SCHEDULE OF INVESTMENTS
| Thornburg Intermediate Municipal Fund | June 30, 2024 (Unaudited) |
| ISSUER-DESCRIPTION | Principal Amount | VALUE | |
| LONG-TERM MUNICIPAL BONDS — 94.9% | |||
| Alabama — 4.2% | |||
| a | Black Belt Energy Gas District (Guaranty: Morgan Stanley Group), Series C-1, 5.25% due 2/1/2053 (put 6/1/2029) | $ 4,000,000 | $ 4,206,772 |
| a | Black Belt Energy Gas District (Guaranty: Royal Bank of Canada), Series B, 5.25% due 12/1/2053 (put 12/1/2030) | 1,375,000 | 1,477,304 |
| a | Chatom (PowerSouth Energy Cooperative; SPA National Rural Utilities Cooperative Finance) IDB, Series A, 3.875% due 8/1/2037 (put 8/1/2024) | 1,750,000 | 1,750,025 |
| a | Energy Southeast A Cooperative District (Guaranty: Morgan Stanley Group), Series B, 5.25% due 7/1/2054 (put 6/1/2032) | 3,110,000 | 3,324,301 |
| Homewood Educational Building Authority (CHF - Horizons I LLC), Series A, 5.50% due 10/1/2042 - 10/1/2044 | 3,195,000 | 3,426,119 | |
| a | Southeast Alabama Gas Supply District (Guaranty: Morgan Stanley Group), 5.00% due 6/1/2049 (put 5/1/2032) | 4,750,000 | 5,008,576 |
| a | Southeast Alabama Gas Supply District (Guaranty: Pacific Life Insurance Co.), Series A, 5.00% due 8/1/2054 (put 4/1/2032) | 5,000,000 | 5,365,295 |
| a | Southeast Energy Authority A Cooperative District, Series B, 5.00% due 1/1/2054 (put 6/1/2030) | 5,000,000 | 5,244,395 |
| a | Southeast Energy Authority A Cooperative District (Guaranty: Morgan Stanley Group), Series A-1, 5.50% due 1/1/2053 (put 12/1/2029) | 6,000,000 | 6,411,822 |
| UAB Medicine Finance Authority (UAB Medicine Obligated Group), Series B, 5.00% due 9/1/2034 | 5,430,000 | 5,562,910 | |
| Alaska — 0.1% | |||
| State of Alaska International Airports System AMT, Series C, 5.00% due 10/1/2029 | 750,000 | 791,338 | |
| Arizona — 1.2% | |||
| Arizona (Scottsdale Lincoln Hospitals) HFA, Series A, 5.00% due 12/1/2031 | 2,500,000 | 2,513,965 | |
| Arizona Board of Regents (University of Arizona SPEED), 5.00% due 8/1/2029 | 1,000,000 | 1,001,011 | |
| a | Chandler (Intel Corp.) IDA AMT, 4.00% due 6/1/2049 (put 6/1/2029) | 5,000,000 | 5,028,620 |
| City of Phoenix Civic Improvement Corp. (Phoenix Airport Revenue) AMT, Series A, 5.00% due 7/1/2031 | 2,200,000 | 2,257,184 | |
| Salt Verde Financial Corp. (Gas Supply Acquisition; Guaranty: Citigroup, Inc.), 5.25% due 12/1/2028 | 770,000 | 811,393 | |
| Yavapai County (Waste Management, Inc.) IDA AMT, 1.30% due 6/1/2027 | 750,000 | 690,033 | |
| Arkansas — 0.1% | |||
| County of Pulaski (Arkansas Children’s Hospital), 5.00% due 3/1/2042 - 3/1/2043 | 1,000,000 | 1,088,358 | |
| California — 5.5% | |||
| California (Adventist Health System/West) HFFA, Series A, 5.00% due 3/1/2026 | 2,815,000 | 2,815,870 | |
| California (Children’s Hospital Los Angeles) HFFA, Series A, 5.00% due 8/15/2032 - 8/15/2033 | 950,000 | 976,532 | |
| a | California Community Choice Financing Authority (Guaranty: Deutsche Bank AG) (Green Bond), Series C, 5.25% due 1/1/2054 (put 10/1/2031) | 3,250,000 | 3,420,514 |
| California Infrastructure & Economic Development Bank (King City Joint Union High School District), 5.75% due 8/15/2029 | 1,500,000 | 1,501,170 | |
| California Municipal Finance Authority (Republic Services, Inc.) AMT, | |||
| a | Series A, 4.00% due 7/1/2041 (put 10/1/2024) | 2,000,000 | 2,000,000 |
| a | Series B, 4.00% due 7/1/2051 (put 7/15/2024) | 2,000,000 | 1,999,978 |
| California Pollution Control Financing Authority (Republic Services, Inc.) AMT, | |||
| a,b | 4.125% due 7/1/2043 (put 8/15/2024) | 1,000,000 | 1,000,372 |
| a,b | Series A2, 4.05% due 11/1/2042 (put 7/15/2024) | 3,750,000 | 3,750,000 |
| a | California Pollution Control Financing Authority (Waste Management, Inc.) AMT, Series A, 4.25% due 11/1/2038 (put 7/2/2029) | 2,000,000 | 1,996,143 |
| City of Los Angeles Department of Airports AMT, | |||
| Series A, 4.75% due 5/15/2040 | 1,500,000 | 1,504,702 | |
| Series B, 5.00% due 5/15/2034 | 1,750,000 | 1,780,872 | |
| Series C, 5.00% due 5/15/2033 | 2,000,000 | 2,181,734 | |
| Series D, 5.00% due 5/15/2041 | 4,000,000 | 4,021,552 | |
| City of San Mateo (City of San Mateo Community Facilities District No. 2008-1) (BAM), 5.25% due 9/1/2040 | 5,000,000 | 5,664,850 | |
| Delano Financing Authority (City of Delano Police Station & Woollomes Avenue Bridge), Series A, 5.00% due 12/1/2025 | 1,340,000 | 1,341,164 | |
| a,b | Deutsche Bank Spears/Lifers Trust (LOC Deutsche Bank AG), Series 2024-8135, 5.10% due 4/1/2060 (put 7/1/2024) | 11,000,000 | 11,000,000 |
| Franklin-McKinley School District (NPFG) GO, 5.25% due 8/1/2027 | 1,000,000 | 1,063,972 | |
| Fresno (Educational Facilities & Improvements) (NPFG) USD GO, Series A, 6.00% due 8/1/2026 | 470,000 | 481,547 | |
| M-S-R Energy Authority (Guaranty: Citigroup Global Markets), Series B, 6.125% due 11/1/2029 | 2,060,000 | 2,200,562 | |
| North City West School Facilities Financing Authority (Carmel Valley Schools) (AGM), Series A, 5.00% due 9/1/2024 | 1,080,000 | 1,081,238 | |
| Oakland (County of Alameda Educational Facilities) USD GO, Series A, 5.00% due 8/1/2032 - 8/1/2034 (pre-refunded 8/1/2025) | 3,000,000 | 3,060,330 | |
| Colorado — 0.8% | |||
| City & County of Denver Airport System Revenue AMT, Series A, 5.00% due 11/15/2041 | 1,660,000 | 1,758,192 | |
| Colorado (CommonSpirit Health Obligated Group) HFA, | |||
| 5.00% due 11/1/2041 | 1,500,000 | 1,630,583 | |
| Series A-2, 5.00% due 8/1/2038 | 1,000,000 | 1,052,019 | |
| Colorado School of Mines (AGM) (Green Bond), Series A, 5.00% due 12/1/2039 - 12/1/2043 | 1,310,000 | 1,426,664 | |
| Denver City & County Housing Authority (Three Towers Rehabilitation) (AGM) AMT, 5.20% due 11/1/2027 | 1,180,000 | 1,180,561 | |
| State of Colorado COP, Series A, 5.00% due 9/1/2032 | 350,000 | 368,337 | |
