Annal Certified Shareholder Report

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Thornburg Core Plus Bond ETF	$46.00	0.45%

Annual Performance	1 Year
Core Plus Bond ETF	2.26%
Bloomberg U.S. Aggregate Total Return Index Value USD	1.89%

Credit Quality Ratings*	(%)
	U.S. Government	31.9
	AAA	18.1
	AA	5.3
	A	11.4
	BBB	21.0
	Below Invest. Grade	6.0
	NR	4.1
	Cash Equivalents & Other	2.1

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Thornburg International Equity ETF	$73.00	0.65%

Annual Performance	1 Year
International Equity ETF	22.38%
MSCI EAFE Net Total Return USD Index	21.62%

Market Capitalization Exposure	(%)
	Small Cap (<$2.5 B)	0.0
	Mid Cap ($2.5-12 B)	0.0
	Large Cap (>$12 B)	100.0

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Thornburg International Growth ETF	$73.00	0.70%

Annual Performance	1 Year
International Growth ETF	8.21%
MSCI EAFE Growth Net Total Return USD Index	14.89%

Market Capitalization Exposure	(%)
	Small Cap (<$2.5 B)	2.1
	Mid Cap ($2.5-12 B)	6.6
	Large Cap (>$12 B)	91.3

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Thornburg Multi Sector Bond ETF	$56.00	0.55%

Annual Performance	1 Year
Multi Sector Bond ETF	2.73%
Bloomberg U.S. Aggregate Total Return Index Value USD	1.89%
Bloomberg U.S. Universal Total Return Index Value Unhedged	2.23%

Fixed Income Credit Quality*	(%)
	U.S. Government	30.6
	AAA	15.4
	AA	5.6
	A	9.7
	BBB	22.5
	Below Invest. Grade	12.2
	NR	2.7
	Cash Equivalents & Other	1.3

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Thornburg Premium Income Builder ETF	$16.00	0.79%

Annual Performance	Since Inception (06/22/2026)
Premium Income Builder ETF	5.32%
MSCI World Net Total Return USD Index	3.21%

Market Capitalization Exposure	(%)
	Small Cap (<$2.5 B)	1.9
	Mid Cap ($2.5-12 B)	2.4
	Large Cap (>$12 B)	95.8

(b) Not applicable.

Item 2. Code of Ethics

Thornburg ETF Trust (the “Trust”) has adopted a code of ethics described in Item 2 of Form N-CSR. A copy of the code of ethics is filed as an exhibit to this Form N-CSR. The Trust has not made any substantive amendments to its code of ethics during the period covered by this report, nor has the Trust granted any waivers from any provisions of its code of ethics during the period covered by this report.

Item 3. Audit Committee Financial Expert

The Trustees of the Trust have determined that four members of the Trust’s audit committee, Lisa Black, Sally Corning, James Weyhrauch, and Patrick Talamantes, are each audit committee financial experts as defined in Item 3 of Form N-CSR. Ms. Black, Ms. Corning, Mr. Weyhrauch, and Mr. Talamantes are each independent for purposes of Item 3 of Form N-CSR. The Trustees’ determinations in this regard were based upon their current understandings of the definition of “audit committee financial expert” and current interpretations of the definition. The Trustees call attention to the lack of clarity in the definition, and that shareholders and prospective investors may wish to evaluate independently this definition and the qualifications of the Trust’s audit committee. The definition of “audit committee financial expert,” together with comments on the definition, is set forth in the Securities and Exchange Commission’s website (www.sec.gov).

Item 4. Principal Accountant Fees and Services

Below are the amount of fees that PricewaterhouseCoopers LLP (“PWC”), the Trust’s registered independent public accounting firm, billed to the Trust during the Trust’s fiscal year ended August 31, 2026. The Trust was not in operation during the previous fiscal year, as such no information is presented.

(a)

Audit Fees

The aggregate fees billed to the Trust in the last fiscal year ended August 31, 2026 for the audit of the Trust’s financial statements and for services that are normally provided by PWC, registered independent public accounting firm, in connection with statutory and regulatory filings or requirements was $0.

(b)

Audit-Related Fees

The fees billed to the Trust by PWC in the last fiscal year ended August 31, 2026 for assurance and related services that are reasonably related to the audit or review of the Trust’s financial statements (and that are not reflected in “Audit Fees,” above) was $0.

(c)

Tax Fees

The fees billed to the Trust by PWC in the last fiscal year ended August 31, 2026 for professional services rendered by PWC for tax compliance, tax advice or tax planning, including amounts paid in connection with filing foreign tax reclaims, was $0.

(d)

All Other Fees

The fees billed to the Trust by PWC in the last fiscal year ended August 31, 2026 for all other services rendered by PWC to the Trust was $0.

(e)

Audit Committee Pre-Approval Policies and Procedures

As of August 31, 2026, the Trust’s Audit Committee has not adopted pre-approval policies and procedures.

(f)

Not applicable.

(g)

The aggregate non-audit fees billed by PWC to the Trust for the fiscal year ended August 31, 2026 was $0. PWC performs no services for the investment advisor, the Funds’ principal underwriter or any other person controlling, controlled by, or under common control with the investment advisor which provides ongoing services to the Funds, and accordingly PWC did not bill any non-audit fees to those persons.

(h)

Not applicable

(i)

Not applicable.

(j)

Not applicable.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments

(a)

The schedule of investments for each Fund is filed as part of item 7 of this Form.

(b)

Not applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies

The following financial statements and financial highlights are attached hereto, in order:

Thornburg Core Plus Bond ETF

Thornburg Multi Sector Bond ETF

Thornburg International Equity ETF

Thornburg International Growth ETF

Thornburg Premium Income Builder ETF

ANNUAL FINANCIAL STATEMENTS | AUGUST 31, 2026

THORNBURG ETF TRUST

Fixed Income

Thornburg Core Plus Bond ETF

Thornburg Multi Sector Bond ETF

Equity

Thornburg International Equity ETF

Thornburg International Growth ETF

Thornburg Premium Income Builder ETF

Annual Financial Statements | August 31, 2026

Table of Contents

Schedule of Investments
Thornburg Core Plus Bond ETF	4
Thornburg Multi Sector Bond ETF	14
Thornburg International Equity ETF	31
Thornburg International Growth ETF	35
Thornburg Premium Income Builder ETF	38
Statements of Assets and Liabilities	42
Statements of Operations	43
Statements of Changes in Net Assets	44
Notes to Financial Statements	47
Financial Highlights	59
Report of Independent Registered Public Accounting Firm	64
Tax Information	66

Changes in and Disagreements with Accountants for Open-End Management Investment Companies	67
Proxy Disclosures for Open-End Management Investment Companies	67
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies	67
Statement Regarding Basis for Approval of Investment Advisory Contract	67

Investments carry risks, including possible loss of principal. Investments in equity securities are subject to additional risks, such as greater market fluctuations. Additional risks may be associated with investments outside the United States, especially in emerging markets, including currency fluctuations, illiquidity, volatility, and political and economic risks. Investments in small- and mid-capitalization companies may increase the risk of greater price fluctuations. Portfolios investing in bonds have the same interest rate, inflation, and credit risks that are associated with the underlying bonds. The value of bonds will fluctuate relative to changes in interest rates, decreasing when interest rates rise. This effect is more pronounced for longer-term bonds. Unlike bonds, bond funds have ongoing fees and expenses. Investments in lower rated and unrated bonds may be more sensitive to default, downgrades, and market volatility; these investments may also be less liquid than higher rated bonds. A short position will lose value as the security’s price increases. Theoretically, the loss on a short sale can be unlimited. Investments in derivatives are subject to the risks associated with the securities or other assets underlying the pool of securities, including illiquidity and difficulty in valuation. Please see the Funds’ prospectus for a discussion of the risks associated with an investment in the Funds. Investments in the Funds are not FDIC insured, nor are they deposits of or guaranteed by a bank or any other entity.

Annual Financial Statements | 3

Schedule of Investments

Thornburg Core Plus Bond ETF | August 31, 2026

	ISSUER-DESCRIPTION	SHARES/ PRINCIPAL AMOUNT		VALUE

	PREFERRED STOCK — 0.4%

	INSURANCE — 0.4%
	Insurance — 0.4%
^a	Reinsurance Group of America, Inc., 7.125% (5-Yr. CMT + 3.46%), 10/15/2052		2,300	$	59,018
					59,018
	TOTAL PREFERRED STOCK (Cost $58,723)				59,018

	ASSET BACKED SECURITIES — 10.4%

	AUTO RECEIVABLES — 3.0%
^b	BOF VII AL Funding Trust I, Series 2023-CAR3 Class B, 6.632% due 7/26/2032	$	16,329		16,468
^b	DT Auto Owner Trust, Series 2022-2A Class D, 5.46% due 3/15/2028		48,890		48,915
	Exeter Automobile Receivables Trust, Series 2022-6A Class D, 8.03% due 4/6/2029		35,187		35,600
^b	FHF Issuer Trust, Series 2025-2A Class A2, 5.75% due 5/15/2030		39,682		39,851
	GLS Auto Receivables Issuer Trust,
^b	Series 2022-1A Class D, 3.97% due 1/18/2028		2,554		2,554
^b	Series 2022-2A Class D, 6.15% due 4/17/2028		10,017		10,046
	Lobel Automobile Receivables Trust,
^b	Series 2023-2 Class C, 10.04% due 6/15/2029		38,031		38,105
^b	Series 2026-1 Class A, 4.88% due 10/16/2028		39,984		40,010
^b	OCCU Auto Receivables Trust, Series 2022-1A Class A4, 5.69% due 11/15/2029		50,518		50,741
^b,c	Oscar U.S. Funding XIII LLC, Series 2021-2A Class A4, 1.27% due 9/11/2028		2,936		2,934
^b	Research-Driven Pagaya Motor Asset Trust, Series 2025-5A Class A2, 4.575% due 6/26/2034		28,187		28,195
	Santander Drive Auto Receivables Trust,
	Series 2022-7 Class C, 6.69% due 3/17/2031		41,329		41,718
	Series 2024-4 Class A3, 4.85% due 1/16/2029		10,403		10,407
	Series 2026-1 Class A2, 4.04% due 3/15/2029		35,088		35,051
^b	Veros Auto Receivables Trust, Series 2025-1 Class A, 5.31% due 9/15/2028		17,841		17,863
^b	Wheels Fleet Lease Funding 1 LLC, Series 2023-2A Class A, 6.46% due 8/18/2038		17,739		17,824
					436,282
	OTHER ASSET BACKED — 5.9%
^b	321 Henderson Receivables I LLC, Series 2004-A Class A2, 5.538% due 9/15/2045		42,990		42,990
^b	ACHD Trust, Series 2025-DS1 Class A, 5.978% due 1/9/2034		7,484		7,487
^b	DailyPay Securitization Trust, Series 2025-1A Class A, 5.63% due 6/26/2028		100,000		100,098
^b	DataBank Issuer LLC, Series 2024-1A Class A2, 5.30% due 1/26/2054		50,000		49,335
	Goodgreen Trust,
^b	Series 2020-1A Class A, 2.63% due 4/15/2055		63,109		52,422
^b	Series 2021-1A Class A, 2.66% due 10/15/2056		47,975		39,947
^b	InStar Leasing III LLC, Series 2021-1A Class A, 2.30% due 2/15/2054		75,761		72,516
^b	Loanpal Solar Loan Ltd., Series 2021-1GS Class A, 2.29% due 1/20/2048		81,152		67,330
^b	Mariner Finance Issuance Trust, Series 2021-AA Class A, 1.86% due 3/20/2036		37,448		37,170
^b	Marlette Funding Trust, Series 2021-3A Class D, 2.53% due 12/15/2031		12,633		12,633
	Mosaic Solar Loan Trust,
^b	Series 2018-1A Class A, 4.01% due 6/22/2043		73,152		67,996
^b	Series 2020-2A Class B, 2.21% due 8/20/2046		64,407		51,168
^b	Pagaya AI Debt Grantor Trust, Series 2026-2 Class A1, 4.522% due 4/15/2027		58,761		58,764
	Reach ABS Trust,
^b	Series 2024-1A Class B, 6.29% due 2/18/2031		19,435		19,474
^b	Series 2026-2A Class A, 4.34% due 2/15/2035		77,445		77,375
^b	Retained Vantage Data Centers Issuer LLC, Series 2023-2A Class A2, 5.05% due 9/15/2048		50,000		48,194
^b	Service Experts Issuer LLC, Series 2021-1A Class A, 2.67% due 2/2/2032		41,348		40,986
^b	Theorem Funding Trust, Series 2022-3A Class B, 8.95% due 4/15/2029		32,296		32,521
					878,406
	STUDENT LOAN — 1.5%
^a,b	College Ave Student Loans LLC, Series 2019-A Class A1, 5.182% (TSFR1M + 1.51%) due 12/28/2048		59,908		60,103
^b	Navient Private Education Refi Loan Trust, Series 2019-CA Class A2, 3.13% due 2/15/2068		42,818		42,517
^a	SLM Student Loan Trust, Series 2012-1 Class A3, 4.708% (SOFR30A + 1.06%) due 9/25/2028		34,934		33,988

4 | Annual Financial Statements

See notes to financial statements.

Schedule of Investments, Continued

Thornburg Core Plus Bond ETF | August 31, 2026

	ISSUER-DESCRIPTION	SHARES/ PRINCIPAL AMOUNT		VALUE

^b	SMB Private Education Loan Trust, Series 2018-B Class A2A, 3.60% due 1/15/2037	$	35,789	$	35,614
^a,b	Towd Point Asset Trust, Series 2021-SL1 Class D, 5.467% (TSFR1M + 1.81%) due 11/20/2061		50,000		49,157
					221,379
	TOTAL ASSET BACKED SECURITIES (Cost $1,543,413)				1,536,067

	CORPORATE BONDS — 35.2%

	AUTOMOBILES & COMPONENTS — 0.4%
	Automobiles — 0.4%
^a	American Honda Finance Corp., 4.268% (SOFR + 0.62%) due 12/11/2026		27,000		27,014
	Hyundai Capital America,
^b	4.30% due 9/24/2027		17,000		16,932
^b	5.15% due 3/27/2030		17,000		16,967
					60,913
	BANKS — 0.7%
	Banks — 0.7%
	Bank of New York Mellon Corp.,
^a	4.975% (SOFR + 1.09%) due 3/14/2030		17,000		17,067
^a,d	Series I, 3.75% (5-Yr. CMT + 2.63%) due 12/20/2026		39,000		38,791
^a	Santander Holdings USA, Inc., 5.741% (SOFR + 1.88%) due 3/20/2031		17,000		17,222
^a	U.S. Bancorp, 5.10% (SOFR + 1.25%) due 7/23/2030		17,000		17,088
^a	Wells Fargo & Co., 5.574% (SOFR + 1.74%) due 7/25/2029		17,000		17,233
					107,401
	CAPITAL GOODS — 0.7%
	Aerospace & Defense — 0.2%
^b	BWX Technologies, Inc., 4.125% due 4/15/2029		17,000		16,466
^b	TransDigm, Inc., 6.375% due 3/1/2029		17,000		17,246
	Machinery — 0.4%
^b	Mueller Water Products, Inc., 4.00% due 6/15/2029		17,000		16,381
^c	nVent Finance SARL, 2.75% due 11/15/2031		17,000		14,976
	Regal Rexnord Corp., 6.30% due 2/15/2030		17,000		17,515
	Trading Companies & Distributors — 0.1%
	LKQ Corp., 6.25% due 6/15/2033		17,000		17,406
					99,990
	COMMERCIAL & PROFESSIONAL SERVICES — 0.8%
	Commercial Services & Supplies — 0.8%
^b	Clean Harbors, Inc., 5.125% due 7/15/2029		35,000		34,707
	CoreCivic, Inc., 8.25% due 4/15/2029		17,000		17,634
	Equifax, Inc.,
	5.00% due 8/15/2029		9,000		9,003
	5.10% due 12/15/2027		17,000		17,094
	5.65% due 8/15/2033		3,000		3,005
	Global Payments, Inc., 4.50% due 11/15/2028		34,000		33,533
					114,976
	CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL — 0.3%
	Specialty Retail — 0.3%
	Ferguson Enterprises, Inc., 4.35% due 3/15/2031		35,000		34,041
	Genuine Parts Co., 4.95% due 8/15/2029		17,000		16,904
					50,945
	CONSUMER DURABLES & APPAREL — 0.4%
	Leisure Products — 0.4%
	Mattel, Inc., 5.00% due 11/17/2030		13,000		12,845
	Polaris, Inc.,
	5.60% due 3/1/2031		27,000		26,750
	6.95% due 3/15/2029		17,000		17,675
					57,270

See notes to financial statements.

Annual Financial Statements | 5

Schedule of Investments, Continued

Thornburg Core Plus Bond ETF | August 31, 2026

	ISSUER-DESCRIPTION	SHARES/ PRINCIPAL AMOUNT		VALUE

	CONSUMER SERVICES — 0.6%
	Diversified Consumer Services — 0.2%
	Service Corp. International, 5.75% due 10/15/2032	$	35,000	$	34,972
	Hotels, Restaurants & Leisure — 0.1%
^b	Papa John’s International, Inc., 3.875% due 9/15/2029		17,000		15,781
	Transportation Infrastructure — 0.3%
^b,c	Sydney Airport Finance Co. Pty. Ltd., 5.248% due 3/26/2036		42,000		40,735
					91,488
	CONSUMER STAPLES DISTRIBUTION & RETAIL — 0.1%
	Consumer Staples Distribution & Retail — 0.1%
^b	U.S. Foods, Inc., 4.75% due 2/15/2029		17,000		16,783
					16,783
	ENERGY — 2.1%
	Oil, Gas & Consumable Fuels — 2.1%
^b	Cameron LNG LLC, 3.402% due 1/15/2038		31,000		26,604
^b	Columbia Pipelines Holding Co. LLC, 5.097% due 10/1/2031		34,000		33,611
^b	Columbia Pipelines Operating Co. LLC, 5.927% due 8/15/2030		7,000		7,205
^a,c	Enbridge, Inc., Series 2017-A, 5.50% (TSFR3M + 3.68%) due 7/15/2077		42,000		41,849
^b,c	Energean Israel Finance Ltd., 8.50% due 9/30/2033		17,000		17,849
	Energy Transfer LP,
	5.20% due 4/1/2030		19,000		19,120
	6.05% due 12/1/2026		16,000		16,044
^a,d	Series B, 6.625% (TSFR3M + 4.42%) due 2/15/2028		30,000		30,167
	Kinder Morgan Energy Partners LP, 5.80% due 3/15/2035		17,000		17,260
^c	Petroleos Mexicanos, 7.69% due 1/23/2050		14,000		12,760
	South Bow USA Infrastructure Holdings LLC, 5.026% due 10/1/2029		17,000		16,917
	Sunoco LP,
^b	5.875% due 7/15/2027		25,000		25,038
^b	7.25% due 5/1/2032		17,000		17,585
^b	Whistler Pipeline LLC, 5.70% due 9/30/2031		24,000		24,291
					306,300
	EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) — 1.4%
	Diversified REITs — 1.4%
	American Tower Corp., 4.90% due 3/15/2030		21,000		20,893
^b	American Tower Trust, 3.652% due 3/15/2048		50,000		48,928
	Crown Castle, Inc.,
	4.90% due 9/1/2029		7,000		6,975
	5.80% due 3/1/2034		17,000		17,115
	Extra Space Storage LP, 3.90% due 4/1/2029		23,000		22,407
^b	Iron Mountain Information Management Services, Inc., 5.00% due 7/15/2032		14,000		13,350
	SBA Communications Corp., 5.15% due 7/15/2031		6,000		5,952
^b	SBA Tower Trust, 1.631% due 5/15/2051		70,000		69,597
					205,217
	FINANCIAL SERVICES — 3.3%
	Capital Markets — 1.3%
	Brookfield Asset Management Ltd.,
^c	4.832% due 4/15/2031		15,000		14,695
^c	5.795% due 4/24/2035		11,000		11,013
	Hercules Capital, Inc., 3.375% due 1/20/2027		52,000		51,680
	LPL Holdings, Inc.,
^b	4.00% due 3/15/2029		24,000		23,290
	5.15% due 6/15/2030		21,000		20,876
	Main Street Capital Corp.,
	5.40% due 8/15/2028		35,000		34,960
	6.50% due 6/4/2027		17,000		17,177
	TPG Operating Group II LP, 4.875% due 5/15/2031		20,000		19,537
	Consumer Finance — 0.4%
^a	Capital One Financial Corp., 7.149% (SOFR + 2.44%) due 10/29/2027		17,000		17,066

6 | Annual Financial Statements

See notes to financial statements.

Schedule of Investments, Continued

Thornburg Core Plus Bond ETF | August 31, 2026

	ISSUER-DESCRIPTION	SHARES/ PRINCIPAL AMOUNT		VALUE

	FirstCash, Inc.,
^b	5.625% due 1/1/2030	$	17,000	$	16,847
^b	6.875% due 3/1/2032		17,000		17,352
	Financial Services — 1.5%
^a	Bank of America Corp., 5.162% (SOFR + 1.00%) due 1/24/2031		30,000		30,110
	Citigroup, Inc.,
^a	3.785% (SOFR + 1.94%) due 3/17/2033		23,000		21,324
^a	4.542% (SOFR + 1.34%) due 9/19/2030		18,000		17,761
^b	Equitable America Global Funding, 4.95% due 6/9/2030		24,000		23,739
	JPMorgan Chase & Co.,
^a	5.14% (SOFR + 1.01%) due 1/24/2031		48,000		48,155
^a,d	Series II, 6.47% (TSFR3M + 2.75%) due 10/1/2026		40,000		40,084
^a	Morgan Stanley, 5.23% (SOFR + 1.11%) due 1/15/2031		30,000		30,116
^a	Truist Financial Corp., 5.867% (SOFR + 2.36%) due 6/8/2034		17,000		17,301
	Mortgage Real Estate Investment Trusts — 0.1%
	Lineage OP LP, 5.25% due 7/15/2030		13,000		12,908
					485,991
	FOOD, BEVERAGE & TOBACCO — 1.3%
	Beverages — 0.4%
^c	Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL, 5.25% due 4/27/2029		17,000		16,696
	Keurig Dr. Pepper, Inc.,
	4.35% due 5/15/2028		31,000		30,754
	4.60% due 5/15/2030		15,000		14,718
	Food Products — 0.7%
	Conagra Brands, Inc.,
	4.85% due 11/1/2028		20,000		19,915
	5.40% due 8/1/2031		19,000		18,940
	Flowers Foods, Inc., 5.75% due 3/15/2035		34,000		32,051
	Post Holdings, Inc.,
^b	6.25% due 2/15/2032		17,000		17,161
^b	6.50% due 3/15/2036		7,000		6,783
	Tobacco — 0.2%
	BAT Capital Corp.,
	4.625% due 3/22/2033		13,000		12,458
	7.75% due 10/19/2032		17,000		19,037
					188,513
	HEALTH CARE EQUIPMENT & SERVICES — 1.7%
	Health Care Equipment & Supplies — 0.3%
^b	Medline Borrower LP, 5.25% due 10/1/2029		21,000		20,886
^b	VSP Optical Group, Inc., 5.45% due 12/1/2035		20,000		19,531
	Health Care Providers & Services — 1.4%
	Centene Corp., 3.00% due 10/15/2030		17,000		15,351
^b	Charles River Laboratories International, Inc., 4.25% due 5/1/2028		35,000		34,501
^b	Highmark, Inc., 5.75% due 5/15/2036		29,000		28,442
	Humana, Inc.,
	3.95% due 3/15/2027		17,000		16,940
	5.55% due 5/1/2035		11,000		10,795
	Laboratory Corp. of America Holdings,
	4.35% due 4/1/2030		17,000		16,637
	4.55% due 4/1/2032		17,000		16,494
	Tenet Healthcare Corp., 6.75% due 5/15/2031		17,000		17,360
	Universal Health Services, Inc., 4.625% due 10/15/2029		50,000		49,167
					246,104
	INSURANCE — 5.7%
	Insurance — 5.7%
^b	American National Global Funding, 5.55% due 1/28/2030		52,000		52,156
	Aon North America, Inc., 5.45% due 3/1/2034		49,000		48,737
^b	Brighthouse Financial Global Funding, 2.00% due 6/28/2028		27,000		25,445
	Brown & Brown, Inc., 4.70% due 6/23/2028		13,000		12,967

See notes to financial statements.

Annual Financial Statements | 7

Schedule of Investments, Continued

Thornburg Core Plus Bond ETF | August 31, 2026

	ISSUER-DESCRIPTION	SHARES/ PRINCIPAL AMOUNT		VALUE

	CNA Financial Corp., 5.125% due 2/15/2034	$	50,000	$	48,537
	CNO Financial Group, Inc., 6.45% due 6/15/2034		24,000		24,549
^b	Constellation Global Funding, 4.85% due 10/22/2030		34,000		32,980
	Corebridge Financial, Inc., 5.90% due 8/20/2036		22,000		22,088
^b,c	DaVinciRe Holdings Ltd., 5.95% due 4/15/2035		17,000		17,050
^b	Equitable Financial Life Global Funding, 5.00% due 3/27/2030		24,000		23,826
^c	Fairfax Financial Holdings Ltd., 5.625% due 8/16/2032		17,000		17,150
^b	Fortitude Group Holdings LLC, 6.25% due 4/1/2030		45,000		45,479
	Globe Life, Inc., 5.85% due 9/15/2034		17,000		17,191
	Horace Mann Educators Corp.,
	4.70% due 10/1/2030		41,000		40,054
	7.25% due 9/15/2028		17,000		17,677
^b,c	Intact Financial Corp., 5.459% due 9/22/2032		17,000		17,167
^b	Lincoln Financial Global Funding, 4.625% due 5/28/2028		36,000		35,836
	Mercury General Corp., 6.25% due 6/15/2036		21,000		20,732
^b	Mutual of Omaha Cos Global Funding, 5.45% due 12/12/2028		17,000		17,187
^b	NLG Global Funding, 5.40% due 1/23/2030		48,000		48,294
	Old Republic International Corp., 5.70% due 6/1/2036		21,000		20,581
^b	Protective Life Corp., 4.70% due 1/15/2031		20,000		19,512
^c	RenaissanceRe Holdings Ltd., 5.75% due 6/5/2033		17,000		17,102
^b	RGA Global Funding, 2.70% due 1/18/2029		21,000		19,924
	RLI Corp., 5.375% due 6/1/2036		28,000		26,719
^b	Sammons Financial Group, Inc., 5.95% due 6/15/2036		29,000		27,677
	Stewart Information Services Corp., 3.60% due 11/15/2031		17,000		14,904
^b	Teachers Insurance & Annuity Association of America, 6.05% due 6/15/2056		35,000		33,826
	Unum Group, 5.25% due 12/15/2035		34,000		32,733
^b	Western-Southern Global Funding, 4.90% due 5/1/2030		28,000		27,784
	Willis North America, Inc., 4.55% due 3/15/2031		27,000		26,209
					852,073
	MATERIALS — 1.0%
	Containers & Packaging — 1.0%
	Amcor Flexibles North America, Inc., 5.50% due 3/17/2035		24,000		23,900
^c	Amcor Group Finance plc, 5.45% due 5/23/2029		17,000		17,229
	AptarGroup, Inc., 4.75% due 3/30/2031		14,000		13,734
	Ball Corp., 2.875% due 8/15/2030		35,000		31,873
^b,c	CCL Industries, Inc., 3.05% due 6/1/2030		17,000		15,775
^b	Graphic Packaging International LLC, 3.50% due 3/1/2029		52,000		49,559
					152,070
	MEDIA & ENTERTAINMENT — 0.8%
	Media — 0.8%
^b	CCO Holdings LLC/CCO Holdings Capital Corp., 7.00% due 2/1/2033		42,000		41,024
	Comcast Corp., 3.25% due 11/1/2039		28,000		20,411
	FactSet Research Systems, Inc., 2.90% due 3/1/2027		22,000		21,790
	Sirius XM Radio LLC,
^b	3.125% due 9/1/2026		17,000		17,000
^b	5.50% due 7/1/2029		17,000		16,971
					117,196
	PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES — 0.8%
	Biotechnology — 0.6%
	Bio-Rad Laboratories, Inc., 3.30% due 3/15/2027		62,000		61,606
	Illumina, Inc.,
	4.65% due 9/9/2026		17,000		16,976
	5.75% due 12/13/2027		11,000		11,133
	Life Sciences Tools & Services — 0.2%
	Augusta SpinCo Corp., 4.656% due 3/23/2031		24,000		23,583
					113,298
	SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.6%
	Semiconductors & Semiconductor Equipment — 0.6%
	Broadcom, Inc.,

8 | Annual Financial Statements

See notes to financial statements.

