%</span></p> </td> </tr> <tr id="xdx_407_eoef--ExpensesOverAssets_dpn_z6lLc1BWb78i" style="min-height: 13.5pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Total Annual Fund Operating Expenses</span></p> </td> <td style="border-top: #234b8d 1pt solid; padding: 3pt 6pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse; border-bottom-width: 0pt"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">16.46%</span></p> </td> <td style="border-top: #234b8d 1pt solid; padding: 3pt 6pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse; border-bottom-width: 0pt"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">3.61%</span></p> </td> <td style="border-top: #234b8d 1pt solid; padding: 3pt 6pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse; border-bottom-width: 0pt"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.84%</span></p> </td> <td style="border-top: #234b8d 1pt solid; padding: 3pt 6pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse; border-bottom-width: 0pt"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">5.37%</span></p> </td> </tr> <tr id="xdx_404_eoef--FeeWaiverOrReimbursementOverAssets_dpn_zoMd9ME7rjec" style="min-height: 13.5pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Fee Waiver/Expense Reimbursement</span><sup id="xdx_F4A_zg4GivGeKAdh" style="text-transform: none; font-size: 7pt; line-height: 7pt">(3)</sup><span style="text-transform: none"> </span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">(15.71)%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">(2.11)%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">(0.34)%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">(4.87)%</span></p> </td> </tr> <tr id="xdx_40C_eoef--NetExpensesOverAssets_dpn_zHOOwoaCyDI" style="min-height: 13.5pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Total Annual Fund Operating Expenses After <br/>Fee Waiver/Expense Reimbursement</span></p> </td> <td style="border-top: #234b8d 1pt solid; border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.75%</span></p> </td> <td style="border-top: #234b8d 1pt solid; border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.50%</span></p> </td> <td style="border-top: #234b8d 1pt solid; border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.50%</span></p> </td> <td style="border-top: #234b8d 1pt solid; border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.50%</span></p> </td> </tr> </table> 0.0049 0.0049 0.0049 0.0049 0.0025 0.0100 0 0 0.1572 0.0212 0.0035 0.0488 0.1646 0.0361 0.0084 0.0537 -0.1571 -0.0211 -0.0034 -0.0487 0.0075 0.0150 0.0050 0.0050 <div id="xdx_A88_eoef--ExpenseFootnotesTextBlock_zHOPXPI5b6od"></div> <table cellpadding="0" cellspacing="0" style="font: italic 8pt/9pt Arial, sans-serif; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right"><span style="text-transform: none"><i id="xdx_F00_zso1wUb1IlFe">(1)</i></span></td> <td style="width: 5pt"></td> <td style="text-align: justify"><span style="text-transform: none"><i id="xdx_F13_znbylXF7ygrk">Up to a 1.00% contingent deferred sales charge (CDSC) is imposed on redemptions of any part or all of a purchase of $1 million or more within 12 months of purchase.</i></span></td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: italic 8pt/9pt Arial, sans-serif; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right"><span style="text-transform: none"><i id="xdx_F09_zfkuXLazp23l">(2)</i></span></td> <td style="width: 5pt"></td> <td style="text-align: justify"><span style="text-transform: none"><i id="xdx_F1F_zSZrRsAPwDDh">Imposed only on redemptions of Class C shares within 12 months of purchase.</i></span></td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: italic 8pt/9pt Arial, sans-serif; -sec-ix-redline: true; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right"><span style="text-transform: none"><i id="xdx_F01_z79CsSoJ8bll">(3)</i></span></td> <td style="width: 5pt"></td> <td style="text-align: justify"><span style="text-transform: none"><i id="xdx_F12_zP1q31ocSto5">Thornburg Investment Management, Inc. (“Thornburg”) has contractually agreed to waive fees and reimburse expenses incurred by the Fund so that actual Class A, Class C, Class I, and Class R6 expenses (excluding taxes, interest expenses, acquired fund fees and expenses, brokerage commissions, borrowing costs, expenses relating to short sales, and unusual expenses such as contingency fees or litigation costs) do not exceed 0.75%, 1.50%, 0.50%, and 0.50%, 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 <span id="xdx_90A_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260128__20260128__oef--ClassAxis__custom--C000245318Member_z036DwFNCEO8"><span id="xdx_90C_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260128__20260128__oef--ClassAxis__custom--C000245320Member_zcEXlj4MszC3"><span id="xdx_906_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260128__20260128__oef--ClassAxis__custom--C000245319Member_z9x4hyOdPEWb"><span id="xdx_903_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260128__20260128__oef--ClassAxis__custom--C000245315Member_z1Wb7T909CT6">February 1, 2027</span></span></span></span>, 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.</i></span></td> </tr> </table> February 1, 2027 February 1, 2027 February 1, 2027 February 1, 2027 Example. <p id="xdx_A8F_eoef--ExpenseExampleNarrativeTextBlock_z8ZebmS1PyNd" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">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:</span></p> <div id="xdx_A83_eoef--ExpenseExampleWithRedemptionTableTextBlock_zSpSoo8nw9z" style="-sec-ix-redline: true"></div> <table id="xdx_A51_dU_zOYD4Qfc0qqi" style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 289.79pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b> </b></span></p> </td> <td id="xdx_488_eoef--ExpenseExampleYear01_zYbxkviQ7u9h" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>1 Year</b></span></p> </td> <td id="xdx_48B_eoef--ExpenseExampleYear03_z2tSo2ODJmw4" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>3 Years</b></span></p> </td> <td id="xdx_486_eoef--ExpenseExampleYear05_zg9f7XeNY5Z3" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>5 YEARS</b></span></p> </td> <td id="xdx_485_eoef--ExpenseExampleYear10_zu6glQlIevy6" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>10 YEARS</b></span></p> </td> </tr> <tr id="xdx_41B_20260128__20260128__oef--ClassAxis__custom--C000245318Member_zXS7Njgx294a" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Class A Shares</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">$523</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">$3,436</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">$5,719</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">$9,496</span></p> </td> </tr> <tr id="xdx_413_20260128__20260128__oef--ClassAxis__custom--C000245320Member_z00b0o43mZ03" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Class C Shares</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">$253</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt 3pt 13pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">$910</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">$1,689</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">$3,733</span></p> </td> </tr> <tr id="xdx_41C_20260128__20260128__oef--ClassAxis__custom--C000245319Member_zM0j84t4gevk" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Class I Shares</span></p> </td> <td style="border-width: 0pt; padding: 3pt 0pt 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">$51</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt 3pt 13pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">$234</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt 3pt 13pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">$433</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">$1,006</span></p> </td> </tr> <tr id="xdx_419_20260128__20260128__oef--ClassAxis__custom--C000245315Member_zes7T5BzshO1" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Class R6 Shares</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 0pt 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">$51</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">$1,169</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">$2,279</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">$5,018</span></p> </td> </tr> </table> 523 3436 5719 9496 253 910 1689 3733 51 234 433 1006 51 1169 2279 5018 You would pay the following expenses if you did not redeem your class C shares: <div id="xdx_A88_eoef--ExpenseExampleNoRedemptionTableTextBlock_zV88Rp49dvx2"></div> <table id="xdx_A58_z3o6BVxfOEu8" style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse" summary="xdx: Disclosure - Expense Example, No Redemption"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 289.79pt"> </td> <td id="xdx_48D_eoef--ExpenseExampleNoRedemptionYear01_zi83wLXkFeO9" style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td id="xdx_48E_eoef--ExpenseExampleNoRedemptionYear03_zXiSXbxnE4hk" style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td id="xdx_487_eoef--ExpenseExampleNoRedemptionYear05_zFHrvpplPF48" style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td id="xdx_480_eoef--ExpenseExampleNoRedemptionYear10_zik2VMxR2Wvl" style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b> </b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>1 Year</b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>3 Years</b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>5 YEARS</b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>10 YEARS</b></span></p> </td> </tr> <tr id="xdx_41E_20260128__20260128__oef--ClassAxis__custom--C000245320Member_zXHJ2ZZuygT9" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Class C Shares</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">$153</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">$910</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">$1,689</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">$3,733</span></p> </td> </tr> </table> 153 910 1689 3733 Portfolio Turnover. <p id="xdx_A8A_eoef--PortfolioTurnoverTextBlock_zLnczTqWzTNf" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">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 <span id="xdx_90C_eoef--PortfolioTurnoverRate_dp_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000082059Member_zqncYoNYpfrg">32.74</span>% of the average value of its portfolio.</span></p> 0.3274 Principal Investment Strategies <p id="xdx_A80_eoef--StrategyNarrativeTextBlock_gRBSNTB-ZTRPFX_zRZz5bYsyfi2" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Thornburg Investment Management, Inc. (“Thornburg”) actively manages the Fund’s portfolio in pursuing the Fund’s investment goal. <span id="xdx_907_eoef--StrategyPortfolioConcentration_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000082059Member_ztqv0ItgYwsf">Under normal conditions, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in debt obligations.</span> The Fund may invest up to 25% of its net assets, plus the amount of any borrowings for investment purposes, in debt obligations which, at the time of purchase, are rated by a nationally recognized statistical rating organization as below investment grade (sometimes called “junk” bonds or “high yield” bonds) or, if unrated, are issued by obligors which Thornburg determines to have comparable below investment grade obligations outstanding or to be comparable to obligors with outstanding below investment grade obligations. The Fund may not, at the time of purchase, invest more than 25% of its net assets, plus the amount of any borrowings for investment purposes, in debt obligations denominated in non-U.S. currencies, but this limitation does not apply to debt obligations issued by foreign issuers and denominated in U.S. dollars. Additionally, the Fund may not, at the time of purchase, invest more than 15% of its net assets, plus the amount of any borrowings for investment purposes, in debt obligations issued by issuers in emerging markets, also known as developing countries. </span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">There is no limitation on the duration or maturity of any specific debt obligation the Fund may purchase. The Fund will, however, generally seek to maintain a portfolio of investments with a dollar-weighted average duration that falls within two years of the dollar-weighted average duration of the Fund’s benchmark index, the Bloomberg U.S. Aggregate Bond Index. Duration is a measure of estimated sensitivity to interest rate changes, and a debt obligation or a portfolio of obligations with a higher duration will typically be more sensitive to interest rate changes than an obligation or a portfolio with a lower duration. Duration is commonly expressed as a number, which is the expected percentage change in an obligation’s price upon a 1% change in interest rates. For example, an obligation with a duration of 0.5 would be expected to change in price by approximately 0.5% in response to a 1% change in interest rates.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">While the Fund may invest in debt obligations of any type, the Fund will invest principally in the following types of debt obligations:</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 0pt 13.8pt; text-transform: none; color: #000000; text-indent: -13.8pt; text-align: left"><span style="width: 13.79pt; text-indent: 0; display: inline-block"><span style="text-transform: none">•</span></span><span style="text-transform: none">corporate debt obligations from domestic and foreign issuers of any market capitalization; </span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 0pt 13.8pt; text-transform: none; color: #000000; text-indent: -13.8pt; text-align: left"><span style="width: 13.79pt; text-indent: 0; display: inline-block"><span style="text-transform: none">•</span></span><span style="text-transform: none">obligations issued or guaranteed by U.S. and non-U.S. governments and their agencies or instrumentalities; and</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt 13.8pt; text-transform: none; color: #000000; text-indent: -13.8pt; text-align: left"><span style="width: 13.79pt; text-indent: 0; display: inline-block"><span style="text-transform: none">•</span></span><span style="text-transform: none">mortgage-backed and asset-backed securities, including residential or commercial mortgage-backed securities, or collateralized mortgage obligations, issued by agencies of the U.S. government or issued by private entities. </span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 7pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Each of the Fund’s investments is determined by individual issuer and industry analysis, including Thornburg’s evaluation of domestic and international economic developments, outlooks for securities markets, interest rates and inflation, and the supply and demand for debt obligations.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 7pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">The Fund may also invest in futures contracts, options, swaps, and forward contracts to hedge against the decline in the value of certain of the Fund’s investments, to manage portfolio duration, or to enhance the Fund’s investment returns. </span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 7pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">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.  Because the Fund seeks to maximize total return while also preserving capital, the Fund may not always obtain the highest yields available.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 7pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">The Fund’s policy of investing at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in debt obligations may be changed by the Fund’s Trustees without a shareholder vote upon 60 days’ notice to shareholders.</span></p> Under normal conditions, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in debt obligations. An investment in the Fund is not a deposit in any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. Accordingly, the loss of money is a risk of investing in the Fund. <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__us-gaap--CreditRiskMember_ztH3YLt7ydkh" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 7pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Credit Risk </b>– 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.</span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityAndOperationalRiskMember_zSTlhZLid3Oa" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 7pt; -sec-ix-redline: true; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Cybersecurity and Operational Risk </b>– Operational failures, cyber-attacks or other disruptions that affect the Fund’s service providers, the Fund’s counterparties, other market participants, or the issuers of securities held by the Fund may adversely affect the Fund and its shareholders, including by causing losses for the Fund or impairing Fund operations. The rapid development and increasingly widespread use of artificial intelligence, including machine learning technology and generative artificial intelligence such as ChatGPT, could exacerbate these risks.</span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zBPC5bVyI0r3" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 7pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Derivatives Risk</b><b> </b>– The Fund’s investments in futures contracts, options, swaps, forward contracts, and other derivative instruments involve the risks associated with the securities or other assets underlying those derivatives, and also may involve risks different or greater than the risks affecting the underlying assets, including the inability or unwillingness of the other party to a derivative to perform its obligations to the Fund, the Fund’s inability or delays in selling or closing positions in derivatives, and difficulties in valuing derivatives.</span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsRiskMember_zqys7wLCDpa" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Emerging Markets Risk </b>– The risks which may affect investments in foreign issuers (see “Foreign Investment Risk,” below) may be more pronounced for investments in emerging markets, also known as developing countries, because the economies of those markets are usually less diversified, communications, transportation and economic infrastructures are less developed, and emerging markets ordinarily have less established legal, political, business and social frameworks. At times the prices of debt obligations of an issuer in an emerging market may be extremely volatile. An issuer in a developed country may be similarly affected by these emerging markets risks to the extent that the issuer conducts its business in emerging markets.</span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignCurrencyRiskMember_z3rNVKCZ2PK8" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Foreign Currency Risk </b>– 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.</span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignGovernmentObligationsRiskMember_zJEKRuSOzBx9" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Foreign Government Obligations Risk </b>– Debt obligations may be issued by foreign governments and their agencies and instrumentalities, including the governments of developing countries and “supra-national” entities such as the International Bank for Reconstruction and Development. The Fund’s investments in these foreign debt obligations may be denominated in U.S. dollars or in foreign currencies. These securities, even if denominated in U.S. dollars, may be affected significantly by fluctuations in the value of foreign currencies, and the value of these securities in U.S. dollars may decline even if the securities increase in value in their home country. The governmental issuers of these debt obligations may be less willing or able than the U.S. to repay principal and interest when due, and they may require that the terms for payment be renegotiated. In some countries there may be political instability or insufficient government supervision of markets, and the legal protections for the Fund’s investments could be subject to unfavorable judicial or administrative changes. These risks may be more pronounced for the Fund’s investments in debt obligations issued by developing countries.</span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignInvestmentRiskMember_z791hSqNn2Ik" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Foreign Investment Risk </b>– 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.</span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighYieldRiskMember_zPcQOTKRqHT5" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>High Yield Risk </b>– 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.</span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__us-gaap--InterestRateRiskMember_zPnbBXvsHyhh" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Interest Rate Risk </b>– 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.</span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_z8VFn5cQuGp6" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Liquidity Risk </b>– 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.</span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zWE9EVPGizxc" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Management Risk </b>– 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.</span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndEconomicRiskMember_ziOMhpxgWB06" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; -sec-ix-redline: true; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Market and Economic Risk </b>– 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, legal, and technological developments, and developments affecting specific issuers.</span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--PrepaymentAndExtensionRiskMember_zC8rYbR0nwW6" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Prepayment and Extension Risk </b>– 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.</span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--RedemptionRiskMember_zcm6B53Uz90h" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Redemption Risk</b><b> </b>– 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.</span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--RisksAffectingSpecificIssuersMember_zo33IIGNSfei" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Risks Affecting Specific Issuers </b>– 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. </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallAndMidCapCompanyRiskMember_z3yPwz4gOTW7" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Small and Mid-Cap Company Risk </b>– Debt obligations of 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, and possible difficulties in valuing or selling these investments. </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--StructuredProductsRiskMember_zI8z8IOF9ZZj" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Structured Products Risk </b>– 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, 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. </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentObligationsRiskMember_zDiKMGCxYSr4" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>U.S. Government Obligations Risk </b>– 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.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Additional information about Fund investments, investment strategies and risks of investing in the Fund appears below beginning on page 125.</span></p> Past Performance of the Fund <p id="xdx_A85_eoef--PerformanceNarrativeTextBlock_zfL22cSQ5dXh" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><span id="xdx_907_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000082059Member_zZYztkKmJOqe">The following information provides some indication of the risks of investing in the Core Plus Bond Fund by showing how the Fund’s investment results vary from year to year.</span> The bar chart shows how the annual total returns for Class A shares have been different in each full year shown. The average annual total return figures compare Class A, Class C, Class I and Class R6 share performance to the Bloomberg U.S. Aggregate Total Return Index Value USD, a broad-based securities market index that represents the overall applicable market in which the Fund invests. The index is not actively managed and is not available for direct investment. The bar charts and performance tables assume reinvestment of dividends and distributions. <span id="xdx_90C_eoef--PerformancePastDoesNotIndicateFuture_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000082059Member_zsxhcMz4D8Oh">Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. The performance information shown is as of the calendar year ended December 31, 2025.</span> Updated performance information may be obtained on the Thornburg website at <span id="xdx_907_eoef--PerformanceAvailabilityWebSiteAddress_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000082059Member_zL55kVMkTib">Thornburg.com</span> or by calling <span id="xdx_909_eoef--PerformanceAvailabilityPhone_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000082059Member_zoNB08AGJFo4">1-800-847-0200</span>.</span></p> The following information provides some indication of the risks of investing in the Core Plus Bond Fund by showing how the Fund’s investment results vary from year to year. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. The performance information shown is as of the calendar year ended December 31, 2025. Thornburg.com 1-800-847-0200 Annual Total Returns – Class A Shares <div id="xdx_A81_eoef--BarChartTableTextBlock_zGMquvbPMOhd"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zGF4H5mckhU9" style="font: 12pt Arial, sans-serif; display: none; visibility: hidden; border-collapse: collapse; width: 60%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom; text-align: center"> <th> </th> <th id="xdx_488_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000245318Member_zUz86ioaar78"> </th></tr> <tr id="xdx_41A_20240101__20241231_zcE03G3eJam6" style="vertical-align: bottom; text-align: center"> <th>2024</th> <th>1.36%</th></tr> <tr id="xdx_41A_20250101__20251231_zug5bE5wED4j" style="vertical-align: bottom; text-align: center"> <th>2025</th> <th>7.43%</th></tr> </table> <div style="font: 12pt/normal Times New Roman, Times, serif; margin: 18pt 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"> <div style="border-width: 0pt; padding: 0pt; overflow: hidden; display: inline-block; width: 621pt; height: 178.45pt; text-align: left"> <img alt="" src="retailproimg012.gif" style="vertical-align: top; margin-left: 2.3pt; width: 612.94pt; margin-top: 0pt; height: 177.1pt"/> </div> </div> 0.0136 0.0743 <div id="xdx_A8D_eoef--BarChartClosingTextBlock_zZfsEipHLxK5"></div> <div style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 5pt; text-transform: none; color: #000000; text-align: left"> <table style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 5pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 455.4pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b> </b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Total<br/>Returns</b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Quarter<br/>ended</b></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><span id="xdx_902_eoef--HighestQuarterlyReturnLabel_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000082059Member_zsslfjTuuMcj">Highest Quarterly Results</span></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_900_eoef--BarChartHighestQuarterlyReturn_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000082059Member_zkYCZuxfMN0i">5.06%</span></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_900_eoef--BarChartHighestQuarterlyReturnDate_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000082059Member_z3B29fkjQs2i">9/30/2024</span></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><span id="xdx_90D_eoef--LowestQuarterlyReturnLabel_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000082059Member_zNUEACWmhtY4">Lowest Quarterly Results</span></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt 3pt 3pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_908_eoef--BarChartLowestQuarterlyReturn_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000082059Member_zsliJdcyoyp2">-3.13%</span></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_906_eoef--BarChartLowestQuarterlyReturnDate_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000082059Member_zBtsa2U8cVO5">12/31/2024</span></span></p> </td> </tr> </table> </div> Highest Quarterly Results 0.0506 2024-09-30 Lowest Quarterly Results -0.0313 2024-12-31 Average Annual Total Returns (periods ended 12-31-25) <div id="xdx_A83_eoef--PerformanceTableTextBlock_gRBPTTB-AIXMQH_z8lSgOa316G5"></div> <table id="xdx_A5E_zIF1cKQEnFSl" style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 455.4pt"> </td> <td id="xdx_49E_20250101__20251231_zsijbJfu2gx2" style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td id="xdx_49B_20231002__20251231_zwiqevCjYnMd" style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> <tr style="min-height: 43.4pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b>CLASS A SHARES</b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>1 YEAR</b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>SINCE INCEPTION (<span id="xdx_909_eoef--PerfInceptionDate_dd_c20231002__20251231__oef--ClassAxis__custom--C000245318Member_zMzXKxB2wrS">10-02-23</span>)</b></span></p> </td> </tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dpn_hoef--ClassAxis__custom--C000245318Member_zpsNYGkvunH6" style="min-height: 18.4pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Return Before Taxes</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">2.63%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">5.10%</span></p> </td> </tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dpn_hoef--ClassAxis__custom--C000245318Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zgIhayU5UkPd" style="min-height: 18.4pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Return After Taxes on Distributions</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.66%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">3.07%</span></p> </td> </tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dpn_hoef--ClassAxis__custom--C000245318Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_z5Ohm18ychhf" style="min-height: 18.4pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Return After Taxes on Distributions and Sale of Fund Shares </span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.52%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">3.02%</span></p> </td> </tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dpn_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateTotalReturnIndexValueUSDMember_zoOGVkiAawn3" style="min-height: 27.9pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span id="retailproa98268">Bloomberg U.S. Aggregate Total Return Index Value USD<br/></span><span style="text-transform: none; font-style: italic"><i><span id="xdx_900_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000082059Member_zqwN67A9ids">(reflects no deduction for fees, expenses, or taxes)</span></i></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">7.30%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">7.18%</span></p> </td> </tr> </table> <div style="font: 10pt/normal Arial, sans-serif; margin: 0.2pt 0pt 8pt; text-transform: none; color: #000000; text-align: left"> <table style="-sec-ix-redline: true; table-layout: fixed; width: 620.94pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 455.4pt"> </td> <td id="xdx_49E_20250101__20251231_zLlzr1vV2SH7" style="border-width: 0; margin: 0; padding: 0; width: 75.43pt"> </td> <td id="xdx_499_20231002__20251231_zd1ZejORr3td" style="border-width: 0; margin: 0; padding: 0; width: 90.1pt"> </td> </tr> <tr style="min-height: 43.4pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b>CLASS C SHARES</b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>1 YEAR</b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>SINCE INCEPTION (<span id="xdx_904_eoef--PerfInceptionDate_dd_c20231002__20251231__oef--ClassAxis__custom--C000245320Member_zBm4H5DbwIL5">10-02-23</span>)</b></span></p> </td> </tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dpn_hoef--ClassAxis__custom--C000245320Member_zsAeoIJJspfh" style="min-height: 18.4pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Return Before Taxes</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">5.64%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">6.49%</span></p> </td> </tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dpn_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateTotalReturnIndexValueUSDMember_z61SISUWiee8" style="min-height: 28.4pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Bloomberg U.S. Aggregate Total Return Index Value USD<br/></span><span style="text-transform: none; font-style: italic"><i><span id="xdx_902_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000082059Member_zJ4xJ4HMS4Bk">(reflects no deduction for fees, expenses, or taxes)</span></i></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">7.30%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">7.18%</span></p> </td> </tr> </table> </div> <div style="font: 11pt/normal Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-align: left"> <table style="-sec-ix-redline: true; table-layout: fixed; width: 620.94pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 455.4pt"> </td> <td id="xdx_49B_20250101__20251231_zZPJITyVtso4" style="border-width: 0; margin: 0; padding: 0; width: 75.43pt"> </td> <td id="xdx_491_20231002__20251231_zdGCcnoDo5Zd" style="border-width: 0; margin: 0; padding: 0; width: 90.1pt"> </td> </tr> <tr style="min-height: 43.4pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b>CLASS I SHARES</b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>1 YEAR</b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>SINCE INCEPTION <br/>(<span id="xdx_90B_eoef--PerfInceptionDate_dd_c20231002__20251231__oef--ClassAxis__custom--C000245319Member_zPK9BmcDiMj4">10-02-23</span>)</b></span></p> </td> </tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dpn_hoef--ClassAxis__custom--C000245319Member_zeUw3jTF9m0c" style="min-height: 18.4pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Return Before Taxes</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">7.70%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">7.57%</span></p> </td> </tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dpn_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateTotalReturnIndexValueUSDMember_zJT1VbaGyMmj" style="min-height: 28.4pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Bloomberg U.S. Aggregate Total Return Index Value USD<br/></span><span style="text-transform: none; font-style: italic"><i><span id="xdx_905_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000082059Member_zv61CyIybAD">(reflects no deduction for fees, expenses, or taxes)</span></i></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">7.30%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">7.18%</span></p> </td> </tr> </table> </div> <div style="page-break-before: always"> <p style="margin: 0pt; font-size: 5pt">​</p> </div> <div> <table style="-sec-ix-redline: true; table-layout: fixed; width: 620.94pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 455.4pt"> </td> <td id="xdx_49F_20250101__20251231_zWWPIks2DsH2" style="border-width: 0; margin: 0; padding: 0; width: 75.43pt"> </td> <td id="xdx_499_20231002__20251231_zheYQuFfXPy4" style="border-width: 0; margin: 0; padding: 0; width: 90.1pt"> </td> </tr> <tr style="min-height: 43.4pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b>CLASS R6 SHARES</b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>1 YEAR</b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>SINCE INCEPTION <br/>(<span id="xdx_90A_eoef--PerfInceptionDate_dd_c20231002__20251231__oef--ClassAxis__custom--C000245315Member_zLd8gSjAskzk">10-02-23</span>)</b></span></p> </td> </tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dpn_hoef--ClassAxis__custom--C000245315Member_zE9kgkNwioyd" style="min-height: 18.4pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Return Before Taxes</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">7.70%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">7.56%</span></p> </td> </tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dpn_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateTotalReturnIndexValueUSDMember_zRSDJAq6QqK" style="min-height: 28.4pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Bloomberg U.S. Aggregate Total Return Index Value USD<br/></span><span style="text-transform: none; font-style: italic"><i><span id="xdx_90A_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000082059Member_z1GPOyKprv09">(reflects no deduction for fees, expenses, or taxes)</span></i></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">7.30%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">7.18%</span></p> </td> </tr> </table> </div> 2023-10-02 0.0263 0.0510 0.0066 0.0307 0.0152 0.0302 (reflects no deduction for fees, expenses, or taxes) 0.0730 0.0718 2023-10-02 0.0564 0.0649 (reflects no deduction for fees, expenses, or taxes) 0.0730 0.0718 2023-10-02 0.0770 0.0757 (reflects no deduction for fees, expenses, or taxes) 0.0730 0.0718 2023-10-02 0.0770 0.0756 (reflects no deduction for fees, expenses, or taxes) 0.0730 0.0718 Strategic Income Fund Investment Goal <p id="xdx_A89_eoef--ObjectivePrimaryTextBlock_z5KyIU8Akt9j" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">The Fund’s primary investment goal is to seek a high level of current income.</span></p> <p id="xdx_A89_eoef--ObjectiveSecondaryTextBlock_z5sMa3dh3o25" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">The Fund’s secondary investment goal is some long-term capital appreciation.</span></p> Fees and Expenses of the Fund <p id="xdx_A8F_eoef--ExpenseNarrativeTextBlock_zwQ9SVA55rOf" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </b><span id="xdx_905_eoef--ExpenseBreakpointDiscounts_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000020097Member_z8hwqHxdk2hc">You may qualify for discounts from the sales charges applicable to Class A shares if you or other qualifying account holders invest, or agree to invest in the future, at least $<span id="xdx_901_eoef--ExpenseBreakpointMinimumInvestmentRequiredAmount_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000020097Member_zAipMy3xINL9">50,000</span> in the Thornburg Funds.</span> More information about this and other discounts and sales charge waivers is available from your financial intermediary, in the Prospectus under the captions “Class A Sales Charge Waivers,” beginning on page 154, and “Appendix A – Sales Charge Waivers Offered by Financial Intermediaries,” beginning on page 208, and in the Statement of Additional Information under the caption “Additional Information Respecting Purchase and Redemption of Shares,” beginning on page 94.</span></p> You may qualify for discounts from the sales charges applicable to Class A shares if you or other qualifying account holders invest, or agree to invest in the future, at least $50,000 in the Thornburg Funds. 50000 Shareholder Fees (fees paid directly from your investment) <div id="xdx_A8B_eoef--ShareholderFeesTableTextBlock_z9nnBfgNhPqi" style="-sec-ix-redline: true"></div> <table id="xdx_A5F_dU_zJQsJs7owaX7" style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 289.79pt"> </td> <td id="xdx_49B_20260128__20260128__oef--ClassAxis__custom--C000056389Member_z0xozbSIVQ2k" style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td id="xdx_492_20260128__20260128__oef--ClassAxis__custom--C000056390Member_zMMYbAEjQHa9" style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td id="xdx_492_20260128__20260128__oef--ClassAxis__custom--C000056391Member_zwVo7sRhsBmd" style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td id="xdx_49E_20260128__20260128__oef--ClassAxis__custom--C000177481Member_zxGiujJcFidl" style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b> </b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class A</b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class C</b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class I</b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class R6</b></span></p> </td> </tr> <tr id="xdx_40A_eoef--MaximumSalesChargeImposedOnPurchasesOverOfferingPrice_dpn_zNt7GPiiRAY8" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Maximum Sales Charge (Load) Imposed on Purchases <br/></span><span style="text-transform: none; font-style: italic"><i>(as a percentage of offering price)</i></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">4.50%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">none</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">none</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">none</span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Maximum Deferred Sales Charge (Load) <br/></span><span style="text-transform: none; font-style: italic"><i>(as a percentage of redemption proceeds or original purchase price, whichever is lower)</i></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_904_eoef--MaximumDeferredSalesChargeOverOther_dpn_c20260128__20260128__oef--ClassAxis__custom--C000056389Member_fKDEp_z9b3uDy3EIml">none</span></span><sup style="text-transform: none; font-size: 7pt; line-height: 7pt">(1)</sup><span style="text-transform: none"> </span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_907_eoef--MaximumDeferredSalesChargeOverOther_dpn_c20260128__20260128__oef--ClassAxis__custom--C000056390Member_fKDIp_zP7d3S3yWCjk">1.00%</span></span><sup style="text-transform: none; font-size: 7pt; line-height: 7pt">(2)</sup><span style="text-transform: none"> </span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_90C_eoef--MaximumDeferredSalesChargeOverOther_dpn_c20260128__20260128__oef--ClassAxis__custom--C000056391Member_zeOrkOSKGw9l">none</span></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_909_eoef--MaximumDeferredSalesChargeOverOther_dpn_c20260128__20260128__oef--ClassAxis__custom--C000177481Member_zqTec75eVDa2">none</span></span></p> </td> </tr> </table> 0.0450 0 0 0 0 0.0100 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A8C_eoef--AnnualFundOperatingExpensesTableTextBlock_zdFC7TkPTpjg" style="-sec-ix-redline: true"></div> <table id="xdx_A58_dU_zFUT8yXlXue8" style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 289.79pt"> </td> <td id="xdx_494_20260128__20260128__oef--ClassAxis__custom--C000056389Member_z8lpoCnNs0K1" style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td id="xdx_49C_20260128__20260128__oef--ClassAxis__custom--C000056390Member_zKPVkjM2PY06" style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td id="xdx_497_20260128__20260128__oef--ClassAxis__custom--C000056391Member_zm97E2Ts69n7" style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td id="xdx_49E_20260128__20260128__oef--ClassAxis__custom--C000177481Member_zSNV2RYzwGL5" style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b> </b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class A</b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class C</b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class I</b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class R6</b></span></p> </td> </tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zZhALQiMp7Yd" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Management Fees</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.53%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.53%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.53%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.53%</span></p> </td> </tr> <tr id="xdx_403_eoef--DistributionAndService12b1FeesOverAssets_dpn_zmVYJHtbVEwa" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Distribution and Service (12b-1) Fees</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.25%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.00%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">none</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">none</span></p> </td> </tr> <tr id="xdx_405_eoef--OtherExpensesOverAssets_dpn_zxDc630waI4k" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Other Expenses</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.24%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.21%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.20%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.15%</span></p> </td> </tr> <tr id="xdx_407_eoef--ExpensesOverAssets_dpn_zDTbAmS7imCi" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Total Annual Fund Operating Expenses</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.02%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.74%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.73%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.68%</span></p> </td> </tr> <tr id="xdx_404_eoef--FeeWaiverOrReimbursementOverAssets_dpn_z4hH0HsUFIX7" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Fee Waiver/Expense Reimbursement</span><sup id="xdx_F47_z5fSVQYAsAvg" style="text-transform: none; font-size: 7pt; line-height: 7pt">(3)</sup></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span style="-sec-ix-hidden: xdx2ixbrl2123">—</span></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt 3pt 8pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span style="-sec-ix-hidden: xdx2ixbrl2124">—</span></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt 3pt 8pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">(0.13)%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt 3pt 8pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">(0.15)%</span></p> </td> </tr> <tr id="xdx_40C_eoef--NetExpensesOverAssets_dpn_zKbSFdKwbu" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.02%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.74%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.60%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.53%</span></p> </td> </tr> </table> 0.0053 0.0053 0.0053 0.0053 0.0025 0.0100 0 0 0.0024 0.0021 0.0020 0.0015 0.0102 0.0174 0.0073 0.0068 -0.0013 -0.0015 0.0102 0.0174 0.0060 0.0053 <div id="xdx_A88_eoef--ExpenseFootnotesTextBlock_zHOPXRI6b6od"></div> <table cellpadding="0" cellspacing="0" style="font: italic 8pt/9pt Arial, sans-serif; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right"><span style="text-transform: none"><i id="xdx_F08_zD6O6euqEkl8">(1)</i></span></td> <td style="width: 5pt"></td> <td style="text-align: justify"><span style="text-transform: none"><i id="xdx_F13_zOAyxwFvkdqd">Up to a 1.00% contingent deferred sales charge (CDSC) is imposed on redemptions of any part or all of a purchase of $1 million or more within 12 months of purchase.</i></span></td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: italic 8pt/9pt Arial, sans-serif; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right"><span style="text-transform: none"><i id="xdx_F07_zA6PXGGwIIm9">(2)</i></span></td> <td style="width: 5pt"></td> <td style="text-align: justify"><span style="text-transform: none"><i id="xdx_F10_zaZvfkdrFlMd">Imposed only on redemptions of Class C shares within 12 months of purchase.</i></span></td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: italic 8pt/9pt Arial, sans-serif; -sec-ix-redline: true; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right"><span style="text-transform: none"><i id="xdx_F0D_zO2kOiIyc093">(3)</i></span></td> <td style="width: 5pt"></td> <td style="text-align: justify"><span style="text-transform: none"><i id="xdx_F11_zQLOae5igJRa">Thornburg Investment Management, Inc. (“Thornburg”) has contractually agreed to waive fees and reimburse expenses incurred by the Fund so that actual Class I and Class R6 expenses (excluding taxes, interest expenses, acquired fund fees and expenses, brokerage commissions, borrowing costs, expenses relating to short sales, and unusual expenses such as contingency fees or litigation costs) do not exceed 0.60% 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 <span id="xdx_906_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260128__20260128__oef--ClassAxis__custom--C000056389Member_zPfcwx5mFmz8"><span id="xdx_90F_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260128__20260128__oef--ClassAxis__custom--C000056390Member_zUgChRGw6aP8"><span id="xdx_905_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260128__20260128__oef--ClassAxis__custom--C000056391Member_zqrSt1T1C2x1"><span id="xdx_906_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260128__20260128__oef--ClassAxis__custom--C000177481Member_zsaEAK37A2c6">February 1, 2027</span></span></span></span>, 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.</i></span></td> </tr> </table> February 1, 2027 February 1, 2027 February 1, 2027 February 1, 2027 Example. <p id="xdx_A8F_eoef--ExpenseExampleNarrativeTextBlock_zpEXvpVKw1R6" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">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:</span></p> <div id="xdx_A81_eoef--ExpenseExampleWithRedemptionTableTextBlock_zcTLoZWjoWN2" style="-sec-ix-redline: true"></div> <table id="xdx_A5E_dU_zfd3WQQ592P" style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 289.79pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b> </b></span></p> </td> <td id="xdx_48E_eoef--ExpenseExampleYear01_zLYIcZY8Lycd" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>1 Year</b></span></p> </td> <td id="xdx_484_eoef--ExpenseExampleYear03_zEfN9wpcRwec" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>3 Years</b></span></p> </td> <td id="xdx_48F_eoef--ExpenseExampleYear05_zYouOEVCzYSb" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>5 Years</b></span></p> </td> <td id="xdx_48C_eoef--ExpenseExampleYear10_zx7x1SV5S9w3" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>10 Years</b></span></p> </td> </tr> <tr id="xdx_41E_20260128__20260128__oef--ClassAxis__custom--C000056389Member_z6KARXrF8oq8" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Class A Shares</span></p> </td> <td style="border-width: 0pt; padding: 3pt 26pt 3pt 0pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$549</span></p> </td> <td style="border-width: 0pt; padding: 3pt 26pt 3pt 0pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$760</span></p> </td> <td style="border-width: 0pt; padding: 3pt 26pt 3pt 0pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$988</span></p> </td> <td style="border-width: 0pt; padding: 3pt 26pt 3pt 0pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$1,642</span></p> </td> </tr> <tr id="xdx_41C_20260128__20260128__oef--ClassAxis__custom--C000056390Member_zVEkC4ocQIn8" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Class C Shares</span></p> </td> <td style="border-width: 0pt; padding: 3pt 26pt 3pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$277</span></p> </td> <td style="border-width: 0pt; padding: 3pt 26pt 3pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$548</span></p> </td> <td style="border-width: 0pt; padding: 3pt 26pt 3pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$944</span></p> </td> <td style="border-width: 0pt; padding: 3pt 26pt 3pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$2,052</span></p> </td> </tr> <tr id="xdx_419_20260128__20260128__oef--ClassAxis__custom--C000056391Member_zKSpmxSRWi1" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Class I Shares</span></p> </td> <td style="border-width: 0pt; padding: 3pt 26pt 3pt 0pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$61</span></p> </td> <td style="border-width: 0pt; padding: 3pt 26pt 3pt 0pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$220</span></p> </td> <td style="border-width: 0pt; padding: 3pt 26pt 3pt 0pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$393</span></p> </td> <td style="border-width: 0pt; padding: 3pt 26pt 3pt 0pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$894</span></p> </td> </tr> <tr id="xdx_41C_20260128__20260128__oef--ClassAxis__custom--C000177481Member_zGgcBXJrY41e" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Class R6 Shares</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 26pt 3pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$54</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 26pt 3pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$202</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 26pt 3pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$364</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 26pt 3pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$832</span></p> </td> </tr> </table> 549 760 988 1642 277 548 944 2052 61 220 393 894 54 202 364 832 You would pay the following expenses if you did not redeem your Class C shares: <div id="xdx_A85_eoef--ExpenseExampleNoRedemptionTableTextBlock_z0WpeOzeV3G3"></div> <table id="xdx_A53_z5pZ6hgTwOHk" style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse" summary="xdx: Disclosure - Expense Example, No Redemption"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 289.79pt"> </td> <td id="xdx_482_eoef--ExpenseExampleNoRedemptionYear01_zUojFnMpzj39" style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td id="xdx_486_eoef--ExpenseExampleNoRedemptionYear03_zBid2Y29RZ39" style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td id="xdx_484_eoef--ExpenseExampleNoRedemptionYear05_zDSqUUe9n63i" style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td id="xdx_482_eoef--ExpenseExampleNoRedemptionYear10_zYEF4rFObkD7" style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b> </b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>1 Year</b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>3 Years</b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>5 Years</b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>10 Years</b></span></p> </td> </tr> <tr id="xdx_416_20260128__20260128__oef--ClassAxis__custom--C000056390Member_zE14EnOpJxac" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Class C Shares</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">$177</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">$548</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 0pt 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">$944</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">$2,052</span></p> </td> </tr> </table> 177 548 944 2052 Portfolio Turnover. <p id="xdx_A8F_eoef--PortfolioTurnoverTextBlock_zFxl8boUfFY3" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">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 <span id="xdx_90A_eoef--PortfolioTurnoverRate_dp_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000020097Member_zFIrpAslqvJ2">30.03</span>% of the average value of its portfolio.</span></p> 0.3003 Principal Investment Strategies <p id="xdx_A87_eoef--StrategyNarrativeTextBlock_gRBSNTB-PD_zwJ8nE01h6S4" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">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.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">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:</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 0pt 13.8pt; text-transform: none; color: #000000; text-indent: -13.8pt; text-align: left"><span style="width: 13.79pt; text-indent: 0; display: inline-block"><span style="text-transform: none">•</span></span><span style="text-transform: none">bonds and other debt obligations issued by domestic and foreign companies of any size (including lower-rated “high yield” or “junk” bonds)</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 0pt 13.8pt; text-transform: none; color: #000000; text-indent: -13.8pt; text-align: left"><span style="width: 13.79pt; text-indent: 0; display: inline-block"><span style="text-transform: none">•</span></span><span style="text-transform: none">mortgage-backed securities and other asset-backed securities, including commercial mortgage-backed securities</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 0pt 13.8pt; text-transform: none; color: #000000; text-indent: -13.8pt; text-align: left"><span style="width: 13.79pt; text-indent: 0; display: inline-block"><span style="text-transform: none">•</span></span><span style="text-transform: none">convertible debt obligations</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 0pt 13.8pt; text-transform: none; color: #000000; text-indent: -13.8pt; text-align: left"><span style="width: 13.79pt; text-indent: 0; display: inline-block"><span style="text-transform: none">•</span></span><span style="text-transform: none">obligations issued by foreign governments (including developing countries)</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 0pt 13.8pt; text-transform: none; color: #000000; text-indent: -13.8pt; text-align: left"><span style="width: 13.79pt; text-indent: 0; display: inline-block"><span style="text-transform: none">•</span></span><span style="text-transform: none">collateralized mortgage obligations (“CMOs”), collateralized debt obligations (“CDOs”), collateralized bond obligations (“CBOs”), and collateralized loan obligations (“CLOs”)</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 0pt 13.8pt; text-transform: none; color: #000000; text-indent: -13.8pt; text-align: left"><span style="width: 13.79pt; text-indent: 0; display: inline-block"><span style="text-transform: none">•</span></span><span style="text-transform: none">obligations of the U.S. government and its agencies and sponsored enterprises</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 0pt 13.8pt; text-transform: none; color: #000000; text-indent: -13.8pt; text-align: left"><span style="width: 13.79pt; text-indent: 0; display: inline-block"><span style="text-transform: none">•</span></span><span style="text-transform: none">structured notes</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 0pt 13.8pt; text-transform: none; color: #000000; text-indent: -13.8pt; text-align: left"><span style="width: 13.79pt; text-indent: 0; display: inline-block"><span style="text-transform: none">•</span></span><span style="text-transform: none">zero coupon bonds and “stripped” securities</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt 13.8pt; text-transform: none; color: #000000; text-indent: -13.8pt; text-align: left"><span style="width: 13.79pt; text-indent: 0; display: inline-block"><span style="text-transform: none">•</span></span><span style="text-transform: none">taxable municipal obligations and participations in municipal obligations</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">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. </span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">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</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">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.</span></p> An investment in the Fund is not a deposit in any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Accordingly, the loss of money is a risk of investing in the Fund. <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConvertibleDebtObligationRiskMember_zrtMbc6vOSP6" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Convertible Debt Obligation Risk </b>– 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.</span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__us-gaap--CreditRiskMember_zaXCE859D7ce" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Credit Risk </b>– 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.</span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityAndOperationalRiskMember_z15idOta1vPf" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; -sec-ix-redline: true; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Cybersecurity and Operational Risk </b>– Operational failures, cyber-attacks or other disruptions that affect the Fund’s service providers, the Fund’s counterparties, other market participants or the issuers of securities held by the Fund may adversely affect the Fund and its shareholders, including by causing losses for the Fund or impairing Fund operations. The rapid development and increasingly widespread use of artificial intelligence, including machine learning technology and generative artificial intelligence such as ChatGPT, could exacerbate these risks.</span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--DevelopingCountryRiskMember_z3svnX0rea9d" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Developing Country Risk </b>– 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.</span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignCurrencyRiskMember_zu1ZBOykjiJj" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Foreign Currency Risk </b>– 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.</span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignGovernmentObligationsRiskMember_gRBRTB-ORAB_zUgZKepL5uki" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Foreign Government Obligations Risk </b>– Debt obligations may be issued by foreign governments and their agencies and instrumentalities, including the governments of developing countries and “supra-national” entities such as the International Bank for Reconstruction and Development. The Fund’s investments in these foreign debt obligations may be denominated</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">in U.S. dollars or in foreign currencies. These securities, even if denominated in U.S. dollars, may be affected significantly by fluctuations in the value of foreign currencies, and the value of these securities in U.S. dollars may decline even if the securities increase in value in their home country. The governmental issuers of these debt obligations may be less willing or able than the U.S. to repay principal and interest when due, and they may require that the terms for payment be renegotiated. In some countries there may be political instability or insufficient government supervision of markets, and the legal protections for the Fund’s investments could be subject to unfavorable judicial or administrative changes. These risks may be more pronounced for the Fund’s investments in debt obligations issued by developing countries.</span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignInvestmentRiskMember_zZFvNEpDLcsb" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Foreign Investment Risk </b>– 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.</span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighYieldRiskMember_zk1GDZ4rmTVk" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>High Yield Risk </b>– 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.</span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__us-gaap--InterestRateRiskMember_zEtlDGSR3qXc" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Interest Rate </b><b>Risk </b>– 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.</span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zlzh39jdEKv4" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Liquidity Risk </b>– 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.</span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_z6nvTRpJvSQ8" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Management Risk </b>– 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.</span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndEconomicRiskMember_zShhH2LS60x2" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; -sec-ix-redline: true; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Market and Economic Risk </b>– 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, legal, and technological 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.</span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--PrepaymentAndExtensionRiskMember_ztXInpzOiN9c" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Prepayment and Extension Risk </b>– 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.</span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--RedemptionRiskMember_zatzgIYGBh4b" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Redemption Risk </b>– 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.</span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--RisksAffectingSpecificIssuersMember_gRBRTB-TSAMOKW_zHbDfswx0No6" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Risks Affecting Specific Issuers </b>– 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</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">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.</span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallAndMidCapCompanyRiskMember_zZmLpjzpO405" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Small and Mid-Cap Company Risk </b>– 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.</span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--StructuredProductsRiskMember_zajTGXuZRJJ7" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Structured Products Risk </b>– 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.</span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentObligationsRiskMember_zwhDmVSNQg0i" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>U.S. Government Obligations Risk </b>– 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.</span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--ZeroCouponBondsAndStrippedSecuritiesRiskMember_zvXSo8w6VIib" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Zero Coupon Bonds and Stripped Securities Risk </b>– Zero coupon bonds are corporate or government-issued debt obligations that do not provide for periodic or “coupon” payments of interest, and that are issued at a substantial discount to their face value. The buyer of a zero coupon bond realizes a stated rate of return determined by the gradual accretion in the value of the security. A “stripped” security is a debt obligation that has been transformed into a zero coupon bond by creating a separate, new security comprised of the separate income component of the debt obligation (commonly referred to as an “income only” or “I/O” security) or the separate principal component of the debt obligation (commonly referred to as a “principal only” or “P/O” security). Because zero coupon bonds do not provide for periodic payments of interest, their value is generally more volatile than the value of a comparable, interest-paying bond. The Fund may also have to recognize income on the bond and make distributions to shareholders before it has received any cash payments on the bond. To generate the cash necessary to satisfy such distributions, the Fund may have to sell portfolio securities that it otherwise might have continued to hold or use cash flows from other sources, including the proceeds from the sale of Fund shares.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Additional information about Fund investments, investment strategies and risks of investing in the Fund appears beginning on page 125 of the Prospectus.</span></p> Past Performance of the Fund <p id="xdx_A82_eoef--PerformanceNarrativeTextBlock_zVxP3dXPNHU5" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><span id="xdx_905_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000020097Member_ztN8lSjXtRG5">The following information provides some indication of the risks of investing in the Strategic Income Fund by showing how the Fund’s investment results vary from year to year.</span> The bar chart shows the annual total return for Class A shares in the one full year shown. The average annual total return figures compare Class A, Class C, Class I and Class R6 share performance to the Bloomberg U.S. Aggregate Total Return Index Value USD, a broad-based securities market index that represents the overall applicable market in which the Fund invests, and the Bloomberg U.S. Universal Total Return Index Value Unhedged, an additional benchmark that represents the market sectors which Thornburg believes are more representative of the Fund’s investment universe. These indexes are not actively managed and are not available for direct investment. The bar charts and performance tables assume reinvestment of dividends and distributions. <span id="xdx_90C_eoef--PerformancePastDoesNotIndicateFuture_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000020097Member_zEnf65FjW5Fl">Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> The performance information shown below is as of the calendar year ended December 31, 2025. Updated performance information may be obtained on the Thornburg website at <span id="xdx_90C_eoef--PerformanceAvailabilityWebSiteAddress_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000020097Member_zWl6i8C72Ooh">Thornburg.com</span> or by calling <span id="xdx_903_eoef--PerformanceAvailabilityPhone_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000020097Member_zoZiIuciWjuj">1-800-847-0200</span>.</span></p> The following information provides some indication of the risks of investing in the Strategic Income Fund by showing how the Fund’s investment results vary from year to year. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Thornburg.com 1-800-847-0200 Annual Total Returns – Class A Shares <div id="xdx_A80_eoef--BarChartTableTextBlock_zjPmuQmswGNg"></div> <table border="0" cellpadding="0" cellspacing="0" id="xdx_A54_dU_zGPX8RWg5K5i" style="width: 100%; border-collapse: collapse; font-size: 8pt" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; width: 21%; display: none"> </td> <td id="xdx_482_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000056389Member_zm95KQewpAO9" style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; width: 79%; display: none"> </td></tr> <tr id="xdx_417_20160101__20161231_zJOuDZ73KWog" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; display: none">2016</td> <td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none">7.69%</td></tr> <tr id="xdx_418_20170101__20171231_zSltvzSUgbvc" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; display: none">2017</td> <td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none">6.01%</td></tr> <tr id="xdx_415_20180101__20181231_zbvOxbIVR3fi" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; display: none">2018</td> <td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none">0.30%</td></tr> <tr id="xdx_41A_20190101__20191231_zSFmzY2JEgVd" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; display: none">2019</td> <td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none">7.55%</td></tr> <tr id="xdx_41F_20200101__20201231_znF4bLDkG4Ag" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; display: none">2020</td> <td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none">7.86%</td></tr> <tr id="xdx_414_20210101__20211231_zeHLPsHOxH7i" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; display: none">2021</td> <td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none">2.43%</td></tr> <tr id="xdx_41E_20220101__20221231_zg2Xty4BkeMa" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; display: none">2022</td> <td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none">-6.62%</td></tr> <tr id="xdx_413_20230101__20231231_zKI1yMWVPU1b" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; display: none">2023</td> <td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none">7.28%</td></tr> <tr id="xdx_414_20240101__20241231_zYJt0R6unOag" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; display: none">2024</td> <td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none">4.45%</td></tr> <tr id="xdx_418_20250101__20251231_zZNBZoNvhTQ1" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; display: none">2025</td> <td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none">7.15%</td></tr> </table> <div style="font: 12pt/normal Times New Roman, Times, serif; margin: 24pt 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"> <div style="border-width: 0pt; padding: 0pt; overflow: hidden; display: inline-block; width: 614.3pt; height: 183.53pt; text-align: left"> <img alt="" src="retailproimg013.gif" style="vertical-align: top; margin-left: 0pt; width: 614.09pt; margin-top: 0pt; height: 182.85pt"/> </div> </div> 0.0769 0.0601 0.0030 0.0755 0.0786 0.0243 -0.0662 0.0728 0.0445 0.0715 <div id="xdx_A8E_eoef--BarChartClosingTextBlock_z31wbOHknyJl"></div> <div style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-align: left"> <table style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 455.4pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b> </b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Total<br/>Returns</b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Quarter<br/>ended</b></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><span id="xdx_90B_eoef--HighestQuarterlyReturnLabel_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000020097Member_z4vCI7LXegX4">Highest Quarterly Results</span></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_909_eoef--BarChartHighestQuarterlyReturn_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000020097Member_zIwEM1Le5Zzb">7.98%</span></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_906_eoef--BarChartHighestQuarterlyReturnDate_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000020097Member_zEZt8TETx75">6/30/2020</span></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><span id="xdx_908_eoef--LowestQuarterlyReturnLabel_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000020097Member_z2M9dNDjpbrk">Lowest Quarterly Results</span></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt 3pt 3pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_90E_eoef--BarChartLowestQuarterlyReturn_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000020097Member_zusPOvEuwOAf">-5.71%</span></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_90A_eoef--BarChartLowestQuarterlyReturnDate_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000020097Member_z4gxClHtLW44">3/31/2020</span></span></p> </td> </tr> </table> </div> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><span id="xdx_908_eoef--BarChartDoesNotReflectSalesLoads_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000020097Member_zNY0NzzwJcFk">The sales charge for Class A shares is not reflected in the returns shown in the bar chart above, and the returns would be less if the charge was taken into account.</span></span></p> Highest Quarterly Results 0.0798 2020-06-30 Lowest Quarterly Results -0.0571 2020-03-31 The sales charge for Class A shares is not reflected in the returns shown in the bar chart above, and the returns would be less if the charge was taken into account. Average Annual Total Returns (periods ended 12-31-25) <div id="xdx_A82_eoef--PerformanceTableTextBlock_gRBPTTB-MT_zlrHzex9dQF"></div> <table style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 372.59pt"> </td> <td id="xdx_49E_20250101__20251231_z8VGkiQfJa5l" style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td id="xdx_496_20210101__20251231_zfj5hV83pfaj" style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td id="xdx_49F_20160101__20251231_ztATISvUSbJf" style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> <tr style="min-height: 18.4pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b>CLASS A SHARES</b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>1 YEAR</b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>5 YEARS</b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>10 YEARS</b></span></p> </td> </tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dpn_hoef--ClassAxis__custom--C000056389Member_zT07z6LIlL9k" style="min-height: 18.4pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Return Before Taxes</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">2.29%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.86%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">3.83%</span></p> </td> </tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dpn_hoef--ClassAxis__custom--C000056389Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_ziAXHUuLgZIb" style="min-height: 18.4pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Return After Taxes on Distributions</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.37%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.16%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">2.27%</span></p> </td> </tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dpn_hoef--ClassAxis__custom--C000056389Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zYCKDW6RLm8g" style="min-height: 18.4pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Return After Taxes on Distributions and Sale of Fund Shares</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.32%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.66%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">2.25%</span></p> </td> </tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dpn_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateTotalReturnIndexValueUSDMember_zAjFXyHOm5Bi" style="min-height: 28.4pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Bloomberg U.S. Aggregate Total Return Index Value USD<br/></span><span style="text-transform: none; font-style: italic"><i><span id="xdx_906_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000020097Member_zAFwlVc1xwQ9">(reflects no deduction for fees, expenses, or taxes)</span></i></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">7.30%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt 3pt 3pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">-0.36%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">2.01%</span></p> </td> </tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dpn_hoef--PerformanceMeasureAxis__custom--BloombergUSUniversalTotalReturnIndexValueUnhedgedMember_zN6PHPsLck3" style="min-height: 28.4pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Bloomberg U.S. Universal Total Return Index Value Unhedged<br/></span><span style="text-transform: none; font-style: italic"><i><span id="xdx_90F_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000020097Member_zq3QXSsUYuTh">(reflects no deduction for fees, expenses, or taxes)</span></i></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">7.58%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.06%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">2.44%</span></p> </td> </tr> </table> <div style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-align: left"> <table style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 372.59pt"> </td> <td id="xdx_49E_20250101__20251231_z9VGkiQfJa5l" style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td id="xdx_492_20210101__20251231_zDqGN81bczd9" style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td id="xdx_49A_20160101__20251231_zx3TqX7ypVgf" style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> <tr style="min-height: 18.4pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b>CLASS</b></span><span style="text-transform: uppercase"><b> C SHARES</b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>1 YEAR</b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>5 YEARS</b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>10 YEARS</b></span></p> </td> </tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dpn_hoef--ClassAxis__custom--C000056390Member_zSwqKkPPiBMd" style="min-height: 18.4pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Return Before Taxes</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">5.47%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">2.07%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">3.58%</span></p> </td> </tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dpn_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateTotalReturnIndexValueUSDMember_zTzXi0Y0rG7e" style="min-height: 28.4pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Bloomberg U.S. Aggregate Total Return Index Value USD<br/></span><span style="text-transform: none; font-style: italic"><i><span id="xdx_903_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000020097Member_z9epwu3q0Kbd">(reflects no deduction for fees, expenses, or taxes)</span></i></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">7.30%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt 3pt 3pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">-0.36%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">2.01%</span></p> </td> </tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dpn_hoef--PerformanceMeasureAxis__custom--BloombergUSUniversalTotalReturnIndexValueUnhedgedMember_zawoOZ9182Vl" style="min-height: 28.4pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Bloomberg U.S. Universal Total Return Index Value Unhedged<br/></span><span style="text-transform: none; font-style: italic"><i><span id="xdx_902_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000020097Member_zihraoUyfMQc">(reflects no deduction for fees, expenses, or taxes)</span></i></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">7.58%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.06%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">2.44%</span></p> </td> </tr> </table> </div> <div style="page-break-before: always"> <p style="margin: 0pt; font-size: 5pt">​</p> </div> <div></div> <table style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 372.59pt"> </td> <td id="xdx_49E_20250101__20251231_z2rLDcEtbAh1" style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td id="xdx_496_20210101__20251231_zQsKreOGUIba" style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td id="xdx_49F_20160101__20251231_zCtSQXUYWqJc" style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> <tr style="min-height: 18.4pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b>CLASS I SHARES</b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>1 YEAR</b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>5 YEARS</b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>10 YEARS</b></span></p> </td> </tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dpn_hoef--ClassAxis__custom--C000056391Member_zTo5cPqqJJRb" style="min-height: 18.4pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Return Before Taxes</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">7.56%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">3.20%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">4.71%</span></p> </td> </tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dpn_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateTotalReturnIndexValueUSDMember_zUBhxGa27rg8" style="min-height: 28.4pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Bloomberg U.S. Aggregate Total Return Index Value USD<br/></span><span style="text-transform: none; font-style: italic"><i><span id="xdx_906_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000020097Member_zAdudhl9eAd8">(reflects no deduction for fees, expenses, or taxes)</span></i></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">7.30%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt 3pt 3pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">-0.36%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">2.01%</span></p> </td> </tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dpn_hoef--PerformanceMeasureAxis__custom--BloombergUSUniversalTotalReturnIndexValueUnhedgedMember_zoQQJfnIhxj4" style="min-height: 28.4pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Bloomberg U.S. Universal Total Return Index Value Unhedged<br/></span><span style="text-transform: none; font-style: italic"><i><span id="xdx_90A_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000020097Member_zxi2XHIg5Gba">(reflects no deduction for fees, expenses, or taxes)</span></i></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">7.58%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.06%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">2.44%</span></p> </td> </tr> </table> <div style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-align: left"> <table style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 372.59pt"> </td> <td id="xdx_49E_20250101__20251231_zv58J5Y2Yjkh" style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td id="xdx_496_20210101__20251231_zlKKCzVhaRF4" style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td id="xdx_49D_20170410__20251231_zJkfCRpRA1ue" style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> <tr style="min-height: 18.4pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b>CLASS R6 SHARES</b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>1 YEAR</b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>5 YEARS</b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Since Inception<br/>(<span id="xdx_909_eoef--PerfInceptionDate_c20170410__20251231__oef--ClassAxis__custom--C000177481Member_zUOdSxZFqD2">4-10-17</span>)</b></span></p> </td> </tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dpn_hoef--ClassAxis__custom--C000177481Member_zcFg6FNiJySd" style="min-height: 18.4pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Return Before Taxes</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">7.72%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">3.28%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">4.34%</span></p> </td> </tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dpn_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateTotalReturnIndexValueUSDMember_z2WjlI6gLRVl" style="min-height: 28.4pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Bloomberg U.S. Aggregate Total Return Index Value USD<br/></span><span style="text-transform: none; font-style: italic"><i><span id="xdx_903_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000020097Member_z78HefNHGOZ1">(reflects no deduction for fees, expenses, or taxes)</span></i></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">7.30%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt 3pt 3pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">-0.36%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.88%</span></p> </td> </tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dpn_hoef--PerformanceMeasureAxis__custom--BloombergUSUniversalTotalReturnIndexValueUnhedgedMember_zGSYx8OhgWe4" style="min-height: 28.4pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Bloomberg U.S. Universal Total Return Index Value Unhedged<br/></span><span style="text-transform: none; font-style: italic"><i><span id="xdx_907_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000020097Member_zgb1gHUeTARd">(reflects no deduction for fees, expenses, or taxes)</span></i></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">7.58%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.06%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">2.19%</span></p> </td> </tr> </table> </div> 0.0229 0.0186 0.0383 0.0037 0.0016 0.0227 0.0132 0.0066 0.0225 (reflects no deduction for fees, expenses, or taxes) 0.0730 -0.0036 0.0201 (reflects no deduction for fees, expenses, or taxes) 0.0758 0.0006 0.0244 0.0547 0.0207 0.0358 (reflects no deduction for fees, expenses, or taxes) 0.0730 -0.0036 0.0201 (reflects no deduction for fees, expenses, or taxes) 0.0758 0.0006 0.0244 0.0756 0.0320 0.0471 (reflects no deduction for fees, expenses, or taxes) 0.0730 -0.0036 0.0201 (reflects no deduction for fees, expenses, or taxes) 0.0758 0.0006 0.0244 2017-04-10 0.0772 0.0328 0.0434 (reflects no deduction for fees, expenses, or taxes) 0.0730 -0.0036 0.0188 (reflects no deduction for fees, expenses, or taxes) 0.0758 0.0006 0.0219 <p id="xdx_A8B_eoef--PerformanceTableClosingTextBlock_zCgT3aJ8BVhd" style="font: italic 8pt/9pt Arial, sans-serif; margin: 0pt 0pt 4pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; font-style: italic"><i><span id="xdx_906_eoef--PerformanceTableUsesHighestFederalRate_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000020097Member_zINU7MDwxmj1">After-tax returns are calculated using the highest historical individual federal marginal income tax rates, and do not reflect state or local income taxes.</span> <span id="xdx_901_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000020097Member_zV9j5pXSDIH">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.</span> <span id="xdx_902_eoef--PerformanceTableOneClassOfAfterTaxShown_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000020097Member_zrAELWFly1yh">The after-tax returns shown relate only to Class A shares, and after-tax returns for other share classes will vary.</span></i></span></p> After-tax returns are calculated using the highest historical individual federal marginal income tax rates, and do not reflect state or local income taxes. Actual after-tax returns depend on an investor’s own tax situation and may differ from the returns shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The after-tax returns shown relate only to Class A shares, and after-tax returns for other share classes will vary. Short Duration Municipal Fund Investment Goal <p id="xdx_A82_eoef--ObjectivePrimaryTextBlock_zHxmdgfBy3Fa" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">The Fund seeks current income exempt from federal income tax, consistent with preservation of capital.</span></p> Fees and Expenses of the Fund <p id="xdx_A87_eoef--ExpenseNarrativeTextBlock_zmgy50tQbDKg" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </b><span id="xdx_904_eoef--ExpenseBreakpointDiscounts_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000043669Member_zQikdSJFwOa4">You may qualify for discounts from the sales charges applicable to Class A shares if you or other qualifying account holders invest, or agree to invest in the future, at least $<span id="xdx_900_eoef--ExpenseBreakpointMinimumInvestmentRequiredAmount_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000043669Member_zVwn17Z8R2zd">50,000</span> in the Thornburg Funds.</span> More information about this and other discounts and sales charge waivers is available from your financial intermediary, in the Prospectus under the captions “Class A Sales Charge Waivers,” beginning on page 154, and “Appendix A – Sales Charge Waivers Offered by Financial Intermediaries,” beginning on page 208, and in the Statement of Additional Information under the caption “Additional Information Respecting Purchase and Redemption of Shares,” beginning on page 94.</span></p> You may qualify for discounts from the sales charges applicable to Class A shares if you or other qualifying account holders invest, or agree to invest in the future, at least $50,000 in the Thornburg Funds. 50000 Shareholder Fees (fees paid directly from your investment) <div id="xdx_A86_eoef--ShareholderFeesTableTextBlock_zS49nHT2nmHi"></div> <table style="table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 455.4pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> </table> <table id="xdx_A5B_dU_zbAX36o7wT4b" style="table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse; width: 455.4pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b> </b></span></p> </td> <td id="xdx_494_20260128__20260128__oef--ClassAxis__custom--C000135383Member_z2ZwhPCRozmj" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class A</b></span></p> </td> <td id="xdx_496_20260128__20260128__oef--ClassAxis__custom--C000135384Member_zSzZHcdUe6Zf" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class I</b></span></p> </td> </tr> <tr id="xdx_406_eoef--MaximumSalesChargeImposedOnPurchasesOverOfferingPrice_dpn_zPgioqhbinW4" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Maximum Sales Charge (Load) Imposed on Purchases<br/></span><span style="text-transform: none; font-style: italic"><i>(as a percentage of offering price)</i></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">2.25%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">none</span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Maximum Deferred Sales Charge (Load)<br/></span><span style="text-transform: none; font-style: italic"><i>(as a percentage of redemption proceeds or original purchase price, whichever is lower)</i></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_902_eoef--MaximumDeferredSalesChargeOverOther_dpn_c20260128__20260128__oef--ClassAxis__custom--C000135383Member_fKDEp_zHXkL0wkv4q3" title="Maximum Deferred Sales Charge (Load) (as a percentage of redemption proceeds or original purchase price, whichever is lower)">none</span></span><sup style="text-transform: none; font-size: 7pt; line-height: 7pt">(1)</sup><span style="text-transform: none"> </span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_902_eoef--MaximumDeferredSalesChargeOverOther_dpn_c20260128__20260128__oef--ClassAxis__custom--C000135384Member_zd88FtMzhECe">none</span></span></p> </td> </tr> </table> 0.0225 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A86_eoef--AnnualFundOperatingExpensesTableTextBlock_zqqGkYrBrH8i" style="-sec-ix-redline: true"></div> <table style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 455.4pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> </table> <table id="xdx_A5B_dU_zLGcsoiOsXN3" style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse; width: 455.4pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b> </b></span></p> </td> <td id="xdx_493_20260128__20260128__oef--ClassAxis__custom--C000135383Member_zfFXG2yjuRB6" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class A</b></span></p> </td> <td id="xdx_49F_20260128__20260128__oef--ClassAxis__custom--C000135384Member_zpSYO3W3xMN9" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class I</b></span></p> </td> </tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zHmqRe8WHNL8" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Management Fees</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.40%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.40%</span></p> </td> </tr> <tr id="xdx_406_eoef--DistributionAndService12b1FeesOverAssets_dpn_zwR0AH2NVnbe" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Distribution and Service (12b-1) Fees</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.20%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">none</span></p> </td> </tr> <tr id="xdx_40A_eoef--OtherExpensesOverAssets_dpn_zzDFMoKiTUAa" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Other Expenses</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.65%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.24%</span></p> </td> </tr> <tr id="xdx_407_eoef--ExpensesOverAssets_dpn_znYkRY4rZCo6" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Total Annual Fund Operating Expenses</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.25%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.64%</span></p> </td> </tr> <tr id="xdx_402_eoef--FeeWaiverOrReimbursementOverAssets_dpn_zNYuLDd0Bul4" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Fee Waiver/Expense Reimbursement</span><sup id="xdx_F4A_zcb9caB4LrXl" style="text-transform: none; font-size: 7pt; line-height: 7pt">(2)</sup><span style="text-transform: none"> </span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">(0.55)%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">(0.14)%</span></p> </td> </tr> <tr id="xdx_402_eoef--NetExpensesOverAssets_dpn_zVuP7iQy5hq9" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.70%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.50%</span></p> </td> </tr> </table> 0.0040 0.0040 0.0020 0 0.0065 0.0024 0.0125 0.0064 -0.0055 -0.0014 0.0070 0.0050 <div id="xdx_A88_eoef--ExpenseFootnotesTextBlock_zHOPXPI6b1od"></div> <table cellpadding="0" cellspacing="0" style="font: italic 8pt/9pt Arial, sans-serif; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right"><span style="text-transform: none"><i id="xdx_F0C_zqWj8ui5AcV2">(1)</i></span></td> <td style="width: 5pt"></td> <td style="text-align: justify"><span style="text-transform: none"><i id="xdx_F1E_zQ1jvhOK6RTj">Up to a 0.50% contingent deferred sales charge (CDSC) is imposed on redemptions of any part or all of a purchase of $1 million or more within 12 months of purchase.</i></span></td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: italic 8pt/9pt Arial, sans-serif; -sec-ix-redline: true; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right"><span style="text-transform: none"><i id="xdx_F0A_zzOQC3U0m5P9">(2)</i></span></td> <td style="width: 5pt"></td> <td style="text-align: justify"><span style="text-transform: none"><i id="xdx_F13_zR39R1I1MCm9">Thornburg Investment Management, Inc. (“Thornburg”) has contractually agreed to waive fees and reimburse expenses incurred by the Fund so that actual Class A and Class I expenses (excluding taxes, interest expenses, acquired fund fees and expenses, brokerage commissions, borrowing costs, expenses relating to short sales, and unusual expenses such as contingency fees or litigation costs) do not exceed 0.70% and 0.50%, 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 <span id="xdx_90B_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260128__20260128__oef--ClassAxis__custom--C000135383Member_zfrPST0qUnV4"><span id="xdx_90C_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260128__20260128__oef--ClassAxis__custom--C000135384Member_zi9NbX2WYj7g">February 1, 2027</span></span>, 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.</i></span></td> </tr> </table> February 1, 2027 February 1, 2027 Example. <p id="xdx_A8B_eoef--ExpenseExampleNarrativeTextBlock_zgb6ruVtIlN8" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">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:</span></p> <div id="xdx_A85_eoef--ExpenseExampleWithRedemptionTableTextBlock_zvKsju2q4BIg"></div> <table id="xdx_A5A_dU_zQK5AR3arDal" style="table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 6pt; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 289.79pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b> </b></span></p> </td> <td id="xdx_488_eoef--ExpenseExampleYear01_z0f9Uv9EtS87" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>1 Year</b></span></p> </td> <td id="xdx_489_eoef--ExpenseExampleYear03_zZ1rhD2Jintd" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>3 Years</b></span></p> </td> <td id="xdx_488_eoef--ExpenseExampleYear05_zXAKRkIxKuHi" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>5 Years</b></span></p> </td> <td id="xdx_486_eoef--ExpenseExampleYear10_z56mI8cSW5Wf" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>10 Years</b></span></p> </td> </tr> <tr id="xdx_41D_20260128__20260128__oef--ClassAxis__custom--C000135383Member_zQQJNB9FYrod" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Class A Shares</span></p> </td> <td style="border-width: 0pt; padding: 3pt 25pt 3pt 0pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$295</span></p> </td> <td style="border-width: 0pt; padding: 3pt 25pt 3pt 0pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$559</span></p> </td> <td style="border-width: 0pt; padding: 3pt 25pt 3pt 0pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$844</span></p> </td> <td style="border-width: 0pt; padding: 3pt 25pt 3pt 0pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$1,655</span></p> </td> </tr> <tr id="xdx_416_20260128__20260128__oef--ClassAxis__custom--C000135384Member_zX5GYf3KaYf4" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Class I Shares</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 25pt 3pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$51</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 25pt 3pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$191</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 25pt 3pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$343</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 25pt 3pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$785</span></p> </td> </tr> </table> 295 559 844 1655 51 191 343 785 Portfolio Turnover. <p id="xdx_A84_eoef--PortfolioTurnoverTextBlock_zB9ux4e3joq9" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">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 <span id="xdx_909_eoef--PortfolioTurnoverRate_dp_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000043669Member_zLu64Cuea3yc">54.60</span>% of the average value of its portfolio.</span></p> 0.5460 Principal Investment Strategies <p id="xdx_A8F_eoef--StrategyNarrativeTextBlock_gRBSNTB-HEVKVGR_zxPffAnz2yq4" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">The Fund pursues its primary goal by investing principally in a laddered maturity portfolio of municipal obligations issued by states and state agencies, local governments and their agencies and by United States territories and possessions. Thornburg Investment Management, Inc. (“Thornburg”) actively manages the Fund’s portfolio. Investment decisions are based upon outlooks for interest rates and securities markets, the supply of municipal debt obligations, and analysis of specific securities. The Fund invests primarily in obligations and participations in obligations which are rated by a nationally recognized statistical rating organization at the time of purchase as investment grade or, if unrated, are issued by obligors which Thornburg determines have comparable investment grade obligations outstanding or which are deemed by Thornburg to be comparable to obligors with outstanding investment grade obligations. The Fund may invest up to 20 percent of its net assets, plus the amount of any borrowings for investment purposes, in lower-quality municipal debt obligations rated by a nationally recognized statistical rating organization at the time of purchase as below investment grade (sometimes called “junk” bonds or “high yield” bonds) or, if unrated, issued by obligors which Thornburg determines have comparable below investment grade municipal obligations outstanding or which are deemed by Thornburg to be comparable to obligors with outstanding below investment grade obligations. “Participations” are undivided interests in pools of securities where the underlying credit support passes through to the participants. The Fund’s portfolio is “laddered” by investing in obligations of different maturities so that some obligations mature during each of the coming years. </span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Because the magnitude of changes in value of interest-bearing obligations is greater for obligations with longer durations given an equivalent change in interest rates, the Fund seeks to reduce changes in its share value compared to longer duration fixed income portfolios by maintaining a portfolio of investments with a dollar-weighted average duration of normally no more than three years. Duration is a measure of estimated sensitivity to interest rate changes, and a debt obligation or a portfolio of obligations with a higher duration will typically be more sensitive to interest rate changes than an obligation or a portfolio with a lower duration. Duration is commonly expressed as a number, which is the expected percentage change in an obligation’s price upon a 1% change in interest rates. For example, an obligation with a duration of 3 would be expected to change in price by approximately 3% in response to a 1% change in interest rates. During temporary periods the Fund’s average duration and average portfolio maturity may be further reduced for defensive purposes. There is no limitation on the duration or maturity of any specific security the Fund may purchase. The Fund may dispose of any security before it matures. The Fund also attempts to reduce changes in its share value through credit analysis, selection and diversification.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">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.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 4pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><span id="xdx_90C_eoef--StrategyPortfolioConcentration_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000043669Member_gIFSPC-KHTK_zET53PeH1u27">The Fund normally invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in municipal obligations the income from which is exempt from the regular federal income tax, though the income on those</span></span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 4pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><span id="xdx_C06_gIFSPC-KHTK_zXELRm6xak1g">investments may still be subject to the federal alternative minimum tax (“AMT”). Gains realized on investments held by the Fund and not offset by realized losses will be subject to federal income tax.</span></span></p> The Fund normally invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in municipal obligations the income from which is exempt from the regular federal income tax, though the income on thoseinvestments may still be subject to the federal alternative minimum tax (“AMT”). Gains realized on investments held by the Fund and not offset by realized losses will be subject to federal income tax. An investment in the Fund is not a deposit in any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Accordingly, the loss of money is a risk of investing in the Fund. <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CreditRiskMember_zI7dbLMzW1cf" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 4pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Credit Risk </b>– If obligations held by the Fund are downgraded by ratings agencies or go into default, or if legislation or other government action reduces the ability of issuers to pay principal and interest when due, the value of those obligations may decline and the Fund’s share value and any dividends paid by the Fund may be reduced. For example, municipal leases held by the Fund may be subject to non-appropriation provisions which permit governmental agencies or issuers to discontinue payments to the Fund under the municipal leases.</span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityAndOperationalRiskMember_zIDtYW5F8aZ7" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 4pt; -sec-ix-redline: true; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Cybersecurity and Operational Risk </b>– Operational failures, cyber-attacks or other disruptions that affect the Fund’s service providers, the Fund’s counterparties, other market participants or the issuers of securities held by the Fund may adversely affect the Fund and its shareholders, including by causing losses for the Fund or impairing Fund operations. The rapid development and increasingly widespread use of artificial intelligence, including machine learning technology and generative artificial intelligence such as ChatGPT, could exacerbate these risks.</span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighYieldRiskMember_zvpA5VuBJ34d" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 4pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>High Yield Risk </b>– 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.</span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__us-gaap--InterestRateRiskMember_zIazRo9Mjxn6" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 4pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Interest Rate Risk </b>– 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. When interest rates decrease, the Fund’s dividends may decline. Decreases in market interest rates may also result in prepayments of obligations the Fund acquires, requiring the Fund to reinvest at lower interest rates.</span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zxRFtraRv8Rf" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 4pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Liquidity Risk </b>– Due to a lack of demand in the marketplace or other factors, the Fund may not be able to sell promptly some or all of the obligations that it holds, or may only be able to sell obligations at less than desired prices.</span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zL8lkFJITPaj" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 4pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Management Risk </b>– 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.</span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndEconomicRiskMember_zUYsXLFs7kxb" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 5pt; -sec-ix-redline: true; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Market </b><b>and Economic Risk </b>– 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 the Fund’s investments in lower rated and unrated municipal obligations, the value of which may fluctuate more significant in response to poor economic growth or other changes in market conditions, political, economic, legal, and technological developments, and developments affecting specific issuers.</span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--RedemptionRiskMember_zziuQPIJDZl7" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 4pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Redemption Risk </b>– 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.</span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_gRBRTB-YAOUIE_zw4oWFP9Nsf1" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 4pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Tax Risk </b>– The income on the Fund’s municipal obligations could become subject to federal income or state income tax due to noncompliant conduct by issuers, unfavorable legislation or litigation or adverse interpretations by regulatory authorities. All or a portion of the Fund’s distributions that are exempt from regular federal income tax may nevertheless be taken into account for purposes of the federal AMT and state income tax.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 4pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Additional information about Fund investments, investment strategies and risks of investing in the Fund appears beginning on page 125 of the Prospectus.</span></p> Past Performance of the Fund <p id="xdx_A88_eoef--PerformanceNarrativeTextBlock_zOsWop7qPgf5" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 7pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; line-height: 12pt"><span id="xdx_908_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000043669Member_zx7zaNqKUn2f">The following information provides some indication of the risks of investing in the Short Duration Municipal Fund by showing how the Fund’s investment results vary from year to year.</span> The bar chart shows how the annual total returns for Class A shares have been different in each full year shown. The average annual total return figures compare Class A and Class I share performance to the ICE BofA U.S. Municipal Securities Index, a broad-based securities market index that represents the overall applicable market in which the Fund invests, and the ICE BofA 1-3 Year U.S. Municipal Securities Index, an additional index that represents the market sectors which Thornburg believes are more representative of the Fund’s investment universe. These indexes are not actively managed and are not available for direct investment. The bar charts and performance tables assume reinvestment of dividends and distributions. <span id="xdx_90D_eoef--PerformancePastDoesNotIndicateFuture_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000043669Member_zu9AmV1pJkVi">Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> The performance information shown is as of the calendar year ended December 31, 2025. Updated performance information may be obtained on the Thornburg website at <span id="xdx_90F_eoef--PerformanceAvailabilityWebSiteAddress_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000043669Member_zF9tho18rOLa">Thornburg.com</span> or by </span><span style="text-transform: none; line-height: 12pt">calling <span id="xdx_90F_eoef--PerformanceAvailabilityPhone_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000043669Member_z2SCiEpyiJtc">1-800-847-0200</span>.</span></p> The following information provides some indication of the risks of investing in the Short Duration Municipal Fund by showing how the Fund’s investment results vary from year to year. