SCHEDULE OF INVESTMENTS
| Thornburg Limited Term Income Fund | June 30, 2024 (Unaudited) |
| Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
| Preferred Stock — 0.4% | |||
| Financial Services — 0.4% | |||
| Capital Markets — 0.4% | |||
| a,b | Gabelli Dividend & Income Trust Series J, 4.50%, 3/26/2028 | 1,162 | $ 27,307,000 |
| 27,307,000 | |||
| Total Preferred Stock (Cost $29,019,196) | 27,307,000 | ||
| Asset Backed Securities — 12.4% | |||
| Auto Receivables — 2.2% | |||
| c | ACC Auto Trust, Series 2022-A Class A, 4.58% due 7/15/2026 | $ 707,379 | 706,599 |
| c | ACM Auto Trust, Series 2023-2A Class A, 7.97% due 6/20/2030 | 3,904,159 | 3,916,867 |
| Arivo Acceptance Auto Loan Receivables Trust, | |||
| c | Series 2021-1A Class A, 1.19% due 1/15/2027 | 235,902 | 234,809 |
| c | Series 2024-1A Class A, 6.46% due 4/17/2028 | 3,324,865 | 3,330,682 |
| c | Avid Automobile Receivables Trust, Series 2023-1 Class A, 6.63% due 7/15/2026 | 1,318,130 | 1,318,906 |
| BOF URSA VI Funding Trust I, | |||
| c | Series 2023-CAR1 Class B, 6.029% due 10/27/2031 | 2,320,124 | 2,313,877 |
| c | Series 2023-CAR2 Class A2, 5.542% due 10/27/2031 | 4,496,541 | 4,476,605 |
| c | Series 2023-CAR2 Class B, 6.029% due 10/27/2031 | 6,102,331 | 6,080,873 |
| c | BOF VII AL Funding Trust I, Series 2023-CAR3 Class A2, 6.291% due 7/26/2032 | 8,487,418 | 8,533,021 |
| Carvana Auto Receivables Trust, | |||
| c | Series 2023-N1 Class A, 6.36% due 4/12/2027 | 3,385,594 | 3,390,990 |
| c | Series 2023-N3 Class A, 6.41% due 9/10/2027 | 2,559,878 | 2,566,742 |
| c | Series 2023-N4 Class A, 6.42% due 1/10/2028 | 6,422,495 | 6,447,684 |
| c | CPS Auto Receivables Trust, Series 2020-B Class E, 7.38% due 6/15/2027 | 1,791,788 | 1,794,675 |
| c | FHF Issuer Trust, Series 2024-1A Class A1, 5.769% due 3/17/2025 | 1,750,015 | 1,749,502 |
| FHF Trust, | |||
| c | Series 2021-1A Class A, 1.27% due 3/15/2027 | 2,827,974 | 2,770,490 |
| c | Series 2021-2A Class A, 0.83% due 12/15/2026 | 2,216,223 | 2,170,922 |
| c | Series 2023-1A Class A2, 6.57% due 6/15/2028 | 3,301,937 | 3,310,458 |
| c | Flagship Credit Auto Trust, Series 2019-2 Class D, 3.53% due 5/15/2025 | 233,032 | 232,742 |
| c | GLS Auto Receivables Issuer Trust, Series 2021-4A Class C, 1.94% due 10/15/2027 | 2,403,963 | 2,365,683 |
| b,c | Kinetic Advantage Master Owner Trust, Series 2024-1A Class A, 7.983% (SOFR30A + 2.65%) due 11/15/2027 | 13,453,000 | 13,492,520 |
| Lendbuzz Securitization Trust, | |||
| c | Series 2021-1A Class A, 1.46% due 6/15/2026 | 4,109,314 | 4,009,851 |
| c | Series 2022-1A Class A, 4.22% due 5/17/2027 | 4,576,391 | 4,500,406 |
| c | Series 2023-2A Class A2, 7.09% due 10/16/2028 | 3,602,908 | 3,633,371 |
| Lobel Automobile Receivables Trust, | |||
| c | Series 2023-1 Class A, 6.97% due 7/15/2026 | 1,643,497 | 1,646,750 |
| c | Series 2023-2 Class A, 7.59% due 4/16/2029 | 2,584,240 | 2,606,126 |
| Research-Driven Pagaya Motor Asset Trust, | |||
| c | Series 2023-3A Class A, 7.13% due 1/26/2032 | 13,907,509 | 13,993,942 |
| c | Series 2023-4A Class A, 7.54% due 3/25/2032 | 8,155,339 | 8,239,185 |
| c | SAFCO Auto Receivables Trust, Series 2024-1A Class A, 6.51% due 3/20/2028 | 5,299,733 | 5,303,559 |
| Tricolor Auto Securitization Trust, | |||
| c | Series 2023-1A Class A, 6.48% due 8/17/2026 | 934,194 | 934,625 |
| c | Series 2024-2A Class A, 6.36% due 12/15/2027 | 8,388,769 | 8,392,470 |
| c | United Auto Credit Securitization Trust, Series 2024-1 Class A, 6.17% due 8/10/2026 | 3,256,609 | 3,257,992 |
| c | Veros Auto Receivables Trust, Series 2024-1 Class A, 6.28% due 11/15/2027 | 11,966,873 | 11,970,222 |
| 139,693,146 | |||
| Credit Card — 0.8% | |||
| c | Avant Credit Card Master Trust, Series 2021-1A Class A, 1.37% due 4/15/2027 | 11,900,000 | 11,648,339 |
| c | Brex Commercial Charge Card Master Trust, Series 2024-1 Class A1, 6.05% due 7/15/2027 | 8,627,000 | 8,616,839 |
| c | Continental Finance Credit Card ABS Master Trust, Series 2020-1A Class A, 2.24% due 12/15/2028 | 3,406,136 | 3,390,263 |
| Mercury Financial Credit Card Master Trust, | |||
| c | Series 2023-1A Class A, 8.04% due 9/20/2027 | 14,600,000 | 14,700,829 |
| c | Series 2024-2A Class A, 6.56% due 7/20/2029 | 9,800,000 | 9,820,350 |
| c | Mission Lane Credit Card Master Trust, Series 2023-B Class A, 7.69% due 11/15/2028 | 5,000,000 | 5,059,750 |
| 53,236,370 | |||
| Other Asset Backed — 6.4% | |||
| c | AFG ABS I LLC, Series 2023-1 Class A2, 6.30% due 9/16/2030 | 6,544,842 | 6,558,179 |
SCHEDULE OF INVESTMENTS, Continued
| Thornburg Limited Term Income Fund | June 30, 2024 (Unaudited) |
| Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
| c | AMCR ABS Trust, Series 2023-1A Class A, 7.66% due 1/21/2031 | $ 2,868,017 | $ 2,880,318 |
| c | Amur Equipment Finance Receivables X LLC, Series 2022-1A Class A2, 1.64% due 10/20/2027 | 10,120,781 | 9,925,609 |
| Aqua Finance Trust, | |||
| c | Series 2020-AA Class A, 1.90% due 7/17/2046 | 9,282,162 | 8,359,391 |
| c | Series 2020-AA Class C, 3.97% due 7/17/2046 | 6,300,000 | 5,722,854 |
| c | Series 2021-A Class A, 1.54% due 7/17/2046 | 8,733,891 | 7,862,440 |
| c | Auxilior Term Funding LLC, Series 2023-1A Class A2, 6.18% due 12/15/2028 | 3,000,000 | 3,012,546 |
| c | Avid Automobile Receivables Trust, Series 2024-1 Class A, 6.86% due 2/15/2030 | 7,500,000 | 7,503,320 |
| BHG Securitization Trust, | |||
| c | Series 2021-B Class A, 0.90% due 10/17/2034 | 2,401,274 | 2,360,757 |
| c | Series 2022-A Class A, 1.71% due 2/20/2035 | 7,552,189 | 7,461,765 |
| c,d | CFG Investments Ltd., Series 2023-1 Class A, 8.56% due 7/25/2034 | 5,000,000 | 5,018,949 |
| c | CFMT Issuer Trust, Series 2021-GRN1 Class A, 1.10% due 3/20/2041 | 2,178,971 | 2,088,339 |
| c | CP EF Asset Securitization I LLC, Series 2022-1A Class A, 5.96% due 4/15/2030 | 3,697,607 | 3,692,141 |
| Dext ABS LLC, | |||
| c | Series 2021-1 Class A, 1.12% due 2/15/2028 | 2,027,022 | 2,017,908 |
| c | Series 2023-2 Class A2, 6.56% due 5/15/2034 | 4,065,796 | 4,088,964 |
| c | Diamond Infrastructure Funding LLC, Series 2021-1A Class A, 1.76% due 4/15/2049 | 36,000,000 | 32,479,963 |
| c | Diamond Issuer LLC, Series 2021-1A Class A, 2.305% due 11/20/2051 | 27,894,000 | 25,151,760 |
| c,d | ECAF I Ltd., Series 2015-1A Class A2, 4.947% due 6/15/2040 | 2,700,670 | 1,782,442 |
| c | EverBright Solar Trust, Series 2024-A Class A, 6.43% due 6/22/2054 | 9,317,526 | 9,112,693 |
| c | ExteNet LLC, Series 2019-1A Class A2, 3.204% due 7/25/2049 | 9,855,000 | 9,833,416 |
| Foundation Finance Trust, | |||
| c | Series 2019-1A Class A, 3.86% due 11/15/2034 | 39,846 | 39,801 |
| c | Series 2019-1A Class B, 4.22% due 11/15/2034 | 2,175,000 | 2,131,650 |
| c | Series 2020-1A Class A, 3.54% due 7/16/2040 | 2,508,837 | 2,457,363 |
| c | Series 2020-1A Class B, 4.62% due 7/16/2040 | 3,000,000 | 2,883,300 |
| c | Series 2021-1A Class A, 1.27% due 5/15/2041 | 11,179,308 | 10,136,891 |
| c | Series 2021-2A Class A, 2.19% due 1/15/2042 | 7,694,326 | 7,078,790 |
| Goldman Home Improvement Trust Issuer Trust, | |||
| c | Series 2021-GRN2 Class A, 1.15% due 6/25/2051 | 6,477,207 | 6,087,581 |
| c | Series 2022-GRN1 Class A, 4.50% due 6/25/2052 | 3,470,294 | 3,383,923 |
| c | Goodgreen Trust, Series 2021-1A Class A, 2.66% due 10/15/2056 | 15,809,138 | 13,000,310 |
| GoodLeap Sustainable Home Solutions Trust, | |||
| c | Series 2021-3CS Class A, 2.10% due 5/20/2048 | 14,265,024 | 11,126,899 |
| c | Series 2021-4GS Class A, 1.93% due 7/20/2048 | 13,502,227 | 10,296,361 |
| c | Series 2021-5CS Class A, 2.31% due 10/20/2048 | 7,837,328 | 6,239,620 |
| b,c | Gracie Point International Funding LLC, Series 2023-2A Class A, 7.599% (SOFR90A + 2.25%) due 3/1/2027 | 5,701,545 | 5,718,341 |
| HERO Funding Trust, | |||
| c | Series 2015-1A Class A, 3.84% due 9/21/2040 | 2,031,206 | 1,875,762 |
| c | Series 2017-2A Class A1, 3.28% due 9/20/2048 | 420,230 | 366,562 |
| Hilton Grand Vacations Trust, | |||
| c | Series 2019-AA Class A, 2.34% due 7/25/2033 | 2,518,809 | 2,421,252 |
| c | Series 2020-AA Class A, 2.74% due 2/25/2039 | 528,839 | 502,830 |
| c | HIN Timeshare Trust, Series 2020-A Class A, 1.39% due 10/9/2039 | 2,691,061 | 2,446,325 |
| c | InStar Leasing III LLC, Series 2021-1A Class A, 2.30% due 2/15/2054 | 8,490,008 | 7,505,928 |
| c | LendingPoint Asset Securitization Trust, Series 2022-B Class A, 4.77% due 10/15/2029 | 1,491,607 | 1,486,341 |
| LendingPoint Pass-Through Trust, | |||
| c | Series 2022-ST1 Class A, 2.50% due 3/15/2028 | 1,177,877 | 1,150,498 |
| c | Series 2022-ST3 Class A, 4.00% due 5/15/2028 | 2,732,705 | 2,689,938 |
| c | Loanpal Solar Loan Ltd., Series 2021-1GS Class A, 2.29% due 1/20/2048 | 14,852,952 | 11,574,841 |
| c | Marlette Funding Trust, Series 2022-3A Class A, 5.18% due 11/15/2032 | 21,575 | 21,568 |
| c | Momnt Technologies Trust, Series 2023-1A Class A, 6.92% due 3/20/2045 | 4,194,712 | 4,228,355 |
| Mosaic Solar Loan Trust, | |||
| c | Series 2019-1A Class A, 4.37% due 12/21/2043 | 953,727 | 896,697 |
| c | Series 2020-1A Class A, 2.10% due 4/20/2046 | 3,151,828 | 2,695,846 |
| c | Oportun Funding XIV LLC, Series 2021-A Class A, 1.21% due 3/8/2028 | 1,694,399 | 1,645,468 |