| Connecticut — 2.3% | |||
| City of Hartford (Various Public Improvements) (AGM) GO, Series A, 5.00% due 7/1/2031 | 1,700,000 | 1,717,632 | |
| City of New Haven (BAM) GO, 5.25% due 8/1/2043 | 1,900,000 | 2,106,165 | |
| State of Connecticut (Various Capital Projects) GO, Series B, 5.00% due 5/15/2027 | 1,000,000 | 1,028,174 | |
| State of Connecticut GO, | |||
| Series A, 5.00% due 4/15/2033 - 4/15/2035 | 12,415,000 | 13,173,678 | |
| Series C, 5.00% due 6/15/2028 - 6/15/2029 | 1,890,000 | 2,019,434 |
SCHEDULE OF INVESTMENTS, Continued
| Thornburg Intermediate Municipal Fund | June 30, 2024 (Unaudited) |
| ISSUER-DESCRIPTION | Principal Amount | VALUE | |
| Series E, 5.00% due 9/15/2033 | $ 2,650,000 | $ 2,834,777 | |
| District of Columbia — 0.7% | |||
| Metropolitan Washington Airports Authority (Dulles Toll Road Revenue) (AGC), Series B, Zero Coupon due 10/1/2024 | 5,000,000 | 4,952,945 | |
| Metropolitan Washington Airports Authority Aviation Revenue AMT, Series A, 4.00% due 10/1/2041 | 1,750,000 | 1,689,273 | |
| Florida — 4.9% | |||
| Broward County School Board (Educational Facilities) COP, Series B, 5.00% due 7/1/2032 | 200,000 | 202,223 | |
| City of Lakeland (Electric Power System Smart Grid Project), 5.25% due 10/1/2036 | 2,770,000 | 3,266,162 | |
| City of Lakeland (Electric Power System Smart Grid Project) (AGM), 5.25% due 10/1/2027 | 3,680,000 | 3,908,005 | |
| City of Orlando (Senior Tourist Development) (AGM), Series A, 5.00% due 11/1/2036 - 11/1/2037 | 2,335,000 | 2,436,277 | |
| County of Broward (Airport System Improvements) AMT, 5.00% due 10/1/2037 | 1,000,000 | 1,027,056 | |
| County of Broward Airport System Revenue AMT, 5.00% due 10/1/2042 | 2,850,000 | 2,925,781 | |
| County of Broward Port Facilities Revenue AMT, | |||
| 5.00% due 9/1/2037 - 9/1/2041 | 2,050,000 | 2,195,107 | |
| Series B, 4.00% due 9/1/2039 | 1,500,000 | 1,474,095 | |
| County of Miami-Dade, Series A, 5.00% due 4/1/2043 | 500,000 | 540,813 | |
| County of Miami-Dade (Miami International Airport), Series B, 5.00% due 10/1/2028 - 10/1/2031 | 5,335,000 | 5,350,199 | |
| County of Miami-Dade Aviation Revenue AMT, | |||
| Series A, 5.00% due 10/1/2032 - 10/1/2035 | 4,000,000 | 4,001,821 | |
| Series B, 5.00% due 10/1/2040 | 2,500,000 | 2,555,415 | |
| County of Miami-Dade Seaport Department AMT, Series A, 5.00% due 10/1/2041 - 10/1/2042 | 3,050,000 | 3,191,041 | |
| Miami-Dade County (Nicklaus Children’s Hospital) HFA, 5.00% due 8/1/2035 - 8/1/2037 | 3,405,000 | 3,489,535 | |
| Orange County (Presbyterian Retirement Communities Inc Obligated Group) HFA, 5.00% due 8/1/2040 | 1,750,000 | 1,753,549 | |
| Orange County Convention Center (Tourist Development), Series A, 5.00% due 10/1/2031 | 2,000,000 | 2,057,242 | |
| Palm Beach County (Boca Raton Regional Hospital) HFA, 5.00% due 12/1/2025 (pre-refunded 12/1/2024) | 500,000 | 503,432 | |
| Palm Beach County (Jupiter Medical Center Obligated Group) HFA, Series A, 5.00% due 11/1/2040 - 11/1/2041 | 715,000 | 743,334 | |
| Palm Beach County Housing Finance Authority (Lake Worth Towers Preservation LP) (FNMA), 4.85% due 6/1/2041 | 1,338,748 | 1,419,417 | |
| School Board of Miami-Dade County COP, Series A, 5.00% due 5/1/2030 | 3,250,000 | 3,282,838 | |
| School District of Manatee County (School Facilities Improvement) (AGM), 5.00% due 10/1/2032 | 2,250,000 | 2,311,375 | |
| Georgia — 5.2% | |||
| Athens-Clarke County Unified Government Development Authority (UGAREF Bolton Commons LLC), 5.00% due 6/15/2025 - 6/15/2028 | 1,835,000 | 1,836,807 | |
| Georgia Housing & Finance Authority, Series B, 5.05% due 12/1/2043 | 1,470,000 | 1,553,678 | |
| a | Main Street Natural Gas, Inc. (Guaranty: Citigroup Global Markets), Series C, 5.00% due 12/1/2054 (put 12/1/2031) | 3,400,000 | 3,583,726 |
| a | Main Street Natural Gas, Inc. (Guaranty: Citigroup, Inc.), Series D, 5.00% due 5/1/2054 (put 12/1/2030) | 5,000,000 | 5,248,485 |
| Main Street Natural Gas, Inc. (Guaranty: Macquarie Group Ltd.), Series A, 5.00% due 5/15/2034 - 5/15/2043 | 15,410,000 | 16,344,485 | |
| Main Street Natural Gas, Inc. (Guaranty: Royal Bank of Canada), | |||
| a | Series A, 5.00% due 5/1/2054 (put 9/1/2031) | 7,840,000 | 8,301,643 |
| a | Series B, 5.00% due 7/1/2053 (put 3/1/2030) | 2,000,000 | 2,100,750 |
| a | Series E-1, 5.00% due 12/1/2053 (put 6/1/2031) | 8,000,000 | 8,424,848 |
| Municipal Electric Authority of Georgia, Series A, 5.00% due 1/1/2034 | 2,295,000 | 2,429,650 | |
| Savannah (International Paper Co.) EDA, Series B, 1.90% due 8/1/2024 | 2,000,000 | 1,996,210 | |
| Guam — 0.1% | |||
| Guam Power Authority (Electric Power System), Series A, 5.00% due 10/1/2024 | 1,350,000 | 1,352,011 | |
| Hawaii — 0.2% | |||
| State of Hawaii Airports System Revenue AMT, Series A, 5.00% due 7/1/2034 | 2,000,000 | 2,111,972 | |
| Idaho — 0.6% | |||
| Idaho Housing & Finance Association (FHLMC, FNMA, GNMA), | |||
| Series A, 4.45% due 1/1/2044 | 1,990,000 | 1,966,196 | |
| Series C, 4.65% due 7/1/2043 | 3,485,000 | 3,521,979 | |
| Illinois — 12.8% | |||
| Chicago Board of Education Dedicated Capital Improvement Tax, 5.50% due 4/1/2042 - 4/1/2043 | 2,375,000 | 2,654,388 | |
| Chicago O’Hare International Airport, | |||
| Series C, 5.00% due 1/1/2038 | 2,920,000 | 2,967,634 | |
| Series D, 4.00% due 1/1/2035 | 430,000 | 423,535 | |
| Chicago O’Hare International Airport (2017 Airport Projects), Series B, 5.00% due 1/1/2035 | 4,400,000 | 4,541,346 | |
| Chicago Park District (Capital Improvement Plan) GO, Series B, 5.00% due 1/1/2025 | 1,000,000 | 1,000,932 | |
| City of Chicago (Chicago O’Hare International Airport Customer Facility Charge Revenue) (BAM), 5.25% due 1/1/2043 | 1,500,000 | 1,634,635 | |
