SCHEDULE OF INVESTMENTS
| Thornburg Strategic Municipal Income Fund | June 30, 2024 (Unaudited) |
| ISSUER-DESCRIPTION | Principal Amount | VALUE | |
| LONG-TERM MUNICIPAL BONDS — 96.5% | |||
| Alabama — 2.0% | |||
| Alabama Housing Finance Authority (TBG Southtown Senior LP) (FNMA), Series 2023-04FN Class PT, 5.23% due 10/1/2041 | $1,500,000 | $ 1,612,455 | |
| Homewood Educational Building Authority (CHF - Horizons II LLC), Series C, 5.00% due 10/1/2056 | 500,000 | 500,190 | |
| a | Southeast Alabama Gas Supply District (Guaranty: Morgan Stanley Group), 5.00% due 6/1/2049 (put 5/1/2032) | 1,000,000 | 1,054,437 |
| a | Southeast Alabama Gas Supply District (Guaranty: Pacific Life Insurance Co.), Series A, 5.00% due 8/1/2054 (put 4/1/2032) | 1,000,000 | 1,073,059 |
| a | Southeast Energy Authority A Cooperative District, Series B, 5.00% due 1/1/2054 (put 6/1/2030) | 1,000,000 | 1,048,879 |
| a | Southeast Energy Authority A Cooperative District (Guaranty: Morgan Stanley Group), Series A-1, 5.50% due 1/1/2053 (put 12/1/2029) | 1,000,000 | 1,068,637 |
| Arizona — 5.0% | |||
| Arizona (Scottsdale Lincoln Hospitals) HFA, Series A, 5.00% due 12/1/2031 | 2,500,000 | 2,513,965 | |
| Chandler (Intel Corp.) IDA AMT, | |||
| a | 4.10% due 12/1/2037 (put 6/15/2028) | 850,000 | 868,776 |
| a | Series 2022-2, 5.00% due 9/1/2052 (put 9/1/2027) | 1,855,000 | 1,930,404 |
| City of Phoenix Civic Improvement Corp. (Phoenix Airport Revenue) AMT, | |||
| 5.00% due 7/1/2048 | 1,765,000 | 1,803,110 | |
| Series B, 5.00% due 7/1/2044 | 1,000,000 | 1,035,841 | |
| a | Coconino County Pollution Control Corp. (Nevada Power Co.) AMT, Series A, 4.125% due 9/1/2032 (put 3/31/2026) | 1,065,000 | 1,054,977 |
| b | County of Pima (La Posada at Park Centre, Inc. Obligated Group) IDA, Series A, 5.75% due 11/15/2024 | 415,000 | 416,782 |
| County of Pima (TMC HealthCare Obligated Group) IDA, Series A, 4.00% due 4/1/2041 | 1,000,000 | 985,131 | |
| a | Maricopa County (Banner Health Obligated Group) IDA, Series A-3, 5.00% due 1/1/2053 (put 11/1/2030) | 1,000,000 | 1,090,481 |
| a | Maricopa County Pollution Control Corp. (Public Service Co. of New Mexico), Series A, 0.875% due 6/1/2043 (put 10/1/2026) | 3,000,000 | 2,793,585 |
| Yavapai County (Waste Management, Inc.) IDA AMT, 1.30% due 6/1/2027 | 1,000,000 | 920,044 | |
| California — 6.9% | |||
| Benicia (Benicia High School) (AGM) USD GO, Series C, Zero Coupon due 8/1/2026 | 830,000 | 765,812 | |
| California (Children’s Hospital Los Angeles) HFFA, Series A, 5.00% due 8/15/2036 | 500,000 | 513,934 | |
| California (Community Program Developmental Disabilities) (California Mtg Insurance) HFFA, Series A, 6.25% due 2/1/2026 | 820,000 | 821,655 | |
| a | California Community Choice Financing Authority (Guaranty: Deutsche Bank AG) (Green Bond), Series C, 5.25% due 1/1/2054 (put 10/1/2031) | 3,700,000 | 3,894,124 |
| a | California Community Choice Financing Authority (Guaranty: Morgan Stanley Group) (Green Bond), Series B-1, 4.00% due 2/1/2052 (put 8/1/2031) | 1,000,000 | 995,711 |
| California Educational Facilities Authority (University of Redlands), Series A, 5.00% due 10/1/2044 | 500,000 | 515,716 | |
| a,b | California Infrastructure & Economic Development Bank (DesertXpress Enterprises LLC) AMT, Series A, 3.95% due 1/1/2050 (put 1/30/2025) | 750,000 | 750,030 |
| California Municipal Finance Authority (CHF-Davis II LLC) (BAM) (Green Bond), 4.00% due 5/15/2041 | 500,000 | 501,819 | |
| California Municipal Finance Authority (Greenfield Commons Eah LP) (FNMA) (Green Bond), Series A, 5.28% due 9/1/2046 | 1,400,000 | 1,560,017 | |
| b | California Pollution Control Financing Authority (Poseidon Resources (Channelside) LP Desalination Project) AMT, 5.00% due 11/21/2045 | 1,000,000 | 1,000,899 |
