UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT

COMPANIES

Investment Company Act file number   811-05201

Thornburg Investment Trust

(Exact name of registrant as specified in charter)

c/o Thornburg Investment Management, Inc.

2300 North Ridgetop Road, Santa Fe, New Mexico 87506

(Address of principal executive offices) (Zip code)

Garrett Thornburg, 2300 North Ridgetop Road, Santa Fe, New Mexico 87506

(Name and address of agent for service)

Registrant’s telephone number, including area code:   505-984-0200

Date of fiscal year end:     September 30

Date of reporting period:   March 31, 2022

Item 1. Reports to Stockholders

The following Semi-annual reports are attached hereto, in order:

Thornburg Global Opportunities

Thornburg International Equity Fund

Thornburg Better World International Fund

Thornburg International Growth Fund

Thornburg Developing World Fund

Thornburg Small/Mid Cap Core Fund

Thornburg Small/Mid Cap Growth Fund

Thornburg Investment Income Builder Fund

Thornburg Summit Fund

Thornburg Limited Term U.S. Government Fund

Thornburg Limited Term Income Fund

Thornburg Ultra Short Income Fund

Thornburg Strategic Income Fund

Thornburg Short Duration Municipal Fund

Thornburg Limited Term Municipal Fund

Thornburg California Limited Term Municipal Fund

Thornburg New Mexico Intermediate Municipal Fund

Thornburg New York Intermediate Municipal Fund

Thornburg Intermediate Municipal Fund

Thornburg Strategic Municipal Income Fund

Thornburg Capital Management Fund


Semi-Annual Report | March 31, 2022
EQUITY FUNDS
Global Equity
Thornburg Global Opportunities Fund
International Equity
Thornburg International Equity Fund
Thornburg Better World International Fund
Thornburg International Growth Fund
Thornburg Developing World Fund
U.S. Equity
Thornburg Small/Mid Cap Core Fund
Thornburg Small/Mid Cap Growth Fund
Multi Asset
Thornburg Investment Income Builder Fund
Thornburg Summit Fund



Thornburg Equity Funds
Semi-Annual Report  |  March 31, 2022
Table of Contents

4

11

22

24
Schedule of Investments  

35

38

42

46

49

53

56

59

69

76

80

84

89

112

130

132

133
Investments carry risks, including possible loss of principal. 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. 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.
Thornburg Equity Funds Semi-Annual Report  |  3


Letter to Shareholders
March 31, 2022 (Unaudited)
Dear Shareholder:
A one-time colleague of mine from decades ago, who was prone to malapropisms, was also a Yogi Berra-esque source of wisdom at times. These days, I recall one of his pronouncements around the time of the dot.com bubble and crash: “Just when you think you’re out of the woods, you go right back into the soup.” This seems to be appropriate relative to our emergence from a Covid-dominated recession into a new world that hinges on massively increasing price pressures and a geopolitical worst-case-scenario in Russia/Ukraine. I don’t expect the volatility that we’ve seen in the last six months to abate and given somewhat elevated risk asset prices (though deflated from my last letter to you), markets remain vulnerable to shocks. High inflation has been one of those shocks, and it will take some time to resolve factors contributing to that inflation, such as supply-chain challenges, home price appreciation effects on measured shelter costs, and labor cost and availability issues. Ultimately, we expect various central banks across the globe, certainly including the Federal Reserve, to be forced to make a choice between containing inflation at the expense of employment and losing control of inflation expectations in the name of supporting a hotter economy. It’s a tightrope walk without a net and just one of many elements of uncertainty in the aftermath of Covid.
In recent weeks, we’ve seen yields on most fixed income securities rise dramatically. Combined with the very low starting point on income return, the past quarter has been one of the worst in history for those markets. Because many arguments around valuation in equities hinged on the TINA argument (“There Is No Alternative”), and because the earnings yield (essentially the inverse of the Price/Earnings ratio) on equities far surpassed the yield on bonds, there has been a crossover effect into other risky assets. While we view this as only part of the overall valuation conversation, any time investors experience outsized moves in major markets, it’s worth taking a deeper dive. In this case, we expect that the dramatic shift of policymakers’ approach from stimulating growth to containing price pressures may drain liquidity and leave some market participants feeling like a fish out of water.
As in any environment, we will be focused on you, our clients, as our most important constituency. Though there is never a guarantee that we will be able to navigate the evolving marketplace as well as we may have before, I have a confidence born of experience that our unsiloed, global approach to active investment management gives us a distinct advantage. It is always the case that with challenge
comes opportunity, and I have watched our portfolios perform well over the years when difficult situations arise. We continue to see that no market is an island, and the effects from actions somewhere in the world are felt everywhere. Our process, which focuses on this interconnection through the development of a collaborative and deeply informed perspective, is designed to thrive in these investment conditions.
As we’ve discussed in the past, the story of Thornburg is one of consistent and deliberate evolution to meet your needs in the context of a changing business and investment environment. As an example of this, we have completed the integration of Environmental, Social, and Governance (ESG) considerations across our product set. While this does not mean that these considerations are part of our Principal Investment Strategy for all portfolios, it does mean that, when evaluating potential investment opportunities, we evaluate the significance of a company’s ESG characteristics and their potential to impact the company’s investment performance. We believe that the integration of those ESG considerations into our investment process, alongside the other factors that we consider when evaluating investments, is consistent with our long-term investment time horizon for both individual assets and whole portfolios, as well as an indelible part of the market landscape.
I have great respect for other investment firms and there are many good products that are available to investors. “It’s tough to make predictions, especially, about the future” – an actual Yogi-ism – but we believe that in times like these, our firm’s broad perspective and collaborative, unsiloed approach is our differentiator. These qualities are what underlie the excellent long-term outcomes we’ve been able to deliver: we’re built to deliver on the promise of active management.
Thank you so much for your time, and for your business.

 
Jason Brady, cfa
Portfolio Manager
CEO, President, and
Managing Director
 
 
The matters discussed in this report may constitute forward-looking statements made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. These include any advisor or portfolio manager prediction, assessment, analysis or outlook for individual securities, industries, investment styles, market sectors and/or markets. These statements involve risks and uncertainties. In addition to the general risks described for each fund in its current prospectus, other factors bearing on these reports include the accuracy of the advisor’s or portfolio manager’s forecasts and predictions, the appropriateness of the investment strategies designed by the advisor or portfolio manager and the ability of the advisor or portfolio manager to implement their strategies efficiently and successfully. Any one or more of these factors, as well as other risks affecting the securities markets generally, could cause the actual results of any fund to differ materially as compared to its benchmarks.
The views expressed are subject to change and do not necessarily reflect the views of Thornburg Investment Management, Inc. This information should not be relied upon as a recommendation or investment advice and is not intended to predict the performance of any investment or market.
Performance results of individual share classes will vary based on the fees and expenses associated with each share class, and may be higher or lower than other share classes within the same Fund. Please see Performance Summary for performance results of each share class.
4  |  Thornburg Equity Funds Semi-Annual Report


Letter to Shareholders, Continued
March 31, 2022 (Unaudited)
Thornburg Global Opportunities Fund |
March 31, 2022 (Unaudited)
Dear Fellow Shareholder:
This letter highlights the results of the Thornburg Global Opportunities Fund for the six-month period ended March 31, 2022. Your Fund’s fiscal year ends on September 30.
The Fund paid $5.14 per share of dividends with respect to the Class I shares during the six-month period. Due to a combination of those dividend payments and modest overall changes in the aggregate values of the Fund’s investments, the net asset value of the Class I shares decreased by $4.68 per share ($39.49 to $34.81), bringing the total return for the six-month period to +0.953%. This total return approximately matched the +0.958% return of the MSCI All Country World Index (the “Index”), the Fund’s benchmark, for the six-month period. Dividend amounts and returns for other classes of Thornburg Global Opportunities Fund shares varied slightly based on class-specific expenses.
We are now in the 16th year of managing Thornburg Global Opportunities Fund. From its inception on July 28, 2006 through March 31, 2022, Thornburg Global Opportunities Fund has outpaced the Index by an average margin of more than 3.0% per year, resulting in a total cumulative return since inception of 363% (Class I shares) versus 198% for the Index. Performance comparisons of Thornburg Global Opportunities Fund to the Index over various periods are shown below.
Most equities in the Fund’s portfolio recovered strongly in the last 24 months from their March 2020 price troughs. Listed below in descending order are the 20 largest equity holdings of the Fund as of March 31, 2022, along with first quarter 2022 and calendar year 2021 returns (the latter in parentheses). Returns are shown in U.S. dollars. We also show the trailing five-year average annual revenue growth rates for these businesses through year end 2020 along with the latest reported fiscal year ended September 30, 2021 revenue growth of each company. Together, these firms comprised approximately 71% of the Fund’s total assets, 18 other equities comprised a total of approximately 25% of Fund assets, and near-cash debt comprised 4% of assets. Individual position sizes of the Fund’s top 20 positions ranged from 5% or more (Reliance Industries, Alphabet) to approximately 2.5% for those shown near the bottom of this list.
 
Thornburg Equity Funds Semi-Annual Report  |  5


Letter to Shareholders, Continued
March 31, 2022 (Unaudited)
These are not trivial businesses. The reader will notice that revenue growth for a large majority of these firms last year exceeded the prior five-year annual average. These businesses tend to be doing well, most posting per share revenue growth exceeding global GDP growth rates in recent years. Most of these have emerged from the 2020 economic valley with their competitive positions intact or improved.
The reader will also notice a high incidence of investments in firms tied to the digital economy, and in providers of tools to facilitate digital communications. Despite strong revenue production from these “digital” businesses in early 2022, share price performances of these investments were mostly negative in in the first quarter of 2022 due to concerns that strong demand conditions will not persist. We have more confidence in the fundamental backdrop for secular growth of digital communications, data collection and analysis, and the key components of devices that make this possible.
As of March 31, 2022 the weighted average price/earnings ratio for the equity investments of Thornburg Global Opportunities Fund was 11.9x. This compares to a multiple of 19.2x for the MSCI All Country World Index on the same date. For rough comparison, the trailing five-year weighted average revenue growth rate of firms included in the MSCI All Country World Index Index was +4.0% through December 31, 2021, including +12.3% in calendar year 2021.
The following table summarizes major sector weightings within the Fund’s portfolio as of March 31, 2022 and six months earlier. Your Fund’s sector weightings were broadly stable for the semiannual period.
Top contributors to Fund performance during the six months ended March 31, 2022 included agricultural fertilizer manufacturers OCI NV and CF Industries, pharmaceuticals firms AbbVie and Pfizer, China Telecom, Charles Schwab, defense technology firm CACI International, and metals miners Freeport-McMoran, Australia’s Mineral Resources and Canada’s Lundin Mining Corp. Fourteen equities holdings of the Fund contributed at least +0.25% to its performance for the quarter.
Eleven equities subtracted more than -0.25% from the Fund’s performance in the six-month period. The most significant detractors were Meta Platforms (a.k.a. Facebook), U.K. homebuilder Barratt Developments, Vestas Wind Systems, semiconductor makers Samsung Electronics and Qorvo, Capital One, Citigroup, Alibaba, and Teladoc Health. We made various position size adjustments in the Fund during this period for portfolio diversification purposes and to better balance the downside risk versus upside capital appreciation potential of individual positions.
Aggregate demand across the global economy is strong, though accelerating price inflation is in our view a significant concern. Economic news flow today is dominated by stories of shortages of labor, energy, semiconductors, other materials, and tight conditions in global shipping and logistics. Many of these issues have been exacerbated by the tragic Russian invasion of Ukraine and resulting economic dislocations. We are paying close attention to the abilities of companies in the Fund’s portfolio to manage cost inflation and maintain profit margins consistent with our expectations. Through it all, people around the world continue to trade with each other. We expect global trade and consumption to remain strong in the coming quarters.
Our Investment Framework
Thornburg Global Opportunities Fund seeks capital appreciation from a focused portfolio of global equity investments. We believe the structure of the Fund—built on our core investment principles of flexibility, focus, and value—provides a durable framework for value-added investing.
We urge shareholders of the Fund to maintain a long-term investment perspective rather than placing too much emphasis on return figures that are available daily, weekly, monthly and quarterly. Clear examples of the need to keep a
 
6  |  Thornburg Equity Funds Semi-Annual Report


Letter to Shareholders, Continued
March 31, 2022 (Unaudited)
longer-term investment perspective are illustrated by comparing the trailing 12-month return of your Fund as of March 31, 2021 [+74.18%] with the returns from the single quarter ending March 31, 2020 [-24.8%]. In general, the businesses in your Fund’s portfolio have managed well through the COVID-impacted quarters despite the initial impact of the pandemic on their share prices. We continue to follow our core investment principles of flexibility, focus, and value, as we have since the Fund’s inception back in 2006.
Thank you for being a shareholder of Thornburg Global Opportunities Fund.
Sincerely,


Brian McMahon
Portfolio Manager
Chief Investment Strategist
and Managing Director
Miguel Oleaga
Portfolio Manager
and Managing Director
Thornburg Equity Funds Semi-Annual Report  |  7