Schedule of Investments, Continued

Thornburg Core Plus Bond ETF | August 31, 2026

	ISSUER-DESCRIPTION	SHARES/ PRINCIPAL AMOUNT		VALUE

	3.187% due 11/15/2036	$	17,000	$	13,410
	4.15% due 11/15/2030		27,000		25,916
^b	Qorvo, Inc., 3.375% due 4/1/2031		35,000		32,048
	Skyworks Solutions, Inc., 6.25% due 8/10/2036		15,000		14,690
					86,064
	SOFTWARE & SERVICES — 2.9%
	Information Technology Services — 1.1%
	Booz Allen Hamilton, Inc.,
^b	3.875% due 9/1/2028		28,000		27,306
	5.375% due 1/30/2030		4,000		3,992
	5.90% due 1/30/2034		5,000		4,924
	5.95% due 4/15/2035		7,000		6,938
^c	Genpact U.K. Finco plc/Genpact USA, Inc., 4.95% due 11/18/2030		34,000		33,159
^b	Insight Enterprises, Inc., 6.625% due 5/15/2032		17,000		17,250
	Meta Platforms, Inc., 6.30% due 5/15/2056		21,000		19,350
^b	Mobility Global, Inc., 6.05% due 6/15/2036		11,000		10,789
^b	Science Applications International Corp., 4.875% due 4/1/2028		35,000		34,723
	Internet Software & Services — 0.3%
	Alphabet, Inc.,
	4.10% due 2/15/2031		17,000		16,436
	5.20% due 8/15/2033		7,000		6,975
	VeriSign, Inc., 5.25% due 6/1/2032		22,000		21,844
	Software — 1.5%
^b,c	Constellation Software, Inc., 5.158% due 2/16/2029		17,000		16,978
^b	Fair Isaac Corp., 4.00% due 6/15/2028		49,000		47,864
	Fidelity National Information Services, Inc., 4.55% due 3/10/2029		21,000		20,763
^b	MSCI, Inc., 3.625% due 9/1/2030 - 11/1/2031		53,000		49,163
^b,c	Open Text Corp., 3.875% due 2/15/2028 - 12/1/2029		34,000		32,553
	Oracle Corp., 5.25% due 2/3/2032		29,000		27,837
	SS&C Technologies, Inc.,
^b	5.50% due 9/30/2027		17,000		17,008
^b	6.50% due 6/1/2032		17,000		17,227
					433,079
	TECHNOLOGY HARDWARE & EQUIPMENT — 2.2%
	Communications Equipment — 0.3%
	Motorola Solutions, Inc., 4.85% due 8/15/2030		46,000		45,606
	Electronic Equipment, Instruments & Components — 1.6%
	Avnet, Inc., 5.65% due 9/1/2031		10,000		9,966
	CDW LLC/CDW Finance Corp.,
	3.25% due 2/15/2029		17,000		16,190
	3.276% due 12/1/2028		24,000		23,012
^c	Flex Ltd., 4.875% due 5/12/2030		27,000		26,512
^b	Molex Electronic Technologies LLC, 4.75% due 4/30/2028		28,000		28,009
	Trimble, Inc., 4.90% due 6/15/2028		21,000		20,942
	Vontier Corp., 2.40% due 4/1/2028		17,000		16,343
^b	WESCO Distribution, Inc., 6.375% due 3/15/2029 - 3/15/2033		69,000		70,095
^b	Zebra Technologies Corp., 6.50% due 6/1/2032		17,000		17,311
	Technology Hardware, Storage & Peripherals — 0.3%
	NetApp, Inc., 5.50% due 3/17/2032		49,000		49,254
					323,240
	TELECOMMUNICATION SERVICES — 0.9%
	Diversified Telecommunication Services — 0.2%
^b	Space Exploration Technologies Corp., 5.35% due 7/15/2031		29,000		28,347
	Wireless Telecommunication Services — 0.7%
^b	Crown Castle Towers LLC, 4.241% due 7/15/2048		65,000		64,195
	T-Mobile USA, Inc., 5.125% due 5/15/2032		49,000		48,721
					141,263

See notes to financial statements.

Annual Financial Statements | 9

Schedule of Investments, Continued

Thornburg Core Plus Bond ETF | August 31, 2026

	ISSUER-DESCRIPTION	SHARES/ PRINCIPAL AMOUNT		VALUE

	TRANSPORTATION — 0.1%
	Air Freight & Logistics — 0.1%
	Ryder System, Inc., 5.30% due 3/15/2027	$	17,000	$	17,057
					17,057
	UTILITIES — 6.4%
	Electric Utilities — 5.8%
	AEP Texas, Inc., Series I, 2.10% due 7/1/2030		17,000		15,281
	Ameren Corp., 5.375% due 3/15/2035		18,000		17,786
	American Electric Power Co., Inc.,
	2.30% due 3/1/2030		35,000		31,938
^a	3.875% (5-Yr. CMT + 2.68%) due 2/15/2062		10,000		9,927
^b	Cleco Power LLC, 5.30% due 1/15/2036		20,000		19,585
	Connecticut Light & Power Co., 4.95% due 8/15/2034		34,000		33,032
	DTE Energy Co.,
	5.20% due 4/1/2030		14,000		14,074
	5.85% due 6/1/2034		21,000		21,478
	Duke Energy Corp.,
^a	3.25% (5-Yr. CMT + 2.32%) due 1/15/2082		50,000		49,557
	4.95% due 9/15/2035		35,000		33,448
^b,c	Electricite de France SA, 6.95% due 1/26/2039		31,000		33,218
^b	Evergy Missouri West, Inc., 3.75% due 3/15/2032		17,000		15,301
	Exelon Corp., 5.125% due 3/15/2031		52,000		52,085
	FirstEnergy Transmission LLC, 4.55% due 1/15/2030		7,000		6,902
	ITC Holdings Corp., 5.30% due 7/1/2043		17,000		15,492
^b	Kentucky Power Co., 7.00% due 11/15/2033		24,000		25,412
^b	Liberty Utilities Co., 5.65% due 5/15/2036		22,000		21,406
^b	Liberty Utilities Finance GP 1, 2.05% due 9/15/2030		37,000		32,755
^b	Massachusetts Electric Co., 6.236% due 7/20/2056		17,000		16,655
^b	Monongahela Power Co., 3.55% due 5/15/2027		28,000		27,810
^a	NextEra Energy Capital Holdings, Inc., 4.80% (TSFR3M + 2.41%) due 12/1/2077		15,000		14,826
^b	NorthWestern Corp., 5.073% due 3/21/2030		21,000		21,014
	Oncor Electric Delivery Co. LLC, 5.35% due 4/1/2035		22,000		21,912
	Pinnacle West Capital Corp., 4.90% due 5/15/2028		49,000		49,116
	PPL Capital Funding, Inc., 5.25% due 9/1/2034		17,000		16,717
^b	PSEG Power LLC, 5.20% due 5/15/2030		31,000		31,037
	Public Service Co. of Oklahoma, Series J, 2.20% due 8/15/2031		17,000		14,803
	Public Service Enterprise Group, Inc., 4.90% due 3/15/2030		22,000		21,938
	Puget Energy, Inc.,
	4.224% due 3/15/2032		17,000		16,102
	5.725% due 3/15/2035		18,000		17,773
	Southern Co., Series A, 3.70% due 4/30/2030		17,000		16,278
	Southwestern Public Service Co., 6.00% due 6/1/2054		17,000		16,586
	Tucson Electric Power Co., 5.20% due 9/15/2034		21,000		20,756
	Union Electric Co., 2.95% due 3/15/2030		17,000		15,947
	Virginia Electric & Power Co.,
	5.05% due 8/15/2034		34,000		33,174
	6.30% due 8/15/2056		23,000		23,216
	Wisconsin Power & Light Co., 5.375% due 3/30/2034		17,000		16,937
	Gas Utilities — 0.6%
^b,c	APA Infrastructure Ltd., 5.125% due 9/16/2034		51,000		49,369
^b	Brooklyn Union Gas Co., 5.456% due 3/16/2036		16,000		15,520
^b	KeySpan Gas East Corp., 5.994% due 3/6/2033		17,000		17,431
					943,594
	TOTAL CORPORATE BONDS (Cost $5,254,716)				5,210,825

	OTHER GOVERNMENT — 1.1%
	Australia Government Bonds (AUD), 3.00% due 11/21/2033		100,000		63,363
	New Zealand Government Bonds (NZD), 3.50% due 4/14/2033		46,000		25,755
	U.K. Gilts (GBP), 3.25% due 1/31/2033		60,000		74,455
	TOTAL OTHER GOVERNMENT (Cost $153,171)				163,573

10 | Annual Financial Statements

See notes to financial statements.

Schedule of Investments, Continued

Thornburg Core Plus Bond ETF | August 31, 2026

	ISSUER-DESCRIPTION	SHARES/ PRINCIPAL AMOUNT		VALUE

	U.S. TREASURY SECURITIES — 16.2%
	U.S. Treasury Inflation-Indexed Notes,
	0.125%, 2/15/2051	$	354,064	$	177,917
	0.50%, 1/15/2028		25,726		25,103
	1.25%, 4/15/2028		21,156		20,797
	U.S. Treasury Notes, 4.375%, 5/15/2036		138,000		134,119
	U.S. Treasury Strip Coupon,
	8.614%, 5/15/2045		3,505,000		1,269,757
	9.607%, 5/15/2050		113,000		31,213
	U.S. Treasury Strip Principal,
	11.796%, 5/15/2056		285,000		60,681
	11.802%, 2/15/2056		3,157,000		679,812
	TOTAL U.S. TREASURY SECURITIES (Cost $2,527,686)				2,399,399

	U.S. GOVERNMENT AGENCIES — 0.5%
^a,d	CoBank ACB, Series I, 6.25% (TSFR3M + 4.66%), 10/1/2026		70,000		70,045
	TOTAL U.S. GOVERNMENT AGENCIES (Cost $70,031)				70,045

	MORTGAGE BACKED — 31.9%
^a,b	Ajax Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2020-B Class A1, 1.698% due 5/25/2059		111,254		106,808
^a,b	Angel Oak Mortgage Trust, Whole Loan Securities Trust CMO, Series 2022-1 Class A1, 3.881% due 12/25/2066		70,586		64,312
^a,b	ATLX Trust, Whole Loan Securities Trust CMO, Series 2024-RPL2 Class A1, 3.85% due 4/25/2063		84,554		81,546
^a,b	BRAVO Residential Funding Trust, Whole Loan Securities Trust CMO, Series 2021-NQM1 Class A1, 0.941% due 2/25/2049		65,056		61,019
	Chase Home Lending Mortgage Trust, Whole Loan Securities Trust CMO,
^a,b	Series 2024-10 Class A4, 6.00% due 10/25/2055		44,738		44,662
^a,b	Series 2024-10 Class A4A, 5.50% due 10/25/2055		44,738		44,610
^a,b	CIM Trust, Whole Loan Securities Trust CMO, Series 2021-R3 Class A1A, 1.951% due 6/25/2057		39,408		37,322
^a,b	COLT Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2023-3 Class B2, 7.769% due 9/25/2068		100,000		99,787
^b	COMM Mortgage Trust, CMBS, Series 2024-277P Class A, 6.338% due 8/10/2044		30,000		30,780
	CSMC Trust, Whole Loan Securities Trust CMO,
^a,b	Series 2014-IVR1 Class A3, 3.606% due 11/25/2043		67,247		61,414
^a,b	Series 2022-ATH1 Class A1A, 3.87% due 1/25/2067		81,569		78,680
^a,b	Series 2022-NQM5 Class A1, 5.24% due 5/25/2067		91,115		90,770
^a	Federal Home Loan Mtg Corp., Pool 841733, 2.09% (2.19% - SOFR30A) due 6/1/2052		90,346		86,937
	Federal Home Loan Mtg Corp., CMO REMIC, Series 4165 Class BE, 1.50% due 2/15/2028		10,778		10,625
	Federal Home Loan Mtg Corp., Multifamily Structured Pass-Through Certificates, CMBS, Series KJ45 Class A2, 4.66% due 1/25/2031		90,000		89,571
	Federal Home Loan Mtg Corp., UMBS Collateral,
	3.00% due 1/1/2053		352,332		301,418
	Pool RQ0028, 6.00% due 7/1/2055		67,426		68,194
	Pool RQ0094, 5.00% due 2/1/2056		27,789		26,825
	Pool RQ0128, 5.50% due 6/1/2056		69,452		68,772
	Pool RQ0146, 5.50% due 8/1/2056		37,765		37,395
	Pool SD2278, 3.00% due 8/1/2052		101,134		86,582
	Pool SD2601, 2.50% due 2/1/2053		166,732		137,141
	Pool SD8218, 2.00% due 6/1/2052		107,956		84,785
	Pool SD8533, 5.50% due 5/1/2055		172,560		170,928
	Federal National Mtg Assoc.,
	Pool AM5836, 4.05% due 4/1/2032		77,626		74,785
	Pool BL2763, 3.99% due 6/1/2049		88,697		77,715
	Pool BS6056, 3.85% due 8/1/2032		43,000		40,623
	Pool BS7738, 4.20% due 3/1/2033		17,000		16,342
	Federal National Mtg Assoc., CMO REMIC,
	Series 2010-155 Class D, 4.00% due 1/25/2031		30,483		30,038
	Series 2017-46 Class LB, 3.50% due 12/25/2052		19,980		19,722
	Series 2019-6 Class GJ, 3.00% due 2/25/2049		34,430		33,315
	Series 2026-36 Class AC, 4.75% due 8/25/2053		70,173		68,887
	Series 2026-7 Class CD, 4.00% due 4/25/2053		45,637		43,804
	Federal National Mtg Assoc., UMBS Collateral,
	Pool FA6083, 2.50% due 7/1/2053		131,796		108,374
	Pool FS4713, 2.50% due 5/1/2053		102,618		84,422
	Pool MA5107, 5.50% due 8/1/2053		155,758		155,135
	Pool MA5972, 5.50% due 2/1/2056		27,917		27,653

See notes to financial statements.

Annual Financial Statements | 11

Schedule of Investments, Continued

Thornburg Core Plus Bond ETF | August 31, 2026

	ISSUER-DESCRIPTION	SHARES/ PRINCIPAL AMOUNT		VALUE

	Pool MA6060, 4.50% due 5/1/2041	$	96,397	$	94,097
	Pool MA6119, 5.50% due 7/1/2056		29,404		29,116
^e	Pool MA6176, 5.50% due 9/1/2056		47,000		46,540
	GCAT Trust, Whole Loan Securities Trust CMO,
^a,b	Series 2020-NQM1 Class A1, 3.247% due 1/25/2060		28,456		28,081
^a,b	Series 2021-CM2 Class A1, 2.352% due 8/25/2066		50,694		47,176
	Government National Mtg Assoc., CMBS,
	Series 2021-110 Class AC, 1.75% due 10/16/2062		26,788		20,170
	Series 2021-75 Class AC, 1.60% due 4/16/2062		34,282		25,534
	Government National Mtg Assoc., CMO,
^a	Series 2016-H01 Class FA, 4.682% (TSFR1M + 1.01%) due 1/20/2066		18,662		18,730
	Series 2020-15 Class DL, 3.00% due 9/20/2049		26,809		25,414
	Series 2021-27 Class ED, 1.00% due 2/20/2051		55,292		41,797
^a,b	GS Mortgage-Backed Securities Corp. Trust, Whole Loan Securities Trust CMO, Series 2023-CCM1 Class A1, 6.65% due 8/25/2053		46,384		46,294
	GS Mortgage-Backed Securities Trust, Whole Loan Securities Trust CMO,
^a,b	Series 2023-PJ4 Class A16, 6.50% due 1/25/2054		63,607		64,144
^a,b	Series 2025-PJ5 Class A5, 5.50% due 10/25/2055		50,546		50,438
^a,b	Series 2025-PJ7 Class A5, 5.50% due 12/25/2055		51,068		50,973
	Imperial Fund Mortgage Trust, Whole Loan Securities Trust CMO,
^a,b	Series 2022-NQM7 Class A1, 7.369% due 11/25/2067		51,711		51,641
^a,b	Series 2023-NQM1 Class A2, 6.703% due 2/25/2068		47,058		46,968
^a,b	Series 2023-NQM1 Class A3, 7.16% due 2/25/2068		47,058		46,981
	JP Morgan Mortgage Trust, Whole Loan Securities Trust CMO,
^a,b	Series 2023-6 Class A4, 6.00% due 12/26/2053		56,543		56,608
^a,b	Series 2025-5MPR Class A1D, 5.50% due 11/25/2055		49,579		49,357
	MFA Trust, Whole Loan Securities Trust CMO,
^a,b	Series 2020-NQM1 Class A1, 2.479% due 3/25/2065		21,476		20,688
^a,b	Series 2024-NQM1 Class A1, 6.579% due 3/25/2069		42,751		42,870
	New Residential Mortgage Loan Trust, Whole Loan Securities Trust CMO,
^a,b	Series 2017-1A Class A1, 4.00% due 2/25/2057		60,023		58,644
^a,b	Series 2023-NQM1 Class A2, 7.319% due 10/25/2063		69,244		69,131
^a,b	Series 2026-RPL1 Class A1A, 4.00% due 12/25/2065		98,533		93,805
^a,b	NYMT Loan Trust, Whole Loan Securities Trust CMO, Series 2024-INV1 Class A1, 5.379% due 6/25/2069		72,439		72,145
^b	One Bryant Park Trust, CMBS, Series 2019-OBP Class A, 2.516% due 9/15/2054		34,000		31,308
^a,b	PRET Trust, Whole Loan Securities Trust CMO, Series 2024-RPL1 Class A1, 3.90% due 10/25/2063		71,467		68,570
	PRKCM Trust, Whole Loan Securities Trust CMO,
^a,b	Series 2023-AFC1 Class A2, 7.002% due 2/25/2058		35,145		35,087
^a,b	Series 2023-AFC1 Class A3, 7.304% due 2/25/2058		237,228		236,749
^a,b	Series 2024-HOME1 Class A1, 6.431% due 5/25/2059		57,637		57,822
	Sequoia Mortgage Trust, Whole Loan Securities Trust CMO,
^a,b	Series 2024-4 Class A19, 6.00% due 5/25/2054		86,842		86,787
^a,b	Series 2025-10 Class A2, 5.00% due 11/25/2055		74,791		71,563
^a,b	SFO Commercial Mortgage Trust, CMBS, Series 2021-555 Class A, 5.154% (TSFR1M + 1.51%) due 5/15/2038		50,000		49,938
^a,b	Starwood Mortgage Residential Trust, Whole Loan Securities Trust CMO, Series 2021-2 Class A1, 0.943% due 5/25/2065		102,356		98,688
^a,b	Verus Securitization Trust, Whole Loan Securities Trust CMO, Series 2021-R2 Class A3, 1.227% due 2/25/2064		48,417		45,304
	TOTAL MORTGAGE BACKED (Cost $4,758,029)				4,730,856

	SHORT-TERM INVESTMENTS — 3.8%
^f	Thornburg Capital Management Fund		56,127		561,273
	TOTAL SHORT-TERM INVESTMENTS (Cost $561,273)				561,273

	TOTAL INVESTMENTS — 99.5% (Cost $14,927,042)			$	14,731,056

	OTHER ASSETS LESS LIABILITIES — 0.5%				67,465

	NET ASSETS — 100.0%			$	14,798,521

12 | Annual Financial Statements

See notes to financial statements.

Schedule of Investments, Continued

Thornburg Core Plus Bond ETF | August 31, 2026

OUTSTANDING FUTURES CONTRACTS AT AUGUST 31, 2026
CONTRACT DESCRIPTION	CONTRACT AMOUNT	EXPIRATION DATE	NOTIONAL AMOUNT		VALUE AND UNREALIZED APPRECIATION/ (DEPRECIATION)

LONG CONTRACTS
U.S. Treasury 10 Year Note Futures	3	12/21/2026	$	300,000	$	(2,086	)

Footnote Legend

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 August 31, 2026.

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 August 31, 2026, the aggregate value of these securities in the Fund’s portfolio was $5,965,212, representing 40.31% of the Fund’s net assets.

Yankee bond denominated in U.S. dollars and is issued in the U.S. by foreign banks and corporations.

Securities are perpetual and, thus, do not have a predetermined maturity date. The date shown, if applicable, reflects the next call date.

When-issued security.

Investment in Affiliates.

Portfolio Abbreviations
To simplify the listings of securities, abbreviations are used per the table below:
ABS	Asset Backed Securities	NZD	Denominated in New Zealand Dollar
ACB	Agricultural Credit Bank	REMIC	Real Estate Mortgage Investment Conduit
AUD	Denominated in Australian Dollar	SOFR	Secured Overnight Financing Rate
CMBS	Commercial Mortgage-Backed Securities	SOFR30A	Secured Overnight Financing Rate 30-Day Average
CMO	Collateralized Mortgage Obligation	TSFR1M	Term SOFR 1 Month
CMT	Constant Maturity Rate	TSFR3M	Term SOFR 3 Month
GBP	Denominated in Pound Sterling	UMBS	Uniform Mortgage-Backed Securities
Mtg	Mortgage

COUNTRY EXPOSURE *

(percent of net assets)

United States	91.9	%
Canada	1.1	%
Australia	1.0	%
United Kingdom	0.8	%
Bermuda	0.2	%
France	0.2	%
New Zealand	0.2	%
Israel	0.1	%
Guatemala	0.1	%
Mexico	0.1	%
Japan	0.0	%**
Other Assets Less Liabilities	4.3	%

Holdings are classified by country of risk as determined by MSCI and Bloomberg.

Country percentage was less than 0.1%.

See notes to financial statements.

Annual Financial Statements | 13

Schedule of Investments

Thornburg Multi Sector Bond ETF | August 31, 2026

		SHARES/
	ISSUER-DESCRIPTION	PRINCIPAL AMOUNT		VALUE

	PREFERRED STOCK — 0.3%

	INSURANCE — 0.3%
	Insurance — 0.3%
^a	Reinsurance Group of America, Inc., 7.125% (5-Yr. CMT + 3.46%), 10/15/2052		30,800	$	790,328
					790,328
	TOTAL PREFERRED STOCK (Cost $785,390)				790,328

	ASSET BACKED SECURITIES — 12.6%

	AUTO RECEIVABLES — 5.8%
	American Credit Acceptance Receivables Trust,
^b	Series 2023-4 Class C, 6.99% due 9/12/2030	$	117,500		117,598
^b	Series 2025-3 Class A, 4.73% due 1/12/2029		446,518		446,846
^b	Series 2026-3 Class A, 4.60% due 6/10/2030		565,000		565,361
	Arivo Acceptance Auto Loan Receivables Trust,
^b	Series 2025-1A Class A2, 4.92% due 5/15/2029		544,525		545,036
^b	Series 2026-1A Class A2, 4.96% due 8/15/2030		600,000		600,249
	Bridgecrest Lending Auto Securitization Trust, Series 2025-3 Class A3, 4.66% due 1/15/2029		490,017		490,596
	CarMax Auto Owner Trust, Series 2023-2 Class C, 5.57% due 11/15/2028		1,000,000		1,006,239
	Carvana Auto Receivables Trust,
^b	Series 2021-N4 Class E, 4.53% due 9/11/2028		612,303		607,130
	Series 2021-P4 Class B, 1.98% due 2/10/2028		525,000		522,213
	CPS Auto Receivables Trust,
^b	Series 2024-A Class C, 5.74% due 4/15/2030		585,732		587,274
^b	Series 2024-C Class C, 5.76% due 10/15/2030		659,000		662,283
^b	Series 2024-D Class B, 4.65% due 3/15/2029		310,498		310,615
	Drive Auto Receivables Trust, Series 2024-1 Class B, 5.31% due 1/16/2029		103,583		103,702
^b	DT Auto Owner Trust, Series 2022-2A Class D, 5.46% due 3/15/2028		358,530		358,712
	Exeter Automobile Receivables Trust,
	Series 2022-2A Class D, 4.56% due 7/17/2028		113,760		113,774
	Series 2022-6A Class D, 8.03% due 4/6/2029		613,902		621,098
	Series 2024-3A Class D, 5.98% due 9/16/2030		600,000		608,227
	FHF Issuer Trust,
^b	Series 2025-2A Class A2, 5.75% due 5/15/2030		158,727		159,402
^b	Series 2026-1A Class A1, 4.631% due 5/17/2027		128,750		128,773
^b	FHF Trust, Series 2023-1A Class A2, 6.57% due 6/15/2028		3,139		3,139
^b	GECU Auto Receivables Trust, Series 2023-1A Class A4, 5.79% due 10/15/2029		500,000		504,012
	GLS Auto Receivables Issuer Trust,
^b	Series 2022-1A Class D, 3.97% due 1/18/2028		8,684		8,683
^b	Series 2022-2A Class D, 6.15% due 4/17/2028		26,711		26,789
^b	Series 2022-3A Class D, 6.42% due 6/15/2028		77,451		77,856
^b	Series 2022-3A Class E, 8.35% due 10/15/2029		630,000		647,746
^b	Series 2023-1A Class D, 7.01% due 1/16/2029		323,088		326,219
^b	Series 2024-4A Class B, 4.89% due 4/16/2029		554,620		555,514
^b	LAD Auto Receivables Trust, Series 2023-4A Class B, 6.39% due 10/16/2028		293,007		294,068
	Lendbuzz Securitization Trust,
^b	Series 2023-2A Class A2, 7.09% due 10/16/2028		46,041		46,332
^b	Series 2024-1A Class A2, 6.19% due 8/15/2029		45,578		45,710
^b	Lobel Automobile Receivables Trust, Series 2026-1 Class A, 4.88% due 10/16/2028		352,798		353,025
^b	OCCU Auto Receivables Trust, Series 2022-1A Class A4, 5.69% due 11/15/2029		328,367		329,818
^b	OneMain Direct Auto Receivables Trust, Series 2023-1A Class A, 5.41% due 11/14/2029		447,205		448,921
^b,c	Oscar U.S. Funding XIII LLC, Series 2021-2A Class A4, 1.27% due 9/11/2028		8,302		8,296
^b	Prestige Auto Receivables Trust, Series 2023-2A Class C, 7.12% due 8/15/2029		398,281		399,449
^b	Research-Driven Pagaya Motor Asset Trust, Series 2025-6A Class A2, 4.705% due 8/25/2034		204,000		204,127
^b	SAFCO Auto Receivables Trust, Series 2025-1A Class A, 5.46% due 9/10/2029		57,960		58,051
	Santander Drive Auto Receivables Trust,
	Series 2022-7 Class C, 6.69% due 3/17/2031		430,510		434,564
	Series 2026-1 Class A2, 4.04% due 3/15/2029		168,996		168,819
	Tricolor Auto Securitization Trust,
^b,d,e	Series 2023-1A Class D, 8.56% due 7/15/2027		225,240		174,561
^b,d,e	Series 2024-2A Class A, 6.36% due 12/15/2027		74,512		67,798
^b	Veros Auto Receivables Trust, Series 2025-1 Class A, 5.31% due 9/15/2028		44,602		44,657

14 | Annual Financial Statements

See notes to financial statements.

