SCHEDULE OF INVESTMENTS
Thornburg Core Plus Bond Fund June 30, 2025 (Unaudited)
  Issuer-Description SHARES/
PRINCIPAL AMOUNT 		VALUE
  Preferred Stock — 0.4%    
  Financial Services — 0.4%    
  Capital Markets — 0.4%    
a Calamos Strategic Total Return Fund 6.24%, 9/9/2029        14,000 $    351,260
a,b Gabelli Dividend & Income Trust Series J, 4.50%, 3/26/2028            12     288,000
                      639,260
  Total Preferred Stock (Cost $617,000)                   639,260
  Asset Backed Securities — 9.7%    
  Auto Receivables — 1.5%    
c Arivo Acceptance Auto Loan Receivables Trust, Series 2024-1A Class A, 6.46% due 4/17/2028 $      128,917      129,686
c Carvana Auto Receivables Trust, Series 2023-N4 Class A, 6.42% due 1/10/2028          8,238        8,274
  Exeter Automobile Receivables Trust,    
  Series 2021-1A Class D, 1.08% due 11/16/2026          2,489        2,485
  Series 2022-3A Class C, 5.30% due 9/15/2027        168,114      168,257
c Flagship Credit Auto Trust, Series 2022-4 Class B, 6.78% due 10/15/2027        450,000      452,523
b,c Kinetic Advantage Master Owner Trust, Series 2024-1A Class A, 6.954% (SOFR30A + 2.65%) due 11/15/2027        515,000      516,668
c Lendbuzz Securitization Trust, Series 2024-3A Class A2, 4.97% due 10/15/2029        497,616      497,519
c Lobel Automobile Receivables Trust, Series 2023-2 Class A, 7.59% due 4/16/2029          2,528        2,531
  Octane Receivables Trust,    
c Series 2022-2A Class A, 5.11% due 2/22/2028          7,126        7,127
c Series 2023-3A Class A2, 6.44% due 3/20/2029        240,258      241,834
c OneMain Direct Auto Receivables Trust, Series 2022-1A Class A1, 4.65% due 3/14/2029         84,030       83,930
c Research-Driven Pagaya Motor Asset Trust, Series 2023-4A Class A, 7.54% due 3/25/2032         18,704       18,843
c Tricolor Auto Securitization Trust, Series 2024-2A Class A, 6.36% due 12/15/2027         60,913      61,090
                    2,190,767
  Credit Card — 0.8%    
c Brex Commercial Charge Card Master Trust, Series 2024-1 Class A1, 6.05% due 7/15/2027        200,000      201,425
c Continental Finance Credit Card ABS Master Trust, Series 2024-A Class D, 9.42% due 12/15/2032        315,000      318,485
c Mercury Financial Credit Card Master Trust, Series 2024-2A Class A, 6.56% due 7/20/2029        275,000      277,347
c Mission Lane Credit Card Master Trust, Series 2024-A Class A1, 6.20% due 8/15/2029        375,000     378,151
                    1,175,408
  Other Asset Backed — 6.1%    
c AMCR ABS Trust, Series 2024-A Class A, 6.26% due 8/18/2031        166,082      166,729
c Aqua Finance Trust, Series 2020-AA Class D, 7.15% due 7/17/2046        131,553      129,784
c Auxilior Term Funding LLC, Series 2023-1A Class A2, 6.18% due 12/15/2028         51,858       52,269
c BHG Securitization Trust, Series 2022-C Class B, 5.93% due 10/17/2035        156,235      156,302
c CFMT Issuer Trust, Series 2021-GRN1 Class A, 1.10% due 3/20/2041        181,477      179,611
c ClickLease Equipment Receivables Trust, Series 2024-1 Class B, 7.34% due 2/15/2030        497,190      499,053
c Crockett Partners Equipment Co. IIA LLC, Series 2024-1C Class A, 6.05% due 1/20/2031        429,167      433,738
c Crossroads Asset Trust, Series 2025-A Class A2, 4.91% due 2/20/2032        360,000      361,077
c DailyPay Securitization Trust, Series 2025-1A Class A, 5.63% due 6/25/2028        500,000      503,540
c DataBank Issuer LLC, Series 2024-1A Class A2, 5.30% due 1/26/2054        305,000      303,507
c Diamond Infrastructure Funding LLC, Series 2021-1A Class A, 1.76% due 4/15/2049        100,000       95,114
c EverBright Solar Trust, Series 2024-A Class A, 6.43% due 6/22/2054        140,952      139,156
c Foundation Finance Trust, Series 2019-1A Class B, 4.22% due 11/15/2034         90,947       90,690
c FREED ABS Trust, Series 2022-3FP Class D, 7.36% due 8/20/2029        204,545      204,742
c Goodgreen Trust, Series 2021-1A Class A, 2.66% due 10/15/2056        461,087      380,191
  GoodLeap Sustainable Home Solutions Trust,    
c Series 2021-3CS Class A, 2.10% due 5/20/2048        211,547      161,592
c Series 2021-4GS Class A, 1.93% due 7/20/2048        173,114      136,813
c Series 2021-5CS Class A, 2.31% due 10/20/2048        324,366      268,427
b,c Gracie Point International Funding LLC, Series 2023-2A Class A, 6.598% (SOFR90A + 2.25%) due 3/1/2027         16,165       16,191
c GreenSky Home Improvement Trust, Series 2024-1 Class A2, 5.88% due 6/25/2059        152,046      152,930
b,c Harvest SBA Loan Trust, Series 2024-1 Class A, 6.689% (SOFR30A + 2.25%) due 12/25/2051        372,654      374,659
c InStar Leasing III LLC, Series 2021-1A Class A, 2.30% due 2/15/2054        525,865      492,692
c Loanpal Solar Loan Ltd., Series 2021-1GS Class A, 2.29% due 1/20/2048        440,140      364,992
c,d Mill City Solar Loan Ltd., Series 2019-2GS Class A, 3.69% due 7/20/2043         91,732       78,875
c Momnt Technologies Trust, Series 2023-1A Class A, 6.92% due 3/20/2045         27,555       28,145
c NetCredit Combined Receivables LLC, Series 2024-A Class A, 7.43% due 10/21/2030        101,391      101,822
c New Economy Assets - Phase 1 Sponsor LLC, Series 2021-1 Class A1, 1.91% due 10/20/2061        135,000      126,609
SCHEDULE OF INVESTMENTS, Continued
Thornburg Core Plus Bond Fund June 30, 2025 (Unaudited)
  Issuer-Description SHARES/
PRINCIPAL AMOUNT 		VALUE
c NMEF Funding LLC, Series 2023-A Class A2, 6.57% due 6/17/2030 $       35,617 $     35,860
  Oportun Issuance Trust,    
c Series 2021-B Class A, 1.47% due 5/8/2031         36,431       35,668
c Series 2021-C Class A, 2.18% due 10/8/2031        267,507      262,027
c Series 2022-A Class A, 5.05% due 6/9/2031         71,457       71,438
  Pagaya AI Debt Trust,    
c Series 2023-5 Class C, 9.099% due 4/15/2031        167,437      168,530
c Series 2023-6 Class C, 8.491% due 6/16/2031        207,113      208,430
