SCHEDULE OF INVESTMENTS
| Thornburg Capital Management Fund | June 30, 2024 (Unaudited) |
| ISSUER-DESCRIPTION | Shares/Principal Amount | VALUE | |
| U.S. Treasury Securities — 2.3% | |||
| U.S. Treasury Bills, | |||
| 5.313% due 7/11/2024 | $ 9,125,000 | $ 9,111,746 | |
| 5.315% due 7/11/2024 | 25,000,000 | 24,963,671 | |
| Total U.S. Treasury Securities (Cost $34,075,417) | 34,075,417 | ||
| Commercial Paper — 77.9% | |||
| American Electric Power Co., Inc., | |||
| a | 5.582% due 7/9/2024 | 3,000,000 | 2,996,340 |
| a | 5.584% due 7/9/2024 | 11,000,000 | 10,986,580 |
| American Honda Finance Corp., 5.559% due 7/22/2024 | 35,000,000 | 34,888,525 | |
| Archer-Daniels-Midland Co., | |||
| a | 5.406% due 7/1/2024 | 8,828,000 | 8,828,000 |
| a | 5.489% due 7/8/2024 | 450,000 | 449,528 |
| AT&T, Inc., | |||
| a | 5.547% due 7/2/2024 | 17,000,000 | 16,997,426 |
| a | 5.542% due 7/16/2024 | 17,000,000 | 16,961,396 |
| AutoZone, Inc., | |||
| a | 5.478% due 7/1/2024 | 250,000 | 250,000 |
| a | 5.50% due 7/1/2024 | 250,000 | 250,000 |
| a | 5.524% due 7/1/2024 | 3,000,000 | 3,000,000 |
| a | 5.501% due 7/2/2024 | 250,000 | 249,962 |
| Avangrid, Inc., | |||
| a | 5.559% due 7/15/2024 | 2,000,000 | 1,995,753 |
| a | 5.599% due 7/17/2024 | 7,000,000 | 6,982,889 |
| a | 5.616% due 7/17/2024 | 25,000,000 | 24,938,667 |
| a | 5.579% due 7/22/2024 | 1,000,000 | 996,803 |
| a,b | BASF SE, 5.602% due 7/25/2024 | 500,000 | 498,167 |
| Brown-Forman Corp., | |||
| a | 5.55% due 7/3/2024 | 9,400,000 | 9,397,154 |
| a | 5.509% due 7/15/2024 | 16,000,000 | 15,966,276 |
| a | 5.513% due 7/19/2024 | 8,000,000 | 7,978,320 |
| Canadian National Railway Co., | |||
| a,b | 5.519% due 7/2/2024 | 15,000,000 | 14,997,742 |
| a,b | 5.517% due 7/3/2024 | 20,000,000 | 19,993,978 |
| Canadian Pacific Railway Co., | |||
| a,b | 5.552% due 7/2/2024 | 6,000,000 | 5,999,090 |
| a,b | 5.548% due 7/3/2024 | 783,000 | 782,762 |
| a,b | 5.549% due 7/3/2024 | 2,000,000 | 1,999,393 |
| a,b | 5.568% due 7/9/2024 | 1,000,000 | 998,782 |
| a,b | 5.573% due 7/17/2024 | 11,000,000 | 10,973,209 |
| CenterPoint Energy, Inc., | |||
| a | 5.526% due 7/8/2024 | 7,500,000 | 7,492,081 |
| a | 5.559% due 7/17/2024 | 27,000,000 | 26,934,480 |
| a | Consolidated Edison, Inc., 5.511% due 7/17/2024 | 18,000,000 | 17,956,640 |
| Diageo Capital plc, | |||
| a,b | 5.535% due 7/2/2024 | 4,000,000 | 3,999,394 |
| a,b | 5.548% due 7/2/2024 | 1,000,000 | 999,848 |
| a,b | 5.552% due 7/2/2024 | 5,262,000 | 5,261,202 |
| a,b | 5.561% due 7/2/2024 | 27,000,000 | 26,995,898 |
| a | Duke Energy Corp., 5.576% due 7/18/2024 | 2,000,000 | 1,994,824 |
| Enbridge U.S., Inc., | |||
| a | 5.568% due 7/5/2024 | 12,875,000 | 12,867,161 |
| a | 5.591% due 7/8/2024 | 800,000 | 799,144 |
| Entergy Corp., | |||
| a | 5.538% due 7/5/2024 | 6,907,000 | 6,902,817 |
| a | 5.544% due 7/12/2024 | 27,000,000 | 26,955,038 |