| a,b | California Pollution Control Financing Authority (Republic Services, Inc.) AMT, 4.125% due 7/1/2043 (put 8/15/2024) | 1,000,000 | 1,000,372 |
| a | California Pollution Control Financing Authority (Waste Management, Inc.) AMT, Series A, 4.25% due 11/1/2038 (put 7/2/2029) | 1,250,000 | 1,247,589 |
| b | California School Finance Authority, Series A, 5.00% due 10/1/2042 | 1,000,000 | 1,021,075 |
| California Statewide Communities Development Authority (Methodist Hospital of Southern California Obligated Group), 5.00% due 1/1/2030 | 175,000 | 185,096 | |
| Calipatria (Educational Facilities) (BAM) USD GO, Series B, Zero Coupon due 8/1/2025 | 325,000 | 308,200 | |
| City of Long Beach Airport System Revenue (AGM) AMT, | |||
| Series C, | |||
| 5.00% due 6/1/2042 | 750,000 | 796,332 | |
| 5.25% due 6/1/2047 | 500,000 | 534,472 | |
| County of El Dorado (El Dorado Hills Development-Community Facilities), 5.00% due 9/1/2026 | 625,000 | 625,695 | |
| a,b | Deutsche Bank Spears/Lifers Trust (LOC Deutsche Bank AG), Series 2024-8135, 5.10% due 4/1/2060 (put 7/1/2024) | 1,000,000 | 1,000,000 |
| M-S-R Energy Authority (Guaranty: Citigroup Global Markets), Series A, 6.50% due 11/1/2039 | 1,245,000 | 1,590,177 | |
| Oakland (County of Alameda Educational Facilities) USD GO, Series A, 5.00% due 8/1/2035 (pre-refunded 8/1/2025) | 1,000,000 | 1,020,279 | |
| Union Elementary School District (Santa Clara County District Schools) (NPFG) GO, Series D, Zero Coupon due 9/1/2027 | 905,000 | 822,488 | |
| Colorado — 3.0% | |||
| City & County of Denver Airport System Revenue AMT, Series A, 5.00% due 11/15/2036 - 11/15/2039 | 1,565,000 | 1,691,906 | |
| Colorado (CommonSpirit Health Obligated Group) HFA, 5.50% due 11/1/2047 | 1,000,000 | 1,112,966 | |
| Colorado (Sanford Obligated Group) HFA, Series A, 5.00% due 11/1/2039 - 11/1/2044 | 3,015,000 | 3,174,213 | |
| Public Authority for Colorado Energy (Natural Gas Purchase; Guaranty: Merrill Lynch & Co.), 6.50% due 11/15/2038 | 260,000 | 313,038 | |
| Regional Transportation District (Denver Transit Partners LLC), Series A, 5.00% due 7/15/2032 | 1,215,000 | 1,304,086 | |
| Village Metropolitan District GO, 5.00% due 12/1/2040 | 1,000,000 | 1,009,669 | |
| Wild Plum Metropolitan District GO, Series A, 5.00% due 12/1/2049 (pre-refunded 12/1/2024) | 595,000 | 616,691 | |
| Connecticut — 1.4% | |||
| Connecticut Housing Finance Authority, Series B, 4.65% due 11/15/2048 | 850,000 | 855,896 | |
| State of Connecticut GO, | |||
| Series A, 5.00% due 4/15/2035 | 2,000,000 | 2,122,386 | |
| Series E, 5.00% due 9/15/2033 | 1,350,000 | 1,444,132 | |
| Delaware — 0.7% | |||
| Delaware State (ACTS Retirement-Life Communities, Inc. Obligated Group) EDA, Series B, 5.25% due 11/15/2053 | 1,000,000 | 1,041,087 | |
| Delaware State (Beebe Medical Center, Inc.) HFA, 4.00% due 6/1/2035 | 1,080,000 | 1,064,886 |
SCHEDULE OF INVESTMENTS, Continued
| Thornburg Strategic Municipal Income Fund | June 30, 2024 (Unaudited) |
| ISSUER-DESCRIPTION | Principal Amount | VALUE | |
| District of Columbia — 0.4% | |||
| Metropolitan Washington Airports Authority (Dulles Toll Road) (AGC), Series B, Zero Coupon due 10/1/2027 | $1,500,000 | $ 1,331,256 | |
| Florida — 6.7% | |||
| b | Capital Projects Finance Authority (Kissimmee Charter Academy), 6.625% due 6/15/2059 | 300,000 | 306,527 |
| b | Capital Trust Agency, Inc. (Southeastern University Obligated Group), Series A, 6.25% due 5/1/2048 | 3,000,000 | 3,061,338 |
| b | Charlotte County (Town & Country Utilities Projects) IDA AMT, 5.00% due 10/1/2029 | 390,000 | 393,000 |
| City of Pompano Beach (John Knox Village of Florida, Inc. Obligated Group), | |||
| 4.00% due 9/1/2040 | 1,000,000 | 908,566 | |
| Series A, 4.00% due 9/1/2036 | 500,000 | 478,965 | |
