SCHEDULE OF INVESTMENTS
Thornburg Core Plus Bond Fund December 31, 2024 (Unaudited)
  Issuer-Description SHARES/
PRINCIPAL AMOUNT 		VALUE
  Preferred Stock — 0.4%    
  Financial Services — 0.4%    
  Capital Markets — 0.4%    
a Calamos Strategic Total Return Fund 6.24%, 9/9/2029     14,000 $    347,340
a,b Gabelli Dividend & Income Trust Series J, 4.50%, 3/26/2028         12     284,628
                   631,968
  Total Preferred Stock (Cost $617,000)                631,968
  Asset Backed Securities — 9.8%    
  Auto Receivables — 1.7%    
c Arivo Acceptance Auto Loan Receivables Trust, Series 2024-1A Class A, 6.46% due 4/17/2028 $   206,778      209,059
c Carvana Auto Receivables Trust, Series 2023-N4 Class A, 6.42% due 1/10/2028      15,751       15,866
  Exeter Automobile Receivables Trust,    
  Series 2021-1A Class D, 1.08% due 11/16/2026      37,238       36,858
  Series 2022-3A Class C, 5.30% due 9/15/2027     337,847      338,317
b,c Kinetic Advantage Master Owner Trust, Series 2024-1A Class A, 7.248% (SOFR30A + 2.65%) due 11/15/2027     515,000      516,552
c Lendbuzz Securitization Trust, Series 2024-3A Class A2, 4.97% due 10/15/2029     585,000      585,043
c Lobel Automobile Receivables Trust, Series 2023-2 Class A, 7.59% due 4/16/2029      13,794       13,920
  Octane Receivables Trust,    
c Series 2022-2A Class A, 5.11% due 2/22/2028      42,251       42,296
c Series 2023-3A Class A2, 6.44% due 3/20/2029     396,431      400,517
c Onemain Direct Auto Receivables Trust, Series 2022-1A Class A1, 4.65% due 3/14/2029     153,398      153,374
c Research-Driven Pagaya Motor Asset Trust, Series 2023-4A Class A, 7.54% due 3/25/2032      25,324       25,685
c Tricolor Auto Securitization Trust, Series 2024-2A Class A, 6.36% due 12/15/2027     147,929      148,911
c United Auto Credit Securitization Trust, Series 2024-1 Class A, 6.17% due 8/10/2026      85,934      86,122
                 2,572,520
  Credit Card — 1.1%    
c Brex Commercial Charge Card Master Trust, Series 2024-1 Class A1, 6.05% due 7/15/2027     200,000      202,298
c Continental Finance Credit Card ABS Master Trust, Series 2024-A Class D, 9.42% due 12/15/2032     315,000      316,733
  Mercury Financial Credit Card Master Trust,    
c Series 2023-1A Class A, 8.04% due 9/20/2027     500,000      500,693
c Series 2024-2A Class A, 6.56% due 7/20/2029     275,000      277,941
c Mission Lane Credit Card Master Trust, Series 2024-A Class A1, 6.20% due 8/15/2029     375,000     377,154
                 1,674,819
  Other Asset Backed — 6.1%    
c AMCR ABS Trust, Series 2024-A Class A, 6.26% due 8/18/2031     305,083      306,535
c Amur Equipment Finance Receivables X LLC, Series 2022-1A Class A2, 1.64% due 10/20/2027     130,859      129,941
c Aqua Finance Trust, Series 2020-AA Class D, 7.15% due 7/17/2046     150,867      141,525
c Auxilior Term Funding LLC, Series 2023-1A Class A2, 6.18% due 12/15/2028      81,514       82,441
c BHG Securitization Trust, Series 2022-C Class A, 5.32% due 10/17/2035       1,142        1,142
c CFMT Issuer Trust, Series 2021-GRN1 Class A, 1.10% due 3/20/2041     409,539      401,533
  ClickLease Equipment Receivables Trust,    
c Series 2024-1 Class A, 6.86% due 2/15/2030     118,190      118,555
c Series 2024-1 Class B, 7.34% due 2/15/2030     575,000      580,363
c Crockett Partners Equipment Co. IIA LLC, Series 2024-1C Class A, 6.05% due 1/20/2031     474,630      478,308
c DataBank Issuer LLC, Series 2024-1A Class A2, 5.30% due 1/26/2054     275,000      268,619
c Diamond Infrastructure Funding LLC, Series 2021-1A Class A, 1.76% due 4/15/2049     100,000       93,432
c EverBright Solar Trust, Series 2024-A Class A, 6.43% due 6/22/2054     151,164      149,777
c Foundation Finance Trust, Series 2019-1A Class B, 4.22% due 11/15/2034     206,959      205,331
c FREED ABS Trust, Series 2022-3FP Class D, 7.36% due 8/20/2029     345,846      348,938
  GoodLeap Sustainable Home Solutions Trust,    
c Series 2021-3CS Class A, 2.10% due 5/20/2048     222,672      168,491
c Series 2021-4GS Class A, 1.93% due 7/20/2048     182,037      138,233
c Series 2021-5CS Class A, 2.31% due 10/20/2048     342,533      264,680
b,c Gracie Point International Funding LLC, Series 2023-2A Class A, 7.182% (SOFR90A + 2.25%) due 3/1/2027      28,438       28,498
c GreenSky Home Improvement Trust, Series 2024-1 Class A2, 5.88% due 6/25/2059     405,121      407,654
b,c Harvest SBA Loan Trust, Series 2024-1 Class A, 6.975% (SOFR30A + 2.25%) due 12/25/2051     393,593      393,591
c InStar Leasing III LLC, Series 2021-1A Class A, 2.30% due 2/15/2054     538,988      477,261
c Loanpal Solar Loan Ltd., Series 2021-1GS Class A, 2.29% due 1/20/2048      14,109       11,107
c,d Mill City Solar Loan Ltd., Series 2019-2GS Class A, 3.69% due 7/20/2043      97,953       83,618
c Momnt Technologies Trust, Series 2023-1A Class A, 6.92% due 3/20/2045      49,727       50,571
SCHEDULE OF INVESTMENTS, Continued
Thornburg Core Plus Bond Fund December 31, 2024 (Unaudited)
  Issuer-Description SHARES/
PRINCIPAL AMOUNT 		VALUE
c NetCredit Combined Receivables LLC, Series 2024-A Class A, 7.43% due 10/21/2030 $   228,655 $    230,303
c New Economy Assets - Phase 1 Sponsor LLC, Series 2021-1 Class A1, 1.91% due 10/20/2061     135,000      124,520
c NMEF Funding LLC, Series 2023-A Class A2, 6.57% due 6/17/2030      57,787       58,374
  Oportun Issuance Trust,    
c Series 2021-B Class A, 1.47% due 5/8/2031      60,975       59,243
c Series 2021-C Class A, 2.18% due 10/8/2031     409,765      397,840
c Series 2022-A Class A, 5.05% due 6/9/2031     223,909      223,701
  Pagaya AI Debt Trust,    
c Series 2023-3 Class A, 7.60% due 12/16/2030      17,946       18,017
c Series 2024-3 Class A, 6.258% due 10/15/2031      64,642       65,177
c PFS Financing Corp., Series 2023-B Class A, 5.27% due 5/15/2028     160,000      161,314
