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"spanspan 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/spanspanis 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/spanspanis 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/spanspanhas 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/spanspanderives, 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"spanThe 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"spanThe 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"spanAmong 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"bBasic Value:/b/spanspan 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"bConsistent Earner:/b/spanspan 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"bEmerging Franchise:/b/spanspan 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"spanInclusion 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"spanThe 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