Letter to Shareholders, Continued
March 31, 2022 (Unaudited)
Thornburg Investment Income Builder Fund |
March 31, 2022 (Unaudited)
Dear Fellow Shareholder:
This letter highlights the results of Thornburg Investment Income Builder Fund for the six-month period ended March 31, 2022. Your Fund’s fiscal year ended on September 30.
The Fund paid ordinary dividends of $0.66 per Class I share during the six-month period. This was approximately 14.8% above the dividend of $0.54 for the prior year six-month period ended March 31, 2021. Your Fund paid $1.287 per Class I share for the trailing four quarters, +33.6% versus the prior year comparable period. The dividend per share was lower for Class A and class C shares, to account for varying class specific expenses.
There were several drivers of your Fund’s higher dividend income over the preceding year. We expect some, but not all, of these may repeat in calendar year 2022:
Approximately 75% of the Fund’s equity investments increased their dividends in calendar 2021. For now, we do expect a significant majority of your Fund’s equity investments to pay higher dividends in their home currencies in 2022.
Interest income was higher due to strong receipts from asset backed securities and interest on tax rebate challenges against several foreign governments. These challenges succeeded in reclaiming prior year taxes that were improperly withheld, though it took court decisions to resolve these claims. We do not expect a repeat of the interest earnings on tax rebates in 2022. It is too early in the year to know how much bond interest we will collect in 2022. Bond yields have NOT caught up to the unfolding inflation picture, but macroeconomic fundamentals do appear to be setting up well for higher bond yields ahead.
Foreign currencies were generally stronger versus the U.S. dollar when we received a significant portion of our dividends from the Fund’s non-U.S. equity investments in the first half of calendar 2021. For now, a stronger U.S. dollar is a high single digit percentage headwind to dividends received in foreign currencies vis-à-vis this time in 2021.
Special non-recurring dividends from several of our equity holdings relating to sales or spinoffs of subsidiaries, most notably Tesco and Daimler. Also, strong profits gave rise to enhanced distributions from other investments late in calendar 2021. So far, we have no special 2022 dividends to report. We do have some candidates for such payments in the Fund’s portfolio.
The net asset value of the Fund’s Class I shares increased by $0.71 per share ($23.13 to $23.84) during the semiannual period and increased by $0.67 per share ($23.17 to $23.84) for the year ending March 31, 2022.
The Fund’s Class I share total return of 5.88% for the semiannual period exceeded its blended benchmark (75% MSCI World Index and 25% Bloomberg Barclays U.S. Aggregate Bond Index), which returned 0.21% for the period. For the 12 months ended March 31, 2022 the Fund’s Class I share return of +8.53% exceeded the blended benchmark return of +6.50%. Performance comparisons of the Fund to its blended benchmark over various periods are shown below.
We believe the Fund is a bargain priced portfolio of income producing assets that should be capable of generating additional price appreciation along with income in the coming years. Listed below in descending order are the 25 largest equity holdings in the Fund as of March 31, 2022, along with their Q1 2022 and 2021 calendar year share price changes in U.S. dollars. Also noted are dividend yields at closing March 31, 2022 stock prices. Together, these 25 firms comprised 65% of the Fund’s total assets. Thirty-three other equity investments comprised a total of approximately 21% of Fund assets. Cash & approximately 200 interest-bearing debt and hybrid securities comprised around 14% of assets. Individual position sizes of the 25 equities range from 3.9% of Fund assets (Total Energies) to approximately 1.4% for those shown near the bottom of the list.
 
8  |  Thornburg Equity Funds Semi-Annual Report


Letter to Shareholders, Continued
March 31, 2022 (Unaudited)
These equity holdings are not trivial businesses. These firms occupy important positions in their respective markets, and they tend to be well capitalized. The reader will notice that these investments have delivered mixed share price performances for the last five quarters. Most have made reasonable progress in growing their bases of paying customers and distributable cash flows.
We have maintained your Fund’s exposure to dividend paying firms that we believe have resilient businesses with strong capital structures. We have reduced exposures to less resilient businesses, paying increased attention to expected ability to generate cash in an inflationary environment. Compare the sector allocations of the equities in the Fund from March 31, 2020 to March 31, 2022:
In the Fund’s portfolio, 14 equity investments contributed positive returns of at least +0.25% to overall portfolio performance during the semiannual period. These most positive contributors included pharmaceutical firms AbbVie, Pfizer and Roche Holding, commodities producer & trader Glencore, exchange operator CME Group, semiconductor manufacturers Broadcom and Qualcomm, Total Energies, and telecommunications network operators China Mobile, Orange, Vodafone Group, and China Telecom.
Seven of the Fund’s equity investments made negative contributions to portfolio performance of below -0.25% during semiannual period ended March 31, 2022. These detractors from Fund performance included Norilsk Nickel, JPMorgan Chase, Lukoil, Chimera Investment, Samsung Electronics, Siemens AG, and multi-national electric utility ENEL.
The Fund’s bond holdings delivered modest negative returns during the semiannual period. Six months of interest payments from bonds could not overcome relatively sharp price declines in bond values due to higher interest rates. Ten-year U.S. Treasury bond yields rose from 1.49% on September 30, 2021 to 2.34% on March 31. Corporate and asset-backed bond prices declined in the March quarter as yield spreads to government bonds widened slightly. The Bloomberg U.S. Corporate High Yield Index rose from 4.04% on September 30, 2021 to 6.01% on March 31 (yield to lower of call price or maturity).
Readers of this commentary who are long time shareholders of the Fund will recall that the interest-bearing debt portion of the Fund’s portfolio has varied over time, ranging from less than 9% in 2015 to 45% on June 30, 2009. We tend to allocate more Fund assets to interest bearing debt when yields are more attractive. On March 31, 86% of Fund assets were invested in equities, the remaining 14% in interest bearing debt and near cash assets.
The outlook for bond returns is extremely cloudy. In our view, the “real” yield on the 10-year U.S. Treasury note (market yield on 10-year UST of 2.9% minus core consumer price index of 6.5%) is near a multi-decade low at -3.6%
 
Thornburg Equity Funds Semi-Annual Report  |  9


Letter to Shareholders, Continued
March 31, 2022 (Unaudited)
using the March 2022 core consumer price index. This negative real yield level differs materially from levels typically experienced over the investment lifetimes of all readers of this commentary. The trailing 30-year average “real yield” on 10-year U.S. Treasury notes was +1.77%, so the current difference versus historical average is extreme.
Aggregate demand across the global economy is strong, though high price inflation is a significant concern. Economic news flow today is dominated by stories of shortages of labor, energy, semiconductors, other materials, and tight conditions in global shipping and logistics. Many of these issues have been exacerbated by the tragic Russian invasion of Ukraine and resulting economic dislocations. We are paying close attention to the abilities of companies in the Fund’s portfolio to manage cost inflation and maintain profit margins consistent with our expectations. Through it all, people around the world continue to trade with each other. We expect global trade and consumption to remain strong in the coming quarters.
We are optimistic about the future return potential of Thornburg Investment Income Builder Fund’s assets. Why? Virtually all the businesses in the Fund’s portfolio retain their market positions providing important products and services that generate cash flows to pay attractive dividends. In addition, we believe they are valued very attractively in relation to their own histories and relative to other assets. The weighted average price/operating cash flow ratio for the Fund’s equity portfolio tabulated using Bloomberg reported results was approximately 6.6x as of March 31, 2022, significantly below the 12.9x price/cash flow ratio of the MSCI All Country World Index. Income Builder’s 4.0% weighted average equity portfolio dividend yield significantly exceeds the 2.2% dividend yield of the MSCI All Country World Index. We believe investors will direct capital in the
coming quarters into dividend paying stocks, supporting prices of these.
The quarter ending March 31, 2022 was the 77th full calendar quarter since the inception of Thornburg Investment Income Builder Fund in December 2002. In 57 of these quarters the Fund delivered a positive total return. The Fund has delivered positive total returns in 15 of its 19 calendar years of existence. Importantly, Thornburg Investment Income Builder Fund has delivered a compound annualized total return of more than 9% since its inception, split between quarterly income distributions and share price appreciation.
Thank you for being a shareholder of Thornburg Investment Income Builder Fund.
Sincerely,


Brian McMahon
Portfolio Manager
Chief Investment Strategist
and Managing Director
Jason Brady, cfa
Portfolio Manager
CEO, President, and
Managing Director


Ben Kirby, cfa
Portfolio Manager
Head of Investments
and Managing Director
Matt Burdett
Portfolio Manager and
Managing Director
 
10  |  Thornburg Equity Funds Semi-Annual Report


Thornburg Global Opportunities Fund

Investment Goal and
Fund Overview
The Fund seeks long-term capital appreciation by investing in equity and debt securities of all types from issuers around the world.
A flexible mandate allows the Fund to pursue long-term performance using a broad approach to geography and market capitalization. The Fund invests primarily in a broad range of equity securities, including common stocks, preferred stocks and publicly traded real estate investment trusts, including smaller companies with market capitalizations less than $500 million. Investment decisions are based on domestic and international economic developments, outlooks for securities markets, interest rates and inflation, the supply and demand for debt and equity securities, and analysis of specific issuers.
See letter beginning on page 5 of this report for a discussion of factors affecting the Fund’s performance for the reporting period ended March 31, 2022.
Performance Summary
March 31, 2022 (Unaudited)
GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT
THORNBURG GLOBAL OPPORTUNITIES FUND FINAL VALUE
AVERAGE ANNUAL TOTAL RETURNS
THORNBURG GLOBAL OPPORTUNITIES FUND 1-YR 3-YR 5-YR 10-YR SINCE
INCEPTION
Class A Shares (Incep: 7/28/06)          
Without sales charge 4.41% 15.92% 9.46% 11.16% 9.83%
With sales charge -0.29% 14.15% 8.46% 10.65% 9.51%
Class C Shares (Incep: 7/28/06)          
Without sales charge 3.62% 15.06% 8.64% 10.32% 8.99%
With sales charge 2.72% 15.06% 8.64% 10.32% 8.99%
Class I Shares (Incep: 7/28/06) 4.75% 16.26% 9.79% 11.56% 10.28%
Class R3 Shares (Incep: 2/1/08) 4.20% 15.67% 9.24% 10.99% 7.38%
Class R4 Shares (Incep: 2/1/08) 4.30% 15.78% 9.34% 11.09% 7.48%
Class R5 Shares (Incep: 2/1/08) 4.74% 16.25% 9.79% 11.55% 7.93%
Class R6 Shares (Incep: 4/10/17) 4.87% 16.40% - - 9.87%
MSCI AC World Net Total Return USD Index (Since 7/28/06) 7.28% 13.75% 11.64% 10.00% 7.21%
The matters discussed in this report may constitute forward-looking statements made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. These include any advisor or portfolio manager prediction, assessment, analysis or outlook for individual securities, industries, investment styles, market sectors and/or markets. These statements involve risks and uncertainties. In addition to the general risks described for each fund in its current prospectus, other factors bearing on these reports include the accuracy of the advisor’s or portfolio manager’s forecasts and predictions, the appropriateness of the investment strategies designed by the advisor or portfolio manager and the ability of the advisor or portfolio manager to implement their strategies efficiently and successfully. Any one or more of these factors, as well as other risks affecting the securities markets generally, could cause the actual results of any fund to differ materially as compared to its benchmarks.
The views expressed are subject to change and do not necessarily reflect the views of Thornburg Investment Management, Inc. This information should not be relied upon as a recommendation or investment advice and is not intended to predict the performance of any investment or market.
Performance results of individual share classes will vary based on the fees and expenses associated with each share class, and may be higher or lower than other share classes within the same Fund. Please see Performance Summary for performance results of each share class.
Performance data shown represents past performance and is no guarantee of future results. Investment return and principal value will fluctuate so shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than quoted. For performance current to the most recent month end, visit thornburg.com or call 800-847-0200. The performance information does not reflect the deduction of taxes that a shareholder would pay on distributions or the redemption of Fund shares. Returns reflect the reinvestment of dividends and capital gains. Class A shares are sold with a maximum sales charge of 4.50%. Class C shares are subject to a 1% CDSC for the first year only. There is no sales charge for Class I, R3, R4, R5 and R6 shares. As disclosed in the Fund’s most recent prospectus, the total annual fund operating expenses before fee waivers or expense reimbursements are as follows: A shares, 1.31%; C shares, 2.08%; I shares, 1.06%; R3 shares, 2.07%; R4 shares, 1.83%; R5 shares, 1.36%; R6 shares, 1.00%. Thornburg Investment Management has contractually agreed to waive fees and reimburse expenses until at least February 1, 2023, for some of the share classes, resulting in net expense ratios of the following: I shares, 0.99%;R3 shares, 1.50%; R4 shares, 1.40%; R5 shares, 0.99%; R6 shares, 0.85%. For more detailed information on fund expenses and waivers/reimbursements please see the Fund’s prospectus.
Thornburg Equity Funds Semi-Annual Report  |  11