c PowerPay Issuance Trust, Series 2024-1A Class A, 6.53% due 2/18/2039     149,523      151,098
c Prosper Marketplace Issuance Trust, Series 2023-1A Class A, 7.06% due 7/16/2029     340,519      341,204
c Retained Vantage Data Centers Issuer LLC, Series 2023-1A Class A2A, 5.00% due 9/15/2048      25,000       24,914
c Service Experts Issuer LLC, Series 2021-1A Class A, 2.67% due 2/2/2032      37,184       35,933
c SPS Servicer Advance Receivables Trust, Series 2020-T2 Class A, 1.83% due 11/15/2055     395,000      383,858
c Stream Innovations Issuer Trust, Series 2024-1A Class A, 6.27% due 7/15/2044     221,107      225,382
c Sunnova Hestia II Issuer LLC, Series 2024-GRID1 Class 1A, 5.63% due 7/20/2051     255,172      256,728
c Tesla Sustainable Energy Trust, Series 2024-1A Class A2, 5.08% due 6/21/2050     390,000      390,844
  Upstart Securitization Trust,    
c Series 2021-2 Class C, 3.61% due 6/20/2031     188,033      186,516
c Series 2024-1 Class A, 5.33% due 11/20/2034     225,057      225,283
c Upstart Structured Pass-Through Trust, Series 2022-1A Class A, 3.40% due 4/15/2030     270,033     268,060
                 9,158,453
  Student Loan — 0.9%    
c Ascent Education Funding Trust, Series 2024-A Class A, 6.14% due 10/25/2050     300,679      303,016
c Commonbond Student Loan Trust, Series 18-CGS Class A1, 3.87% due 2/25/2046     503,226      478,162
c EDvestinU Private Education Loan Issue No. 3 LLC, Series 2021-A Class A, 1.80% due 11/25/2045      47,888       43,648
c MPOWER Education Trust, Series 2024-A Class A, 6.78% due 7/22/2041     223,377      227,438
c Navient Private Education Refi Loan Trust, Series 2020-IA Class A1A, 1.33% due 4/15/2069     273,423      249,584
c SoFi Professional Loan Program LLC, Series 2021-B Class AFX, 1.14% due 2/15/2047      54,170      47,022
                 1,348,870
  Total Asset Backed Securities (Cost $14,725,380)             14,754,662
  Corporate Bonds — 29.3%    
  Automobiles & Components — 0.2%    
  Automobiles — 0.2%    
c Hyundai Capital America, 4.30% due 9/24/2027     285,000     280,332
                   280,332
  Banks — 1.3%    
  Banks — 1.3%    
b,d Mizuho Financial Group, Inc., 5.376% (H15T1Y + 1.12%) due 5/26/2030     407,000      410,785
b Morgan Stanley Bank NA, 4.968% (SOFR + 0.93%) due 7/14/2028     300,000      300,855
b Santander Holdings USA, Inc., 6.174% (SOFR + 2.50%) due 1/9/2030     277,000      282,682
b U.S. Bancorp, 5.775% (SOFR + 2.02%) due 6/12/2029     274,000      280,458
  Wells Fargo & Co.,    
b 5.574% (SOFR + 1.74%) due 7/25/2029     277,000      281,094
b,e Series U, 5.875% due 6/15/2025     450,000     449,136
                 2,005,010
  Capital Goods — 1.0%    
  Aerospace & Defense — 0.2%    
c BWX Technologies, Inc., 4.125% due 4/15/2029      85,000       78,873
c TransDigm, Inc., 6.375% due 3/1/2029     300,000     300,930
  Machinery — 0.6%    
c Mueller Water Products, Inc., 4.00% due 6/15/2029     365,500      337,602
d nVent Finance SARL, 2.75% due 11/15/2031     343,000      288,422
  Regal Rexnord Corp., 6.30% due 2/15/2030     274,000     281,795
  Trading Companies & Distributors — 0.2%    
  LKQ Corp., 6.25% due 6/15/2033     269,000     277,430
                 1,565,052
SCHEDULE OF INVESTMENTS, Continued
Thornburg Core Plus Bond Fund December 31, 2024 (Unaudited)
  Issuer-Description SHARES/
PRINCIPAL AMOUNT 		VALUE
  Commercial & Professional Services — 0.2%    
  Commercial Services & Supplies — 0.1%    
  CoreCivic, Inc., 8.25% due 4/15/2029 $   168,000 $    177,631
c UL Solutions, Inc., 6.50% due 10/20/2028      35,000      36,342
  Professional Services — 0.1%    
c Gartner, Inc., 3.625% due 6/15/2029      35,000       32,564
c Korn Ferry, 4.625% due 12/15/2027      75,000      72,061
                   318,598
  Consumer Discretionary Distribution & Retail — 0.7%    
  Broadline Retail — 0.2%    
  MercadoLibre, Inc., 2.375% due 1/14/2026     296,000     285,744
  Specialty Retail — 0.5%    
c,d Belron U.K. Finance plc, 5.75% due 10/15/2029     320,000      321,078
  Genuine Parts Co., 4.95% due 8/15/2029     450,000     448,452
                 1,055,274
  Consumer Durables & Apparel — 0.3%    
  Leisure Products — 0.2%    
  Polaris, Inc., 6.95% due 3/15/2029     265,000     278,780
  Textiles, Apparel & Luxury Goods — 0.1%    
c Champ Acquisition Corp., 8.375% due 12/1/2031     235,000     240,692
                   519,472
  Consumer Services — 0.0%    
  Hotels, Restaurants & Leisure — 0.0%    
c Papa John’s International, Inc., 3.875% due 9/15/2029      48,000      42,937
                    42,937
  Consumer Staples Distribution & Retail — 0.4%    
  Consumer Staples Distribution & Retail — 0.4%    
c KeHE Distributors LLC/KeHE Finance Corp./NextWave Distribution, Inc., 9.00% due 2/15/2029     300,000      311,172
c U.S. Foods, Inc., 4.75% due 2/15/2029     300,000     287,607
                   598,779
  Energy — 3.3%    
  Energy Equipment & Services — 0.2%    
d Polaris Renewable Energy, Inc., 9.50% due 12/3/2029     250,000     254,275
  Oil, Gas & Consumable Fuels — 3.1%    
c CITGO Petroleum Corp., 7.00% due 6/15/2025     250,000      250,213
c Columbia Pipelines Holding Co. LLC, 5.097% due 10/1/2031     400,000      389,996
c Columbia Pipelines Operating Co. LLC, 5.927% due 8/15/2030     345,000      355,181
  Ecopetrol SA,    
d 4.625% due 11/2/2031      70,000       57,807
d 8.375% due 1/19/2036     125,000      120,456
d Energean Israel Finance Ltd., 8.50% due 9/30/2033     210,000      206,121
c,d Galaxy Pipeline Assets Bidco Ltd., 2.16% due 3/31/2034     658,147      563,880
c,d Greensaif Pipelines Bidco SARL, 5.853% due 2/23/2036     440,000      434,460
  Kinder Morgan Energy Partners LP, 5.80% due 3/15/2035     280,000      281,820
c,d Parkland Corp., 5.875% due 7/15/2027     250,000      247,553