Schedule of Investments, Continued

Thornburg Multi Sector Bond ETF | August 31, 2026

		SHARES/
	ISSUER-DESCRIPTION	PRINCIPAL AMOUNT		VALUE

	Westlake Automobile Receivables Trust,
^b	Series 2023-3A Class D, 6.47% due 3/15/2029	$	575,000	$	581,971
^b	Series 2024-1A Class D, 6.02% due 10/15/2029		525,000		530,683
					14,895,936
	OTHER ASSET BACKED — 6.0%
^b	ACHD Trust, Series 2025-DS1 Class A, 5.978% due 1/9/2034		14,969		14,974
^b	ACHV ABS Trust, Series 2024-3AL Class B, 5.45% due 12/26/2031		127,991		128,195
^b	Affirm Asset Securitization Trust, Series 2023-X1 Class D, 9.55% due 11/15/2028		7,839		7,839
^b	AMCR ABS Trust, Series 2026-A Class A, 5.52% due 5/18/2033		386,004		386,523
^b	Amur Equipment Finance Receivables XI LLC, Series 2022-2A Class D, 7.25% due 5/21/2029		450,000		450,613
	BHG Securitization Trust,
^b	Series 2021-A Class B, 2.79% due 11/17/2033		577,979		569,706
^b	Series 2023-A Class B, 6.35% due 4/17/2036		99,817		100,260
^b	DailyPay Securitization Trust, Series 2025-1A Class D, 8.53% due 6/26/2028		200,000		200,751
^b	Dividend Solar Loans LLC, Series 2019-1 Class A, 3.67% due 8/22/2039		220,487		203,264
^b	Goldman Home Improvement Trust Issuer Trust, Series 2022-GRN1 Class A, 4.50% due 6/25/2052		252,818		252,944
	Goodgreen Trust,
^b	Series 2020-1A Class A, 2.63% due 4/15/2055		252,434		209,689
^b	Series 2021-1A Class A, 2.66% due 10/15/2056		129,533		107,858
^b	HPEFS Equipment Trust, Series 2024-1A Class C, 5.33% due 5/20/2031		125,098		125,212
^b	InStar Leasing III LLC, Series 2021-1A Class A, 2.30% due 2/15/2054		250,011		239,302
^b	Lending Funding Trust, Series 2020-2A Class A, 2.32% due 4/21/2031		132,285		131,482
	Lendmark Funding Trust,
^b	Series 2021-1A Class A, 1.90% due 11/20/2031		197,616		194,900
^b	Series 2024-1A Class A, 5.53% due 6/21/2032		460,000		461,766
^b	Loanpal Solar Loan Ltd., Series 2021-1GS Class A, 2.29% due 1/20/2048		204,039		169,286
^b	M&T Equipment Notes, Series 2023-1A Class A3, 5.74% due 7/15/2030		52,843		52,877
^b	Mariner Finance Issuance Trust, Series 2021-AA Class A, 1.86% due 3/20/2036		93,619		92,925
	Marlette Funding Trust,
^b	Series 2021-3A Class D, 2.53% due 12/15/2031		18,318		18,317
^b	Series 2022-3A Class D, 7.80% due 11/15/2032		288,161		290,658
^b	Series 2023-2A Class D, 7.92% due 6/15/2033		557,015		564,165
^b	MMP Capital LLC, Series 2025-A Class A, 5.36% due 12/15/2031		481,861		483,987
	Mosaic Solar Loan Trust,
^b	Series 2018-1A Class A, 4.01% due 6/22/2043		175,565		163,189
^b	Series 2020-2A Class B, 2.21% due 8/20/2046		144,916		115,127
^b	NetCredit Combined Receivables A LLC, Series 2025-A Class A, 7.29% due 10/20/2031		28,277		28,431
^b	NetCredit Combined Receivables B LLC, Series 2026-A Class A, 5.88% due 9/20/2032		500,000		499,977
	NMEF Funding LLC,
^b	Series 2023-A Class B, 6.83% due 6/17/2030		553,269		556,014
^b	Series 2025-B Class A2, 4.64% due 1/18/2033		158,982		159,084
^b	OneMain Financial Issuance Trust, Series 2019-2A Class A, 3.14% due 10/14/2036		850,000		839,651
	Oportun Funding Trust,
^b	Series 2024-3 Class D, 9.60% due 8/15/2029		600,000		611,873
^b	Series 2025-1 Class D, 8.27% due 8/16/2032		650,000		654,758
^b	Oportun Issuance Trust, Series 2021-C Class A, 2.18% due 10/8/2031		73,921		73,004
	Pagaya AI Debt Grantor Trust,
^a,b	Series 2024-10 Class ABC, 5.654% due 6/15/2032		116,128		116,205
^b	Series 2025-3 Class B, 6.058% due 12/15/2032		624,873		626,671
^b	Series 2026-1 Class A1, 4.228% due 2/15/2027		27,259		27,256
^b	Series 2026-2 Class A1, 4.522% due 4/15/2027		270,302		270,313
^b	Series 2026-3 Class A1, 4.636% due 5/17/2027		190,978		191,028
^b	Pawnee Equipment Receivables LLC, Series 2022-1 Class C, 6.01% due 7/17/2028		42,102		42,098
^b	RCKT Trust, Series 2025-1A Class A, 4.90% due 7/25/2034		14,739		14,759
	Reach ABS Trust,
^b	Series 2023-1A Class D, 12.27% due 2/18/2031		667,028		679,845
^b	Series 2024-1A Class B, 6.29% due 2/18/2031		87,459		87,632
^b	Series 2025-2A Class A, 4.93% due 8/18/2032		173,746		173,737
^b	Regional Management Issuance Trust, Series 2024-2 Class A, 5.11% due 12/15/2033		905,000		906,281
^b	Reprise Financial Receivables Trust, Series 2026-1 Class A, 5.54% due 4/18/2033		572,288		572,575
^b	Service Experts Issuer LLC, Series 2021-1A Class A, 2.67% due 2/2/2032		389,157		385,752
^b	SLR Equipment Finance LLC, Series 2026-1A Class A2, 5.01% due 4/15/2033		590,000		590,431

See notes to financial statements.

Annual Financial Statements | 15

Schedule of Investments, Continued

Thornburg Multi Sector Bond ETF | August 31, 2026

		SHARES/
	ISSUER-DESCRIPTION	PRINCIPAL AMOUNT		VALUE

^b	SoFi Consumer Loan Program Trust, Series 2025-1 Class A, 4.80% due 2/27/2034	$	301,816	$	302,143
^b	Theorem Funding Trust, Series 2022-3A Class B, 8.95% due 4/15/2029		88,815		89,433
	Upgrade Master Pass-Thru Trust,
^b	Series 2025-ST4 Class A, 5.495% due 8/16/2032		86,856		86,844
^b	Series 2025-ST5 Class A, 4.794% due 9/15/2032		619,830		620,031
	Upstart Securitization Trust,
^b	Series 2023-1 Class C, 11.10% due 2/20/2033		135,161		135,896
^b	Series 2025-1 Class A, 5.45% due 4/20/2035		513,333		513,710
					15,591,241
	STUDENT LOAN — 0.8%
^b	Commonbond Student Loan Trust, Series 2017-BGS Class A1, 2.68% due 9/25/2042		202,289		189,382
^b	Education Funding Trust, Series 2020-A Class A, 2.79% due 7/25/2041		139,510		138,137
	Navient Private Education Refi Loan Trust,
^b	Series 2019-CA Class A2, 3.13% due 2/15/2068		471,000		467,688
^b	Series 2019-FA Class A2, 2.60% due 8/15/2068		131,828		126,949
^b	Series 2019-GA Class A, 2.40% due 10/15/2068		53,977		52,396
^b	Series 2020-HA Class A, 1.31% due 1/15/2069		24,161		22,871
^b	Nelnet Student Loan Trust, Series 2021-A Class APT1, 1.36% due 4/20/2062		248,095		237,782
^a	SLM Student Loan Trust, Series 2012-1 Class A3, 4.708% (SOFR30A + 1.06%) due 9/25/2028		94,453		91,892
	SMB Private Education Loan Trust,
^b	Series 2018-B Class A2A, 3.60% due 1/15/2037		392,284		390,363
^b	Series 2020-PTB Class A2A, 1.60% due 9/15/2054		91,537		86,453
^b	SoFi Professional Loan Program LLC, Series 2020-C Class AFX, 1.95% due 2/15/2046		78,541		73,395
^a,b	Towd Point Asset Trust, Series 2021-SL1 Class D, 5.467% (TSFR1M + 1.81%) due 11/20/2061		285,000		280,196
					2,157,504
	TOTAL ASSET BACKED SECURITIES (Cost $32,735,421)				32,644,681

	CORPORATE BONDS — 39.5%

	AUTOMOBILES & COMPONENTS — 0.7%
	Automobiles — 0.7%
	American Honda Finance Corp.,
	4.25% due 9/1/2028		111,000		109,897
^a	4.268% (SOFR + 0.62%) due 12/11/2026		144,000		144,076
	Series A, 4.55% due 4/10/2028		464,000		462,566
^b	Daimler Truck Finance North America LLC, 5.00% due 10/12/2032		476,000		466,651
^b	Hyundai Capital America, 5.15% due 3/27/2030		366,000		365,283
^b	Volkswagen Group of America Finance LLC, 4.45% due 9/11/2027		365,000		364,493
					1,912,966
	BANKS — 0.8%
	Banks — 0.8%
^a,f	Bank of New York Mellon Corp., Series I, 3.75% (5-Yr. CMT + 2.63%) due 12/20/2026		946,000		940,920
^b,c	Macquarie Bank Ltd., 3.624% due 6/3/2030		60,000		56,522
^a	Morgan Stanley Bank NA, 5.016% (SOFR + 0.91%) due 1/12/2029		420,000		421,689
^a	Santander Holdings USA, Inc., 7.66% (SOFR + 3.28%) due 11/9/2031		344,000		371,988
^a	U.S. Bancorp, 5.10% (SOFR + 1.25%) due 7/23/2030		206,000		207,069
^a	Wells Fargo & Co., 5.574% (SOFR + 1.74%) due 7/25/2029		40,000		40,549
					2,038,737
	CAPITAL GOODS — 1.5%
	Aerospace & Defense — 0.3%
^b	BWX Technologies, Inc., 4.125% due 6/30/2028		355,000		349,135
^b	TransDigm, Inc., 6.75% due 8/15/2028		517,000		521,043
	Construction & Engineering — 0.1%
^b,c	Aeropuertos Dominicanos Siglo XXI SA, 7.00% due 6/30/2034		250,000		258,073
	Machinery — 0.8%
^b,c	ATS Corp., 4.125% due 12/15/2028		430,000		416,726
^b	Axon Enterprise, Inc., 6.125% due 3/15/2030		408,000		415,262
^b	Esab Corp., 6.25% due 4/15/2029		340,000		344,542
	Flowserve Corp., 3.50% due 10/1/2030		369,000		346,377

16 | Annual Financial Statements

See notes to financial statements.

Schedule of Investments, Continued

Thornburg Multi Sector Bond ETF | August 31, 2026

		SHARES/
	ISSUER-DESCRIPTION	PRINCIPAL AMOUNT		VALUE

^a	John Deere Capital Corp., 4.245% (SOFR + 0.60%) due 6/11/2027	$	286,000	$	286,735
^c	nVent Finance SARL, 2.75% due 11/15/2031		327,000		288,051
	Trading Companies & Distributors — 0.3%
	LKQ Corp., 6.25% due 6/15/2033		323,000		330,717
^b	Windsor Holdings III LLC, 8.50% due 6/15/2030		398,000		415,329
					3,971,990
	COMMERCIAL & PROFESSIONAL SERVICES — 1.6%
	Commercial Services & Supplies — 1.4%
^b	ACCO Brands Corp., 4.25% due 3/15/2029		325,000		305,923
^b	Clean Harbors, Inc., 5.125% due 7/15/2029		352,000		349,057
	CoreCivic, Inc., 8.25% due 4/15/2029		305,000		316,376
^b,c	Element Fleet Management Corp., 5.643% due 3/13/2027		172,000		172,681
	Equifax, Inc.,
	5.00% due 8/15/2029		306,000		306,083
	5.65% due 8/15/2033		105,000		105,174
	GEO Group, Inc., 8.625% due 4/15/2029		426,000		443,066
	Quanta Services, Inc., 4.75% due 8/9/2027		480,000		481,224
^b	Rentokil Terminix Funding LLC, 5.00% due 4/28/2030		536,000		532,001
	UL Solutions, Inc., 6.50% due 10/20/2028		409,000		422,996
^b	VT Topco, Inc., 8.50% due 8/15/2030		239,000		245,895
	Professional Services — 0.2%
^b	Gartner, Inc., 3.625% due 6/15/2029		415,000		392,092
					4,072,568
	CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL — 0.5%
	Hotels, Restaurants & Leisure — 0.2%
	Hyatt Hotels Corp., 5.75% due 1/30/2027		500,000		502,000
	Specialty Retail — 0.3%
	Ferguson Enterprises, Inc., 4.35% due 3/15/2031		338,000		328,739
	Genuine Parts Co., 4.95% due 8/15/2029		352,000		350,004
					1,180,743
	CONSUMER DURABLES & APPAREL — 1.0%
	Household Durables — 0.3%
^b	CD&R Smokey Buyer, Inc./Radio Systems Corp., 9.50% due 10/15/2029		55,000		24,142
^b	Taylor Morrison Communities, Inc., 5.75% due 11/15/2032		845,000		864,080
	Leisure Products — 0.3%
^b	Acushnet Co., 5.625% due 12/1/2033		369,000		362,675
	Mattel, Inc., 5.00% due 11/17/2030		303,000		299,403
	Textiles, Apparel & Luxury Goods — 0.4%
^b	Champ Acquisition Corp., 8.375% due 12/1/2031		330,000		346,715
^b	Levi Strauss & Co. (EUR), 4.00% due 8/15/2030		200,000		232,656
^b	Under Armour, Inc., 7.25% due 7/15/2030		426,000		429,003
					2,558,674
	CONSUMER SERVICES — 0.3%
	Diversified Consumer Services — 0.1%
	Service Corp. International, 5.75% due 10/15/2032		305,000		304,756
	Hotels, Restaurants & Leisure — 0.2%
^b	Papa John’s International, Inc., 3.875% due 9/15/2029		517,000		479,941
					784,697
	CONSUMER STAPLES DISTRIBUTION & RETAIL — 0.5%
	Consumer Staples Distribution & Retail — 0.5%
	Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC,
^b	5.50% due 3/31/2031		225,000		218,034
^b	6.25% due 3/15/2033		507,000		497,332
	U.S. Foods, Inc.,
^b	4.75% due 2/15/2029		352,000		347,508
^b	5.75% due 4/15/2033		202,000		200,786
					1,263,660

See notes to financial statements.

Annual Financial Statements | 17

Schedule of Investments, Continued

Thornburg Multi Sector Bond ETF | August 31, 2026

		SHARES/
	ISSUER-DESCRIPTION	PRINCIPAL AMOUNT		VALUE

	ENERGY — 2.5%
	Oil, Gas & Consumable Fuels — 2.5%
b	Cameron LNG LLC, 3.402% due 1/15/2038	$	555,000	$	476,307
b	Columbia Pipelines Holding Co. LLC, 5.097% due 10/1/2031		367,000		362,805
b	Columbia Pipelines Operating Co. LLC, 5.927% due 8/15/2030		111,000		114,243
b	Delek Logistics Partners LP/Delek Logistics Finance Corp., 8.625% due 3/15/2029		245,000		253,685
b	El Paso Natural Gas Co. LLC, 3.50% due 2/15/2032		197,000		180,452
	Enbridge, Inc.,
a,c	Series 16-A, 6.00% (TSFR3M + 4.15%) due 1/15/2077		320,000		320,224
a,c	Series 2017-A, 5.50% (TSFR3M + 3.68%) due 7/15/2077		350,000		348,744
b,c	Energean Israel Finance Ltd., 8.50% due 9/30/2033		215,000		225,735
a,f	Energy Transfer LP, Series B, 6.625% (TSFR3M + 4.42%) due 2/15/2028		475,000		477,650
b	Global Partners LP/GLP Finance Corp., 7.125% due 7/1/2033		390,000		400,807
b	Gray Oak Pipeline LLC, 3.45% due 10/15/2027		290,000		285,209
	Kinder Morgan Energy Partners LP, 5.80% due 3/15/2035		415,000		421,358
b	Midwest Connector Capital Co. LLC, 4.625% due 4/1/2029		408,000		403,989
	MPLX LP, 4.95% due 9/1/2032		458,000		449,092
	NuStar Logistics LP, 5.625% due 4/28/2027		278,000		278,942
c	Petroleos Mexicanos, 5.95% due 1/28/2031		300,000		296,361
	South Bow USA Infrastructure Holdings LLC, 5.026% due 10/1/2029		275,000		273,650
	Sunoco LP,
b	5.875% due 7/15/2027		437,000		437,660
b	6.625% due 8/15/2032		186,000		188,976
b	Whistler Pipeline LLC, 5.40% due 9/30/2029		349,000		351,590
					6,547,479
	EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) — 1.7%
	Diversified REITs — 1.7%
	American Tower Corp.,
	4.70% due 12/15/2032		197,000		190,292
	4.90% due 3/15/2030		279,000		277,572
	5.80% due 11/15/2028		255,000		259,911
b	American Tower Trust, 3.652% due 3/15/2048		80,000		78,285
	Crown Castle, Inc., 4.90% due 9/1/2029		545,000		543,065
	Extra Space Storage LP, 5.70% due 4/1/2028		251,000		254,321
	Host Hotels & Resorts LP, 4.25% due 12/15/2028		300,000		295,512
b	Iron Mountain Information Management Services, Inc., 5.00% due 7/15/2032		172,000		164,009
	Iron Mountain, Inc.,
b	5.25% due 3/15/2028		175,000		174,540
b	7.00% due 2/15/2029		305,000		310,463
	SBA Communications Corp., 5.15% due 7/15/2031		233,000		231,148
	SBA Tower Trust,
b	1.631% due 5/15/2051		700,000		695,973
b	1.84% due 4/15/2027		400,000		392,879
b	4.831% due 10/15/2054		675,000		670,620
					4,538,590
	FINANCIAL SERVICES — 3.2%
	Capital Markets — 1.2%
	Blue Owl Credit Income Corp., 7.75% due 9/16/2027		199,000		203,591
	Brookfield Asset Management Ltd.,
c	4.832% due 4/15/2031		221,000		216,500
c	5.795% due 4/24/2035		132,000		132,161
b	Burford Capital Global Finance LLC, 9.25% due 7/1/2031		290,000		289,530
	Hercules Capital, Inc., 3.375% due 1/20/2027		214,000		212,684
b	Jefferson Capital Holdings LLC, 8.25% due 5/15/2030		340,000		356,041
b	LPL Holdings, Inc., 4.625% due 11/15/2027		620,000		617,557
b	LSEG U.S. Fin Corp., 4.25% due 3/23/2029		315,000		310,297
	Main Street Capital Corp., 6.50% due 6/4/2027		326,000		329,394
	TPG Operating Group II LP, 4.875% due 5/15/2031		258,000		252,032
b	Voya Global Funding, 5.269% due 8/18/2031		250,000		248,393
	Commercial Services & Supplies — 0.1%
b	MSD Investment Corp., 6.375% due 6/12/2029		310,000		309,461

18 | Annual Financial Statements

See notes to financial statements.

Schedule of Investments, Continued

Thornburg Multi Sector Bond ETF | August 31, 2026

		SHARES/
	ISSUER-DESCRIPTION	PRINCIPAL AMOUNT		VALUE

	Consumer Finance — 0.2%
	FirstCash, Inc.,
^b	5.625% due 1/1/2030	$	230,000	$	227,932
^b	6.875% due 3/1/2032		350,000		357,242
	Financial Services — 1.6%
^a	Bank of America Corp., 4.948% (SOFR + 2.04%) due 7/22/2028		394,000		395,115
^a,c	Barclays plc, 4.476% (SOFR + 1.08%) due 11/11/2029		345,000		341,174
^a,b,c	BNP Paribas SA, 4.916% (SOFR + 1.29%) due 1/15/2034		318,000		306,600
^a	Citigroup, Inc., 4.952% (SOFR + 1.46%) due 5/7/2031		325,000		322,998
^b	Equitable America Global Funding, 4.95% due 6/9/2030		111,000		109,793
^b	EZCORP, Inc., 7.375% due 4/1/2032		265,000		276,157
	Goldman Sachs Group, Inc.,
^a	4.466% (SOFR + 0.82%) due 9/10/2027		315,000		315,031
^a	5.24% (SOFR + 1.17%) due 7/21/2032		344,000		342,156
	JPMorgan Chase & Co.,
^a	4.414% (SOFR + 0.77%) due 9/22/2027		286,000		286,066
^a,f	Series II, 6.47% (TSFR3M + 2.75%) due 10/1/2026		450,000		450,945
^a,b,c	Societe Generale SA, 4.45% (SOFR + 1.10%) due 4/12/2030		280,000		274,506
^c	Sumitomo Mitsui Financial Group, Inc., 5.852% due 7/13/2030		275,000		282,175
	Western Union Co., 4.75% due 6/15/2029		318,000		313,351
	Mortgage Real Estate Investment Trusts — 0.1%
	Lineage OP LP, 5.25% due 7/15/2030		320,000		317,747
					8,396,629
	FOOD, BEVERAGE & TOBACCO — 2.0%
	Beverages — 0.6%
^b,c	Becle SAB de CV, 2.50% due 10/14/2031		295,000		252,476
^c	Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL, 5.25% due 4/27/2029		280,000		274,988
	Huntington Ingalls Industries, Inc., 3.483% due 12/1/2027		419,000		412,614
	Keurig Dr. Pepper, Inc.,
	4.35% due 5/15/2028		84,000		83,335
	4.60% due 5/15/2030		417,000		409,152
	Food Products — 0.7%
	Conagra Brands, Inc.,
	4.85% due 11/1/2028		504,000		501,868
	5.40% due 8/1/2031		328,000		326,964
^b	Darling Ingredients, Inc., 5.25% due 4/15/2027		214,000		213,966
	Flowers Foods, Inc., 5.75% due 3/15/2035		399,000		376,129
	Post Holdings, Inc.,
^b	6.375% due 3/1/2033		358,000		351,817
^b	6.50% due 3/15/2036		140,000		135,671
	Tobacco — 0.7%
	Altria Group, Inc., 2.45% due 2/4/2032		557,000		484,545
	BAT Capital Corp.,
	4.625% due 3/22/2033		463,000		443,684
	5.834% due 2/20/2031		197,000		202,386
	Imperial Brands Finance plc,
^b,c	5.50% due 7/7/2036		404,000		391,840
^b,c	6.125% due 7/27/2027		375,000		379,335
					5,240,770
	HEALTH CARE EQUIPMENT & SERVICES — 2.2%
	Health Care Equipment & Supplies — 0.4%
	Baxter International, Inc., 4.90% due 12/15/2030		349,000		342,715
^b	Medline Borrower LP/Medline Co-Issuer, Inc., 6.25% due 4/1/2029		451,000		458,230
^b	VSP Optical Group, Inc., 5.45% due 12/1/2035		348,000		339,839
	Health Care Providers & Services — 1.8%
	Centene Corp.,
	2.625% due 8/1/2031		322,000		280,237
	4.625% due 12/15/2029		455,000		443,666

See notes to financial statements.

Annual Financial Statements | 19

Schedule of Investments, Continued

Thornburg Multi Sector Bond ETF | August 31, 2026

		SHARES/
	ISSUER-DESCRIPTION	PRINCIPAL AMOUNT		VALUE

	Charles River Laboratories International, Inc.,
^b	3.75% due 3/15/2029	$	323,000	$	311,747
^b	4.25% due 5/1/2028		340,000		335,151
^b	Highmark, Inc., 5.75% due 5/15/2036		361,000		354,051
^b	Horseshoe Funding Trust I, 6.062% due 2/15/2036		100,000		99,349
	Humana, Inc., 5.375% due 4/15/2031		355,000		355,586
^b,c	Icon Investments Six DAC, 5.421% due 8/13/2031		200,000		199,070
	IQVIA, Inc.,
^b	5.00% due 5/15/2027		372,000		372,082
	5.70% due 5/15/2028		336,000		339,968
	Tenet Healthcare Corp.,
	6.125% due 6/15/2030		380,000		382,595
	6.75% due 5/15/2031		197,000		201,176
	Universal Health Services, Inc.,
	2.65% due 10/15/2030		408,000		366,584
	4.625% due 10/15/2029		516,000		507,398
					5,689,444
	HOUSEHOLD & PERSONAL PRODUCTS — 0.4%
	Household Products — 0.3%
^b	Energizer Holdings, Inc., 4.75% due 6/15/2028		398,000		393,578
	Scotts Miracle-Gro Co.,
	4.375% due 2/1/2032		182,000		169,302
	5.25% due 12/15/2026		95,000		94,851
	Personal Care Products — 0.1%
^b	Edgewell Personal Care Co., 5.50% due 6/1/2028		345,000		344,624
					1,002,355
	INSURANCE — 4.8%
	Insurance — 4.8%
	American National Global Funding,
^b	5.25% due 6/3/2030		234,000		231,861
^b	5.55% due 1/28/2030		239,000		239,717
^b	American National Group, Inc., 6.144% due 6/13/2032		111,000		112,502
	Aon North America, Inc., 5.45% due 3/1/2034		423,000		420,728
^c	Aspen Insurance Holdings Ltd., 5.75% due 7/1/2030		423,000		430,305
	Brighthouse Financial Global Funding,
^b	2.00% due 6/28/2028		414,000		390,154
^b	5.65% due 6/10/2029		111,000		111,509
	Brown & Brown, Inc., 5.65% due 6/11/2034		462,000		458,188
	CNO Financial Group, Inc., 6.45% due 6/15/2034		405,000		414,266
^b	CNO Global Funding, 4.95% due 9/9/2029		100,000		99,546
^b	Constellation Global Funding, 4.85% due 10/22/2030		376,000		364,720
	Corebridge Financial, Inc., 5.90% due 8/20/2036		356,000		357,420
^b,c	DaVinciRe Holdings Ltd., 5.95% due 4/15/2035		324,000		324,956
^c	Enstar Group Ltd., 3.10% due 9/1/2031		368,000		324,267
^b	Equitable Financial Life Global Funding, 5.00% due 3/27/2030		339,000		336,542
	F&G Annuities & Life, Inc., 7.40% due 1/13/2028		252,000		257,688
^b	F&G Global Funding, 5.875% due 1/16/2030		172,000		172,463
^c	Fairfax Financial Holdings Ltd., 4.625% due 4/29/2030		434,000		426,865
	Fidelity National Financial, Inc., 2.45% due 3/15/2031		332,000		291,672
	First American Financial Corp., 2.40% due 8/15/2031		334,000		289,040
^b	Fortitude Global Funding, 5.50% due 6/12/2031		197,000		196,013
^b	Fortitude Group Holdings LLC, 6.25% due 4/1/2030		391,000		395,160
^b	GA Global Funding Trust, 4.50% due 9/18/2030		406,000		389,265
^b	Global Atlantic Fin Co., 4.40% due 10/15/2029		197,000		189,756
	Horace Mann Educators Corp., 4.70% due 10/1/2030		590,000		576,389
^b	Lincoln Financial Global Funding, 5.25% due 8/13/2031		350,000		347,403
	Lincoln National Corp., 5.35% due 11/15/2035		439,000		420,918
	Mercury General Corp., 6.25% due 6/15/2036		198,000		195,474
^b	New York Life Global Funding, 4.55% due 1/28/2033		512,000		491,653
	Old Republic International Corp., 5.70% due 6/1/2036		272,000		266,579
^b	Principal Life Global Funding II, 5.50% due 6/28/2028		275,000		278,193

20 | Annual Financial Statements

See notes to financial statements.

