SCHEDULE OF INVESTMENTS
Thornburg Limited Term Income Fund June 30, 2025 (Unaudited)
  Issuer-Description SHARES/
PRINCIPAL AMOUNT 		VALUE
  Preferred Stock — 0.6%    
  Financial Services — 0.6%    
  Capital Markets — 0.6%    
a Calamos Strategic Total Return Fund 6.24%, 9/9/2029     370,000 $    9,283,300
a,b Gabelli Dividend & Income Trust Series J, 4.50%, 3/26/2028       1,162    27,888,000
                   37,171,300
  Total Preferred Stock (Cost $38,269,196)                37,171,300
  Asset Backed Securities — 14.1%    
  Auto Receivables — 3.5%    
c ACM Auto Trust, Series 2024-1A Class B, 11.40% due 1/21/2031 $  7,419,290      7,555,567
  American Credit Acceptance Receivables Trust,    
c Series 2023-1 Class C, 5.59% due 4/12/2029      835,186        836,425
c Series 2023-4 Class B, 6.63% due 2/14/2028    2,979,489      2,984,279
c Arivo Acceptance Auto Loan Receivables Trust, Series 2024-1A Class A, 6.46% due 4/17/2028    1,489,491      1,498,376
c AutoNation Finance Trust, Series 2025-1A Class A2, 4.72% due 4/10/2028    6,400,000      6,411,194
  BOF URSA VI Funding Trust I,    
c Series 2023-CAR1 Class B, 6.029% due 10/27/2031    1,220,392      1,231,707
c Series 2023-CAR2 Class A2, 5.542% due 10/27/2031    2,338,525      2,350,017
c Series 2023-CAR2 Class B, 6.029% due 10/27/2031    3,173,652      3,194,618
c BOF VII AL Funding Trust I, Series 2023-CAR3 Class A2, 6.291% due 7/26/2032    4,958,154      5,024,296
  Carvana Auto Receivables Trust,    
c Series 2020-N1A Class E, 5.20% due 7/15/2027    6,523,402      6,520,505
c Series 2023-N3 Class A, 6.41% due 9/10/2027      464,907        465,638
c Series 2023-N4 Class A, 6.42% due 1/10/2028    7,699,958      7,733,416
  CPS Auto Receivables Trust,    
c Series 2022-A Class D, 2.84% due 4/16/2029      965,891        955,753
c Series 2022-C Class C, 5.28% due 4/15/2030      957,964        958,607
c Series 2023-D Class B, 6.78% due 3/15/2028   15,495,680     15,561,122
c Series 2024-C Class A, 5.88% due 2/15/2028    4,997,553      5,013,842
  Exeter Automobile Receivables Trust,    
  Series 2022-2A Class D, 4.56% due 7/17/2028   15,000,000     14,959,812
  Series 2022-3A Class C, 5.30% due 9/15/2027      918,125        918,903
  Series 2022-5A Class C, 6.51% due 12/15/2027    1,519,879      1,525,048
c FHF Issuer Trust, Series 2024-3A Class A2, 4.94% due 11/15/2030    4,709,342      4,720,007
c FHF Trust, Series 2023-1A Class A2, 6.57% due 6/15/2028    1,481,837      1,491,295
  GLS Auto Receivables Issuer Trust,    
c Series 2021-4A Class D, 2.48% due 10/15/2027   19,620,989     19,359,106
c Series 2022-2A Class D, 6.15% due 4/17/2028    8,705,000      8,770,994
b,c Kinetic Advantage Master Owner Trust, Series 2024-1A Class A, 6.954% (SOFR30A + 2.65%) due 11/15/2027   15,673,000     15,723,749
  Lendbuzz Securitization Trust,    
c Series 2022-1A Class A, 4.22% due 5/17/2027    2,042,359      2,033,881
c Series 2023-2A Class A2, 7.09% due 10/16/2028    1,950,035      1,982,538
c Series 2024-3A Class A2, 4.97% due 10/15/2029    6,179,796      6,178,587
c Lobel Automobile Receivables Trust, Series 2023-2 Class A, 7.59% due 4/16/2029    2,123,073      2,126,506
c OneMain Direct Auto Receivables Trust, Series 2022-1A Class A1, 4.65% due 3/14/2029    1,969,655      1,967,319
  Research-Driven Pagaya Motor Asset Trust,    
c Series 2023-3A Class A, 7.13% due 1/26/2032    7,905,621      7,939,260
c Series 2023-4A Class A, 7.54% due 3/25/2032    4,809,630      4,845,255
  SAFCO Auto Receivables Trust,    
c Series 2024-1A Class A, 6.51% due 3/20/2028    1,149,355      1,151,985
c Series 2025-1A Class A, 5.46% due 9/10/2029   14,533,431     14,637,192
c Santander Bank Auto Credit-Linked Notes, Series 2022-B Class F, 11.91% due 8/16/2032      510,193        514,150
  Santander Drive Auto Receivables Trust, Series 2022-7 Class B, 5.95% due 1/17/2028    4,170,779      4,185,519
  Tricolor Auto Securitization Trust,    
c Series 2024-2A Class A, 6.36% due 12/15/2027    2,131,934      2,138,164
c Series 2024-3A Class A, 5.22% due 6/15/2028    1,838,973      1,841,007
  Veros Auto Receivables Trust,    
c Series 2024-1 Class A, 6.28% due 11/15/2027    4,217,581      4,233,050
c Series 2025-1 Class A, 5.31% due 9/15/2028   11,392,933     11,411,943
c Westlake Automobile Receivables Trust, Series 2022-2A Class D, 5.48% due 9/15/2027    9,520,000     9,540,362
                  212,490,994
SCHEDULE OF INVESTMENTS, Continued
Thornburg Limited Term Income Fund June 30, 2025 (Unaudited)
  Issuer-Description SHARES/
PRINCIPAL AMOUNT 		VALUE
  Credit Card — 0.6%    
c Brex Commercial Charge Card Master Trust, Series 2024-1 Class A1, 6.05% due 7/15/2027 $  8,627,000 $    8,688,463
c Continental Finance Credit Card ABS Master Trust, Series 2024-A Class A, 5.78% due 12/15/2032   10,000,000     10,121,204
c Mercury Financial Credit Card Master Trust, Series 2024-2A Class A, 6.56% due 7/20/2029    9,800,000      9,883,630
c Mission Lane Credit Card Master Trust, Series 2023-B Class A, 7.69% due 11/15/2028    5,000,000     5,004,348
                   33,697,645
  Other Asset Backed — 7.2%    
c AFG ABS I LLC, Series 2023-1 Class A2, 6.30% due 9/16/2030    1,875,929      1,879,439
c AMCR ABS Trust, Series 2024-A Class A, 6.26% due 8/18/2031    4,422,896      4,440,127
  Aqua Finance Trust,    
c Series 2020-AA Class A, 1.90% due 7/17/2046    6,042,734      5,583,316
c Series 2020-AA Class C, 3.97% due 7/17/2046    5,022,945      4,801,781
c Series 2021-A Class A, 1.54% due 7/17/2046    5,704,312      5,244,902
c Auxilior Term Funding LLC, Series 2023-1A Class A2, 6.18% due 12/15/2028    1,414,321      1,425,529
c CFMT Issuer Trust, Series 2021-GRN1 Class A, 1.10% due 3/20/2041    1,617,163      1,600,530
c ClickLease Equipment Receivables Trust, Series 2024-1 Class B, 7.34% due 2/15/2030    1,897,969      1,905,082
c Crockett Partners Equipment Co. IIA LLC, Series 2024-1C Class A, 6.05% due 1/20/2031    6,820,000      6,892,645
c Crossroads Asset Trust, Series 2025-A Class A2, 4.91% due 2/20/2032    7,070,000      7,091,144
c DailyPay Securitization Trust, Series 2025-1A Class A, 5.63% due 6/25/2028   10,075,000     10,146,333
c DataBank Issuer LLC, Series 2024-1A Class A2, 5.30% due 1/26/2054   13,300,000     13,234,889
c Dext ABS LLC, Series 2023-2 Class A2, 6.56% due 5/15/2034    1,814,443      1,828,201
c Diamond Infrastructure Funding LLC, Series 2021-1A Class A, 1.76% due 4/15/2049   36,000,000     34,241,202
c Diamond Issuer LLC, Series 2021-1A Class A, 2.305% due 11/20/2051   27,894,000     26,307,311
c,d ECAF I Ltd., Series 2015-1A Class A2, 4.947% due 6/15/2040    1,644,481      1,471,890
c EverBright Solar Trust, Series 2024-A Class A, 6.43% due 6/22/2054    8,404,287      8,297,145
  Foundation Finance Trust,    
c Series 2019-1A Class B, 4.22% due 11/15/2034      608,646        606,925
c Series 2020-1A Class A, 3.54% due 7/16/2040      833,735        830,124
c Series 2020-1A Class B, 4.62% due 7/16/2040    3,000,000      2,986,901
c Series 2021-1A Class A, 1.27% due 5/15/2041    8,291,417      7,753,006
c Series 2021-2A Class A, 2.19% due 1/15/2042    5,638,569      5,341,290
  FREED ABS Trust,    
c Series 2022-1FP Class D, 3.35% due 3/19/2029      626,069        622,182
c Series 2022-2CP Class D, 3.00% due 5/18/2029    6,566,310      6,553,508
c Series 2022-3FP Class D, 7.36% due 8/20/2029    6,401,990      6,408,146
c Series 2022-4FP Class D, 7.40% due 12/18/2029    1,216,671      1,223,438
  Goldman Home Improvement Trust Issuer Trust,    
c Series 2021-GRN2 Class A, 1.15% due 6/25/2051    3,288,063      3,185,116
c Series 2022-GRN1 Class A, 4.50% due 6/25/2052    2,215,846      2,206,487
c Goodgreen Trust, Series 2021-1A Class A, 2.66% due 10/15/2056   14,518,800     11,971,537
  GoodLeap Sustainable Home Solutions Trust,    
c Series 2021-3CS Class A, 2.10% due 5/20/2048   12,953,180      9,894,414
c Series 2021-4GS Class A, 1.93% due 7/20/2048   17,102,976     13,516,602
c Series 2021-5CS Class A, 2.31% due 10/20/2048    7,090,767      5,867,916
b,c Gracie Point International Funding LLC, Series 2023-2A Class A, 6.598% (SOFR90A + 2.25%) due 3/1/2027    1,519,512      1,521,937
c GreenSky Home Improvement Issuer Trust, Series 2024-2 Class A2, 5.25% due 10/27/2059    3,417,239      3,421,533
c GreenSky Home Improvement Trust, Series 2024-1 Class A2, 5.88% due 6/25/2059    3,247,577      3,266,474
b,c Harvest SBA Loan Trust, Series 2024-1 Class A, 6.689% (SOFR30A + 2.25%) due 12/25/2051    4,658,176      4,683,234
  HERO Funding Trust,    
c Series 2015-1A Class A, 3.84% due 9/21/2040    1,707,279      1,604,872
c Series 2017-2A Class A1, 3.28% due 9/20/2048      362,841        323,440