| City of Chicago (Chicago O’Hare International Airport) AMT, Series A, 5.00% due 1/1/2028 | 1,475,000 | 1,480,844 | |
| City of Chicago (Wastewater Transmission System), Series C, 5.00% due 1/1/2033 | 500,000 | 502,579 | |
| City of Chicago (Water System), Series A-1, 5.00% due 11/1/2024 | 1,000,000 | 1,004,774 | |
| City of Chicago (Water System) (AGM), Series 2017-2, 5.00% due 11/1/2036 - 11/1/2037 | 5,500,000 | 5,736,584 | |
| City of Chicago (Water System) (BHAC, AMBAC), 5.75% due 11/1/2030 | 1,100,000 | 1,181,221 | |
| City of Chicago GO, | |||
| Series A, | |||
| 5.625% due 1/1/2031 | 1,585,000 | 1,644,425 |
SCHEDULE OF INVESTMENTS, Continued
| Thornburg Intermediate Municipal Fund | June 30, 2024 (Unaudited) |
| ISSUER-DESCRIPTION | Principal Amount | VALUE | |
| 6.00% due 1/1/2038 | $ 7,500,000 | $ 7,803,165 | |
| City of Chicago Wastewater Transmission Revenue, | |||
| Series C, | |||
| 5.00% due 1/1/2028 - 1/1/2029 | 3,880,000 | 3,903,099 | |
| 5.00% due 1/1/2028 - 1/1/2029 (pre-refunded 1/1/2025) | 3,985,000 | 4,018,243 | |
| City of Joliet (Rock Run Crossing Project) (BAM) GO, 5.50% due 12/15/2042 | 2,750,000 | 3,115,189 | |
| Cook County Community College District No. 508 (City Colleges of Chicago) (BAM) GO, 5.00% due 12/1/2043 | 1,650,000 | 1,794,886 | |
| County of Cook Sales Tax Revenue, | |||
| 5.00% due 11/15/2038 | 435,000 | 452,554 | |
| Series A, 5.00% due 11/15/2036 - 11/15/2038 | 3,160,000 | 3,413,743 | |
| Illinois (FHLMC, FNMA, GNMA) HDA, | |||
| Series C, 4.70% due 10/1/2044 | 1,000,000 | 1,001,288 | |
| Series K, 5.25% due 10/1/2043 | 2,000,000 | 2,100,404 | |
| Illinois Finance Authority (Ascension Health Credit Group), | |||
| Series C, | |||
| 4.00% due 2/15/2033 | 800,000 | 804,548 | |
| 5.00% due 2/15/2041 | 1,305,000 | 1,333,726 | |
| Illinois Finance Authority (Carle Foundation Obligated Group), Series A, 5.00% due 8/15/2034 | 1,700,000 | 1,881,611 | |
| Illinois Finance Authority (Silver Cross Hospital & Medical Centers), Series C, 5.00% due 8/15/2024 - 8/15/2035 | 2,500,000 | 2,507,702 | |
| Monroe & St. Clair Counties Community Unit School District No. 5 (BAM) GO, 5.00% due 4/15/2027 - 4/15/2031 | 6,285,000 | 6,434,314 | |
| Moultrie Shelby & Coles Counties Community Unit School District No. 300 (BAM) GO, 5.00% due 12/1/2042 - 12/1/2044 | 3,375,000 | 3,513,997 | |
| Regional Transportation Authority (AGM), Series A, 5.75% due 6/1/2034 | 1,100,000 | 1,294,756 | |
| Sales Tax Securitization Corp., | |||
| Series A, | |||
| 4.00% due 1/1/2038 | 2,000,000 | 2,012,588 | |
| 5.00% due 1/1/2029 - 1/1/2044 | 6,350,000 | 6,630,299 | |
| Sales Tax Securitization Corp. (BAM), Series A, 5.00% due 1/1/2038 | 3,075,000 | 3,197,785 | |
| Southern Illinois University (BAM), | |||
| Series A, | |||
| 4.00% due 4/1/2035 | 600,000 | 600,400 | |
| 5.00% due 4/1/2037 - 4/1/2042 | 2,040,000 | 2,188,386 | |
| State of Illinois (AGM) GO, 5.00% due 4/1/2036 | 500,000 | 500,620 | |
| State of Illinois GO, | |||
| 5.00% due 2/1/2039 | 670,000 | 667,923 | |
| 5.50% due 5/1/2039 | 1,500,000 | 1,643,053 | |
| Series A, 5.00% due 12/1/2034 - 5/1/2040 | 12,810,000 | 13,692,141 | |
| Series B, 5.25% due 5/1/2043 | 3,500,000 | 3,794,140 | |
| Series D, 5.00% due 11/1/2027 - 11/1/2028 | 4,250,000 | 4,432,637 | |
| State of Illinois Sales Tax Revenue, Series B, 5.00% due 6/15/2030 - 6/15/2032 | 12,165,000 | 12,789,017 | |
| Tazewell County School District (NPFG) GO Partial ETM, 9.00% due 12/1/2024 | 1,205,000 | 1,231,018 | |
| Will County School District No. 114 Manhattan (BAM) GO, | |||
| 5.25% due 1/1/2040 - 1/1/2041 | 1,000,000 | 1,110,864 | |
| 5.50% due 1/1/2043 | 2,000,000 | 2,233,334 | |
| Indiana — 3.5% | |||
| Brownsburg 1999 School Building Corp. (Brownsburg Community School Corp.) (State Intercept), 5.00% due 1/15/2042 | 1,000,000 | 1,084,509 | |
| a | City of Mount Vernon (Southern Indiana Gas & Electric Co.) AMT, 4.25% due 9/1/2055 (put 9/1/2028) | 2,000,000 | 2,003,000 |
| City of Whiting (BP Products North America, Inc.; Guaranty: BP plc) AMT, | |||
| a | 5.00% due 11/1/2047 (put 11/1/2024) | 250,000 | 250,507 |
| a | Series A, 5.00% due 12/1/2044 (put 6/5/2026) | 975,000 | 992,781 |
| Indiana (Ascension Health Credit Group) HFFA, Series 2001-A-1, 5.00% due 11/15/2036 | 4,000,000 | 4,062,688 | |
| Indiana Finance Authority (CWA Authority, Inc.), Series A, 5.00% due 10/1/2035 | 500,000 | 572,277 | |
| Indiana Finance Authority (Ohio Valley Electric Corp.), Series A, 4.25% due 11/1/2030 | 8,000,000 | 7,980,200 | |
| Indiana Finance Authority (Reid Hospital & Health Care Services, Inc. Obligated Group) (AGM), 5.00% due 1/1/2041 - 1/1/2042 | 2,000,000 | 2,139,273 | |
| a | Indiana Finance Authority (Republic Services, Inc.) AMT, Series A, 4.20% due 5/1/2034 (put 9/3/2024) | 2,500,000 | 2,500,000 |
| Indiana Finance Authority (Southern Indiana Gas & Electric Co.) AMT, | |||
| a | Series A, 4.00% due 3/1/2038 (put 8/1/2028) | 1,500,000 | 1,507,112 |
| a | Series B, 4.00% due 5/1/2043 (put 8/1/2028) | 2,500,000 | 2,507,195 |
| Indiana Housing & Community Development Authority (FHLMC, FNMA, GNMA), Series B-1, 4.65% due 7/1/2044 | 2,000,000 | 2,021,076 | |
| Indiana Municipal Power Agency, Series C, 5.00% due 1/1/2036 | 1,000,000 | 1,019,838 | |
| IPS Multi-School Building Corp. (Indianapolis Board of School Commissioners) (State Intercept), 5.50% due 7/15/2042 | 1,000,000 | 1,123,966 | |
| Mount Vernon of Hancock County Multi-School Building Corp. (State Intercept), 5.50% due 1/15/2042 | 1,000,000 | 1,112,719 | |
| Noblesville Redevelopment Authority, 5.50% due 7/15/2041 | 1,000,000 | 1,125,981 | |
| Silver Creek School Building Corp. (State Intercept), 5.25% due 1/15/2042 | 2,000,000 | 2,212,172 | |
| Iowa — 1.3% | |||