d Petroleos Mexicanos, 7.69% due 1/23/2050     285,000      214,443
c,d Raizen Fuels Finance SA, 5.70% due 1/17/2035     330,000      305,742
c South Bow USA Infrastructure Holdings LLC, 5.026% due 10/1/2029     375,000      368,310
  Sunoco LP,    
c 7.00% due 5/1/2029     300,000      307,860
c 7.25% due 5/1/2032     150,000      154,944
c Whistler Pipeline LLC, 5.70% due 9/30/2031     440,000     439,212
                 4,952,273
  Equity Real Estate Investment Trusts (REITs) — 2.2%    
  Diversified REITs — 2.0%    
c American Tower Trust #1, 3.652% due 3/15/2048     550,000      524,308
  Crown Castle, Inc.,    
  4.90% due 9/1/2029     146,000      144,441
SCHEDULE OF INVESTMENTS, Continued
Thornburg Core Plus Bond Fund December 31, 2024 (Unaudited)
  Issuer-Description SHARES/
PRINCIPAL AMOUNT 		VALUE
  5.80% due 3/1/2034 $   345,000 $    351,645
  Extra Space Storage LP, 3.90% due 4/1/2029     305,000      291,324
c Iron Mountain Information Management Services, Inc., 5.00% due 7/15/2032     220,000      202,554
  SBA Tower Trust,    
c 1.631% due 5/15/2051      70,000       65,616
c 1.884% due 7/15/2050     610,000      591,057
c 2.328% due 7/15/2052     111,000      101,253
c 2.836% due 1/15/2050     365,000      364,626
c 4.831% due 10/15/2029     440,000     429,788
  Retail REITs — 0.2%    
  Retail Opportunity Investments Partnership LP, 6.75% due 10/15/2028     271,000     287,409
                 3,354,021
  Financial Services — 3.4%    
  Capital Markets — 1.5%    
c,d Abu Dhabi Developmental Holding Co. PJSC, 5.375% due 5/8/2029     250,000      252,120
c Blue Owl Technology Finance Corp., 3.75% due 6/17/2026     370,000      357,731
  Hercules Capital, Inc., 3.375% due 1/20/2027     440,000      421,392
c LPL Holdings, Inc., 4.00% due 3/15/2029     300,000      283,311
  Main Street Capital Corp., 6.50% due 6/4/2027     406,000      413,401
  Nasdaq, Inc., 5.55% due 2/15/2034     280,000      282,722
  Oaktree Strategic Credit Fund, 8.40% due 11/14/2028     265,000     283,680
  Consumer Finance — 0.4%    
c FirstCash, Inc., 6.875% due 3/1/2032     500,000     501,875
  Financial Services — 1.3%    
c Antares Holdings LP, 3.95% due 7/15/2026     500,000      485,290
b Citigroup, Inc., 3.785% (SOFR + 1.94%) due 3/17/2033     395,000      354,872
b,d HSBC Holdings plc, 5.546% (SOFR + 1.46%) due 3/4/2030     250,000      251,745
b,c,d Societe Generale SA, 5.578% (SOFR + 1.10%) due 2/19/2027     313,000      312,975
d Sumitomo Mitsui Financial Group, Inc., 3.544% due 1/17/2028     296,000      284,414
b Truist Financial Corp., 5.867% (SOFR + 2.36%) due 6/8/2034     277,000     281,587
  Mortgage Real Estate Investment Trusts — 0.2%    
c Prologis Targeted U.S. Logistics Fund LP, 5.25% due 1/15/2035     270,000     264,954
                 5,032,069
  Food, Beverage & Tobacco — 1.2%    
  Beverages — 0.6%    
c,d Becle SAB de CV, 2.50% due 10/14/2031     650,000      518,752
c,d Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL, 5.25% due 4/27/2029     350,000     332,062
  Food Products — 0.2%    
  Post Holdings, Inc.,    
c 4.625% due 4/15/2030     150,000      138,250
c 5.50% due 12/15/2029      44,000       42,581
c 6.25% due 2/15/2032      50,000      49,654
  Tobacco — 0.4%    
  BAT Capital Corp.,    
  5.834% due 2/20/2031     120,000      122,666
  7.75% due 10/19/2032     160,000      181,434
c,d Imperial Brands Finance plc, 5.50% due 2/1/2030     350,000     353,308
                 1,738,707
  Health Care Equipment & Services — 1.4%    
  Health Care Equipment & Supplies — 0.0%    
c Hologic, Inc., 3.25% due 2/15/2029      50,000      45,281
  Health Care Providers & Services — 1.4%    
  Centene Corp., 3.00% due 10/15/2030     328,000      283,008
c Highmark, Inc., 1.45% due 5/10/2026     374,000      354,911
  Laboratory Corp. of America Holdings, 4.55% due 4/1/2032     580,000      554,724
  Tenet Healthcare Corp., 6.75% due 5/15/2031     350,000      353,612
  Universal Health Services, Inc.,    
  2.65% due 10/15/2030     333,000      286,250
  4.625% due 10/15/2029     200,000     193,062
                 2,070,848
SCHEDULE OF INVESTMENTS, Continued
Thornburg Core Plus Bond Fund December 31, 2024 (Unaudited)
  Issuer-Description SHARES/
PRINCIPAL AMOUNT 		VALUE
  Insurance — 3.5%    
  Insurance — 3.5%    
  Aon North America, Inc., 5.45% due 3/1/2034 $   350,000 $    349,804
c Brighthouse Financial Global Funding, 5.55% due 4/9/2027     409,000      412,571
  CNA Financial Corp., 5.125% due 2/15/2034     365,000      358,324
  CNO Financial Group, Inc., 6.45% due 6/15/2034     405,000      417,964
b Enstar Finance LLC, 5.75% (5-Yr. CMT + 5.470%) due 9/1/2040     350,000      345,779
c F&G Global Funding, 2.00% due 9/20/2028     476,000      418,932
d Fairfax Financial Holdings Ltd., 5.625% due 8/16/2032      85,000       85,997
c GA Global Funding Trust, 4.40% due 9/23/2027     577,000      568,316
  Globe Life, Inc., 5.85% due 9/15/2034     308,000      309,140
  Horace Mann Educators Corp., 7.25% due 9/15/2028     265,000      282,233
c,d Intact Financial Corp., 5.459% due 9/22/2032     285,000      284,895
c Mutual of Omaha Cos Global Funding, 5.45% due 12/12/2028     276,000      280,272
c Reliance Standard Life Global Funding II, 5.243% due 2/2/2026     412,000      412,218
  RenaissanceRe Finance, Inc., 3.70% due 4/1/2025     160,000      159,378
d RenaissanceRe Holdings Ltd., 5.75% due 6/5/2033     188,000      188,624
c RGA Global Funding, 2.70% due 1/18/2029      65,000       59,356
  Stewart Information Services Corp., 3.60% due 11/15/2031     338,000     292,678
                 5,226,481
  Materials — 0.9%    
  Containers & Packaging — 0.7%    
d Amcor Group Finance plc, 5.45% due 5/23/2029     404,000      407,248
  Ball Corp., 2.875% due 8/15/2030      95,000       81,364