Schedule of Investments, Continued

Thornburg Multi Sector Bond ETF | August 31, 2026

		SHARES/
	ISSUER-DESCRIPTION	PRINCIPAL AMOUNT		VALUE

^b	Protective Life Corp., 4.70% due 1/15/2031	$	379,000	$	369,745
^b	Protective Life Global Funding, 5.467% due 12/8/2028		111,000		112,289
^b	Reliance Standard Life Global Funding II, 2.75% due 1/21/2027		200,000		198,580
^c	RenaissanceRe Holdings Ltd., 5.75% due 6/5/2033		439,000		441,643
	RLI Corp., 5.375% due 6/1/2036		495,000		472,359
^b	Sammons Financial Group, Inc., 5.95% due 6/15/2036		369,000		352,170
	Stewart Information Services Corp., 3.60% due 11/15/2031		327,000		286,687
	Willis North America, Inc., 4.55% due 3/15/2031		531,000		515,452
					12,550,137
	MATERIALS — 1.5%
	Chemicals — 0.3%
^b,c	NOVA Chemicals Corp., 5.25% due 6/1/2027		380,000		379,594
^b,c	Nufarm Australia Ltd./Nufarm Americas, Inc., 5.00% due 1/27/2030		335,000		315,362
	Containers & Packaging — 1.1%
^c	Amcor Group Finance plc, 5.45% due 5/23/2029		302,000		306,062
	AptarGroup, Inc., 4.75% due 3/30/2031		548,000		537,588
	Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance plc,
^b,c	3.25% due 9/1/2028		290,000		281,935
^b,c	6.25% due 1/30/2031		197,000		198,001
	Ball Corp.,
	2.875% due 8/15/2030		322,000		293,236
	5.50% due 9/15/2033		195,000		193,461
	6.00% due 6/15/2029		154,000		155,795
	Crown Americas LLC, 5.875% due 6/1/2033		465,000		465,093
^b	Graphic Packaging International LLC, 3.50% due 3/15/2028 - 3/1/2029		387,000		371,114
	Metals & Mining — 0.1%
^b	Novelis Corp., 3.875% due 8/15/2031		380,000		347,358
					3,844,599
	MEDIA & ENTERTAINMENT — 1.3%
	Diversified Telecommunication Services — 0.1%
^b	DirecTV Financing LLC/DirecTV Financing Co-Obligor, Inc., 5.875% due 8/15/2027		38,000		37,999
^b,c	Telenet Finance Luxembourg Notes SARL, 5.50% due 3/1/2028		167,466		165,120
	Entertainment — 0.2%
^b,c	Flutter Treasury DAC, 5.875% due 6/4/2031		494,000		485,646
	Media — 1.0%
	CCO Holdings LLC/CCO Holdings Capital Corp.,
^b	4.25% due 2/1/2031		370,000		333,751
^b	5.125% due 5/1/2027		80,000		79,897
^b	7.00% due 2/1/2033		322,000		314,517
	Comcast Corp., 3.25% due 11/1/2039		360,000		262,433
	FactSet Research Systems, Inc., 2.90% due 3/1/2027		350,000		346,654
	Lamar Media Corp., 3.75% due 2/15/2028		325,000		318,698
^b	News Corp., 3.875% due 5/15/2029		357,000		344,937
	Sirius XM Radio LLC,
^b	5.00% due 8/1/2027		359,000		358,289
^b	5.50% due 7/1/2029		236,000		235,592
					3,283,533
	PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES — 1.3%
	Biotechnology — 0.8%
^b	BioMarin Pharmaceutical, Inc., 5.50% due 2/15/2034		315,000		307,818
	Bio-Rad Laboratories, Inc., 3.30% due 3/15/2027		850,000		844,603
	Illumina, Inc.,
	4.65% due 9/9/2026		306,000		305,559
	4.95% due 9/19/2029		473,000		471,075
	Life Sciences Tools & Services — 0.3%
	Augusta SpinCo Corp., 4.656% due 3/23/2031		360,000		353,747
^b	Avantor Funding, Inc., 4.625% due 7/15/2028		527,000		522,847

See notes to financial statements.

Annual Financial Statements | 21

Schedule of Investments, Continued

Thornburg Multi Sector Bond ETF | August 31, 2026

		SHARES/
	ISSUER-DESCRIPTION	PRINCIPAL AMOUNT		VALUE

	Pharmaceuticals — 0.2%
	Viatris, Inc., 2.30% due 6/22/2027	$	471,000	$	461,971
					3,267,620
	REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.2%
	Real Estate Management & Development — 0.2%
b	Cushman & Wakefield U.S. Borrower LLC, 6.75% due 5/15/2028		95,000		95,128
b	Greystar Real Estate Partners LLC, 7.75% due 9/1/2030		385,000		399,938
					495,066
	SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.3%
	Semiconductors & Semiconductor Equipment — 0.3%
b	Qorvo, Inc., 3.375% due 4/1/2031		443,000		405,642
	Skyworks Solutions, Inc.,
	5.00% due 8/10/2028		29,000		28,990
	5.75% due 1/10/2032		72,000		71,469
	6.25% due 8/10/2036		200,000		195,860
					701,961
	SOFTWARE & SERVICES — 3.5%
	Information Technology Services — 1.1%
	Block Financial LLC, 2.50% due 7/15/2028		275,000		262,993
	Booz Allen Hamilton, Inc.,
b	3.875% due 9/1/2028		463,000		451,527
	5.375% due 1/30/2030		71,000		70,854
	5.90% due 1/30/2034		73,000		71,885
	5.95% due 4/15/2035		77,000		76,317
c	Genpact U.K. Finco plc/Genpact USA, Inc., 4.95% due 11/18/2030		461,000		449,595
	Global Payments, Inc., 5.30% due 8/15/2029		463,000		462,917
b	Insight Enterprises, Inc., 6.625% due 5/15/2032		364,000		369,358
	Mobility Global, Inc.,
b	5.45% due 6/15/2031		50,000		49,810
b	6.05% due 6/15/2036		100,000		98,080
b	Science Applications International Corp., 4.875% due 4/1/2028		346,000		343,267
	Internet Software & Services — 0.9%
	Alphabet, Inc.,
	3.70% due 2/15/2029		225,000		220,253
	4.10% due 2/15/2031		170,000		164,363
	4.875% due 8/15/2031		45,000		44,679
	5.20% due 8/15/2033		79,000		78,720
	Amazon.com, Inc.,
	4.55% due 3/13/2033		455,000		438,274
	4.80% due 7/9/2031		175,000		173,380
b	Arches Buyer, Inc., 4.25% due 6/1/2028		283,000		276,819
b	Cogent Communications Group LLC/Cogent Finance, Inc., 7.00% due 6/15/2027		256,000		243,087
b,c	Prosus NV, 3.061% due 7/13/2031		250,000		225,552
	VeriSign, Inc., 5.25% due 6/1/2032		519,000		515,310
	Software — 1.5%
b,c	Constellation Software, Inc., 5.158% due 2/16/2029		330,000		329,584
	Fair Isaac Corp.,
b	4.00% due 6/15/2028		715,000		698,419
b	6.00% due 5/15/2033		131,000		128,802
	Fidelity National Information Services, Inc.,
	4.55% due 3/10/2029		355,000		350,996
a	4.856% (SOFR + 1.21%) due 3/10/2029		150,000		150,946
	MSCI, Inc.,
b	3.875% due 2/15/2031		322,000		301,221
b	4.00% due 11/15/2029		322,000		309,983
	Open Text Corp.,
b,c	3.875% due 2/15/2028		392,000		383,874
b,c	6.90% due 12/1/2027		175,000		178,222
	Oracle Corp.,
a	4.424% (SOFR + 0.76%) due 8/3/2028		271,000		267,360

22 | Annual Financial Statements

See notes to financial statements.

Schedule of Investments, Continued

Thornburg Multi Sector Bond ETF | August 31, 2026

		SHARES/
	ISSUER-DESCRIPTION	PRINCIPAL AMOUNT		VALUE

	5.25% due 2/3/2032	$	111,000	$	106,549
	Paychex, Inc., 5.35% due 4/15/2032		430,000		429,880
	SS&C Technologies, Inc.,
b	5.50% due 9/30/2027		155,000		155,074
b	6.50% due 6/1/2032		205,000		207,733
					9,085,683
	TECHNOLOGY HARDWARE & EQUIPMENT — 1.5%
	Electronic Equipment, Instruments & Components — 1.2%
	Avnet, Inc., 5.65% due 9/1/2031		168,000		167,424
	CDW LLC/CDW Finance Corp.,
	3.25% due 2/15/2029		197,000		187,609
	4.25% due 4/1/2028		425,000		419,335
	Flex Ltd.,
c	5.25% due 1/15/2032		197,000		192,888
c	6.00% due 1/15/2028		475,000		480,719
b	Molex Electronic Technologies LLC, 4.75% due 4/30/2028		273,000		273,090
b,c	Sensata Technologies BV, 5.875% due 9/1/2030		240,000		241,433
	Trimble, Inc., 4.90% due 6/15/2028		325,000		324,093
b	WESCO Distribution, Inc., 6.375% due 3/15/2029		287,000		291,681
b	Zebra Technologies Corp., 6.50% due 6/1/2032		428,000		435,837
	Technology Hardware, Storage & Peripherals — 0.3%
	Hewlett Packard Enterprise Co.,
	4.15% due 9/15/2028		368,000		363,521
	4.50% due 3/23/2028		141,000		140,505
	NetApp, Inc., 5.50% due 3/17/2032		388,000		390,014
					3,908,149
	TELECOMMUNICATION SERVICES — 1.0%
	Diversified Telecommunication Services — 0.5%
	NTT Finance Corp.,
b,c	5.012% due 11/1/2031		222,000		218,579
b,c	5.259% due 11/1/2033		222,000		217,354
b	Space Exploration Technologies Corp., 5.35% due 7/15/2031		545,000		532,737
b,c	Virgin Media Secured Finance plc, 4.50% due 8/15/2030		258,000		213,993
	Wireless Telecommunication Services — 0.5%
b	Crown Castle Towers LLC, 4.241% due 7/15/2048		400,000		395,045
b,c	Orange SA, 4.75% due 1/13/2033		605,000		582,445
	T-Mobile USA, Inc., 2.25% due 11/15/2031		488,000		422,984
					2,583,137
	TRANSPORTATION — 0.2%
	Air Freight & Logistics — 0.1%
	Ryder System, Inc., 5.65% due 3/1/2028		165,000		167,160
	Transportation Infrastructure — 0.1%
b	Penske Truck Leasing Co. LP/PTL Finance Corp., 5.35% due 3/30/2029		343,000		345,490
					512,650
	UTILITIES — 5.0%
	Electric Utilities — 4.5%
	AEP Texas, Inc., Series Q, 5.20% due 4/15/2036		105,000		101,195
b	Alliant Energy Finance LLC, 5.95% due 3/30/2029		365,000		372,851
	Ameren Corp., 5.375% due 3/15/2035		199,000		196,636
a	American Electric Power Co., Inc., 3.875% (5-Yr. CMT + 2.68%) due 2/15/2062		155,000		153,873
	Arizona Public Service Co., 5.70% due 8/15/2034		379,000		383,957
	Black Hills Corp.,
	2.50% due 6/15/2030		408,000		370,786
	4.55% due 1/31/2031		197,000		191,912
b	Cleco Power LLC, 5.30% due 1/15/2036		234,000		229,145
	Dominion Energy, Inc.,
	4.60% due 5/15/2028		196,000		195,588
	5.00% due 6/15/2030		182,000		181,803
a,f	Series C, 4.35% (5-Yr. CMT + 3.20%) due 1/15/2027		220,000		218,889

See notes to financial statements.

Annual Financial Statements | 23

Schedule of Investments, Continued

Thornburg Multi Sector Bond ETF | August 31, 2026

		SHARES/
	ISSUER-DESCRIPTION	PRINCIPAL AMOUNT		VALUE

	DTE Energy Co.,
	4.875% due 6/1/2028	$	200,000	$	200,364
	5.05% due 10/1/2035		232,000		222,885
	5.20% due 4/1/2030		296,000		297,557
^a	Duke Energy Corp., 3.25% (5-Yr. CMT + 2.32%) due 1/15/2082		470,000		465,836
	Duke Energy Florida LLC, 4.20% due 12/1/2030		197,000		191,709
^b,c	Electricite de France SA, 5.75% due 1/13/2035		342,000		347,171
	ENEL Finance International NV,
^b,c	2.125% due 7/12/2028		505,000		480,780
^b,c	4.375% due 9/30/2030		120,000		116,680
	Entergy Arkansas LLC, 5.45% due 6/1/2034		252,000		253,875
	Evergy Kansas Central, Inc., 5.25% due 3/15/2035		517,000		507,653
	Evergy Metro, Inc., 4.95% due 4/15/2033		110,000		107,778
^b	Evergy Missouri West, Inc., 5.15% due 12/15/2027		120,000		120,588
	Eversource Energy,
	2.55% due 3/15/2031		220,000		196,887
	4.45% due 12/15/2030		236,000		229,748
	5.45% due 3/1/2028		266,000		268,495
	Exelon Corp., 5.125% due 3/15/2031		276,000		276,453
	Interstate Power & Light Co., 5.10% due 9/30/2031		227,000		226,278
	ITC Holdings Corp.,
^b	4.95% due 9/22/2027		222,000		222,806
^b	5.65% due 5/9/2034		388,000		389,249
^b	Liberty Utilities Co., 5.65% due 5/15/2036		462,000		449,535
^a	NextEra Energy Capital Holdings, Inc., 4.80% (TSFR3M + 2.41%) due 12/1/2077		250,000		247,093
	Niagara Mohawk Power Corp.,
^b	4.278% due 12/15/2028		111,000		109,457
^b	4.647% due 10/3/2030		418,000		410,510
^b	NorthWestern Corp., 5.073% due 3/21/2030		456,000		456,296
^b	Ohio Edison Co., 4.95% due 12/15/2029		372,000		371,505
	PPL Capital Funding, Inc., 5.25% due 9/1/2034		410,000		403,165
^b	PSEG Power LLC, 5.20% due 5/15/2030		375,000		375,446
	Public Service Co. of Oklahoma, 5.45% due 1/15/2036		350,000		344,827
	Public Service Electric & Gas Co., 5.20% due 8/1/2033		88,000		88,218
	Puget Energy, Inc., 4.10% due 6/15/2030		369,000		353,871
	Union Electric Co., 2.95% due 3/15/2030		123,000		115,381
^b	Vistra Operations Co. LLC, 3.70% due 1/30/2027		194,000		193,228
	Gas Utilities — 0.5%
^b,c	APA Infrastructure Ltd., 5.125% due 9/16/2034		436,000		422,052
^b	Brooklyn Union Gas Co., 5.456% due 3/16/2036		152,000		147,442
	Piedmont Natural Gas Co., Inc., 5.40% due 6/15/2033		298,000		299,159
^b,c	Snam SpA, 5.75% due 5/28/2035		275,000		276,144
	Southern Co. Gas Capital Corp., 5.15% due 9/15/2032		269,000		268,129
					13,050,885
	TOTAL CORPORATE BONDS (Cost $103,380,216)				102,482,722

	OTHER GOVERNMENT — 0.3%
	Australia Government Bonds (AUD), 3.00% due 11/21/2033		325,000		205,930
	Brazil Notas do Tesouro Nacional (BRL), 10.00% due 1/1/2029		495,000		90,094
	New Zealand Government Bonds (NZD), 3.50% due 4/14/2033		129,000		72,225
^c	Turkiye Government International Bonds (TUR), 7.125% due 2/12/2032		200,000		203,222
	U.K. Gilts (GBP), 3.25% due 1/31/2033		262,000		325,122
	TOTAL OTHER GOVERNMENT (Cost $854,296)				896,593

	U.S. TREASURY SECURITIES — 18.9%
	U.S. Treasury Inflation-Indexed Notes,
	0.125%, 2/15/2051		1,520,165		763,883
	0.50%, 1/15/2028		440,057		429,399
	1.25%, 4/15/2028		361,884		355,735
	1.875%, 1/15/2036		217,908		208,009
	U.S. Treasury Notes,

24 | Annual Financial Statements

See notes to financial statements.

Schedule of Investments, Continued

Thornburg Multi Sector Bond ETF | August 31, 2026

		SHARES/
	ISSUER-DESCRIPTION	PRINCIPAL AMOUNT		VALUE

	1.75%, 1/31/2029	$	316,000	$	297,114
	2.875%, 8/15/2045		6,140,000		4,383,384
	3.75%, 8/31/2031		3,590,000		3,469,118
	4.25%, 6/30/2033		9,225,000		9,035,455
	4.375%, 8/31/2031		250,000		248,672
	4.625%, 8/15/2036		24,850,000		24,613,148
	5.125%, 8/15/2046		200,000		197,250
	U.S. Treasury Strip Coupon,
	7.615%, 5/15/2042		3,060,000		1,333,250
	5.221%, 2/15/2053		3,600,000		861,815
	6.264%, 11/15/2036		260,000		158,338
	6.39%, 5/15/2037		325,000		192,525
	U.S. Treasury Strip Principal,
	5.166%, 5/15/2056		8,918,000		1,898,784
	12.043%, 2/15/2056		2,600,000		559,871
	TOTAL U.S. TREASURY SECURITIES (Cost $49,635,921)				49,005,750

	U.S. GOVERNMENT AGENCIES — 0.3%
^a,f	CoBank ACB, Series I, 6.25% (TSFR3M + 4.66%), 10/1/2026		770,000		770,493
	TOTAL U.S. GOVERNMENT AGENCIES (Cost $770,490)				770,493

	MORTGAGE BACKED — 26.3%
^a,b	ACRA Trust, Whole Loan Securities Trust CMO, Series 2024-NQM1 Class A1, 5.608% due 10/25/2064		588,601		587,475
^a,b	Ajax Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2020-B Class A1, 1.698% due 5/25/2059		424,157		407,207
	Angel Oak Mortgage Trust, Whole Loan Securities Trust CMO,
^a,b	Series 2020-5 Class M1, 2.97% due 5/25/2065		220,000		202,084
^a,b	Series 2021-1 Class A1, 0.909% due 1/25/2066		301,824		257,986
^a,b	Series 2022-1 Class A1, 3.881% due 12/25/2066		141,770		129,168
^a,b	Series 2024-1 Class A1, 5.21% due 8/25/2068		293,701		292,469
^a,b	Arroyo Mortgage Trust, Whole Loan Securities Trust CMO, Series 2019-1 Class A1, 3.805% due 1/25/2049		12,727		12,453
^a,b	ATLX Trust, Whole Loan Securities Trust CMO, Series 2024-RPL2 Class A1, 3.85% due 4/25/2063		799,031		770,610
	BRAVO Residential Funding Trust, Whole Loan Securities Trust CMO,
^a,b	Series 2021-NQM1 Class A1, 0.941% due 2/25/2049		285,435		267,723
^a,b	Series 2021-NQM1 Class A2, 1.26% due 2/25/2049		569,248		520,090
^a,b	Series 2022-NQM2 Class A1, 5.272% due 11/25/2061		417,516		416,057
^a,b	Series 2023-NQM1 Class A1, 5.757% due 1/25/2063		129,228		129,491
^a,b	Series 2023-NQM5 Class M1, 7.245% due 6/25/2063		193,750		193,200
^b	Series 2024-NQM1 Class B1, 8.042% due 12/1/2063		176,000		177,157
^a,b	Series 2024-NQM2 Class A1, 6.285% due 2/25/2064		205,974		206,009
^a,b	Bunker Hill Loan Depositary Trust, Whole Loan Securities Trust CMO, Series 2019-3 Class M1, 3.269% due 11/25/2059		197,966		195,830
^a,b	BX Trust, CMBS, Series 2025-LIFE Class A, 6.08% due 6/13/2047		100,000		97,431
^b	Century Plaza Towers, CMBS, Series 2019-CPT Class A, 2.865% due 11/13/2039		565,000		520,189
	Chase Home Lending Mortgage Trust, Whole Loan Securities Trust CMO,
^a,b	Series 2024-10 Class A4, 6.00% due 10/25/2055		210,909		210,547
^a,b	Series 2024-10 Class A4A, 5.50% due 10/25/2055		293,994		293,151
^a,b	Series 2024-8 Class A4A, 5.50% due 8/25/2055		565,779		564,239
^a,b	Series 2025-8 Class A2, 6.00% due 6/25/2056		341,212		342,280
^a,b	CHNGE Mortgage Trust, Whole Loan Securities Trust CMO, Series 2022-2 Class A1, 4.757% due 3/25/2067		87,474		83,689
	CIM Trust, Whole Loan Securities Trust CMO,
^a,b	Series 2020-R2 Class A1, 2.581% due 10/25/2059		258,888		242,142
^a,b	Series 2021-R3 Class A1A, 1.951% due 6/25/2057		225,190		213,269
^a,b	Series 2023-I1 Class B1, 7.018% due 4/25/2058		305,000		305,000
^a,b	Series 2023-I2 Class B1, 6.734% due 12/25/2067		305,000		304,260
^a,b	Series 2025-I1 Class A1, 5.655% due 10/25/2069		594,071		593,022
^a,b	Series 2025-R1 Class A1, 5.00% due 2/25/2099		623,123		621,297
	Citigroup Mortgage Loan Trust, Whole Loan Securities Trust CMO,
^a,b	Series 2024-CMI1 Class A11, 5.50% due 6/25/2054		448,113		447,223
^a,b	Series 2026-LTV1 Class A1, 5.759% due 5/25/2066		765,760		761,033
^a,b	Cityfed Mortgage Trust, CMBS, Series 2026-WEST Class A, 5.36% (SOFR + 1.71%) due 9/15/2043		500,000		498,111

See notes to financial statements.

Annual Financial Statements | 25

Schedule of Investments, Continued

Thornburg Multi Sector Bond ETF | August 31, 2026

		SHARES/
	ISSUER-DESCRIPTION	PRINCIPAL AMOUNT		VALUE

	COLT Mortgage Loan Trust, Whole Loan Securities Trust CMO,
^a,b	Series 2023-3 Class B2, 7.769% due 9/25/2068	$	600,000	$	598,721
^a,b	Series 2024-1 Class B1, 7.827% due 2/25/2069		550,000		551,821
^a,b	Series 2024-4 Class A1, 5.949% due 7/25/2069		296,247		296,330
^b	COMM Mortgage Trust, CMBS, Series 2024-277P Class A, 6.338% due 8/10/2044		369,000		378,595
	CSMC Trust, Whole Loan Securities Trust CMO,
^a,b	Series 2022-ATH2 Class A1, 5.071% due 5/25/2067		358,410		357,241
^a,b	Series 2022-NQM5 Class A1, 5.24% due 5/25/2067		246,348		245,415
^a	Federal Home Loan Mtg Corp., Pool 841733, 2.09% (2.19% - SOFR30A) due 6/1/2052		74,634		71,818
	Federal Home Loan Mtg Corp., CMO REMIC,
	Series 2025-104 Class DA, 5.00% due 3/25/2055		983,424		967,987
	Series 2026-38 Class BA, 5.00% due 2/25/2052		956,861		949,946
	Series 4204 Class AD, 1.50% due 8/15/2042		90,653		86,782
	Series 5653 Class DE, 4.75% due 6/25/2053		940,936		924,053
	Federal Home Loan Mtg Corp., Multifamily Structured Pass-Through Certificates, CMBS, Series KJ45 Class A2, 4.66% due 1/25/2031		180,000		179,141
	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		86,261		69,344
	Federal Home Loan Mtg Corp., UMBS Collateral,
	Pool RQ0014, 6.00% due 6/1/2055		462,918		468,189
	Pool RQ0028, 6.00% due 7/1/2055		658,107		665,600
	Pool RQ0064, 5.50% due 11/1/2055		577,934		572,469
	Pool RQ0094, 5.00% due 2/1/2056		174,402		168,350
	Pool RQ0118, 5.00% due 5/1/2056		900,470		869,121
^g	Pool RQ0146, 5.50% due 8/1/2056		3,046,037		3,016,219
	Pool SD2601, 2.50% due 2/1/2053		504,261		414,767
	Pool SD8178, 2.50% due 11/1/2051		2,062,745		1,697,444
	Pool SD8218, 2.00% due 6/1/2052		139,943		109,907
	Pool SD8255, 3.50% due 10/1/2052		337,780		300,475
	Pool SD8491, 5.00% due 12/1/2054		944,693		915,367
	Federal National Mtg Assoc.,
^a	Pool BM7605, 1.983% (2.28% - SOFR30A) due 7/1/2052		105,302		101,697
	Pool BS3483, 2.26% due 10/1/2041		160,000		112,337
	Federal National Mtg Assoc., CMO REMIC,
	Series 2012-134 Class MX, 3.50% due 5/25/2042		353,104		349,614
	Series 2026-36 Class AC, 4.75% due 8/25/2053		421,038		413,319
	Series 2026-7 Class CD, 4.00% due 4/25/2053		182,547		175,215
	Federal National Mtg Assoc., UMBS Collateral,
	Pool CB4555, 4.50% due 9/1/2052		124,425		117,887
	Pool FA1110, 4.50% due 9/1/2054		494,839		467,719
	Pool FA4232, 5.50% due 4/1/2055		632,821		630,043
^g	Pool FA5159 3.00% due 3/1/2056		3,154,469		2,701,560
	Pool FS4713, 2.50% due 5/1/2053		686,754		564,979
	Pool FS8875, 3.00% due 7/1/2053		309,333		264,632
	Pool FS9660, 5.50% due 10/1/2054		1,061,028		1,054,948
	Pool FS9716, 2.00% due 8/1/2042		326,186		278,277
	Pool MA4399, 2.50% due 8/1/2051		2,862,996		2,358,634
	Pool MA5497, 5.50% due 10/1/2054		2,445,094		2,430,328
	Pool MA5611, 4.00% due 2/1/2055		133,959		122,394
	Pool MA5972, 5.50% due 2/1/2056		167,500		165,916
	Pool MA6060, 4.50% due 5/1/2041		859,934		839,420
	Pool MA6119, 5.50% due 7/1/2056		316,585		313,486
^g	Pool MA6176, 5.50% due 9/1/2056		650,000		643,637
^g	Pool MA6177, 6.00% due 9/1/2056		1,500,000		1,517,204
	GCAT Trust, Whole Loan Securities Trust CMO,
^a,b	Series 2020-NQM1 Class A3, 3.554% due 1/25/2060		206,273		203,859
^a,b	Series 2022-NQM5 Class A3, 5.71% due 8/25/2067		607,556		598,707
	Government National Mtg Assoc.,
	Pool MA6283, 3.00% due 11/20/2049		317,719		277,347
	Pool MA7706, 3.00% due 11/20/2051		530,014		461,457
	Pool MA8098, 3.00% due 6/20/2052		327,649		285,362
	Government National Mtg Assoc., CMO,
	Series 2018-83 Class AE, 3.50% due 11/20/2044		117,741		117,346
	Series 2021-27 Class ED, 1.00% due 2/20/2051		203,791		154,051

26 | Annual Financial Statements

See notes to financial statements.