| a | Iowa Finance Authority (Iowa Fertilizer Co. LLC; Guaranty: OCI NV), 5.00% due 12/1/2050 (put 12/1/2042) | 3,000,000 | 3,154,830 |
SCHEDULE OF INVESTMENTS, Continued
| Thornburg Intermediate Municipal Fund | June 30, 2024 (Unaudited) |
| ISSUER-DESCRIPTION | Principal Amount | VALUE | |
| Iowa Finance Authority (UnityPoint Health), Series C, 5.00% due 2/15/2030 - 2/15/2032 | $ 4,100,000 | $ 4,102,722 | |
| a | PEFA, Inc. (Guaranty: Goldman Sachs Group, Inc.), 5.00% due 9/1/2049 (put 9/1/2026) | 5,350,000 | 5,454,758 |
| Kentucky — 3.5% | |||
| a | County of Trimble (Louisville Gas & Electric Co.) AMT, Series A, 4.70% due 6/1/2054 (put 6/1/2027) | 1,250,000 | 1,248,661 |
| Kentucky (Baptist Healthcare System Obligated Group) EDFA, Series B, 5.00% due 8/15/2041 | 5,000,000 | 5,112,355 | |
| a | Kentucky (Republic Services, Inc.) EDFA AMT, Series A, 4.20% due 4/1/2031 (put 9/3/2024) | 2,500,000 | 2,500,000 |
| Kentucky Housing Corp. (FHLMC, FNMA, GNMA), Series A, 4.35% due 7/1/2044 | 1,500,000 | 1,472,871 | |
| a | Kentucky Public Energy Authority (Guaranty: BP Corp. North America, Inc.), Series B, 5.00% due 1/1/2055 (put 8/1/2032) | 8,000,000 | 8,451,240 |
| Kentucky Public Energy Authority (Guaranty: Morgan Stanley Group), | |||
| Series A-1, | |||
| a | 4.00% due 8/1/2052 (put 8/1/2030) | 1,220,000 | 1,210,278 |
| a | 5.25% due 4/1/2054 (put 2/1/2032) | 10,000,000 | 10,713,500 |
| Kentucky State Property & Building Commission, | |||
| Series A, | |||
| 4.00% due 11/1/2035 | 1,000,000 | 1,006,498 | |
| 5.25% due 6/1/2039 | 3,000,000 | 3,372,201 | |
| Louisiana — 0.3% | |||
| Jefferson Sales Tax District (AGM), Series B, 5.00% due 12/1/2034 | 1,000,000 | 1,050,609 | |
| Louisiana Public Facilities Authority (Ochsner Clinic Foundation Obligated Group), Series A, 5.00% due 5/15/2035 - 5/15/2037 | 1,925,000 | 2,048,417 | |
| Maine — 0.1% | |||
| Maine Health & Higher Educational Facilities Authority (AGM), Series A, 5.00% due 7/1/2041 - 7/1/2043 | 625,000 | 688,318 | |
| Massachusetts — 0.1% | |||
| Massachusetts Bay Transportation Authority Assessment Revenue (Transportation Capital Program), Series A, 5.25% due 7/1/2030 | 1,000,000 | 1,116,303 | |
| Michigan — 2.0% | |||
| Detroit City School District (School Building & Site Improvement) (AGM, Q-SBLF) GO, Series A, 5.25% due 5/1/2026 | 3,150,000 | 3,261,828 | |
| Detroit City School District (School Building & Site) (AGM, Q-SBLF) GO, Series A, 5.25% due 5/1/2027 | 1,100,000 | 1,162,247 | |
| Kalamazoo Hospital Finance Authority (Bronson Health Care Group Obligated Group), 4.00% due 5/15/2036 | 1,985,000 | 1,986,765 | |
| Kalamazoo Hospital Finance Authority (Bronson Healthcare), Series A, 5.25% due 5/15/2026 | 75,000 | 75,069 | |
| Michigan Finance Authority (BHSH System Obligated Group), Series A, 5.00% due 4/15/2036 | 2,000,000 | 2,227,430 | |
| Michigan Finance Authority (Government Loan Program), Series F, 5.00% due 4/1/2026 | 680,000 | 680,644 | |
| Michigan Finance Authority (Henry Ford Health System Obligated Group), 4.00% due 11/15/2035 | 450,000 | 443,447 | |
| Michigan Finance Authority (Trinity Health Corp. Obligated Group), | |||
| Series A, 4.00% due 12/1/2040 | 6,200,000 | 6,173,718 | |
| Series A-MI, 4.00% due 12/1/2036 | 1,445,000 | 1,449,880 | |
| Michigan HDA, Series B, 2.95% due 12/1/2039 | 2,000,000 | 1,742,132 | |
| Wayne County Airport Authority (AGM) AMT, Series B, 5.50% due 12/1/2043 | 675,000 | 748,956 | |
| Minnesota — 0.6% | |||
| City of Coon Rapids (Mississippi View Housing Partners LP) (FNMA), Series M, 5.60% due 12/1/2039 | 1,496,779 | 1,595,323 | |
| Duluth Multifamily Tax-Exempt Mtg (Steele Pennel Park LLC) HDA, Series 2024-08FN Class PT, 4.50% due 8/1/2041 | 4,600,000 | 4,600,143 | |
| Mississippi — 1.0% | |||
| a | County of Warren (International Paper Co.), Series A, 1.375% due 5/1/2034 (put 6/16/2025) | 1,625,000 | 1,584,672 |
| Mississippi Development Bank (Jackson Public School District) (BAM), 5.25% due 10/1/2037 - 10/1/2038 | 5,250,000 | 5,597,239 | |
| Mississippi Home Corp. (FHLMC, FNMA, GNMA), Series A, 4.375% due 12/1/2044 | 3,000,000 | 2,919,225 | |
| Missouri — 0.1% | |||
| Health & Educational Facilities Authority of the State of Missouri (Lutheran Senior Services Obligated Group), Series A, 5.25% due 2/1/2044 | 700,000 | 738,230 | |
| Montana — 0.2% | |||
| Montana Board of Housing, Series B, 4.80% due 12/1/2043 | 2,000,000 | 2,058,374 | |
| Nebraska — 0.4% | |||
| a | Central Plains Energy Project (Guaranty: Bank of Montreal), Series A, 5.00% due 5/1/2054 (put 11/1/2029) | 2,000,000 | 2,103,386 |
| Central Plains Energy Project (Guaranty: Goldman Sachs Group, Inc.), | |||
| a | Series 1, 5.00% due 5/1/2053 (put 10/1/2029) | 500,000 | 522,751 |
| Series A, 5.00% due 9/1/2031 | 1,000,000 | 1,056,777 | |
| Nevada — 0.5% | |||
| Carson City (Carson Tahoe Regional Healthcare), Series A, 5.00% due 9/1/2037 | 1,060,000 | 1,087,799 | |
| City of Las Vegas Special Improvement District No. 814 (Summerlin Village 21 & 24A), 4.00% due 6/1/2039 - 6/1/2044 | 1,015,000 | 858,671 | |
| a | County of Washoe (Sierra Pacific Power Co.) AMT, Series F, 4.125% due 3/1/2036 (put 10/1/2029) | 1,000,000 | 1,009,029 |
| a,b | State of Nevada Department of Business & Industry (DesertXpress Enterprises LLC) AMT, 4.00% due 1/1/2050 (put 1/30/2025) | 1,500,000 | 1,498,426 |
| New Jersey — 3.9% | |||
| New Jersey (New Jersey Transit Corp.) EDA, Series A, 5.25% due 11/1/2042 | 4,000,000 | 4,413,572 | |
| New Jersey (School Facilities Construction) (AMBAC) EDA, Series N-1, 5.50% due 9/1/2026 | 3,000,000 | 3,131,184 | |
| New Jersey (School Facilities Construction) (NPFG) EDA, Series N1, 5.50% due 9/1/2027 | 1,700,000 | 1,809,726 | |
| New Jersey (State of New Jersey Department of the Treasury) EDA, Series EEE, 5.00% due 6/15/2043 | 545,000 | 568,603 | |