  Berry Global, Inc.,    
  1.57% due 1/15/2026     139,000      134,146
c 4.875% due 7/15/2026     250,000      249,280
c,d CCL Industries, Inc., 3.05% due 6/1/2030     185,000     166,139
  Metals & Mining — 0.2%    
c,d Navoi Mining & Metallurgical Combinat, 6.70% due 10/17/2028     330,000     328,594
                 1,366,771
  Media & Entertainment — 0.4%    
  Media — 0.4%    
c CCO Holdings LLC/CCO Holdings Capital Corp., 4.25% due 1/15/2034     330,000      267,739
c Sirius XM Radio LLC, 5.50% due 7/1/2029     350,000     335,786
                   603,525
  Pharmaceuticals, Biotechnology & Life Sciences — 0.3%    
  Biotechnology — 0.3%    
  Illumina, Inc., 4.65% due 9/9/2026     398,000     396,858
                   396,858
  Semiconductors & Semiconductor Equipment — 0.6%    
  Semiconductors & Semiconductor Equipment — 0.6%    
c Broadcom, Inc., 3.187% due 11/15/2036     445,000      358,407
  Micron Technology, Inc., 6.75% due 11/1/2029     261,000      277,704
c Qorvo, Inc., 3.375% due 4/1/2031     331,000     283,313
                   919,424
  Software & Services — 1.3%    
  Information Technology Services — 0.3%    
c Insight Enterprises, Inc., 6.625% due 5/15/2032     250,000      251,797
c Science Applications International Corp., 4.875% due 4/1/2028     250,000     240,645
  Internet Software & Services — 0.2%    
c,d Prosus NV, 3.832% due 2/8/2051     200,000      129,466
c Prosus NV (EUR), 1.985% due 7/13/2033     100,000      88,185
  Software — 0.8%    
  Fair Isaac Corp.,    
c 4.00% due 6/15/2028      85,000       80,250
c 5.25% due 5/15/2026     350,000      348,649
c MSCI, Inc., 3.625% due 9/1/2030     317,000      288,942
SCHEDULE OF INVESTMENTS, Continued
Thornburg Core Plus Bond Fund December 31, 2024 (Unaudited)
  Issuer-Description SHARES/
PRINCIPAL AMOUNT 		VALUE
c,d Open Text Corp., 3.875% due 12/1/2029 $   300,000 $    271,935
c SS&C Technologies, Inc., 6.50% due 6/1/2032     250,000     252,220
                 1,952,089
  Technology Hardware & Equipment — 1.0%    
  Electronic Equipment, Instruments & Components — 1.0%    
  CDW LLC/CDW Finance Corp., 3.25% due 2/15/2029     310,000      285,811
d Flex Ltd., 4.875% due 5/12/2030     360,000      351,252
c Sensata Technologies, Inc., 6.625% due 7/15/2032     200,000      199,668
  Vontier Corp., 2.40% due 4/1/2028     317,000      287,649
c WESCO Distribution, Inc., 6.375% due 3/15/2029     200,000      202,350
c Zebra Technologies Corp., 6.50% due 6/1/2032     200,000     202,742
                 1,529,472
  Telecommunication Services — 0.2%    
  Wireless Telecommunication Services — 0.2%    
  Crown Castle Towers LLC,    
c 3.663% due 5/15/2045     200,000      198,964
c 4.241% due 7/15/2048     125,000     120,335
                   319,299
  Transportation — 0.2%    
  Passenger Airlines — 0.2%    
c,d Pegasus Hava Tasimaciligi AS, 8.00% due 9/11/2031     250,000     248,085
                   248,085
  Utilities — 5.3%    
  Electric Utilities — 4.8%    
  AEP Texas, Inc., Series I, 2.10% due 7/1/2030     360,000      308,124
  American Electric Power Co., Inc., 2.30% due 3/1/2030     350,000      304,350
  Black Hills Corp., 6.15% due 5/15/2034     335,000      348,564
c Boston Gas Co., 3.757% due 3/16/2032     400,000      355,840
  Comision Federal de Electricidad,    
c,d 3.348% due 2/9/2031     200,000      165,746
d 5.00% due 9/29/2036     132,800      115,749
  DTE Energy Co., 5.85% due 6/1/2034     300,000      308,070
c,d Electricite de France SA, 5.65% due 4/22/2029     375,000      382,650
c,d Enel Finance International NV, 5.125% due 6/26/2029     322,000      321,404
c Evergy Missouri West, Inc., 3.75% due 3/15/2032      65,000       57,080
  FirstEnergy Transmission LLC,    
c 4.55% due 1/15/2030     400,000      389,324
c 5.00% due 1/15/2035     250,000      241,743
  ITC Holdings Corp., 5.30% due 7/1/2043     300,000      274,872
c Kentucky Power Co., 7.00% due 11/15/2033     311,000      329,750
c Liberty Utilities Finance GP 1, 2.05% due 9/15/2030     350,000      293,202
c Midland Cogeneration Venture LP, 6.00% due 3/15/2025     101,722      100,826
c Monongahela Power Co., 3.55% due 5/15/2027     295,000      286,050
b Pacific Gas & Electric Co., 5.392% (SOFRINDX + 0.95%) due 9/4/2025     250,000      250,335
  PPL Capital Funding, Inc., 5.25% due 9/1/2034     400,000      393,896
  Public Service Co. of Oklahoma, Series J, 2.20% due 8/15/2031     348,000      287,980
  Puget Energy, Inc.,    
  4.10% due 6/15/2030     200,000      187,520
  4.224% due 3/15/2032     205,000      187,382
  Southwestern Public Service Co., 6.00% due 6/1/2054     250,000      252,993
  Tucson Electric Power Co., 5.20% due 9/15/2034     450,000      441,234
  Virginia Electric & Power Co., 5.05% due 8/15/2034     375,000      365,985
  Wisconsin Power & Light Co., 5.375% due 3/30/2034     282,000     280,677
  Gas Utilities — 0.5%    
c,d APA Infrastructure Ltd., 5.125% due 9/16/2034     410,000      390,882
c KeySpan Gas East Corp., 5.994% due 3/6/2033     280,000     283,710
                 7,905,938
  Total Corporate Bonds (Cost $43,881,255)             44,001,314
  Long-Term Municipal Bonds — 0.1%    
SCHEDULE OF INVESTMENTS, Continued
Thornburg Core Plus Bond Fund December 31, 2024 (Unaudited)
  Issuer-Description SHARES/
PRINCIPAL AMOUNT 		VALUE
  County of Miami-Dade Seaport Department, 6.224% due 11/1/2055 $   100,000 $    103,462
  Total Long-Term Municipal Bonds (Cost $100,000)                103,462
  Other Government — 1.0%    
c,d Corp. Financiera de Desarrollo SA, 5.95% due 4/30/2029     250,000     253,092
  Dominican Republic International Bonds (DOP),    
  9.75% due 6/5/2026   8,000,000      131,222
c 10.75% due 6/1/2036 16,000,000      281,829
  Egypt Government Bonds (EGP), Series 3Y, 23.865% due 6/4/2027   8,000,000      154,505