| a | 5.581% due 7/19/2024 | 315,000 | 314,137 |
| a | Evergy Metro, Inc., 5.578% due 7/11/2024 | 2,000,000 | 1,996,950 |
| Eversource Energy, | |||
| a | 5.633% due 7/1/2024 | 10,000,000 | 10,000,000 |
| a | 5.693% due 7/12/2024 | 1,033,000 | 1,031,232 |
| a,b | Experian Finance plc, 5.57% due 7/24/2024 | 13,850,000 | 13,801,598 |
SCHEDULE OF INVESTMENTS, Continued
| Thornburg Capital Management Fund | June 30, 2024 (Unaudited) |
| ISSUER-DESCRIPTION | Shares/Principal Amount | VALUE | |
| Fiserv, Inc., | |||
| a | 5.524% due 7/17/2024 | $ 2,000,000 | $ 1,995,173 |
| a | 5.55% due 7/19/2024 | 25,000,000 | 24,931,875 |
| a | 5.549% due 7/22/2024 | 8,000,000 | 7,974,567 |
| a | Hitachi America Capital Ltd., 5.483% due 7/8/2024 | 33,000,000 | 32,965,350 |
| HP, Inc., | |||
| a | 5.56% due 7/11/2024 | 250,000 | 249,620 |
| a | 5.595% due 7/18/2024 | 34,000,000 | 33,911,694 |
| Intel Corp., | |||
| a | 5.571% due 7/15/2024 | 500,000 | 498,934 |
| a | 5.529% due 7/16/2024 | 3,200,000 | 3,192,760 |
| a | 5.559% due 7/18/2024 | 250,000 | 249,355 |
| a | 5.586% due 7/18/2024 | 298,000 | 297,227 |
| a | 5.597% due 7/18/2024 | 250,000 | 249,351 |
| a | 5.559% due 7/19/2024 | 250,000 | 249,318 |
| a | 5.652% due 7/24/2024 | 250,000 | 249,114 |
| a | 5.571% due 7/25/2024 | 2,000,000 | 1,992,707 |
| Intercontinental Exchange, Inc., | |||
| a | 5.587% due 7/1/2024 | 17,000,000 | 17,000,000 |
| a | 5.535% due 7/2/2024 | 3,000,000 | 2,999,546 |
| a | 5.584% due 7/3/2024 | 2,000,000 | 1,999,390 |
| a | 5.611% due 7/19/2024 | 10,000,000 | 9,972,450 |
| a | Kentucky Utilities Co., 5.548% due 7/9/2024 | 30,000,000 | 29,963,600 |
| Keurig Dr Pepper, Inc., | |||
| a | 5.532% due 7/2/2024 | 34,000,000 | 33,994,853 |
| a | 5.537% due 7/8/2024 | 250,000 | 249,735 |
| Marriott International, Inc., | |||
| a | 5.553% due 7/8/2024 | 10,600,000 | 10,588,746 |
| a | 5.58% due 7/9/2024 | 4,050,000 | 4,045,068 |
| Marsh & McLennan Cos., Inc., | |||
| a | 5.561% due 7/2/2024 | 1,467,000 | 1,466,777 |
| a | 5.526% due 7/9/2024 | 30,913,000 | 30,875,630 |
| a | 5.526% due 7/10/2024 | 1,000,000 | 998,640 |
| McCormick & Co., Inc., | |||
| a | 5.523% due 7/3/2024 | 5,000,000 | 4,998,492 |
| a | 5.543% due 7/11/2024 | 1,478,000 | 1,475,762 |
| a | 5.553% due 7/11/2024 | 16,022,000 | 15,997,700 |
| a | 5.533% due 7/15/2024 | 11,000,000 | 10,976,729 |
| a | 5.535% due 7/18/2024 | 2,000,000 | 1,994,862 |
| Mitsubishi HC Finance America LLC, | |||
| 5.588% due 7/8/2024 | 20,000,000 | 19,978,650 | |
| 5.605% due 7/8/2024 | 3,000,000 | 2,996,780 | |
| 5.589% due 7/15/2024 | 4,400,000 | 4,390,606 | |
| 5.591% due 7/24/2024 | 5,000,000 | 4,982,463 | |
| Mohawk Industries, Inc., | |||
| a | 5.535% due 7/2/2024 | 3,000,000 | 2,999,546 |
| a | 5.554% due 7/2/2024 | 4,686,000 | 4,685,289 |
| a | 5.564% due 7/9/2024 | 10,000,000 | 9,987,844 |
| a | 5.569% due 7/15/2024 | 16,000,000 | 15,965,964 |