| County of Broward Airport System Revenue AMT, 5.00% due 10/1/2042 | 2,000,000 | 2,053,180 | |
| a | County of Escambia (International Paper Co.), Series B, 2.00% due 11/1/2033 (put 10/1/2024) | 775,000 | 770,874 |
| County of Miami-Dade Aviation Revenue AMT, Series A, 5.00% due 10/1/2035 | 1,840,000 | 1,840,666 | |
| County of Miami-Dade Seaport Department AMT, Series A, 5.25% due 10/1/2052 | 500,000 | 519,105 | |
| Florida Development Finance Corp. (Mater Academy Miami-Dade Osceola County Facilities Obligated Group), Series A, 5.00% due 6/15/2056 | 1,000,000 | 985,665 | |
| b | Florida Development Finance Corp. (SFP - Tampa I LLC), Series A1, 5.25% due 6/1/2054 | 1,000,000 | 1,014,273 |
| Lee County (Cypress Cove at Healthpark Florida Obligated Group) IDA, Series B-1, 3.75% due 10/1/2027 | 490,000 | 489,785 | |
| c | Lee County (Shell Point Obligated Group) IDA, Series B, 4.75% due 11/15/2029 | 1,500,000 | 1,496,509 |
| Miami-Dade County School Board (District School Facilities & Infrastructure) COP, Series A, 5.00% due 8/1/2027 | 1,100,000 | 1,100,995 | |
| Orange County (Presbyterian Retirement Communities Inc Obligated Group) HFA, 5.00% due 8/1/2040 | 2,020,000 | 2,024,097 | |
| Orange County Convention Center (Tourist Development), Series A, 5.00% due 10/1/2031 | 1,000,000 | 1,028,621 | |
| Palm Beach County (Jupiter Medical Center Obligated Group) HFA, Series A, 5.00% due 11/1/2047 | 250,000 | 255,030 | |
| Palm Beach County (Lifespace Communities, Inc. Obligated Group) HFA, Series C, 7.625% due 5/15/2058 | 500,000 | 558,623 | |
| Volusia County Educational Facilities Authority (Embry-Riddle Aeronautical University, Inc.), Series B, 5.00% due 10/15/2030 | 1,500,000 | 1,511,806 | |
| Georgia — 3.6% | |||
| City of Atlanta (Airport Passenger Facility) (Green Bond) AMT, Series E, 5.00% due 7/1/2040 | 100,000 | 107,799 | |
| Main Street Natural Gas, Inc. (Guaranty: Citigroup, Inc.), | |||
| a | Series C, 4.00% due 5/1/2052 (put 12/1/2028) | 1,500,000 | 1,500,790 |
| a | Series D, 5.00% due 5/1/2054 (put 12/1/2030) | 1,000,000 | 1,049,697 |
| Main Street Natural Gas, Inc. (Guaranty: Macquarie Group Ltd.), Series A, 5.00% due 5/15/2036 | 3,700,000 | 3,959,522 | |
| Main Street Natural Gas, Inc. (Guaranty: Royal Bank of Canada), | |||
| a | Series A, 4.00% due 7/1/2052 (put 9/1/2027) | 1,250,000 | 1,254,288 |
| a | Series E-1, 5.00% due 12/1/2053 (put 6/1/2031) | 3,000,000 | 3,159,318 |
| Hawaii — 0.7% | |||
| State of Hawaii Airports System Revenue AMT, Series A, 5.00% due 7/1/2033 | 2,000,000 | 2,110,550 | |
| Illinois — 12.7% | |||
| Chicago Board of Education Dedicated Capital Improvement Tax, | |||
| 5.50% due 4/1/2042 | 500,000 | 560,300 | |
| 5.75% due 4/1/2048 | 1,000,000 | 1,119,915 | |
| Chicago Board of Education GO, Series A, 6.00% due 12/1/2049 | 1,000,000 | 1,099,435 | |
| City of Chicago (Chicago O’Hare International Airport) AMT, Series A, 5.00% due 1/1/2028 - 1/1/2042 | 2,000,000 | 2,051,043 | |
| City of Chicago (Midway International Airport) AMT, Series A, 5.00% due 1/1/2026 | 1,000,000 | 1,016,795 | |
| City of Chicago (Wastewater Transmission System), Series C, 5.00% due 1/1/2030 | 1,500,000 | 1,508,884 | |
| City of Chicago (Water System) (AGM), Series 2017-2, 5.00% due 11/1/2037 | 1,500,000 | 1,563,708 | |
| City of Chicago GO, | |||
| Series A, | |||
| 5.00% due 1/1/2039 | 1,000,000 | 1,031,808 | |
| 5.625% due 1/1/2031 | 500,000 | 518,746 | |
| 6.00% due 1/1/2038 | 3,330,000 | 3,464,605 | |
| Illinois Finance Authority (Plymouth Place Obligated Group), Series A, 6.625% due 5/15/2052 | 1,000,000 | 1,025,425 | |
| Illinois Finance Authority (Silver Cross Hospital & Medical Centers), Series C, 5.00% due 8/15/2035 | 2,355,000 | 2,365,619 | |