c,d Finance Department Government of Sharjah, 4.00% due 7/28/2050     250,000      160,903
c Finance Department Government of Sharjah (EUR), 4.625% due 1/17/2031     150,000      156,471
  U.K. Gilts (GBP), 4.125% due 7/22/2029     253,000     313,731
  Total Other Government (Cost $1,459,603)              1,451,753
  U.S. Treasury Securities — 29.0%    
  U.S. Treasury Bonds, 2.25%, 8/15/2046     915,000     590,890
  U.S. Treasury Inflation-Indexed Bonds,    
  1.50%, 2/15/2053     631,825      506,126
  2.125%, 2/15/2054   2,828,402    2,619,255
  U.S. Treasury Inflation-Indexed Notes,    
  1.125%, 1/15/2033     773,566      711,923
  1.75%, 1/15/2034     737,300      707,232
  U.S. Treasury Notes,    
  1.125%, 8/15/2040   5,275,000    3,147,691
  1.375%, 11/15/2040   3,795,000    2,350,528
  1.75%, 8/15/2041   4,287,000    2,777,172
  1.875%, 11/15/2051     295,000      162,895
  2.375%, 2/15/2042   1,403,000      999,199
  3.875%, 8/15/2033 - 8/15/2034   3,357,000    3,193,911
  4.00%, 2/15/2034   1,625,000    1,556,699
  4.125%, 8/15/2053     155,000      138,265
  4.25%, 11/15/2034 - 2/15/2054   3,267,000    3,128,787
  4.375%, 5/15/2034   6,200,000    6,108,938
  4.50%, 11/15/2033   6,477,000    6,450,687
  U.S. Treasury Strip Coupon,    
  4.859%, 5/15/2044   7,930,000    2,984,999
  6.351%, 11/15/2036   1,000,000      563,838
  6.986%, 11/15/2040   4,625,000    2,071,364
  7.668%, 2/15/2043   1,775,000      707,794
  7.782%, 11/15/2041  4,775,000   2,028,968
  Total U.S. Treasury Securities (Cost $44,686,464)             43,507,161
  U.S. Government Agencies — 0.6%    
b,c,e Farm Credit Bank of Texas, Series 4, 5.70% (5-Yr. CMT + 5.420%), 9/15/2025     465,000     459,108
  Federal Home Loan Banks, 2.90%, 2/18/2037     625,000     494,300
  Total U.S. Government Agencies (Cost $966,547)                953,408
  Mortgage Backed — 29.9%    
  Ajax Mortgage Loan Trust, Whole Loan Securities Trust CMO,    
b,c Series 2021-G Class A, 1.875% due 6/25/2061     491,879      477,210
b,c Series 2023-B Class A, 4.25% due 10/25/2062     562,340      546,708
b,c Series 2023-C Class A1, 3.50% due 5/25/2063     532,391      495,221
  Angel Oak Mortgage Trust, Whole Loan Securities Trust CMO,    
b,c Series 2022-1 Class A1, 2.881% due 12/25/2066     109,275       98,618
b,c Series 2024-3 Class A1, 4.80% due 11/26/2068     180,443      175,659
  Barclays Mortgage Trust, Whole Loan Securities Trust CMO,    
b,c Series 2021-NPL1 Class A, 2.00% due 11/25/2051     316,946      312,161
b,c Series 2022-RPL1 Class A, 4.25% due 2/25/2028     365,861      358,327
  BRAVO Residential Funding Trust, Whole Loan Securities Trust CMO,    
b,c Series 2021-NQM3 Class A1, 1.699% due 4/25/2060      35,015       32,270
b,c Series 2022-NQM3 Class A1, 5.108% due 7/25/2062      73,245       73,737
b,c Series 2024-NQM4 Class A1A, 4.35% due 1/25/2060     320,759      308,611
SCHEDULE OF INVESTMENTS, Continued
Thornburg Core Plus Bond Fund December 31, 2024 (Unaudited)
  Issuer-Description SHARES/
PRINCIPAL AMOUNT 		VALUE
c Century Plaza Towers, CMBS, Series 2019-CPT Class A, 2.865% due 11/13/2039 $   400,000 $    351,250
  CHNGE Mortgage Trust, Whole Loan Securities Trust CMO,    
b,c Series 2022-1 Class A1, 3.007% due 1/25/2067      98,525       91,125
b,c Series 2023-1 Class A1, 7.065% due 3/25/2058     244,856      247,334
b,c CIM Trust, Whole Loan Securities Trust CMO, Series 2024-R1 Class A1, 4.75% due 6/25/2064     446,306      434,277
  Citigroup Mortgage Loan Trust, Whole Loan Securities Trust CMO,    
b,c Series 2021-INV2 Class A3A, 2.50% due 5/25/2051      75,926       60,779
b,c Series 2021-J2 Class A7A, 2.50% due 7/25/2051     290,816      252,246
c Cogent Ipv4 LLC, CMBS, Series 2024-1A Class A2, 7.924% due 5/25/2054     250,000      256,764
c COMM Mortgage Trust, CMBS, Series 2024-277P Class A, 6.338% due 8/10/2044     485,000      499,434
  Cross Mortgage Trust, Whole Loan Securities Trust CMO,    
b,c Series 2023-H1 Class A1, 6.615% due 3/25/2068     327,679      330,315
b,c Series 2024-H4 Class A1, 6.147% due 7/25/2069     286,539      287,838
  CSMC Trust, Whole Loan Securities Trust CMO,    
b,c Series 2021-AFC1 Class A1, 0.83% due 3/25/2056      48,449       39,263
b,c Series 2022-ATH2 Class A1, 4.547% due 5/25/2067     107,892      107,211
c DC Office Trust, CMBS, Series 2019-MTC Class A, 2.965% due 9/15/2045     400,000      348,791
b,c FARM Mortgage Trust, Whole Loan Securities Trust CMO, Series 2024-1 Class A, 4.721% due 10/1/2053     314,490      294,626
b Federal Home Loan Mtg Corp., Pool 841463, 2.156% (2.18% - SOFR30A) due 7/1/2052     105,807       92,764
  Federal Home Loan Mtg Corp., CMO REMIC,    
  Series 5461 Class PA, 4.50% due 8/25/2054     567,048      550,467
  Series 5469 Class QA, 4.50% due 11/25/2054     412,303      397,120
  Federal Home Loan Mtg Corp., Multifamily Structured Pass-Through Certificates, CMBS,    
b Series K-154 Class A2, 4.35% due 1/25/2033     107,000      102,929
  Series KJ46 Class A2, 4.796% due 10/25/2031      32,000       31,985
b Series KJ47 Class A2, 5.43% due 6/25/2031      22,000       22,614
  Series KJ48 Class A2, 5.028% due 10/25/2031      56,000       56,578
  Federal Home Loan Mtg Corp., Seasoned Credit Risk Transfer, Whole Loan Securities Trust CMO,    
  Series 2024-1 Class MT, 3.00% due 11/25/2063     490,350      396,573
  Series 2024-2 Class MT, 3.50% due 5/25/2064     612,125      527,801
  Federal Home Loan Mtg Corp., UMBS Collateral,    
  Pool RA6665, 3.00% due 2/1/2052   1,171,867      994,862
  Pool SD8140, 2.00% due 4/1/2051     414,560      324,855
  Pool SD8206, 3.00% due 4/1/2052   1,433,442    1,218,482
  Pool SD8213, 3.00% due 5/1/2052   1,119,617      951,588
  Pool SD8225, 3.00% due 7/1/2052     188,998      160,612
  Pool SD8244, 4.00% due 9/1/2052   1,145,395    1,048,126