  Hilton Grand Vacations Trust,    
c Series 2019-AA Class A, 2.34% due 7/25/2033    1,687,230      1,660,322
c Series 2020-AA Class A, 2.74% due 2/25/2039      377,874        368,532
c HIN Timeshare Trust, Series 2020-A Class A, 1.39% due 10/9/2039    1,818,241      1,748,631
c InStar Leasing III LLC, Series 2021-1A Class A, 2.30% due 2/15/2054    8,341,028      7,814,858
  LendingPoint Pass-Through Trust,    
c Series 2022-ST1 Class A, 2.50% due 3/15/2028      234,094        233,856
c Series 2022-ST3 Class A, 4.00% due 5/15/2028      733,657        733,135
c LL ABS Trust, Series 2022-2A Class C, 8.40% due 5/15/2030      302,649        303,010
c Loanpal Solar Loan Ltd., Series 2021-1GS Class A, 2.29% due 1/20/2048   18,733,961     15,535,394
  Marlette Funding Trust,    
c Series 2022-2A Class C, 6.14% due 8/15/2032    2,182,176      2,183,859
c Series 2023-2A Class B, 6.54% due 6/15/2033      716,675        718,094
SCHEDULE OF INVESTMENTS, Continued
Thornburg Limited Term Income Fund June 30, 2025 (Unaudited)
  Issuer-Description SHARES/
PRINCIPAL AMOUNT 		VALUE
c Momnt Technologies Trust, Series 2023-1A Class A, 6.92% due 3/20/2045 $  1,379,503 $    1,409,074
  Mosaic Solar Loan Trust,    
c Series 2019-1A Class A, 4.37% due 12/21/2043      806,236        764,945
c Series 2020-1A Class A, 2.10% due 4/20/2046    2,681,395      2,382,792
c NMEF Funding LLC, Series 2022-A Class C, 3.86% due 10/16/2028    2,750,000      2,729,294
  Oportun Issuance Trust,    
c Series 2021-C Class A, 2.18% due 10/8/2031    8,423,316      8,250,759
c Series 2022-A Class A, 5.05% due 6/9/2031    3,703,307      3,702,314
c Pagaya AI Debt Selection Trust, Series 2021-HG1 Class A, 1.22% due 1/16/2029      194,703        193,366
  Pagaya AI Debt Trust,    
c Series 2023-5 Class C, 9.099% due 4/15/2031   13,888,646     13,979,292
c Series 2023-6 Class C, 8.491% due 6/16/2031    4,061,260      4,087,073
c Series 2023-7 Class B, 7.549% due 7/15/2031       47,024         47,046
c Series 2024-1 Class A, 6.66% due 7/15/2031      921,664        925,881
c Pawneee Equipment Receivables LLC, Series 2021-1 Class D, 2.75% due 7/15/2027    1,690,000      1,669,521
c PowerPay Issuance Trust, Series 2024-1A Class A, 6.53% due 2/18/2039    4,435,946      4,546,209
  Prosper Marketplace Issuance Trust,    
c Series 2023-1A Class B, 7.48% due 7/16/2029      240,266        240,650
c Series 2023-1A Class C, 8.29% due 7/16/2029      600,000        606,644
c Series 2024-1A Class A, 6.12% due 8/15/2029      888,383        889,517
  Reach ABS Trust,    
c Series 2024-2A Class A, 5.88% due 7/15/2031    3,328,571      3,341,349
c Series 2025-1A Class A, 4.96% due 8/16/2032   10,579,798     10,565,909
c Regional Management Issuance Trust, Series 2021-1 Class A, 1.68% due 3/17/2031    1,045,224      1,042,402
c Republic Finance Issuance Trust, Series 2021-A Class A, 2.30% due 12/22/2031    4,765,469      4,731,950
c Retained Vantage Data Centers Issuer LLC, Series 2023-1A Class A2A, 5.00% due 9/15/2048   12,300,000     12,212,101
c Service Experts Issuer LLC, Series 2021-1A Class A, 2.67% due 2/2/2032    7,005,799      6,847,893
c SoFi Consumer Loan Program Trust, 4.82% due 6/25/2034    3,500,000      3,505,024
c SpringCastle America Funding LLC, Series 2020-AA Class A, 1.97% due 9/25/2037   10,143,658      9,595,146
c SPS Servicer Advance Receivables Trust, Series 2020-T2 Class A, 1.83% due 11/15/2055   12,915,000     12,746,123
c Stack Infrastructure Issuer LLC, Series 2021-1A Class A2, 1.877% due 3/26/2046    7,500,000      7,322,798
c Sunnova Hestia I Issuer LLC, Series 2023-GRID1 Class 1A, 5.75% due 12/20/2050    8,768,626      8,853,249
c Sunnova Hestia II Issuer LLC, Series 2024-GRID1 Class 1A, 5.63% due 7/20/2051    8,956,067      8,841,245
c Tesla Sustainable Energy Trust, Series 2024-1A Class A2, 5.08% due 6/21/2050    8,173,357      8,246,871
c Theorem Funding Trust, Series 2022-2A Class A, 6.06% due 12/15/2028      430,632        430,749
c Upgrade Master Pass-Thru Trust, Series 2025-ST4 Class A, 5.495% due 8/16/2032    5,412,000      5,412,000
c Upgrade Receivables Trust, Series 2024-1A Class A, 5.37% due 2/18/2031    3,988,709      3,991,791
  Upstart Pass-Through Trust,    
c Series 2021-ST4 Class A, 2.00% due 7/20/2027      166,710        165,497
c Series 2021-ST5 Class A, 2.00% due 7/20/2027      198,700        196,989
  Upstart Securitization Trust,    
c 5.22% due 6/20/2035    7,300,000      7,312,842
c 7.92% due 6/20/2033    3,227,000      3,262,295
c Series 2023-1 Class B, 8.35% due 2/20/2033      182,789        183,155
c Series 2023-3 Class A, 6.90% due 10/20/2033    2,389,852      2,405,079
c Series 2024-1 Class A, 5.33% due 11/20/2034    3,792,193      3,799,124
c Series 2025-1 Class A, 5.45% due 4/20/2035    7,033,162      7,041,699
c Upstart Structured Pass-Through Trust, Series 2022-4A Class B, 8.54% due 11/15/2030    1,612,558     1,621,905
                  441,579,801
  Student Loan — 2.8%    
c Ascent Education Funding Trust, Series 2024-A Class A, 6.14% due 10/25/2050    7,919,728      8,085,347
  College Ave Student Loans LLC,    
b,c Series 2021-A Class A1, 5.539% (TSFR1M + 1.21%) due 7/25/2051    5,750,558      5,717,880
c Series 2021-A Class A2, 1.60% due 7/25/2051    1,329,828      1,206,343
b,c Series 2021-C Class A1, 5.334% (TSFR1M + 1.01%) due 7/26/2055   10,299,923     10,120,299
  Commonbond Student Loan Trust,    
c Series 18-CGS Class A1, 3.87% due 2/25/2046    1,092,218      1,057,013
c Series 2020-1 Class A, 1.69% due 10/25/2051    7,384,109      6,760,573
c Series 2021-AGS Class A, 1.20% due 3/25/2052    8,202,903      6,974,457
c Series 2021-BGS Class A, 1.17% due 9/25/2051    7,472,346      6,915,353
  MPOWER Education Trust,    
c Series 2024-A Class A, 6.78% due 7/22/2041    7,211,522      7,459,553
c Series 2025-A Class A, 6.62% due 7/21/2042   9,608,670      9,669,604
SCHEDULE OF INVESTMENTS, Continued
Thornburg Limited Term Income Fund June 30, 2025 (Unaudited)
  Issuer-Description SHARES/
PRINCIPAL AMOUNT 		VALUE
  Navient Private Education Refi Loan Trust,    
b,c Series 2019-D Class A2B, 5.476% (TSFR1M + 1.16%) due 12/15/2059 $  5,135,286 $    5,115,747
c Series 2021-A Class A, 0.84% due 5/15/2069    1,964,751      1,788,951
c Series 2022-BA Class A, 4.16% due 10/15/2070   15,559,276     15,227,262
  Navient Student Loan Trust,    
b Series 2014-1 Class A3, 4.93% (SOFR30A + 0.62%) due 6/25/2031    2,698,168      2,645,203
b,c Series 2019-BA Class A2B, 5.406% (TSFR1M + 1.09%) due 12/15/2059      654,950        652,894
  Nelnet Student Loan Trust,    
b,c Series 2013-1A Class A, 5.02% (SOFR30A + 0.71%) due 6/25/2041    1,704,573      1,683,621
b,c Series 2015-2A Class A2, 5.02% (SOFR30A + 0.71%) due 9/25/2042   12,863,837     12,703,191
b,c Series 2015-3A Class A2, 5.02% (SOFR30A + 0.71%) due 2/27/2051      501,464        500,148
b,c Series 2021-CA Class AFL, 5.172% (TSFR1M + 0.85%) due 4/20/2062    7,061,255      7,011,534
b,c Series 2021-DA Class AFL, 5.122% (TSFR1M + 0.80%) due 4/20/2062   10,014,161      9,929,464
b,c,d Prodigy Finance DAC, Series 2021-1A Class A, 5.684% (TSFR1M + 1.36%) due 7/25/2051      976,306        976,366
  SLM Student Loan Trust,    
b Series 2011-2 Class A2, 5.62% (SOFR30A + 1.31%) due 10/25/2034    4,903,780      4,910,331
b Series 2013-6 Class A3, 5.07% (SOFR30A + 0.76%) due 6/26/2028   17,135,665     16,871,715
  SMB Private Education Loan Trust,    
b,c Series 2017-B Class A2B, 5.176% (TSFR1M + 0.86%) due 10/15/2035      190,669        190,246
b,c Series 2021-D Class A1B, 5.026% (TSFR1M + 0.71%) due 3/17/2053    4,340,567      4,293,194
b,c Series 2021-E Class A1B, 5.056% (TSFR1M + 0.74%) due 2/15/2051   12,770,019     12,634,886
b,c SoFi Alternative Trust, Series 2019-C Class PT, 5.445% due 1/25/2045   10,252,523     10,173,772
b,c Towd Point Asset Trust, Series 2021-SL1 Class A2, 5.132% (TSFR1M + 0.81%) due 11/20/2061    2,418,773     2,413,840
                  173,688,787
  Total Asset Backed Securities (Cost $878,833,650)               861,457,227
  Corporate Bonds — 34.4%    
  Automobiles & Components — 0.6%    
  Automobiles — 0.6%    
b American Honda Finance Corp., 5.016% (SOFR + 0.62%) due 12/11/2026   13,942,000     13,952,038
  Hyundai Capital America,    
c 1.80% due 10/15/2025    3,353,000      3,323,997
c 3.00% due 2/10/2027    1,455,000      1,420,007
c 4.85% due 3/25/2027    5,000,000      5,019,150
c 5.30% due 3/19/2027    2,000,000      2,022,440
c 5.45% due 6/24/2026    4,100,000      4,132,964
c Volkswagen Group of America Finance LLC, 5.05% due 3/27/2028    7,926,000     7,967,929
                   37,838,525
  Banks — 0.8%    
  Banks — 0.8%    