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Thornburg.com 1-800-847-0200 Annual Total Returns – Class A Shares <div id="xdx_A8F_eoef--BarChartTableTextBlock_zE9Lp9OOPnva"></div> <table border="0" cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zATgafzLlwQj" style="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top"> <td style="text-align: left; width: 17%; display: none"> </td> <td style="text-align: left; width: 83%; display: none"> </td></tr> <tr style="vertical-align: top"> <td style="text-align: left; display: none">2016</td> <td id="xdx_98D_eoef--AnnlRtrPct_dp_c20160101__20161231__oef--ClassAxis__custom--C000135383Member_zcMkHVuQ3P5" style="text-align: left; display: none">0.01%</td></tr> <tr style="vertical-align: top"> <td style="text-align: left; display: none">2017</td> <td id="xdx_98B_eoef--AnnlRtrPct_dp_c20170101__20171231__oef--ClassAxis__custom--C000135383Member_zP6MxJSsjzVa" style="text-align: left; display: none">0.89%</td></tr> <tr style="vertical-align: top"> <td style="text-align: left; display: none">2018</td> <td id="xdx_983_eoef--AnnlRtrPct_dp_c20180101__20181231__oef--ClassAxis__custom--C000135383Member_zT2CpBb09cMg" style="text-align: left; display: none">0.84%</td></tr> <tr style="vertical-align: top"> <td style="text-align: left; display: none">2019</td> <td id="xdx_985_eoef--AnnlRtrPct_dp_c20190101__20191231__oef--ClassAxis__custom--C000135383Member_zOWI8vJA1GG8" style="text-align: left; display: none">1.91%</td></tr> <tr style="vertical-align: top"> <td style="text-align: left; display: none">2020</td> <td id="xdx_980_eoef--AnnlRtrPct_dp_c20200101__20201231__oef--ClassAxis__custom--C000135383Member_zJclcpZ1pSGf" style="text-align: left; display: none">0.87%</td></tr> <tr style="vertical-align: top"> <td style="text-align: left; display: none">2021</td> <td id="xdx_988_eoef--AnnlRtrPct_dp_c20210101__20211231__oef--ClassAxis__custom--C000135383Member_zmGrFXJVZQw8" style="text-align: left; display: none">-0.25%</td></tr> <tr style="vertical-align: top"> <td style="text-align: left; display: none">2022</td> <td id="xdx_985_eoef--AnnlRtrPct_dp_c20220101__20221231__oef--ClassAxis__custom--C000135383Member_z4TzfGzxd3l7" style="text-align: left; display: none">-2.52%</td></tr> <tr style="vertical-align: top"> <td style="text-align: left; display: none">2023</td> <td id="xdx_98E_eoef--AnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000135383Member_zMxhTnrhfUl9" style="text-align: left; display: none">3.46%</td></tr> <tr style="vertical-align: top"> <td style="text-align: left; display: none">2024</td> <td id="xdx_982_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000135383Member_zj6FKHkDYr49" style="text-align: left; display: none">2.53%</td></tr> <tr style="vertical-align: top"> <td style="text-align: left; display: none">2025</td> <td id="xdx_98E_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000135383Member_z5qsMayQpUk8" style="text-align: left; display: none">3.53%</td></tr> </table> <div style="font: 12pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 16pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"> <div style="border-width: 0pt; padding: 0pt; overflow: hidden; display: inline-block; width: 609.44pt; height: 181.66pt; text-align: left"> <img alt="" src="retailproimg014.gif" style="vertical-align: top; margin-left: 0pt; width: 608.34pt; margin-top: 0pt; height: 180.54pt"/> </div> </div> 0.0001 0.0089 0.0084 0.0191 0.0087 -0.0025 -0.0252 0.0346 0.0253 0.0353 <div id="xdx_A86_eoef--BarChartClosingTextBlock_zpEXyKu7EUma"></div> <table style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.5pt 6pt; vertical-align: bottom; border-collapse: collapse; width: 455.4pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b> </b></span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Total<br/>Returns</b></span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Quarter ended</b></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><span id="xdx_907_eoef--HighestQuarterlyReturnLabel_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000043669Member_zsI0y8vuGsgd">Highest Quarterly Results</span></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_90B_eoef--BarChartHighestQuarterlyReturn_dp_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000043669Member_z6a6uPyOYG92">2.46</span>%</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_901_eoef--BarChartHighestQuarterlyReturnDate_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000043669Member_zLzL22eYGlye">12/31/2023</span></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><span id="xdx_904_eoef--LowestQuarterlyReturnLabel_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000043669Member_zFGzAwl9CIK3">Lowest Quarterly Results</span></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt 3pt 3pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_905_eoef--BarChartLowestQuarterlyReturn_dp_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000043669Member_zrwei3GE12rc">-2.50</span>%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_90B_eoef--BarChartLowestQuarterlyReturnDate_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000043669Member_zWEEbOxdKLU7">3/31/2022</span></span></p> </td> </tr> </table> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><span id="xdx_909_eoef--BarChartDoesNotReflectSalesLoads_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000043669Member_zTbDSBtZqxHf">The sales charge for Class A shares is not reflected in the returns shown in the bar chart above, and the returns would be less if the charge was taken into account.</span></span></p> Highest Quarterly Results 0.0246 2023-12-31 Lowest Quarterly Results -0.0250 2022-03-31 The sales charge for Class A shares is not reflected in the returns shown in the bar chart above, and the returns would be less if the charge was taken into account. Average Annual Total Returns (periods ended 12-31-25) <div id="xdx_A81_eoef--PerformanceTableTextBlock_gRBPTTB-MDW_zF5074XeExLb"></div> <table id="xdx_A5C_zZwY51i9qwf8" style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="min-height: 18.4pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse; width: 372.59pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b>CLASS A SHARES</b></span></p> </td> <td id="xdx_499_20250101__20251231_z6y5zimn6Naa" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>1 YEAR</b></span></p> </td> <td id="xdx_496_20210101__20251231_ziHBA3XhJnO7" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>5 YEARS</b></span></p> </td> <td id="xdx_49E_20160101__20251231_z55nldrW0tBj" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>10 YEARS</b></span></p> </td> </tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000135383Member_zS6wwrIW9pX5" style="min-height: 18.4pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Return Before Taxes</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.23%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.87%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.96%</span></p> </td> </tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000135383Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zzLGBECnYnNg" style="min-height: 18.4pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Return After Taxes on Distributions</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.23%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.87%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.96%</span></p> </td> </tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000135383Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zjv0cdn0fL98" style="min-height: 18.4pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Return After Taxes on Distributions and Sale of Fund Shares</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.97%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.12%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.06%</span></p> </td> </tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--ICEBofAUSMunicipalSecuritiesIndexMember_zLnbfGdbiLmh" style="min-height: 28.4pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">ICE BofA U.S. Municipal Securities Index<br/></span><span style="text-transform: none; font-style: italic"><i><span id="xdx_906_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000043669Member_zdGgNUgS3gRh">(reflects no deduction for fees, expenses, or taxes)</span></i></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">3.96%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.84%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">2.38%</span></p> </td> </tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--ICEBofA1To3YearUSMunicipalSecuritiesIndexMember_zjm6sTEgZDei" style="min-height: 27.9pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">ICE BofA 1-3 Year U.S. Municipal Securities Index<br/></span><span style="text-transform: none; font-style: italic"><i><span id="xdx_908_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000043669Member_zwT9mxHYEoJh">(reflects no deduction for fees, expenses, or taxes)</span></i></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">3.76%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.59%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.60%</span></p> </td> </tr> </table> <div></div> <table style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="min-height: 18.4pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse; width: 372.59pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b>CLASS I SHARES</b></span></p> </td> <td id="xdx_499_20250101__20251231_zaHy68WRNCA6" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>1 YEAR</b></span></p> </td> <td id="xdx_496_20210101__20251231_zXA5az6bTtyc" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>5 YEARS</b></span></p> </td> <td id="xdx_49E_20160101__20251231_zA0WmialOIDd" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>10 YEARS</b></span></p> </td> </tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000135384Member_zIoE1w2tWCzf" style="min-height: 18.4pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Return Before Taxes</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">3.74%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.54%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.32%</span></p> </td> </tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--ICEBofAUSMunicipalSecuritiesIndexMember_zXTlITizjb2e" style="min-height: 28.4pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">ICE BofA U.S. Municipal Securities Index<br/></span><span style="text-transform: none; font-style: italic"><i><span id="xdx_900_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000043669Member_zqtwz4iD3zUa">(reflects no deduction for fees, expenses, or taxes)</span></i></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">3.96%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.84%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">2.38%</span></p> </td> </tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--ICEBofA1To3YearUSMunicipalSecuritiesIndexMember_zZQ4U4HByjI5" style="min-height: 27.9pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">ICE BofA 1-3 Year U.S. Municipal Securities Index<br/></span><span style="text-transform: none; font-style: italic"><i><span id="xdx_90B_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000043669Member_z4l5g2hVgE81">(reflects no deduction for fees, expenses, or taxes)</span></i></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">3.76%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.59%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.60%</span></p> </td> </tr> </table> 0.0123 0.0087 0.0096 0.0123 0.0087 0.0096 0.0197 0.0112 0.0106 (reflects no deduction for fees, expenses, or taxes) 0.0396 0.0084 0.0238 (reflects no deduction for fees, expenses, or taxes) 0.0376 0.0159 0.0160 0.0374 0.0154 0.0132 (reflects no deduction for fees, expenses, or taxes) 0.0396 0.0084 0.0238 (reflects no deduction for fees, expenses, or taxes) 0.0376 0.0159 0.0160 <p id="xdx_A86_eoef--PerformanceTableClosingTextBlock_zNVEN7Li56u1" style="font: italic 8pt/9pt Arial, sans-serif; margin: 0pt 0pt 4pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; font-style: italic"><i><span id="xdx_905_eoef--PerformanceTableUsesHighestFederalRate_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000043669Member_zWdrYsr0z6Nj">After-tax returns are calculated using the highest historical individual federal marginal income tax rates, and do not reflect state or local income taxes.</span> <span id="xdx_906_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000043669Member_z01kaJLfG8q">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.</span> <span id="xdx_90C_eoef--PerformanceTableOneClassOfAfterTaxShown_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000043669Member_zwOiIZAVqDha">The after-tax returns shown relate only to Class A shares, and after-tax returns for other share classes will vary.</span></i></span></p> After-tax returns are calculated using the highest historical individual federal marginal income tax rates, and do not reflect state or local income taxes. Actual after-tax returns depend on an investor’s own tax situation, and may differ from the returns shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The after-tax returns shown relate only to Class A shares, and after-tax returns for other share classes will vary. Limited Term Municipal Fund Investment Goal <p id="xdx_A83_eoef--ObjectivePrimaryTextBlock_zt06eOOrWm46" style="font: 12pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; font-size: 10pt; font-family: Arial, sans-serif; line-height: 12.5pt">The primary investment goal of Limited Term Municipal Fund is to obtain as high a level of current income exempt from federal individual income tax as is consistent, in the view of the Fund’s investment advisor, with preservation of capital.</span></p> <p id="xdx_A8F_eoef--ObjectiveSecondaryTextBlock_zwKCYdEsGC36" style="font: 12pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; font-size: 10pt; font-family: Arial, sans-serif; line-height: 12.5pt">The secondary goal of the Fund is to reduce expected changes in its share price compared to longer intermediate and long-term bond portfolios. </span></p> Fees and Expenses of the Fund <p id="xdx_A87_eoef--ExpenseNarrativeTextBlock_z0fmYtFiKjF3" style="font: 12pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; font-size: 10pt; font-family: Arial, sans-serif; line-height: 12.5pt">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. </span><span style="text-transform: none; font-size: 10pt; font-family: Arial, sans-serif; line-height: 12.5pt"><b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </b></span><span style="text-transform: none; font-size: 10pt; font-family: Arial, sans-serif; line-height: 12.5pt"><span id="xdx_907_eoef--ExpenseBreakpointDiscounts_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000000540Member_zp3sWyWbrNxl">You may qualify for discounts from the sales charges applicable to Class A shares if you or other qualifying account holders invest, or agree to invest in the future, at least <span id="xdx_902_eoef--ExpenseBreakpointMinimumInvestmentRequiredAmount_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000000540Member_zsHASA3kXF04">$50,000</span> in the Thornburg Funds.</span> More information about this and other discounts and sales charge waivers is available from your financial intermediary, in the Prospectus under the captions </span><span style="text-transform: none; font-size: 10pt; font-family: Arial, sans-serif; line-height: 12.5pt">“Class A Sales Charge Waivers,” beginning on page 154, and “Appendix A – Sales Charge Waivers Offered by Financial Intermediaries,” beginning on page 208, and in the Statement of Additional Information under the caption “Additional Information Respecting Purchase and Redemption of Shares,” beginning on page 94.</span></p> You may qualify for discounts from the sales charges applicable to Class A shares if you or other qualifying account holders invest, or agree to invest in the future, at least $50,000 in the Thornburg Funds. 50000 Shareholder Fees (fees paid directly from your investment) <div id="xdx_A8C_eoef--ShareholderFeesTableTextBlock_zgp58T2ZriK4"></div> <table id="xdx_A5D_dU_zVp7n6nj35qf" style="table-layout: fixed; width: 621pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 345pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 69pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 69pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 69pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 69pt"> </td> </tr> </table> <table style="table-layout: fixed; width: 621pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse; width: 345pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b> </b></span></p> </td> <td id="xdx_491_20260128__20260128__oef--ClassAxis__custom--C000001427Member_zsNhgCbjfCL4" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 69pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class A</b></span></p> </td> <td id="xdx_495_20260128__20260128__oef--ClassAxis__custom--C000001438Member_z30YqRTbTvy7" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 69pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class C</b></span></p> </td> <td id="xdx_490_20260128__20260128__oef--ClassAxis__custom--C000222321Member_z5WY7sMWslL8" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 69pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class c2</b></span></p> </td> <td id="xdx_499_20260128__20260128__oef--ClassAxis__custom--C000001449Member_zj38bLlC7wOk" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 69pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class I</b></span></p> </td> </tr> <tr id="xdx_406_eoef--MaximumSalesChargeImposedOnPurchasesOverOfferingPrice_dpn_zGu3lgzAPoh" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Maximum Sales Charge (Load) Imposed on Purchases<br/></span><span style="text-transform: none; font-style: italic"><i>(as a percentage of offering price)</i></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">2.25%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">none</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">none</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">none</span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Maximum Deferred Sales Charge (Load)<br/></span><span style="text-transform: none; font-style: italic"><i>(as a percentage of redemption proceeds or original purchase price, <br/>whichever is lower)</i></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_904_eoef--MaximumDeferredSalesChargeOverOther_dpn_c20260128__20260128__oef--ClassAxis__custom--C000001427Member_fKDEp_z500hwXwg47b" title="Maximum Deferred Sales Charge (Load) (as a percentage of redemption proceeds or original purchase price, whichever is lower)">none</span></span><sup style="text-transform: none; font-size: 7pt; line-height: 7pt">(1)</sup><span style="text-transform: none"> </span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_90D_eoef--MaximumDeferredSalesChargeOverOther_dpn_c20260128__20260128__oef--ClassAxis__custom--C000001438Member_fKDIp_zcFXm0ahMv0a">0.50%</span></span><sup style="text-transform: none; font-size: 7pt; line-height: 7pt">(2)</sup><span style="text-transform: none"> </span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_90F_eoef--MaximumDeferredSalesChargeOverOther_dpn_c20260128__20260128__oef--ClassAxis__custom--C000222321Member_fKDIp_zTm0ZIzTRHJj">0.65%</span></span><sup style="text-transform: none; font-size: 7pt; line-height: 7pt">(2)</sup><span style="text-transform: none"> </span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_90A_eoef--MaximumDeferredSalesChargeOverOther_dpn_c20260128__20260128__oef--ClassAxis__custom--C000001449Member_zdxS4yizIVkj">none</span></span></p> </td> </tr> </table> 0.0225 0 0 0 0 0.0050 0.0065 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A80_eoef--AnnualFundOperatingExpensesTableTextBlock_zXIMaMz2jrfl" style="-sec-ix-redline: true"></div> <table style="-sec-ix-redline: true; table-layout: fixed; width: 621pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 345pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 69pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 69pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 69pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 69pt"> </td> </tr> </table> <table id="xdx_A5C_dU_zUsTnTqDVKR3" style="-sec-ix-redline: true; table-layout: fixed; width: 621pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse; width: 345pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b> </b></span></p> </td> <td id="xdx_49E_20260128__20260128__oef--ClassAxis__custom--C000001427Member_zy79cYZr0AH5" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 69pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class A</b></span></p> </td> <td id="xdx_49D_20260128__20260128__oef--ClassAxis__custom--C000001438Member_zpMa4EpnWl0a" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 69pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class C</b></span></p> </td> <td id="xdx_493_20260128__20260128__oef--ClassAxis__custom--C000222321Member_zeBWzb8DwiPg" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 69pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>class c2</b></span></p> </td> <td id="xdx_495_20260128__20260128__oef--ClassAxis__custom--C000001449Member_ztfSbP4rMnFc" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 69pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class I</b></span></p> </td> </tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zD61KwpijUFh" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Management Fees</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.35%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.35%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.35%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.35%</span></p> </td> </tr> <tr id="xdx_406_eoef--DistributionAndService12b1FeesOverAssets_dpn_zvLurQZQcGu" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Distribution and Service (12b-1) Fees</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.25%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.50%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.65%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">none</span></p> </td> </tr> <tr id="xdx_40A_eoef--OtherExpensesOverAssets_dpn_zWffLilVcP4k" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Other Expenses</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.18%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.23%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.84%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.18%</span></p> </td> </tr> <tr id="xdx_407_eoef--ExpensesOverAssets_dpn_z1AY1vhlosO3" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Total Annual Fund Operating Expenses</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.78%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.08%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.84%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.53%</span></p> </td> </tr> <tr id="xdx_402_eoef--FeeWaiverOrReimbursementOverAssets_dpn_zl33R8XpBWe3" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Fee Waiver/Expense Reimbursement</span><sup id="xdx_F4B_z0gzE1BLul63" style="text-transform: none; font-size: 7pt; line-height: 7pt">(3)</sup></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span style="-sec-ix-hidden: xdx2ixbrl2477">—</span></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span style="-sec-ix-hidden: xdx2ixbrl2478">—</span></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt 3pt 11pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">(0.52)%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span style="-sec-ix-hidden: xdx2ixbrl2480">—</span></span></p> </td> </tr> <tr id="xdx_402_eoef--NetExpensesOverAssets_dpn_zJSi55ZKdSB4" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Total Annual Fund Operating Expenses After <br/>Fee Waiver/Expense Reimbursement</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.78%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.08%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.32%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.53%</span></p> </td> </tr> </table> 0.0035 0.0035 0.0035 0.0035 0.0025 0.0050 0.0065 0 0.0018 0.0023 0.0084 0.0018 0.0078 0.0108 0.0184 0.0053 -0.0052 0.0078 0.0108 0.0132 0.0053 <div id="xdx_A88_eoef--ExpenseFootnotesTextBlock_zHOPXPI6b4od"></div> <table cellpadding="0" cellspacing="0" style="font: italic 8pt/9pt Arial, sans-serif; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right"><span style="text-transform: none"><i id="xdx_F0F_zLrFP4YduFGc">(1)</i></span></td> <td style="width: 5pt"></td> <td style="text-align: justify"><span style="text-transform: none"><i id="xdx_F1D_zX9hQrQO3Rbd">Up to a 0.50% contingent deferred sales charge (CDSC) is imposed on redemptions of any part or all of a purchase of $1 million or more within 12 months of purchase.</i></span></td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: italic 8pt/9pt Arial, sans-serif; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right"><span style="text-transform: none"><i id="xdx_F00_z1QzeMv5kMj9">(2)</i></span></td> <td style="width: 5pt"></td> <td style="text-align: justify"><span style="text-transform: none"><i id="xdx_F18_zRR3wR6zSMh6">Imposed only on redemptions of Class C and Class C2 shares within 12 months of purchase.</i></span></td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: italic 8pt/9pt Arial, sans-serif; -sec-ix-redline: true; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right"><span style="text-transform: none"><i id="xdx_F0E_zCA2lfJ3RjK8">(3)</i></span></td> <td style="width: 5pt"></td> <td style="text-align: justify"><span style="text-transform: none"><i id="xdx_F1F_zFdhcQ4FPO41">Thornburg Investment Management, Inc. (“Thornburg”) has contractually agreed to waive fees and reimburse expenses incurred by the Fund so that actual Class C2 expenses (excluding taxes, interest expenses, acquired fund fees and expenses, brokerage commissions, borrowing costs, expenses relating to short sales, and unusual expenses such as contingency fees or litigation costs) do not exceed 1.32%. 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 <span id="xdx_901_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260128__20260128__oef--ClassAxis__custom--C000222321Member_zFwnfurVsQt4">February 1, 2027</span>, 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.</i></span></td> </tr> </table> February 1, 2027 Example. <p id="xdx_A8E_eoef--ExpenseExampleNarrativeTextBlock_zvsOf4HScJd6" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 5pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; line-height: 12.3pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other </span><span style="text-transform: none; line-height: 12.3pt">mutual funds.</span></p> <p style="font: 12pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 5pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; font-size: 10pt; font-family: Arial, sans-serif; line-height: 12.3pt">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:</span></p> <div id="xdx_A8E_eoef--ExpenseExampleWithRedemptionTableTextBlock_zPUMTlOphwD4" style="-sec-ix-redline: true"></div> <table id="xdx_A55_dU_zMmVmL2U2y19" style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 5pt; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 289.79pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> <tr style="min-height: 6pt"> <td style="border-width: 0pt; padding: 2.5pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"> </span></p> </td> <td id="xdx_482_eoef--ExpenseExampleYear01_z4M5zzKGZ1Pc" style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>1 Year</b></span></p> </td> <td id="xdx_489_eoef--ExpenseExampleYear03_zLePUNZwLlrj" style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>3 Years</b></span></p> </td> <td id="xdx_485_eoef--ExpenseExampleYear05_zsY0Ag7r52Hd" style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>5 Years</b></span></p> </td> <td id="xdx_484_eoef--ExpenseExampleYear10_zFH7eyTEKbBk" style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>10 Years</b></span></p> </td> </tr> <tr id="xdx_41C_20260128__20260128__oef--ClassAxis__custom--C000001427Member_zhumqFtaw8e6" style="min-height: 6pt"> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Class A Shares</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 25pt 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$303</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 25pt 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$469</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 25pt 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$649</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 25pt 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$1,169</span></p> </td> </tr> <tr id="xdx_419_20260128__20260128__oef--ClassAxis__custom--C000001438Member_zetdWZJMq8e3" style="min-height: 6pt"> <td style="border-width: 0pt; padding: 2.5pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Class C Shares</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 25pt 2.5pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$160</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 25pt 2.5pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$343</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 25pt 2.5pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$595</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 25pt 2.5pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$1,317</span></p> </td> </tr> <tr id="xdx_41C_20260128__20260128__oef--ClassAxis__custom--C000222321Member_z08tl9BJyZ7a" style="min-height: 6pt"> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Class C2 Shares</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 25pt 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$199</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 25pt 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$528</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 25pt 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$947</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 25pt 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$2,116</span></p> </td> </tr> <tr id="xdx_419_20260128__20260128__oef--ClassAxis__custom--C000001449Member_zBa29K2nYxp3" style="min-height: 6pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Class I Shares</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 25pt 2.5pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$54</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 25pt 2.5pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$170</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 25pt 2.5pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$296</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 25pt 2.5pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$665</span></p> </td> </tr> </table> 303 469 649 1169 160 343 595 1317 199 528 947 2116 54 170 296 665 You would pay the following expenses if you did not redeem your Class C shares: <div id="xdx_A84_eoef--ExpenseExampleNoRedemptionTableTextBlock_zqiCwt3xv3Wd"></div> <table id="xdx_A5F_zCXY77mlBlL2" style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 5pt; border-collapse: collapse" summary="xdx: Disclosure - Expense Example, No Redemption"> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.5pt 6pt; vertical-align: bottom; border-collapse: collapse; width: 289.79pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b> </b></span></p> </td> <td id="xdx_481_eoef--ExpenseExampleNoRedemptionYear01_dn_z3YX6y9yKMZ6" style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>1 Year</b></span></p> </td> <td id="xdx_48F_eoef--ExpenseExampleNoRedemptionYear03_dn_z6H8NwAv3fL3" style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>3 Years</b></span></p> </td> <td id="xdx_480_eoef--ExpenseExampleNoRedemptionYear05_dn_zL06phj0s2qa" style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>5 Years</b></span></p> </td> <td id="xdx_48E_eoef--ExpenseExampleNoRedemptionYear10_dn_zZ5MishtrCa6" style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>10 Years</b></span></p> </td> </tr> <tr id="xdx_410_20260128__20260128__oef--ClassAxis__custom--C000001438Member_ziIdRcNkiOl6" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Class C Shares</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 25pt 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$110</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 25pt 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$343</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 25pt 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$595</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 25pt 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$1,317</span></p> </td> </tr> <tr id="xdx_41C_20260128__20260128__oef--ClassAxis__custom--C000222321Member_zA4AUVt7fksd" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Class C2 Shares</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 25pt 2.5pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$134</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 25pt 2.5pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$528</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 25pt 2.5pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$947</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 25pt 2.5pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$2,116</span></p> </td> </tr> </table> 110 343 595 1317 134 528 947 2116 Portfolio Turnover. <p id="xdx_A88_eoef--PortfolioTurnoverTextBlock_z6dEgY5jaXO9" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 5pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; line-height: 12.3pt">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 <span id="xdx_905_eoef--PortfolioTurnoverRate_dp_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000000540Member_zafPtWqqyZVi">31.04</span>% of the average value of </span><span style="text-transform: none; line-height: 12.3pt">its portfolio.</span></p> 0.3104 Principal Investment Strategies <p id="xdx_A85_eoef--StrategyNarrativeTextBlock_gRBSNTB-OATO_zA38vauePEMb" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 5pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; line-height: 12.3pt">The Fund pursues its primary goal by investing principally in a laddered maturity portfolio of municipal obligations issued by states and state agencies, local governments and their agencies and by United States territories and possessions. Thornburg Investment Management, Inc. (“Thornburg”) actively manages the Fund’s portfolio. Investment decisions are based upon outlooks for interest rates and securities markets, the supply of municipal debt obligations, and analysis of specific securities. The Fund invests primarily in obligations and participations in obligations which are rated by a nationally recognized statistical rating organization at the time of purchase as investment grade or, if unrated, are issued by obligors which Thornburg determines have comparable investment grade obligations outstanding or which are deemed by Thornburg to be comparable to obligors with outstanding investment grade obligations. The Fund may invest up to 20 percent of its net assets, plus the amount of any borrowings for investment purposes, in lower-quality municipal debt obligations rated by a nationally recognized statistical rating organization at the time of purchase as below investment grade (sometimes called “junk” bonds or “high yield” bonds) or, if unrated, issued by obligors which Thornburg determines have comparable below investment grade municipal obligations outstanding or which are deemed by Thornburg to be comparable to obligors with outstanding below investment grade obligations. “Participations” are undivided interests in pools of securities where the underlying credit support passes through to the participants. The Fund’s portfolio is “laddered” by investing in obligations of different maturities so that some obligations mature during each of the </span><span style="text-transform: none; line-height: 12.3pt">coming years</span><span style="text-transform: none; line-height: 12.3pt">.</span></p> <p style="font: 12pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 5pt; -sec-ix-redline: true; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; font-size: 10pt; font-family: Arial, sans-serif; line-height: 12.3pt">T</span><span style="text-transform: none; font-size: 10pt; font-family: Arial, sans-serif; line-height: 12.3pt">he Fund </span><span style="text-transform: none; font-size: 10pt; font-family: Arial, sans-serif; line-height: 12.3pt">seeks to</span><span style="text-transform: none; font-size: 10pt; font-family: Arial, sans-serif; line-height: 12.3pt"> maintain</span><span style="text-transform: none; font-size: 10pt; font-family: Arial, sans-serif; line-height: 12.3pt"> a portfolio of investments having a dollar-weighted average effective duration of normally no more than five years. Duration is a measure of estimated sensitivity to interest rate changes. A portfolio with a longer average effective duration will typically be more sensitive to interest rate changes than a portfolio with a shorter average effective duration. Duration is commonly expressed as a number, which is the expected percentage change in an obligation’s price upon a 1% change in interest rates. For example, an obligation with a duration of 5 would be expected to change in price by approximately 5% in response to a 1% change in interest rates. During temporary periods the Fund’s </span><span style="text-transform: none; font-size: 10pt; font-family: Arial, sans-serif; line-height: 12.3pt">average effective duration may be reduced for defensive purposes. There is no limitation on the </span><span style="text-transform: none; font-size: 10pt; font-family: Arial, sans-serif; line-height: 12.3pt">duration or </span><span style="text-transform: none; font-size: 10pt; font-family: Arial, sans-serif; line-height: 12.3pt">maturity of any specific security the Fund may purchase. The Fund may dispose of any security before it matures. The Fund also attempts to reduce changes in its share value through credit analysis, selection and diversification.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 5pt; -sec-ix-redline: true; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; line-height: 12.3pt">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</span><span style="text-transform: none; line-height: 12.3pt">, 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 </span><span style="text-transform: none; line-height: 12.3pt">yields available.</span></p> <p style="font: 12pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 4pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; font-size: 10pt; font-family: Arial, sans-serif; line-height: 12.5pt"><span id="xdx_907_eoef--StrategyPortfolioConcentration_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000000540Member_zi5zx6VO6V89">The Fund normally invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in municipal obligations the income from which is exempt from the regular federal income tax, though the income on those investments may still be subject to the federal alternative minimum tax (“AMT”). Gains realized on investments held by the Fund and not offset by realized losses will be subject to federal income tax.</span></span></p> The Fund normally invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in municipal obligations the income from which is exempt from the regular federal income tax, though the income on those investments may still be subject to the federal alternative minimum tax (“AMT”). Gains realized on investments held by the Fund and not offset by realized losses will be subject to federal income tax. An investment in the Fund is not a deposit in any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Accordingly, the loss of money is a risk of investing in the Fund. <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CreditRiskMember_zoXHJSdmvYpg" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 4pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Credit Risk </b>– If obligations held by the Fund are downgraded by ratings agencies or go into default, or if 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. Lower-rated or unrated obligations held by the Fund may have, or may be perceived to have, greater risk of default and ratings downgrades. For example, municipal leases held by the Fund may be subject to non-appropriation provisions which permit governmental agencies or issuers to discontinue payments to the Fund under the municipal leases.</span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityAndOperationalRiskMember_zuwLcoygl9Z8" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 4pt; -sec-ix-redline: true; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Cybersecurity and Operational Risk </b>– Operational failures, cyber-attacks or other disruptions that affect the Fund’s service providers, the Fund’s counterparties, other market participants or the issuers of securities held by the Fund may adversely affect the Fund and its shareholders, including by causing losses for the Fund or impairing Fund operations. The rapid development and increasingly widespread use of artificial intelligence, including machine learning technology and generative artificial intelligence such as ChatGPT, could exacerbate these risks.</span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighYieldRiskMember_zksokUi1VXtj" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 4pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>High Yield Risk </b>– 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.</span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--InterestRateRiskMember_z5dfjEiexg5" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 4pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Interest Rate Risk </b>– 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. When interest rates decrease, the Fund’s dividends may decline. Decreases in market interest rates may also result in prepayments of obligations the Fund acquires, requiring the Fund to reinvest at lower interest rates.</span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_z5kcsIF7Ve15" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 4pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Liquidity Risk </b>– Due to a lack of demand in the marketplace or other factors, the Fund may not be able to sell promptly some or all of the obligations that it holds, or may only be able to sell obligations at less than desired prices. The market for lower- rated and unrated obligations 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.</span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zYBPVYfCECCj" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 4pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Management </b><b>Risk </b>– 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.</span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndEconomicRiskMember_zWo1VckJX1Wl" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 4pt; -sec-ix-redline: true; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Market and Economic Risk </b>– 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 the Fund’s investments in lower- rated and unrated municipal obligations, the value of which may fluctuate more significantly in response to poor economic growth or other changes in market conditions, political, economic, legal, and technological developments, and developments affecting specific issuers.</span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--RedemptionRiskMember_zABiQctYGs2" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 4pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Redemption Risk </b>– 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.</span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zBb9pkv8sDC5" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 4pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Tax Risk </b>– The income on the Fund’s municipal obligations could become subject to federal income or state income tax due to noncompliant conduct by issuers, unfavorable legislation or litigation or adverse interpretations by regulatory authorities. All or a portion of the Fund’s distributions that are exempt from regular federal income tax may nevertheless be taken into account for purposes of the federal AMT and state income tax.</span></p> <p style="font: 12pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 5pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; font-size: 10pt; font-family: Arial, sans-serif; line-height: 12.5pt">Additional information about Fund investments, investment strategies and risks of investing in the Fund appears beginning on page 125 of the Prospectus.</span></p> Past Performance of the Fund <p id="xdx_A8C_eoef--PerformanceNarrativeTextBlock_z53khDYiqfu6" style="font: 12pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 7pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; font-size: 10pt; font-family: Arial, sans-serif; line-height: 12.5pt"><span id="xdx_90D_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000000540Member_zJ7oRjUOYONl">The following information provides some indication of the risks of investing in the Limited Term Municipal Fund by showing how the Fund’s investment results vary from year to year.</span> The bar chart shows how the annual total returns for Class A shares have been different in each full year shown. The average annual total return figures compare Class A, Class C, Class C2 and Class I share performance to the ICE BofA U.S. Municipal Securities Index, a broad-based securities market index that represents the overall applicable market in which the Fund invests, and the ICE BofA 1-10 Year U.S. Municipal Securities Index, an additional index that represents the market sectors which Thornburg believes are more representative of the Fund’s investment universe. These indexes are not actively managed and are not available for direct investment. The bar charts and performance tables assume reinvestment of dividends and distributions. <span id="xdx_90E_eoef--PerformancePastDoesNotIndicateFuture_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000000540Member_zPCSDZWKhib7">Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> The performance information shown is as of the calendar year ended December 31, 2025. Updated performance information may be obtained on the Thornburg website at <span id="xdx_90C_eoef--PerformanceAvailabilityWebSiteAddress_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000000540Member_zU2LvMdjvRf2">Thornburg.com</span> or by calling <span id="xdx_901_eoef--PerformanceAvailabilityPhone_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000000540Member_zuG1kwboANq4">1-800-847-0200</span>.</span></p> The following information provides some indication of the risks of investing in the Limited Term Municipal Fund by showing how the Fund’s investment results vary from year to year. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Thornburg.com 1-800-847-0200 Annual Total Returns – Class A Shares <div id="xdx_A84_eoef--BarChartTableTextBlock_z2UlRNzqrDBd"></div> <table border="0" cellpadding="0" cellspacing="0" id="xdx_A53_dU_zagZczv2il3i" style="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top"> <td style="text-align: left; width: 20%; display: none"> </td> <td style="text-align: left; width: 80%; display: none"> </td></tr> <tr style="vertical-align: top"> <td style="text-align: left; display: none">2016</td> <td id="xdx_98D_eoef--AnnlRtrPct_dp_c20160101__20161231__oef--ClassAxis__custom--C000001427Member_zZi9AD2sN7sb" style="text-align: left; display: none">-0.69%</td></tr> <tr style="vertical-align: top"> <td style="text-align: left; display: none">2017</td> <td id="xdx_98B_eoef--AnnlRtrPct_dp_c20170101__20171231__oef--ClassAxis__custom--C000001427Member_zdsGR5NVp402" style="text-align: left; display: none">2.29%</td></tr> <tr style="vertical-align: top"> <td style="text-align: left; display: none">2018</td> <td id="xdx_983_eoef--AnnlRtrPct_dp_c20180101__20181231__oef--ClassAxis__custom--C000001427Member_zx1jn443uRC7" style="text-align: left; display: none">0.88%</td></tr> <tr style="vertical-align: top"> <td style="text-align: left; display: none">2019</td> <td id="xdx_985_eoef--AnnlRtrPct_dp_c20190101__20191231__oef--ClassAxis__custom--C000001427Member_zijORFAPmF8g" style="text-align: left; display: none">3.81%</td></tr> <tr style="vertical-align: top"> <td style="text-align: left; display: none">2020</td> <td id="xdx_980_eoef--AnnlRtrPct_dp_c20200101__20201231__oef--ClassAxis__custom--C000001427Member_z5MipE4QwbT3" style="text-align: left; display: none">2.96%</td></tr> <tr style="vertical-align: top"> <td style="text-align: left; display: none">2021</td> <td id="xdx_988_eoef--AnnlRtrPct_dp_c20210101__20211231__oef--ClassAxis__custom--C000001427Member_zxqyAwf2GXnh" style="text-align: left; display: none">-0.19%</td></tr> <tr style="vertical-align: top"> <td style="text-align: left; display: none">2022</td> <td id="xdx_985_eoef--AnnlRtrPct_dp_c20220101__20221231__oef--ClassAxis__custom--C000001427Member_zaHc5qoopgOe" style="text-align: left; display: none">-5.11%</td></tr> <tr style="vertical-align: top"> <td style="text-align: left; display: none">2023</td> <td id="xdx_98E_eoef--AnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000001427Member_zRLspTEbNjQh" style="text-align: left; display: none">4.29%</td></tr> <tr style="vertical-align: top"> <td style="text-align: left; display: none">2024</td> <td id="xdx_982_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000001427Member_z3toslGjz2b4" style="text-align: left; display: none">1.30%</td></tr> <tr style="vertical-align: top"> <td style="text-align: left; display: none">2025</td> <td id="xdx_98E_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000001427Member_zj4BdsNTitT5" style="text-align: left; display: none">4.59%</td></tr> </table> <div style="font: 12pt/normal Times New Roman, Times, serif; margin: 14pt 0pt 19pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"> <div style="border-width: 0pt; padding: 0pt; overflow: hidden; display: inline-block; width: 616.66pt; height: 187.81pt; text-align: left"> <img alt="" src="retailproimg015.gif" style="vertical-align: top; margin-left: 0pt; width: 616.4pt; margin-top: 0pt; height: 187.45pt"/> </div> </div> -0.0069 0.0229 0.0088 0.0381 0.0296 -0.0019 -0.0511 0.0429 0.0130 0.0459 <div id="xdx_A83_eoef--BarChartClosingTextBlock_zHM98OEhCDk1"></div> <table style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse; width: 455.4pt"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"> </span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Total<br/>Returns</b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Quarter<br/>ended</b></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><span id="xdx_909_eoef--HighestQuarterlyReturnLabel_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000000540Member_ztM0WOno32s7">Highest Quarterly Results</span> </span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt 3pt 8pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_90C_eoef--BarChartHighestQuarterlyReturn_dp_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000000540Member_zpYFQ8oY9gV4">4.61</span>%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_907_eoef--BarChartHighestQuarterlyReturnDate_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000000540Member_zWuGXEiJCyHk">12/31/2023</span></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><span id="xdx_900_eoef--LowestQuarterlyReturnLabel_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000000540Member_znIvMJ47dxZd">Lowest Quarterly Results</span></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt 3pt 3pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_90D_eoef--BarChartLowestQuarterlyReturn_dp_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000000540Member_zqvFDFgkWV1a">-4.32</span>%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_903_eoef--BarChartLowestQuarterlyReturnDate_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000000540Member_zZf6QmPqbYG6">3/31/2022</span></span></p> </td> </tr> </table> <p style="font: 12pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; font-size: 10pt; font-family: Arial, sans-serif; line-height: 12.5pt"><span id="xdx_90C_eoef--BarChartDoesNotReflectSalesLoads_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000000540Member_zkSRS09HuxT7">The sales charge for Class A shares is not reflected in the returns shown in the bar chart above, and the returns would be less if the charge was taken into account.</span></span></p> Highest Quarterly Results 0.0461 2023-12-31 Lowest Quarterly Results -0.0432 2022-03-31 The sales charge for Class A shares is not reflected in the returns shown in the bar chart above, and the returns would be less if the charge was taken into account. Average Annual Total Returns (periods ended 12-31-25) <div id="xdx_A8D_eoef--PerformanceTableTextBlock_zPhGteEzp43c" style="-sec-ix-redline: true"></div> <table style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 372.59pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> </table> <table id="xdx_A51_dU_zhQz11p3SOec" style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.75pt 6pt; vertical-align: bottom; border-collapse: collapse; width: 372.59pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b>CLASS A SHARES</b></span></p> </td> <td id="xdx_499_20250101__20251231_ziSP3N6kRj3a" style="border-width: 0pt; padding: 2.75pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>1 YEAR</b></span></p> </td> <td id="xdx_496_20210101__20251231_zgjJgiRPphPh" style="border-width: 0pt; padding: 2.75pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>5 YEARS</b></span></p> </td> <td id="xdx_49E_20160101__20251231_zJzfB90CBxQd" style="border-width: 0pt; padding: 2.75pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>10 YEARS</b></span></p> </td> </tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000001427Member_zHadtJYxQ202" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.75pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Return Before Taxes</span></p> </td> <td style="border-width: 0pt; padding: 2.75pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">2.23%</span></p> </td> <td style="border-width: 0pt; padding: 2.75pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.45%</span></p> </td> <td style="border-width: 0pt; padding: 2.75pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.22%</span></p> </td> </tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000001427Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zNiL0iv72XC7" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.75pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Return After Taxes on Distributions</span></p> </td> <td style="border-width: 0pt; padding: 2.75pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">2.24%</span></p> </td> <td style="border-width: 0pt; padding: 2.75pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.45%</span></p> </td> <td style="border-width: 0pt; padding: 2.75pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.22%</span></p> </td> </tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000001427Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zVffkNLAcwIk" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.75pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Return After Taxes on Distributions and Sale of Fund Shares</span></p> </td> <td style="border-width: 0pt; padding: 2.75pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">2.64%</span></p> </td> <td style="border-width: 0pt; padding: 2.75pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.88%</span></p> </td> <td style="border-width: 0pt; padding: 2.75pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.39%</span></p> </td> </tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--ICEBofAUSMunicipalSecuritiesIndexMember_zmNfTtwnQRm1" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.75pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">ICE BofA U.S. Municipal Securities Index<br/></span><span style="text-transform: none; font-style: italic"><i><span id="xdx_90E_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000000540Member_zpbPzk3qGbD5">(reflects no deduction for fees, expenses, or taxes)</span></i></span></p> </td> <td style="border-width: 0pt; padding: 2.75pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">3.96%</span></p> </td> <td style="border-width: 0pt; padding: 2.75pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.84%</span></p> </td> <td style="border-width: 0pt; padding: 2.75pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">2.38%</span></p> </td> </tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--ICEBofA1To10YearUSMunicipalSecuritiesIndexMember_zlRaO1VHLgXb" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 2.75pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">ICE BofA 1-10 Year U.S. Municipal Securities Index<br/></span><span style="text-transform: none; font-style: italic"><i><span id="xdx_90C_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000000540Member_ziTMN96NjUC3">(reflects no deduction for fees, expenses, or taxes)</span></i></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.75pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">5.00%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.75pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.29%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.75pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.99%</span></p> </td> </tr> </table> <div style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-align: left"> <table style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 372.59pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> </table> <table style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.75pt 6pt; vertical-align: bottom; border-collapse: collapse; width: 372.59pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b>CLASS C SHARES</b></span></p> </td> <td id="xdx_499_20250101__20251231_zNw9iCxocNU9" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>1 YEAR</b></span></p> </td> <td id="xdx_496_20210101__20251231_zEPhxdiw80Fd" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>5 YEARS</b></span></p> </td> <td id="xdx_49E_20160101__20251231_zv5t0WD5ERV9" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>10 YEARS</b></span></p> </td> </tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000001438Member_ziDU8FZI49Bl" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.75pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Return Before Taxes</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">3.77%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.65%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.11%</span></p> </td> </tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--ICEBofAUSMunicipalSecuritiesIndexMember_zoYjUDfXEse5" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.75pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">ICE BofA U.S. Municipal Securities Index<br/></span><span style="text-transform: none; font-style: italic"><i><span id="xdx_90B_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000000540Member_zozXrUgQZJGj">(reflects no deduction for fees, expenses, or taxes)</span></i></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">3.96%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.84%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">2.38%</span></p> </td> </tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--ICEBofA1To10YearUSMunicipalSecuritiesIndexMember_zZ2jgfAT3zch" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 2.75pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">ICE BofA 1-10 Year U.S. Municipal Securities Index<br/></span><span style="text-transform: none; font-style: italic"><i><span id="xdx_90E_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000000540Member_zfiq6uR5ES5c">(reflects no deduction for fees, expenses, or taxes)</span></i></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">5.00%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.29%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.99%</span></p> </td> </tr> </table> </div> <div style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-align: left"> <table style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 372.59pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> </table> <table style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.75pt 6pt; vertical-align: bottom; border-collapse: collapse; width: 372.59pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b>CLASS C2 SHARES</b></span></p> </td> <td id="xdx_499_20250101__20251231_zkc75a0dO9Vc" style="border-width: 0pt; padding: 2.75pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>1</b></span><span style="text-transform: uppercase"><b> YEAR</b></span></p> </td> <td id="xdx_496_20210101__20251231_z6DMAwMvLc8g" style="border-width: 0pt; padding: 2.75pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>5 YEARS</b></span></p> </td> <td id="xdx_49A_20201001__20251231_z3mvvv4lzs9j" style="border-width: 0pt; padding: 2.75pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>SINCE INCEPTION (<span id="xdx_903_eoef--PerfInceptionDate_c20201001__20251231__oef--ClassAxis__custom--C000222321Member_zrK11xKVhgAe">10-01-20</span>)</b></span></p> </td> </tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000222321Member_z7UGtQduWCQh" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.75pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Return Before Taxes</span></p> </td> <td style="border-width: 0pt; padding: 2.75pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">3.46%</span></p> </td> <td style="border-width: 0pt; padding: 2.75pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.41%</span></p> </td> <td style="border-width: 0pt; padding: 2.75pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.48%</span></p> </td> </tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--ICEBofAUSMunicipalSecuritiesIndexMember_zczAILgP2j9" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.75pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">ICE BofA U.S. Municipal Securities Index<br/></span><span style="text-transform: none; font-style: italic"><i><span id="xdx_907_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000000540Member_zWgg3gQxjic5">(reflects no deduction for fees, expenses, or taxes)</span></i></span></p> </td> <td style="border-width: 0pt; padding: 2.75pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">3.96%</span></p> </td> <td style="border-width: 0pt; padding: 2.75pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.84%</span></p> </td> <td style="border-width: 0pt; padding: 2.75pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.18%</span></p> </td> </tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--ICEBofA1To10YearUSMunicipalSecuritiesIndexMember_zjfugEMlCGYd" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 2.75pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">ICE BofA 1-10 Year U.S. Municipal Securities Index<br/></span><span style="text-transform: none; font-style: italic"><i><span id="xdx_904_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000000540Member_zUeqEWpqjj09">(reflects no deduction for fees, expenses, or taxes)</span></i></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.75pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">5.00%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.75pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.29%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.75pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.39%</span></p> </td> </tr> </table> </div> <div style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-align: left"> <table style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 372.59pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> </table> <table style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.75pt 6pt; vertical-align: bottom; border-collapse: collapse; width: 372.59pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b>CLASS I SHARES</b></span></p> </td> <td id="xdx_499_20250101__20251231_zxQhp7n6OdG8" style="border-width: 0pt; padding: 2.75pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>1 YEAR</b></span></p> </td> <td id="xdx_496_20210101__20251231_zXpa8zIGEcK2" style="border-width: 0pt; padding: 2.75pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>5 YEARS</b></span></p> </td> <td id="xdx_49E_20160101__20251231_zNtTEFIqygz7" style="border-width: 0pt; padding: 2.75pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>10 YEARS</b></span></p> </td> </tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000001449Member_zxh6rGhzn6jh" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.75pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Return Before Taxes</span></p> </td> <td style="border-width: 0pt; padding: 2.75pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">4.85%</span></p> </td> <td style="border-width: 0pt; padding: 2.75pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.15%</span></p> </td> <td style="border-width: 0pt; padding: 2.75pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.63%</span></p> </td> </tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--ICEBofAUSMunicipalSecuritiesIndexMember_zzNsTwTDo1Y3" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.75pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">ICE BofA U.S. Municipal Securities Index<br/></span><span style="text-transform: none; font-style: italic"><i><span id="xdx_906_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000000540Member_z035spdOCYp8">(reflects no deduction for fees, expenses, or taxes)</span></i></span></p> </td> <td style="border-width: 0pt; padding: 2.75pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">3.96%</span></p> </td> <td style="border-width: 0pt; padding: 2.75pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.84%</span></p> </td> <td style="border-width: 0pt; padding: 2.75pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">2.38%</span></p> </td> </tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--ICEBofA1To10YearUSMunicipalSecuritiesIndexMember_zsFTGbuz3pM6" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 2.75pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">ICE BofA 1-10 Year U.S. Municipal Securities Index<br/></span><span style="text-transform: none; font-style: italic"><i><span id="xdx_902_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000000540Member_zNDpgZaM0kqj">(reflects no deduction for fees, expenses, or taxes)</span></i></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.75pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">5.00%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.75pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.29%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.75pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.99%</span></p> </td> </tr> </table> </div> 0.0223 0.0045 0.0122 0.0224 0.0045 0.0122 0.0264 0.0088 0.0139 (reflects no deduction for fees, expenses, or taxes) 0.0396 0.0084 0.0238 (reflects no deduction for fees, expenses, or taxes) 0.0500 0.0129 0.0199 0.0377 0.0065 0.0111 (reflects no deduction for fees, expenses, or taxes) 0.0396 0.0084 0.0238 (reflects no deduction for fees, expenses, or taxes) 0.0500 0.0129 0.0199 2020-10-01 0.0346 0.0041 0.0048 (reflects no deduction for fees, expenses, or taxes) 0.0396 0.0084 0.0118 (reflects no deduction for fees, expenses, or taxes) 0.0500 0.0129 0.0139 0.0485 0.0115 0.0163 (reflects no deduction for fees, expenses, or taxes) 0.0396 0.0084 0.0238 (reflects no deduction for fees, expenses, or taxes) 0.0500 0.0129 0.0199 <p id="xdx_A82_eoef--PerformanceTableClosingTextBlock_zN2KKhsgdES" style="font: italic 8pt/9pt Arial, sans-serif; margin: 0pt 0pt 4pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; font-style: italic"><i><span id="xdx_907_eoef--PerformanceTableUsesHighestFederalRate_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000000540Member_zPu5DmU52DZi">After-tax returns are calculated using the highest historical individual federal marginal income tax rates, and do not reflect state or local income taxes.</span> <span id="xdx_904_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000000540Member_zEmPvo9hKVX5">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.</span> <span id="xdx_908_eoef--PerformanceTableOneClassOfAfterTaxShown_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000000540Member_z3XKHtlnCVoh">The after-tax returns shown relate only to Class A shares, and after-tax returns for other share classes will vary.</span> </i></span></p> After-tax returns are calculated using the highest historical individual federal marginal income tax rates, and do not reflect state or local income taxes. Actual after-tax returns depend on an investor’s own tax situation and may differ from the returns shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The after-tax returns shown relate only to Class A shares, and after-tax returns for other share classes will vary. Intermediate Municipal Fund Investment Goal <p id="xdx_A8A_eoef--ObjectivePrimaryTextBlock_zPyreznmtp64" style="font: 12pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; font-size: 10pt; font-family: Arial, sans-serif; line-height: 12.5pt">The primary investment goal of Intermediate Municipal Fund is to obtain as high a level of current income exempt from federal individual income tax as is consistent, in the view of the Fund’s investment advisor, with preservation of capital.</span></p> <p id="xdx_A87_eoef--ObjectiveSecondaryTextBlock_zT8x5CSxFSA1" style="font: 12pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; font-size: 10pt; font-family: Arial, sans-serif; line-height: 12.5pt">The secondary goal of the Fund is to reduce expected changes in its share price compared to long-term bond portfolios.</span></p> Fees and Expenses of the Fund <p id="xdx_A86_eoef--ExpenseNarrativeTextBlock_zDBnoUUcRIad" style="font: 12pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; font-size: 10pt; font-family: Arial, sans-serif; line-height: 12.5pt">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. </span><span style="text-transform: none; font-size: 10pt; font-family: Arial, sans-serif; line-height: 12.5pt"><b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </b></span><span style="text-transform: none; font-size: 10pt; font-family: Arial, sans-serif; line-height: 12.5pt"><span id="xdx_90D_eoef--ExpenseBreakpointDiscounts_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000011844Member_zn3qDegEyazd">You may qualify for discounts from the sales charges applicable to Class A shares if you or other qualifying account holders invest, or agree to invest in the future, at least <span id="xdx_906_eoef--ExpenseBreakpointMinimumInvestmentRequiredAmount_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000011844Member_z4k01JeaeJl4">$50,000</span> in the Thornburg Funds.</span> More information about this and other discounts and sales charge waivers is available from your financial intermediary, in the Prospectus under the captions</span><span style="text-transform: none; font-size: 10pt; font-family: Arial, sans-serif; line-height: 12.5pt"> “Class A Sales Charge Waivers,” beginning on page 154, and “Appendix A – Sales Charge Waivers Offered by Financial Intermediaries,” beginning on page 208, and in the Statement of Additional Information under the caption “Additional Information Respecting Purchase and Redemption of Shares,” beginning on page 94.</span></p> You may qualify for discounts from the sales charges applicable to Class A shares if you or other qualifying account holders invest, or agree to invest in the future, at least $50,000 in the Thornburg Funds. 50000 Shareholder Fees (fees paid directly from your investment) <div id="xdx_A83_eoef--ShareholderFeesTableTextBlock_zYMspmZPlWc6"></div> <table style="table-layout: fixed; width: 621pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 345pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 69pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 69pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 69pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 69pt"> </td> </tr> </table> <table id="xdx_A5E_dU_zlEFc3quRIM1" style="table-layout: fixed; width: 621pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse; width: 345pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b> </b></span></p> </td> <td id="xdx_498_20260128__20260128__oef--ClassAxis__custom--C000032354Member_zL3eGC2apluj" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 69pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class A</b></span></p> </td> <td id="xdx_490_20260128__20260128__oef--ClassAxis__custom--C000032355Member_z9j9ieGM9k5h" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 69pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class C</b></span></p> </td> <td id="xdx_498_20260128__20260128__oef--ClassAxis__custom--C000222324Member_zxM15ZhZESU5" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 69pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class C2</b></span></p> </td> <td id="xdx_490_20260128__20260128__oef--ClassAxis__custom--C000032356Member_zlKSkHindcYd" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 69pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class I</b></span></p> </td> </tr> <tr id="xdx_40E_eoef--MaximumSalesChargeImposedOnPurchasesOverOfferingPrice_dpn_z3kKDRi9nqb9" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Maximum Sales Charge (Load) Imposed on Purchases<br/></span><span style="text-transform: none; font-style: italic"><i>(as a percentage of offering price)</i></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">2.00%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">none</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">none</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">none</span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Maximum Deferred Sales Charge (Load) <br/></span><span style="text-transform: none; font-style: italic"><i>(as a percentage of redemption proceeds or original purchase price, <br/>whichever is lower)</i></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_901_eoef--MaximumDeferredSalesChargeOverOther_dpn_c20260128__20260128__oef--ClassAxis__custom--C000032354Member_fKDEp_zbsxZdcIvgZ5" title="Maximum Deferred Sales Charge (Load) (as a percentage of redemption proceeds or original purchase price, whichever is lower)">none</span></span><sup style="text-transform: none; font-size: 7pt; line-height: 7pt">(1)</sup><span style="text-transform: none"> </span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_904_eoef--MaximumDeferredSalesChargeOverOther_dpn_c20260128__20260128__oef--ClassAxis__custom--C000032355Member_fKDIp_zd8wFmUlcKW5">0.60%</span></span><sup style="text-transform: none; font-size: 7pt; line-height: 7pt">(2)</sup><span style="text-transform: none"> </span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_904_eoef--MaximumDeferredSalesChargeOverOther_dpn_c20260128__20260128__oef--ClassAxis__custom--C000222324Member_fKDIp_z3HMaoaq0JIj">0.65%</span></span><sup style="text-transform: none; font-size: 7pt; line-height: 7pt">(2)</sup><span style="text-transform: none"> </span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_90E_eoef--MaximumDeferredSalesChargeOverOther_dpn_c20260128__20260128__oef--ClassAxis__custom--C000032356Member_ziNhFox1vUw8">none</span></span></p> </td> </tr> </table> 0.0200 0 0 0 0 0.0060 0.0065 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A84_eoef--AnnualFundOperatingExpensesTableTextBlock_zf7b3HxbbmS9" style="-sec-ix-redline: true"></div> <table style="-sec-ix-redline: true; table-layout: fixed; width: 621pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 345pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 69pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 69pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 69pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 69pt"> </td> </tr> </table> <table id="xdx_A5B_dU_zEOUph3Wbqrc" style="-sec-ix-redline: true; table-layout: fixed; width: 621pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse; width: 345pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b> </b></span></p> </td> <td id="xdx_494_20260128__20260128__oef--ClassAxis__custom--C000032354Member_zZ5okBmx9Hfc" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 69pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class A</b></span></p> </td> <td id="xdx_49F_20260128__20260128__oef--ClassAxis__custom--C000032355Member_zIREGstZF5Db" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 69pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class C</b></span></p> </td> <td id="xdx_497_20260128__20260128__oef--ClassAxis__custom--C000222324Member_z04rECw6Lvd6" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 69pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class C2</b></span></p> </td> <td id="xdx_49E_20260128__20260128__oef--ClassAxis__custom--C000032356Member_z6JurZIn5wo2" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 69pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class I</b></span></p> </td> </tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zNHgo4G3Hv1e" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Management Fees</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.47%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.47%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.47%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.47%</span></p> </td> </tr> <tr id="xdx_406_eoef--DistributionAndService12b1FeesOverAssets_dpn_zW0hjR7udXuk" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Distribution and Service (12b-1) Fees</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.25%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.60%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.65%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.00%</span></p> </td> </tr> <tr id="xdx_40A_eoef--OtherExpensesOverAssets_dpn_zjOjRojHscvd" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Other Expenses</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.20%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.35%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.06%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.19%</span></p> </td> </tr> <tr id="xdx_407_eoef--ExpensesOverAssets_dpn_zCBDOQSPVpN7" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Total Annual Fund Operating Expenses</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.92%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.42%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">2.18%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.66%</span></p> </td> </tr> <tr id="xdx_402_eoef--FeeWaiverOrReimbursementOverAssets_dpn_zubh98vovRJi" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Fee Waiver/Expense Reimbursement</span><sup id="xdx_F48_zrhyBUPCOys" style="text-transform: none; font-size: 7pt; line-height: 7pt">(3)</sup><span style="text-transform: none"> </span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">(0.19)%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">(0.34)%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">(1.05)%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">(0.18)%</span></p> </td> </tr> <tr id="xdx_402_eoef--NetExpensesOverAssets_dpn_zne3K5VWJv5d" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.73%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.08%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.13%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.48%</span></p> </td> </tr> </table> 0.0047 0.0047 0.0047 0.0047 0.0025 0.0060 0.0065 0.0000 0.0020 0.0035 0.0106 0.0019 0.0092 0.0142 0.0218 0.0066 -0.0019 -0.0034 -0.0105 -0.0018 0.0073 0.0108 0.0113 0.0048 <div id="xdx_A88_eoef--ExpenseFootnotesTextBlock_zHQPXPI6b6od"></div> <table cellpadding="0" cellspacing="0" style="font: italic 8pt/9pt Arial, sans-serif; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right"><span style="text-transform: none"><i id="xdx_F0D_z0dHFljBKcnc">(1)</i></span></td> <td style="width: 5pt"></td> <td style="text-align: justify"><span style="text-transform: none"><i id="xdx_F15_zjzMAJ0XA9Wl">Up to a 0.50% contingent deferred sales charge (CDSC) is imposed on redemptions of any part or all of a purchase of $1 million or more within 12 months of purchase.</i></span></td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: italic 8pt/9pt Arial, sans-serif; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right"><span style="text-transform: none"><i id="xdx_F0B_zvzL4npMOiB3">(2)</i></span></td> <td style="width: 5pt"></td> <td style="text-align: justify"><span style="text-transform: none"><i id="xdx_F1D_zCycdxY2TJq8">Imposed only on redemptions of Class C and Class C2 shares within 12 months of purchase.</i></span></td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: italic 8pt/9pt Arial, sans-serif; -sec-ix-redline: true; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right"><span style="text-transform: none"><i id="xdx_F0C_zNX9vtxW64Eb">(3)</i></span></td> <td style="width: 5pt"></td> <td style="text-align: justify"><span style="text-transform: none"><i id="xdx_F10_zCkYHs4YEAS2">Thornburg Investment Management, Inc. (“Thornburg”) has contractually agreed to waive fees and reimburse expenses incurred by the Fund so that actual Class A, Class C, Class C2, and Class I expenses (excluding taxes, interest expenses, acquired fund fees and expenses, brokerage commissions, borrowing costs, expenses relating to short sales, and unusual expenses such as contingency fees or litigation costs) do not exceed 0.73%, 1.08%, 1.13%, and 0.48%. 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 <span id="xdx_90F_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260128__20260128__oef--ClassAxis__custom--C000032354Member_ziKuc5QkpP88"><span id="xdx_905_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260128__20260128__oef--ClassAxis__custom--C000032355Member_z3LIn63O0oB7"><span id="xdx_90C_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260128__20260128__oef--ClassAxis__custom--C000222324Member_zUE5orYhZttb"><span id="xdx_902_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260128__20260128__oef--ClassAxis__custom--C000032356Member_z9EIiyp6VyXe">February 1, 2027</span></span></span></span>, 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.</i></span></td> </tr> </table> February 1, 2027 February 1, 2027 February 1, 2027 February 1, 2027 Example. <p id="xdx_A8B_eoef--ExpenseExampleNarrativeTextBlock_zRg8DWR2w8I" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span></p> <p style="font: 12pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; font-size: 10pt; font-family: Arial, sans-serif; line-height: 12.5pt">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:</span></p> <div id="xdx_A8E_eoef--ExpenseExampleWithRedemptionTableTextBlock_zQ6CQ3l0l348" style="-sec-ix-redline: true"></div> <table id="xdx_A51_dU_zd2z43CxX0o8" style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 7pt; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 289.79pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.5pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b> </b></span></p> </td> <td id="xdx_48B_eoef--ExpenseExampleYear01_zTVrW8yN0Ief" style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>1 Year</b></span></p> </td> <td id="xdx_48B_eoef--ExpenseExampleYear03_zmx7cendOy65" style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>3 Years</b></span></p> </td> <td id="xdx_481_eoef--ExpenseExampleYear05_zyaBTxjKdBd6" style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>5 Years</b></span></p> </td> <td id="xdx_48A_eoef--ExpenseExampleYear10_zovPFAFvSzab" style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>10 Years</b></span></p> </td> </tr> <tr id="xdx_417_20260128__20260128__oef--ClassAxis__custom--C000032354Member_z8kW3jYtfWV2" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Class A Shares</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 25pt 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$273</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 25pt 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$469</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 25pt 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$681</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 25pt 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$1,292</span></p> </td> </tr> <tr id="xdx_41E_20260128__20260128__oef--ClassAxis__custom--C000032355Member_zWoYA2pbdsze" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.5pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Class C Shares</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 25pt 2.5pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$170</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 25pt 2.5pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$416</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 25pt 2.5pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$744</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 25pt 2.5pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$1,673</span></p> </td> </tr> <tr id="xdx_412_20260128__20260128__oef--ClassAxis__custom--C000222324Member_zpSxybbQPTu" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Class C2 Shares</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 25pt 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$180</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 25pt 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$581</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 25pt 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$1,073</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 25pt 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$2,431</span></p> </td> </tr> <tr id="xdx_413_20260128__20260128__oef--ClassAxis__custom--C000032356Member_zmU992SSpFW8" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Class I Shares</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 25pt 2.5pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$49</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 25pt 2.5pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$193</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 25pt 2.5pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$350</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 25pt 2.5pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$805</span></p> </td> </tr> </table> 273 469 681 1292 170 416 744 1673 180 581 1073 2431 49 193 350 805 You would pay the following expenses if you did not redeem your Class C shares: <div id="xdx_A8F_eoef--ExpenseExampleNoRedemptionTableTextBlock_zqduhDOo5Yhe"></div> <table id="xdx_A5E_zhVPNx7Brzqf" style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 7pt; border-collapse: collapse" summary="xdx: Disclosure - Expense Example, No Redemption"> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.5pt 6pt; vertical-align: bottom; border-collapse: collapse; width: 289.79pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b> </b></span></p> </td> <td id="xdx_481_eoef--ExpenseExampleNoRedemptionYear01_dn_zHXcEifxgYjh" style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>1 Year</b></span></p> </td> <td id="xdx_48F_eoef--ExpenseExampleNoRedemptionYear03_dn_zIqkmPS991Zc" style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>3 Years</b></span></p> </td> <td id="xdx_480_eoef--ExpenseExampleNoRedemptionYear05_dn_zrJxjnoCyQYe" style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>5 Years</b></span></p> </td> <td id="xdx_48E_eoef--ExpenseExampleNoRedemptionYear10_dn_zgZPPvfrovke" style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>10 Years</b></span></p> </td> </tr> <tr id="xdx_419_20260128__20260128__oef--ClassAxis__custom--C000032355Member_zA75BX5gqfLg" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Class C Shares</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 25pt 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$110</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 25pt 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$416</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 25pt 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$744</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 25pt 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$1,673</span></p> </td> </tr> <tr id="xdx_414_20260128__20260128__oef--ClassAxis__custom--C000222324Member_z167CA5WMxw7" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Class C2 Shares</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 25pt 2.5pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$115</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 25pt 2.5pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$581</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 25pt 2.5pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$1,073</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 25pt 2.5pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$2,431</span></p> </td> </tr> </table> 110 416 744 1673 115 581 1073 2431 Portfolio Turnover. <p id="xdx_A8A_eoef--PortfolioTurnoverTextBlock_zudEwgi121xj" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">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 <span id="xdx_90C_eoef--PortfolioTurnoverRate_dp_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000011844Member_zwGcfSQhZZW8">53.42</span>% of the average value of its portfolio.</span></p> 0.5342 Principal Investment Strategies <p id="xdx_A8D_eoef--StrategyNarrativeTextBlock_gRBSNTB-WJJTZ_zNR3NeszYzO6" style="font: 12pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; font-size: 10pt; font-family: Arial, sans-serif; line-height: 12.5pt">The Fund pursues its primary goal by investing principally in a laddered maturity portfolio of municipal obligations issued by states and state agencies, local governments and their agencies, and by United States territories and possessions. Thornburg Investment Management, Inc. (“Thornburg”) actively manages the Fund’s portfolio. Investment decisions are based upon outlooks for interest rates and securities markets, the supply of municipal debt obligations, and analysis of specific securities. The Fund invests primarily in obligations and participations in obligations which are rated by a nationally recognized statistical rating organization at the time of purchase as investment grade or, if unrated, are issued by obligors which Thornburg determines have comparable investment grade obligations outstanding or which are deemed by Thornburg to be comparable to obligors with outstanding investment grade obligations. The Fund may invest up to 20 percent of its net assets, plus the amount of any borrowings for investment purposes, in lower-quality municipal debt obligations rated by a nationally recognized statistical rating organization at the time of purchase as below investment grade (sometimes called “junk” bonds or “high yield” bonds) or, if unrated, issued by obligors which Thornburg determines have comparable below investment grade municipal obligations outstanding or which are deemed by Thornburg to be comparable to obligors with outstanding below investment grade obligations. “Participations” are undivided interests in pools of securities where the underlying credit support passes through to the participants. The Fund’s portfolio is “laddered” by investing in obligations of different maturities so that some obligations mature during each of the coming years. </span></p> <p style="font: 12pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 7pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; font-size: 10pt; font-family: Arial, sans-serif; line-height: 12.5pt">The Fund seeks to maintain a portfolio of investments having a dollar-weighted average effective duration of normally three to ten years. Duration is a measure of estimated sensitivity to interest rate changes. A portfolio with a longer average effective duration will typically be more sensitive to interest rate changes than a portfolio with a shorter average effective duration. Duration is commonly expressed as a number, which is the expected percentage change in an obligation’s price upon a 1% change in interest rates. For example, an obligation with a duration of 10 would be expected to change in price by approximately 10% in response to a 1% change in interest rates. During temporary periods the Fund’s average effective duration may be reduced for defensive purposes. There is no limitation on the duration or maturity of any specific security the Fund may purchase. The Fund may dispose of any security before it matures. The Fund also attempts to reduce changes in its share value through credit analysis, selection and diversification.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 4.5pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">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, 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.</span></p> <p style="font: 12pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 4.5pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; font-size: 10pt; font-family: Arial, sans-serif; line-height: 12.25pt"><span id="xdx_90E_eoef--StrategyPortfolioConcentration_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000011844Member_zDGVUz6orDrd">The Fund normally invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in municipal obligations the income from which is exempt from the regular federal income tax, though the income on those investments may still be subject to the federal alternative minimum tax (“AMT”). Gains realized on investments held by the Fund and not offset by realized losses will be subject to federal income tax.</span></span></p> The Fund normally invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in municipal obligations the income from which is exempt from the regular federal income tax, though the income on those investments may still be subject to the federal alternative minimum tax (“AMT”). Gains realized on investments held by the Fund and not offset by realized losses will be subject to federal income tax. An investment in the Fund is not a deposit in any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Accordingly, the loss of money is a risk of investing in the Fund. <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CreditRiskMember_zlXKQU4DTEmi" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 4.5pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; line-height: 12.25pt"><b>Credit Risk </b></span><span style="text-transform: none; line-height: 12.25pt">– If obligations held by the Fund </span><span style="text-transform: none; line-height: 12.25pt">are downgraded by ratings agencies or go into default, or </span><span style="text-transform: none; line-height: 12.25pt">if legislation or other government action reduces the ability of </span><span style="text-transform: none; line-height: 12.25pt">issuers to pay principal and interest when due, the value </span><span style="text-transform: none; line-height: 12.25pt">of those obligations may decline and the Fund’s share </span><span style="text-transform: none; line-height: 12.25pt">value and the dividends paid by the Fund may be </span><span style="text-transform: none; line-height: 12.25pt">reduced. Lower-rated or unrated obligations held by the Fund </span><span style="text-transform: none; line-height: 12.25pt">may have, or may be perceived to have, greater risk </span><span style="text-transform: none; line-height: 12.25pt">of default and ratings downgrades. For example, municipal leases held </span><span style="text-transform: none; line-height: 12.25pt">by the Fund may be subject to non-appropriation provisions </span><span style="text-transform: none; line-height: 12.25pt">which permit governmental agencies or issuers to discontinue payments to </span><span style="text-transform: none; line-height: 12.25pt">the Fund under the </span><span style="text-transform: none; line-height: 12.25pt">municipal leases.</span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityAndOperationalRiskMember_zMF0Kwt68Ofi" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 4.5pt; -sec-ix-redline: true; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; line-height: 12.25pt"><b>Cybersecurity and Operational Risk </b></span><span style="text-transform: none; line-height: 12.25pt">–</span><span style="text-transform: none; line-height: 12.25pt"> Operational failures, cyber-attacks or other disruptions that affect the</span><span style="text-transform: none; line-height: 12.25pt"> Fund’s service providers, the Fund’s counterparties, other </span><span style="text-transform: none; line-height: 12.25pt">market participants or the issuers of securities held by the </span><span style="text-transform: none; line-height: 12.25pt">Fund may adversely affect the Fund and its shareholders, including</span><span style="text-transform: none; line-height: 12.25pt"> by causing losses for the Fund or impairing Fund operations.</span><span style="text-transform: none; line-height: 12.25pt"> 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.</span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighYieldRiskMember_zdKRwVk8OnJ" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 4pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>High Yield Risk </b>– 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.</span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--InterestRateRiskMember_z1Kd3lLoL5Ac" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 4.5pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; line-height: 12.25pt"><b>Interest Rate Risk </b></span><span style="text-transform: none; line-height: 12.25pt">– When interest rates increase, the value </span><span style="text-transform: none; line-height: 12.25pt">of the Fund’s investments may decline and the Fund’</span><span style="text-transform: none; line-height: 12.25pt">s share value may be reduced. This effect is </span><span style="text-transform: none; line-height: 12.25pt">typically more pronounced for intermediate and longer-term obligations. When </span><span style="text-transform: none; line-height: 12.25pt">interest rates decrease, the Fund’s dividends may decline. Decreases</span><span style="text-transform: none; line-height: 12.25pt"> in market interest rates may also result in prepayments </span><span style="text-transform: none; line-height: 12.25pt">of obligations the Fund acquires, requiring the Fund to reinvest </span><span style="text-transform: none; line-height: 12.25pt">at lower </span><span style="text-transform: none; line-height: 12.25pt">interest rates.</span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zolcxfjBMzO1" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 4.5pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; line-height: 12.25pt"><b>Liquidity Risk </b></span><span style="text-transform: none; line-height: 12.25pt">– Due to a lack</span><span style="text-transform: none; line-height: 12.25pt"> of demand in the marketplace or other factors, the Fund</span><span style="text-transform: none; line-height: 12.25pt"> may not be able to sell promptly some or all</span><span style="text-transform: none; line-height: 12.25pt"> of the obligations that it holds, or may only be</span><span style="text-transform: none; line-height: 12.25pt"> able to sell obligations at less than desired prices. </span><span style="text-transform: none; line-height: 12.25pt">The market for lower-rated and unrated obligations may be </span><span style="text-transform: none; line-height: 12.25pt">less liquid than the market for other obligations, making it </span><span style="text-transform: none; line-height: 12.25pt">difficult for the Fund to value its investment in a </span><span style="text-transform: none; line-height: 12.25pt">lower-rated or unrated obligation or to sell the investment in</span><span style="text-transform: none; line-height: 12.25pt"> a timely manner or at an </span><span style="text-transform: none; line-height: 12.25pt">acceptable price.</span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zs0iw2GJAYtc" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 4.5pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; line-height: 12.25pt"><b>Management Risk</b></span><span style="text-transform: none; line-height: 12.25pt"><b> </b></span><span style="text-transform: none; line-height: 12.25pt">– The Fund is an actively managed portfolio, and the</span><span style="text-transform: none; line-height: 12.25pt"> value of the Fund may be reduced if Thornburg pursues</span><span style="text-transform: none; line-height: 12.25pt"> unsuccessful investments or fails to correctly identify risks affecting the</span><span style="text-transform: none; line-height: 12.25pt"> broad economy or specific issuers in which the </span><span style="text-transform: none; line-height: 12.25pt">Fund </span><span style="text-transform: none; line-height: 12.25pt">invests.</span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndEconomicRiskMember_zXse8dVdFOp6" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 4.5pt; -sec-ix-redline: true; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; line-height: 12.25pt"><b>Market and Economic Risk </b></span><span style="text-transform: none; line-height: 12.25pt">– The value of the Fund</span><span style="text-transform: none; line-height: 12.25pt">’s investments may decline and its share value may be</span><span style="text-transform: none; line-height: 12.25pt"> reduced due to changes in general economic and market </span><span style="text-transform: none; line-height: 12.25pt">conditions. This effect is typically more pronounced for the Fund</span><span style="text-transform: none; line-height: 12.25pt">’s investments in lower- rated and unrated municipal obligations, </span><span style="text-transform: none; line-height: 12.25pt">the value of which may fluctuate more significantly in response to</span><span style="text-transform: none; line-height: 12.25pt"> poor economic growth or other changes in market conditions, </span><span style="text-transform: none; line-height: 12.25pt">political, economic</span><span style="text-transform: none; line-height: 12.25pt">,</span><span style="text-transform: none; line-height: 12.25pt"> </span><span style="text-transform: none; line-height: 12.25pt">legal</span><span style="text-transform: none; line-height: 12.25pt">, </span><span style="text-transform: none; line-height: 12.25pt">and</span><span style="text-transform: none; line-height: 12.25pt"> technological</span><span style="text-transform: none; line-height: 12.25pt"> developments, and developments affecting </span><span style="text-transform: none; line-height: 12.25pt">specific issuers.</span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--RedemptionRiskMember_zxGRFff1O3C7" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 4pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; line-height: 12.25pt"><b>Redemption</b></span><span style="text-transform: none; line-height: 12.25pt"><b> Risk </b></span><span style="text-transform: none; line-height: 12.25pt">– If a significant percentage of the Fund’s</span><span style="text-transform: none; line-height: 12.25pt"> shares is owned or controlled by a single shareholder,</span><span style="text-transform: none; line-height: 12.25pt"> the Fund is subject to the risk that a r</span><span style="text-transform: none; line-height: 12.25pt">edemption by that shareholder of all or a large portion </span><span style="text-transform: none; line-height: 12.25pt">of its shares may require the Fund to sell securities </span><span style="text-transform: none; line-height: 12.25pt">at less than desired prices, and the Fund’s remaining</span><span style="text-transform: none; line-height: 12.25pt"> shareholders may also incur additional transaction costs or adverse tax</span><span style="text-transform: none; line-height: 12.25pt"> consequences from such </span><span style="text-transform: none; line-height: 12.25pt">trading activity.</span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zwE1sxLC1mmk" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 4pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Tax Risk </b>– The income on the Fund’s municipal obligations could become subject to federal income or state income tax due to noncompliant conduct by issuers, unfavorable legislation or litigation or adverse interpretations by regulatory authorities. All or a portion of the Fund’s distributions that are exempt from regular federal income tax may nevertheless be taken into account for purposes of the federal AMT and state income tax.</span></p> <p style="font: 12pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 4pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; font-size: 10pt; font-family: Arial, sans-serif; line-height: 12.25pt">Additional information about Fund investments, investment strategies and risks of investing in the Fund appears beginning on page 125 of the Prospectus.</span></p> Past Performance of the Fund <p id="xdx_A8C_eoef--PerformanceNarrativeTextBlock_zsGPzTNPJuk4" style="font: 12pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; font-size: 10pt; font-family: Arial, sans-serif; line-height: 12.25pt"><span id="xdx_904_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000011844Member_zqLHitl7tO5i">The following information provides some indication of the risks of investing in the Intermediate Municipal Fund by showing how the Fund’s investment results vary from year to year.</span> The bar chart shows how the annual total returns for Class A shares have been different in each full year shown. The average annual total return figures compare Class A, Class C, Class C2 and Class I share performance to the ICE BofA U.S. Municipal Securities Index, a broad-based securities market index that represents the overall applicable market in which the Fund invests, and the ICE BofA 3-15 Year U.S. Municipal Securities Index, an additional index that represents the market sectors which Thornburg believes are more representative of the Fund’s investment universe. These indexes are not actively managed and are not available for direct investment. The bar charts and performance tables assume reinvestment of dividends and distributions. <span id="xdx_90C_eoef--PerformancePastDoesNotIndicateFuture_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000011844Member_zOv3wvSdfoDj">Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> The performance information shown is as of the calendar year ended December 31, 2025. Updated performance information may be obtained on the Thornburg website at <span id="xdx_90C_eoef--PerformanceAvailabilityWebSiteAddress_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000011844Member_zBtvjxQxIn1c">Thornburg.com</span> or by calling <span id="xdx_904_eoef--PerformanceAvailabilityPhone_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000011844Member_zZSvkKO4UY7c">1-800-847-0200</span>.</span></p> The following information provides some indication of the risks of investing in the Intermediate Municipal Fund by showing how the Fund’s investment results vary from year to year. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Thornburg.com 1-800-847-0200 Annual Total Returns – Class A Shares <div id="xdx_A86_eoef--BarChartTableTextBlock_zZ7fJkYg3tX2"></div> <table border="0" cellpadding="0" cellspacing="0" id="xdx_A52_dU_zzvvC72J17zc" style="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top"> <td style="text-align: left; width: 16%; display: none"> </td> <td style="text-align: left; width: 84%; display: none"> </td></tr> <tr style="vertical-align: top"> <td style="text-align: left; display: none">2016</td> <td id="xdx_98D_eoef--AnnlRtrPct_dp_c20160101__20161231__oef--ClassAxis__custom--C000032354Member_z6lcSfFndEi4" style="text-align: left; display: none">-0.50%</td></tr> <tr style="vertical-align: top"> <td style="text-align: left; display: none">2017</td> <td id="xdx_98B_eoef--AnnlRtrPct_dp_c20170101__20171231__oef--ClassAxis__custom--C000032354Member_z5QVItkRJ29f" style="text-align: left; display: none">3.61%</td></tr> <tr style="vertical-align: top"> <td style="text-align: left; display: none">2018</td> <td id="xdx_983_eoef--AnnlRtrPct_dp_c20180101__20181231__oef--ClassAxis__custom--C000032354Member_zOotMot4WsSd" style="text-align: left; display: none">0.56%</td></tr> <tr style="vertical-align: top"> <td style="text-align: left; display: none">2019</td> <td id="xdx_985_eoef--AnnlRtrPct_dp_c20190101__20191231__oef--ClassAxis__custom--C000032354Member_z6mQt1SCru34" style="text-align: left; display: none">5.64%</td></tr> <tr style="vertical-align: top"> <td style="text-align: left; display: none">2020</td> <td id="xdx_980_eoef--AnnlRtrPct_dp_c20200101__20201231__oef--ClassAxis__custom--C000032354Member_zd9dq9miEnG4" style="text-align: left; display: none">3.81%</td></tr> <tr style="vertical-align: top"> <td style="text-align: left; display: none">2021</td> <td id="xdx_988_eoef--AnnlRtrPct_dp_c20210101__20211231__oef--ClassAxis__custom--C000032354Member_zcAceGVRxC3d" style="text-align: left; display: none">0.99%</td></tr> <tr style="vertical-align: top"> <td style="text-align: left; display: none">2022</td> <td id="xdx_985_eoef--AnnlRtrPct_dp_c20220101__20221231__oef--ClassAxis__custom--C000032354Member_zQJqwDkAtoi3" style="text-align: left; display: none">-6.41%</td></tr> <tr style="vertical-align: top"> <td style="text-align: left; display: none">2023</td> <td id="xdx_98E_eoef--AnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000032354Member_z2Ne4yD1pqX6" style="text-align: left; display: none">5.45%</td></tr> <tr style="vertical-align: top"> <td style="text-align: left; display: none">2024</td> <td id="xdx_982_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000032354Member_zelPLwqtUWR3" style="text-align: left; display: none">1.84%</td></tr> <tr style="vertical-align: top"> <td style="text-align: left; display: none">2025</td> <td id="xdx_98E_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000032354Member_zYPeZsbryK15" style="text-align: left; display: none">4.69%</td></tr> </table> <div style="font: 12pt/normal Times New Roman, Times, serif; margin: 6pt 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"> <div style="border-width: 0pt; padding: 0pt; overflow: hidden; display: inline-block; width: 618.91pt; height: 222.34pt; text-align: left"> <img alt="" src="retailproimg016.gif" style="vertical-align: top; margin-left: 0pt; width: 618.69pt; margin-top: 0pt; height: 221.95pt"/> </div> </div> -0.0050 0.0361 0.0056 0.0564 0.0381 0.0099 -0.0641 0.0545 0.0184 0.0469 <div id="xdx_A87_eoef--BarChartClosingTextBlock_gRBBCCTB-MESVS_z4hwYFEu6Tci"></div> <div style="font: 12pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 1pt; text-transform: none; color: #000000; text-align: left"> <table style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 1pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 455.4pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b> </b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase; line-height: 11pt"><b>Total<br/>Returns</b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase; line-height: 11pt"><b>Quarter<br/>ended</b></span></p> </td> </tr> <tr style="min-height: 18.42pt"> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><span id="xdx_906_eoef--HighestQuarterlyReturnLabel_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000011844Member_z0AuxxhXjgY8">Highest Quarterly Results</span></span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_903_eoef--BarChartHighestQuarterlyReturn_dp_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000011844Member_zy3YxFGMNyhh">5.69</span>%</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_90A_eoef--BarChartHighestQuarterlyReturnDate_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000011844Member_zV222U7csok5">12/31/2023</span></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><span id="xdx_907_eoef--LowestQuarterlyReturnLabel_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000011844Member_zfaHEgXuUB56">Lowest Quarterly Results</span></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt 2.5pt 3pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_907_eoef--BarChartLowestQuarterlyReturn_dp_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000011844Member_zcQPQz8jvf3k">-5.27</span>%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_90B_eoef--BarChartLowestQuarterlyReturnDate_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000011844Member_zsVkNhYdvlIc">3/31/2022</span></span></p> </td> </tr> </table> </div> <p style="font: 12pt/normal Times New Roman, Times, serif; margin: 0pt 0pt 4pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; font-size: 10pt; font-family: Arial, sans-serif; line-height: 12.5pt"><span id="xdx_90A_eoef--BarChartDoesNotReflectSalesLoads_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000011844Member_zGllLzWY2Xj8">The sales charge for Class A shares is not reflected in the returns shown in the bar chart above, and the returns would be less if the charge was taken into account.