| Oportun Issuance Trust, | |||
| c | Series 2021-C Class A, 2.18% due 10/8/2031 | 7,500,000 | 7,078,529 |
| c | Series 2022-A Class A, 5.05% due 6/9/2031 | 22,026,000 | 21,865,625 |
| c | Pagaya AI Debt Selection Trust, Series 2021-HG1 Class A, 1.22% due 1/16/2029 | 1,732,352 | 1,695,976 |
| Pagaya AI Debt Trust, | |||
| c | Series 2022-1 Class A, 2.03% due 10/15/2029 | 2,427,351 | 2,414,638 |
| c | Series 2022-2 Class A, 4.97% due 1/15/2030 | 1,834,118 | 1,827,663 |
| c | Series 2023-1 Class A, 7.556% due 7/15/2030 | 2,206,366 | 2,211,872 |
SCHEDULE OF INVESTMENTS, Continued
| Thornburg Limited Term Income Fund | June 30, 2024 (Unaudited) |
| Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
| b,c | Series 2023-5 Class AB, 7.351% due 4/15/2031 | $ 2,514,605 | $ 2,523,454 |
| c | Series 2024-1 Class A, 6.66% due 7/15/2031 | 2,169,418 | 2,179,238 |
| c | Pawnee Equipment Receivables LLC, Series 2021-1 Class A2, 1.10% due 7/15/2027 | 1,082,242 | 1,072,055 |
| c | PowerPay Issuance Trust, Series 2024-1A Class A, 6.53% due 2/18/2039 | 6,076,569 | 6,036,826 |
| Prosper Marketplace Issuance Trust, | |||
| c | Series 2023-1A Class A, 7.06% due 7/16/2029 | 1,102,057 | 1,105,928 |
| c | Series 2024-1A Class A, 6.12% due 8/15/2029 | 5,584,090 | 5,586,974 |
| c | Reach Financial LLC, Series 2023-1A Class A, 7.05% due 2/18/2031 | 918,787 | 922,152 |
| b,c | SBA Tower Trust, Series 2014-2A Class C, 3.869% due 10/15/2049 | 4,610,000 | 4,580,186 |
| c | SCF Equipment Leasing LLC, Series 2019-2A Class C, 3.11% due 6/21/2027 | 530,845 | 529,968 |
| c | Service Experts Issuer LLC, Series 2021-1A Class A, 2.67% due 2/2/2032 | 11,535,622 | 10,971,408 |
| c | SpringCastle America Funding LLC, Series 2020-AA Class A, 1.97% due 9/25/2037 | 13,913,792 | 12,736,488 |
| c | SPS Servicer Advance Receivables Trust, Series 2020-T2 Class A, 1.83% due 11/15/2055 | 12,915,000 | 12,198,245 |
| c | Sunnova Hestia II Issuer LLC, Series 2024-GRID1 Class 1A, 5.63% due 7/20/2051 | 9,675,000 | 9,741,467 |
| Upstart Pass-Through Trust, | |||
| c | Series 2020-ST2 Class A, 3.50% due 3/20/2028 | 22,752 | 22,613 |
| c | Series 2020-ST3 Class A, 3.35% due 4/20/2028 | 156,852 | 156,079 |
| c | Series 2021-ST4 Class A, 2.00% due 7/20/2027 | 758,015 | 733,935 |
| c | Series 2021-ST5 Class A, 2.00% due 7/20/2027 | 724,174 | 702,955 |
| c | Series 2021-ST6 Class A, 1.85% due 8/20/2027 | 853,461 | 842,094 |
| c | Series 2021-ST8 Class A, 1.75% due 10/20/2029 | 825,509 | 819,471 |
| Upstart Securitization Trust, | |||
| c | Series 2023-1 Class A, 6.59% due 2/20/2033 | 899,538 | 900,135 |
| c | Series 2023-3 Class A, 6.90% due 10/20/2033 | 3,297,531 | 3,314,384 |
| Upstart Structured Pass-Through Trust, | |||
| c | Series 2022-1A Class A, 3.40% due 4/15/2030 | 9,816,796 | 9,659,314 |
| c | Series 2022-4A Class A, 7.01% due 11/15/2030 | 1,726,683 | 1,729,195 |
| 405,161,662 | |||
| Student Loan — 3.0% | |||
| c | Ascent Education Funding Trust, Series 2024-A Class A, 6.14% due 10/25/2050 | 9,775,751 | 9,798,827 |
| College Avenue Student Loans LLC, | |||
| b,c | Series 2021-A Class A1, 6.56% (TSFR1M + 1.21%) due 7/25/2051 | 7,026,061 | 7,013,649 |
| c | Series 2021-A Class A2, 1.60% due 7/25/2051 | 1,624,791 | 1,426,953 |
| b,c | Series 2021-C Class A1, 6.36% (TSFR1M + 1.01%) due 7/26/2055 | 11,667,944 | 11,484,414 |
| Commonbond Student Loan Trust, | |||
| c | Series 18-CGS Class A1, 3.87% due 2/25/2046 | 1,374,529 | 1,294,132 |
| c | Series 2020-1 Class A, 1.69% due 10/25/2051 | 9,572,761 | 8,444,868 |
| c | Series 2021-AGS Class A, 1.20% due 3/25/2052 | 7,928,225 | 6,495,751 |
| c | Series 2021-BGS Class A, 1.17% due 9/25/2051 | 9,112,904 | 7,573,602 |
| c | MPOWER Education Trust, Series 2024-A Class A, 6.78% due 7/22/2041 | 10,127,498 | 10,221,170 |
| Navient Private Education Refi Loan Trust, | |||
| b,c | Series 2019-D Class A2B, 6.493% (TSFR1M + 1.16%) due 12/15/2059 | 6,545,376 | 6,542,790 |
| c | Series 2021-A Class A, 0.84% due 5/15/2069 | 2,517,225 | 2,222,539 |
| c | Series 2022-BA Class A, 4.16% due 10/15/2070 | 18,481,209 | 17,679,789 |
| Navient Student Loan Trust, | |||
| b | Series 2014-1 Class A3, 5.96% (SOFR30A + 0.62%) due 6/25/2031 | 3,323,904 | 3,253,083 |
| b,c | Series 2019-BA Class A2B, 6.423% (TSFR1M + 1.09%) due 12/15/2059 | 926,581 | 925,310 |
| Nelnet Student Loan Trust, | |||
| b,c | Series 2013-1A Class A, 6.05% (SOFR30A + 0.71%) due 6/25/2041 | 2,046,227 | 2,019,755 |
| b,c | Series 2015-2A Class A2, 6.05% (SOFR30A + 0.71%) due 9/25/2042 | 15,794,115 | 15,492,159 |
| b,c | Series 2015-3A Class A2, 6.05% (SOFR30A + 0.71%) due 2/27/2051 | 782,802 | 780,712 |
| b,c | Series 2021-CA Class AFL, 6.193% (TSFR1M + 0.85%) due 4/20/2062 | 9,229,144 | 9,145,367 |
| b,c | Series 2021-DA Class AFL, 6.143% (TSFR1M + 0.80%) due 4/20/2062 | 13,280,818 | 13,153,289 |
| b,c,d | Prodigy Finance DAC, Series 2021-1A Class A, 6.71% (TSFR1M + 1.36%) due 7/25/2051 | 1,399,477 | 1,402,090 |
| SLM Student Loan Trust, | |||
| b | Series 2011-2 Class A2, 6.65% (SOFR30A + 1.31%) due 10/25/2034 | 6,341,940 | 6,376,560 |
| b | Series 2013-6 Class A3, 6.10% (SOFR30A + 0.76%) due 6/26/2028 | 19,660,369 | 19,354,011 |
| SMB Private Education Loan Trust, | |||
| b,c | Series 2017-B Class A2B, 6.193% (TSFR1M + 0.86%) due 10/15/2035 | 461,327 | 459,697 |
| b,c | Series 2021-D Class A1B, 6.043% (TSFR1M + 0.71%) due 3/17/2053 | 5,561,748 | 5,505,514 |
| b,c | Series 2021-E Class A1B, 6.073% (TSFR1M + 0.74%) due 2/15/2051 | 16,105,374 | 15,947,851 |
| b,c | Towd Point Asset Trust, Series 2021-SL1 Class A2, 6.153% (TSFR1M + 0.81%) due 11/20/2061 | 3,987,491 | 3,974,297 |
| 187,988,179 | |||
| Total Asset Backed Securities (Cost $820,680,166) | 786,079,357 |
SCHEDULE OF INVESTMENTS, Continued
| Thornburg Limited Term Income Fund | June 30, 2024 (Unaudited) |
| Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
| Corporate Bonds — 33.4% | |||
| Automobiles & Components — 1.0% | |||
| Automobile Components — 0.1% | |||
| d | Aptiv plc/Aptiv Corp., 2.396% due 2/18/2025 | $ 5,434,000 | $ 5,321,679 |
| Automobiles — 0.9% | |||
| b | American Honda Finance Corp., 6.069% (SOFRINDX + 0.70%) due 11/22/2024 | 22,550,000 | 22,586,531 |
| b,c | Daimler Truck Finance North America LLC, 6.121% (SOFR + 0.75%) due 12/13/2024 | 10,414,000 | 10,433,370 |
| Hyundai Capital America, | |||
| c | 1.00% due 9/17/2024 | 9,584,000 | 9,484,902 |
| c | 1.80% due 10/15/2025 | 3,353,000 | 3,194,705 |
| c | 3.00% due 2/10/2027 | 1,455,000 | 1,371,221 |
| c | 5.30% due 3/19/2027 | 2,000,000 | 1,995,360 |
| c | 5.45% due 6/24/2026 | 4,100,000 | 4,094,219 |
| c,d | Kia Corp., 2.375% due 2/14/2025 | 4,800,000 | 4,704,000 |
| 63,185,987 | |||
| Banks — 1.2% | |||
| Banks — 1.2% | |||
| b,c,d | DNB Bank ASA, 5.896% (SOFRINDX + 1.95%) due 10/9/2026 | 7,500,000 | 7,524,075 |
| FNB Corp., 5.15% due 8/25/2025 | 5,748,000 | 5,652,526 | |
| KeyBank NA, 5.00% due 1/26/2033 | 12,100,000 | 11,153,780 | |
| b,c,d | NBK SPC Ltd., 1.625% (SOFR + 1.05%) due 9/15/2027 | 13,033,000 | 11,980,325 |
| Santander Holdings USA, Inc., | |||
| 3.244% due 10/5/2026 | 4,023,000 | 3,812,476 | |
| 3.45% due 6/2/2025 | 4,453,000 | 4,355,791 | |
| c,d | Sumitomo Mitsui Trust Bank Ltd., 5.65% due 3/9/2026 | 3,800,000 | 3,820,064 |
| Synchrony Bank, 5.40% due 8/22/2025 | 7,250,000 | 7,194,900 | |
| b | U.S. Bancorp, 5.775% (SOFR + 2.02%) due 6/12/2029 | 5,381,000 | 5,463,168 |
| Wells Fargo & Co., | |||
| b | 3.908% (SOFR + 1.32%) due 4/25/2026 | 8,792,000 | 8,659,856 |
| b | 4.808% (SOFR + 1.98%) due 7/25/2028 | 3,448,000 | 3,397,969 |
| 73,014,930 | |||
| Capital Goods — 0.1% | |||
| Machinery — 0.1% | |||
| Regal Rexnord Corp., 6.05% due 2/15/2026 | 4,906,000 | 4,927,586 | |
| 4,927,586 | |||
| Commercial & Professional Services — 0.6% | |||
| Commercial Services & Supplies — 0.6% | |||
| Element Fleet Management Corp., | |||
| c,d | 5.643% due 3/13/2027 | 4,400,000 | 4,409,988 |
| c,d | 6.271% due 6/26/2026 | 11,400,000 | 11,522,778 |
| c,d | 6.319% due 12/4/2028 | 3,422,000 | 3,537,664 |
| Quanta Services, Inc., 0.95% due 10/1/2024 | 5,296,000 | 5,229,323 | |
| c | UL Solutions, Inc., 6.50% due 10/20/2028 | 12,800,000 | 13,319,296 |
| 38,019,049 | |||
| Consumer Durables & Apparel — 0.0% | |||
| Household Durables — 0.0% | |||
| c,d | Panasonic Holdings Corp., 2.679% due 7/19/2024 | 2,000,000 | 1,996,780 |
| 1,996,780 | |||
| Consumer Services — 0.2% | |||
| Hotels, Restaurants & Leisure — 0.2% | |||
| Warnermedia Holdings, Inc., 6.412% due 3/15/2026 | 10,000,000 | 9,997,800 | |
| 9,997,800 | |||
| Energy — 1.5% | |||
| Oil, Gas & Consumable Fuels — 1.5% | |||
| c | Colorado Interstate Gas Co. LLC/Colorado Interstate Issuing Corp., 4.15% due 8/15/2026 | 9,092,000 | 8,831,787 |
| c | El Paso Natural Gas Co. LLC, 3.50% due 2/15/2032 | 4,068,000 | 3,453,244 |
| c | Florida Gas Transmission Co. LLC, 2.30% due 10/1/2031 | 2,934,000 | 2,378,359 |
SCHEDULE OF INVESTMENTS, Continued
| Thornburg Limited Term Income Fund | June 30, 2024 (Unaudited) |
| Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