| New Jersey Health Care Facilities Financing Authority (Virtua Health Obligated Group), 5.00% due 7/1/2027 - 7/1/2028 | 2,815,000 | 2,817,299 |
SCHEDULE OF INVESTMENTS, Continued
| Thornburg Intermediate Municipal Fund | June 30, 2024 (Unaudited) |
| ISSUER-DESCRIPTION | Principal Amount | VALUE | |
| New Jersey Higher Education Student Assistance Authority AMT, | |||
| Series A, 5.00% due 12/1/2032 | $ 1,500,000 | $ 1,587,872 | |
| Series B, 5.00% due 12/1/2032 | 750,000 | 793,614 | |
| New Jersey Transportation Trust Fund Authority, | |||
| Series A, 5.00% due 12/15/2032 - 12/15/2035 | 5,300,000 | 5,635,821 | |
| Series AA, | |||
| 5.00% due 6/15/2035 - 6/15/2040 | 1,800,000 | 1,955,043 | |
| 5.25% due 6/15/2043 | 3,100,000 | 3,271,418 | |
| Series BB-1, 5.00% due 6/15/2034 | 2,000,000 | 2,126,752 | |
| New Jersey Transportation Trust Fund Authority (State Transportation System Improvements), Series A, 5.00% due 6/15/2031 | 1,000,000 | 1,023,410 | |
| New Jersey Transportation Trust Fund Authority (Transportation Program Bonds), | |||
| Series AA, 5.00% due 6/15/2038 | 3,500,000 | 3,699,976 | |
| Series CC, 5.00% due 6/15/2042 | 3,750,000 | 4,066,012 | |
| New Jersey Transportation Trust Fund Authority (Transportation System), Series A, 5.00% due 12/15/2034 - 12/15/2039 | 2,000,000 | 2,130,893 | |
| New Mexico — 1.2% | |||
| Albuquerque Municipal School District No. 12 (State Aid Withholding) GO, Series A, 5.00% due 8/1/2035 | 500,000 | 547,103 | |
| a | City of Farmington (Public Service Co. of New Mexico), Series E, 3.875% due 6/1/2040 (put 6/1/2029) | 2,000,000 | 2,012,684 |
| City of Santa Fe (El Castillo Retirement Residences Obligated Group), 4.50% due 5/15/2027 | 1,000,000 | 991,283 | |
| New Mexico Hospital Equipment Loan Council (Haverland Carter Lifestyle Obligated Group), | |||
| Series A, 5.00% due 7/1/2033 | 360,000 | 346,903 | |
| Series LA, 5.00% due 7/1/2032 | 575,000 | 558,851 | |
| New Mexico Hospital Equipment Loan Council (Presbyterian Healthcare Services Obligated Group), Series A, 5.00% due 8/1/2036 - 8/1/2037 | 1,955,000 | 2,098,376 | |
| New Mexico Institute of Mining & Technology (Campus Buildings Acquisition & Improvements) (AGM), 4.00% due 12/1/2035 - 12/1/2040 | 1,910,000 | 1,927,519 | |
| New Mexico Mortgage Finance Authority (FHLMC, FNMA, GNMA), Series A Class I, 4.50% due 9/1/2044 | 3,000,000 | 3,000,216 | |
| Village of Los Ranchos de Albuquerque (Albuquerque Academy), 4.00% due 9/1/2040 | 825,000 | 788,595 | |
| New York — 6.9% | |||
| Build NYC Resource Corp. (Kipp NYC Public Charter Schools), 5.00% due 7/1/2042 | 2,300,000 | 2,388,451 | |
| City of Long Beach (BAM) GO, Series B, 5.25% due 7/15/2042 | 1,000,000 | 1,076,035 | |
| City of New York (City Budget Financial Management) GO, | |||
| Series G, 5.00% due 8/1/2027 | 4,530,000 | 4,534,317 | |
| Series J, 5.00% due 8/1/2030 - 8/1/2031 | 9,000,000 | 9,008,215 | |
| City of New York GO, | |||
| Series A, 5.00% due 8/1/2039 | 500,000 | 537,562 | |
| Series D-1, 5.25% due 5/1/2040 - 5/1/2041 | 2,500,000 | 2,816,329 | |
| Dutchess County Local Development Corp. (Tompkins Terrace Housing LP) (FNMA), 5.00% due 10/1/2040 | 3,100,000 | 3,369,905 | |
| Metropolitan Transportation Authority, | |||
| Series D, 5.00% due 11/15/2030 - 11/15/2035 | 8,295,000 | 8,586,506 | |
| Series D-1, 5.00% due 11/15/2031 | 2,285,000 | 2,323,646 | |
| Metropolitan Transportation Authority (Green Bond), Series A1, 5.00% due 11/15/2035 - 11/15/2036 | 1,820,000 | 1,871,229 | |
| New York City Housing Development Corp. (CSA Preservation Partners LLC) (HUD), Series A, 4.45% due 8/1/2043 | 1,500,000 | 1,503,582 | |
| New York City Housing Development Corp. (HUD), Series B, 5.05% due 11/1/2043 | 4,250,000 | 4,455,568 | |
| New York City Transitional Finance Authority Future Tax Secured Revenue, | |||
| Series A, 5.00% due 11/1/2036 | 1,230,000 | 1,359,247 | |
| Series A2, 5.00% due 5/1/2039 | 1,000,000 | 1,070,179 | |
| Series A-3, 4.00% due 8/1/2042 | 2,500,000 | 2,469,862 | |
| New York State Dormitory Authority (BAM), Series A, 5.00% due 10/1/2042 | 5,000,000 | 5,380,445 | |
| New York State Thruway Authority (State of New York Personal Income Tax Revenue), 5.00% due 3/15/2041 | 1,500,000 | 1,662,340 | |
| New York State Urban Development Corp. (State of New York Personal Income Tax Revenue), Series A, 5.00% due 3/15/2041 - 3/15/2042 | 4,300,000 | 4,655,595 | |
| Port Authority of New York & New Jersey AMT, | |||
| Series 186, 5.00% due 10/15/2037 | 3,000,000 | 3,004,302 | |
| Series 207, 5.00% due 9/15/2030 | 1,400,000 | 1,457,176 | |
| State of New York Mortgage Agency (SONYMA) AMT, | |||
| Series 248, 4.05% due 10/1/2031 | 2,035,000 | 1,905,432 | |
| Series 253, 4.70% due 10/1/2038 | 995,000 | 983,368 | |
| Triborough Bridge & Tunnel Authority, Series D, 5.00% due 11/15/2033 | 250,000 | 278,849 | |
| Triborough Bridge & Tunnel Authority (Metropolitan Transportation Authority Payroll Mobility Tax Revenue), Series A, 4.00% due 5/15/2040 | 1,500,000 | 1,505,938 | |
| Westchester County Local Development Corp. (Miriam Osborn Memorial Home Association Obligated Group), 5.00% due 7/1/2029 | 250,000 | 255,092 | |
| North Carolina — 1.0% | |||
| Charlotte-Mecklenburg Hospital Authority (Carolinas HealthCare System), Series A, 5.00% due 1/15/2028 | 2,190,000 | 2,197,060 | |
| City of Shelby (Standard Laurel Venture LP) (FNMA), 4.25% due 8/1/2040 | 2,100,000 | 2,092,734 | |
| Greater Asheville Regional Airport Authority (AGM) AMT, 5.25% due 7/1/2042 - 7/1/2043 | 1,450,000 | 1,592,139 | |
| North Carolina Medical Care Commission (Plantation Village Obligated Group), Series A, 4.00% due 1/1/2041 | 1,020,000 | 950,998 | |