b,c,d DNB Bank ASA, 5.896% (SOFRINDX + 1.95%) due 10/9/2026    7,500,000      7,526,475
  FNB Corp., 5.15% due 8/25/2025    5,748,000      5,747,483
b Morgan Stanley Bank NA, 5.016% (SOFR + 0.91%) due 1/12/2029    3,740,000      3,797,933
b,c,d NBK SPC Ltd., 1.625% (SOFR + 1.05%) due 9/15/2027   13,033,000     12,564,073
  Santander Holdings USA, Inc., 3.244% due 10/5/2026    4,023,000      3,961,126
c,d Sumitomo Mitsui Trust Bank Ltd., 5.65% due 3/9/2026    3,800,000      3,831,768
  Synchrony Bank, 5.40% due 8/22/2025    7,250,000      7,248,550
b Wells Fargo & Co., 4.808% (SOFR + 1.98%) due 7/25/2028    3,448,000     3,476,480
                   48,153,888
  Capital Goods — 0.2%    
  Aerospace & Defense — 0.1%    
  Northrop Grumman Systems Corp., 7.875% due 3/1/2026    2,989,000     3,042,892
  Machinery — 0.1%    
  Regal Rexnord Corp., 6.05% due 2/15/2026    7,849,000     7,892,719
                   10,935,611
  Commercial & Professional Services — 0.6%    
  Commercial Services & Supplies — 0.6%    
SCHEDULE OF INVESTMENTS, Continued
Thornburg Limited Term Income Fund June 30, 2025 (Unaudited)
  Issuer-Description SHARES/
PRINCIPAL AMOUNT 		VALUE
  Element Fleet Management Corp.,    
c,d 5.643% due 3/13/2027 $  4,400,000 $    4,472,600
c,d 6.271% due 6/26/2026   11,400,000     11,561,538
c,d 6.319% due 12/4/2028    3,422,000      3,607,849
  Quanta Services, Inc., 4.75% due 8/9/2027    3,500,000      3,529,575
c UL Solutions, Inc., 6.50% due 10/20/2028   12,800,000    13,474,688
                   36,646,250
  Commercial Services — 0.1%    
  Commercial Services & Supplies — 0.1%    
c Rentokil Terminix Funding LLC, 5.00% due 4/28/2030    9,120,000     9,184,022
                    9,184,022
  Consumer Services — 0.1%    
  Hotels, Restaurants & Leisure — 0.1%    
c Sodexo, Inc., Series 2023-2 Class B, 5.15% due 8/15/2030    4,000,000     4,065,200
                    4,065,200
  Energy — 2.3%    
  Oil, Gas & Consumable Fuels — 2.3%    
c Colorado Interstate Gas Co. LLC/Colorado Interstate Issuing Corp., 4.15% due 8/15/2026    9,092,000      9,036,539
c El Paso Natural Gas Co. LLC, 3.50% due 2/15/2032    4,068,000      3,659,084
c Energy Transfer LP, 5.625% due 5/1/2027    3,741,000      3,742,721
c Florida Gas Transmission Co. LLC, 2.30% due 10/1/2031    2,934,000      2,539,612
  Galaxy Pipeline Assets Bidco Ltd.,    
c,d 1.75% due 9/30/2027    8,349,542      8,052,716
c,d 2.16% due 3/31/2034   18,539,323     16,428,250
c,d,e,f Gazprom PJSC via Gaz Finance plc, 3.50% due 7/14/2031   32,475,000     21,110,374
c Gray Oak Pipeline LLC, 3.45% due 10/15/2027   12,955,000     12,685,277
c,d Greensaif Pipelines Bidco SARL, 5.853% due 2/23/2036    4,160,000      4,200,185
c Midwest Connector Capital Co. LLC, 4.625% due 4/1/2029   13,090,000     12,989,861
  Plains All American Pipeline LP/PAA Finance Corp., 4.65% due 10/15/2025    2,384,000      2,382,260
c,d SA Global Sukuk Ltd., 4.25% due 10/2/2029   24,040,000     23,678,919
c South Bow USA Infrastructure Holdings LLC, 4.911% due 9/1/2027    2,000,000      2,014,160
c,d TMS Issuer SARL, 5.78% due 8/23/2032   10,700,000     11,045,289
c Whistler Pipeline LLC, 5.40% due 9/30/2029    6,985,000     7,070,287
                  140,635,534
  Equity Real Estate Investment Trusts (REITs) — 1.4%    
  Diversified REITs — 1.4%    
  American Tower Corp., 4.90% due 3/15/2030    6,250,000      6,341,312
c American Tower Trust #1, 3.652% due 3/15/2048    8,015,000      7,829,988
  Crown Castle, Inc.,    
  2.90% due 3/15/2027    2,750,000      2,676,905
  4.90% due 9/1/2029    6,181,000      6,233,353
  Digital Realty Trust LP, 5.55% due 1/15/2028      434,000        445,310
  Realty Income Corp., 5.05% due 1/13/2026    6,146,000      6,144,525
  SBA Tower Trust,    
c 1.631% due 5/15/2051   26,585,000     25,506,781
c 1.84% due 4/15/2027    8,140,000      7,751,020
c 4.831% due 10/15/2029    6,480,000      6,486,772
c 6.599% due 11/15/2052    7,950,000      8,169,965
  Vornado Realty LP, 2.15% due 6/1/2026    7,000,000     6,800,080
                   84,386,011
  Financial Services — 4.6%    
  Capital Markets — 2.3%    
c,d Abu Dhabi Developmental Holding Co. PJSC, 5.375% due 5/8/2029   15,500,000     15,958,645
  Ares Capital Corp., 3.25% due 7/15/2025    9,335,000      9,325,572
  Blue Owl Credit Income Corp., 3.125% due 9/23/2026   19,056,000     18,547,205
  Blue Owl Technology Finance Corp.,    
c 3.75% due 6/17/2026   12,276,000     12,035,268
c 4.75% due 12/15/2025   25,494,000     25,361,431
d Brookfield Asset Management Ltd., 5.795% due 4/24/2035    5,250,000      5,389,597
  Hercules Capital, Inc.,    
SCHEDULE OF INVESTMENTS, Continued
Thornburg Limited Term Income Fund June 30, 2025 (Unaudited)
  Issuer-Description SHARES/
PRINCIPAL AMOUNT 		VALUE
  2.625% due 9/16/2026 $ 14,120,000 $   13,679,456
  3.375% due 1/20/2027    7,458,000      7,226,280
  LPL Holdings, Inc.,    
  4.90% due 4/3/2028    9,457,000      9,527,076
  5.15% due 6/15/2030    6,885,000      6,969,892
  Main Street Capital Corp.,    
  3.00% due 7/14/2026   14,195,000     13,888,956
  6.50% due 6/4/2027    3,000,000     3,068,160
  Consumer Finance — 0.1%    
b U.S. Bank NA, 4.73% (SOFR + 0.91%) due 5/15/2028    6,750,000     6,786,180
  Financial Services — 2.1%    
  Antares Holdings LP,    
c 2.75% due 1/15/2027    7,360,000      7,070,237
c 3.95% due 7/15/2026   14,391,000     14,160,600
b Bank of America Corp., 4.948% (SOFR + 2.04%) due 7/22/2028    6,007,000      6,075,780
b,c,d BNP Paribas SA, 2.591% (SOFR + 1.23%) due 1/20/2028    3,650,000      3,542,836
  Citigroup, Inc.,    
b 1.122% (SOFR + 0.77%) due 1/28/2027    1,332,000      1,305,880
b 1.462% (SOFR + 0.77%) due 6/9/2027    7,328,000      7,120,837
  3.40% due 5/1/2026    2,425,000      2,406,279
b 4.786% (SOFR + 0.87%) due 3/4/2029    5,912,000      5,954,566
b Series 2025-1A Class A, 4.643% (SOFR + 1.14%) due 5/7/2028    4,625,000      4,638,598
b,d Deutsche Bank AG, 2.552% (SOFR + 1.32%) due 1/7/2028    4,940,000      4,797,629
  Goldman Sachs Group, Inc.,    
b 4.937% (SOFR + 1.32%) due 4/23/2028    1,800,000      1,814,940
b 5.214% (SOFR + 0.82%) due 9/10/2027   10,881,000     10,885,896
  HSBC Holdings plc,    
b,d 4.583% (TSFR3M + 1.80%) due 6/19/2029    3,000,000      3,004,170
b,d 5.286% (SOFR + 1.29%) due 11/19/2030    6,100,000      6,230,784
b,d 5.887% (SOFR + 1.57%) due 8/14/2027    6,500,000      6,591,325
  JPMorgan Chase & Co.,    
b 1.04% (TSFR3M + 0.70%) due 2/4/2027    4,690,000      4,593,386
b 3.54% (TSFR3M + 1.64%) due 5/1/2028    3,040,000      2,995,525
b,d Mitsubishi UFJ Financial Group, Inc., 5.017% (H15T1Y + 1.95%) due 7/20/2028    3,285,000      3,325,438
b Morgan Stanley, Series . 4.994% (SOFR + 1.38%) due 4/12/2029    3,788,000      3,843,570
b,c,d Societe Generale SA, 6.446% (H15T1Y + 2.55%) due 1/10/2029    4,933,000      5,127,015
d Sumitomo Mitsui Financial Group, Inc., 3.04% due 7/16/2029   11,650,000     11,036,045
  UBS Group AG,    
b,c,d 1.494% (H15T1Y + 0.85%) due 8/10/2027    7,121,000      6,886,862
b,c,d 6.373% (SOFR + 3.34%) due 7/15/2026    4,300,000     4,301,892
  Mortgage Real Estate Investment Trusts — 0.1%    
c Lineage OP LP, 5.25% due 7/15/2030    3,450,000     3,471,355
                  278,945,163
  Food, Beverage & Tobacco — 1.9%    
  Beverages — 0.6%    
c,d Becle SAB de CV, 2.50% due 10/14/2031   28,038,000     23,179,295
  Huntington Ingalls Industries, Inc., 3.483% due 12/1/2027    2,640,000      2,584,771
  Keurig Dr. Pepper, Inc.,    
  4.35% due 5/15/2028    5,750,000      5,758,510
  4.60% due 5/15/2030    8,757,000     8,799,734
  Food Products — 0.5%    
  Flowers Foods, Inc., 5.75% due 3/15/2035   15,293,000     15,660,797
c Mars, Inc., 4.80% due 3/1/2030   12,829,000    12,996,547
  Tobacco — 0.8%    
  BAT Capital Corp.,    
  3.215% due 9/6/2026    4,632,000      4,567,847
  5.35% due 8/15/2032   14,980,000     15,323,192
  Imperial Brands Finance plc,    
c,d 3.50% due 7/26/2026      918,000        906,800
c,d,g 4.50% due 6/30/2028    5,000,000      4,998,600
c,d 5.50% due 2/1/2030   16,500,000     16,998,300
c,d Japan Tobacco, Inc., 5.25% due 6/15/2030    5,386,000     5,541,817
                  117,316,210
SCHEDULE OF INVESTMENTS, Continued
Thornburg Limited Term Income Fund June 30, 2025 (Unaudited)
  Issuer-Description SHARES/
PRINCIPAL AMOUNT 		VALUE
  Health Care Equipment & Services — 0.9%    
  Health Care Equipment & Supplies — 0.2%    
c,d Olympus Corp., 2.143% due 12/8/2026 $ 14,061,000 $   13,601,486
  Health Care Providers & Services — 0.7%    
  Centene Corp., 4.625% due 12/15/2029    4,906,000      4,775,353
c Highmark, Inc., 1.45% due 5/10/2026   20,542,000     19,912,799