c Series 2024-3 Class A, 6.258% due 10/15/2031         46,540       46,719
c PFS Financing Corp., Series 2023-B Class A, 5.27% due 5/15/2028        160,000      161,048
c PowerPay Issuance Trust, Series 2024-1A Class A, 6.53% due 2/18/2039        127,219      130,381
c Retained Vantage Data Centers Issuer LLC, Series 2023-1A Class A2A, 5.00% due 9/15/2048         25,000       24,821
c Service Experts Issuer LLC, Series 2021-1A Class A, 2.67% due 2/2/2032         28,765       28,117
c SPS Servicer Advance Receivables Trust, Series 2020-T2 Class A, 1.83% due 11/15/2055        395,000      389,835
c Stream Innovations Issuer Trust, Series 2024-1A Class A, 6.27% due 7/15/2044        190,591      197,233
c Sunnova Hestia II Issuer LLC, Series 2024-GRID1 Class 1A, 5.63% due 7/20/2051        245,308      242,163
c Tesla Sustainable Energy Trust, Series 2024-1A Class A2, 5.08% due 6/21/2050        377,009      380,400
  Upstart Securitization Trust,    
c Series 2021-2 Class C, 3.61% due 6/20/2031         60,245       59,939
c Series 2024-1 Class A, 5.33% due 11/20/2034        149,652      149,926
c Series 2025-1 Class A, 5.45% due 4/20/2035        386,877     387,347
                    8,979,132
  Student Loan — 1.3%    
c Ascent Education Funding Trust, Series 2024-A Class A, 6.14% due 10/25/2050        267,172      272,759
c Commonbond Student Loan Trust, Series 18-CGS Class A1, 3.87% due 2/25/2046        446,816      432,415
c EDvestinU Private Education Loan Issue No. 3 LLC, Series 2021-A Class A, 1.80% due 11/25/2045         42,058       38,675
  MPOWER Education Trust,    
c Series 2024-A Class A, 6.78% due 7/22/2041        183,763      190,083
c Series 2025-A Class A, 6.62% due 7/21/2042        288,505      290,334
b National Collegiate Student Loan Trust, Series 2007-2 Class A4, 4.724% (TSFR1M + 0.40%) due 1/25/2033        423,196      409,624
c Navient Private Education Refi Loan Trust, Series 2020-IA Class A1A, 1.33% due 4/15/2069        248,415      228,473
c SoFi Professional Loan Program LLC, Series 2021-B Class AFX, 1.14% due 2/15/2047         48,939      42,471
                    1,904,834
  Total Asset Backed Securities (Cost $14,143,941)                14,250,141
  Corporate Bonds — 31.6%    
  Automobiles & Components — 0.2%    
  Automobiles — 0.2%    
c Hyundai Capital America, 4.30% due 9/24/2027        285,000     282,729
                      282,729
  Banks — 0.5%    
  Banks — 0.5%    
b,d Mizuho Financial Group, Inc., 5.376% (H15T1Y + 1.12%) due 5/26/2030        207,000      212,746
  Santander Holdings USA, Inc.,    
b 5.741% (SOFR + 1.88%) due 3/20/2031        206,000      211,498
b 6.174% (SOFR + 2.50%) due 1/9/2030         71,000       73,876
b Wells Fargo & Co., 5.574% (SOFR + 1.74%) due 7/25/2029        277,000     285,983
                      784,103
  Capital Goods — 1.1%    
  Aerospace & Defense — 0.3%    
c BWX Technologies, Inc., 4.125% due 4/15/2029         85,000       81,938
c TransDigm, Inc., 6.375% due 3/1/2029        300,000     308,493
  Machinery — 0.6%    
c Mueller Water Products, Inc., 4.00% due 6/15/2029        365,500      351,640
d nVent Finance SARL, 2.75% due 11/15/2031        343,000      297,704
  Regal Rexnord Corp., 6.30% due 2/15/2030        274,000     287,127
  Trading Companies & Distributors — 0.2%    
  LKQ Corp., 6.25% due 6/15/2033        269,000     283,811
                    1,610,713
  Commercial & Professional Services — 0.2%    
SCHEDULE OF INVESTMENTS, Continued
Thornburg Core Plus Bond Fund June 30, 2025 (Unaudited)
  Issuer-Description SHARES/
PRINCIPAL AMOUNT 		VALUE
  Commercial Services & Supplies — 0.1%    
  CoreCivic, Inc., 8.25% due 4/15/2029 $      168,000 $    178,276
c UL Solutions, Inc., 6.50% due 10/20/2028         35,000      36,845
  Professional Services — 0.1%    
c Gartner, Inc., 3.625% due 6/15/2029         35,000       33,304
c Korn Ferry, 4.625% due 12/15/2027         75,000      74,598
                      323,023
  Consumer Discretionary Distribution & Retail — 0.6%    
  Broadline Retail — 0.2%    
  MercadoLibre, Inc., 2.375% due 1/14/2026        296,000     291,655
  Specialty Retail — 0.4%    
c,d Belron U.K. Finance plc, 5.75% due 10/15/2029        320,000      322,310
c,d El Puerto de Liverpool SAB de CV, 6.255% due 1/22/2032        225,000     233,431
                      847,396
  Consumer Durables & Apparel — 0.4%    
  Leisure Products — 0.2%    
  Polaris, Inc., 6.95% due 3/15/2029        265,000     278,592
  Textiles, Apparel & Luxury Goods — 0.2%    
c Champ Acquisition Corp., 8.375% due 12/1/2031        235,000     250,571
                      529,163
  Consumer Services — 0.3%    
  Hotels, Restaurants & Leisure — 0.3%    
c,d Arcos Dorados BV, 6.375% due 1/29/2032        360,000      373,597
c Papa John’s International, Inc., 3.875% due 9/15/2029         48,000      46,606
                      420,203
  Consumer Staples Distribution & Retail — 0.4%    
  Consumer Staples Distribution & Retail — 0.4%    
c KeHE Distributors LLC/KeHE Finance Corp./NextWave Distribution, Inc., 9.00% due 2/15/2029        300,000      310,779
c U.S. Foods, Inc., 4.75% due 2/15/2029        300,000     295,089
                      605,868
  Energy — 3.1%    
  Energy Equipment & Services — 0.2%    
d Polaris Renewable Energy, Inc., 9.50% due 12/3/2029        250,000     258,405
  Oil, Gas & Consumable Fuels — 2.9%    
c Columbia Pipelines Holding Co. LLC, 5.097% due 10/1/2031        400,000      401,836
c Columbia Pipelines Operating Co. LLC, 5.927% due 8/15/2030        345,000      364,203
  Ecopetrol SA,    
d 4.625% due 11/2/2031         70,000       58,968
d 8.375% due 1/19/2036        125,000      120,644
d Energean Israel Finance Ltd., 8.50% due 9/30/2033        210,000      214,967
c,d Galaxy Pipeline Assets Bidco Ltd., 2.16% due 3/31/2034        294,860      261,284
c,d Greensaif Pipelines Bidco SARL, 5.853% due 2/23/2036        440,000      444,250