Thornburg International Equity Fund

Investment Goal and
Fund Overview
The International Equity Fund seeks long-term capital appreciation by investing in equity and debt securities of all types. The secondary, nonfundamental goal of the Fund is to seek some current income. The Fund invests primarily in non-U.S. companies selected on a value basis using fundamental research. Under normal conditions, the Fund invests at least 80% of its assets in common stocks or depositary receipts. As described in more detail in the Fund Prospectus, the portfolio is diversified to include basic value stocks, but also includes stocks of companies with consistent earnings characteristics and those of emerging franchises, when these issues are value priced.
Performance drivers and detractors for the reporting period ended March 31, 2022
» For the six-month period ended March 31, 2022 the Fund (Class I shares) lost 7.96% versus a loss of 3.72% for the MSCI AC World ex-USA Net Total Return USD Index and a loss of 3.38% for the MSCI EAFE Net Total Return USD Index.
» Numerous macro crosswinds impacted market performance during the period, causing large dispersions in country and sector performance. Largest among them, the war in Ukraine, the rise in U.S. interest rates, and the beginning of Fed tightening.
» Within the MSCI AC World ex-USA Net Total Return USD Index, value stocks outperformed growth stocks by 10%, with growth losing 8.6%. Energy, materials, and financials outperformed. Canada, Australia, the U.K., and oil producers (except for Russia) outperformed, while the eurozone and China underperformed.
» In many prior periods, Fund performance has been driven by bottom-up stock selection. Occasionally there are periods (like the pandemic in early 2020 and the last six months) where macro factors dominate stock selection and country and sector allocation are the biggest drivers of performance.
» The Fund was underweight most of the outperformers listed above and overweight the eurozone and China, which hurt performance. An overweight in communication services and information technology, which underperformed, were also negatives. An overweight in utilities, a zero weight in Russia, and an average 6% allocation to cash in a down market were notable positives.
» Bottom-up stock selection also had a negative impact. Our Basic Value basket underperformed in a strong market for value stocks as most of our holdings are higher quality value. We were underweight the growth companies in our Emerging Franchise basket, but many of them had substantially negative returns. Our Consistent Earners had the best performance of our three baskets.
Performance Summary
March 31, 2022 (Unaudited)
GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT
THORNBURG INTERNATIONAL EQUITY FUND FINAL VALUE
AVERAGE ANNUAL TOTAL RETURNS
THORNBURG INTERNATIONAL EQUITY FUND 1-YR 3-YR 5-YR 10-YR SINCE
INCEPTION
Class A Shares (Incep: 5/28/98)          
Without sales charge -8.23% 9.21% 7.07% 5.76% 7.27%
With sales charge -12.37% 7.55% 6.09% 5.28% 7.06%
Class C Shares (Incep: 5/28/98)          
Without sales charge -8.83% 8.45% 6.30% 5.00% 6.45%
With sales charge -9.62% 8.45% 6.30% 5.00% 6.45%
Class I Shares (Incep: 3/30/01) -7.87% 9.57% 7.43% 6.15% 7.12%
Class R3 Shares (Incep: 7/1/03) -8.34% 9.01% 6.88% 5.58% 7.79%
Class R4 Shares (Incep: 2/1/07) -8.14% 9.22% 7.10% 5.79% 4.17%
Class R5 Shares (Incep: 2/1/05) -7.92% 9.49% 7.37% 6.07% 6.55%
Class R6 Shares (Incep: 5/1/12) -7.74% 9.72% 7.58% - 6.39%
MSCI AC World ex USA Net Total Return USD Index (Since 5/28/98) -1.48% 7.51% 6.76% 5.55% 4.92%
MSCI EAFE Net Total Return USD Index (Since 5/28/98) 1.16% 7.78% 6.72% 6.27% 4.50%
The matters discussed in this report may constitute forward-looking statements made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. These include any advisor or portfolio manager prediction, assessment, analysis or outlook for individual securities, industries, investment styles, market sectors and/or markets. These statements involve risks and uncertainties. In addition to the general risks described for each fund in its current prospectus, other factors bearing on these reports include the accuracy of the advisor’s or portfolio manager’s forecasts and predictions, the appropriateness of the investment strategies designed by the advisor or portfolio manager and the ability of the advisor or portfolio manager to implement their strategies efficiently and successfully. Any one or more of these factors, as well as other risks affecting the securities markets generally, could cause the actual results of any fund to differ materially as compared to its benchmarks.
The views expressed are subject to change and do not necessarily reflect the views of Thornburg Investment Management, Inc. This information should not be relied upon as a recommendation or investment advice and is not intended to predict the performance of any investment or market.
Performance results of individual share classes will vary based on the fees and expenses associated with each share class, and may be higher or lower than other share classes within the same Fund. Please see Performance Summary for performance results of each share class.
Performance data shown represents past performance and is no guarantee of future results. Investment return and principal value will fluctuate so shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than quoted. For performance current to the most recent month end, visit thornburg.com or call 800-847-0200. The performance information does not reflect the deduction of taxes that a shareholder would pay on distributions or the redemption of Fund shares. Returns reflect the reinvestment of dividends and capital gains. Class A shares are sold with a maximum sales charge of 4.50%. Class C shares are subject to a 1% CDSC for the first year only. There is no sales charge for Class I, R3, R4, R5 and R6 shares. As disclosed in the Fund’s most recent prospectus, the total annual fund operating expenses before fee waivers or expense reimbursements are as follows: A shares, 1.25%; C shares, 1.96%; I shares, 0.94%; R3 shares, 1.61%; R4 shares, 1.40%; R5 shares, 1.16%; R6 shares, 0.88%. Thornburg Investment Management has contractually agreed to waive fees and reimburse expenses until at least February 1, 2023, for some of the share classes, resulting in net expense ratios of the following: I shares, 0.90%; R3 shares, 1.36%; R4 shares, 1.16%; R5 shares, 0.90%;R6 shares 0.70%. For more detailed information on fund expenses and waivers/reimbursements please see the Fund’s prospectus.
12  |   Thornburg Equity Funds Semi-Annual Report


Thornburg Better World International Fund

Investment Goal and
Fund Overview
The Better World International Fund seeks long-term capital appreciation. The Fund invests primarily in a broad range of foreign companies, based on fundamental research combined with analysis of those environmental, social and governance (ESG) characteristics that the investment manager identifies as significant. The Fund targets companies of any size or country of origin, and which are high-quality, attractively valued and, in our view, also demonstrate one or more significant positive ESG characteristics. The Fund portfolio is diversified to include basic value stocks, companies with consistent earnings, and emerging franchises as described in more detail in the Fund Prospectus.
Performance drivers and detractors for the reporting period ended March 31, 2022
» For the six-month period ended March 31, 2022 the Fund (Class I shares) lost 7.41% versus a loss of 3.72% for the MSCI AC World ex-USA Net Total Return USD Index.
» Numerous macro crosswinds impacted market performance during the period, causing large dispersions in country and sector performance. Largest among them, the war in Ukraine, the rise in U.S. interest rates, and the beginning of Fed tightening.
» Within the Fund’s benchmark index, value stocks outperformed growth stocks by 10%, with growth losing 8.6%. Energy, materials, and financials outperformed. Canada, Australia, the U.K., and oil producers (except for Russia) outperformed, while the eurozone and China underperformed.
» In many prior periods, the Fund’s performance has been driven by bottom-up stock selection. Occasionally there are periods (like the pandemic in early 2020 and the last six months) where macro factors dominate stock selection and country and sector allocation are the biggest drivers of performance.
» The Fund was underweight most of the outperformers listed above and overweight the eurozone and China, which hurt performance. An overweight in utilities, an underweight in consumer discretionary, a zero weight in Russia, and an average 9% allocation to cash in a down market were notable positives.
» Bottom-up stock selection also had a negative impact. Our Basic Value basket underperformed in a strong market for value stocks as most of our holdings are higher quality value. Many of the growth stocks in our Emerging Franchise basket also had substantially negative returns. Our Consistent Earners had the best performance of the three baskets during the period.
Performance Summary
March 31, 2022 (Unaudited)
GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT
THORNBURG BETTER WORLD INTERNATIONAL FUND FINAL VALUE
AVERAGE ANNUAL TOTAL RETURNS
THORNBURG BETTER WORLD
INTERNATIONAL FUND
1-YR 3-YR 5-YR 10-YR SINCE
INCEPTION
Class A Shares (Incep: 10/1/15)          
Without sales charge 1.72% 16.23% 11.41% - 11.29%
With sales charge -2.87% 14.46% 10.39% - 10.51%
Class C Shares (Incep: 10/1/15)          
Without sales charge 0.93% 15.47% 10.73% - 10.62%
With sales charge 0.06% 15.47% 10.73% - 10.62%
Class I Shares (Incep: 10/1/15) 2.24% 16.98% 12.17% - 12.08%
MSCI AC World ex USA Net Total Return USD Index (Since 9/30/15) -1.48% 7.51% 6.76% - 7.64%
The matters discussed in this report may constitute forward-looking statements made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. These include any advisor or portfolio manager prediction, assessment, analysis or outlook for individual securities, industries, investment styles, market sectors and/or markets. These statements involve risks and uncertainties. In addition to the general risks described for each fund in its current prospectus, other factors bearing on these reports include the accuracy of the advisor’s or portfolio manager’s forecasts and predictions, the appropriateness of the investment strategies designed by the advisor or portfolio manager and the ability of the advisor or portfolio manager to implement their strategies efficiently and successfully. Any one or more of these factors, as well as other risks affecting the securities markets generally, could cause the actual results of any fund to differ materially as compared to its benchmarks.
The views expressed are subject to change and do not necessarily reflect the views of Thornburg Investment Management, Inc. This information should not be relied upon as a recommendation or investment advice and is not intended to predict the performance of any investment or market.
Performance results of individual share classes will vary based on the fees and expenses associated with each share class, and may be higher or lower than other share classes within the same Fund. Please see Performance Summary for performance results of each share class.
Performance data shown represents past performance and is no guarantee of future results. Investment return and principal value will fluctuate so shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than quoted. For performance current to the most recent month end, visit thornburg.com or call 800-847-0200. The performance information does not reflect the deduction of taxes that a shareholder would pay on distributions or the redemption of Fund shares. Returns reflect the reinvestment of dividends and capital gains. Class A shares are sold with a maximum sales charge of 4.50%. Class C shares are subject to a 1% CDSC for the first year only. There is no sales charge for Class I shares. As disclosed in the Fund’s most recent prospectus, the total annual fund operating expenses before fee waivers or expense reimbursements are as follows: A shares, 1.57%; C shares, 2.85%; I shares, 1.21%. Thornburg Investment Management has contractually agreed to waive fees and reimburse expenses until at least February 1, 2023, for some of the share classes, resulting in net expense ratios of the following: C shares, 2.19%; I shares, 0.90%. For more detailed information on fund expenses and waivers/reimbursements please see the Fund’s prospectus.
Thornburg Equity Funds Semi-Annual Report  |  13


Thornburg International Growth Fund

Investment Goal and
Fund Overview
The International Growth Fund seeks long-term growth of capital by investing in equity securities from around the world selected for their growth potential based on management’s belief that the companies will have growing revenues and earnings. The Fund can invest in companies of any size, from large, well-established firms to small, emerging growth franchises. Management uses traditional fundamental research to evaluate securities and make buy/sell decisions.
Performance drivers and detractors for the reporting period ended March 31, 2022
» For the six-month reporting period ended March 31, 2022, stock selection was the primary driver of the Fund’s relative underperformance. For the period, the Fund (Class I shares) returned -15.94% versus a return of -8.66% for the MSCI AC World ex-USA Growth Net Total Return USD Index.
» Currency had a slightly positive impact on the Fund’s performance relative to the index due to a weakening dollar against the Japanese Yen.
» Positions in the U.K. and Emerging Asia were the primary positive relative contributors to Fund performance for the period, while positions in Canada and Emerging Latin America detracted from relative performance versus the index.
» Stock selection within health care and consumer staples was a positive relative contributor to Fund performance. Stock selections for the Fund within the information technology, communication services, and financials were the primary detractors to its relative underperformance versus the index.
» Performance was negative for all of the Fund’s three baskets during the period, with the consistent growers as the strongest relative basket and emerging growth franchises the weakest.
Performance Summary
March 31, 2022 (Unaudited)
GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT
THORNBURG INTERNATIONAL GROWTH FUND FINAL VALUE
AVERAGE ANNUAL TOTAL RETURNS
THORNBURG INTERNATIONAL GROWTH FUND 1-YR 3-YR 5-YR 10-YR SINCE
INCEPTION
Class A Shares (Incep: 2/1/07)          
Without sales charge -15.82% 6.08% 6.68% 6.84% 6.64%
With sales charge -19.60% 4.46% 5.70% 6.35% 6.31%
Class C Shares (Incep: 2/1/07)          
Without sales charge -16.54% 5.24% 5.84% 6.02% 5.86%
With sales charge -17.31% 5.24% 5.84% 6.02% 5.86%
Class I Shares (Incep: 2/1/07) -15.59% 6.39% 7.02% 7.24% 7.11%
Class R3 Shares (Incep: 2/1/08) -15.99% 5.87% 6.48% 6.69% 5.70%
Class R4 Shares (Incep: 2/1/08) -15.94% 5.97% 6.59% 6.80% 5.81%
Class R5 Shares (Incep: 2/1/08) -15.58% 6.40% 7.02% 7.23% 6.24%
Class R6 Shares (Incep: 2/1/13) -15.49% 6.52% 7.13% - 6.81%
MSCI AC World ex USA Growth Net Total Return USD Index (Since 2/1/07) -6.16% 9.12% 8.60% 6.70% 4.26%
The matters discussed in this report may constitute forward-looking statements made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. These include any advisor or portfolio manager prediction, assessment, analysis or outlook for individual securities, industries, investment styles, market sectors and/or markets. These statements involve risks and uncertainties. In addition to the general risks described for each fund in its current prospectus, other factors bearing on these reports include the accuracy of the advisor’s or portfolio manager’s forecasts and predictions, the appropriateness of the investment strategies designed by the advisor or portfolio manager and the ability of the advisor or portfolio manager to implement their strategies efficiently and successfully. Any one or more of these factors, as well as other risks affecting the securities markets generally, could cause the actual results of any fund to differ materially as compared to its benchmarks.
The views expressed are subject to change and do not necessarily reflect the views of Thornburg Investment Management, Inc. This information should not be relied upon as a recommendation or investment advice and is not intended to predict the performance of any investment or market.
Performance results of individual share classes will vary based on the fees and expenses associated with each share class, and may be higher or lower than other share classes within the same Fund. Please see Performance Summary for performance results of each share class.
Performance data shown represents past performance and is no guarantee of future results. Investment return and principal value will fluctuate so shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than quoted. For performance current to the most recent month end, visit thornburg.com or call 800-847-0200. The performance information does not reflect the deduction of taxes that a shareholder would pay on distributions or the redemption of Fund shares. Returns reflect the reinvestment of dividends and capital gains. Class A shares are sold with a maximum sales charge of 4.50%. Class C shares are subject to a 1% CDSC for the first year only. There is no sales charge for Class I, R3, R4, R5 and R6 shares. As disclosed in the Fund’s most recent prospectus, the total annual fund operating expenses before fee waivers or expense reimbursements are as follows: A shares, 1.26%; C shares, 2.07%; I shares, 0.99%; R3 shares, 1.88%; R4 shares, 1.62%; R5 shares, 1.26%; R6 shares, 0.95%. Thornburg Investment Management has contractually agreed to waive fees and reimburse expenses until at least February 1, 2023, for some of the share classes, resulting in net expense ratios of the following: R3 shares, 1.50%; R4 shares, 1.40%; R5 shares, 0.99%; R6 shares, 0.89%. For more detailed information on fund expenses and waivers/reimbursements please see the Fund’s prospectus.
14  |   Thornburg Equity Funds Semi-Annual Report