  Federal National Mtg Assoc.,    
  Pool BL8603, 2.07% due 10/1/2050     464,428      313,052
b Pool BM7277, 1.972% (2.07% - SOFR30A) due 8/1/2051     111,132       98,034
b Pool BM7341, 2.413% (RFUCCT1Y + 1.61%) due 12/1/2050     511,218      464,067
  Pool BS1289, 2.17% due 3/1/2051     474,694      311,409
  Federal National Mtg Assoc., CMO REMIC,    
  Series 2024-25 Class VB, 5.50% due 3/25/2035     333,992      333,983
  Series 2024-70 Class MP, 4.50% due 10/25/2054     569,961      549,649
  Federal National Mtg Assoc., UMBS Collateral,    
  Pool BV4119, 2.50% due 3/1/2052     627,070      511,815
  Pool CB0199, 3.00% due 4/1/2051     402,096      341,361
  Pool CB1134, 2.50% due 7/1/2051   2,014,477    1,641,535
  Pool CB2301, 3.00% due 12/1/2051     477,995      405,796
  Pool CB2399, 2.50% due 12/1/2051     554,605      453,801
  Pool CB2404, 2.50% due 12/1/2051     299,623      244,395
  Pool CB2665, 3.00% due 1/1/2052     267,119      226,772
  Pool CB3050, 2.50% due 3/1/2052     362,407      295,797
  Pool FM8761, 2.50% due 9/1/2051     756,456      616,590
  Pool FS0957, 3.00% due 3/1/2052     500,249      425,289
  Pool FS2676, 3.00% due 6/1/2052     335,608      284,916
  Pool FS4862, 2.50% due 10/1/2051     270,831      220,993
  Pool FS4919, 2.50% due 5/1/2053     375,656      306,610
  Pool FS7059, 3.00% due 7/1/2052     534,747      455,719
  Pool FS7065, 3.00% due 3/1/2053   2,882,663    2,450,041
  Pool FS7879, 2.50% due 7/1/2052   1,043,752      850,521
  Pool FS9157, 2.00% due 5/1/2042     659,076      548,651
  Pool MA4399, 2.50% due 8/1/2051     336,018      275,361
  Pool MA4548, 2.50% due 2/1/2052  1,884,772   1,541,028
SCHEDULE OF INVESTMENTS, Continued
Thornburg Core Plus Bond Fund December 31, 2024 (Unaudited)
  Issuer-Description SHARES/
PRINCIPAL AMOUNT 		VALUE
  Pool MA4578, 2.50% due 4/1/2052 $ 2,050,583 $  1,672,014
  Pool MA4599, 3.00% due 5/1/2052   2,220,771    1,887,484
  Pool MA4730, 3.00% due 9/1/2052     460,345      391,151
  Pool MA5442, 4.50% due 8/1/2054   1,175,418    1,105,134
  GCAT Trust, Whole Loan Securities Trust CMO,    
b,c Series 2021-CM1 Class A, 2.469% due 4/25/2065      77,202       73,185
b,c Series 2023-INV1 Class A1, 6.00% due 8/25/2053     251,353      250,062
b,c Series 2023-NQM4 Class A1, 4.25% due 5/25/2067     419,461      390,218
c Glebe Funding Trust, Whole Loan Securities Trust CMO, Series 2024-1 Class A, 8.099% due 11/29/2028     300,000      300,412
  Government National Mtg Assoc., CMBS, Series 2023-104 Class AD, 4.00% due 1/16/2065      64,120       60,024
  GS Mortgage-Backed Securities Trust, Whole Loan Securities Trust CMO,    
b,c Series 2024-RPL2 Class A1, 3.75% due 7/25/2061     179,515      173,622
b,c Series 2024-RPL4 Class A1, 3.90% due 9/25/2061     445,061      428,136
  Harvest Commercial Capital Loan Trust, CMBS, Series 2024-1 Class A, 6.164% due 10/25/2056     315,597      312,832
b,c HOMES Trust, Whole Loan Securities Trust CMO, Series 2024-NQM1 Class A1, 5.915% due 7/25/2069     404,531      406,409
  Homeward Opportunities Fund Trust, Whole Loan Securities Trust CMO,    
b,c Series 2022-1 A Class A1, 5.082% due 7/25/2067     168,028      166,244
b,c Series 2024-RRTL2 Class A1, 5.989% due 9/25/2039     300,000      300,711
b,c Series 2024-RTL1 Class A1, 7.12% due 7/25/2029     325,000      327,836
c Houston Galleria Mall Trust, CMBS, Series 2015-HGLR Class A1A2, 3.087% due 3/5/2037     165,000      164,207
b,c Hudson Yards Mortgage Trust, CMBS, Series 2019-55HY Class A, 2.943% due 12/10/2041     250,000      222,342
b,c Imperial Fund Mortgage Trust, Whole Loan Securities Trust CMO, Series 2022-NQM4 Class A1, 4.767% due 6/25/2067      93,962       93,420
  JP Morgan Mortgage Trust, Whole Loan Securities Trust CMO,    
b,c Series 2021-1 Class A3A, 2.00% due 6/25/2051     360,218      281,885
b,c Series 2021-INV6 Class A2, 3.00% due 4/25/2052      74,206       61,684
b,c LEX Mortgage Trust, CMBS, Series 2024-BBG Class A, 4.874% due 10/13/2033     410,000      403,712
c Manhattan West Mortgage Trust, CMBS, Series 2020-1MW Class A, 2.13% due 9/10/2039     350,000      321,623
  MFA Trust, Whole Loan Securities Trust CMO,    
b,c Series 2021-INV2 Class A1, 1.906% due 11/25/2056      69,788       59,718
b,c Series 2022-NQM2 Class A1, 4.00% due 5/25/2067     413,503      390,164
b Series 2024-NPL1 Class A1, 6.33% due 9/25/2054     405,075      405,816
b,c Series 2024-RPL1 Class A1, 4.25% due 2/25/2066     452,427      429,556
b,c Mill City Securities Ltd., Whole Loan Securities Trust CMO, Series 2024-RS1 Class A1, 3.00% due 11/1/2069     591,070      543,790
c Morgan Stanley Capital I Trust, CMBS, Series 2024-BPR2 Class A, 7.291% due 5/5/2029     298,385      308,288
b,c Morgan Stanley Residential Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2024-NQM1 Class A1, 6.152% due 12/25/2068     169,922      171,155
  New Residential Mortgage Loan Trust, Whole Loan Securities Trust CMO,    
b,c Series 2022-NQM3 Class A1, 3.90% due 4/25/2062     105,515       97,643
b,c Series 2024-RPL1 Class A, 3.80% due 1/25/2064     358,533      333,075
b,c NMLT Trust, Whole Loan Securities Trust CMO, Series 2021-INV1 Class A1, 1.185% due 5/25/2056      58,933       48,460
b,c NYMT Loan Trust, Whole Loan Securities Trust CMO, Series 2024-BPL2 Class A1, 6.509% due 5/25/2039     325,000      327,593
  OBX Trust, Whole Loan Securities Trust CMO,    
b,c Series 2022-NQM5 Class A1, 4.31% due 5/25/2062      96,229       93,454
b,c Series 2024-NQM11 Class A1, 5.875% due 6/25/2064     400,902      402,219
c One Bryant Park Trust, CMBS, Series 2019-OBP Class A, 2.516% due 9/15/2054     280,000      245,932
b,c OSAT Trust, Whole Loan Securities Trust CMO, Series 2021-RPL1 Class A1, 5.116% due 5/25/2065     237,024      236,277