</span></span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><span id="xdx_90B_eoef--BarChartDoesNotReflectSalesLoads_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000011851Member_zEDzcX6kZmB1">The sales charge for Class A shares is not reflected in the returns shown on the bar chart, and the returns would be less if the charge was taken into account.</span></span></p> Highest Quarterly Results 0.0569 2023-12-31 Lowest Quarterly Results -0.0527 2022-03-31 The sales charge for Class A shares is not reflected in the returns shown in the bar chart above, and the returns would be less if the charge was taken into account. Average Annual Total Returns (periods ended 12-31-25) <div id="xdx_A82_eoef--PerformanceTableTextBlock_zjDOCJ3tua25" style="-sec-ix-redline: true"></div> <table style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 372.59pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> </table> <table id="xdx_A54_dU_zOvgH1jicpg1" style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="min-height: 18.4pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse; width: 372.59pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b>CLASS A SHARES</b></span></p> </td> <td id="xdx_499_20250101__20251231_z7PEstwhpApc" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>1 YEAR</b></span></p> </td> <td id="xdx_496_20210101__20251231_zi5UefKwqNtl" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>5 YEARS</b></span></p> </td> <td id="xdx_49E_20160101__20251231_zLbFhYOGmlrh" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>10 YEARS</b></span></p> </td> </tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000032354Member_z84NyLxHgf4g" style="min-height: 18.4pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Return Before Taxes</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">2.58%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.81%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.70%</span></p> </td> </tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000032354Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zopzCXLNIOk4" style="min-height: 18.4pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Return After Taxes on Distributions</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">2.58%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.81%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.70%</span></p> </td> </tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000032354Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zLsb82WFd8Tf" style="min-height: 18.4pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Return After Taxes on Distributions and Sale of Fund Shares</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">3.02%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.29%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.90%</span></p> </td> </tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--ICEBofAUSMunicipalSecuritiesIndexMember_z3XSx7Yxo7bd" style="min-height: 28.4pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">ICE BofA U.S. Municipal Securities Index<br/></span><span style="text-transform: none; font-style: italic"><i><span id="xdx_90E_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000011844Member_zYaiYgOd69z8">(reflects no deduction for fees, expenses, or taxes)</span></i></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">3.96%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.84%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">2.38%</span></p> </td> </tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--ICEBofA3To15YearUSMunicipalSecuritiesIndexMember_zJDelK5qN0mh" style="min-height: 27.9pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">ICE BofA 3-15 Year U.S. Municipal Securities Index<br/></span><span style="text-transform: none; font-style: italic"><i><span id="xdx_905_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000011844Member_zFdAMqlozpta">(reflects no deduction for fees, expenses, or taxes)</span></i></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">5.42%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.13%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">2.34%</span></p> </td> </tr> </table> <div style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-align: left"> <table style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 372.59pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> </table> <table style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="min-height: 18.4pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse; width: 372.59pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b>CLASS C SHARES</b></span></p> </td> <td id="xdx_499_20250101__20251231_zceghGWDq9r3" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>1 YEAR</b></span></p> </td> <td id="xdx_496_20210101__20251231_znS19jAO2Rhl" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>5 YEARS</b></span></p> </td> <td id="xdx_49E_20160101__20251231_zJzNFExhsJ16" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>10 YEARS</b></span></p> </td> </tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000032355Member_zSu0PyBFBpU" style="min-height: 18.4pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Return Before Taxes</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">3.63%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.84%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.54%</span></p> </td> </tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--ICEBofAUSMunicipalSecuritiesIndexMember_zQa6c1mvVyD6" style="min-height: 28.4pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">ICE BofA U.S. Municipal Securities Index<br/></span><span style="text-transform: none; font-style: italic"><i><span id="xdx_90A_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000011844Member_zyLI7Qwdkcfh">(reflects no deduction for fees, expenses, or taxes)</span></i></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">3.96%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.84%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">2.38%</span></p> </td> </tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--ICEBofA3To15YearUSMunicipalSecuritiesIndexMember_z2j0vy8Xhn32" style="min-height: 27.9pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">ICE BofA 3-15 Year U.S. Municipal Securities Index<br/></span><span style="text-transform: none; font-style: italic"><i><span id="xdx_90D_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000011844Member_z7CbMGrhG5mc">(reflects no deduction for fees, expenses, or taxes)</span></i></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">5.42%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.13%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">2.34%</span></p> </td> </tr> </table> </div> <div style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-align: left"> <table style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 372.59pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> </table> <table style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="min-height: 43.4pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse; width: 372.59pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b>CLASS C2 SHARES</b></span></p> </td> <td id="xdx_499_20250101__20251231_z2qh1EBVqnma" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>1</b></span><span style="text-transform: uppercase"><b> YEAR</b></span></p> </td> <td id="xdx_496_20210101__20251231_zj2kPdfxiuuj" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>5 YEARS</b></span></p> </td> <td id="xdx_49F_20201001__20251231_zz1Mh0PN8Nd8" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>SINCE INCEPTION <br/>(<span id="xdx_90D_eoef--PerfInceptionDate_c20201001__20251231__oef--ClassAxis__custom--C000222324Member_zq9HP2conJO9">10-01-20</span>)</b></span></p> </td> </tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000222324Member_zWEegDGVyFgh" style="min-height: 18.4pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Return Before Taxes</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">3.58%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.84%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.04%</span></p> </td> </tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--ICEBofAUSMunicipalSecuritiesIndexMember_zSNx0p6sgjBi" style="min-height: 28.4pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">ICE BofA U.S. Municipal Securities Index<br/></span><span style="text-transform: none; font-style: italic"><i><span id="xdx_90D_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000011844Member_zkFB6g0vhxN2">(reflects no deduction for fees, expenses, or taxes)</span></i></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">3.96%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.84%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.18%</span></p> </td> </tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--ICEBofA3To15YearUSMunicipalSecuritiesIndexMember_zyCpvJiNF0ab" style="min-height: 27.9pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">ICE BofA 3-15 Year U.S. Municipal Securities Index<br/></span><span style="text-transform: none; font-style: italic"><i><span id="xdx_90A_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000011844Member_z9j0XSJxf7Y6">(reflects no deduction for fees, expenses, or taxes)</span></i></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">5.42%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.13%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.37%</span></p> </td> </tr> </table> </div> <div style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-align: left"> <table style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 372.59pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> </table> <table style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="min-height: 18.4pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse; width: 372.59pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b>CLASS I SHARES</b></span></p> </td> <td id="xdx_499_20250101__20251231_zcLgJNxS5HT8" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>1 YEAR</b></span></p> </td> <td id="xdx_496_20210101__20251231_zXjdzWAvMshd" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>5 YEARS</b></span></p> </td> <td id="xdx_49E_20160101__20251231_zeivRDS2eh6c" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>10 YEARS</b></span></p> </td> </tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000032356Member_zMbP4hYs4Lpi" style="min-height: 18.4pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Return Before Taxes</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">4.94%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.46%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">2.16%</span></p> </td> </tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--ICEBofAUSMunicipalSecuritiesIndexMember_z5KP2PKjAsL1" style="min-height: 28.4pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">ICE BofA U.S. Municipal Securities Index<br/></span><span style="text-transform: none; font-style: italic"><i><span id="xdx_90C_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000011844Member_zzwxiMaEiMz">(reflects no deduction for fees, expenses, or taxes)</span></i></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">3.96%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.84%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">2.38%</span></p> </td> </tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--ICEBofA3To15YearUSMunicipalSecuritiesIndexMember_zYOoIoI2w6o1" style="min-height: 28.4pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">ICE BofA 3-15 Year U.S. Municipal Securities Index<br/></span><span style="text-transform: none; font-style: italic"><i><span id="xdx_901_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000011844Member_zJoanFpYKLL2">(reflects no deduction for fees, expenses, or taxes)</span></i></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">5.42%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.13%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">2.34%</span></p> </td> </tr> </table> </div> 0.0258 0.0081 0.0170 0.0258 0.0081 0.0170 0.0302 0.0129 0.0190 (reflects no deduction for fees, expenses, or taxes) 0.0396 0.0084 0.0238 (reflects no deduction for fees, expenses, or taxes) 0.0542 0.0113 0.0234 0.0363 0.0084 0.0154 (reflects no deduction for fees, expenses, or taxes) 0.0396 0.0084 0.0238 (reflects no deduction for fees, expenses, or taxes) 0.0542 0.0113 0.0234 2020-10-01 0.0358 0.0084 0.0104 (reflects no deduction for fees, expenses, or taxes) 0.0396 0.0084 0.0118 (reflects no deduction for fees, expenses, or taxes) 0.0542 0.0113 0.0137 0.0494 0.0146 0.0216 (reflects no deduction for fees, expenses, or taxes) 0.0396 0.0084 0.0238 (reflects no deduction for fees, expenses, or taxes) 0.0542 0.0113 0.0234 <p id="xdx_A87_eoef--PerformanceTableClosingTextBlock_z5eRQZiVp9K" style="font: italic 8pt/9pt Arial, sans-serif; margin: 0pt 0pt 4pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; font-style: italic"><i><span id="xdx_90A_eoef--PerformanceTableUsesHighestFederalRate_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000011844Member_zymQasbcxp7c">After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect state or local income taxes.</span> <span id="xdx_904_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000011844Member_zdW7VS8tgus1">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.</span> <span id="xdx_903_eoef--PerformanceTableOneClassOfAfterTaxShown_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000011844Member_zwMVDxYqOkZ6">The after-tax returns shown relate only to Class A shares, and after-tax returns for other share classes will vary.</span> </i></span></p> After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect state or local income taxes. Actual after-tax returns depend on an investor’s own tax situation and may differ from the returns shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The after-tax returns shown relate only to Class A shares, and after-tax returns for other share classes will vary. Strategic Municipal Income Fund Investment Goal <p id="xdx_A82_eoef--ObjectivePrimaryTextBlock_z9YwITYfRBo6" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">The Fund seeks a high level of current income exempt from federal individual income tax.</span></p> Fees and Expenses of the Fund <p id="xdx_A89_eoef--ExpenseNarrativeTextBlock_zNUUmLMja1e5" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </b><span id="xdx_90E_eoef--ExpenseBreakpointDiscounts_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000025152Member_zsktFQucywNe">You may qualify for discounts from the sales charges applicable to Class A shares if you or other qualifying account holders invest, or agree to invest in the future, at least $<span id="xdx_903_eoef--ExpenseBreakpointMinimumInvestmentRequiredAmount_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000025152Member_zWWSrgOmQL2k">50,000</span> in the Thornburg Funds.</span> More information about this and other discounts and sales charge waivers is available from your financial intermediary, in the Prospectus under the captions “Class A Sales Charge Waivers,” beginning on page 154, and “Appendix A – Sales Charge Waivers Offered by Financial Intermediaries,” beginning on page 208, and in the Statement of Additional Information under the caption “Additional Information Respecting Purchase and Redemption of Shares,” beginning on page 94.</span></p> You may qualify for discounts from the sales charges applicable to Class A shares if you or other qualifying account holders invest, or agree to invest in the future, at least $50,000 in the Thornburg Funds. 50000 Shareholder Fees (fees paid directly from your investment) <div id="xdx_A86_eoef--ShareholderFeesTableTextBlock_zyQZ9XbqXX6k"></div> <table id="xdx_A56_dU_zYfdsDtj4Rgg" style="table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 372.59pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> </table> <table style="table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse; width: 372.59pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b> </b></span></p> </td> <td id="xdx_499_20260128__20260128__oef--ClassAxis__custom--C000075018Member_zHFKKeXXaLqb" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class A</b></span></p> </td> <td id="xdx_496_20260128__20260128__oef--ClassAxis__custom--C000075019Member_zWUCzQvJbGcb" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class C</b></span></p> </td> <td id="xdx_497_20260128__20260128__oef--ClassAxis__custom--C000075020Member_zVBIFOnPHnB" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class I</b></span></p> </td> </tr> <tr id="xdx_40E_eoef--MaximumSalesChargeImposedOnPurchasesOverOfferingPrice_dpn_zCzRjdU7rynb" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Maximum Sales Charge (Load) Imposed on Purchases<br/></span><span style="text-transform: none; font-style: italic"><i>(as a percentage of offering price)</i></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">2.00%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">none</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">none</span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Maximum Deferred Sales Charge (Load)<br/></span><span style="text-transform: none; font-style: italic"><i>(as a percentage of redemption proceeds or original purchase price, <br/>whichever is lower)</i></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_900_eoef--MaximumDeferredSalesChargeOverOther_dpn_c20260128__20260128__oef--ClassAxis__custom--C000075018Member_fKDEp_zoI1zmPXHXak" title="Maximum Deferred Sales Charge (Load) (as a percentage of redemption proceeds or original purchase price, whichever is lower)">none</span></span><sup style="text-transform: none; font-size: 7pt; line-height: 7pt">(1)</sup><span style="text-transform: none"> </span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_907_eoef--MaximumDeferredSalesChargeOverOther_dpn_c20260128__20260128__oef--ClassAxis__custom--C000075019Member_fKDIp_zNR8QhT9Gcnh">0.60</span>%</span><sup style="text-transform: none; font-size: 7pt; line-height: 7pt">(2)</sup><span style="text-transform: none"> </span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_906_eoef--MaximumDeferredSalesChargeOverOther_dpn_c20260128__20260128__oef--ClassAxis__custom--C000075020Member_zKg7hpqHLIY2">none</span></span></p> </td> </tr> </table> 0.0200 0 0 0 0.0060 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A8E_eoef--AnnualFundOperatingExpensesTableTextBlock_zs3mbplNbbpl" style="-sec-ix-redline: true"></div> <table style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 372.59pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> </table> <table id="xdx_A5A_dU_zftWMg9g2hCj" style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse; width: 372.59pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b> </b></span></p> </td> <td id="xdx_491_20260128__20260128__oef--ClassAxis__custom--C000075018Member_zqHgJMgU4Oqi" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class A</b></span></p> </td> <td id="xdx_492_20260128__20260128__oef--ClassAxis__custom--C000075019Member_zdA2Xcpk1869" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class C</b></span></p> </td> <td id="xdx_491_20260128__20260128__oef--ClassAxis__custom--C000075020Member_z3lhvLdXDfxd" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class I</b></span></p> </td> </tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zbkWBZo5DG38" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Management Fees</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.75%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.75%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.75%</span></p> </td> </tr> <tr id="xdx_406_eoef--DistributionAndService12b1FeesOverAssets_dpn_zBmha5ZyZaB9" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Distribution and Service (12b-1) Fees</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.25%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.60%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">none</span></p> </td> </tr> <tr id="xdx_40A_eoef--OtherExpensesOverAssets_dpn_zl1RvE8H7dma" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Other Expenses</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.23%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.77%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.24%</span></p> </td> </tr> <tr id="xdx_407_eoef--ExpensesOverAssets_dpn_z0SQfb6v90Q7" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Total Annual Fund Operating Expenses</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.23%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">2.12%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.99%</span></p> </td> </tr> <tr id="xdx_402_eoef--FeeWaiverOrReimbursementOverAssets_dpn_zOYO1s1cKsC6" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Fee Waiver/Expense Reimbursement</span><sup id="xdx_F43_z19QDtYY3K8j" style="text-transform: none; font-size: 7pt; line-height: 7pt">(3)</sup><span style="text-transform: none"> </span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">(0.48)%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">(1.02)%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">(0.49)%</span></p> </td> </tr> <tr id="xdx_402_eoef--NetExpensesOverAssets_dpn_zOWC8W6kPgC1" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.75%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.10%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.50%</span></p> </td> </tr> </table> 0.0075 0.0075 0.0075 0.0025 0.0060 0 0.0023 0.0077 0.0024 0.0123 0.0212 0.0099 -0.0048 -0.0102 -0.0049 0.0075 0.0110 0.0050 <div id="xdx_A88_eoef--ExpenseFootnotesTextBlock_zHOPXPI6b3od"></div> <table cellpadding="0" cellspacing="0" style="font: italic 8pt/9pt Arial, sans-serif; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right"><span style="text-transform: none"><i id="xdx_F0B_zTy78JgJIjGl">(1)</i></span></td> <td style="width: 5pt"></td> <td style="text-align: justify"><span style="text-transform: none"><i id="xdx_F1D_znCPdxxdH9b1">A 0.50% contingent deferred sales charge (CDSC) is imposed on redemptions of any part or all of a purchase of $1 million or more within 12 months of purchase.</i></span></td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: italic 8pt/9pt Arial, sans-serif; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right"><span style="text-transform: none"><i id="xdx_F00_zANrNQGWhXE6">(2)</i></span></td> <td style="width: 5pt"></td> <td style="text-align: justify"><span style="text-transform: none"><i id="xdx_F1D_zAtyMGeZBNcj">Imposed only on redemptions of Class C shares within 12 months of purchase.</i></span></td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: italic 8pt/9pt Arial, sans-serif; -sec-ix-redline: true; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right"><span style="text-transform: none"><i id="xdx_F0B_zB8d5uethNij">(3)</i></span></td> <td style="width: 5pt"></td> <td style="text-align: justify"><span style="text-transform: none"><i id="xdx_F1A_zM2CfAxhrVi4">Thornburg Investment Management, Inc. (“Thornburg”) has contractually agreed to waive fees and reimburse expenses incurred by the Fund so that actual Class A, Class C, and Class I expenses (excluding taxes, interest expenses, acquired fund fees and expenses, brokerage commissions, borrowing costs, expenses relating to short sales, and unusual expenses such as contingency fees or litigation costs) do not exceed 0.75%, 1.10%, and 0.50%, 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 <span id="xdx_90E_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260128__20260128__oef--ClassAxis__custom--C000075018Member_zLzaveKFj4bk"><span id="xdx_908_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260128__20260128__oef--ClassAxis__custom--C000075019Member_zdzMLVRKJa7d"><span id="xdx_90F_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260128__20260128__oef--ClassAxis__custom--C000075020Member_zRJdWIRXw5ba">February 1, 2027</span></span></span>, 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.</i></span></td> </tr> </table> February 1, 2027 February 1, 2027 February 1, 2027 Example. <p id="xdx_A89_eoef--ExpenseExampleNarrativeTextBlock_z4xLJoy7OrSg" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">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:</span></p> <div id="xdx_A84_eoef--ExpenseExampleWithRedemptionTableTextBlock_zrh629N51RMj" style="-sec-ix-redline: true"></div> <table id="xdx_A51_dU_zHUov4RCApp6" style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 289.79pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b> </b></span></p> </td> <td id="xdx_48D_eoef--ExpenseExampleYear01_zm7djxDEgay1" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>1 Year</b></span></p> </td> <td id="xdx_486_eoef--ExpenseExampleYear03_zItndjrpMWOk" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>3 Years</b></span></p> </td> <td id="xdx_48A_eoef--ExpenseExampleYear05_zdcJEbFNoox" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>5 Years</b></span></p> </td> <td id="xdx_48C_eoef--ExpenseExampleYear10_zNat6fXGUCyl" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>10 Years</b></span></p> </td> </tr> <tr id="xdx_414_20260128__20260128__oef--ClassAxis__custom--C000075018Member_zFl9GghgKFFc" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Class A Shares</span></p> </td> <td style="border-width: 0pt; padding: 3pt 25pt 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$275</span></p> </td> <td style="border-width: 0pt; padding: 3pt 25pt 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$536</span></p> </td> <td style="border-width: 0pt; padding: 3pt 25pt 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$817</span></p> </td> <td style="border-width: 0pt; padding: 3pt 25pt 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$1,617</span></p> </td> </tr> <tr id="xdx_417_20260128__20260128__oef--ClassAxis__custom--C000075019Member_zcvVbQfW5zrk" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Class C Shares</span></p> </td> <td style="border-width: 0pt; padding: 3pt 25pt 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$172</span></p> </td> <td style="border-width: 0pt; padding: 3pt 25pt 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$565</span></p> </td> <td style="border-width: 0pt; padding: 3pt 25pt 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$1,045</span></p> </td> <td style="border-width: 0pt; padding: 3pt 25pt 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$2,371</span></p> </td> </tr> <tr id="xdx_413_20260128__20260128__oef--ClassAxis__custom--C000075020Member_zVqxN4QAcq5c" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Class I Shares</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 25pt 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$51</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 25pt 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$266</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 25pt 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$499</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 25pt 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$1,168</span></p> </td> </tr> </table> 275 536 817 1617 172 565 1045 2371 51 266 499 1168 You would pay the following expenses if you did not redeem your Class C shares: <div id="xdx_A8F_eoef--ExpenseExampleNoRedemptionTableTextBlock_zRhJAyNLI5L8"></div> <table id="xdx_A5D_zWb1lN9KUmIh" style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse" summary="xdx: Disclosure - Expense Example, No Redemption"> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse; width: 289.79pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b> </b></span></p> </td> <td id="xdx_481_eoef--ExpenseExampleNoRedemptionYear01_dn_zvbCyRsrA4Si" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>1 Year</b></span></p> </td> <td id="xdx_48D_eoef--ExpenseExampleNoRedemptionYear03_dn_zwRpgGcEBlsa" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>3 Years</b></span></p> </td> <td id="xdx_480_eoef--ExpenseExampleNoRedemptionYear05_dn_zFnkpkv6JXnk" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>5 Years</b></span></p> </td> <td id="xdx_484_eoef--ExpenseExampleNoRedemptionYear10_dn_zSFj3o7nfoSk" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>10 Years</b></span></p> </td> </tr> <tr id="xdx_412_20260128__20260128__oef--ClassAxis__custom--C000075019Member_zr6m3P2TzCo7" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Class C Shares</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 24pt 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$112</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 24pt 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$565</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 24pt 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$1,045</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 24pt 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$2,371</span></p> </td> </tr> </table> 112 565 1045 2371 Portfolio Turnover. <p id="xdx_A89_eoef--PortfolioTurnoverTextBlock_z2m9QjTQJakl" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">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 <span id="xdx_90E_eoef--PortfolioTurnoverRate_dp_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000025152Member_zpMVytzLvyL4">59.01</span>% of the average value of its portfolio.</span></p> 0.5901 Principal Investment Strategies <p id="xdx_A80_eoef--StrategyNarrativeTextBlock_gRBSNTB-LTHJ_zksZhbbOqVdk" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Thornburg Investment Management, Inc. (“Thornburg”) actively manages the Fund’s investments in pursuing the Fund’s investment goal. The Fund invests principally in a portfolio of municipal obligations issued by states and state agencies, local governments and their agencies, and by United States territories and possessions. Investment decisions are based upon outlooks for interest rates and securities markets, the supply of municipal debt obligations, the difference in yields between higher and lower-rated obligations, and analysis of specific obligations. The Fund invests in obligations and participations in obligations of any credit quality. The Fund may invest up to 50 percent of its net assets, plus the amount of any borrowings for investment purposes, in lower-quality debt obligations rated by a nationally recognized statistical rating organization at the time of purchase as below investment grade (sometimes called “junk” bonds or “high yield” bonds) or, if unrated, issued by obligors which Thornburg determines have comparable below investment grade obligations outstanding or which are deemed by Thornburg to be comparable to obligors with outstanding below investment grade obligations. The Fund may also invest in obligations that are in default at the time of purchase. “Participations” are undivided interests in pools of securities where the underlying credit support passes through to the participants. </span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 5pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">The Fund may invest in municipal obligations of any maturity, but seeks to maintain a portfolio of investments having a dollar-weighted average effective duration of normally one to ten years. Duration is a measure of estimated sensitivity to interest rate changes. A portfolio with a longer average effective duration will typically be more sensitive to interest rate changes than a portfolio with a shorter average effective duration. Duration is commonly expressed as a number, which is the expected percentage change in an obligation’s price upon a 1% change in interest rates. For example, an obligation with a duration of 10 would be expected to change in price by approximately 10% in response to a 1% change in interest rates. During temporary periods the Fund’s average effective duration and average portfolio maturity may be reduced for defensive purposes. There is no limitation on the duration or maturity of any specific security the Fund may purchase. The Fund may dispose of any security before it matures. The Fund attempts to reduce changes in its share value through credit analysis, selection and diversification. </span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 7pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">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</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 7pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">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.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><span id="xdx_904_eoef--StrategyPortfolioConcentration_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000025152Member_zZ24NUMvbS2k">The Fund normally invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in municipal obligations the income from which is exempt from the regular federal income tax, though the income on those investments may still be subject to the federal alternative minimum tax (“AMT”).</span> Gains realized on investments held by the Fund and not offset by realized losses will be subject to federal income tax.</span></p> The Fund normally invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in municipal obligations the income from which is exempt from the regular federal income tax, though the income on those investments may still be subject to the federal alternative minimum tax (“AMT”). An investment in the Fund is not a deposit in any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Accordingly, the loss of money is a risk of investing in the Fund. <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CreditRiskMember_zkAAh2I4cg6j" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Credit Risk </b>– If obligations held by the Fund are downgraded by ratings agencies or go into default, or if 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. For example, municipal leases held by the Fund may be subject to non-appropriation provisions which permit governmental agencies or issuers to discontinue payments to the Fund under the municipal leases.</span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityAndOperationalRiskMember_zIOAmZgeIk9l" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; -sec-ix-redline: true; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Cybersecurity and Operational Risk </b>– Operational failures, cyber-attacks or other disruptions that affect the Fund’s service providers, the Fund’s counterparties, other market participants or the issuers of securities held by the Fund may adversely affect the Fund and its shareholders, including by causing losses for the Fund or impairing Fund operations. The rapid development and increasingly widespread use of artificial intelligence, including machine learning technology and generative artificial intelligence such as ChatGPT, could exacerbate these risks.</span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighYieldRiskMember_zPSGoUQqPKv2" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>High Y</b><b>ield Risk </b>– 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.</span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--InterestRateRiskMember_za5LczRcZL2b" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Interest Rate Risk </b>– 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. When interest rates decrease, the Fund’s dividends may decline. Decreases in market interest rates may also result in prepayments of obligations the Fund acquires, requiring the Fund to reinvest at lower interest rates.</span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zjoFaruelAHe" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Liquidity Risk</b><b> </b>– Due to a lack of demand in the marketplace or other factors, the Fund may not be able to sell promptly some or all of the obligations that it holds, or may only be able to sell obligations at less than desired prices. The market for lower-rated and unrated obligations (including particularly “junk” or “high yield” bonds) 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.</span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zIFxrkmr3ROj" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Management Risk </b>– 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.</span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndEconomicRiskMember_gRBRTB-DHTQ_zpZHLHnKYA01" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Market and Economic Risk </b>– 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 the Fund’s investments</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; -sec-ix-redline: true; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">in lower-rated and unrated municipal obligations (including particularly “junk” or “high yield” bonds), the value of which may fluctuate more significantly in response to poor economic growth or other changes in market conditions, political, economic, legal, and technological developments, and developments affecting specific issuers.</span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--RedemptionRiskMember_zHUeBaKHK2ja" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Redemption Risk </b>– 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.</span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zbxOXirJbEJ2" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Tax Risk </b>– The income on the Fund’s municipal obligations could become subject to federal income or state income tax due to noncompliant conduct by issuers, unfavorable legislation or litigation or adverse interpretations by regulatory authorities. All or a portion of the Fund’s distributions that are exempt from regular federal income tax may nevertheless be taken into account for purposes of the federal AMT and state income tax.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Additional information about Fund investments, investment strategies and risks of investing in the Fund appears beginning on page 125 of the Prospectus.</span></p> Past Performance of the Fund <p id="xdx_A8A_eoef--PerformanceNarrativeTextBlock_zCHYPpstBV11" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><span id="xdx_90E_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000025152Member_zJyFfgqFGvBc">The following information provides some indication of the risks of investing in the Strategic Municipal Income Fund by showing how the Fund’s investment results vary from year to year.</span> The bar chart shows how the annual total returns for Class A shares have been different in each full year shown. The average annual total return figures compare Class A, Class C and Class I share performance to the ICE BofA U.S. Municipal Securities Index, a broad-based securities market index that represents the overall applicable market in which the Fund invests. This index is not actively managed and is not available for direct investment. The bar charts and performance tables assume reinvestment of dividends and distributions. <span id="xdx_904_eoef--PerformancePastDoesNotIndicateFuture_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000025152Member_zZqMhRJISrSa">Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> The performance information shown is as of the calendar year ended December 31, 2025. Updated performance information may be obtained on the Thornburg website at <span id="xdx_90B_eoef--PerformanceAvailabilityWebSiteAddress_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000025152Member_zldOEL8iuQx9">Thornburg.com</span> or by calling <span id="xdx_90B_eoef--PerformanceAvailabilityPhone_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000025152Member_zTOIM7sFVI5l">1-800-847-0200</span>.</span></p> The following information provides some indication of the risks of investing in the Strategic Municipal Income Fund by showing how the Fund’s investment results vary from year to year. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Thornburg.com 1-800-847-0200 Annual Total Returns – Class A Shares <div id="xdx_A86_eoef--BarChartTableTextBlock_z1KgdU51DICc"></div> <table border="0" cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zK1IVRK6fjFf" style="width: 100%; border-collapse: collapse; font-size: 8pt" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; width: 47%; display: none"> </td> <td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; width: 53%; display: none"> </td></tr> <tr style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; display: none">2016</td> <td id="xdx_98D_eoef--AnnlRtrPct_dp_c20160101__20161231__oef--ClassAxis__custom--C000075018Member_zQLDY255qXW3" style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none">-0.38%</td></tr> <tr style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; display: none">2017</td> <td id="xdx_98B_eoef--AnnlRtrPct_dp_c20170101__20171231__oef--ClassAxis__custom--C000075018Member_zmtc9xOaoflb" style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none">4.04%</td></tr> <tr style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; display: none">2018</td> <td id="xdx_983_eoef--AnnlRtrPct_dp_c20180101__20181231__oef--ClassAxis__custom--C000075018Member_zJRrxEfzJKak" style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none">0.74%</td></tr> <tr style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; display: none">2019</td> <td id="xdx_985_eoef--AnnlRtrPct_dp_c20190101__20191231__oef--ClassAxis__custom--C000075018Member_zASRdCfWzMP4" style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none">5.59%</td></tr> <tr style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; display: none">2020</td> <td id="xdx_980_eoef--AnnlRtrPct_dp_c20200101__20201231__oef--ClassAxis__custom--C000075018Member_zdmExwPutPBi" style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none">3.79%</td></tr> <tr style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; display: none">2021</td> <td id="xdx_988_eoef--AnnlRtrPct_dp_c20210101__20211231__oef--ClassAxis__custom--C000075018Member_zAeNYxYy2Rna" style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none">1.22%</td></tr> <tr style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; display: none">2022</td> <td id="xdx_985_eoef--AnnlRtrPct_dp_c20220101__20221231__oef--ClassAxis__custom--C000075018Member_zO3g5RFffWNb" style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none">-8.23%</td></tr> <tr style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; display: none">2023</td> <td id="xdx_98E_eoef--AnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000075018Member_z0dYSOn1aanj" style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none">5.89%</td></tr> <tr style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; display: none">2024</td> <td id="xdx_982_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000075018Member_zYpKGBcTh1Q8" style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none">2.87%</td></tr> <tr style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; display: none">2025</td> <td id="xdx_98E_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000075018Member_zy0BBEWFQuC6" style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none">4.02%</td></tr> </table> <div style="font: 12pt/normal Times New Roman, Times, serif; margin: 12pt 0pt 20pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"> <div style="border-width: 0pt; padding: 0pt; overflow: hidden; display: inline-block; width: 621pt; height: 199.18pt; text-align: left"> <img alt="" src="retailproimg017.gif" style="vertical-align: top; margin-left: 35.65pt; width: 547.4pt; margin-top: 0pt; height: 198.95pt"/> </div> </div> -0.0038 0.0404 0.0074 0.0559 0.0379 0.0122 -0.0823 0.0589 0.0287 0.0402 <div id="xdx_A89_eoef--BarChartClosingTextBlock_z3euKPVRh38b"></div> <table style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse; width: 455.4pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b> </b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Total<br/>Returns</b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Quarter<br/>ended</b></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><span id="xdx_90E_eoef--HighestQuarterlyReturnLabel_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000025152Member_zMN0YkA1vUTi">Highest Quarterly Results</span></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_902_eoef--BarChartHighestQuarterlyReturn_dp_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000025152Member_zxV8OQIx9Vg7">6.46</span>%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_907_eoef--BarChartHighestQuarterlyReturnDate_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000025152Member_zEiUhF4hDyX7">12/31/2023</span></span></p> </td> </tr> <tr style="min-height: 14.42pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><span id="xdx_908_eoef--LowestQuarterlyReturnLabel_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000025152Member_zDr25kAWgSnj">Lowest Quarterly Results</span></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt 3pt 3pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_901_eoef--BarChartLowestQuarterlyReturn_dp_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000025152Member_zbF6aD6dWAg1">-5.52</span>%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_90E_eoef--BarChartLowestQuarterlyReturnDate_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000025152Member_zHr8m9yYEiPd">3/31/2022</span></span></p> </td> </tr> </table> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><span id="xdx_902_eoef--BarChartDoesNotReflectSalesLoads_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000025152Member_znoQ8SoGG419">The sales charge for Class A shares is not reflected in the returns shown in the bar chart above, and the returns would be less if the charge was taken into account.</span></span></p> Highest Quarterly Results 0.0646 2023-12-31 Lowest Quarterly Results -0.0552 2022-03-31 The sales charge for Class A shares is not reflected in the returns shown in the bar chart above, and the returns would be less if the charge was taken into account. Average Annual Total Returns (periods ended 12-31-25) <div id="xdx_A8C_eoef--PerformanceTableTextBlock_zjewXWYMvwp4" style="-sec-ix-redline: true"></div> <table style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 372.59pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> </table> <table id="xdx_A55_dU_zwyCdT38033h" style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="min-height: 18.4pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse; width: 372.59pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b>CLASS A SHARES</b></span></p> </td> <td id="xdx_499_20250101__20251231_z53tsYVOkiv" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>1 YEAR</b></span></p> </td> <td id="xdx_496_20210101__20251231_zssF89jSWe6g" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>5 YEARS</b></span></p> </td> <td id="xdx_49E_20160101__20251231_zXpPJi7OmHQj" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>10 YEARS</b></span></p> </td> </tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000075018Member_zwKlyUJL12lc" style="min-height: 18.4pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Return Before Taxes</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.91%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.62%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.67%</span></p> </td> </tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000075018Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zBtQsRidusRc" style="min-height: 18.4pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Return After Taxes on Distributions</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.91%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.62%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.67%</span></p> </td> </tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000075018Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zAe3JpGkdGi6" style="min-height: 18.4pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Return After Taxes on Distributions and Sale of Fund Shares</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">2.67%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.14%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.89%</span></p> </td> </tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--ICEBofAUSMunicipalSecuritiesIndexMember_zqFC2djWf2Z" style="min-height: 27.9pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">ICE BofA U.S. Municipal Securities Index<br/></span><span style="text-transform: none; font-style: italic"><i><span id="xdx_902_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000025152Member_zlB8GyHn3V01">(reflects no deduction for fees, expenses, or taxes)</span></i></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">3.96%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.84%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">2.38%</span></p> </td> </tr> </table> <div style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-align: left"> <table style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 372.59pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> </table> <table style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="min-height: 18.4pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse; width: 372.59pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b>CLASS C SHARES</b></span></p> </td> <td id="xdx_499_20250101__20251231_zYUET9j9O81l" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>1 YEAR</b></span></p> </td> <td id="xdx_496_20210101__20251231_zaOpZV8Xp0Qh" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>5</b></span><span style="text-transform: uppercase"><b> YEARS</b></span></p> </td> <td id="xdx_49E_20160101__20251231_zXhwlW9Zijn6" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>10 YEARS</b></span></p> </td> </tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000075019Member_z2s1SS4HaOga" style="min-height: 18.4pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Return Before Taxes</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">2.93%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.56%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.41%</span></p> </td> </tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--ICEBofAUSMunicipalSecuritiesIndexMember_z1gb3gt58FVa" style="min-height: 27.9pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">ICE BofA U.S. Municipal Securities Index<br/></span><span style="text-transform: none; font-style: italic"><i><span id="xdx_90C_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000025152Member_zgEreouDxh49">(reflects no deduction for fees, expenses, or taxes)</span></i></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">3.96%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.84%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">2.38%</span></p> </td> </tr> </table> </div> <div style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-align: left"> <table style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 372.59pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> </table> <table style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="min-height: 18.4pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse; width: 372.59pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b>CLASS I SHARES</b></span></p> </td> <td id="xdx_499_20250101__20251231_zwn8ooC0KOYb" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>1 YEAR</b></span></p> </td> <td id="xdx_496_20210101__20251231_zoUX58UB3wG4" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>5 YEARS</b></span></p> </td> <td id="xdx_49E_20160101__20251231_zr2LWFUAaIC8" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>10 YEARS</b></span></p> </td> </tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000075020Member_ztU22b3KQDu4" style="min-height: 18.4pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Return Before Taxes</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">4.24%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.25%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">2.11%</span></p> </td> </tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--ICEBofAUSMunicipalSecuritiesIndexMember_z8YlMdG8Gaki" style="min-height: 27.9pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">ICE BofA U.S. Municipal Securities Index<br/></span><span style="text-transform: none; font-style: italic"><i><span id="xdx_90D_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000025152Member_zs8VwAwmu99d">(reflects no deduction for fees, expenses, or taxes)</span></i></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">3.96%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.84%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">2.38%</span></p> </td> </tr> </table> </div> 0.0191 0.0062 0.0167 0.0191 0.0062 0.0167 0.0267 0.0114 0.0189 (reflects no deduction for fees, expenses, or taxes) 0.0396 0.0084 0.0238 0.0293 0.0056 0.0141 (reflects no deduction for fees, expenses, or taxes) 0.0396 0.0084 0.0238 0.0424 0.0125 0.0211 (reflects no deduction for fees, expenses, or taxes) 0.0396 0.0084 0.0238 <p id="xdx_A85_eoef--PerformanceTableClosingTextBlock_zhTh9VF4Gf2b" style="font: italic 8pt/9pt Arial, sans-serif; margin: 0pt 0pt 4pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; font-style: italic"><i><span id="xdx_906_eoef--PerformanceTableUsesHighestFederalRate_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000025152Member_zVlBfJ4G6faj">After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect state or local income taxes.</span> <span id="xdx_904_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000025152Member_zHzHXzexAM27">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.</span> <span id="xdx_908_eoef--PerformanceTableOneClassOfAfterTaxShown_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000025152Member_zhDvmzlKgKWc">The after-tax returns shown relate only to Class A shares, and after-tax returns for other share classes will vary.</span></i></span></p> After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect state or local income taxes. Actual after-tax returns depend on an investor’s own tax situation and may differ from the returns shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The after-tax returns shown relate only to Class A shares, and after-tax returns for other share classes will vary. California Limited Term Municipal Fund Investment Goal <p id="xdx_A8E_eoef--ObjectivePrimaryTextBlock_zCC2zTBI3Wqc" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">The primary investment goal of California Limited Term Municipal Fund is to obtain as high a level of current income exempt from federal and California state individual income taxes as is consistent, in the view of the Fund’s investment advisor, with preservation of capital.</span></p> <p id="xdx_A8B_eoef--ObjectiveSecondaryTextBlock_zXwNuLPuyZEj" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">The secondary goal of the Fund is to reduce expected changes in its share price compared to longer intermediate and long-term bond portfolios.</span></p> Fees and Expenses of the Fund <p id="xdx_A85_eoef--ExpenseNarrativeTextBlock_zsW2wRpv2kgb" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </b><span id="xdx_901_eoef--ExpenseBreakpointDiscounts_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000011841Member_zFAmDoFTciYb">You may qualify for discounts from the sales charges applicable to Class A shares if you or other qualifying account holders invest, or agree to invest in the future, at least <span id="xdx_90F_eoef--ExpenseBreakpointMinimumInvestmentRequiredAmount_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000011841Member_zh3Se8BiBiyi">$50,000</span> in the Thornburg Funds.</span> More information about this and other discounts and sales charge waivers is available from your financial intermediary, in the Prospectus under the captions “Class A Sales Charge Waivers,” beginning on page 154, and “Appendix A – Sales Charge Waivers Offered by Financial Intermediaries,” beginning on page 208, and in the Statement of Additional Information under the caption “Additional Information Respecting Purchase and Redemption of Shares,” beginning on page 94.</span></p> You may qualify for discounts from the sales charges applicable to Class A shares if you or other qualifying account holders invest, or agree to invest in the future, at least $50,000 in the Thornburg Funds. 50000 Shareholder Fees (fees paid directly from your investment) <div id="xdx_A80_eoef--ShareholderFeesTableTextBlock_zcDVV9QDXjb2"></div> <table style="table-layout: fixed; width: 621pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 345pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 69pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 69pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 69pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 69pt"> </td> </tr> </table> <table id="xdx_A5D_dU_z6qJMwIl3mL9" style="table-layout: fixed; width: 621pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse; width: 345pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b> </b></span></p> </td> <td id="xdx_497_20260128__20260128__oef--ClassAxis__custom--C000032344Member_z0Veap3yGJWa" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 69pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class A</b></span></p> </td> <td id="xdx_493_20260128__20260128__oef--ClassAxis__custom--C000032345Member_zxKA3GoZf3wl" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 69pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class C</b></span></p> </td> <td id="xdx_49E_20260128__20260128__oef--ClassAxis__custom--C000222322Member_zydWy9Z9SOO2" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 69pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class C2</b></span></p> </td> <td id="xdx_498_20260128__20260128__oef--ClassAxis__custom--C000032346Member_zX3wNCGFXtg5" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 69pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class I</b></span></p> </td> </tr> <tr id="xdx_40C_eoef--MaximumSalesChargeImposedOnPurchasesOverOfferingPrice_dpn_zIBciaDV7GD8" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Maximum Sales Charge (Load) Imposed on Purchases<br/></span><span style="text-transform: none; font-style: italic"><i>(as a percentage of offering price)</i></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">2.25%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">none</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">none</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">none</span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Maximum Deferred Sales Charge (Load) <br/></span><span style="text-transform: none; font-style: italic"><i>(as a percentage of redemption proceeds or original purchase price, <br/>whichever is lower)</i></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_904_eoef--MaximumDeferredSalesChargeOverOther_dpn_c20260128__20260128__oef--ClassAxis__custom--C000032344Member_fKDEp_zra3AEZl6DQ2" title="Maximum Deferred Sales Charge (Load) (as a percentage of redemption proceeds or original purchase price, whichever is lower)">none</span></span><sup style="text-transform: none; font-size: 7pt; line-height: 7pt">(1)</sup><span style="text-transform: none"> </span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_90C_eoef--MaximumDeferredSalesChargeOverOther_dpn_c20260128__20260128__oef--ClassAxis__custom--C000032345Member_fKDIp_zlo5pWtPEfb9">0.50</span>%</span><sup style="text-transform: none; font-size: 7pt; line-height: 7pt">(2)</sup><span style="text-transform: none"> </span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_908_eoef--MaximumDeferredSalesChargeOverOther_dpn_c20260128__20260128__oef--ClassAxis__custom--C000222322Member_fKDIp_z9ecbJMZIGu">0.65</span>%</span><sup style="text-transform: none; font-size: 7pt; line-height: 7pt">(2)</sup><span style="text-transform: none"> </span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_900_eoef--MaximumDeferredSalesChargeOverOther_dpn_c20260128__20260128__oef--ClassAxis__custom--C000032346Member_z9LqtqwWk21l">none</span></span></p> </td> </tr> </table> 0.0225 0 0 0 0 0.0050 0.0065 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A86_eoef--AnnualFundOperatingExpensesTableTextBlock_zKi2Owb9Yrw5" style="-sec-ix-redline: true"></div> <table style="-sec-ix-redline: true; table-layout: fixed; width: 621pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 345pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 69pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 69pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 69pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 69pt"> </td> </tr> </table> <table id="xdx_A5E_dU_zrwxHzA6eUl6" style="-sec-ix-redline: true; table-layout: fixed; width: 621pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse; width: 345pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b> </b></span></p> </td> <td id="xdx_49A_20260128__20260128__oef--ClassAxis__custom--C000032344Member_zv1BExoLovh" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 69pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class A</b></span></p> </td> <td id="xdx_49B_20260128__20260128__oef--ClassAxis__custom--C000032345Member_zeQwu1wgxaec" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 69pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class C</b></span></p> </td> <td id="xdx_494_20260128__20260128__oef--ClassAxis__custom--C000222322Member_zzjoi1YFAP65" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 69pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class C2</b></span></p> </td> <td id="xdx_495_20260128__20260128__oef--ClassAxis__custom--C000032346Member_zXTOSqRaptr4" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 69pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class I</b></span></p> </td> </tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zv3l7ilTEoIj" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Management Fees</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.50%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.50%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.50%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.50%</span></p> </td> </tr> <tr id="xdx_406_eoef--DistributionAndService12b1FeesOverAssets_dpn_zrdJ4m5NV3Ik" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Distribution and Service (12b-1) Fees</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.25%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.50%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.65%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">none</span></p> </td> </tr> <tr id="xdx_40A_eoef--OtherExpensesOverAssets_dpn_zdTStfhEjima" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Other Expenses</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.21%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.33%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.77%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.23%</span></p> </td> </tr> <tr id="xdx_407_eoef--ExpensesOverAssets_dpn_zsBB4xgfwVK4" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Total Annual Fund Operating Expenses</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.96%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">2.33%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.92%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.73%</span></p> </td> </tr> <tr id="xdx_402_eoef--FeeWaiverOrReimbursementOverAssets_dpn_z7DvThHT3Wni" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Fee Waiver/Expense Reimbursement</span><sup id="xdx_F47_zmMEGvN2TaX" style="text-transform: none; font-size: 7pt; line-height: 7pt">(3)</sup><span style="text-transform: none"> </span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">(0.22)%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">(1.34)%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">(0.78)%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">(0.24)%</span></p> </td> </tr> <tr id="xdx_402_eoef--NetExpensesOverAssets_dpn_zVs0Za6HhAOb" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Total Annual Fund Operating Expenses After<br/>Fee Waiver/Expense Reimbursement</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.74%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.99%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.14%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.49%</span></p> </td> </tr> </table> 0.0050 0.0050 0.0050 0.0050 0.0025 0.0050 0.0065 0 0.0021 0.0133 0.0077 0.0023 0.0096 0.0233 0.0192 0.0073 -0.0022 -0.0134 -0.0078 -0.0024 0.0074 0.0099 0.0114 0.0049 <div id="xdx_A88_eoef--ExpenseFootnotesTextBlock_qHOPXPI6b6od"></div> <table cellpadding="0" cellspacing="0" style="font: italic 8pt/9pt Arial, sans-serif; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right"><span style="text-transform: none"><i id="xdx_F0D_zzwMAxGmkCWc">(1)</i></span></td> <td style="width: 5pt"></td> <td style="text-align: justify"><span style="text-transform: none"><i id="xdx_F10_z0G1ZgWkJkn8">Up to a 0.50% contingent deferred sales charge (CDSC) is imposed on redemptions of any part or all of a purchase of $1 million or more within 12 months of purchase.</i></span></td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: italic 8pt/9pt Arial, sans-serif; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right"><span style="text-transform: none"><i id="xdx_F01_zhtweMZw2LNl">(2)</i></span></td> <td style="width: 5pt"></td> <td style="text-align: justify"><span style="text-transform: none"><i id="xdx_F1D_zZ6id0a50G53">Imposed only on redemptions of Class C and Class C2 shares within 12 months of purchase.</i></span></td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: italic 8pt/9pt Arial, sans-serif; -sec-ix-redline: true; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right"><span style="text-transform: none"><i id="xdx_F0E_z8zrTcphdJJ">(3)</i></span></td> <td style="width: 5pt"></td> <td style="text-align: justify"><span style="text-transform: none"><i id="xdx_F19_zIKKH0pgVsCd">Thornburg Investment Management, Inc. (“Thornburg”) has contractually agreed to waive fees and reimburse expenses incurred by the Fund so that actual Class A, Class C, Class C2, and Class I expenses (excluding taxes, interest expenses, acquired fund fees and expenses, brokerage commissions, borrowing costs, expenses relating to short sales, and unusual expenses such as contingency fees or litigation costs) do not exceed 0.74%, 0.99%, 1.14%, and 0.49%, 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 <span id="xdx_903_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260128__20260128__oef--ClassAxis__custom--C000032344Member_zQnHNhZUOzq7"><span id="xdx_90E_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260128__20260128__oef--ClassAxis__custom--C000032345Member_zzFjMYhQfaz8"><span id="xdx_902_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260128__20260128__oef--ClassAxis__custom--C000222322Member_zjsQwWVs8fZh"><span id="xdx_904_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260128__20260128__oef--ClassAxis__custom--C000032346Member_zLFqwuKq6vtl">February 1, 2027</span></span></span></span>, 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.</i></span></td> </tr> </table> February 1, 2027 February 1, 2027 February 1, 2027 February 1, 2027 Example. <p id="xdx_A8E_eoef--ExpenseExampleNarrativeTextBlock_znTeR7Yyh7Sa" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 5pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">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:</span></p> <div id="xdx_A8C_eoef--ExpenseExampleWithRedemptionTableTextBlock_zX362tISXahf" style="-sec-ix-redline: true"></div> <table id="xdx_A5A_dU_zcUkCj7Lwhui" style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 289.79pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b> </b></span></p> </td> <td id="xdx_482_eoef--ExpenseExampleYear01_zCqUNdcPZnRk" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>1 Year</b></span></p> </td> <td id="xdx_486_eoef--ExpenseExampleYear03_zKWnlc4zwrPb" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>3 Years</b></span></p> </td> <td id="xdx_484_eoef--ExpenseExampleYear05_zaG9DL4OKQ92" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>5 Years</b></span></p> </td> <td id="xdx_481_eoef--ExpenseExampleYear10_zaWHbnm2Mok8" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>10 Years</b></span></p> </td> </tr> <tr id="xdx_415_20260128__20260128__oef--ClassAxis__custom--C000032344Member_zXhavzFgv4La" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Class A Shares</span></p> </td> <td style="border-width: 0pt; padding: 3pt 24pt 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$299</span></p> </td> <td style="border-width: 0pt; padding: 3pt 24pt 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$503</span></p> </td> <td style="border-width: 0pt; padding: 3pt 24pt 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$723</span></p> </td> <td style="border-width: 0pt; padding: 3pt 24pt 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$1,357</span></p> </td> </tr> <tr id="xdx_41A_20260128__20260128__oef--ClassAxis__custom--C000032345Member_zNhVha7GmPGk" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Class C Shares</span></p> </td> <td style="border-width: 0pt; padding: 3pt 24pt 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$151</span></p> </td> <td style="border-width: 0pt; padding: 3pt 24pt 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$599</span></p> </td> <td style="border-width: 0pt; padding: 3pt 24pt 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$1,123</span></p> </td> <td style="border-width: 0pt; padding: 3pt 24pt 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$2,563</span></p> </td> </tr> <tr id="xdx_41E_20260128__20260128__oef--ClassAxis__custom--C000222322Member_zCRszUCyKVxb" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Class C2 Shares</span></p> </td> <td style="border-width: 0pt; padding: 3pt 24pt 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$181</span></p> </td> <td style="border-width: 0pt; padding: 3pt 24pt 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$527</span></p> </td> <td style="border-width: 0pt; padding: 3pt 24pt 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$964</span></p> </td> <td style="border-width: 0pt; padding: 3pt 24pt 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$2,180</span></p> </td> </tr> <tr id="xdx_417_20260128__20260128__oef--ClassAxis__custom--C000032346Member_zmolQDYrSrC4" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Class I Shares</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 24pt 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$50</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 24pt 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$209</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 24pt 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$382</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 24pt 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$884</span></p> </td> </tr> </table> 299 503 723 1357 151 599 1123 2563 181 527 964 2180 50 209 382 884 You would pay the following expenses if you did not redeem your Class C shares: <div id="xdx_A80_eoef--ExpenseExampleNoRedemptionTableTextBlock_zIUDhjek2JV8"></div> <table id="xdx_A5C_zW0atIx1ZERj" style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse" summary="xdx: Disclosure - Expense Example, No Redemption"> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse; width: 289.79pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b> </b></span></p> </td> <td id="xdx_48C_eoef--ExpenseExampleNoRedemptionYear01_zpsC5yVsClU2" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>1 Year</b></span></p> </td> <td id="xdx_48B_eoef--ExpenseExampleNoRedemptionYear03_z6u3dJOb67o4" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>3 Years</b></span></p> </td> <td id="xdx_487_eoef--ExpenseExampleNoRedemptionYear05_zppYFM41z7gh" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>5 Years</b></span></p> </td> <td id="xdx_488_eoef--ExpenseExampleNoRedemptionYear10_zhfSU7ZTlSM2" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>10 Years</b></span></p> </td> </tr> <tr id="xdx_41A_20260128__20260128__oef--ClassAxis__custom--C000032345Member_zRIOZ7XrXkA5" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Class C Shares</span></p> </td> <td style="border-width: 0pt; padding: 3pt 24pt 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$101</span></p> </td> <td style="border-width: 0pt; padding: 3pt 24pt 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$599</span></p> </td> <td style="border-width: 0pt; padding: 3pt 24pt 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$1,123</span></p> </td> <td style="border-width: 0pt; padding: 3pt 24pt 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$2,563</span></p> </td> </tr> <tr id="xdx_41D_20260128__20260128__oef--ClassAxis__custom--C000222322Member_zXTfCQoABxLi" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Class C2 Shares</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 24pt 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$116</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 24pt 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$527</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 24pt 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$964</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 24pt 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$2,180</span></p> </td> </tr> </table> 101 599 1123 2563 116 527 964 2180 Portfolio Turnover. <p id="xdx_A87_eoef--PortfolioTurnoverTextBlock_zofQh0v1BxQf" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 5pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">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 <span id="xdx_90D_eoef--PortfolioTurnoverRate_dp_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000011841Member_z0n8eqtzMfwc">43.53</span>% of the average value of its portfolio.</span></p> 0.4353 Principal Investment Strategies <p id="xdx_A8E_eoef--StrategyNarrativeTextBlock_gRBSNTB-TABH_zUDlYPjUzDo5" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">The Fund pursues its primary goal by investing principally in a laddered maturity portfolio of municipal obligations issued by the State of California and its agencies, and by California local governments and their agencies. Thornburg Investment Management, Inc. (“Thornburg”) actively manages the Fund’s portfolio. Investment decisions are based upon outlooks for interest rates and securities markets, the supply of municipal debt obligations, and analysis of specific securities. The Fund invests primarily in obligations and participations in obligations which are rated by a nationally recognized statistical rating organization at the time of purchase as investment grade or, if unrated, are issued by obligors which Thornburg determines have comparable investment grade obligations outstanding or which are deemed by Thornburg to be comparable to obligors with outstanding investment grade obligations. The Fund may invest up to 20 percent of its net assets, plus the amount of any borrowings for investment purposes, in lower-quality municipal debt obligations rated by a nationally recognized statistical rating organization at the time of purchase as below investment grade (sometimes called “junk” bonds or “high yield” bonds) or, if unrated, issued by obligors which Thornburg determines have comparable below investment grade municipal obligations outstanding or which are deemed by Thornburg to be comparable to obligors with outstanding below investment grade obligations. “Participations” are undivided interests in pools of securities where the underlying credit support passes through to the participants. The Fund may invest in obligations issued by United States territories and possessions. The Fund’s portfolio is “laddered” by investing in obligations of different maturities so that some obligations mature during each of the coming years. </span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 4pt; -sec-ix-redline: true; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">The Fund seeks to maintain a portfolio of investments having a dollar-weighted average effective duration of normally no more than five years. Duration is a measure of estimated sensitivity to interest rate changes. A portfolio with a longer average effective duration will typically be more sensitive to interest rate changes than a portfolio with a shorter average effective duration. Duration is commonly expressed as a number, which is the expected percentage change in an obligation’s price upon a 1% change in interest rates. For example, an obligation with a duration of 5 would be expected to change in price by approximately 5% in response to a 1% change in interest rates. During temporary periods the Fund’s average effective</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 4pt; -sec-ix-redline: true; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">duration may be reduced for defensive purposes. There is no limitation on the duration or maturity of any specific security the Fund may purchase. The Fund may dispose of any security before it matures. The Fund also attempts to reduce changes in its share value through credit analysis, selection and diversification.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 4pt; -sec-ix-redline: true; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; line-height: 11.5pt">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</span><span style="text-transform: none; line-height: 11.5pt">, 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 </span><span style="text-transform: none; line-height: 11.5pt">yields available.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 4pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; line-height: 11.5pt"><span id="xdx_909_eoef--StrategyPortfolioConcentration_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000011841Member_zJICVu0sooFh">The Fund normally invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in municipal obligations originating in California, the income from which is exempt from regular federal or California income taxes, though the income on those investments may still be subject to the federal alternative minimum tax (“AMT”).</span> Gains realized on investments held by the Fund and not offset by realized losses will be subject to federal </span><span style="text-transform: none; line-height: 11.5pt">income tax.</span></p> The Fund normally invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in municipal obligations originating in California, the income from which is exempt from regular federal or California income taxes, though the income on those investments may still be subject to the federal alternative minimum tax (“AMT”). An investment in the Fund is not a deposit in any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Accordingly, the loss of money is a risk of investing in the Fund. <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CreditRiskMember_zgCkbgnmw14l" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 4pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; line-height: 11.5pt"><b>Credit Risk </b></span><span style="text-transform: none; line-height: 11.5pt">– If obligations held by the Fund are downgraded by ratings agencies or go into default, or if 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. Lower-rated or unrated obligations held by the Fund may have, or may be perceived to have, greater risk of default and ratings downgrades. For example, municipal leases held by the Fund may be subject to non-appropriation provisions which permit governmental agencies or issuers to discontinue payments to the Fund under the </span><span style="text-transform: none; line-height: 11.5pt">municipal leases.</span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityAndOperationalRiskMember_zzALQ0sHUWy9" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 4pt; -sec-ix-redline: true; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; line-height: 11.5pt"><b>Cybersecurity and Operational Risk </b></span><span style="text-transform: none; line-height: 11.5pt">– 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.</span><span style="text-transform: none; line-height: 11.5pt"> 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.</span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighYieldRiskMember_zNYiDoMt4B9g" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 4pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>High Yield Risk </b>– 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.</span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--InterestRateRiskMember_zSh5JV8PsTch" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 4pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; line-height: 11.5pt"><b>Interest Rate Risk </b></span><span style="text-transform: none; line-height: 11.5pt">– 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. When interest rates decrease, the Fund’s dividends may decline. Decreases in market interest rates may also result in prepayments of obligations the Fund acquires, requiring the Fund to reinvest at lower </span><span style="text-transform: none; line-height: 11.5pt">interest rates.</span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zaNUbSrUYUO6" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 4pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; line-height: 11.5pt"><b>Liquidity Risk </b></span><span style="text-transform: none; line-height: 11.5pt">– Due to a lack of demand in the marketplace or other factors, the Fund may not be able to sell promptly some or all of the obligations that it holds, or may only be able to sell obligations at less than desired prices. The market for lower- rated and unrated obligations 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 </span><span style="text-transform: none; line-height: 11.5pt">acceptable price.</span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_z88eD6hCG3le" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 4pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; line-height: 11.5pt"><b>Management Risk </b></span><span style="text-transform: none; line-height: 11.5pt">– 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 </span><span style="text-transform: none; line-height: 11.5pt">Fund invests.</span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndEconomicRiskMember_z2HSZJbho128" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 4pt; -sec-ix-redline: true; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; line-height: 11.5pt"><b>Market and Economic Risk </b></span><span style="text-transform: none; line-height: 11.5pt">– 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 the Fund’s investments in lower- rated and unrated municipal obligations, the value of which may fluctuate more significant in response to poor economic growth or other changes in market conditions, political, economic</span><span style="text-transform: none; line-height: 11.5pt">,</span><span style="text-transform: none; line-height: 11.5pt"> </span><span style="text-transform: none; line-height: 11.5pt">legal</span><span style="text-transform: none; line-height: 11.5pt">,</span><span style="text-transform: none; line-height: 11.5pt"> </span><span style="text-transform: none; line-height: 11.5pt">and</span><span style="text-transform: none; line-height: 11.5pt"> technological </span><span style="text-transform: none; line-height: 11.5pt">developments, and developments affecting </span><span style="text-transform: none; line-height: 11.5pt">specific issuers.</span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--RedemptionRiskMember_zNebtSo9aHD5" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 4pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; line-height: 11.5pt"><b>Redemption Risk </b></span><span style="text-transform: none; line-height: 11.5pt">– 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 </span><span style="text-transform: none; line-height: 11.5pt">trading activity.</span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--SingleStateRiskMember_zkt3arMLyZif" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 4pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; line-height: 11.5pt"><b>Single State Risk </b></span><span style="text-transform: none; line-height: 11.5pt">– Because the Fund invests primarily in obligations originating in California, the Fund’s share value may be more sensitive to adverse economic, political or regulatory developments in that state. Budgetary concerns, decreased revenues, and adverse conditions significant to a sector of the state, municipalities within the state, or local economies may negatively affect the ability of state and local issuers to make full and timely principal or interest payments on their </span><span style="text-transform: none; line-height: 11.5pt">debt obligations.</span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zvQ7qJmHksnh" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 4pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Tax Risk </b>– The income on the Fund’s municipal obligations could become subject to federal income or state income tax due to noncompliant conduct by issuers, unfavorable legislation or litigation or adverse interpretations by regulatory authorities. All or a portion of the Fund’s distributions that are exempt from regular federal income tax may nevertheless be taken into account for purposes of the federal AMT and state income tax.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 4pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; line-height: 11.5pt">Additional information about Fund investments, investment strategies and risks of investing in the Fund appears beginning on page 125 of </span><span style="text-transform: none; line-height: 11.5pt">the Prospectus.</span></p> Past Performance of the Fund <p id="xdx_A8C_eoef--PerformanceNarrativeTextBlock_zEresL7w5JQ7" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 4pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><span id="xdx_903_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000011841Member_zy27tIDZkjgi">The following information provides some indication of the risks of investing in the California Limited Term Municipal Fund by showing how the Fund’s investment results vary from year to year.</span> The bar chart shows how the annual total returns for Class A shares have been different in each full year shown. The average annual total return figures compare Class A, Class C, Class C2 and Class I share performance to the ICE BofA U.S. Municipal Securities Index, a broad-based securities market index that represents the overall applicable market in which the Fund invests. The index is not actively managed and is not available for direct investment. The bar charts and performance tables assume reinvestment of dividends and distributions. <span id="xdx_90E_eoef--PerformancePastDoesNotIndicateFuture_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000011841Member_zRVB95x4U2l7">Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> The performance information shown is as of the calendar year ended December 31, 2025. Updated performance information may be obtained on the Thornburg website at <span id="xdx_903_eoef--PerformanceAvailabilityWebSiteAddress_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000011841Member_zdrWb9G0m9H2">Thornburg.com</span> or by calling <span id="xdx_901_eoef--PerformanceAvailabilityPhone_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000011841Member_zPbb8LRw8Dt1">1-800-847-0200</span>.</span></p> The following information provides some indication of the risks of investing in the California Limited Term Municipal Fund by showing how the Fund’s investment results vary from year to year. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Thornburg.com 1-800-847-0200 Annual Total Returns – Class A Shares <div id="xdx_A80_eoef--BarChartTableTextBlock_zGxqd7hz5sKi"></div> <table border="0" cellpadding="0" cellspacing="0" id="xdx_A55_dU_zCkMRUGAqrea" style="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top"> <td style="text-align: left; width: 21%; display: none"> </td> <td style="text-align: left; width: 79%; display: none"> </td></tr> <tr style="vertical-align: top"> <td style="text-align: left; display: none">2016</td> <td id="xdx_98D_eoef--AnnlRtrPct_dp_c20160101__20161231__oef--ClassAxis__custom--C000032344Member_zvUydq43rqp8" style="text-align: left; display: none">-0.99%</td></tr> <tr style="vertical-align: top"> <td style="text-align: left; display: none">2017</td> <td id="xdx_98B_eoef--AnnlRtrPct_dp_c20170101__20171231__oef--ClassAxis__custom--C000032344Member_zBehKtdUAaPa" style="text-align: left; display: none">2.05%</td></tr> <tr style="vertical-align: top"> <td style="text-align: left; display: none">2018</td> <td id="xdx_983_eoef--AnnlRtrPct_dp_c20180101__20181231__oef--ClassAxis__custom--C000032344Member_z3sNEGJrKsCd" style="text-align: left; display: none">0.52%</td></tr> <tr style="vertical-align: top"> <td style="text-align: left; display: none">2019</td> <td id="xdx_985_eoef--AnnlRtrPct_dp_c20190101__20191231__oef--ClassAxis__custom--C000032344Member_zMqRE4uUOuq2" style="text-align: left; display: none">3.20%</td></tr> <tr style="vertical-align: top"> <td style="text-align: left; display: none">2020</td> <td id="xdx_980_eoef--AnnlRtrPct_dp_c20200101__20201231__oef--ClassAxis__custom--C000032344Member_zuze1kv4zJt8" style="text-align: left; display: none">1.91%</td></tr> <tr style="vertical-align: top"> <td style="text-align: left; display: none">2021</td> <td id="xdx_988_eoef--AnnlRtrPct_dp_c20210101__20211231__oef--ClassAxis__custom--C000032344Member_zc83zRdyl8Q7" style="text-align: left; display: none">-0.41%</td></tr> <tr style="vertical-align: top"> <td style="text-align: left; display: none">2022</td> <td id="xdx_985_eoef--AnnlRtrPct_dp_c20220101__20221231__oef--ClassAxis__custom--C000032344Member_znphGxln7jRb" style="text-align: left; display: none">-4.46%</td></tr> <tr style="vertical-align: top"> <td style="text-align: left; display: none">2023</td> <td id="xdx_98E_eoef--AnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000032344Member_zj80BMIo3hTl" style="text-align: left; display: none">4.17%</td></tr> <tr style="vertical-align: top"> <td style="text-align: left; display: none">2024</td> <td id="xdx_982_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000032344Member_z2TtaD2CmKz3" style="text-align: left; display: none">1.32%</td></tr> <tr style="vertical-align: top"> <td style="text-align: left; display: none">2025</td> <td id="xdx_98E_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000032344Member_zCvCQK2WQY5h" style="text-align: left; display: none">4.66%</td></tr> </table> <div style="font: 10pt/12.5pt Arial, sans-serif; margin: 2pt 0pt 5pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"> <div style="border-width: 0pt; padding: 0pt; overflow: hidden; display: inline-block; width: 615.02pt; height: 183.73pt; text-align: left"> <img alt="" src="retailproimg018.gif" style="vertical-align: top; margin-left: 0pt; width: 614.09pt; margin-top: 0pt; height: 182.85pt"/> </div> </div> -0.0099 0.0205 0.0052 0.0320 0.0191 -0.0041 -0.0446 0.0417 0.0132 0.0466 <div id="xdx_A8F_eoef--BarChartClosingTextBlock_z2fuZYCW51c1"></div> <div style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 2pt; text-transform: none; color: #000000; text-align: left"> <table style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 2pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 455.4pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.75pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b> </b></span></p> </td> <td style="border-width: 0pt; padding: 2.75pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase; line-height: 11pt"><b>Total<br/>Returns</b></span></p> </td> <td style="border-width: 0pt; padding: 2.75pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase; line-height: 11pt"><b>Quarter<br/>ended</b></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.75pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><span id="xdx_902_eoef--HighestQuarterlyReturnLabel_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000011841Member_zSK1rvY2qGU9">Highest Quarterly Results</span></span></p> </td> <td style="border-width: 0pt; padding: 2.75pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_904_eoef--BarChartHighestQuarterlyReturn_dp_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000011841Member_zjPxWNDhiEV8">4.30</span>%</span></p> </td> <td style="border-width: 0pt; padding: 2.75pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_909_eoef--BarChartHighestQuarterlyReturnDate_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000011841Member_zTrMoT6HLWDd">12/31/2023</span></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 2.75pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><span id="xdx_909_eoef--LowestQuarterlyReturnLabel_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000011841Member_zkqQm0eWVX5b">Lowest Quarterly Results</span></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.75pt 6pt 2.75pt 3pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_90D_eoef--BarChartLowestQuarterlyReturn_dp_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000011841Member_zadXzDO64Pr7">-3.99</span>%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.75pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_90B_eoef--BarChartLowestQuarterlyReturnDate_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000011841Member_zKwVd4f4NNI3">3/31/2022</span></span></p> </td> </tr> </table> </div> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><span id="xdx_90C_eoef--BarChartDoesNotReflectSalesLoads_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000011841Member_zbAJCkvsokF">The sales charge for Class A shares is not reflected in the returns shown in the bar chart above, and the returns would be less if the charge was taken into account.</span></span></p> Highest Quarterly Results 0.0430 2023-12-31 Lowest Quarterly Results -0.0399 2022-03-31 The sales charge for Class A shares is not reflected in the returns shown in the bar chart above, and the returns would be less if the charge was taken into account. Average Annual Total Returns (periods ended 12-31-25) <div id="xdx_A87_eoef--PerformanceTableTextBlock_zkZ97xMHEqK9" style="-sec-ix-redline: true"></div> <table style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 372.59pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> </table> <table id="xdx_A58_dU_zXM5GCS9itvi" style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse; width: 372.59pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b>CLASS A SHARES</b></span></p> </td> <td id="xdx_499_20250101__20251231_zC5CCFqx9Mv" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>1 YEAR</b></span></p> </td> <td id="xdx_496_20210101__20251231_z7uPvSSrz427" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>5 YEARS</b></span></p> </td> <td id="xdx_49E_20160101__20251231_zWlumiLYaeMf" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>10 YEARS</b></span></p> </td> </tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000032344Member_zc44vizJViVc" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Return Before Taxes</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">2.34%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.54%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.01%</span></p> </td> </tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000032344Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zncfdQCP7RQf" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Return After Taxes on Distributions</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">2.34%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.54%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.01%</span></p> </td> </tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000032344Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zU3Nk2gNcfJ3" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Return After Taxes on Distributions and Sale of Fund Shares</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">2.61%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.91%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.18%</span></p> </td> </tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--ICEBofAUSMunicipalSecuritiesIndexMember_zqbFRHJhM6ya" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">ICE BofA U.S. Municipal Securities Index<br/></span><span style="text-transform: none; font-style: italic"><i><span id="xdx_903_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000011841Member_zeMBaKwv8zed">(reflects no deduction for fees, expenses, or taxes)</span></i></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">3.96%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.84%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">2.38%</span></p> </td> </tr> </table> <div style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-align: left"> <table style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 372.59pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> </table> <table style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse; width: 372.59pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b>CLASS C SHARES</b></span></p> </td> <td id="xdx_499_20250101__20251231_z3XMIHCB5oI6" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>1 YEAR</b></span></p> </td> <td id="xdx_496_20210101__20251231_zXGKnr0YJXm6" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>5 YEARS</b></span></p> </td> <td id="xdx_49E_20160101__20251231_zRHx1cTwXam3" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>10 YEARS</b></span></p> </td> </tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000032345Member_zjmuqVtPHig1" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Return Before Taxes</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">3.85%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.72%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.89%</span></p> </td> </tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--ICEBofAUSMunicipalSecuritiesIndexMember_zGM2Ces8ciHh" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">ICE BofA U.S. Municipal Securities Index<br/></span><span style="text-transform: none; font-style: italic"><i><span id="xdx_908_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000011841Member_z5mnE1H1QTM1">(reflects no deduction for fees, expenses, or taxes)</span></i></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">3.96%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.84%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">2.38%</span></p> </td> </tr> </table> </div> <div style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-align: left"> <table style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 372.59pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> </table> <table style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse; width: 372.59pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b>CLASS C2 SHARES</b></span></p> </td> <td id="xdx_499_20250101__20251231_zcJBFQTvjoI" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>1</b></span><span style="text-transform: uppercase"><b> YEAR</b></span></p> </td> <td id="xdx_496_20210101__20251231_zW9nWMX29ZGh" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>5 YEARS</b></span></p> </td> <td id="xdx_497_20201001__20251231_zmEuQ2awsIe7" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>SINCE INCEPTION (<span id="xdx_904_eoef--PerfInceptionDate_c20201001__20251231__oef--ClassAxis__custom--C000222322Member_zktYk6DUb6Fa">10-01-20</span>)</b></span></p> </td> </tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000222322Member_zw4BuUZz9977" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Return Before Taxes</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">3.71%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.72%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.75%</span></p> </td> </tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--ICEBofAUSMunicipalSecuritiesIndexMember_z7FtxMqVLlVc" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">ICE BofA U.S. Municipal Securities Index<br/></span><span style="text-transform: none; font-style: italic"><i><span id="xdx_907_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000011841Member_zlCVoAEx0b7g">(reflects no deduction for fees, expenses, or taxes)</span></i></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">3.96%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.84%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.18%</span></p> </td> </tr> </table> </div> <div style="font: 10pt/normal Arial, sans-serif; margin: 1.05pt 0pt 8pt; text-transform: none; color: #000000; text-align: left"> <table style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 1pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 372.59pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> </table> <table style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 1pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse; width: 372.59pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b>CLASS I SHARES</b></span></p> </td> <td id="xdx_499_20250101__20251231_zmh6qofzDM" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>1 YEAR</b></span></p> </td> <td id="xdx_496_20210101__20251231_z4FdFIxZ29C3" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>5 YEARS</b></span></p> </td> <td id="xdx_49E_20160101__20251231_ztHbRLoTm1ze" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>10 YEARS</b></span></p> </td> </tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000032346Member_zrnZ9lLcLPm3" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Return Before Taxes</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">5.00%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.25%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.44%</span></p> </td> </tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--ICEBofAUSMunicipalSecuritiesIndexMember_zyo6UlIuHB9j" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">ICE BofA U.S. Municipal Securities Index<br/></span><span style="text-transform: none; font-style: italic"><i><span id="xdx_909_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000011841Member_zUyWuwvhEte5">(reflects no deduction for fees, expenses, or taxes)</span></i></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">3.96%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.84%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">2.38%</span></p> </td> </tr> </table> </div> 0.0234 0.0054 0.0101 0.0234 0.0054 0.0101 0.0261 0.0091 0.0118 (reflects no deduction for fees, expenses, or taxes) 0.0396 0.0084 0.0238 0.0385 0.0072 0.0089 (reflects no deduction for fees, expenses, or taxes) 0.0396 0.0084 0.0238 2020-10-01 0.0371 0.0072 0.0075 (reflects no deduction for fees, expenses, or taxes) 0.0396 0.0084 0.0118 0.0500 0.0125 0.0144 (reflects no deduction for fees, expenses, or taxes) 0.0396 0.0084 0.0238 <p id="xdx_A8E_eoef--PerformanceTableClosingTextBlock_zR1zKiYPbrd6" style="font: italic 8pt/9pt Arial, sans-serif; margin: 0pt 0pt 4pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; font-style: italic"><i><span id="xdx_904_eoef--PerformanceTableUsesHighestFederalRate_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000011841Member_zALvRYeRxpqk">After-tax returns are calculated using the highest historical individual federal marginal income tax rates, and do not reflect state or local income taxes.</span> <span id="xdx_90D_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000011841Member_zDkGYx0CmEJ5">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.</span> <span id="xdx_909_eoef--PerformanceTableOneClassOfAfterTaxShown_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000011841Member_zl0FVqdSxsRl">The after-tax returns shown relate only to Class A shares, and after-tax returns for other share classes will vary.</span> </i></span></p> After-tax returns are calculated using the highest historical individual federal marginal income tax rates, and do not reflect state or local income taxes. Actual after-tax returns depend on an investor’s own tax situation and may differ from the returns shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The after-tax returns shown relate only to Class A shares, and after-tax returns for other share classes will vary. New Mexico Intermediate Municipal Fund Investment Goal <p id="xdx_A86_eoef--ObjectivePrimaryTextBlock_z29YBljUY6gb" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">The primary investment goal of New Mexico Intermediate Municipal Fund is to obtain as high a level of current income exempt from federal and New Mexico state individual income taxes as is consistent, in the view of the Fund’s investment advisor, with preservation of capital.</span></p> <p id="xdx_A87_eoef--ObjectiveSecondaryTextBlock_z0HvVdyiuEpe" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">The secondary goal of the Fund is to reduce expected changes in its share price compared to long-term bond portfolios.</span></p> Fees and Expenses of the Fund <p id="xdx_A8F_eoef--ExpenseNarrativeTextBlock_ziVMqk9hhkb6" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </b><span id="xdx_90C_eoef--ExpenseBreakpointDiscounts_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000011843Member_ztmg3hy09ymc">You may qualify for discounts from the sales charges applicable to Class A shares if you or other qualifying account holders invest, or agree to invest in the future, at least <span id="xdx_90C_eoef--ExpenseBreakpointMinimumInvestmentRequiredAmount_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000011843Member_zxYEAFPgcb2b">$50,000</span> in the Thornburg Funds.</span> More information about this and other discounts and sales charge waivers is available from your financial intermediary, in the Prospectus under the captions “Class A Sales Charge Waivers,” beginning on page 154, and “Appendix A – Sales Charge Waivers Offered by Financial Intermediaries,” beginning on page 208, and in the Statement of Additional Information under the caption “Additional Information Respecting Purchase and Redemption of Shares,” beginning on page 94.</span></p> You may qualify for discounts from the sales charges applicable to Class A shares if you or other qualifying account holders invest, or agree to invest in the future, at least $50,000 in the Thornburg Funds. 50000 Shareholder Fees (fees paid directly from your investment) <div id="xdx_A86_eoef--ShareholderFeesTableTextBlock_zzjRmTPPd2Ak"></div> <table id="xdx_A5D_dU_zUvSVw3QBS7c" style="table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 372.59pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> </table> <table style="table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse; width: 372.59pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b> </b></span></p> </td> <td id="xdx_491_20260128__20260128__oef--ClassAxis__custom--C000032352Member_z5BQUARheKVe" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class A</b></span></p> </td> <td id="xdx_499_20260128__20260128__oef--ClassAxis__custom--C000032353Member_zjKKkHWjOdBd" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class D</b></span></p> </td> <td id="xdx_49B_20260128__20260128__oef--ClassAxis__custom--C000042667Member_zOjRLF7PYld1" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class I</b></span></p> </td> </tr> <tr id="xdx_401_eoef--MaximumSalesChargeImposedOnPurchasesOverOfferingPrice_dpn_zFBo6L09Ojmf" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Maximum Sales Charge (Load) Imposed on Purchases <br/></span><span style="text-transform: none; font-style: italic"><i>(as a percentage of offering price)</i></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">2.00%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">none</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">none</span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Maximum Deferred Sales Charge (Load) <br/></span><span style="text-transform: none; font-style: italic"><i>(as a percentage of redemption proceeds or original purchase price, <br/>whichever is lower)</i></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_90E_eoef--MaximumDeferredSalesChargeOverOther_dpn_c20260128__20260128__oef--ClassAxis__custom--C000032352Member_fKDEp_zy3M3aZDW6fa" title="Maximum Deferred Sales Charge (Load) (as a percentage of redemption proceeds or original purchase price, whichever is lower)">none</span></span><sup style="text-transform: none; font-size: 7pt; line-height: 7pt">(1)</sup><span style="text-transform: none"> </span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_909_eoef--MaximumDeferredSalesChargeOverOther_dpn_c20260128__20260128__oef--ClassAxis__custom--C000032353Member_zLajayV219Hl">none</span></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_903_eoef--MaximumDeferredSalesChargeOverOther_dpn_c20260128__20260128__oef--ClassAxis__custom--C000042667Member_zB7kwfjvn8n9">none</span></span></p> </td> </tr> </table> 0.0200 0 0 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A8B_eoef--AnnualFundOperatingExpensesTableTextBlock_zU1oeirKwL71" style="-sec-ix-redline: true"></div> <table style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 372.59pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> </table> <table id="xdx_A58_dU_zBe1zFAOKEKe" style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse; width: 372.59pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b> </b></span></p> </td> <td id="xdx_497_20260128__20260128__oef--ClassAxis__custom--C000032352Member_zaUitvrDlIAf" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class A</b></span></p> </td> <td id="xdx_497_20260128__20260128__oef--ClassAxis__custom--C000032353Member_zQy9aC15p084" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class D</b></span></p> </td> <td id="xdx_49B_20260128__20260128__oef--ClassAxis__custom--C000042667Member_zFI5osEiOiPf" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class I</b></span></p> </td> </tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_z5MwhQRPfJH2" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Management Fees</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.50%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.50%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.50%</span></p> </td> </tr> <tr id="xdx_406_eoef--DistributionAndService12b1FeesOverAssets_dpn_zk3R2lSmoz79" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Distribution and Service (12b-1) Fees</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.25%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.50%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">none</span></p> </td> </tr> <tr id="xdx_40A_eoef--OtherExpensesOverAssets_dpn_zSTEOhH442yi" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Other Expenses</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.34%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.44%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.28%</span></p> </td> </tr> <tr id="xdx_407_eoef--ExpensesOverAssets_dpn_z11ZuLgSzCCj" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Total Annual Fund Operating Expenses</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.09%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.44%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.78%</span></p> </td> </tr> <tr id="xdx_402_eoef--FeeWaiverOrReimbursementOverAssets_dpn_zAwdTzEIHP7j" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Fee Waiver/Expense Reimbursement</span><sup id="xdx_F43_zg6jNX9sgB23" style="text-transform: none; font-size: 7pt; line-height: 7pt">(2)</sup><span style="text-transform: none"> </span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">(0.17)%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt 3pt 8pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">(0.27)%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt 3pt 8pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">(0.11)%</span></p> </td> </tr> <tr id="xdx_402_eoef--NetExpensesOverAssets_dpn_zp2cvr2TkQU6" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.92%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.17%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.67%</span></p> </td> </tr> </table> 0.0050 0.0050 0.0050 0.0025 0.0050 0 0.0034 0.0044 0.0028 0.0109 0.0144 0.0078 -0.0017 -0.0027 -0.0011 0.0092 0.0117 0.0067 <div id="xdx_A88_eoef--ExpenseFootnotesTextBlock_zHOPXPI6x6od"></div> <table cellpadding="0" cellspacing="0" style="font: italic 8pt/9pt Arial, sans-serif; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right"><span style="text-transform: none"><i id="xdx_F0C_zxoDJbWPsFbc">(1)</i></span></td> <td style="width: 5pt"></td> <td style="text-align: justify"><span style="text-transform: none"><i id="xdx_F1B_zXa3AFHXy4Z5">Up to a 0.50% contingent deferred sales charge (CDSC) is imposed on redemptions of any part or all of a purchase of $1 million or more within 12 months of purchase.