Schedule of Investments, Continued

Thornburg Multi Sector Bond ETF | August 31, 2026

		SHARES/
	ISSUER-DESCRIPTION	PRINCIPAL AMOUNT		VALUE

	Series 2025-139 Class DT, 5.00% due 3/20/2065	$	140,943	$	140,733
^a,b	GS Mortgage Securities Corp. Trust, CMBS, Series 2017-375H Class A, 3.591% due 9/10/2037		470,000		458,204
	GS Mortgage-Backed Securities Corp. Trust, Whole Loan Securities Trust CMO,
^a,b	Series 2019-PJ2 Class B4, 4.345% due 11/25/2049		85,636		78,507
^a,b	Series 2023-CCM1 Class A1, 6.65% due 8/25/2053		484,928		483,984
	GS Mortgage-Backed Securities Trust, Whole Loan Securities Trust CMO,
^a,b	Series 2023-PJ4 Class A16, 6.50% due 1/25/2054		424,046		427,627
^a,b	Series 2023-PJ6 Class A15, 6.00% due 4/25/2054		514,800		515,290
^a,b	Series 2024-RPL2 Class A1, 3.75% due 7/25/2061		646,183		624,012
^a,b	Series 2025-PJ5 Class A5, 5.50% due 10/25/2055		329,648		328,944
^a,b	Series 2025-PJ7 Class A5, 5.50% due 12/25/2055		370,240		369,553
^a,b	HOMES Trust, Whole Loan Securities Trust CMO, Series 2024-NQM2 Class A1, 5.717% due 10/25/2069		529,789		529,809
^a,b	Hudson Yards Mortgage Trust, CMBS, Series 2019-55HY Class A, 3.041% due 12/10/2041		85,000		79,105
	Imperial Fund Mortgage Trust, Whole Loan Securities Trust CMO,
^a,b	Series 2022-NQM7 Class A1, 7.369% due 11/25/2067		108,594		108,447
^a,b	Series 2023-NQM1 Class A2, 6.703% due 2/25/2068		517,634		516,648
^a,b	Series 2023-NQM1 Class A3, 7.16% due 2/25/2068		517,634		516,793
^a,b	JP Morgan Chase Commercial Mortgage Securities Trust, CMBS, Series 2025-BHR5 Class A, 5.333% (TSFR1M + 1.69%) due 3/15/2040		24,138		24,161
	JP Morgan Mortgage Trust, Whole Loan Securities Trust CMO,
^a,b	Series 2023-4 Class 1A3, 5.50% due 11/25/2053		261,468		257,415
^a,b	Series 2023-6 Class A4, 6.00% due 12/26/2053		376,954		377,386
^a,b	Series 2024-11 Class A4, 6.00% due 4/25/2055		273,588		274,017
^a,b	Series 2024-INV1 Class A4, 6.00% due 4/25/2055		220,268		220,989
^a,b	Series 2025-5MPR Class A1D, 5.50% due 11/25/2055		371,839		370,176
	Legacy Mortgage Asset Trust, Whole Loan Securities Trust CMO,
^a,b	Series 2021-GS1 Class A1, 5.892% due 10/25/2066		422,725		422,898
^a,b	Series 2021-GS4 Class A1, 5.65% due 11/25/2060		214,326		219,682
^b	Manhattan West Mortgage Trust, CMBS, Series 2020-1MW Class A, 2.13% due 9/10/2039		225,000		218,479
^a,b,g	MFA LLC, Whole Loan Securities Trust CMO, Series 2026-NPL1 Class A1, 5.889% due 8/25/2031		900,000		899,937
	MFA Trust, Whole Loan Securities Trust CMO,
^a,b	Series 2021-RPL1 Class A1, 1.131% due 7/25/2060		224,175		205,112
^a,b	Series 2024-NPL1 Class A1, 6.33% due 9/25/2054		124,203		124,356
^a,b	Morgan Stanley Residential Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2026-CLTR1 Class A1, 5.612% due 7/25/2068		765,716		761,365
	New Residential Mortgage Loan Trust, Whole Loan Securities Trust CMO,
^a,b	Series 2017-1A Class A1, 4.00% due 2/25/2057		153,001		149,483
^a,b	Series 2017-2A Class A4, 4.00% due 3/25/2057		446,195		430,215
^a,b	Series 2018-5A Class A1, 4.75% due 12/25/2057		570,468		564,575
^a,b	Series 2019-2A Class A1, 4.25% due 12/25/2057		253,304		247,580
^a,b	Series 2019-NQM4 Class A1, 2.492% due 9/25/2059		167,463		157,624
^a,b	Series 2021-INV1 Class B5, 3.245% due 6/25/2051		87,523		71,109
^a,b	Series 2023-NQM1 Class A2, 7.319% due 10/25/2063		484,704		483,919
^a,b	Series 2024-RTL1 Class A1, 6.664% due 3/25/2039		339,110		339,408
^a,b	Series 2026-RPL1 Class A1A, 4.00% due 12/25/2065		738,998		703,534
^a,b	NYMT Loan Trust, Whole Loan Securities Trust CMO, Series 2024-INV1 Class A1, 5.379% due 6/25/2069		470,852		468,940
	OBX Trust, Whole Loan Securities Trust CMO,
^a,b	Series 2022-NQM6 Class A1, 5.70% due 7/25/2062		548,894		547,146
^a,b	Series 2024-NQM1 Class A1, 5.928% due 11/25/2063		561,872		561,386
^a,b	Series 2024-NQM1 Class A3, 6.455% due 11/25/2063		449,511		449,355
^a,b	Series 2024-NQM4 Class A1, 6.067% due 1/25/2064		347,026		347,292
^a,b	Series 2024-NQM6 Class B1A, 7.47% due 2/25/2064		585,000		587,664
^b	One Bryant Park Trust, CMBS, Series 2019-OBP Class A, 2.516% due 9/15/2054		286,000		263,356
^a,b	PMT Loan Trust, Whole Loan Securities Trust CMO, Series 2025-J3 Class A8, 5.50% due 11/27/2056		224,268		223,472
^a,b	Pretium Mortgage Credit Partners LLC, Whole Loan Securities Trust CMO, Series 2026-NPL5 Class A1, 5.71% due 4/25/2056		608,745		606,357
	PRKCM Trust, Whole Loan Securities Trust CMO,
^a,b	Series 2021-AFC1 Class A1, 1.51% due 8/25/2056		134,759		111,651
^a,b	Series 2022-AFC1 Class A1A, 5.10% due 4/25/2057		199,341		196,963
^a,b	Series 2023-AFC1 Class A2, 7.002% due 2/25/2058		492,028		491,213
^a,b	Series 2023-AFC1 Class A3, 7.304% due 2/25/2058		35,145		35,074
^a,b	Series 2024-HOME1 Class A1, 6.431% due 5/25/2059		117,780		118,158
^a,b	Series 2024-HOME1 Class M1, 6.861% due 5/25/2059		450,000		451,659
^a,b	PRPM LLC, Whole Loan Securities Trust CMO, Series 2025-1 Class A1, 5.993% due 4/25/2030		67,599		67,365
^b	ROCK Trust, CMBS, Series 2024-CNTR Class A, 5.388% due 11/13/2041		100,000		100,296
	Seasoned Loans Structured Transaction Trust, Whole Loan Securities Trust CMO, Series 2020-1 Class A2D, 2.00% due 7/25/2030		65,000		58,788

See notes to financial statements.

Annual Financial Statements | 27

Schedule of Investments, Continued

Thornburg Multi Sector Bond ETF | August 31, 2026

		SHARES/
	ISSUER-DESCRIPTION	PRINCIPAL AMOUNT		VALUE

	Sequoia Mortgage Trust, Whole Loan Securities Trust CMO,
^a,b	Series 2024-5 Class A5, 6.00% due 6/25/2054	$	700,856	$	701,113
^a,b	Series 2025-1 Class A1, 6.00% due 1/25/2055		118,341		118,754
^a,b	Series 2025-10 Class A2, 5.00% due 11/25/2055		224,372		214,689
^a,b	SFO Commercial Mortgage Trust, CMBS, Series 2021-555 Class A, 5.154% (TSFR1M + 1.51%) due 5/15/2038		80,000		79,901
^a,b	SKY Trust, CMBS, Series 2025-LINE Class A, 6.228% (TSFR1M + 2.59%) due 4/15/2042		40,408		40,661
^b	SLG Office Trust, CMBS, Series 2021-OVA Class A, 2.585% due 7/15/2041		150,000		132,322
^a,b	Spruce Hill Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2020-SH2 Class B1, 5.00% due 6/25/2055		189,172		187,849
	Towd Point Mortgage Trust, Whole Loan Securities Trust CMO,
^a,b	Series 2017-6 Class A1, 2.75% due 10/25/2057		63,854		63,213
^a,b	Series 2018-2 Class A1, 3.25% due 3/25/2058		26,343		26,153
^a,b	Series 2020-1 Class A2A, 3.10% due 1/25/2060		100,000		92,156
^a,b	Series 2020-2 Class A1A, 1.636% due 4/25/2060		173,644		157,110
^a,b	Series 2025-R1 Class A1, 4.00% due 11/27/2057		92,220		78,752
^a,b	TRK Trust, Whole Loan Securities Trust CMO, Series 2022-INV2 Class A1, 5.35% due 6/25/2057		637,709		611,615
	UWM Mortgage Trust, Whole Loan Securities Trust CMO,
^a,b	Series 2021-INV1 Class A15, 2.50% due 8/25/2051		256,274		202,931
^a,b	Series 2021-INV5 Class A14, 3.00% due 1/25/2052		155,446		129,608
	Verus Securitization Trust, Whole Loan Securities Trust CMO,
^a,b	Series 2021-R2 Class A3, 1.227% due 2/25/2064		225,299		210,816
^a,b	Series 2023-7 Class B1, 7.93% due 10/25/2068		600,000		598,969
^a,b	Series 2023-8 Class A2, 6.664% due 12/25/2068		415,597		415,833
^a,b	Series 2024-2 Class M1, 6.822% due 2/25/2069		600,000		601,178
^a,b	Series 2024-8 Class A3, 5.872% due 10/25/2069		288,476		287,981
	Visio Trust, Whole Loan Securities Trust CMO,
^a,b	Series 2019-2 Class M1, 3.26% due 11/25/2054		118,765		115,981
^b	Series 2020-1R Class A1, 1.312% due 11/25/2055		493,313		477,187
^b	Series 2020-1R Class M1, 2.926% due 11/25/2055		650,000		603,232
^a,b	VOLT CII LLC, Whole Loan Securities Trust CMO, Series 2021-NP11 Class A1, 5.868% due 8/25/2051		2,420		2,420
^a,b	WinWater Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2016-1 Class B3, 3.774% due 1/20/2046		117,392		111,474
	TOTAL MORTGAGE BACKED (Cost $68,682,117)				68,107,478

	LOAN PARTICIPATIONS — 0.5%

	HOUSEHOLD & PERSONAL PRODUCTS — 0.1%
	Household Products — 0.1%
^h	Prestige Brands, Inc., 5.686% (SOFR + 2.00%) due 6/13/2033		324,210		325,832
					325,832
	SOFTWARE & SERVICES — 0.2%
	Information Technology Services — 0.1%
ⁱ	CACI International, Inc., due 3/9/2033		300,000		299,250
	Software — 0.1%
ⁱ	Oak-Eagle AcquireCo, Inc., due 8/4/2033		300,000		302,760
					602,010
	TELECOMMUNICATION SERVICES — 0.2%
	Media — 0.2%
^h	Discovery Global Holdings, Inc., 6.186% (SOFR + 2.50%) due 6/3/2033		362,885		363,592
					363,592
	TOTAL LOAN PARTICIPATIONS (Cost $1,286,054)				1,291,434

	SHORT-TERM INVESTMENTS — 2.9%
^j	Thornburg Capital Management Fund		766,780		7,667,801
	TOTAL SHORT-TERM INVESTMENTS (Cost $7,667,801)				7,667,801

	TOTAL INVESTMENTS — 101.6% (Cost $265,797,706)			$	263,657,280

	LIABILITIES NET OF OTHER ASSETS — (1.6)%				(4,232,435	)

	NET ASSETS — 100.0%			$	259,424,845

28 | Annual Financial Statements

See notes to financial statements.

Schedule of Investments, Continued

Thornburg Multi Sector Bond ETF | August 31, 2026

OUTSTANDING FORWARD CURRENCY CONTRACTS TO BUY OR SELL AT AUGUST 31, 2026

CONTRACT
DESCRIPTION

CONTRACT
PARTY*

BUY/SELL

CONTRACT
AMOUNT

CONTRACT
VALUE DATE

VALUE
USD

UNREALIZED
APPRECIATION

UNREALIZED
DEPRECIATION

Euro

SSB

Sell

192,600

12/16/2026

224,657

270

—

Net unrealized appreciation (depreciation)

270

* Counterparty includes State Street Bank and Trust Company (“SSB”).

OUTSTANDING CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS AT AUGUST 31, 2026

REFERENCE

ENTITY

CLEARINGHOUSE*

FIXED

RATE

(PAY)/

RECEIVE

PAYMENT

FREQUENCY

EXPIRATION

DATE

NOTIONAL

AMOUNT

UPFRONT

PREMIUMS

(RECEIVED)/

PAID

VALUE AND

UNREALIZED

APPRECIATION/

(DEPRECIATION)

PROTECTION SOLD CONTRACTS

CDX North America High Yield Index Series 46

ICE

5.00%

Quarterly

6/20/2031

$416,500

$14,656

$22,464

* Clearinghouse includes Intercontinental Exchange (“ICE”).

Footnote Legend

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 August 31, 2026, the aggregate value of these securities in the Fund’s portfolio was $117,457,531, representing 45.28% of the Fund’s net assets.

Yankee bond denominated in U.S. dollars and is issued in the U.S. by foreign banks and corporations.

Bond in default.

Non-income producing.

Securities are perpetual and, thus, do not have a predetermined maturity date. The date shown, if applicable, reflects the next call date.

When-issued security.

The stated coupon rate represents the greater of the SOFR or the SOFR floor rate plus a spread at August 31, 2026.

This position or a portion of this position represents an unsettled loan purchase. The coupon rate will be effective at the time of settlement and will be based upon the Secured Overnight Financing Rate (“SOFR”) plus a premium which was determined at the time of purchase.

Investment in Affiliates.

Portfolio Abbreviations
To simplify the listings of securities, abbreviations are used per the table below:
ABS	Asset Backed Securities	GBP	Denominated in Pound Sterling
ACB	Agricultural Credit Bank	Mtg	Mortgage
AUD	Denominated in Australian Dollar	NZD	Denominated in New Zealand Dollar
BRL	Denominated in Brazilian Real	REMIC	Real Estate Mortgage Investment Conduit
CMBS	Commercial Mortgage-Backed Securities	SOFR	Secured Overnight Financing Rate
CMO	Collateralized Mortgage Obligation	SOFR30A	Secured Overnight Financing Rate 30-Day Average
CMT	Constant Maturity Rate	TSFR1M	Term SOFR 1 Month
DAC	Designated Activity Company	TSFR3M	Term SOFR 3 Month
EUR	Denominated in Euro	UMBS	Uniform Mortgage-Backed Securities

See notes to financial statements.

Annual Financial Statements | 29

Schedule of Investments, Continued

Thornburg Multi Sector Bond ETF | August 31, 2026

COUNTRY EXPOSURE *

(percent of net assets)

United States	93.0	%
United Kingdom	1.3	%
Canada	1.2	%
France	0.6	%
Bermuda	0.5	%
Australia	0.4	%
Italy	0.3	%
Germany	0.3	%
Japan	0.3	%
Mexico	0.2	%
Guatemala	0.1	%
Dominican Republic	0.1	%
Israel	0.1	%
China	0.1	%
Turkey	0.1	%
Belgium	0.1	%
Brazil	0.0	%**
New Zealand	0.0	%**
Other Assets Less Liabilities	1.3	%

Holdings are classified by country of risk as determined by MSCI and Bloomberg.

Country percentage was less than 0.1%.

30 | Annual Financial Statements

See notes to financial statements.

Schedule of Investments

Thornburg International Equity ETF | August 31, 2026

	ISSUER-DESCRIPTION	SHARES		VALUE
	COMMON STOCK — 94.4%

	AUTOMOBILES & COMPONENTS — 1.2%
	Automobile Components — 1.2%
	Cie Generale des Etablissements Michelin SCA		161,308	$	6,558,135
					6,558,135
	BANKS — 9.5%
	Banks — 9.5%
	BNP Paribas SA		156,951		18,738,252
	ING Groep NV		471,567		16,698,827
	Mitsubishi UFJ Financial Group, Inc.		761,142		17,539,701
					52,976,780
	CAPITAL GOODS — 17.6%
	Aerospace & Defense — 2.6%
	MTU Aero Engines AG		22,045		9,016,386
	Safran SA		14,625		5,725,088
	Building Products — 1.4%
	Cie de Saint-Gobain SA		85,674		7,794,317
	Construction & Engineering — 1.6%
	Ferrovial NV		150,877		8,833,035
	Electrical Equipment — 6.6%
	ABB Ltd.		122,235		11,951,934
	Mitsubishi Electric Corp.		304,307		10,642,503
	Schneider Electric SE		33,564		11,485,842
	Siemens Energy AG		16,075		2,654,886
	Industrial Conglomerates — 5.4%
	Hitachi Ltd.		413,071		14,066,064
	Siemens AG		48,355		16,041,906
					98,211,961
	COMMERCIAL & PROFESSIONAL SERVICES — 1.1%
	Professional Services — 1.1%
	Experian plc		145,504		6,005,030
					6,005,030
	CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL — 1.0%
	Broadline Retail — 1.0%
^a	Sea Ltd. ADR		47,641		5,406,301
					5,406,301
	CONSUMER DURABLES & APPAREL — 3.8%
	Household Durables — 2.6%
	Sony Group Corp.		586,006		14,736,843
	Textiles, Apparel & Luxury Goods — 1.2%
	LVMH Moet Hennessy Louis Vuitton SE		12,557		6,611,926
					21,348,769
	CONSUMER SERVICES — 2.0%
	Hotels, Restaurants & Leisure — 2.0%
	Galaxy Entertainment Group Ltd. ADR		522,220		11,306,063
					11,306,063
	CONSUMER STAPLES DISTRIBUTION & RETAIL — 1.5%
	Consumer Staples Distribution & Retail — 1.5%
	Alimentation Couche-Tard, Inc.		137,114		8,255,721
					8,255,721
	ENERGY — 3.9%
	Oil, Gas & Consumable Fuels — 3.9%
	Shell plc		142,595		6,515,381

See notes to financial statements.

Annual Financial Statements | 31

Schedule of Investments, Continued

Thornburg International Equity ETF | August 31, 2026

ISSUER-DESCRIPTION	SHARES		VALUE
TotalEnergies SE		176,682	$	15,501,302
				22,016,683
FINANCIAL SERVICES — 3.3%
Capital Markets — 3.3%
CME Group, Inc.		42,047		12,004,419
Japan Exchange Group, Inc.		453,832		6,394,201
				18,398,620
FOOD, BEVERAGE & TOBACCO — 1.0%
Beverages — 1.0%
Diageo plc Sponsored ADR		59,995		5,510,541
				5,510,541
HEALTH CARE EQUIPMENT & SERVICES — 1.6%
Health Care Equipment & Supplies — 1.6%
Alcon AG		123,546		8,954,581
				8,954,581
HOUSEHOLD & PERSONAL PRODUCTS — 2.1%
Household Products — 0.5%
Reckitt Benckiser Group plc		36,646		2,549,816
Personal Care Products — 1.6%
L’Oreal SA		20,214		9,032,975
				11,582,791
INSURANCE — 6.9%
Insurance — 6.9%
AIA Group Ltd. Sponsored ADR		292,048		11,311,019
Generali		217,516		11,261,344
NN Group NV		177,472		16,038,576
				38,610,939
MATERIALS — 6.8%
Chemicals — 2.5%
Air Liquide SA		31,781		6,258,872
Linde plc		16,158		7,910,634
Metals & Mining — 4.3%
Freeport-McMoRan, Inc.		181,553		13,750,825
Glencore plc		1,229,431		9,927,832
				37,848,163
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES — 5.2%
Pharmaceuticals — 5.2%
AstraZeneca plc		92,357		14,973,840
Roche Holding AG		31,811		13,890,613
				28,864,453
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 3.4%
Semiconductors & Semiconductor Equipment — 3.4%
Taiwan Semiconductor Manufacturing Co. Ltd.		252,797		19,165,777
				19,165,777
SOFTWARE & SERVICES — 1.9%
Software — 1.9%
SAP SE		46,978		10,417,340
				10,417,340
TECHNOLOGY HARDWARE & EQUIPMENT — 3.0%
Electronic Equipment, Instruments & Components — 1.8%
Keyence Corp.		19,248		10,083,520
Technology Hardware, Storage & Peripherals — 1.2%
FUJIFILM Holdings Corp.		329,662		6,998,053
				17,081,573

32 | Annual Financial Statements

See notes to financial statements.

Schedule of Investments, Continued

Thornburg International Equity ETF | August 31, 2026

	ISSUER-DESCRIPTION	SHARES		VALUE
	TELECOMMUNICATION SERVICES — 4.4%
	Diversified Telecommunication Services — 4.4%
	Deutsche Telekom AG		262,829	$	8,664,471
	Orange SA		894,613		16,008,597
					24,673,068
	TRANSPORTATION — 4.1%
	Air Freight & Logistics — 1.7%
	Deutsche Post AG ADR		296,043		9,623,174
	Ground Transportation — 2.4%
	Canadian Pacific Kansas City Ltd.		142,540		13,212,032
					22,835,206
	UTILITIES — 9.1%
	Electric Utilities — 6.6%
	Endesa SA		261,292		12,778,050
	Enel SpA		1,097,154		12,006,625
	Iberdrola SA		505,516		11,791,118
	Multi-Utilities — 2.5%
	E.ON SE		678,506		14,029,109
					50,604,902
	TOTAL COMMON STOCK (Cost $440,057,889)				526,633,397

	SHORT-TERM INVESTMENTS — 5.9%
^b	Thornburg Capital Management Fund		3,318,824		33,188,244
	TOTAL SHORT-TERM INVESTMENTS (Cost $33,188,244)				33,188,244

	TOTAL INVESTMENTS — 100.3% (Cost $473,246,133)			$	559,821,641

	LIABILITIES NET OF OTHER ASSETS — (0.3)%				(1,781,115	)

	NET ASSETS — 100.0%			$	558,040,526

Footnote Legend

Non-income producing.

Investment in Affiliates.

Portfolio Abbreviations

To simplify the listings of securities, abbreviations are used per the table below:

ADR American Depositary Receipt

See notes to financial statements.

Annual Financial Statements | 33

Schedule of Investments, Continued

Thornburg International Equity ETF | August 31, 2026

COUNTRY EXPOSURE *

(percent of equity holdings)

France	17.5%
United States	17.0%
Japan	15.3%
Germany	13.4%
Netherlands	6.2%
Spain	4.7%
Italy	4.4%
United Kingdom	4.4%
Canada	4.1%
Taiwan	3.6%
Switzerland	2.3%
Hong Kong	2.1%
Macao	2.1%
Australia	1.9%
Singapore	1.0%

* Holdings are classified by country of risk as determined by MSCI and Bloomberg.

34 | Annual Financial Statements

See notes to financial statements.

Schedule of Investments

Thornburg International Growth ETF | August 31, 2026

	ISSUER-DESCRIPTION	SHARES		VALUE
	COMMON STOCK — 97.8%

	AUTOMOBILES & COMPONENTS — 2.9%
	Automobiles — 2.9%
	Ferrari NV		303	$	128,048
					128,048
	BANKS — 4.0%
	Banks — 4.0%
	BNP Paribas SA		570		68,052
^a	NU Holdings Ltd. Class A		3,109		45,236
	Resona Holdings, Inc.		3,899		61,771
					175,059
	CAPITAL GOODS — 21.0%
	Aerospace & Defense — 8.8%
	Leonardo SpA		1,883		113,127
	MTU Aero Engines AG ADR		491		100,213
	Rolls-Royce Holdings plc		8,386		173,980
	Building Products — 1.2%
	Nitto Boseki Co. Ltd.		2,513		50,356
	Electrical Equipment — 5.4%
	Schneider Electric SE		396		135,514
	Siemens Energy AG		628		103,718
	Machinery — 1.4%
	SMC Corp.		140		61,989
	Trading Companies & Distributors — 4.2%
	AerCap Holdings NV		454		66,257
	Diploma plc		1,205		119,753
					924,907
	CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL — 6.3%
	Broadline Retail — 6.3%
^a	Amazon.com, Inc.		243		63,124
^a	MercadoLibre, Inc.		53		102,619
^a	Sea Ltd. ADR		974		110,529
					276,272
	CONSUMER DURABLES & APPAREL — 1.2%
	Textiles, Apparel & Luxury Goods — 1.2%
	Brunello Cucinelli SpA		528		53,862
					53,862
	CONSUMER SERVICES — 0.7%
	Hotels, Restaurants & Leisure — 0.7%
	Lottomatica Group SpA		1,073		31,683
					31,683
	FINANCIAL SERVICES — 10.1%
	Capital Markets — 6.4%
	Deutsche Boerse AG		304		101,700
^a,b	Fairfax India Holdings Corp.		2,927		55,613
	Hong Kong Exchanges & Clearing Ltd. ADR		476		25,790
	Japan Exchange Group, Inc.		6,962		98,090
	Financial Services — 3.7%
	Mastercard, Inc. Class A		215		126,702
^a	Wise Group plc Class A		2,829		37,259
					445,154
	HEALTH CARE EQUIPMENT & SERVICES — 4.4%
	Health Care Equipment & Supplies — 4.4%
	Hoya Corp.		1,266		195,019
					195,019

See notes to financial statements.