| Illinois Finance Authority (Southern Illinois Healthcare), 5.00% due 3/1/2032 - 3/1/2034 | 700,000 | 713,053 | |
| Illinois Finance Authority (Washington & Jane Smith Community-Orland Park), 4.00% due 10/15/2024 - 10/15/2027 | 1,225,000 | 1,196,188 | |
| Illinois State Toll Highway Authority (Move Illinois Program), Series A, 5.00% due 1/1/2037 | 1,000,000 | 1,010,275 | |
| Illinois State University (AGM), Series A, 5.00% due 4/1/2025 - 4/1/2036 | 1,515,000 | 1,579,802 | |
| Metropolitan Pier & Exposition Authority, Series A, 5.00% due 6/15/2050 | 1,500,000 | 1,563,504 | |
| Sales Tax Securitization Corp., | |||
| Series A, | |||
| 4.00% due 1/1/2038 | 1,000,000 | 1,006,294 | |
| 5.00% due 1/1/2029 | 1,000,000 | 1,049,614 | |
| State of Illinois GO, | |||
| 5.00% due 2/1/2039 | 600,000 | 598,140 | |
| 5.50% due 5/1/2039 | 375,000 | 410,763 | |
| 5.75% due 5/1/2045 | 1,600,000 | 1,738,872 | |
| Series A, 5.50% due 3/1/2042 | 1,000,000 | 1,109,621 |
SCHEDULE OF INVESTMENTS, Continued
| Thornburg Strategic Municipal Income Fund | June 30, 2024 (Unaudited) |
| ISSUER-DESCRIPTION | Principal Amount | VALUE | |
| Series D, 5.00% due 11/1/2028 | $3,000,000 | $ 3,124,983 | |
| State of Illinois Sales Tax Revenue, Series B, 5.00% due 6/15/2032 - 6/15/2035 | 4,500,000 | 4,726,219 | |
| State of Illinois Sales Tax Revenue (BAM), Series B, 4.75% due 6/15/2043 | 2,005,000 | 2,062,357 | |
| Indiana — 1.6% | |||
| Indiana Finance Authority (Ohio Valley Electric Corp.), Series A, 4.25% due 11/1/2030 | 1,300,000 | 1,296,782 | |
| a | Indiana Finance Authority (Republic Services, Inc.) AMT, 4.20% due 12/1/2037 (put 9/3/2024) | 2,150,000 | 2,150,000 |
| a | Indiana Finance Authority (Southern Indiana Gas & Electric Co.) AMT, Series B, 4.00% due 5/1/2043 (put 8/1/2028) | 1,500,000 | 1,504,317 |
| Iowa — 1.5% | |||
| a | Iowa Finance Authority (Iowa Fertilizer Co. LLC; Guaranty: OCI NV), 5.00% due 12/1/2050 (put 12/1/2042) | 2,075,000 | 2,182,091 |
| Iowa Higher Education Loan Authority (Des Moines University Osteopathic Medical Center), 5.00% due 10/1/2047 | 750,000 | 762,317 | |
| a | PEFA, Inc. (Guaranty: Goldman Sachs Group, Inc.), 5.00% due 9/1/2049 (put 9/1/2026) | 1,650,000 | 1,682,309 |
| Kansas — 1.2% | |||
| a | Kansas (AdventHealth Obligated Group) DFA, Series B, 5.00% due 11/15/2054 (put 11/15/2031) | 1,500,000 | 1,638,484 |
| Unified Government of Wyandotte County/Kansas City (Utility System Improvement), Series A, 5.00% due 9/1/2031 - 9/1/2032 | 2,000,000 | 2,003,142 | |
| Kentucky — 4.6% | |||
| b | City of Henderson (Guaranty: Pratt Industries, Inc.) AMT, Series B, 4.45% due 1/1/2042 | 1,000,000 | 990,302 |
| Kentucky (Baptist Healthcare System Obligated Group) EDFA, Series B, 5.00% due 8/15/2041 | 1,500,000 | 1,533,707 | |
| a | Kentucky Public Energy Authority (Guaranty: BP Corp. North America, Inc.), Series B, 5.00% due 1/1/2055 (put 8/1/2032) | 2,000,000 | 2,112,810 |
| Kentucky Public Energy Authority (Guaranty: Morgan Stanley Group), | |||
| Series A-1, | |||
| a | 4.00% due 8/1/2052 (put 8/1/2030) | 5,500,000 | 5,456,170 |
| a | 5.25% due 4/1/2054 (put 2/1/2032) | 4,000,000 | 4,285,400 |
| Louisiana — 1.3% | |||
| City of New Orleans (Water System Facilities Improvement), 5.00% due 12/1/2034 (pre-refunded 12/1/2024) | 400,000 | 402,672 | |
| Louisiana Public Facilities Authority (Ochsner Clinic Foundation Obligated Group), 5.00% due 5/15/2046 | 3,000,000 | 3,048,651 | |
| New Orleans Aviation Board (Louis Armstrong New Orleans International Airport CFC Revenue) (AGM), 5.00% due 1/1/2029 | 700,000 | 732,280 | |
| Massachusetts — 0.3% | |||
| Massachusetts (Jordan Hospital & Milton Hospital) DFA, Series H-1, 5.00% due 7/1/2032 - 7/1/2033 | 555,000 | 560,890 | |
| Massachusetts Housing Finance Agency (HUD), Series C1, 5.20% due 12/1/2053 | 500,000 | 520,563 | |
