SCHEDULE OF INVESTMENTS
Thornburg New York Intermediate Municipal Fund June 30, 2025 (Unaudited)
ISSUER-DESCRIPTION SHARES/PRINCIPAL
AMOUNT 		VALUE
  LONG-TERM MUNICIPAL BONDS — 96.7%    
  Antonio B Won Pat International Airport Authority AMT, Series A, 5.25% due 10/1/2040 $  200,000 $   207,791
  Build NYC Resource Corp. (Young Men’s & Young Women’s Hebrew Association), 5.00% due 12/1/2032    400,000     443,865
  City of Long Beach (BAM) GO, Series B, 5.25% due 7/15/2042    500,000     518,484
  City of New York GO, Series A, 5.00% due 8/1/2043    800,000     827,419
  City of Yonkers (AG) GO, 5.00% due 2/15/2039    150,000     161,153
  Dutchess County Local Development Corp. (Tompkins Terrace Housing LP) (FNMA) (Green Bond), 5.00% due 10/1/2040    500,000     510,798
  Guam Government Waterworks Authority, 5.00% due 1/1/2046    340,000     336,781
  Guam Power Authority, Series A, 5.00% due 10/1/2042    250,000     254,308
  Guam Power Authority (Electric Power System), Series A, 5.00% due 10/1/2026    500,000     511,108
  Guam Waterworks Authority (Water & Wastewater System), 5.00% due 7/1/2026 - 7/1/2027    885,000     903,535
  Hudson Yards Infrastructure Corp. (Hudson Yards Subway Station), Series A, 5.00% due 2/15/2035 1,150,000   1,182,947
  Long Island Power Authority, 5.00% due 9/1/2035    200,000     209,378
  Long Island Power Authority (Electric System Capital Improvements) (AG), Series C, 5.25% due 9/1/2029    645,000     701,841
  Metropolitan Transportation Authority, Series D-1, 5.00% due 11/15/2031 1,000,000   1,004,865
  Monroe County (Monroe Community College Association, Inc.) (AG) IDC, 5.00% due 1/15/2028 - 1/15/2029    550,000     550,422
  Nassau County Sewer & Storm Water Finance Authority (Sewerage & Storm Water Resource Facilities), Series A, 5.00% due 10/1/2028 - 10/1/2031 1,400,000   1,400,670
  New York City Housing Development Corp. (CSA Preservation Partners LLC) (HUD) (Green Bond), Series A, 4.45% due 8/1/2043    200,000     193,189
  New York City Housing Development Corp. (FHA) (Green Bond), Series A-1, 4.55% due 11/1/2044    300,000     287,233
  New York City Housing Development Corp. (Green Bond),    
  Series F-1A, 4.30% due 11/1/2044    350,000     325,077
  Series G, 4.60% due 11/1/2043    250,000     243,476
  New York City Housing Development Corp. (HUD) (Green Bond), Series B-1-A, 4.50% due 11/1/2044    100,000      95,339
  New York City Municipal Water Finance Authority (New York City Water & Sewer System),    
  Series AA-2, 4.00% due 6/15/2042    350,000     325,682
  Series BB, 5.00% due 6/15/2045    250,000     257,572
  Series EE, 4.00% due 6/15/2042    250,000     230,270
  New York City Transitional Finance Authority Future Tax Secured Revenue,    
  Series A, 5.00% due 11/1/2036 1,000,000   1,068,633
  Series A1, 5.00% due 8/1/2038 1,000,000   1,026,744
  New York State Dormitory Authority (AG, State Aid Withholding), Series A, 5.00% due 10/1/2043 - 10/1/2044    600,000     617,244
  New York State Dormitory Authority (Barnard College), Series A, 5.00% due 7/1/2041    250,000     252,094
  New York State Dormitory Authority (Orange & Ulster Counties Board Coop Educational Services Sole Supervisory District), Series A, 4.25% due 8/15/2044    300,000     284,014
  New York State Dormitory Authority (School District Financing Program) (AG, State Aid Withholding), Series A, 5.00% due 10/1/2028    200,000     200,283
  New York State Dormitory Authority (State Aid Withholding), Series A, 5.00% due 10/1/2032 - 10/1/2033    450,000     460,709
  New York State Dormitory Authority (State of New York Personal Income Tax Revenue),    
  Series A, 4.00% due 3/15/2040 - 3/15/2042    750,000     720,042
  Series E, 4.00% due 3/15/2039    350,000     344,064
  New York State Dormitory Authority (State of New York Sales Tax Revenue),    
  Series A, 5.00% due 3/15/2038    200,000     204,537
  Series A-1, 4.00% due 3/15/2043    500,000     459,507