Annual Financial Statements | 35

Schedule of Investments, Continued

Thornburg International Growth ETF | August 31, 2026

	ISSUER-DESCRIPTION	SHARES		VALUE
	MATERIALS — 3.1%
	Chemicals — 3.1%
	Air Liquide SA		699	$	137,659
					137,659
	MEDIA & ENTERTAINMENT — 1.5%
	Interactive Media & Services — 1.5%
^b	SMG Swiss Marketplace Group AG		1,668		66,580
					66,580
	PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES — 6.2%
	Life Sciences Tools & Services — 3.0%
	Lonza Group AG		187		133,454
	Pharmaceuticals — 3.2%
	AstraZeneca plc		852		138,135
					271,589
	SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 23.4%
	Semiconductors & Semiconductor Equipment — 23.4%
^a	Advanced Micro Devices, Inc.		360		169,459
	AIXTRON SE		646		26,856
	ASM International NV		129		121,076
	ASML Holding NV		208		350,773
	BE Semiconductor Industries NV		492		111,730
	Taiwan Semiconductor Manufacturing Co. Ltd.		3,351		254,056
					1,033,950
	SOFTWARE & SERVICES — 6.8%
	Information Technology Services — 4.3%
	Nomura Research Institute Ltd.		2,550		84,486
^a	Shopify, Inc. Class A		730		107,580
	Software — 2.5%
^a	Cadence Design Systems, Inc.		137		46,413
^a	Money Forward, Inc.		1,533		61,946
					300,425
	TECHNOLOGY HARDWARE & EQUIPMENT — 3.9%
	Communications Equipment — 2.5%
^a	Arista Networks, Inc.		579		113,304
	Technology Hardware, Storage & Peripherals — 1.4%
	Western Digital Corp.		134		60,374
					173,678
	TELECOMMUNICATION SERVICES — 0.7%
	Diversified Telecommunication Services — 0.7%
^a	Digi Spain Telecom SA		3,987		30,544
					30,544
	UTILITIES — 1.6%
	Multi-Utilities — 1.6%
	E.ON SE		3,492		72,202
					72,202
	TOTAL COMMON STOCK (Cost $3,434,450)				4,316,631

	SHORT-TERM INVESTMENTS — 2.2%
^c	Thornburg Capital Management Fund		9,568		95,680
	TOTAL SHORT-TERM INVESTMENTS (Cost $95,680)				95,680

36 | Annual Financial Statements

See notes to financial statements.

Schedule of Investments, Continued

Thornburg International Growth ETF | August 31, 2026

ISSUER-DESCRIPTION	SHARES	VALUE
TOTAL INVESTMENTS — 100.0% (Cost $3,530,130)		$	4,412,311

LIABILITIES NET OF OTHER ASSETS — (0.0)%			(163	)

NET ASSETS — 100.0%		$	4,412,148

Footnote Legend

Non-income producing.

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 August 31, 2026, the aggregate value of these securities in the Fund’s portfolio was $122,193, representing 2.77% of the Fund’s net assets.

Investment in Affiliates.

Portfolio Abbreviations
To simplify the listings of securities, abbreviations are used per the table below:
ADR	American Depositary Receipt

COUNTRY EXPOSURE *

(percent of equity holdings)

United States	18.1%
Japan	14.2%
Netherlands	13.5%
United Kingdom	10.9%
Germany	9.4%
Italy	7.6%
Taiwan	5.9%
France	4.8%
Switzerland	4.6%
Brazil	3.4%
Singapore	2.5%
Canada	2.5%
India	1.3%
Spain	0.7%
Hong Kong	0.6%

* Holdings are classified by country of risk as determined by MSCI and Bloomberg.

See notes to financial statements.

Annual Financial Statements | 37

Schedule of Investments

Thornburg Premium Income Builder ETF | August 31, 2026

ISSUER-DESCRIPTION	SHARES		VALUE

COMMON STOCK — 96.0%

BANKS — 10.4%
Banks — 10.4%
Banco de Sabadell SA		73,933	$	311,991
Bank of Ireland Group plc		15,113		333,272
BNP Paribas SA		5,491		655,538
Citigroup, Inc.		1,700		223,754
ING Groep NV Sponsored ADR		13,600		480,352
Regions Financial Corp.		15,300		457,164
				2,462,071
CAPITAL GOODS — 4.8%
Aerospace & Defense — 1.3%
BAE Systems plc		10,914		302,277
Industrial Conglomerates — 2.5%
CK Hutchison Holdings Ltd. ADR		36,176		322,762
Siemens AG		833		276,338
Machinery — 1.0%
Daimler Truck Holding AG		4,437		241,146
				1,142,523
CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL — 0.9%
Specialty Retail — 0.9%
Home Depot, Inc.		680		222,924
				222,924
CONSUMER SERVICES — 0.4%
Hotels, Restaurants & Leisure — 0.4%
Galaxy Entertainment Group Ltd.		20,500		89,339
				89,339
CONSUMER STAPLES DISTRIBUTION & RETAIL — 1.9%
Consumer Staples Distribution & Retail — 1.9%
Tesco plc		71,009		440,001
				440,001
ENERGY — 7.9%
Oil, Gas & Consumable Fuels — 7.9%
Enbridge, Inc.		5,100		257,907
Shell plc ADR		3,400		310,930
South Bow Corp.		8,500		321,045
TC Energy Corp.		3,584		224,108
TotalEnergies SE		8,500		750,635
				1,864,625
FINANCIAL SERVICES — 6.8%
Capital Markets — 3.9%
CME Group, Inc.		2,040		582,420
SLR Investment Corp.		25,500		324,870
Financial Services — 2.5%
Equitable Holdings, Inc.		11,900		596,547
Mortgage Real Estate Investment Trusts — 0.4%
Chimera Investment Corp.		8,500		97,410
				1,601,247
HEALTH CARE EQUIPMENT & SERVICES — 1.9%
Health Care Equipment & Supplies — 1.9%
Medtronic plc		5,100		462,315
				462,315
HOUSEHOLD & PERSONAL PRODUCTS — 5.4%
Household Products — 5.4%
Kimberly-Clark Corp.		8,500		917,575

38 | Annual Financial Statements

See notes to financial statements.

Schedule of Investments, Continued

Thornburg Premium Income Builder ETF | August 31, 2026

ISSUER-DESCRIPTION	SHARES		VALUE
Reckitt Benckiser Group plc		5,185	$	360,558
				1,278,133
INSURANCE — 6.7%
Insurance — 6.7%
ASR Nederland NV		5,644		475,426
AXA SA		4,369		218,724
Generali		4,369		226,184
NN Group NV		7,497		677,493
				1,597,827
MATERIALS — 2.0%
Metals & Mining — 2.0%
BHP Group Ltd. Sponsored ADR		5,100		478,992
				478,992
MEDIA & ENTERTAINMENT — 3.1%
Media — 3.1%
Publicis Groupe SA		6,239		731,575
				731,575
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES — 8.8%
Biotechnology — 1.8%
AbbVie, Inc.		1,700		435,914
Pharmaceuticals — 7.0%
AstraZeneca plc		3,400		551,242
Merck & Co., Inc.		3,400		502,384
Novartis AG Sponsored ADR		1,700		258,502
Roche Holding AG		799		348,719
				2,096,761
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 5.8%
Semiconductors & Semiconductor Equipment — 5.8%
Broadcom, Inc.		1,925		712,904
Taiwan Semiconductor Manufacturing Co. Ltd. Sponsored ADR		1,581		656,621
				1,369,525
TECHNOLOGY HARDWARE & EQUIPMENT — 3.1%
Communications Equipment — 0.8%
Cisco Systems, Inc.		1,700		187,833
Technology Hardware, Storage & Peripherals — 2.3%
Samsung Electronics Co. Ltd. GDR		114		542,412
				730,245
TELECOMMUNICATION SERVICES — 19.2%
Diversified Telecommunication Services — 16.2%
AT&T, Inc.		28,900		748,221
BT Group plc		246,806		686,569
Deutsche Telekom AG		13,770		453,925
Koninklijke KPN NV		64,311		308,662
Orange SA		43,571		779,645
Singapore Telecommunications Ltd.		95,200		340,027
Telenor ASA		21,199		311,051
Zegona Communications plc		9,622		212,777
Wireless Telecommunication Services — 3.0%
America Movil SAB de CV ADR		15,300		352,512
Vodafone Group plc Sponsored ADR		22,100		354,484
				4,547,873
TRANSPORTATION — 1.0%
Air Freight & Logistics — 1.0%
Deutsche Post AG		3,570		232,798
				232,798

See notes to financial statements.

Annual Financial Statements | 39

Schedule of Investments, Continued

Thornburg Premium Income Builder ETF | August 31, 2026

	ISSUER-DESCRIPTION	SHARES		VALUE
	UTILITIES — 5.9%
	Electric Utilities — 4.7%
	Endesa SA		12,223	$	597,720
	Enel SpA		46,716		511,211
	Gas Utilities — 1.2%
	Snam SpA		43,316		291,618
					1,400,549
	TOTAL COMMON STOCK (Cost $22,094,771)				22,749,323

	SHORT-TERM INVESTMENTS — 3.9%
^a	Thornburg Capital Management Fund		92,239		922,393
	TOTAL SHORT-TERM INVESTMENTS (Cost $922,393)				922,393

	TOTAL INVESTMENTS — 99.9% (Cost $23,017,164)			$	23,671,716

	OTHER ASSETS LESS LIABILITIES — 0.1%				26,644

	NET ASSETS — 100.0%			$	23,698,360

OUTSTANDING WRITTEN OPTIONS CONTRACTS AT AUGUST 31, 2026
CONTRACT DESCRIPTION	CONTRACT PARTY*	CONTRACT AMOUNT		EXERCISE PRICE		EXPIRATION DATE	NOTIONAL AMOUNT	PREMIUMS RECEIVED USD		VALUE USD
WRITTEN CALL OPTIONS – (0.0)%
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES – (0.0)%
Merck & Co., Inc.	GST		400		USD 160.00	10/16/2026	USD 59,104	$	1,440	$	(692	)

TELECOMMUNICATION SERVICES – (0.0)%
Vodafone Group plc	GST		2,300		USD 17.00	9/18/2026	USD 36,892		621		(341	)
TOTAL WRITTEN CALL OPTIONS								$	2,061	$	(1,033	)

WRITTEN PUT OPTION – (0.0)%
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – (0.0)%
Broadcom, Inc.	GST		200		USD 340.00	10/16/2026	USD 74,068	$	2,980	$	(2,125	)
TOTAL								$	5,041	$	(3,158	)

* Counterparty includes Goldman Sachs International (“GST”).

Footnote Legend

a Investment in Affiliates.

Portfolio Abbreviations

To simplify the listings of securities, abbreviations are used per the table below:

ADR	American Depositary Receipt	USD	United States Dollar
GDR	Global Depositary Receipt

40 | Annual Financial Statements

See notes to financial statements.

Schedule of Investments, Continued

Thornburg Premium Income Builder ETF | August 31, 2026

COUNTRY EXPOSURE *

(percent of equity holdings)

United States	32.5%
United Kingdom	14.2%
France	13.8%
Netherlands	8.5%
Germany	5.3%
Italy	4.5%
Spain	4.0%
Canada	3.5%
Taiwan	2.9%
South Korea	2.4%
Australia	2.1%
Mexico	1.5%
Singapore	1.5%
Ireland	1.5%
Norway	1.4%
Macao	0.4%

* Holdings are classified by country of risk as determined by MSCI and Bloomberg.

See notes to financial statements.

Annual Financial Statements | 41

Statements of Assets and Liabilities

August 31, 2026

	THORNBURG CORE PLUS BOND ETF			THORNBURG MULTI SECTOR BOND ETF			THORNBURG INTERNATIONAL EQUITY ETF		THORNBURG INTERNATIONAL GROWTH ETF		THORNBURG PREMIUM INCOME BUILDER ETF
ASSETS
Investments at cost
Non-affiliated issuers	$	14,365,769		$	258,129,905		$	440,057,889	$	3,434,450	$	22,094,771
Non-controlled affiliated issuers		561,273			7,667,801			33,188,244		95,680		922,393

Investments at value
Non-affiliated issuers		14,169,783			255,989,479			526,633,397		4,316,631		22,749,323
Non-controlled affiliated issuers		561,273			7,667,801			33,188,244		95,680		922,393
Cash		-			265,608			-		-		48,540
Foreign currency at value ^(a)		-			-			77,189		201		7,756
Deposits at broker		12,376			30,925			-		-		-
Unrealized appreciation on forward currency contracts		-			270			-		-		-
Receivable for variation margin on futures contracts		5,237			-			-		-		-
Receivable for variation margin on centrally cleared swap agreements		-			23,290			-		-		-
Dividends receivable		1,329			11,312			793,733		2,208		33,084
Tax reclaims receivable		96			1,306			280,374		549		3,491
Principal and interest receivable		121,145			1,895,891			-		-		-

Total Assets		14,871,239			265,885,882			560,972,937		4,415,269		23,764,587

LIABILITIES
Written options at value		-			-			-		-		3,158
Payable for investments purchased		48,195			6,345,571			2,628,556		478		49,584
Payable to custodian		18,848			-			-		-		-
Payable to investment advisor and other affiliates		5,675			115,466			303,855		2,643		12,848
Accounts payable and accrued expenses		-			-			-		-		637

Total Liabilities		72,718			6,461,037			2,932,411		3,121		66,227

NET ASSETS	$	14,798,521		$	259,424,845		$	558,040,526	$	4,412,148	$	23,698,360

NET ASSETS CONSIST OF
Net capital paid in on shares of beneficial interest	$	15,190,913		$	262,133,664		$	467,984,780	$	4,059,690	$	22,955,705
Distributable earnings (accumulated loss)		(392,392	)		(2,708,819	)		90,055,746		352,458		742,655

NET ASSETS	$	14,798,521		$	259,424,845		$	558,040,526	$	4,412,148	$	23,698,360

NET ASSET VALUE
Net assets applicable to shares outstanding	$	14,798,521		$	259,424,845		$	558,040,526	$	4,412,148	$	23,698,360
Shares outstanding		600,000			10,330,000			15,380,000		160,000		900,000
Net asset value and redemption price per share		24.66			25.11			36.28		27.58		26.33

(a)

Cost of foreign currency is $0; $0; $77,197; $201; $7,737 respectively.

See notes to financial statements.

42 | Annual Financial Statements

Statements of Operations

Year Ended August 31, 2026

	THORNBURG CORE PLUS BOND ETF			THORNBURG MULTI SECTOR BOND ETF			THORNBURG INTERNATIONAL EQUITY ETF			THORNBURG INTERNATIONAL GROWTH ETF			THORNBURG PREMIUM INCOME BUILDER ETF^(a)
INVESTMENT INCOME
Dividend income
Non-affiliated issuers	$	1,246		$	22,312		$	11,335,010		$	53,353		$	127,561
Non-controlled affiliated issuers		14,439			95,796			858,616			3,550			1,506
Dividend taxes withheld		-			-			(1,342,662	)		(7,649	)		(11,340	)
Interest income		963,037			6,985,671			441			-			-

Total Income		978,722			7,103,779			10,851,405			49,254			117,727

EXPENSES
Investment management fees		84,759			749,860			2,487,903			33,961			23,955
Legal fees		475			4,643			13,202			122			71

Total Expenses		85,234			754,503			2,501,105			34,083			24,026

Net Investment Income (Loss)	$	893,488		$	6,349,276		$	8,350,300		$	15,171		$	93,701

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Non-affiliated issuers investments	$	(160,855	)	$	(895,584	)	$	(3,210,178	)	$	(308,434	)	$	(8,478	)
In-kind redemptions		25,798			131,584			2,018,250			83,301			-
Options written		-			-			-			-			707
Forward currency contracts		-			7,094			-			-			-
Futures contracts		(7,815	)		-			-			-			-
Swap agreements		-			14,975			-			-			-
Foreign currency transactions		36			(3,457	)		(38,963	)		278			83

Net realized gain (loss)		(142,836	)		(745,388	)		(1,230,891	)		(224,855	)		(7,688	)

Net change in unrealized appreciation (depreciation) on:
Non-affiliated issuers investments		(332,811	)		(2,784,176	)		67,741,720			590,217			654,552
Options written		-			-			-			-			1,883
Forward currency contracts		-			2,133			-			-			-
Futures contracts		(1,930	)		-			-			-			-
Swap agreements		-			19,285			-			-			-
Foreign currency translations		87			206			(4,878	)		(5	)		207

Change in net unrealized appreciation (depreciation)		(334,654	)		(2,762,552	)		67,736,842			590,212			656,642

Net Realized and Unrealized Gain (Loss)		(477,490	)		(3,507,940	)		66,505,951			365,357			648,954

Change in Net Assets Resulting from Operations	$	415,998		$	2,841,336		$	74,856,251		$	380,528		$	742,655

(a)

The Fund commenced operations on June 22, 2026.

See notes to financial statements.

Annual Financial Statements | 43

Statements of Changes in Net Assets

	THORNBURG CORE PLUS BOND ETF						THORNBURG MULTI SECTOR BOND ETF
	YEAR ENDED AUGUST 31, 2026			PERIOD ENDED AUGUST 31, 2025^(a)			YEAR ENDED AUGUST 31, 2026			PERIOD ENDED AUGUST 31, 2025^(a)
INCREASE (DECREASE) IN NET ASSETS FROM

OPERATIONS
Net investment income (loss)	$	893,488		$	450,938		$	6,349,276		$	1,216,838
Net realized gain (loss)		(142,836	)		(67,116	)		(745,388	)		(20,344	)
Net change in unrealized appreciation (depreciation)		(334,654	)		136,597			(2,762,552	)		644,893

Net Increase (Decrease) in Net Assets Resulting from Operations		415,998			520,419			2,841,336			1,841,387

DIVIDENDS TO SHAREHOLDERS
From distributable earnings		(884,655	)		(418,356	)		(6,164,470	)		(1,095,607	)

FUND SHARE TRANSACTIONS
Proceeds from shares sold		5,101,372			18,868,628			191,393,740			76,042,654
Cost of shares redeemed		(8,804,885	)		-			(5,134,195	)		(300,000	)

Net Increase (Decrease) in Net Assets		(4,172,170	)		18,970,691			182,936,411			76,488,434

NET ASSETS
Beginning of Year		18,970,691			-			76,488,434			-

End of Year	$	14,798,521		$	18,970,691		$	259,424,845		$	76,488,434

(a)

The Fund commenced operations on February 4, 2025.

See notes to financial statements.

44 | Annual Financial Statements

Statements of Changes in Net Assets, Continued

	THORNBURG INTERNATIONAL EQUITY ETF						THORNBURG INTERNATIONAL GROWTH ETF
	YEAR ENDED AUGUST 31, 2026			PERIOD ENDED AUGUST 31, 2025^(a)			YEAR ENDED AUGUST 31, 2026			PERIOD ENDED AUGUST 31, 2025^(b)
INCREASE (DECREASE) IN NET ASSETS FROM

OPERATIONS
Net investment income (loss)	$	8,350,300		$	1,989,134		$	15,171		$	24,747
Net realized gain (loss)		(1,230,891	)		626,984			(224,855	)		(236,540	)
Net change in unrealized appreciation (depreciation)		67,736,842			18,838,431			590,212			292,014

Net Increase (Decrease) in Net Assets Resulting from Operations		74,856,251			21,454,549			380,528			80,221

DIVIDENDS TO SHAREHOLDERS
From distributable earnings		(3,276,390	)		-			(24,990	)		-

FUND SHARE TRANSACTIONS
Proceeds from shares sold		273,799,335			201,779,811			578			5,043,273
Cost of shares redeemed		(7,896,426	)		(2,676,604	)		(1,067,462	)		-

Net Increase (Decrease) in Net Assets		337,482,770			220,557,756			(711,346	)		5,123,494

NET ASSETS
Beginning of Year		220,557,756			-			5,123,494			-

End of Year	$	558,040,526		$	220,557,756		$	4,412,148		$	5,123,494

(a)

The Fund commenced operations on January 21, 2025.

(b)

The Fund commenced operations on January 22, 2025.

See notes to financial statements.

Annual Financial Statements | 45

Statements of Changes in Net Assets, Continued

	THORNBURG PREMIUM INCOME BUILDER ETF
	PERIOD ENDED AUGUST 31, 2026^(a)
INCREASE (DECREASE) IN NET ASSETS FROM

OPERATIONS
Net investment income (loss)	$	93,701
Net realized gain (loss)		(7,688	)
Net change in unrealized appreciation (depreciation)		656,642

Net Increase (Decrease) in Net Assets Resulting from Operations		742,655

DIVIDENDS TO SHAREHOLDERS
From distributable earnings		-

FUND SHARE TRANSACTIONS
Proceeds from shares sold		22,955,705

Net Increase (Decrease) in Net Assets		23,698,360

NET ASSETS
Beginning of Period		-

End of Period	$	23,698,360

(a)

The Fund commenced operations on June 22, 2026.

See notes to financial statements.

46 | Annual Financial Statements

Notes to Financial Statements

August 31, 2026

NOTE 1 – ORGANIZATION

Thornburg Core Plus Bond ETF (“Core Plus Bond ETF”), Thornburg Multi Sector Bond ETF (“Multi Sector Bond ETF”), Thornburg International Equity ETF (“International Equity ETF”), Thornburg International Growth ETF (“International Growth ETF”), and Thornburg Premium Income Builder ETF (“Premium Income Builder ETF”), collectively the “Funds”, are series of Thornburg ETF Trust (the “Trust”). The Trust was organized as a Massachusetts Business Trust on September 9, 2024 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. Each Fund is non-diversified within the meaning of the 1940 Act. The shares of each Fund are bought and sold through exchange trading at market prices (not net asset value (“NAV”)), and are not individually redeemable with the Funds. Shares may trade at a premium or discount to their NAV in the secondary market. Premium Income Builder ETF commenced operations on June 22, 2026. Each Fund is considered to be a separate entity for financial reporting and tax purposes and bears expenses directly attributable to it.

Core Plus Bond ETF: The Fund’s investment objective is to seek total return, consisting of income and capital appreciation. The Fund’s investments subject it to certain risks. As of the date of this report, the principal risks of investing in the Fund include new and smaller sized fund risk, investment adviser risk, ETF structure risks, risks of bank loans, loan assignments, loan participations and similar obligations, risks affecting convertible debt obligations, risks affecting zero coupon bonds and stripped securities, risks of investing in U.S. government obligations, risks of investing in municipal obligations, risks of debt issued by foreign governments, credit risk, high yield risk, interest rate risk, prepayment and extension risk, risks affecting mortgage-backed securities and other asset-backed securities, structured products risk, foreign currency risk, foreign investment risk, emerging markets risk, market and economic risk, risks affecting specific issuers, liquidity risk, derivatives risk, and cybersecurity and operational risk. Please see the Fund’s prospectus for a discussion of those principal risks and other risks associated with an investment in the Fund.

Multi Sector Bond ETF: The Fund’s investment objective is to seek total return, consisting of income and capital appreciation. The Fund’s investments subject it to certain risks. As of the date of this report, the principal risks of investing in the Fund include new and smaller sized fund risk, investment adviser risk, ETF structure risks, risks of bank loans, loan assignments, loan participations and similar obligations, risks affecting convertible debt obligations, risks affecting zero coupon bonds and stripped securities, risks of investing in U.S. government obligations, risks of investing in municipal obligations, risks of debt issued by foreign governments, credit risk, high yield risk, interest rate risk, prepayment and extension risk, risks affecting mortgage-backed securities and other asset-backed securities, structured products risk, foreign currency risk, foreign investment risk, market and economic risk, risks affecting specific issuers, liquidity risk, derivatives risk, and cybersecurity and operational risk. Please see the Fund’s prospectus for a discussion of those principal risks and other risks associated with an investment in the Fund.

International Equity ETF: The Fund’s investment objective is to seek long-term capital appreciation. The Fund’s investments subject it to certain risks. As of the date of this report, the principal risks of investing in the Fund include new and smaller sized fund risk, investment adviser risk, ETF structure risks, equity risk, derivatives risk, risks of investing in depositary receipts, market and economic risk, risks affecting specific issuers, risks affecting specific countries or regions, focused investment risk, foreign investment risk, foreign currency risk, liquidity risk, and cybersecurity and operational risk. Please see the Fund’s prospectus for a discussion of those principal risks and other risks associated with an investment in the Fund.

International Growth ETF: The Fund’s investment objective is to seek long-term capital growth. The Fund’s investments subject it to certain risks. As of the date of this report, the principal risks of investing in the Fund include new and smaller sized fund risk, investment adviser risk, ETF structure risks, growth company risk, equity risk, derivatives risk, risks of investing in depositary receipts, small and mid-cap company risk, market and economic risk, risks affecting specific issuers, risks affecting specific countries or regions, focused investment risk, foreign investment risk, foreign currency risk, liquidity risk, and cybersecurity and operational risk. Please see the Fund’s prospectus for a discussion of those principal risks and other risks associated with an investment in the Fund.

Premium Income Builder ETF: The Fund’s investment objective is to seek total return consisting of income and, secondarily, capital appreciation. The Fund’s investments subject it to certain risks. As of the date of this report, the principal risks of investing in the Fund include new and smaller sized fund risk, investment adviser risk, ETF structure risks, equity risk, options strategy risk, foreign investment risk, foreign currency risk, emerging markets risk, risks of investing in depositary receipts, real estate risk, derivatives risk, focused investment risk, equity-linked notes risk, risks affecting convertible debt obligations, risks of investing in U.S. government obligations, risks of debt issued by foreign governments, credit risk, high yield risk, interest rate risk, prepayment and extension risk, risks affecting mortgage-backed securities and other asset-backed securities, business development company risk, market and economic risk, risks affecting specific countries or regions, risks affecting specific issuers, liquidity risk, and cybersecurity and operational risk. Please see the Fund’s prospectus for a discussion of those principal risks and other risks associated with an investment in the Fund.

NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies followed by each of the Funds in the preparation of its financial statements. Each Fund prepares its financial statements in conformity with United States generally accepted accounting principles (“GAAP”), including investment company accounting and reporting guidance in the Financial Accounting Standards Board (the “FASB”) Accounting Standards Codification Topic 946.

Annual Financial Statements | 47

Notes to Financial Statements, Continued

August 31, 2026

Segment Reporting: Each Fund has adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (“ASU 2023-07”). Adoption of the standard impacted financial statement disclosures only and did not affect each Fund’s financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is the President of each Fund. Each Fund operates as a single operating segment. Each Fund’s income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of the Fund, using the information presented in the financial statements and financial highlights.

Allocation of Income, Gains, Losses and Expenses: Net investment income and any realized and unrealized gains and losses are allocated daily to each outstanding share at the beginning of the day (after adjusting for the current capital shares activity). Expenses common to each Fund and each series of Thornburg Investment Trust are allocated daily among the Funds and series of Thornburg Investment Trust based upon their relative net asset values or other appropriate allocation methods.

Dividends and Distributions to Shareholders: Dividends and distributions to shareholders, which are determined in accordance with federal income tax regulations and may differ from GAAP, are recorded on the ex-dividend date. Ordinary income dividends of a Fund, if any, are generally declared and paid at least monthly for Core Plus Bond ETF and Multi Sector Bond ETF, quarterly for Premium Income Builder ETF, and at least annually for International Equity ETF and International Growth ETF. Capital gains distributions, if any, usually will be declared and paid in December for the prior twelve-month period ending October 31.

Foreign Currency Translation: Portfolio investments and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the exchange rate of such currencies against the U.S. dollar on the date of valuation. Purchases and sales of investments and income items denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date. When the Funds purchase or sell foreign investments, they will customarily enter into a foreign exchange contract to minimize foreign exchange risk from the trade date to the settlement date of such transactions. The values of such spot contracts are included in receivable for investments sold and payable for investments purchased on the Statement of Assets and Liabilities.