| a | 5.513% due 7/16/2024 | 1,000,000 | 997,742 |
| a | Mondelez International, Inc., 5.588% due 7/15/2024 | 25,000,000 | 24,946,625 |
| NextEra Energy Capital Holdings, Inc., | |||
| a | 5.547% due 7/8/2024 | 2,000,000 | 1,997,881 |
| a | 5.564% due 7/9/2024 | 847,000 | 845,970 |
| Oglethorpe Power Corp., | |||
| a | 5.623% due 7/9/2024 | 250,000 | 249,693 |
| a | 5.622% due 7/16/2024 | 25,449,000 | 25,390,467 |
| a | 5.631% due 7/19/2024 | 10,000,000 | 9,972,350 |
| ONE Gas, Inc., | |||
| a | 5.645% due 7/5/2024 | 9,000,000 | 8,994,450 |
| a | 5.648% due 7/8/2024 | 2,000,000 | 1,997,842 |
| a | 5.645% due 7/12/2024 | 17,350,000 | 17,320,577 |
| Otis Worldwide Corp., | |||
| 5.501% due 7/1/2024 | 1,268,000 | 1,268,000 | |
| 5.584% due 7/11/2024 | 9,000,000 | 8,986,275 |
SCHEDULE OF INVESTMENTS, Continued
| Thornburg Capital Management Fund | June 30, 2024 (Unaudited) |
| ISSUER-DESCRIPTION | Shares/Principal Amount | VALUE | |
| Penske Truck Leasing Co. LP, | |||
| 5.574% due 7/9/2024 | $ 8,000,000 | $ 7,990,258 | |
| 5.558% due 7/10/2024 | 1,000,000 | 998,633 | |
| 5.60% due 7/16/2024 | 26,000,000 | 25,940,417 | |
| Pfizer, Inc., | |||
| a | 5.387% due 7/2/2024 | 400,000 | 399,941 |
| a | 5.397% due 7/2/2024 | 885,000 | 884,869 |
| Reckitt Benckiser Treasury Services plc, | |||
| a,b | 5.485% due 7/10/2024 | 13,000,000 | 12,982,450 |
| a,b | 5.581% due 7/19/2024 | 19,750,000 | 19,695,885 |
| a | Rockwell Automation, Inc., 5.395% due 7/12/2024 | 4,000,000 | 3,993,510 |
| Ryder System, Inc., | |||
| 5.584% due 7/11/2024 | 3,000,000 | 2,995,425 | |
| 5.662% due 7/25/2024 | 5,500,000 | 5,479,613 | |
| a | Sempra, 5.565% due 7/8/2024 | 28,000,000 | 27,970,164 |
| Sonoco Products Co., 5.477% due 7/1/2024 | 7,000,000 | 7,000,000 | |
| a | Sony Capital Corp., 5.576% due 7/2/2024 | 1,000,000 | 999,848 |
| a | Southern California Edison Co., 5.691% due 7/3/2024 | 1,000,000 | 999,689 |
| Spire, Inc., | |||
| a | 5.594% due 7/9/2024 | 1,000,000 | 998,778 |
| a | 5.621% due 7/12/2024 | 18,000,000 | 17,969,640 |
| a,b | Telstra Group Ltd., 5.542% due 7/10/2024 | 3,000,000 | 2,995,913 |
| TELUS Corp., | |||
| a,b | 5.539% due 7/12/2024 | 1,668,000 | 1,665,222 |
| a,b | 5.56% due 7/12/2024 | 281,000 | 280,531 |
| a,b | 5.561% due 7/12/2024 | 250,000 | 249,582 |
| a,b | 5.564% due 7/12/2024 | 250,000 | 249,582 |
| a,b | 5.59% due 7/12/2024 | 486,000 | 485,183 |
| a,b | 5.548% due 7/18/2024 | 2,627,000 | 2,620,239 |
| a,b | 5.548% due 7/24/2024 | 12,350,000 | 12,306,998 |
| Tyco Electronics Group SA, | |||
| a,b | 5.51% due 7/1/2024 | 2,000,000 | 2,000,000 |
| a,b | 5.511% due 7/1/2024 | 33,000,000 | 33,000,000 |
| a | Union Pacific Corp., 5.476% due 7/23/2024 | 600,000 | 598,027 |
| a | Verizon Communications, Inc., 5.525% due 7/2/2024 | 19,900,000 | 19,896,993 |
| Waste Management, Inc., | |||
| a | 5.538% due 7/3/2024 | 25,054,000 | 25,046,414 |