  Kinder Morgan Energy Partners LP, 5.80% due 3/15/2035        280,000      289,570
c,d Parkland Corp., 5.875% due 7/15/2027        350,000      350,098
d Petroleos Mexicanos, 7.69% due 1/23/2050        285,000      224,192
c,d Raizen Fuels Finance SA, 5.70% due 1/17/2035        330,000      309,151
c South Bow USA Infrastructure Holdings LLC, 5.026% due 10/1/2029        375,000      376,192
  Sunoco LP,    
c 7.00% due 5/1/2029        300,000      312,438
c 7.25% due 5/1/2032        150,000      157,535
c Whistler Pipeline LLC, 5.70% due 9/30/2031        440,000     448,910
                    4,592,643
  Equity Real Estate Investment Trusts (REITs) — 1.9%    
  Diversified REITs — 1.9%    
c American Tower Trust #1, 3.652% due 3/15/2048        550,000      537,304
  Crown Castle, Inc.,    
  4.90% due 9/1/2029        146,000      147,236
  5.80% due 3/1/2034        345,000      357,410
  Extra Space Storage LP, 3.90% due 4/1/2029        305,000      298,644
SCHEDULE OF INVESTMENTS, Continued
Thornburg Core Plus Bond Fund June 30, 2025 (Unaudited)
  Issuer-Description SHARES/
PRINCIPAL AMOUNT 		VALUE
c Iron Mountain Information Management Services, Inc., 5.00% due 7/15/2032 $      220,000 $    211,037
  SBA Tower Trust,    
c 1.631% due 5/15/2051         70,000       67,161
c 1.884% due 7/15/2050        610,000      600,036
c 2.328% due 7/15/2052        111,000      104,942
c 4.831% due 10/15/2029        440,000     440,460
                    2,764,230
  Financial Services — 3.5%    
  Capital Markets — 1.6%    
c,d Abu Dhabi Developmental Holding Co. PJSC, 5.375% due 5/8/2029        250,000      257,398
c Blue Owl Technology Finance Corp., 3.75% due 6/17/2026        370,000      362,744
  Hercules Capital, Inc., 3.375% due 1/20/2027        440,000      426,329
c LPL Holdings, Inc., 4.00% due 3/15/2029        670,000      651,006
  Main Street Capital Corp., 6.50% due 6/4/2027        406,000      415,224
  Nasdaq, Inc., 5.55% due 2/15/2034        244,000     254,175
  Consumer Finance — 0.4%    
c FirstCash, Inc., 6.875% due 3/1/2032        500,000     517,560
  Financial Services — 1.3%    
c Antares Holdings LP, 3.95% due 7/15/2026        500,000      491,995
b Citigroup, Inc., 3.785% (SOFR + 1.94%) due 3/17/2033        395,000      368,551
b,c,e Depository Trust & Clearing Corp., Series D, 3.375% (5-Yr. CMT + 2.610%) due 6/20/2026        250,000      242,100
b,d HSBC Holdings plc, 5.546% (SOFR + 1.46%) due 3/4/2030        250,000      257,372
b,c,d Societe Generale SA, 5.471% (SOFR + 1.10%) due 2/19/2027        313,000      313,109
b Truist Financial Corp., 5.867% (SOFR + 2.36%) due 6/8/2034        277,000     289,230
  Mortgage Real Estate Investment Trusts — 0.2%    
c Lineage OP LP, 5.25% due 7/15/2030        150,000      150,928
c Prologis Targeted U.S. Logistics Fund LP, 5.25% due 1/15/2035         98,000      98,311
                    5,096,032
  Food, Beverage & Tobacco — 1.7%    
  Beverages — 0.8%    
c,d Becle SAB de CV, 2.50% due 10/14/2031        650,000      537,361
c,d Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL, 5.25% due 4/27/2029        350,000      340,634
  Keurig Dr. Pepper, Inc.,    
  4.35% due 5/15/2028        125,000      125,185
  4.60% due 5/15/2030        210,000     211,025
  Food Products — 0.5%    
  Flowers Foods, Inc., 5.75% due 3/15/2035        435,000      445,462
  Post Holdings, Inc.,    
c 4.625% due 4/15/2030        150,000      144,281
c 5.50% due 12/15/2029         44,000       43,825
c 6.25% due 2/15/2032         50,000      51,434
  Tobacco — 0.4%    
  BAT Capital Corp.,    
  5.834% due 2/20/2031        120,000      126,251
  7.75% due 10/19/2032        160,000      184,768
c,d Imperial Brands Finance plc, 5.50% due 2/1/2030        350,000     360,570
                    2,570,796
  Health Care Equipment & Services — 1.4%    
  Health Care Providers & Services — 1.4%    
  Centene Corp., 3.00% due 10/15/2030        328,000      293,111
c Highmark, Inc., 1.45% due 5/10/2026        374,000      362,544
c IQVIA, Inc., 5.00% due 5/15/2027        200,000      199,414
  Laboratory Corp. of America Holdings, 4.55% due 4/1/2032        330,000      325,080
  Tenet Healthcare Corp., 6.75% due 5/15/2031        350,000      362,173
  Universal Health Services, Inc.,    
  2.65% due 10/15/2030        333,000      296,769
  4.625% due 10/15/2029        200,000     197,778
                    2,036,869
  Insurance — 3.5%    
  Insurance — 3.5%    
SCHEDULE OF INVESTMENTS, Continued
Thornburg Core Plus Bond Fund June 30, 2025 (Unaudited)
  Issuer-Description SHARES/
PRINCIPAL AMOUNT 		VALUE
  Aon North America, Inc., 5.45% due 3/1/2034 $      350,000 $    359,524
c Brighthouse Financial Global Funding, 5.55% due 4/9/2027        409,000      415,503
  Brown & Brown, Inc., 4.70% due 6/23/2028        144,000      145,259
  CNO Financial Group, Inc., 6.45% due 6/15/2034        405,000      425,177
c,d DaVinciRe Holdings Ltd., 5.95% due 4/15/2035        300,000      298,446
  F&G Global Funding,    
c 2.00% due 9/20/2028        173,000      158,909
c 5.875% due 1/16/2030        303,000      311,714
c Fortitude Group Holdings LLC, 6.25% due 4/1/2030        155,000      159,549
c GA Global Funding Trust, 4.40% due 9/23/2027        302,000      301,577
  Globe Life, Inc., 5.85% due 9/15/2034        308,000      318,848
c,d Intact Financial Corp., 5.459% due 9/22/2032        285,000      291,997
c Mutual of Omaha Cos Global Funding, 5.45% due 12/12/2028        276,000      283,529
c Omnis Funding Trust, 6.722% due 5/15/2055        290,000      300,362
c Peachtree Corners Funding Trust II, 6.012% due 5/15/2035        286,000      293,004
c Reliance Standard Life Global Funding II, 5.243% due 2/2/2026        412,000      412,791
c RGA Global Funding, 2.70% due 1/18/2029         65,000       61,044
  Stewart Information Services Corp., 3.60% due 11/15/2031        338,000      302,327
c Western-Southern Global Funding, 4.90% due 5/1/2030        330,000     333,340