| Michigan — 5.3% | |||
| City of Detroit GO, Series A, 5.00% due 4/1/2032 | 300,000 | 321,645 | |
| Detroit City School District (School Building & Site) (AGM, Q-SBLF) GO, Series A, 5.25% due 5/1/2027 | 1,000,000 | 1,056,588 | |
| Gerald R Ford International Airport Authority AMT, 5.00% due 1/1/2041 | 1,200,000 | 1,283,849 | |
| Kalamazoo Hospital Finance Authority (Bronson Methodist Hospital), Series A, 5.25% due 5/15/2041 | 140,000 | 140,091 | |
| Michigan Finance Authority (BHSH System Obligated Group), Series A, 4.00% due 4/15/2042 | 1,000,000 | 990,559 | |
| Michigan Finance Authority (State Department of Human Services Office Buildings), Series F, 5.00% due 4/1/2031 | 1,000,000 | 1,000,779 | |
| Michigan Finance Authority (Trinity Health Corp. Obligated Group), | |||
| Series 2017-MI, 5.00% due 12/1/2027 | 165,000 | 171,891 | |
| Series A, 4.00% due 12/1/2040 | 1,000,000 | 995,761 | |
| Michigan HDA, | |||
| Series A, 4.90% due 12/1/2048 | 1,400,000 | 1,435,543 | |
| Series B, 2.95% due 12/1/2039 | 3,000,000 | 2,613,198 | |
| Michigan State Hospital Finance Authority (Ascension Health Credit Group), Series F-4, 5.00% due 11/15/2047 | 2,250,000 | 2,365,382 | |
| Wayne County Airport Authority (Detroit Metropolitan Wayne County Airport), Series B, 5.00% due 12/1/2031 - 12/1/2034 | 2,615,000 | 2,624,448 | |
| Wayne State University (Educational Facilities & Equipment), Series A, 5.00% due 11/15/2033 | 1,250,000 | 1,256,385 | |
| Minnesota — 0.3% | |||
| City of Coon Rapids (Mississippi View Housing Partners LP) (FNMA), Series M, 5.60% due 12/1/2039 | 997,853 | 1,063,548 | |
| Missouri — 0.4% | |||
| Health & Educational Facilities Authority of the State of Missouri (Lutheran Senior Services Obligated Group), Series A, 5.25% due 2/1/2054 | 1,150,000 | 1,186,607 | |
| Nebraska — 1.1% | |||
| Central Plains Energy Project (Guaranty: Goldman Sachs Group, Inc.), Series A, 5.00% due 9/1/2031 | 1,500,000 | 1,585,166 | |
| Douglas County Hospital Authority No. 3 (Nebraska Methodist Health System), 5.00% due 11/1/2029 - 11/1/2030 | 1,750,000 | 1,775,480 | |
| Nevada — 1.3% | |||
| a | County of Washoe (Sierra Pacific Power Co.) AMT, Series F, 4.125% due 3/1/2036 (put 10/1/2029) | 750,000 | 756,772 |
| a,b | State of Nevada Department of Business & Industry (Republic Services, Inc.) AMT, Series 2001-REMK, 4.15% due 12/1/2026 (put 12/2/2024) | 3,200,000 | 3,200,297 |
| New Hampshire — 0.1% | |||
| New Hampshire Business Finance Authority (Presbyterian Homes Obligated Group), Series A, 5.25% due 7/1/2048 | 400,000 | 413,330 | |
| New Jersey — 4.8% | |||
| Camden County Improvement Authority (KIPP Cooper Norcross Obligated Group), 6.00% due 6/15/2052 | 1,000,000 | 1,065,122 | |
| New Jersey (New Jersey Transit Corp.) EDA, Series A, 5.00% due 11/1/2033 | 500,000 | 539,364 | |
| New Jersey (School Facilities Construction) (NPFG) EDA, Series N1, 5.50% due 9/1/2027 | 1,000,000 | 1,064,545 | |
| New Jersey Higher Education Student Assistance Authority AMT, |
SCHEDULE OF INVESTMENTS, Continued
| Thornburg Strategic Municipal Income Fund | June 30, 2024 (Unaudited) |
| ISSUER-DESCRIPTION | Principal Amount | VALUE | |
| Series A, 5.00% due 12/1/2033 | $1,000,000 | $ 1,058,614 | |
| Series C, 5.25% due 12/1/2054 | 300,000 | 303,582 | |
| New Jersey Housing & Mortgage Finance Agency (Riverview Towers Preservation LLC) (FHA, GNMA), Series B, 5.25% due 12/20/2065 | 1,600,000 | 1,655,824 | |
| New Jersey Transportation Trust Fund Authority, Series A, 5.00% due 12/15/2035 | 2,000,000 | 2,126,778 | |
| New Jersey Transportation Trust Fund Authority (State Transportation System Improvements), Series A-1, 5.00% due 6/15/2027 | 3,000,000 | 3,079,899 | |