Thornburg Developing World Fund

Investment Goal and
Fund Overview
The Developing World Fund’s primary investment goal is long-term capital appreciation. The Fund invests at least 80% of its assets in equity securities of developing country issuers. A developing country issuer is a company or sovereign entity that is domiciled or otherwise tied economically to one or more developing countries. The Fund portfolio is diversified to include basic value stocks, companies with consistent earnings, and emerging franchises as described in more detail in the Fund Prospectus.
Performance drivers and detractors for the reporting period ended March 31, 2022
» For the period ended March 31, 2022, the Fund’s underperformance on a sector basis relative to its benchmark index was attributable to stock selection, with sector allocation decisions essentially neutral and currency allocation decisions contributing positively to relative performance. During the period, the Fund (Class I shares) returned -12.12% versus a return of -8.20% for the MSCI Emerging Markets Net Total Return USD Index.
» Stock selection within financials, energy and consumer staples detracted from relative performance.
» Stock selection within materials, consumer discretionary and communication services were additive to relative performance.
» On a geographic basis, the Fund’s underperformance was driven by stock selection, with country allocation and currency allocation both contributing positively to relative performance.
» Stock selection in China and Brazil, and an underweight allocation to Saudi Arabia, detracted from relative performance. Stock selection within the Philippines, as well as stock selection and an overweight allocation to Mexico, contributed positive to relative performance.
Performance Summary
March 31, 2022 (Unaudited)
GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT
THORNBURG DEVELOPING WORLD FUND FINAL VALUE
AVERAGE ANNUAL TOTAL RETURNS
THORNBURG DEVELOPING WORLD FUND 1-YR 3-YR 5-YR 10-YR SINCE
INCEPTION
Class A Shares (Incep: 12/16/09)          
Without sales charge -14.46% 6.25% 7.80% 4.83% 6.17%
With sales charge -18.30% 4.63% 6.81% 4.35% 5.78%
Class C Shares (Incep: 12/16/09)          
Without sales charge -15.14% 5.44% 6.98% 4.03% 5.39%
With sales charge -15.99% 5.44% 6.98% 4.03% 5.39%
Class I Shares (Incep: 12/16/09) -14.16% 6.63% 8.20% 5.27% 6.65%
Class R5 Shares (Incep: 2/1/13) -14.17% 6.63% 8.21% - 4.48%
Class R6 Shares (Incep: 2/1/13) -14.07% 6.73% 8.31% - 4.58%
MSCI Emerging Markets Net Total Return USD Index (Since 12/16/09) -11.37% 4.94% 5.98% 3.36% 3.71%
The matters discussed in this report may constitute forward-looking statements made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. These include any advisor or portfolio manager prediction, assessment, analysis or outlook for individual securities, industries, investment styles, market sectors and/or markets. These statements involve risks and uncertainties. In addition to the general risks described for each fund in its current prospectus, other factors bearing on these reports include the accuracy of the advisor’s or portfolio manager’s forecasts and predictions, the appropriateness of the investment strategies designed by the advisor or portfolio manager and the ability of the advisor or portfolio manager to implement their strategies efficiently and successfully. Any one or more of these factors, as well as other risks affecting the securities markets generally, could cause the actual results of any fund to differ materially as compared to its benchmarks.
The views expressed are subject to change and do not necessarily reflect the views of Thornburg Investment Management, Inc. This information should not be relied upon as a recommendation or investment advice and is not intended to predict the performance of any investment or market.
Performance results of individual share classes will vary based on the fees and expenses associated with each share class, and may be higher or lower than other share classes within the same Fund. Please see Performance Summary for performance results of each share class.
Performance data shown represents past performance and is no guarantee of future results. Investment return and principal value will fluctuate so shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than quoted. For performance current to the most recent month end, visit thornburg.com or call 800-847-0200. The performance information does not reflect the deduction of taxes that a shareholder would pay on distributions or the redemption of Fund shares. Returns reflect the reinvestment of dividends and capital gains. Class A shares are sold with a maximum sales charge of 4.50%. Class C shares are subject to a 1% CDSC for the first year only. There is no sales charge for Class I, R5 and R6 shares. As disclosed in the Fund’s most recent prospectus, the total annual fund operating expenses before fee waivers or expense reimbursements are as follows: A shares, 1.43%; C shares, 2.19%; I shares, 1.15%; R5 shares, 1.70%; R6 shares, 1.11%. Thornburg Investment Management has contractually agreed to waive fees and reimburse expenses until at least February 1, 2023, for some of the share classes, resulting in net expense ratios of the following: I shares, 1.04%; R5 shares, 1.04%; R6 shares, 0.94%. For more detailed information on fund expenses and waivers/reimbursements please see the Fund’s prospectus.
Thornburg Equity Funds Semi-Annual Report  |  15


Thornburg Small/Mid Cap Core Fund

Investment Goal and
Fund Overview
The Fund seeks long-term capital appreciation by investing in equity and debt securities of all types. The secondary, non-fundamental goal of the Fund is to seek some current income. Under normal conditions, the Fund invests at least 80% of its net assets in small- and mid-capitalization companies.
With its core approach to stock selection, the Fund seeks to invest in a broadly diversified portfolio of companies the Fund categorizes as basic values, consistent earners, and emerging franchises, as described in more detail in the Fund Prospectus. The relative proportions of securities invested in each of those categories will vary over time.
Performance drivers and detractors for the reporting period ended March 31, 2022
» For the six-month period ended March 31, 2022, the Fund (Class I shares) returned -1.71% versus a return of -2.22% for the Russell 2500 Total Return Index, primarily due to sector and market cap allocations. The allocation towards slightly larger companies was beneficial as mid-cap companies outperformed small-cap companies.
» Stock selection in health care and industrials had a positive relative impact on performance, as did an overallocation to the outperforming energy sector.
» Stock selection in information technology, consumer staples, and real estate had a negative relative impact on performance.
» Returns of mid-cap stocks outpaced small-cap stocks within the benchmark. Stock selection was a slight negative contributor within the small-cap portion of the Fund’s portfolio. However, an overweight to larger stocks within the universe and a positive impact from selection of stocks within the $2.5 billion to $12 billon market cap range were positive, contributing to outperformance for the period.
Performance Summary
March 31, 2022 (Unaudited)
GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT
THORNBURG SMALL/MID CAP CORE FUND FINAL VALUE
AVERAGE ANNUAL TOTAL RETURNS
THORNBURG SMALL/MID CAP CORE FUND 1-YR 3-YR 5-YR 10-YR SINCE
INCEPTION
Class A Shares (Incep: 10/2/95)          
Without sales charge 3.09% 11.53% 10.31% 11.14% 9.88%
With sales charge -1.56% 9.83% 9.30% 10.63% 9.69%
Class C Shares (Incep: 10/2/95)          
Without sales charge 2.21% 10.63% 9.41% 10.27% 9.03%
With sales charge 1.49% 10.63% 9.41% 10.27% 9.03%
Class I Shares (Incep: 11/2/98) 3.44% 11.91% 10.69% 11.56% 8.23%
Class R3 Shares (Incep: 7/1/03) 3.07% 11.52% 10.29% 11.16% 8.45%
Class R4 Shares (Incep: 2/1/07) 3.17% 11.62% 10.40% 11.27% 6.92%
Class R5 Shares (Incep: 2/1/05) 3.43% 11.91% 10.69% 11.55% 8.58%
Russell 2500 Total Return Index
(Since 10/2/95)
0.34% 13.79% 11.57% 12.09% 10.32%
The matters discussed in this report may constitute forward-looking statements made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. These include any advisor or portfolio manager prediction, assessment, analysis or outlook for individual securities, industries, investment styles, market sectors and/or markets. These statements involve risks and uncertainties. In addition to the general risks described for each fund in its current prospectus, other factors bearing on these reports include the accuracy of the advisor’s or portfolio manager’s forecasts and predictions, the appropriateness of the investment strategies designed by the advisor or portfolio manager and the ability of the advisor or portfolio manager to implement their strategies efficiently and successfully. Any one or more of these factors, as well as other risks affecting the securities markets generally, could cause the actual results of any fund to differ materially as compared to its benchmarks.
The views expressed are subject to change and do not necessarily reflect the views of Thornburg Investment Management, Inc. This information should not be relied upon as a recommendation or investment advice and is not intended to predict the performance of any investment or market.
Performance results of individual share classes will vary based on the fees and expenses associated with each share class, and may be higher or lower than other share classes within the same Fund. Please see Performance Summary for performance results of each share class.
Performance data shown represents past performance and is no guarantee of future results. Investment return and principal value will fluctuate so shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than quoted. For performance current to the most recent month end, visit thornburg.com or call 800-847-0200. The performance information does not reflect the deduction of taxes that a shareholder would pay on distributions or the redemption of Fund shares. Returns reflect the reinvestment of dividends and capital gains. Class A shares are sold with a maximum sales charge of 4.50%. Class C shares are subject to a 1% CDSC for the first year only. There is no sales charge for Class I, R3, R4 and R5 shares. As disclosed in the Fund’s most recent prospectus, the total annual fund operating expenses before fee waivers or expense reimbursements are as follows: A shares, 1.31%; C shares, 2.13%; I shares, 1.06%; R3 shares, 1.79%; R4 shares, 1.76%; R5 shares, 1.46%. Thornburg Investment Management has contractually agreed to waive fees and reimburse expenses until at least February 1, 2023, for some of the share classes, resulting in net expense ratios of the following: I shares, 0.95%; R3 shares, 1.31%; R4 shares, 1.21%; R5 shares, 0.95%. For more detailed information on fund expenses and waivers/reimbursements please see the Fund’s prospectus.
16  |   Thornburg Equity Funds Semi-Annual Report