| a | 5.471% due 7/5/2024 | 8,000,000 | 7,995,209 |
| Williams Cos., Inc., 5.644% due 7/10/2024 | 34,000,000 | 33,952,825 | |
| Xcel Energy, Inc., | |||
| a | 5.564% due 7/8/2024 | 22,000,000 | 21,976,601 |
| a | 5.574% due 7/15/2024 | 11,000,000 | 10,976,558 |
| a | 5.58% due 7/17/2024 | 350,000 | 349,147 |
| Total Commercial Paper (Cost $1,158,163,369) | 1,158,163,369 | ||
| Repurchase Agreement — 4.9% | |||
| Bank of New York Tri-Party Repurchase Agreement, 5.47% dated 6/28/2024 due 7/1/2024, repurchase price $73,033,276 collateralized by 12 corporate debt securities, having an average coupon of 4.97%, a minimum credit rating of BBB-, maturity dates from 5/1/2028 to 12/1/2054, and having an aggregate market value of $77,982,760 at 6/30/2024 | 73,000,000 | 73,000,000 | |
| Total Repurchase Agreements (Cost $73,000,000) | 73,000,000 | ||
| Total Investments — 85.1% (Cost $1,265,238,786) | $1,265,238,786 | ||
| Other Assets Less Liabilities — 14.9% | 220,848,551 | ||
| Net Assets — 100.0% | $1,486,087,337 |
| Footnote Legend | |
| a | 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 $996,314,899, representing 67.04% of the Fund’s net assets. |
| b | Yankee bond denominated in U.S. dollars and is issued in the U.S. by foreign banks and corporations. |
NOTES TO SCHEDULE OF INVESTMENTS
| Thornburg Capital Management Fund | June 30, 2024 (Unaudited) |
NOTE 1 – ORGANIZATION
Thornburg Capital Management 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 one class of shares of beneficial interest: 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: Securities held with a maturity of less than 60 days from trade date and other short-term investments are valued using the amortized cost method unless the Committee determines such method does not represent fair value. The amortized cost method of valuation involves valuing a security at its cost initially and thereafter assuming a constant amortization to maturity of any discount or premium, regardless of the impact of fluctuating interest rates on the market value of the security. This method may result in periods during which value, as determined by amortized cost, is higher or lower than the price the Fund would receive if it sold the security. The market value of securities in the Fund can be expected to vary inversely with changes in prevailing interest rates.
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.
If the market quotation for an investment is expressed in a foreign currency, that market quotation will be converted to U.S. dollars using a foreign exchange quotation from a third-party service at the time of valuation. Foreign investments held by the Fund may be traded on days and at times when the Fund is not open for business. Consequently, the value of the Fund’s investments may be significantly affected on days when shareholders cannot purchase or sell Fund’s shares.