| Galaxy Pipeline Assets Bidco Ltd., | |||
| c,d | 1.75% due 9/30/2027 | $ 23,309,442 | $ 21,872,881 |
| c,d | 2.16% due 3/31/2034 | 8,136,416 | 6,972,746 |
| c,d,e,f | Gazprom PJSC via Gaz Finance plc, 3.50% due 7/14/2031 | 32,475,000 | 17,155,243 |
| c | Gray Oak Pipeline LLC, 3.45% due 10/15/2027 | 12,955,000 | 12,177,570 |
| c | Midwest Connector Capital Co. LLC, 4.625% due 4/1/2029 | 13,090,000 | 12,708,165 |
| c,d | TMS Issuer SARL, 5.78% due 8/23/2032 | 10,700,000 | 10,874,196 |
| 96,424,191 | |||
| Equity Real Estate Investment Trusts (REITs) — 1.4% | |||
| Diversified REITs — 1.4% | |||
| American Tower Corp., 2.40% due 3/15/2025 | 12,850,000 | 12,545,712 | |
| c | American Tower Trust #1, 3.652% due 3/15/2048 | 6,065,000 | 5,700,113 |
| Crown Castle, Inc., 2.90% due 3/15/2027 | 2,750,000 | 2,581,315 | |
| Realty Income Corp., 5.05% due 1/13/2026 | 6,146,000 | 6,112,504 | |
| SBA Tower Trust, | |||
| c | 1.631% due 5/15/2051 | 26,000,000 | 23,615,603 |
| c | 1.84% due 4/15/2027 | 8,140,000 | 7,321,319 |
| c | 2.836% due 1/15/2050 | 12,661,000 | 12,438,624 |
| c | 6.599% due 11/15/2052 | 7,950,000 | 8,113,524 |
| Vornado Realty LP, | |||
| 2.15% due 6/1/2026 | 7,000,000 | 6,467,020 | |
| 3.40% due 6/1/2031 | 2,916,000 | 2,312,971 | |
| 87,208,705 | |||
| Financial Services — 6.5% | |||
| Capital Markets — 2.0% | |||
| c,d | Abu Dhabi Developmental Holding Co. PJSC, 5.375% due 5/8/2029 | 15,500,000 | 15,725,525 |
| Ares Capital Corp., 3.25% due 7/15/2025 | 9,335,000 | 9,077,354 | |
| Blue Owl Credit Income Corp., 3.125% due 9/23/2026 | 19,056,000 | 17,669,867 | |
| Blue Owl Technology Finance Corp., | |||
| c | 3.75% due 6/17/2026 | 12,276,000 | 11,446,633 |
| c | 4.75% due 12/15/2025 | 28,439,000 | 27,520,136 |
| Hercules Capital, Inc., | |||
| 2.625% due 9/16/2026 | 14,120,000 | 12,934,767 | |
| 3.375% due 1/20/2027 | 7,458,000 | 6,910,061 | |
| Main Street Capital Corp., 3.00% due 7/14/2026 | 8,163,000 | 7,646,282 | |
| Sixth Street Specialty Lending, Inc., 3.875% due 11/1/2024 | 21,673,000 | 21,481,194 | |
| Financial Services — 4.5% | |||
| Antares Holdings LP, | |||
| c | 2.75% due 1/15/2027 | 7,360,000 | 6,680,672 |
| c | 3.95% due 7/15/2026 | 14,391,000 | 13,603,668 |
| d | Banco Santander SA, 5.147% due 8/18/2025 | 10,000,000 | 9,925,500 |
| Bank of America Corp., | |||
| b | 1.319% (SOFR + 1.15%) due 6/19/2026 | 6,665,000 | 6,389,802 |
| b | 4.948% (SOFR + 2.04%) due 7/22/2028 | 6,007,000 | 5,957,803 |
| BNP Paribas SA, | |||
| b,c,d | 2.219% (SOFR + 2.07%) due 6/9/2026 | 3,500,000 | 3,383,975 |
| b,c,d | 2.591% (SOFR + 1.23%) due 1/20/2028 | 3,650,000 | 3,391,252 |
| b,c,d | 2.819% (TSFR3M + 1.37%) due 11/19/2025 | 4,775,000 | 4,716,984 |
| b | Charles Schwab Corp., 6.421% (SOFRINDX + 1.05%) due 3/3/2027 | 18,833,000 | 18,985,736 |
| Citigroup, Inc., | |||
| b | 1.122% (SOFR + 0.77%) due 1/28/2027 | 1,332,000 | 1,242,756 |
| b | 1.462% (SOFR + 0.77%) due 6/9/2027 | 7,328,000 | 6,793,349 |
| b | 3.106% (SOFR + 2.84%) due 4/8/2026 | 4,265,000 | 4,178,506 |
| 3.40% due 5/1/2026 | 2,425,000 | 2,341,701 | |
| b,d | Deutsche Bank AG, 2.552% (SOFR + 1.32%) due 1/7/2028 | 4,940,000 | 4,566,091 |
| Goldman Sachs Group, Inc., | |||
| b | 5.855% (SOFR + 0.50%) due 7/16/2024 | 14,450,000 | 14,426,735 |
| b | 5.871% (SOFR + 0.50%) due 9/10/2024 | 6,506,000 | 6,507,041 |
| b | 6.191% (SOFR + 0.82%) due 9/10/2027 | 10,881,000 | 10,869,357 |
| HSBC Holdings plc, | |||
| b,d | 1.645% (SOFR + 1.54%) due 4/18/2026 | 3,025,000 | 2,927,625 |
| b,d | 4.041% (TSFR3M + 1.81%) due 3/13/2028 | 6,100,000 | 5,877,106 |
| b,d | 4.18% (SOFR + 1.51%) due 12/9/2025 | 5,400,000 | 5,358,528 |
SCHEDULE OF INVESTMENTS, Continued
| Thornburg Limited Term Income Fund | June 30, 2024 (Unaudited) |
| Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
| b,d | 4.583% (TSFR3M + 1.80%) due 6/19/2029 | $ 3,000,000 | $ 2,899,650 |
| b,d | 4.755% (SOFR + 2.11%) due 6/9/2028 | 3,430,000 | 3,373,851 |
| b,d | 5.887% (SOFR + 1.57%) due 8/14/2027 | 6,500,000 | 6,545,240 |
| JPMorgan Chase & Co., | |||
| b | 1.04% (TSFR3M + 0.70%) due 2/4/2027 | 4,690,000 | 4,370,001 |
| b | 3.54% (TSFR3M + 1.64%) due 5/1/2028 | 3,040,000 | 2,901,042 |
| b | 4.08% (SOFR + 1.32%) due 4/26/2026 | 5,500,000 | 5,426,960 |
| b | 6.289% (SOFR + 0.92%) due 2/24/2026 | 10,418,000 | 10,449,671 |
| Mitsubishi UFJ Financial Group, Inc., | |||
| b,d | 0.953% (H15T1Y + 0.55%) due 7/19/2025 | 21,875,000 | 21,820,312 |
| b,d | 4.788% (H15T1Y + 1.70%) due 7/18/2025 | 4,550,000 | 4,547,407 |
| b,d | 5.017% (H15T1Y + 1.95%) due 7/20/2028 | 6,785,000 | 6,738,930 |
| Morgan Stanley, | |||
| b | 5.869% (SOFR + 0.51%) due 1/22/2025 | 11,785,000 | 11,792,778 |
| b | Series I, 0.864% (SOFR + 0.75%) due 10/21/2025 | 6,165,000 | 6,070,121 |
| b,d | NatWest Group plc, 1.642% (H15T1Y + 0.90%) due 6/14/2027 | 3,000,000 | 2,777,820 |
| Societe Generale SA, | |||
| b,c,d | 1.792% (H15T1Y + 1.00%) due 6/9/2027 | 4,933,000 | 4,548,029 |
| c,d | 2.625% due 1/22/2025 | 4,000,000 | 3,921,400 |
| b,c,d | 6.408% (SOFR + 1.05%) due 1/21/2026 | 6,400,000 | 6,403,520 |
| d | Sumitomo Mitsui Financial Group, Inc., 1.402% due 9/17/2026 | 11,650,000 | 10,697,146 |
| b,c,d | UBS AG, 5.814% (SOFR + 0.45%) due 8/9/2024 | 2,800,000 | 2,800,168 |
| UBS Group AG, | |||
| b,c,d | 1.494% (H15T1Y + 0.85%) due 8/10/2027 | 7,121,000 | 6,532,236 |
| b,c,d | 2.593% (SOFR + 1.56%) due 9/11/2025 | 6,533,000 | 6,490,666 |
| b,c,d | 4.49% (H15T1Y + 1.60%) due 8/5/2025 | 3,267,000 | 3,261,903 |
| b,c,d | 6.373% (SOFR + 3.34%) due 7/15/2026 | 4,300,000 | 4,321,758 |
| Western Union Co., 2.85% due 1/10/2025 | 7,256,000 | 7,133,519 | |
| 414,360,134 | |||
| Food, Beverage & Tobacco — 0.8% | |||
| Beverages — 0.5% | |||
| c,d | Becle SAB de CV, 2.50% due 10/14/2031 | 28,038,000 | 22,154,226 |
| Constellation Brands, Inc., 5.00% due 2/2/2026 | 2,750,000 | 2,742,987 | |
| Huntington Ingalls Industries, Inc., 3.483% due 12/1/2027 | 2,640,000 | 2,485,217 | |
| Tobacco — 0.3% | |||
| BAT Capital Corp., 3.215% due 9/6/2026 | 4,632,000 | 4,420,874 | |
| c,d,g | Imperial Brands Finance plc, 5.50% due 2/1/2030 | 16,500,000 | 16,343,250 |
| 48,146,554 | |||
| Health Care Equipment & Services — 0.9% | |||
| Health Care Equipment & Supplies — 0.2% | |||
| c,d | Olympus Corp., 2.143% due 12/8/2026 | 14,061,000 | 13,009,940 |
| Health Care Providers & Services — 0.7% | |||
| Centene Corp., 4.625% due 12/15/2029 | 4,906,000 | 4,637,250 | |
| c | Highmark, Inc., 1.45% due 5/10/2026 | 20,542,000 | 18,919,798 |
| Humana, Inc., 5.70% due 3/13/2026 | 14,746,000 | 14,726,830 | |
| Laboratory Corp. of America Holdings, 1.55% due 6/1/2026 | 4,855,000 | 4,509,955 | |
| 55,803,773 | |||
| Industrials — 0.0% | |||
| Transportation Infrastructure — 0.0% | |||
| c | Penske Truck Leasing Co. LP/PTL Finance Corp., 5.75% due 5/24/2026 | 2,480,000 | 2,487,440 |
| 2,487,440 | |||
| Insurance — 7.0% | |||
| Insurance — 7.0% | |||
| c | American National Group LLC, 6.144% due 6/13/2032 | 25,662,000 | 24,591,895 |
| c,d | Ascot Group Ltd., 4.25% due 12/15/2030 | 12,308,000 | 10,246,041 |
| c | Belrose Funding Trust, 2.33% due 8/15/2030 | 9,685,000 | 7,891,532 |
| Brighthouse Financial Global Funding, | |||
| c | 1.55% due 5/24/2026 | 7,538,000 | 6,970,766 |
| c | 2.00% due 6/28/2028 | 10,733,000 | 9,340,608 |
| Brown & Brown, Inc., 5.65% due 6/11/2034 | 9,676,000 | 9,617,557 |
SCHEDULE OF INVESTMENTS, Continued
| Thornburg Limited Term Income Fund | June 30, 2024 (Unaudited) |
| Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
| CNO Global Funding, | |||
| c | 1.65% due 1/6/2025 | $ 5,359,000 | $ 5,236,332 |
| c | 1.75% due 10/7/2026 | 9,414,000 | 8,617,670 |
| c,d | DaVinciRe Holdings Ltd., 4.75% due 5/1/2025 | 11,510,000 | 11,391,907 |
| d | Enstar Group Ltd., 3.10% due 9/1/2031 | 10,476,000 | 8,653,595 |
| Equitable Financial Life Global Funding, | |||
| c | 1.00% due 1/9/2026 | 8,665,000 | 8,093,890 |
| c | 1.40% due 7/7/2025 - 8/27/2027 | 16,048,000 | 15,051,695 |
| c | 1.80% due 3/8/2028 | 6,800,000 | 6,013,648 |
| F&G Global Funding, | |||
| c | 1.75% due 6/30/2026 | 16,912,000 | 15,555,488 |
| c | 2.00% due 9/20/2028 | 6,795,000 | 5,815,976 |
| c | 2.30% due 4/11/2027 | 11,752,000 | 10,640,026 |
| d | Fairfax Financial Holdings Ltd., 5.625% due 8/16/2032 | 2,321,000 | 2,293,218 |
| c,d | Fidelis Insurance Holdings Ltd., 4.875% due 6/30/2030 | 17,531,000 | 16,828,182 |
| Fidelity National Financial, Inc., | |||
| 2.45% due 3/15/2031 | 8,797,000 | 7,176,065 | |
| 4.50% due 8/15/2028 | 3,720,000 | 3,605,610 | |
| First American Financial Corp., | |||
| 2.40% due 8/15/2031 | 2,261,000 | 1,803,554 | |
| 4.00% due 5/15/2030 | 4,316,000 | 3,883,019 | |
| GA Global Funding Trust, | |||
| c | 1.625% due 1/15/2026 | 1,940,000 | 1,822,708 |
| c | 2.25% due 1/6/2027 | 6,479,000 | 5,987,244 |
| c | 3.85% due 4/11/2025 | 11,960,000 | 11,768,999 |
| b,c | 5.872% (SOFR + 0.50%) due 9/13/2024 | 6,888,000 | 6,886,485 |
| c | Global Atlantic Fin Co., 4.40% due 10/15/2029 | 13,200,000 | 12,286,956 |
| Horace Mann Educators Corp., | |||
| 4.50% due 12/1/2025 | 6,533,000 | 6,386,922 | |
| 7.25% due 9/15/2028 | 2,952,000 | 3,130,655 | |