Thornburg Small/Mid Cap Growth Fund

Investment Goal and
Fund Overview
The Fund seeks long-term growth of capital by investing in equity securities selected for their growth potential. Under normal conditions, the Fund invests at least 80% of its net assets in small- and mid-capitalization companies.
The Fund seeks to invest in a diversified portfolio of companies the Fund categorizes as consistent earners, disruptors, and emerging franchises, as described in more detail in the Fund Prospectus. The relative proportions of securities invested in each of those categories will vary over time.
Performance drivers and detractors for the reporting period ended March 31, 2022
» For the six-month period ended March 31, 2022, the Fund (Class I shares) returned -18.64% versus a return of -12.13% for the Russell 2500 Growth Total Return Index, primarily due to stock selection across sectors and market cap ranges.
» Stock selection in information technology, consumer discretionary, and industrials had a negative relative impact on performance versus the index.
» The Fund’s allocation towards slightly larger companies was beneficial as larger companies outperformed smaller companies within the small- and mid-cap universe.
» Stock selection in health care and communication services had a positive relative impact on the Fund’s performance relative to the index.
» Returns of mid-caps outpaced small-caps within the benchmark during the period. Stock selection was the primary negative contributor to the relative underperformance within both the small- and mid-cap portion of the Fund. However, an underweighting in the Fund to smaller stocks within the index universe had a slight positive impact on relative performance.
Performance Summary
March 31, 2022 (Unaudited)
GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT
THORNBURG SMALL/MID CAP GROWTH FUND FINAL VALUE
AVERAGE ANNUAL TOTAL RETURNS
THORNBURG SMALL/MID CAP
GROWTH FUND
1-YR 3-YR 5-YR 10-YR SINCE
INCEPTION
Class A Shares (Incep: 12/27/00)          
Without sales charge -14.54% 8.03% 10.48% 10.17% 6.98%
With sales charge -18.39% 6.39% 9.46% 9.67% 6.75%
Class C Shares (Incep: 12/27/00)          
Without sales charge -15.29% 7.17% 9.59% 9.32% 6.14%
With sales charge -15.80% 7.17% 9.59% 9.32% 6.14%
Class I Shares (Incep: 11/3/03) -14.26% 8.40% 10.87% 10.60% 9.14%
Class R3 Shares (Incep: 7/1/03) -14.67% 7.86% 10.31% 10.04% 9.15%
Class R4 Shares (Incep: 2/1/07) -14.61% 7.97% 10.42% 10.15% 6.54%
Class R5 Shares (Incep: 10/3/05) -14.25% 8.40% 10.87% 10.61% 8.37%
Russell 2500 Growth Total Return Index (Since 12/27/00) -10.12% 12.99% 13.22% 12.69% 8.49%
The matters discussed in this report may constitute forward-looking statements made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. These include any advisor or portfolio manager prediction, assessment, analysis or outlook for individual securities, industries, investment styles, market sectors and/or markets. These statements involve risks and uncertainties. In addition to the general risks described for each fund in its current prospectus, other factors bearing on these reports include the accuracy of the advisor’s or portfolio manager’s forecasts and predictions, the appropriateness of the investment strategies designed by the advisor or portfolio manager and the ability of the advisor or portfolio manager to implement their strategies efficiently and successfully. Any one or more of these factors, as well as other risks affecting the securities markets generally, could cause the actual results of any fund to differ materially as compared to its benchmarks.
The views expressed are subject to change and do not necessarily reflect the views of Thornburg Investment Management, Inc. This information should not be relied upon as a recommendation or investment advice and is not intended to predict the performance of any investment or market.
Performance results of individual share classes will vary based on the fees and expenses associated with each share class, and may be higher or lower than other share classes within the same Fund. Please see Performance Summary for performance results of each share class.
Performance data shown represents past performance and is no guarantee of future results. Investment return and principal value will fluctuate so shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than quoted. For performance current to the most recent month end, visit thornburg.com or call 800-847-0200. The performance information does not reflect the deduction of taxes that a shareholder would pay on distributions or the redemption of Fund shares. Returns reflect the reinvestment of dividends and capital gains. Class A shares are sold with a maximum sales charge of 4.50%. Class C shares are subject to a 1% CDSC for the first year only. There is no sales charge for Class I, R3, R4 and R5 shares. As disclosed in the Fund’s most recent prospectus, the total annual fund operating expenses before fee waivers or expense reimbursements are as follows: A shares, 1.31%; C shares, 2.09%; I shares, 1.04%; R3 shares, 1.79%; R4 shares, 2.17%; R5 shares, 1.31%. Thornburg Investment Management has contractually agreed to waive fees and reimburse expenses until at least February 1, 2023, for some of the share classes, resulting in net expense ratios of the following: I shares, 0.95%; R3 shares, 1.46%; R4 shares, 1.36%; R5 shares, 0.95%. For more detailed information on fund expenses and waivers/reimbursements please see the Fund’s prospectus.
Thornburg Equity Funds Semi-Annual Report  |  17


Thornburg Investment Income Builder Fund

Investment Goal and
Fund Overview
The Investment Income Builder Fund’s primary investment goal is to provide a level of current income which exceeds the average yield on U.S. stocks generally, and which will generally grow, subject to periodic fluctuations, over the years on a per share basis. The Fund’s secondary investment goal is long-term capital appreciation.
The Fund pursues its investment goals by investing in a broad range of income producing securities, primarily stocks and bonds. Equity investments normally will be weighted in favor of companies which pay dividends. The Fund may invest in securities of issuers domiciled in or economically tied to countries outside the United States, including developing countries. Investment decisions are based on domestic and international economic developments, outlooks for securities markets, interest rates and inflation, the supply and demand for debt and equity securities, and analysis of specific issuers.
See letter beginning on page 8 of this report for a discussion of factors affecting the Fund’s performance for the reporting period ended March 31, 2022.
Performance Summary
March 31, 2022 (Unaudited)
GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT
THORNBURG INVESTMENT INCOME BUILDER FUND FINAL VALUE
AVERAGE ANNUAL TOTAL RETURNS
THORNBURG INVESTMENT INCOME BUILDER FUND 1-YR 3-YR 5-YR 10-YR SINCE
INCEPTION
Class A Shares (Incep: 12/24/02)          
Without sales charge 8.25% 8.67% 7.72% 7.23% 9.04%
With sales charge 3.39% 7.02% 6.73% 6.73% 8.78%
Class C Shares (Incep: 12/24/02)          
Without sales charge 7.43% 7.86% 6.92% 6.45% 8.34%
With sales charge 6.43% 7.86% 6.92% 6.45% 8.34%
Class I Shares (Incep: 11/3/03) 8.53% 8.92% 8.01% 7.54% 8.55%
Class R3 Shares (Incep: 2/1/05) 7.85% 8.27% 7.34% 6.87% 7.18%
Class R4 Shares (Incep: 2/1/08) 8.00% 8.39% 7.45% 6.99% 5.81%
Class R5 Shares (Incep: 2/1/07) 8.41% 8.83% 7.89% 7.41% 6.47%
Class R6 Shares (Incep: 4/10/17) 8.62% 9.02% - - 8.21%
MSCI World Net Total Return USD Index
(Since 12/24/02)
10.12% 14.98% 12.42% 10.88% 9.30%
The matters discussed in this report may constitute forward-looking statements made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. These include any advisor or portfolio manager prediction, assessment, analysis or outlook for individual securities, industries, investment styles, market sectors and/or markets. These statements involve risks and uncertainties. In addition to the general risks described for each fund in its current prospectus, other factors bearing on these reports include the accuracy of the advisor’s or portfolio manager’s forecasts and predictions, the appropriateness of the investment strategies designed by the advisor or portfolio manager and the ability of the advisor or portfolio manager to implement their strategies efficiently and successfully. Any one or more of these factors, as well as other risks affecting the securities markets generally, could cause the actual results of any fund to differ materially as compared to its benchmarks.
The views expressed are subject to change and do not necessarily reflect the views of Thornburg Investment Management, Inc. This information should not be relied upon as a recommendation or investment advice and is not intended to predict the performance of any investment or market.
Performance results of individual share classes will vary based on the fees and expenses associated with each share class, and may be higher or lower than other share classes within the same Fund. Please see Performance Summary for performance results of each share class.
Performance data shown represents past performance and is no guarantee of future results. Investment return and principal value will fluctuate so shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than quoted. For performance current to the Fund’s most recent month end, visit thornburg.com or call 800-847-0200. The performance information does not reflect the deduction of taxes that a shareholder would pay on distributions or the redemption of Fund shares. Returns reflect the reinvestment of dividends and capital gains. Class A shares are sold with a maximum sales charge of 4.50%. Class C shares are subject to a 1% CDSC for the first year only. There is no sales charge for Class I, R3, R4, R5 and R6 shares. As disclosed in the Fund’s most recent prospectus, the total annual fund operating expenses before fee waivers or expense reimbursements are as follows: A shares, 1.18%; C shares, 1.95%; I shares, 0.94%; R3 shares, 1.63%; R4 shares, 1.51%; R5 shares, 1.14%; R6 shares, 0.89%. Thornburg Investment Management has contractually agreed to waive fees and reimburse expenses until at least February 1, 2023, for some of the share classes, resulting in net expense ratios of the following: R3 shares,1.50%; R4 shares, 1.40%; R5 shares, 0.99%; R6 shares, 0.80%. For more detailed information on fund expenses and waivers/reimbursements please see the Fund’s prospectus.
30-day SEC Yield as of 3/31/22 (Class A Shares) : 2.72%
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Thornburg Summit Fund

Investment Goal and
Fund Overview
The Summit Fund seeks to grow real wealth over time. “Real wealth” for this purpose is a mix of capital appreciation and current income that is intended to exceed the rate of inflation. Under normal conditions the Fund’s investments are expected to emphasize long positions in equity securities and fixed income obligations, though the Fund may also invest a significant amount of its assets in short positions in equity securities and fixed income obligations, in commodities-related investments, in derivative instruments, in currencies, and in cash or cash equivalents.
There are no specific percentage limitations on the amount of the Fund’s portfolio that may be invested in a particular asset class, and the proportions of the Fund’s assets that are invested in the respective asset classes are expected to vary over time and from time to time depending upon Thornburg’s perceptions of which types of investments represent better values and opportunities to achieve the Fund’s investment goal.
Performance drivers and detractors for the reporting period ended March 31, 2022
» Selection effect within both equities and fixed income contributed strongly to the Fund’s relative outperformance versus its index during the trailing six-month period ended March 31, 2022. The Fund’s position to cash was modestly detractive to relative performance. For the period, the Fund (Class I shares) returned 0.26% versus a return of -2.11% for the 60% MSCI All Country AC World Index and 40% Bloomberg Barclays Global Aggregate Bond Index (the benchmark blended index).
» Within equities, selection effect from information technology and industrial stocks contributed positively to the Fund’s relative outperformance.
» The Fund’s modestly underweight allocation to equities, versus its blended benchmark index, and its overweight allocation to communication services, as well as stock selection within financials, detracted from relative performance.
» Within fixed income, the Fund’s relative outperformance was primarily driven by strong security selection across sectors. An overweight allocation to asset backed securities was also additive to relative performance versus the blended benchmark index.
» On a geographic basis, an overweighting of Fund holdings in U.S. fixed income was additive to its relative performance.
Performance Summary
March 31, 2022 (Unaudited)
GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT
THORNBURG SUMMIT FUND FINAL VALUE
AVERAGE ANNUAL TOTAL RETURNS
THORNBURG SUMMIT FUND 1-YR 3-YR 5-YR 10-YR SINCE
INCEPTION
Class A Shares (Incep: 1/26/22)          
Without sales charge - - - - 0.76%
With sales charge - - - - -3.79%
Class I Shares (Incep: 3/1/19) 5.60% 15.27% - - 15.54%
60% MSCI All Country (AC) World Net Total Return USD Index/40% Bloomberg Global Aggregate Bond Index (Since 3/1/19) 1.72% 8.67% - - 8.87%
The matters discussed in this report may constitute forward-looking statements made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. These include any advisor or portfolio manager prediction, assessment, analysis or outlook for individual securities, industries, investment styles, market sectors and/or markets. These statements involve risks and uncertainties. In addition to the general risks described for each fund in its current prospectus, other factors bearing on these reports include the accuracy of the advisor’s or portfolio manager’s forecasts and predictions, the appropriateness of the investment strategies designed by the advisor or portfolio manager and the ability of the advisor or portfolio manager to implement their strategies efficiently and successfully. Any one or more of these factors, as well as other risks affecting the securities markets generally, could cause the actual results of any fund to differ materially as compared to its benchmarks.
The views expressed are subject to change and do not necessarily reflect the views of Thornburg Investment Management, Inc. This information should not be relied upon as a recommendation or investment advice and is not intended to predict the performance of any investment or market.
Performance results of individual share classes will vary based on the fees and expenses associated with each share class, and may be higher or lower than other share classes within the same Fund. Please see Performance Summary for performance results of each share class.
Performance data shown represents past performance and is no guarantee of future results. Investment return and principal value will fluctuate so shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than quoted. For performance current to the Fund’s most recent month end, visit thornburg.com or call 800-847-0200. The performance information does not reflect the deduction of taxes that a shareholder would pay on distributions or the redemption of Fund shares. Returns reflect the reinvestment of dividends and capital gains. Class A shares are sold with a maximum sales charge of 4.50%. There is no sales charge for Class I shares. As disclosed in the Fund’s most recent prospectus, the total annual fund operating expenses before fee waivers or expense reimbursements are as follows: A shares, 1.47%; I shares, 1.22%. Thornburg Investment Management has contractually agreed to waive fees and reimburse expenses until at least February 1, 2023, for some of the share classes, resulting in net expense ratios of the following: A shares, 1.24%; I shares, 0.99%. For more detailed information on fund expenses and waivers/reimbursements please see the Fund’s prospectus.
Thornburg Equity Funds Semi-Annual Report  |  19