b,c PRET LLC, Whole Loan Securities Trust CMO, Series 2021-RN3 Class A1, 4.843% due 9/25/2051     302,160      300,539
b,c PRET Trust, Whole Loan Securities Trust CMO, Series 2024-RPL1 Class A1, 3.90% due 10/25/2063     174,784      165,343
b,c PRKCM Trust, Whole Loan Securities Trust CMO, Series 2024-HOME1 Class A1, 6.431% due 5/25/2059     285,738      289,130
b,c PRPM LLC, Whole Loan Securities Trust CMO, Series 2021-5 Class A1, 4.793% due 6/25/2026      85,192       84,813
b,c Radian Mortgage Capital Trust, Whole Loan Securities Trust CMO, Series 2024-J2 Class A16, 5.50% due 3/25/2055     374,169      372,319
b,c RCKT Mortgage Trust, Whole Loan Securities Trust CMO, Series 2019-1 Class A13, 3.50% due 9/25/2049      27,370       24,417
b,c Redwood Funding Trust, Whole Loan Securities Trust CMO, Series 2024-1 Class A, 7.745% due 12/25/2054     310,247      309,969
c ROCK Trust, CMBS, Series 2024-CNTR Class A, 5.388% due 11/13/2041     325,000      324,209
b,c SFO Commercial Mortgage Trust, CMBS, Series 2021-555 Class A, 5.661% (TSFR1M + 1.26%) due 5/15/2038     171,000      167,072
b,c Spruce Hill Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2022-SH1 Class A1A, 4.10% due 7/25/2057     100,771       96,430
b,c Toorak Mortgage Trust, Whole Loan Securities Trust CMO, Series 2024-RRTL1 Class A1, 6.597% due 2/25/2039     300,000      302,075
b,c Towd Point Mortgage Trust, Whole Loan Securities Trust CMO, Series 2020-1 Class A2A, 3.10% due 1/25/2060     100,000       89,682
b,c TRK Trust, Whole Loan Securities Trust CMO, Series 2022-INV2 Class A1, 4.35% due 6/25/2057     366,834      353,486
b,c UWM Mortgage Trust, Whole Loan Securities Trust CMO, Series 2021-1 Class A3, 2.50% due 6/25/2051      72,992       59,438
  Verus Securitization Trust, Whole Loan Securities Trust CMO,    
b,c Series 2023-3 Class A1, 5.93% due 3/25/2068      83,867       84,074
b,c Series 2023-4 Class A1, 5.811% due 5/25/2068     197,827      197,663
b,c WB Commercial Mortgage Trust, CMBS, Series 2024-HQ Class A, 5.937% due 3/15/2040     195,000      196,189
b,c Wells Fargo Mortgage Backed Securities Trust, Whole Loan Securities Trust CMO, Series 2021-1 Class A1, 2.50% due 12/25/2050      37,937      30,785
  Total Mortgage Backed (Cost $45,200,418)             44,859,436
SCHEDULE OF INVESTMENTS, Continued
Thornburg Core Plus Bond Fund December 31, 2024 (Unaudited)
  Issuer-Description SHARES/
PRINCIPAL AMOUNT 		VALUE
  Short-Term Investments — 0.1%    
f Thornburg Capital Management Fund      8,424 $     84,246
  Total Short-Term Investments (Cost $84,246)                 84,246
  Total Investments — 100.2% (Cost $151,720,913)   $150,347,410
  Liabilities Net of Other Assets — (0.2)%   (241,070)
  Net Assets — 100.0%   $150,106,340
    
Outstanding Forward Currency Contracts To Buy Or Sell At December 31, 2024
Contract
Description 		Contract
Party* 		Buy/Sell Contract
Amount 		Contract
Value Date 		Value
USD 		Unrealized
Appreciation 		Unrealized
Depreciation
Euro SSB Sell 78,400 3/25/2025 81,442 $    6,317 $  —
Euro SSB Sell 144,000 10/14/2025 151,345      9,322   —
Total           $15,639 —
Net unrealized appreciation (depreciation)           $15,639  
    
* Counterparty includes State Street Bank and Trust Company (“SSB”).
    
Footnote Legend
a Security currently fair valued by Thornburg Investment Management, Inc.’s Valuation and Pricing Committee.
b Variable, floating, step, or fixed to floating rate securities are securities for which interest rate changes are based on changes in a designated base rate or on a predetermined schedule. The rates shown are those in effect on December 31, 2024.
c Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are restricted but liquid and may only be resold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of December 31, 2024, the aggregate value of these securities in the Fund’s portfolio was $57,551,386, representing 38.34% of the Fund’s net assets.
d Yankee bond denominated in U.S. dollars and is issued in the U.S. by foreign banks and corporations.
e Securities are perpetual and, thus, do not have a predetermined maturity date. The date shown, if applicable, reflects the next call date.
f Investment in Affiliates.
Portfolio Abbreviations
To simplify the listings of securities, abbreviations are used per the table below:
ABS Asset Backed Securities
CMBS Commercial Mortgage-Backed Securities
CMO Collateralized Mortgage Obligation
CMT Constant Maturity Rate
DOP Denominated in Dominican Peso
EGP Denominated in Egyptian Pound
EUR Denominated in Euro
GBP Denominated in Pound Sterling
H15T1Y US Treasury Yield Curve Rate T-Note Constant Maturity 1 Year
Mtg Mortgage
REMIC Real Estate Mortgage Investment Conduit
RFUCCT1Y Refinitiv USD Interbank Offered Rate Consumer Cash Fallbacks Term 1 Year
SBA Small Business Administration
SOFR Secured Overnight Financing Rate
SOFR30A Secured Overnight Financing Rate 30-Day Average
SOFR90A Secured Overnight Financing Rate 90-Day Average
SOFRINDX Secured Overnight Financing Rate Index
TSFR1M Term SOFR 1 Month
UMBS Uniform Mortgage Backed Securities
NOTES TO SCHEDULE OF INVESTMENTS
Thornburg Core Plus Bond Fund December 31, 2024 (Unaudited)
NOTE 1 – ORGANIZATION
Thornburg Core Plus Bond Fund (the “Fund”) is a diversified series of Thornburg Investment Trust (the “Trust”). The Trust is organized as a Massachusetts business trust under a Declaration of Trust dated June 3, 1987 and is registered as a diversified, open-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"). The Fund is currently one of twenty-four separate series of the Trust. Each series is considered to be a separate entity for financial reporting and tax purposes. The Fund currently offers seven classes of shares of beneficial interest: Class A, Class C, Institutional Class (“Class I”), and Retirement Classes (“Class R3”, “Class R4”, “Class R5”, and “Class R6”).