  Laboratory Corp. of America Holdings,    
  1.55% due 6/1/2026    4,855,000      4,728,721
  4.55% due 4/1/2032   10,406,000    10,250,847
                   53,269,206
  Insurance — 7.3%    
  Insurance — 7.3%    
c American National Group, Inc., 6.144% due 6/13/2032   25,662,000     26,339,220
c,d Ascot Group Ltd., 4.25% due 12/15/2030   12,308,000     11,102,801
  Brighthouse Financial Global Funding,    
c 1.55% due 5/24/2026    7,538,000      7,332,816
c 2.00% due 6/28/2028   13,751,000     12,672,097
  Brown & Brown, Inc.,    
  4.70% due 6/23/2028    4,825,000      4,867,171
  5.65% due 6/11/2034    4,176,000      4,287,165
  CNO Global Funding,    
c 1.75% due 10/7/2026    9,414,000      9,084,228
c 4.875% due 12/10/2027    6,850,000      6,910,554
d Enstar Group Ltd., 3.10% due 9/1/2031    7,139,000      6,346,928
c Equitable America Global Funding, 4.95% due 6/9/2030    3,800,000      3,840,812
  Equitable Financial Life Global Funding,    
c 1.00% due 1/9/2026    8,665,000      8,508,597
c 1.40% due 7/7/2025 - 8/27/2027   16,048,000     15,774,927
c 1.80% due 3/8/2028    6,800,000      6,358,068
c 5.00% due 3/27/2030    3,000,000      3,044,910
  F&G Global Funding,    
c 1.75% due 6/30/2026   16,912,000     16,438,295
c 2.00% due 9/20/2028    2,475,000      2,273,411
c 2.30% due 4/11/2027   11,752,000     11,286,621
c 5.875% due 1/16/2030    4,320,000      4,444,243
c,d Fidelis Insurance Holdings Ltd., 4.875% due 6/30/2030   17,531,000     17,572,548
  Fidelity National Financial, Inc.,    
  2.45% due 3/15/2031    8,797,000      7,634,740
  3.40% due 6/15/2030    3,720,000      3,476,861
  First American Financial Corp.,    
  2.40% due 8/15/2031    2,261,000      1,936,795
  4.00% due 5/15/2030    4,316,000      4,137,533
c Fortitude Group Holdings LLC, 6.25% due 4/1/2030    6,453,000      6,642,396
  GA Global Funding Trust,    
c 1.625% due 1/15/2026    1,940,000      1,907,699
c 2.25% due 1/6/2027    6,479,000      6,258,908
c Global Atlantic Fin Co., 4.40% due 10/15/2029    5,200,000      5,051,176
  Horace Mann Educators Corp.,    
  4.50% due 12/1/2025    6,533,000      6,521,045
  7.25% due 9/15/2028    2,952,000      3,151,585
  Jackson National Life Global Funding,    
c 5.25% due 4/12/2028    8,153,000      8,295,922
c 5.50% due 1/9/2026   12,660,000     12,708,488
c Lincoln Financial Global Funding, 4.625% due 5/28/2028    6,838,000      6,887,370
c Lincoln National Corp., 2.33% due 8/15/2030    8,485,000      7,580,584
  Mercury General Corp., 4.40% due 3/15/2027    2,901,000      2,875,761
  Mutual of Omaha Cos Global Funding,    
c 5.35% due 4/9/2027   13,420,000     13,633,512
c 5.45% due 12/12/2028    7,740,000      7,951,147
b,c New York Life Global Funding, 4.872% (SOFR + 0.48%) due 6/9/2026   22,760,000     22,799,147
c NLG Global Funding, 5.40% due 1/23/2030   17,659,000     18,182,943
b,c Pacific Life Global Funding II, 5.009% (SOFR + 0.62%) due 6/4/2026   10,530,000     10,562,643
c Peachtree Corners Funding Trust II, 6.012% due 5/15/2035    7,292,000      7,470,581
c Protective Life Corp., 3.40% due 1/15/2030   6,698,000      6,394,112
SCHEDULE OF INVESTMENTS, Continued
Thornburg Limited Term Income Fund June 30, 2025 (Unaudited)
  Issuer-Description SHARES/
PRINCIPAL AMOUNT 		VALUE
c Protective Life Global Funding, 1.17% due 7/15/2025 $  4,000,000 $    3,994,720
  Reliance Standard Life Global Funding II,    
c 1.512% due 9/28/2026   10,762,000     10,374,245
c 5.243% due 2/2/2026   17,412,000     17,445,431
  RGA Global Funding,    
c 2.70% due 1/18/2029    4,515,000      4,240,217
c 5.448% due 5/24/2029    6,000,000      6,194,760
c 5.50% due 1/11/2031    4,148,000      4,282,437
c Sammons Financial Group, Inc., 4.45% due 5/12/2027    7,950,000      7,930,840
  Stewart Information Services Corp., 3.60% due 11/15/2031   22,401,000     20,036,798
c Western-Southern Global Funding, 4.90% due 5/1/2030   14,075,000     14,217,439
  Willis North America, Inc., 4.65% due 6/15/2027    4,541,000     4,569,154
                  443,832,401
  Materials — 1.0%    
  Chemicals — 0.3%    
c,d Ma’aden Sukuk Ltd., 5.25% due 2/13/2030   17,475,000    17,766,308
  Containers & Packaging — 0.5%    
c Amcor Flexibles North America, Inc., 5.10% due 3/17/2030    4,935,000      5,019,043
c Graphic Packaging International LLC, 1.512% due 4/15/2026    6,873,000      6,691,690
c Sealed Air Corp., 1.573% due 10/15/2026    6,162,000      5,910,036
c Silgan Holdings, Inc., 1.40% due 4/1/2026   15,334,000    14,919,982
  Metals & Mining — 0.2%    
c,d,e,f Metalloinvest Finance DAC, 3.375% due 10/22/2028   12,700,000      6,247,130
c,d POSCO, 5.625% due 1/17/2026    2,400,000     2,412,912
                   58,967,101
  Media & Entertainment — 0.2%    
  Media — 0.2%    
  Charter Communications Operating LLC/Charter Communications Operating Capital, 6.65% due 2/1/2034   14,750,000    15,783,680
                   15,783,680
  Pharmaceuticals, Biotechnology & Life Sciences — 0.7%    
  Biotechnology — 0.3%    
  Amgen, Inc., 5.507% due 3/2/2026    7,240,000      7,240,290
  Bio-Rad Laboratories, Inc., 3.30% due 3/15/2027    2,320,000      2,275,294
  Illumina, Inc.,    
  4.65% due 9/9/2026    2,634,000      2,637,055
  5.80% due 12/12/2025    5,600,000     5,616,744
  Pharmaceuticals — 0.4%    
c Bayer U.S. Finance II LLC, 4.25% due 12/15/2025    1,750,000      1,745,065
c CVS Health Corp., 5.268% due 9/22/2025   12,000,000     11,858,070
  Viatris, Inc., 2.30% due 6/22/2027    9,885,000     9,421,097
                   40,793,615
  Semiconductors & Semiconductor Equipment — 0.6%    
  Semiconductors & Semiconductor Equipment — 0.6%    
  Microchip Technology, Inc., 4.25% due 9/1/2025   10,634,000     10,621,345
c Qorvo, Inc., 3.375% due 4/1/2031   14,210,000     12,814,010
c,d SK Hynix, Inc., 1.50% due 1/19/2026   10,200,000     10,031,802
  Skyworks Solutions, Inc., 1.80% due 6/1/2026    6,434,000     6,255,843
                   39,723,000
  Software & Services — 2.2%    
  Information Technology Services — 1.1%    
  Block Financial LLC, 2.50% due 7/15/2028   10,392,000      9,795,603
  Booz Allen Hamilton, Inc.,    
c 3.875% due 9/1/2028    5,000,000      4,838,350
  5.95% due 4/15/2035    4,931,000      5,030,754
  DXC Technology Co., 2.375% due 9/15/2028   18,253,000     16,977,298
d Genpact Luxembourg SARL/Genpact USA, Inc., 1.75% due 4/10/2026    5,335,000      5,205,413
  Global Payments, Inc., 1.20% due 3/1/2026    3,534,000      3,449,926
  Kyndryl Holdings, Inc., 2.05% due 10/15/2026    7,614,000      7,378,499
c Wipro IT Services LLC, 1.50% due 6/23/2026  10,647,000     10,332,062
SCHEDULE OF INVESTMENTS, Continued
Thornburg Limited Term Income Fund June 30, 2025 (Unaudited)
  Issuer-Description SHARES/
PRINCIPAL AMOUNT 		VALUE
  Internet Software & Services — 0.4%    
  Prosus NV,    
c,d 3.061% due 7/13/2031 $  7,816,000 $    6,914,112
c,d 3.257% due 1/19/2027    6,400,000      6,258,560
c,d 4.193% due 1/19/2032   13,254,000    12,373,006
  Software — 0.7%    
c Infor LLC, 1.75% due 7/15/2025   12,382,000     12,362,684
c MSCI, Inc., 4.00% due 11/15/2029    6,850,000      6,624,566
c,d Open Text Corp., 6.90% due 12/1/2027   17,723,000     18,364,573
  Paychex, Inc., 5.35% due 4/15/2032    6,676,000     6,853,181
                  132,758,587
  Technology Hardware & Equipment — 1.3%    
  Communications Equipment — 0.1%    
  Motorola Solutions, Inc., 4.85% due 8/15/2030    9,814,000     9,922,837
  Electronic Equipment, Instruments & Components — 1.0%    
  Avnet, Inc., 6.25% due 3/15/2028    3,938,000      4,091,740
  CDW LLC/CDW Finance Corp.,    
  3.25% due 2/15/2029    9,124,000      8,648,640
  4.25% due 4/1/2028   11,275,000     11,182,432
c Molex Electronic Technologies LLC, 4.75% due 4/30/2028    3,823,000      3,845,823
  TD SYNNEX Corp., 1.75% due 8/9/2026   27,306,000     26,413,913
  Vontier Corp., 1.80% due 4/1/2026    5,272,000     5,154,382
  Technology Hardware, Storage & Peripherals — 0.2%    
  Dell International LLC/EMC Corp., 6.02% due 6/15/2026    6,742,000      6,806,656
  NetApp, Inc., 5.50% due 3/17/2032    6,433,000     6,635,253
                   82,701,676
  Telecommunication Services — 0.4%    
  Diversified Telecommunication Services — 0.3%    
c,d NBN Co. Ltd., 1.45% due 5/5/2026   20,000,000    19,512,000
  Wireless Telecommunication Services — 0.1%    
  T-Mobile USA, Inc.,    
  2.25% due 2/15/2026    4,275,000      4,210,063
  5.125% due 5/15/2032    2,791,000     2,844,475
                   26,566,538
  Utilities — 7.2%    
  Electric Utilities — 6.5%    
  AEP Texas, Inc.,    
  5.40% due 6/1/2033    4,350,000      4,417,729