Glossary
March 31, 2022 (Unaudited)
The Bloomberg U.S. Aggregate Bond Total Return Index Value USD is composed of approximately 8,000 publicly traded bonds including U.S. government, mortgage-backed, corporate and Yankee bonds. The index is weighted by the market value of the bonds included in the index.
The Bloomberg Global Aggregate Bond Index provides a broad-based measure of the global investment-grade fixed-rate debt markets. It is comprised of the U.S. Aggregate, Pan European Aggregate, and the Asian-Pacific Aggregate indices. It also includes a wide range of standard and customized sub-indices by liquidity constraint, sector, quality, and maturity.
Thornburg Investment Income Builder Fund’s Blended Index is composed of 25% Bloomberg US Aggregate Bond Total Return Index Value USD and 75% MSCI World Net Total Return USD Index, rebalanced monthly.
Bond Credit Ratings (Credit Quality) – A bond credit rating assesses the financial ability of a debt issuer to make timely payments of principal and interest. Ratings of AAA (the highest), AA, A, and BBB are investment-grade quality. Ratings of BB, B, CCC, CC, C and D (the lowest) are considered below investment grade, speculative grade, or junk bonds.
The MSCI World Net Total Return USD Index is an unmanaged market-weighted index that consists of securities traded in 23 of the world’s most developed countries. Securities are listed on exchanges in the U.S., Europe, Canada, Australia, New Zealand, and the Far East. The index is calculated with net dividends reinvested in U.S. dollars.
The MSCI All Country (AC) World Net Total Return USD Index is a market capitalization weighted index that is representative of the market structure of 47 developed and emerging market countries in North and South America, Europe, Africa, the Middle East, and the Pacific Rim. The index is calculated with net dividends reinvested in U.S. dollars.
The MSCI All Country (AC) World ex-USA Total Return Index is a market capitalization weighted index representative of the market structure of 45 developed and emerging market countries in North and South America, Europe, Africa, and the Pacific Rim, excluding securities of United States issuers. Beginning in January 2001, the index is calculated with net dividends reinvested in U.S. dollars. Prior data is calculated with gross dividends.
The MSCI World ESG Leaders Index is a capitalization weighted index that provides exposure to companies with high Environmental, Social and Governance (ESG) performance relative to their sector peers. MSCI World ESG Leaders Index is constructed by aggregating the following regional Index MSCI Pacific ESG Leaders Index, MSCI Europe & Middle East ESG Leaders Index, MSCI Canada ESG Leaders Index and MSCI USA ESG Leaders Index. The parent index is MSCI World Index, which consists of large and mid-cap companies in 23 Developed Markets Countries.
The MSCI EAFE (Europe, Australasia, Far East) Net Total Return USD Index is an unmanaged index. It is a generally accepted benchmark for major overseas markets. Index weightings represent the relative capitalizations of the major overseas developed markets on a U.S. dollar adjusted basis. The index is calculated with net dividends reinvested in U.S. dollars.
The MSCI All Country (AC) World ex USA Growth Net Total Return USD Index is a market capitalization weighted index that includes growth companies in developed and emerging markets throughout the world, excluding the United States.
The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The MSCI Emerging Markets Index consists of the following 23 emerging market country indexes: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates.
The Russell 2500 Total Return Index measures the performance of the 2,500 smallest companies in the Russell 3000 Index, with a weighted average market capitalization of approximately $4.3 billion, median capitalization of $1.2 billion and market capitalization of the largest company of $18.7 billion.
The Russell 2500 Growth Total Return Index measures the performance of the small to mid-cap growth segment of the U.S. equity universe. It includes those Russell 2500™ companies with higher growth earning potential as defined by FTSE Russell’s leading style methodology. Source: Frank Russell Company.
Net Adjusted S&P 500 Index – For illustration purposes, the net adjusted S&P 500 Index adjusts the total return of the S&P 500 Index to reflect the same net exposure as the Fund.
P/E - Price/Earnings ratio (P/E ratio) is a valuation ratio of a company’s current share price compared to its per-share earnings. P/E equals a company’s market value per share divided by earnings per share. Forecasted P/E is not intended to be a forecast of the Fund’s future performance.
Price/Book ratio (P/B ratio) – A ratio used to compare a stock’s market value to its book value. It is calculated by dividing the current closing price of the stock by the latest quarter’s book value per share.
Yield to Worst (YTW) – The lowest potential yield that can be received on a bond without the issuer actually defaulting.
The performance of any index is not indicative of the performance of any particular investment. Unless otherwise noted, index returns reflect the reinvestment of income dividends and capital gains, if any, but do not reflect fees, brokerage commissions or other expenses of investing. Investors may not make direct investments into any index.
Any securities, sectors, or countries mentioned are for illustration purposes only. Holdings are subject to change. Under no circumstances does the information contained within represent a recommendation to buy or sell any security.
The information given should not be considered tax advice. Please consult your tax advisor for personal tax questions and concerns.
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Thornburg Equity Funds Semi-Annual Report  |  21


The Dividend Landscape
Thornburg Investment Income Builder Fund  |  March 31, 2022 (Unaudited)
To appreciate the investment environment in which Thornburg Investment Income Builder Fund operates, you may wish to review these highlights of the “dividend landscape.”
The S&P 500 Index Payout Ratio — A Historical Perspective
The dividend payout ratio is a fraction that expresses dividend payments as a percentage of per-share earnings. As the economy slowed in the wake of the financial crisis, earnings-per-share on average declined, causing the payout ratio to spike, even as dividends paid by the S&P 500 portfolio declined. Earnings have since materially improved, bringing the payout ratio back in line with the overall trend in recent times.
Corporate Willingness to Pay Dividends is Key to the Fund’s Investment Process
The Russell 1000 Index includes approximately 1,000 public companies that are supposed to be generally representative of corporate America. Between 1980 and 1993, at least 75% of these firms paid some dividend. Between 1994 and 2001, the percentage of Russell 1000 companies paying dividends sank to just over 50%, indicating a preference towards reinvesting retained earnings in growth initiatives. Dividends returned to fashion between 2002 and 2008. A reduction in the number of Russell 1000 firms paying dividends followed the 2008 recession. However, from early 2010, the number steadily climbed back to around 70%.
Rising Dividend Payments Despite Decreasing Dividend Yields
Over time, the dollar dividend per unit of the S&P 500 Index has generally increased. Because the price of the index itself has increased even more, the yield on the S&P 500 Index, as a percentage of the current index price, has generally decreased in recent decades. You should note, however, that the dollar yield on an original investment made at a fixed point in time (say, 1970 or 1989) has increased, even without reinvestment of dividends.
S&P 500 Index Payout Ratio
Source: Bloomberg, beginning in 1999 (uses operating earnings); “Irrational Exuberance”
by Robert J. Shiller, through 1998 (uses reported earnings).
Percentage of Companies Paying Dividends in Russell 1000 Index
Source: CSFB Quantitative and Equity Derivatives Strategy, Baseline, and FactSet.
S&P 500 Index Average Yield vs. Annual Dividends from a Hypothetical $100,000 Investment (Dividends not Reinvested)
Source: Bloomberg and FactSet as of 3/31/22.
Past performance does not guarantee future results.
 
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The Dividend Landscape, Continued
Thornburg Investment Income Builder Fund  |  March 31, 2022 (Unaudited)
The Top 100 Dividend Yields
  RUSSELL 1000
INDEX
RUSSELL 2000
INDEX
Financials 26% 40%
Real Estate 22% 28%
Energy 10% 7%
Consumer Discretionary 9% 8%
Utilities 8% 1%
Consumer Staples 7% 4%
Materials 5% 4%
Health Care 4% 1%
Information Technology 4% 1%
Communication Services 3% 2%
Industrials 2% 4%
Source: FactSet as of March 31, 2022.
Estimated Average Dividend Yields (MSCI Indices) of Markets Around the Globe
Source: Bloomberg as of March 31, 2022.
A Truly Diversified Dividend-Paying Portfolio Must Look Beyond the Obvious High-Yield Stocks!
In the (large cap) Russell 1000 Index, 48% of the top 100 dividend payers are in the financials and real estate sectors. In the (small cap) Russell 2000 Index, 68% of the top 100 dividend-yielding stocks are real estate or financials companies. To construct a diversified portfolio of attractive yielding stocks, one must look beyond these sectors. We certainly do.
Dividend yield is a ratio that shows how much a company pays out in dividends each year relative to its share price.
Global Diversification Can Improve the Portfolio Yield
Since firms outside the U.S. tend to pay higher dividends than U.S. firms, particularly outside the financial and utility sectors, we maintain the ability to diversify the Thornburg Investment Income Builder Fund into foreign dividend-paying stocks to try to take advantage of these opportunities.
Diversification does not assure or guarantee better performance and cannot eliminate the risk of investment losses.
Dividends are not guaranteed.
 
Thornburg Equity Funds Semi-Annual Report  |  23


Fund Summary
Thornburg Global Opportunities Fund  |  March 31, 2022 (Unaudited)
Fund Summary
ASSET STRUCTURE
MARKET CAPITALIZATION EXPOSURE
TOP TEN EQUITY HOLDINGS
Reliance Industries Ltd. 5.7%
Alphabet, Inc. Class A 5.0%
TotalEnergies SE 4.6%
OCI NV 4.3%
Samsung Electronics Co. Ltd. 4.2%
Capital One Financial Corp. 4.0%
Bank of Ireland Group plc 3.7%
NN Group NV 3.6%
Charles Schwab Corp. 3.5%
Tesco plc 3.4%
    
SECTOR EXPOSURE
Financials 18.1%
Communication Services 16.0%
Materials 12.7%
Information Technology 11.6%
Energy 10.3%
Consumer Discretionary 9.8%
Health Care 7.9%
Industrials 6.1%
Consumer Staples 3.4%
Other Assets Less Liabilities 4.1%
    
TOP TEN INDUSTRY GROUPS
Materials 12.7%
Energy 10.3%
Media & Entertainment 9.7%
Diversified Financials 7.5%
Semiconductors & Semiconductor Equipment 7.4%
Pharmaceuticals, Biotechnology & Life Sciences 7.4%
Banks 7.0%
Telecommunication Services 6.3%
Retailing 4.9%
Technology Hardware & Equipment 4.2%
    
THORNBURG GLOBAL
OPPORTUNITIES FUND
NASDAQ SYMBOLS CUSIPS
Class A THOAX 885-215-343
Class C THOCX 885-215-335
Class I THOIX 885-215-327
Class R3 THORX 885-215-145
Class R4 THOVX 885-215-137
Class R5 THOFX 885-215-129
Class R6 THOGX 885-216-655
Class I, R3, R4, R5, and R6 shares may not be available to all investors. Minimum investments for Class I shares may be higher than those for other classes.
There is no guarantee that the Fund will meet its investment objectives.
All data is subject to change. Charts may not add up to 100% due to rounding.
 
24  |  Thornburg Equity Funds Semi-Annual Report


Fund Summary
Thornburg International Equity Fund  |  March 31, 2022 (Unaudited)
MARKET CAPITALIZATION EXPOSURE
BASKET STRUCTURE
TOP TEN EQUITY HOLDINGS
TotalEnergies SE 3.9%
CME Group, Inc. 3.1%
LVMH Moet Hennessy Louis Vuitton SE 2.8%
Kuehne + Nagel International AG 2.8%
Canadian Pacific Railway Ltd. 2.7%
Linde plc 2.7%
ABB Ltd. 2.7%
Kweichow Moutai Co. Ltd. Class A 2.6%
Roche Holding AG 2.5%
Tencent Holdings Ltd. 2.5%
    
SECTOR EXPOSURE
Industrials 19.1%
Information Technology 16.1%
Financials 13.5%
Utilities 8.4%
Communication Services 8.2%
Consumer Discretionary 8.2%
Materials 7.0%
Consumer Staples 5.0%
Health Care 4.9%
Energy 3.9%
Other Assets Less Liabilities 5.7%
    
TOP TEN INDUSTRY GROUPS
Capital Goods 11.7%
Utilities 8.4%
Consumer Durables & Apparel 7.0%
Materials 7.0%
Semiconductors & Semiconductor Equipment 6.9%
Banks 6.8%
Technology Hardware & Equipment 6.3%
Transportation 5.5%
Media & Entertainment 5.2%
Pharmaceuticals, Biotechnology & Life Sciences 4.9%
    
THORNBURG INTERNATIONAL
EQUITY FUND
NASDAQ SYMBOLS CUSIPS
Class A TGVAX 885-215-657
Class C THGCX 885-215-640
Class I TGVIX 885-215-566
Class R3 TGVRX 885-215-525
Class R4 THVRX 885-215-269
Class R5 TIVRX 885-215-368
Class R6 TGIRX 885-216-804
Class I, R3, R4, R5, and R6 shares may not be available to all investors. Minimum investments for Class I shares may be higher than those for other classes.
There is no guarantee that the Fund will meet its investment objectives.
All data is subject to change. Charts may not add up to 100% due to rounding.
 
Thornburg Equity Funds Semi-Annual Report  |  25


Fund Summary
Thornburg Better World International Fund  |  March 31, 2022 (Unaudited)
MARKET CAPITALIZATION EXPOSURE
BASKET STRUCTURE
TOP TEN EQUITY HOLDINGS
Roche Holding AG 2.8%
L’Oreal SA 2.7%
Taiwan Semiconductor Manufacturing Co. Ltd. 2.6%
Seven & i Holdings Co. Ltd. 2.5%
Tesco plc 2.5%
Sony Corp. 2.4%
Hitachi Ltd. 2.4%
Recruit Holdings Co. Ltd. 2.4%
Novartis AG 2.2%
Visa, Inc. Class A 2.2%
    
SECTOR EXPOSURE
Information Technology 23.4%
Industrials 16.7%
Consumer Staples 11.8%
Materials 9.6%
Consumer Discretionary 9.3%
Financials 7.6%
Health Care 6.3%
Communication Services 2.9%
Real Estate 0.7%
Utilities 0.7%
Other Assets Less Liabilities 11.0%
    
TOP TEN INDUSTRY GROUPS
Software & Services 10.5%
Materials 9.6%
Semiconductors & Semiconductor Equipment 8.3%
Capital Goods 8.0%
Commercial & Professional Services 7.2%
Food & Staples Retailing 6.3%
Pharmaceuticals, Biotechnology & Life Sciences 6.3%
Household & Personal Products 5.5%
Technology Hardware & Equipment 4.6%
Consumer Durables & Apparel 4.4%
    
THORNBURG BETTER WORLD
INTERNATIONAL FUND
NASDAQ SYMBOLS CUSIPS
Class A TBWAX 885-216-721
Class C TBWCX 885-216-713
Class I TBWIX 885-216-697
Class I shares may not be available to all investors. Minimum investments for Class I shares may be higher than those for other classes.
There is no guarantee that the Fund will meet its investment objectives.
All data is subject to change. Charts may not add up to 100% due to rounding.
 
