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"spanspan 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/spanspanIt 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/spanspanIt 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/spanspanIt 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"spanWhile 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"spanThe 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"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"bGrowth 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"bConsistent 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"bEmerging 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"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"spanIn 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"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 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