</i></span></td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: italic 8pt/9pt Arial, sans-serif; -sec-ix-redline: true; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right"><span style="text-transform: none"><i id="xdx_F0A_zUGTsw7X2dEk">(2)</i></span></td> <td style="width: 5pt"></td> <td style="text-align: justify"><span style="text-transform: none"><i id="xdx_F1B_zG3hBwExZG1a">Thornburg Investment Management, Inc. (“Thornburg”) has contractually agreed to waive fees and reimburse expenses incurred by the Fund so that actual Class A, Class D and Class I expenses (excluding taxes, interest expenses, acquired fund fees and expenses, brokerage commissions, borrowing costs, expenses relating to short sales, and unusual expenses such as contingency fees or litigation costs) do not exceed 0.92%, 1.17% and 0.67%, 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 <span id="xdx_905_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260128__20260128__oef--ClassAxis__custom--C000032352Member_z7GKWDdIrVCk"><span id="xdx_904_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260128__20260128__oef--ClassAxis__custom--C000032353Member_zH9WKh7LT96i"><span id="xdx_903_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260128__20260128__oef--ClassAxis__custom--C000042667Member_zqTGuVCpXGwg">February 1, 2027</span></span></span>, 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.</i></span></td> </tr> </table> February 1, 2027 February 1, 2027 February 1, 2027 Example. <p id="xdx_A88_eoef--ExpenseExampleNarrativeTextBlock_z8eWz1qi3Lo8" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; line-height: 12.25pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other </span><span style="text-transform: none; line-height: 12.25pt">mutual funds.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; line-height: 12.25pt">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at </span><span style="text-transform: none; line-height: 12.25pt">the end of those periods. The Example also assumes that your investment has a 5% return each year, dividends and distributions </span><span style="text-transform: none; line-height: 12.25pt">are reinvested, and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="text-transform: none; line-height: 12.25pt">based on these assumptions (and giving effect to fee waivers and expense reimbursements in the first year) your costs </span><span style="text-transform: none; line-height: 12.25pt">would be:</span></p> <div id="xdx_A8E_eoef--ExpenseExampleWithRedemptionTableTextBlock_zuSnzPXPHeHh" style="-sec-ix-redline: true"></div> <table id="xdx_A57_dU_zglalSLqrkf8" style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 289.79pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b> </b></span></p> </td> <td id="xdx_482_eoef--ExpenseExampleYear01_zHojp4o3otu4" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>1 Year</b></span></p> </td> <td id="xdx_48A_eoef--ExpenseExampleYear03_zq5T1m8ddU1a" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>3 Years</b></span></p> </td> <td id="xdx_48B_eoef--ExpenseExampleYear05_zhaplNGhO8W2" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>5 Years</b></span></p> </td> <td id="xdx_48E_eoef--ExpenseExampleYear10_zutMUQHSlKPh" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>10 Years</b></span></p> </td> </tr> <tr id="xdx_412_20260128__20260128__oef--ClassAxis__custom--C000032352Member_zayzcyLvEnj5" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Class A Shares</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 24pt 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$292</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 24pt 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$523</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 24pt 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$773</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 24pt 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$1,487</span></p> </td> </tr> <tr id="xdx_416_20260128__20260128__oef--ClassAxis__custom--C000032353Member_za2fKzjE62a7" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.5pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Class D Shares</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 24pt 2.5pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$119</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 24pt 2.5pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$429</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 24pt 2.5pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$761</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 24pt 2.5pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$1,701</span></p> </td> </tr> <tr id="xdx_411_20260128__20260128__oef--ClassAxis__custom--C000042667Member_z7WFmThl7eYg" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Class I Shares</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 24pt 2.5pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$68</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 24pt 2.5pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$238</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 24pt 2.5pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$422</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 24pt 2.5pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$956</span></p> </td> </tr> </table> 292 523 773 1487 119 429 761 1701 68 238 422 956 Portfolio Turnover. <p id="xdx_A8F_eoef--PortfolioTurnoverTextBlock_zbNsTXfnzlhe" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; line-height: 12.25pt">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 <span id="xdx_903_eoef--PortfolioTurnoverRate_dp_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000011843Member_zYLGY0o8k808">24.59</span>% of the average value of </span><span style="text-transform: none; line-height: 12.25pt">its portfolio. </span></p> 0.2459 Principal Investment Strategies <p id="xdx_A85_eoef--StrategyNarrativeTextBlock_gRBSNTB-CLRD_zPgLvuiW1rw3" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; line-height: 12.25pt">The Fund pursues its primary goal by investing principally in a laddered maturity portfolio of municipal obligations issued by the State of New Mexico and its agencies, and by New Mexico local governments and their agencies. Thornburg Investment Management, Inc. (“Thornburg”) actively manages the Fund’s portfolio. Investment decisions are based upon outlooks for interest rates and securities markets, the supply of municipal debt obligations, and analysis of specific securities. The Fund invests primarily in obligations and participations in obligations which are rated by a nationally recognized statistical rating organization at the time of purchase as investment grade or, if unrated, are issued by obligors which Thornburg determines have comparable investment grade obligations outstanding or which are deemed by Thornburg to be comparable to obligors with outstanding investment grade obligations. The Fund may invest up to 20 percent of its net assets, plus the amount of any borrowings for investment purposes, in lower-quality municipal debt obligations rated by a nationally recognized statistical rating organization at the time of purchase as below investment grade (sometimes called “junk” bonds or “high yield” bonds) or, if unrated, issued by obligors which Thornburg determines have comparable below investment grade municipal obligations outstanding or which are deemed by Thornburg to be comparable to obligors with outstanding below investment grade obligations. “Participations” are undivided interests in pools of securities where the underlying credit support passes through to the participants. The Fund may invest in obligations issued by United States territories and possessions. The Fund’s portfolio is “laddered” by investing in obligations of different maturities so that some obligations mature during each of the </span><span style="text-transform: none; line-height: 12.25pt">coming years. </span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; line-height: 12.25pt">The Fund seeks to maintain a portfolio of investments having a dollar-weighted average effective duration of normally three to ten years. Duration is a measure of estimated sensitivity to interest rate changes. A portfolio with a longer average effective duration will typically be more sensitive to interest rate changes than a portfolio with a shorter average effective duration. Duration is commonly expressed as a number, which is the expected percentage change in an obligation’s price upon a 1% change in interest rates. For example, an obligation with a duration of 10 would be expected to change in price by approximately 10% in response to a 1% change in interest rates. During temporary periods the Fund’s average effective duration may be reduced for defensive purposes. There is no limitation on the duration or maturity of any specific security the Fund may purchase. The Fund may dispose of any security before it matures. The Fund also attempts to reduce changes in its share value through credit analysis, selection </span><span style="text-transform: none; line-height: 12.25pt">and diversification.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; line-height: 12.25pt">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, 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 </span><span style="text-transform: none; line-height: 12.25pt">yields available.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 4pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; line-height: 12.25pt"><span id="xdx_909_eoef--StrategyPortfolioConcentration_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000011843Member_zGbDoqNnBCui">The Fund normally invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in municipal obligations originating in New Mexico, the income from which is exempt from regular federal or New Mexico income taxes, though the income on those investments may still be subject to the federal alternative minimum tax (“AMT”).</span> Gains realized on investments held by the Fund and not offset by realized losses will be subject to federal </span><span style="text-transform: none; line-height: 12.25pt">income tax.</span></p> The Fund normally invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in municipal obligations originating in New Mexico, the income from which is exempt from regular federal or New Mexico income taxes, though the income on those investments may still be subject to the federal alternative minimum tax (“AMT”). An investment in the Fund is not a deposit in any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Accordingly, the loss of money is a risk of investing in the Fund. <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CreditRiskMember_zM7FVBkMPv24" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 4pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; line-height: 12.25pt"><b>Credit Risk </b></span><span style="text-transform: none; line-height: 12.25pt">– If obligations held by the Fund are downgraded by ratings agencies or go into default, or if 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. Lower-rated or unrated obligations held by the Fund may have, or may be perceived to have, greater risk of default and ratings downgrades. For example, municipal leases held by the Fund may be subject to non-appropriation provisions which permit governmental agencies or issuers to discontinue payments to the Fund under the </span><span style="text-transform: none; line-height: 12.25pt">municipal leases.</span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityAndOperationalRiskMember_zOfGbujqWFF9" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 4pt; -sec-ix-redline: true; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; line-height: 12.25pt"><b>Cybersecurity and Operational Risk </b></span><span style="text-transform: none; line-height: 12.25pt">– 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.</span><span style="text-transform: none; line-height: 12.25pt"> 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.</span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighYieldRiskMember_zE285gcOxbCh" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 4pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>High Yield Risk </b>– 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.</span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--InterestRateRiskMember_zcDOB89W5d7l" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 4pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; line-height: 12.25pt"><b>Interest Rate Risk </b></span><span style="text-transform: none; line-height: 12.25pt">– 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. When interest rates decrease, the Fund’s dividends may decline. Decreases in market interest rates may also result in prepayments of obligations the Fund acquires, requiring the Fund to reinvest at lower </span><span style="text-transform: none; line-height: 12.25pt">interest rates.</span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zxX35GMi2cW3" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 4pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; line-height: 12.25pt"><b>Liquidity Risk </b></span><span style="text-transform: none; line-height: 12.25pt">– Due to a lack of demand in the marketplace or other factors, the Fund may not be able to sell promptly some or all of the obligations that it holds, or may only be able to sell obligations at less than desired prices. The market for lower- rated and unrated obligations 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 </span><span style="text-transform: none; line-height: 12.25pt">acceptable price.</span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_ztlDCjTqd7C9" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 4pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; line-height: 12.25pt"><b>Management Risk </b></span><span style="text-transform: none; line-height: 12.25pt">– The Fund is an actively managed portfolio, and the value of the Fund may be reduced if Thornburg pursues </span><span style="text-transform: none; line-height: 12.25pt">unsuccessful investments or fails to correctly identify risks affecting the broad economy or specific issuers in which the </span><span style="text-transform: none; line-height: 12.25pt">Fund invests.</span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndEconomicRiskMember_zoBfKDNPmLUi" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 4pt; -sec-ix-redline: true; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; line-height: 12.25pt"><b>Market and Economic Risk </b></span><span style="text-transform: none; line-height: 12.25pt">– 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 the Fund’s investments in lower- rated and unrated municipal obligations, the value of which may fluctuate more significant in response to poor economic growth or other changes in market conditions, political, economic</span><span style="text-transform: none; line-height: 12.25pt">,</span><span style="text-transform: none; line-height: 12.25pt"> </span><span style="text-transform: none; line-height: 12.25pt">legal</span><span style="text-transform: none; line-height: 12.25pt">,</span><span style="text-transform: none; line-height: 12.25pt"> </span><span style="text-transform: none; line-height: 12.25pt">and</span><span style="text-transform: none; line-height: 12.25pt"> technological </span><span style="text-transform: none; line-height: 12.25pt">developments, and developments affecting </span><span style="text-transform: none; line-height: 12.25pt">specific issuers.</span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_zvY3EqWUId77" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 4pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; line-height: 12.25pt"><b>Non-diversification Risk </b></span><span style="text-transform: none; line-height: 12.25pt">– The Fund is a non-diversified investment company, which means that it may invest a greater proportion of its assets in the securities of a single issuer. This may be riskier, because a default or other adverse condition affecting such an issuer could cause the Fund’s share price to decline to a </span><span style="text-transform: none; line-height: 12.25pt">greater degree.</span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--RedemptionRiskMember_zh8IMZYpRkDl" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 4pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; line-height: 12.25pt"><b>Redemption Risk </b></span><span style="text-transform: none; line-height: 12.25pt">– 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 </span><span style="text-transform: none; line-height: 12.25pt">trading activity.</span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--SingleStateRiskMember_zRvVMQZUGuEc" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 4pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; line-height: 12.25pt"><b>Single State Risk </b></span><span style="text-transform: none; line-height: 12.25pt">– Because the Fund invests primarily in obligations originating in New Mexico, the Fund’s share value may be more sensitive to adverse economic, political or regulatory developments in that state. Budgetary concerns, decreased revenues, and adverse conditions significant to a sector of the state, municipalities within the state, or local economies may negatively affect the ability of state and local issuers to make full and timely principal or interest payments on their </span><span style="text-transform: none; line-height: 12.25pt">debt obligations.</span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_z2fhaLDUiUwj" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 4pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Tax Risk </b>– The income on the Fund’s municipal obligations could become subject to federal income or state income tax due to noncompliant conduct by issuers, unfavorable legislation or litigation or adverse interpretations by regulatory authorities. All or a portion of the Fund’s distributions that are exempt from regular federal income tax may nevertheless be taken into account for purposes of the federal AMT and state income tax.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 4pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; line-height: 12.25pt">Additional information about Fund investments, investment strategies and risks of investing in the Fund appears beginning on page 125 of </span><span style="text-transform: none; line-height: 12.25pt">the Prospectus.</span></p> Past Performance of the Fund <p id="xdx_A84_eoef--PerformanceNarrativeTextBlock_znFNvtQqNHO9" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 4pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><span id="xdx_90A_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000011843Member_zTQSHZaPf6x3">The following information provides some indication of the risks of investing in the New Mexico Intermediate Municipal Fund by showing how the Fund’s investment results vary from year to year.</span> The bar chart shows how the annual total returns for Class A shares have been different in each full year shown. The average annual total return figures compare Class A, Class D and Class I share performance to the ICE BofA U.S. Municipal Securities Index, a broad-based securities market index that represents the overall applicable market in which the Fund invests. The index is not actively managed and is not available for direct investment. The bar charts and performance tables assume reinvestment of dividends and distributions. <span id="xdx_90B_eoef--PerformancePastDoesNotIndicateFuture_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000011843Member_zBiFwQSewegg">Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> The performance information shown is as of the calendar year ended December 31, 2025. Updated performance information may be obtained on the Thornburg website at <span id="xdx_903_eoef--PerformanceAvailabilityWebSiteAddress_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000011843Member_z7gkEkS4SgZk">Thornburg.com</span> or by calling <span id="xdx_902_eoef--PerformanceAvailabilityPhone_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000011843Member_zz53xOVURfq">1-800-847-0200</span>.</span></p> The following information provides some indication of the risks of investing in the New Mexico Intermediate Municipal Fund by showing how the Fund’s investment results vary from year to year. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Thornburg.com 1-800-847-0200 Annual Total Returns – Class A Shares <div id="xdx_A86_eoef--BarChartTableTextBlock_zFo2zhKPVeMl"></div> <table border="0" cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zVoh8zx04JX2" style="width: 100%; border-collapse: collapse; font-size: 8pt" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; width: 50%; display: none"> </td> <td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; width: 50%; display: none"> </td></tr> <tr style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; display: none">2016</td> <td id="xdx_98D_eoef--AnnlRtrPct_dp_c20160101__20161231__oef--ClassAxis__custom--C000032352Member_zciFVzFz7Lma" style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none">-0.41%</td></tr> <tr style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; display: none">2017</td> <td id="xdx_98B_eoef--AnnlRtrPct_dp_c20170101__20171231__oef--ClassAxis__custom--C000032352Member_z62unFEY9Qre" style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none">2.03%</td></tr> <tr style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; display: none">2018</td> <td id="xdx_983_eoef--AnnlRtrPct_dp_c20180101__20181231__oef--ClassAxis__custom--C000032352Member_zwQbA1jS4E7k" style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none">1.40%</td></tr> <tr style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; display: none">2019</td> <td id="xdx_985_eoef--AnnlRtrPct_dp_c20190101__20191231__oef--ClassAxis__custom--C000032352Member_zYI6lbbohqw9" style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none">4.49%</td></tr> <tr style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; display: none">2020</td> <td id="xdx_980_eoef--AnnlRtrPct_dp_c20200101__20201231__oef--ClassAxis__custom--C000032352Member_z2vJr82nA6g5" style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none">3.46%</td></tr> <tr style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; display: none">2021</td> <td id="xdx_988_eoef--AnnlRtrPct_dp_c20210101__20211231__oef--ClassAxis__custom--C000032352Member_zvJcufvj5aWi" style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none">0.10%</td></tr> <tr style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; display: none">2022</td> <td id="xdx_985_eoef--AnnlRtrPct_dp_c20220101__20221231__oef--ClassAxis__custom--C000032352Member_zuSBbdFUqr29" style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none">-6.27%</td></tr> <tr style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; display: none">2023</td> <td id="xdx_98E_eoef--AnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000032352Member_zPiIEEQ6nUjj" style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none">3.93%</td></tr> <tr style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; display: none">2024</td> <td id="xdx_982_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000032352Member_z4xgLUzOCoSa" style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none">0.64%</td></tr> <tr style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; display: none">2025</td> <td id="xdx_98E_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000032352Member_zVXrzeY55fEe" style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none">4.07%</td></tr> </table> <div style="font: 12pt/normal Times New Roman, Times, serif; margin: 12pt 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"> <div style="border-width: 0pt; padding: 0pt; overflow: hidden; display: inline-block; width: 620.23pt; height: 224.56pt; text-align: left"> <img alt="" src="retailproimg019.gif" style="vertical-align: top; margin-left: 0pt; width: 619.84pt; margin-top: 0pt; height: 224.24pt"/> </div> </div> -0.0041 0.0203 0.0140 0.0449 0.0346 0.0010 -0.0627 0.0393 0.0064 0.0407 <div id="xdx_A88_eoef--BarChartClosingTextBlock_zR6iu99i6Qrj"></div> <div style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-align: left"> <table style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 455.4pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b> </b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Total<br/>Returns</b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Quarter<br/>ended</b></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><span id="xdx_909_eoef--HighestQuarterlyReturnLabel_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000011843Member_z4TSHQiXz8Qe">Highest Quarterly Results</span></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_90A_eoef--BarChartHighestQuarterlyReturn_dp_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000011843Member_zaSDQjzmH9Za">5.24</span>%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_90A_eoef--BarChartHighestQuarterlyReturnDate_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000011843Member_zl9fDQ1RX66h">12/31/2023</span></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><span id="xdx_906_eoef--LowestQuarterlyReturnLabel_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000011843Member_zp4wq4NfzGw1">Lowest Quarterly Results</span></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt 3pt 3pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_907_eoef--BarChartLowestQuarterlyReturn_dp_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000011843Member_zxGjajiDPCAf">-4.97</span>%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_90E_eoef--BarChartLowestQuarterlyReturnDate_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000011843Member_zTDflnAiL43d">3/31/2022</span></span></p> </td> </tr> </table> </div> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 5pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><span id="xdx_90B_eoef--BarChartDoesNotReflectSalesLoads_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000011843Member_zV19e1KXg6V2">The sales charge for Class A shares is not reflected in the returns shown in the bar chart above, and the returns would be less if the charge was taken into account.</span></span></p> Highest Quarterly Results 0.0524 2023-12-31 Lowest Quarterly Results -0.0497 2022-03-31 The sales charge for Class A shares is not reflected in the returns shown in the bar chart above, and the returns would be less if the charge was taken into account. Average Annual Total Returns (periods ended 12-31-25) <div id="xdx_A8F_eoef--PerformanceTableTextBlock_zbwxfz8PbE0l" style="-sec-ix-redline: true"></div> <table style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 372.59pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> </table> <table id="xdx_A52_dU_z0X1cCZuxmK2" style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse; width: 372.59pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b>CLASS A SHARES</b></span></p> </td> <td id="xdx_499_20250101__20251231_zICwQIyOgsi1" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>1 YEAR</b></span></p> </td> <td id="xdx_496_20210101__20251231_zk75R1ElwYvk" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>5 YEARS</b></span></p> </td> <td id="xdx_49E_20160101__20251231_zco1UUm8bWP6" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>10 YEARS</b></span></p> </td> </tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000032352Member_zdIzNqmLXdt3" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Return Before Taxes</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.99%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.01%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.09%</span></p> </td> </tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000032352Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zLrSzS6gI5te" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Return After Taxes on Distributions</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.99%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.01%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.09%</span></p> </td> </tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000032352Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_z47d9wfvpjyc" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Return After Taxes on Distributions and Sale of Fund Shares</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">2.37%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.49%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.33%</span></p> </td> </tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--ICEBofAUSMunicipalSecuritiesIndexMember_zmBrCuXQgAH9" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">ICE BofA U.S. Municipal Securities Index<br/></span><span style="text-transform: none; font-style: italic"><i><span id="xdx_90C_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000011843Member_zhssOvkhWkwi">(reflects no deduction for fees, expenses, or taxes)</span></i></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">3.96%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.84%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">2.38%</span></p> </td> </tr> </table> <div style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-align: left"> <table style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 372.59pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> </table> <table style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse; width: 372.59pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b>CLASS D SHARES</b></span></p> </td> <td id="xdx_499_20250101__20251231_zQmLr7uA14Bl" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>1 YEAR</b></span></p> </td> <td id="xdx_496_20210101__20251231_z5Q1nrmD2rbi" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>5 YEARS</b></span></p> </td> <td id="xdx_49E_20160101__20251231_zEf1oKWEC5Zf" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>10 YEARS</b></span></p> </td> </tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000032353Member_z9fcdwmlChYg" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Return Before Taxes</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">3.81%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.17%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.05%</span></p> </td> </tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--ICEBofAUSMunicipalSecuritiesIndexMember_zzviJmlDNpT6" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">ICE BofA U.S. Municipal Securities Index<br/></span><span style="text-transform: none; font-style: italic"><i><span id="xdx_903_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000011843Member_zjhGcd533lX7">(reflects no deduction for fees, expenses, or taxes)</span></i></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">3.96%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.84%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">2.38%</span></p> </td> </tr> </table> </div> <div style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-align: left"> <table style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 372.59pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> </table> <table style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse; width: 372.59pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b>CLASS I SHARES</b></span></p> </td> <td id="xdx_499_20250101__20251231_zykgHJWIe5Nj" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>1 YEAR</b></span></p> </td> <td id="xdx_496_20210101__20251231_zqzNnZqmHkT" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>5 YEARS</b></span></p> </td> <td id="xdx_49E_20160101__20251231_zfwxa3VIXA3b" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>10 YEARS</b></span></p> </td> </tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000042667Member_zYx5227y2Eli" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Return Before Taxes</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">4.32%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.72%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.62%</span></p> </td> </tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--ICEBofAUSMunicipalSecuritiesIndexMember_z8XMQuIRRBPg" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">ICE BofA U.S. Municipal Securities Index<br/></span><span style="text-transform: none; font-style: italic"><i><span id="xdx_908_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000011843Member_zh5EZxjxQQh8">(reflects no deduction for fees, expenses, or taxes)</span></i></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">3.96%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.84%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">2.38%</span></p> </td> </tr> </table> </div> 0.0199 0.0001 0.0109 0.0199 0.0001 0.0109 0.0237 0.0049 0.0133 (reflects no deduction for fees, expenses, or taxes) 0.0396 0.0084 0.0238 0.0381 0.0017 0.0105 (reflects no deduction for fees, expenses, or taxes) 0.0396 0.0084 0.0238 0.0432 0.0072 0.0162 (reflects no deduction for fees, expenses, or taxes) 0.0396 0.0084 0.0238 <p id="xdx_A82_eoef--PerformanceTableClosingTextBlock_z8GVyvrGVoc9" style="font: italic 8pt/9pt Arial, sans-serif; margin: 0pt 0pt 3pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; font-style: italic"><i><span id="xdx_909_eoef--PerformanceTableUsesHighestFederalRate_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000011843Member_zydGCWhRuxz3">After-tax returns are calculated using the highest historical individual federal marginal income tax rates, and do not reflect state or local income taxes.</span> <span id="xdx_90A_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000011843Member_zNMCDAk4a28j">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.</span> <span id="xdx_903_eoef--PerformanceTableOneClassOfAfterTaxShown_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000011843Member_zWPPPTGIiHGf">The after-tax returns shown relate only to Class A shares, and after-tax returns for other share classes will vary.</span> </i></span></p> After-tax returns are calculated using the highest historical individual federal marginal income tax rates, and do not reflect state or local income taxes. Actual after-tax returns depend on an investor’s own tax situation and may differ from the returns shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The after-tax returns shown relate only to Class A shares, and after-tax returns for other share classes will vary. New York Intermediate Municipal Fund Investment Goal <p id="xdx_A88_eoef--ObjectivePrimaryTextBlock_zMvwFM075Ckk" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">The primary investment goal of New York Intermediate Municipal Fund is to obtain as high a level of current income exempt from federal, New York State and New York City individual income taxes as is consistent, in the view of the Fund’s investment advisor, with preservation of capital.</span></p> <p id="xdx_A87_eoef--ObjectiveSecondaryTextBlock_zzeKjVxTsKve" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">The secondary goal of the Fund is to reduce expected changes in its share price compared to long-term bond portfolios.</span></p> Fees and Expenses of the Fund <p id="xdx_A85_eoef--ExpenseNarrativeTextBlock_zQ4rAUh00vSc" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </b><span id="xdx_90D_eoef--ExpenseBreakpointDiscounts_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000011848Member_znSrmITULRN4">You may qualify for discounts from the sales charges applicable to Class A shares if you or other qualifying account holders invest, or agree to invest in the future, at least <span id="xdx_903_eoef--ExpenseBreakpointMinimumInvestmentRequiredAmount_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetailMember__dei--LegalEntityAxis__custom--S000011848Member_znQVkcET7AC8">$50,000</span> in the Thornburg Funds.</span> More information about this and other discounts and sales charge waivers is available from your financial intermediary, in the Prospectus under the captions “Class A Sales Charge Waivers,” beginning on page 154, and “Appendix A – Sales Charge Waivers Offered by Financial Intermediaries,” beginning on page 208, and in the Statement of Additional Information under the caption “Additional Information Respecting Purchase and Redemption of Shares,” beginning on page 94.</span></p> You may qualify for discounts from the sales charges applicable to Class A shares if you or other qualifying account holders invest, or agree to invest in the future, at least $50,000 in the Thornburg Funds. 50000 Shareholder Fees (fees paid directly from your investment) <div id="xdx_A81_eoef--ShareholderFeesTableTextBlock_zJuKzB2g9vNb"></div> <table id="xdx_A5E_dU_zjE4ffPArE6" style="table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 455.4pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> </table> <table style="table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse; width: 455.4pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b> </b></span></p> </td> <td id="xdx_498_20260128__20260128__oef--ClassAxis__custom--C000032368Member_zWBWwXooBRB3" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class A</b></span></p> </td> <td id="xdx_492_20260128__20260128__oef--ClassAxis__custom--C000083544Member_z0zcjyAoMJFe" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class I</b></span></p> </td> </tr> <tr id="xdx_40E_eoef--MaximumSalesChargeImposedOnPurchasesOverOfferingPrice_dpn_z1E6XsIPvXfh" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Maximum Sales Charge (Load) Imposed on Purchases <br/></span><span style="text-transform: none; font-style: italic"><i>(as a percentage of offering price)</i></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">2.00%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">none</span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Maximum Deferred Sales Charge (Load) <br/></span><span style="text-transform: none; font-style: italic"><i>(as a percentage of redemption proceeds or original purchase price, whichever is lower)</i></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_90C_eoef--MaximumDeferredSalesChargeOverOther_dpn_c20260128__20260128__oef--ClassAxis__custom--C000032368Member_fKDEp_z9Ehocde8fhh" title="Maximum Deferred Sales Charge (Load) (as a percentage of redemption proceeds or original purchase price, whichever is lower)">none</span></span><sup style="text-transform: none; font-size: 7pt; line-height: 7pt">(1)</sup><span style="text-transform: none"> </span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_908_eoef--MaximumDeferredSalesChargeOverOther_dpn_c20260128__20260128__oef--ClassAxis__custom--C000083544Member_zs64DWekEKvb">none</span></span></p> </td> </tr> </table> 0.0200 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A86_eoef--AnnualFundOperatingExpensesTableTextBlock_z3cPURiaNR67" style="-sec-ix-redline: true"></div> <table style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 455.4pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> </table> <table id="xdx_A5D_dU_zWLsqRjwO619" style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse; width: 455.4pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b> </b></span></p> </td> <td id="xdx_498_20260128__20260128__oef--ClassAxis__custom--C000032368Member_zcHHCchfnUg7" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class A</b></span></p> </td> <td id="xdx_49A_20260128__20260128__oef--ClassAxis__custom--C000083544Member_zVcgW6XANzN9" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Class I</b></span></p> </td> </tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zWkzha9U7qw8" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Management Fees</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.50%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.50%</span></p> </td> </tr> <tr id="xdx_403_eoef--DistributionAndService12b1FeesOverAssets_dpn_zL5J4XfX8cpj" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Distribution and Service (12b-1) Fees</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.25%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">none</span></p> </td> </tr> <tr id="xdx_405_eoef--OtherExpensesOverAssets_dpn_zdb5zkKhgU09" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Other Expenses</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.72%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.70%</span></p> </td> </tr> <tr id="xdx_407_eoef--ExpensesOverAssets_dpn_ziOKLUGooJyk" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Total Annual Fund Operating Expenses</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.47%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.20%</span></p> </td> </tr> <tr id="xdx_404_eoef--FeeWaiverOrReimbursementOverAssets_dpn_zbDfmLWtv8Ab" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Fee Waiver/Expense Reimbursement</span><sup id="xdx_F41_zFqwPxqZPUZh" style="text-transform: none; font-size: 7pt; line-height: 7pt">(2)</sup><span style="text-transform: none"> </span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">(0.55)%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">(0.53)%</span></p> </td> </tr> <tr id="xdx_40C_eoef--NetExpensesOverAssets_dpn_zWMze2xqBkAi" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.92%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.67%</span></p> </td> </tr> </table> 0.0050 0.0050 0.0025 0 0.0072 0.0070 0.0147 0.0120 -0.0055 -0.0053 0.0092 0.0067 <div id="xdx_A88_eoef--ExpenseFootnotesTextBlock_zBOPZPI6b6od"></div> <table cellpadding="0" cellspacing="0" style="font: italic 8pt/9pt Arial, sans-serif; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right"><span style="text-transform: none"><i id="xdx_F0E_zJAR3SCgcgMe">(1)</i></span></td> <td style="width: 5pt"></td> <td style="text-align: justify"><span style="text-transform: none"><i id="xdx_F14_zfSUafgjiUs3">Up to a 0.50% contingent deferred sales charge (CDSC) is imposed on redemptions of any part or all of a purchase of $1 million or more within 12 months of purchase.</i></span></td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: italic 8pt/9pt Arial, sans-serif; -sec-ix-redline: true; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right"><span style="text-transform: none"><i id="xdx_F0B_zUq8CLYpFB21">(2)</i></span></td> <td style="width: 5pt"></td> <td style="text-align: justify"><span style="text-transform: none"><i id="xdx_F14_znKchwmd8Bod">Thornburg Investment Management, Inc. (“Thornburg”) has contractually agreed to waive fees and reimburse expenses incurred by the Fund so that actual Class A and Class I expenses (excluding taxes, interest expenses, acquired fund fees and expenses, brokerage commissions, borrowing costs, expenses relating to short sales, and unusual expenses such as contingency fees or litigation costs) do not exceed 0.92% and 0.67%, 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 <span id="xdx_909_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260128__20260128__oef--ClassAxis__custom--C000032368Member_zbyQdydL1kfg"><span id="xdx_901_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260128__20260128__oef--ClassAxis__custom--C000083544Member_zKbzE61scssj">February 1, 2027</span></span>, 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.</i></span></td> </tr> </table> February 1, 2027 February 1, 2027 Example. <p id="xdx_A81_eoef--ExpenseExampleNarrativeTextBlock_zXNcFhw8Ay5a" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">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:</span></p> <div id="xdx_A8E_eoef--ExpenseExampleWithRedemptionTableTextBlock_z00cKKBFbppi" style="-sec-ix-redline: true"></div> <table id="xdx_A5D_dU_zfaOZ42msZg2" style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 289.79pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b> </b></span></p> </td> <td id="xdx_48A_eoef--ExpenseExampleYear01_zYGEuMWNCZAf" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>1 Year</b></span></p> </td> <td id="xdx_484_eoef--ExpenseExampleYear03_z8GSpD7Tyk86" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>3 Years</b></span></p> </td> <td id="xdx_48A_eoef--ExpenseExampleYear05_z8njsybFNcM" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>5 Years</b></span></p> </td> <td id="xdx_486_eoef--ExpenseExampleYear10_zYKPqu23K1d9" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>10 Years</b></span></p> </td> </tr> <tr id="xdx_410_20260128__20260128__oef--ClassAxis__custom--C000032368Member_zBxH1sKI1s0d" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Class A Shares</span></p> </td> <td style="border-width: 0pt; padding: 3pt 26pt 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$292</span></p> </td> <td style="border-width: 0pt; padding: 3pt 25pt 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$603</span></p> </td> <td style="border-width: 0pt; padding: 3pt 25pt 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$935</span></p> </td> <td style="border-width: 0pt; padding: 3pt 25pt 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$1,876</span></p> </td> </tr> <tr id="xdx_413_20260128__20260128__oef--ClassAxis__custom--C000083544Member_zjgTJ6gTQeQl" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Class I Shares</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 26pt 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$68</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 25pt 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$328</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 25pt 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$609</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 25pt 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$1,408</span></p> </td> </tr> </table> 292 603 935 1876 68 328 609 1408 Portfolio Turnover. <p id="xdx_A89_eoef--PortfolioTurnoverTextBlock_zVG2eLMI1Xtk" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">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 <span id="xdx_907_eoef--PortfolioTurnoverRate_dp_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000011848Member_z2z1G0DmZ6Hc">­40.75</span>% of the average value of its portfolio.</span></p> 0.4075 Principal Investment Strategies <p id="xdx_A81_eoef--StrategyNarrativeTextBlock_gRBSNTB-BTYQKS_zdhbwfcwS7Nh" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">The Fund pursues its primary goal by investing principally in a laddered maturity portfolio of municipal obligations issued by New York State and its agencies, and by New York State local governments and their agencies. Thornburg Investment Management, Inc. (“Thornburg”) actively manages the Fund’s portfolio. Investment decisions are based upon outlooks for interest rates and securities markets, the supply of municipal debt obligations, and analysis of specific securities. The Fund invests primarily in obligations and participations in obligations which are rated by a nationally recognized statistical rating organization at the time of purchase as investment grade or, if unrated, are issued by obligors which Thornburg determines have comparable investment grade obligations outstanding or which are deemed by Thornburg to be comparable to obligors with outstanding investment grade obligations. The Fund may invest up to 20 percent of its net assets, plus the amount of any borrowings for investment purposes, in lower-quality municipal debt obligations rated by a nationally recognized statistical rating organization at the time of purchase as below investment grade (sometimes called “junk” bonds or “high yield” bonds) or, if unrated, issued by obligors which Thornburg determines have comparable below investment grade municipal obligations outstanding or which are deemed by Thornburg to be comparable to obligors with outstanding below investment grade obligations. “Participations” are undivided interests in pools of securities where the underlying credit support passes through to the participants. The Fund may invest in obligations issued by United States territories and possessions. The Fund’s portfolio is “laddered” by investing in obligations of different maturities so that some obligations mature during each of the coming years. </span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">The Fund seeks to maintain a portfolio of investments having a dollar-weighted average effective duration of normally three to ten years. Duration is a measure of estimated sensitivity to interest rate changes. A portfolio with a longer average effective duration will typically be more sensitive to interest rate changes than a portfolio with a shorter average effective duration. Duration is commonly expressed as a number, which is the expected percentage change in an obligation’s price upon a 1% change in interest rates. For example, an obligation with a duration of 10 would be expected to change in price by approximately 10% in response to a 1% change in interest rates. During temporary periods the Fund’s average effective duration may be reduced for defensive purposes. There is no limitation on the duration or maturity of any specific security the Fund may purchase. The Fund may dispose of any security before it matures. The Fund also attempts to reduce changes in its share value through credit analysis, selection and diversification.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">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, 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.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><span id="xdx_906_eoef--StrategyPortfolioConcentration_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000011848Member_znANYjgml1l6">The Fund normally invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in municipal obligations originating in New York, the income from which is exempt from regular federal or New York income taxes, though the income on those investments may still be subject to the federal alternative minimum tax (“AMT”).</span> Gains realized on investments held by the Fund and not offset by realized losses will be subject to federal income tax.</span></p> The Fund normally invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in municipal obligations originating in New York, the income from which is exempt from regular federal or New York income taxes, though the income on those investments may still be subject to the federal alternative minimum tax (“AMT”). An investment in the Fund is not a deposit in any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Accordingly, the loss of money is a risk of investing in the Fund. <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__us-gaap--CreditRiskMember_zI9TadVkGzO5" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 5pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Credit Risk </b>– If obligations held by the Fund are downgraded by ratings agencies or go into default, or if 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. Lower-rated or unrated obligations held by the Fund may have, or may be perceived to have, greater risk of default and ratings downgrades. For example, municipal leases held by the Fund may be subject to non-appropriation provisions which permit governmental agencies or issuers to discontinue payments to the Fund under the municipal leases.</span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityAndOperationalRiskMember_zmwPfR0hd6Rk" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 5pt; -sec-ix-redline: true; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Cybersecurity and Operational Risk </b>– Operational failures, cyber-attacks or other disruptions that affect the Fund’s service providers, the Fund’s counterparties, other market participants or the issuers of securities held by the Fund may adversely affect the Fund and its shareholders, including by causing losses for the Fund or impairing Fund operations. The rapid development and increasingly widespread use of artificial intelligence, including machine learning technology and generative artificial intelligence such as ChatGPT, could exacerbate these risks.</span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighYieldRiskMember_zlkC0MVapfCa" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 4pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>High Yield Risk </b>– 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.</span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__us-gaap--InterestRateRiskMember_zTOaCrgB7am2" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 5pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Interest Rate Risk </b>– 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. When interest rates decrease, the Fund’s dividends may decline. Decreases in market interest rates may also result in prepayments of obligations the Fund acquires, requiring the Fund to reinvest at lower interest rates.</span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_z6d6uLhmWMH7" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 5pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Liquidity Risk </b>– Due to a lack of demand in the marketplace or other factors, the Fund may not be able to sell promptly some or all of the obligations that it holds, or may only be able to sell obligations at less than desired prices. The market for lower- rated and unrated obligations 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.</span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zj3LPF0lXOZ2" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 5pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Management Risk </b>– 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.</span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndEconomicRiskMember_zsVpiSH9kFah" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 5pt; -sec-ix-redline: true; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Market and Economic Risk </b>– 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 the Fund’s investments in lower- rated and unrated municipal obligations, the value of which may fluctuate more significantly in response to poor economic growth or other changes in market conditions, political, economic, legal, and technological developments, and developments affecting specific issuers.</span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_zM6LDEllWW9l" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 5pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Non-diversification Risk </b>– The Fund is a non-diversified investment company, which means that it may invest a greater proportion of its assets in the securities of a single issuer. This may be riskier, because a default or other adverse condition affecting such an issuer could cause the Fund’s share price to decline to a greater degree.</span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--RedemptionRiskMember_zcOeO3ybFQ19" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 4pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Redemption Risk </b>– 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.</span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--SingleStateRiskMember_zRQdbrFMzRB3" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 4pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Single State Risk </b>– Because the Fund invests primarily in obligations originating in New York, the Fund’s share value may be more sensitive to adverse economic, political or regulatory developments in that state. Budgetary concerns, decreased revenues, and adverse conditions significant to a sector of the state, municipalities within the state, or local economies may negatively affect the ability of state and local issuers to make full and timely principal or interest payments on their debt obligations.</span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zmez9BPRLEA3" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 4pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><b>Tax Risk </b>– The income on the Fund’s municipal obligations could become subject to federal income or state income tax due to noncompliant conduct by issuers, unfavorable legislation or litigation or adverse interpretations by regulatory authorities. All or a portion of the Fund’s distributions that are exempt from regular federal income tax may nevertheless be taken into account for purposes of the federal AMT and state income tax.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 4pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Additional information about Fund investments, investment strategies and risks of investing in the Fund appears beginning on page 125 of the Prospectus.</span></p> Past Performance of the Fund <p id="xdx_A8A_eoef--PerformanceNarrativeTextBlock_zJFckGifpeC5" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 3pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><span id="xdx_900_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000011848Member_z4Mm7Gkexbd3">The following information provides some indication of the risks of investing in the New York Intermediate Municipal Fund by showing how the Fund’s investment results vary from year to year.</span> The bar chart shows how the annual total returns for Class A shares have been different in each full year shown. The average annual total return figures compare Class A and Class I share performance to the ICE BofA U.S. Municipal Securities Index, a broad-based securities market index that represents the overall applicable market in which the Fund invests. The index is not actively managed and is not available for direct investment. The bar charts and performance tables assume reinvestment of dividends and distributions. <span id="xdx_90F_eoef--PerformancePastDoesNotIndicateFuture_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000011848Member_zHy5LT7e7HS">Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> The performance information shown is as of the calendar year ended December 31, 2025. Updated performance information may be obtained on the Thornburg website at <span id="xdx_909_eoef--PerformanceAvailabilityWebSiteAddress_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000011848Member_zWT4dmdeSLE1">Thornburg.com</span> or by calling <span id="xdx_902_eoef--PerformanceAvailabilityPhone_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000011848Member_zcPWWiz0Rbg1">1-800-847-0200</span>.</span></p> The following information provides some indication of the risks of investing in the New York Intermediate Municipal Fund by showing how the Fund’s investment results vary from year to year. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Thornburg.com 1-800-847-0200 Annual Total Returns – Class A Shares <div id="xdx_A88_eoef--BarChartTableTextBlock_zJzHLpzDQ5Kf"></div> <table border="0" cellpadding="0" cellspacing="0" id="xdx_A57_dU_zJBci56LcNp7" style="width: 100%; border-collapse: collapse; font-size: 8pt" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; width: 50%; display: none"> </td> <td style="text-indent: -10pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: left; width: 50%; display: none"> </td></tr> <tr id="xdx_417_20160101__20161231_zopMclsyXLnj" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; display: none">2016</td> <td id="xdx_983_eoef--AnnlRtrPct_dp_c20160101__20161231__oef--ClassAxis__custom--C000032368Member_zePmYDDbDFc2" style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none">-0.51%</td></tr> <tr style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; display: none; display: none">2017</td> <td id="xdx_987_eoef--AnnlRtrPct_dp_c20170101__20171231__oef--ClassAxis__custom--C000032368Member_zj9DZEksqT88" style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none; display: none">2.67%</td></tr> <tr style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; display: none">2018</td> <td id="xdx_988_eoef--AnnlRtrPct_dp_c20180101__20181231__oef--ClassAxis__custom--C000032368Member_zJMxgHzasoM6" style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none">0.16%</td></tr> <tr style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; display: none">2019</td> <td id="xdx_981_eoef--AnnlRtrPct_dp_c20190101__20191231__oef--ClassAxis__custom--C000032368Member_z7GZGy1Sr1jj" style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none">4.56%</td></tr> <tr style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; display: none">2020</td> <td id="xdx_98A_eoef--AnnlRtrPct_dp_c20200101__20201231__oef--ClassAxis__custom--C000032368Member_zD0h9K4SA3Ki" style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none">2.99%</td></tr> <tr style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; display: none">2021</td> <td id="xdx_98E_eoef--AnnlRtrPct_dp_c20210101__20211231__oef--ClassAxis__custom--C000032368Member_zZ3oHxV37z63" style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none">0.32%</td></tr> <tr style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; display: none">2022</td> <td id="xdx_988_eoef--AnnlRtrPct_dp_c20220101__20221231__oef--ClassAxis__custom--C000032368Member_zxOliFa94XJc" style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none">-5.64%</td></tr> <tr style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; display: none">2023</td> <td id="xdx_98F_eoef--AnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000032368Member_zMv9zsbsbqgc" style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none">4.75%</td></tr> <tr style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; display: none">2024</td> <td id="xdx_98E_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000032368Member_zVL6llw7jmN4" style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none">1.03%</td></tr> <tr style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; display: none">2025</td> <td id="xdx_98C_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000032368Member_zK3QddNd9R1a" style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left; display: none">3.84%</td></tr> </table> <div style="font: 12pt/normal Times New Roman, Times, serif; margin: 12pt 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"> <div style="border-width: 0pt; padding: 0pt; overflow: hidden; display: inline-block; width: 621pt; height: 212.84pt; text-align: left"> <img alt="" src="retailproimg020.gif" style="vertical-align: top; margin-left: 14.95pt; width: 589.94pt; margin-top: 0pt; height: 212.74pt"/> </div> </div> -0.0051 0.0267 0.0016 0.0456 0.0299 0.0032 -0.0564 0.0475 0.0103 0.0384 <div id="xdx_A82_eoef--BarChartClosingTextBlock_zPkXzeWwA0Ek"></div> <table style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 6pt; border-collapse: collapse"> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.75pt 6pt; vertical-align: bottom; border-collapse: collapse; width: 455.4pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b> </b></span></p> </td> <td style="border-width: 0pt; padding: 2.75pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Total<br/>Returns</b></span></p> </td> <td style="border-width: 0pt; padding: 2.75pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Quarter<br/>ended</b></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><span id="xdx_90D_eoef--HighestQuarterlyReturnLabel_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000011848Member_zB8Q86dHO30c">Highest Quarterly Results</span></span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt 2.5pt 8pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_90B_eoef--BarChartHighestQuarterlyReturn_dp_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000011848Member_zpXhU7n0R6Xi">5.30</span>%</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_909_eoef--BarChartHighestQuarterlyReturnDate_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000011848Member_ziU3qortdF94">12/31/2023</span></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><span id="xdx_90D_eoef--LowestQuarterlyReturnLabel_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000011848Member_zKlYUHgSDtFj">Lowest Quarterly Results</span></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt 2.5pt 3pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_902_eoef--BarChartLowestQuarterlyReturn_dp_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000011848Member_zRsD13DvdaVk">-4.83</span>%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_906_eoef--BarChartLowestQuarterlyReturnDate_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000011848Member_zV4FOIK47vfl">3/31/2022</span></span></p> </td> </tr> </table> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"><span id="xdx_908_eoef--BarChartDoesNotReflectSalesLoads_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000011848Member_zC8Xhs75pSo1">The sales charge for Class A shares is not reflected in the returns shown in the bar chart, and the returns would be less if the charge was taken into account.</span></span></p> Highest Quarterly Results 0.0530 2023-12-31 Lowest Quarterly Results -0.0483 2022-03-31 The sales charge for Class A shares is not reflected in the returns shown in the bar chart, and the returns would be less if the charge was taken into account. Average Annual Total Returns (periods ended 12-31-25) <div id="xdx_A80_eoef--PerformanceTableTextBlock_z5Pva0H53jJk" style="-sec-ix-redline: true"></div> <table style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 372.59pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> </table> <table id="xdx_A5A_dU_z1uTWJmTTkz7" style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse; width: 372.59pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b>CLASS A SHARES</b></span></p> </td> <td id="xdx_49E_20250101__20251231_zfaPN73p5jVc" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>1 YEAR</b></span></p> </td> <td id="xdx_496_20210101__20251231_zEEKsi1nRzjc" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>5 YEARS</b></span></p> </td> <td id="xdx_49F_20160101__20251231_zEwP3Gx23a6" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>10 YEARS</b></span></p> </td> </tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dpn_hoef--ClassAxis__custom--C000032368Member_zs1NwKH8ZRX5" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Return Before Taxes</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.79%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.38%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.17%</span></p> </td> </tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dpn_hoef--ClassAxis__custom--C000032368Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_z5o075ZtM2ij" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Return After Taxes on Distributions</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.79%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.38%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.17%</span></p> </td> </tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dpn_hoef--ClassAxis__custom--C000032368Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zvhkW5MjUXy9" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Return After Taxes on Distributions and Sale of Fund Shares</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">2.31%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.84%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.43%</span></p> </td> </tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dpn_hoef--PerformanceMeasureAxis__custom--ICEBofAUSMunicipalSecuritiesIndexMember_zZQNihRiE2kj" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">ICE BofA U.S. Municipal Securities Index<br/></span><span style="text-transform: none; font-style: italic"><i><span id="xdx_902_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000011848Member_zj2lRpRXE6vh">(reflects no deduction for fees, expenses, or taxes)</span></i></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">3.96%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.84%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">2.38%</span></p> </td> </tr> </table> <div style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-align: left"> <table style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 372.59pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> </table> <table style="-sec-ix-redline: true; table-layout: fixed; width: 620.99pt; margin-top: 0pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; border-collapse: collapse; width: 372.59pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: uppercase"><b>CLASS I SHARES</b></span></p> </td> <td id="xdx_49E_20250101__20251231_zgeOU46JYNM4" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>1 YEAR</b></span></p> </td> <td id="xdx_496_20210101__20251231_zBx5eXCgjIRf" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>5 YEARS</b></span></p> </td> <td id="xdx_49F_20160101__20251231_zjjWbSPsohO5" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; border-collapse: collapse; width: 82.8pt"> <p style="font: 9pt/12.5pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="text-transform: uppercase"><b>10 YEARS</b></span></p> </td> </tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dpn_hoef--ClassAxis__custom--C000083544Member_zBpWxrTwloo7" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Return Before Taxes</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">4.17%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.11%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.70%</span></p> </td> </tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dpn_hoef--PerformanceMeasureAxis__custom--ICEBofAUSMunicipalSecuritiesIndexMember_zbYkXfoHppaa" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">ICE BofA U.S. Municipal Securities Index<br/></span><span style="text-transform: none; font-style: italic"><i><span id="xdx_900_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000011848Member_zx00nzL1Z4T1">(reflects no deduction for fees, expenses, or taxes)</span></i></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">3.96%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">0.84%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">2.38%</span></p> </td> </tr> </table> </div> 0.0179 0.0038 0.0117 0.0179 0.0038 0.0117 0.0231 0.0084 0.0143 (reflects no deduction for fees, expenses, or taxes) 0.0396 0.0084 0.0238 0.0417 0.0111 0.0170 (reflects no deduction for fees, expenses, or taxes) 0.0396 0.0084 0.0238 <p id="xdx_A88_eoef--PerformanceTableClosingTextBlock_z8CaqOY24eoj" style="font: italic 8pt/9pt Arial, sans-serif; margin: 0pt 0pt 4pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; font-style: italic"><i><span id="xdx_90F_eoef--PerformanceTableUsesHighestFederalRate_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000011848Member_z8kaqJJIW0O">After-tax returns are calculated using the highest historical individual federal marginal income tax rates, and do not reflect state or local income taxes.</span> <span id="xdx_908_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000011848Member_zDwVDPpDOOub">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.</span> <span id="xdx_909_eoef--PerformanceTableOneClassOfAfterTaxShown_c20260128__20260128__dei--DocumentInformationDocumentAxis__us-gaap--RetailMember__dei--LegalEntityAxis__custom--S000011848Member_zupJT6i4Gts7">The after-tax returns shown relate only to Class A shares, and after-tax returns for other share classes will vary.</span> </i></span></p> After-tax returns are calculated using the highest historical individual federal marginal income tax rates, and do not reflect state or local income taxes. Actual after-tax returns depend on an investor’s own tax situation and may differ from the returns shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The after-tax returns shown relate only to Class A shares, and after-tax returns for other share classes will vary. Global Opportunities Fund Investment Goal <p id="xdx_A88_eoef--ObjectivePrimaryTextBlock_zzFBmR8shPB2" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span>The Fund seeks long-term capital appreciation by investing in equity and debt securities of all types from issuers around the world.</span></p> Fees and Expenses of the Fund <p id="xdx_A8F_eoef--ExpenseNarrativeTextBlock_zDrZi9BouPi6" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span>This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. </span><span style="font-weight: bold"><b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</b></span></p> Shareholder Fees (fees paid directly from your investment) <div id="xdx_A8D_eoef--ShareholderFeesTableTextBlock_zO8dkxf45I04"></div> <table style="width: 595.1pt; margin-top: 0pt; margin-bottom: 8pt; table-layout: fixed; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 357.5pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> </tr> </table> <table id="xdx_A54_dU_zlg9t3xVKJ87" style="width: 595.1pt; margin-top: 0pt; margin-bottom: 8pt; table-layout: fixed; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; width: 357.5pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b> </b></span></p> </td> <td id="xdx_492_20260128__20260128__oef--ClassAxis__custom--C000058462Member_zSzBmlaLdM7d" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>Class R3</b></span></p> </td> <td id="xdx_497_20260128__20260128__oef--ClassAxis__custom--C000058463Member_zRTUn1YJ4sZi" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>Class R4</b></span></p> </td> <td id="xdx_496_20260128__20260128__oef--ClassAxis__custom--C000058464Member_zgOv4GT4pm0k" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>Class R5</b></span></p> </td> </tr> <tr id="xdx_40C_eoef--MaximumSalesChargeImposedOnPurchasesOverOfferingPrice_dpn_zZ0y0bUVoFNg" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Maximum Sales Charge (Load) Imposed on Purchases<br/></span><span style="font-style: italic"><i>(as a percentage of offering price)</i></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>none</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>none</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>none</span></p> </td> </tr> <tr id="xdx_40A_eoef--MaximumDeferredSalesChargeOverOther_dpn_zPF3Jv2nJ9ti" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Maximum Deferred Sales Charge (Load) <br/></span><span style="font-style: italic"><i>(as a percentage of redemption proceeds or original purchase price, whichever is lower)</i></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>none</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>none</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>none</span></p> </td> </tr> </table> 0 0 0 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A86_eoef--AnnualFundOperatingExpensesTableTextBlock_z2KlMzEVmF15" style="-sec-ix-redline: true"></div> <table style="-sec-ix-redline: true; width: 595.1pt; margin-top: 0pt; margin-bottom: 8pt; table-layout: fixed; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 357.5pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> </tr> </table> <table id="xdx_A50_dU_zC0nEQrxkQC2" style="-sec-ix-redline: true; width: 595.1pt; margin-top: 0pt; margin-bottom: 8pt; table-layout: fixed; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; width: 357.5pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b> </b></span></p> </td> <td id="xdx_49F_20260128__20260128__oef--ClassAxis__custom--C000058462Member_zZnJAQS0Spz" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>Class R3</b></span></p> </td> <td id="xdx_498_20260128__20260128__oef--ClassAxis__custom--C000058463Member_zyiJPrdswP92" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>Class R4</b></span></p> </td> <td id="xdx_496_20260128__20260128__oef--ClassAxis__custom--C000058464Member_zqpDR8sHHF9e" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>Class R5</b></span></p> </td> </tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zVB2H3pBoh87" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Management Fees</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>0.83%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>0.83%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>0.83%</span></p> </td> </tr> <tr id="xdx_403_eoef--DistributionAndService12b1FeesOverAssets_dpn_zLrFG5qXKym2" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Distribution and Service (12b-1) Fees</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>0.50%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>0.25%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>none</span></p> </td> </tr> <tr id="xdx_405_eoef--OtherExpensesOverAssets_dpn_zRNG4s61UvKe" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Other Expenses</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>1.09%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>0.93%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>0.48%</span></p> </td> </tr> <tr id="xdx_407_eoef--ExpensesOverAssets_dpn_zz0CptV1hBE8" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Total Annual Fund Operating Expenses</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>2.42%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>2.01%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>1.31%</span></p> </td> </tr> <tr id="xdx_404_eoef--FeeWaiverOrReimbursementOverAssets_dpn_z5xDjfU6Gzz2" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Fee Waiver/Expense Reimbursement</span><sup id="xdx_F44_zgpGCqVuIvB4" style="font-size: 7pt; line-height: 7pt">(1)</sup><span style="line-height: 9pt"> </span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>(0.93)%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>(0.77)%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>(0.32)%</span></p> </td> </tr> <tr id="xdx_40C_eoef--NetExpensesOverAssets_dpn_zCDBsTUnxWv5" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>1.49%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>1.24%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>0.99%</span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: italic 8pt/9pt Arial, sans-serif; -sec-ix-redline: true; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right"><i id="xdx_F03_zvwCB69S4VJ6">(1)</i></td> <td style="width: 5pt"></td> <td style="text-align: justify"><i id="xdx_F1A_z9OBZVCupo01">Thornburg Investment Management, Inc. (“Thornburg”) has contractually agreed to waive fees and reimburse expenses incurred by the Fund so that actual Class R3, Class R4, and Class R5 expenses (excluding taxes, interest expenses, acquired fund fees and expenses, brokerage commissions, borrowing costs, expenses relating to short sales, and unusual expenses such as contingency fees or litigation costs) do not exceed 1.49%, 1.24%, and 0.99%, 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 <span id="xdx_90F_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260128__20260128__oef--ClassAxis__custom--C000058462Member_zjH0EBM5XeVk"><span id="xdx_909_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260128__20260128__oef--ClassAxis__custom--C000058463Member_zfxzEGN66886"><span id="xdx_908_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260128__20260128__oef--ClassAxis__custom--C000058464Member_zKOeTyaSA0Qi">February 1, 2027</span></span></span>, 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.</i></td> </tr> </table> 0.0083 0.0083 0.0083 0.0050 0.0025 0 0.0109 0.0093 0.0048 0.0242 0.0201 0.0131 -0.0093 -0.0077 -0.0032 0.0149 0.0124 0.0099 February 1, 2027 February 1, 2027 February 1, 2027 Example. <p id="xdx_A82_eoef--ExpenseExampleNarrativeTextBlock_zWjJSaAOsgU9" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span>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:</span></p> <div id="xdx_A8E_eoef--ExpenseExampleWithRedemptionTableTextBlock_zh6O7UMtXk67" style="-sec-ix-redline: true"></div> <table id="xdx_A5C_dU_zht0Xe6Nh5mb" style="-sec-ix-redline: true; width: 594pt; margin-top: 0pt; margin-bottom: 8pt; table-layout: fixed; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 277.2pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b> </b></span></p> </td> <td id="xdx_48A_eoef--ExpenseExampleYear01_zaXbTRmGfr82" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>1 Year</b></span></p> </td> <td id="xdx_48D_eoef--ExpenseExampleYear03_zBphHyX2ans" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>3 Years</b></span></p> </td> <td id="xdx_48E_eoef--ExpenseExampleYear05_zKkrkQ2MtPqh" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>5 Years</b></span></p> </td> <td id="xdx_489_eoef--ExpenseExampleYear10_zLr3c3jkOrQ7" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>10 Years</b></span></p> </td> </tr> <tr id="xdx_41B_20260128__20260128__oef--ClassAxis__custom--C000058462Member_zg7NkC87VvQ3" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Class R3 Shares</span></p> </td> <td style="border-width: 0pt; padding: 3pt 24pt 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right"><span>$152</span></p> </td> <td style="border-width: 0pt; padding: 3pt 24pt 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right"><span>$666</span></p> </td> <td style="border-width: 0pt; padding: 3pt 24pt 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right"><span>$1,206</span></p> </td> <td style="border-width: 0pt; padding: 3pt 24pt 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right"><span>$2,686</span></p> </td> </tr> <tr id="xdx_416_20260128__20260128__oef--ClassAxis__custom--C000058463Member_zpYyiR3x7E86" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Class R4 Shares</span></p> </td> <td style="border-width: 0pt; padding: 3pt 24pt 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right"><span>$126</span></p> </td> <td style="border-width: 0pt; padding: 3pt 24pt 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right"><span>$556</span></p> </td> <td style="border-width: 0pt; padding: 3pt 24pt 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right"><span>$1,012</span></p> </td> <td style="border-width: 0pt; padding: 3pt 24pt 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right"><span>$2,276</span></p> </td> </tr> <tr id="xdx_412_20260128__20260128__oef--ClassAxis__custom--C000058464Member_zhZ16TjEyb62" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Class R5 Shares</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 24pt 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right"><span>$101</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 24pt 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right"><span>$384</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 24pt 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right"><span>$688</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 24pt 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right"><span>$1,551</span></p> </td> </tr> </table> 152 666 1206 2686 126 556 1012 2276 101 384 688 1551 Portfolio Turnover. <p id="xdx_A82_eoef--PortfolioTurnoverTextBlock_zKazaf8PYSE1" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span>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 <span id="xdx_906_eoef--PortfolioTurnoverRate_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000012859Member_zs2tVxyRycI8">15.07%</span> of the average value of its portfolio.</span></p> 0.1507 Principal Investment Strategies <p id="xdx_A85_eoef--StrategyNarrativeTextBlock_zcRWdrGwnYa4" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span>The Fund pursues its investment goal by investing primarily in a broad range of equity securities, including common stocks, preferred stocks and publicly traded real estate investment trusts. The Fund may invest in any stock or other equity security which its investment advisor, Thornburg Investment Management, Inc. (“Thornburg”), believes may assist the Fund in pursuing its goal, including smaller companies with market capitalizations of less than $500 million.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span>The Fund portfolio includes investments in both domestic securities and securities of issuers domiciled in or economically tied to countries outside the United States, including developing countries. Relative proportions of each will vary from time to time, depending upon Thornburg’s view of specific investment opportunities and macro-economic factors. <span id="xdx_90B_eoef--StrategyPortfolioConcentration_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000012859Member_zJJ5cvQIC7If">Under normal market conditions, the Fund invests a significant portion of its assets in issuers domiciled in or economically tied to countries outside the United States.</span> </span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span>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 securities, and analysis of specific issuers.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span>The Fund may sell an investment if Thornburg has identified a better investment opportunity, in response to changes in the conditions or business of the investment’s issuer or changes in overall market conditions, if Thornburg has a target price for the investment and that target price has been achieved, or if, in Thornburg’s opinion, the investment no longer serves to achieve the Fund’s investment goals.</span></p> Under normal market conditions, the Fund invests a significant portion of its assets in issuers domiciled in or economically tied to countries outside the United States. An investment in the Fund is not a deposit in any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. Accordingly, the loss of money is a risk of investing in the Fund. <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__us-gaap--CreditRiskMember_zWe6krvUqMB" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Credit Risk </b></span><span>– The inability of an issuer to pay principal and interest on its debt obligations when due, or the downgrading of an issuer’s debt obligations by ratings agencies, may adversely affect the market’s perceptions of the issuer’s financial strength and may therefore result in declines in the issuer’s stock price.</span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityAndOperationalRiskMember_zVcnDjz9Kbfd" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; -sec-ix-redline: true; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Cybersecurity and Operational Risk </b></span><span>– Operational failures, cyber-attacks or other disruptions that affect the Fund’s service providers, the Fund’s counterparties, other market participants or the issuers of securities held by the Fund may adversely affect the Fund and its shareholders, including by causing losses for the Fund or impairing Fund operations. The rapid development and increasingly widespread use of artificial intelligence, including machine learning technology and generative artificial intelligence such as ChatGPT, could exacerbate these risks.</span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--DevelopingCountryRiskMember_zF1KgaL2BFNc" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Developing Country Risk </b></span><span>– The risks which may affect investments in foreign issuers (see “Foreign Investment Risk,” below) may be more pronounced for investments in developing countries because the economies of those countries are usually less diversified, communications, transportation and economic infrastructures are less developed, and developing countries ordinarily have less established legal, political, business and social frameworks. At times the prices of equity securities 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.</span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquityRiskMember_zfluSND5qEAb" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Equity Risk </b></span><span>– The value of the Fund’s equity investments may fluctuate significantly over time in response to factors affecting individual issuers, particular industries, or the market as a whole. Additionally, common stock ranks below preferred stock and debt securities in claims for dividends and for assets of a company in a liquidation or bankruptcy.</span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignCurrencyRiskMember_ztmip4ChEiNf" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Foreign Currency Risk </b></span><span>– 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.</span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignInvestmentRiskMember_zL77Kk1ot6w5" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Foreign Investment Risk </b></span><span>– Investments in securities of foreign issuers may involve risks including adverse fluctuations in currency exchange rates, political instability, confiscations, taxes or restrictions on currency exchange, difficulty in selling foreign investments, and reduced legal protection.</span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zkup7wscwzm7" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Liquidity Risk </b></span><span>– 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. This risk may be more pronounced for the Fund’s investments in developing countries.</span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zf3P4Ce6z411" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Management Risk </b></span><span>– 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.</span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndEconomicRiskMember_zfFE2jfGogv4" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; -sec-ix-redline: true; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Market and Economic Risk </b></span><span>– The value of the Fund’s investments may decline and its share value may be reduced due to changes in general economic and market conditions. The value of a security may change in response to developments affecting entire economies, markets or industries, including changes in interest rates, political, legal, and technological developments, and general market volatility.</span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--RealEstateRiskMember_z0Z3IXo7yIJe" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Real Estate Risk </b></span><span>– The Fund’s investments in publicly traded real estate investment trusts (“REITs”) are subject to risks affecting real estate investments generally (including market conditions, competition, property obsolescence, changes in interest rates and casualty to real estate), as well as risks specifically affecting REITs (the quality and skill of REIT management and the internal expenses of the REIT).</span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--RedemptionRiskMember_zNkcsWGBM0H9" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Redemption Risk </b></span><span>– 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.</span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--RisksAffectingSpecificCountriesOrRegionsMember_z5ceKJbZFhz4" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Risks Affecting Specific Countries or Regions </b></span><span>– If a significant portion of the Fund’s assets is invested in issuers that are economically exposed to one country or region, the Fund’s share value may be more susceptible to the conditions and developments in that country or region, and potentially more volatile than the share value of a more geographically diversified fund. A specific country or region could also be adversely affected by conditions or developments arising in other countries. For example, the U.S. government could take actions to prohibit or restrict individuals or companies within the U.S. from purchasing or holding the shares of issuers in another country, which may limit the Fund’s ability to invest in that country or cause the Fund to have to sell investments in that country at less than desired prices. The nature and degree of the risks affecting a given country or region, and the extent of the Fund’s exposure to any such country or region, is expected to vary over time.</span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--RisksAffectingSpecificIssuersMember_zRxvgGZqBfYj" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Risks Affecting Specific Issuers </b></span><span>– The value of a security may decline in response to developments affecting the specific issuer of the security, even if the overall industry or economy is unaffected. These developments may include a variety of factors, including but not limited to management issues or other corporate disruption, a decline in revenues or profitability, an increase in costs, or an adverse effect on the issuer’s competitive position.</span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallAndMidCapCompanyRiskMember_zgJ3z5ep0gt6" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Small and Mid-Cap Company Risk </b></span><span>– 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.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span>Additional information about Fund investments, investment strategies and risks of investing in the Fund appears below beginning on page 51 of the Prospectus.</span></p> Past Performance of the Fund <p id="xdx_A84_eoef--PerformanceNarrativeTextBlock_zWGYFRe0zmi6" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span><span id="xdx_90E_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000012859Member_zLsAbutveTqg">The following information provides some indication of the risks of investing in the Global Opportunities Fund by showing how the Fund’s investment results vary from year to year.</span> The bar chart shows how the annual total returns for Class R3 shares have been different in each full year shown. The average annual total return figures Class R3, Class R4 and Class R5 share performance to the MSCI All Country World Net Total Return USD Index, a broad-based securities market index that represents the overall applicable market in which the Fund invests. The index is not actively managed and is not available for direct investment. The bar charts and performance tables assume reinvestment of dividends and distributions. <span id="xdx_90A_eoef--PerformancePastDoesNotIndicateFuture_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000012859Member_z5DOi9rqnfQl">Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> The performance information shown is as of the calendar year ended December 31, 2025. Updated performance information may be obtained on the Thornburg website at <span id="xdx_90D_eoef--PerformanceAvailabilityWebSiteAddress_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000012859Member_ziNl9BzZvX91">Thornburg.com</span> or by calling <span id="xdx_90F_eoef--PerformanceAvailabilityPhone_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000012859Member_zJWIyh18IVX">1-800-847-0200</span>.</span></p> The following information provides some indication of the risks of investing in the Global Opportunities Fund by showing how the Fund’s investment results vary from year to year. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Thornburg.com 1-800-847-0200 Annual Total Returns – Class R3 Shares <div id="xdx_A8F_eoef--BarChartTableTextBlock_zfQSaZ6yGBIl"></div> <table border="0" cellpadding="0" cellspacing="0" id="xdx_A55_dU_zQr8BAPvRjL8" style="display: none; visibility: hidden; width: 100%; border-collapse: collapse; font-size: 8pt" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left"> </td> <td id="xdx_48A_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000058462Member_zqt3uUwe7in7" style="font-family: Aptos Narrow; text-align: left"> </td></tr> <tr id="xdx_417_20160101__20161231_z9EsKpgNs9G3" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">2016</td> <td style="font-family: Aptos Narrow; text-align: left">3.49%</td></tr> <tr id="xdx_418_20170101__20171231_zA1fp9i56lOh" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">2017</td> <td style="font-family: Aptos Narrow; text-align: left">21.37%</td></tr> <tr id="xdx_415_20180101__20181231_zBsYkxRm2ZJf" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">2018</td> <td style="font-family: Aptos Narrow; text-align: left">-21.07%</td></tr> <tr id="xdx_41A_20190101__20191231_z2pqSiRxRenb" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">2019</td> <td style="font-family: Aptos Narrow; text-align: left">28.09%</td></tr> <tr id="xdx_41F_20200101__20201231_znHCfl5H2jQe" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">2020</td> <td style="font-family: Aptos Narrow; text-align: left">22.05%</td></tr> <tr id="xdx_414_20210101__20211231_znbaJiiAyA7i" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">2021</td> <td style="font-family: Aptos Narrow; text-align: left">14.18%</td></tr> <tr id="xdx_41E_20220101__20221231_zGfeLyzY3e1" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">2022</td> <td style="font-family: Aptos Narrow; text-align: left">-10.52%</td></tr> <tr id="xdx_413_20230101__20231231_zXHHYNncXNlj" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">2023</td> <td style="font-family: Aptos Narrow; text-align: left">15.69%</td></tr> <tr id="xdx_414_20240101__20241231_zJRWErhkhZL9" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">2024</td> <td style="font-family: Aptos Narrow; text-align: left">12.55%</td></tr> <tr id="xdx_418_20250101__20251231_zXvoYpSWp6vk" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; width: 31%">2025</td> <td style="font-family: Aptos Narrow; text-align: left; width: 69%">40.43%</td></tr> </table> <div style="font: 12pt Arial, sans-serif; margin: 24pt 0pt; color: #000000; text-indent: 0pt"> <div style="border-width: 0pt; padding: 0pt; overflow: hidden; display: inline-block; width: 592.28pt; height: 175.8pt"> <img alt="" src="retirementproimg002.gif" style="vertical-align: top; margin-left: 0pt; width: 591.8pt; margin-top: 0pt; height: 176pt"/> </div> </div> 0.0349 0.2137 -0.2107 0.2809 0.2205 0.1418 -0.1052 0.1569 0.1255 0.4043 <p id="xdx_A84_eoef--BarChartClosingTextBlock_zGCOpi02Pjxb" style="font: 12pt Arial, sans-serif; margin: 24pt 0pt; color: #000000; text-indent: 0pt"><span> </span></p> <table style="-sec-ix-redline: true; width: 594pt; margin-top: 2pt; margin-bottom: 8pt; table-layout: fixed; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 435.6pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b> </b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>Total<br/>Returns</b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>Quarter<br/>ended</b></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span><span id="xdx_900_eoef--HighestQuarterlyReturnLabel_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000012859Member_zHNRfRtrnTXi">Highest Quarterly Results</span></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span><span id="xdx_900_eoef--BarChartHighestQuarterlyReturn_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000012859Member_zDcUsl2Udtq8">21.70%</span></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span><span id="xdx_906_eoef--BarChartHighestQuarterlyReturnDate_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000012859Member_z7Ru6ertgVn3">6/30/2020</span></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span><span id="xdx_902_eoef--LowestQuarterlyReturnLabel_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000012859Member_zcVQUn0ICiTi">Lowest Quarterly Results</span></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt 3pt 3pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span><span id="xdx_90F_eoef--BarChartLowestQuarterlyReturn_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000012859Member_ziwYOWnm8lu9">-24.86%</span></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span><span id="xdx_90D_eoef--BarChartLowestQuarterlyReturnDate_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000012859Member_zeoSdKPa9Hma">3/31/2020</span></span></p> </td> </tr> </table> Highest Quarterly Results 0.2170 2020-06-30 Lowest Quarterly Results -0.2486 2020-03-31 Average Annual Total Returns (periods ended 12-31-25) <div id="xdx_A88_eoef--PerformanceTableTextBlock_ztMCAMa5O55d" style="-sec-ix-redline: true"></div> <table style="-sec-ix-redline: true; width: 594pt; margin-top: 2pt; margin-bottom: 8pt; table-layout: fixed; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 356.4pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> </tr> </table> <table id="xdx_A58_dU_z6O1P76sWU75" style="-sec-ix-redline: true; width: 594pt; margin-top: 2pt; margin-bottom: 8pt; table-layout: fixed; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; width: 356.4pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Class R3 Shares</b></span></p> </td> <td id="xdx_49E_20250101__20251231_zp4PYDfHuy5a" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>1 Year</b></span></p> </td> <td id="xdx_496_20210101__20251231_zmIFRlZnhGaj" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>5 Years</b></span></p> </td> <td id="xdx_49F_20160101__20251231_zlOpoqHQVzvj" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>10 YEARS</b></span></p> </td> </tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dpn_hoef--ClassAxis__custom--C000058462Member_zOi86envamVl" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Return Before Taxes</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>40.43%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>13.31%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>11.22%</span></p> </td> </tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dpn_hoef--ClassAxis__custom--C000058462Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zb7q1DfEw882" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Return After Taxes on Distributions</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>38.21%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>11.27%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt 3pt 11pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>9.85%</span></p> </td> </tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dpn_hoef--ClassAxis__custom--C000058462Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_z6pkC5XiUUUl" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Return After Taxes on Distributions and Sale of Fund Shares</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>25.02%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt 3pt 11pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>9.92%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt 3pt 11pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>8.73%</span></p> </td> </tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dpn_hoef--PerformanceMeasureAxis__custom--MSCIAllCountryWorldNetTotalReturnUSDIndexMember_zdoI4dSO7nWa" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>MSCI All Country World Net Total Return USD Index<br/></span><span style="font-style: italic"><i><span id="xdx_905_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000012859Member_zXtLMy3wybGa">(reflects no deduction for fees, expenses, or U.S. taxes)</span></i></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>22.34%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>11.19%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>11.72%</span></p> </td> </tr> </table> <div style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000"> <table style="-sec-ix-redline: true; width: 594pt; margin-top: 2pt; margin-bottom: 8pt; table-layout: fixed; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 356.4pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> </tr> </table> <table style="-sec-ix-redline: true; width: 594pt; margin-top: 2pt; margin-bottom: 8pt; table-layout: fixed; border-collapse: collapse"> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; width: 356.4pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Class R4 Shares</b></span></p> </td> <td id="xdx_49E_20250101__20251231_z2jos7SHZom" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>1 Year</b></span></p> </td> <td id="xdx_496_20210101__20251231_zLGSIcszEysh" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>5 Years</b></span></p> </td> <td id="xdx_49F_20160101__20251231_z0bB7ki8M2zj" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>10 YEARS</b></span></p> </td> </tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dpn_hoef--ClassAxis__custom--C000058463Member_zrfTBeGGgsrk" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Return Before Taxes</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>40.53%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>13.40%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>11.32%</span></p> </td> </tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dpn_hoef--PerformanceMeasureAxis__custom--MSCIAllCountryWorldNetTotalReturnUSDIndexMember_zGrGEKnCry89" style="min-height: 18.42pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>MSCI All Country World Net Total Return USD Index<br/></span><span style="font-style: italic"><i><span id="xdx_908_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000012859Member_z3TxjeiTug8b">(reflects no deduction for fees, expenses, or U.S. taxes)</span></i></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>22.34%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>11.19%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>11.72%</span></p> </td> </tr> </table> </div> <div style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000"> <table style="-sec-ix-redline: true; width: 594pt; margin-top: 2pt; margin-bottom: 8pt; table-layout: fixed; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 356.4pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> </tr> </table> <table style="-sec-ix-redline: true; width: 594pt; margin-top: 2pt; margin-bottom: 8pt; table-layout: fixed; border-collapse: collapse"> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; width: 356.4pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Class R5 Shares</b></span></p> </td> <td id="xdx_49E_20250101__20251231_zQsP0a3WAZfb" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>1 Year</b></span></p> </td> <td id="xdx_496_20210101__20251231_zyNoTEkbm6xj" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>5 Years</b></span></p> </td> <td id="xdx_49F_20160101__20251231_zjQ8haqvk7bl" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>10 YEARS</b></span></p> </td> </tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dpn_hoef--ClassAxis__custom--C000058464Member_zDkVNzY5lfke" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Return Before Taxes</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>41.11%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>13.86%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>11.77%</span></p> </td> </tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dpn_hoef--PerformanceMeasureAxis__custom--MSCIAllCountryWorldNetTotalReturnUSDIndexMember_zRGvnLsZovkl" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>MSCI All Country World Net Total Return USD Index<br/></span><span style="font-style: italic"><i><span id="xdx_907_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000012859Member_z9cIFrKmKjNi">(reflects no deduction for fees, expenses, or U.S. taxes)</span></i></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>22.34%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>11.19%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>11.72%</span></p> </td> </tr> </table> </div> 0.4043 0.1331 0.1122 0.3821 0.1127 0.0985 0.2502 0.0992 0.0873 (reflects no deduction for fees, expenses, or U.S. taxes) 0.2234 0.1119 0.1172 0.4053 0.1340 0.1132 (reflects no deduction for fees, expenses, or U.S. taxes) 0.2234 0.1119 0.1172 0.4111 0.1386 0.1177 (reflects no deduction for fees, expenses, or U.S. taxes) 0.2234 0.1119 0.1172 <p id="xdx_A83_eoef--PerformanceTableClosingTextBlock_zr9sXILhaNe6" style="font: italic 8pt/9pt Arial, sans-serif; margin: 0pt 0pt 4pt; color: #000000; text-indent: 0pt"><span><i><span id="xdx_902_eoef--PerformanceTableUsesHighestFederalRate_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000012859Member_zulRu0Xtbush">After-tax returns are calculated using the highest historical individual federal marginal income tax rates, and do not reflect state or local income taxes.</span> <span id="xdx_901_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000012859Member_zmIMcdyEjQta">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.</span> <span id="xdx_90D_eoef--PerformanceTableOneClassOfAfterTaxShown_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000012859Member_zEPEwjtn4qGd">The after-tax returns shown relate only to Class R3 shares, and after-tax returns for other share classes will vary.</span></i></span></p> 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. International Equity Fund Investment Goal <p id="xdx_A88_eoef--ObjectivePrimaryTextBlock_zEESGhGAxJra" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span>The Fund seeks long-term capital appreciation by investing in equity and debt securities of all types.