26  |  Thornburg Equity Funds Semi-Annual Report


Fund Summary
Thornburg International Growth Fund  |  March 31, 2022 (Unaudited)
MARKET CAPITALIZATION EXPOSURE
BASKET STRUCTURE
TOP TEN EQUITY HOLDINGS
Taiwan Semiconductor Manufacturing Co. Ltd. 7.4%
Nestle SA 6.6%
AstraZeneca plc 4.9%
ASML Holding NV 4.1%
Tencent Holdings Ltd. 3.8%
LVMH Moet Hennessy Louis Vuitton SE 3.0%
Air Liquide SA 2.8%
Visa, Inc. Class A 2.7%
Mastercard, Inc. Class A 2.6%
Adyen NV 2.6%
    
SECTOR EXPOSURE
Information Technology 26.1%
Communication Services 13.3%
Consumer Discretionary 13.1%
Industrials 11.7%
Health Care 9.5%
Consumer Staples 8.0%
Financials 6.7%
Materials 6.3%
Energy 1.0%
Other Assets Less Liabilities 4.3%
    
TOP TEN INDUSTRY GROUPS
Semiconductors & Semiconductor Equipment 14.6%
Software & Services 11.5%
Media & Entertainment 11.1%
Pharmaceuticals, Biotechnology & Life Sciences 9.5%
Food, Beverage & Tobacco 8.0%
Materials 6.3%
Capital Goods 5.5%
Commercial & Professional Services 5.1%
Consumer Durables & Apparel 4.8%
Diversified Financials 4.0%
    
THORNBURG INTERNATIONAL
GROWTH FUND
NASDAQ SYMBOLS CUSIPS
Class A TIGAX 885-215-319
Class C TIGCX 885-215-293
Class I TINGX 885-215-244
Class R3 TIGVX 885-215-178
Class R4 TINVX 885-215-160
Class R5 TINFX 885-215-152
Class R6 THGIX 885-216-820
Class I, R3, R4, R5, and R6 shares may not be available to all investors. Minimum investments for Class I shares may be higher than those for other classes.
There is no guarantee that the Fund will meet its investment objectives.
All data is subject to change. Charts may not add up to 100% due to rounding.
 
Thornburg Equity Funds Semi-Annual Report  |  27


Fund Summary
Thornburg Developing World Fund  |  March 31, 2022 (Unaudited)
MARKET CAPITALIZATION EXPOSURE
BASKET STRUCTURE
TOP TEN EQUITY HOLDINGS
Taiwan Semiconductor Manufacturing Co. Ltd. 9.0%
Tencent Holdings Ltd. 4.7%
Samsung Electronics Co. Ltd. 3.9%
First Quantum Minerals Ltd. 3.0%
Yum China Holdings, Inc. 3.0%
B3 S.A. - Brasil Bolsa Balcao 2.7%
AIA Group Ltd. 2.7%
Micron Technology, Inc. 2.6%
Grupo Aeroportuario del Pacifico SAB de CV Class B 2.6%
Infosys Ltd. Sponsored ADR 2.5%
    
SECTOR EXPOSURE
Financials 25.3%
Information Technology 23.4%
Consumer Discretionary 14.7%
Communication Services 12.2%
Materials 5.7%
Industrials 4.7%
Consumer Staples 4.0%
Energy 3.0%
Utilities 2.6%
Health Care 2.3%
Other Assets Less Liabilities 2.1%
    
TOP TEN INDUSTRY GROUPS
Semiconductors & Semiconductor Equipment 12.9%
Banks 12.0%
Diversified Financials 9.5%
Media & Entertainment 8.4%
Technology Hardware & Equipment 6.5%
Retailing 6.4%
Materials 5.7%
Consumer Services 4.3%
Software & Services 4.0%
Insurance 3.8%
    
THORNBURG DEVELOPING WORLD FUND NASDAQ SYMBOLS CUSIPS
Class A THDAX 885-216-408
Class C THDCX 885-216-507
Class I THDIX 885-216-606
Class R5 THDRX 885-216-846
Class R6 TDWRX 885-216-838
Class I, R5, and R6 shares may not be available to all investors. Minimum investments for Class I shares may be higher than those for other classes.
There is no guarantee that the Fund will meet its investment objectives.
All data is subject to change. Charts may not add up to 100% due to rounding.
 
28  |  Thornburg Equity Funds Semi-Annual Report


Fund Summary
Thornburg Small/Mid Cap Core Fund  |  March 31, 2022 (Unaudited)
MARKET CAPITALIZATION EXPOSURE
BASKET STRUCTURE
TOP TEN EQUITY HOLDINGS
Chesapeake Energy Corp. 3.8%
LPL Financial Holdings, Inc. 3.1%
Diamondback Energy, Inc. 3.1%
Signature Bank 3.0%
Avantor, Inc. 3.0%
AES Corp. 3.0%
Casella Waste Systems, Inc. Class A 2.9%
Pinnacle Financial Partners, Inc. 2.8%
Aspen Technology, Inc. 2.8%
Crown Holdings, Inc. 2.7%
    
SECTOR EXPOSURE
Industrials 19.5%
Information Technology 14.3%
Health Care 13.2%
Financials 12.6%
Materials 10.5%
Energy 8.1%
Consumer Discretionary 7.4%
Real Estate 4.3%
Communication Services 3.1%
Utilities 2.9%
Consumer Staples 2.6%
Other Assets Less Liabilities 1.5%
    
TOP TEN INDUSTRY GROUPS
Materials 10.5%
Capital Goods 10.1%
Software & Services 9.1%
Health Care Equipment & Services 8.3%
Commercial & Professional Services 8.3%
Energy 8.1%
Banks 7.9%
Pharmaceuticals, Biotechnology & Life Sciences 4.9%
Diversified Financials 4.7%
Real Estate 4.3%
    
THORNBURG SMALL/MID CAP
CORE FUND
NASDAQ SYMBOLS CUSIPS
Class A TVAFX 885-215-731
Class C TVCFX 885-215-715
Class I TVIFX 885-215-632
Class R3 TVRFX 885-215-533
Class R4 TVIRX 885-215-277
Class R5 TVRRX 885-215-376
Class I, R3, R4, and R5 shares may not be available to all investors. Minimum investments for Class I shares may be higher than those for other classes.
There is no guarantee that the Fund will meet its investment objectives.
All data is subject to change. Charts may not add up to 100% due to rounding.
 
Thornburg Equity Funds Semi-Annual Report  |  29


Fund Summary
Thornburg Small/Mid Cap Growth Fund  |  March 31, 2022 (Unaudited)
MARKET CAPITALIZATION EXPOSURE
BASKET STRUCTURE
TOP TEN EQUITY HOLDINGS
Avantor, Inc. 3.7%
Horizon Therapeutics plc 3.3%
Casella Waste Systems, Inc. Class A 3.0%
Signature Bank 2.9%
Chart Industries, Inc. 2.8%
Entegris, Inc. 2.8%
CONMED Corp. 2.7%
Monolithic Power Systems, Inc. 2.7%
Eventbrite, Inc. Class A 2.6%
Teledyne Technologies, Inc. 2.6%
    
SECTOR EXPOSURE
Information Technology 34.0%
Health Care 22.4%
Industrials 16.2%
Consumer Discretionary 11.5%
Financials 5.9%
Consumer Staples 3.8%
Communication Services 2.6%
Materials 2.2%
Other Assets Less Liabilities 1.4%
    
TOP TEN INDUSTRY GROUPS
Software & Services 19.6%
Pharmaceuticals, Biotechnology & Life Sciences 11.4%
Health Care Equipment & Services 11.0%
Semiconductors & Semiconductor Equipment 9.4%
Capital Goods 8.3%
Commercial & Professional Services 5.6%
Technology Hardware & Equipment 5.0%
Retailing 4.8%
Consumer Durables & Apparel 3.8%
Food, Beverage & Tobacco 3.8%
    
THORNBURG SMALL/MID CAP
GROWTH FUND
NASDAQ SYMBOLS CUSIPS
Class A THCGX 885-215-582
Class C TCGCX 885-215-574
Class I THIGX 885-215-475
Class R3 THCRX 885-215-517
Class R4 TCGRX 885-215-251
Class R5 THGRX 885-215-350
Class I, R3, R4, and R5 shares may not be available to all investors. Minimum investments for Class I shares may be higher than those for other classes.
There is no guarantee that the Fund will meet its investment objectives.
All data is subject to change. Charts may not add up to 100% due to rounding.
 
30  |  Thornburg Equity Funds Semi-Annual Report


Fund Summary
Thornburg Investment Income Builder Fund  |  March 31, 2022 (Unaudited)
PORTFOLIO COMPOSITION
TOP TEN EQUITY HOLDINGS
TotalEnergies SE 3.9%
Broadcom, Inc. 3.9%
Orange SA 3.8%
Vodafone Group plc 3.4%
AbbVie, Inc. 3.4%
Taiwan Semiconductor Manufacturing Co. Ltd. 3.3%
CME Group, Inc. 3.3%
Deutsche Telekom AG 3.0%
Samsung Electronics Co. Ltd. 3.0%
QUALCOMM, Inc. 2.5%
    
SECTOR EXPOSURE
(percent of equity holdings)
Financials 25.0%
Communication Services 16.7%
Information Technology 16.0%
Health Care 14.3%
Utilities 6.3%
Materials 5.7%
Energy 4.8%
Consumer Staples 4.6%
Consumer Discretionary 3.5%
Industrials 2.3%
Real Estate 0.8%
Thornburg Equity Funds Semi-Annual Report  |  31


Fund Summary, Continued
Thornburg Investment Income Builder Fund  |  March 31, 2022 (Unaudited)
QUARTERLY DIVIDEND HISTORY, CLASS A
YEAR Q1 Q2 Q3 Q4 TOTAL
2003 9.2¢ 11.2¢ 12.4¢ 17.5¢ 50.3¢
2004 10.2¢ 12.5¢ 15.0¢ 21.8¢ 59.5¢
2005 11.0¢ 13.6¢ 17.4¢ 29.0¢ 71.0¢
2006 12.5¢ 16.0¢ 19.2¢ 33.0¢ 80.7¢
2007 14.2¢ 18.5¢ 21.5¢ 36.8¢ 91.0¢
2008 17.9¢ 21.8¢ 26.0¢ 36.8¢ 102.5¢
2009 18.0¢ 24.2¢ 28.0¢ 34.5¢ 104.7¢
2010 19.8¢ 25.0¢ 32.0¢ 36.0¢ 112.8¢
2011 21.0¢ 26.0¢ 32.0¢ 37.5¢ 116.5¢
2012 21.5¢ 26.0¢ 28.5¢ 36.0¢ 112.0¢
2013 21.5¢ 25.3¢ 25.0¢ 24.5¢ 96.3¢
2014 22.5¢ 24.0¢ 27.0¢ 26.0¢ 99.5¢
2015 16.5¢ 20.0¢ 20.0¢ 25.3¢ 81.8¢
2016 17.0¢ 18.5¢ 19.5¢ 21.5¢ 76.5¢
2017 17.0¢ 20.0¢ 26.0¢ 29.5¢ 92.5¢
2018 18.0¢ 20.0¢ 24.0¢ 28.0¢ 90.0¢
2019 19.0¢ 21.5¢ 25.0¢ 30.0¢ 95.5¢
2020 19.0¢ 19.0¢ 21.0¢ 29.0¢ 88.0¢
2021 22.5¢ 27.5¢ 31.0¢ 43.5¢ 124.5¢
2022 20.0¢        
We do not expect each sequential quarter’s dividend to increase over that of the prior quarter, since dividend payments outside the United States tend to be seasonal. Rather, the Fund aspires to increase the dividend paid on an annual basis.
32  |  Thornburg Equity Funds Semi-Annual Report


Fund Summary, Continued
Thornburg Investment Income Builder Fund  |  March 31, 2022 (Unaudited)
EVOLUTION OF INDUSTRY GROUP EXPOSURE
Top 10 industry groups quarter by quarter (percent of equity holdings)
As of 3/31/2022  
Telecommunication Services 16.7%
Pharmaceuticals, Biotechnology & Life Sciences 14.3%
Semiconductors & Semiconductor Equipment 11.4%
Diversified Financials 11.3%
Insurance 6.9%
Banks 6.8%
Utilities 6.3%
Materials 5.7%
Energy 4.8%
Technology Hardware & Equipment 4.6%
    
As of 12/31/2021  
Telecommunication Services 14.6%
Pharmaceuticals, Biotechnology & Life Sciences 13.1%
Semiconductors & Semiconductor Equipment 12.9%
Diversified Financials 11.4%
Banks 7.2%
Insurance 6.8%
Utilities 5.9%
Energy 5.5%
Food & Staples Retailing 5.3%
Materials 5.1%
    
As of 9/30/2021  
Telecommunication Services 16.0%
Pharmaceuticals, Biotechnology & Life Sciences 12.0%
Semiconductors & Semiconductor Equipment 11.7%
Diversified Financials 11.7%
Banks 7.9%
Insurance 7.4%
Energy 5.4%
Food & Staples Retailing 5.1%
Technology Hardware & Equipment 4.9%
Utilities 4.8%
    
As of 6/30/2021  
Telecommunication Services 18.0%
Diversified Financials 12.5%
Semiconductors & Semiconductor Equipment 12.1%
Pharmaceuticals, Biotechnology & Life Sciences 11.2%
Banks 7.2%
Insurance 6.4%
Technology Hardware & Equipment 5.4%
Food & Staples Retailing 4.9%
Energy 4.8%
Utilities 4.7%
    