The Funds do not separately report the effect of changes in foreign exchange rates from changes in market prices on investments held. Such changes are included in Net change in unrealized appreciation (depreciation) on investments in the Statement of Operations.

Reported net realized gains and losses from foreign currency transactions arise due to purchases and sales of foreign currencies, currency gains and losses realized between the trade and settlement dates on investment transactions and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds’ books, and the U.S. dollar equivalent of the amounts actually received or paid. These amounts are included in Net realized gain (loss) on foreign currency transactions in the Statement of Operations.

Net change in unrealized appreciation (depreciation) on foreign currency translations arises from changes in the fair value of assets and liabilities, other than investments at period end, resulting from changes in exchange rates.

Guarantees and Indemnifications: Under the Trust’s organizational documents (and under separate agreements with the independent Trustees), its officers and Trustees are provided with an indemnification, to the extent permitted by the 1940 Act, against certain liabilities that may arise out of the performance of their duties to the Funds. In the normal course of business, the Trust may also enter into contracts with service providers that contain general indemnifications. The Trust’s maximum exposure under these arrangements is unknown. However, based on experience, the Trust expects the risk of loss to be remote.

Investment Income: Dividend income is recorded on the ex-dividend date. Certain income from foreign investments is recognized as soon as information is available to the Funds. Interest income is accrued as earned. Premiums and discounts are amortized and accreted, respectively, to first call dates or maturity dates using the effective yield method of the respective investments. These amounts are included in Investment Income in the Statement of Operations.

Investment Transactions: Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale of investments are recorded on an identified cost basis.

Repurchase Agreements: The Funds may invest excess cash in repurchase agreements whereby the Funds purchase investments, which serve as collateral, with an agreement to resell such collateral to the seller at an agreed upon price at the maturity date of the repurchase agreement. Investments pledged as collateral for repurchase agreements are held in custody until maturity of the repurchase agreement. Provisions in the agreements require that the market value of the collateral is at least equal to the repurchase value in the event of default. In the event of default, the Funds have the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. Under certain circumstances, in the event of default or bankruptcy by the other party to the agreement, realization and/or retention of the collateral may be subject to legal proceedings. During the year ended August 31, 2026, the Funds did not enter into repurchase agreements.

48 | Annual Financial Statements

Notes to Financial Statements, Continued

August 31, 2026

Security Valuation: All investments in securities held by the Funds are valued as described in Note 3.

Use of Estimates: The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases (decreases) in net assets from operations during the reporting period. Actual results could differ from those estimates.

When-Issued and Delayed Delivery Transactions: The Funds may engage in when-issued or delayed delivery transactions. To the extent the Funds engage in such transactions, they will do so for the purpose of acquiring portfolio investments consistent with the Funds’ investment objectives and not for the purpose of investment leverage or to speculate on interest rate or market changes. At the time the Funds make a commitment to purchase an investment on a when-issued or delayed delivery basis, the Funds will record the transaction and reflect the value in determining its net asset value. Pursuant to Rule 18f-4 under the 1940 Act, a transaction involving a when-issued security will not be deemed to involve a senior security as long as the Funds intend to settle the transaction physically and the transaction settles within 35 days. Investments purchased on a when-issued or delayed delivery basis do not earn interest until the settlement date. The values of these securities held at August 31, 2026, if any, are detailed in the Schedule of Investments.

NOTE 3 – SECURITY VALUATION

Valuation of the Funds’ 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 Funds’ “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 Funds’ 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 Funds’ 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 Funds 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 Funds upon a sale of the investment, and the difference could be material to the Funds’ 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 ask 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.

Annual Financial Statements | 49

Notes to Financial Statements, Continued

August 31, 2026

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 Funds 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.

Investments in U.S. exchange-traded funds are valued at the exchange-traded price if they are listed.

Debt obligations held by the Funds 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.

Forward currency contracts are valued by a third-party pricing service provider.

Futures contracts are valued at the settlement price on the exchange on which they trade or, if a settlement price is unavailable, at the last sale price on the exchange.

Credit default swap agreements cleared on a clearinghouse or on an exchange which the swap is traded may be valued using the closing price provided by the clearinghouse or exchange on which the swap is traded.

Over-the-counter options are valued by a third-party pricing service provider.

In any case when a pricing service provider fails to provide a valuation for a debt obligation held by the Funds, 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 Funds are likely to obtain if they 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 Funds may be traded on days and at times when the Funds are not open for business. Consequently, the value of the Funds’ investments may be significantly affected on days when shareholders cannot purchase or sell Fund shares.

Valuation Hierarchy: The Funds categorize their investments based upon the inputs used in valuing those investments, according to a three-level hierarchy established in guidance from the FASB. Categorization of investments using this hierarchy is intended by the FASB to maximize the use of observable inputs in valuing investments and minimize the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are those that market participants would use in valuing an investment based on available market information. Unobservable inputs are those that reflect assumptions about the information market participants would use in valuing an investment. An investment’s level within the hierarchy is based on the lowest level input that is deemed significant to the valuation. The methodologies and inputs used to value investments are not necessarily indications of the risk or liquidity associated with those investments.

Various inputs are used in calculating valuations for the Funds’ investments. These inputs are generally summarized according to the three-level hierarchy below:

Level 1: Quoted prices in active markets for identical investments.

Level 2: Other direct or indirect significant observable inputs (including quoted prices for similar investments in active markets and other observable inputs, such as interest rates, prepayment rates, credit ratings, etc.).

Level 3: Significant unobservable inputs (including the Committee’s own assumptions in calculating the fair values of investments).

Valuations for debt obligations held by the Funds are typically calculated by pricing service providers approved by the Committee and are generally characterized as Level 2 within the valuation hierarchy.

50 | Annual Financial Statements

Notes to Financial Statements, Continued

August 31, 2026

In any case when a pricing service provider fails to provide a valuation for a debt obligation held by the Funds, the Committee calculates a fair value for the obligation using alternative methods under procedures approved by the Committee. Additionally, in cases when management 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 Funds are likely to obtain if they sought a bid for the investment, or is otherwise unreliable, the Committee calculates a fair value for the obligation using an alternative method approved by the Committee.

In a limited number of cases the Committee calculates a fair value for investments using broker quotations or other methods approved by the Committee. When the Committee uses a single broker quotation to calculate a fair value for an investment without other significant observable inputs, or if a fair value is calculated using other significant inputs that are considered unobservable, the investment is characterized as Level 3 within the hierarchy. Other significant unobservable inputs used to calculate a fair value in these instances might include an income-based valuation approach which considers discounted anticipated future cash flows from the investment and application of discounts due to the nature or duration of any restrictions on the disposition of the investment.

Valuations based upon the use of inputs from Levels 1, 2 or 3 may not represent the actual price received upon the disposition of an investment, and a Fund may receive a price that is lower than the valuation based upon these inputs when it sells the investment.

The following table displays a summary of the fair value hierarchy measurements of the Funds’ investments as of August 31, 2026:

CORE PLUS BOND ETF	TOTAL			LEVEL 1		LEVEL 2			LEVEL 3
Assets
Investments in Securities
Preferred Stock	$	59,018		$	59,018	$	—		$	—
Asset Backed Securities		1,536,067			—		1,536,067			—
Corporate Bonds		5,210,825			—		5,210,825			—
Other Government		163,573			—		163,573			—
U.S. Treasury Securities		2,399,399			2,399,399		—			—
U.S. Government Agencies		70,045			—		70,045			—
Mortgage Backed		4,730,856			—		4,730,856			—
Short-Term Investments		561,273			561,273		—			—
Total Investments in Securities	$	14,731,056		$	3,019,690	$	11,711,366		$	—
Total Assets	$	14,731,056		$	3,019,690	$	11,711,366		$	—

Liabilities
Other Financial Instruments
Futures Contracts	$	(2,086	)	$	—	$	(2,086	)	$	—
Total Other Financial Instruments	$	(2,086	)	$	—	$	(2,086	)	$	—
Total Liabilities	$	(2,086	)	$	—	$	(2,086	)	$	—

MULTI SECTOR BOND ETF	TOTAL			LEVEL 1		LEVEL 2			LEVEL 3
Assets
Investments in Securities
Preferred Stock	$	790,328		$	790,328	$	—		$	—
Asset Backed Securities		32,644,681			—		32,644,681			—
Corporate Bonds		102,482,722			—		102,482,722			—
Other Government		896,593			—		896,593			—
U.S. Treasury Securities		49,005,750			49,005,750		—			—
U.S. Government Agencies		770,493			—		770,493			—
Mortgage Backed		68,107,478			—		68,107,478			—
Loan Participations		1,291,434			—		1,291,434			—
Short-Term Investments		7,667,801			7,667,801		—			—
Total Investments in Securities	$	263,657,280		$	57,463,879	$	206,193,401		$	—

Other Financial Instruments
Forward Currency Contracts	$	270		$	—	$	270		$	—
Centrally Cleared Credit Default Swap Agreements		22,464			—		22,464			—
Total Other Financial Instruments	$	22,734		$	—	$	22,734		$	—
Total Assets	$	263,680,014		$	57,463,879	$	206,216,135		$	—

Annual Financial Statements | 51

Notes to Financial Statements, Continued

August 31, 2026

INTERNATIONAL EQUITY ETF	TOTAL			LEVEL 1		LEVEL 2			LEVEL 3
Assets
Investments in Securities
Common Stock	$	526,633,397		$	526,633,397	$	—		$	—
Short-Term Investments		33,188,244			33,188,244		—			—
Total Investments in Securities	$	559,821,641		$	559,821,641	$	—		$	—
Total Assets	$	559,821,641		$	559,821,641	$	—		$	—

INTERNATIONAL GROWTH ETF	TOTAL			LEVEL 1		LEVEL 2			LEVEL 3
Assets
Investments in Securities
Common Stock	$	4,316,631		$	4,316,631	$	—		$	—
Short-Term Investments		95,680			95,680		—			—
Total Investments in Securities	$	4,412,311		$	4,412,311	$	—		$	—
Total Assets	$	4,412,311		$	4,412,311	$	—		$	—

PREMIUM INCOME BUILDER ETF	TOTAL			LEVEL 1		LEVEL 2			LEVEL 3
Assets
Investments in Securities
Common Stock	$	22,749,323		$	22,749,323	$	—		$	—
Short-Term Investments		922,393			922,393		—			—
Total Investments in Securities	$	23,671,716		$	23,671,716	$	—		$	—
Total Assets	$	23,671,716		$	23,671,716	$	—		$	—

Liabilities
Other Financial Instruments
Written Call Options	$	(1,033	)	$	—	$	(1,033	)	$	—
Written Put Options		(2,125	)		—		(2,125	)		—
Total Other Financial Instruments	$	(3,158	)	$	—	$	(3,158	)	$	—
Total Liabilities	$	(3,158	)	$	—	$	(3,158	)	$	—

NOTE 4 – INVESTMENT MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Pursuant to an investment advisory agreement with the Trust, the Advisor is paid a management fee for advisory services and for administrative and other services. Each Fund pays for these services under a bundled fee structure (the “Unified Management Fee”). Each Fund pays the Advisor a Unified Management Fee based on the average daily net assets of that Fund at an annual rate as shown in the following table:

	MANAGEMENT FEE
Core Plus Bond ETF	0.45%
Multi Sector Bond ETF	0.55
International Equity ETF	0.65
International Growth ETF	0.70
Premium Income Builder ETF	0.79

Total management fees incurred by the Funds for the year ended August 31, 2026 are set forth in the Statement of Operations.

52 | Annual Financial Statements

	Notes to Financial Statements, Continued
	August 31, 2026

As of August 31, 2026, the percentage of direct investments in the Funds held by the Trustees, officers of the Trust, and the Advisor is approximately as follows.

	PERCENTAGE OF
	DIRECT INVESTMENTS
Core Plus Bond ETF	1.36%
Multi Sector Bond ETF	0.07
International Equity ETF	0.09
International Growth ETF	0.01
Premium Income Builder ETF	1.96

The Funds may purchase or sell portfolio securities from or to an affiliated fund provided that all such transactions will comply with Rule 17a-7 under the 1940 Act. For the year ended August 31, 2026, the Funds had no such transactions with affiliated funds.

Shown below are holdings of voting securities of each portfolio holding which is considered “affiliated” to the Funds under the 1940 Act (“Affiliates”), including companies for which the Funds’ holdings represented 5% or more of the company’s voting securities, and a series of the Thornburg Investment Trust in which the Funds invested for cash management purposes during the period:

CORE PLUS BOND ETF	MARKET VALUE 8/31/25		PURCHASES AT COST		SALES PROCEEDS			REALIZED GAIN (LOSS)		CHANGE IN UNREALIZED APPR./(DEPR.)		MARKET VALUE 8/31/26		DIVIDEND INCOME
Thornburg Capital Mgmt. Fund	$	267,662	$	7,999,629	$	(7,706,018	)	$	-	$	-	$	561,273	$	14,439

MULTI SECTOR BOND ETF
Thornburg Capital Mgmt. Fund	$	569,032	$	89,731,295	$	(82,632,526	)	$	-	$	-	$	7,667,801	$	95,796

INTERNATIONAL EQUITY ETF
Thornburg Capital Mgmt. Fund	$	8,584,100	$	131,993,213	$	(107,389,069	)	$	-	$	-	$	33,188,244	$	858,616

INTERNATIONAL GROWTH ETF
Thornburg Capital Mgmt. Fund	$	140,253	$	760,905	$	(805,478	)	$	-	$	-	$	95,680	$	3,550

PREMIUM INCOME BUILDER ETF^*
Thornburg Capital Mgmt. Fund	$	-	$	1,280,207	$	(357,814	)	$	-	$	-	$	922,393	$	1,506

^*The Fund commenced operations on June 22, 2026.

NOTE 5 – TAXES

Federal Income Taxes: It is the policy of the Trust to comply with the provisions of the Internal Revenue Code of 1986 applicable to regulated investment companies and to distribute to shareholders substantially all investment company taxable income including net realized gains on investments (if any), and tax exempt income of the Funds. Therefore, no provision for federal income or excise tax is required.

The Funds file income tax returns in United States federal and applicable state jurisdictions. The statute of limitations on the Funds’ tax return filings generally remains open for the three years following a return’s filing date. The Funds have analyzed each uncertain tax position believed to be material in the preparation of the Funds’ financial statements for the fiscal year ended August 31, 2026, including open tax years, to assess whether it is more likely than not that the position would be sustained upon examination, based on the technical merits of the position. The Funds have not identified any such position for which an asset or liability must be reflected in the Statements of Assets and Liabilities.

At August 31, 2026, information on the tax components of capital was as follows:

	COST		UNREALIZED APPRECIATION		UNREALIZED DEPRECIATION			NET UNREALIZED APPRECIATION (DEPRECIATION)
Core Plus Bond ETF	$	14,926,094	$	34,238	$	(229,276	)	$	(195,038	)
Multi Sector Bond ETF		265,680,064		248,919		(2,253,346	)		(2,004,427	)
International Equity ETF		473,295,517		90,116,521		(3,590,397	)		86,526,124
International Growth ETF		3,534,225		971,034		(92,948	)		878,086
Premium Income Builder ETF		23,016,173		986,067		(330,524	)		655,543

Annual Financial Statements | 53

Notes to Financial Statements, Continued

August 31, 2026

Temporary differences between book and tax basis appreciation (depreciation) on cost of investments are primarily attributed to tax deferral of losses on wash sales, premium amortization accruals, mark-to-market of forward currency contracts, mark-to-market of futures contracts, mark-to-market of passive foreign investment companies, distributions from real estate investment trusts (“REITs”), perpetual bond adjustments and accrued income on swaps.

At August 31, 2026, the Funds had cumulative tax basis capital losses from prior fiscal years as shown on the following table, which may be carried forward to offset future capital gains. To the extent such carryforwards are used, capital gain distributions may be reduced to the extent provided by regulations. Such capital loss carryforwards do not expire.

	CUMULATIVE CAPITAL LOSSES
		SHORT-TERM		LONG-TERM
Core Plus Bond ETF	$	221,192	$	14,195
Multi Sector Bond ETF		923,708		17,945
International Equity ETF		2,866,934		610,071
International Growth ETF		411,342		130,818
Premium Income Builder ETF		7,771		—

At August 31, 2026, the effect of permanent “book/tax” reclassifications resulted in increases and decreases to components of the Funds’ net assets as follows:

	DISTRIBUTABLE EARNINGS			NET CAPITAL PAID
Core Plus Bond ETF	$	(25,798	)	$	25,798
Multi Sector Bond ETF		(131,465	)		131,465
International Equity ETF		(2,018,251	)		2,018,251
International Growth ETF		(83,301	)		83,301

These differences are primarily due to the tax treatment of non-recognition of in-kind redemptions.

Foreign Withholding Taxes Paid: The Funds are subject to foreign tax withholding imposed by certain foreign countries in which the Funds may invest. Withholding taxes are incurred on certain foreign dividends and are accrued at the time the dividend is recognized based on applicable foreign tax laws. In December 2023, the FASB issued Accounting Standards Update (ASU) 2023-09, Income Taxes (Topic 740) – Improvements to Income Taxes Disclosures, which enhances the transparency of income tax disclosures. The ASU requires public entities, on an annual basis, to provide disclosure of income taxes paid disaggregated by jurisdiction, when material to the Funds’ financial statements.

The value of the foreign withholding taxes paid by any Fund at the end of the period in relation to the Fund’s net assets was not significant and accordingly, a reconciliation of income taxes paid for the year ended August 31, 2026 is not presented. Management expects the significance of the foreign withholding taxes paid in relation to net assets to change in future annual periods.

Foreign Withholding Tax Reclaims: The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld, in view of various considerations, including recent decisions rendered by the courts in those and other jurisdictions. The Funds would expect to record a receivable for such a tax reclaim based on a variety of factors, including assessment of a jurisdiction’s legal obligation to pay reclaims, the jurisdiction’s administrative practices and payment history, and industry convention.

Deferred Foreign Capital Gain Taxes: The Funds are subject to a tax imposed on net realized gains of securities of certain foreign countries. The Funds record an estimated deferred tax liability for net unrealized gains on these investments as reflected in the accompanying financial statements. Such changes are included in Net change in unrealized appreciation (depreciation) on investments in the Statement of Operations, if any.

At August 31, 2026, the Funds had undistributed tax basis ordinary investment income and undistributed tax basis capital gains as follows:

	UNDISTRIBUTED TAX BASIS ORDINARY INVESTMENT INCOME		UNDISTRIBUTED TAX BASIS CAPITAL GAINS
Core Plus Bond ETF	$	40,104	$	—
Multi Sector Bond ETF		236,958		—
International Equity ETF		7,006,862		—
International Growth ETF		16,487		—
Premium Income Builder ETF		92,793		—

54 | Annual Financial Statements

Notes to Financial Statements, Continued

August 31, 2026

The tax character of distributions paid by the Funds during the year ended August 31, 2026, and period ended August 31, 2025, were as follows:

	DISTRIBUTIONS FROM:
	ORDINARY INCOME
		2026		2025
Core Plus Bond ETF	$	884,655	$	418,356
Multi Sector Bond ETF		6,164,470		1,095,607
International Equity ETF		3,276,390		—
International Growth ETF		24,990		—

NOTE 6 – CREATION AND REDEMPTION TRANSACTIONS

The Funds are exchange-traded funds or “ETFs.” Shares of each Fund may be acquired or redeemed directly from the Fund only in large blocks of shares called “Creation Units” or multiples thereof. A Creation Unit for each of Core Plus Bond ETF, Multi Sector Bond ETF, and Premium Income Builder ETF consists of 50,000 shares. A Creation Unit for International Equity ETF consists of 20,000 shares. As of January 29, 2026, a Creation Unit for International Growth ETF consists of 20,000 shares. The Trust may increase or decrease the number of a Fund’s shares that constitute a Creation Unit, including on a per transaction basis if doing so is deemed to be in the best interests of the applicable Fund and its shareholders. Only an Authorized Participant may engage in creation or redemption transactions directly with a Fund. An Authorized Participant is either a “participating party” (i.e., a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation) or a Depository Trust Company participant, in either case, who has executed an agreement with ALPS Distributors, Inc., the Trust’s principal underwriter, and accepted by State Street Bank and Trust Company, the Trust’s transfer agent, with respect to creations and redemptions of Creation Units. Once created, shares of each Fund generally trade in the secondary market in amounts less than a Creation Unit.

Most investors will buy and sell shares of each Fund in secondary market transactions through broker-dealers. Shares of each Fund are listed for trading on a national securities exchange during the trading day. Shares of each Fund trade on an exchange at prices that may differ to varying degrees from the daily NAV of the shares. Each Fund determines its NAV once daily at the close of regular trading on the New York Stock Exchange, which is normally 4:00 p.m. Eastern time. Each Fund determines its NAV by dividing the total Fund assets, less all liabilities, by the total number of outstanding shares. The price at which an Authorized Participant purchases shares of a Fund is based on the next calculation of the NAV after the Fund receives a purchase request in good order.

Authorized Participants purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units. An additional variable fee may be charged for certain transactions.

NOTE 7 – INVESTMENT TRANSACTIONS

For the year ended August 31, 2026, the Funds had purchase and sale transactions of investments as listed in the table below (excluding short-term investments and in-kind transactions).

	PURCHASES		SALES
Core Plus Bond ETF	$	14,838,282	$	12,403,068
Multi Sector Bond ETF		237,942,148		126,919,865
International Equity ETF		159,996,461		36,508,315
International Growth ETF		1,919,289		2,490,393
Premium Income Builder ETF		23,465,095		439,453

For the year ended August 31, 2026, the Funds had in-kind transactions associated with Creation Unit acquisitions and redemptions as listed in the table below.

	PURCHASES		SALES
Core Plus Bond ETF	$	1,696,406	$	5,404,775
Multi Sector Bond ETF		98,729,510		5,051,711
International Equity ETF		131,887,831		7,195,555
International Growth ETF		—		448,603
Premium Income Builder ETF		21,415,689		—

Annual Financial Statements | 55

Notes to Financial Statements, Continued

August 31, 2026

NOTE 8 – DERIVATIVE FINANCIAL INSTRUMENTS

The Funds may use a variety of derivative financial instruments to hedge or adjust the risks affecting their investment portfolio or to enhance investment returns. Provisions of the FASB Accounting Standards Codification 815-10-50 (“ASC 815”) require certain disclosures. The disclosures are intended to provide users of financial statements with an understanding of the use of derivative instruments by the Funds and how these derivatives affect the financial position, financial performance and cash flows of the Funds. During the year ended August 31, 2026, the Funds’ principal exposure to derivative financial instruments of the type addressed by ASC 815 were investments in forward currency contracts, futures contracts, credit default swap agreements, and options.

Forward Currency Contracts: During the year ended August 31, 2026, Multi Sector Bond ETF entered into forward currency contracts in the normal course of pursuing its investment objectives, with the intent of reducing the risk to the value of the Fund’s foreign investments from adverse changes in the relationship between the U.S. dollar and foreign currencies. Each of the forward currency contracts entered into by the Funds is an agreement between two parties to exchange different currencies at a specified rate of exchange at an agreed upon future date. Forward currency contracts involve risks to the Funds, including the risk that a contract’s counterparty will not meet its obligations to the Funds, the risk that a change in a contract’s value may not correlate perfectly with the currency the contract was intended to track, and the risk that the Advisor is unable to correctly implement its strategy in using a contract. In any such instance, the Funds may not achieve the intended benefit of entering into a contract and may experience a loss.

The monthly average value of open forward currency sell contracts for the year ended August 31, 2026 for Multi Sector Bond ETF was $226,943.

These contracts are accounted for by the Funds under ASC 815. Unrealized appreciation and depreciation on outstanding contracts are reported in each Fund’s Statement of Assets and Liabilities, as measured by the difference between the forward exchange rates at the reporting date and the forward exchange rates at each contract’s inception date. Net realized gain (loss) on contracts closed during the period, and changes in net unrealized appreciation (depreciation) on outstanding contracts are recognized in each Fund’s Statement of Operations.

These outstanding forward currency contracts in the table located in the Schedule of Investments which were entered into with State Street Bank and Trust Company (“SSB”) were entered into pursuant to International Swaps and Derivatives Association (“ISDA”) Master Agreements. In the event of a default or termination under the ISDA Master Agreement with SSB, the non-defaulting party has the right to close out all outstanding forward currency contracts between the parties and to net any payment amounts under those contracts, resulting in a single net amount payable by one party to the other.

Because the ISDA Master Agreement with SSB does not result in an offset of reported amounts of financial assets and liabilities in the Fund’s Statement of Assets and Liabilities unless there has been an event of default or termination event under that agreement, the Fund does not net its outstanding forward currency contracts for purposes of the disclosure in the Fund’s Statement of Assets and Liabilities. Instead, the Fund recognizes the unrealized appreciation (depreciation) on those forward currency contracts on a gross basis in the Fund’s Statement of Assets and Liabilities.

Futures Contracts: During the year ended August 31, 2026, Core Plus Bond ETF entered into futures contracts in the normal course of pursuing its investment objectives. A futures contract is an agreement between two parties to buy or sell a specified financial instrument at a set price on a future date. Futures contracts tend to increase or decrease a Fund’s exposure to the underlying instrument.

Upon entering into a futures contract, a Fund is required to pledge collateral to the broker using cash or securities equal to the minimum initial margin requirements of the exchange and the broker. Cash deposits for initial margin are shown as Deposits at broker on the Fund’s Statement of Assets and Liabilities. Pursuant to the contract, a Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. These daily cash settlements are referred to as variation margin and are recognized on the Fund’s Statement of Assets and Liabilities as a receivable or payable on variation margin on futures contracts. Futures contracts may involve a risk of loss in excess of the variation margin shown on the Fund’s Statement of Assets and Liabilities. When the contract is closed or expires, a Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Net realized gains or losses and net unrealized appreciation or depreciation from futures contracts are recorded in the Fund’s Statement of Operations. The maximum potential loss on a long futures contract is generally the U.S. dollar value of the notional amount at the time the contract is opened.

The monthly average values of futures contracts for the year ended August 31, 2026 for Core Plus Bond ETF was $239,067.

Credit Default Swap Agreements: During the year ended August 31, 2026, Multi Sector Bond ETF entered into credit default swap agreements in the normal course of pursuing its investment objectives. Swap agreements may be privately negotiated in the over-the-counter market (“OTC swaps”) or may be cleared through a third party, known as a central clearing party or derivatives clearing organization (“centrally cleared swaps”).

56 | Annual Financial Statements

Notes to Financial Statements, Continued

August 31, 2026

Credit default swaps are agreements between counterparties to buy or sell protection on a debt security against a defined credit event. Under the terms of a credit default swap, the buyer of protection receives credit protection in exchange for making periodic payments to the seller of protection based on a given percentage applied to a notional principal amount. In return for these payments, the seller acts like a guarantor of the creditworthiness of the debt security.

Credit events may include bankruptcy, failure to pay principal, maturity extension, rating downgrade, or write-down. As a seller, if an underlying credit event occurs, the Fund will either pay the buyer an amount equal to the notional amount of the swap and take delivery of the debt security or pay a net settlement amount of cash equal to the notional amount of the swap less the recovery value of the debt security. As a buyer, if an underlying credit event occurs, the Fund will either receive from the seller an amount equal to the notional amount of the swap and deliver the debt security or receive a net settlement.