| New Jersey Transportation Trust Fund Authority (Transportation Program Bonds), Series AA, 5.00% due 6/15/2038 | 1,500,000 | 1,585,704 | |
| New Jersey Transportation Trust Fund Authority (Transportation System), Series A, 5.00% due 12/15/2034 | 700,000 | 744,519 | |
| South Jersey Transportation Authority, Series A, 5.25% due 11/1/2052 | 1,500,000 | 1,603,904 | |
| New Mexico — 1.9% | |||
| a | City of Farmington (Public Service Co. of New Mexico), Series D, 3.90% due 6/1/2040 (put 6/1/2028) | 750,000 | 754,090 |
| City of Santa Fe (El Castillo Retirement Residences Obligated Group), | |||
| 5.00% due 5/15/2034 | 1,465,000 | 1,452,049 | |
| Series A, 5.00% due 5/15/2049 | 1,450,000 | 1,326,102 | |
| New Mexico Hospital Equipment Loan Council (Haverland Carter Lifestyle Obligated Group), Series A, 5.00% due 7/1/2033 - 7/1/2034 | 1,070,000 | 1,026,706 | |
| a | New Mexico Hospital Equipment Loan Council (Presbyterian Healthcare Services Obligated Group), Series B, 5.00% due 8/1/2049 (put 8/1/2025) | 1,250,000 | 1,266,379 |
| New York — 2.6% | |||
| Build NYC Resource Corp. (Kipp NYC Public Charter Schools), 5.25% due 7/1/2052 | 1,000,000 | 1,034,509 | |
| City of New York (City Budget Financial Management) GO, Series J, 5.00% due 8/1/2031 | 1,500,000 | 1,501,312 | |
| Dutchess County Local Development Corp. (Tompkins Terrace Housing LP) (FNMA), 5.00% due 10/1/2040 | 1,000,000 | 1,087,066 | |
| Metropolitan Transportation Authority (Green Bond), Series A1, 5.00% due 11/15/2030 | 1,045,000 | 1,069,589 | |
| New York Transportation Development Corp. (Delta Air Lines, Inc.) AMT, 6.00% due 4/1/2035 | 1,000,000 | 1,128,164 | |
| Port Authority of New York & New Jersey AMT, Series 186, 5.00% due 10/15/2037 | 500,000 | 500,717 | |
| State of New York Mortgage Agency (SONYMA) AMT, | |||
| Series 248, | |||
| 4.10% due 4/1/2032 | 770,000 | 720,351 | |
| 4.125% due 10/1/2032 | 210,000 | 196,088 | |
| 4.20% due 4/1/2033 | 845,000 | 791,726 | |
| North Carolina — 1.2% | |||
| Greater Asheville Regional Airport Authority (AGM) AMT, Series A, 5.25% due 7/1/2039 | 1,000,000 | 1,104,712 | |
| North Carolina Medical Care Commission (Vidant Health), 5.00% due 6/1/2029 (pre-refunded 6/1/2025) | 1,500,000 | 1,523,601 | |
| North Carolina Turnpike Authority, 5.00% due 1/1/2029 - 1/1/2030 | 1,000,000 | 1,054,093 | |
| Ohio — 1.6% | |||
| Akron, Bath & Copley Joint Township Hospital District (Summa Health System Obligated Group), 5.25% due 11/15/2030 | 1,420,000 | 1,452,115 | |
| Buckeye Tobacco Settlement Financing Authority, Series B-2, 5.00% due 6/1/2055 | 1,000,000 | 916,914 | |
| County of Hamilton (Life Enriching Communities Obligated Group), Series A, 5.50% due 1/1/2043 | 500,000 | 519,656 | |
| Northeast Ohio Medical University (BAM), 5.00% due 12/1/2043 | 775,000 | 821,618 | |
| a | Ohio Air Quality Development Authority (Ohio Valley Electric Corp.), Series B, 1.375% due 2/1/2026 (put 11/1/2024) | 200,000 | 197,404 |
| Ohio Higher Educational Facility Commission (Ashtabula County Medical Center Obligated Group), 5.25% due 1/1/2038 | 1,105,000 | 1,208,026 | |
| Oregon — 0.7% | |||
| a | Oregon Health & Science University (Oregon Health & Science University Obligated Group), Series B2, 5.00% due 7/1/2046 (put 2/1/2032) | 1,900,000 | 2,069,429 |
| Pennsylvania — 4.4% | |||
| City of Philadelphia (Pennsylvania Gas Works), Series 15, 5.00% due 8/1/2047 | 1,000,000 | 1,019,854 | |
| City of Philadelphia Airport Revenue AMT, Series B, 5.00% due 7/1/2042 | 1,000,000 | 1,019,776 | |
| City of Philadelphia Municipal Authority (Juvenile Justice Services Center), 5.00% due 4/1/2038 | 1,360,000 | 1,412,084 | |
| Commonwealth Financing Authority, 5.00% due 6/1/2029 | 1,000,000 | 1,050,058 | |
| County of Luzerne (AGM) GO, Series A, 5.00% due 11/15/2029 | 1,000,000 | 1,014,959 | |