                    5,172,900
  Materials — 1.5%    
  Chemicals — 0.4%    
c,d Ma’aden Sukuk Ltd., 5.25% due 2/13/2030        525,000     533,752
  Containers & Packaging — 0.9%    
c Amcor Flexibles North America, Inc., 5.50% due 3/17/2035        300,000      304,461
d Amcor Group Finance plc, 5.45% due 5/23/2029        404,000      415,518
  Berry Global, Inc.,    
  1.57% due 1/15/2026        139,000      136,362
c 4.875% due 7/15/2026        250,000      249,990
c,d CCL Industries, Inc., 3.05% due 6/1/2030        185,000     171,621
  Metals & Mining — 0.2%    
c,d Navoi Mining & Metallurgical Combinat, 6.70% due 10/17/2028        330,000     337,441
                    2,149,145
  Media & Entertainment — 0.4%    
  Media — 0.4%    
c CCO Holdings LLC/CCO Holdings Capital Corp., 4.25% due 1/15/2034        330,000      293,703
c Sirius XM Radio LLC, 5.50% due 7/1/2029        350,000     347,330
                      641,033
  Semiconductors & Semiconductor Equipment — 0.6%    
  Semiconductors & Semiconductor Equipment — 0.6%    
c Broadcom, Inc., 3.187% due 11/15/2036        445,000      368,865
  Micron Technology, Inc., 6.75% due 11/1/2029        261,000      282,157
c Qorvo, Inc., 3.375% due 4/1/2031        331,000     298,482
                      949,504
  Software & Services — 2.4%    
  Information Technology Services — 0.9%    
c Booz Allen Hamilton, Inc., 3.875% due 9/1/2028        448,000      433,516
c Insight Enterprises, Inc., 6.625% due 5/15/2032        250,000      257,628
c Science Applications International Corp., 4.875% due 4/1/2028        691,000     680,193
  Internet Software & Services — 0.5%    
c,d Prosus NV, 3.832% due 2/8/2051        200,000      128,502
c Prosus NV (EUR), 1.985% due 7/13/2033        100,000      102,032
  VeriSign, Inc., 5.25% due 6/1/2032        450,000     458,437
  Software — 1.0%    
c Fair Isaac Corp., 5.25% due 5/15/2026        350,000      350,042
c MSCI, Inc., 3.625% due 9/1/2030        317,000      297,441
c,d Open Text Corp., 3.875% due 12/1/2029        300,000      282,666
  SS&C Technologies, Inc.,    
c 5.50% due 9/30/2027        250,000      250,093
c 6.50% due 6/1/2032        250,000     259,547
SCHEDULE OF INVESTMENTS, Continued
Thornburg Core Plus Bond Fund June 30, 2025 (Unaudited)
  Issuer-Description SHARES/
PRINCIPAL AMOUNT 		VALUE
                    3,500,097
  Technology Hardware & Equipment — 1.4%    
  Electronic Equipment, Instruments & Components — 1.4%    
  CDW LLC/CDW Finance Corp., 3.25% due 2/15/2029 $      310,000 $    293,849
d Flex Ltd., 4.875% due 5/12/2030        360,000      361,429
  Keysight Technologies, Inc., 5.35% due 7/30/2030        290,000      299,126
c Sensata Technologies, Inc., 6.625% due 7/15/2032        200,000      205,654
  Vontier Corp., 2.40% due 4/1/2028        317,000      298,931
c WESCO Distribution, Inc.,6.375% due 3/15/2029 - 3/15/2033        400,000      412,592
c Zebra Technologies Corp., 6.50% due 6/1/2032        200,000     205,648
                    2,077,229
  Telecommunication Services — 0.3%    
  Wireless Telecommunication Services — 0.3%    
c Crown Castle Towers LLC, 4.241% due 7/15/2048        125,000      122,761
c,d Turkcell Iletisim Hizmetleri AS, 7.45% due 1/24/2030        300,000     305,319
                      428,080
  Transportation — 0.4%    
  Ground Transportation — 0.2%    
b BNSF Funding Trust I, 6.613% (SOFR + 2.35%) due 12/15/2055        285,000     285,356
  Passenger Airlines — 0.2%    
c,d Pegasus Hava Tasimaciligi AS, 8.00% due 9/11/2031        250,000     250,593
                      535,949
  Utilities — 5.8%    
  Electric Utilities — 5.1%    
  AEP Texas, Inc., Series I, 2.10% due 7/1/2030        360,000      319,828
  American Electric Power Co., Inc., 2.30% due 3/1/2030        350,000      316,029
  Black Hills Corp., 6.15% due 5/15/2034        335,000      352,219
c Boston Gas Co., 3.757% due 3/16/2032        400,000      368,860
  Comision Federal de Electricidad,    
c,d 3.348% due 2/9/2031        200,000      176,430
d 5.00% due 9/29/2036        132,800      118,734
  DTE Energy Co., 5.85% due 6/1/2034        300,000      313,734
c,d Electricite de France SA, 5.75% due 1/13/2035        375,000      383,107
c,d Enel Finance International NV, 5.125% due 6/26/2029        322,000      328,041
c Evergy Missouri West, Inc., 3.75% due 3/15/2032         65,000       58,865
  FirstEnergy Transmission LLC,    
  4.55% due 1/15/2030        400,000      400,216
  5.00% due 1/15/2035        250,000      247,368
  ITC Holdings Corp., 5.30% due 7/1/2043        300,000      274,788
c Kentucky Power Co., 7.00% due 11/15/2033        311,000      334,555
c Liberty Utilities Finance GP 1, 2.05% due 9/15/2030        350,000      307,569
c NorthWestern Corp., 5.073% due 3/21/2030        345,000      350,962
b Pacific Gas & Electric Co., 5.339% (SOFRINDX + 0.95%) due 9/4/2025        250,000      249,898
  PPL Capital Funding, Inc., 5.25% due 9/1/2034        400,000      403,360
  Public Service Co. of Oklahoma, Series J, 2.20% due 8/15/2031        348,000      301,194
  Puget Energy, Inc.,    
  4.10% due 6/15/2030        200,000      193,344
  4.224% due 3/15/2032        205,000      192,792
b Southern Co., Series B, 4.00% (5-Yr. CMT + 3.730%) due 1/15/2051        375,000      372,994
  Southwestern Public Service Co., 6.00% due 6/1/2054        250,000      252,612
  Tucson Electric Power Co., 5.20% due 9/15/2034        450,000      451,939
  Virginia Electric & Power Co., 5.05% due 8/15/2034        375,000     376,087
  Gas Utilities — 0.7%    
c,d APA Infrastructure Ltd., 5.125% due 9/16/2034        410,000      402,058
c KeySpan Gas East Corp., 5.994% due 3/6/2033        280,000      290,973
c,d Snam SpA, Series 2025-2 Class A2, 5.75% due 5/28/2035        288,000     293,979
                    8,432,535
  Total Corporate Bonds (Cost $45,421,404)                46,350,240