  Series I, 2.10% due 7/1/2030    8,375,000      7,440,434
  AES Corp., 1.375% due 1/15/2026    9,335,000      9,157,635
c Alliant Energy Finance LLC, 1.40% due 3/15/2026    5,240,000      5,081,071
  Ameren Corp., 5.375% due 3/15/2035    7,400,000      7,446,990
  Appalachian Power Co., Series AA, 2.70% due 4/1/2031    5,750,000      5,168,445
  Arizona Public Service Co., 5.70% due 8/15/2034    4,517,000      4,660,686
  Black Hills Corp., 2.50% due 6/15/2030    5,490,000      4,938,310
c Caledonia Generating LLC, 1.95% due 2/28/2034   15,147,167     13,277,170
  CenterPoint Energy, Inc., 5.40% due 6/1/2029   11,148,000     11,534,724
  Comision Federal de Electricidad,    
c,d 3.348% due 2/9/2031    8,740,000      7,709,991
d 5.00% due 9/29/2036   16,732,800     14,960,462
  Dominion Energy, Inc.,    
  4.60% due 5/15/2028    3,700,000      3,727,195
  5.45% due 3/15/2035    4,704,000      4,745,677
  Series B, 3.60% due 3/15/2027    8,076,000      7,989,183
  DTE Energy Co.,    
  4.875% due 6/1/2028    3,477,000      3,528,599
  5.20% due 4/1/2030    3,508,000      3,591,561
  5.85% due 6/1/2034    6,458,000      6,753,647
  Duke Energy Progress LLC, 5.05% due 3/15/2035   7,400,000      7,436,186
SCHEDULE OF INVESTMENTS, Continued
Thornburg Limited Term Income Fund June 30, 2025 (Unaudited)
  Issuer-Description SHARES/
PRINCIPAL AMOUNT 		VALUE
  Electricite de France SA,    
c,d 5.65% due 4/22/2029 $  9,878,000 $   10,241,807
c,d 5.75% due 1/13/2035   13,500,000     13,791,870
  Enel Finance International NV,    
c,d 1.625% due 7/12/2026    9,500,000      9,219,750
c,d 2.125% due 7/12/2028    8,844,000      8,250,744
c,d 2.50% due 7/12/2031    3,049,000      2,675,132
  Entergy Arkansas LLC, 5.45% due 6/1/2034    3,308,000      3,406,214
  Entergy Mississippi LLC, 3.25% due 12/1/2027    4,727,000      4,613,930
  Entergy Texas, Inc.,    
  1.50% due 9/1/2026    8,640,000      8,293,709
  3.45% due 12/1/2027    9,000,000      8,774,190
  Evergy Kansas Central, Inc., 4.70% due 3/13/2028    4,940,000      4,993,253
  Evergy Missouri West, Inc.,    
c 5.15% due 12/15/2027    9,711,000      9,874,145
c 5.65% due 6/1/2034    6,650,000      6,798,960
  Exelon Corp., 5.125% due 3/15/2031   13,850,000     14,195,557
c FirstEnergy Pennsylvania Electric Co., 5.15% due 3/30/2026      980,000        982,401
  FirstEnergy Transmission LLC,    
  4.55% due 1/15/2030    2,585,000      2,586,396
  5.00% due 1/15/2035    4,735,000      4,685,140
  Interstate Power & Light Co.,    
  4.95% due 9/30/2034    4,747,000      4,653,674
  5.60% due 6/29/2035    6,615,000      6,799,426
  ITC Holdings Corp.,    
c 2.95% due 5/14/2030    1,883,000      1,750,569
c 4.95% due 9/22/2027   12,703,000     12,841,463
c 5.65% due 5/9/2034   14,000,000     14,353,220
c Jersey Central Power & Light Co., 4.30% due 1/15/2026    5,914,000      5,900,043
c Liberty Utilities Co., 5.577% due 1/31/2029    5,240,000      5,394,370
c Liberty Utilities Finance GP 1, 2.05% due 9/15/2030    9,518,000      8,364,133
c New York State Electric & Gas Corp., 3.25% due 12/1/2026    9,234,000      9,097,429
  NextEra Energy Capital Holdings, Inc., 5.749% due 9/1/2025    7,416,000      7,426,827
c Niagara Mohawk Power Corp., 4.647% due 10/3/2030    2,965,000      2,965,000
c NorthWestern Corp., 5.073% due 3/21/2030   14,345,000     14,592,882
c NRG Energy, Inc., 2.00% due 12/2/2025    8,347,000      8,215,535
  Pinnacle West Capital Corp., Series 2025-2 Class A, 4.90% due 5/15/2028    4,773,000      4,837,579
c PSEG Power LLC, 5.20% due 5/15/2030    5,798,000      5,920,164
  Public Service Co. of Oklahoma, 5.45% due 1/15/2036    5,930,000      5,973,348
  Public Service Enterprise Group, Inc., 4.90% due 3/15/2030    4,903,000      4,987,332
  Puget Energy, Inc.,    
  2.379% due 6/15/2028    2,734,000      2,582,700
  4.10% due 6/15/2030    2,616,000      2,528,940
c 5.725% due 3/15/2035    9,463,000      9,535,865
c Trans-Allegheny Interstate Line Co., 5.00% due 1/15/2031    4,930,000      5,015,733
  Wisconsin Power & Light Co., 5.375% due 3/30/2034    4,510,000     4,611,475
  Gas Utilities — 0.7%    
c Brooklyn Union Gas Co., 3.407% due 3/10/2026   12,511,000     12,384,263
c KeySpan Gas East Corp., 5.994% due 3/6/2033    4,687,000      4,870,683
  Snam SpA,    
c,d 5.00% due 5/28/2030    2,800,000      2,823,240
c,d Series 2025-2 Class A2, 5.75% due 5/28/2035    2,605,000      2,659,080
  Southwest Gas Corp.,    
  4.05% due 3/15/2032    3,024,000      2,867,962
  5.80% due 12/1/2027    4,828,000      4,981,917
  Spire, Inc., 5.30% due 3/1/2026   12,844,000    12,888,569
                  438,772,314
  Total Corporate Bonds (Cost $2,132,198,528)             2,101,274,532
  Long-Term Municipal Bonds — 0.1%    
  Canadian County Educational Facilities Authority (Mustang Public Schools Project) ISD, Series B, 5.50% due 9/1/2031   5,035,000     5,255,755
  Total Long-Term Municipal Bonds (Cost $5,035,000)                 5,255,755
SCHEDULE OF INVESTMENTS, Continued
Thornburg Limited Term Income Fund June 30, 2025 (Unaudited)
  Issuer-Description SHARES/
PRINCIPAL AMOUNT 		VALUE
  Other Government — 0.3%    
c,d Bermuda Government International Bonds, 2.375% due 8/20/2030 $  6,800,000 $    6,023,712
c,d Saudi Government International Bonds, 5.125% due 1/13/2028  11,200,000    11,376,624
  Total Other Government (Cost $17,981,784)                17,400,336
  U.S. Treasury Securities — 5.3%    
  U.S. Treasury Inflation-Indexed Notes,    
  0.125%, 1/15/2031 - 1/15/2032 185,462,309    170,517,094
  1.75%, 1/15/2034   30,261,500     30,000,258
  U.S. Treasury Notes,    
  2.75%, 8/15/2032   48,263,000     44,522,617
  3.50%, 2/15/2033   10,595,000     10,215,898
  4.00%, 5/31/2030   10,250,000     10,350,898
  4.125%, 5/31/2032    5,000,000      5,042,969
  4.25%, 5/15/2035   25,718,000     25,762,203
  4.375%, 12/31/2029  25,000,000    25,625,000
  Total U.S. Treasury Securities (Cost $309,748,270)               322,036,937
  U.S. Government Agencies — 0.7%    
  Federal Farm Credit Banks Funding Corp., 3.00%, 3/8/2032   19,285,000    17,662,167
  Federal Home Loan Banks, 5.60%, 12/27/2034   11,450,000     11,431,222
d Petroleos Mexicanos (Guaranty: Export-Import Bank of the United States), 6.50%, 1/23/2029    6,000,000      5,872,740
  Reliance Industries Ltd. (Guaranty: Export-Import Bank of the United States),    
d 2.06%, 1/15/2026      150,000        148,711
d 2.512%, 1/15/2026      650,000        645,944
  Small Business Administration Participation Certificates,    
  Series 2008-20D Class 1, 5.37%, 4/1/2028      131,407        132,573
  Series 2009-20E Class 1, 4.43%, 5/1/2029       80,049         80,001
  Series 2009-20K Class 1, 4.09%, 11/1/2029      679,000        676,059
  Series 2011-20E Class 1, 3.79%, 5/1/2031      903,556        893,522
  Series 2011-20F Class 1, 3.67%, 6/1/2031      196,131        193,382
  Series 2011-20G Class 1, 3.74%, 7/1/2031    1,065,145      1,051,241
  Series 2011-20I Class 1, 2.85%, 9/1/2031    2,099,537      2,030,805
  Series 2011-20K Class 1, 2.87%, 11/1/2031    1,645,552      1,588,618
  Series 2012-20D Class 1, 2.67%, 4/1/2032    1,375,729      1,320,946
  Series 2012-20J Class 1, 2.18%, 10/1/2032    1,109,257      1,043,703
  Series 2012-20K Class 1, 2.09%, 11/1/2032      838,551       791,500
  Total U.S. Government Agencies (Cost $45,911,634)                45,563,134
  Mortgage Backed — 38.2%    
  Ajax Mortgage Loan Trust, Whole Loan Securities Trust CMO,    
b,c Series 2019-F Class A1, 2.86% due 7/25/2059    3,599,980      3,493,595
b,c Series 2022-A Class A1, 3.50% due 10/25/2061    9,776,615      9,461,575
b,c Series 2023-C Class A1, 3.50% due 5/25/2063    6,540,640      6,219,970
  Angel Oak Mortgage Trust, Whole Loan Securities Trust CMO,    
b,c Series 2020-2 Class A3, 5.00% due 1/26/2065    3,556,270      3,543,900
b,c Series 2023-1 Class A1, 4.75% due 9/26/2067   11,910,998     11,783,899
b,c Series 2023-2 Class A1, 4.65% due 10/25/2067    4,212,165      4,165,550
b,c,d Arbor Realty Commercial Real Estate Notes Ltd., CMBS, Series 2022-FL1 Class A, 5.754% (SOFR30A + 1.45%) due 1/15/2037    9,429,640      9,429,638
  Arroyo Mortgage Trust, Whole Loan Securities Trust CMO,    
b,c Series 2019-1 Class A1, 3.805% due 1/25/2049    2,757,274      2,668,874
b,c Series 2019-1 Class A3, 4.208% due 1/25/2049    1,442,996      1,397,796
b,c Series 2019-2 Class A1, 3.347% due 4/25/2049    1,223,020      1,166,939
b,c Series 2019-3 Class A1, 2.962% due 10/25/2048    3,021,136      2,838,665
c Series 2020-1 Class A2, 2.927% due 3/25/2055    6,518,000      5,985,289
c Series 2020-1 Class A3, 3.328% due 3/25/2055    4,500,000      3,932,439