| Jackson National Life Global Funding, | |||
| c | 5.25% due 4/12/2028 | 8,153,000 | 8,003,229 |
| c | 5.50% due 1/9/2026 | 12,660,000 | 12,604,296 |
| Mercury General Corp., 4.40% due 3/15/2027 | 2,901,000 | 2,798,798 | |
| Mutual of Omaha Cos Global Funding, | |||
| c | 5.35% due 4/9/2027 | 13,420,000 | 13,420,805 |
| c | 5.45% due 12/12/2028 | 7,740,000 | 7,780,790 |
| b,c | Nationwide Mutual Insurance Co., 7.891% (SOFR + 2.55%) due 12/15/2024 | 16,096,000 | 16,132,538 |
| b,c | New York Life Global Funding, 5.851% (SOFR + 0.48%) due 6/9/2026 | 22,760,000 | 22,758,179 |
| Pacific Life Global Funding II, | |||
| b,c | 5.991% (SOFR + 0.62%) due 6/4/2026 | 10,530,000 | 10,528,105 |
| b,c | 6.176% (SOFRINDX + 0.80%) due 3/30/2025 | 653,000 | 654,933 |
| c | Protective Life Corp., 3.40% due 1/15/2030 | 16,787,000 | 14,997,170 |
| c | Protective Life Global Funding, 1.17% due 7/15/2025 | 4,000,000 | 3,827,080 |
| Reliance Standard Life Global Funding II, | |||
| c | 1.512% due 9/28/2026 | 10,762,000 | 9,739,825 |
| c | 5.243% due 2/2/2026 | 17,412,000 | 17,228,303 |
| RGA Global Funding, | |||
| c | 2.70% due 1/18/2029 | 8,508,000 | 7,641,375 |
| c | 5.448% due 5/24/2029 | 6,000,000 | 6,013,740 |
| c | 5.50% due 1/11/2031 | 4,148,000 | 4,141,322 |
| c | Sammons Financial Group, Inc., 4.45% due 5/12/2027 | 7,950,000 | 7,685,981 |
| Stewart Information Services Corp., 3.60% due 11/15/2031 | 22,401,000 | 18,527,643 | |
| Willis North America, Inc., 4.65% due 6/15/2027 | 7,831,000 | 7,697,716 | |
| 439,770,071 | |||
| Materials — 1.2% | |||
| Chemicals — 0.1% | |||
| c,d | LG Chem Ltd., 4.375% due 7/14/2025 | 5,000,000 | 4,933,900 |
| d,e,f | Phosagro OAO Via Phosagro Bond Funding DAC, 3.05% due 1/23/2025 | 2,525,000 | 2,090,725 |
| Containers & Packaging — 0.6% | |||
| d | Amcor Group Finance plc, 5.45% due 5/23/2029 | 12,281,000 | 12,326,194 |
| c | Graphic Packaging International LLC, 1.512% due 4/15/2026 | 6,873,000 | 6,356,013 |
| c | Silgan Holdings, Inc., 1.40% due 4/1/2026 | 14,004,000 | 12,975,826 |
| Sonoco Products Co., 1.80% due 2/1/2025 | 8,725,000 | 8,517,345 |
SCHEDULE OF INVESTMENTS, Continued
| Thornburg Limited Term Income Fund | June 30, 2024 (Unaudited) |
| Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
| Metals & Mining — 0.5% | |||
| d | AngloGold Ashanti Holdings plc, 3.375% due 11/1/2028 | $ 19,785,000 | $ 17,750,113 |
| c,d,e,f | Metalloinvest Finance DAC, 3.375% due 10/22/2028 | 12,700,000 | 7,661,656 |
| c,d | POSCO, 5.625% due 1/17/2026 | 4,700,000 | 4,706,956 |
| 77,318,728 | |||
| Media & Entertainment — 0.2% | |||
| Media — 0.2% | |||
| Charter Communications Operating LLC/Charter Communications Operating Capital, 6.65% due 2/1/2034 | 14,750,000 | 14,901,778 | |
| 14,901,778 | |||
| Pharmaceuticals, Biotechnology & Life Sciences — 0.5% | |||
| Biotechnology — 0.2% | |||
| Amgen, Inc., 5.507% due 3/2/2026 | 7,240,000 | 7,239,783 | |
| Bio-Rad Laboratories, Inc., 3.30% due 3/15/2027 | 2,320,000 | 2,196,947 | |
| Illumina, Inc., 5.80% due 12/12/2025 | 5,600,000 | 5,605,656 | |
| Pharmaceuticals — 0.3% | |||
| c | Bayer U.S. Finance II LLC, 4.25% due 12/15/2025 | 1,750,000 | 1,712,463 |
| Cigna Group, 5.685% due 3/15/2026 | 11,172,000 | 11,162,057 | |
| Viatris, Inc., 2.30% due 6/22/2027 | 4,935,000 | 4,506,987 | |
| 32,423,893 | |||
| Semiconductors & Semiconductor Equipment — 1.1% | |||
| Semiconductors & Semiconductor Equipment — 1.1% | |||
| Microchip Technology, Inc., 4.25% due 9/1/2025 | 10,634,000 | 10,468,428 | |
| Qorvo, Inc., | |||
| 1.75% due 12/15/2024 | 9,528,000 | 9,341,061 | |
| c | 3.375% due 4/1/2031 | 14,210,000 | 12,174,133 |
| c,d | Renesas Electronics Corp., 1.543% due 11/26/2024 | 23,271,000 | 22,843,512 |
| SK Hynix, Inc., | |||
| c,d | 1.50% due 1/19/2026 | 10,200,000 | 9,580,962 |
| c,d | 6.25% due 1/17/2026 | 3,000,000 | 3,027,060 |
| Skyworks Solutions, Inc., 1.80% due 6/1/2026 | 3,574,000 | 3,322,891 | |
| 70,758,047 | |||
| Software & Services — 1.7% | |||
| Information Technology Services — 0.9% | |||
| Block Financial LLC, 2.50% due 7/15/2028 | 10,392,000 | 9,314,454 | |
| DXC Technology Co., 2.375% due 9/15/2028 | 18,253,000 | 15,913,331 | |
| d | Genpact Luxembourg SARL, 3.375% due 12/1/2024 | 5,100,000 | 5,037,270 |
| d | Genpact Luxembourg SARL/Genpact USA, Inc., 1.75% due 4/10/2026 | 5,335,000 | 4,975,634 |
| Global Payments, Inc., | |||
| 1.20% due 3/1/2026 | 3,534,000 | 3,289,977 | |
| 1.50% due 11/15/2024 | 2,044,000 | 2,012,359 | |
| Kyndryl Holdings, Inc., | |||
| 2.05% due 10/15/2026 | 7,614,000 | 7,019,727 | |
| 2.70% due 10/15/2028 | 2,337,000 | 2,076,915 | |
| c | Wipro IT Services LLC, 1.50% due 6/23/2026 | 10,647,000 | 9,884,036 |
| Internet Software & Services — 0.4% | |||
| Prosus NV, | |||
| c,d | 3.061% due 7/13/2031 | 7,816,000 | 6,463,285 |
| c,d | 3.257% due 1/19/2027 | 6,400,000 | 5,980,288 |
| c,d | 4.193% due 1/19/2032 | 13,254,000 | 11,670,677 |
| Software — 0.4% | |||
| c | Infor, Inc., 1.75% due 7/15/2025 | 12,382,000 | 11,863,318 |
| c,d | Open Text Corp., 6.90% due 12/1/2027 | 9,723,000 | 10,033,747 |
| VMware LLC, 4.50% due 5/15/2025 | 4,543,000 | 4,498,797 | |
| 110,033,815 | |||
| Technology Hardware & Equipment — 1.1% | |||
| Electronic Equipment, Instruments & Components — 0.9% | |||
| Avnet, Inc., 6.25% due 3/15/2028 | 3,938,000 | 4,037,631 | |
| CDW LLC/CDW Finance Corp., 3.25% due 2/15/2029 | 9,124,000 | 8,232,676 | |
| TD SYNNEX Corp., 1.75% due 8/9/2026 | 27,306,000 | 25,201,254 | |
| Trimble, Inc., 4.75% due 12/1/2024 | 17,000,000 | 16,914,660 |
SCHEDULE OF INVESTMENTS, Continued
| Thornburg Limited Term Income Fund | June 30, 2024 (Unaudited) |
| Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
| Vontier Corp., 1.80% due 4/1/2026 | $ 5,272,000 | $ 4,930,796 | |
| Technology Hardware, Storage & Peripherals — 0.2% | |||
| c,d | Lenovo Group Ltd., 5.831% due 1/27/2028 | 10,065,000 | 10,161,423 |
| 69,478,440 | |||
| Telecommunication Services — 0.9% | |||
| Diversified Telecommunication Services — 0.8% | |||
| AT&T, Inc., 5.539% due 2/20/2026 | 31,242,000 | 31,244,499 | |
| c,d | NBN Co. Ltd., 1.45% due 5/5/2026 | 20,000,000 | 18,651,200 |
| Wireless Telecommunication Services — 0.1% | |||
| T-Mobile USA, Inc., 2.25% due 2/15/2026 | 4,275,000 | 4,063,302 | |
| 53,959,001 | |||
| Transportation — 0.0% | |||
| Diversified Consumer Services — 0.0% | |||
| University of Chicago, Series 12-B, 3.065% due 10/1/2024 | 183,000 | 181,501 | |
| 181,501 | |||
| Utilities — 5.5% | |||
| Electric Utilities — 4.6% | |||
| AEP Texas, Inc., | |||
| 5.40% due 6/1/2033 | 4,350,000 | 4,233,203 | |
| Series I, 2.10% due 7/1/2030 | 8,375,000 | 6,971,685 | |
| c | Alliant Energy Finance LLC, 1.40% due 3/15/2026 | 5,240,000 | 4,841,184 |
| Appalachian Power Co., | |||
| 3.40% due 6/1/2025 | 3,000,000 | 2,938,260 | |
| Series AA, 2.70% due 4/1/2031 | 5,750,000 | 4,827,528 | |
| Arizona Public Service Co., 5.70% due 8/15/2034 | 4,517,000 | 4,509,050 | |
| Avangrid, Inc., | |||
| 3.15% due 12/1/2024 | 8,870,000 | 8,766,310 | |
| 3.20% due 4/15/2025 | 9,395,000 | 9,199,302 | |
| Black Hills Corp., | |||
| 1.037% due 8/23/2024 | 22,410,000 | 22,251,113 | |
| 2.50% due 6/15/2030 | 5,490,000 | 4,624,831 | |
| c | Caledonia Generating LLC, 1.95% due 2/28/2034 | 16,865,539 | 13,871,315 |
| CenterPoint Energy, Inc., 5.40% due 6/1/2029 | 12,000,000 | 12,045,240 | |
| Comision Federal de Electricidad, | |||
| c,d | 3.348% due 2/9/2031 | 8,740,000 | 7,202,110 |
| d | 5.00% due 9/29/2036 | 17,791,200 | 15,618,717 |
| Dominion Energy, Inc., Series B, 3.60% due 3/15/2027 | 8,076,000 | 7,732,528 | |
| DTE Energy Co., | |||
| 4.875% due 6/1/2028 | 3,477,000 | 3,421,229 | |
| 5.85% due 6/1/2034 | 6,458,000 | 6,552,028 | |
| c,d | Electricite de France SA, 5.65% due 4/22/2029 | 16,730,000 | 16,837,909 |
| Enel Finance International NV, | |||
| c,d | 1.375% due 7/12/2026 | 9,500,000 | 8,793,390 |
| c,d | 1.875% due 7/12/2028 | 8,844,000 | 7,792,714 |
| c,d | 2.25% due 7/12/2031 | 3,049,000 | 2,481,642 |
| c,d | 5.125% due 6/26/2029 | 4,739,000 | 4,663,555 |
| Entergy Mississippi LLC, 3.25% due 12/1/2027 | 4,727,000 | 4,431,468 | |
| Entergy Texas, Inc., | |||
| 1.50% due 9/1/2026 | 8,640,000 | 7,881,235 | |
| 3.45% due 12/1/2027 | 9,000,000 | 8,467,560 | |
| Evergy Missouri West, Inc., | |||
| c | 5.15% due 12/15/2027 | 9,711,000 | 9,639,041 |
| c | 5.65% due 6/1/2034 | 6,650,000 | 6,674,472 |
| FirstEnergy Pennsylvania Electric Co., | |||
| c | 5.15% due 3/30/2026 | 980,000 | 973,571 |
| c | 5.20% due 4/1/2028 | 1,475,000 | 1,472,906 |
| ITC Holdings Corp., | |||
| c | 2.95% due 5/14/2030 | 1,883,000 | 1,658,358 |
| c | 4.95% due 9/22/2027 | 12,703,000 | 12,583,465 |
| c | 5.65% due 5/9/2034 | 14,000,000 | 13,995,240 |
| c | Jersey Central Power & Light Co., 4.30% due 1/15/2026 | 5,914,000 | 5,808,967 |
| c | Liberty Utilities Co., 5.577% due 1/31/2029 | 5,240,000 | 5,263,213 |
SCHEDULE OF INVESTMENTS, Continued
| Thornburg Limited Term Income Fund | June 30, 2024 (Unaudited) |
| Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