  Convertible Bonds — 0.2%    
SCHEDULE OF INVESTMENTS, Continued
Thornburg Core Plus Bond Fund June 30, 2025 (Unaudited)
  Issuer-Description SHARES/
PRINCIPAL AMOUNT 		VALUE
  Media & Entertainment — 0.2%    
  Media — 0.2%    
  Comcast Holdings Corp. (Guaranty: Comcast Corp.), 2.00% due 10/15/2029 $      480,000 $    285,283
                      285,283
  Total Convertible Bonds (Cost $295,799)                   285,283
  Long-Term Municipal Bonds — 0.1%    
  County of Miami-Dade Seaport Department, 6.224% due 11/1/2055        100,000     103,649
  Total Long-Term Municipal Bonds (Cost $100,000)                   103,649
  Other Government — 1.5%    
c Albania Government International Bonds (EUR), 5.90% due 6/9/2028        200,000     249,191
c,d Corp. Financiera de Desarrollo SA, 5.95% due 4/30/2029        250,000      258,375
  Dominican Republic Central Bank Notes (DOP), 12.00% due 10/3/2025      9,080,000      151,478
  Dominican Republic International Bonds (DOP),    
  9.75% due 6/5/2026      8,000,000      134,754
c 10.75% due 6/1/2036      8,000,000      138,585
  Egypt Government Bonds (EGP), Series 3Y, 23.865% due 6/4/2027      8,000,000      161,460
c,d Finance Department Government of Sharjah, 4.00% due 7/28/2050        250,000      159,172
c Finance Department Government of Sharjah (EUR), 4.625% due 1/17/2031        150,000      177,707
  New Zealand Government Bonds (NZD), 3.50% due 4/14/2033        274,000      157,876
c Republic of Uzbekistan International Bonds (UZS), 15.50% due 2/25/2028 2,500,000,000      198,112
  U.K. Gilts (GBP), 4.125% due 7/22/2029        253,000     350,652
  Total Other Government (Cost $2,028,100)                 2,137,362
  U.S. Treasury Securities — 23.5%    
  U.S. Treasury Bonds, 2.25%, 8/15/2046        915,000     599,325
  U.S. Treasury Inflation-Indexed Bonds,    
  1.50%, 2/15/2053        642,053      508,751
  2.125%, 2/15/2054      2,874,162    2,631,543
  U.S. Treasury Inflation-Indexed Notes,    
  1.125%, 1/15/2033        317,665      303,469
  1.75%, 1/15/2034        749,233      742,765
  U.S. Treasury Notes,    
  1.125%, 8/15/2040      3,525,000    2,166,773
  1.375%, 11/15/2040      2,245,000    1,429,784
  1.75%, 8/15/2041      4,287,000    2,844,826
  1.875%, 11/15/2051        295,000      164,186
  2.375%, 2/15/2042      1,403,000    1,020,244
  3.875%, 8/15/2033      1,347,000    1,326,795
  4.00%, 2/15/2034      1,625,000    1,608,496
  4.25%, 5/15/2035 - 2/15/2054        966,000      886,918
  4.375%, 5/15/2034      5,800,000    5,891,531
  U.S. Treasury Strip Coupon,    
  4.931%, 11/15/2040      6,375,000    3,016,721
  4.956%, 5/15/2044     11,930,000    4,620,381
  5.073%, 2/15/2043      4,125,000    1,713,615
  6.11%, 11/15/2036      1,000,000      598,113
  8.346%, 11/15/2041      4,775,000    2,130,683
  9.909%, 11/15/2048        875,000     271,516
  Total U.S. Treasury Securities (Cost $34,803,825)                34,476,435
  U.S. Government Agencies — 0.7%    
b,c,e Farm Credit Bank of Texas, Series 4, 5.70% (5-Yr. CMT + 5.420%), 9/15/2025        465,000     463,303
  Federal Home Loan Banks, 2.90%, 2/18/2037        625,000     510,412
  Total U.S. Government Agencies (Cost $971,863)                   973,715
  Mortgage Backed — 30.9%    
SCHEDULE OF INVESTMENTS, Continued
Thornburg Core Plus Bond Fund June 30, 2025 (Unaudited)
  Issuer-Description SHARES/
PRINCIPAL AMOUNT 		VALUE
  Ajax Mortgage Loan Trust, Whole Loan Securities Trust CMO,    
b,c Series 2021-G Class A, 4.875% due 6/25/2061 $      452,797 $    451,180
b,c Series 2023-B Class A, 4.25% due 10/25/2062        507,524      497,996
b,c Series 2023-C Class A1, 3.50% due 5/25/2063        495,674      471,373
  Angel Oak Mortgage Trust, Whole Loan Securities Trust CMO,    
b,c Series 2022-1 Class A1, 2.881% due 12/25/2066        103,454       95,855
b,c Series 2024-3 Class A1, 4.80% due 11/26/2068        171,631      170,073
  Barclays Mortgage Trust, Whole Loan Securities Trust CMO,    
b,c Series 2021-NPL1 Class A, 5.00% due 11/25/2051        264,492      263,749
b,c Series 2022-RPL1 Class A, 4.25% due 2/25/2028        338,730      335,434
  BRAVO Residential Funding Trust, Whole Loan Securities Trust CMO,    
b,c Series 2021-NQM3 Class A1, 1.699% due 4/25/2060         31,978       29,668
b,c Series 2022-NQM3 Class A1, 5.108% due 7/25/2062         67,074       66,688
b,c Series 2024-NQM4 Class A1A, 4.35% due 1/25/2060        309,896      303,774
c Century Plaza Towers, CMBS, Series 2019-CPT Class A, 2.865% due 11/13/2039        400,000      363,524
  CHNGE Mortgage Trust, Whole Loan Securities Trust CMO,    
b,c Series 2022-1 Class A1, 3.007% due 1/25/2067         91,389       86,208
b,c Series 2023-1 Class A1, 7.065% due 3/25/2058        178,678      179,393
b,c CIM Trust, Whole Loan Securities Trust CMO, Series 2024-R1 Class A1, 4.75% due 6/25/2064        408,311      404,945
  Citigroup Mortgage Loan Trust, Whole Loan Securities Trust CMO,    
b,c Series 2021-INV2 Class A3A, 2.50% due 5/25/2051         73,678       60,084
b,c Series 2021-J2 Class A7A, 2.50% due 7/25/2051        277,313      245,601
c Cogent Ipv4 LLC, CMBS, Series 2024-1A Class A2, 7.924% due 5/25/2054        120,000      127,167
c COMM Mortgage Trust, CMBS, Series 2024-277P Class A, 6.338% due 8/10/2044        485,000      510,259
  Cross Mortgage Trust, Whole Loan Securities Trust CMO,    
b,c Series 2023-H1 Class A1, 6.615% due 3/25/2068        286,033      287,750
b,c Series 2024-H4 Class A1, 6.147% due 7/25/2069        248,397      250,403
c CSMC Trust, CMBS, Series 2020-WEST Class A, 3.04% due 2/15/2035        340,000      284,132
  CSMC Trust, Whole Loan Securities Trust CMO,    
b,c Series 2021-AFC1 Class A1, 0.83% due 3/25/2056         45,019       36,345
b,c Series 2021-RP11 Class A1, 2.25% due 10/25/2061        605,321      501,800
b,c Series 2022-ATH2 Class A1, 4.547% due 5/25/2067        100,163       99,691