c Series 2020-1 Class M1, 4.277% due 3/25/2055    3,189,000      2,763,326
b,c Series 2021-1R Class A1, 1.175% due 10/25/2048    6,141,403      5,518,247
c Series 2022-1 Class M1, 3.65% due 12/25/2056    7,338,000      5,513,646
  ATLX Trust, Whole Loan Securities Trust CMO,    
b,c Series 2024-RPL1 Class A1, 3.85% due 4/25/2064   11,512,401     11,117,746
b,c Series 2024-RPL2 Class A1, 3.85% due 4/25/2063    7,378,319      7,078,316
b,c BPR Trust, CMBS, Series 2023-BRK2 Class A, 7.146% due 10/5/2038   4,250,000      4,493,623
SCHEDULE OF INVESTMENTS, Continued
Thornburg Limited Term Income Fund June 30, 2025 (Unaudited)
  Issuer-Description SHARES/
PRINCIPAL AMOUNT 		VALUE
b,c BRAVO Residential Funding Trust, Whole Loan Securities Trust CMO, Series 2024-NQM4 Class A1A, 4.35% due 1/25/2060 $ 18,721,375 $   18,351,543
b,c Bunker Hill Loan Depositary Trust, Whole Loan Securities Trust CMO, Series 2020-1 Class A3, 3.253% due 2/25/2055    3,285,000      3,168,262
b,c BX Trust, CMBS, Series 2025-LIFE Class A, 5.884% due 6/13/2047   14,750,000     15,022,381
c Century Plaza Towers, CMBS, Series 2019-CPT Class A, 2.865% due 11/13/2039    4,600,000      4,180,522
  Chase Mortgage Finance Corp., Whole Loan Securities Trust CMO,    
b,c Series 2016-SH1 Class M3, 3.75% due 4/25/2045    1,476,604      1,355,367
b,c Series 2016-SH2 Class M3, 3.75% due 12/25/2045    1,857,073      1,702,314
  CHNGE Mortgage Trust, Whole Loan Securities Trust CMO,    
b,c Series 2022-1 Class A1, 3.007% due 1/25/2067   11,252,231     10,614,403
b,c Series 2022-2 Class M1, 4.609% due 3/25/2067   14,163,000     12,034,769
b,c Series 2023-1 Class A1, 7.065% due 3/25/2058    4,627,770      4,646,268
  CIM Trust, Whole Loan Securities Trust CMO,    
b,c Series 2018-INV1 Class A4, 4.00% due 8/25/2048      581,324        535,860
b,c Series 2024-R1 Class A1, 4.75% due 6/25/2064   10,949,619     10,859,340
  Citigroup Mortgage Loan Trust, Whole Loan Securities Trust CMO,    
b Series 2004-HYB2 Class B1, 6.379% due 3/25/2034       35,834         17,926
b,c Series 2014-A Class A, 4.00% due 1/25/2035      362,712        353,417
b,c Series 2014-J1 Class B4, 3.625% due 6/25/2044    1,489,969      1,196,118
b,c Series 2021-J2 Class A7A, 2.50% due 7/25/2051   30,626,442     27,124,123
c COMM Mortgage Trust, CMBS, Series 2024-277P Class A, 6.338% due 8/10/2044    6,575,000      6,917,432
  CSMC Trust, Whole Loan Securities Trust CMO,    
b,c Series 2021-AFC1 Class A1, 0.83% due 3/25/2056    7,203,078      5,815,190
b,c Series 2021-NQM3 Class A1, 1.015% due 4/25/2066    8,876,154      7,557,519
b,c Series 2021-NQM8 Class A1, 1.841% due 10/25/2066    1,840,534      1,659,010
b,c Series 2022-ATH2 Class A1, 4.547% due 5/25/2067    9,589,897      9,544,691
b,c Series 2022-NQM1 Class A1, 2.265% due 11/25/2066   11,046,931     10,041,340
c DC Office Trust, CMBS, Series 2019-MTC Class A, 2.965% due 9/15/2045    7,895,000      7,212,668
b,c Deephaven Residential Mortgage Trust, Whole Loan Securities Trust CMO, Series 2021-1 Class A1, 0.715% due 5/25/2065    1,919,891      1,799,664
  Ellington Financial Mortgage Trust, Whole Loan Securities Trust CMO,    
b,c Series 2019-2 Class A1, 2.739% due 11/25/2059    1,900,992      1,827,087
b,c Series 2022-1 Class A1, 2.206% due 1/25/2067   15,566,414     13,517,934
b,c FARM Mortgage Trust, Whole Loan Securities Trust CMO, Series 2024-1 Class A, 4.702% due 10/1/2053    7,065,955      6,782,072
  Federal Home Loan Mtg Corp.,    
b Pool 1L0322, 5.917% (H15T1Y + 2.07%) due 2/1/2048    2,098,336      2,155,336
b Pool 760025, 3.649% (5-Yr. CMT + 1.310%) due 10/1/2047    3,017,798      2,913,202
b Pool 841097, 3.211% (5-Yr. CMT + 1.300%) due 9/1/2048    4,176,558      4,012,351
b Pool 841362, 1.709% (2.15% - SOFR30A) due 2/1/2052    5,689,225      5,269,316
b Pool 841377, 1.938% (2.24% - SOFR30A) due 4/1/2052    5,869,147      5,450,446
b Pool 841463, 2.157% (2.18% - SOFR30A) due 7/1/2052   13,346,779     11,968,369
  Pool RE6097, 2.00% due 5/1/2051   24,367,349     18,880,152
  Pool SE9046, 3.00% due 12/1/2051   20,834,355     18,004,138
  Pool WN2382, 4.34% due 6/1/2028   11,295,000     11,309,806
  Federal Home Loan Mtg Corp., CMO REMIC,    
  Series 3195 Class PD, 6.50% due 7/15/2036      127,962        131,620
  Series 3922 Class PQ, 2.00% due 4/15/2041       44,376         43,379
  Series 4120 Class TC, 1.50% due 10/15/2027      186,482        181,565
  Series 5461 Class PA, 4.50% due 8/25/2054   21,525,759     21,088,702
  Series 5462 Class P, 4.50% due 10/25/2054   13,433,507     13,163,029
  Series 5469 Class QA, 4.50% due 11/25/2054   13,061,999     12,809,090
b Series 5502 Class FH, 5.705% (SOFR30A + 1.40%) due 2/25/2055   14,003,965     14,015,683
b Series 5552 Class PD, 5.00% due 9/25/2054   24,351,172     24,413,938
  Federal Home Loan Mtg Corp., Multifamily Structured Pass-Through Certificates, CMBS,    
  Series KJ46 Class A2, 4.796% due 10/25/2031    8,741,000      8,940,193
b Series KJ47 Class A2, 5.43% due 6/25/2031    5,968,000      6,250,451
  Series KJ48 Class A2, 5.028% due 10/25/2031   15,306,000     15,835,142
  Federal Home Loan Mtg Corp., Seasoned Credit Risk Transfer, Whole Loan Securities Trust CMO,    
b Series 2017-1 Class HA, 3.00% due 1/25/2056    3,618,911      3,370,237
b Series 2017-3 Class HA, 3.25% due 7/25/2056    6,341,060      5,959,363
b Series 2017-4 Class HT, 3.25% due 6/25/2057    6,346,386      5,664,053
b Series 2018-1 Class HA, 3.00% due 5/25/2057    3,815,039      3,560,796
b Series 2018-2 Class HA, 3.00% due 11/25/2057    8,253,086      7,811,755
  Series 2018-3 Class HA, 3.00% due 8/25/2057    9,963,043      9,292,704
b Series 2018-3 Class MA, 3.50% due 8/25/2057    6,213,070      5,967,735
  Series 2018-4 Class HA, 3.00% due 3/25/2058    8,811,898      8,143,081
  Series 2019-1 Class MA, 3.50% due 7/25/2058  16,569,005     15,885,676
SCHEDULE OF INVESTMENTS, Continued
Thornburg Limited Term Income Fund June 30, 2025 (Unaudited)
  Issuer-Description SHARES/
PRINCIPAL AMOUNT 		VALUE
  Series 2019-2 Class MA, 3.50% due 8/26/2058 $ 17,666,925 $   16,818,975
  Series 2019-3 Class MA, 3.50% due 10/25/2058    7,958,965      7,636,128
  Series 2019-4 Class MA, 3.00% due 2/25/2059   13,781,179     12,840,041
  Series 2020-1 Class MA, 2.50% due 8/25/2059    2,224,065      2,068,555
  Series 2020-2 Class MA, 2.00% due 11/25/2059   16,854,134     15,313,454
  Series 2020-3 Class MA, 2.00% due 5/25/2060    9,792,774      8,830,773
  Series 2020-3 Class MT, 2.00% due 5/25/2060    3,295,616      2,551,656
  Series 2022-1 Class MTU, 3.25% due 11/25/2061   13,705,414     11,634,401
  Series 2024-1 Class MT, 3.00% due 11/25/2063    7,433,504      6,036,425
  Series 2024-2 Class MT, 3.50% due 5/25/2064    6,753,104      5,780,325
  Federal Home Loan Mtg Corp., UMBS Collateral,    
  Pool D98887, 3.50% due 1/1/2032      526,048        517,848
  Pool G16710, 3.00% due 11/1/2030      154,132        150,732
  Pool RA6808, 3.00% due 2/1/2052   10,289,290      8,950,570
  Pool RA7021, 2.50% due 3/1/2052   20,813,928     17,297,349
  Pool RA7373, 3.00% due 5/1/2052    5,113,307      4,450,573
  Pool SD1374, 3.00% due 3/1/2052   13,410,853     11,609,198
  Pool SD1852, 2.50% due 6/1/2051   40,613,291     33,734,892
  Pool SD4175, 2.50% due 6/1/2052   84,546,243     70,261,887
  Pool SD5171, 2.50% due 1/1/2054   15,043,254     12,501,649
  Pool SD5345, 2.50% due 4/1/2052   20,932,646     17,524,304
  Pool SD6509, 6.00% due 8/1/2054   16,729,255     17,041,294
  Pool SD8140, 2.00% due 4/1/2051   24,287,740     19,353,248
  Pool SD8189, 2.50% due 1/1/2052   12,794,445     10,650,632
  Pool SD8225, 3.00% due 7/1/2052   11,061,155      9,582,566
  Pool SD8367, 5.50% due 10/1/2053    5,967,049      5,980,019
  Federal Home Loan Mtg Corp., Whole Loan Securities Trust CMO,    
  Series 2016-SC01 Class 2A, 3.50% due 7/25/2046      832,472        736,068
  Series 2017-SC01 Class 1A, 3.00% due 12/25/2046    7,719,662      6,666,882
  Series 2017-SC02 Class 2A, 3.50% due 5/25/2047      451,274        396,706
  Federal National Mtg Assoc.,    
b Pool BH4523, 2.045% (5-Yr. CMT + 1.150%) due 4/1/2047    4,511,651      4,318,692
b Pool BH4524, 2.937% (5-Yr. CMT + 1.150%) due 6/1/2046    8,721,776      8,369,862
b Pool BM6929, 1.925% (2.13% - SOFR30A) due 7/1/2051    3,999,277      3,750,340
  Pool BM7067, 2.50% due 6/1/2051    3,115,836      2,549,425
  Pool BM7629, 1.50% due 9/1/2036   11,770,792     10,389,087
b Pool BO9998, 2.735% (H15T1Y + 2.03%) due 3/1/2048    3,427,227      3,372,954
  Pool BS6056 3.85% due 8/1/2032    8,922,000      8,521,206
b Pool BU9934, 1.838% (2.37% - SOFR30A) due 2/1/2052    8,242,999      7,344,308