| North Carolina Medical Care Commission (Vidant Health), 5.00% due 6/1/2030 (pre-refunded 6/1/2025) | 3,000,000 | 3,047,202 | |
| Ohio — 1.4% |
SCHEDULE OF INVESTMENTS, Continued
| Thornburg Intermediate Municipal Fund | June 30, 2024 (Unaudited) |
| ISSUER-DESCRIPTION | Principal Amount | VALUE | |
| Cincinnati City School District (School Improvement Project) COP, 5.00% due 12/15/2031 (pre-refunded 12/15/2024) | $ 3,075,000 | $ 3,098,210 | |
| City of Cleveland (Various Municipal Capital Improvements) GO, 5.00% due 12/1/2024 | 1,000,000 | 1,001,022 | |
| City of Cleveland GO, 5.00% due 12/1/2026 | 15,000 | 15,014 | |
| Cleveland-Cuyahoga County Port Authority (County Administration Offices), 5.00% due 7/1/2025 | 1,780,000 | 1,808,612 | |
| Northeast Ohio Medical University (BAM), | |||
| 5.00% due 12/1/2038 - 12/1/2041 | 2,420,000 | 2,611,152 | |
| Series B, 4.00% due 12/1/2038 - 12/1/2042 | 1,860,000 | 1,786,276 | |
| Ohio Higher Educational Facility Commission (Ashtabula County Medical Center Obligated Group), 5.25% due 1/1/2037 | 840,000 | 922,962 | |
| Ohio Housing Finance Agency (FHLMC, FNMA, GNMA), Series B, 4.80% due 9/1/2043 | 970,000 | 967,650 | |
| Polaris Career Center COP, 5.00% due 11/1/2041 | 1,150,000 | 1,161,568 | |
| Oklahoma — 1.0% | |||
| Clinton Public Works Authority, 5.00% due 10/1/2039 | 3,335,000 | 3,579,626 | |
| Muskogee Industrial Trust (Muskogee County No. 20) ISD, 5.00% due 9/1/2025 | 850,000 | 858,871 | |
| Oklahoma County Finance Authority (Oklahoma County ISD No. 4 Choctaw-Nicoma Park), 4.00% due 9/1/2038 | 5,000,000 | 5,024,620 | |
| Oregon — 0.0% | |||
| Salem Hospital Facility Authority (Capital Manor, Inc. Obligated Group), 4.00% due 5/15/2040 | 500,000 | 444,796 | |
| Pennsylvania — 5.3% | |||
| City of Philadelphia (Pennsylvania Gas Works), | |||
| Series 13, 5.00% due 8/1/2032 - 8/1/2034 | 2,300,000 | 2,320,711 | |
| Series 14, 5.00% due 10/1/2034 | 500,000 | 511,654 | |
| City of Philadelphia (Philadelphia Gas Works), Series 15, 5.00% due 8/1/2042 | 2,500,000 | 2,566,457 | |
| City of Philadelphia Airport Revenue (AGM) AMT, 4.00% due 7/1/2041 | 2,000,000 | 1,912,194 | |
| City of Philadelphia Airport Revenue AMT, | |||
| Series B, 5.00% due 7/1/2033 - 7/1/2037 | 2,250,000 | 2,295,592 | |
| Series C, 5.00% due 7/1/2032 | 1,380,000 | 1,450,601 | |
| City of Pittsburgh (Capital Projects) GO, 5.00% due 9/1/2035 - 9/1/2036 | 1,215,000 | 1,270,119 | |
| County of Luzerne (AGM) GO, Series A, 5.00% due 11/15/2029 | 3,000,000 | 3,044,877 | |
| Luzerne County (AGM) IDA GO, 5.00% due 12/15/2025 | 545,000 | 555,783 | |
| Monroeville Financing Authority (University of Pittsburgh Medical Center), 5.00% due 2/15/2026 | 3,490,000 | 3,573,038 | |
| a | Montgomery County (Constellation Energy Generation LLC) IDA AMT, Series C, 4.45% due 10/1/2034 (put 4/3/2028) | 1,000,000 | 1,006,606 |
| Pennsylvania (Pennsylvania Department of Transportation) EDFA AMT, 5.50% due 6/30/2043 | 6,000,000 | 6,570,942 | |
| Pennsylvania (Presbyterian Homes Obligated Group) EDFA, Series B-2, 5.00% due 7/1/2042 | 1,250,000 | 1,284,425 | |
| Pennsylvania (UPMC Obligated Group) EDFA, | |||
| Series A, | |||
| 4.00% due 10/15/2037 | 1,000,000 | 1,009,485 | |
| 5.00% due 2/15/2036 | 1,000,000 | 1,102,014 | |
| Pennsylvania Higher Educational Facilities Authority (University of Pennsylvania Health System Obligated Group), Series A, 4.00% due 8/15/2042 | 1,000,000 | 1,000,036 | |
| Pennsylvania Housing Finance Agency (Cambridge Community Partners LP) (FNMA, HUD), Series A, 5.55% due 11/1/2042 | 1,100,000 | 1,254,672 | |
| Pennsylvania Housing Finance Agency AMT, 5.00% due 4/1/2027 | 1,500,000 | 1,510,713 | |
| Pennsylvania State Public School Building Authority (Philadelphia School District) (AGM, State Aid Withholding), Series B, 5.00% due 6/1/2027 | 5,000,000 | 5,211,225 | |
| Pennsylvania Turnpike Commission, Series 2, 5.00% due 12/1/2036 | 1,150,000 | 1,198,778 | |
| Philadelphia Municipal Authority (Juvenile Justice Services Center), 5.00% due 4/1/2032 - 4/1/2036 | 11,125,000 | 11,558,362 | |
| Rhode Island — 0.6% | |||
| Rhode Island Housing & Mortgage Finance Corp. (GNMA), Series 81-A, 5.25% due 10/1/2043 | 2,000,000 | 2,127,216 | |
| State of Rhode Island & Providence Plantations (Training School Project) COP, Series B, 5.00% due 10/1/2024 | 3,595,000 | 3,598,638 | |
| South Carolina — 2.6% | |||
| City of Myrtle Beach (Municipal Sports Complex), Series B, 5.00% due 6/1/2028 - 6/1/2030 | 2,000,000 | 2,002,224 | |
| a | Patriots Energy Group Financing Agency (Guaranty: Royal Bank of Canada), Series B-1, 5.25% due 2/1/2054 (put 3/1/2031) | 6,000,000 | 6,477,228 |
| a | Patriots Energy Group Financing Agency (Guaranty: Sumitomo Mitsui Banking Corp.), Series A1, 5.25% due 10/1/2054 (put 8/1/2031) | 9,500,000 | 10,145,515 |
| a | South Carolina Jobs-EDA (Guaranty: International Paper Co.) AMT, Series A, 4.00% due 4/1/2033 (put 4/1/2026) | 2,000,000 | 1,983,014 |
| South Carolina State Housing Finance & Development Authority, Series A, 4.50% due 7/1/2044 | 5,000,000 | 5,065,785 | |
| South Dakota — 0.4% | |||
| South Dakota (FHLMC, FNMA, GNMA) HDA, Series A, 4.45% due 11/1/2044 | 2,500,000 | 2,485,280 | |
| South Dakota Health & Educational Facilities Authority (Sanford Health), 5.00% due 11/1/2028 - 11/1/2029 | 1,800,000 | 1,824,608 | |
| Tennessee — 2.7% | |||
| Knox County Health Educational & Housing Facility Board (Provident Group - UTK Properties LLC) (BAM), Series A-1, 5.00% due 7/1/2043 - 7/1/2044 | 975,000 | 1,040,308 | |
| Memphis-Shelby County Airport Authority AMT, Series A, 5.00% due 7/1/2026 - 7/1/2033 | 2,320,000 | 2,434,232 | |
| a | Tennergy Corp. (Guaranty: Morgan Stanley Group), Series A, 4.00% due 12/1/2051 (put 9/1/2028) | 2,000,000 | 1,999,558 |