c DC Office Trust, CMBS, Series 2019-MTC Class A, 2.965% due 9/15/2045        400,000      365,430
b,c FARM Mortgage Trust, Whole Loan Securities Trust CMO, Series 2024-1 Class A, 4.702% due 10/1/2053        290,137      278,481
b Federal Home Loan Mtg Corp., Pool 841463, 2.157% (2.18% - SOFR30A) due 7/1/2052        101,278       90,818
  Federal Home Loan Mtg Corp., CMO REMIC,    
  Series 5461 Class PA, 4.50% due 8/25/2054        544,058      533,011
  Series 5469 Class QA, 4.50% due 11/25/2054        401,535      393,761
b Series 5502 Class FH, 5.705% (SOFR30A + 1.40%) due 2/25/2055        341,560      341,846
  Federal Home Loan Mtg Corp., Multifamily Structured Pass-Through Certificates, CMBS,    
b Series K-154 Class A2, 4.35% due 1/25/2033        107,000      106,371
  Series KJ46 Class A2, 4.796% due 10/25/2031         32,000       32,729
b Series KJ47 Class A2, 5.43% due 6/25/2031         22,000       23,041
  Series KJ48 Class A2, 5.028% due 10/25/2031         56,000       57,936
  Federal Home Loan Mtg Corp., Seasoned Credit Risk Transfer, Whole Loan Securities Trust CMO,    
  Series 2024-1 Class MT, 3.00% due 11/25/2063        477,934      388,110
  Series 2024-2 Class MT, 3.50% due 5/25/2064        596,986      510,991
  Federal Home Loan Mtg Corp., UMBS Collateral,    
  Pool RA6665, 3.00% due 2/1/2052      1,129,369      977,499
  Pool SD8140, 2.00% due 4/1/2051        401,541      319,960
  Pool SD8206, 3.00% due 4/1/2052      1,381,893    1,197,491
  Pool SD8213, 3.00% due 5/1/2052      1,079,483      935,310
  Pool SD8225, 3.00% due 7/1/2052        182,935      158,482
  Pool SD8244, 4.00% due 9/1/2052      1,101,843    1,027,165
  Federal National Mtg Assoc.,    
  Pool BL8603, 2.07% due 10/1/2050        459,096      318,209
b Pool BM7277, 1.969% (2.07% - SOFR30A) due 8/1/2051        105,738       95,211
b Pool BM7341, 2.435% (RFUCCT1Y + 1.61%) due 12/1/2050        501,666      463,921
  Pool BS1289, 2.17% due 3/1/2051        470,070      317,626
  Pool BS6056 3.85% due 8/1/2032        385,000      367,705
  Federal National Mtg Assoc., CMO REMIC,    
  Series 2024-25 Class VB, 5.50% due 3/25/2035        321,596      327,944
  Series 2024-70 Class MP, 4.50% due 10/25/2054        552,938      544,331
  Federal National Mtg Assoc., UMBS Collateral,    
  Pool BV4119, 2.50% due 3/1/2052        607,027      504,468
SCHEDULE OF INVESTMENTS, Continued
Thornburg Core Plus Bond Fund June 30, 2025 (Unaudited)
  Issuer-Description SHARES/
PRINCIPAL AMOUNT 		VALUE
  Pool CB0199, 3.00% due 4/1/2051 $      390,673 $    338,138
  Pool CB1134, 2.50% due 7/1/2051      1,965,195    1,630,981
  Pool CB2301, 3.00% due 12/1/2051        457,810      396,247
  Pool CB2399, 2.50% due 12/1/2051        534,831      445,538
  Pool CB2404, 2.50% due 12/1/2051        290,469      241,162
  Pool CB2665, 3.00% due 1/1/2052        258,781      223,982
  Pool FM8761, 2.50% due 9/1/2051        746,286      619,609
  Pool FS0957, 3.00% due 3/1/2052        482,075      417,802
  Pool FS2676, 3.00% due 6/1/2052        323,307      279,831
  Pool FS4862, 2.50% due 10/1/2051        263,760      219,111
  Pool FS4919, 2.50% due 5/1/2053        362,775      301,483
  Pool FS7059, 3.00% due 7/1/2052        517,998      449,341
  Pool FS7065, 3.00% due 3/1/2053      2,765,497    2,396,143
  Pool FS7879, 2.50% due 7/1/2052      1,013,941      841,504
  Pool MA4399, 2.50% due 8/1/2051        323,426      269,734
  Pool MA4548, 2.50% due 2/1/2052      1,816,354    1,511,447
  Pool MA4578, 2.50% due 4/1/2052      1,979,167    1,643,481
  Pool MA4599, 3.00% due 5/1/2052      2,143,018    1,856,801
  Pool MA4730, 3.00% due 9/1/2052        445,458      385,860
  Pool MA5442, 4.50% due 8/1/2054      1,155,761    1,105,646
  GCAT Trust, Whole Loan Securities Trust CMO,    
b,c Series 2021-CM1 Class A, 2.469% due 4/25/2065         68,916       65,469
b,c Series 2023-INV1 Class A1, 6.00% due 8/25/2053        231,971      233,433
b,c Series 2023-NQM4 Class A1, 4.25% due 5/25/2067        403,555      371,688
b,c Glebe Funding Trust, Whole Loan Securities Trust CMO, Series 2024-1 Class A, 8.099% due 11/29/2028        287,461      290,508
  Government National Mtg Assoc., CMBS, Series 2023-104 Class AD, 4.00% due 1/16/2065         63,762       59,312
  Government National Mtg Assoc., UMBS Collateral, Pool MA7368, 3.00% due 5/20/2051        589,848      522,313
  GS Mortgage-Backed Securities Trust, Whole Loan Securities Trust CMO,    
b,c Series 2024-RPL2 Class A1, 3.75% due 7/25/2061        170,306      165,812
b,c Series 2024-RPL4 Class A1, 3.90% due 9/25/2061        426,678      414,628
  Harvest Commercial Capital Loan Trust, CMBS, Series 2024-1 Class A, 6.164% due 10/25/2056        311,278      322,842
b,c HOMES Trust, Whole Loan Securities Trust CMO, Series 2024-NQM1 Class A1, 5.915% due 7/25/2069        355,120      356,758
  Homeward Opportunities Fund Trust, Whole Loan Securities Trust CMO,    
b,c Series 2022-1 A Class A1, 5.082% due 7/25/2067        157,161      156,230
b,c Series 2024-RRTL2 Class A1, 5.989% due 9/25/2039        300,000      300,665
b,c Series 2024-RTL1 Class A1, 7.12% due 7/25/2029        325,000      326,550
b,c Hudson Yards Mortgage Trust, CMBS, Series 2019-55HY Class A, 3.041% due 12/10/2041        250,000      230,208
  Imperial Fund Mortgage Trust, Whole Loan Securities Trust CMO,    
b,c Series 2022-NQM4 Class A1, 4.767% due 6/25/2067         89,852       91,383
b,c Series 2022-NQM7 Class A1, 7.369% due 11/25/2067        511,276      512,468
  JP Morgan Mortgage Trust, Whole Loan Securities Trust CMO,    
b,c Series 2021-1 Class A3A, 2.00% due 6/25/2051        345,825      268,591
b,c Series 2021-INV6 Class A2, 3.00% due 4/25/2052         71,446       60,820
b,c LEX Mortgage Trust, CMBS, Series 2024-BBG Class A, 5.036% due 10/13/2033        410,000      412,028
c Manhattan West Mortgage Trust, CMBS, Series 2020-1MW Class A, 2.13% due 9/10/2039        350,000      330,979