  Pool BZ3061, 5.26% due 2/1/2030   18,830,000     19,356,451
  Pool BZ3689, 4.82% due 4/1/2030   22,990,000     23,313,261
  Pool BZ3998, 4.88% due 6/1/2030   11,823,000     12,003,735
b Pool CB2214, 1.528% (2.20% - SOFR30A) due 11/1/2051    4,587,502      4,262,526
  Federal National Mtg Assoc., CMO REMIC,    
b Series 2009-17 Class AH, 0.493% due 3/25/2039      282,730        227,521
  Series 2012-129 Class LA, 3.50% due 12/25/2042    1,048,021        980,428
b Series 2013-81 Class FW, 4.72% (SOFR30A + 0.41%) due 1/25/2043    2,467,841      2,427,684
  Series 2024-25 Class VB, 5.50% due 3/25/2035   10,205,634     10,407,064
  Series 2024-70 Class MP, 4.50% due 10/25/2054   14,745,662     14,516,133
  Federal National Mtg Assoc., Grantor Trust, CMO, Series 2017-T1 Class A, 2.898% due 6/25/2027   17,771,575     17,289,280
  Federal National Mtg Assoc., UMBS Collateral,    
  Pool AE0704, 4.00% due 1/1/2026       63,063         62,764
  Pool AS9749, 4.00% due 6/1/2047        7,350          6,955
  Pool BM4324, 3.50% due 7/1/2033    1,529,658      1,500,853
  Pool BP9550, 2.50% due 7/1/2035        6,022          5,679
  Pool BP9589, 2.50% due 8/1/2035      492,178        464,161
  Pool BV4119, 2.50% due 3/1/2052   36,976,875     30,729,514
  Pool CB2301, 3.00% due 12/1/2051   27,879,031     24,130,043
  Pool CB3050, 2.50% due 3/1/2052   17,947,629     14,915,320
  Pool FS5447, 2.50% due 9/1/2052   38,698,782     32,286,408
  Pool FS6130, 2.50% due 7/1/2052   17,471,232     14,519,412
  Pool FS6157, 3.00% due 9/1/2052 113,543,899     98,405,588
  Pool FS6212, 1.50% due 5/1/2032    1,757,076      1,655,147
  Pool FS7577, 2.50% due 1/1/2054   21,131,900     17,561,598
  Pool FS7757, 2.50% due 2/1/2052  18,459,070     15,338,323
SCHEDULE OF INVESTMENTS, Continued
Thornburg Limited Term Income Fund June 30, 2025 (Unaudited)
  Issuer-Description SHARES/
PRINCIPAL AMOUNT 		VALUE
  Pool FS7879, 2.50% due 7/1/2052 $ 14,965,927 $   12,420,719
  Pool MA3465, 4.00% due 9/1/2038    2,543,423      2,489,939
  Pool MA4390, 2.00% due 7/1/2031      815,965        778,098
  Pool MA5138, 5.50% due 9/1/2053    4,232,890      4,241,447
  Pool MA5139, 6.00% due 9/1/2053    3,491,984      3,555,707
b,c Flagstar Mortgage Trust, Whole Loan Securities Trust CMO, Series 2017-1 Class 2A2, 3.00% due 3/25/2047    1,017,596        943,603
  GCAT Trust, Whole Loan Securities Trust CMO,    
b,c Series 2019-NQM3 Class A1, 3.686% due 11/25/2059    2,357,993      2,292,244
b,c Series 2021-CM1 Class A, 2.469% due 4/25/2065    6,012,220      5,711,530
b,c Series 2021-CM2 Class A1, 2.352% due 8/25/2066   13,095,975     12,139,957
b,c Series 2021-NQM4 Class A1, 1.093% due 8/25/2066   10,356,251      8,616,841
  Government National Mtg Assoc., CMBS, Series 2023-104 Class AD, 4.00% due 1/16/2065   22,939,519     21,338,639
  Government National Mtg Assoc., CMO, Series 2025-110 Class L, 1.00% due 6/20/2051   14,702,000     13,061,962
  Government National Mtg Assoc., UMBS Collateral,    
  Pool MA7368, 3.00% due 5/20/2051   14,592,597     12,921,798
  Pool MA7706, 3.00% due 11/20/2051   63,342,152     56,060,383
b,c,d Greystone Commercial Real Estate Notes Ltd., CMBS, Series 2021-FL3 Class A, 5.446% (TSFR1M + 1.13%) due 7/15/2039    6,169,465      6,165,611
  GS Mortgage-Backed Securities Corp. Trust, Whole Loan Securities Trust CMO,    
b,c Series 2020-PJ2 Class B3, 3.639% due 7/25/2050    4,857,130      4,205,128
b,c Series 2023-CCM1 Class A1, 6.65% due 8/25/2053    9,009,833      9,034,721
  GS Mortgage-Backed Securities Trust, Whole Loan Securities Trust CMO,    
b,c Series 2023-PJ2 Class A4, 5.50% due 5/25/2053    3,242,914      3,221,449
b,c Series 2024-RPL2 Class A1, 3.75% due 7/25/2061    4,580,783      4,459,916
b,c Series 2024-RPL4 Class A1, 3.90% due 9/25/2061    3,732,742      3,627,325
  Harvest Commercial Capital Loan Trust, CMBS, Series 2024-1 Class A, 6.164% due 10/25/2056   14,940,379     15,495,411
b,c HOMES Trust, Whole Loan Securities Trust CMO, Series 2024-NQM1 Class A1, 5.915% due 7/25/2069    3,841,752      3,859,477
  Homeward Opportunities Fund Trust, Whole Loan Securities Trust CMO,    
b,c Series 2022-1 A Class A1, 5.082% due 7/25/2067    4,599,823      4,572,592
b,c Series 2024-RRTL2 Class A1, 5.989% due 9/25/2039    9,700,000      9,721,514
b,c Hudson Yards Mortgage Trust, CMBS, Series 2019-55HY Class A, 3.041% due 12/10/2041    5,870,000      5,405,282
  Imperial Fund Mortgage Trust, Whole Loan Securities Trust CMO,    
b,c Series 2021-NQM3 Class A1, 1.595% due 11/25/2056   13,470,703     11,487,774
b,c Series 2021-NQM4 Class A1, 2.091% due 1/25/2057   17,700,047     15,152,644
b,c Series 2022-NQM1 Class A1, 2.493% due 2/25/2067   29,754,778     27,050,254
b,c Series 2022-NQM2 Class A1, 3.638% due 3/25/2067   18,770,327     17,415,680
b,c Series 2022-NQM4 Class A1, 4.767% due 6/25/2067   22,606,671     22,991,893
  JP Morgan Mortgage Trust, Whole Loan Securities Trust CMO,    
b,c Series 2014-IVR3 Class B4, 6.487% due 9/25/2044    1,772,424      1,777,932
b,c Series 2018-3 Class B2, 3.701% due 9/25/2048    2,173,983      1,952,988
b,c Series 2018-6 Class B2, 3.897% due 12/25/2048      890,824        810,335
b,c Series 2019-5 Class B3, 4.45% due 11/25/2049    7,305,819      6,824,697
b,c Series 2019-HYB1 Class B3, 4.97% due 10/25/2049    5,155,933      5,126,676
b,c Series 2019-INV2 Class B3A, 3.71% due 2/25/2050    8,654,249      7,638,844
b,c Series 2021-LTV2 Class A1, 2.52% due 5/25/2052   30,383,049     24,949,365
b,c Series 2022- LTV1 Class A1, 3.25% due 7/25/2052   11,482,603     10,053,188
b,c Series 2022-2 Class A6A, 2.50% due 8/25/2052   24,756,800     22,777,033
b,c Series 2022-DSC1 Class A1, 4.75% due 1/25/2063    7,292,304      7,104,276
b,c Series 2025-CCM1 Class A4, 5.50% due 6/25/2055   15,061,879     15,150,088
b,c LEX Mortgage Trust, CMBS, Series 2024-BBG Class A, 5.036% due 10/13/2033    3,740,000      3,758,495
c Manhattan West Mortgage Trust, CMBS, Series 2020-1MW Class A, 2.13% due 9/10/2039    3,697,000      3,496,089
b Merrill Lynch Mortgage Investors Trust, Whole Loan Securities Trust CMO, Series 2004-A4 Class M1, 5.254% due 8/25/2034       74,320         69,840
b,c Metlife Securitization Trust, Whole Loan Securities Trust CMO, Series 2019-1A Class A1A, 3.75% due 4/25/2058      639,521        628,626
  MFA Trust, Whole Loan Securities Trust CMO,    
b,c Series 2020-NQM3 Class A1, 1.014% due 1/26/2065    1,744,062      1,636,611
b,c Series 2021-AEI1 Class A4, 2.50% due 8/25/2051   14,443,594     12,431,047
b,c Series 2021-INV1 Class A1, 0.852% due 1/25/2056    1,488,577      1,394,902
b,c Series 2021-INV2 Class A1, 1.906% due 11/25/2056   18,184,932     15,804,475
b,c Series 2022-CHM1 Class A1, 4.875% due 9/25/2056   15,385,219     15,097,470
b,c Series 2022-INV1 Class A3, 4.25% due 4/25/2066    4,995,000      4,278,000
b,c Series 2022-NQM1 Class A3, 4.20% due 12/25/2066   13,129,000     11,163,117
b,c Series 2022-NQM2 Class A1, 4.00% due 5/25/2067    5,037,677      4,899,602
b,c Series 2024-RPL1 Class A1, 4.25% due 2/25/2066    9,086,367      8,700,368
b,c Mill City Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2023-NQM1 Class A1, 6.05% due 10/25/2067   11,241,199     11,201,893
b,c Mill City Securities Ltd., Whole Loan Securities Trust CMO, Series 2024-RS1 Class A1, 3.00% due 11/1/2069    7,802,621      7,333,134
  Morgan Stanley Bank of America Merrill Lynch Trust, CMBS, Series 2015-C22 Class A4, 3.306% due 4/15/2048      260,359        258,677
SCHEDULE OF INVESTMENTS, Continued
Thornburg Limited Term Income Fund June 30, 2025 (Unaudited)
  Issuer-Description SHARES/
PRINCIPAL AMOUNT 		VALUE
c Morgan Stanley Capital I Trust, CMBS, Series 2024-BPR2 Class A, 7.291% due 5/5/2029 $  7,814,313 $    8,204,965
b Morgan Stanley Residential Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2024-RPL1 Class A1, 4.00% due 6/25/2064   13,982,891     13,522,720
  New Residential Mortgage Loan Trust, Whole Loan Securities Trust CMO,    
b,c Series 2017-2A Class A3, 4.00% due 3/25/2057    2,164,262      2,091,832
b,c Series 2017-3A Class A1, 4.00% due 4/25/2057    2,633,671      2,542,080
b,c Series 2017-4A Class A1, 4.00% due 5/25/2057    2,943,081      2,825,439
b,c Series 2017-5A Class A1, 5.934% (TSFR1M + 1.61%) due 6/25/2057      188,305        190,849
b,c Series 2017-6A Class A1, 4.00% due 8/27/2057    1,266,862      1,229,917
b,c Series 2018-1A Class A1A, 4.00% due 12/25/2057    1,542,672      1,504,190
b,c Series 2018-2A Class A1, 4.50% due 2/25/2058    2,537,712      2,503,741
b,c Series 2018-RPL1 Class A1, 3.50% due 12/25/2057    1,590,496      1,540,511
b,c Series 2022-NQM3 Class A1, 3.90% due 4/25/2062   33,891,747     30,798,136
