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"spanThe 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"spanThe 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"spanThe 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"spanThornburg 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"bBasic 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"bConsistent 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"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 existing participants./b/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 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 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