  MFA Trust, Whole Loan Securities Trust CMO,    
b,c Series 2021-INV2 Class A1, 1.906% due 11/25/2056         64,167       55,767
b,c Series 2022-NQM2 Class A1, 4.00% due 5/25/2067        390,037      379,347
b Series 2024-NPL1 Class A1, 6.33% due 9/25/2054        382,757      383,784
b,c Series 2024-RPL1 Class A1, 4.25% due 2/25/2066        424,512      406,478
b,c Mill City Securities Ltd., Whole Loan Securities Trust CMO, Series 2024-RS1 Class A1, 3.00% due 11/1/2069        574,708      540,128
c Morgan Stanley Capital I Trust, CMBS, Series 2024-BPR2 Class A, 7.291% due 5/5/2029        296,746      311,581
b,c Morgan Stanley Residential Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2024-NQM1 Class A1, 6.152% due 12/25/2068        147,315      148,432
  New Residential Mortgage Loan Trust, Whole Loan Securities Trust CMO,    
b,c Series 2022-NQM3 Class A1, 3.90% due 4/25/2062        100,875       91,667
b,c Series 2024-RPL1 Class A, 3.80% due 1/25/2064        338,550      320,830
b,c NMLT Trust, Whole Loan Securities Trust CMO, Series 2021-INV1 Class A1, 1.185% due 5/25/2056         53,654       46,525
b,c NYMT Loan Trust, Whole Loan Securities Trust CMO, Series 2024-BPL2 Class A1, 6.509% due 5/25/2039        325,000      328,483
  OBX Trust, Whole Loan Securities Trust CMO,    
b,c Series 2022-NQM5 Class A1, 4.31% due 5/25/2062         88,586       88,121
b,c Series 2024-NQM11 Class A1, 5.875% due 6/25/2064        343,383      345,480
c One Bryant Park Trust, CMBS, Series 2019-OBP Class A, 2.516% due 9/15/2054        280,000      254,504
b,c OSAT Trust, Whole Loan Securities Trust CMO, Series 2021-RPL1 Class A1, 6.116% due 5/25/2065        221,651      221,699
b,c PRET LLC, Whole Loan Securities Trust CMO, Series 2021-RN3 Class A1, 4.843% due 9/25/2051        276,373      275,340
b,c PRET Trust, Whole Loan Securities Trust CMO, Series 2024-RPL1 Class A1, 3.90% due 10/25/2063        160,008      154,225
SCHEDULE OF INVESTMENTS, Continued
Thornburg Core Plus Bond Fund June 30, 2025 (Unaudited)
  Issuer-Description SHARES/
PRINCIPAL AMOUNT 		VALUE
b,c PRKCM Trust, Whole Loan Securities Trust CMO, Series 2024-HOME1 Class A1, 6.431% due 5/25/2059 $      242,892 $    245,948
b,c Radian Mortgage Capital Trust, Whole Loan Securities Trust CMO, Series 2024-J2 Class A16, 5.50% due 3/25/2055        277,885      278,277
b,c RCKT Mortgage Trust, Whole Loan Securities Trust CMO, Series 2019-1 Class A13, 3.50% due 9/25/2049         26,487       23,249
b,c Redwood Funding Trust, Whole Loan Securities Trust CMO, Series 2024-1 Class A, 7.745% due 12/25/2054        298,386      300,399
c ROCK Trust, CMBS, Series 2024-CNTR Class A, 5.388% due 11/13/2041        325,000      332,128
b,c SFO Commercial Mortgage Trust, CMBS, Series 2021-555 Class A, 5.576% (TSFR1M + 1.26%) due 5/15/2038        171,000      169,881
b,c SKY Trust, CMBS, Series 2025-LINE Class A, 6.90% (TSFR1M + 2.59%) due 4/15/2042        293,965      293,230
b,c Spruce Hill Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2022-SH1 Class A1A, 4.10% due 7/25/2057         96,923       94,232
b,c Toorak Mortgage Trust, Whole Loan Securities Trust CMO, Series 2024-RRTL1 Class A1, 6.597% due 2/25/2039        300,000      301,829
b,c Towd Point Mortgage Trust, Whole Loan Securities Trust CMO, Series 2020-1 Class A2A, 3.10% due 1/25/2060        100,000       91,138
b,c TRK Trust, Whole Loan Securities Trust CMO, Series 2022-INV2 Class A1, 4.35% due 6/25/2057        341,160      331,482
b,c UWM Mortgage Trust, Whole Loan Securities Trust CMO, Series 2021-1 Class A3, 2.50% due 6/25/2051         71,415       58,104
  Verus Securitization Trust, Whole Loan Securities Trust CMO,    
b,c Series 2023-3 Class A1, 5.93% due 3/25/2068         73,076       73,081
b,c Series 2023-4 Class A1, 5.811% due 5/25/2068        162,712      162,673
b,c WB Commercial Mortgage Trust, CMBS, Series 2024-HQ Class A, 6.134% due 3/15/2040        195,000      195,616
b,c Wells Fargo Mortgage Backed Securities Trust, Whole Loan Securities Trust CMO, Series 2021-1 Class A1, 2.50% due 12/25/2050         36,878      30,351
  Total Mortgage Backed (Cost $44,980,821)                45,201,474
  Short-Term Investments — 0.9%    
f Thornburg Capital Management Fund       137,504   1,375,035
  Total Short-Term Investments (Cost $1,375,035)                 1,375,035
  Total Investments — 99.5% (Cost $144,737,788)   $145,792,594
  Other Assets Less Liabilities — 0.5%   666,047
  Net Assets — 100.0%   $146,458,641
    
Outstanding Forward Currency Contracts To Buy Or Sell At June 30, 2025
Contract
Description 		Contract
Party* 		Buy/Sell Contract
Amount 		Contract
Value Date 		Value
USD 		Unrealized
Appreciation 		Unrealized
Depreciation
Euro SSB Sell 286,400 9/25/2025 338,972 $  — $   (26,257)
Euro SSB Sell 144,000 10/14/2025 170,636    —      (9,969)
Total           — $(36,226)
Net unrealized appreciation (depreciation)             $(36,226)
    
* Counterparty includes State Street Bank and Trust Company ("SSB").
    
Footnote Legend
a Security currently fair valued by Thornburg Investment Management, Inc.’s Valuation and Pricing Committee.
b Variable, floating, step, or fixed to floating rate securities are securities for which interest rate changes are based on changes in a designated base rate or on a predetermined schedule. The rates shown are those in effect on June 30, 2025.
c Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are restricted but liquid and may only be resold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of June 30, 2025, the aggregate value of these securities in the Fund’s portfolio was $61,500,683, representing 41.99% of the Fund’s net assets.
d Yankee bond denominated in U.S. dollars and is issued in the U.S. by foreign banks and corporations.
e Securities are perpetual and, thus, do not have a predetermined maturity date. The date shown, if applicable, reflects the next call date.
f Investment in Affiliates.