  New York State Energy Research & Development Authority (New York State Electric & Gas Corp.), Series C, 4.00% due 4/1/2034    550,000     550,027
a New York State Housing Finance Agency (325 Kent LLC) (FNMA), Series A, 3.95% due 11/1/2050 (put 1/1/2035)    500,000     495,350
  New York State Housing Finance Agency (HUD, SONYMA) (Green Bond),    
  Series A-1, 4.60% due 11/1/2045    500,000     478,183
a Series A-2, 3.65% due 11/1/2062 (put 11/1/2028)    250,000     249,502
  Series C-1, 4.50% due 11/1/2043    250,000     241,446
  New York Transportation Development Corp. (JFK International Air Terminal LLC) AMT, 5.00% due 12/1/2038 - 12/1/2041    500,000     499,486
  New York Transportation Development Corp. (JFK NTO LLC) (Green Bond) AMT, 5.25% due 6/30/2044    250,000     250,024
  Onondaga County Water Authority,    
  5.00% due 6/1/2044    200,000     201,304
  Class A, 5.00% due 6/1/2045    155,000     155,694
  Port Authority of New York & New Jersey AMT,    
  4.00% due 11/1/2034    250,000     246,262
  Series 207, 5.00% due 9/15/2032    250,000     257,970
  Series 238, 5.00% due 7/15/2040    400,000     414,165
  Rockland County Solid Waste Management Authority, Series A, 5.50% due 12/15/2041    335,000     370,505
  State of New York Mortgage Agency Homeowner Mortgage Revenue (SONYMA) (Green Bond), Series 264, 4.375% due 10/1/2044    350,000     328,888
  State of New York Mortgage Agency Homeowner Mortgage Revenue (SONYMA) (Green Bond) AMT, Series 262, 4.45% due 4/1/2036    210,000     201,439
  Tompkins County Development Corp. (Ithaca College), 5.00% due 7/1/2027    360,000     360,442
  Town of Hempstead GO, 4.00% due 5/1/2044    300,000     283,521
  Triborough Bridge & Tunnel Authority, Series A, 5.00% due 11/15/2033   250,000     250,301
SCHEDULE OF INVESTMENTS, Continued
Thornburg New York Intermediate Municipal Fund June 30, 2025 (Unaudited)
ISSUER-DESCRIPTION SHARES/PRINCIPAL
AMOUNT 		VALUE
a Triborough Bridge & Tunnel Authority (Metropolitan Transportation Authority Payroll Mobility Tax Revenue), Series B2, 5.00% due 5/15/2050 (put 5/15/2026) $  255,000 $   259,190
  Troy Capital Resource Corp. (Rensselaer Polytechnic Institute), Series A, 5.00% due 9/1/2033    645,000     690,748
  Westchester County Local Development Corp. (Miriam Osborn Memorial Home Association Obligated Group), 5.00% due 7/1/2026 - 7/1/2028   580,000    593,173
  TOTAL LONG-TERM MUNICIPAL BONDS — 96.7% (Cost $25,031,940)           24,698,694
  SHORT-TERM INVESTMENTS — 2.3%    
  MUTUAL FUND — 2.3%    
b State Street Institutional Treasury Money Market Fund, Premier Class, 4.20%   572,006    572,006
  TOTAL MUTUAL FUND — 2.3% (Cost $572,006)              572,006
  TOTAL SHORT-TERM INVESTMENTS — 2.3% (Cost $572,006)              572,006
  Total Investments — 99.0% (Cost $25,603,946)   $25,270,700
  Other Assets Less Liabilities — 1.0%   262,830
  Net Assets — 100.0%   $25,533,530
    
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, 2025.
b Rate represents the money market fund annualized seven-day yield at June 30, 2025.
Portfolio Abbreviations
To simplify the listings of securities, abbreviations are used per the table below:
AG Insured by Assured Guaranty, Inc.
AMT Alternative Minimum Tax
BAM Insured by Build America Mutual Insurance Co.
FHA Insured by Federal Housing Administration
FNMA Collateralized by Federal National Mortgage Association
GO General Obligation
HUD Insured by Housing and Urban Development
IDC Industrial Development Corp.
SONYMA State of New York Mortgage Agency
NOTES TO SCHEDULE OF INVESTMENTS
Thornburg New York Intermediate Municipal Fund June 30, 2025 (Unaudited)
NOTE 1 – ORGANIZATION
Thornburg New York Intermediate Municipal Fund (the “Fund”) is a non-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-six separate series of the Trust. Each series is considered to be a separate entity for financial reporting and tax purposes. The Fund currently offers two classes of shares of beneficial interest: Class A 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.