| c | Liberty Utilities Finance GP 1, 2.05% due 9/15/2030 | $ 9,518,000 | $ 7,765,165 |
| c | Midland Cogeneration Venture LP, 6.00% due 3/15/2025 | 279,364 | 275,347 |
| NextEra Energy Capital Holdings, Inc., | |||
| 5.749% due 9/1/2025 | 7,416,000 | 7,432,612 | |
| 6.051% due 3/1/2025 | 4,701,000 | 4,707,957 | |
| Puget Energy, Inc., | |||
| 2.379% due 6/15/2028 | 2,734,000 | 2,439,001 | |
| 4.10% due 6/15/2030 | 2,616,000 | 2,402,037 | |
| Wisconsin Power & Light Co., 5.375% due 3/30/2034 | 4,510,000 | 4,479,287 | |
| Gas Utilities — 0.9% | |||
| c | Brooklyn Union Gas Co., 3.407% due 3/10/2026 | 10,931,000 | 10,505,784 |
| c | KeySpan Gas East Corp., 5.994% due 3/6/2033 | 11,322,000 | 11,395,706 |
| NiSource, Inc., 5.20% due 7/1/2029 | 6,669,000 | 6,645,192 | |
| Southwest Gas Corp., | |||
| 4.05% due 3/15/2032 | 3,024,000 | 2,736,992 | |
| 5.80% due 12/1/2027 | 4,828,000 | 4,893,275 | |
| b | Spire Missouri, Inc., 5.871% (SOFR + 0.50%) due 12/2/2024 | 21,347,000 | 21,351,269 |
| 346,053,963 | |||
| Total Corporate Bonds (Cost $2,208,816,653) | 2,110,452,166 | ||
| Long-Term Municipal Bonds — 0.1% | |||
| Canadian County Educational Facilities Authority (Mustang Public Schools Project) ISD, Series B, 5.50% due 9/1/2031 | 5,035,000 | 5,127,236 | |
| Total Long-Term Municipal Bonds (Cost $5,035,000) | 5,127,236 | ||
| Other Government — 0.1% | |||
| c,d | Bermuda Government International Bonds, 2.375% due 8/20/2030 | 6,800,000 | 5,716,896 |
| Carpintero Finance Ltd. (Guaranty: Export Credits Guarantee Department), | |||
| c,d | 2.004% due 9/18/2024 | 332,035 | 329,286 |
| c,d | 2.581% due 11/11/2024 | 484,487 | 480,603 |
| c,d | Khadrawy Ltd. (Guaranty: Export Credits Guarantee Department), 2.471% due 3/31/2025 | 677,282 | 667,143 |
| Total Other Government (Cost $8,288,803) | 7,193,928 | ||
| U.S. Treasury Securities — 14.1% | |||
| U.S. Treasury Inflation-Indexed Bonds, | |||
| 1.75%, 1/15/2028 | 107,646,296 | 105,930,683 | |
| 2.375%, 1/15/2025 | 21,623,263 | 21,422,235 | |
| U.S. Treasury Inflation-Indexed Notes, | |||
| 0.125%, 4/15/2027 - 1/15/2032 | 312,056,936 | 281,995,600 | |
| 1.125%, 1/15/2033 | 7,309,474 | 6,762,976 | |
| 1.25%, 4/15/2028 | 24,144,120 | 23,329,256 | |
| 1.375%, 7/15/2033 | 5,682,646 | 5,367,659 | |
| U.S. Treasury Notes, | |||
| 2.375%, 3/31/2029 | 22,000,000 | 20,126,563 | |
| 2.75%, 8/15/2032 | 387,663,000 | 344,959,498 | |
| 3.50%, 2/15/2033 | 75,245,000 | 70,518,673 | |
| 4.375%, 5/15/2034 | 7,860,000 | 7,862,456 | |
| 4.625%, 9/30/2028 | 4,200,000 | 4,235,438 | |
| Total U.S. Treasury Securities (Cost $881,412,272) | 892,511,037 | ||
| U.S. Government Agencies — 0.4% | |||
| Petroleos Mexicanos (Guaranty: Export-Import Bank of the United States), | |||
| b,d | 5.94% (TSFR3M + 0.61%), 4/15/2025 | 1,036,000 | 1,015,031 |
| d | 6.50%, 1/23/2029 | 10,007,000 | 9,030,717 |
| Reliance Industries Ltd. (Guaranty: Export-Import Bank of the United States), | |||
| d | 2.06%, 1/15/2026 | 300,000 | 289,296 |
| d | 2.512%, 1/15/2026 | 1,300,000 | 1,260,259 |
| Santa Rosa Leasing LLC (Guaranty: Export-Import Bank of the United States), 1.693%, 8/15/2024 | 45,583 | 45,336 | |
| Small Business Administration Participation Certificates, | |||
| Series 2008-20D Class 1, 5.37%, 4/1/2028 | 193,300 | 191,908 | |
| Series 2009-20E Class 1, 4.43%, 5/1/2029 | 119,907 | 117,657 | |
| Series 2009-20K Class 1, 4.09%, 11/1/2029 | 862,551 | 842,078 | |
| Series 2011-20E Class 1, 3.79%, 5/1/2031 | 1,119,191 | 1,078,640 |
SCHEDULE OF INVESTMENTS, Continued
| Thornburg Limited Term Income Fund | June 30, 2024 (Unaudited) |
| Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
| Series 2011-20F Class 1, 3.67%, 6/1/2031 | $ 239,710 | $ 230,136 | |
| Series 2011-20G Class 1, 3.74%, 7/1/2031 | 1,322,381 | 1,268,928 | |
| Series 2011-20I Class 1, 2.85%, 9/1/2031 | 2,536,123 | 2,365,479 | |
| Series 2011-20K Class 1, 2.87%, 11/1/2031 | 2,039,656 | 1,898,637 | |
| Series 2012-20D Class 1, 2.67%, 4/1/2032 | 1,751,833 | 1,625,165 | |
| Series 2012-20J Class 1, 2.18%, 10/1/2032 | 1,507,592 | 1,379,171 | |
| Series 2012-20K Class 1, 2.09%, 11/1/2032 | 1,044,290 | 950,527 | |
| Total U.S. Government Agencies (Cost $25,591,108) | 23,588,965 | ||
| Mortgage Backed — 32.2% | |||
| Angel Oak Mortgage Trust, Whole Loan Securities Trust CMO, | |||
| b,c | Series 2020-2 Class A3, 5.00% due 1/26/2065 | 4,396,869 | 4,288,161 |
| b,c | Series 2023-1 Class A1, 4.75% due 9/26/2067 | 13,358,251 | 13,146,459 |
| b,c | Series 2023-2 Class A1, 4.65% due 10/25/2067 | 4,742,341 | 4,641,062 |
| b,c,d | Arbor Realty Commercial Real Estate Notes Ltd., CMBS, Series 2022-FL1 Class A, 6.783% (SOFR30A + 1.45%) due 1/15/2037 | 20,000,000 | 19,914,796 |
| Arroyo Mortgage Trust, Whole Loan Securities Trust CMO, | |||
| b,c | Series 2019-1 Class A1, 3.805% due 1/25/2049 | 3,538,401 | 3,364,754 |
| b,c | Series 2019-1 Class A3, 4.208% due 1/25/2049 | 1,890,788 | 1,814,385 |
| b,c | Series 2019-2 Class A1, 3.347% due 4/25/2049 | 1,557,773 | 1,467,228 |
| b,c | Series 2019-3 Class A1, 2.962% due 10/25/2048 | 3,766,991 | 3,466,828 |
| c | Series 2020-1 Class A2, 2.927% due 3/25/2055 | 6,518,000 | 5,813,377 |
| c | Series 2020-1 Class A3, 3.328% due 3/25/2055 | 4,500,000 | 3,909,605 |
| c | Series 2020-1 Class M1, 4.277% due 3/25/2055 | 3,189,000 | 2,731,241 |
| b,c | Series 2021-1R Class A1, 1.175% due 10/25/2048 | 7,641,350 | 6,565,320 |
| c | Series 2022-1 Class M1, 3.65% due 12/25/2056 | 7,338,000 | 5,272,941 |
| b,c | BPR Trust, CMBS, Series 2023-BRK2 Class A, 7.147% due 10/5/2038 | 4,250,000 | 4,406,627 |
| c | BRAVO Residential Funding Trust, Whole Loan Securities Trust CMO, Series 2019-1 Class A1C, 3.50% due 3/25/2058 | 291,730 | 288,161 |
| b,c | Bunker Hill Loan Depositary Trust, Whole Loan Securities Trust CMO, Series 2020-1 Class A3, 3.253% due 2/25/2055 | 3,285,000 | 3,084,484 |
| c | Century Plaza Towers, CMBS, Series 2019-CPT Class A, 2.865% due 11/13/2039 | 4,600,000 | 3,934,889 |
| Chase Mortgage Finance Corp., Whole Loan Securities Trust CMO, | |||
| b,c | Series 2016-SH1 Class M3, 3.75% due 4/25/2045 | 1,697,215 | 1,522,654 |
| b,c | Series 2016-SH2 Class M3, 3.75% due 12/25/2045 | 2,096,178 | 1,908,564 |
| CHNGE Mortgage Trust, Whole Loan Securities Trust CMO, | |||
| b,c | Series 2022-1 Class A1, 3.007% due 1/25/2067 | 12,811,593 | 11,811,023 |
| b,c | Series 2022-2 Class M1, 4.609% due 3/25/2067 | 14,163,000 | 11,886,885 |
| b,c | Series 2023-1 Class A1, 7.065% due 3/25/2058 | 7,847,577 | 7,848,025 |
| b,c | CIM Trust, Whole Loan Securities Trust CMO, Series 2018-INV1 Class A4, 4.00% due 8/25/2048 | 671,838 | 617,661 |
| Citigroup Mortgage Loan Trust, Whole Loan Securities Trust CMO, | |||
| b | Series 2004-HYB2 Class B1, 6.092% due 3/25/2034 | 44,486 | 32,445 |
| b,c | Series 2014-A Class A, 4.00% due 1/25/2035 | 443,266 | 417,135 |
| b,c | Series 2014-J1 Class B4, 3.627% due 6/25/2044 | 1,489,969 | 1,173,528 |
| b,c | Series 2021-J2 Class A7A, 2.50% due 7/25/2051 | 34,130,273 | 29,578,791 |
| CSMC Trust, Whole Loan Securities Trust CMO, | |||
| b,c | Series 2013-HYB1 Class B3, 6.794% due 4/25/2043 | 64,212 | 64,035 |
| b,c | Series 2021-AFC1 Class-A1, 0.83% due 3/25/2056 | 8,391,511 | 6,654,471 |
| b,c | Series 2021-NQM3 Class A1, 1.015% due 4/25/2066 | 10,200,226 | 8,512,809 |
| b,c | Series 2021-NQM8 Class-A1, 1.841% due 10/25/2066 | 2,095,866 | 1,798,039 |
| b,c | Series 2022-ATH2 Class A1, 4.547% due 5/25/2067 | 10,965,800 | 10,756,606 |
| b,c | Series 2022-NQM1 Class A1, 2.265% due 11/25/2066 | 12,021,365 | 10,585,274 |
| c | DataBank Issuer LLC, CMBS, Series 2024-1A Class A2, 5.30% due 1/26/2054 | 13,300,000 | 12,782,558 |
| c | DC Office Trust, CMBS, Series 2019-MTC Class A, 2.965% due 9/15/2045 | 3,020,000 | 2,576,081 |
| b,c | Deephaven Residential Mortgage Trust, Whole Loan Securities Trust CMO, Series 2021-1 Class A1, 0.715% due 5/25/2065 | 2,667,790 | 2,482,216 |
| Ellington Financial Mortgage Trust, Whole Loan Securities Trust CMO, | |||
| b,c | Series 2019-2 Class A1, 2.739% due 11/25/2059 | 2,691,386 | 2,539,176 |
| b,c | Series 2021-2 Class A1, 0.931% due 6/25/2066 | 9,865,964 | 8,078,059 |
| b,c | Series 2022-1 Class A1, 2.206% due 1/25/2067 | 17,138,546 | 14,668,732 |
| b,c | FARM Mortgage Trust, Whole Loan Securities Trust CMO, Series 2024-1 Class A, 4.721% due 10/1/2053 | 7,810,091 | 7,401,195 |
| Federal Home Loan Mtg Corp., | |||
| b | Pool 1L0322, 4.178% (H15T1Y + 2.07%) due 2/1/2048 | 2,223,595 | 2,243,137 |
| b | Pool 760025, 3.663% (5-Yr. CMT + 1.310%) due 10/1/2047 | 3,237,080 | 3,095,163 |
| b | Pool 841097, 3.125% (5-Yr. CMT + 1.300%) due 9/1/2048 | 4,768,968 | 4,509,170 |
| b | Pool 841362, 1.717% (2.15% - SOFR30A) due 2/1/2052 | 6,218,369 | 5,532,777 |
| b | Pool 841377, 1.951% (2.23% - SOFR30A) due 4/1/2052 | 6,367,887 | 5,613,966 |
| b | Pool 841463, 2.156% (2.18% - SOFR30A) due 7/1/2052 | 14,562,045 | 12,542,997 |
SCHEDULE OF INVESTMENTS, Continued
| Thornburg Limited Term Income Fund | June 30, 2024 (Unaudited) |
| Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
| Pool D98887, 3.50% due 1/1/2032 | $ 625,532 | $ 600,902 | |