| Tennessee (FHLMC, FNMA, GNMA) HDA, Series 3A, 5.20% due 7/1/2043 | 1,975,000 | 2,089,611 | |
| a | Tennessee Energy Acquisition Corp. (Guaranty: Goldman Sachs Group, Inc.), Series A-1, 5.00% due 5/1/2053 (put 5/1/2028) | 5,000,000 | 5,194,455 |
| a | Tennessee Energy Acquisition Corp. (Tennessee Energy Acquisition Corp.; Guaranty: Goldman Sachs Group, Inc.), Series A, 5.00% due 5/1/2052 (put 11/1/2031) | 11,785,000 | 12,449,155 |
| Tennessee HDA, Series 2A, 4.45% due 7/1/2043 | 1,000,000 | 991,027 |
SCHEDULE OF INVESTMENTS, Continued
| Thornburg Intermediate Municipal Fund | June 30, 2024 (Unaudited) |
| ISSUER-DESCRIPTION | Principal Amount | VALUE | |
| Texas — 10.7% | |||
| Calallen (PSF-GTD) ISD GO, 5.00% due 2/15/2043 | $ 750,000 | $ 820,585 | |
| Celina (PSF-GTD) ISD GO, 5.00% due 2/15/2042 - 2/15/2043 | 1,250,000 | 1,376,891 | |
| City of Austin Airport System Revenue AMT, 5.00% due 11/15/2035 - 11/15/2042 | 5,740,000 | 6,134,558 | |
| City of Dallas (Public Improvements) GO, 5.00% due 2/15/2025 - 2/15/2034 | 9,720,000 | 9,794,075 | |
| City of Galveston (Galveston Island Convention Center) (AGM), Series B, 5.00% due 9/1/2024 | 575,000 | 575,587 | |
| c | City of Grapevine (CTFS Obligation) GO, 4.00% due 2/15/2044 | 2,405,000 | 2,343,023 |
| City of Houston Airport System Revenue (AGM) AMT, Series A, 5.25% due 7/1/2042 | 1,000,000 | 1,104,259 | |
| City of Houston Airport System Revenue AMT, | |||
| Series A, | |||
| 4.00% due 7/1/2041 | 1,310,000 | 1,265,231 | |
| 5.00% due 7/1/2033 - 7/1/2041 | 2,500,000 | 2,610,341 | |
| City of McAllen (International Toll Bridge Revenue) (AGM), Series A, 5.00% due 3/1/2029 - 3/1/2032 | 4,730,000 | 4,826,488 | |
| City of New Braunfels Utility System Revenue, 5.00% due 7/1/2042 | 1,750,000 | 1,930,598 | |
| City of Port Arthur (CTFS Obligation) (BAM) GO, | |||
| 4.00% due 2/15/2040 - 2/15/2042 | 1,750,000 | 1,780,185 | |
| 5.00% due 2/15/2039 - 2/15/2043 | 2,350,000 | 2,627,922 | |
| City of San Antonio (Airport System Capital Improvements) AMT, 5.00% due 7/1/2024 - 7/1/2025 | 3,225,000 | 3,225,746 | |
| City of San Antonio (Public Facilities Corp.), 5.00% due 9/15/2040 | 2,000,000 | 2,204,728 | |
| a | City of San Antonio Electric & Gas Systems Revenue, Series A, 1.75% due 2/1/2033 (put 12/1/2024) | 3,995,000 | 3,948,730 |
| Clifton Higher Education Finance Corp. (Braination, Inc.) (PSF-GTD), 5.25% due 8/15/2044 | 750,000 | 824,080 | |
| Clifton Higher Education Finance Corp. (IDEA Public Schools) (PSF-GTD), 4.00% due 8/15/2044 | 5,000,000 | 4,915,120 | |
| Clifton Higher Education Finance Corp. (International Leadership of Texas, Inc.) (PSF-GTD), Series A, 4.00% due 8/15/2044 | 1,280,000 | 1,247,959 | |
| Corpus Christi (PSF-GTD) ISD GO, 4.00% due 8/15/2043 | 1,500,000 | 1,486,593 | |
| County of Bexar GO, 4.00% due 6/15/2036 | 1,000,000 | 1,005,208 | |
| Crosby (PSF-GTD) ISD GO, 4.00% due 2/15/2042 | 1,000,000 | 998,214 | |
| Greater Texas Cultural Education Facilities Finance Corp. (County of Fort Bend), Series A, 5.00% due 3/1/2034 | 1,185,000 | 1,306,241 | |
| Harris County Cultural Education Facilities Finance Corp. (Memorial Hermann Health System Obligated Group), | |||
| 5.00% due 7/1/2040 | 5,000,000 | 5,098,430 | |
| Series A, 5.00% due 12/1/2028 | 3,000,000 | 3,014,589 | |
| Hays Consolidated (PSF-GTD) ISD GO, 4.00% due 2/15/2043 | 1,000,000 | 991,018 | |
| Houston (PSF-GTD) ISD GO, Series A, 4.00% due 2/15/2041 | 4,900,000 | 4,831,032 | |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), | |||
| 5.00% due 5/15/2039 | 750,000 | 774,061 | |
| Series A, | |||
| 5.00% due 5/15/2039 | 500,000 | 536,489 | |
| 5.25% due 5/15/2042 | 1,410,000 | 1,551,214 | |
| Matagorda County Navigation District No. 1 (AEP Texas, Inc.) AMT, 4.25% due 5/1/2030 | 2,000,000 | 1,950,194 | |
| Mission Economic Development Corp. (Republic Services, Inc.) AMT, | |||
| a | 4.00% due 6/1/2054 (put 6/1/2034) | 1,000,000 | 1,016,633 |
| a | 4.05% due 1/1/2026 (put 8/1/2024) | 2,500,000 | 2,500,000 |
| Newark Higher Education Finance Corp. (Hughen Center, Inc.) (PSF-GTD), Series A, 5.00% due 8/15/2042 | 600,000 | 645,973 | |
| North Texas Tollway Authority (North Texas Tollway System), Series A, 4.125% due 1/1/2040 | 1,500,000 | 1,523,778 | |
| Pecos Barstow Toyah (PSF-GTD) ISD GO, 5.00% due 2/15/2043 | 1,000,000 | 1,014,785 | |
| Tarrant County Cultural Education Facilities Finance Corp. (CHRISTUS Health Obligated Group), Series B, 5.00% due 7/1/2036 | 1,185,000 | 1,258,122 | |
| Tarrant County Cultural Education Facilities Finance Corp. (Baylor Scott & White Health Obligated Group), Series A, 4.00% due 11/15/2036 | 1,000,000 | 996,774 | |
| a | Tarrant County Cultural Education Facilities Finance Corp. (Christus Health Obligated Group), Series A, 5.00% due 7/1/2053 (put 7/1/2032) | 2,000,000 | 2,170,118 |
| Tarrant County Cultural Education Facilities Finance Corp. (Methodist Hospitals of Dallas Obligated Group), 5.00% due 10/1/2040 | 3,520,000 | 3,836,448 | |
| a | Texas Municipal Gas Acquisition & Supply Corp. IV (Guaranty: BP plc), Series B, 5.50% due 1/1/2054 (put 1/1/2034) | 6,000,000 | 6,685,584 |
| Texas Public Finance Authority (Texas Southern University) (BAM), 5.25% due 5/1/2040 | 500,000 | 552,113 | |
| Texas State Technical College (AGM), Series A, 5.50% due 8/1/2042 | 2,000,000 | 2,247,824 | |
| Texas Transportation Commission (Central Texas Turnpike System), Series C, 5.00% due 8/15/2034 | 3,350,000 | 3,352,365 | |
| Waco Educational Finance Corp. (Baylor University Issue), 4.00% due 3/1/2041 | 850,000 | 853,800 | |
| Utah — 0.8% | |||
| City of Salt Lake City Airport Revenue AMT, Series A, 5.00% due 7/1/2030 - 7/1/2031 | 5,275,000 | 5,405,297 | |
| Utah Charter School Finance Authority (Summit Academy, Inc.), Series A, 5.00% due 4/15/2039 | 500,000 | 520,759 | |