</span></p> <p id="xdx_A8F_eoef--ObjectiveSecondaryTextBlock_zkx1AlDZ24M2" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span>The secondary, non-fundamental goal of the Fund is to seek some current income. </span></p> Fees and Expenses of the Fund <p id="xdx_A88_eoef--ExpenseNarrativeTextBlock_zWFUoS0CC2hl" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span>This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. </span><span style="font-weight: bold"><b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</b></span></p> Shareholder Fees (fees paid directly from your investment) <div id="xdx_A8F_eoef--ShareholderFeesTableTextBlock_ze6IL86k3UYb"></div> <table style="width: 595.1pt; margin-top: 0pt; margin-bottom: 8pt; table-layout: fixed; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 357.5pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> </tr> </table> <table id="xdx_A58_zRO1B6pUgwA2" style="width: 595.1pt; margin-top: 0pt; margin-bottom: 8pt; table-layout: fixed; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; width: 357.5pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b> </b></span></p> </td> <td id="xdx_49F_20260128__20260128__oef--ClassAxis__custom--C000042672Member_zMHBk6iQoRej" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>Class R3</b></span></p> </td> <td id="xdx_496_20260128__20260128__oef--ClassAxis__custom--C000042671Member_zkTvD7e6E2ol" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>Class R4</b></span></p> </td> <td id="xdx_496_20260128__20260128__oef--ClassAxis__custom--C000032374Member_zhCDLueGHKZ7" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>Class R5</b></span></p> </td> </tr> <tr id="xdx_402_eoef--MaximumSalesChargeImposedOnPurchasesOverOfferingPrice_dpn_z6xXVyqTm4g1" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Maximum Sales Charge (Load) Imposed on Purchases <br/></span><span style="font-style: italic"><i>(as a percentage of offering price)</i></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>none</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>none</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>none</span></p> </td> </tr> <tr id="xdx_40A_eoef--MaximumDeferredSalesChargeOverOther_dpn_zStgI5h8oUO4" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Maximum Deferred Sales Charge (Load) <br/></span><span style="font-style: italic"><i>(as a percentage of redemption proceeds or original purchase price, whichever is lower)</i></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>none</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>none</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>none</span></p> </td> </tr> </table> 0 0 0 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A8C_eoef--AnnualFundOperatingExpensesTableTextBlock_zgbGwHBZZ91" style="-sec-ix-redline: true"></div> <table style="-sec-ix-redline: true; width: 595.1pt; margin-top: 0pt; margin-bottom: 8pt; table-layout: fixed; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 357.5pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> </tr> </table> <table id="xdx_A5A_dU_zUNnXD05fWFf" style="-sec-ix-redline: true; width: 595.1pt; margin-top: 0pt; margin-bottom: 8pt; table-layout: fixed; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; width: 357.5pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b> </b></span></p> </td> <td id="xdx_490_20260128__20260128__oef--ClassAxis__custom--C000042672Member_zQIBboSD7N8j" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>Class R3</b></span></p> </td> <td id="xdx_49C_20260128__20260128__oef--ClassAxis__custom--C000042671Member_zFExYvxBvTrd" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>Class R4</b></span></p> </td> <td id="xdx_491_20260128__20260128__oef--ClassAxis__custom--C000032374Member_ztljFrarZLG5" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>Class R5</b></span></p> </td> </tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zhZBAKEvUyx5" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Management Fees</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>0.75%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>0.75%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>0.75%</span></p> </td> </tr> <tr id="xdx_403_eoef--DistributionAndService12b1FeesOverAssets_dpn_zsnvEmHRrtU6" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Distribution and Service (12b-1) Fees</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>0.50%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>0.25%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>none</span></p> </td> </tr> <tr id="xdx_405_eoef--OtherExpensesOverAssets_dpn_zr25VkA2qo3d" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Other Expenses</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>0.38%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>0.42%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>0.42%</span></p> </td> </tr> <tr id="xdx_407_eoef--ExpensesOverAssets_dpn_zgeC9wwOLE8h" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Total Annual Fund Operating Expenses</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>1.63%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>1.42%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>1.17%</span></p> </td> </tr> <tr id="xdx_404_eoef--FeeWaiverOrReimbursementOverAssets_dpn_zlyYYc8TSlS" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Fee Waiver/Expense Reimbursement</span><sup id="xdx_F46_zqvNscCrsCk3" style="font-size: 7pt; line-height: 7pt">(1)</sup><span style="line-height: 9pt"> </span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>(0.23)%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>(0.27)%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>(0.27)%</span></p> </td> </tr> <tr id="xdx_40C_eoef--NetExpensesOverAssets_dpn_znx15Tutk9M1" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>1.40%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>1.15%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>0.90%</span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: italic 8pt/9pt Arial, sans-serif; -sec-ix-redline: true; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right"><i id="xdx_F01_z6RNZhGZvDej">(1)</i></td> <td style="width: 5pt"></td> <td style="text-align: justify"><i id="xdx_F16_zk7fhDvvD9ah">Thornburg Investment Management, Inc. (“Thornburg”) has contractually agreed to waive fees and reimburse expenses incurred by the Fund so that actual Class R3, Class R4 and Class R5 expenses (excluding taxes, interest expenses, acquired fund fees and expenses, brokerage commissions, borrowing costs, expenses relating to short sales, and unusual expenses such as contingency fees or litigation costs) do not exceed 1.40%, 1.15% and 0.90%, 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 <span id="xdx_907_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260128__20260128__oef--ClassAxis__custom--C000042672Member_zClrJ5frd8ec"><span id="xdx_90F_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260128__20260128__oef--ClassAxis__custom--C000042671Member_zRqfa0t8ud74"><span id="xdx_906_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260128__20260128__oef--ClassAxis__custom--C000032374Member_z2i7DaMcwlA5">February 1, 2027</span></span></span>, 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.</i></td> </tr> </table> 0.0075 0.0075 0.0075 0.0050 0.0025 0 0.0038 0.0042 0.0042 0.0163 0.0142 0.0117 -0.0023 -0.0027 -0.0027 0.0140 0.0115 0.0090 February 1, 2027 February 1, 2027 February 1, 2027 Example. <p id="xdx_A89_eoef--ExpenseExampleNarrativeTextBlock_zvzSadD8nPC9" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 7pt; color: #000000; text-indent: 0pt"><span>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 7pt; color: #000000; text-indent: 0pt"><span>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:</span></p> <div id="xdx_A86_eoef--ExpenseExampleWithRedemptionTableTextBlock_zE7fZAZCMKNc" style="-sec-ix-redline: true"></div> <table id="xdx_A54_dU_zERLQdMFmJhf" style="-sec-ix-redline: true; width: 594pt; margin-top: 0pt; margin-bottom: 7pt; table-layout: fixed; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 277.2pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b> </b></span></p> </td> <td id="xdx_483_eoef--ExpenseExampleYear01_zL3x0nkOk317" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>1 Year</b></span></p> </td> <td id="xdx_482_eoef--ExpenseExampleYear03_z3WSU06HzKId" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>3 Years</b></span></p> </td> <td id="xdx_48A_eoef--ExpenseExampleYear05_zuT5IDWezw55" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>5 Years</b></span></p> </td> <td id="xdx_483_eoef--ExpenseExampleYear10_zFncPXgWH894" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>10 Years</b></span></p> </td> </tr> <tr id="xdx_415_20260128__20260128__oef--ClassAxis__custom--C000042672Member_z1dkKmlMS76g" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Class R3 Shares</span></p> </td> <td style="border-width: 0pt; padding: 3pt 24pt 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right"><span>$143</span></p> </td> <td style="border-width: 0pt; padding: 3pt 24pt 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right"><span>$492</span></p> </td> <td style="border-width: 0pt; padding: 3pt 24pt 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right"><span>$865</span></p> </td> <td style="border-width: 0pt; padding: 3pt 24pt 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right"><span>$1,914</span></p> </td> </tr> <tr id="xdx_415_20260128__20260128__oef--ClassAxis__custom--C000042671Member_zEs76GhwGhX8" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Class R4 Shares</span></p> </td> <td style="border-width: 0pt; padding: 3pt 24pt 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right"><span>$117</span></p> </td> <td style="border-width: 0pt; padding: 3pt 24pt 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right"><span>$423</span></p> </td> <td style="border-width: 0pt; padding: 3pt 24pt 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right"><span>$751</span></p> </td> <td style="border-width: 0pt; padding: 3pt 24pt 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right"><span>$1,679</span></p> </td> </tr> <tr id="xdx_41B_20260128__20260128__oef--ClassAxis__custom--C000032374Member_znu4v7DHn0wk" style="min-height: 3pt"> <td style="border-bottom: #000000 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Class R5 Shares</span></p> </td> <td style="border-bottom: #000000 1pt solid; padding: 3pt 24pt 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right"><span>$92</span></p> </td> <td style="border-bottom: #000000 1pt solid; padding: 3pt 24pt 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right"><span>$345</span></p> </td> <td style="border-bottom: #000000 1pt solid; padding: 3pt 24pt 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right"><span>$618</span></p> </td> <td style="border-bottom: #000000 1pt solid; padding: 3pt 24pt 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right"><span>$1,396</span></p> </td> </tr> </table> 143 492 865 1914 117 423 751 1679 92 345 618 1396 Portfolio Turnover. <p id="xdx_A86_eoef--PortfolioTurnoverTextBlock_zlUmtbklxJV7" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 7pt; color: #000000; text-indent: 0pt"><span>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 <span id="xdx_900_eoef--PortfolioTurnoverRate_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000011849Member_zyuUTr2dlh09">28.49%</span> of the average value of its portfolio.</span></p> 0.2849 Principal Investment Strategies <p id="xdx_A80_eoef--StrategyNarrativeTextBlock_gRBSNTB-MBHEP_zb95qQDaWPpk" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 7pt; color: #000000; text-indent: 0pt"><span>The Fund invests primarily in common stocks of non-U.S. companies and depositary receipts associated with such stocks. The Fund may invest in developing countries. <span id="xdx_901_eoef--StrategyPortfolioConcentration_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000011849Member_zcrtv8I5Quwe">Under normal conditions, the Fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in common stocks or depositary receipts.</span> </span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 7pt; color: #000000; text-indent: 0pt"><span>The Fund’s investment advisor, Thornburg Investment Management, Inc. (“Thornburg”), intends to invest on an opportunistic basis where the Fund’s portfolio managers believe intrinsic value is not recognized by the marketplace. The Fund seeks to identify value in a broad or different context by investing in a diversified portfolio of stocks the Fund categorizes as basic values, consistent earners, and emerging franchises, when the portfolio managers believe these issues are value priced. The relative proportions of securities invested in each of those categories will vary over time. The Fund seeks to invest in promising companies, and may invest in stocks that reflect unfavorable market perceptions of the company or industry fundamentals. The Fund may invest in companies of any size, but invests primarily in the large and middle capitalization range of publicly traded companies. </span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 7pt; color: #000000; text-indent: 0pt"><span>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 securities, and analysis of specific issuers.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 7pt; color: #000000; text-indent: 0pt"><span>Thornburg typically categorizes the Fund’s equity investments in one of the following three categories:</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 7pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Basic Value: Companies generally operating in mature or cyclical industries and which generally exhibit more economic sensitivity and/or higher volatility in earnings and cash flow.</b></span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 7pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Consistent Earner: Companies which generally exhibit predictable growth, profitability, cash flow and/or dividends.</b></span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 7pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Emerging Franchise: Companies with the potential to grow at an above average rate because of a product or service that is establishing a new market and/or taking share from existing participants.</b></span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span>Inclusion of any investment in any of the three described categories represents Thornburg’s opinion concerning the characteristics and prospects of the investment. There is no assurance that any company selected for investment will, once categorized in one of the three described investment categories, continue to have the positive characteristics or fulfill the expectations that Thornburg had for the company when it was selected for investment, and any such company may not grow or may decline in earnings and size.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span>The Fund may sell an investment if Thornburg has identified a better investment opportunity, in response to changes in the conditions or business of the investment’s issuer or changes in overall market conditions, if Thornburg has a target price for the investment and that target price has been achieved, or if, in Thornburg’s opinion, the investment no longer serves to achieve the Fund’s investment goals.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span>The Fund’s policy of investing at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in common stocks or depositary receipts may be changed by the Fund’s Trustees without a shareholder vote upon 60 days’ notice to shareholders.</span></p> Under normal conditions, the Fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in common stocks or depositary receipts. An investment in the Fund is not a deposit in any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. Accordingly, the loss of money is a risk of investing in the Fund. <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__us-gaap--CreditRiskMember_zd1tRKoVSqb" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 7pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Credit Risk </b></span><span>– The inability of an issuer to pay principal and interest on its debt obligations when due, or the downgrading of an issuer’s debt obligations by ratings agencies, may adversely affect the market’s perceptions of the issuer’s financial strength and may therefore result in declines in the issuer’s stock price.</span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityAndOperationalRiskMember_zlasX17IaoIk" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; -sec-ix-redline: true; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Cybersecurity and Operational Risk </b></span><span>– Operational failures, cyber-attacks or other disruptions that affect the Fund’s service providers, the Fund’s counterparties, other market participants or the issuers of securities held by the Fund may adversely affect the Fund and its shareholders, including by causing losses for the Fund or impairing Fund operations. The rapid development and increasingly widespread use of artificial intelligence, including machine learning technology and generative artificial intelligence such as ChatGPT, could exacerbate these risks.</span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--DepositaryReceiptsRiskMember_zzi4ej9oeDVl" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 7pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Depositary Receipts Risk </b></span><span>– An investment in American Depositary Receipts (“ADRs”), European Depositary Receipts (“EDRs”) or Global Depositary Receipts (“GDRs”) is an alternative to the purchase of the underlying securities in their national markets and/or currencies. However, ADRs, EDRs, and GDRs remain subject to many of the risks associated with investing directly in foreign securities, including the political and economic risks associated with the underlying issuer’s country. Certain countries may limit the ability to convert a depositary receipt into the underlying foreign security and vice versa, which may cause the securities of the foreign company to trade at a discount or premium to the market price of the related depositary receipts. Moreover, EDRs and GDRs can involve currency risk since, unlike ADRs, they may not be U.S. dollar denominated.</span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--DevelopingCountryRiskMember_zjkuYpKnQSM8" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 7pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Developing Country Risk </b></span><span>– The risks which may affect investments in foreign issuers (see “Foreign Investment Risk,” below) may be more pronounced for investments in developing countries because the economies of those countries are usually less diversified, communications, transportation and economic infrastructures are less developed, and developing countries ordinarily have less established legal, political, business and social frameworks. At times the prices of equity securities 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.</span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquityRiskMember_zGNPidWCiJef" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 7pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Equity Risk </b></span><span>– The value of the Fund’s equity investments may fluctuate significantly over time in response to factors affecting individual issuers, particular industries, or the market as a whole. Additionally, common stock ranks below preferred stock and debt securities in claims for dividends and for assets of a company in a liquidation or bankruptcy.</span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignCurrencyRiskMember_zIZCPfApRhHj" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 7pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Foreign Currency Risk </b></span><span>– 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.</span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignInvestmentRiskMember_zfmCHTo8Gkng" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 7pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Foreign Investment Risk </b></span><span>– Investments in securities of foreign issuers may involve risks including adverse fluctuations in currency exchange rates, political instability, confiscations, taxes or restrictions on currency exchange, difficulty in selling foreign investments, and reduced legal protection.</span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zKfN7oYXbHt9" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 7pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Liquidity Risk </b></span><span>– 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.</span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zBdlwFIP7UJ4" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Management Risk </b></span><span>– 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.</span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndEconomicRiskMember_zxoXO98hHDB3" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; -sec-ix-redline: true; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Market and Economic Risk </b></span><span>– The value of the Fund’s investments may decline and its share value may be reduced due to changes in general economic and market conditions. The value of a security may change in response to developments affecting entire economies, markets or industries, including changes in interest rates, political, legal, and technological developments, and general market volatility.</span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--RedemptionRiskMember_z5X7w76JXkbe" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Redemption Risk </b></span><span>– 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.</span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--RisksAffectingSpecificCountriesOrRegionsMember_zDuj93NfzE3f" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Risks Affecting Specific Countries or Regions </b></span><span>– If a significant portion of the Fund’s assets is invested in issuers that are economically exposed to one country or region, the Fund’s share value may be more susceptible to the conditions and developments in that country or region, and potentially more volatile than the share value of a more geographically diversified fund. A specific country or region could also be adversely affected by conditions or developments arising in other countries. For example, the U.S. government could take actions to prohibit or restrict individuals or companies within the U.S. from purchasing or holding the shares of issuers in another country, which may limit the Fund’s ability to invest in that country or cause the Fund to have to sell investments in that country at less than desired prices. The nature and degree of the risks affecting a given country or region, and the extent of the Fund’s exposure to any such country or region, is expected to vary over time.</span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--RisksAffectingSpecificIssuersMember_z9OQboWjUZoi" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Risks Affecting Specific Issuers </b></span><span>– The value of a security may decline in response to developments affecting the specific issuer of the security, even if the overall industry or economy is unaffected. These developments may include a variety of factors, including but not limited to management issues or other corporate disruption, a decline in revenues or profitability, an increase in costs, or an adverse effect on the issuer’s competitive position.</span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallAndMidCapCompanyRiskMember_zA1XwmStuT9j" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Small and Mid-Cap Company Risk </b></span><span>– 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.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; color: #000000; text-indent: 0pt"><span>Additional information about Fund investments, investment strategies, and risks of investing in the Fund appears beginning on page 51 of the Prospectus.</span></p> Past Performance of the Fund <p id="xdx_A87_eoef--PerformanceNarrativeTextBlock_zEv6YXXnSuD" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span><span id="xdx_901_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000011849Member_zf1HELZ1u7Ti">The following information provides some indication of the risks of investing in the International Equity Fund by showing how the Fund’s investment results vary from year to year.</span> The bar chart shows how the annual total returns for Class R3 shares have been different in each full year shown. The average annual total return figures compare Class R3, Class R4 and Class R5 share performance to the MSCI All Country World ex USA Net Total Return USD Index, a broad-based securities market index that represents the overall applicable market in which the Fund invests. The Index is not actively managed and is not available for direct investment. The bar charts and performance tables assume reinvestment of dividends and distributions. <span id="xdx_909_eoef--PerformancePastDoesNotIndicateFuture_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000011849Member_zJaOH5Giqmd">Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> The performance information shown is as of the calendar year ended December 31, 2025. Updated performance information may be obtained on the Thornburg website at <span id="xdx_90D_eoef--PerformanceAvailabilityWebSiteAddress_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000011849Member_zbHmnxrqzxs9">Thornburg.com</span> or by calling <span id="xdx_90A_eoef--PerformanceAvailabilityPhone_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000011849Member_zfCvBEVkJAHh">1-800-847-0200</span>.</span></p> The following information provides some indication of the risks of investing in the International Equity Fund by showing how the Fund’s investment results vary from year to year. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Thornburg.com 1-800-847-0200 Annual Total Returns – Class R3 Shares <div id="xdx_A8D_eoef--BarChartTableTextBlock_zKBV6zyQCye6"></div> <table border="0" cellpadding="0" cellspacing="0" id="xdx_A5A_dU_z0Ff7keGMaOa" style="display: none; visibility: hidden; width: 100%; border-collapse: collapse; font-size: 8pt" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left"> </td> <td id="xdx_48A_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000042672Member_zDeaF3XJcn4" style="font-family: Aptos Narrow; text-align: left"> </td></tr> <tr id="xdx_417_20160101__20161231_zEaFKVtGUAKi" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">2016</td> <td style="font-family: Aptos Narrow; text-align: left">-2.88%</td></tr> <tr id="xdx_418_20170101__20171231_zZiAbBDbj2o4" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">2017</td> <td style="font-family: Aptos Narrow; text-align: left">24.78%</td></tr> <tr id="xdx_415_20180101__20181231_zF1aZ59OqfSb" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">2018</td> <td style="font-family: Aptos Narrow; text-align: left">-20.22%</td></tr> <tr id="xdx_41A_20190101__20191231_z6qgEA5XgKi9" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">2019</td> <td style="font-family: Aptos Narrow; text-align: left">28.39%</td></tr> <tr id="xdx_41F_20200101__20201231_zGZpoo5GcvOa" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">2020</td> <td style="font-family: Aptos Narrow; text-align: left">22.12%</td></tr> <tr id="xdx_414_20210101__20211231_zFZzvs2i3Svj" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">2021</td> <td style="font-family: Aptos Narrow; text-align: left">7.10%</td></tr> <tr id="xdx_41E_20220101__20221231_zGeRde3YLZQa" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">2022</td> <td style="font-family: Aptos Narrow; text-align: left">-17.13%</td></tr> <tr id="xdx_413_20230101__20231231_zS3S3rKc74Vi" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">2023</td> <td style="font-family: Aptos Narrow; text-align: left">15.45%</td></tr> <tr id="xdx_414_20240101__20241231_zfupjhoIuYU3" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">2024</td> <td style="font-family: Aptos Narrow; text-align: left">11.05%</td></tr> <tr id="xdx_418_20250101__20251231_zcT2drJ8yYXg" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; width: 31%">2025</td> <td style="font-family: Aptos Narrow; text-align: left; width: 69%">33.56%</td></tr> </table> <div style="font: 12pt Arial, sans-serif; margin: 12pt 0pt; color: #000000; text-indent: 0pt"> <div style="border-width: 0pt; padding: 0pt; overflow: hidden; display: inline-block; width: 592.47pt; height: 175.8pt"> <img alt="" src="retirementproimg003.gif" style="vertical-align: top; margin-left: 0pt; width: 591.8pt; margin-top: 0pt; height: 174.9pt"/> </div> </div> -0.0288 0.2478 -0.2022 0.2839 0.2212 0.0710 -0.1713 0.1545 0.1105 0.3356 <p id="xdx_A8A_eoef--BarChartClosingTextBlock_ztfBADwX1pJ8" style="font: 12pt Arial, sans-serif; margin: 12pt 0pt; color: #000000; text-indent: 0pt"><span> </span></p> <table style="-sec-ix-redline: true; width: 594pt; margin-top: 2pt; margin-bottom: 8pt; table-layout: fixed; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 435.6pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.5pt 6pt; vertical-align: bottom"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b> </b></span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #234b8d; vertical-align: bottom"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>Total<br/>Returns</b></span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #234b8d; vertical-align: bottom"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>Quarter<br/>ended</b></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span><span id="xdx_902_eoef--HighestQuarterlyReturnLabel_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000011849Member_zSmsezMOBBia">Highest Quarterly Results</span></span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span><span id="xdx_900_eoef--BarChartHighestQuarterlyReturn_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000011849Member_zw79Rb7LDMY7">18.53%</span></span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span><span id="xdx_905_eoef--BarChartHighestQuarterlyReturnDate_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000011849Member_z7V8Ia5JUiI8">12/31/2022</span></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span><span id="xdx_901_eoef--LowestQuarterlyReturnLabel_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000011849Member_zvyexZUk6rJ7">Lowest Quarterly Results</span></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span><span id="xdx_90C_eoef--BarChartLowestQuarterlyReturn_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000011849Member_zs01mjOOR0Ag">-19.56%</span></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span><span id="xdx_901_eoef--BarChartLowestQuarterlyReturnDate_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000011849Member_zNNKQFH9g5r5">3/31/2020</span></span></p> </td> </tr> </table> Highest Quarterly Results 0.1853 2022-12-31 Lowest Quarterly Results -0.1956 2020-03-31 Average Annual Total Returns (periods ended 12-31-25) <div id="xdx_A85_eoef--PerformanceTableTextBlock_zdTczkNq3Owl" style="-sec-ix-redline: true"></div> <table style="-sec-ix-redline: true; width: 594pt; margin-top: 2pt; margin-bottom: 8pt; table-layout: fixed; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 356.4pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> </tr> </table> <table id="xdx_A55_zx20fOmmZBEh" style="-sec-ix-redline: true; width: 594pt; margin-top: 2pt; margin-bottom: 8pt; table-layout: fixed; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.5pt 6pt; vertical-align: bottom; width: 356.4pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Class R3 Shares</b></span></p> </td> <td id="xdx_49E_20250101__20251231_zFly1sYNyoEa" style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>1 Year</b></span></p> </td> <td id="xdx_496_20210101__20251231_zCVTW4j536ca" style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>5 Years</b></span></p> </td> <td id="xdx_49F_20160101__20251231_zkRws64Kaop7" style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>10 Years</b></span></p> </td> </tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dpn_hoef--ClassAxis__custom--C000042672Member_zMW1HZRy1kEh" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Return Before Taxes</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>33.56%</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 23pt 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right"><span>8.73%</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>8.71%</span></p> </td> </tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dpn_hoef--ClassAxis__custom--C000042672Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zjJfMIGm0277" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.5pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Return After Taxes on Distributions</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>32.23%</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 23pt 2.5pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right"><span>6.98%</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>6.98%</span></p> </td> </tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dpn_hoef--ClassAxis__custom--C000042672Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zrX3gt39yOq9" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Return After Taxes on Distributions and Sale of Fund Shares</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>20.34%</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 23pt 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right"><span>6.21%</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>6.35%</span></p> </td> </tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dpn_hoef--PerformanceMeasureAxis__custom--MSCIAllCountryWorldExUSIndexMember_zLuKoSMkZHDf" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>MSCI All Country World ex-U.S. Index<br/></span><span style="font-style: italic"><i><span id="xdx_905_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000011849Member_zLFdc4LTedRl">(reflects no deduction for fees, expenses, or U.S. taxes)</span></i></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>32.39%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 23pt 2.5pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right"><span>7.91%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>8.41%</span></p> </td> </tr> </table> <div style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000"> <table style="-sec-ix-redline: true; width: 594pt; margin-top: 2pt; margin-bottom: 8pt; table-layout: fixed; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 356.4pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> </tr> </table> <table style="-sec-ix-redline: true; width: 594pt; margin-top: 2pt; margin-bottom: 8pt; table-layout: fixed; border-collapse: collapse"> <tr style="min-height: 6pt"> <td style="border-width: 0pt; padding: 2.5pt 6pt; vertical-align: bottom; width: 356.4pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Class R4 Shares</b></span></p> </td> <td id="xdx_49E_20250101__20251231_z7QAPc7s4Hnl" style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>1 Year</b></span></p> </td> <td id="xdx_496_20210101__20251231_zI7m3QcqahZd" style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>5 Years</b></span></p> </td> <td id="xdx_49F_20160101__20251231_zhQXpU4xZE91" style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>10 Years</b></span></p> </td> </tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dpn_hoef--ClassAxis__custom--C000042671Member_z9lykG9sUU96" style="min-height: 6pt"> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Return Before Taxes</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>33.79%</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 23pt 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right"><span>8.95%</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>8.92%</span></p> </td> </tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dpn_hoef--PerformanceMeasureAxis__custom--MSCIAllCountryWorldExUSIndexMember_z2Leis7MoP0d" style="min-height: 6pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>MSCI All Country World ex-U.S. Index<br/></span><span style="font-style: italic"><i><span id="xdx_903_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000011849Member_z28cP40A3i17">(reflects no deduction for fees, expenses, or U.S. taxes)</span></i></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>32.39%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 23pt 2.5pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right"><span>7.91%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>8.41%</span></p> </td> </tr> </table> </div> <div style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000"> <table style="-sec-ix-redline: true; width: 594pt; margin-top: 2pt; margin-bottom: 8pt; table-layout: fixed; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 356.4pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> </tr> </table> <table style="-sec-ix-redline: true; width: 594pt; margin-top: 2pt; margin-bottom: 8pt; table-layout: fixed; border-collapse: collapse"> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.5pt 6pt; vertical-align: bottom; width: 356.4pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Class R5 Shares</b></span></p> </td> <td id="xdx_49E_20250101__20251231_zas06M1oAcof" style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>1 Year</b></span></p> </td> <td id="xdx_496_20210101__20251231_zaadAD6Zw2Bh" style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>5 Years</b></span></p> </td> <td id="xdx_49F_20160101__20251231_zzi1UjV9Pdhf" style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>10 Years</b></span></p> </td> </tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dpn_hoef--ClassAxis__custom--C000032374Member_zkqgf0qwkkOg" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Return Before Taxes</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>34.15%</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 23pt 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right"><span>9.23%</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>9.21%</span></p> </td> </tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dpn_hoef--PerformanceMeasureAxis__custom--MSCIAllCountryWorldExUSIndexMember_znP3g0eT1adh" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>MSCI All Country World ex-U.S. Index<br/></span><span style="font-style: italic"><i><span id="xdx_905_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000011849Member_zp6mzT16vKSi">(reflects no deduction for fees, expenses, or U.S. taxes)</span></i></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>32.39%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 23pt 2.5pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right"><span>7.91%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>8.41%</span></p> </td> </tr> </table> </div> 0.3356 0.0873 0.0871 0.3223 0.0698 0.0698 0.2034 0.0621 0.0635 (reflects no deduction for fees, expenses, or U.S. taxes) 0.3239 0.0791 0.0841 0.3379 0.0895 0.0892 (reflects no deduction for fees, expenses, or U.S. taxes) 0.3239 0.0791 0.0841 0.3415 0.0923 0.0921 (reflects no deduction for fees, expenses, or U.S. taxes) 0.3239 0.0791 0.0841 <p id="xdx_A85_eoef--PerformanceTableClosingTextBlock_z3pu01KS6Pw4" style="font: italic 8pt/9pt Arial, sans-serif; margin: 0pt 0pt 4pt; color: #000000; text-indent: 0pt"><span><i><span id="xdx_90F_eoef--PerformanceTableUsesHighestFederalRate_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000011849Member_ztzY9ptLu7Zi">After-tax returns are calculated using the highest historical individual federal marginal income tax rates, and do not reflect state or local income taxes.</span> <span id="xdx_90A_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000011849Member_zKkze7kQhc27">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.</span> <span id="xdx_90C_eoef--PerformanceTableOneClassOfAfterTaxShown_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000011849Member_zQ2KkDeh04ia">The after-tax returns shown relate only to Class R3 shares, and after-tax returns for other share classes will vary.</span></i></span></p> 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. International Growth Fund Investment Goal <p id="xdx_A8C_eoef--ObjectivePrimaryTextBlock_zOKdspXwN60g" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span>The Fund seeks long-term growth of capital by investing in equity securities selected for their growth potential. </span></p> Fees and Expenses of the Fund <p id="xdx_A8C_eoef--ExpenseNarrativeTextBlock_zVqt1qLP7Si" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span>This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. </span><span style="font-weight: bold"><b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</b></span></p> Shareholder Fees (fees paid directly from your investment) <div id="xdx_A84_eoef--ShareholderFeesTableTextBlock_zi7zmvO6Db94"></div> <table id="xdx_A5B_dU_zGnw3IN4QWV" style="width: 595.1pt; margin-top: 0pt; margin-bottom: 8pt; table-layout: fixed; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 357.5pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> </tr> </table> <table id="xdx_A5D_zjO5NMZH6BJ4" style="width: 595.1pt; margin-top: 0pt; margin-bottom: 8pt; table-layout: fixed; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; width: 357.5pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b> </b></span></p> </td> <td id="xdx_497_20260128__20260128__oef--ClassAxis__custom--C000058465Member_zyApp3GiasXe" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>Class R3</b></span></p> </td> <td id="xdx_494_20260128__20260128__oef--ClassAxis__custom--C000058466Member_zqDQHKjt9lsa" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>Class R4</b></span></p> </td> <td id="xdx_494_20260128__20260128__oef--ClassAxis__custom--C000058467Member_zXcK0PIrbAs1" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>Class R5</b></span></p> </td> </tr> <tr id="xdx_403_eoef--MaximumSalesChargeImposedOnPurchasesOverOfferingPrice_dpn_zPD6hvRBtHqi" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Maximum Sales Charge (Load) Imposed on Purchases <br/></span><span style="font-style: italic"><i>(as a percentage of offering price)</i></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>none</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>none</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>none</span></p> </td> </tr> <tr id="xdx_40A_eoef--MaximumDeferredSalesChargeOverOther_dpn_z062ow3cBbL1" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Maximum Deferred Sales Charge (Load) <br/></span><span style="font-style: italic"><i>(as a percentage of redemption proceeds or original purchase price, whichever is lower)</i></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>none</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>none</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>none</span></p> </td> </tr> </table> 0 0 0 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A84_eoef--AnnualFundOperatingExpensesTableTextBlock_zBatnUbrocNh" style="-sec-ix-redline: true"></div> <table style="-sec-ix-redline: true; width: 595.1pt; margin-top: 0pt; margin-bottom: 8pt; table-layout: fixed; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 357.5pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> </tr> </table> <table id="xdx_A5A_dU_zt4H1ZwLwAN7" style="-sec-ix-redline: true; width: 595.1pt; margin-top: 0pt; margin-bottom: 8pt; table-layout: fixed; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; width: 357.5pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b> </b></span></p> </td> <td id="xdx_49E_20260128__20260128__oef--ClassAxis__custom--C000058465Member_zb6ocjl0Tbz9" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>Class R3</b></span></p> </td> <td id="xdx_490_20260128__20260128__oef--ClassAxis__custom--C000058466Member_zx60YbFyNbXj" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>Class R4</b></span></p> </td> <td id="xdx_499_20260128__20260128__oef--ClassAxis__custom--C000058467Member_zYL32JsHZcWk" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>Class R5</b></span></p> </td> </tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_z45ZNxFkLlzk" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Management Fees</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>0.86%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>0.86%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>0.86%</span></p> </td> </tr> <tr id="xdx_403_eoef--DistributionAndService12b1FeesOverAssets_dpn_zJ2HzG8AEMkc" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Distribution and Service (12b-1) Fees</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>0.50%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>0.25%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>none</span></p> </td> </tr> <tr id="xdx_405_eoef--OtherExpensesOverAssets_dpn_zEgrsAjHv108" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Other Expenses</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>1.00%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>1.01%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>0.90%</span></p> </td> </tr> <tr id="xdx_407_eoef--ExpensesOverAssets_dpn_zBPSlWjHJbv5" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Total Annual Fund Operating Expenses</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>2.36%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>2.12%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>1.76%</span></p> </td> </tr> <tr id="xdx_404_eoef--FeeWaiverOrReimbursementOverAssets_dpn_zaOabZz6C128" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Fee Waiver/Expense Reimbursement</span><sup id="xdx_F48_z6VnOjxJl1gl" style="font-size: 7pt; line-height: 7pt">(1)</sup><span style="line-height: 9pt"> </span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>(0.87)%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>(0.88)%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>(0.77)%</span></p> </td> </tr> <tr id="xdx_40C_eoef--NetExpensesOverAssets_dpn_zCntp3j4pXY" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>1.49%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>1.24%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>0.99%</span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: italic 8pt/9pt Arial, sans-serif; -sec-ix-redline: true; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right"><i id="xdx_F05_zTjEoMz99hz9">(1)</i></td> <td style="width: 5pt"></td> <td style="text-align: justify"><i id="xdx_F12_zBvAl1r5lhVh">Thornburg Investment Management, Inc. (“Thornburg”) has contractually agreed to waive fees and reimburse expenses incurred by the Fund so that actual Class R3, Class R4 and Class R5 expenses (excluding taxes, interest expenses, acquired fund fees and expenses, brokerage commissions, borrowing costs, expenses relating to short sales, and unusual expenses such as contingency fees or litigation costs) do not exceed 1.49%, 1.24% and 0.99%, 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 <span id="xdx_90E_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260128__20260128__oef--ClassAxis__custom--C000058465Member_zxiud34dVCx8"><span id="xdx_906_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260128__20260128__oef--ClassAxis__custom--C000058466Member_z2xR73b73FAa"><span id="xdx_901_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260128__20260128__oef--ClassAxis__custom--C000058467Member_zm4eMJEjRCbl">February 1, 2027</span></span></span>, 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.</i></td> </tr> </table> 0.0086 0.0086 0.0086 0.0050 0.0025 0 0.0100 0.0101 0.0090 0.0236 0.0212 0.0176 -0.0087 -0.0088 -0.0077 0.0149 0.0124 0.0099 February 1, 2027 February 1, 2027 February 1, 2027 Example. <p id="xdx_A83_eoef--ExpenseExampleNarrativeTextBlock_z1KYeRlKfP9d" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 7pt; color: #000000; text-indent: 0pt"><span>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 7pt; color: #000000; text-indent: 0pt"><span>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:</span></p> <div id="xdx_A84_eoef--ExpenseExampleWithRedemptionTableTextBlock_z7cuxJx570B" style="-sec-ix-redline: true"></div> <table id="xdx_A54_dU_zt6gX7MMNUbh" style="-sec-ix-redline: true; width: 594pt; margin-top: 0pt; margin-bottom: 8pt; table-layout: fixed; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 277.2pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b> </b></span></p> </td> <td id="xdx_48F_eoef--ExpenseExampleYear01_z8fsnxUbQzIa" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>1 Year</b></span></p> </td> <td id="xdx_481_eoef--ExpenseExampleYear03_zjaiOPfQXsIc" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>3 Years</b></span></p> </td> <td id="xdx_482_eoef--ExpenseExampleYear05_ztYgf1bSQlnb" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>5 Years</b></span></p> </td> <td id="xdx_48B_eoef--ExpenseExampleYear10_z6CPb7P2Fxe5" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>10 Years</b></span></p> </td> </tr> <tr id="xdx_416_20260128__20260128__oef--ClassAxis__custom--C000058465Member_zB3YJWbr2bkl" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Class R3 Shares</span></p> </td> <td style="border-width: 0pt; padding: 3pt 26pt 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right"><span>$152</span></p> </td> <td style="border-width: 0pt; padding: 3pt 26pt 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right"><span>$653</span></p> </td> <td style="border-width: 0pt; padding: 3pt 26pt 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right"><span>$1,182</span></p> </td> <td style="border-width: 0pt; padding: 3pt 26pt 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right"><span>$2,629</span></p> </td> </tr> <tr id="xdx_412_20260128__20260128__oef--ClassAxis__custom--C000058466Member_zlUnkUbFYaP3" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Class R4 Shares</span></p> </td> <td style="border-width: 0pt; padding: 3pt 26pt 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right"><span>$126</span></p> </td> <td style="border-width: 0pt; padding: 3pt 26pt 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right"><span>$579</span></p> </td> <td style="border-width: 0pt; padding: 3pt 26pt 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right"><span>$1,058</span></p> </td> <td style="border-width: 0pt; padding: 3pt 26pt 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right"><span>$2,382</span></p> </td> </tr> <tr id="xdx_41B_20260128__20260128__oef--ClassAxis__custom--C000058467Member_zzD85los1Wd3" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Class R5 Shares</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 26pt 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right"><span>$101</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 26pt 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right"><span>$479</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 26pt 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right"><span>$882</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 26pt 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right"><span>$2,009</span></p> </td> </tr> </table> 152 653 1182 2629 126 579 1058 2382 101 479 882 2009 Portfolio Turnover. <p id="xdx_A85_eoef--PortfolioTurnoverTextBlock_zUGAvbVilqBg" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 7pt; color: #000000; text-indent: 0pt"><span>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 <span id="xdx_90A_eoef--PortfolioTurnoverRate_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000015648Member_z7F623XkO1i2">28.90%</span> of the average value of its portfolio.</span></p> 0.2890 Principal Investment Strategies <p id="xdx_A83_eoef--StrategyNarrativeTextBlock_gRBSNTB-RWCD_zOzqYikVYY9l" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 7pt; color: #000000; text-indent: 0pt"><span><span id="xdx_900_eoef--StrategyPortfolioConcentration_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000015648Member_zBUcycNWBw3j">Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in growth companies and invests at least 75% of its net assets, plus the amount of any borrowings for investment purposes, in foreign securities or depositary receipts of foreign securities.</span> For this purpose, the Fund currently considers a company to be a growth company if it meets any of the following criteria:</span></p> <p style="font: 9pt/11.5pt Arial, sans-serif; margin: 0pt 0pt 0pt 13.2pt; color: #000000; text-indent: -13.2pt"><span style="width: 13.2pt; text-indent: 0; display: inline-block"><span>•</span></span><span>It is a constituent of the MSCI All Country World Growth Index; or</span></p> <p style="font: 9pt/11.5pt Arial, sans-serif; margin: 0pt 0pt 0pt 13.2pt; color: #000000; text-indent: -13.2pt"><span style="width: 13.2pt; text-indent: 0; display: inline-block"><span>•</span></span><span>It has, over the last five years, grown its revenues or earnings per share at an average annual rate which exceeds the median growth rate of revenues or earnings per share, as applicable, for companies in the MSCI All Country World ex-U.S. Index; or</span></p> <p style="font: 9pt/11.5pt Arial, sans-serif; margin: 0pt 0pt 8pt 13.2pt; color: #000000; text-indent: -13.2pt"><span style="width: 13.2pt; text-indent: 0; display: inline-block"><span>•</span></span><span>It is projected by consensus estimates as compiled by FactSet Research Systems (“FactSet”), over the next two years, to grow its revenues or earnings per share at an average annual rate which exceeds the median growth rate of revenues or earnings per share, as applicable, for companies in the MSCI All Country World ex-U.S. Index. FactSet has no affiliation with the Fund or its investment advisor.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 7pt; color: #000000; text-indent: 0pt"><span>While the Fund expects to invest primarily in foreign equity securities (primarily common stocks), the Fund may own a variety of securities, including domestic equity securities. The Fund may invest in developing countries. </span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 7pt; color: #000000; text-indent: 0pt"><span>The Fund’s investment advisor, Thornburg Investment Management, Inc. (“Thornburg”) intends to invest in companies that it believes will have growing revenues and earnings. The Fund can invest in companies of any size, from larger, well-established companies to smaller, emerging growth companies.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 7pt; color: #000000; text-indent: 0pt"><span>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 securities, and analysis of specific issuers.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 7pt; color: #000000; text-indent: 0pt"><span>Thornburg typically categorizes the Fund’s equity investments in one of the following three categories:</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 7pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Growth Industry Leader: Companies in this category often have leadership positions in growing markets. In some cases these companies may have dominant market share. These companies tend to be larger and more established.</b></span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 7pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Consistent Grower: Companies in this category generally exhibit steady earnings or revenue growth, or both. These companies may have subscription or other recurring revenue profiles. Given their business models, these companies may outperform in weak markets.</b></span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Emerging Growth: Companies often addressing a new market or carving out a niche in an existing market. Companies in this category may experience rapid growth, and tend to be smaller, earlier stage companies. These companies may exhibit high volatility.</b></span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span>Inclusion of any investment in any of the three described categories represents Thornburg’s opinion concerning the characteristics and prospects of the investment. There is no assurance that any company selected for investment will, once categorized in one of the three described investment categories, continue to have the positive characteristics or fulfill the expectations that Thornburg had for the company when it was selected for investment, and any such company may not grow or may decline in earnings and size.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span>In conjunction with individual issuer analysis, Thornburg may identify and invest at times with a greater emphasis in industries or economic sectors it expects to experience growth. The Fund does not have a strategy to invest in particular industry or economic sectors, and its exposures to particular industries or economic sectors are expected to vary over time. Investment decisions are also based on domestic and international economic developments, outlooks for securities markets, interest rates and inflation, and the supply and demand for securities.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span>The Fund may sell an investment if Thornburg has identified a better investment opportunity, in response to changes in the conditions or business of the investment’s issuer or changes in overall market conditions, if Thornburg has a target price for the investment and that target price has been achieved, or if, in Thornburg’s opinion, the investment no longer serves to achieve the Fund’s investment goals.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span>The Fund’s policy of investing at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in growth companies may be changed by the Fund’s Trustees without a shareholder vote upon 60 days’ notice to shareholders. Additionally, the Fund may change its definition of what constitutes a “growth company” at any time without advance notice to shareholders.</span></p> Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in growth companies and invests at least 75% of its net assets, plus the amount of any borrowings for investment purposes, in foreign securities or depositary receipts of foreign securities. An investment in the Fund is not a deposit in any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. Accordingly, the loss of money is a risk of investing in the Fund. <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__us-gaap--CreditRiskMember_zVNAYtCuZxGa" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Credit Risk </b></span><span>– The inability of an issuer to pay principal and interest on its debt obligations when due, or the downgrading of an issuer’s debt obligations by ratings agencies, may adversely affect the market’s perceptions of the issuer’s financial strength and may therefore result in declines in the issuer’s stock price.</span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityAndOperationalRiskMember_zIwTkHq06AN" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; -sec-ix-redline: true; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Cybersecurity and Operational Risk </b></span><span>– Operational failures, cyber-attacks or other disruptions that affect the Fund’s service providers, the Fund’s counterparties, other market participants or the issuers of securities held by the Fund may adversely affect the Fund and its shareholders, including by causing losses for the Fund or impairing Fund operations. The rapid development and increasingly widespread use of artificial intelligence, including machine learning technology and generative artificial intelligence such as ChatGPT, could exacerbate these risks.</span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--DepositaryReceiptsRiskMember_za8C5ijuyCM5" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Depositary Receipts Risk </b></span><span>– An investment in American Depositary Receipts (“ADRs”), European Depositary Receipts (“EDRs”) or Global Depositary Receipts (“GDRs”) is an alternative to the purchase of the underlying securities in their national markets and/or currencies. However, ADRs, EDRs, and GDRs remain subject to many of the risks associated with investing directly in foreign securities, including the political and economic risks associated with the underlying issuer’s country. Certain countries may limit the ability to convert a depositary receipt into the underlying foreign security and vice versa, which may cause the securities of the foreign company to trade at a discount or premium to the market price of the related depositary receipts. Moreover, EDRs and GDRs can involve currency risk since, unlike ADRs, they may not be U.S. dollar denominated.</span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--DevelopingCountryRiskMember_zU0x3YFdT3Qc" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Developing Country Risk </b></span><span>– The risks which may affect investments in foreign issuers (see “Foreign Investment Risk,” below) may be more pronounced for investments in developing countries because the economies of those countries are usually less diversified, communications, transportation and economic infrastructures are less developed, and developing countries ordinarily have less established legal, political, business and social frameworks. At times the prices of equity securities 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.</span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquityRiskMember_ziX6C7Sq4Ttj" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Equity Risk </b></span><span>– The value of the Fund’s equity investments may fluctuate significantly over time in response to factors affecting individual issuers, particular industries, or the market as a whole. Additionally, common stock ranks below preferred stock and debt securities in claims for dividends and for assets of a company in a liquidation or bankruptcy.</span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignCurrencyRiskMember_zgxWhcLrGNsa" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Foreign Currency Risk </b></span><span>– 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.</span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignInvestmentRiskMember_zFjkZABuO0Ad" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Foreign Investment Risk </b></span><span>– Investments in securities of foreign issuers may involve risks including adverse fluctuations in currency exchange rates, political instability, confiscations, taxes or restrictions on currency exchange, difficulty in selling foreign investments, and reduced legal protection.</span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--GrowthCompanyRiskMember_zQVzIZl7pacl" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; color: #000000; text-indent: 0pt"><span style="line-height: 12pt; font-weight: bold"><b>Growth Company Risk </b></span><span style="line-height: 12pt">– Growth company stocks may trade at higher multiples of current earnings than other equity securities and, therefore, may be more sensitive to changes in current or expected earnings than other equity securities and may be more volatile. If growth companies do not increase their earnings at a rate expected by investors, the market price of the stock may decline significantly, even if earnings show an absolute increase. Growth company stocks also typically lack the dividend yield that can cushion stock prices in market downturns. These risks may be more pronounced in companies that are in the earlier stages of their growth cycle.</span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--InformationTechnologySecuritiesRiskMember_zTYGkwiZKvl5" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Information Technology Securities Risk </b></span><span>– Information technology companies may at times be more vulnerable to product obsolescence caused by rapid technology changes, the failure to obtain or maintain intellectual property rights, the inability to develop new products, competition from new and existing market entrants, and changes in consumer preferences. Information technology stocks may also be more volatile than the overall market.</span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_z7C1gewO2Ryd" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; color: #000000; text-indent: 0pt"><span style="line-height: 12pt; font-weight: bold"><b>Liquidity Risk </b></span><span style="line-height: 12pt">– 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. This risk may be more pronounced for the Fund’s investments in developing countries.</span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zywO7yEoJxvb" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; color: #000000; text-indent: 0pt"><span style="line-height: 12pt; font-weight: bold"><b>Management Risk </b></span><span style="line-height: 12pt">– 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.</span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndEconomicRiskMember_zYTwi3oEgLn9" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; -sec-ix-redline: true; color: #000000; text-indent: 0pt"><span style="line-height: 12pt; font-weight: bold"><b>Market and Economic Risk </b></span><span style="line-height: 12pt">– The value of the Fund’s investments may decline and its share value may be reduced due to changes in general economic and market conditions. The value of a security may change in response to developments affecting entire economies, markets or industries, including changes in interest rates, political, legal, and technological developments, and general market volatility.</span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--RedemptionRiskMember_z0jsY5LCnxck" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 5pt; color: #000000; text-indent: 0pt"><span style="line-height: 12pt; font-weight: bold"><b>Redemption Risk </b></span><span style="line-height: 12pt">– 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.</span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--RisksAffectingSpecificCountriesOrRegionsMember_zMqsC7AIxFuc" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 5pt; color: #000000; text-indent: 0pt"><span style="line-height: 12pt; font-weight: bold"><b>Risks Affecting Specific Countries or Regions </b></span><span style="line-height: 12pt">– If a significant portion of the Fund’s assets is invested in issuers that are economically exposed to one country or region, the Fund’s share value may be more susceptible to the conditions and developments in that country or region, and potentially more volatile than the share value of a more geographically diversified fund. A specific country or region could also be adversely affected by conditions or developments arising in other countries. For example, the U.S. government could take actions to prohibit or restrict individuals or companies within the U.S. from purchasing or holding the shares of issuers in another country, which may limit the Fund’s ability to invest in that country or cause the Fund to have to sell investments in that country at less than desired prices. The nature and degree of the risks affecting a given country or region, and the extent of the Fund’s exposure to any such country or region, is expected to vary over time.</span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--RisksAffectingSpecificIssuersMember_zx4X53gemxa8" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 5pt; color: #000000; text-indent: 0pt"><span style="line-height: 12pt; font-weight: bold"><b>Risks Affecting Specific Issuers </b></span><span style="line-height: 12pt">– The value of a security may decline in response to developments affecting the specific issuer of the security, even if the overall industry or economy is unaffected. These developments may include a variety of factors, including but not limited to management issues or other corporate disruption, a decline in revenues or profitability, an increase in costs, or an adverse effect on the issuer’s competitive position.</span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallAndMidCapCompanyRiskMember_gRBRTB-QEHPX_zBJFHGBZ5Q2f" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 5pt; color: #000000; text-indent: 0pt"><span style="line-height: 12pt; font-weight: bold"><b>Small and Mid-Cap Company Risk </b></span><span style="line-height: 12pt">– Investments in small-capitalization companies and mid-capitalization companies, including smaller, earlier stage companies, may involve additional risks. These risks 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.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; color: #000000; text-indent: 0pt"><span style="line-height: 12pt">Additional information about Fund investments, investment strategies, and risks of investing in the Fund appears beginning on page 51 of the Prospectus.</span></p> Past Performance of the Fund <p id="xdx_A88_eoef--PerformanceNarrativeTextBlock_zkrR5EE7dwi" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 5pt; color: #000000; text-indent: 0pt"><span style="line-height: 12pt"><span id="xdx_902_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000015648Member_zD2TGk84QIKe">The following information provides some indication of the risks of investing in International Growth Fund by showing how the Fund’s investment results vary from year to year.</span> The bar chart shows how the annual total returns for Class R3 shares vary in each full year shown. The average annual total return figures compare Class R3, Class R4 and Class R5 share performance to the MSCI All Country World ex USA Net Total Return, a broad-based securities market index that represents the overall applicable market in which the Fund invests, and the MSCI All Country World ex USA Growth Net Total Return USD Index, an additional index that represents the market sectors which Thornburg believes are more representative of the Fund’s investment universe. These indexes are not actively managed and are not available for direct investment. The bar charts and performance tables assume reinvestment of dividends and distributions. <span id="xdx_901_eoef--PerformancePastDoesNotIndicateFuture_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000015648Member_zv4vcbrYTVVj">Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> The performance information shown below is as of the calendar year ended December 31, 2025. Updated performance information may be obtained on the Thornburg website at <span id="xdx_904_eoef--PerformanceAvailabilityWebSiteAddress_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000015648Member_zIGcdm0uqdmc">Thornburg.com</span> or by calling <span id="xdx_905_eoef--PerformanceAvailabilityPhone_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000015648Member_zxancWpuX013">1-800-847-0200</span>.</span></p> The following information provides some indication of the risks of investing in International Growth Fund by showing how the Fund’s investment results vary from year to year. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Thornburg.com 1-800-847-0200 Annual Total Returns – Class R3 Shares <div id="xdx_A80_eoef--BarChartTableTextBlock_zxj2NtfuhIfi"></div> <table border="0" cellpadding="0" cellspacing="0" id="xdx_A53_dU_zrdSmmXH6GK5" style="display: none; visibility: hidden; width: 100%; border-collapse: collapse; font-size: 8pt" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left"> </td> <td id="xdx_48A_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000058465Member_zeNZJ5yd2mb4" style="font-family: Aptos Narrow; text-align: left"> </td></tr> <tr id="xdx_417_20160101__20161231_zT5vdIiT6ac6" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">2016</td> <td style="font-family: Aptos Narrow; text-align: left">-5.16%</td></tr> <tr id="xdx_418_20170101__20171231_z3XgzgEYSSy4" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">2017</td> <td style="font-family: Aptos Narrow; text-align: left">34.22%</td></tr> <tr id="xdx_415_20180101__20181231_zZFbPkVyQU9d" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">2018</td> <td style="font-family: Aptos Narrow; text-align: left">-17.18%</td></tr> <tr id="xdx_41A_20190101__20191231_z7CMAHU7uq5g" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">2019</td> <td style="font-family: Aptos Narrow; text-align: left">25.66%</td></tr> <tr id="xdx_41F_20200101__20201231_zdFQfw8NPH12" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">2020</td> <td style="font-family: Aptos Narrow; text-align: left">33.64%</td></tr> <tr id="xdx_414_20210101__20211231_zG25pxeYKYi5" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">2021</td> <td style="font-family: Aptos Narrow; text-align: left">-4.69%</td></tr> <tr id="xdx_41E_20220101__20221231_zTrqEBJsPIG7" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">2022</td> <td style="font-family: Aptos Narrow; text-align: left">-26.36%</td></tr> <tr id="xdx_413_20230101__20231231_zrbCIi1W19ha" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">2023</td> <td style="font-family: Aptos Narrow; text-align: left">17.80%</td></tr> <tr id="xdx_414_20240101__20241231_zPyPfWf00hA4" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">2024</td> <td style="font-family: Aptos Narrow; text-align: left">1.93%</td></tr> <tr id="xdx_418_20250101__20251231_z6Dzjc9mqche" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; width: 31%">2025</td> <td style="font-family: Aptos Narrow; text-align: left; width: 69%">10.09%</td></tr> </table> <div style="font: 12pt Arial, sans-serif; margin: 9pt 0pt; color: #000000; text-indent: 0pt"> <div style="border-width: 0pt; padding: 0pt; overflow: hidden; display: inline-block; width: 592.05pt; height: 175.8pt"> <img alt="" src="retirementproimg004.gif" style="vertical-align: top; margin-left: 0pt; width: 591.8pt; margin-top: 0pt; height: 177.1pt"/> </div> </div> <p style="font: 12pt Arial, sans-serif; margin: 9pt 0pt; color: #000000; text-indent: 0pt"><span> </span></p> -0.0516 0.3422 -0.1718 0.2566 0.3364 -0.0469 -0.2636 0.1780 0.0193 0.1009 <div id="xdx_A81_eoef--BarChartClosingTextBlock_zzXDAzIcGUx1"></div> <table style="-sec-ix-redline: true; width: 594.66pt; margin-top: 2pt; margin-bottom: 8pt; table-layout: fixed; border-collapse: collapse"> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; width: 436.26pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b> </b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>Total<br/>Returns</b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>Quarter<br/>ended</b></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span><span id="xdx_90D_eoef--HighestQuarterlyReturnLabel_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000015648Member_zYCNUyOX7Q7b">Highest Quarterly Results</span></span></p> </td> <td style="border-width: 0pt; padding: 3pt 21pt 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right"><span><span id="xdx_907_eoef--BarChartHighestQuarterlyReturn_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000015648Member_zi3eoDiMqkQk">25.89%</span></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span><span id="xdx_905_eoef--BarChartHighestQuarterlyReturnDate_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000015648Member_zXcLWql5H0Uf">6/30/2020</span></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span><span id="xdx_90B_eoef--LowestQuarterlyReturnLabel_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000015648Member_z5dHaUFG4USa">Lowest Quarterly Results</span></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 21pt 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right"><span><span id="xdx_902_eoef--BarChartLowestQuarterlyReturn_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000015648Member_zwq2DDKhoflb">-17.77%</span></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span><span id="xdx_903_eoef--BarChartLowestQuarterlyReturnDate_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000015648Member_zMzVaGOrO6Ug">12/31/2018</span></span></p> </td> </tr> </table> Highest Quarterly Results 0.2589 2020-06-30 Lowest Quarterly Results -0.1777 2018-12-31 Average Annual Total Returns (periods ended 12-31-25) <div id="xdx_A8D_eoef--PerformanceTableTextBlock_gRBPTTB-VIN_zv8gfZnjQdv1"></div> <table id="xdx_A57_zIT0HKPTjaNa" style="-sec-ix-redline: true; width: 594pt; margin-top: 0pt; margin-bottom: 8pt; table-layout: fixed; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; width: 356.4pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>CLASS R3 SHARES</b></span></p> </td> <td id="xdx_49E_20250101__20251231_zIMLHtEECwC6" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>1 YEAR</b></span></p> </td> <td id="xdx_496_20210101__20251231_zrk0eFlDQXeg" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>5 YEARS</b></span></p> </td> <td id="xdx_49F_20160101__20251231_zr8EJrEeLzi3" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>10 YEARS</b></span></p> </td> </tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dpn_hoef--ClassAxis__custom--C000058465Member_z0nv88At1TBd" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Return Before Taxes</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>10.09%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt 3pt 3pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>-1.49%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>5.09%</span></p> </td> </tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dpn_hoef--ClassAxis__custom--C000058465Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zYJxHZadqYif" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Return After Taxes on Distributions</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt 3pt 11pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>9.83%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt 3pt 3pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>-2.24%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>4.44%</span></p> </td> </tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dpn_hoef--ClassAxis__custom--C000058465Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zU5J2DEyejQb" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Return After Taxes on Distributions and Sale of Fund Shares</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt 3pt 11pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>6.14%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt 3pt 3pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>-1.15%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>3.98%</span></p> </td> </tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dpn_hoef--PerformanceMeasureAxis__custom--MSCIAllCountryWorldExUSANetTotalReturnMember_zJlFjmq5uPQ9" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>MSCI All Country World ex USA Net Total Return<br/></span><span style="font-style: italic"><i><span id="xdx_90E_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000015648Member_zy62zjxPPzG7">(reflects no deduction for fees, expenses, or U.S. taxes)</span></i></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>32.39%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>7.91%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>8.41%</span></p> </td> </tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dpn_hoef--PerformanceMeasureAxis__custom--MSCIAllCountryWorldExUSGrowthNetTotalReturnUSDIndexMember_zHyiBtS6Jr4c" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>MSCI All Country World ex U.S. Growth Net Total Return USD Index<br/></span><span style="font-style: italic"><i><span id="xdx_907_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000015648Member_zEzho4cheZA9">(reflects no deduction for fees, expenses, or U.S. taxes)</span></i></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>25.65%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>4.01%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>7.92%</span></p> </td> </tr> </table> <table style="-sec-ix-redline: true; width: 594pt; margin-top: 0pt; margin-bottom: 8pt; table-layout: fixed; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 356.4pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 77.6pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.42pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 80.57pt"> </td> </tr> </table> <div> <div></div> <table style="-sec-ix-redline: true; width: 594pt; margin-top: 0pt; margin-bottom: 8pt; table-layout: fixed; border-collapse: collapse"> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; width: 356.4pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>CLASS R4 SHARES</b></span></p> </td> <td id="xdx_49E_20250101__20251231_zN1cqfMpdd4l" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 77.6pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>1 YEAR</b></span></p> </td> <td id="xdx_496_20210101__20251231_zwdgzn7brW38" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 79.42pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>5 YEARS</b></span></p> </td> <td id="xdx_49F_20160101__20251231_z0z2IdFNhJDb" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 80.57pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>10 YEARS</b></span></p> </td> </tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dpn_hoef--ClassAxis__custom--C000058466Member_zJ8YseYaFjJl" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Return Before Taxes</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>10.18%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt 3pt 3pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>-1.40%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>5.19%</span></p> </td> </tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dpn_hoef--PerformanceMeasureAxis__custom--MSCIAllCountryWorldExUSANetTotalReturnMember_zJ8JAU4wp0G2" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>MSCI All Country World ex USA Net Total Return<br/></span><span style="font-style: italic"><i><span id="xdx_903_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000015648Member_z3gFAzr4zUde">(reflects no deduction for fees, expenses, or U.S. taxes)</span></i></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>32.39%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>7.91%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>8.41%</span></p> </td> </tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dpn_hoef--PerformanceMeasureAxis__custom--MSCIAllCountryWorldExUSGrowthNetTotalReturnUSDIndexMember_zxr2WnnQGLM2" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>MSCI All Country World ex U.S. Growth Net Total Return USD Index<br/></span><span style="font-style: italic"><i><span id="xdx_903_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000015648Member_zlKnf7izy83c">(reflects no deduction for fees, expenses, or U.S. taxes)</span></i></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>25.65%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>4.01%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>7.92%</span></p> </td> </tr> </table></div> <div> <div></div> </div> <div style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000"> <table style="-sec-ix-redline: true; width: 594pt; margin-top: 0pt; margin-bottom: 8pt; table-layout: fixed; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 356.4pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> </tr> </table> <table style="-sec-ix-redline: true; width: 594pt; margin-top: 0pt; margin-bottom: 8pt; table-layout: fixed; border-collapse: collapse"> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.5pt 6pt; vertical-align: bottom; width: 356.4pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>CLASS R5 SHARES</b></span></p> </td> <td id="xdx_49E_20250101__20251231_zQQixZMC0XMb" style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>1 YEAR</b></span></p> </td> <td id="xdx_496_20210101__20251231_znVjkQm7gj3k" style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>5 YEARS</b></span></p> </td> <td id="xdx_49F_20160101__20251231_zfY4MjXK904h" style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>10 YEARS</b></span></p> </td> </tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dpn_hoef--ClassAxis__custom--C000058467Member_zFfOoRc0jhQ2" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Return Before Taxes</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>10.64%</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt 2.5pt 3pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>-1.01%</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>5.61%</span></p> </td> </tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dpn_hoef--PerformanceMeasureAxis__custom--MSCIAllCountryWorldExUSANetTotalReturnMember_zsG2kNgsA4fh" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.5pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>MSCI All Country World ex USA Net Total Return<br/></span><span style="font-style: italic"><i><span id="xdx_90B_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000015648Member_zW92UMTqXDQ5">(reflects no deduction for fees, expenses, or U.S. taxes)</span></i></span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>32.39%</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>7.91%</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>8.41%</span></p> </td> </tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dpn_hoef--PerformanceMeasureAxis__custom--MSCIAllCountryWorldExUSGrowthNetTotalReturnUSDIndexMember_zv6EnufQBjQ4" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>MSCI All Country World ex U.S. Growth Net Total Return USD Index<br/></span><span style="font-style: italic"><i><span id="xdx_90D_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000015648Member_zxuZcU56gHUj">(reflects no deduction for fees, expenses, or U.S. taxes)</span></i></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>25.65%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>4.01%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>7.92%</span></p> </td> </tr> </table></div> 0.1009 -0.0149 0.0509 0.0983 -0.0224 0.0444 0.0614 -0.0115 0.0398 (reflects no deduction for fees, expenses, or U.S. taxes) 0.3239 0.0791 0.0841 (reflects no deduction for fees, expenses, or U.S. taxes) 0.2565 0.0401 0.0792 0.1018 -0.0140 0.0519 (reflects no deduction for fees, expenses, or U.S. taxes) 0.3239 0.0791 0.0841 (reflects no deduction for fees, expenses, or U.S. taxes) 0.2565 0.0401 0.0792 0.1064 -0.0101 0.0561 (reflects no deduction for fees, expenses, or U.S. taxes) 0.3239 0.0791 0.0841 (reflects no deduction for fees, expenses, or U.S. taxes) 0.2565 0.0401 0.0792 <p id="xdx_A83_eoef--PerformanceTableClosingTextBlock_zCPwVWbUfVy" style="font: italic 8pt/9pt Arial, sans-serif; margin: 0pt 0pt 4pt; color: #000000; text-indent: 0pt"><span><i><span id="xdx_90C_eoef--PerformanceTableUsesHighestFederalRate_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000015648Member_zfG2feZttRk">After-tax returns are calculated using the highest historical individual federal marginal income tax rates, and do not reflect state or local income taxes.</span> <span id="xdx_90D_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000015648Member_zULXx4s7WZ3b">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.</span> <span id="xdx_905_eoef--PerformanceTableOneClassOfAfterTaxShown_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000015648Member_zMZcnyUV8Mxk">The after-tax returns shown relate only to Class R3 shares, and after-tax returns for other share classes will vary.</span></i></span></p> 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. Developing World Fund Investment Goal <p id="xdx_A89_eoef--ObjectivePrimaryTextBlock_zz47o5gaSAh6" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span>The Fund’s primary investment goal is long-term capital appreciation. </span></p> Fees and Expenses of the Fund <p id="xdx_A89_eoef--ExpenseNarrativeTextBlock_zs6jzfnZpNqf" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span>This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. </span><span style="font-weight: bold"><b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</b></span></p> Shareholder Fees (fees paid directly from your investment) <div id="xdx_A86_eoef--ShareholderFeesTableTextBlock_zEj7EIlaCsk"></div> <table style="width: 594pt; margin-top: 0pt; margin-bottom: 8pt; table-layout: fixed; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 514.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> </tr> </table> <table id="xdx_A52_dU_zzwG6osF4lad" style="width: 594pt; margin-top: 0pt; margin-bottom: 8pt; table-layout: fixed; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; width: 514.8pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b> </b></span></p> </td> <td id="xdx_494_20260128__20260128__oef--ClassAxis__custom--C000123224Member_zmk7YEfL22H1" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>Class R5</b></span></p> </td> </tr> <tr id="xdx_404_eoef--MaximumSalesChargeImposedOnPurchasesOverOfferingPrice_dpn_zeBChrzPo0h" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Maximum Sales Charge (Load) Imposed on Purchases<br/></span><span style="font-style: italic"><i>(as a percentage of offering price)</i></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>none</span></p> </td> </tr> <tr id="xdx_40A_eoef--MaximumDeferredSalesChargeOverOther_dpn_zUond2byTQTj" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Maximum Deferred Sales Charge (Load)<br/></span><span style="font-style: italic"><i>(as a percentage of redemption proceeds or original purchase price, whichever is lower)</i></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>none</span></p> </td> </tr> </table> 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A88_eoef--AnnualFundOperatingExpensesTableTextBlock_zalvgcJhL7S7" style="-sec-ix-redline: true"></div> <table style="-sec-ix-redline: true; width: 594pt; margin-top: 0pt; margin-bottom: 8pt; table-layout: fixed; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 514.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> </tr> </table> <table id="xdx_A5A_dU_zSCJiUnKMbu3" style="-sec-ix-redline: true; width: 594pt; margin-top: 0pt; margin-bottom: 8pt; table-layout: fixed; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; width: 514.8pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b> </b></span></p> </td> <td id="xdx_49A_20260128__20260128__oef--ClassAxis__custom--C000123224Member_zC8zkD9ZcQH9" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>Class R5</b></span></p> </td> </tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zGkFxsoZszH" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Management Fees</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>0.97%</span></p> </td> </tr> <tr id="xdx_403_eoef--DistributionAndService12b1FeesOverAssets_dpn_zcWrg03N68D1" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Distribution and Service (12b-1) Fees</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>none</span></p> </td> </tr> <tr id="xdx_405_eoef--OtherExpensesOverAssets_dpn_z3zxU8b47Xjl" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Other Expenses</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>1.11%</span></p> </td> </tr> <tr id="xdx_407_eoef--ExpensesOverAssets_dpn_zaIllLftCV1" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Total Annual Fund Operating Expenses</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>2.08%</span></p> </td> </tr> <tr id="xdx_404_eoef--FeeWaiverOrReimbursementOverAssets_dpn_zwl4ftq3oYm5" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Fee Waiver/Expense Reimbursement</span><sup id="xdx_F4A_zX89QAZ2Jrd5" style="font-size: 7pt; line-height: 7pt">(1)</sup><span> </span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>(1.04)%</span></p> </td> </tr> <tr id="xdx_40C_eoef--NetExpensesOverAssets_dpn_zLdLh3qkgxP9" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>1.04%</span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: italic 8pt/9pt Arial, sans-serif; -sec-ix-redline: true; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right"><i id="xdx_F03_zGXDLxlbhtm5">(1)</i></td> <td style="width: 5pt"></td> <td style="text-align: justify"><i id="xdx_F1E_zBDWIyKGHjs2">Thornburg Investment Management, Inc. (“Thornburg”) has contractually agreed to waive fees and reimburse expenses incurred by the Fund so that actual Class R5 expenses (excluding taxes, interest expenses, acquired fund fees and expenses, brokerage commissions, borrowing costs, expenses relating to short sales, and unusual expenses such as contingency fees or litigation costs) do not exceed 1.04%. 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 <span id="xdx_900_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260128__20260128__oef--ClassAxis__custom--C000123224Member_zMWIpqfCSl3f">February 1, 2027</span>, 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.</i></td> </tr> </table> 0.0097 0 0.0111 0.0208 -0.0104 0.0104 February 1, 2027 Example. <p id="xdx_A89_eoef--ExpenseExampleNarrativeTextBlock_zCShYD8z2jT4" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span>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:</span></p> <div id="xdx_A8D_eoef--ExpenseExampleWithRedemptionTableTextBlock_zkSZraBTU5te" style="-sec-ix-redline: true"></div> <table id="xdx_A5E_dU_zjbyJnzHssEf" style="-sec-ix-redline: true; width: 594pt; margin-top: 0pt; margin-bottom: 7pt; table-layout: fixed; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 277.2pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b> </b></span></p> </td> <td id="xdx_481_eoef--ExpenseExampleYear01_zppXfKO9W259" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>1 Year</b></span></p> </td> <td id="xdx_48F_eoef--ExpenseExampleYear03_zruRezKRWFM7" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>3 Years</b></span></p> </td> <td id="xdx_48F_eoef--ExpenseExampleYear05_zcHnuLWwjIAe" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>5 Years</b></span></p> </td> <td id="xdx_489_eoef--ExpenseExampleYear10_zjVGuPXXuUOc" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>10 Years</b></span></p> </td> </tr> <tr id="xdx_411_20260128__20260128__oef--ClassAxis__custom--C000123224Member_zNXYXIzjEov1" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Class R5 Shares</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 24pt 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right"><span>$106</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 24pt 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right"><span>$551</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 24pt 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right"><span>$1,023</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 24pt 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right"><span>$2,328</span></p> </td> </tr> </table> 106 551 1023 2328 Portfolio Turnover. <p id="xdx_A88_eoef--PortfolioTurnoverTextBlock_z31rl2hsiCR2" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span>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 <span id="xdx_905_eoef--PortfolioTurnoverRate_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000027135Member_zwDlS0AGuDa2">46.93%</span> of the average value of its portfolio.</span></p> 0.4693 Principal Investment Strategies <p id="xdx_A8B_eoef--StrategyNarrativeTextBlock_gRBSNTB-TNP_zDKWbIVmeu68" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 7pt; color: #000000; text-indent: 0pt"><span><span id="xdx_90F_eoef--StrategyPortfolioConcentration_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000027135Member_zjvTHNttVmbe">Under normal market conditions, the Fund pursues its objective by investing at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities of issuers which Thornburg views as having substantial economic ties to one or more developing countries.</span> Developing countries are considered by Thornburg generally to be those countries which are not included in the MSCI World Index. The material factors that Thornburg considers when determining whether an issuer has substantial economic ties to a developing country include whether the issuer:</span></p> <p style="font: 9pt/11.5pt Arial, sans-serif; margin: 0pt 0pt 0pt 13.2pt; color: #000000; text-indent: -13.2pt"><span style="width: 13.2pt; text-indent: 0; display: inline-block"><span>•</span></span><span>is included in the MSCI Emerging Markets Index;</span></p> <p style="font: 9pt/11.5pt Arial, sans-serif; margin: 0pt 0pt 0pt 13.2pt; color: #000000; text-indent: -13.2pt"><span style="width: 13.2pt; text-indent: 0; display: inline-block"><span>•</span></span><span>is organized or headquartered in a developing country, or maintains most of its assets in one or more such countries;</span></p> <p style="font: 9pt/11.5pt Arial, sans-serif; margin: 0pt 0pt 0pt 13.2pt; color: #000000; text-indent: -13.2pt"><span style="width: 13.2pt; text-indent: 0; display: inline-block"><span>•</span></span><span>has equity securities that are traded principally on a stock exchange of a developing country; or</span></p> <p style="font: 9pt/11.5pt Arial, sans-serif; margin: 0pt 0pt 6pt 13.2pt; color: #000000; text-indent: -13.2pt"><span style="width: 13.2pt; text-indent: 0; display: inline-block"><span>•</span></span><span>derives, or is expected to derive, a majority of its profits, revenues, sales, or income from one or more developing countries.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 7pt; color: #000000; text-indent: 0pt"><span>The Fund may invest in issuers of any size of capitalization, including small companies, and expects that under normal conditions its assets will be invested in issuers domiciled in or tied economically to a variety of different developing countries.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 7pt; color: #000000; text-indent: 0pt"><span>The Fund’s policy of investing at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in developing country issuers may be changed by the Fund’s Trustees without a shareholder vote upon 60 days’ notice to shareholders. </span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 7pt; color: #000000; text-indent: 0pt"><span>Among the specific factors considered in identifying securities for inclusion in the Fund are domestic and international economic developments, outlooks for securities markets, the supply and demand for equity securities, and analysis of specific issuers. Thornburg typically categorizes the Fund’s equity investments in one of the following three categories:</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 7pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Basic Value: Companies generally operating in mature or cyclical industries and which generally exhibit more economic sensitivity and/or higher volatility in earnings and cash flow. </b></span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 7pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Consistent Earner: Companies which generally exhibit predictable growth, profitability, cash flow and/or dividends. </b></span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 7pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Emerging Franchise: Companies with the potential to grow at an above average rate because of a product or service that is establishing a new market and/or taking share from existing participants.</b></span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6.5pt; color: #000000; text-indent: 0pt"><span>Inclusion of any investment in any of the three described categories represents Thornburg’s opinion concerning the characteristics and prospects of the investment. There is no assurance that any company selected for investment will, once categorized in one of the three described investment categories, continue to have the positive characteristics or fulfill the expectations that Thornburg had for the company when it was selected for investment, and any such company may not grow or may decline in earnings and size.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6.5pt; color: #000000; text-indent: 0pt"><span>The Fund may sell an investment if Thornburg has identified a better investment opportunity, in response to changes in the conditions or business of the investment’s issuer or changes in overall market conditions, if Thornburg has a target price for the investment and that target price has been achieved, or if, in Thornburg’s opinion, the investment no longer serves to achieve the Fund’s investment goals.</span></p> Under normal market conditions, the Fund pursues its objective by investing at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities of issuers which Thornburg views as having substantial economic ties to one or more developing countries. An investment in the Fund is not a deposit in any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. Accordingly, the loss of money is a risk of investing in the Fund. <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__us-gaap--CreditRiskMember_ztSgsceKyup9" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6.5pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Credit Risk </b></span><span>– The inability of an issuer to pay principal and interest on its debt obligations when due, or the downgrading of an issuer’s debt obligations by ratings agencies, may adversely affect the market’s perceptions of the issuer’s financial strength and may therefore result in declines in the issuer’s stock price.</span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityAndOperationalRiskMember_zDreHsfzWsU3" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; -sec-ix-redline: true; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Cybersecurity and Operational Risk </b></span><span>– Operational failures, cyber-attacks or other disruptions that affect the Fund’s service providers, the Fund’s counterparties, other market participants or the issuers of securities held by the Fund may adversely affect the Fund and its shareholders, including by causing losses for the Fund or impairing Fund operations. The rapid development and increasingly widespread use of artificial intelligence, including machine learning technology and generative artificial intelligence such as ChatGPT, could exacerbate these risks.</span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--DevelopingCountryRiskMember_zj9RBY0Nzt48" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6.5pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Developing Country Risk </b></span><span>– The risks which may affect investments in foreign issuers (see “Foreign Investment Risk,” below) may be more pronounced for investments in developing countries because the economies of those countries are usually less diversified, communications, transportation and economic infrastructures are less developed, and developing countries ordinarily have less established legal, political, business and social frameworks. At times the prices of equity securities 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.</span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquityRiskMember_z6Ryo72d1lx7" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6.5pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Equity Risk </b></span><span>– The value of the Fund’s equity investments may fluctuate significantly over time in response to factors affecting individual issuers, particular industries, or the market as a whole. Additionally, common stock ranks below preferred stock and debt securities in claims for dividends and for assets of a company in a liquidation or bankruptcy.</span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignCurrencyRiskMember_zSvZ2yN1kUqh" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6.5pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Foreign Currency Risk </b></span><span>– 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.</span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignInvestmentRiskMember_zxYSMxbR24Sk" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6.5pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Foreign Investment Risk </b></span><span>– Investments in securities of foreign issuers may involve risks including adverse fluctuations in currency exchange rates, political instability, confiscations, taxes or restrictions on currency exchange, difficulty in selling foreign investments, and reduced legal protections.</span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zvkMo4KLaHkb" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6.5pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Liquidity Risk </b></span><span>– 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. This risk may be more pronounced for the Fund’s investments in developing countries.</span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zN0lqRC6gLfb" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6.5pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Management Risk </b></span><span>– 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.</span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndEconomicRiskMember_zTfxi2v7cLo7" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; -sec-ix-redline: true; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Market and Economic Risk </b></span><span>– The value of the Fund’s investments may decline and its share value may be reduced due to changes in general economic and market conditions. The value of a security may change in response to developments affecting entire economies, markets or industries, including changes in interest rates, political, legal, and technological developments, and general market volatility. These risks may be more pronounced for the Fund’s investments in developing countries.</span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--RedemptionRiskMember_z8lsmptbDeo3" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Redemption Risk </b></span><span>– 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.</span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--RisksAffectingSpecificCountriesOrRegionsMember_zd141eKkblP9" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Risks Affecting Specific Countries or Regions </b></span><span>– If a significant portion of the Fund’s assets is invested in issuers that are economically exposed to one country or region, the Fund’s share value may be more susceptible to the conditions and developments in that country or region, and potentially more volatile than the share value of a more geographically diversified fund. A specific country or region could also be adversely affected by conditions or developments arising in other countries. For example, the U.S. government could take actions to prohibit or restrict individuals or companies within the U.S. from purchasing or holding the shares of issuers in another country, which may limit the Fund’s ability to invest in that country or cause the Fund to have to sell investments in that country at less than desired prices. The nature and degree of the risks affecting a given country or region, and the extent of the Fund’s exposure to any such country or region, is expected to vary over time.</span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--RisksAffectingSpecificIssuersMember_zxvRe7O9EW9f" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Risks Affecting Specific Issuers </b></span><span>– The value of an equity security may decline in response to developments affecting the specific issuer of the security or obligation, even if the overall industry or economy is unaffected. These developments may include a variety of factors, including but not limited to management issues or other corporate disruption, a decline in revenues or profitability, an increase in costs, or an adverse effect on the issuer’s competitive position.</span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallAndMidCapCompanyRiskMember_zYsMWDC6AVZ6" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Small and Mid-Cap Company Risk </b></span><span>– 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.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span>Additional information about Fund investments, investment strategies and risks of investing in the Fund appears below beginning on page 51 of the Prospectus.</span></p> Past Performance of the Fund <p id="xdx_A85_eoef--PerformanceNarrativeTextBlock_z5sXLYRw7Xkc" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span><span id="xdx_902_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000027135Member_zBvRgNcfMZXl">The following information provides some indication of the risks of investing in the Developing World Fund by showing how the Fund’s investment results vary from year to year.</span> The bar chart shows how the annual total returns for Class R5 shares have been different in each full year shown. The average annual total return figures compare Class R5 share performance to the MSCI Emerging Markets Net Total Return USD Index, a broad-based securities market index that represents the overall applicable market in which the Fund invests. The index is not actively managed and is not available for direct investment. The bar charts and performance table assume reinvestment of dividends and distributions. <span id="xdx_903_eoef--PerformancePastDoesNotIndicateFuture_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000027135Member_zwjuMd4rQ912">Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> The performance information shown is as of the calendar year ended December 31, 2025. Updated performance information may be obtained on the Thornburg website at <span id="xdx_90F_eoef--PerformanceAvailabilityWebSiteAddress_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000027135Member_z5FHAM5wazRk">Thornburg.com</span> or by calling <span id="xdx_909_eoef--PerformanceAvailabilityPhone_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000027135Member_zoyo0vAFXxyd">1-800-847-0200</span>.</span></p> The following information provides some indication of the risks of investing in the Developing World Fund by showing how the Fund’s investment results vary from year to year. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Thornburg.com 1-800-847-0200 Annual Total Returns – Class R5 Shares <div id="xdx_A8C_eoef--BarChartTableTextBlock_zR5ccVgRytPg"></div> <table border="0" cellpadding="0" cellspacing="0" id="xdx_A51_dU_z7W8lJzqLL7l" style="display: none; visibility: hidden; width: 100%; border-collapse: collapse; font-size: 8pt" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left"> </td> <td id="xdx_48A_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000123224Member_znThL7Gzvoeh" style="font-family: Aptos Narrow; text-align: left"> </td></tr> <tr id="xdx_417_20160101__20161231_zWnh4SJ2Dkrd" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">2016</td> <td style="font-family: Aptos Narrow; text-align: left">3.08%</td></tr> <tr id="xdx_418_20170101__20171231_zb8YMrxSyJR9" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">2017</td> <td style="font-family: Aptos Narrow; text-align: left">35.84%</td></tr> <tr id="xdx_415_20180101__20181231_z7uNMmgw0LG" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">2018</td> <td style="font-family: Aptos Narrow; text-align: left">-14.88%</td></tr> <tr id="xdx_41A_20190101__20191231_zkckUCAM89O3" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">2019</td> <td style="font-family: Aptos Narrow; text-align: left">29.53%</td></tr> <tr id="xdx_41F_20200101__20201231_zmDT87IJgdj9" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">2020</td> <td style="font-family: Aptos Narrow; text-align: left">23.08%</td></tr> <tr id="xdx_414_20210101__20211231_zxvn2CcdK3A5" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">2021</td> <td style="font-family: Aptos Narrow; text-align: left">-2.65%</td></tr> <tr id="xdx_41E_20220101__20221231_zKPEYehC74Y1" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">2022</td> <td style="font-family: Aptos Narrow; text-align: left">-25.51%</td></tr> <tr id="xdx_413_20230101__20231231_zwRx0FSleZD" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">2023</td> <td style="font-family: Aptos Narrow; text-align: left">6.60%</td></tr> <tr id="xdx_414_20240101__20241231_zeKjNu10KSL3" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">2024</td> <td style="font-family: Aptos Narrow; text-align: left">5.75%</td></tr> <tr id="xdx_418_20250101__20251231_z8vtFwT3RnOj" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; width: 31%">2025</td> <td style="font-family: Aptos Narrow; text-align: left; width: 69%">27.84%</td></tr> </table> <div style="font: 12pt Arial, sans-serif; margin: 14pt 0pt 24pt; color: #000000; text-indent: 0pt"> <div style="border-width: 0pt; padding: 0pt; overflow: hidden; display: inline-block; width: 595.29pt; height: 175.97pt"> <img alt="" src="retirementproimg005.gif" style="vertical-align: top; margin-left: 0pt; width: 595.1pt; margin-top: 0pt; height: 174.9pt"/> </div> </div> 0.0308 0.3584 -0.1488 0.2953 0.2308 -0.0265 -0.2551 0.0660 0.0575 0.2784 <div id="xdx_A82_eoef--BarChartClosingTextBlock_zuzgqd2IA5Ki"></div> <table style="-sec-ix-redline: true; width: 594pt; margin-top: 2pt; margin-bottom: 8pt; table-layout: fixed; border-collapse: collapse"> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; width: 435.6pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b> </b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>Total<br/>Returns</b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>Quarter<br/>ended</b></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span><span id="xdx_900_eoef--HighestQuarterlyReturnLabel_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000027135Member_zMkiCdK2wVTa">Highest Quarterly Results</span></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span><span id="xdx_90D_eoef--BarChartHighestQuarterlyReturn_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000027135Member_zKkBfIgcKcs5">21.77%</span></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span><span id="xdx_900_eoef--BarChartHighestQuarterlyReturnDate_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000027135Member_zGrKSct09Hk8">6/30/2020</span></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span><span id="xdx_906_eoef--LowestQuarterlyReturnLabel_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000027135Member_z6D7JLej9Jnk">Lowest Quarterly Results</span></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt 3pt 3pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span><span id="xdx_907_eoef--BarChartLowestQuarterlyReturn_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000027135Member_zN4Nu0Q1YM5l">-24.75%</span></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span><span id="xdx_90C_eoef--BarChartLowestQuarterlyReturnDate_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000027135Member_zml2kjjBNbm5">3/31/2020</span></span></p> </td> </tr> </table> Highest Quarterly Results 0.2177 2020-06-30 Lowest Quarterly Results -0.2475 2020-03-31 Average Annual Total Returns (periods ended 12-31-25) <div id="xdx_A8A_eoef--PerformanceTableTextBlock_zwsEzJMlf2Ee" style="-sec-ix-redline: true"></div> <table style="-sec-ix-redline: true; width: 594pt; margin-top: 0pt; margin-bottom: 8pt; table-layout: fixed; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 356.4pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> </tr> </table> <table id="xdx_A50_dU_zCmFmDLJESIc" style="-sec-ix-redline: true; width: 594pt; margin-top: 0pt; margin-bottom: 8pt; table-layout: fixed; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="min-height: 6pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; width: 356.4pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Class R5 Shares</b></span></p> </td> <td id="xdx_49E_20250101__20251231_zrUNYt1jThVk" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>1 Year</b></span></p> </td> <td id="xdx_496_20210101__20251231_zuXhsVRClud5" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>5 YEARS</b></span></p> </td> <td id="xdx_49F_20160101__20251231_zjJY95mvjZVd" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>10 YearS</b></span></p> </td> </tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dpn_hoef--ClassAxis__custom--C000123224Member_z7IyJgHAPq6e" style="min-height: 6pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Return Before Taxes</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>27.84%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>0.89%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>7.10%</span></p> </td> </tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dpn_hoef--ClassAxis__custom--C000123224Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zkPswmAvgPB9" style="min-height: 6pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Return After Taxes on Distributions</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>26.00%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>0.05%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>6.48%</span></p> </td> </tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dpn_hoef--ClassAxis__custom--C000123224Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_z9ZQjwbNfPM3" style="min-height: 6pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Return After Taxes on Distributions and Sale of Fund Shares</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>16.44%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>0.28%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>5.42%</span></p> </td> </tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dpn_hoef--PerformanceMeasureAxis__custom--MSCIEmergingMarketsNetTotalReturnUSDIndexMember_zcgMCMXmEqTk" style="min-height: 6pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>MSCI Emerging Markets Net Total Return USD Index<br/></span><span style="font-style: italic"><i><span id="xdx_902_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000027135Member_z681lnRqfI1k">(reflects no deduction for fees, expenses, or U.S. taxes)</span></i></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>33.57%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>4.20%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>8.42%</span></p> </td> </tr> </table> 0.2784 0.0089 0.0710 0.2600 0.0005 0.0648 0.1644 0.0028 0.0542 (reflects no deduction for fees, expenses, or U.S. taxes) 0.3357 0.0420 0.0842 <p id="xdx_A89_eoef--PerformanceTableClosingTextBlock_zxF3fqOmTQHc" style="font: italic 8pt/9pt Arial, sans-serif; margin: 0pt 0pt 4pt; color: #000000; text-indent: 0pt"><span><i><span id="xdx_907_eoef--PerformanceTableUsesHighestFederalRate_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000027135Member_zVEqU6ZRrRXh">After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect state or local income taxes.</span> <span id="xdx_90C_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000027135Member_zFXTMTqD0mkh">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.</span> <span id="xdx_90E_eoef--PerformanceTableOneClassOfAfterTaxShown_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000027135Member_z5WTrWXD8884">The after-tax returns shown relate only to Class R5 shares, and after-tax returns for other share classes will vary.</span></i></span></p> After-tax returns are calculated using the historical highest 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 R5 shares, and after-tax returns for other share classes will vary. Investment Income Builder Fund Investment Goal <p id="xdx_A82_eoef--ObjectivePrimaryTextBlock_zL6yBejjQzrb" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span>The Fund’s primary investment goal is to provide a level of current income which exceeds the average yield on U.S. stocks generally, and which will generally grow, subject to periodic fluctuations, over the years on a per share basis.</span></p> <p id="xdx_A8F_eoef--ObjectiveSecondaryTextBlock_z1BZ5S7ipG16" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span>The Fund’s secondary investment goal is long-term capital appreciation.</span></p> Fees and Expenses of the Fund <p id="xdx_A8F_eoef--ExpenseNarrativeTextBlock_zifHTg9AsgEg" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span>This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. </span><span style="font-weight: bold"><b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</b></span></p> Shareholder Fees (fees paid directly from your investment) <div id="xdx_A89_eoef--ShareholderFeesTableTextBlock_znYhi9BnvHb4"></div> <table style="width: 595.1pt; margin-top: 0pt; margin-bottom: 8pt; table-layout: fixed; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 357.5pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> </tr> </table> <table id="xdx_A53_dU_zlPqp19BsAuc" style="width: 595.1pt; margin-top: 0pt; margin-bottom: 8pt; table-layout: fixed; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="min-height: 11.7pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; width: 357.5pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b> </b></span></p> </td> <td id="xdx_49B_20260128__20260128__oef--ClassAxis__custom--C000042675Member_zJIytB9BpNuj" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>Class R3</b></span></p> </td> <td id="xdx_490_20260128__20260128__oef--ClassAxis__custom--C000058461Member_zEWEHjN7PCAk" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>Class R4</b></span></p> </td> <td id="xdx_49F_20260128__20260128__oef--ClassAxis__custom--C000047041Member_z3RFrpmCvNxk" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>Class R5</b></span></p> </td> </tr> <tr id="xdx_403_eoef--MaximumSalesChargeImposedOnPurchasesOverOfferingPrice_dpn_zgWqL6MaCAHc" style="min-height: 18pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Maximum Sales Charge (Load) Imposed on Purchases<br/></span><span style="font-style: italic"><i>(as a percentage of offering price)</i></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>none</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>none</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>none</span></p> </td> </tr> <tr id="xdx_40A_eoef--MaximumDeferredSalesChargeOverOther_dpn_zvqFYj2Gqwz5" style="min-height: 18pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Maximum Deferred Sales Charge (Load) <br/></span><span style="font-style: italic"><i>(as a percentage of redemption proceeds or original purchase price, whichever is lower)</i></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>none</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>none</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>none</span></p> </td> </tr> </table> 0 0 0 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A8B_eoef--AnnualFundOperatingExpensesTableTextBlock_znueNMinK7z9" style="-sec-ix-redline: true"></div> <table style="-sec-ix-redline: true; width: 595.1pt; margin-top: 0pt; margin-bottom: 8pt; table-layout: fixed; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 357.5pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> </tr> </table> <table id="xdx_A56_dU_zwLDkMeEjAH8" style="-sec-ix-redline: true; width: 595.1pt; margin-top: 0pt; margin-bottom: 8pt; table-layout: fixed; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; width: 357.5pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b> </b></span></p> </td> <td id="xdx_49F_20260128__20260128__oef--ClassAxis__custom--C000042675Member_zMHN3jNs909e" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>Class R3</b></span></p> </td> <td id="xdx_49D_20260128__20260128__oef--ClassAxis__custom--C000058461Member_zQZc5nFzqn3h" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>Class R4</b></span></p> </td> <td id="xdx_495_20260128__20260128__oef--ClassAxis__custom--C000047041Member_zRZXcaSV5CR8" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>Class R5</b></span></p> </td> </tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zJb4Zvru8gk7" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Management Fees</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>0.69%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>0.69%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>0.69%</span></p> </td> </tr> <tr id="xdx_403_eoef--DistributionAndService12b1FeesOverAssets_dpn_zG8QPWKiMVsa" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Distribution and Service (12b-1) Fees</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>0.50%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>0.25%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>none</span></p> </td> </tr> <tr id="xdx_405_eoef--OtherExpensesOverAssets_dpn_zyLItkIQ4hZd" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Other Expenses</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>0.36%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>0.45%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>0.37%</span></p> </td> </tr> <tr id="xdx_409_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zIGH1Mow2xZh" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Acquired Fund Fees and Expenses</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>0.03%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>0.03%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>0.03%</span></p> </td> </tr> <tr id="xdx_407_eoef--ExpensesOverAssets_dpn_zOKKyv4DyQF8" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Total Annual Fund Operating Expenses</span><sup id="xdx_F4E_zgccdwnfd4Aj" style="font-size: 7pt; line-height: 7pt">(1)</sup><span> </span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>1.58%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>1.42%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>1.09%</span></p> </td> </tr> <tr id="xdx_404_eoef--FeeWaiverOrReimbursementOverAssets_dpn_zwaQY2fe1nHi" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Fee Waiver/Expense Reimbursement</span><sup id="xdx_F43_zxdTZGfVCnNc" style="font-size: 7pt; line-height: 7pt">(2)</sup><span> </span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>(0.06)%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt 3pt 8pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>(0.15)%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt 3pt 8pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>(0.07)%</span></p> </td> </tr> <tr id="xdx_40C_eoef--NetExpensesOverAssets_dpn_zuJTUhZjRFdh" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement</span><sup style="font-size: 7pt; line-height: 7pt">(1)</sup><span> </span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>1.52%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>1.27%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>1.02%</span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: italic 8pt/9pt Arial, sans-serif; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right"><i id="xdx_F0D_zwYxHpWvh0h5">(1)</i></td> <td style="width: 5pt"></td> <td style="text-align: justify"><i id="xdx_F12_zv9Vi2mLs5m8"><span id="xdx_90F_eoef--ExpensesNotCorrelatedToRatioDueToAcquiredFundFees_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000011851Member_zoRm8lKoESti">The Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement do not match the Ratios to Average Net Assets shown in the Financial Highlights section of the Prospectus, which reflect the operating expenses of the Fund and do not include acquired fund fees and expenses (‘AFFE’). AFFE are expenses incurred indirectly by other investment companies in which the Fund holds shares, are not direct costs paid by Fund shareholders, and are not used to calculate the Fund’s net asset value.</span></i></td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: italic 8pt/9pt Arial, sans-serif; -sec-ix-redline: true; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right"><i id="xdx_F08_z0rvmy5kCMX6">(2)</i></td> <td style="width: 5pt"></td> <td style="text-align: justify"><i id="xdx_F13_zbqIlBu9Z9Q8">Thornburg Investment Management, Inc. (“Thornburg”) has contractually agreed to waive fees and reimburse expenses incurred by the Fund so that actual Class R3, Class R4 and Class R5 expenses (excluding taxes, interest expenses, acquired fund fees and expenses, brokerage commissions, borrowing costs, expenses relating to short sales, and unusual expenses such as contingency fees or litigation costs) do not exceed 1.49%, 1.24%, and 0.99% 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 <span id="xdx_90F_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260128__20260128__oef--ClassAxis__custom--C000042675Member_zdMQWrSI6M8b"><span id="xdx_906_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260128__20260128__oef--ClassAxis__custom--C000058461Member_ziGuoDXFsGR6"><span id="xdx_903_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260128__20260128__oef--ClassAxis__custom--C000047041Member_znIr1vGSlcdb">February 1, 2027</span></span></span>, 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.</i></td> </tr> </table> 0.0069 0.0069 0.0069 0.0050 0.0025 0 0.0036 0.0045 0.0037 0.0003 0.0003 0.0003 0.0158 0.0142 0.0109 -0.0006 -0.0015 -0.0007 0.0152 0.0127 0.0102 The Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement do not match the Ratios to Average Net Assets shown in the Financial Highlights section of the Prospectus, which reflect the operating expenses of the Fund and do not include acquired fund fees and expenses (‘AFFE’). AFFE are expenses incurred indirectly by other investment companies in which the Fund holds shares, are not direct costs paid by Fund shareholders, and are not used to calculate the Fund’s net asset value. February 1, 2027 February 1, 2027 February 1, 2027 Example. <p id="xdx_A8B_eoef--ExpenseExampleNarrativeTextBlock_zLXUHr6SIQOh" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span>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:</span></p> <div id="xdx_A86_eoef--ExpenseExampleWithRedemptionTableTextBlock_zbUPDqxfNrbj" style="-sec-ix-redline: true"></div> <table id="xdx_A52_dU_z7f29Wu0jjd6" style="-sec-ix-redline: true; width: 594pt; margin-top: 0pt; margin-bottom: 8pt; table-layout: fixed; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 277.2pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b> </b></span></p> </td> <td id="xdx_485_eoef--ExpenseExampleYear01_z2rMAFlKbAF2" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>1 Year</b></span></p> </td> <td id="xdx_48D_eoef--ExpenseExampleYear03_zuUoKntTcEJ7" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>3 Years</b></span></p> </td> <td id="xdx_48F_eoef--ExpenseExampleYear05_zRUSKHxPLNog" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>5 Years</b></span></p> </td> <td id="xdx_489_eoef--ExpenseExampleYear10_zgMLP6w7ApEi" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>10 Years</b></span></p> </td> </tr> <tr id="xdx_41A_20260128__20260128__oef--ClassAxis__custom--C000042675Member_z9K1Tp8zvH7h" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Class R3 Shares</span></p> </td> <td style="border-width: 0pt; padding: 3pt 24pt 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right"><span>$155</span></p> </td> <td style="border-width: 0pt; padding: 3pt 24pt 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right"><span>$493</span></p> </td> <td style="border-width: 0pt; padding: 3pt 24pt 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right"><span>$855</span></p> </td> <td style="border-width: 0pt; padding: 3pt 24pt 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right"><span>$1,873</span></p> </td> </tr> <tr id="xdx_41E_20260128__20260128__oef--ClassAxis__custom--C000058461Member_zI6pm0PxEDrh" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Class R4 Shares</span></p> </td> <td style="border-width: 0pt; padding: 3pt 24pt 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right"><span>$129</span></p> </td> <td style="border-width: 0pt; padding: 3pt 24pt 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right"><span>$435</span></p> </td> <td style="border-width: 0pt; padding: 3pt 24pt 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right"><span>$762</span></p> </td> <td style="border-width: 0pt; padding: 3pt 24pt 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right"><span>$1,689</span></p> </td> </tr> <tr id="xdx_41F_20260128__20260128__oef--ClassAxis__custom--C000047041Member_zzLSZKmJuGS" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Class R5 Shares</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 24pt 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right"><span>$104</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 24pt 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right"><span>$340</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 24pt 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right"><span>$594</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 24pt 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right"><span>$1,322</span></p> </td> </tr> </table> 155 493 855 1873 129 435 762 1689 104 340 594 1322 Portfolio Turnover. <p id="xdx_A85_eoef--PortfolioTurnoverTextBlock_zE914VhcQN0j" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span>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 <span id="xdx_90A_eoef--PortfolioTurnoverRate_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000011851Member_zwNVgLwKRsti">27.78%</span> of the average value of its portfolio.</span></p> 0.2778 Principal Investment Strategies <p id="xdx_A84_eoef--StrategyNarrativeTextBlock_zrJ1fNn6K7x2" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 5pt; color: #000000; text-indent: 0pt"><span>The Fund pursues its investment goals by investing in a broad range of income producing securities, primarily including stocks and bonds, as described below. <span id="xdx_90C_eoef--StrategyPortfolioConcentration_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000011851Member_zRVyeZURbEF7">The Fund will under normal conditions invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in income-producing securities, and at least 50% of its net assets, plus the amount of any borrowings for investment purposes, in common stocks.</span> </span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 5pt; color: #000000; text-indent: 0pt"><span>The Fund may invest in any stock or other equity security which Thornburg believes may assist the Fund in pursuing its investment goals (including smaller companies with market capitalization of less than $500 million and companies in developing countries), including preferred stock and publicly traded real estate investment trusts. The Fund expects that equity investments in the Fund’s portfolio normally will be weighted in favor of companies which pay dividends or other current income.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 5pt; color: #000000; text-indent: 0pt"><span>The Fund may invest in debt obligations of any kind, including corporate bonds and other obligations, mortgage- and other asset-backed securities and government obligations. The Fund may purchase debt obligations of any maturity and of any credit quality, including “high yield” or “junk” bonds. There is no minimum credit quality or rating of debt obligation the Fund may purchase. The Fund also may invest in debt obligations which have a combination of equity and debt characteristics, such as convertible bonds.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 5pt; color: #000000; text-indent: 0pt"><span>The Fund may invest a significant portion of its assets in securities of issuers domiciled in or economically tied to countries outside the United States, including developing countries.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; color: #000000; text-indent: 0pt"><span>The Fund’s investments are determined by individual issuer and industry analysis. Investment decisions are based on domestic and international economic developments, outlooks for securities markets, interest rates and inflation, the supply and demand for debt and equity securities, and analysis of specific issuers. The Fund ordinarily acquires and holds debt obligations for investment rather than for realization of gains by short-term trading on market fluctuations. However, the Fund may dispose of any such security prior to its scheduled maturity to enhance income or reduce loss, to change the portfolio’s average maturity, or otherwise to respond to market conditions.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; color: #000000; text-indent: 0pt"><span>The Fund may sell an investment if Thornburg has identified a better investment opportunity, in response to changes in the conditions or business of the investment’s issuer or changes in overall market conditions, if Thornburg has a target price for the investment and that target price has been achieved, or if, in Thornburg’s opinion, the investment no longer serves to achieve the Fund’s investment goals.</span></p> The Fund will under normal conditions invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in income-producing securities, and at least 50% of its net assets, plus the amount of any borrowings for investment purposes, in common stocks. An investment in the Fund is not a deposit in any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Accordingly, the loss of money is a risk of investing in the Fund. <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConvertibleDebtObligationRiskMember_zHZ6UI7RGXZc" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Convertible Debt Obligation Risk </b></span><span>– 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.</span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__us-gaap--CreditRiskMember_zlYFere7mP7e" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Credit Risk </b></span><span>– If debt obligations held by the Fund are downgraded by ratings agencies or go into default, or if management action, legislation or other government action reduces the ability of issuers to pay principal and interest when due, the value of those obligations may decline and the Fund’s share value and the dividends paid by the Fund may be reduced. Because the ability of an issuer of a lower-rated or unrated obligation to pay principal and interest when due is typically less certain than for an issuer of a higher-rated obligation, lower-rated and unrated obligations are generally more vulnerable than higher-rated obligations to default, to ratings downgrades, and to liquidity risk. The inability of an issuer to pay principal and interest on its debt obligations when due, or the downgrading of an issuer’s debt obligations by ratings agencies, may adversely affect the market’s perceptions of the issuer’s financial strength and may therefore result in declines in the issuer’s stock price.</span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityAndOperationalRiskMember_ztqMqa5LNCWc" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; -sec-ix-redline: true; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Cybersecurity and Operational Risk </b></span><span>– Operational failures, cyber-attacks or other disruptions that affect the Fund’s service providers, the Fund’s counterparties, other market participants or the issuers of securities held by the Fund may adversely affect the Fund and its shareholders, including by causing losses for the Fund or impairing Fund operations. The rapid development and increasingly widespread use of artificial intelligence, including machine learning technology and generative artificial intelligence such as ChatGPT, could exacerbate these risks.</span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--DevelopingCountryRiskMember_zUXo6y3isWD1" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Developing Country Risk </b></span><span>– The risks which may affect investments in foreign issuers (see “Foreign Investment Risk,” below) may be more pronounced for investments in developing countries because the economies of those countries are usually less diversified, communications, transportation and economic infrastructures are less developed, and developing countries ordinarily have less established legal, political, business and social frameworks. At times the prices of equity securities or debt obligations of a developing country issuer may be extremely volatile. An issuer domiciled in a developed country may be similarly affected by these developing country risks to the extent that the issuer conducts its business in developing countries.</span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquityRiskMember_zzIlKUuwoBEg" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Equity Risk </b></span><span>– The value of the Fund’s equity investments may fluctuate significantly over time in response to factors affecting individual issuers, particular industries, or the market as a whole. Additionally, common stock ranks below preferred stock and debt securities in claims for dividends and for assets of a company in a liquidation or bankruptcy.</span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignCurrencyRiskMember_z30VZvO0sAZf" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Foreign Currency Risk </b></span><span>– 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.</span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignGovernmentObligationsRiskMember_zdMxVQphHOy9" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Foreign Government Obligations Risk </b></span><span>– Debt obligations may be issued by foreign governments and their agencies and instrumentalities, including the governments of developing countries and “supra-national” entities such as the International Bank for Reconstruction and Development. The Fund’s investments in these foreign debt obligations may be denominated in U.S. dollars or in foreign currencies. These securities, even if denominated in U.S. dollars, may be affected significantly by fluctuations in the value of foreign currencies, and the value of these securities in U.S. dollars may decline even if the securities increase in value in their home country. The governmental issuers of these debt obligations may be less willing or able than the U.S. to repay principal and interest when due, and they may require that the terms for payment be renegotiated. In some countries there may be political instability or insufficient government supervision of markets, and the legal protections for the Fund’s investments could be subject to unfavorable judicial or administrative changes. These risks may be more pronounced for the Fund’s investments in debt obligations issued by developing countries.</span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignInvestmentRiskMember_z54hnLQ2ST8d" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Foreign Investment Risk </b></span><span>– Investments in securities of foreign issuers may involve risks including adverse fluctuations in currency exchange rates, political instability, confiscations, taxes or restrictions on currency exchange, difficulty in selling foreign investments, and reduced legal protection. In addition, some foreign government debt obligations may be subject to default, delays in payment, adverse legislation or government action, or could be downgraded by ratings agencies.</span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighYieldRiskMember_zSDQmzc18yb3" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>High Yield Risk </b></span><span>– 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.</span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__us-gaap--InterestRateRiskMember_zjffDkCM3Fj4" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Interest Rate Risk </b></span><span>– When interest rates increase, the value of the Fund’s investments in debt obligations may decline and the Fund’s share value may be reduced. This effect is typically more pronounced for intermediate and longer-term obligations. This effect is also typically more pronounced for mortgage- and other asset-backed securities, the value of which may fluctuate more significantly in response to interest rate changes. When interest rates decrease, the Fund’s dividends may decline.</span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zXGzOURoJSPe" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Liquidity Risk </b></span><span>– 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.</span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zwdWrmV5Xwm6" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Management Risk </b></span><span>– 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.</span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndEconomicRiskMember_zPMMI7Wf7OY6" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; -sec-ix-redline: true; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Market and Economic Risk </b></span><span>– The value of the Fund’s investments may decline and its share value may be reduced due to changes in general economic and market conditions. The value of a security may change in response to developments affecting entire economies, markets or industries, including changes in interest rates, political, legal, and technological developments, and general market volatility.</span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--PrepaymentAndExtensionRiskMember_zvDhsNxcHRuc" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Prepayment and Extension Risk </b></span><span>– 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.</span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--RealEstateRiskMember_zUNxl9cNQrqa" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Real Estate Risk </b></span><span>– The Fund’s investments in publicly traded real estate investment trusts (“REITs”) are subject to risks affecting real estate investments generally (including market conditions, competition, property obsolescence, changes in interest rates and casualty to real estate), as well as risks specifically affecting REITs (the quality and skill of REIT management and the internal expenses of the REIT).</span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--RedemptionRiskMember_zNM41RQcQjll" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Redemption Risk </b></span><span>– 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.</span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--RisksAffectingSpecificCountriesOrRegionsMember_z3ltOhAm8cnk" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Risks Affecting Specific Countries or Regions </b></span><span>– If a significant portion of the Fund’s assets is invested in issuers that are economically exposed to one country or region, the Fund’s share value may be more susceptible to the conditions and developments in that country or region, and potentially more volatile than the share value of a more geographically diversified fund. A specific country or region could also be adversely affected by conditions or developments arising in other countries. For example, the U.S. government could take actions to prohibit or restrict individuals or companies within the U.S. from purchasing or holding the shares of issuers in another country, which may limit the Fund’s ability to invest in that country or cause the Fund to have to sell investments in that country at less than desired prices. The nature and degree of the risks affecting a given country or region, and the extent of the Fund’s exposure to any such country or region, is expected to vary over time.</span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--RisksAffectingSpecificIssuersMember_zK8GFYI4KyE4" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Risks Affecting Specific Issuers </b></span><span>– The value of an equity security or debt obligation may decline in response to developments affecting the specific issuer of the security or obligation, even if the overall industry or economy is unaffected. These developments may include a variety of factors, including but not limited to management issues or other corporate disruption, a decline in revenues or profitability, an increase in costs, or an adverse effect on the issuer’s competitive position.</span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallAndMidCapCompanyRiskMember_zKynMMwfWNQi" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Small and Mid-Cap Company Risk </b></span><span>– Investments in small-capitalization companies and mid-capitalization companies may involve additional risks, which may be relatively higher with smaller companies. These additional risks may result from limited product lines, more limited access to markets and financial resources, greater vulnerability to competition and changes in markets, lack of management depth, increased volatility in share price, and possible difficulty in valuing or selling these investments.</span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentObligationsRiskMember_zfQbrUVzeHOe" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 7pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>U.S. Government Obligations Risk </b></span><span>– 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.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 7pt; color: #000000; text-indent: 0pt"><span>Additional information about Fund investments, investment strategies and risks of investing in the Fund appears below beginning on page 51 of the Prospectus.</span></p> Past Performance of the Fund <p id="xdx_A8B_eoef--PerformanceNarrativeTextBlock_zTWWpnMRW7ra" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 7pt; color: #000000; text-indent: 0pt"><span><span id="xdx_903_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000011851Member_zfjdMieVDVk6">The following information provides some indication of the risks of investing in Investment Income Builder Fund by showing how the Fund’s investment results vary from year to year.</span> The bar chart shows how the annual total returns for Class R3 shares vary in each full year shown. The average annual total return figures compare Class R3, Class R4 and Class R5 share performance to the MSCI World Net Total Return USD Index and the Bloomberg U.S. Aggregate Total Return Index Value USD, each a broad-based securities market index that represents the overall applicable market in which the Fund invests, and a Blended Benchmark, comprised of 25% Bloomberg U.S. Aggregate Bond Total Return Value USD, and 75% MSCI World Net Total Return USD Index, an additional benchmark that represents the market sectors which Thornburg believes are more representative of the Fund’s investment universe. These indexes are not actively managed and are not available for direct investment. The bar charts and performance tables assume reinvestment of dividends and distributions. <span id="xdx_906_eoef--PerformancePastDoesNotIndicateFuture_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000011851Member_zq1JUUCRU5n8">Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> The performance information shown below is as of the calendar year ended December 31, 2025. Updated performance information may be obtained on the Thornburg website at <span id="xdx_90E_eoef--PerformanceAvailabilityWebSiteAddress_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000011851Member_zbu5FQge4HT7">Thornburg.com</span> or by calling <span id="xdx_909_eoef--PerformanceAvailabilityPhone_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000011851Member_zL4kLrBHQjfe">1-800-847-0200</span>.</span></p> The following information provides some indication of the risks of investing in Investment Income Builder Fund by showing how the Fund’s investment results vary from year to year. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Thornburg.com 1-800-847-0200 Annual Total Returns – Class R3 Shares <div id="xdx_A8F_eoef--BarChartTableTextBlock_zmhKNjkXnn3f"></div> <table border="0" cellpadding="0" cellspacing="0" id="xdx_A50_dU_zU7c80GHNUtc" style="display: none; visibility: hidden; width: 100%; border-collapse: collapse; font-size: 8pt" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left"> </td> <td id="xdx_48A_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000042675Member_zJD9bILksyZ" style="font-family: Aptos Narrow; text-align: left"> </td></tr> <tr id="xdx_417_20160101__20161231_z7P3p0zvRWpd" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">2016</td> <td style="font-family: Aptos Narrow; text-align: left">9.17%</td></tr> <tr id="xdx_418_20170101__20171231_zxlLh8JJuTyi" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">2017</td> <td style="font-family: Aptos Narrow; text-align: left">14.49%</td></tr> <tr id="xdx_415_20180101__20181231_zFNTyQxbZqc6" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">2018</td> <td style="font-family: Aptos Narrow; text-align: left">-5.01%</td></tr> <tr id="xdx_41A_20190101__20191231_zQtwfAdz9Skh" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">2019</td> <td style="font-family: Aptos Narrow; text-align: left">17.28%</td></tr> <tr id="xdx_41F_20200101__20201231_z7IjOwxzi3B9" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">2020</td> <td style="font-family: Aptos Narrow; text-align: left">-1.02%</td></tr> <tr id="xdx_414_20210101__20211231_z8dPxyJw4GDa" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">2021</td> <td style="font-family: Aptos Narrow; text-align: left">19.59%</td></tr> <tr id="xdx_41E_20220101__20221231_zMbk2ICxQ9T3" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">2022</td> <td style="font-family: Aptos Narrow; text-align: left">-8.62%</td></tr> <tr id="xdx_413_20230101__20231231_zfWhNVkBdrKi" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">2023</td> <td style="font-family: Aptos Narrow; text-align: left">17.49%</td></tr> <tr id="xdx_414_20240101__20241231_zMPmeJVud7me" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">2024</td> <td style="font-family: Aptos Narrow; text-align: left">12.68%</td></tr> <tr id="xdx_418_20250101__20251231_zJBuEYKgKgZ3" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; width: 31%">2025</td> <td style="font-family: Aptos Narrow; text-align: left; width: 69%">36.09%</td></tr> </table> <div style="font: 12pt Arial, sans-serif; margin: 12pt 0pt; color: #000000; text-indent: 0pt"> <div style="border-width: 0pt; padding: 0pt; overflow: hidden; display: inline-block; width: 592.05pt; height: 175.8pt"> <img alt="" src="retirementproimg006.gif" style="vertical-align: top; margin-left: 0pt; width: 591.8pt; margin-top: 0pt; height: 177.1pt"/> </div> </div> <p style="font: 12pt Arial, sans-serif; margin: 12pt 0pt; color: #000000; text-indent: 0pt"><span> </span></p> 0.0917 0.1449 -0.0501 0.1728 -0.0102 0.1959 -0.0862 0.1749 0.1268 0.3609 <div id="xdx_A8C_eoef--BarChartClosingTextBlock_zUNJN4b7eCZi"></div> <table style="-sec-ix-redline: true; width: 594pt; margin-top: 2pt; margin-bottom: 8pt; table-layout: fixed; border-collapse: collapse"> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; width: 435.6pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b> </b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>Total<br/>Returns</b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>Quarter<br/>ended</b></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span><span id="xdx_900_eoef--HighestQuarterlyReturnLabel_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000011851Member_zEok1UCWh0Ea">Highest Quarterly Results</span></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span><span id="xdx_904_eoef--BarChartHighestQuarterlyReturn_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000011851Member_zkX3ZJlqh8o5">15.81%</span></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span><span id="xdx_908_eoef--BarChartHighestQuarterlyReturnDate_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000011851Member_zboqASvps39h">12/31/2020</span></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span><span id="xdx_90C_eoef--LowestQuarterlyReturnLabel_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000011851Member_zVy8IRNIrRSa">Lowest Quarterly Results</span></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt 3pt 3pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span><span id="xdx_90F_eoef--BarChartLowestQuarterlyReturn_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000011851Member_zN0U78OFpLQ2">-26.02%</span></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span><span id="xdx_904_eoef--BarChartLowestQuarterlyReturnDate_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000011851Member_z39p8wWba5v1">3/31/2020</span></span></p> </td> </tr> </table> Highest Quarterly Results 0.1581 2020-12-31 Lowest Quarterly Results -0.2602 2020-03-31 Average Annual Total Returns (periods ended 12-31-25) <div id="xdx_A87_eoef--PerformanceTableTextBlock_zFELsG6n48Ei" style="-sec-ix-redline: true"></div> <table style="-sec-ix-redline: true; width: 594pt; margin-top: 0pt; margin-bottom: 8pt; table-layout: fixed; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 356.4pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> </tr> </table> <table id="xdx_A5D_dU_z2DZMtqQcxmi" style="-sec-ix-redline: true; width: 594pt; margin-top: 0pt; margin-bottom: 8pt; table-layout: fixed; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; width: 356.4pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>CLASS R3 SHARES</b></span></p> </td> <td id="xdx_49E_20250101__20251231_z4ji3odIUyBg" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>1 YEAR</b></span></p> </td> <td id="xdx_496_20210101__20251231_zF0hYAuhPMq2" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>5 YEARS</b></span></p> </td> <td id="xdx_49F_20160101__20251231_zd8PZMXXzrH3" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>10 YEARS</b></span></p> </td> </tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dpn_hoef--ClassAxis__custom--C000042675Member_zBzuhAvAT1F6" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Return Before Taxes</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>36.09%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>14.51%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>10.50%</span></p> </td> </tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dpn_hoef--ClassAxis__custom--C000042675Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_ztSLDJaSIgjj" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Return After Taxes on Distributions</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>33.50%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>12.33%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>8.54%</span></p> </td> </tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dpn_hoef--ClassAxis__custom--C000042675Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_z016MI8U1Xi6" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Return After Taxes on Distributions and Sale of Fund Shares</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>21.68%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>10.49%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt 3pt 11pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>7.48%</span></p> </td> </tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dpn_hoef--PerformanceMeasureAxis__custom--MSCIWorldNetTotalReturnUSDIndexMember_zMttcvPILiUk" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>MSCI World Net Total Return USD Index<br/></span><span style="font-style: italic"><i><span id="xdx_902_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000011851Member_z7hlYdERei7i">(reflects no deduction for fees, expenses, or U.S. taxes)</span></i></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>21.09%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>12.15%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>12.17%</span></p> </td> </tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dpn_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateTotalReturnIndexValueUSDMember_zTKYxnjxvlZ1" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Bloomberg U.S. Aggregate Total Return Index Value USD<br/></span><span style="font-style: italic"><i><span id="xdx_901_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000011851Member_zAFX13cmlSfe">(reflects no deduction for fees, expenses, or U.S. taxes)</span></i></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt 3pt 11pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>7.30%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt 3pt 8pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>-0.36%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt 3pt 11pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>2.01%</span></p> </td> </tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dpn_hoef--PerformanceMeasureAxis__custom--BlendedIndexMember_zYI599tA0G7j" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Blended Index<br/></span><span style="font-style: italic"><i><span id="xdx_902_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000011851Member_zfF0ylfCQma5">(reflects no deduction for fees, expenses, or U.S. taxes)</span></i></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>17.60%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt 3pt 11pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>9.01%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt 3pt 11pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>9.73%</span></p> </td> </tr> </table> <div style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000"> <table style="-sec-ix-redline: true; width: 594pt; margin-top: 0pt; margin-bottom: 8pt; table-layout: fixed; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 356.4pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> </tr> </table> <table style="-sec-ix-redline: true; width: 594pt; margin-top: 0pt; margin-bottom: 8pt; table-layout: fixed; border-collapse: collapse"> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; width: 356.4pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>CLASS R4 SHARES</b></span></p> </td> <td id="xdx_49E_20250101__20251231_zTPRExUzdYbg" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>1 YEAR</b></span></p> </td> <td id="xdx_496_20210101__20251231_zYr1bK3W4Fo6" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>5 YEARS</b></span></p> </td> <td id="xdx_49F_20160101__20251231_zlZ0UjV2xnhj" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>10 YEARS</b></span></p> </td> </tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dpn_hoef--ClassAxis__custom--C000058461Member_z1L34uKBDuTd" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Return Before Taxes</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>36.20%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>14.63%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>10.61%</span></p> </td> </tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dpn_hoef--PerformanceMeasureAxis__custom--MSCIWorldNetTotalReturnUSDIndexMember_zd9uP3WhOsv7" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>MSCI World Net Total Return USD Index<br/></span><span style="font-style: italic"><i><span id="xdx_90E_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000011851Member_zuC0e0IH7NMi">(reflects no deduction for fees, expenses, or U.S. taxes)</span></i></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>21.09%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>12.15%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>12.17%</span></p> </td> </tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dpn_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateTotalReturnIndexValueUSDMember_zlo5OlbC3PVh" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Bloomberg U.S. Aggregate Total Return Index Value USD<br/></span><span style="font-style: italic"><i><span id="xdx_902_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000011851Member_ztLfeZofNq2j">(reflects no deduction for fees, expenses, or U.S. taxes)</span></i></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt 3pt 11pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>7.30%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt 3pt 8pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>-0.36%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt 3pt 11pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>2.01%</span></p> </td> </tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dpn_hoef--PerformanceMeasureAxis__custom--BlendedIndexMember_zOzzUhX7Nwm8" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Blended Index<br/></span><span style="font-style: italic"><i><span id="xdx_908_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000011851Member_zx1v457Vpya7">(reflects no deduction for fees, expenses, or U.S. taxes)</span></i></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>17.60%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt 3pt 11pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>9.01%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt 3pt 11pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>9.73%</span></p> </td> </tr> </table> </div> <div style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000"> <table style="-sec-ix-redline: true; width: 594pt; margin-top: 0pt; margin-bottom: 8pt; table-layout: fixed; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 356.4pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> </tr> </table> <table style="-sec-ix-redline: true; width: 594pt; margin-top: 0pt; margin-bottom: 8pt; table-layout: fixed; border-collapse: collapse"> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; width: 356.4pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>CLASS R5 SHARES</b></span></p> </td> <td id="xdx_49E_20250101__20251231_zG5KW6jbfODb" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>1 YEAR</b></span></p> </td> <td id="xdx_496_20210101__20251231_z2JhobjzFbza" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>5 YEARS</b></span></p> </td> <td id="xdx_49F_20160101__20251231_zXn5ptTeqm1g" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>10 YEARS</b></span></p> </td> </tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dpn_hoef--ClassAxis__custom--C000047041Member_zzpnMP1D4zn3" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Return Before Taxes</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>36.78%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>15.09%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>11.05%</span></p> </td> </tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dpn_hoef--PerformanceMeasureAxis__custom--MSCIWorldNetTotalReturnUSDIndexMember_zaKR6solCif4" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>MSCI World Net Total Return USD Index<br/></span><span style="font-style: italic"><i><span id="xdx_909_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000011851Member_zRbr9N1nnDQ5">(reflects no deduction for fees, expenses, or U.S. taxes)</span></i></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>21.09%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>12.15%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>12.17%</span></p> </td> </tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dpn_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateTotalReturnIndexValueUSDMember_zAiU0Khfxgv3" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Bloomberg U.S. Aggregate Total Return Index Value USD<br/></span><span style="font-style: italic"><i><span id="xdx_900_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000011851Member_zaHh0ssERal">(reflects no deduction for fees, expenses, or U.S. taxes)</span></i></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt 3pt 11pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>7.30%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt 3pt 8pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>-0.36%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt 3pt 11pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>2.01%</span></p> </td> </tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dpn_hoef--PerformanceMeasureAxis__custom--BlendedIndexMember_zBTs4ByzZPUf" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Blended Index<br/></span><span style="font-style: italic"><i><span id="xdx_900_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000011851Member_zsLhPleenfJj">(reflects no deduction for fees, expenses, or U.S. taxes)</span></i></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>17.60%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt 3pt 11pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>9.01%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt 3pt 11pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>9.73%</span></p> </td> </tr> </table> </div> 0.3609 0.1451 0.1050 0.3350 0.1233 0.0854 0.2168 0.1049 0.0748 (reflects no deduction for fees, expenses, or U.S. taxes) 0.2109 0.1215 0.1217 (reflects no deduction for fees, expenses, or U.S. taxes) 0.0730 -0.0036 0.0201 (reflects no deduction for fees, expenses, or U.S. taxes) 0.1760 0.0901 0.0973 0.3620 0.1463 0.1061 (reflects no deduction for fees, expenses, or U.S. taxes) 0.2109 0.1215 0.1217 (reflects no deduction for fees, expenses, or U.S. taxes) 0.0730 -0.0036 0.0201 (reflects no deduction for fees, expenses, or U.S. taxes) 0.1760 0.0901 0.0973 0.3678 0.1509 0.1105 (reflects no deduction for fees, expenses, or U.S. taxes) 0.2109 0.1215 0.1217 (reflects no deduction for fees, expenses, or U.S. taxes) 0.0730 -0.0036 0.0201 (reflects no deduction for fees, expenses, or U.S. taxes) 0.1760 0.0901 0.0973 <p id="xdx_A83_eoef--PerformanceTableClosingTextBlock_zcySATS78GFl" style="font: italic 8pt/9pt Arial, sans-serif; margin: 0pt 0pt 4pt; color: #000000; text-indent: 0pt"><span><i><span id="xdx_90B_eoef--PerformanceTableUsesHighestFederalRate_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000011851Member_zZ3oFBBcvnGi">After-tax returns are calculated using the highest historical individual federal marginal income tax rates, and do not reflect state or local income taxes.</span> <span id="xdx_906_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000011851Member_z3AVXXB80dhf">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.</span> <span id="xdx_90D_eoef--PerformanceTableOneClassOfAfterTaxShown_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000011851Member_zPRXtaGX1dE6">The after-tax returns shown relate only to Class R3 shares, and after-tax returns for other share classes will vary.</span></i></span></p> 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. Limited Term U.S. Government Fund Investment Goal <p id="xdx_A80_eoef--ObjectivePrimaryTextBlock_zQcMGrU9f04h" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span>The primary goal of Limited Term U.S. Government Fund is to provide as high a level of current income as is consistent, in the view of the Fund’s investment advisor, with safety of capital.</span></p> <p id="xdx_A8E_eoef--ObjectiveSecondaryTextBlock_zw8cumLIzSe8" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span>As a secondary goal, the Fund seeks to reduce changes in its share price compared to longer term portfolios.</span></p> Fees and Expenses of the Fund <p id="xdx_A83_eoef--ExpenseNarrativeTextBlock_zlg8oxi2Pa38" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span>This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. </span><span style="font-weight: bold"><b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</b></span></p> Shareholder Fees (fees paid directly from your investment) <div id="xdx_A82_eoef--ShareholderFeesTableTextBlock_zj5GBytoNyQ4"></div> <table style="width: 594.66pt; margin-top: 0pt; margin-bottom: 8pt; table-layout: fixed; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 357.06pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> </tr> </table> <table id="xdx_A54_dU_zxDb6mDpn3e5" style="width: 594.66pt; margin-top: 0pt; margin-bottom: 8pt; table-layout: fixed; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="min-height: 11.7pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; width: 357.06pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b> </b></span></p> </td> <td id="xdx_492_20260128__20260128__oef--ClassAxis__custom--C000042666Member_zqtJBlXuXPX8" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>Class R3</b></span></p> </td> <td id="xdx_49F_20260128__20260128__oef--ClassAxis__custom--C000136848Member_zcLc6XiEhHJb" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>Class R4</b></span></p> </td> <td id="xdx_498_20260128__20260128__oef--ClassAxis__custom--C000113847Member_zwIaxLwfXI5a" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>Class R5</b></span></p> </td> </tr> <tr id="xdx_401_eoef--MaximumSalesChargeImposedOnPurchasesOverOfferingPrice_dpn_zESmx82H3tV3" style="min-height: 18pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Maximum Sales Charge (Load) Imposed on Purchases<br/></span><span style="font-style: italic"><i>(as a percentage of offering price)</i></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>none</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>none</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>none</span></p> </td> </tr> <tr id="xdx_40A_eoef--MaximumDeferredSalesChargeOverOther_dpn_z0FhhTaoCsHg" style="min-height: 18pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Maximum Deferred Sales Charge (Load)<br/></span><span style="font-style: italic"><i>(as a percentage of redemption proceeds or original purchase price, whichever is lower)</i></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>none</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>none</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>none</span></p> </td> </tr> </table> 0 0 0 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A87_eoef--AnnualFundOperatingExpensesTableTextBlock_zsLsj4zwFZr9" style="-sec-ix-redline: true"></div> <table style="-sec-ix-redline: true; width: 594pt; margin-top: 0pt; margin-bottom: 8pt; table-layout: fixed; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 356.4pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> </tr> </table> <table id="xdx_A52_dU_z6ejT8AwZTAi" style="-sec-ix-redline: true; width: 594pt; margin-top: 0pt; margin-bottom: 8pt; table-layout: fixed; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="min-height: 11.7pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; width: 356.4pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b> </b></span></p> </td> <td id="xdx_498_20260128__20260128__oef--ClassAxis__custom--C000042666Member_zM9R5Uap1yLj" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>Class R3</b></span></p> </td> <td id="xdx_495_20260128__20260128__oef--ClassAxis__custom--C000136848Member_zHKX6mUIeHIe" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>Class R4</b></span></p> </td> <td id="xdx_499_20260128__20260128__oef--ClassAxis__custom--C000113847Member_zrL6RFqa0l05" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>Class R5</b></span></p> </td> </tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_z8TSx3HDAlzg" style="min-height: 13.5pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Management Fees</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>0.37%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>0.37%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>0.37%</span></p> </td> </tr> <tr id="xdx_403_eoef--DistributionAndService12b1FeesOverAssets_dpn_zPghgMNx5Sg" style="min-height: 13.5pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Distribution and Service (12b-1) Fees</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>0.50%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>0.25%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>none</span></p> </td> </tr> <tr id="xdx_405_eoef--OtherExpensesOverAssets_dpn_z5NEgVi1ipxg" style="min-height: 13.5pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Other Expenses</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>1.06%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>1.67%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>1.74%</span></p> </td> </tr> <tr id="xdx_407_eoef--ExpensesOverAssets_dpn_zrvAAvrrLJtg" style="min-height: 13.5pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Total Annual Fund Operating Expenses</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>1.93%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>2.29%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>2.11%</span></p> </td> </tr> <tr id="xdx_404_eoef--FeeWaiverOrReimbursementOverAssets_dpn_zaI6axQPylll" style="min-height: 13.5pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Fee Waiver/Expense Reimbursement</span><sup id="xdx_F47_z7P5IZI3yHa9" style="font-size: 7pt; line-height: 7pt">(1)</sup><span style="line-height: 9pt"> </span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>(0.76)%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>(1.37)%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>(1.44)%</span></p> </td> </tr> <tr id="xdx_40C_eoef--NetExpensesOverAssets_dpn_zbhIHVnqMj58" style="min-height: 22.5pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>1.17%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>0.92%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>0.67%</span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: italic 8pt/9pt Arial, sans-serif; -sec-ix-redline: true; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right"><i id="xdx_F03_zrNVVbhLvhUh">(1)</i></td> <td style="width: 5pt"></td> <td style="text-align: justify"><i id="xdx_F13_z1tyvG3t64Qh">Thornburg Investment Management, Inc. (“Thornburg”) has contractually agreed to waive fees and reimburse expenses incurred by the Fund so that actual Class R3, Class R4, and Class R5 expenses (excluding taxes, interest expenses, acquired fund fees and expenses, brokerage commissions, borrowing costs, expenses relating to short sales, and unusual expenses such as contingency fees or litigation costs) do not exceed 1.17%, 0.92%, and 0.67%, 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 <span id="xdx_90E_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260128__20260128__oef--ClassAxis__custom--C000042666Member_z3YW5t4ArPCc"><span id="xdx_90F_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260128__20260128__oef--ClassAxis__custom--C000136848Member_zLasetvJLwc9"><span id="xdx_90C_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260128__20260128__oef--ClassAxis__custom--C000113847Member_zzDYiRbnmhuk">February 1, 2027</span></span></span>, 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.</i></td> </tr> </table> 0.0037 0.0037 0.0037 0.0050 0.0025 0 0.0106 0.0167 0.0174 0.0193 0.0229 0.0211 -0.0076 -0.0137 -0.0144 0.0117 0.0092 0.0067 February 1, 2027 February 1, 2027 February 1, 2027 Example. <p id="xdx_A88_eoef--ExpenseExampleNarrativeTextBlock_ztXYukPAcKmf" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 5pt; color: #000000; text-indent: 0pt"><span>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 5pt; color: #000000; text-indent: 0pt"><span>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:</span></p> <div id="xdx_A88_eoef--ExpenseExampleWithRedemptionTableTextBlock_zDQuKPR7EzX2" style="-sec-ix-redline: true"></div> <table id="xdx_A5F_dU_zQLzxe0lHYM" style="-sec-ix-redline: true; width: 594pt; margin-top: 0pt; margin-bottom: 6pt; table-layout: fixed; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 277.2pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b> </b></span></p> </td> <td id="xdx_48A_eoef--ExpenseExampleYear01_z5zbA8Xafq07" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>1 Year</b></span></p> </td> <td id="xdx_48C_eoef--ExpenseExampleYear03_zv55Bpz0SAJ6" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>3 Years</b></span></p> </td> <td id="xdx_489_eoef--ExpenseExampleYear05_zBt9bD4qlR22" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>5 Years</b></span></p> </td> <td id="xdx_487_eoef--ExpenseExampleYear10_zsobgvB1LRok" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>10 Years</b></span></p> </td> </tr> <tr id="xdx_416_20260128__20260128__oef--ClassAxis__custom--C000042666Member_zoHurgvtB1n" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Class R3 Shares</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 25pt 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right"><span>$119</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 25pt 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right"><span>$532</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 25pt 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right"><span>$971</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 25pt 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right"><span>$2,192</span></p> </td> </tr> <tr id="xdx_41B_20260128__20260128__oef--ClassAxis__custom--C000136848Member_z28hs6tNU3W8" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.5pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Class R4 Shares</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 25pt 2.5pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right"><span>$94</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 25pt 2.5pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right"><span>$584</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 25pt 2.5pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right"><span>$1,100</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 25pt 2.5pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right"><span>$2,519</span></p> </td> </tr> <tr id="xdx_417_20260128__20260128__oef--ClassAxis__custom--C000113847Member_z5YPxJGHeTH6" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Class R5 Shares</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 25pt 2.5pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right"><span>$68</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 25pt 2.5pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right"><span>$522</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 25pt 2.5pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right"><span>$1,001</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 25pt 2.5pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right"><span>$2,327</span></p> </td> </tr> </table> 119 532 971 2192 94 584 1100 2519 68 522 1001 2327 Portfolio Turnover. <p id="xdx_A81_eoef--PortfolioTurnoverTextBlock_zfUy0EyH9DGj" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 5pt; color: #000000; text-indent: 0pt"><span>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 <span id="xdx_908_eoef--PortfolioTurnoverRate_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000011842Member_zqijZK9Pq1U5">22.17%</span> of the average value of its portfolio.</span></p> 0.2217 Principal Investment Strategies <p id="xdx_A8A_eoef--StrategyNarrativeTextBlock_zRlMCB0LhLe5" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 5pt; color: #000000; text-indent: 0pt"><span>Thornburg Investment Management, Inc. (“Thornburg”) actively manages the Fund’s portfolio in pursuing the Fund’s investment goals. 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 before its scheduled maturity to enhance income or reduce loss, to change the portfolio’s average maturity, or to otherwise respond to market conditions.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 5pt; color: #000000; text-indent: 0pt"><span><span id="xdx_903_eoef--StrategyPortfolioConcentration_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000011842Member_zIEVpV8sAMJc">Limited Term U.S. Government Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in U.S. Government Securities.</span> For this purpose, “U.S. Government Securities” means:</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 5pt 19.8pt; color: #000000; text-indent: 0pt"><span>Securities backed by the full faith and credit of the U.S. government, including direct obligations of the U.S. Treasury (such as U.S. Treasury Bonds) and obligations of U.S. government agencies and instrumentalities which are guaranteed by the U.S. Treasury (such as “Ginnie Mae” mortgage-backed certificates issued by the Government National Mortgage Association).</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 5pt 19.8pt; color: #000000; text-indent: 0pt"><span>Securities issued or guaranteed by U.S. government agencies, instrumentalities or sponsored enterprises, but which are not backed by the full faith and credit of the U.S. government. These securities include mortgage-backed certificates, collateralized mortgage obligations (“CMOs”), and debentures issued by “Freddie Mac” (Federal Home Loan Mortgage Corporation) and “Fannie Mae” (Federal National Mortgage Association).</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 5pt; color: #000000; text-indent: 0pt"><span>U.S. Government Securities include for this purpose repurchase agreements secured by the securities described above, and participations having economic characteristics similar to those securities. “Participations” are undivided interests in pools of securities where the underlying credit support passes through to the participants. </span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 5pt; color: #000000; text-indent: 0pt"><span>Because the magnitude of changes in the value of interest-bearing obligations is greater for obligations with longer terms given an equivalent change in interest rates, the Fund seeks to reduce changes in its share value by maintaining a portfolio of investments with a dollar-weighted average maturity or expected life of normally less than five years. There is no limitation on the maturity of any specific security the Fund may purchase, and the Fund may sell any security before it matures. The Fund also attempts to reduce changes in share value through credit analysis, selection and diversification.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; color: #000000; text-indent: 0pt"><span>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.</span></p> Limited Term U.S. Government Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in U.S. Government Securities. An investment in the Fund is not a deposit in any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Accordingly, the loss of money is a risk of investing in the Fund. <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__us-gaap--CreditRiskMember_zN7MRJhn3fci" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 7pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Credit Risk </b></span><span>– 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 full faith and credit of the U.S. government, and securities of U.S. government agencies, instrumentalities and enterprises which may be purchased by the Fund are rated “Aaa” by Moody’s Investors Services or “AA+” by S&amp;P Global Ratings. Ratings agencies may reduce the ratings of any securities in the future. </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityAndOperationalRiskMember_zzm4gPqTebSj" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 7pt; -sec-ix-redline: true; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Cybersecurity and Operational Risk </b></span><span>– Operational failures, cyber-attacks or other disruptions that affect the Fund’s service providers, the Fund’s counterparties, other market participants or the issuers of securities held by the Fund may adversely affect the Fund and its shareholders, including by causing losses for the Fund or impairing Fund operations. The rapid development and increasingly widespread use of artificial intelligence, including machine learning technology and generative artificial intelligence such as ChatGPT, could exacerbate these risks.</span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__us-gaap--InterestRateRiskMember_zrnTzl5kekjg" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 7pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Interest Rate Risk </b></span><span>– 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 the Fund’s investment in mortgage-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.</span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zxSGapRygzec" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 7pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Liquidity Risk </b></span><span>– Due to a lack of demand in the marketplace or other factors, the Fund may not be able to sell promptly some or all of the obligations that it holds, or may only be able to sell obligations at less than desired prices.</span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zeZ4xgiIz6K4" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 7pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Management Risk </b></span><span>– 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.</span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndEconomicRiskMember_zVhcdyqJfJ17" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 7pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Market and Economic Risk </b></span><span>– 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.</span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--PrepaymentAndExtensionRiskMember_zMJb7GPY19f9" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 7pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Prepayment and Extension Risk </b></span><span>– 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 securities.</span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--RedemptionRiskMember_zIoJmrOeEeP1" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Redemption Risk </b></span><span>– 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.</span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--StructuredProductsRiskMember_zfEfviLgEfA7" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; color: #000000; text-indent: 0pt"><span style="line-height: 12pt; font-weight: bold"><b>Structured Products Risk </b></span><span style="line-height: 12pt">– Investments in securities that are backed by, or represent interests in, an underlying pool of securities or other assets, including investments in mortgage-backed securities and in CMOs, 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 CMO), and may also involve different or greater risks, including the risk that distributions from the underlying assets will be inadequate to make interest or other payments to the Fund, the risk that the issuer of the securities will fail to administer the underlying assets properly or become insolvent, and the risk that the securities will be less liquid than other Fund investments.</span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentObligationsRiskMember_zvxahFNWW7T9" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>U.S. Government Obligations Risk </b></span><span>– 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.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; color: #000000; text-indent: 0pt"><span style="line-height: 12pt">Additional information about Fund investments, investment strategies, and risks of investing in the Fund appears beginning on page 51 of the Prospectus.</span></p> Past Performance of the Fund <p id="xdx_A8D_eoef--PerformanceNarrativeTextBlock_zzku4wf0qW0b" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; color: #000000; text-indent: 0pt"><span style="line-height: 12pt"><span id="xdx_906_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000011842Member_zhE61wZyM4Nc">The following information provides some indication of the risks of investing in Limited Term U.S. Government Fund by showing how the Fund’s investment results vary from year to year.</span> The bar chart shows how the annual total returns for Class R3 shares have been different in each full year shown. The average annual total return figures compare Class R3, Class R4, and Class R5 share performance to the Bloomberg U.S. Aggregate Total Return Index Value USD, a broad-based securities market index that represents the overall applicable market in which the Fund invests, and the Bloomberg U.S. Government Intermediate Total Return Index Value Unhedged, an additional benchmark that represents the market sectors which Thornburg believes are more representative of the Fund’s investment universe. These indexes are not actively managed and are not available for direct investment. The bar charts and performance tables assume reinvestment of dividends and distributions. <span id="xdx_901_eoef--PerformancePastDoesNotIndicateFuture_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000011842Member_zGFFEIxlheRk">Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> The performance information shown below is as of the calendar year ended December 31, 2025. Updated performance information may be obtained on the Thornburg website at <span id="xdx_909_eoef--PerformanceAvailabilityWebSiteAddress_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000011842Member_zSnONjCSQqfe">Thornburg.com</span> or by calling <span id="xdx_902_eoef--PerformanceAvailabilityPhone_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000011842Member_z0eVxrJ1yOV2">1-800-847-0200</span>.</span></p> The following information provides some indication of the risks of investing in Limited Term U.S. Government Fund by showing how the Fund’s investment results vary from year to year. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Thornburg.com 1-800-847-0200 Annual Total Returns – Class R3 Shares <div id="xdx_A84_eoef--BarChartTableTextBlock_zuHbtzPvskGj"></div> <table border="0" cellpadding="0" cellspacing="0" id="xdx_A57_dU_zKW1LHNWny0c" style="display: none; visibility: hidden; width: 100%; border-collapse: collapse; font-size: 8pt" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left"> </td> <td id="xdx_48A_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000042666Member_zILUbcUot5p1" style="font-family: Aptos Narrow; text-align: left"> </td></tr> <tr id="xdx_417_20160101__20161231_zyzinztKj25i" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">2016</td> <td style="font-family: Aptos Narrow; text-align: left">0.91%</td></tr> <tr id="xdx_418_20170101__20171231_zeQD8lCRhX08" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">2017</td> <td style="font-family: Aptos Narrow; text-align: left">0.56%</td></tr> <tr id="xdx_415_20180101__20181231_zcBBeHnr1FW4" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">2018</td> <td style="font-family: Aptos Narrow; text-align: left">0.73%</td></tr> <tr id="xdx_41A_20190101__20191231_zPmp44Uxe9a3" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">2019</td> <td style="font-family: Aptos Narrow; text-align: left">3.52%</td></tr> <tr id="xdx_41F_20200101__20201231_zsKAyqxWHAf9" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">2020</td> <td style="font-family: Aptos Narrow; text-align: left">3.66%</td></tr> <tr id="xdx_414_20210101__20211231_z6ElrsgpFcAk" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">2021</td> <td style="font-family: Aptos Narrow; text-align: left">-1.94%</td></tr> <tr id="xdx_41E_20220101__20221231_zpoiTULMAVgk" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">2022</td> <td style="font-family: Aptos Narrow; text-align: left">-8.01%</td></tr> <tr id="xdx_413_20230101__20231231_zPRhZbpcvRL8" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">2023</td> <td style="font-family: Aptos Narrow; text-align: left">3.90%</td></tr> <tr id="xdx_414_20240101__20241231_zaAfSPowFJQ2" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">2024</td> <td style="font-family: Aptos Narrow; text-align: left">2.32%</td></tr> <tr id="xdx_418_20250101__20251231_z5Jj6cIEI7q2" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; width: 31%">2025</td> <td style="font-family: Aptos Narrow; text-align: left; width: 69%">6.47%</td></tr> </table> <div style="font: 12pt Arial, sans-serif; margin: 6pt 0pt; color: #000000; text-indent: 0pt"> <div style="border-width: 0pt; padding: 0pt; overflow: hidden; display: inline-block; width: 590.89pt; height: 175.8pt"> <img alt="" src="retirementproimg007.gif" style="vertical-align: top; margin-left: 0pt; width: 589.6pt; margin-top: 0pt; height: 176pt"/> </div> </div> <p style="font: 12pt Arial, sans-serif; margin: 6pt 0pt; color: #000000; text-indent: 0pt"><span> </span></p> 0.0091 0.0056 0.0073 0.0352 0.0366 -0.0194 -0.0801 0.0390 0.0232 0.0647 <div id="xdx_A8A_eoef--BarChartClosingTextBlock_zCwic21xtEif"></div> <table style="-sec-ix-redline: true; width: 593.34pt; margin-top: 0pt; margin-bottom: 2pt; table-layout: fixed; border-collapse: collapse"> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2pt 6pt; vertical-align: bottom; width: 434.94pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b> </b></span></p> </td> <td style="border-width: 0pt; padding: 2pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>Total<br/>Returns</b></span></p> </td> <td style="border-width: 0pt; padding: 2pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>Quarter<br/>ended</b></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span><span id="xdx_905_eoef--HighestQuarterlyReturnLabel_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000011842Member_zDS246xooqQ5">Highest Quarterly Results</span></span></p> </td> <td style="border-width: 0pt; padding: 2pt 23pt 2pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right"><span><span id="xdx_90E_eoef--BarChartHighestQuarterlyReturn_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000011842Member_zsdKH2cgELuk">4.33%</span></span></p> </td> <td style="border-width: 0pt; padding: 2pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span><span id="xdx_90E_eoef--BarChartHighestQuarterlyReturnDate_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000011842Member_zQFylJ9HeKte">12/31/2023</span></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 2pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span><span id="xdx_906_eoef--LowestQuarterlyReturnLabel_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000011842Member_zapuyjrujeef">Lowest Quarterly Results</span></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2pt 23pt 2pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right"><span><span id="xdx_904_eoef--BarChartLowestQuarterlyReturn_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000011842Member_zo1yYQk89vtb">-3.65%</span></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span><span id="xdx_90D_eoef--BarChartLowestQuarterlyReturnDate_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000011842Member_zxy3H0ljIM5f">3/31/2022</span></span></p> </td> </tr> </table> Highest Quarterly Results 0.0433 2023-12-31 Lowest Quarterly Results -0.0365 2022-03-31 Average Annual Total Returns (periods ended 12-31-25) <div id="xdx_A82_eoef--PerformanceTableTextBlock_zB4WcYAUwSc3" style="-sec-ix-redline: true"></div> <table style="-sec-ix-redline: true; width: 594pt; margin-top: 0pt; margin-bottom: 8pt; table-layout: fixed; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 356.4pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> </tr> </table> <table id="xdx_A54_dU_zgSznuhT8hdb" style="-sec-ix-redline: true; width: 594pt; margin-top: 0pt; margin-bottom: 8pt; table-layout: fixed; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.5pt 6pt; vertical-align: bottom; width: 356.4pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>CLASS R3 SHARES</b></span></p> </td> <td id="xdx_49E_20250101__20251231_zZEbvADZboBk" style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>1 YEAR</b></span></p> </td> <td id="xdx_496_20210101__20251231_zciJIPq0mtWl" style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>5 YEARS</b></span></p> </td> <td id="xdx_49F_20160101__20251231_z1mITwEcEf9g" style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>10 YEARS</b></span></p> </td> </tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dpn_hoef--ClassAxis__custom--C000042666Member_zP08d5Sjon32" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Return Before Taxes</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>6.47%</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>0.42%</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>1.14%</span></p> </td> </tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dpn_hoef--ClassAxis__custom--C000042666Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_znxCwR2vW7qf" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.5pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Return After Taxes on Distributions</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>5.30%</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt 2.5pt 3pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>-0.43%</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>0.40%</span></p> </td> </tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dpn_hoef--ClassAxis__custom--C000042666Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_z853gfryvQu4" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Return After Taxes on Distributions and Sale of Fund Shares</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>3.82%</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt 2.5pt 3pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>-0.05%</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>0.55%</span></p> </td> </tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dpn_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateTotalReturnIndexValueUSDMember_zZuWuVX1WEY" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.5pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Bloomberg U.S. Aggregate Total Return Index Value USD<br/></span><span style="font-style: italic"><i><span id="xdx_90A_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000011842Member_zoOagdhFxAT4">(reflects no deduction for fees, expenses, or taxes)</span></i></span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>7.30%</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt 2.5pt 3pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>-0.36%</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>2.01%</span></p> </td> </tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dpn_hoef--PerformanceMeasureAxis__custom--BloombergUSGovernmentIntermediateTotalReturnIndexValueUnhedgedMember_zhlVA6rpT7U7" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Bloomberg U.S. Government Intermediate Total Return Index Value Unhedged<br/></span><span style="font-style: italic"><i><span id="xdx_908_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000011842Member_z2cPH3xGVCBg">(reflects no deduction for fees, expenses, or taxes)</span></i></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>6.50%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>0.64%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>1.76%</span></p> </td> </tr> </table> <div style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000"> <table style="-sec-ix-redline: true; width: 594pt; margin-top: 0pt; margin-bottom: 8pt; table-layout: fixed; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 356.4pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> </tr> </table> <table style="-sec-ix-redline: true; width: 594pt; margin-top: 0pt; margin-bottom: 8pt; table-layout: fixed; border-collapse: collapse"> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.5pt 6pt; vertical-align: bottom; width: 356.4pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>CLASS R4 SHARES</b></span></p> </td> <td id="xdx_49E_20250101__20251231_zlluxyDDSK32" style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>1 YEAR</b></span></p> </td> <td id="xdx_496_20210101__20251231_zIZVYZ2RF5Vg" style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>5 YEARS</b></span></p> </td> <td id="xdx_49F_20160101__20251231_z9jJnz1FiQYk" style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>10 YEARS</b></span></p> </td> </tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dpn_hoef--ClassAxis__custom--C000136848Member_zxaECu1qg2qd" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Return Before Taxes</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>6.48%</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>0.40%</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>1.13%</span></p> </td> </tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dpn_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateTotalReturnIndexValueUSDMember_ztzbtyQ2UQOe" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.5pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Bloomberg U.S. Aggregate Total Return Index Value USD<br/></span><span style="font-style: italic"><i><span id="xdx_901_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000011842Member_zwEx4vaVNaki">(reflects no deduction for fees, expenses, or taxes)</span></i></span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>7.30%</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt 2.5pt 3pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>-0.36%</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>2.01%</span></p> </td> </tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dpn_hoef--PerformanceMeasureAxis__custom--BloombergUSGovernmentIntermediateTotalReturnIndexValueUnhedgedMember_zG6WfiXFKDJe" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Bloomberg U.S. Government Intermediate Total Return Index Value Unhedged<br/></span><span style="font-style: italic"><i><span id="xdx_903_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000011842Member_zOIE77TGHYm4">(reflects no deduction for fees, expenses, or taxes)</span></i></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>6.50%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>0.64%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>1.76%</span></p> </td> </tr> </table> </div> <div style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 5pt; color: #000000"> <table style="-sec-ix-redline: true; width: 594pt; margin-top: 0pt; margin-bottom: 5pt; table-layout: fixed; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 356.4pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> </tr> </table> <table style="-sec-ix-redline: true; width: 594pt; margin-top: 0pt; margin-bottom: 5pt; table-layout: fixed; border-collapse: collapse"> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.5pt 6pt; vertical-align: bottom; width: 356.4pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>CLASS R5 SHARES</b></span></p> </td> <td id="xdx_49E_20250101__20251231_zCMrgEMg0Z39" style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>1 YEAR</b></span></p> </td> <td id="xdx_496_20210101__20251231_zClTxekDmFRa" style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>5 YEARS</b></span></p> </td> <td id="xdx_49F_20160101__20251231_zibusDXXpPj3" style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>10 YEARS</b></span></p> </td> </tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dpn_hoef--ClassAxis__custom--C000113847Member_zMyB4sRFmVWh" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Return Before Taxes</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>6.81%</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>0.72%</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>1.46%</span></p> </td> </tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dpn_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateTotalReturnIndexValueUSDMember_zp8cCQoKCZQf" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 2.5pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Bloomberg U.S. Aggregate Total Return Index Value USD<br/></span><span style="font-style: italic"><i><span id="xdx_901_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000011842Member_zp0kr1uJWw2g">(reflects no deduction for fees, expenses, or taxes)</span></i></span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>7.30%</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt 2.5pt 3pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>-0.36%</span></p> </td> <td style="border-width: 0pt; padding: 2.5pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>2.01%</span></p> </td> </tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dpn_hoef--PerformanceMeasureAxis__custom--BloombergUSGovernmentIntermediateTotalReturnIndexValueUnhedgedMember_zXb9FuVx4uT7" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Bloomberg U.S. Government Intermediate Total Return Index Value Unhedged<br/></span><span style="font-style: italic"><i><span id="xdx_906_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000011842Member_zebIX1YRZhN9">(reflects no deduction for fees, expenses, or taxes)</span></i></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>6.50%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>0.64%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 2.5pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>1.76%</span></p> </td> </tr> </table> </div> 0.0647 0.0042 0.0114 0.0530 -0.0043 0.0040 0.0382 -0.0005 0.0055 (reflects no deduction for fees, expenses, or taxes) 0.0730 -0.0036 0.0201 (reflects no deduction for fees, expenses, or taxes) 0.0650 0.0064 0.0176 0.0648 0.0040 0.0113 (reflects no deduction for fees, expenses, or taxes) 0.0730 -0.0036 0.0201 (reflects no deduction for fees, expenses, or taxes) 0.0650 0.0064 0.0176 0.0681 0.0072 0.0146 (reflects no deduction for fees, expenses, or taxes) 0.0730 -0.0036 0.0201 (reflects no deduction for fees, expenses, or taxes) 0.0650 0.0064 0.0176 <p id="xdx_A83_eoef--PerformanceTableClosingTextBlock_z2Ug5TLw62p" style="font: italic 8pt/9pt Arial, sans-serif; margin: 0pt 0pt 4pt; color: #000000; text-indent: 0pt"><span><i><span id="xdx_901_eoef--PerformanceTableUsesHighestFederalRate_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000011842Member_zFSlLhFeFm62">After-tax returns are calculated using the highest historical individual federal marginal income tax rates, and do not reflect state or local income taxes.</span> <span id="xdx_90E_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000011842Member_zS2DPftMVFk9">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.</span> <span id="xdx_90C_eoef--PerformanceTableOneClassOfAfterTaxShown_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000011842Member_zK9frEbSzB67">The after-tax returns shown relate only to Class R3 shares, and after-tax returns for other share classes will vary.</span></i></span></p> 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. Limited Term Income Fund Investment Goal <p id="xdx_A8D_eoef--ObjectivePrimaryTextBlock_zVFBS8wud162" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span>The primary goal of Limited Term Income Fund is to provide as high a level of current income as is consistent, in the view of the Fund’s investment advisor, with safety of capital.</span></p> <p id="xdx_A89_eoef--ObjectiveSecondaryTextBlock_zPMCwINIW4Bk" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span>As a secondary goal, the Fund seeks to reduce changes in its share prices compared to longer term portfolios.</span></p> Fees and Expenses of the Fund <p id="xdx_A8E_eoef--ExpenseNarrativeTextBlock_zmpwJwEhbSQ" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span>This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. </span><span style="font-weight: bold"><b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</b></span></p> Shareholder Fees (fees paid directly from your investment) <div id="xdx_A88_eoef--ShareholderFeesTableTextBlock_zKwXkYkSc6T"></div> <table style="width: 595.1pt; margin-top: 0pt; margin-bottom: 8pt; table-layout: fixed; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 357.5pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> </tr> </table> <table id="xdx_A5D_dU_z046y936bxLd" style="width: 595.1pt; margin-top: 0pt; margin-bottom: 8pt; table-layout: fixed; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; width: 357.5pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b> </b></span></p> </td> <td id="xdx_49E_20260128__20260128__oef--ClassAxis__custom--C000042668Member_ztHOceeIqXJe" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>Class R3</b></span></p> </td> <td id="xdx_49A_20260128__20260128__oef--ClassAxis__custom--C000136849Member_zQEREIEL5Ni3" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>Class R4</b></span></p> </td> <td id="xdx_493_20260128__20260128__oef--ClassAxis__custom--C000113848Member_zlSvvzcIwnNc" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>Class R5</b></span></p> </td> </tr> <tr id="xdx_405_eoef--MaximumSalesChargeImposedOnPurchasesOverOfferingPrice_dpn_zql9KBItgpD7" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Maximum Sales Charge (Load) Imposed on Purchases<br/></span><span style="font-style: italic"><i>(as a percentage of offering price)</i></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>none</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>none</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>none</span></p> </td> </tr> <tr id="xdx_40A_eoef--MaximumDeferredSalesChargeOverOther_dpn_zpR0uW4Vy382" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Maximum Deferred Sales Charge (Load)<br/></span><span style="font-style: italic"><i>(as a percentage of redemption proceeds or original purchase price, whichever is lower)</i></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>none</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>none</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>none</span></p> </td> </tr> </table> 0 0 0 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A8B_eoef--AnnualFundOperatingExpensesTableTextBlock_z62zVC06NBke" style="-sec-ix-redline: true"></div> <table style="-sec-ix-redline: true; width: 595.1pt; margin-top: 0pt; margin-bottom: 8pt; table-layout: fixed; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 357.5pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> </tr> </table> <table id="xdx_A55_dU_zkRVkVbtgRs9" style="-sec-ix-redline: true; width: 595.1pt; margin-top: 0pt; margin-bottom: 8pt; table-layout: fixed; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; width: 357.5pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b> </b></span></p> </td> <td id="xdx_49C_20260128__20260128__oef--ClassAxis__custom--C000042668Member_zY4Km5iQcvjb" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>Class R3</b></span></p> </td> <td id="xdx_49E_20260128__20260128__oef--ClassAxis__custom--C000136849Member_z7yZUEN4xM5j" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>Class R4</b></span></p> </td> <td id="xdx_496_20260128__20260128__oef--ClassAxis__custom--C000113848Member_zJrwj3O4fW2g" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>Class R5</b></span></p> </td> </tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zSp7kx6I6qD6" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Management Fees</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>0.32%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>0.32%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>0.32%</span></p> </td> </tr> <tr id="xdx_403_eoef--DistributionAndService12b1FeesOverAssets_dpn_zJBZldOgQNUa" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Distribution and Service (12b-1) Fees</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>0.50%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>0.25%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>none</span></p> </td> </tr> <tr id="xdx_405_eoef--OtherExpensesOverAssets_dpn_zGjKeGnEVlz3" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Other Expenses</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>0.27%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>0.54%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>0.39%</span></p> </td> </tr> <tr id="xdx_407_eoef--ExpensesOverAssets_dpn_z8VSRtDPCEI" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Total Annual Fund Operating Expenses</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>1.09%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>1.11%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>0.71%</span></p> </td> </tr> <tr id="xdx_404_eoef--FeeWaiverOrReimbursementOverAssets_dpn_zTZSlCwU9Pib" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Fee Waiver/Expense Reimbursement</span><sup id="xdx_F4B_zHKP0s1ZRy88" style="font-size: 7pt; line-height: 7pt">(1)</sup><span> </span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>(0.10)%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>(0.37)%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>(0.22)%</span></p> </td> </tr> <tr id="xdx_40C_eoef--NetExpensesOverAssets_dpn_zXm7DlYnsIgd" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>0.99%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>0.74%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>0.49%</span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: italic 8pt/9pt Arial, sans-serif; -sec-ix-redline: true; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right"><i id="xdx_F06_zbE57NVeY0Mk">(1)</i></td> <td style="width: 5pt"></td> <td style="text-align: justify"><i id="xdx_F14_znI7vCy2NS65">Thornburg Investment Management, Inc. (“Thornburg”) has contractually agreed to waive fees and reimburse expenses incurred by the Fund so that actual Class R3, Class R4 and Class R5 expenses (excluding taxes, interest expenses, acquired fund fees and expenses, brokerage commissions, borrowing costs, expenses relating to short sales, and unusual expenses such as contingency fees or litigation costs) do not exceed 0.99%, 0.74% and 0.49%, 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 <span id="xdx_908_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260128__20260128__oef--ClassAxis__custom--C000042668Member_zn02CBPBhSJ7"><span id="xdx_900_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260128__20260128__oef--ClassAxis__custom--C000136849Member_zxZ4ZZxVZFtf"><span id="xdx_90F_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260128__20260128__oef--ClassAxis__custom--C000113848Member_zMaxTiGF412k">February 1, 2027</span></span></span>, 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.</i></td> </tr> </table> 0.0032 0.0032 0.0032 0.0050 0.0025 0 0.0027 0.0054 0.0039 0.0109 0.0111 0.0071 -0.0010 -0.0037 -0.0022 0.0099 0.0074 0.0049 February 1, 2027 February 1, 2027 February 1, 2027 Example. <p id="xdx_A82_eoef--ExpenseExampleNarrativeTextBlock_zRvNcMLk6Zpd" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; color: #000000; text-indent: 0pt"><span>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt; color: #000000; text-indent: 0pt"><span>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:</span></p> <div id="xdx_A8C_eoef--ExpenseExampleWithRedemptionTableTextBlock_zmWhB3E3cW6c" style="-sec-ix-redline: true"></div> <table id="xdx_A51_dU_zdPVTYkaF68k" style="-sec-ix-redline: true; width: 593.34pt; margin-top: 0pt; margin-bottom: 6pt; table-layout: fixed; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 276.54pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b> </b></span></p> </td> <td id="xdx_48D_eoef--ExpenseExampleYear01_znk7nCIEN2V7" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>1 Year</b></span></p> </td> <td id="xdx_483_eoef--ExpenseExampleYear03_zkKF1sPWxb4f" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>3 Years</b></span></p> </td> <td id="xdx_483_eoef--ExpenseExampleYear05_zTeZMFL6Bad7" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>5 Years</b></span></p> </td> <td id="xdx_48D_eoef--ExpenseExampleYear10_zT8NAHEeINm1" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>10 Years</b></span></p> </td> </tr> <tr id="xdx_41B_20260128__20260128__oef--ClassAxis__custom--C000042668Member_zSwo1FLcZ9ec" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Class R3 Shares</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>$101</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>$337</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>$591</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>$1,320</span></p> </td> </tr> <tr id="xdx_415_20260128__20260128__oef--ClassAxis__custom--C000136849Member_zBV7nzwDmFDa" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Class R4 Shares</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>$76</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>$316</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>$576</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>$1,319</span></p> </td> </tr> <tr id="xdx_41A_20260128__20260128__oef--ClassAxis__custom--C000113848Member_zNNjTShgHjld" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Class R5 Shares</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>$50</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>$205</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>$373</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>$862</span></p> </td> </tr> </table> 101 337 591 1320 76 316 576 1319 50 205 373 862 Portfolio Turnover. <p id="xdx_A89_eoef--PortfolioTurnoverTextBlock_zR4ir8EVJiJ5" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; color: #000000; text-indent: 0pt"><span>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 <span id="xdx_900_eoef--PortfolioTurnoverRate_dp_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000011845Member_zKZhGCfKt669">32.96%</span> of the average value of its portfolio.</span></p> 0.3296 Principal Investment Strategies <p id="xdx_A8E_eoef--StrategyNarrativeTextBlock_gRBSNTB-BRD_zfXK6v3RD3Vg" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; color: #000000; text-indent: 0pt"><span>Thornburg Investment Management, Inc. (“Thornburg”) actively manages the Fund’s portfolio in pursuing the Fund’s investment goals. 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 to otherwise respond to current market conditions.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; color: #000000; text-indent: 0pt"><span><span id="xdx_905_eoef--StrategyPortfolioConcentration_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000011845Member_z8A5rv3KLry7">The Fund invests at least 65% of its net assets, plus the amount of any borrowings for investment purposes, in (i) obligations of the U.S. government, its agencies and instrumentalities, and (ii) debt obligations rated at the time of purchase in one of the three highest principal long term rating categories of S&amp;P Global Ratings (AAA, AA or A) or Moody’s Investors Services, Inc. (Aaa, Aa or A), or the equivalent three highest short term ratings of those ratings agencies, or, if no credit rating is available, judged to be of comparable quality as determined by Thornburg.</span> The Fund will not invest in any debt obligation rated at the time of purchase lower than BBB by S&amp;P, Baa by Moody’s, the of equivalent short term ratings of those ratings agencies, or, if no credit rating is available, judged to be of comparable quality as determined by Thornburg. The Fund may purchase debt obligations such as corporate debt obligations, mortgage-backed securities, other asset-backed securities, municipal securities, and commercial paper and bankers’ acceptances. The Fund may purchase foreign securities of the same types and quality as the domestic securities it purchases when Thornburg believes these investments are consistent with the Fund’s objectives. </span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; color: #000000; text-indent: 0pt"><span>Because the magnitude of changes in the value of interest-bearing obligations is greater for obligations with longer terms given an equivalent change in interest rates, the Fund seeks to reduce changes in its share value by maintaining a portfolio of investments with a dollar-weighted average maturity or expected life normally of less than five years. As a result, the Fund also maintains a portfolio of investments having a dollar-weighted average effective duration of normally no more than five years. Duration is a measure of estimated sensitivity to interest rate changes. A portfolio with a longer average effective duration will typically be more sensitive to interest rate changes than a portfolio with a shorter average effective duration. Duration is commonly expressed as a number, which is the expected percentage change in an obligation’s price upon a 1% change in interest rates. For example, an obligation with a duration of 5 would be expected to change in price by approximately 5% in response to a 1% change in interest rates. During temporary periods the Fund’s portfolio maturity and average effective duration may be reduced for defensive purposes. There is no limitation on the maturity of any specific security the Fund may purchase, and the Fund may sell any security before it matures. The Fund also attempts to reduce changes in share value through credit analysis, selection and diversification.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; color: #000000; text-indent: 0pt"><span style="line-height: 12.25pt">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.</span></p> The Fund invests at least 65% of its net assets, plus the amount of any borrowings for investment purposes, in (i) obligations of the U.S. government, its agencies and instrumentalities, and (ii) debt obligations rated at the time of purchase in one of the three highest principal long term rating categories of S&P Global Ratings (AAA, AA or A) or Moody’s Investors Services, Inc. (Aaa, Aa or A), or the equivalent three highest short term ratings of those ratings agencies, or, if no credit rating is available, judged to be of comparable quality as determined by Thornburg. An investment in the Fund is not a deposit in any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Accordingly, the loss of money is a risk of investing in the Fund. <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__us-gaap--CreditRiskMember_zpbIpmcrNqW3" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; color: #000000; text-indent: 0pt"><span style="line-height: 12.25pt; font-weight: bold"><b>Credit Risk </b></span><span style="line-height: 12.25pt">– 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 full faith and credit of the U.S. government, and securities of U.S. government agencies, instrumentalities and enterprises which may be purchased by the Fund, are rated “Aaa” by Moody’s Investors Services or “AA+” by S&amp;P Global Ratings. Ratings agencies may reduce the ratings of any securities in the future. Lower-rated or unrated obligations in which the Fund is permitted to invest may have, or may be perceived to have, greater risk of default and ratings downgrades.