| Pool G16710, 3.00% due 11/1/2030 | 215,482 | 205,799 | |
| Pool RE6097, 2.00% due 5/1/2051 | 25,805,172 | 19,767,777 | |
| Pool SE9046, 3.00% due 12/1/2051 | 22,195,966 | 18,903,141 | |
| Federal Home Loan Mtg Corp., CMO REMIC, | |||
| Series 3195 Class PD, 6.50% due 7/15/2036 | 161,837 | 165,001 | |
| Series 3922 Class PQ, 2.00% due 4/15/2041 | 85,536 | 82,213 | |
| Series 4120 Class TC, 1.50% due 10/15/2027 | 330,281 | 313,422 | |
| Federal Home Loan Mtg Corp., Multifamily Structured Pass-Through Certificates, CMBS, | |||
| Series KJ46 Class A2, 4.796% due 10/25/2031 | 8,741,000 | 8,722,246 | |
| b | Series KJ47 Class A2, 5.43% due 6/25/2031 | 5,968,000 | 6,102,198 |
| Series KJ48 Class A2, 5.028% due 10/25/2031 | 15,306,000 | 15,416,841 | |
| Federal Home Loan Mtg Corp., Seasoned Credit Risk Transfer, Whole Loan Securities Trust CMO, | |||
| b | Series 2017-1 Class HA, 3.00% due 1/25/2056 | 4,058,785 | 3,720,338 |
| b | Series 2017-3 Class HA, 3.25% due 7/25/2056 | 7,047,384 | 6,501,827 |
| b | Series 2017-4 Class HT, 3.25% due 6/25/2057 | 6,794,378 | 6,025,739 |
| b | Series 2018-1 Class HA, 3.00% due 5/25/2057 | 4,291,703 | 3,875,875 |
| b | Series 2018-2 Class HA, 3.00% due 11/25/2057 | 9,524,665 | 8,678,751 |
| Series 2018-3 Class HA, 3.00% due 8/25/2057 | 11,424,103 | 10,327,016 | |
| b | Series 2018-3 Class MA, 3.50% due 8/25/2057 | 7,296,094 | 6,869,733 |
| Series 2018-4 Class HA, 3.00% due 3/25/2058 | 9,809,712 | 8,835,779 | |
| Series 2019-1 Class MA, 3.50% due 7/25/2058 | 18,905,930 | 17,661,649 | |
| Series 2019-2 Class MA, 3.50% due 8/25/2058 | 20,130,237 | 18,687,617 | |
| Series 2019-3 Class MA, 3.50% due 10/25/2058 | 9,268,374 | 8,627,469 | |
| Series 2019-4 Class MA, 3.00% due 2/25/2059 | 15,707,833 | 14,171,826 | |
| Series 2020-1 Class MA, 2.50% due 8/25/2059 | 2,596,814 | 2,317,937 | |
| Series 2020-2 Class MA, 2.00% due 11/25/2059 | 19,362,812 | 16,892,381 | |
| Series 2020-3 Class MA, 2.00% due 5/25/2060 | 11,170,593 | 9,707,102 | |
| Series 2020-3 Class MT, 2.00% due 5/25/2060 | 3,555,641 | 2,814,732 | |
| Series 2022-1 Class MTU, 3.25% due 11/25/2061 | 14,699,574 | 12,662,385 | |
| Series 2024-1 Class MT, 3.00% due 11/25/2063 | 7,876,722 | 6,395,788 | |
| Federal Home Loan Mtg Corp., UMBS Collateral, | |||
| Pool RA6808, 3.00% due 2/1/2052 | 11,141,990 | 9,548,459 | |
| Pool RA7021, 2.50% due 3/1/2052 | 22,595,719 | 18,482,186 | |
| Pool RA7373, 3.00% due 5/1/2052 | 5,546,741 | 4,741,249 | |
| Pool SD1374, 3.00% due 3/1/2052 | 13,989,617 | 11,894,641 | |
| Pool SD1852, 2.50% due 6/1/2051 | 43,493,260 | 35,562,111 | |
| Pool SD4175, 2.50% due 6/1/2052 | 129,256,938 | 105,725,813 | |
| Pool SD5171, 2.50% due 1/1/2054 | 16,100,066 | 13,169,061 | |
| Pool SD5345, 2.50% due 4/1/2052 | 22,254,606 | 18,317,486 | |
| Pool SD8140, 2.00% due 4/1/2051 | 25,945,669 | 20,399,284 | |
| Pool SD8189, 2.50% due 1/1/2052 | 13,815,761 | 11,309,159 | |
| Pool SD8225, 3.00% due 7/1/2052 | 11,756,720 | 10,003,837 | |
| Pool SD8367, 5.50% due 10/1/2053 | 6,606,164 | 6,512,699 | |
| Federal Home Loan Mtg Corp., Whole Loan Securities Trust CMO, | |||
| Series 2016-SC01 Class 2A, 3.50% due 7/25/2046 | 909,605 | 813,508 | |
| Series 2017-SC01 Class 1A, 3.00% due 12/25/2046 | 8,218,367 | 6,869,018 | |
| Series 2017-SC02 Class 2A, 3.50% due 5/25/2047 | 527,844 | 463,071 | |
| Federal National Mtg Assoc., | |||
| b | Pool BH4523, 1.842% (5-Yr. CMT + 1.150%) due 4/1/2047 | 5,039,140 | 4,732,857 |
| b | Pool BH4524, 2.251% (5-Yr. CMT + 1.150%) due 6/1/2046 | 9,926,874 | 9,327,221 |
| b | Pool BM6929, 1.919% (2.13% - SOFR30A) due 7/1/2051 | 4,487,527 | 4,063,283 |
| Pool BM7067, 2.50% due 6/1/2051 | 3,281,463 | 2,634,820 | |
| b | Pool BO9998, 2.751% (H15T1Y + 2.03%) due 3/1/2048 | 3,887,061 | 3,690,086 |
| b | Pool BU9934, 1.841% (2.37% - SOFR30A) due 2/1/2052 | 8,953,931 | 7,710,125 |
| b | Pool CB2214, 1.525% (2.20% - SOFR30A) due 11/1/2051 | 5,174,585 | 4,615,494 |
| Federal National Mtg Assoc., CMO REMIC, | |||
| b | Series 2009-17 Class AH, 0.504% due 3/25/2039 | 310,811 | 239,019 |
| Series 2012-129 Class LA, 3.50% due 12/25/2042 | 1,192,497 | 1,082,645 | |
| b | Series 2013-81 Class FW, 5.75% (SOFR30A + 0.41%) due 1/25/2043 | 2,799,016 | 2,751,712 |
| Series 2024-25 Class VB, 5.50% due 3/25/2035 | 10,981,739 | 10,917,112 | |
| Federal National Mtg Assoc., Grantor Trust, CMO, Series 2017-T1 Class A, 2.898% due 6/25/2027 | 17,823,032 | 16,802,213 | |
| Federal National Mtg Assoc., UMBS Collateral, | |||
| Pool AE0704, 4.00% due 1/1/2026 | 297,919 | 294,000 | |
| Pool AS9749, 4.00% due 6/1/2047 | 7,804 | 7,254 |
SCHEDULE OF INVESTMENTS, Continued
| Thornburg Limited Term Income Fund | June 30, 2024 (Unaudited) |
| Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
| Pool BM4324, 3.50% due 7/1/2033 | $ 1,963,426 | $ 1,878,583 | |
| Pool BP9550, 2.50% due 7/1/2035 | 7,528 | 6,881 | |
| Pool BP9589, 2.50% due 8/1/2035 | 592,782 | 541,780 | |
| Pool BV4119, 2.50% due 3/1/2052 | 39,495,490 | 32,305,367 | |
| Pool CB2301, 3.00% due 12/1/2051 | 30,093,494 | 25,601,302 | |
| Pool CB3050, 2.50% due 3/1/2052 | 18,990,170 | 15,533,024 | |
| Pool FS5447, 2.50% due 9/1/2052 | 41,197,891 | 33,799,842 | |
| Pool FS6130, 2.50% due 7/1/2052 | 18,720,485 | 15,312,435 | |
| Pool FS6157, 3.00% due 9/1/2052 | 122,627,199 | 104,486,337 | |
| Pool FS6212, 1.50% due 5/1/2032 | 2,196,720 | 1,974,190 | |
| Pool FS7577, 2.50% due 1/1/2054 | 22,547,074 | 18,442,397 | |
| Pool FS7757, 2.50% due 2/1/2052 | 19,754,056 | 16,158,451 | |
| Pool FS7879, 2.50% due 7/1/2052 | 15,864,036 | 12,950,542 | |
| Pool MA3465, 4.00% due 9/1/2038 | 2,874,434 | 2,729,327 | |
| Pool MA4390, 2.00% due 7/1/2031 | 1,033,889 | 951,534 | |
| Pool MA5138, 5.50% due 9/1/2053 | 4,710,217 | 4,643,869 | |
| Pool MA5139, 6.00% due 9/1/2053 | 4,179,609 | 4,189,591 | |
| b,c | Flagstar Mortgage Trust, Whole Loan Securities Trust CMO, Series 2017-1 Class 2A2, 3.00% due 3/25/2047 | 1,225,588 | 1,109,086 |
| GCAT Trust, Whole Loan Securities Trust CMO, | |||
| b,c | Series 2019-NQM3 Class A1, 3.686% due 11/25/2059 | 3,179,992 | 3,006,410 |
| b,c | Series 2021-CM1 Class A, 2.469% due 4/25/2065 | 8,243,625 | 7,760,860 |
| b,c | Series 2021-CM2 Class A1, 2.352% due 8/25/2066 | 17,665,452 | 16,042,027 |
| b,c | Series 2021-NQM4 Class A1, 1.093% due 8/25/2066 | 11,595,619 | 9,255,563 |
| Government National Mtg Assoc., CMBS, Series 2023-104 Class AD, 4.00% due 1/16/2065 | 23,183,958 | 21,664,198 | |
| b,c,d | Greystone Commercial Real Estate Notes Ltd., CMBS, Series 2021-FL3 Class A, 6.463% (TSFR1M + 1.13%) due 7/15/2039 | 13,382,000 | 13,315,081 |
| GS Mortgage-Backed Securities Corp. Trust, Whole Loan Securities Trust CMO, | |||
| b,c | Series 2020-PJ2 Class B3, 3.55% due 7/25/2050 | 4,999,240 | 4,187,575 |
| b,c | Series 2023-CCM1 Class A1, 6.65% due 8/25/2053 | 11,446,925 | 11,490,487 |
| GS Mortgage-Backed Securities Trust, Whole Loan Securities Trust CMO, | |||
| b,c | Series 2023-PJ2 Class A4, 5.50% due 5/25/2053 | 3,570,493 | 3,475,278 |
| b,c | Series 2024-RPL2 Class A1, 3.75% due 7/25/2061 | 5,089,686 | 4,813,527 |
| Harvest Commercial Capital Loan Trust, CMBS, Series 2024-1 Class A, 6.164% due 10/25/2056 | 15,351,267 | 15,324,571 | |
| b,c | Homeward Opportunities Fund Trust, Whole Loan Securities Trust CMO, Series 2022-1 A Class A1, 5.082% due 7/25/2067 | 5,184,010 | 5,110,386 |
| c | Houston Galleria Mall Trust, CMBS, Series 2015-HGLR Class A1A2, 3.087% due 3/5/2037 | 12,383,750 | 12,064,654 |
| b,c | Hudson Yards Mortgage Trust, CMBS, Series 2019-55HY Class A, 3.041% due 12/10/2041 | 5,870,000 | 5,092,748 |
| Imperial Fund Mortgage Trust, Whole Loan Securities Trust CMO, | |||
| b,c | Series 2021-NQM3 Class A1, 1.595% due 11/25/2056 | 14,859,029 | 12,493,370 |
| b,c | Series 2021-NQM4 Class A1, 2.091% due 1/25/2057 | 19,625,186 | 16,483,343 |
| b,c | Series 2022- NQM1 Class A1, 2.493% due 2/25/2067 | 33,421,514 | 29,078,679 |
| b,c | Series 2022-NQM2 Class A1, 3.638% due 3/25/2067 | 20,811,349 | 19,117,808 |
| b,c | Series 2022-NQM4 Class A1, 4.767% due 6/25/2067 | 25,520,858 | 25,235,252 |
| JP Morgan Mortgage Trust, Whole Loan Securities Trust CMO, | |||
| b,c | Series 2014-IVR3 Class B4, 6.366% due 9/25/2044 | 1,940,616 | 1,945,929 |
| b,c | Series 2018-3 Class B2, 3.705% due 9/25/2048 | 2,328,142 | 2,062,372 |
| b,c | Series 2018-6 Class B2, 3.891% due 12/25/2048 | 946,803 | 850,408 |
| b,c | Series 2019-5 Class B3, 4.467% due 11/25/2049 | 7,720,389 | 7,018,111 |
| b,c | Series 2019-HYB1 Class B3, 4.895% due 10/25/2049 | 5,477,973 | 5,346,746 |
| b,c | Series 2019-INV2 Class B3A, 3.729% due 2/25/2050 | 8,983,913 | 7,515,516 |
| b,c | Series 2021-LTV2 Class A1, 2.52% due 5/25/2052 | 32,879,001 | 26,575,562 |
| b,c | Series 2022- LTV1 Class A1, 3.25% due 7/25/2052 | 12,429,699 | 10,408,834 |
| b,c | Series 2022-2 Class A6A, 2.50% due 8/25/2052 | 29,507,435 | 26,098,207 |
| b,c | Series 2022-DSC1 Class A1, 4.75% due 1/25/2063 | 8,498,082 | 8,064,598 |
| c | Manhattan West Mortgage Trust, CMBS, Series 2020-1MW Class A, 2.13% due 9/10/2039 | 2,750,000 | 2,447,386 |