THORNBURG INVESTMENT INCOME
BUILDER FUND
NASDAQ SYMBOLS CUSIPS
Class A TIBAX 885-215-558
Class C TIBCX 885-215-541
Class I TIBIX 885-215-467
Class R3 TIBRX 885-215-384
Class R4 TIBGX 885-215-186
Class R5 TIBMX 885-215-236
Class R6 TIBOX 885-216-663
Class I, R3, R4, R5, and R6 shares may not be available to all investors. Minimum investments for Class I shares may be higher than those for other classes.
There is no guarantee that the Fund will meet its investment objectives.
All data is subject to change. Charts may not add up to 100% due to rounding.
Thornburg Equity Funds Semi-Annual Report  |  33


Fund Summary
Thornburg Summit Fund  |  March 31, 2022 (Unaudited)
PORTFOLIO COMPOSITION
SECTOR EXPOSURE
(percent of equity holdings)
Information Technology 29.3%
Communication Services 15.4%
Financials 12.8%
Consumer Discretionary 12.1%
Health Care 10.6%
Materials 6.4%
Industrials 4.6%
Energy 4.3%
Consumer Staples 3.3%
Utilities 1.2%
TOP TEN LONG HOLDINGS
Alphabet, Inc. Class A 2.7%
Microsoft Corp. 2.0%
Amazon.com, Inc. 1.7%
Merck & Co., Inc. 1.7%
Apple, Inc. 1.7%
JPMorgan Chase & Co. 1.6%
Meta Platforms, Inc. Class A 1.5%
Samsung Electronics Co. Ltd. 1.4%
Taiwan Semiconductor Manufacturing Co. Ltd. Sponsored ADR 1.4%
Chesapeake Energy Corp. 1.4%
    
THORNBURG SUMMIT FUND NASDAQ SYMBOLS CUSIPS
Class A TSAMX 885-216-358
Class I TSUMX 885-216-580
Class I shares may not be available to all investors. Minimum investments for Class I shares may be higher than those for other classes. Class A shares are not currently available for purchase.
There is no guarantee that the Fund will meet its investment objectives.
All data is subject to change. Charts may not add up to 100% due to rounding.
 
34  |  Thornburg Equity Funds Semi-Annual Report


Schedule of Investments
Thornburg Global Opportunities Fund  |  March 31, 2022 (Unaudited)
  Issuer-Description SHARES VALUE
  Common Stock — 95.9%    
  Banks — 7.0%    
  Banks — 7.0%    
a Bank of Ireland Group plc  6,154,498 $   39,137,141
  Citigroup, Inc.    631,692    33,732,353
                  72,869,494
  Capital Goods — 3.1%    
  Aerospace & Defense — 0.8%    
  L3Harris Technologies, Inc.     34,910     8,674,088
  Electrical Equipment — 2.3%    
  Vestas Wind Systems A/S    809,286    23,740,243
                  32,414,331
  Commercial & Professional Services — 3.0%    
  Professional Services — 3.0%    
a CACI International, Inc. Class A    103,000    31,029,780
                  31,029,780
  Consumer Durables & Apparel — 2.9%    
  Household Durables — 2.9%    
  Barratt Developments plc  4,509,656    30,700,854
                  30,700,854
  Consumer Services — 2.0%    
  Hotels, Restaurants & Leisure — 2.0%    
a Booking Holdings, Inc.      3,657      8,588,282
  Galaxy Entertainment Group Ltd.  2,036,462    12,050,522
                  20,638,804
  Diversified Financials — 7.5%    
  Capital Markets — 3.5%    
  Charles Schwab Corp.    438,660    36,983,425
  Consumer Finance — 4.0%    
  Capital One Financial Corp.    315,950    41,481,075
                  78,464,500
  Energy — 10.3%    
  Oil, Gas & Consumable Fuels — 10.3%    
  Reliance Industries Ltd.  1,719,455     59,499,977
  TotalEnergies SE    953,499    48,246,591
                 107,746,568
  Food & Staples Retailing — 3.4%    
  Food & Staples Retailing — 3.4%    
  Tesco plc  9,854,184    35,675,129
                  35,675,129
  Health Care Equipment & Services — 0.5%    
  Health Care Technology — 0.5%    
a Teladoc Health, Inc.     76,025     5,483,683
                   5,483,683
  Insurance — 3.6%    
  Insurance — 3.6%    
  NN Group NV    736,862    37,343,234
                  37,343,234
  Materials — 12.7%    
  Chemicals — 5.9%    
  CF Industries Holdings, Inc.    155,954     16,072,619
a OCI NV  1,282,103    45,263,940
  Metals & Mining — 6.8%    
See notes to financial statements.
Thornburg Equity Funds Semi-Annual Report | 35


Schedule of Investments, Continued
Thornburg Global Opportunities Fund  |  March 31, 2022 (Unaudited)
  Issuer-Description SHARES VALUE
  Antofagasta plc    621,589 $   13,506,461
  Freeport-McMoRan, Inc.    344,564     17,138,613
  Lundin Mining Corp.    888,870      9,008,505
  Mineral Resources Ltd.    810,255    31,940,467
                 132,930,605
  Media & Entertainment — 9.7%    
  Interactive Media & Services — 9.7%    
a Alphabet, Inc. Class A     18,872     52,489,637
a Meta Platforms, Inc. Class A    132,590     29,482,712
  Tencent Holdings Ltd.    429,779    19,810,381
                 101,782,730
  Pharmaceuticals, Biotechnology & Life Sciences — 7.4%    
  Biotechnology — 2.5%    
  AbbVie, Inc.    164,587    26,681,198
  Pharmaceuticals — 4.9%    
  Pfizer, Inc.    463,991     24,020,814
  Roche Holding AG     68,837    27,236,165
                  77,938,177
  Retailing — 4.9%    
  Internet & Direct Marketing Retail — 2.1%    
a Alibaba Group Holding Ltd. Sponsored ADR    177,938     19,359,655
a JD.com, Inc. Class A     97,720     2,776,701
  Specialty Retail — 2.8%    
  TJX Companies, Inc.    483,726    29,304,121
                  51,440,477
  Semiconductors & Semiconductor Equipment — 7.4%    
  Semiconductors & Semiconductor Equipment — 7.4%    
  Micron Technology, Inc.    293,561     22,865,466
a Qorvo, Inc.    202,387     25,116,227
  Taiwan Semiconductor Manufacturing Co. Ltd.  1,462,114    29,993,094
                  77,974,787
  Technology Hardware & Equipment — 4.2%    
  Technology Hardware, Storage & Peripherals — 4.2%    
  Samsung Electronics Co. Ltd.    765,727    43,817,170
                  43,817,170
  Telecommunication Services — 6.3%    
  Diversified Telecommunication Services — 5.9%    
b China Telecom Corp. Ltd. Class H 89,612,045     35,371,218
a Converge ICT Solutions, Inc. 24,179,877     14,043,505
  Deutsche Telekom AG    648,377    12,075,453
  Wireless Telecommunication Services — 0.4%    
a T-Mobile US, Inc.     32,679     4,194,350
                  65,684,526
  Total Common Stock (Cost $677,125,233)            1,003,934,849
  Short-Term Investments — 3.7%    
c Thornburg Capital Management Fund  3,847,655    38,476,549
  Total Short-Term Investments (Cost $38,476,549)               38,476,549
  Total Investments — 99.6% (Cost $715,601,782)   $1,042,411,398
  Other Assets Less Liabilities — 0.4%   4,104,746
  Net Assets — 100.0%   $1,046,516,144
36 | Thornburg Equity Funds Semi-Annual Report
See notes to financial statements.


Schedule of Investments, Continued
Thornburg Global Opportunities Fund  |  March 31, 2022 (Unaudited)
Outstanding Forward Currency Contracts To Buy Or Sell At March 31, 2022
Contract
Description
Contract
Party*
Buy/Sell Contract
Amount
Contract
Value Date
Value
USD
Unrealized
Appreciation
Unrealized
Depreciation
Great Britain Pound SSB Sell 44,626,700 4/14/2022 58,619,120 $   2,480,812 $  —
Great Britain Pound SSB Buy 5,052,400 4/14/2022 6,636,548       13,787    —
Euro SSB Sell 26,548,500 5/18/2022 29,412,219       855,726   —
Euro BBH Sell 20,187,100 5/18/2022 22,364,631       658,353   —
Total           $ 4,008,678
Net unrealized appreciation (depreciation)           $ 4,008,678  
    
* Counterparties include State Street Bank and Trust Company (“SSB”) and Brown Brothers Harriman & Co. (“BBH”).
    
Footnote Legend
a Non-income producing.
b On November 12, 2020, the President of the United States issued an Executive Order (the "Order") to prohibit, beginning January 11, 2021, US persons (which includes the Fund) from transacting in certain securities and derivatives of publicly traded securities of any company designated as a "Communist Chinese military company" (collectively with securities of certain subsidiaries of such companies and related depositary receipts that may be covered by the Order, "CCMC Securities") by the US Department of Defense or the US Department of the Treasury’s Office of Foreign Assets Control ("OFAC") unless such transactions are for purposes of divestment and occur through November 11, 2021. In addition, US persons are also prohibited from transacting in CCMS Securities designated as such 60 days after such designation.
c 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 41.2%
Netherlands 8.2%
China 7.7%
United Kingdom 6.6%
India 5.9%
France 4.8%
South Korea 4.4%
Ireland 3.9%
Australia 3.2%
Taiwan 3.0%
Switzerland 2.7%
Denmark 2.4%
Chile 2.2%
Philippines 1.4%
Germany 1.2%
Macao 1.2%
    
* Holdings are classified by country of risk as determined by MSCI and Bloomberg.
See notes to financial statements.
Thornburg Equity Funds Semi-Annual Report | 37


Schedule of Investments
Thornburg International Equity Fund  |  March 31, 2022 (Unaudited)
  Issuer-Description SHARES VALUE
  Common Stock — 94.2%    
  Banks — 6.8%    
  Banks — 6.8%    
  China Merchants Bank Co. Ltd. Class A  3,085,084 $   22,629,661
  ING Groep NV  5,806,357     60,623,736
  Intesa Sanpaolo SpA 25,987,646     59,479,598
  Mitsubishi UFJ Financial Group, Inc.  8,951,702    55,331,704
                 198,064,699
  Capital Goods — 11.7%    
  Aerospace & Defense — 2.2%    
  Safran SA    542,046    63,818,034
  Construction & Engineering — 2.0%    
  Ferrovial SA  2,146,055    57,074,016
  Electrical Equipment — 5.7%    
  ABB Ltd.  2,357,979     76,494,469
  Schneider Electric SE    349,298     58,643,754
  Siemens Energy AG  1,290,935    29,369,714
  Industrial Conglomerates — 1.3%    
  Hitachi Ltd.    773,679    38,718,117
  Machinery — 0.5%    
  Kone OYJ Class B    274,755    14,377,949
                 338,496,053
  Commercial & Professional Services — 1.9%    
  Professional Services — 1.9%    
  Recruit Holdings Co. Ltd.  1,279,412    55,586,634
                  55,586,634
  Consumer Durables & Apparel — 7.0%    
  Household Durables — 2.4%    
  Sony Group Corp.    689,535    70,936,349
  Textiles, Apparel & Luxury Goods — 4.6%    
  adidas AG    222,932     51,948,927
  LVMH Moet Hennessy Louis Vuitton SE    113,935    81,326,654
                 204,211,930
  Diversified Financials — 4.5%    
  Capital Markets — 4.5%    
  CITIC Securities Co. Ltd. Class A 11,983,838     39,276,617
  CME Group, Inc.    377,771    89,856,610
                 129,133,227
  Energy — 3.9%    
  Oil, Gas & Consumable Fuels — 3.9%    
  TotalEnergies SE  2,215,151   112,085,575
                 112,085,575
  Food & Staples Retailing — 1.6%    
  Food & Staples Retailing — 1.6%    
  Seven & i Holdings Co. Ltd.    961,480    45,840,675
                  45,840,675
  Food, Beverage & Tobacco — 2.6%    
  Beverages — 2.6%    
  Kweichow Moutai Co. Ltd. Class A    280,241    75,497,348
                  75,497,348
  Household & Personal Products — 0.8%    
  Personal Products — 0.8%    
  L’Oreal SA     55,579    22,200,758
                  22,200,758
38 | Thornburg Equity Funds Semi-Annual Report
See notes to financial statements.


Schedule of Investments, Continued
Thornburg International Equity Fund  |  March 31, 2022 (Unaudited)
  Issuer-Description SHARES VALUE
  Insurance — 2.2%    
  Insurance — 2.2%    
  Assicurazioni Generali SpA  1,098,014 $   25,113,938
  NN Group NV    748,905    37,953,558
                  63,067,496
  Materials — 7.0%    
  Chemicals — 5.7%    
  Air Liquide SA    331,413     57,978,638
  Linde plc    243,280     77,628,754
  Sika AG     89,987    29,772,525
  Construction Materials — 0.9%    
  CRH plc    661,675    26,428,380
  Metals & Mining — 0.4%    
  Norsk Hydro ASA  1,126,807    10,947,912
                 202,756,209
  Media & Entertainment — 5.2%    
  Entertainment — 1.7%    
  Nintendo Co. Ltd.    101,194    51,078,876