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"bBasic Value: Companies generally operating in mature or cyclical industries and which generally exhibit more economic sensitivity /bband/or/bb higher volatility in earnings and /bbcash 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"bConsistent Earner: Companies which generally exhibit predictable growth, profitability, cash flow /bband/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"bEmerging 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 /bbexisting 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/spanspan 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/spanspan 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/spanspan 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/spanspan 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/spanspan 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