| b | Merrill Lynch Mortgage Investors Trust, Whole Loan Securities Trust CMO, Series 2004-A4 Class M1, 5.501% due 8/25/2034 | 107,371 | 101,495 |
| b,c | Metlife Securitization Trust, Whole Loan Securities Trust CMO, Series 2019-1A Class A1A, 3.75% due 4/25/2058 | 914,214 | 885,642 |
| MFA Trust, Whole Loan Securities Trust CMO, | |||
| b,c | Series 2020-NQM3 Class A1, 1.014% due 1/26/2065 | 2,592,325 | 2,362,633 |
| b,c | Series 2021-AEI1 Class A4, 2.50% due 8/25/2051 | 15,475,035 | 13,146,786 |
| b,c | Series 2021-INV1 Class A1, 0.852% due 1/25/2056 | 2,580,700 | 2,397,302 |
| b,c | Series 2021-INV2 Class A1, 1.906% due 11/25/2056 | 21,253,102 | 18,133,518 |
| b,c | Series 2022-INV1 Class A3, 4.25% due 4/25/2066 | 4,995,000 | 4,233,224 |
| b,c | Series 2022-NQM1 Class A3, 4.20% due 12/25/2066 | 13,129,000 | 11,208,397 |
| b,c | Series 2022-NQM2 Class A1, 4.00% due 5/25/2067 | 5,592,443 | 5,334,561 |
| b,c | MFRA Trust, Whole Loan Securities Trust CMO, Series 2022-CHM1 Class A1, 3.875% due 9/25/2056 | 17,332,609 | 16,542,360 |
| b,c | Mill City Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2023-NQM1 Class A1, 6.05% due 10/25/2067 | 13,030,633 | 13,029,160 |
SCHEDULE OF INVESTMENTS, Continued
| Thornburg Limited Term Income Fund | June 30, 2024 (Unaudited) |
| Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
| Morgan Stanley Bank of America Merrill Lynch Trust, CMBS, Series 2015-C22 Class A4, 3.306% due 4/15/2048 | $ 1,100,000 | $ 1,076,923 | |
| c | Morgan Stanley Capital I, Inc., CMBS, Series 2024-BPR2 Class A, 7.291% due 5/5/2029 | 7,895,482 | 8,047,986 |
| b,c | Morgan Stanley Residential Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2024-NQM1 Class A1, 6.152% due 12/25/2068 | 12,981,209 | 12,997,537 |
| New Residential Mortgage Loan Trust, Whole Loan Securities Trust CMO, | |||
| b,c | Series 2017-2A Class A3, 4.00% due 3/25/2057 | 2,556,420 | 2,404,646 |
| b,c | Series 2017-3A Class A1, 4.00% due 4/25/2057 | 3,125,256 | 2,935,682 |
| b,c | Series 2017-4A Class A1, 4.00% due 5/25/2057 | 3,390,916 | 3,184,732 |
| b,c | Series 2017-5A Class A1, 6.96% (TSFR1M + 1.61%) due 6/25/2057 | 235,046 | 236,491 |
| b,c | Series 2017-6A Class A1, 4.00% due 8/27/2057 | 1,466,349 | 1,387,094 |
| b,c | Series 2018-1A Class A1A, 4.00% due 12/25/2057 | 1,823,142 | 1,719,139 |
| b,c | Series 2018-2A Class A1, 4.50% due 2/25/2058 | 3,163,906 | 3,044,173 |
| b,c | Series 2018-RPL1 Class A1, 3.50% due 12/25/2057 | 1,908,968 | 1,806,685 |
| b,c | Series 2022-NQM3 Class A1, 3.90% due 4/25/2062 | 37,326,096 | 33,730,900 |
| b,c | Series 2024-RPL1 Class A, 3.80% due 1/25/2064 | 25,031,182 | 23,155,485 |
| b,c | Series 2024-RTL1 Class A1, 6.664% due 3/25/2039 | 7,600,000 | 7,616,830 |
| c | NYC Commercial Mortgage Trust, CMBS, Series 2021-909 Class A, 2.941% due 4/10/2043 | 4,900,000 | 3,856,467 |
| b,c | NYMT Loan Trust, Whole Loan Securities Trust CMO, Series 2024-BPL2 Class A1, 6.509% due 5/25/2039 | 8,675,000 | 8,706,594 |
| c | One Bryant Park Trust, CMBS, Series 2019-OBP Class A, 2.516% due 9/15/2054 | 13,455,652 | 11,421,885 |
| b,c | Onslow Bay Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2021-NQM4 Class A1, 1.957% due 10/25/2061 | 24,399,234 | 19,862,607 |
| b,c | PRET Trust, Whole Loan Securities Trust CMO, Series 2024-RPL1 Class A1, 3.90% due 10/25/2063 | 3,713,799 | 3,544,706 |
| PRKCM Trust, Whole Loan Securities Trust CMO, | |||
| b,c | Series 2021-AFC1 Class A1, 1.51% due 8/25/2056 | 27,613,597 | 22,766,613 |
| b,c | Series 2021-AFC2 Class A1, 2.071% due 11/25/2056 | 15,825,518 | 13,330,061 |
| b,c | Series 2024-HOME1 Class A1, 6.431% due 5/25/2059 | 13,277,903 | 13,395,401 |
| b,c | PRPM LLC, Whole Loan Securities Trust CMO, Series 2024-RPL2 Class A1, 3.50% due 5/25/2054 | 14,479,813 | 13,681,344 |
| b,c | PRPM Trust, Whole Loan Securities Trust CMO, Series 2022-INV1 Class A1, 4.40% due 4/25/2067 | 29,871,901 | 29,008,605 |
| RAMP Trust, Whole Loan Securities Trust CMO, Series 2003-SL1 Class A31, 7.125% due 4/25/2031 | 213,852 | 213,852 | |
| b,c | Rate Mortgage Trust, Whole Loan Securities Trust CMO, Series 2022-J1 Class A9, 2.50% due 1/25/2052 | 47,543,100 | 40,329,773 |
| b,c | RCKT Mortgage Trust, Whole Loan Securities Trust CMO, Series 2020-1 Class B3, 3.465% due 2/25/2050 | 3,015,832 | 2,577,440 |
| c | Retained Vantage Data Centers Issuer LLC, CMBS, Series 2023-1A Class A2A, 5.00% due 9/15/2048 | 12,300,000 | 11,875,859 |
| Seasoned Loans Structured Transaction Trust, Whole Loan Securities Trust CMO, | |||
| Series 2019-2 Class A1C, 2.75% due 9/25/2029 | 14,269,616 | 13,094,082 | |
| Series 2019-3 Class A1C, 2.75% due 11/25/2029 | 2,352,662 | 2,171,672 | |
| Series 2020-2 Class A1C, 2.00% due 9/25/2030 | 20,691,940 | 18,371,334 | |
| Series 2020-2 Class A1D, 1.75% due 9/25/2030 | 27,819,836 | 24,484,296 | |
| Sequoia Mortgage Trust, Whole Loan Securities Trust CMO, | |||
| b | Series 2013-6 Class B4, 3.517% due 5/25/2043 | 716,584 | 532,058 |
| b | Series 2013-7 Class B4, 3.507% due 6/25/2043 | 408,200 | 303,493 |
| b,c | Series 2023-3 Class A1, 6.00% due 9/25/2053 | 3,991,640 | 3,961,756 |
| SG Residential Mortgage Trust, Whole Loan Securities Trust CMO, | |||
| b,c | Series 2019-3 Class A1, 2.703% due 9/25/2059 | 150,041 | 147,523 |
| b,c | Series 2019-3 Class A3, 3.082% due 9/25/2059 | 260,735 | 256,724 |
| b,c | Series 2020-2 Class A1, 1.381% due 5/25/2065 | 8,163,005 | 7,331,015 |
| b,c | Series 2020-2 Class A2, 1.587% due 5/25/2065 | 1,586,067 | 1,430,804 |
| b,c | Series 2020-2 Class A3, 1.895% due 5/25/2065 | 541,501 | 492,146 |
| b,c | Series 2021-2 Class A1, 1.737% due 12/25/2061 | 13,783,882 | 11,247,398 |
| b,c | Shellpoint Asset Funding Trust, Whole Loan Securities Trust CMO, Series 2013-1 Class A1, 3.75% due 7/25/2043 | 807,805 | 753,976 |
| c | SLG Office Trust, CMBS, Series 2021-OVA Class A, 2.585% due 7/15/2041 | 13,252,000 | 10,844,385 |
| c | Stack Infrastructure Issuer LLC, CMBS, Series 2021-1A Class A2, 1.877% due 3/26/2046 | 7,500,000 | 6,980,789 |
| b,c | Starwood Mortgage Residential Trust, Whole Loan Securities Trust CMO, Series 2021-5 Class A1, 1.92% due 9/25/2066 | 21,659,544 | 17,988,247 |
| b | Structured Asset Securities Corp., Mortgage Pass-Through Certificates, Whole Loan Securities Trust CMO, Series 2003-9A Class 2A2, 6.657% due 3/25/2033 | 257,333 | 257,333 |
| Towd Point Mortgage Trust, Whole Loan Securities Trust CMO, | |||
| b,c | Series 2018-1 Class A1, 3.00% due 1/25/2058 | 199,720 | 194,117 |
| b,c | Series 2018-2 Class A1, 3.25% due 3/25/2058 | 9,273,971 | 8,999,618 |
| b,c | Series 2018-6 Class A1A, 3.75% due 3/25/2058 | 5,363,975 | 5,254,876 |
| b,c | TRK Trust, Whole Loan Securities Trust CMO, Series 2022-INV2 Class A1, 4.35% due 6/25/2057 | 21,860,130 | 21,148,790 |
| Verus Securitization Trust, Whole Loan Securities Trust CMO, | |||
| b,c | Series 2020-1 Class M1, 3.021% due 1/25/2060 | 5,000,000 | 4,489,486 |
| b,c | Series 2021-R1 Class A1, 0.82% due 10/25/2063 | 4,592,074 | 4,204,915 |
| b,c | Vista Point Securitization Trust, Whole Loan Securities Trust CMO, Series 2020-2 Class A1, 1.475% due 4/25/2065 | 3,431,305 | 3,185,123 |
| b,c | WB Commercial Mortgage Trust, CMBS, Series 2024-HQ Class A, 6.134% due 3/15/2040 | 4,050,000 | 4,039,387 |
| b,c | WinWater Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2015-3 Class B4, 3.84% due 3/20/2045 | 1,013,672 | 921,846 |
| Total Mortgage Backed (Cost $2,144,448,519) | 2,039,414,198 |
SCHEDULE OF INVESTMENTS, Continued
| Thornburg Limited Term Income Fund | June 30, 2024 (Unaudited) |
| Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
| Short-Term Investments — 6.6% | |||
| h | Thornburg Capital Management Fund | 41,661,168 | $ 416,611,679 |
| Total Short-Term Investments (Cost $416,611,679) | 416,611,679 | ||
| Total Investments — 99.7% (Cost $6,539,903,396) | $6,308,285,566 | ||
| Other Assets Less Liabilities — 0.3% | 17,627,177 | ||
| Net Assets — 100.0% | $6,325,912,743 |
| Footnote Legend | |
| a | Security currently fair valued by Thornburg Investment Management, Inc.’s Valuation and Pricing Committee. |
| b | Variable, floating, step, or fixed to floating rate securities are securities for which interest rate changes are based on changes in a designated base rate or on a predetermined schedule. The rates shown are those in effect on June 30, 2024. |
| c | Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are restricted but liquid and may only be resold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of June 30, 2024, the aggregate value of these securities in the Fund’s portfolio was $2,937,337,036, representing 46.43% of the Fund’s net assets. |
| d | Yankee bond denominated in U.S. dollars and is issued in the U.S. by foreign banks and corporations. |
| e | Bond in default. |
| f | Non-income producing. |
| g | When-issued security. |
| h | Investment in Affiliates. |
Portfolio Abbreviations
To simplify the listings of securities, abbreviations are used per the table below:
To simplify the listings of securities, abbreviations are used per the table below:
| ABS | Asset Backed Securities |
| CMBS | Commercial Mortgage-Backed Securities |