b,c Series 2024-RPL1 Class A, 3.80% due 1/25/2064   22,750,547     21,559,788
b,c Series 2024-RTL1 Class A1, 6.664% due 3/25/2039    7,600,000      7,658,314
c NYC Commercial Mortgage Trust, CMBS, Series 2021-909 Class A, 2.941% due 4/10/2043    4,900,000      4,200,290
b,c NYMT Loan Trust, Whole Loan Securities Trust CMO, Series 2024-BPL2 Class A1, 6.509% due 5/25/2039    8,675,000      8,767,960
  OBX Trust, Whole Loan Securities Trust CMO,    
b,c Series 2021-NQM4 Class A1, 1.957% due 10/25/2061   22,247,102     18,798,858
b,c Series 2024-NQM11 Class A1, 5.875% due 6/25/2064    3,621,132      3,643,247
c One Bryant Park Trust, CMBS, Series 2019-OBP Class A, 2.516% due 9/15/2054   18,455,652     16,775,141
b,c PRET Trust, Whole Loan Securities Trust CMO, Series 2024-RPL1 Class A1, 3.90% due 10/25/2063    3,175,550      3,060,763
  PRKCM Trust, Whole Loan Securities Trust CMO,    
b,c Series 2021-AFC1 Class A1, 1.51% due 8/25/2056   24,444,719     20,550,679
b,c Series 2021-AFC2 Class A1, 2.071% due 11/25/2056   14,161,566     12,387,885
b,c Series 2024-HOME1 Class A1, 6.431% due 5/25/2059   10,061,721     10,188,295
  PRPM LLC, Whole Loan Securities Trust CMO,    
b,c Series 2024-RPL2 Class A1, 3.50% due 5/25/2054   12,654,003     12,219,834
b,c Series 2025-RPL3 Class A1, 3.25% due 4/25/2055   14,424,200     13,799,698
b,c Series 2025-RPL4 Class A1, 3.00% due 5/25/2055   11,439,228     10,693,702
b,c PRPM Trust, Whole Loan Securities Trust CMO, Series 2022-INV1 Class A1, 4.40% due 4/25/2067   26,660,280     26,516,368
b,c Radian Mortgage Capital Trust, Whole Loan Securities Trust CMO, Series 2024-J2 Class A16, 5.50% due 3/25/2055    8,403,497      8,415,348
  RAMP Trust, Whole Loan Securities Trust CMO, Series 2003-SL1 Class A31, 7.125% due 4/25/2031      158,343        157,901
  Rate Mortgage Trust, Whole Loan Securities Trust CMO,    
b,c Series 2022-J1 Class A9, 2.50% due 1/25/2052   43,523,726     38,241,924
b,c Series 2024-J4 Class A5, 5.50% due 12/25/2054   17,719,140     17,785,341
b,c RCKT Mortgage Trust, Whole Loan Securities Trust CMO, Series 2020-1 Class B3, 3.473% due 2/25/2050    2,922,428      2,591,766
c ROCK Trust, CMBS, Series 2024-CNTR Class A, 5.388% due 11/13/2041    7,700,000      7,868,883
  Seasoned Loans Structured Transaction Trust, Whole Loan Securities Trust CMO,    
  Series 2019-2 Class A1C, 2.75% due 9/25/2029   12,732,614     12,103,092
  Series 2019-3 Class A1C, 2.75% due 11/25/2029    2,040,708      1,937,432
  Series 2020-2 Class A1C, 2.00% due 9/25/2030   18,228,353     16,742,608
  Series 2020-2 Class A1D, 1.75% due 9/25/2030   24,507,601     22,359,539
  Sequoia Mortgage Trust, Whole Loan Securities Trust CMO,    
b Series 2013-6 Class B4, 3.526% due 5/25/2043      716,584        546,652
b Series 2013-7 Class B4, 3.503% due 6/25/2043      408,200        311,488
b,c Series 2023-3 Class A1, 6.00% due 9/25/2053    3,442,520      3,472,517
b,c SFO Commercial Mortgage Trust, CMBS, Series 2021-555 Class A, 5.576% (TSFR1M + 1.26%) due 5/15/2038   10,872,000     10,800,877
  SG Residential Mortgage Trust, Whole Loan Securities Trust CMO,    
b,c Series 2019-3 Class A1, 2.703% due 9/25/2059       25,532         25,385
b,c Series 2019-3 Class A3, 3.082% due 9/25/2059       44,369         44,106
b,c Series 2020-2 Class A1, 1.381% due 5/25/2065    6,628,076      6,050,734
b,c Series 2020-2 Class A2, 1.587% due 5/25/2065    1,292,963      1,183,539
b,c Series 2020-2 Class A3, 1.895% due 5/25/2065      441,432        407,310
b,c Series 2021-2 Class A1, 1.737% due 12/25/2061   12,811,828     10,448,430
b,c Shellpoint Asset Funding Trust, Whole Loan Securities Trust CMO, Series 2013-1 Class A1, 3.75% due 7/25/2043      697,445        664,664
b,c SKY Trust, CMBS, Series 2025-LINE Class A, 6.90% (TSFR1M + 2.59%) due 4/15/2042    5,879,298      5,864,608
c SLG Office Trust, CMBS, Series 2021-OVA Class A, 2.585% due 7/15/2041   13,752,000     12,052,362
b,c Starwood Mortgage Residential Trust, Whole Loan Securities Trust CMO, Series 2021-5 Class A1, 1.92% due 9/25/2066   19,355,715     16,027,948
b Structured Asset Securities Corp., Mortgage Pass-Through Certificates, Whole Loan Securities Trust CMO, Series 2003-9A Class 2A2, 5.988% due 3/25/2033      234,209        233,475
  Towd Point Mortgage Trust, Whole Loan Securities Trust CMO,    
b,c Series 2018-1 Class A1, 3.00% due 1/25/2058      109,020        107,552
b,c Series 2018-2 Class A1, 3.25% due 3/25/2058    5,043,374      4,972,767
b,c Series 2018-6 Class A1A, 3.75% due 3/25/2058    2,824,541      2,795,466
b,c Series 2025-R1 Class A1, 4.00% due 11/27/2057  17,821,582     16,198,567
SCHEDULE OF INVESTMENTS, Continued
Thornburg Limited Term Income Fund June 30, 2025 (Unaudited)
  Issuer-Description SHARES/
PRINCIPAL AMOUNT 		VALUE
b,c TRK Trust, Whole Loan Securities Trust CMO, Series 2022-INV2 Class A1, 4.35% due 6/25/2057 $ 19,366,386 $   18,817,035
b,c Verus Securitization Trust, Whole Loan Securities Trust CMO, Series 2021-R1 Class A1, 0.82% due 10/25/2063    2,653,126      2,484,342
  Vista Point Securitization Trust, Whole Loan Securities Trust CMO,    
b,c Series 2020-1 Class A3, 3.201% due 3/25/2065    4,515,150      4,447,858
b,c Series 2020-2 Class A1, 1.475% due 4/25/2065    5,147,940      4,873,476
b,c WB Commercial Mortgage Trust, CMBS, Series 2024-HQ Class A, 6.134% due 3/15/2040    4,050,000      4,062,802
b,c WinWater Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2015-3 Class B4, 3.828% due 3/20/2045      843,459       779,228
  Total Mortgage Backed (Cost $2,391,365,723)             2,331,209,963
  Short-Term Investments — 6.5%    
h Thornburg Capital Management Fund  39,354,543   393,545,429
  Total Short-Term Investments (Cost $393,545,429)               393,545,429
  Total Investments — 100.2% (Cost $6,212,889,214)   $6,114,914,613
  Liabilities Net of Other Assets — (0.2)%   (10,744,673)
  Net Assets — 100.0%   $6,104,169,940
    
Footnote Legend
a Security currently fair valued by Thornburg Investment Management, Inc.’s Valuation and Pricing Committee.
b Variable, floating, step, or fixed to floating rate securities are securities for which interest rate changes are based on changes in a designated base rate or on a predetermined schedule. The rates shown are those in effect on June 30, 2025.
c Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are restricted but liquid and may only be resold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of June 30, 2025, the aggregate value of these securities in the Fund’s portfolio was $3,218,679,009, representing 52.73% 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 Bond in default.
f Non-income producing.
g When-issued security.
h 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
DAC Designated Activity Company
H15T1Y US Treasury Yield Curve Rate T-Note Constant Maturity 1 Year
ISD Independent School District
Mtg Mortgage
REMIC Real Estate Mortgage Investment Conduit
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
TSFR3M Term SOFR 3 Month
UMBS Uniform Mortgage-Backed Securities
NOTES TO SCHEDULE OF INVESTMENTS
Thornburg Limited Term Income Fund June 30, 2025 (Unaudited)
NOTE 1 – ORGANIZATION
Thornburg Limited Term Income Fund (the “Fund”) is a diversified series of Thornburg Investment Trust (the “Trust”). The Trust is organized as a Massachusetts business trust under a Declaration of Trust dated June 3, 1987, and is registered as a diversified, open-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"). The Fund is currently one of twenty-six separate series of the Trust. Each series is considered to be a separate entity for financial reporting and tax purposes. The Fund currently offers eight classes of shares of beneficial interest: Class A, Class C, Class C2, 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 Limited Term Income Fund June 30, 2025 (Unaudited)
Investments in U.S. mutual funds are valued at net asset value ("NAV") each business day.
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.
NOTE 3 – Investments with Affiliates
Shown below are holdings of voting securities of each portfolio company which is considered "affiliated" to the Fund under the 1940 Act, including companies for which the Fund’s holding represented 5% or more of the company’s voting securities, and a series of the Thornburg Investment Trust in which the Fund invested for cash management purposes during the period:
  Market Value
9/30/24 		Purchases
at Cost 		Sales
Proceeds 		Realized
Gain
(Loss) 		Change in
Unrealized
Appr./(Depr.) 		Market Value
6/30/25 		Dividend
Income
Thornburg Capital Mgmt. Fund $521,539,993 $1,554,387,388 $(1,682,381,952) $- $- $393,545,429 $15,811,833