| a | Montgomery County (Constellation Energy Generation LLC) IDA AMT, Series C, 4.45% due 10/1/2034 (put 4/3/2028) | 500,000 | 503,303 |
| Northeastern Pennsylvania Hospital & Education Authority (King’s College), 5.00% due 5/1/2030 - 5/1/2031 | 2,230,000 | 2,233,294 | |
| Pennsylvania (Pennsylvania Department of Transportation) EDFA AMT, 5.75% due 6/30/2048 | 1,000,000 | 1,099,667 | |
| Pennsylvania (Presbyterian Homes Obligated Group) EDFA, 4.00% due 7/1/2033 - 7/1/2046 | 2,800,000 | 2,641,558 | |
| a | Pennsylvania (Waste Management Obligated Group; Guaranty: Waste Management, Inc.) EDFA, 0.95% due 12/1/2033 (put 12/1/2026) | 1,500,000 | 1,396,425 |
| School District of Philadelphia (State Aid Withholding) GO, Series A, 5.00% due 9/1/2038 | 100,000 | 104,987 | |
| Rhode Island — 0.1% | |||
| Pawtucket Housing Authority, 5.50% due 9/1/2024 | 250,000 | 250,365 | |
| South Carolina — 2.5% | |||
| a | Patriots Energy Group Financing Agency (Guaranty: Royal Bank of Canada), Series B-1, 5.25% due 2/1/2054 (put 3/1/2031) | 1,350,000 | 1,457,376 |
| a | Patriots Energy Group Financing Agency (Guaranty: Sumitomo Mitsui Banking Corp.), Series A1, 5.25% due 10/1/2054 (put 8/1/2031) | 5,000,000 | 5,339,745 |
| a | South Carolina Jobs-EDA (Guaranty: International Paper Co.) AMT, Series A, 4.00% due 4/1/2033 (put 4/1/2026) | 1,000,000 | 991,507 |
| Tennessee — 1.0% | |||
| Shelby County Health Educational & Housing Facility Board (Methodist Le Bonheur Healthcare), Series A, 5.00% due 5/1/2036 | 1,000,000 | 1,025,402 | |
| Tennessee Energy Acquisition Corp. (Gas Project; Guaranty: Goldman Sachs Group, Inc.), Series A, 5.25% due 9/1/2024 | 500,000 | 500,983 | |
| 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) | 1,500,000 | 1,584,534 |
SCHEDULE OF INVESTMENTS, Continued
| Thornburg Strategic Municipal Income Fund | June 30, 2024 (Unaudited) |
| ISSUER-DESCRIPTION | Principal Amount | VALUE | |
| Texas — 6.6% | |||
| City of Aubrey Jackson Ridge Public Improvement District (BAM), 5.00% due 9/1/2045 | $1,000,000 | $ 1,056,783 | |
| City of Austin Airport System Revenue AMT, 5.00% due 11/15/2038 | 2,000,000 | 2,157,346 | |
| City of Dallas (Public Improvements) GO, 5.00% due 2/15/2031 | 1,930,000 | 1,943,408 | |
| City of Houston Airport System Revenue AMT, Series A, 4.00% due 7/1/2040 | 1,500,000 | 1,458,475 | |
| a | Denton (PSF-GTD) ISD GO, Series B, 2.00% due 8/1/2044 (pre-refunded 8/1/2024) | 65,000 | 64,923 |
| Greater Texas Cultural Education Facilities Finance Corp. (Fort County Bend), Series A, 4.00% due 3/1/2040 - 3/1/2041 | 2,000,000 | 2,008,665 | |
| Harris County Cultural Education Facilities Finance Corp. (Memorial Hermann Health System Obligated Group), Series A, 5.00% due 7/1/2052 | 1,500,000 | 1,576,597 | |
| Matagorda County Navigation District No. 1 (AEP Texas, Inc.) AMT, 4.25% due 5/1/2030 | 1,350,000 | 1,316,381 | |
| Newark Higher Education Finance Corp. (Hughen Center, Inc.) (PSF-GTD), Series A, 5.00% due 8/15/2052 | 500,000 | 525,044 | |
| Texas Municipal Gas Acquisition & Supply Corp. III (Guaranty: Macquarie Group Ltd.), 5.00% due 12/15/2029 | 1,435,000 | 1,487,412 | |
| a | Texas Municipal Gas Acquisition & Supply Corp. IV (Guaranty: BP plc), Series B, 5.50% due 1/1/2054 (put 1/1/2034) | 2,000,000 | 2,228,528 |
| Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners LLC) AMT, 5.50% due 12/31/2058 | 850,000 | 921,616 | |
| Texas State Technical College (AGM), Series A, 5.75% due 8/1/2047 | 545,000 | 613,184 | |
| Texas Transportation Commission (Central Texas Turnpike System), Series C, 5.00% due 8/15/2034 | 3,000,000 | 3,002,118 | |
| U. S. Virgin Islands — 0.2% | |||
| Matching Fund Special Purpose Securitization Corp., Series A, 5.00% due 10/1/2025 | 500,000 | 506,433 | |
| Utah — 1.0% | |||