The monthly average notional value of centrally cleared credit default swap agreements for the year ended August 31, 2026 for Multi Sector Bond ETF was $390,496.

Option Contracts: During the year ended August 31, 2026, Premium Income Builder ETF engaged in over-the-counter (“OTC”) option trades. Each Fund may engage in option transactions and in doing so achieves similar objectives to what it would achieve through the sale or purchase of individual securities. A call option, upon payment of a premium, gives the purchaser of the option the right to buy, and the seller of the option the obligation to sell, the underlying security or other instrument at the exercise price.

A put option gives the purchaser of the option, upon payment of a premium, the right to sell, and the seller the obligation to buy, the underlying security, or other instrument at the exercise price. Options on securities indices and other financial indices are settled in cash rather than by delivery of the underlying instrument. To seek to offset some of the risk of a potential decline in value of certain long positions, each Fund may also purchase put options on individual securities, broad-based securities indexes or certain ETFs. Each Fund may also seek to generate income from option premiums by writing (selling) options on a portion of the equity securities (including securities that are convertible into equity securities) in the Fund’s portfolio, on broad-based securities indexes, or certain ETFs.

When a Fund purchases an option, it pays a premium and an amount equal to that premium is recorded as an asset. When a Fund writes an option, it receives a premium and an amount equal to that premium is recorded as a liability. The asset or liability is adjusted daily to reflect the current market value of the option. If an option expires unexercised, a Fund realizes a gain or loss to the extent of the premium received or paid. If an option is exercised, the premium received or paid is recorded as an adjustment to the proceeds from the sale or the cost basis of the purchase. The difference between the premium and the amount received or paid on a closing purchase or sale transaction is also treated as a realized gain or loss. The cost of securities acquired through the exercise of call options is increased by premiums paid. The proceeds from securities sold through the exercise of put options are decreased by the premiums paid. Gain or loss on written options and purchased options is presented separately on the Statements of Operations as net realized gain or loss on written options and net realized gain or loss on purchased options, respectively.

Options written by a Fund do not typically give rise to counterparty credit risk since options written obligate a Fund and not the counterparty to perform. Exchange-traded purchased options have relatively less counterparty credit risk to a Fund since the exchange’s clearinghouse, as counterparty to such instruments, guarantees against a possible default.

The monthly average notional value of options written contracts for the year ended August 31, 2026, for Premium Income Builder ETF was $77,348.

Because exchange traded and centrally cleared derivatives are not subject to master netting or similar arrangements, the Funds do not net their respective outstanding derivative contracts for the purpose of disclosure in the Statement of Assets and Liabilities. Instead, the Funds recognize the unrealized appreciation (depreciation) on those derivative contracts on a gross basis in each Fund’s Statement of Assets and Liabilities. The fair value of the Funds’ derivative contracts recognized in the Funds’ Statement of Assets and Liabilities at August 31, 2026 are disclosed in the following table:

		PRINCIPAL	COUNTER	ASSET		LIABILITY			NET
	TYPE OF DERIVATIVE^(a)	RISK	PARTY^(b)	DERIVATIVES		DERIVATIVES			AMOUNT
Core Plus Bond ETF	Futures contracts^(c)	Derivatives risk	GST	$	—	$	(2,086	)	$	(2,086	)
Multi Sector Bond ETF	Centrally cleared credit default swap agreements^(c)	Derivatives risk	GST		22,464		—			22,464
	Forward currency contracts	Foreign currency risk	SSB		270		—			270
					22,734		—			22,734
Premium Income Builder ETF	Written options	Derivatives risk	GST		—		(3,158	)		(3,158	)

(a)

Generally, the Statement of Assets and Liabilities location for forward currency contracts is Assets - Unrealized appreciation on forward currency contracts for asset derivatives and Liabilities - Unrealized depreciation on forward currency contracts for liabilities derivatives. The Statement of Assets and Liabilities location for futures contracts is Assets - Receivable for variation margin on futures contracts for asset derivatives and Liabilities - Payable for variation margin on futures contracts for liabilities derivatives. The Statement of Assets and Liabilities location for centrally cleared credit default swap agreements is Assets - Receivable for variation margin on centrally cleared credit default swap agreements for asset derivatives and Liabilities - Payable for variation margin on centrally cleared credit default swap agreements for liabilities derivatives. The Statement of Assets and Liabilities location for written options is Liabilities - written options at value for liabilities derivatives.

(b)

Counterparties include State Street Bank and Trust Company (“SSB”) and Goldman Sachs International (“GST”).

(c)

The Statement of Assets and Liabilities location for cash collateral pledged for Futures contracts and Centrally cleared credit default swap agreements is Assets - Deposits at Broker.

Annual Financial Statements | 57

Notes to Financial Statements, Continued

August 31, 2026

Because the Fund did not receive or post cash collateral in connection with its forward currency contracts during the period, the net amount of the Fund’s assets and liabilities which is attributable to the contracts at August 31, 2026 can be determined by offsetting the dollar amounts shown in the asset and liability columns in the preceding table, the result of which is reflected in the “Net Amount” column. The Fund’s forward currency contracts are valued each day, and the net amount of the Fund’s assets and liabilities which are attributable to the contracts are expected to vary over time.

The net realized gain (loss) from forward currency contracts, futures contracts, centrally cleared credit default swap agreements, and options and net change in unrealized appreciation (depreciation) on outstanding forward currency contracts, futures contracts, centrally cleared credit default swap agreements, and options recognized in each Fund’s Statement of Operations for the year ended August 31, 2026 are disclosed in the following table:

	TYPE OF DERIVATIVE^(a)	PRINCIPAL RISK	NET REALIZED GAIN (LOSS)			NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION)
Core Plus Bond ETF	Futures contracts	Derivative Risk	$	(7,815	)	$	(1,930	)
Multi Sector Bond ETF	Forward currency contracts	Foreign Currency Risk		7,094			2,133
Multi Sector Bond ETF	Centrally cleared credit default swap agreements	Derivatives Risk		14,975			19,285
Premium Income Builder ETF	Written options	Derivatives Risk		707			1,883

(a)

Generally, the Statement of Operations location for forward currency contracts is Net realized gain (loss) on: forward currency contracts and Net change in unrealized appreciation (depreciation) on: forward currency contracts. The Statement of Operations location for futures contracts is Net realized gain (loss) on: futures contracts and Net change in unrealized appreciation (depreciation) on: futures contracts. The Statement of Operations location for swap agreements is Net realized gain (loss) on: swap agreements and Net change in unrealized appreciation (depreciation) on: swap agreements. The Statement of Operations location for written option contracts is Net realized gain (loss) on: options written and Net change in unrealized appreciation (depreciation) on: options written.

58 | Annual Financial Statements

Financial Highlights

Core Plus Bond ETF

	2026		2025^(a)
PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)^(b)
Net Asset Value, Beginning of Year	$25.29		$25.00
Net Investment Income (Loss)⁺	$1.20		$0.70
Net Realized & Unrealized Gain (Loss) on Investments	(0.63	)	0.24
Total from Investment Operations	0.57		0.94
Dividends from Net Investment Income	$(1.20	)	$(0.65	)
Dividends from Net Realized Gains	$0.00		$0.00
Total Dividends	$(1.20	)	$(0.65	)
Net Asset Value, End of Year	$24.66		$25.29
TOTAL RETURN APPLICABLE TO SHAREHOLDERS
Total Return^(c)	2.26%		3.79%
Total Return, Market Value^(c)	2.10%		3.96%
RATIOS TO AVERAGE NET ASSETS
Net Investment Income (Loss) Ratio	4.74%		4.91%^(d)
Expenses, After Expense Reductions Ratio	0.45%		0.45%^(d)
Expenses, Before Expense Reductions Ratio	0.45%		0.45%^(d)
SUPPLEMENTAL DATA
Portfolio Turnover Rate^(c)(e)	68.33%		22.11%
Net Assets at End of Year (Thousands)	$14,799		$18,971

⁺

Based on weighted average shares outstanding.

^(a)

The Fund commenced operations on February 4, 2025.

^(b)

Unless otherwise noted, periods are fiscal years ended August 31.

^(c)

Not annualized for periods less than one year. Total return represents a hypothetical investment at the beginning of the period, adjusted for reinvestment of distributions (if applicable) at net asset value per share, and sold at the end of the period.

^(d)

Annualized.

^(e)

Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions, if any.

See notes to financial statements.

Annual Financial Statements | 59

Financial Highlights

Multi Sector Bond ETF

	2026		2025^(a)
PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)^(b)
Net Asset Value, Beginning of Year	$25.50		$25.00
Net Investment Income (Loss)⁺	$1.18		$0.73
Net Realized & Unrealized Gain (Loss) on Investments	(0.49	)	0.39
Total from Investment Operations	0.69		1.12
Dividends from Net Investment Income	$(1.08	)	$(0.62	)
Dividends from Net Realized Gains	$0.00		$0.00
Total Dividends	$(1.08	)	$(0.62)
Net Asset Value, End of Year	$25.11		$25.50
TOTAL RETURN APPLICABLE TO SHAREHOLDERS
Total Return^(c)	2.73%		4.52%
Total Return, Market Value^(c)	2.70%		4.72%
RATIOS TO AVERAGE NET ASSETS
Net Investment Income (Loss) Ratio	4.66%		5.10%^(d)
Expenses, After Expense Reductions Ratio	0.55%		0.55%^(d)
Expenses, Before Expense Reductions Ratio	0.55%		0.55%^(d)
SUPPLEMENTAL DATA
Portfolio Turnover Rate^(c)(e)	93.82%		22.80%
Net Assets at End of Year (Thousands)	$259,425		$76,488

⁺

Based on weighted average shares outstanding.

^(a)

The Fund commenced operations on February 4, 2025.

^(b)

Unless otherwise noted, periods are fiscal years ended August 31.

^(c)

^(d)

Annualized.

^(e)

Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions, if any.

See notes to financial statements.

60 | Annual Financial Statements

Financial Highlights

International Equity ETF

	2026		2025^(a)
PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)^(b)
Net Asset Value, Beginning of Year	$29.97		$25.00
Net Investment Income (Loss)⁺	$0.72		$0.42
Net Realized & Unrealized Gain (Loss) on Investments	5.93		4.55
Total from Investment Operations	6.65		4.97
Dividends from Net Investment Income	$(0.34	)	$0.00
Dividends from Net Realized Gains	$0.00		$0.00
Total Dividends	$(0.34	)	$0.00
Net Asset Value, End of Year	$36.28		$29.97
TOTAL RETURN APPLICABLE TO SHAREHOLDERS
Total Return^(c)	22.38%		19.88%
Total Return, Market Value^(c)	22.60%		19.92%
RATIOS TO AVERAGE NET ASSETS
Net Investment Income (Loss) Ratio	2.18%		2.45%^(d)
Expenses, After Expense Reductions Ratio	0.65%		0.65%^(d)
Expenses, Before Expense Reductions Ratio	0.65%		0.65%^(d)
SUPPLEMENTAL DATA
Portfolio Turnover Rate^(c)(e)	10.04%		11.62%
Net Assets at End of Year (Thousands)	$558,041		$220,558

⁺

Based on weighted average shares outstanding.

^(a)

The Fund commenced operations on January 21, 2025.

^(b)

Unless otherwise noted, periods are fiscal years ended August 31.

^(c)

^(d)

Annualized.

^(e)

Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions, if any.

See notes to financial statements.

Annual Financial Statements | 61

Financial Highlights

International Growth ETF

	2026		2025^(a)
PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)^(b)
Net Asset Value, Beginning of Year	$25.62		$25.00
Net Investment Income (Loss)⁺	$0.08		$0.13
Net Realized & Unrealized Gain (Loss) on Investments	2.00		0.49
Total from Investment Operations	2.08		0.62
Dividends from Net Investment Income	$(0.12	)	$0.00
Dividends from Net Realized Gains	$0.00		$0.00
Total Dividends	$(0.12	)	$0.00
Net Asset Value, End of Year	$27.58		$25.62
TOTAL RETURN APPLICABLE TO SHAREHOLDERS
Total Return^(c)	8.21%		2.48%
Total Return, Market Value^(c)	8.05%		2.48%
RATIOS TO AVERAGE NET ASSETS
Net Investment Income (Loss) Ratio	0.31%		0.85%^(d)
Expenses, After Expense Reductions Ratio	0.70%		0.70%^(d)
Expenses, Before Expense Reductions Ratio	0.70%		0.70%^(d)
SUPPLEMENTAL DATA
Portfolio Turnover Rate^(c)(e)	40.62%		24.84%
Net Assets at End of Year (Thousands)	$4,412		$5,123

⁺

Based on weighted average shares outstanding.

^(a)

The Fund commenced operations on January 22, 2025.

^(b)

Unless otherwise noted, periods are fiscal years ended August 31.

^(c)

^(d)

Annualized.

^(e)

Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions, if any.

See notes to financial statements.

62 | Annual Financial Statements

Financial Highlights

Premium Income Builder ETF

	2026^(a)
PER SHARE PERFORMANCE (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)^(b)
Net Asset Value, Beginning of Period	$25.00
Net Investment Income (Loss)⁺	$0.15
Net Realized & Unrealized Gain (Loss) on Investments	1.18
Total from Investment Operations	1.33
Dividends from Net Investment Income	$0.00
Dividends from Net Realized Gains	$0.00
Total Dividends	$0.00
Net Asset Value, End of Period	$26.33
TOTAL RETURN APPLICABLE TO SHAREHOLDERS
Total Return^(c)	5.32%
Total Return, Market Value^(c)	5.40%
RATIOS TO AVERAGE NET ASSETS
Net Investment Income (Loss) Ratio	3.09%^(d)
Expenses, After Expense Reductions Ratio	0.79%^(d)
Expenses, Before Expense Reductions Ratio	0.79%^(d)
SUPPLEMENTAL DATA
Portfolio Turnover Rate^(c)(e)	2.43%
Net Assets at End of Period (Thousands)	$23,698

⁺

Based on weighted average shares outstanding.

^(a)

The Fund commenced operations on June 22, 2026.

^(b)

Unless otherwise noted, periods are fiscal years ended August 31.

^(c)

^(d)

Annualized.

^(e)

Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions, if any.

See notes to financial statements.

Annual Financial Statements | 63

Report of Independent Registered Public Accounting Firm

Thornburg ETF Trust

To the Board of Trustees of Thornburg ETF Trust and Shareholders of Thornburg Core Plus Bond ETF, Thornburg Multi Sector Bond ETF, Thornburg International Equity ETF, Thornburg International Growth ETF, and Thornburg Premium Income Builder ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (constituting Thornburg ETF Trust, hereafter collectively referred to as the “Funds”) as of August 31, 2026, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of August 31, 2026, the results of each of their operations and the changes in each of their net assets for the periods indicated in the table below, and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

Thornburg Core Plus Bond ETF (1)

Thornburg Multi Sector Bond ETF (1)

Thornburg International Equity ETF (2)

Thornburg International Growth ETF (3)

Thornburg Premium Income Builder ETF (4)

(1) Statement of operations for the year ended August 31, 2026 and statement of changes in net assets for the year ended August 31, 2026 and the period February 4, 2025 (commencement of operations) through August 31, 2025

(2) Statement of operations for the year ended August 31, 2026 and statement of changes in net assets for the year ended August 31, 2026 and the period January 21, 2025 (commencement of operations) through August 31, 2025

(3) Statement of operations for the year ended August 31, 2026 and statement of changes in net assets for the year ended August 31, 2026 and the period January 22, 2025 (commencement of operations) through August 31, 2025

(4) Statement of operations and statement of changes in net assets for the period June 22, 2026 (commencement of operations) through August 31, 2026

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

64 | Annual Financial Statements

Report of Independent Registered Public Accounting Firm, Continued

Thornburg ETF Trust

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2026, by correspondence with the custodian, transfer agent, and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

New York, New York

October 15, 2026

We have served as the auditor of one or more investment companies in Thornburg Investment Trust since 1999.

Annual Financial Statements | 65

Tax Information

August 31, 2026

For the tax year ended August 31, 2026, taxable ordinary income dividends and long-term capital gain dividends paid by the Funds for federal income tax purposes are as follows:

	TAXABLE ORDINARY		LONG-TERM CAPITAL GAIN
Core Plus Bond ETF		$ 884,655		$ —
Multi Sector Bond ETF		6,164,470		—
International Equity ETF		3,276,390		—
International Growth ETF		24,990		—

For the tax year ended August 31, 2026, the dividend ratio (or the maximum allowed) paid from tax basis net ordinary income as qualifying for the reduced rate under the Jobs and Growth Tax Relief and Reconciliation Act of 2003 and the ordinary income distributions ratio (or the maximum allowed) paid as qualified for the corporate dividend received deduction are as follows:

	QUALIFIED	DIVIDENDS
	DIVIDEND INCOME	RECEIVED DEDUCTION
International Equity ETF	100.00%	0.79%
International Growth ETF	100.00	2.02
Premium Income Builder ETF	100.00	10.73

For the year ended August 31, 2026, foreign source income and foreign tax credit to be passed through to shareholders are as follows:

	FOREIGN SOURCE INCOME	FOREIGN TAX CREDIT
International Equity ETF	$11,269,036	$1,342,408
International Growth ETF	52,333	7,649
Premium Income Builder ETF	113,920	11,179

The information and the distributions reported herein may differ from information and distributions reported to the shareholders for the calendar year ending December 31, 2026. Complete information will be reported in conjunction with your 2026 Form 1099.

66 | Annual Financial Statements

Other Information

August 31, 2026 (Unaudited)

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES

During the period covered by this report, there were no matters submitted to the Funds’ shareholders through the solicitation of proxies or otherwise.

REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT

Thornburg Investment Management, Inc. (the “Advisor”) provides investment management services to Thornburg Premium Income Builder ETF (the “ETF”), a series of the Thornburg ETF Trust (the “Trust”), pursuant to an investment advisory agreement (the “Agreement”).

In anticipation of their consideration of the Agreement, the Trustees met on March 3-4, 2026 to discuss the ETF with representatives of the Advisor and with the Trust’s legal counsel and Independent Trustee counsel, including a discussion of written materials relating to the ETF that had been provided to the Trustees in advance of that meeting. The Independent Trustees were advised by counsel to the Independent Trustees.

The Trustees met again on May 12-13, 2026 for a further discussion of the ETF with representatives of the Advisor and with the Trust’s legal counsel and Independent Trustee counsel, again including a discussion of written materials relating to the ETF that had been provided to the Trustees in advance of that meeting. In connection with that meeting, the Trustees received materials from an independent analyst firm respecting the proposed fees and expenses of the ETF and considered comparative fee and expense data provided by that analyst firm. The meeting had been called for the purpose of considering, among other topics, the approval of the Agreement in respect of the ETF. At that meeting, the Trustees, after conferring further with representatives of the Advisor and with the Trust’s legal counsel and Independent Trustee counsel, voted unanimously to approve the Agreement for the ETF.

The information below summarizes certain factors considered by the Trustees in connection with the determination to approve the Agreement for the ETF. In determining to approve the Agreement, the Trustees did not identify any single factor as controlling, and this summary does not describe all of the matters considered by the Trustees in making their determination.

Nature, Extent, and Quality of Services. Information considered by the Trustees as relevant to the nature, extent, and quality of the services that the Advisor would provide under the Agreement for the ETF included: the background and experience of the portfolio managers who would be primarily responsible for the day-to-day management of the ETF and the other members of the Advisor’s investment team who would support those portfolio managers; presentations and explanations made by the Advisor’s personnel about the investment objective, investment strategies, and investment limitations of the ETF; information about how the ETF would fit into the Trust’s lineup of investment products; market demand for the type of investment strategies to be pursued by the ETF; the resources that the Advisor would devote to the services it provides to the ETF; the overall reputation and capabilities of the Advisor; the Advisor’s success in managing other portfolios with investment strategies similar to the ETF’s strategies; and the Advisor’s responsiveness to the Trustees’ questions. Based upon these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent, and quality of the investment advisory services to be provided to the ETF by the Advisor.

Investment Performance. While the ETF did not have any investment performance at the time the Trustees approved the Agreement, the Trustees did consider the Advisor’s success in achieving positive investment performance in other portfolios with investment strategies similar to the ETF’s strategies. The Trustees also considered the ETF’s proposed investment strategies and processes and concluded that the prospects for the ETF’s competitive future performance were acceptable.

Comparisons of Fee and Expense Levels. The Trustees considered information comparing the ETF’s contractual advisory fee rate and total expense ratio to the advisory fee rates and total expense ratios of a group of selected peers. The Trustees observed that the ETF’s advisory fee rates and expense ratios were generally in line with the peer funds.

Annual Financial Statements | 67

Other Information, Continued

August 31, 2026 (Unaudited)

Costs and Profitability of Advisor. Information about the profitability of the ETF was not available when the Trustees considered the approval of the Agreement because the ETF was not yet operational.

Potential Economies of Scale. In reviewing the extent to which economies of scale would be realized by the ETF as it grows and whether fee levels reflect potential economies of scale, the Trustees considered the Advisor’s willingness in the past to expend from its own profits and resources to maintain staffing levels and expand staff competencies, pay competitive levels of compensation, and add to its information management and other electronic systems so as to maintain or improve service levels. The information provided demonstrated to the Trustees that shareholders may be expected to benefit from any economies of scale.

Potential Ancillary Benefits. In reviewing potential benefits to the Advisor because of its relationship to the ETF, the Trustees noted the benefits to both the Trust and the Advisor of the Advisor’s expansion of its staffing, compliance and systems capabilities, and other resources to serve a broader variety of investment management clients. No unusual or unfair potential benefits to the Advisor from its relationship to the ETF were identified by the Trustees.

Summary of Conclusions. After considering the factors identified above, and in light of the other information received by the Trustees respecting the ETF, the Trustees concluded that the level of the advisory fee to be charged to the ETF by the Advisor is fair and reasonable in relation to the services to be provided by the Advisor, the clear disclosure of fees and expenses in the ETF’s prospectus, comparisons of fees and expenses charged to the ETF to fees and expenses charged to other exchange-traded funds, and the other factors and relevant circumstances considered. The Trustees accordingly determined to approve the Agreement with the Advisor in respect of the ETF.

68 | Annual Financial Statements

This page intentionally left blank.

Annual Financial Statements | 69

This page intentionally left blank.

70 | Annual Financial Statements

This page intentionally left blank.

Annual Financial Statements | 71

To receive shareholder reports, prospectuses, and proxy statements electronically, go to
www.thornburg.com/edelivery.	TH6455

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Filed as part of item 7 of this Form.

Item 9. Proxy Disclosures for Open-End Management Investment Companies

Filed as part of item 7 of this Form.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies

Filed as part of item 7 of this Form.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract

Filed as part of item 7 of this Form.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable.

Item 13. Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not applicable.

Item 15. Submission of Matters to a Vote of Security Holders

The authority to consider candidates recommended by the shareholders in accordance with the Trust’s Procedures for Shareholder Communications is committed to the Governance and Nominating Committee.

Item 16. Controls and Procedures

(a) The principal executive officer and the principal financial officer have concluded that the Trust’s disclosure controls and procedures provide reasonable assurance that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days prior to the filing date of this report.

(b) There was no change in the Trust’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation

Not applicable.

Item 19. Exhibits

(a)(1)

Code of Business Conduct and Ethics.

(a)(2)

Not applicable.

(a)(3)

Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 70.30a-2(a)) attached hereto as Exhibit 99.CERT.

(b)

Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 70.30a-2(b)) attached hereto as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Thornburg ETF Trust, in respect of the following Thornburg Funds: Core Plus Bond ETF, Multi Sector Bond ETF, International Equity ETF, International Growth ETF, and Thornburg Premium Income Builder ETF.

By:	/s/ Nimish Bhatt
	Nimish Bhatt
	President and principal executive officer

Date:	10/20/2026

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Nimish Bhatt
	Nimish Bhatt
	President and principal executive officer

Date:	10/20/2026

By:	/s/ Curtis Holloway
	Curtis Holloway
	Treasurer and principal financial officer

Date:	10/20/2026

Date	Thornburg Core Plus Bond ETF	Bloomberg U.S. Aggregate Total Return Index Value USD
2/4/2025	10000.0	10000.0
2/28/2025	10198.3	10194.34
3/31/2025	10194.86	10198.17
4/30/2025	10208.55	10238.25
5/31/2025	10135.1	10164.95
6/30/2025	10305.07	10321.25
7/31/2025	10272.87	10294.02
8/31/2025	10379.24	10417.14
9/30/2025	10509.55	10530.78
10/31/2025	10584.2	10596.57
11/30/2025	10647.57	10662.42
12/31/2025	10613.79	10646.64
1/31/2026	10640.12	10658.01
2/28/2026	10827.39	10832.55
3/31/2026	10600.51	10641.65
4/30/2026	10620.29	10653.6
5/31/2026	10670.88	10686.74
6/30/2026	10719.03	10712.52
7/31/2026	10560.31	10572.95
8/31/2026	10613.49	10614.1

Fund Size (Millions)	$14.8M
Number of Holdings	345
Portfolio Turnover	68.33%
Total Advisory Fee	$0.1M

Date	Thornburg International Equity ETF	MSCI EAFE Net Total Return USD Index
1/21/2025	10000.0	10000.0
1/31/2025	10160.0	10244.13
2/28/2025	10304.0	10442.79
3/31/2025	10484.0	10400.66
4/30/2025	10860.0	10877.07
5/31/2025	11508.0	11374.73
6/30/2025	11736.0	11625.35
7/31/2025	11688.0	11462.17
8/31/2025	11988.0	11950.83
9/30/2025	12120.0	12179.55
10/31/2025	12128.0	12322.83
11/30/2025	12360.0	12399.34
12/31/2025	12656.66	12771.31
1/31/2026	13283.42	13437.77
2/28/2026	14160.9	14059.5
3/31/2026	12777.97	12612.78
4/30/2026	13708.01	13552.48
5/31/2026	14003.19	13968.12
6/30/2026	13898.06	13977.48
7/31/2026	14561.22	14251.04
8/31/2026	14670.4	14534.62

Fund Size (Millions)	$558.0M
Number of Holdings	50
Portfolio Turnover	10.04%
Total Advisory Fee	$2.5M

Date	Thornburg International Growth ETF	MSCI EAFE Growth Net Total Return USD Index
1/22/2025	10000	10000
1/31/2025	10108	10138.15
2/28/2025	9968	10151.16
3/31/2025	9236	9822.72
4/30/2025	9776	10328.93
5/31/2025	10164	10863.92
6/30/2025	10320	11152.63
7/31/2025	10104	10817.41
8/31/2025	10248	11120.93
9/30/2025	10228	11401.62
10/31/2025	10140	11583.57
11/30/2025	9728	11413.15
12/31/2025	9830.76	11613.99
1/31/2026	10156.44	12160.37
2/28/2026	10309.23	12551.63
3/31/2026	9384.45	11067.22
4/30/2026	10425.83	12067.22
5/31/2026	10803.78	12571.74
6/30/2026	11053.07	12675.1
7/31/2026	10819.87	12459.03
8/31/2026	11089.26	12777.33

Fund Size (Millions)	$4.4M
Number of Holdings	44
Portfolio Turnover	40.62%
Total Advisory Fee	$33,961

Fund Size (Millions)	$259.4M
Number of Holdings	635
Portfolio Turnover	93.82%
Total Advisory Fee	$0.7M

Fund Size (Millions)	$23.7M
Number of Holdings	58
Portfolio Turnover	2.43%
Total Advisory Fee	$23,955