NOTE 2 – SECURITY VALUATION
Valuation of the Fund’s portfolio investment securities is performed by Thornburg Investment Management, Inc., the Trust’s investment advisor (the "Advisor"), which has been designated by the Trustees of the Trust (the "Trustees") as the Fund’s "valuation designee," as that term is defined in rule 2a-5 under the 1940 Act. The Advisor performs this valuation function under the supervision of the Trustees and in accordance with policies and procedures that have been adopted by the Advisor and approved by the Trustees (the “Valuation Policy and Procedures”).
In its capacity as the Fund’s valuation designee, the Advisor makes good faith determinations of the fair value of portfolio securities for which market quotations are not readily available, and otherwise complies with and administers the Valuation Policy and Procedures. The Advisor performs those functions in significant measure through its Valuation and Pricing Committee (the “Committee”), though the Advisor may also obtain the assistance of others, including professional pricing service providers selected and approved by the Committee. In accordance with the Valuation Policy and Procedures, the Committee: assesses and manages the material risks associated with determining the fair value of those Fund investments for which market quotations are not readily available; selects and applies methodologies for determining and calculating such fair values; periodically reviews and tests the appropriateness and accuracy of those methodologies; monitors for circumstances that may necessitate the use of fair value; and approves, monitors, and evaluates pricing services engaged to provide evaluated prices for the Fund’s investments. The Committee provides reports on its activities to the Trustees’ Audit Committee, which is responsible for overseeing the Committee’s and the Advisor’s work in discharging the functions under the Valuation Policy and Procedures.
In those instances when the Committee assists in calculating a fair value for a portfolio investment, the Committee seeks to determine the price that the Fund would reasonably expect to receive upon a sale of the investment in an orderly transaction between market participants on the valuation date. The Committee customarily utilizes quotations from securities broker dealers in calculating valuations, but also may utilize prices obtained from pricing service providers or other methods selected by the Committee. Because fair values calculated by the Committee are estimates, the calculation of a fair value for an investment may differ from the price that would be realized by the Fund upon a sale of the investment, and the difference could be material to the Fund’s financial statements. The Committee’s calculation of a fair value for an investment may also differ from the prices obtained by other persons (including other mutual funds) for the investment.
Valuation of Securities: Securities and other portfolio investments which are listed or traded on a United States securities exchange are generally valued at the last reported sale price on the valuation date or, if there has been no sale of the investment on that date, at the mean between the last reported bid and asked prices for the investment on that date. Portfolio investments reported by NASDAQ are valued at the official closing price on the valuation date. If an investment is traded on more than one exchange, the investment is considered traded on the exchange that is normally the primary market for that investment. For securities and other portfolio investments which are primarily listed or traded on an exchange outside the United States, the time for determining the investment’s value in accordance with the first sentence of this paragraph will be the close of that investment’s primary exchange preceding the Fund’s valuation time.
In any case when a market quotation is not readily available for a portfolio investment ordinarily valued by market quotation, the Committee calculates a fair value for the investment using methodologies selected and approved by the Committee as described in the Valuation Policy and Procedures, subject to changes or additions by the Committee. For this purpose, a market quotation is considered to be readily available if it is a quoted price (unadjusted) in active markets for identical investments that the Fund can access at the measurement date. Pursuant to the Valuation Policy and Procedures, the Committee shall monitor for circumstances that may necessitate the use of fair valuation methodologies, including circumstances in which a market quotation for an investment is no longer reliable or is otherwise not readily available. For that purpose, a market quotation is not readily available when the primary market or exchange for the applicable investment is not open for the entire scheduled day of trading. A market quotation may also not be readily available if: (a) developments occurring after the most recent close of the applicable investment’s primary exchange, but prior to the close of business on any business day; or (b) an unusual event or significant period of time occurring since the availability of the market quotation, create a serious question concerning the reliability of that market quotation. Additionally, a market quotation will be considered unreliable if it would require adjustment under GAAP, or where GAAP would require consideration of additional inputs in determining the value of the investment. The Committee customarily obtains valuations in those instances from pricing service providers approved by the Committee. Such pricing service providers ordinarily calculate valuations using multi-factor models to adjust market prices based upon various inputs, including exchange data, depository receipt prices, futures, index data, and other data.
NOTES TO SCHEDULE OF INVESTMENTS, Continued
Thornburg Core Plus Bond Fund December 31, 2024 (Unaudited)
Investments in U.S. mutual funds are valued at net asset value ("NAV") each business day.
Forward currency contracts are valued by a third-party pricing service provider.
Debt obligations held by the Fund which are not listed or traded on exchanges or for which no reported market exists are ordinarily valued at the valuation obtained from a pricing service provider approved by the Committee.
In any case when a pricing service provider fails to provide a valuation for a debt obligation held by the Fund, the Committee may calculate a fair value for the obligation using alternative methods selected and approved by the Committee. Additionally, in cases when the Committee believes that a valuation obtained from a pricing service provider is stale, does not reflect material factors affecting the valuation of the investment, is significantly different than the value the Fund is likely to obtain if it sought a bid for the investment, or is otherwise unreliable, the Committee may calculate a fair value for the obligation using an alternative method selected and approved by the Committee.
If the market quotation for an investment is expressed in a foreign currency, that market quotation will be converted to U.S. dollars using a foreign exchange quotation from a third-party service at the time of valuation. Foreign investments held by the Fund may be traded on days and at times when the Fund is not open for business. Consequently, the value of Fund’s investments may be significantly affected on days when shareholders cannot purchase or sell Fund’s shares.
NOTE 3 – Investments with Affiliates
Shown below are holdings of voting securities of each portfolio company which is considered "affiliated" to the Fund under the 1940 Act, including companies for which the Fund’s holding represented 5% or more of the company’s voting securities, and a series of the Thornburg Investment Trust in which the Fund invested for cash management purposes during the period:
  Market Value
9/30/24 		Purchases
at Cost 		Sales
Proceeds 		Realized
Gain
(Loss) 		Change in
Unrealized
Appr./(Depr.) 		Market Value
12/31/24 		Dividend
Income
Thornburg Capital Mgmt. Fund $6,292,172 $14,879,340 $(21,087,266) $- $- $84,246 $30,960