| Utah Housing Corp. (FHLMC, FNMA, GNMA), Series C, 4.45% due 1/1/2044 | 1,350,000 | 1,342,489 | |
| Utah Telecommunication Open Infrastructure Agency, 5.50% due 6/1/2040 | 500,000 | 571,154 | |
| Virginia — 1.2% | |||
| Richmond Redevelopment & Housing Authority (Chippenham Place LP) (FNMA), Series FN, 4.50% due 5/1/2040 | 999,555 | 1,005,856 | |
| Virginia HDA, Series D, 4.50% due 8/1/2043 | 2,000,000 | 2,030,898 | |
| Virginia Small Business Financing Authority (National Senior Campuses, Inc. Obligated Group), Series A, 5.00% due 1/1/2029 | 850,000 | 891,566 | |
| a | Wise County (Virginia Electric & Power Co.) IDA, Series A, 3.80% due 11/1/2040 (put 5/28/2027) | 8,250,000 | 8,254,142 |
| Washington — 0.6% |
SCHEDULE OF INVESTMENTS, Continued
| Thornburg Intermediate Municipal Fund | June 30, 2024 (Unaudited) |
| ISSUER-DESCRIPTION | Principal Amount | VALUE | |
| Clark County Public Utility District No. 1, 5.00% due 1/1/2040 - 1/1/2041 | $ 1,000,000 | $ 1,104,336 | |
| State of Washington GO, Series 2021A, 5.00% due 6/1/2040 | 2,225,000 | 2,408,947 | |
| Washington State Housing Finance Commission (Eastside Retirement Association Obligated Group), Series A, 5.00% due 7/1/2043 | 1,000,000 | 1,042,021 | |
| b | Washington State Housing Finance Commission (Seattle Academy of Arts & Sciences), 5.875% due 7/1/2043 | 1,000,000 | 1,100,289 |
| Wisconsin — 2.3% | |||
| Public Finance Authority (National Senior Communities Obligated Group), 4.00% due 1/1/2028 - 1/1/2042 | 5,235,000 | 5,215,827 | |
| Public Finance Authority (Texas Biomedical Research Institute), Series A, 4.00% due 6/1/2040 - 6/1/2041 | 525,000 | 496,508 | |
| Racine (AGM) USD GO, 5.00% due 4/1/2039 - 4/1/2042 | 3,850,000 | 4,169,091 | |
| Wisconsin Health & Educational Facilities Authority (Ascension Health), Series A, 5.00% due 11/15/2036 | 2,380,000 | 2,427,643 | |
| Wisconsin Housing & EDA (Flats at Bishops Woods LP) (FNMA), Series E, 4.75% due 6/1/2043 | 3,601,000 | 3,698,935 | |
| Wisconsin Housing & EDA Home Ownership Revenue (FHLMC, FNMA, GNMA), Series A, 4.85% due 9/1/2043 | 5,000,000 | 5,180,900 | |
| WPPI Energy, Series A, 5.00% due 7/1/2032 - 7/1/2034 | 1,485,000 | 1,574,498 | |
| Total Long-Term Municipal Bonds — 94.9% (Cost $920,554,338) | 939,352,864 | ||
| Short-Term Municipal Bonds — 5.4% | |||
| Florida — 0.0% | |||
| a | County of Manatee (Florida Power & Light Co.), 4.90% due 9/1/2024 (put 7/1/2024) | 500,000 | 500,000 |
| Kentucky — 2.0% | |||
| County of Meade (Nucor Corp.) AMT, | |||
| a | Series A-1, 5.40% due 7/1/2060 - 8/1/2061 (put 7/1/2024) | 11,560,000 | 11,560,000 |
| a | Series A-2, 5.40% due 7/1/2060 (put 7/1/2024) | 7,950,000 | 7,950,000 |
| New York — 0.3% | |||
| a | City of New York (SPA Barclays Bank plc) GO, Series B-5, 4.90% due 10/1/2046 (put 7/1/2024) | 2,000,000 | 2,000,000 |
| a | Metropolitan Transportation Authority (LOC Barclays Bank plc), Series E 1, 4.90% due 11/15/2050 (put 7/1/2024) | 1,000,000 | 1,000,000 |
| Texas — 3.1% | |||
| a,b | Deutsche Bank Spears/Lifers Trust (Guaranty: Deutsche Bank AG), Series 2024-DBE-8123, 5.10% due 7/1/2063 (put 7/1/2024) | 5,000,000 | 5,000,000 |
| a | Port of Port Arthur Navigation District (Motiva Enterprises LLC), 5.00% due 4/1/2040 (put 7/1/2024) | 25,450,000 | 25,450,000 |
| Total Short-Term Municipal Bonds — 5.4% (Cost $53,460,000) | 53,460,000 | ||
| Total Investments — 100.3% (Cost $974,014,338) | $992,812,864 | ||
| Liabilities Net of Other Assets — (0.3)% | (3,448,206) | ||
| Net Assets — 100.0% | $989,364,658 |
| Footnote Legend | |
| a | 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. |
| b | 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 $23,349,087, representing 2.36% of the Fund’s net assets. |
| c | When-issued security. |
SCHEDULE OF INVESTMENTS, Continued
| Thornburg Intermediate Municipal Fund | June 30, 2024 (Unaudited) |
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:
| AGC | Insured by Assured Guaranty Corp. |
| AGM | Insured by Assured Guaranty Municipal Corp. |
| AMBAC | Insured by American Municipal Bond Assurance Corp. |
| AMT | Alternative Minimum Tax |
| BAM | Insured by Build America Mutual Insurance Co. |
| BHAC | Insured by Berkshire Hathaway Assurance Corp. |
| COP | Certificates of Participation |
| EDA | Economic Development Authority |
| EDFA | Economic Development Financing Authority |
| ETM | Escrowed to Maturity |
| FHLMC | Collateralized by Federal Home Loan Mortgage Corp. |
| FNMA | Collateralized by Federal National Mortgage Association |
| GNMA | Collateralized by Government National Mortgage Association |
| GO | General Obligation |
| HDA | Housing Development Authority |
| HFA | Health Facilities Authority |
| HFFA | Health Facilities Financing Authority |
| HUD | Insured by Housing and Urban Development |
| IDA | Industrial Development Authority/Agency |
| IDB | Industrial Development Board |
| ISD | Independent School District |
| LOC | Letter of Credit |
| Mtg | Mortgage |
| NPFG | Insured by National Public Finance Guarantee Corp. |
| PSF-GTD | Guaranteed by Permanent School Fund |
| Q-SBLF | Insured by Qualified School Bond Loan Fund |
| SONYMA | State of New York Mortgage Agency |
| SPA | Stand-by Purchase Agreement |
| USD | Unified School District |
NOTES TO SCHEDULE OF INVESTMENTS
| Thornburg Intermediate Municipal Fund | June 30, 2024 (Unaudited) |
NOTE 1 – ORGANIZATION
Thornburg Intermediate Municipal 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 four classes of shares of beneficial interest: Class A, Class C, Class C2 and Institutional Class (“Class I”).
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: 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.