</span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityAndOperationalRiskMember_z34f4tyseWs5" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; -sec-ix-redline: true; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Cybersecurity and Operational Risk </b></span><span>– Operational failures, cyber-attacks or other disruptions that affect the Fund’s service providers, the Fund’s counterparties, other market participants or the issuers of securities held by the Fund may adversely affect the Fund and its shareholders, including by causing losses for the Fund or impairing Fund operations. The rapid development and increasingly widespread use of artificial intelligence, including machine learning technology and generative artificial intelligence such as ChatGPT, could exacerbate these risks.</span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignGovernmentObligationsRiskMember_ztn6vHlYJcqc" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Foreign Government Obligations Risk </b></span><span>– Debt obligations may be issued by foreign governments and their agencies and instrumentalities, including the governments of developing countries and “supra-national” entities such as the International Bank for Reconstruction and Development. The Fund’s investments in these foreign debt obligations may be denominated in U.S. dollars or in foreign currencies. These securities, even if denominated in U.S. dollars, may be affected significantly by fluctuations in the value of foreign currencies, and the value of these securities in U.S. dollars may decline even if the securities increase in value in their home country. The governmental issuers of these debt obligations may be less willing or able than the U.S. to repay principal and interest when due, and they may require that the terms for payment be renegotiated. In some countries there may be political instability or insufficient government supervision of markets, and the legal protections for the Fund’s investments could be subject to unfavorable judicial or administrative changes. These risks may be more pronounced for the Fund’s investments in debt obligations issued by developing countries.</span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignInvestmentRiskMember_zVoVxyCzHSjh" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; color: #000000; text-indent: 0pt"><span style="line-height: 12.25pt; font-weight: bold"><b>Foreign Investment Risk </b></span><span style="line-height: 12.25pt">– 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. These risks may be more pronounced for investments in developing countries. 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.</span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__us-gaap--InterestRateRiskMember_zrkNF6rAFOUe" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; color: #000000; text-indent: 0pt"><span style="line-height: 12.25pt; font-weight: bold"><b>Interest Rate Risk </b></span><span style="line-height: 12.25pt">– 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 the Fund’s investment in mortgage- and other asset-backed securities, the value of which may fluctuate more significant in response to interest rate changes. When interest rates decrease, the Fund’s dividends may decline.</span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zee93LlOdFp9" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; color: #000000; text-indent: 0pt"><span style="line-height: 12.25pt; font-weight: bold"><b>Liquidity Risk </b></span><span style="line-height: 12.25pt">– Due to a lack of demand in the marketplace or other factors, the Fund may not be able to sell promptly some or all of the obligations that it holds, or may only be able to sell obligations at less than desired prices.</span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_z7n2tYTSV8T" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; color: #000000; text-indent: 0pt"><span style="line-height: 12.25pt; font-weight: bold"><b>Management Risk </b></span><span style="line-height: 12.25pt">– 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.</span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndEconomicRiskMember_zwv68nu9PITa" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; color: #000000; text-indent: 0pt"><span style="line-height: 12.25pt; font-weight: bold"><b>Market and Economic Risk </b></span><span style="line-height: 12.25pt">– 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.</span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--PrepaymentAndExtensionRiskMember_zzykTmWH2ZC" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Prepayment and Extension Risk </b></span><span>– 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.</span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--RedemptionRiskMember_zBwbeV6Od4wg" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Redemption Risk </b></span><span>– 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.</span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--RisksAffectingSpecificIssuersMember_zwgrEcAuLNLk" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Risks Affecting Specific Issuers </b></span><span>– The value of a debt obligation may decline in response to developments affecting the specific issuer of the obligation, even if other issuers or the overall economy are 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.</span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--StructuredProductsRiskMember_zdBLKXnmNdu8" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Structured Products Risk </b></span><span>– 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.</span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentObligationsRiskMember_z0drBnlQ4gOd" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 6pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>U.S. Government Obligations Risk </b></span><span>– 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.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 7pt; color: #000000; text-indent: 0pt"><span>Additional information about Fund investments, investment strategies, and risks of investing in the Fund appears beginning on page 51 of the Prospectus.</span></p> Past Performance of the Fund <p id="xdx_A8B_eoef--PerformanceNarrativeTextBlock_gRBPNTB-UHVFM_zrXehP3s4sNl" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span><span id="xdx_908_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000011845Member_zNRE5PuNWPT9">The following information provides some indication of the risks of investing in Limited Term Income Fund by showing how the Fund’s investment results vary from year to year.</span> The bar chart shows how the annual total returns for Class R3 shares have been different in each full year shown. The average annual total return figures compare Class R3, Class R4 and Class R5</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span>share performance to the Bloomberg U.S. Aggregate Total Return Index Value USD, a broad-based securities market index that represents the overall applicable market in which the Fund invests, and the Bloomberg Intermediate U.S. Government/Credit Total Return Index Value Unhedged, an additional benchmark that represents the market sectors which Thornburg believes are more representative of the Fund’s investment universe. These indexes are not actively managed and are not available for direct investment. The bar charts and performance tables assume reinvestment of dividends and distributions. <span id="xdx_901_eoef--PerformancePastDoesNotIndicateFuture_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000011845Member_zZpktq6e5xE4">Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> The performance information shown below is as of the calendar year ended December 31, 2025. Updated performance information may be obtained on the Thornburg website at <span id="xdx_905_eoef--PerformanceAvailabilityWebSiteAddress_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000011845Member_zUlSuajLcZZj">Thornburg.com</span> or by calling <span id="xdx_90B_eoef--PerformanceAvailabilityPhone_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000011845Member_zrRWl2KgRtc3">1-800-847-0200</span>.</span></p> The following information provides some indication of the risks of investing in Limited Term Income Fund by showing how the Fund’s investment results vary from year to year. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Thornburg.com 1-800-847-0200 Annual Total Returns – Class R3 Shares <div id="xdx_A8D_eoef--BarChartTableTextBlock_zz5bafR9PzZi"></div> <table border="0" cellpadding="0" cellspacing="0" id="xdx_A52_dU_zpPrgUVsQikc" style="display: none; visibility: hidden; width: 100%; border-collapse: collapse; font-size: 8pt" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left"> </td> <td id="xdx_48A_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000042668Member_zW1gULW4VE95" style="font-family: Aptos Narrow; text-align: left"> </td></tr> <tr id="xdx_417_20160101__20161231_zZAz00TJZfn" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">2016</td> <td style="font-family: Aptos Narrow; text-align: left">3.00%</td></tr> <tr id="xdx_418_20170101__20171231_zLklLsNfUMZ5" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">2017</td> <td style="font-family: Aptos Narrow; text-align: left">2.15%</td></tr> <tr id="xdx_415_20180101__20181231_zqBWqLoOgme4" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">2018</td> <td style="font-family: Aptos Narrow; text-align: left">0.82%</td></tr> <tr id="xdx_41A_20190101__20191231_zf7TrFKexfZj" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">2019</td> <td style="font-family: Aptos Narrow; text-align: left">5.15%</td></tr> <tr id="xdx_41F_20200101__20201231_z4rLRn44PNEg" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">2020</td> <td style="font-family: Aptos Narrow; text-align: left">7.13%</td></tr> <tr id="xdx_414_20210101__20211231_zJlLdWO59Xsc" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">2021</td> <td style="font-family: Aptos Narrow; text-align: left">-1.30%</td></tr> <tr id="xdx_41E_20220101__20221231_zurVlphM9dR1" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">2022</td> <td style="font-family: Aptos Narrow; text-align: left">-7.52%</td></tr> <tr id="xdx_413_20230101__20231231_z2gHlmpOGzO6" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">2023</td> <td style="font-family: Aptos Narrow; text-align: left">6.04%</td></tr> <tr id="xdx_414_20240101__20241231_zzHh9Y6Advtc" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">2024</td> <td style="font-family: Aptos Narrow; text-align: left">4.12%</td></tr> <tr id="xdx_418_20250101__20251231_zE7D5ZdrZMz8" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; width: 31%">2025</td> <td style="font-family: Aptos Narrow; text-align: left; width: 69%">6.56%</td></tr> </table> <div style="font: 12pt Arial, sans-serif; margin: 9pt 0pt; color: #000000; text-indent: 0pt"> <div style="border-width: 0pt; padding: 0pt; overflow: hidden; display: inline-block; width: 595.86pt; height: 177.46pt"> <img alt="" src="retirementproimg008.gif" style="vertical-align: top; margin-left: 0pt; width: 595.1pt; margin-top: 0pt; height: 177.1pt"/> </div> </div> 0.0300 0.0215 0.0082 0.0515 0.0713 -0.0130 -0.0752 0.0604 0.0412 0.0656 <p id="xdx_A89_eoef--BarChartClosingTextBlock_zqoxBsQPODp7" style="font: 12pt Arial, sans-serif; margin: 9pt 0pt; color: #000000; text-indent: 0pt"><span> </span></p> <div style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 5pt; color: #000000"> <table style="-sec-ix-redline: true; width: 594pt; margin-top: 2pt; margin-bottom: 5pt; table-layout: fixed; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 435.6pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> </tr> <tr style="min-height: 22.5pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b> </b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>Total<br/>Returns</b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>Quarter<br/>ended</b></span></p> </td> </tr> <tr style="min-height: 13.32pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span><span id="xdx_909_eoef--HighestQuarterlyReturnLabel_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000011845Member_zd0DKDdaNkmk">Highest Quarterly Results</span></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span><span id="xdx_908_eoef--BarChartHighestQuarterlyReturn_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000011845Member_zPOU81gAa8x5">5.66%</span></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span><span id="xdx_909_eoef--BarChartHighestQuarterlyReturnDate_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000011845Member_zgZs8pp4syK9">6/30/2020</span></span></p> </td> </tr> <tr style="min-height: 13.32pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span><span id="xdx_90E_eoef--LowestQuarterlyReturnLabel_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000011845Member_z6i3jS3yctXh">Lowest Quarterly Results</span></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt 3pt 3pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span><span id="xdx_90E_eoef--BarChartLowestQuarterlyReturn_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000011845Member_zjMT1Z6g6UP7">-3.94%</span></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span><span id="xdx_906_eoef--BarChartLowestQuarterlyReturnDate_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000011845Member_zeiILF9VxB1">3/31/2022</span></span></p> </td> </tr> </table> </div> Highest Quarterly Results 0.0566 2020-06-30 Lowest Quarterly Results -0.0394 2022-03-31 Average Annual Total Returns (periods ended 12-31-25) <div id="xdx_A85_eoef--PerformanceTableTextBlock_gRBPTTB-GCS_zFqRrAJmwt69"></div> <table id="xdx_A55_zscFvOXstbLk" style="-sec-ix-redline: true; width: 594pt; margin-top: 0pt; margin-bottom: 8pt; table-layout: fixed; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; width: 366.3pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>CLASS R3 SHARES</b></span></p> </td> <td id="xdx_49E_20250101__20251231_zsH9gvvge93f" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 75.9pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>1 YEAR</b></span></p> </td> <td id="xdx_496_20210101__20251231_zyhDY6XDhVC8" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 75.9pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>5 YEARS</b></span></p> </td> <td id="xdx_49F_20160101__20251231_zsqOL2pW8Zr8" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 75.9pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>10 YEARS</b></span></p> </td> </tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dpn_hoef--ClassAxis__custom--C000042668Member_z8ev64d9J0Sk" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Return Before Taxes</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>6.56%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>1.44%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>2.53%</span></p> </td> </tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dpn_hoef--ClassAxis__custom--C000042668Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zxp4y4Bte8Ej" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Return After Taxes on Distributions</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>5.01%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>0.36%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>1.50%</span></p> </td> </tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dpn_hoef--ClassAxis__custom--C000042668Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zU98yilUCDAa" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Return After Taxes on Distributions and Sale of Fund Shares</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>3.86%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>0.62%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>1.49%</span></p> </td> </tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dpn_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateTotalReturnIndexValueUSDMember_z64Ggw9RoSm4" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Bloomberg U.S. Aggregate Total Return Index Value USD<br/></span><span style="font-style: italic"><i><span id="xdx_90A_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000011845Member_zbdV5eGEl4L2">(reflects no deduction for fees, expenses, or taxes)</span></i></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>7.30%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>-0.36%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>2.01%</span></p> </td> </tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dpn_hoef--PerformanceMeasureAxis__custom--BloombergIntermediateUSGovernmentCreditTotalReturnIndexValueUnhedgedMember_zaSwWhKZD0yl" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Bloomberg Intermediate U.S. Government/Credit Total Return Index Value Unhedged<br/></span><span style="font-style: italic"><i><span id="xdx_909_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000011845Member_zjWF8WtprZkl">(reflects no deduction for fees, expenses, or taxes)</span></i></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>6.97%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>0.96%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>2.29%</span></p> </td> </tr> </table> <table style="-sec-ix-redline: true; width: 594pt; margin-top: 0pt; margin-bottom: 8pt; table-layout: fixed; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 366.3pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 75.9pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 75.9pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 75.9pt"> </td> </tr> </table> <table style="-sec-ix-redline: true; width: 594pt; margin-top: 0pt; margin-bottom: 8pt; table-layout: fixed; border-collapse: collapse"> <tr style="min-height: 18.42pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; width: 366.3pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>CLASS R4 SHARES</b></span></p> </td> <td id="xdx_49E_20250101__20251231_zr1w9xKlAaDe" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 75.9pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>1 YEAR</b></span></p> </td> <td id="xdx_496_20210101__20251231_zAwMAvtnY63g" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 75.9pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>5 YEARS</b></span></p> </td> <td id="xdx_49F_20160101__20251231_zCNSkTWJ8tM9" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 75.9pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>10 YEARS</b></span></p> </td> </tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dpn_hoef--ClassAxis__custom--C000136849Member_zHAxP4BW6U66" style="min-height: 18.4pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Return Before Taxes</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>6.48%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>1.44%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>2.53%</span></p> </td> </tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dpn_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateTotalReturnIndexValueUSDMember_zeiyNbQbwynf" style="min-height: 28.4pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Bloomberg U.S. Aggregate Total Return Index Value USD<br/></span><span style="font-style: italic"><i><span id="xdx_907_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000011845Member_zEv5olNXTl61">(reflects no deduction for fees, expenses, or taxes)</span></i></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>7.30%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt 3pt 3pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>-0.36%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>2.01%</span></p> </td> </tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dpn_hoef--PerformanceMeasureAxis__custom--BloombergIntermediateUSGovernmentCreditTotalReturnIndexValueUnhedgedMember_zhf0brZWX7uh" style="min-height: 27.9pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Bloomberg Intermediate U.S. Government/Credit Total Return Index Value Unhedged<br/></span><span style="font-style: italic"><i><span id="xdx_907_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000011845Member_zZ1KSsTVT2B1">(reflects no deduction for fees, expenses, or taxes)</span></i></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>6.97%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>0.96%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>2.29%</span></p> </td> </tr> </table> <table style="-sec-ix-redline: true; width: 594pt; margin-top: 0pt; margin-bottom: 8pt; table-layout: fixed; border-collapse: collapse"> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; width: 366.3pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>CLASS R5 SHARES</b></span></p> </td> <td id="xdx_49E_20250101__20251231_zOzzPuOemUid" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 75.9pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>1 YEAR</b></span></p> </td> <td id="xdx_496_20210101__20251231_zWFUEVsNZF8g" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 75.9pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>5 YEARS</b></span></p> </td> <td id="xdx_49F_20160101__20251231_zXPTZCSsi0ma" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 75.9pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>10 YEARS</b></span></p> </td> </tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dpn_hoef--ClassAxis__custom--C000113848Member_zJhTweQt3NIb" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Return Before Taxes</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>7.09%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>1.94%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>2.98%</span></p> </td> </tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dpn_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateTotalReturnIndexValueUSDMember_zVsPS1Sasg89" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Bloomberg U.S. Aggregate Total Return Index Value USD<br/></span><span style="font-style: italic"><i><span id="xdx_908_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000011845Member_zsuTASmNKD1j">(reflects no deduction for fees, expenses, or taxes)</span></i></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>7.30%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt 3pt 3pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>-0.36%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>2.01%</span></p> </td> </tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dpn_hoef--PerformanceMeasureAxis__custom--BloombergIntermediateUSGovernmentCreditTotalReturnIndexValueUnhedgedMember_z41fL16lEVi4" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Bloomberg Intermediate U.S. Government/Credit Total Return Index Value Unhedged<br/></span><span style="font-style: italic"><i><span id="xdx_902_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000011845Member_zoKlN09eSIU5">(reflects no deduction for fees, expenses, or taxes)</span></i></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>6.97%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>0.96%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>2.29%</span></p> </td> </tr> </table> 0.0656 0.0144 0.0253 0.0501 0.0036 0.0150 0.0386 0.0062 0.0149 (reflects no deduction for fees, expenses, or taxes) 0.0730 -0.0036 0.0201 (reflects no deduction for fees, expenses, or taxes) 0.0697 0.0096 0.0229 0.0648 0.0144 0.0253 (reflects no deduction for fees, expenses, or taxes) 0.0730 -0.0036 0.0201 (reflects no deduction for fees, expenses, or taxes) 0.0697 0.0096 0.0229 0.0709 0.0194 0.0298 (reflects no deduction for fees, expenses, or taxes) 0.0730 -0.0036 0.0201 (reflects no deduction for fees, expenses, or taxes) 0.0697 0.0096 0.0229 <p id="xdx_A83_eoef--PerformanceTableClosingTextBlock_zXG5dMgy7U3i" style="font: italic 8pt/9pt Arial, sans-serif; margin: 0pt 0pt 4pt; color: #000000; text-indent: 0pt"><span><i><span id="xdx_90C_eoef--PerformanceTableUsesHighestFederalRate_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000011845Member_z13FrBqqbZTk">After-tax returns are calculated using the highest historical individual federal marginal income tax rates, and do not reflect state or local income taxes.</span> <span id="xdx_902_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000011845Member_zWcwdayUa5Gk">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.</span> <span id="xdx_902_eoef--PerformanceTableOneClassOfAfterTaxShown_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000011845Member_zU6mMD8Ewgnc">The after-tax returns shown relate only to Class R3 shares, and after-tax returns for other share classes will vary.</span></i></span></p> 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. Strategic Income Fund Investment Goal <p id="xdx_A8B_eoef--ObjectivePrimaryTextBlock_zKbPJIl6XTri" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span>The Fund’s primary investment goal is to seek a high level of current income.</span></p> <p id="xdx_A82_eoef--ObjectiveSecondaryTextBlock_zLnzDH761y45" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span>The Fund’s secondary investment goal is some long-term capital appreciation.</span></p> Fees and Expenses of the Fund <p id="xdx_A8E_eoef--ExpenseNarrativeTextBlock_z8pjOLhBOE86" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span>This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. </span><span style="font-weight: bold"><b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</b></span></p> Shareholder Fees (fees paid directly from your investment) <div id="xdx_A80_eoef--ShareholderFeesTableTextBlock_zyU4c5tO3Iu4"></div> <table style="width: 595.1pt; margin-top: 0pt; margin-bottom: 8pt; table-layout: fixed; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 357.5pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> </tr> </table> <table id="xdx_A5A_dU_zaNZHtw96zTd" style="width: 595.1pt; margin-top: 0pt; margin-bottom: 8pt; table-layout: fixed; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; width: 357.5pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b> </b></span></p> </td> <td id="xdx_495_20260128__20260128__oef--ClassAxis__custom--C000113850Member_zNDDH0ALAQFb" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>Class R3</b></span></p> </td> <td id="xdx_491_20260128__20260128__oef--ClassAxis__custom--C000136850Member_zKKXYLiY6fsj" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>Class R4</b></span></p> </td> <td id="xdx_491_20260128__20260128__oef--ClassAxis__custom--C000113851Member_zCMObkYceoWd" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>Class R5</b></span></p> </td> </tr> <tr id="xdx_404_eoef--MaximumSalesChargeImposedOnPurchasesOverOfferingPrice_dpn_zoahDBF6WJe3" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Maximum Sales Charge (Load) Imposed on Purchases <br/></span><span style="font-style: italic"><i>(as a percentage of offering price)</i></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>none</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>none</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>none</span></p> </td> </tr> <tr id="xdx_40A_eoef--MaximumDeferredSalesChargeOverOther_dpn_zwb94oWlnlW1" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Maximum Deferred Sales Charge (Load) <br/></span><span style="font-style: italic"><i>(as a percentage of redemption proceeds or original purchase price, whichever is lower)</i></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>none</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>none</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>none</span></p> </td> </tr> </table> 0 0 0 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A80_eoef--AnnualFundOperatingExpensesTableTextBlock_ziipzNoQR4V2" style="-sec-ix-redline: true"></div> <table style="-sec-ix-redline: true; width: 595.1pt; margin-top: 0pt; margin-bottom: 8pt; table-layout: fixed; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 357.5pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> </tr> </table> <table id="xdx_A59_dU_zdGGLlWpGYV3" style="-sec-ix-redline: true; width: 595.1pt; margin-top: 0pt; margin-bottom: 8pt; table-layout: fixed; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; width: 357.5pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b> </b></span></p> </td> <td id="xdx_496_20260128__20260128__oef--ClassAxis__custom--C000113850Member_zufr0nAfqkdc" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>Class R3</b></span></p> </td> <td id="xdx_492_20260128__20260128__oef--ClassAxis__custom--C000136850Member_zainNIgrxzzg" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>Class R4</b></span></p> </td> <td id="xdx_494_20260128__20260128__oef--ClassAxis__custom--C000113851Member_zrSzvSpP5pH4" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>Class R5</b></span></p> </td> </tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zsM50q8JTdP8" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Management Fees</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>0.53%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>0.53%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>0.53%</span></p> </td> </tr> <tr id="xdx_403_eoef--DistributionAndService12b1FeesOverAssets_dpn_zxuDgP1QxbQ9" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Distribution and Service (12b-1) Fees</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>0.50%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>0.25%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>none</span></p> </td> </tr> <tr id="xdx_405_eoef--OtherExpensesOverAssets_dpn_zOa3UMnNKfJ8" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Other Expenses</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>1.85%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>1.51%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>0.32%</span></p> </td> </tr> <tr id="xdx_407_eoef--ExpensesOverAssets_dpn_zzfysrLYYd71" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Total Annual Fund Operating Expenses</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>2.88%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>2.29%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>0.85%</span></p> </td> </tr> <tr id="xdx_404_eoef--FeeWaiverOrReimbursementOverAssets_dpn_zjcn7lJ8fICh" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Fee Waiver/Expense Reimbursement</span><sup id="xdx_F4D_zSkNYfumsv08" style="font-size: 7pt; line-height: 7pt">(1)</sup><span> </span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>(1.63)%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>(1.04)%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>(0.25)%</span></p> </td> </tr> <tr id="xdx_40C_eoef--NetExpensesOverAssets_dpn_zjDrsYWjzG59" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Total Annual Fund Operating Expenses After<br/>Fee Waiver/Expense Reimbursement</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>1.25%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>1.25%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>0.60%</span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: italic 8pt/9pt Arial, sans-serif; -sec-ix-redline: true; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right"><i id="xdx_F05_z92ic7UIAiU">(1)</i></td> <td style="width: 5pt"></td> <td style="text-align: justify"><i id="xdx_F16_zJG9Dj0P5Ctg">Thornburg Investment Management, Inc. (“Thornburg”) has contractually agreed to waive fees and reimburse expenses incurred by the Fund so that actual Class R3, Class R4 and Class R5 expenses (excluding taxes, interest expenses, acquired fund fees and expenses, brokerage commissions, borrowing costs, expenses relating to short sales, and unusual expenses such as contingency fees or litigation costs) do not exceed 1.25%, 1.25% and 0.60%, 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 <span id="xdx_904_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260128__20260128__oef--ClassAxis__custom--C000113850Member_zexn61iUB9li"><span id="xdx_900_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260128__20260128__oef--ClassAxis__custom--C000136850Member_zG4R1e2F7lZf"><span id="xdx_901_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260128__20260128__oef--ClassAxis__custom--C000113851Member_zagkWWX8B1m6">February 1, 2027</span></span></span>, 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.</i></td> </tr> </table> 0.0053 0.0053 0.0053 0.0050 0.0025 0 0.0185 0.0151 0.0032 0.0288 0.0229 0.0085 -0.0163 -0.0104 -0.0025 0.0125 0.0125 0.0060 February 1, 2027 February 1, 2027 February 1, 2027 Example. <p id="xdx_A87_eoef--ExpenseExampleNarrativeTextBlock_zx5m4Oj6RFBa" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span>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:</span></p> <div id="xdx_A80_eoef--ExpenseExampleWithRedemptionTableTextBlock_zdJ34afgOLEk" style="-sec-ix-redline: true"></div> <table id="xdx_A55_dU_zPOXBQ2ny6eh" style="-sec-ix-redline: true; width: 594pt; margin-top: 0pt; margin-bottom: 8pt; table-layout: fixed; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 277.2pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b> </b></span></p> </td> <td id="xdx_484_eoef--ExpenseExampleYear01_zdOxYFzAOce7" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>1 Year</b></span></p> </td> <td id="xdx_489_eoef--ExpenseExampleYear03_zuDM45RMol1f" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>3 Years</b></span></p> </td> <td id="xdx_487_eoef--ExpenseExampleYear05_zozXRaEh4kPi" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>5 Years</b></span></p> </td> <td id="xdx_488_eoef--ExpenseExampleYear10_zx8gqsybtBYj" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>10 Years</b></span></p> </td> </tr> <tr id="xdx_41F_20260128__20260128__oef--ClassAxis__custom--C000113850Member_z40yG8vTon8e" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Class R3 Shares</span></p> </td> <td style="border-width: 0pt; padding: 3pt 25pt 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right"><span>$127</span></p> </td> <td style="border-width: 0pt; padding: 3pt 25pt 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right"><span>$738</span></p> </td> <td style="border-width: 0pt; padding: 3pt 25pt 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right"><span>$1,374</span></p> </td> <td style="border-width: 0pt; padding: 3pt 25pt 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right"><span>$3,087</span></p> </td> </tr> <tr id="xdx_41F_20260128__20260128__oef--ClassAxis__custom--C000136850Member_zDJGuJRXMkm8" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Class R4 Shares</span></p> </td> <td style="border-width: 0pt; padding: 3pt 25pt 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right"><span>$127</span></p> </td> <td style="border-width: 0pt; padding: 3pt 25pt 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right"><span>$615</span></p> </td> <td style="border-width: 0pt; padding: 3pt 25pt 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right"><span>$1,130</span></p> </td> <td style="border-width: 0pt; padding: 3pt 25pt 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right"><span>$2,545</span></p> </td> </tr> <tr id="xdx_41E_20260128__20260128__oef--ClassAxis__custom--C000113851Member_zRy2SB2fbsVg" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Class R5 Shares</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 25pt 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right"><span>$61</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 25pt 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right"><span>$246</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 25pt 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right"><span>$447</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 25pt 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right"><span>$1,026</span></p> </td> </tr> </table> 127 738 1374 3087 127 615 1130 2545 61 246 447 1026 Portfolio Turnover. <p id="xdx_A82_eoef--PortfolioTurnoverTextBlock_zGzfs6IijLb9" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span>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 <span id="xdx_906_eoef--PortfolioTurnoverRate_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000020097Member_zjvxO7xg88Qe">30.03%</span> of the average value of its portfolio.</span></p> 0.3003 Principal Investment Strategies <p id="xdx_A80_eoef--StrategyNarrativeTextBlock_zjSbT5WPHkp8" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span><span id="xdx_904_eoef--StrategyPortfolioConcentration_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000020097Member_zMep39MiSnF9">The Fund pursues its investment goals by investing in a broad range of income-producing investments from throughout the world, primarily including debt obligations.</span> The Fund expects, under normal conditions, to invest a majority of its assets in the debt obligations described below.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span>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:</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 1pt 19.8pt; color: #000000; text-indent: -19.8pt"><span style="width: 19.8pt; text-indent: 0; display: inline-block"><span>•</span></span><span>bonds and other debt obligations issued by domestic and foreign companies of any size (including lower-rated “high yield” or “junk” bonds)</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 1pt 19.8pt; color: #000000; text-indent: -19.8pt"><span style="width: 19.8pt; text-indent: 0; display: inline-block"><span>•</span></span><span>mortgage-backed securities and other asset-backed securities, including commercial mortgage-backed securities</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 1pt 19.8pt; color: #000000; text-indent: -19.8pt"><span style="width: 19.8pt; text-indent: 0; display: inline-block"><span>•</span></span><span>convertible debt obligations</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 1pt 19.8pt; color: #000000; text-indent: -19.8pt"><span style="width: 19.8pt; text-indent: 0; display: inline-block"><span>•</span></span><span>obligations issued by foreign governments (including developing countries)</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 1pt 19.8pt; color: #000000; text-indent: -19.8pt"><span style="width: 19.8pt; text-indent: 0; display: inline-block"><span>•</span></span><span>collateralized mortgage obligations (“CMOs”), collateralized debt obligations (“CDOs”), collateralized bond obligations (“CBOs”), and collateralized loan obligations (“CLOs”)</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 1pt 19.8pt; color: #000000; text-indent: -19.8pt"><span style="width: 19.8pt; text-indent: 0; display: inline-block"><span>•</span></span><span>obligations of the U.S. government and its agencies and sponsored enterprises</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 1pt 19.8pt; color: #000000; text-indent: -19.8pt"><span style="width: 19.8pt; text-indent: 0; display: inline-block"><span>•</span></span><span>structured notes</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 1pt 19.8pt; color: #000000; text-indent: -19.8pt"><span style="width: 19.8pt; text-indent: 0; display: inline-block"><span>•</span></span><span>zero coupon bonds and “stripped” securities</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt 19.8pt; color: #000000; text-indent: -19.8pt"><span style="width: 19.8pt; text-indent: 0; display: inline-block"><span>•</span></span><span>taxable municipal obligations and participations in municipal obligations</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 7pt; color: #000000; text-indent: 0pt"><span>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.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 7pt; color: #000000; text-indent: 0pt"><span>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.</span></p> The Fund pursues its investment goals by investing in a broad range of income-producing investments from throughout the world, primarily including debt obligations. An investment in the Fund is not a deposit in any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Accordingly, the loss of money is a risk of investing in the Fund. <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConvertibleDebtObligationRiskMember_z73v8MRHaFgc" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Convertible Debt Obligation Risk </b></span><span>– 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.</span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__us-gaap--CreditRiskMember_zIRNlZNDsZdf" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Credit Risk </b></span><span>– 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.</span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityAndOperationalRiskMember_zkqkeEvuvQxa" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; -sec-ix-redline: true; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Cybersecurity and Operational Risk </b></span><span>– Operational failures, cyber-attacks or other disruptions that affect the Fund’s service providers, the Fund’s counterparties, other market participants or the issuers of securities held by the Fund may adversely affect the Fund and its shareholders, including by causing losses for the Fund or impairing Fund operations. The rapid development and increasingly widespread use of artificial intelligence, including machine learning technology and generative artificial intelligence such as ChatGPT, could exacerbate these risks.</span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--DevelopingCountryRiskMember_z4dz6JBBjcol" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Developing Country Risk </b></span><span>– 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.</span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignCurrencyRiskMember_zDRPsHvwE3Ei" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Foreign Currency Risk </b></span><span>– 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.</span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignGovernmentObligationsRiskMember_gRBRTB-DHLAQ_z5OKPbDhZJfe" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Foreign Government Obligations Risk </b></span><span>– Debt obligations may be issued by foreign governments and their agencies and instrumentalities, including the governments of developing countries and “supra-national” entities such as the International Bank for Reconstruction and Development. The Fund’s investments in these foreign debt obligations may be denominated in U.S. dollars or in foreign currencies. These securities, even if denominated in U.S. dollars, may be affected significantly by fluctuations in the value of foreign currencies, and the value of these securities in U.S. dollars may decline even if the securities increase in value in their home country. The governmental issuers of these debt obligations may be less willing or able than</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span>the U.S. to repay principal and interest when due, and they may require that the terms for payment be renegotiated. In some countries there may be political instability or insufficient government supervision of markets, and the legal protections for the Fund’s investments could be subject to unfavorable judicial or administrative changes. These risks may be more pronounced for the Fund’s investments in debt obligations issued by developing countries.</span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignInvestmentRiskMember_z3GsUzfuxfDl" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Foreign Investment Risk </b></span><span>– 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.</span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighYieldRiskMember_zO2lEcE6WS27" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>High Yield Risk </b></span><span>– 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.</span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__us-gaap--InterestRateRiskMember_zYp8UVkAFkul" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Interest Rate Risk </b></span><span>– 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.</span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zWPmu5kTGtU" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Liquidity Risk </b></span><span>– 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.</span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zfPrvxyG8L5i" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Management Risk </b></span><span>– 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.</span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndEconomicRiskMember_zrjIFgA6ZNic" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; -sec-ix-redline: true; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Market and Economic Risk </b></span><span>– 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, legal, and technological developments, and developments affecting specific issuers. 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.</span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--PrepaymentAndExtensionRiskMember_zYHUxroQZFw3" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Prepayment and Extension Risk </b></span><span>– 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.</span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--RedemptionRiskMember_ze5qWylInXGf" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Redemption Risk </b></span><span>– 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.</span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--RisksAffectingSpecificIssuersMember_zO9vqaAu7Cp" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Risks Affecting Specific Issuers </b></span><span>– 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.</span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallAndMidCapCompanyRiskMember_zGf8qEGhbNT3" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Small and Mid-Cap Company Risk </b></span><span>– 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.</span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--StructuredProductsRiskMember_z5gOjSxA3xpi" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Structured Products Risk </b></span><span>– 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.</span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentObligationsRiskMember_zrpnsPaPF2k2" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>U.S. Government Obligations Risk </b></span><span>– 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.</span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--ZeroCouponBondsAndStrippedSecuritiesRiskMember_zG61dDKqIBD6" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Zero Coupon Bonds and Stripped Securities Risk </b></span><span>– Zero coupon bonds are corporate or government-issued debt obligations that do not provide for periodic or “coupon” payments of interest, and that are issued at a substantial discount to their face value. The buyer of a zero coupon bond realizes a stated rate of return determined by the gradual accretion in the value of the security. A “stripped” security is a debt obligation that has been transformed into a zero coupon bond by creating a separate, new security comprised of the separate income component of the debt obligation (commonly referred to as an “income only” or “I/O” security) or the separate principal component of the debt obligation (commonly referred to as a “principal only” or “P/O” security). Because zero coupon bonds do not provide for periodic payments of interest, their value is generally more volatile than the value of a comparable, interest-paying bond. The Fund may also have to recognize income on the bond and make distributions to shareholders before it has received any cash payments on the bond. To generate the cash necessary to satisfy such distributions, the Fund may have to sell portfolio securities that it otherwise might have continued to hold or use cash flows from other sources, including the proceeds from the sale of Fund shares.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span>Additional information about Fund investments, investment strategies and risks of investing in the Fund appears below beginning on page 51 of the Prospectus.</span></p> Past Performance of the Fund <p id="xdx_A87_eoef--PerformanceNarrativeTextBlock_zoLITY03xNid" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span><span id="xdx_905_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000020097Member_zq3pmHodHqNd">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.</span> 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 and Class R5 share performance to the Bloomberg U.S. Aggregate Total Return Index Value USD, a broad-based securities market index that represents the overall applicable market in which the Fund invests, and the Bloomberg U.S. Universal Total Return Index Value Unhedged, an additional benchmark that represents the market sectors which Thornburg believes are more representative of the Fund’s investment universe. These indexes are not actively managed and are not available for direct investment. The bar charts and performance tables assume reinvestment of dividends and distributions. <span id="xdx_905_eoef--PerformancePastDoesNotIndicateFuture_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000020097Member_zRmz7fq6o7Fh">Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> The performance information shown below is as of the calendar year ended December 31, 2025. Updated performance information may be obtained on the Thornburg website at <span id="xdx_909_eoef--PerformanceAvailabilityWebSiteAddress_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000020097Member_z5UULI3cNH46">Thornburg.com</span> or by calling <span id="xdx_90E_eoef--PerformanceAvailabilityPhone_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000020097Member_z5I7MFhFABOk">1-800-847-0200</span>.</span></p> 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. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Thornburg.com 1-800-847-0200 Annual Total Returns – Class R3 Shares <div id="xdx_A80_eoef--BarChartTableTextBlock_zRxYhQgxNNAd"></div> <table border="0" cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zWe1o3toO2Y1" style="display: none; visibility: hidden; width: 100%; border-collapse: collapse; font-size: 8pt" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left"> </td> <td id="xdx_48A_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000113850Member_zVd7kOuT9oXb" style="font-family: Aptos Narrow; text-align: left"> </td></tr> <tr id="xdx_417_20160101__20161231_zI3zVKxCtWn7" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">2016</td> <td style="font-family: Aptos Narrow; text-align: left">7.71%</td></tr> <tr id="xdx_418_20170101__20171231_z3b8CHE1I8K9" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">2017</td> <td style="font-family: Aptos Narrow; text-align: left">5.95%</td></tr> <tr id="xdx_415_20180101__20181231_zIGlOFkfCuzl" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">2018</td> <td style="font-family: Aptos Narrow; text-align: left">0.13%</td></tr> <tr id="xdx_41A_20190101__20191231_zgPJVDkEB469" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">2019</td> <td style="font-family: Aptos Narrow; text-align: left">7.23%</td></tr> <tr id="xdx_41F_20200101__20201231_z5hwhLjV0wel" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">2020</td> <td style="font-family: Aptos Narrow; text-align: left">7.55%</td></tr> <tr id="xdx_414_20210101__20211231_zUsCUpFD1kag" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">2021</td> <td style="font-family: Aptos Narrow; text-align: left">2.11%</td></tr> <tr id="xdx_41E_20220101__20221231_zFJMFSXHgDBh" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">2022</td> <td style="font-family: Aptos Narrow; text-align: left">-6.81%</td></tr> <tr id="xdx_413_20230101__20231231_zQEwZBNgIy9a" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">2023</td> <td style="font-family: Aptos Narrow; text-align: left">7.03%</td></tr> <tr id="xdx_414_20240101__20241231_zBPEBKz2s9va" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">2024</td> <td style="font-family: Aptos Narrow; text-align: left">4.06%</td></tr> <tr id="xdx_418_20250101__20251231_zMSqRDE4L6a9" style="vertical-align: top"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; width: 31%">2025</td> <td style="font-family: Aptos Narrow; text-align: left; width: 69%">6.86%</td></tr> </table> <div style="font: 12pt Arial, sans-serif; margin: 18pt 0pt; color: #000000; text-indent: 0pt"> <div style="border-width: 0pt; padding: 0pt; overflow: hidden; display: inline-block; width: 594.53pt; height: 174.58pt"> <img alt="" src="retirementproimg009.gif" style="vertical-align: top; margin-left: 0pt; width: 594pt; margin-top: 0pt; height: 173.8pt"/> </div> </div> <p style="font: 12pt Arial, sans-serif; margin: 18pt 0pt; color: #000000; text-indent: 0pt"><span> </span></p> 0.0771 0.0595 0.0013 0.0723 0.0755 0.0211 -0.0681 0.0703 0.0406 0.0686 <div id="xdx_A82_eoef--BarChartClosingTextBlock_zpW0SqEdXkYa"></div> <table style="-sec-ix-redline: true; width: 594pt; margin-top: 2pt; margin-bottom: 8pt; table-layout: fixed; border-collapse: collapse"> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; width: 435.59pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b> </b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>Total<br/>Returns</b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>Quarter<br/>ended</b></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span><span id="xdx_90E_eoef--HighestQuarterlyReturnLabel_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000020097Member_zt8hQ60SUz2f">Highest Quarterly Results</span></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span><span id="xdx_90E_eoef--BarChartHighestQuarterlyReturn_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000020097Member_z8yo0rtSEPb3">7.85%</span></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span><span id="xdx_90A_eoef--BarChartHighestQuarterlyReturnDate_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000020097Member_z8LPAnUAsO77">6/30/2020</span></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span><span id="xdx_909_eoef--LowestQuarterlyReturnLabel_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000020097Member_zST87aV7vPgc">Lowest Quarterly Results</span></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt 3pt 3pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span><span id="xdx_902_eoef--BarChartLowestQuarterlyReturn_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000020097Member_zLO7bD2f719">-5.71%</span></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span><span id="xdx_90F_eoef--BarChartLowestQuarterlyReturnDate_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000020097Member_zs4nN5hkl0X5">3/31/2020</span></span></p> </td> </tr> </table> Highest Quarterly Results 0.0785 2020-06-30 Lowest Quarterly Results -0.0571 2020-03-31 Average Annual Total Returns (periods ended 12-31-25) <div id="xdx_A8A_eoef--PerformanceTableTextBlock_zNyuH94RKnId"></div> <table id="xdx_A5D_zBBURKoEoAyf" style="-sec-ix-redline: true; width: 594pt; margin-top: 0pt; margin-bottom: 8pt; table-layout: fixed; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; width: 356.4pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>CLASS R3 SHARES</b></span></p> </td> <td id="xdx_49E_20250101__20251231_zdqgqADV4efh" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>1 YEAR</b></span></p> </td> <td id="xdx_496_20210101__20251231_zpD6EdCgq30h" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>5 YEARS</b></span></p> </td> <td id="xdx_49F_20160101__20251231_zqs1xbNGLhgc" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>10 YEARS</b></span></p> </td> </tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dpn_hoef--ClassAxis__custom--C000113850Member_z1MHpCyLhB3c" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Return Before Taxes</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>6.86%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>2.52%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>4.09%</span></p> </td> </tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dpn_hoef--ClassAxis__custom--C000113850Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zJFdan8djaDd" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Return After Taxes on Distributions</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>4.97%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>0.92%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>2.61%</span></p> </td> </tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dpn_hoef--ClassAxis__custom--C000113850Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zW2wq7lx0G6g" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Return After Taxes on Distributions and Sale of Fund Shares</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>4.03%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>1.22%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>2.50%</span></p> </td> </tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dpn_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateTotalReturnIndexValueUSDMember_zmKGB1TVpFyd" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Bloomberg U.S. Aggregate Total Return Index Value USD<br/></span><span style="font-style: italic"><i><span id="xdx_908_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000020097Member_zkFEddFpSRel">(reflects no deduction for fees, expenses, or taxes)</span></i></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>7.30%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt 3pt 3pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>-0.36%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>2.01%</span></p> </td> </tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dpn_hoef--PerformanceMeasureAxis__custom--BloombergUSUniversalTotalReturnIndexValueUnhedgedMember_zhfKLEdPcvk5" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Bloomberg U.S. Universal Total Return Index Value Unhedged<br/></span><span style="font-style: italic"><i><span id="xdx_908_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000020097Member_z2I8tAZ6qxYi">(reflects no deduction for fees, expenses, or taxes)</span></i></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>7.58%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>0.06%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>2.44%</span></p> </td> </tr> </table> <div style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000"> <table style="-sec-ix-redline: true; width: 594pt; margin-top: 0pt; margin-bottom: 8pt; table-layout: fixed; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 356.4pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> </tr> </table> <table style="-sec-ix-redline: true; width: 594pt; margin-top: 0pt; margin-bottom: 8pt; table-layout: fixed; border-collapse: collapse"> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; width: 356.4pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>CLASS R4 SHARES</b></span></p> </td> <td id="xdx_49E_20250101__20251231_zlsdzPWMnupk" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>1 YEAR</b></span></p> </td> <td id="xdx_496_20210101__20251231_zkvYe0B7wcy6" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>5 YEARS</b></span></p> </td> <td id="xdx_49F_20160101__20251231_zd28FUjHhyNi" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>10 YEARS</b></span></p> </td> </tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dpn_hoef--ClassAxis__custom--C000136850Member_zaqcM1FGTvka" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Return Before Taxes</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>6.86%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>2.54%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>4.08%</span></p> </td> </tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dpn_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateTotalReturnIndexValueUSDMember_zhbwx0gnZrb3" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Bloomberg U.S. Aggregate Total Return Index Value USD<br/></span><span style="font-style: italic"><i><span id="xdx_90B_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000020097Member_zNM0swm7oCq7">(reflects no deduction for fees, expenses, or taxes)</span></i></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>7.30%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt 3pt 3pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>-0.36%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>2.01%</span></p> </td> </tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dpn_hoef--PerformanceMeasureAxis__custom--BloombergUSUniversalTotalReturnIndexValueUnhedgedMember_zABIilJjOzB4" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Bloomberg U.S. Universal Total Return Index Value Unhedged<br/></span><span style="font-style: italic"><i><span id="xdx_902_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000020097Member_zuEXdjh0hFTf">(reflects no deduction for fees, expenses, or taxes)</span></i></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>7.58%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>0.06%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>2.44%</span></p> </td> </tr> </table> </div> <table style="-sec-ix-redline: true; width: 594pt; margin-top: 0pt; margin-bottom: 8pt; table-layout: fixed; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 356.4pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> </tr> </table> <table style="-sec-ix-redline: true; width: 594pt; margin-top: 0pt; margin-bottom: 8pt; table-layout: fixed; border-collapse: collapse"> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; width: 356.4pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>CLASS R5 SHARES</b></span></p> </td> <td id="xdx_49E_20250101__20251231_zFKSyg89NYuj" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>1 YEAR</b></span></p> </td> <td id="xdx_496_20210101__20251231_zRct4J7wclri" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>5 YEARS</b></span></p> </td> <td id="xdx_49F_20160101__20251231_zmI497x2qsx8" style="border-width: 0pt; padding: 3pt 6pt; background-color: #234b8d; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>10 YEARS</b></span></p> </td> </tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dpn_hoef--ClassAxis__custom--C000113851Member_zvYW2iWlju8g" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Return Before Taxes</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>7.56%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>3.18%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e9edf3; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>4.70%</span></p> </td> </tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dpn_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateTotalReturnIndexValueUSDMember_zLmvIUGxFDXg" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Bloomberg U.S. Aggregate Total Return Index Value USD<br/></span><span style="font-style: italic"><i>(reflects no deduction for fees, expenses, or taxes)</i></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>7.30%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt 3pt 3pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>-0.36%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>2.01%</span></p> </td> </tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dpn_hoef--PerformanceMeasureAxis__custom--BloombergUSUniversalTotalReturnIndexValueUnhedgedMember_zQIJLdST15La" style="min-height: 3pt"> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Bloomberg U.S. Universal Total Return Index Value Unhedged<br/></span><span style="font-style: italic"><i><span id="xdx_906_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000020097Member_zGYUKfcugDFd">(reflects no deduction for fees, expenses, or taxes)</span></i></span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>7.58%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>0.06%</span></p> </td> <td style="border-bottom: #234b8d 1pt solid; padding: 3pt 6pt; background-color: #e9edf3; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>2.44%</span></p> </td> </tr> </table> 0.0686 0.0252 0.0409 0.0497 0.0092 0.0261 0.0403 0.0122 0.0250 (reflects no deduction for fees, expenses, or taxes) 0.0730 -0.0036 0.0201 (reflects no deduction for fees, expenses, or taxes) 0.0758 0.0006 0.0244 0.0686 0.0254 0.0408 (reflects no deduction for fees, expenses, or taxes) 0.0730 -0.0036 0.0201 (reflects no deduction for fees, expenses, or taxes) 0.0758 0.0006 0.0244 0.0756 0.0318 0.0470 0.0730 -0.0036 0.0201 (reflects no deduction for fees, expenses, or taxes) 0.0758 0.0006 0.0244 <p id="xdx_A83_eoef--PerformanceTableClosingTextBlock_z2FNsBz9mLi1" style="font: italic 8pt/9pt Arial, sans-serif; margin: 0pt 0pt 4pt; color: #000000; text-indent: 0pt"><span><i><span id="xdx_900_eoef--PerformanceTableUsesHighestFederalRate_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000020097Member_zkjHF1fUt5B5">After-tax returns are calculated using the highest historical individual federal marginal income tax rates, and do not reflect state or local income taxes.</span> <span id="xdx_906_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000020097Member_zIwgcYZmdxAd">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.</span> <span id="xdx_900_eoef--PerformanceTableOneClassOfAfterTaxShown_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--RetirementMember__dei--LegalEntityAxis__custom--S000020097Member_zso5q29oj5Db">The after-tax returns shown relate only to Class R3 shares, and after-tax returns for other share classes will vary.</span></i></span></p> 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. Emerging Markets Managed Account Fund Investment Goal <p id="xdx_A8E_eoef--ObjectivePrimaryTextBlock_zia5wdfZ7Gyg" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span>The Fund’s primary investment goal is long-term capital appreciation.</span></p> Fees and Expenses of the Fund <p id="xdx_A82_eoef--ExpenseNarrativeTextBlock_zIItbMcmgkoa" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span>This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. </span><span style="font-weight: bold"><b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</b></span><span> Fund shares are only available through certain retail or institutional separately managed accounts with which Thornburg Investment Management, Inc. (“Thornburg”) has an agreement to serve as investment adviser. The fees and expenses in the following tables do not reflect any charges that are imposed by those managed accounts.</span></p> Shareholder Fees (fees paid directly from your investment) <div id="xdx_A8F_eoef--ShareholderFeesTableTextBlock_zHEXdoXpJ3J8"></div> <table id="xdx_A59_dU_zE2pEol8Maw6" style="width: 594.66pt; margin-top: 0pt; margin-bottom: 8pt; table-layout: fixed; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 515.46pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b> </b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #004a91; vertical-align: bottom"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>Class SMA</b></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e5ecf4; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Maximum Sales Charge (Load) Imposed on Purchases <br/></span><span style="font-style: italic"><i>(as a percentage of offering price)</i></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e5ecf4; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span><span id="xdx_903_eoef--MaximumSalesChargeImposedOnPurchasesOverOfferingPrice_dpn_c20260128__20260128__oef--ClassAxis__custom--C000241472Member_zkluTBFewxUe">none</span></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-bottom: #004a91 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Maximum Deferred Sales Charge (Load) <br/></span><span style="font-style: italic"><i>(as a percentage of redemption proceeds or original purchase price, <br/>whichever is lower)</i></span></p> </td> <td style="border-bottom: #004a91 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span><span id="xdx_900_eoef--MaximumDeferredSalesChargeOverOther_dpn_c20260128__20260128__oef--ClassAxis__custom--C000241472Member_z9Z8FR8WTXS">none</span></span></p> </td> </tr> </table> 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A8D_eoef--AnnualFundOperatingExpensesTableTextBlock_zS3HvBJ3YTm"></div> <table id="xdx_A5B_dU_z1z1qXZcPHmf" style="width: 594pt; margin-top: 0pt; margin-bottom: 8pt; table-layout: fixed; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 514.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b> </b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #004a91; vertical-align: bottom"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>Class SMA</b></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e5ecf4; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Management Fees</span><sup style="font-size: 7pt; line-height: 7pt">(1)</sup><span> </span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e5ecf4; vertical-align: bottom"> <p id="xdx_98B_eoef--ManagementFeesOverAssets_dpn_c20260128__20260128__oef--ClassAxis__custom--C000241472Member_fKDEp_zQLIKFZQMb5" style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>0.00%</span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Distribution and Service (12b-1) Fees</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p id="xdx_98C_eoef--DistributionAndService12b1FeesOverAssets_dpn_c20260128__20260128__oef--ClassAxis__custom--C000241472Member_zRoruZIDLIdd" style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>0.00%</span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e5ecf4; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Other Expenses</span></p> </td> <td style="border-bottom: #004a91 1pt solid; padding: 3pt 6pt; background-color: #e5ecf4; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p id="xdx_983_eoef--OtherExpensesOverAssets_dpn_c20260128__20260128__oef--ClassAxis__custom--C000241472Member_zczsgSl2imY1" style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>15.87%</span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Total Annual Fund Operating Expenses</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p id="xdx_98D_eoef--ExpensesOverAssets_dpn_c20260128__20260128__oef--ClassAxis__custom--C000241472Member_zkkQ0ENjctB6" style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>15.87%</span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e5ecf4; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Fee Waiver/Expense Reimbursement</span><sup style="font-size: 7pt; line-height: 7pt">(2)</sup><span> </span></p> </td> <td style="border-bottom: #004a91 1pt solid; padding: 3pt 12pt 3pt 11pt; background-color: #e5ecf4; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p id="xdx_98E_eoef--FeeWaiverOrReimbursementOverAssets_dpn_c20260128__20260128__oef--ClassAxis__custom--C000241472Member_fKDIp_zTKgMpUGPft6" style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>(15.87)%</span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-bottom: #004a91 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Total Annual Fund Operating Expenses After <br/>Fee Waiver/Expense Reimbursement</span></p> </td> <td style="border-bottom: #004a91 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p id="xdx_981_eoef--NetExpensesOverAssets_dpn_c20260128__20260128__oef--ClassAxis__custom--C000241472Member_zD4f6GoXXH5c" style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>0.00%</span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: italic 8pt/9pt Arial, sans-serif; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right"><i id="xdx_F03_zpdgCvNWo0W1">(1)</i></td> <td style="width: 5pt"></td> <td style="text-align: justify"><i id="xdx_F11_zsrhOw61nfWh">Thornburg does not charge a management fee for its investment management services. You will, however, incur a management fee through the managed account of which the Fund is a part.</i></td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: italic 8pt/9pt Arial, sans-serif; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right"><i id="xdx_F08_zuxZKqK7NP7b">(2)</i></td> <td style="width: 5pt"></td> <td style="text-align: justify"><i id="xdx_F1E_zBsJ93LwjHrg">Thornburg has contractually agreed to waive, pay or reimburse all expenses of the Fund, except for taxes, interest expense, acquired fund fees and expenses, brokerage commissions, borrowing costs, expenses relating to short sales, and unusual expenses such as contingency fees or litigation costs. 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 <span id="xdx_90D_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260128__20260128__oef--ClassAxis__custom--C000241472Member_z783dzll2zT2">February 1, 2027</span>, unless Thornburg ceases to be the investment advisor of the Fund prior to that date.</i></td> </tr> </table> 0.0000 0.0000 0.1587 0.1587 -0.1587 0.0000 February 1, 2027 Example. <p id="xdx_A80_eoef--ExpenseExampleNarrativeTextBlock_zoAtd1JJ4KX7" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span>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. The example does not reflect any charges imposed by the applicable retail or institutional separately managed accounts through which the Fund is sold, and if such charges were reflected, the amounts shown in the example would be higher. Although your actual costs may be higher or lower, based on these assumptions (and giving effect to fee waivers and expense reimbursements) your costs would be:</span></p> <div id="xdx_A8F_eoef--ExpenseExampleWithRedemptionTableTextBlock_zoBtx9etpRyg"></div> <table id="xdx_A56_dU_zzpBQIn2Muae" style="width: 594pt; margin-top: 0pt; margin-bottom: 8pt; table-layout: fixed; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 277.2pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b> </b></span></p> </td> <td id="xdx_482_eoef--ExpenseExampleYear01_zwghwQpbb65d" style="border-width: 0pt; padding: 3pt 6pt; background-color: #004a91; vertical-align: bottom"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>1 Year</b></span></p> </td> <td id="xdx_487_eoef--ExpenseExampleYear03_zyRJaW1sJpnb" style="border-width: 0pt; padding: 3pt 6pt; background-color: #004a91; vertical-align: bottom"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>3 Years</b></span></p> </td> <td id="xdx_48B_eoef--ExpenseExampleYear05_zg33jjutMewa" style="border-width: 0pt; padding: 3pt 6pt; background-color: #004a91; vertical-align: bottom"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>5 YEARS</b></span></p> </td> <td id="xdx_489_eoef--ExpenseExampleYear10_z47JmTZN3aU7" style="border-width: 0pt; padding: 3pt 6pt; background-color: #004a91; vertical-align: bottom"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>10 YEARS</b></span></p> </td> </tr> <tr id="xdx_418_20260128__20260128__oef--ClassAxis__custom--C000241472Member_zkJ7LmBknCi3" style="min-height: 3pt"> <td style="border-bottom: #004a91 1pt solid; padding: 3pt 6pt; background-color: #e5ecf4; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Class SMA Shares</span></p> </td> <td style="border-bottom: #004a91 1pt solid; padding: 3pt 6pt; background-color: #e5ecf4; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>$0</span></p> </td> <td style="border-bottom: #004a91 1pt solid; padding: 3pt 6pt; background-color: #e5ecf4; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>$0</span></p> </td> <td style="border-bottom: #004a91 1pt solid; padding: 3pt 6pt; background-color: #e5ecf4; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>$0</span></p> </td> <td style="border-bottom: #004a91 1pt solid; padding: 3pt 6pt; background-color: #e5ecf4; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>$0</span></p> </td> </tr> </table> 0 0 0 0 Portfolio Turnover. <p id="xdx_A81_eoef--PortfolioTurnoverTextBlock_zctXtDSeX5zi" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span>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 <span id="xdx_90C_eoef--PortfolioTurnoverRate_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--ManagedFundsMember__dei--LegalEntityAxis__custom--S000079975Member_zXmfSsMxqBm">78.50%</span> of the average value of its portfolio.</span></p> 0.7850 Principal Investment Strategies <p id="xdx_A82_eoef--StrategyNarrativeTextBlock_gRBSNTB-OCDLQ_zj73p3y5N0b9" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span><span id="xdx_908_eoef--StrategyPortfolioConcentration_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--ManagedFundsMember__dei--LegalEntityAxis__custom--S000079975Member_zdoaSAW3Aie3">Under normal market conditions, the Fund pursues its objective by investing at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities of issuers which Thornburg views as having substantial economic ties to one or more emerging market countries.</span> Emerging market countries are considered by Thornburg generally to be those countries which are not included in the MSCI World Index. The material factors that Thornburg considers when determining whether an issuer has substantial economic ties to an emerging market country include whether the issuer: </span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 0pt 13.2pt; color: #000000; text-indent: -13.2pt"><span style="width: 13.2pt; text-indent: 0; display: inline-block"><span>•</span></span><span>is included in the MSCI Emerging Markets Index;</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 0pt 13.2pt; color: #000000; text-indent: -13.2pt"><span style="width: 13.2pt; text-indent: 0; display: inline-block"><span>•</span></span><span>is organized or headquartered in an emerging market country, or maintains most of its assets in one or more such countries;</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 0pt 13.2pt; color: #000000; text-indent: -13.2pt"><span style="width: 13.2pt; text-indent: 0; display: inline-block"><span>•</span></span><span>has equity securities that are traded principally on a stock exchange of an emerging market country; or</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt 13.2pt; color: #000000; text-indent: -13.2pt"><span style="width: 13.2pt; text-indent: 0; display: inline-block"><span>•</span></span><span>derives, or is expected to derive, a majority of its profits, revenues, sales, or income from one or more non-U.S. countries.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span>The Fund may invest in issuers of any size of capitalization, including small companies, and expects that under normal conditions its assets will be invested in issuers domiciled in or tied economically to a variety of different emerging market countries. The Fund is non-diversified.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span>The Fund’s policy of investing at least 80% of its assets, plus the amount of any borrowings for investment purposes, in emerging markets issuers may be changed by the Fund’s Trustees without a shareholder vote upon 60 days’ notice to shareholders. </span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span>Among the specific factors considered in identifying securities for inclusion in the Fund are domestic and international economic developments, outlooks for securities markets, the supply and demand for equity securities, and analysis of specific issuers. Thornburg typically categorizes the Fund’s equity investments in one of the following three categories:</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Basic Value:</b></span><span> Companies generally operating in mature or cyclical industries and which generally exhibit more economic sensitivity and/or higher volatility in earnings and cash flow. </span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Consistent Earner:</b></span><span> Companies which generally exhibit predictable growth, profitability, cash flow and/or dividends. </span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Emerging Franchise:</b></span><span> Companies with the potential to grow at an above average rate because of a product or service that is establishing a new market and/or taking share from existing participants. </span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span>Inclusion of any investment in any of the three described categories represents Thornburg’s opinion concerning the characteristics and prospects of the investment. There is no assurance that any company selected for investment will, once categorized in one of the three described investment categories, continue to have the positive characteristics or fulfill the expectations that Thornburg had for the company when it was selected for investment, and any such company may not grow or may decline in earnings and size.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span>The Fund may sell an investment if Thornburg has identified a better investment opportunity, in response to changes in the conditions or business of the investment’s issuer or changes in overall market conditions, if Thornburg has a target price for the investment and that target price has been achieved, or if, in Thornburg’s opinion, the investment no longer serves to achieve the Fund’s investment goals.</span></p> Under normal market conditions, the Fund pursues its objective by investing at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities of issuers which Thornburg views as having substantial economic ties to one or more emerging market countries. An investment in the Fund is not a deposit in any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. Accordingly, the loss of money is a risk of investing in the Fund. <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__us-gaap--CreditRiskMember_z84pttu3Q91e" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Credit Risk </b></span><span>– The inability of an issuer to pay principal and interest on its debt obligations when due, or the downgrading of an issuer’s debt obligations by ratings agencies, may adversely affect the market’s perceptions of the issuer’s financial strength and may therefore result in declines in the issuer’s stock price.</span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityAndOperationalRiskMember_zz1K57yyOdK6" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; -sec-ix-redline: true; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Cybersecurity and Operational Risk </b></span><span>– 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. </span><span id="managedacct_proa98211"></span><span>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.</span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsRiskMember_zBGfaF1bpMW9" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Emerging Markets Risk </b></span><span>– The risks which may affect investments in foreign issuers (see “Foreign Investment Risk,” below) may be more pronounced for investments in emerging markets because the economies of those markets are usually less diversified, communications, transportation and economic infrastructures are less developed, and emerging markets ordinarily have less established legal, political, business and social frameworks. At times the prices of equity securities of an emerging markets issuer may be extremely volatile. An issuer domiciled in an emerging market may be similarly affected by these emerging markets risks to the extent that the issuer conducts its business in emerging markets.</span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquityRiskMember_zGMS7c8yG0x9" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Equity Risk </b></span><span>– The value of the Fund’s equity investments may fluctuate significantly over time in response to factors affecting individual issuers, particular industries, or the market as a whole. Additionally, common stock ranks below preferred stock and debt securities in claims for dividends and for assets of a company in a liquidation or bankruptcy.</span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignCurrencyRiskMember_zcJywyl5y1Ve" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Foreign Currency Risk </b></span><span>– 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.</span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignInvestmentRiskMember_zWzRzr6qvsn5" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Foreign Investment Risk </b></span><span>– Investments in securities of foreign issuers may involve risks including adverse fluctuations in currency exchange rates, political instability, confiscations, taxes or restrictions on currency exchange, difficulty in selling foreign investments, and reduced legal protections.</span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zBgLiHPHUJei" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Liquidity Risk </b></span><span>– 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. This risk may be more pronounced for the Fund’s investments in emerging markets.</span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zKRfYh6yEGf9" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Management Risk </b></span><span>– 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.</span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndEconomicRiskMember_zfGSjyVbsnK7" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; -sec-ix-redline: true; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Market and Economic Risk </b></span><span>– The value of the Fund’s investments may decline and its share value may be reduced due to changes in general economic and market conditions. The value of a security may change in response to developments affecting entire economies, markets or industries, including changes in interest rates, political, legal, and technological developments, and general market volatility. These risks may be more pronounced for the Fund’s investments in emerging markets.</span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_z72NLb2Qlgnd" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Non-diversification Risk </b></span><span>– The Fund is a non-diversified investment company, which means that it may invest a greater proportion of its assets in the securities of a single issuer. This may be riskier, because a default or other adverse condition affecting such an issuer could cause the Fund’s share price to decline to a greater degree.</span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--RedemptionRiskMember_zfk65HNYOfw5" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Redemption Risk </b></span><span>– Fund shares may only be redeemed by Thornburg on behalf of separately managed accounts or by certain managed account program sponsors and not by individual investors. If a significant percentage of the Fund’s shares is owned or controlled by a single managed account shareholder, the Fund is subject to the risk that a redemption by that managed account 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 managed account shareholders may also incur additional transaction costs or adverse tax consequences from such trading activity. See also “Purchase and Sale of Fund Shares” in the Fund Summary.</span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--RisksAffectingSpecificCountriesOrRegionsMember_zt7DgRRhpXIh" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Risks Affecting Specific Countries or Regions </b></span><span>– If a significant portion of the Fund’s assets is invested in issuers that are economically exposed to one country or region, the Fund’s share value may be more susceptible to the conditions and developments in that country or region, and potentially more volatile than the share value of a more geographically diversified fund. A specific country or region could also be adversely affected by conditions or developments arising in other countries. For example, the U.S. government could take actions to prohibit or restrict individuals or companies within the U.S. from purchasing or holding the shares of issuers in another country, which may limit the Fund’s ability to invest in that country or cause the Fund to have to sell investments in that country at less than desired prices. The nature and degree of the risks affecting a given country or region, and the extent of the Fund’s exposure to any such country or region, is expected to vary over time.</span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--RisksAffectingSpecificIssuersMember_zwQKdJoxlmVk" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Risks Affecting Specific Issuers </b></span><span>– The value of an equity security may decline in response to developments affecting the specific issuer of the security or obligation, even if the overall industry or economy is unaffected. These developments may include a variety of factors, including but not limited to management issues or other corporate disruption, a decline in revenues or profitability, an increase in costs, or an adverse effect on the issuer’s competitive position.</span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallAndMidCapCompanyRiskMember_zIEFOf437mCc" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Small and Mid-Cap Company Risk </b></span><span>– 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.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span>Additional information about Fund investments, investment strategies and risks of investing in the Fund appears beginning on page 25 of the Prospectus.</span></p> Past Performance of the Fund <p id="xdx_A83_eoef--PerformanceNarrativeTextBlock_zK90PAeWezsg" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span><span id="xdx_909_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--ManagedFundsMember__dei--LegalEntityAxis__custom--S000079975Member_zJKyM3NCh6z3">The following information provides some indication of the risks of investing in the Emerging Markets Managed Account Fund by showing how the Fund’s investment results vary from year to year.</span> The bar chart shows how the annual total returns for Class SMA shares have been different in each full year shown. The average annual total return figures compare Class SMA share performance to the MSCI Emerging Markets Net Total Return USD Index, a broad-based securities market index that represents the overall applicable market in which the Fund invests. The index is not actively managed and is not available for direct investment. The bar charts and performance table assume reinvestment of dividends and distributions. <span id="xdx_90A_eoef--PerformancePastDoesNotIndicateFuture_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--ManagedFundsMember__dei--LegalEntityAxis__custom--S000079975Member_zRqlNLJmjdm4">Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> The performance information shown is as of the calendar year ended December 31, 2025. Updated performance information may be obtained on the Thornburg website at <span id="xdx_901_eoef--PerformanceAvailabilityWebSiteAddress_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--ManagedFundsMember__dei--LegalEntityAxis__custom--S000079975Member_zE2zJV6SyZd4">Thornburg.com</span> or by calling <span id="xdx_906_eoef--PerformanceAvailabilityPhone_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--ManagedFundsMember__dei--LegalEntityAxis__custom--S000079975Member_ztuz2MXsZYLe">1-800-847-0200</span>.</span></p> The following information provides some indication of the risks of investing in the Emerging Markets Managed Account Fund by showing how the Fund’s investment results vary from year to year. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Thornburg.com 1-800-847-0200 Annual Total Returns - Class SMA Shares <div id="xdx_A84_eoef--BarChartTableTextBlock_zCgjTuaQG0ad"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zMLkER0zfcuh" style="font: 12pt Arial, sans-serif; display: none; visibility: hidden; border-collapse: collapse; width: 50%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: bottom; text-align: center"> <th>2024</th> <th id="xdx_983_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000241472Member_zSpc6Q7V12Xb">-0.70%</th></tr> <tr style="vertical-align: bottom; text-align: center"> <th>2025</th> <th id="xdx_981_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000241472Member_zhj0PJU7Pkv1">12.19%</th></tr> </table> <p style="font: 12pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 24pt; color: #000000; text-indent: 0pt"><span> </span></p> <div style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"> <div style="border-width: 0pt; padding: 0pt; overflow: hidden; display: inline-block; width: 590.86pt; height: 199.2pt"> <img alt="" src="managedacct_proimg002.gif" style="vertical-align: top; margin-left: 0pt; width: 590.7pt; margin-top: 0pt; height: 199.1pt"/> </div> </div> -0.0070 0.1219 <div id="xdx_A85_eoef--BarChartClosingTextBlock_zj2B5yyzDCMe" style="-sec-ix-redline: true"></div> <table style="-sec-ix-redline: true; width: 594pt; margin-top: 0pt; margin-bottom: 8pt; table-layout: fixed; border-collapse: collapse"> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; width: 435.6pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b> </b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #004a91; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>Total<br/>Returns</b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #004a91; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>Quarter<br/>ended</b></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e5ecf4; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span><span id="xdx_905_eoef--HighestQuarterlyReturnLabel_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--ManagedFundsMember__dei--LegalEntityAxis__custom--S000079975Member_zmixx3PslSQc">Highest Quarterly Results</span></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e5ecf4; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span><span id="xdx_90F_eoef--BarChartHighestQuarterlyReturn_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--ManagedFundsMember__dei--LegalEntityAxis__custom--S000079975Member_zBNWVGakuQAc">2.04%</span></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e5ecf4; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span><span id="xdx_90F_eoef--BarChartHighestQuarterlyReturnDate_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--ManagedFundsMember__dei--LegalEntityAxis__custom--S000079975Member_zHAFpg26ACed">3/31/2024</span></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-bottom: #004a91 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span><span id="xdx_902_eoef--LowestQuarterlyReturnLabel_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--ManagedFundsMember__dei--LegalEntityAxis__custom--S000079975Member_zZCo5JEe366c">Lowest Quarterly Results</span></span></p> </td> <td style="border-bottom: #004a91 1pt solid; padding: 3pt 6pt 3pt 3pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span><span id="xdx_906_eoef--BarChartLowestQuarterlyReturn_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--ManagedFundsMember__dei--LegalEntityAxis__custom--S000079975Member_zezdvVKmy56c">-3.89%</span></span></p> </td> <td style="border-bottom: #004a91 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span><span id="xdx_909_eoef--BarChartLowestQuarterlyReturnDate_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--ManagedFundsMember__dei--LegalEntityAxis__custom--S000079975Member_zFQzGwjeB813">12/31/2024</span></span></p> </td> </tr> </table> Highest Quarterly Results 0.0204 2024-03-31 Lowest Quarterly Results -0.0389 2024-12-31 Average Annual Total Returns (periods ended 12-31-25) <div id="xdx_A88_eoef--PerformanceTableTextBlock_zkdaUQFuogbg" style="-sec-ix-redline: true"></div> <table style="-sec-ix-redline: true; width: 594pt; margin-top: 0pt; margin-bottom: 8pt; table-layout: fixed; border-collapse: collapse"> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; width: 435.6pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Class SMA Shares</b></span></p> </td> <td id="xdx_490_20250101__20251231_zbZpO8q8u5t5" style="border-width: 0pt; padding: 3pt 6pt; background-color: #004a91; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>1 Year</b></span></p> </td> <td id="xdx_493_20230515__20251231_z8OsThoJCJjc" style="border-width: 0pt; padding: 3pt 6pt; background-color: #004a91; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>SINCE<br/>Inception</b></span></p> </td> </tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000241472Member_zt7pHybfxLki" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e5ecf4; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Return Before Taxes</span></p> </td> <td style="border-width: 0pt; padding: 3pt 21pt 3pt 6pt; background-color: #e5ecf4; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right"><span>12.19%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 21pt 3pt 6pt; background-color: #e5ecf4; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right"><span>6.43%</span></p> </td> </tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000241472Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zEINIzVqtZs" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Return After Taxes on Distributions</span></p> </td> <td style="border-width: 0pt; padding: 3pt 21pt 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right"><span>10.26%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 21pt 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right"><span>4.79%</span></p> </td> </tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000241472Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_z6i9ChAAJzZ4" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e5ecf4; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Return After Taxes on Distributions and Sale of Fund Shares</span></p> </td> <td style="border-width: 0pt; padding: 3pt 21pt 3pt 6pt; background-color: #e5ecf4; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right"><span>7.83%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 21pt 3pt 6pt; background-color: #e5ecf4; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right"><span>4.36%</span></p> </td> </tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MSCIEmergingMarketsNetTotalReturnUSDIndexMember_zJWuVGwZUEHk" style="min-height: 3pt"> <td style="border-bottom: #004a91 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>MSCI Emerging Markets Net Total Return USD Index</span></p> </td> <td style="border-bottom: #004a91 1pt solid; padding: 3pt 21pt 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right"><span>33.57%</span></p> </td> <td style="border-bottom: #004a91 1pt solid; padding: 3pt 21pt 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-align: right"><span>21.57%</span></p> </td> </tr> </table> 0.1219 0.0643 0.1026 0.0479 0.0783 0.0436 0.3357 0.2157 High Income Bond Managed Account Fund Investment Goal <p id="xdx_A8A_eoef--ObjectivePrimaryTextBlock_zm3410AY8TKf" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span>The Fund seeks to maximize total return.</span></p> Fees and Expenses of the Fund <p id="xdx_A8E_eoef--ExpenseNarrativeTextBlock_zwi1IfduuP46" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span>This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. </span><span style="font-weight: bold"><b>You may pay other fees, such as brokerage commissions and fees to financial intermediaries, which are not reflected in the tables and examples below.</b></span><span> Fund shares are only available through certain retail or institutional separately managed accounts with which Thornburg Investment Management, Inc. (“Thornburg”) has an agreement to serve as investment adviser. The fees and expenses in the following tables do not reflect any charges that are imposed by those managed accounts.</span></p> Shareholder Fees (fees paid directly from your investment) <div id="xdx_A89_eoef--ShareholderFeesTableTextBlock_zW3z3yqqovS8"></div> <table id="xdx_A59_dU_zVQhGXSXZ3Qc" style="width: 595.32pt; margin-top: 0pt; margin-bottom: 8pt; table-layout: fixed; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 516.12pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b> </b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #004a91; vertical-align: bottom"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>CLASS SMA</b></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e5ecf4; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Maximum Sales Charge (Load) Imposed on Purchases<br/></span><span style="font-style: italic"><i>(as a percentage of offering price)</i></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e5ecf4; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span><span id="xdx_906_eoef--MaximumSalesChargeImposedOnPurchasesOverOfferingPrice_dpn_c20260128__20260128__oef--ClassAxis__custom--C000259092Member_zArq7EqNgN7h">none</span></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-bottom: #004a91 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Maximum Deferred Sales Charge (Load)<br/></span><span style="font-style: italic"><i>(as a percentage of redemption proceeds or original purchase price, <br/>whichever is lower)</i></span></p> </td> <td style="border-bottom: #004a91 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span><span id="xdx_90F_eoef--MaximumDeferredSalesChargeOverOther_dpn_c20260128__20260128__oef--ClassAxis__custom--C000259092Member_zBTKTUJY3Gz6">none</span></span></p> </td> </tr> </table> 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A86_eoef--AnnualFundOperatingExpensesTableTextBlock_zH3hXW1mnMH1"></div> <table id="xdx_A55_dU_zZBXAYKjTQll" style="width: 594pt; margin-top: 0pt; margin-bottom: 8pt; table-layout: fixed; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 514.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b> </b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #004a91; vertical-align: bottom"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>CLASS SMA</b></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e5ecf4; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Management Fees</span><sup style="font-size: 7pt; line-height: 7pt">(1)</sup><span> </span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e5ecf4; vertical-align: bottom"> <p id="xdx_989_eoef--ManagementFeesOverAssets_dpn_c20260128__20260128__oef--ClassAxis__custom--C000259092Member_fKDEp_zgopx0ASldjf" style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>0.00%</span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Distribution and Service (12b-1) Fees</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p id="xdx_984_eoef--DistributionAndService12b1FeesOverAssets_dpn_c20260128__20260128__oef--ClassAxis__custom--C000259092Member_zHJO5UWn93Ai" style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>0.00%</span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e5ecf4; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Other Expenses</span></p> </td> <td style="border-bottom: #004a91 1pt solid; padding: 3pt 6pt; background-color: #e5ecf4; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p id="xdx_980_eoef--OtherExpensesOverAssets_dpn_c20260128__20260128__oef--ClassAxis__custom--C000259092Member_zYDirAum6Vge" style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>3.47%</span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Total Annual Fund Operating Expenses</span></p> </td> <td style="border-top: #004a91 1pt solid; padding: 3pt 6pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-bottom-width: 0pt"> <p id="xdx_98C_eoef--ExpensesOverAssets_dpn_c20260128__20260128__oef--ClassAxis__custom--C000259092Member_zRFpezAbDjyd" style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>3.47%</span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e5ecf4; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Fee Waiver/Expense Reimbursement</span><sup style="font-size: 7pt; line-height: 7pt">(2)</sup><span> </span></p> </td> <td style="border-bottom: #004a91 1pt solid; padding: 3pt 6pt; background-color: #e5ecf4; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p id="xdx_98F_eoef--FeeWaiverOrReimbursementOverAssets_dpn_c20260128__20260128__oef--ClassAxis__custom--C000259092Member_fKDIp_zHRqst4mNzGj" style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>(3.47)% </span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-bottom: #004a91 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement</span></p> </td> <td style="border-top: #004a91 1pt solid; border-bottom: #004a91 1pt solid; padding: 3pt 6pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p id="xdx_985_eoef--NetExpensesOverAssets_dpn_c20260128__20260128__oef--ClassAxis__custom--C000259092Member_zJ6faRHetObg" style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>0.00%</span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: italic 8pt/9pt Arial, sans-serif; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right"><i id="xdx_F0E_zXCxwy5bJOwf">(1)</i></td> <td style="width: 5pt"></td> <td style="text-align: justify"><i id="xdx_F18_zmUPKAIbq8h4">Thornburg does not charge a management fee for its investment management services. You will, however, incur a management fee through the managed account of which the Fund is a part.</i></td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: italic 8pt/9pt Arial, sans-serif; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right"><i id="xdx_F0C_z7pWvYClVBud">(2)</i></td> <td style="width: 5pt"></td> <td style="text-align: justify"><i id="xdx_F1A_zP9l4DSMAdV7">Thornburg has contractually agreed to waive, pay or reimburse all expenses of the Fund, except for taxes, interest expense, acquired fund fees and expenses, brokerage commissions, borrowing costs, expenses relating to short sales, and unusual expenses such as contingency fees or litigation costs. 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 <span id="xdx_90B_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260128__20260128__oef--ClassAxis__custom--C000259092Member_zGVBQr930EX5">February 1, 2027</span>, unless Thornburg ceases to be the investment advisor of the Fund prior to that date.</i></td> </tr> </table> 0.0000 0.0000 0.0347 0.0347 -0.0347 0.0000 February 1, 2027 Example. <p id="xdx_A8E_eoef--ExpenseExampleNarrativeTextBlock_zVMax3bFOHJi" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 7pt; color: #000000; text-indent: 0pt"><span>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. The example does not reflect any charges imposed by the applicable retail or institutional separately managed accounts through which the Fund is sold, and if such charges were reflected, the amounts shown in the example would be higher. Although your actual costs may be higher or lower, based on these assumptions (and giving effect to fee waivers and expense reimbursements) your costs would be:</span></p> <div id="xdx_A84_eoef--ExpenseExampleWithRedemptionTableTextBlock_zvNXtUxNeu7l"></div> <table id="xdx_A55_dU_zupXxkTITBmi" style="width: 594pt; margin-top: 0pt; margin-bottom: 7pt; table-layout: fixed; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 277.2pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b> </b></span></p> </td> <td id="xdx_480_eoef--ExpenseExampleYear01_zVIDVrZOUFje" style="border-width: 0pt; padding: 3pt 6pt; background-color: #004a91; vertical-align: bottom"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>1 YEAR</b></span></p> </td> <td id="xdx_48D_eoef--ExpenseExampleYear03_zTMhhhYfl7H3" style="border-width: 0pt; padding: 3pt 6pt; background-color: #004a91; vertical-align: bottom"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>3 YEARS</b></span></p> </td> <td id="xdx_489_eoef--ExpenseExampleYear05_zbkdC8FOLlai" style="border-width: 0pt; padding: 3pt 6pt; background-color: #004a91; vertical-align: bottom"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>5 YEARS</b></span></p> </td> <td id="xdx_48F_eoef--ExpenseExampleYear10_zUjUYydsZpqg" style="border-width: 0pt; padding: 3pt 6pt; background-color: #004a91; vertical-align: bottom"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>10 YEARS</b></span></p> </td> </tr> <tr id="xdx_410_20260128__20260128__oef--ClassAxis__custom--C000259092Member_zCmyon0cH1y7" style="min-height: 3pt"> <td style="border-bottom: #004a91 1pt solid; padding: 3pt 6pt; background-color: #e5ecf4; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Class SMA Shares</span></p> </td> <td style="border-bottom: #004a91 1pt solid; padding: 3pt 6pt; background-color: #e5ecf4; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>$0</span></p> </td> <td style="border-bottom: #004a91 1pt solid; padding: 3pt 6pt; background-color: #e5ecf4; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>$0</span></p> </td> <td style="border-bottom: #004a91 1pt solid; padding: 3pt 6pt; background-color: #e5ecf4; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>$0</span></p> </td> <td style="border-bottom: #004a91 1pt solid; padding: 3pt 6pt; background-color: #e5ecf4; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>$0</span></p> </td> </tr> </table> 0 0 0 0 Portfolio Turnover. <p id="xdx_A8E_eoef--PortfolioTurnoverTextBlock_zSsDZY6gPdKh" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 7pt; color: #000000; text-indent: 0pt"><span>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. Because the Fund commenced investment operations on March 26, 2025, information about the Fund’s portfolio turnover rate is not currently available.</span></p> Principal Investment Strategies <p id="xdx_A87_eoef--StrategyNarrativeTextBlock_gRBSNTB-GQIE_zDhwecjgOwG3" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span>Thornburg actively manages the Fund’s portfolio in pursuing the Fund’s investment goal. <span id="xdx_908_eoef--StrategyPortfolioConcentration_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--ManagedFundsMember__dei--LegalEntityAxis__custom--S000091427Member_z5BW4kVao3zb">Under normal conditions, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in debt obligations.</span> The Fund may invest in debt obligations of any credit quality, and may invest up to 100% of its net assets in debt obligations which, at the time of purchase, are rated by a nationally recognized statistical rating organization as below investment grade (sometimes called “junk” bonds or “high yield” bonds) or, if unrated, are issued by obligors which Thornburg determines to have comparable below investment grade obligations outstanding or to be comparable to obligors with outstanding below investment grade obligations. </span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span style="line-height: normal">The Fund will invest principally in the following types of debt obligations:</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 0pt 13.2pt; color: #000000; text-indent: -13.2pt"><span style="width: 13.2pt; text-indent: 0; display: inline-block"><span>•</span></span><span>corporate debt obligations from domestic and foreign issuers, including debt obligations from issuers in emerging markets, also known as developing countries; </span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 0pt 13.2pt; color: #000000; text-indent: -13.2pt"><span style="width: 13.2pt; text-indent: 0; display: inline-block"><span>•</span></span><span>U.S. and foreign government debt obligations;</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 0pt 13.2pt; color: #000000; text-indent: -13.2pt"><span style="width: 13.2pt; text-indent: 0; display: inline-block"><span>•</span></span><span>mortgage-backed and asset-backed securities, including residential or commercial mortgage-backed securities issued by agencies of the U.S. government or issued by banks, corporate issuers, and trusts, or real estate mortgage investment conduits (“REMICs”);</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 0pt 13.2pt; color: #000000; text-indent: -13.2pt"><span style="width: 13.2pt; text-indent: 0; display: inline-block"><span>•</span></span><span>bank loans; and</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt 13.2pt; color: #000000; text-indent: -13.2pt"><span style="width: 13.2pt; text-indent: 0; display: inline-block"><span>•</span></span><span>collateralized debt obligations (“CDOs”), including collateralized mortgage obligations (“CMOs”), collateralized bond obligations (“CBOs”) and collateralized loan obligations (“CLOs”).