| CMO | Collateralized Mortgage Obligation |
| CMT | Constant Maturity Rate |
| DAC | Designated Activity Company |
| H15T1Y | US Treasury Yield Curve Rate T-Note Constant Maturity 1 Year |
| ISD | Independent School District |
| Mtg | Mortgage |
| REMIC | Real Estate Mortgage Investment Conduit |
| SOFR | Secured Overnight Financing Rate |
| SOFR30A | Secured Overnight Financing Rate 30-Day Average |
| SOFR90A | Secured Overnight Financing Rate 90-Day Average |
| SOFRINDX | Secured Overnight Financing Rate Index |
| TSFR1M | Term SOFR 1 Month |
| TSFR3M | Term SOFR 3 Month |
| UMBS | Uniform Mortgage Backed Securities |
NOTES TO SCHEDULE OF INVESTMENTS
| Thornburg Limited Term Income Fund | June 30, 2024 (Unaudited) |
NOTE 1 – ORGANIZATION
Thornburg Limited Term Income Fund (the “Fund”) is a diversified series of Thornburg Investment Trust (the “Trust”). The Trust is organized as a Massachusetts business trust under a Declaration of Trust dated June 3, 1987 and is registered as a diversified, open-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"). The Fund is currently one of twenty-four separate series of the Trust. Each series is considered to be a separate entity for financial reporting and tax purposes. The Fund currently offers eight classes of shares of beneficial interest: Class A, Class C, Class C2, Institutional Class (“Class I”), and Retirement Classes (“Class R3”, “Class R4”, “Class R5”, and “Class R6”).
NOTE 2 – SECURITY VALUATION
Valuation of the Fund’s portfolio investment securities is performed by Thornburg Investment Management, Inc., the Trust’s investment advisor (the "Advisor"), which has been designated by the Trustees of the Trust (the "Trustees") as the Fund’s "valuation designee," as that term is defined in rule 2a-5 under the 1940 Act. The Advisor performs this valuation function under the supervision of the Trustees and in accordance with policies and procedures that have been adopted by the Advisor and approved by the Trustees (the “Valuation Policy and Procedures”).
In its capacity as the Fund’s valuation designee, the Advisor makes good faith determinations of the fair value of portfolio securities for which market quotations are not readily available, and otherwise complies with and administers the Valuation Policy and Procedures. The Advisor performs those functions in significant measure through its Valuation and Pricing Committee (the “Committee”), though the Advisor may also obtain the assistance of others, including professional pricing service providers selected and approved by the Committee. In accordance with the Valuation Policy and Procedures, the Committee: assesses and manages the material risks associated with determining the fair value of those Fund investments for which market quotations are not readily available; selects and applies methodologies for determining and calculating such fair values; periodically reviews and tests the appropriateness and accuracy of those methodologies; monitors for circumstances that may necessitate the use of fair value; and approves, monitors, and evaluates pricing services engaged to provide evaluated prices for the Fund’s investments. The Committee provides reports on its activities to the Trustees’ Audit Committee, which is responsible for overseeing the Committee’s and the Advisor’s work in discharging the functions under the Valuation Policy and Procedures.
In those instances when the Committee assists in calculating a fair value for a portfolio investment, the Committee seeks to determine the price that the Fund would reasonably expect to receive upon a sale of the investment in an orderly transaction between market participants on the valuation date. The Committee customarily utilizes quotations from securities broker dealers in calculating valuations, but also may utilize prices obtained from pricing service providers or other methods selected by the Committee. Because fair values calculated by the Committee are estimates, the calculation of a fair value for an investment may differ from the price that would be realized by the Fund upon a sale of the investment, and the difference could be material to the Fund’s financial statements. The Committee’s calculation of a fair value for an investment may also differ from the prices obtained by other persons (including other mutual funds) for the investment.
Valuation of Securities: Securities and other portfolio investments which are listed or traded on a United States securities exchange are generally valued at the last reported sale price on the valuation date or, if there has been no sale of the investment on that date, at the mean between the last reported bid and asked prices for the investment on that date. Portfolio investments reported by NASDAQ are valued at the official closing price on the valuation date. If an investment is traded on more than one exchange, the investment is considered traded on the exchange that is normally the primary market for that investment. For securities and other portfolio investments which are primarily listed or traded on an exchange outside the United States, the time for determining the investment’s value in accordance with the first sentence of this paragraph will be the close of that investment’s primary exchange preceding the Fund’s valuation time.
In any case when a market quotation is not readily available for a portfolio investment ordinarily valued by market quotation, the Committee calculates a fair value for the investment using methodologies selected and approved by the Committee as described in the Valuation Policy and Procedures, subject to changes or additions by the Committee. For this purpose, a market quotation is considered to be readily available if it is a quoted price (unadjusted) in active markets for identical investments that the Fund can access at the measurement date. Pursuant to the Valuation Policy and Procedures, the Committee shall monitor for circumstances that may necessitate the use of fair valuation methodologies, including circumstances in which a market quotation for an investment is no longer reliable or is otherwise not readily available. For that purpose, a market quotation is not readily available when the primary market or exchange for the applicable investment is not open for the entire scheduled day of trading. A market quotation may also not be readily available if: (a) developments occurring after the most recent close of the applicable investment’s primary exchange, but prior to the close of business on any business day; or (b) an unusual event or significant period of time occurring since the availability of the market quotation, create a serious question concerning the reliability of that market quotation. Additionally, a market quotation will be considered unreliable if it would require adjustment under GAAP, or where GAAP would require consideration of additional inputs in determining the value of the investment. The Committee customarily obtains valuations in those instances from pricing service providers approved by the Committee. Such pricing service providers ordinarily calculate valuations using multi-factor models to adjust market prices based upon various inputs, including exchange data, depository receipt prices, futures, index data, and other data.
NOTES TO SCHEDULE OF INVESTMENTS, Continued
| Thornburg Limited Term Income Fund | June 30, 2024 (Unaudited) |
Investments in U.S. mutual funds are valued at net asset value ("NAV") each business day.
Debt obligations held by the Fund which are not listed or traded on exchanges or for which no reported market exists are ordinarily valued at the valuation obtained from a pricing service provider approved by the Committee.
In any case when a pricing service provider fails to provide a valuation for a debt obligation held by the Fund, the Committee may calculate a fair value for the obligation using alternative methods selected and approved by the Committee. Additionally, in cases when the Committee believes that a valuation obtained from a pricing service provider is stale, does not reflect material factors affecting the valuation of the investment, is significantly different than the value the Fund is likely to obtain if it sought a bid for the investment, or is otherwise unreliable, the Committee may calculate a fair value for the obligation using an alternative method selected and approved by the Committee.
NOTE 3 – Investments with Affiliates
Shown below are holdings of voting securities of each portfolio company which is considered "affiliated" to the Fund under the 1940 Act, including companies for which the Fund’s holding represented 5% or more of the company’s voting securities, and a series of the Thornburg Investment Trust in which the Fund invested for cash management purposes during the period:
| Market Value 9/30/23 | Purchases at Cost | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appr./(Depr.) | Market Value 6/30/24 | Dividend Income | |
| Thornburg Capital Mgmt. Fund | $122,751,672 | $1,932,624,083 | $(1,638,764,076) | $- | $- | $416,611,679 | $12,946,709 |