| b | Black Desert Public Infrastructure District (Black Desert Assessment Area No. 1), 5.625% due 12/1/2053 | 1,000,000 | 1,028,998 |
| b | Utah Charter School Finance Authority (Freedom Academy Foundation), Series A, 5.00% due 6/15/2041 | 900,000 | 814,294 |
| Utah Charter School Finance Authority (Summit Academy, Inc.), Series A, 5.00% due 4/15/2039 - 4/15/2049 | 1,200,000 | 1,227,140 | |
| Virginia — 1.3% | |||
| Virginia Beach Development Authority (Westminster-Canterbury on Chesapeake Bay Obligated Group), Series A, 7.00% due 9/1/2053 | 1,000,000 | 1,143,391 | |
| Virginia HDA, | |||
| Series C, 4.70% due 7/1/2043 | 1,205,000 | 1,231,623 | |
| Series D, 4.70% due 8/1/2048 | 1,500,000 | 1,520,460 | |
| Washington — 1.0% | |||
| Washington Health Care Facilities Authority (CommonSpirit Health Obligated Group), Series A2, 5.00% due 8/1/2044 | 1,000,000 | 1,036,443 | |
| Washington State Housing Finance Commission (Eastside Retirement Association Obligated Group), Series A, 5.00% due 7/1/2048 | 1,000,000 | 1,031,013 | |
| b | Washington State Housing Finance Commission (Seattle Academy of Arts & Sciences), 6.125% due 7/1/2053 | 900,000 | 984,821 |
| West Virginia — 0.6% | |||
| a | West Virginia (Kentucky Power Co.) EDA AMT, Series A, 4.70% due 4/1/2036 (put 6/17/2026) | 1,720,000 | 1,736,211 |
| Wisconsin — 2.9% | |||
| a | Public Finance Authority (Duke Energy Progress LLC) AMT, Series B, 4.00% due 10/1/2046 (put 10/1/2030) | 1,000,000 | 1,014,863 |
| Public Finance Authority (National Senior Communities Obligated Group), 4.00% due 1/1/2026 - 1/1/2032 | 2,270,000 | 2,283,742 | |
| Public Finance Authority (Texas Biomedical Research Institute), Series A, 4.00% due 6/1/2039 | 245,000 | 236,548 | |
| Public Finance Authority (United Methodist Retirement Homes, Inc. Obligated Group), Series A, 4.00% due 10/1/2035 - 10/1/2046 | 2,860,000 | 2,618,712 | |
| Wisconsin Health & Educational Facilities Authority (HOPE Christian Schools Obligated Group), 4.00% due 12/1/2051 | 1,700,000 | 1,221,931 | |
| Wisconsin Housing & EDA Housing Revenue (HUD), Series D, 4.85% due 11/1/2048 | 1,500,000 | 1,517,441 | |
| Total Long-Term Municipal Bonds — 96.5% (Cost $291,018,240) | 298,290,912 | ||
| Short-Term Municipal Bonds — 2.7% | |||
| Texas — 2.7% | |||
| a | Port of Port Arthur Navigation District (Motiva Enterprises LLC), 5.00% due 4/1/2040 (put 7/1/2024) | 8,200,000 | 8,200,000 |
| Total Short-Term Municipal Bonds — 2.7% (Cost $8,200,000) | 8,200,000 | ||
| Total Investments — 99.2% (Cost $299,218,240) | $306,490,912 | ||
| Other Assets Less Liabilities — 0.8% | 2,604,259 | ||
| Net Assets — 100.0% | $309,095,171 |
SCHEDULE OF INVESTMENTS, Continued
| Thornburg Strategic Municipal Income Fund | June 30, 2024 (Unaudited) |
| 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 $16,983,008, representing 5.49% of the Fund’s net assets. |
| c | When-issued security. |
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. |
| AMT | Alternative Minimum Tax |
| BAM | Insured by Build America Mutual Insurance Co. |
| COP | Certificates of Participation |
| DFA | Development Finance Authority/Agency |
| EDA | Economic Development Authority |
| EDFA | Economic Development Financing Authority |
| FHA | Insured by Federal Housing Administration |
| 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 |
| 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 |
| USD | Unified School District |
NOTES TO SCHEDULE OF INVESTMENTS
| Thornburg Strategic Municipal Income Fund | June 30, 2024 (Unaudited) |
NOTE 1 – ORGANIZATION
Thornburg Strategic Municipal 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 three classes of shares of beneficial interest: Class A, Class C, 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.