SCHEDULE OF INVESTMENTS, Continued
Thornburg Core Plus Bond Fund June 30, 2025 (Unaudited)
Portfolio Abbreviations
To simplify the listings of securities, abbreviations are used per the table below:
ABS Asset Backed Securities
CMBS Commercial Mortgage-Backed Securities
CMO Collateralized Mortgage Obligation
CMT Constant Maturity Rate
DOP Denominated in Dominican Peso
EGP Denominated in Egyptian Pound
EUR Denominated in Euro
GBP Denominated in Pound Sterling
H15T1Y US Treasury Yield Curve Rate T-Note Constant Maturity 1 Year
Mtg Mortgage
NZD Dominated in New Zealand Dollar
REMIC Real Estate Mortgage Investment Conduit
RFUCCT1Y Refinitiv USD Interbank Offered Rate Consumer Cash Fallbacks Term 1 Year
SOFR Secured Overnight Financing Rate
SOFR30A Secured Overnight Financing Rate 30-Day Average
SOFR90A Secured Overnight Financing Rate 90-Day Average
SOFRINDX Secured Overnight Financing Rate Index
TSFR1M Term SOFR 1 Month
UMBS Uniform Mortgage-Backed Securities
UZS Denominated in Uzbekistani Som
NOTES TO SCHEDULE OF INVESTMENTS
Thornburg Core Plus Bond Fund June 30, 2025 (Unaudited)
NOTE 1 – ORGANIZATION
Thornburg Core Plus Bond 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-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 seven classes of shares of beneficial interest: Class A, Class C, Institutional Class (“Class I”), and Retirement Classes (“Class R3”, “Class R4”, “Class R5”, and “Class R6”).
NOTE 2 – SECURITY VALUATION
Valuation of the Fund’s portfolio investment securities is performed by Thornburg Investment Management, Inc., the Trust’s investment advisor (the "Advisor"), which has been designated by the Trustees of the Trust (the "Trustees") as the Fund’s "valuation designee," as that term is defined in rule 2a-5 under the 1940 Act. The Advisor performs this valuation function under the supervision of the Trustees and in accordance with policies and procedures that have been adopted by the Advisor and approved by the Trustees (the “Valuation Policy and Procedures”).
In its capacity as the Fund’s valuation designee, the Advisor makes good faith determinations of the fair value of portfolio securities for which market quotations are not readily available, and otherwise complies with and administers the Valuation Policy and Procedures. The Advisor performs those functions in significant measure through its Valuation and Pricing Committee (the “Committee”), though the Advisor may also obtain the assistance of others, including professional pricing service providers selected and approved by the Committee. In accordance with the Valuation Policy and Procedures, the Committee: assesses and manages the material risks associated with determining the fair value of those Fund investments for which market quotations are not readily available; selects and applies methodologies for determining and calculating such fair values; periodically reviews and tests the appropriateness and accuracy of those methodologies; monitors for circumstances that may necessitate the use of fair value; and approves, monitors, and evaluates pricing services engaged to provide evaluated prices for the Fund’s investments. The Committee provides reports on its activities to the Trustees’ Audit Committee, which is responsible for overseeing the Committee’s and the Advisor’s work in discharging the functions under the Valuation Policy and Procedures.
In those instances when the Committee assists in calculating a fair value for a portfolio investment, the Committee seeks to determine the price that the Fund would reasonably expect to receive upon a sale of the investment in an orderly transaction between market participants on the valuation date. The Committee customarily utilizes quotations from securities broker dealers in calculating valuations, but also may utilize prices obtained from pricing service providers or other methods selected by the Committee. Because fair values calculated by the Committee are estimates, the calculation of a fair value for an investment may differ from the price that would be realized by the Fund upon a sale of the investment, and the difference could be material to the Fund’s financial statements. The Committee’s calculation of a fair value for an investment may also differ from the prices obtained by other persons (including other mutual funds) for the investment.
Valuation of Securities: Securities and other portfolio investments which are listed or traded on a United States securities exchange are generally valued at the last reported sale price on the valuation date or, if there has been no sale of the investment on that date, at the mean between the last reported bid and asked prices for the investment on that date. Portfolio investments reported by NASDAQ are valued at the official closing price on the valuation date. If an investment is traded on more than one exchange, the investment is considered traded on the exchange that is normally the primary market for that investment. For securities and other portfolio investments which are primarily listed or traded on an exchange outside the United States, the time for determining the investment’s value in accordance with the first sentence of this paragraph will be the close of that investment’s primary exchange preceding the Fund’s valuation time.
In any case when a market quotation is not readily available for a portfolio investment ordinarily valued by market quotation, the Committee calculates a fair value for the investment using methodologies selected and approved by the Committee as described in the Valuation Policy and Procedures, subject to changes or additions by the Committee. For this purpose, a market quotation is considered to be readily available if it is a quoted price (unadjusted) in active markets for identical investments that the Fund can access at the measurement date. Pursuant to the Valuation Policy and Procedures, the Committee shall monitor for circumstances that may necessitate the use of fair valuation methodologies, including circumstances in which a market quotation for an investment is no longer reliable or is otherwise not readily available. For that purpose, a market quotation is not readily available when the primary market or exchange for the applicable investment is not open for the entire scheduled day of trading. A market quotation may also not be readily available if: (a) developments occurring after the most recent close of the applicable investment’s primary exchange, but prior to the close of business on any business day; or (b) an unusual event or significant period of time occurring since the availability of the market quotation, create a serious question concerning the reliability of that market quotation. Additionally, a market quotation will be considered unreliable if it would require adjustment under GAAP, or where GAAP would require consideration of additional inputs in determining the value of the investment. The Committee customarily obtains valuations in those instances from pricing service providers approved by the Committee. Such pricing service providers ordinarily calculate valuations using multi-factor models to adjust market prices based upon various inputs, including exchange data, depository receipt prices, futures, index data, and other data.
NOTES TO SCHEDULE OF INVESTMENTS, Continued
Thornburg Core Plus Bond Fund June 30, 2025 (Unaudited)
Investments in U.S. mutual funds are valued at net asset value ("NAV") each business day.
Forward currency contracts are valued by a third-party pricing service provider.
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 Fund’s investments may be significantly affected on days when shareholders cannot purchase or sell Fund’s shares.
NOTE 3 – Investments with Affiliates
Shown below are holdings of voting securities of each portfolio company which is considered "affiliated" to the Fund under the 1940 Act, including companies for which the Fund’s holding represented 5% or more of the company’s voting securities, and a series of the Thornburg Investment Trust in which the Fund invested for cash management purposes during the period:
  Market Value
9/30/24 		Purchases
at Cost 		Sales
Proceeds 		Realized
Gain
(Loss) 		Change in
Unrealized
Appr./(Depr.) 		Market Value
6/30/25 		Dividend
Income
Thornburg Capital Mgmt. Fund $6,292,172 $37,284,450 $(42,201,587) $- $- $1,375,035 $65,543