</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 7pt; color: #000000; text-indent: 0pt"><span>There is no limitation on the duration or maturity of any specific debt obligation the Fund may purchase. Duration is a measure of estimated sensitivity to interest rate changes. A portfolio with a longer average effective duration will typically be more sensitive to interest rate changes than a portfolio with a shorter average effective duration. Duration is commonly expressed as a number, which is the expected percentage change in an obligation’s price upon a 1% change in interest rates. For example, an obligation with a duration of 10 would be expected to change in price by approximately 10% in response to a 1% change in interest rates. </span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 7pt; color: #000000; text-indent: 0pt"><span>Each of the Fund’s investments is determined by individual issuer and industry analysis, including Thornburg’s evaluation of domestic and international economic developments, outlooks for securities markets, interest rates and inflation, and the supply and demand for debt obligations. The Fund’s investments in the debt obligations of foreign issuers may be denominated in non-U.S. currencies. The Fund is non-diversified.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span>The Fund may use derivatives to hedge against the decline in the value of certain of the Fund’s investments, or for non-hedging purposes to gain investment exposure to particular types of assets. Currently, the Fund intends to invest in derivatives consisting principally of futures contracts (including U.S. Treasury futures contracts), credit default swaps (including credit default swap indexes), and currency forward contracts.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span>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 Fund’s policy of investing at least 80% of its net assets in debt obligations, plus the amount of any borrowings for investment purposes, may be changed by the Fund’s Trustees without a shareholder vote upon 60 days’ notice to shareholders.</span></p> Under normal conditions, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in debt obligations. An investment in the Fund is not a deposit in any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. Accordingly, the loss of money is a risk of investing in the Fund. <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--BankLoansRiskMember_zgMTUN2yxMub" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Bank Loans Risk</b></span><span> </span><span style="font-weight: bold"><b>–</b></span><span> investments in corporate loans made by commercial banks and other financial institutions involve the associated with investments in other types of debt obligations, including credit risk, interest rate risk, liquidity risk, market and economic risk, and prepayment and extension risk (see those risk discussions below). Investments in such loans may also involve additional risks, including: (a) the risk that the loan is not secured by any collateral, or that the value of the collateral securing a loan may decline, be insufficient to meet the obligations of the borrower, or be difficult to liquidate; (b) the risk that a bankruptcy or other court proceeding could delay or limit the ability to collect the principal and interest payments on a loan or adversely affect the Fund’s right to access any collateral securing the loan; (c) increased liquidity risk due to the fact that many such loans are subject to legal or contractual restrictions on resales; (d) exposure to the credit risk of both the underlying borrower and the bank or other financial institution that is administering the loan; (e) the risk that there is limited public information available regarding the loan and the relevant borrower(s); and (f) the risk that the Fund’s sales of bank loans take longer than seven days to settle, in which case the sale proceeds may not be available to meet shareholder redemptions and the Fund may have to sell other investments at a loss to meet those redemptions. Additionally, bank loans may not be considered “securities” and may, therefore, not benefit from the protections of federal securities laws. These risks may be more significant for investments in loans involving so-called “subprime” borrowers, including borrowers that have substantial other debts outstanding or a poor credit history</span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__us-gaap--CreditRiskMember_zMI2cqWXdTUg" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Credit Risk –</b></span><span> 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.</span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityAndOperationalRiskMember_zA9Ne3RVDdF8" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; -sec-ix-redline: true; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Cybersecurity and Operational Risk –</b></span><span> 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. </span><span id="managedacct_proa98212"></span><span>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.</span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zxJ38K0p7wm1" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Derivatives Risk –</b></span><span> The Fund’s investments in derivative instruments involve the risks associated with the securities or other assets underlying those derivatives and also may involve risks different or greater than the risks affecting the underlying assets, including that such instruments may be less liquid that other investments and may be more difficult to value. The Fund’s use of futures contracts exposes the Fund to the risk of loss caused by unanticipated market movements affecting the value of the underlying asset. If those movements are significant enough, the negative impact on the Fund’s asset value could be disproportionately large compared to the size of the Fund’s investment in the futures contract, and could even cause the Fund to lose more than the principal amount invested in such contracts. The Fund’s use of credit default swaps may increase the Fund’s overall credit risk because the Fund has exposure not only to the issuer of the underlying obligation, but also to the risk that the swap’s counterparty will default or otherwise fail to fulfill its obligations under the swap. While the Fund’s use of currency forward contracts is intended to reduce losses associated with changes in the value of foreign currencies, those same currency forward contracts could also have the effect of reducing or eliminating gains that the Fund would have otherwise realized had it not hedged the currency exposure. Furthermore, as with credit default swaps, the Fund’s use of currency forward contracts exposes the Fund to the credit risks of the contract’s counterparty.</span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsRiskMember_zyvglzpqOnT7" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Emerging Markets Risk –</b></span><span> The risks which may affect investments in foreign issuers (see “Foreign Investment Risk,” below) may be more pronounced for investments in emerging markets, also known as developing countries, because the economies of those markets are usually less diversified, communications, transportation and economic infrastructures are less developed, and emerging markets ordinarily have less established legal, political, business and social frameworks. At times the prices of debt obligations of an issuer in an emerging market may be extremely volatile. An issuer in a developed country may be similarly affected by these emerging markets risks to the extent that the issuer conducts its business in emerging markets.</span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignCurrencyRiskMember_zAz9lylU7sYd" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Foreign Currency Risk –</b></span><span> 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.</span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignGovernmentObligationsRisksMember_z0eyhtKw03U7" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Foreign Government Obligations Risks –</b></span><span> Debt obligations may be issued by foreign governments and their agencies and instrumentalities, including the governments of emerging markets and “supra-national” entities such as the International Bank for Reconstruction and Development. The Fund’s investments in these foreign debt obligations may be denominated in U.S. dollars or in foreign currencies. These securities, even if denominated in U.S. dollars, may be affected significantly by fluctuations in the value of foreign currencies, and the value of these securities in U.S. dollars may decline even if the securities increase in value in their home country. The governmental issuers of these debt obligations may be less willing or able than the U.S. to repay principal and interest when due, and they may require that the terms for payment be renegotiated. In some countries there may be political instability or insufficient government supervision of markets, and the legal protections for the</span><span style="font-weight: bold"><b> </b></span><span>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 emerging markets.</span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignInvestmentRiskMember_zJusbjGDOp7a" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Foreign Investment Risk –</b></span><span> 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.</span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighYieldRiskMember_zQFvryqKOlqg" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>High Yield Risk –</b></span><span> 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.</span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__us-gaap--InterestRateRiskMember_zUAdBQmlkjxc" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Interest Rate Risk –</b></span><span> 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.</span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_gRBRTB-HUQ_z3Km1Huc3Gtc" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Liquidity Risk –</b></span><span> 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</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span>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.</span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zZZC1bc2dOH4" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Management Risk –</b></span><span> 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.</span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndEconomicRiskMember_zQAVOBRoakO" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; -sec-ix-redline: true; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Market and Economic Risk –</b></span><span> 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, legal, and technological developments.</span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketCapitalizationRiskMember_z5PsZWtNs1P4" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Market Capitalization Risk – </b></span><span>To the extent the Fund invests in debt securities of micro-, small-, mid-, or large-cap issuers, it takes on the associated risks, and issuers of different market capitalizations tend to go in and out of favor based on market and economic conditions. Micro-, small-, or mid-cap issuers may have additional risks that 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, and possible difficulties in valuing or selling these investments. Large-cap issuers may be unable to respond as quickly to market changes and opportunities and may grow at a slower rate. During a period when issuers of a particular market capitalization fall behind other types of investments, the Fund’s performance could be impacted.</span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_zSl12tCgInFi" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Non-diversification Risk</b></span><span> </span><span style="font-weight: bold"><b>–</b></span><span> The Fund is a non-diversified investment company, which means that it may invest a greater proportion of its assets in the securities of a single issuer. This may be riskier, because a default or other adverse condition affecting such an issuer could cause the Fund’s share price to decline to a greater degree.</span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--PrepaymentAndExtensionRiskMember_zjC0OFZbxa71" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Prepayment and Extension Risk –</b></span><span> 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.</span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--RedemptionRiskMember_zCfuKIdZ6uOk" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Redemption Risk</b></span><span> </span><span style="font-weight: bold"><b>–</b></span><span> Fund shares may only be redeemed by Thornburg on behalf of separately managed accounts or by certain managed account program sponsors and not by individual investors. If a significant percentage of the Fund’s shares is owned or controlled by a single managed account shareholder, the Fund is subject to the risk that a redemption by that managed account 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 managed account shareholders may also incur additional transaction costs or adverse tax consequences from such trading activity. See also “Purchase and Sale of Fund Shares” in the Fund Summary.</span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--RisksAffectingMortgageBackedSecuritiesAndAssetBackedSecuritiesMember_gRBRTB-VCPI_zeKVmMsMFZg9" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Risks Affecting Mortgage-Backed Securities and Asset-Backed Securities</b></span><span> </span><span style="font-weight: bold"><b>–</b></span><span> Mortgage-backed securities are debt obligations, and are subject to the risks that affect debt obligations generally and which may adversely affect the value of mortgage-backed securities held by the Fund, including credit risk, interest rate risk, market and liquidity risks, prepayment risk and extension, and management risk. Because mortgage-backed securities represent interests in underlying mortgages, mortgage-backed securities are subject to the risks associated with those underlying mortgages, including delays or defaults in payments on those mortgages. During periods of declining interest rates, more mortgagors can be expected to prepay the remaining principal on their mortgages before the mortgages’ scheduled maturity dates, reducing the value of mortgage-backed securities held by the Fund, and lowering the Fund’s yield as it reinvests the prepayment proceeds at the lower prevailing interest rates. Conversely, during periods of rising interest rates, the rate of prepayment on the underlying mortgages can be expected to slow, and the Fund will not have those additional prepayment proceeds to invest in other securities at the higher prevailing interest rates. </span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span>While mortgage-backed securities issued by non-governmental issuers are often supported by some type of insurance or guarantee to enhance the credit of the issuing party, there is no assurance that the private insurer or guarantor will meet its obligations. Additionally, the trust or other entity that has been organized to administer the pool of mortgages may fail to make distribution payments to investors or otherwise perform poorly. Furthermore, such mortgage-backed securities may be harder to value and less liquid than mortgage-backed securities issued by a government or government agency.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span>As with mortgage-backed securities, asset-backed securities are subject to the risks affecting debt obligations generally and which may adversely affect the value of asset-backed securities, held by the Fund, including credit risk, interest rate risk, market and liquidity risks, prepayment and extension risk, and management risk. These securities are subject to the risk of default by the issuer of the security and by the borrowers of the underlying loans in the pool. As with mortgage-backed securities, the market value and expected yield of asset-backed securities will vary in response to changes in prevailing interest rates and the rate of prepayment on the underlying loans.</span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--RisksAffectingSpecificIssuersMember_zFbaVdkE37H4" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Risks Affecting Specific Issuers –</b></span><span> 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.</span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--StructuredProductsRiskMember_zFRq3x1tYyoe" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Structured Products Risk –</b></span><span> The Fund may invest in collateralized debt obligations (“CDOs”), which are securities backed by, or represent interests in, an underlying pool of assets. CDOs are typically issued in multiple “tranches,” each of which represents a portion of the full economic interest in the underlying assets, and each of which is issued at a specific fixed or floating interest rate. Principal payments received on the underlying pool of assets are often applied to each tranche in the order of its stated maturity, so that none of the principal payments received in a given period will be distributed to a particular tranche of the CDO until all other, more senior tranches are paid in full for that period. While all CDOs are subject to the risks that affect debt obligations generally, the relative riskiness of the Fund’s investment in a CDO will depend largely on the type of collateral in the underlying pool of assets and the tranche of the CDO in which the Fund invests. If, for example, the Fund is invested in a more junior tranche of a CDO, there is a greater risk that distributions from the underlying pool of assets will be insufficient to pay the Fund after all more senior tranches have been paid. Similarly, a CDO backed by less creditworthy assets, such as a CMO or a REMIC backed primarily by subprime mortgages, a CLO backed primarily by below investment grade loans, or a CBO backed primarily by below investment grade bonds, will generally present greater risks for the Fund, because the underlying assets are more likely to default or be downgraded, and the CDO securities themselves are more likely to be harder to value and less liquid. Additionally, with all CDOs, there is a risk that the manager of the special purpose entity that holds the underlying assets may fail in its management responsibilities, which may in turn delay or disrupt the payment of distributions to the Fund.</span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentObligationsRiskMember_zkGgrGehcfE9" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>U.S. Government Obligations Risk –</b></span><span> 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. </span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span>Additional information about Fund investments, investment strategies and risks of investing in the Fund appears beginning on page 25 of the Prospectus.</span></p> Past Performance of the Fund <p id="xdx_A8E_eoef--PerformanceNarrativeTextBlock_ziojAK4oUmk8" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span><span id="xdx_90F_eoef--PerformanceOneYearOrLess_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--ManagedFundsMember__dei--LegalEntityAxis__custom--S000091427Member_zrhqQ5HFw5vc">No performance information is presented because, as of the date of this Prospectus, the Fund has not had at least one calendar year of annual returns.</span></span></p> No performance information is presented because, as of the date of this Prospectus, the Fund has not had at least one calendar year of annual returns. Investment Grade Bond Managed Account Fund Investment Goal <p id="xdx_A81_eoef--ObjectivePrimaryTextBlock_z2aqaC10687e" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span>The Fund seeks total return.</span></p> Fees and Expenses of the Fund <p id="xdx_A84_eoef--ExpenseNarrativeTextBlock_z9ugvfbR4sm3" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span>This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. </span><span style="font-weight: bold"><b>You may pay other fees, such as brokerage commissions and fees to financial intermediaries, which are not reflected in the tables and examples below.</b></span><span> Fund shares are only available through certain retail or institutional separately managed accounts with which Thornburg Investment Management, Inc. (“Thornburg”) has an agreement to serve as investment adviser. The fees and expenses in the following tables do not reflect any charges that are imposed by those managed accounts.</span></p> Shareholder Fees (fees paid directly from your investment) <div id="xdx_A83_eoef--ShareholderFeesTableTextBlock_zrre4FH0UKXa"></div> <table id="xdx_A57_dU_zkbRVnvopB33" style="width: 594pt; margin-top: 0pt; margin-bottom: 8pt; table-layout: fixed; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 514.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b> </b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #004a91; vertical-align: bottom"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>CLASS SMA</b></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e5ecf4; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Maximum Sales Charge (Load) Imposed on Purchases<br/></span><span style="font-style: italic"><i>(as a percentage of offering price)</i></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e5ecf4; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span><span id="xdx_90B_eoef--MaximumSalesChargeImposedOnPurchasesOverOfferingPrice_dpn_c20260128__20260128__oef--ClassAxis__custom--C000259093Member_zzJvIgKhtVg3">none</span></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-bottom: #004a91 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Maximum Deferred Sales Charge (Load)<br/></span><span style="font-style: italic"><i>(as a percentage of redemption proceeds or original purchase price, <br/>whichever is lower)</i></span></p> </td> <td style="border-bottom: #004a91 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span><span id="xdx_906_eoef--MaximumDeferredSalesChargeOverOther_dpn_c20260128__20260128__oef--ClassAxis__custom--C000259093Member_zXx5jKDnryua">none</span></span></p> </td> </tr> </table> 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A87_eoef--AnnualFundOperatingExpensesTableTextBlock_zsCySP6MnG35"></div> <table id="xdx_A59_dU_zV3K16kEoLRa" style="width: 592.68pt; margin-top: 0pt; margin-bottom: 8pt; table-layout: fixed; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 513.48pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b> </b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #004a91; vertical-align: bottom"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>CLASS SMA</b></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e5ecf4; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Management Fees</span><sup style="font-size: 7pt; line-height: 7pt">(1)</sup><span> </span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e5ecf4; vertical-align: bottom"> <p id="xdx_987_eoef--ManagementFeesOverAssets_dpn_c20260128__20260128__oef--ClassAxis__custom--C000259093Member_fKDEp_zIhtSuMowWz3" style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>0.00%</span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Distribution and Service (12b-1) Fees</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p id="xdx_98D_eoef--DistributionAndService12b1FeesOverAssets_dpn_c20260128__20260128__oef--ClassAxis__custom--C000259093Member_ztbB7L2DlgDj" style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>0.00%</span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e5ecf4; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Other Expenses</span></p> </td> <td style="border-bottom: #004a91 1pt solid; padding: 3pt 6pt; background-color: #e5ecf4; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p id="xdx_986_eoef--OtherExpensesOverAssets_dpn_c20260128__20260128__oef--ClassAxis__custom--C000259093Member_zgDRpNzEWVsi" style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>7.98%</span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Total Annual Fund Operating Expenses</span></p> </td> <td style="border-top: #004a91 1pt solid; padding: 3pt 6pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-bottom-width: 0pt"> <p id="xdx_98E_eoef--ExpensesOverAssets_dpn_c20260128__20260128__oef--ClassAxis__custom--C000259093Member_zTZg48OO4bk5" style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>7.98%</span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e5ecf4; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Fee Waiver/Expense Reimbursement</span><sup style="font-size: 7pt; line-height: 7pt">(2)</sup><span> </span></p> </td> <td style="border-bottom: #004a91 1pt solid; padding: 3pt 6pt; background-color: #e5ecf4; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p id="xdx_988_eoef--FeeWaiverOrReimbursementOverAssets_dpn_c20260128__20260128__oef--ClassAxis__custom--C000259093Member_fKDIp_z0EqrO2fTWPd" style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>(7.98)% </span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-bottom: #004a91 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Total Annual Fund Operating Expenses After <br/>Fee Waiver/Expense Reimbursement</span></p> </td> <td style="border-top: #004a91 1pt solid; border-bottom: #004a91 1pt solid; padding: 3pt 6pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p id="xdx_985_eoef--NetExpensesOverAssets_dpn_c20260128__20260128__oef--ClassAxis__custom--C000259093Member_zzu9snkIaH8d" style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>0.00%</span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: italic 8pt/9pt Arial, sans-serif; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right"><i id="xdx_F03_zpbDBYk8cx24">(1)</i></td> <td style="width: 5pt"></td> <td style="text-align: justify"><i id="xdx_F12_zEjEqe1SalC5">Thornburg does not charge a management fee for its investment management services. You will, however, incur a management fee through the managed account of which the Fund is a part.</i></td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: italic 8pt/9pt Arial, sans-serif; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right"><i id="xdx_F09_zL4l4zfyfzN4">(2)</i></td> <td style="width: 5pt"></td> <td style="text-align: justify"><i id="xdx_F1C_zf7y8A82IgHe">Thornburg has contractually agreed to waive, pay or reimburse all expenses of the Fund, except for taxes, interest expense, acquired fund fees and expenses, brokerage commissions, borrowing costs, expenses relating to short sales, and unusual expenses such as contingency fees or litigation costs. 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 <span id="xdx_90D_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260128__20260128__oef--ClassAxis__custom--C000259093Member_zT0NPkeHs2tk">February 1, 2027</span>, unless Thornburg ceases to be the investment advisor of the Fund prior to that date.</i></td> </tr> </table> 0.0000 0.0000 0.0798 0.0798 -0.0798 0.0000 February 1, 2027 Example. <p id="xdx_A8D_eoef--ExpenseExampleNarrativeTextBlock_zamVItlYaRi4" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span>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. The example does not reflect any charges imposed by the applicable retail or institutional separately managed accounts through which the Fund is sold, and if such charges were reflected, the amounts shown in the example would be higher. Although your actual costs may be higher or lower, based on these assumptions (and giving effect to fee waivers and expense reimbursements) your costs would be:</span></p> <div id="xdx_A85_eoef--ExpenseExampleWithRedemptionTableTextBlock_zGitLBsbRpWk"></div> <table id="xdx_A58_dU_zmIuu0KbKhGh" style="width: 594pt; margin-top: 0pt; margin-bottom: 8pt; table-layout: fixed; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 277.2pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b> </b></span></p> </td> <td id="xdx_483_eoef--ExpenseExampleYear01_z0wPqBXIEkVl" style="border-width: 0pt; padding: 3pt 6pt; background-color: #004a91; vertical-align: bottom"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>1 YEAR</b></span></p> </td> <td id="xdx_481_eoef--ExpenseExampleYear03_zIqjypPecwQg" style="border-width: 0pt; padding: 3pt 6pt; background-color: #004a91; vertical-align: bottom"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>3 YEARS</b></span></p> </td> <td id="xdx_48E_eoef--ExpenseExampleYear05_z3QB0QNJgdif" style="border-width: 0pt; padding: 3pt 6pt; background-color: #004a91; vertical-align: bottom"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>5 YEARS</b></span></p> </td> <td id="xdx_48E_eoef--ExpenseExampleYear10_zWZlFbArulz1" style="border-width: 0pt; padding: 3pt 6pt; background-color: #004a91; vertical-align: bottom"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>10 YEARS</b></span></p> </td> </tr> <tr id="xdx_41E_20260128__20260128__oef--ClassAxis__custom--C000259093Member_zMuJKmj1Glo2" style="min-height: 3pt"> <td style="border-bottom: #004a91 1pt solid; padding: 3pt 6pt; background-color: #e5ecf4; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Class SMA Shares</span></p> </td> <td style="border-bottom: #004a91 1pt solid; padding: 3pt 6pt; background-color: #e5ecf4; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>$0</span></p> </td> <td style="border-bottom: #004a91 1pt solid; padding: 3pt 6pt; background-color: #e5ecf4; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>$0</span></p> </td> <td style="border-bottom: #004a91 1pt solid; padding: 3pt 6pt; background-color: #e5ecf4; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>$0</span></p> </td> <td style="border-bottom: #004a91 1pt solid; padding: 3pt 6pt; background-color: #e5ecf4; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>$0</span></p> </td> </tr> </table> 0 0 0 0 Portfolio Turnover. <p id="xdx_A81_eoef--PortfolioTurnoverTextBlock_zlKZouIuEhe9" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span>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. Because the Fund commenced investment operations on March 26, 2025, information about the Fund’s portfolio turnover rate is not currently available.</span></p> Principal Investment Strategies <p id="xdx_A80_eoef--StrategyNarrativeTextBlock_gRBSNTB-XH_zihpop2jWWcd" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span>Thornburg actively manages the Fund’s portfolio in pursuing the Fund’s investment goal. <span id="xdx_905_eoef--StrategyPortfolioConcentration_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--ManagedFundsMember__dei--LegalEntityAxis__custom--S000091428Member_zur26v6b3oQ4">Under normal conditions, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in investment grade debt obligations.</span> “Investment grade” obligations are those which, at the time of purchase by the Fund, are rated in one of the top four ratings categories by a nationally recognized statistical rating organization or, if unrated, are issued by obligors that Thornburg determines have comparable investment grade obligations outstanding or that are deemed by Thornburg to be comparable to obligors with outstanding investment grade obligations.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span>The Fund will invest principally in the following types of debt obligations:</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 0pt 13.2pt; color: #000000; text-indent: -13.2pt"><span style="width: 13.2pt; text-indent: 0; display: inline-block"><span>•</span></span><span>corporate debt obligations from domestic and foreign issuers, including debt obligations from issuers in emerging markets, also known as developing countries; </span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 0pt 13.2pt; color: #000000; text-indent: -13.2pt"><span style="width: 13.2pt; text-indent: 0; display: inline-block"><span>•</span></span><span>U.S. and foreign government debt obligations;</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 0pt 13.2pt; color: #000000; text-indent: -13.2pt"><span style="width: 13.2pt; text-indent: 0; display: inline-block"><span>•</span></span><span>mortgage-backed and asset-backed securities, including residential or commercial mortgage-backed securities issued by agencies of the U.S. government or issued by banks, corporate issuers, and trusts, or real estate mortgage investment conduits (“REMICs”);</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 0pt 13.2pt; color: #000000; text-indent: -13.2pt"><span style="width: 13.2pt; text-indent: 0; display: inline-block"><span>•</span></span><span>collateralized debt obligations (“CDOs”), including collateralized mortgage obligations (“CMOs”), collateralized bond obligations (“CBOs”) and collateralized loan obligations (“CLOs”); and</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt 13.2pt; color: #000000; text-indent: -13.2pt"><span style="width: 13.2pt; text-indent: 0; display: inline-block"><span>•</span></span><span>short-term commercial paper.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span>There is no limitation on the duration or maturity of any specific debt obligation the Fund may purchase. Duration is a measure of estimated sensitivity to interest rate changes. A portfolio with a longer average effective duration will typically be more sensitive to interest rate changes than a portfolio with a shorter average effective duration. Duration is commonly expressed as a number, which is the expected percentage change in an obligation’s price upon a 1% change in interest rates. For example, an obligation with a duration of 10 would be expected to change in price by approximately 10% in response to a 1% change in interest rates. </span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span>Each of the Fund’s investments is determined by individual issuer and industry analysis, including Thornburg’s evaluation of domestic and international economic developments, outlooks for securities markets, interest rates and inflation, and the supply and demand for debt obligations. The Fund’s investments in the debt obligations of foreign issuers may be denominated in non-U.S. currencies. The Fund is non-diversified.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span>The Fund may use derivatives to hedge against the decline in the value of certain of the Fund’s investments, or for non-hedging purposes to gain investment exposure to particular types of assets. Currently, the Fund intends to invest in derivatives consisting principally of futures contracts (including U.S. Treasury futures contracts) and currency forward contracts.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span>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 Fund’s policy of investing at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in investment grade debt obligations may be changed by the Fund’s Trustees without a shareholder vote upon 60 days’ notice to shareholders.</span></p> Under normal conditions, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in investment grade debt obligations. An investment in the Fund is not a deposit in any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. Accordingly, the loss of money is a risk of investing in the Fund. <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__us-gaap--CreditRiskMember_zwYT0kdRRbRj" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Credit Risk –</b></span><span> 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.</span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityAndOperationalRiskMember_zFp2dnCFZP5b" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; -sec-ix-redline: true; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Cybersecurity and Operational Risk –</b></span><span> Operational failures, cyber-attacks or other disruptions that affect the Fund’s service providers, the Fund’s counterparties, other market participants, or the issuers of securities held by the Fund may adversely affect the Fund and its shareholders, including by causing losses for the Fund or impairing Fund operations. The rapid development and increasingly widespread use of artificial intelligence, including machine learning technology and generative artificial intelligence such as ChatGPT, could exacerbate these risks.</span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zALP6sWJ9lxa" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Derivatives Risk –</b></span><span> The Fund’s investments in derivative instruments involve the risks associated with the securities or other assets underlying those derivatives and also may involve risks different or greater than the risks affecting the underlying assets, including that such instruments may be less liquid that other investments and may be more difficult to value. The Fund’s use of futures contracts exposes the Fund to the risk of loss caused by unanticipated market movements affecting the value of the underlying asset. If those movements are significant enough, the negative impact on the Fund’s asset value could be disproportionately large compared to the size of the Fund’s investment in the futures contract, and could even cause the Fund to lose more than the principal amount invested in such contracts. While the Fund’s use of currency forward contracts is intended to reduce losses associated with changes in the value of foreign currencies, those same currency forward contracts could also have the effect or reducing or eliminating gains that the Fund would have otherwise realized had it not hedged the currency exposure. Furthermore, currency forward contracts are over-the-counter instruments, meaning the Fund is subject to the risk that the counterparty to the forward contract will default or otherwise fail to fulfill its obligations. </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsRiskMember_zjpVM1G5eX1f" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Emerging Markets Risk –</b></span><span> The risks which may affect investments in foreign issuers (see “Foreign Investment Risk,” below) may be more pronounced for investments in emerging markets, also known as developing countries, because the economies of those markets are usually less diversified, communications, transportation and economic infrastructures are less developed, and emerging markets ordinarily have less established legal, political, business and social frameworks. At times the prices of debt obligations of an issuer in an emerging market may be extremely volatile. An issuer in a developed country may be similarly affected by these emerging markets risks to the extent that the issuer conducts its business in emerging markets.</span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignCurrencyRiskMember_zvvRSXODOxea" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Foreign Currency Risk –</b></span><span> 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.</span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignGovernmentObligationsRiskMember_z7SyajRkF8Kl" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Foreign Government Obligations Risk –</b></span><span> Debt obligations may be issued by foreign governments and their agencies and instrumentalities, including the governments of emerging markets and “supra-national” entities such as the International Bank for Reconstruction and Development. The Fund’s investments in these foreign debt obligations may be denominated in U.S. dollars or in foreign currencies. These securities, even if denominated in U.S. dollars, may be affected significantly by fluctuations in the value of foreign currencies, and the value of these securities in U.S. dollars may decline even if the securities increase in value in their home country. The governmental issuers of these debt obligations may be less willing or able than the U.S. to repay principal and interest when due, and they may require that the terms for payment be renegotiated. In some countries there may be political instability or insufficient government supervision of markets, and the legal protections for the Fund’s investments could be subject to unfavorable judicial or administrative changes. These risks may be more pronounced for the Fund’s investments in debt obligations issued by emerging markets.</span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignInvestmentRiskMember_zuS8jyZicT7l" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Foreign Investment Risk –</b></span><span> 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.</span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__us-gaap--InterestRateRiskMember_zE0pF5HlyoWf" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Interest Rate Risk –</b></span><span> 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.</span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zVptP3pJ3Ruc" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Liquidity Risk –</b></span><span> 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 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.</span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_za2Dwxhrrrz5" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Management Risk –</b></span><span> 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.</span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndEconomicRiskMember_zfm1OiDhy2Fb" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; -sec-ix-redline: true; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Market and Economic Risk –</b></span><span> 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, the value of which may fluctuate more significantly in response to poor economic growth or other changes in market conditions, political, economic, legal, and technological developments, and developments affecting specific issuers.</span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketCapitalizationRiskMember_zcmBwOtg3WX9" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Market Capitalization Risk –</b></span><span> To the extent the Fund invests in debt securities of micro-, small-, mid-, or large-cap issuers, it takes on the associated risks, and issuers of different market capitalizations tend to go in and out of favor based on market and economic conditions. Micro-, small-, or mid-cap issuers may have additional risks that 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, and possible difficulties in valuing or selling these investments. Large-cap issuers may be unable to respond as quickly to market changes and opportunities and may grow at a slower rate. During a period when issuers of a particular market capitalization fall behind other types of investments, the Fund’s performance could be impacted.</span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_z4sHOkILMex5" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Non-diversification Risk</b></span><span> </span><span style="font-weight: bold"><b>–</b></span><span> The Fund is a non-diversified investment company, which means that it may invest a greater proportion of its assets in the securities of a single issuer. This may be riskier, because a default or other adverse condition affecting such an issuer could cause the Fund’s share price to decline to a greater degree.</span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--PrepaymentAndExtensionRiskMember_z7ddApqUdSue" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Prepayment and Extension Risk</b></span><span> </span><span style="font-weight: bold"><b>–</b></span><span> 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.</span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--RedemptionRiskMember_zFf7jJrglBfj" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Redemption Risk</b></span><span> </span><span style="font-weight: bold"><b>–</b></span><span> Fund shares may only be redeemed by Thornburg on behalf of separately managed accounts or by certain managed account program sponsors and not by individual investors. If a significant percentage of the Fund’s shares is owned or controlled by a single managed account shareholder, the Fund is subject to the risk that a redemption by that managed account 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 managed account shareholders may also incur additional transaction costs or adverse tax consequences from such trading activity. See also “Purchase and Sale of Fund Shares” in the Fund Summary.</span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--RisksAffectingMortgageBackedSecuritiesAndAssetBackedSecuritiesMember_zzbcMrbNrI6d" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Risks Affecting Mortgage-Backed Securities and Asset-Backed Securities</b></span><span> </span><span style="font-weight: bold"><b>–</b></span><span> Mortgage-backed securities are debt obligations, and are subject to the risks that affect debt obligations generally and which may adversely affect the value of mortgage-backed securities held by the Fund, including credit risk, interest rate risk, market and liquidity risks, prepayment risk and extension, and management risk. Because mortgage-backed securities represent interests in underlying mortgages, mortgage-backed securities are subject to the risks associated with those underlying mortgages, including delays or defaults in payments on those mortgages. During periods of declining interest rates, more mortgagors can be expected to prepay the remaining principal on their mortgages before the mortgages’ scheduled maturity dates, reducing the value of mortgage-backed securities held by the Fund, and lowering the Fund’s yield as it reinvests the prepayment proceeds at the lower prevailing interest rates. Conversely, during periods of rising interest rates, the rate of prepayment on the underlying mortgages can be expected to slow, and the Fund will not have those additional prepayment proceeds to invest in other securities at the higher prevailing interest rates. </span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span>While mortgage-backed securities issued by non-governmental issuers are often supported by some type of insurance or guarantee to enhance the credit of the issuing party, there is no assurance that the private insurer or guarantor will meet its obligations. Additionally, the trust or other entity that has been organized to administer the pool of mortgages may fail to make distribution payments to investors or otherwise perform poorly. Furthermore, such mortgage-backed securities may be harder to value and less liquid than mortgage-backed securities issued by a government or government agency.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span>As with mortgage-backed securities, asset-backed securities are subject to the risks affecting debt obligations generally and which may adversely affect the value of asset-backed securities, held by the Fund, including credit risk, interest rate risk, market and liquidity risks, prepayment and extension risk, and management risk. These securities are subject to the risk of default by the issuer of the security and by the borrowers of the underlying loans in the pool. As with mortgage-backed securities, the market value and expected yield of asset-backed securities will vary in response to changes in prevailing interest rates and the rate of prepayment on the underlying loans.</span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--RisksAffectingSpecificIssuersMember_zMDaaiTlVPe1" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Risks Affecting Specific Issuers –</b></span><span> 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.</span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--StructuredProductsRiskMember_znAifJ22jdL" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Structured Products Risk –</b></span><span> The Fund may invest in collateralized debt obligations (“CDOs”), which are securities backed by, or represent interests in, an underlying pool of assets. CDOs are typically issued in multiple “tranches,” each of which represents a portion of the full economic interest in the underlying assets, and each of which is issued at a specific fixed or floating interest rate. Principal payments received on the underlying pool of assets are often applied to each tranche in the order of its stated maturity, so that none of the principal payments received in a given period will be distributed to a particular tranche of the CDO until all other, more senior tranches are paid in full for that period. While all CDOs are subject to the risks that affect debt obligations generally, the relative riskiness of the Fund’s investment in a CDO will depend largely on the type of collateral in the underlying pool of assets and the tranche of the CDO in which the Fund invests. If, for example, the Fund is invested in a more junior tranche of a CDO, there is a greater risk that distributions from the underlying pool of assets will be insufficient to pay the Fund after all more senior tranches have been paid. Similarly, a CDO backed by less creditworthy assets, such as a CMO or a REMIC backed primarily by subprime mortgages, a CLO backed primarily by below investment grade loans, or a CBO backed primarily by below investment grade bonds, will generally present greater risks for the Fund, because the underlying assets are more likely to default or be downgraded, and the CDO securities themselves are more likely to be harder to value and less liquid. Additionally, with all CDOs, there is a risk that the manager of the special purpose entity that holds the underlying assets may fail in its management responsibilities, which may in turn delay or disrupt the payment of distributions to the Fund. </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentObligationsRiskMember_gRBRTB-ONU_z7sytgz9Zsm3" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>U.S. Government Obligations Risk –</b></span><span> 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</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span>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.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span>Additional information about Fund investments, investment strategies and risks of investing in the Fund appears beginning on page 25 of the Prospectus.</span></p> Past Performance of the Fund <p id="xdx_A8B_eoef--PerformanceNarrativeTextBlock_zweiRndjRTKg" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span><span id="xdx_900_eoef--PerformanceOneYearOrLess_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--ManagedFundsMember__dei--LegalEntityAxis__custom--S000091428Member_zcFhRHurFLKf">No performance information is presented because, as of the date of this Prospectus, the Fund has not had at least one calendar year of annual returns.</span></span></p> No performance information is presented because, as of the date of this Prospectus, the Fund has not had at least one calendar year of annual returns. Municipal Managed Account Fund Investment Goal <p id="xdx_A86_eoef--ObjectivePrimaryTextBlock_zvvBsvoNdsHj" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span>The Fund seeks a high level of current income exempt from federal individual income tax.</span></p> Fees and Expenses of the Fund <p id="xdx_A83_eoef--ExpenseNarrativeTextBlock_zGRF0TAOMTj6" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span>This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. </span><span style="font-weight: bold"><b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </b></span><span>Fund shares are only available through certain retail or institutional separately managed accounts with which Thornburg Investment Management, Inc. (“Thornburg”) has an agreement to serve as investment adviser. The fees and expenses in the following tables do not reflect any charges that are imposed by the those managed accounts.</span></p> Shareholder Fees (fees paid directly from your investment) <div id="xdx_A85_eoef--ShareholderFeesTableTextBlock_zdJ7Wje5soQi"></div> <table id="xdx_A5D_dU_z9f5zBR2GTF9" style="width: 594pt; margin-top: 0pt; margin-bottom: 8pt; table-layout: fixed; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 514.8pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b> </b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #004a91; vertical-align: bottom"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>Class SMA</b></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e5ecf4; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Maximum Sales Charge (Load) Imposed on Purchases <br/></span><span style="font-style: italic"><i>(as a percentage of offering price)</i></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e5ecf4; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span><span id="xdx_90E_eoef--MaximumSalesChargeImposedOnPurchasesOverOfferingPrice_dpn_c20260128__20260128__oef--ClassAxis__custom--C000241473Member_zIlFLxWtQUc">none</span></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-bottom: #004a91 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Maximum Deferred Sales Charge (Load) <br/></span><span style="font-style: italic"><i>(as a percentage of redemption proceeds or original purchase price, <br/>whichever is lower)</i></span></p> </td> <td style="border-bottom: #004a91 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span><span id="xdx_90E_eoef--MaximumDeferredSalesChargeOverOther_dpn_c20260128__20260128__oef--ClassAxis__custom--C000241473Member_zAVCCDVkVJ96">none</span></span></p> </td> </tr> </table> 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A85_eoef--AnnualFundOperatingExpensesTableTextBlock_zYe9TNUqnuu5"></div> <table id="xdx_A5C_dU_zJNQ6GRF5Tbd" style="width: 594.66pt; margin-top: 0pt; margin-bottom: 8pt; table-layout: fixed; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 515.46pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 79.2pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b> </b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #004a91; vertical-align: bottom"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>Class SMA</b></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e5ecf4; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Management Fees</span><sup style="font-size: 7pt; line-height: 7pt">(1)</sup><span> </span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e5ecf4; vertical-align: bottom"> <p id="xdx_984_eoef--ManagementFeesOverAssets_dpn_c20260128__20260128__oef--ClassAxis__custom--C000241473Member_fKDEp_z3wYYbQpwUb4" style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>0.00%</span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Distribution and Service (12b-1) Fees</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p id="xdx_98B_eoef--DistributionAndService12b1FeesOverAssets_dpn_c20260128__20260128__oef--ClassAxis__custom--C000241473Member_zCLjJVsTp2H6" style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>0.00%</span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e5ecf4; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Other Expenses</span></p> </td> <td style="border-bottom: #004a91 1pt solid; padding: 3pt 6pt; background-color: #e5ecf4; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p id="xdx_983_eoef--OtherExpensesOverAssets_dpn_c20260128__20260128__oef--ClassAxis__custom--C000241473Member_zmzg0z21iQwj" style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>1.20%</span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Total Annual Fund Operating Expenses</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p id="xdx_986_eoef--ExpensesOverAssets_dpn_c20260128__20260128__oef--ClassAxis__custom--C000241473Member_z7c5Llde45r9" style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>1.20%</span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e5ecf4; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Fee Waiver/Expense Reimbursement</span><sup style="font-size: 7pt; line-height: 7pt">(2)</sup><span> </span></p> </td> <td style="border-bottom: #004a91 1pt solid; padding: 3pt 12pt 3pt 11pt; background-color: #e5ecf4; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p id="xdx_986_eoef--FeeWaiverOrReimbursementOverAssets_dpn_c20260128__20260128__oef--ClassAxis__custom--C000241473Member_fKDIp_zG3DtzGywHtj" style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>(1.20)%</span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-bottom: #004a91 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Total Annual Fund Operating Expenses After <br/>Fee Waiver/Expense Reimbursement</span></p> </td> <td style="border-bottom: #004a91 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p id="xdx_989_eoef--NetExpensesOverAssets_dpn_c20260128__20260128__oef--ClassAxis__custom--C000241473Member_zdDrVacKexAh" style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>0.00%</span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: italic 8pt/9pt Arial, sans-serif; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right"><i id="xdx_F0A_ztZlSsyPDTLg">(1)</i></td> <td style="width: 5pt"></td> <td style="text-align: justify"><i id="xdx_F17_zMzhtBcSY2v8">Thornburg does not charge a management fee for its investment management services. You will, however, incur a management fee through the managed account of which the Fund is a part.</i></td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: italic 8pt/9pt Arial, sans-serif; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right"><i id="xdx_F0B_zBbHSXQdRv">(2)</i></td> <td style="width: 5pt"></td> <td style="text-align: justify"><i id="xdx_F16_zhhOC9uaL3k4">Thornburg has contractually agreed to waive, pay or reimburse all expenses of the Fund, except for taxes, interest expense, acquired fund fees and expenses, brokerage commissions, borrowing costs, expenses relating to short sales, and unusual expenses such as contingency fees or litigation costs. 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 <span id="xdx_905_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260128__20260128__oef--ClassAxis__custom--C000241473Member_zGd4AYUwoJL7">February 1, 2027</span>, unless Thornburg ceases to be the investment advisor of the Fund prior to that date.</i></td> </tr> </table> 0.0000 0.0000 0.0120 0.0120 -0.0120 0.0000 February 1, 2027 Example. <p id="xdx_A80_eoef--ExpenseExampleNarrativeTextBlock_zPAXdITkq417" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 7pt; color: #000000; text-indent: 0pt"><span>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 7pt; color: #000000; text-indent: 0pt"><span>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. The example does not reflect any charges imposed by the applicable retail or institutional separately managed accounts through which the Fund is sold, and if such charges were reflected, the amounts shown in the example would be higher. Although your actual costs may be higher or lower, based on these assumptions (and giving effect to fee waivers and expense reimbursements) your costs would be:</span></p> <div id="xdx_A83_eoef--ExpenseExampleWithRedemptionTableTextBlock_zhuxeVMmLLvd"></div> <table style="width: 594pt; margin-top: 0pt; margin-bottom: 7pt; table-layout: fixed; border-collapse: collapse"> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; width: 277.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b> </b></span></p> </td> <td id="xdx_482_eoef--ExpenseExampleYear01_zbHdutv7ITef" style="border-width: 0pt; padding: 3pt 6pt; background-color: #004a91; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>1 Year</b></span></p> </td> <td id="xdx_487_eoef--ExpenseExampleYear03_z1vNdgu0JnE8" style="border-width: 0pt; padding: 3pt 6pt; background-color: #004a91; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>3 Years</b></span></p> </td> <td id="xdx_48B_eoef--ExpenseExampleYear05_zbOWXWHaBX37" style="border-width: 0pt; padding: 3pt 6pt; background-color: #004a91; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>5 YEARS</b></span></p> </td> <td id="xdx_489_eoef--ExpenseExampleYear10_zEQikFdMCox1" style="border-width: 0pt; padding: 3pt 6pt; background-color: #004a91; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>10 YEARS</b></span></p> </td> </tr> <tr id="xdx_41F_20260128__20260128__oef--ClassAxis__custom--C000241473Member_zcIEi8OmTHCa" style="min-height: 3pt"> <td style="border-bottom: #004a91 1pt solid; padding: 3pt 6pt; background-color: #e5ecf4; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Class SMA Shares</span></p> </td> <td style="border-bottom: #004a91 1pt solid; padding: 3pt 2pt 3pt 6pt; background-color: #e5ecf4; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>$0</span></p> </td> <td style="border-bottom: #004a91 1pt solid; padding: 3pt 6pt; background-color: #e5ecf4; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>$0</span></p> </td> <td style="border-bottom: #004a91 1pt solid; padding: 3pt 6pt; background-color: #e5ecf4; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>$0</span></p> </td> <td style="border-bottom: #004a91 1pt solid; padding: 3pt 6pt; background-color: #e5ecf4; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>$0</span></p> </td> </tr> </table> 0 0 0 0 Portfolio Turnover. <p id="xdx_A81_eoef--PortfolioTurnoverTextBlock_z9V430OQaEg8" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 7pt; color: #000000; text-indent: 0pt"><span>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 <span id="xdx_90A_eoef--PortfolioTurnoverRate_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--ManagedFundsMember__dei--LegalEntityAxis__custom--S000079976Member_zUSJqcGE1kn2">50.81%</span> of the average value of its portfolio.</span></p> 0.5081 Principal Investment Strategies <p id="xdx_A8C_eoef--StrategyNarrativeTextBlock_zDJiYlItKqQl" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 7pt; color: #000000; text-indent: 0pt"><span>Thornburg Investment Management, Inc. (“Thornburg”) actively manages the Fund’s investments in pursuing the Fund’s investment goal. The Fund invests principally in a portfolio of municipal obligations issued by states and state agencies, local governments and their agencies, and by United States territories and possessions. Investment decisions are based upon outlooks for interest rates and securities markets, the supply of municipal debt obligations, the difference in yields between higher and lower-rated obligations, and analysis of specific obligations. The Fund invests in municipal obligations and participations in municipal obligations of any credit quality. The Fund may invest up to 80 percent of its portfolio in lower-quality municipal debt obligations rated by a nationally recognized statistical rating organization at the time of purchase as below investment grade (sometimes called “junk” bonds or “high yield” bonds) or, if unrated, issued by obligors which Thornburg determines have comparable below investment grade municipal obligations outstanding or which are deemed by Thornburg to be comparable to obligors with outstanding below investment grade obligations. The Fund may also invest in municipal obligations that are in default at the time of purchase. “Participations” are undivided interests in pools of securities where the underlying credit support passes through to the participants.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 7pt; color: #000000; text-indent: 0pt"><span>The Fund may invest in municipal obligations of any maturity or duration. Duration is a measure of estimated sensitivity to interest rate changes. A portfolio with a longer average effective duration will typically be more sensitive to interest rate changes than a portfolio with a shorter average effective duration. Duration is commonly expressed as a number, which is the expected percentage change in an obligation’s price upon a 1% change in interest rates. For example, an obligation with a duration of 10 would be expected to change in price by approximately 10% in response to a 1% change in interest rates. During temporary periods the Fund’s average effective duration and average portfolio maturity may be reduced for defensive purposes. There is no limitation on the duration or maturity of any specific security the Fund may purchase. The Fund may dispose of any security before it matures. The Fund attempts to meet its objective through credit analysis and security selection. The Fund is non-diversified.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 7pt; color: #000000; text-indent: 0pt"><span>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.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span><span id="xdx_90E_eoef--StrategyPortfolioConcentration_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--ManagedFundsMember__dei--LegalEntityAxis__custom--S000079976Member_zCG3lqDvxf07">The Fund normally invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in municipal obligations the income from which is exempt from the regular federal income tax, though the income on those investments may still be subject to the federal alternative minimum tax (“AMT”).</span> Gains realized on investments held by the Fund and not offset by realized losses will be subject to federal income tax.</span></p> The Fund normally invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in municipal obligations the income from which is exempt from the regular federal income tax, though the income on those investments may still be subject to the federal alternative minimum tax (“AMT”). An investment in the Fund is not a deposit in any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. Accordingly, the loss of money is a risk of investing in the Fund. <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__us-gaap--CreditRiskMember_zaEXkKfWivri" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Credit Risk </b></span><span>– If obligations held by the Fund are downgraded by ratings agencies or go into default, or if 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. For example, municipal leases held by the Fund may be subject to non-appropriation provisions which permit governmental agencies or issuers to discontinue payments to the Fund under the municipal leases.</span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityAndOperationalRiskMember_zK68LpiJsIha" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; -sec-ix-redline: true; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Cybersecurity and Operational Risk </b></span><span>– Operational failures, cyber-attacks or other disruptions that affect the Fund’s service providers, the Fund’s counterparties, other market participants or the issuers of securities held by the Fund may adversely affect the Fund and its shareholders, including by causing losses for the Fund or impairing Fund operations. The rapid development and increasingly widespread use of artificial intelligence, including machine learning technology and generative artificial intelligence such as ChatGPT, could exacerbate these risks.</span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighYieldRiskMember_zg5Nymfcqlql" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>High Yield Risk </b></span><span>– 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.</span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__us-gaap--InterestRateRiskMember_zbgUzt1WYvef" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Interest Rate Risk </b></span><span>– 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. When interest rates decrease, the Fund’s dividends may decline. Decreases in market interest rates may also result in prepayments of obligations the Fund acquires, requiring the Fund to reinvest at lower interest rates.</span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zaUaLiTklxre" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Liquidity Risk </b></span><span>– Due to a lack of demand in the marketplace or other factors, the Fund may not be able to sell promptly some or all of the obligations that it holds, or may only be able to sell obligations at less than desired prices. The market for lower-rated and unrated obligations (including particularly “junk” or “high yield” bonds) 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.</span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zHiUZqka9ZA5" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Management Risk </b></span><span>– 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.</span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndEconomicRiskMember_zKJbhtYBx5Wj" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; -sec-ix-redline: true; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Market and Economic Risk </b></span><span>– 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 the Fund’s investments in lower-rated and unrated municipal obligations (including particularly “junk” or “high yield” bonds), the value of which may fluctuate more significantly in response to poor economic growth or other changes in market conditions, political, economic, legal, and technological developments, and developments affecting specific issuers.</span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_zpDDOJ5bKi0b" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 7pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Non-diversification Risk </b></span><span>– The Fund is a non-diversified investment company, which means that it may invest a greater proportion of its assets in the securities of a single issuer. This may be riskier, because a default or other adverse condition affecting such an issuer could cause the Fund’s share price to decline to a greater degree.</span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--RedemptionRiskMember_gRBRTB-UVLG_zf1hS8aZJjWi" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 7pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Redemption Risk </b></span><span>– Fund shares may only be redeemed by Thornburg on behalf of separately managed accounts or by certain managed account program sponsors and not by individual investors. If a significant percentage of the Fund’s shares</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 7pt; color: #000000; text-indent: 0pt"><span>is owned or controlled by a single managed account shareholder, the Fund is subject to the risk that a redemption by that managed account 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 managed account shareholders may also incur additional transaction costs or adverse tax consequences from such trading activity. See also “Purchase and Sale of Fund Shares” in the Fund Summary.</span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zy4TENRYnvx1" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 7pt; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Tax Risk </b></span><span>– The income on the Fund’s municipal obligations could become subject to federal income or state income tax due to noncompliant conduct by issuers, unfavorable legislation or litigation or adverse interpretations by regulatory authorities. All or a portion of the Fund’s distributions that are exempt from regular federal income tax may nevertheless be taken into account for purposes of the federal AMT and state income tax.</span></p> <p style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 7pt; color: #000000; text-indent: 0pt"><span>Additional information about Fund investments, investment strategies and risks of investing in the Fund appears beginning on page 25 of the Prospectus.</span></p> Past Performance of the Fund <p id="xdx_A84_eoef--PerformanceNarrativeTextBlock_zI5K1slTMKKe" style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 7pt; color: #000000; text-indent: 0pt"><span><span id="xdx_90B_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--ManagedFundsMember__dei--LegalEntityAxis__custom--S000079976Member_zZI9pr73xWp">The following information provides some indication of the risks of investing in the Municipal Managed Account Fund by showing how the Fund’s investment results vary from year to year.</span> The bar chart shows how the annual total returns for Class SMA shares have been different in each full year shown. The average annual total return figures compare Class SMA share performance to the ICE BofA U.S. Municipal Master Index, a broad-based securities market index that represents the overall applicable market in which the Fund invests. The index is not actively managed and is not available for direct investment. The bar charts and performance table assume reinvestment of dividends and distributions. <span id="xdx_903_eoef--PerformancePastDoesNotIndicateFuture_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--ManagedFundsMember__dei--LegalEntityAxis__custom--S000079976Member_zFVSRMeyGUTh">Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> The performance information shown is as of the calendar year ended December 31, 2025. Updated performance information may be obtained on the Thornburg website at <span id="xdx_90C_eoef--PerformanceAvailabilityWebSiteAddress_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--ManagedFundsMember__dei--LegalEntityAxis__custom--S000079976Member_zzifB95uLULi">Thornburg.com</span> or by calling <span id="xdx_902_eoef--PerformanceAvailabilityPhone_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--ManagedFundsMember__dei--LegalEntityAxis__custom--S000079976Member_zrBXeEAm1Uub">1-800-847-0200</span>.</span></p> The following information provides some indication of the risks of investing in the Municipal Managed Account Fund by showing how the Fund’s investment results vary from year to year. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Thornburg.com 1-800-847-0200 Annual Total Returns - Class SMA Shares <div id="xdx_A84_eoef--BarChartTableTextBlock_zpHJpJ27e4Jc"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_zr7oJfqTlr47" style="font: 12pt Arial, sans-serif; display: none; visibility: hidden; border-collapse: collapse; width: 50%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: bottom; text-align: center"> <th>2024</th> <th id="xdx_983_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000241473Member_zAZJW8Oo0To8">4.99%</th></tr> <tr style="vertical-align: bottom; text-align: center"> <th>2025</th> <th id="xdx_981_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000241473Member_z1VxswVCdag4">4.96%</th></tr> </table> <div style="font: 10pt/12.5pt Arial, sans-serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt"> <div style="border-width: 0pt; padding: 0pt; overflow: hidden; display: inline-block; width: 590.67pt; height: 196.28pt"> <img alt="" src="managedacct_proimg003.gif" style="vertical-align: top; margin-left: 0pt; width: 589.6pt; margin-top: 0pt; height: 195.8pt"/> </div> </div> 0.0499 0.0496 <div id="xdx_A8C_eoef--BarChartClosingTextBlock_zlZIvrG1Xsna"></div> <table style="-sec-ix-redline: true; width: 594pt; margin-top: 0pt; margin-bottom: 8pt; table-layout: fixed; border-collapse: collapse"> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; width: 435.6pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b> </b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #004a91; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>Total<br/>Returns</b></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #004a91; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>Quarter<br/>ended</b></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e5ecf4; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span><span id="xdx_909_eoef--HighestQuarterlyReturnLabel_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--ManagedFundsMember__dei--LegalEntityAxis__custom--S000079976Member_zmTICr0TTB4">Highest Quarterly Results</span></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e5ecf4; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span><span id="xdx_907_eoef--BarChartHighestQuarterlyReturn_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--ManagedFundsMember__dei--LegalEntityAxis__custom--S000079976Member_zH2d2ZgGPjC8">6.45%</span></span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e5ecf4; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span><span id="xdx_904_eoef--BarChartHighestQuarterlyReturnDate_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--ManagedFundsMember__dei--LegalEntityAxis__custom--S000079976Member_zEnzBUfziZA3">12/31/2023</span></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-bottom: #004a91 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span><span id="xdx_90E_eoef--LowestQuarterlyReturnLabel_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--ManagedFundsMember__dei--LegalEntityAxis__custom--S000079976Member_zlDwITBCGav1">Lowest Quarterly Results</span></span></p> </td> <td style="border-bottom: #004a91 1pt solid; padding: 3pt 6pt 3pt 3pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span><span id="xdx_905_eoef--BarChartLowestQuarterlyReturn_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--ManagedFundsMember__dei--LegalEntityAxis__custom--S000079976Member_zvSu7pWl9tZa">-2.06%</span></span></p> </td> <td style="border-bottom: #004a91 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span><span id="xdx_907_eoef--BarChartLowestQuarterlyReturnDate_c20260128__20260128__dei--DocumentInformationDocumentAxis__custom--ManagedFundsMember__dei--LegalEntityAxis__custom--S000079976Member_z14s4WJ5CRWg">9/30/2023</span></span></p> </td> </tr> </table> Highest Quarterly Results 0.0645 2023-12-31 Lowest Quarterly Results -0.0206 2023-09-30 Average Annual Total Returns (periods ended 12-31-25) <div id="xdx_A8A_eoef--PerformanceTableTextBlock_zsmxWKu2yu9j"></div> <table style="-sec-ix-redline: true; width: 594pt; margin-top: 0pt; margin-bottom: 8pt; table-layout: fixed; border-collapse: collapse"> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom; width: 435.6pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt"><span style="font-weight: bold"><b>Class SMA Shares</b></span></p> </td> <td id="xdx_490_20250101__20251231_zZzOPTX92AG2" style="border-width: 0pt; padding: 3pt 6pt; background-color: #004a91; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>1 Year</b></span></p> </td> <td id="xdx_493_20231002__20251231_zSkty3H3U0ih" style="border-width: 0pt; padding: 3pt 6pt; background-color: #004a91; vertical-align: bottom; width: 79.2pt"> <p style="font: 9pt Arial, sans-serif; margin: 0 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; text-align: center"><span style="font-weight: bold"><b>SINCE<br/>Inception</b></span></p> </td> </tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000241473Member_z4P4Qr56tfbl" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e5ecf4; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Return Before Taxes</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e5ecf4; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>4.96%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e5ecf4; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>5.56%</span></p> </td> </tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000241473Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zgPDIXdduBY5" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Return After Taxes on Distributions</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>4.96%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>5.55%</span></p> </td> </tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000241473Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zH2xRETVxHzl" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e5ecf4; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>Return After Taxes on Distributions and Sale of Fund Shares</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e5ecf4; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>4.86%</span></p> </td> <td style="border-width: 0pt; padding: 3pt 6pt; background-color: #e5ecf4; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>5.33%</span></p> </td> </tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--ICEBofAUSMunicipalSecuritiesIndexMember_zosYHE8nNamb" style="min-height: 3pt"> <td style="border-bottom: #004a91 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt"><span>ICE BofA U.S. Municipal Securities Index</span></p> </td> <td style="border-bottom: #004a91 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>3.96%</span></p> </td> <td style="border-bottom: #004a91 1pt solid; padding: 3pt 6pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> <p style="font: 9pt/10pt Arial, sans-serif; margin: 0 0pt; color: #000000; text-indent: 0pt; text-align: center"><span>3.39%</span></p> </td> </tr> </table> 0.0496 0.0556 0.0496 0.0555 0.0486 0.0533 0.0396 0.0339 Up to a 1.00% contingent deferred sales charge (CDSC) is imposed on redemptions of any part or all of a purchase of $1 million or more within 12 months of purchase. Imposed only on redemptions of Class C shares within 12 months of purchase. Thornburg Investment Management, Inc. (“Thornburg”) has contractually agreed to waive fees and reimburse expenses incurred by the Fund so that actual Class I and Class R6 expenses (excluding taxes, interest expenses, acquired fund fees and expenses, brokerage commissions, borrowing costs, expenses relating to short sales, and unusual expenses such as contingency fees or litigation costs) do not exceed 0.99% and 0.89%, respectively. The agreement to waive fees and reimburse expenses may be terminated by the Fund’s Trustees at any time, but may not be terminated by Thornburg before February 1, 2027, unless Thornburg ceases to be the investment advisor of the Fund prior to that date. Thornburg may recoup amounts waived or reimbursed during the Fund’s fiscal year if actual expenses fall below the expense cap during that same fiscal year. Up to a 1.00% contingent deferred sales charge (CDSC) is imposed on redemptions of any part or all of a purchase of $1 million or more within 12 months of purchase. Imposed only on redemptions of Class C shares within 12 months of purchase. Thornburg Investment Management, Inc. (“Thornburg”) has contractually agreed to waive fees and reimburse expenses incurred by the Fund so that actual Class A, Class C, Class I and Class R6 expenses (excluding taxes, interest expenses, acquired fund fees and expenses, brokerage commissions, borrowing costs, expenses relating to short sales, and unusual expenses such as contingency fees or litigation costs) do not exceed 1.15%, 1.90%, 0.90% and 0.72%, respectively. The agreement to waive fees and reimburse expenses may be terminated by the Fund’s Trustees at any time, but may not be terminated by Thornburg before February 1, 2027, unless Thornburg ceases to be the investment advisor of the Fund prior to that date. Thornburg may recoup amounts waived or reimbursed during the Fund’s fiscal year if actual expenses fall below the expense cap during that same fiscal year. Up to a 1.00% contingent deferred sales charge (CDSC) is imposed on redemptions of any part or all of a purchase of $1 million or more within 12 months of purchase. Imposed only on redemptions of Class C shares within 12 months of purchase. Thornburg Investment Management, Inc. (“Thornburg”) has contractually agreed to waive fees and reimburse expenses incurred by the Fund so that actual Class A, Class C and Class I expenses (excluding taxes, interest expenses, acquired fund fees and expenses, brokerage commissions, borrowing costs, expenses relating to short sales, and unusual expenses such as contingency fees or litigation costs) do not exceed 1.42%, 1.95% and 0.90%, respectively. The agreement to waive fees and reimburse expenses may be terminated by the Fund’s Trustees at any time, but may not be terminated by Thornburg before February 1, 2027, unless Thornburg ceases to be the investment advisor of the Fund prior to that date. Thornburg may recoup amounts waived or reimbursed during the Fund’s fiscal year if actual expenses fall below the expense cap during that same fiscal year. Up to a 1.00% contingent deferred sales charge (CDSC) is imposed on redemptions of any part or all of a purchase of $1 million or more within 12 months of purchase. Imposed only on redemptions of Class C shares within 12 months of purchase. Thornburg Investment Management, Inc. (“Thornburg”) has contractually agreed to waive fees and reimburse expenses incurred by the Fund so that actual Class C, Class I and Class R6 expenses (excluding taxes, interest expenses, acquired fund fees and expenses, brokerage commissions, borrowing costs, expenses relating to short sales, and unusual expenses such as contingency fees or litigation costs) do not exceed 2.38%, 0.99% and 0.91%, respectively. The agreement to waive fees and reimburse expenses may be terminated by the Fund’s Trustees at any time, but may not be terminated by Thornburg before February 1, 2027, unless Thornburg ceases to be the investment advisor of the Fund prior to that date. Thornburg may recoup amounts waived or reimbursed during the Fund’s fiscal year if, after taking the recoupment into account, the Fund’s actual expenses fall below the expense cap during that same fiscal year. Up to a 1.00% contingent deferred sales charge (CDSC) is imposed on redemptions of any part or all of a purchase of $1 million or more within 12 months of purchase. Imposed only on redemptions of Class C shares within 12 months of purchase. Thornburg Investment Management, Inc. (“Thornburg”) has contractually agreed to waive fees and reimburse expenses incurred by the Fund so that actual Class A, Class C, Class I and Class R6 expenses (excluding taxes, interest expenses, acquired fund fees and expenses, brokerage commissions, borrowing costs, expenses relating to short sales, and unusual expenses such as contingency fees or litigation costs) do not exceed 1.45%, 2.33%, 1.04% and 0.94%, respectively. The agreement to waive fees and reimburse expenses may be terminated by the Fund’s Trustees at any time, but may not be terminated by Thornburg before February 1, 2027, unless Thornburg ceases to be the investment advisor of the Fund prior to that date. Thornburg may recoup amounts waived or reimbursed during the Fund’s fiscal year if actual expenses fall below the expense cap during that same fiscal year. Up to a 1.00% contingent deferred sales charge (CDSC) is imposed on redemptions of any part or all of a purchase of $1 million or more within 12 months of purchase. Imposed only on redemptions of Class C shares within 12 months of purchase. The Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement do not match the Ratios to Average Net Assets shown in the Financial Highlights section of the Prospectus, which reflect the operating expenses of the Fund and do not include acquired fund fees and expenses (‘AFFE’). AFFE are expenses incurred indirectly by other investment companies in which the Fund holds shares, are not direct costs paid by Fund shareholders, and are not used to calculate the Fund’s net asset value. Thornburg Investment Management, Inc. (“Thornburg”) has contractually agreed to waive fees and reimburse expenses incurred by the Fund so that actual Class R6 expenses (excluding taxes, interest expenses, acquired fund fees and expenses, brokerage commissions, borrowing costs, expenses relating to short sales, and unusual expenses such as contingency fees or litigation costs) do not exceed 0.80%. The agreement to waive fees and reimburse expenses may be terminated by the Fund’s Trustees at any time, but may not be terminated by Thornburg before February 1, 2027, unless Thornburg ceases to be the investment advisor of the Fund prior to that date. Thornburg may recoup amounts waived or reimbursed during the Fund’s fiscal year if actual expenses fall below the expense cap during that same fiscal year. Up to a 1.00% contingent deferred sales charge (CDSC) is imposed on redemptions of any part or all of a purchase of $1 million or more within 12 months of purchase. The Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement do not match the Ratios to Average Net Assets shown in the Financial Highlights section of the Prospectus, which reflect the operating expenses of the Fund and do not include acquired fund fees and expenses (‘AFFE’). AFFE are expenses incurred indirectly by other investment companies in which the Fund holds shares, are not direct costs paid by Fund shareholders, and are not used to calculate the Fund’s net asset value. Thornburg Investment Management, Inc. (“Thornburg”) has contractually agreed to waive fees and reimburse expenses incurred by the Fund so that actual Class A and Class I expenses (excluding taxes, interest expenses, acquired fund fees and expenses, brokerage commissions, borrowing costs, expenses relating to short sales, and unusual expenses such as contingency fees or litigation costs) do not exceed 0.94% and 0.69%, respectively. The agreement to waive fees and reimburse expenses may be terminated by the Fund’s Trustees at any time, but may not be terminated by Thornburg before February 1, 2027, unless Thornburg ceases to be the investment advisor of the Fund prior to that date. Thornburg may recoup amounts waived or reimbursed during the Fund’s fiscal year if, after taking the recoupment into account, the Fund’s actual expenses fall below the expense cap during that same fiscal year. Up to a 0.50% contingent deferred sales charge (CDSC) is imposed on redemptions of any part or all of a purchase of $1 million or more within 12 months of purchase. Thornburg Investment Management, Inc. (“Thornburg”) has contractually agreed to waive fees and reimburse expenses incurred by the Fund so that actual Class A and Class I expenses (excluding taxes, interest expenses, acquired fund fees and expenses, brokerage commissions, borrowing costs, expenses relating to short sales, and unusual expenses such as contingency fees or litigation costs) do not exceed 0.60% and 0.35%, respectively. The agreement to waive fees and reimburse expenses may be terminated by the Fund’s Trustees at any time, but may not be terminated by Thornburg before February 1, 2027, unless Thornburg ceases to be the investment advisor of the Fund prior to that date. Thornburg may recoup amounts waived or reimbursed during the Fund’s fiscal year if actual expenses fall below the expense cap during that same fiscal year. Up to a 0.50% contingent deferred sales charge (CDSC) is imposed on redemptions of any part or all of a purchase of $1 million or more within 12 months of purchase. Imposed only on redemptions of Class C and Class C2 shares within 12 months of purchase. Thornburg Investment Management, Inc. (“Thornburg”) has contractually agreed to waive fees and reimburse expenses incurred by the Fund so that actual Class A, Class C, Class C2 and Class I expenses (excluding taxes, interest expenses, acquired fund fees and expenses, brokerage commissions, borrowing costs, expenses relating to short sales, and unusual expenses such as contingency fees or litigation costs) do not exceed 0.92%, 1.17%, 1.32% and 0.67% respectively. The agreement to waive fees and reimburse expenses may be terminated by the Fund’s Trustees at any time, but may not be terminated by Thornburg before February 1, 2027, unless Thornburg ceases to be the investment advisor of the Fund prior to that date. Thornburg may recoup amounts waived or reimbursed during the Fund’s fiscal year if actual expenses fall below the expense cap during that same fiscal year. Up to a 0.50% contingent deferred sales charge (CDSC) is imposed on redemptions of any part or all of a purchase of $1 million or more within 12 months of purchase. Imposed only on redemptions of Class C and Class C2 shares within 12 months of purchase. Thornburg Investment Management, Inc. (“Thornburg”) has contractually agreed to waive fees and reimburse expenses incurred by the Fund so that actual Class C, Class C2, Class I and Class R6 expenses (excluding taxes, interest expenses, acquired fund fees and expenses, brokerage commissions, borrowing costs, expenses relating to short sales, and unusual expenses such as contingency fees or litigation costs) do not exceed 0.99%, 1.14%, 0.49%, and 0.42%, respectively. The agreement to waive fees and reimburse expenses may be terminated by the Fund’s Trustees at any time, but may not be terminated by Thornburg before February 1, 2027, unless Thornburg ceases to be the investment advisor of the Fund prior to that date. Thornburg may recoup amounts waived or reimbursed during the Fund’s fiscal year if actual expenses fall below the expense cap during that same fiscal year. Up to a 1.00% contingent deferred sales charge (CDSC) is imposed on redemptions of any part or all of a purchase of $1 million or more within 12 months of purchase. Imposed only on redemptions of Class C shares within 12 months of purchase. Thornburg Investment Management, Inc. (“Thornburg”) has contractually agreed to waive fees and reimburse expenses incurred by the Fund so that actual Class A, Class C, Class I, and Class R6 expenses (excluding taxes, interest expenses, acquired fund fees and expenses, brokerage commissions, borrowing costs, expenses relating to short sales, and unusual expenses such as contingency fees or litigation costs) do not exceed 0.75%, 1.50%, 0.50%, and 0.50%, respectively. The agreement to waive fees and reimburse expenses may be terminated by the Fund’s Trustees at any time, but may not be terminated by Thornburg before February 1, 2027, unless Thornburg ceases to be the investment advisor of the Fund prior to that date. Thornburg may recoup amounts waived or reimbursed during the Fund’s fiscal year if actual expenses fall below the expense cap during that same fiscal year. Up to a 1.00% contingent deferred sales charge (CDSC) is imposed on redemptions of any part or all of a purchase of $1 million or more within 12 months of purchase. Imposed only on redemptions of Class C shares within 12 months of purchase. Thornburg Investment Management, Inc. (“Thornburg”) has contractually agreed to waive fees and reimburse expenses incurred by the Fund so that actual Class I and Class R6 expenses (excluding taxes, interest expenses, acquired fund fees and expenses, brokerage commissions, borrowing costs, expenses relating to short sales, and unusual expenses such as contingency fees or litigation costs) do not exceed 0.60% 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, 2027, unless Thornburg ceases to be the investment advisor of the Fund prior to that date. Thornburg may recoup amounts waived or reimbursed during the Fund’s fiscal year if actual expenses fall below the expense cap during that same fiscal year. Up to a 0.50% contingent deferred sales charge (CDSC) is imposed on redemptions of any part or all of a purchase of $1 million or more within 12 months of purchase. Thornburg Investment Management, Inc. (“Thornburg”) has contractually agreed to waive fees and reimburse expenses incurred by the Fund so that actual Class A and Class I expenses (excluding taxes, interest expenses, acquired fund fees and expenses, brokerage commissions, borrowing costs, expenses relating to short sales, and unusual expenses such as contingency fees or litigation costs) do not exceed 0.70% and 0.50%, respectively. The agreement to waive fees and reimburse expenses may be terminated by the Fund’s Trustees at any time, but may not be terminated by Thornburg before February 1, 2027, unless Thornburg ceases to be the investment advisor of the Fund prior to that date. Thornburg may recoup amounts waived or reimbursed during the Fund’s fiscal year if actual expenses fall below the expense cap during that same fiscal year. Up to a 0.50% contingent deferred sales charge (CDSC) is imposed on redemptions of any part or all of a purchase of $1 million or more within 12 months of purchase. Imposed only on redemptions of Class C and Class C2 shares within 12 months of purchase. Thornburg Investment Management, Inc. (“Thornburg”) has contractually agreed to waive fees and reimburse expenses incurred by the Fund so that actual Class C2 expenses (excluding taxes, interest expenses, acquired fund fees and expenses, brokerage commissions, borrowing costs, expenses relating to short sales, and unusual expenses such as contingency fees or litigation costs) do not exceed 1.32%. The agreement to waive fees and reimburse expenses may be terminated by the Fund’s Trustees at any time, but may not be terminated by Thornburg before February 1, 2027, unless Thornburg ceases to be the investment advisor of the Fund prior to that date. Thornburg may recoup amounts waived or reimbursed during the Fund’s fiscal year if actual expenses fall below the expense cap during that same fiscal year. Up to a 0.50% contingent deferred sales charge (CDSC) is imposed on redemptions of any part or all of a purchase of $1 million or more within 12 months of purchase. Imposed only on redemptions of Class C and Class C2 shares within 12 months of purchase. Thornburg Investment Management, Inc. (“Thornburg”) has contractually agreed to waive fees and reimburse expenses incurred by the Fund so that actual Class A, Class C, Class C2, and Class I expenses (excluding taxes, interest expenses, acquired fund fees and expenses, brokerage commissions, borrowing costs, expenses relating to short sales, and unusual expenses such as contingency fees or litigation costs) do not exceed 0.73%, 1.08%, 1.13%, and 0.48%. The agreement to waive fees and reimburse expenses may be terminated by the Fund’s Trustees at any time, but may not be terminated by Thornburg before February 1, 2027, unless Thornburg ceases to be the investment advisor of the Fund prior to that date. Thornburg may recoup amounts waived or reimbursed during the Fund’s fiscal year if actual expenses fall below the expense cap during that same fiscal year. A 0.50% contingent deferred sales charge (CDSC) is imposed on redemptions of any part or all of a purchase of $1 million or more within 12 months of purchase. Imposed only on redemptions of Class C shares within 12 months of purchase. Thornburg Investment Management, Inc. (“Thornburg”) has contractually agreed to waive fees and reimburse expenses incurred by the Fund so that actual Class A, Class C, and Class I expenses (excluding taxes, interest expenses, acquired fund fees and expenses, brokerage commissions, borrowing costs, expenses relating to short sales, and unusual expenses such as contingency fees or litigation costs) do not exceed 0.75%, 1.10%, and 0.50%, respectively. The agreement to waive fees and reimburse expenses may be terminated by the Fund’s Trustees at any time, but may not be terminated by Thornburg before February 1, 2027, unless Thornburg ceases to be the investment advisor of the Fund prior to that date. Thornburg may recoup amounts waived or reimbursed during the Fund’s fiscal year if actual expenses fall below the expense cap during that same fiscal year. Up to a 0.50% contingent deferred sales charge (CDSC) is imposed on redemptions of any part or all of a purchase of $1 million or more within 12 months of purchase. Imposed only on redemptions of Class C and Class C2 shares within 12 months of purchase. Thornburg Investment Management, Inc. (“Thornburg”) has contractually agreed to waive fees and reimburse expenses incurred by the Fund so that actual Class A, Class C, Class C2, and Class I expenses (excluding taxes, interest expenses, acquired fund fees and expenses, brokerage commissions, borrowing costs, expenses relating to short sales, and unusual expenses such as contingency fees or litigation costs) do not exceed 0.74%, 0.99%, 1.14%, and 0.49%, respectively. The agreement to waive fees and reimburse expenses may be terminated by the Fund’s Trustees at any time, but may not be terminated by Thornburg before February 1, 2027, unless Thornburg ceases to be the investment advisor of the Fund prior to that date. Thornburg may recoup amounts waived or reimbursed during the Fund’s fiscal year if actual expenses fall below the expense cap during that same fiscal year. Up to a 0.50% contingent deferred sales charge (CDSC) is imposed on redemptions of any part or all of a purchase of $1 million or more within 12 months of purchase. Thornburg Investment Management, Inc. (“Thornburg”) has contractually agreed to waive fees and reimburse expenses incurred by the Fund so that actual Class A, Class D and Class I expenses (excluding taxes, interest expenses, acquired fund fees and expenses, brokerage commissions, borrowing costs, expenses relating to short sales, and unusual expenses such as contingency fees or litigation costs) do not exceed 0.92%, 1.17% and 0.67%, respectively. The agreement to waive fees and reimburse expenses may be terminated by the Fund’s Trustees at any time, but may not be terminated by Thornburg before February 1, 2027, unless Thornburg ceases to be the investment advisor of the Fund prior to that date. Thornburg may recoup amounts waived or reimbursed during the Fund’s fiscal year if actual expenses fall below the expense cap during that same fiscal year. Up to a 0.50% contingent deferred sales charge (CDSC) is imposed on redemptions of any part or all of a purchase of $1 million or more within 12 months of purchase. Thornburg Investment Management, Inc. (“Thornburg”) has contractually agreed to waive fees and reimburse expenses incurred by the Fund so that actual Class A and Class I expenses (excluding taxes, interest expenses, acquired fund fees and expenses, brokerage commissions, borrowing costs, expenses relating to short sales, and unusual expenses such as contingency fees or litigation costs) do not exceed 0.92% and 0.67%, respectively. The agreement to waive fees and reimburse expenses may be terminated by the Fund’s Trustees at any time, but may not be terminated by Thornburg before February 1, 2027, unless Thornburg ceases to be the investment advisor of the Fund prior to that date. Thornburg may recoup amounts waived or reimbursed during the Fund’s fiscal year if actual expenses fall below the expense cap during that same fiscal year. Thornburg Investment Management, Inc. (“Thornburg”) has contractually agreed to waive fees and reimburse expenses incurred by the Fund so that actual Class R3, Class R4, and Class R5 expenses (excluding taxes, interest expenses, acquired fund fees and expenses, brokerage commissions, borrowing costs, expenses relating to short sales, and unusual expenses such as contingency fees or litigation costs) do not exceed 1.49%, 1.24%, and 0.99%, respectively. The agreement to waive fees and reimburse expenses may be terminated by the Fund’s Trustees at any time, but may not be terminated by Thornburg before February 1, 2027, unless Thornburg ceases to be the investment advisor of the Fund prior to that date. Thornburg may recoup amounts waived or reimbursed during the Fund’s fiscal year if actual expenses fall below the expense cap during that same fiscal year. Thornburg Investment Management, Inc. (“Thornburg”) has contractually agreed to waive fees and reimburse expenses incurred by the Fund so that actual Class R3, Class R4 and Class R5 expenses (excluding taxes, interest expenses, acquired fund fees and expenses, brokerage commissions, borrowing costs, expenses relating to short sales, and unusual expenses such as contingency fees or litigation costs) do not exceed 1.40%, 1.15% and 0.90%, respectively. The agreement to waive fees and reimburse expenses may be terminated by the Fund’s Trustees at any time, but may not be terminated by Thornburg before February 1, 2027, unless Thornburg ceases to be the investment advisor of the Fund prior to that date. Thornburg may recoup amounts waived or reimbursed during the Fund’s fiscal year if actual expenses fall below the expense cap during that same fiscal year. Thornburg Investment Management, Inc. (“Thornburg”) has contractually agreed to waive fees and reimburse expenses incurred by the Fund so that actual Class R3, Class R4 and Class R5 expenses (excluding taxes, interest expenses, acquired fund fees and expenses, brokerage commissions, borrowing costs, expenses relating to short sales, and unusual expenses such as contingency fees or litigation costs) do not exceed 1.49%, 1.24% and 0.99%, respectively. The agreement to waive fees and reimburse expenses may be terminated by the Fund’s Trustees at any time, but may not be terminated by Thornburg before February 1, 2027, unless Thornburg ceases to be the investment advisor of the Fund prior to that date. Thornburg may recoup amounts waived or reimbursed during the Fund’s fiscal year if actual expenses fall below the expense cap during that same fiscal year. Thornburg Investment Management, Inc. (“Thornburg”) has contractually agreed to waive fees and reimburse expenses incurred by the Fund so that actual Class R5 expenses (excluding taxes, interest expenses, acquired fund fees and expenses, brokerage commissions, borrowing costs, expenses relating to short sales, and unusual expenses such as contingency fees or litigation costs) do not exceed 1.04%. The agreement to waive fees and reimburse expenses may be terminated by the Fund’s Trustees at any time, but may not be terminated by Thornburg before February 1, 2027, unless Thornburg ceases to be the investment advisor of the Fund prior to that date. Thornburg may recoup amounts waived or reimbursed during the Fund’s fiscal year if actual expenses fall below the expense cap during that same fiscal year. The Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement do not match the Ratios to Average Net Assets shown in the Financial Highlights section of the Prospectus, which reflect the operating expenses of the Fund and do not include acquired fund fees and expenses (‘AFFE’). AFFE are expenses incurred indirectly by other investment companies in which the Fund holds shares, are not direct costs paid by Fund shareholders, and are not used to calculate the Fund’s net asset value. Thornburg Investment Management, Inc. (“Thornburg”) has contractually agreed to waive fees and reimburse expenses incurred by the Fund so that actual Class R3, Class R4 and Class R5 expenses (excluding taxes, interest expenses, acquired fund fees and expenses, brokerage commissions, borrowing costs, expenses relating to short sales, and unusual expenses such as contingency fees or litigation costs) do not exceed 1.49%, 1.24%, and 0.99% respectively. The agreement to waive fees and reimburse expenses may be terminated by the Fund’s Trustees at any time, but may not be terminated by Thornburg before February 1, 2027, unless Thornburg ceases to be the investment advisor of the Fund prior to that date. Thornburg may recoup amounts waived or reimbursed during the Fund’s fiscal year if actual expenses fall below the expense cap during that same fiscal year. Thornburg Investment Management, Inc. (“Thornburg”) has contractually agreed to waive fees and reimburse expenses incurred by the Fund so that actual Class R3, Class R4, and Class R5 expenses (excluding taxes, interest expenses, acquired fund fees and expenses, brokerage commissions, borrowing costs, expenses relating to short sales, and unusual expenses such as contingency fees or litigation costs) do not exceed 1.17%, 0.92%, and 0.67%, respectively. The agreement to waive fees and reimburse expenses may be terminated by the Fund’s Trustees at any time, but may not be terminated by Thornburg before February 1, 2027, unless Thornburg ceases to be the investment advisor of the Fund prior to that date. Thornburg may recoup amounts waived or reimbursed during the Fund’s fiscal year if actual expenses fall below the expense cap during that same fiscal year. Thornburg Investment Management, Inc. (“Thornburg”) has contractually agreed to waive fees and reimburse expenses incurred by the Fund so that actual Class R3, Class R4 and Class R5 expenses (excluding taxes, interest expenses, acquired fund fees and expenses, brokerage commissions, borrowing costs, expenses relating to short sales, and unusual expenses such as contingency fees or litigation costs) do not exceed 0.99%, 0.74% and 0.49%, respectively. The agreement to waive fees and reimburse expenses may be terminated by the Fund’s Trustees at any time, but may not be terminated by Thornburg before February 1, 2027, unless Thornburg ceases to be the investment advisor of the Fund prior to that date. Thornburg may recoup amounts waived or reimbursed during the Fund’s fiscal year if actual expenses fall below the expense cap during that same fiscal year. Thornburg Investment Management, Inc. (“Thornburg”) has contractually agreed to waive fees and reimburse expenses incurred by the Fund so that actual Class R3, Class R4 and Class R5 expenses (excluding taxes, interest expenses, acquired fund fees and expenses, brokerage commissions, borrowing costs, expenses relating to short sales, and unusual expenses such as contingency fees or litigation costs) do not exceed 1.25%, 1.25% and 0.60%, respectively. The agreement to waive fees and reimburse expenses may be terminated by the Fund’s Trustees at any time, but may not be terminated by Thornburg before February 1, 2027, unless Thornburg ceases to be the investment advisor of the Fund prior to that date. Thornburg may recoup amounts waived or reimbursed during the Fund’s fiscal year if actual expenses fall below the expense cap during that same fiscal year. Thornburg does not charge a management fee for its investment management services. You will, however, incur a management fee through the managed account of which the Fund is a part. Thornburg has contractually agreed to waive, pay or reimburse all expenses of the Fund, except for taxes, interest expense, acquired fund fees and expenses, brokerage commissions, borrowing costs, expenses relating to short sales, and unusual expenses such as contingency fees or litigation costs. The agreement to waive fees and reimburse expenses may be terminated by the Fund’s Trustees at any time, but may not be terminated by Thornburg before February 1, 2027, unless Thornburg ceases to be the investment advisor of the Fund prior to that date. Thornburg does not charge a management fee for its investment management services. You will, however, incur a management fee through the managed account of which the Fund is a part. Thornburg has contractually agreed to waive, pay or reimburse all expenses of the Fund, except for taxes, interest expense, acquired fund fees and expenses, brokerage commissions, borrowing costs, expenses relating to short sales, and unusual expenses such as contingency fees or litigation costs. The agreement to waive fees and reimburse expenses may be terminated by the Fund’s Trustees at any time, but may not be terminated by Thornburg before February 1, 2027, unless Thornburg ceases to be the investment advisor of the Fund prior to that date. Thornburg does not charge a management fee for its investment management services. You will, however, incur a management fee through the managed account of which the Fund is a part. Thornburg has contractually agreed to waive, pay or reimburse all expenses of the Fund, except for taxes, interest expense, acquired fund fees and expenses, brokerage commissions, borrowing costs, expenses relating to short sales, and unusual expenses such as contingency fees or litigation costs. The agreement to waive fees and reimburse expenses may be terminated by the Fund’s Trustees at any time, but may not be terminated by Thornburg before February 1, 2027, unless Thornburg ceases to be the investment advisor of the Fund prior to that date. Thornburg does not charge a management fee for its investment management services. You will, however, incur a management fee through the managed account of which the Fund is a part. Thornburg has contractually agreed to waive, pay or reimburse all expenses of the Fund, except for taxes, interest expense, acquired fund fees and expenses, brokerage commissions, borrowing costs, expenses relating to short sales, and unusual expenses such as contingency fees or litigation costs. The agreement to waive fees and reimburse expenses may be terminated by the Fund’s Trustees at any time, but may not be terminated by Thornburg before February 1, 2027, unless Thornburg ceases to be the investment advisor of the Fund prior to that date.